Daily Current Affairs 2 August 2021 for Banking/Insurance/SSC and other related exams.
Cabinet approves DICGC act ensuring Rs 5 lakh for depositors in 90 days
The Union Cabinet cleared changes to the deposit insurance laws to provide funds up to Rs 5 lakh to an account holder within 90 days in the event of a bank coming under the moratorium imposed by the RBI.
- Earlier, account holders had to wait for years till the liquidation or restructuring of a distressed lender to get their deposits that are insured against default.
- The government has also permitted raising the deposit insurance premium by 20 per cent immediately, and maximum by 50 per cent. The premium is paid by banks to the DICGC.
- The Centre plans to introduce the Deposit Insurance & Credit Guarantee Corporation (Amendment) Bill 2021 in the ongoing Monsoon session of Parliament.
Government launches digital tools to improve logistics efficiency, sustainability
The government has launched the Secured Logistics Document Exchange (SLDE) along with a Calculator for Green House Gas Emission to improve ease of doing business, logistics efficiency, reduce logistics cost, and promote multi-modality and sustainability.
- The SLDE platform is a solution to replace the present manual process of generation, exchange and compliance of logistics documents with a digitized, secure and seamless document exchange system.
- The GHG Calculator is an efficient, user-friendly tool and provides for calculating and comparing GHG emissions across different modes.
BANKING & FINANCE
RBI’s New Rules on Interchange Fee, 24/7 Bulk Clearing Facility Functional
The Reserve Bank of India’s new directions on raising interchange fee and making available the facility of bulk clearing round the clock have become effective from August 1 onwards.
- The RBI in June raised the interchange fee for financial transactions from Rs 15 to Rs 17, while for non-financial transactions the increase was done from Rs 5 to Rs 6.
- These new rates have become applicable from August 1, 2021, as per the RBI’s direction. An interchange fee is a fee charged by banks to the merchant who processes a credit card or debit card payment.
PM Modi launches e-RUPI, a cashless and contactless instrument for digital payment
Prime Minister Narendra Modi launched e-RUPI, an electronic voucher-based digital payment system.
- e-RUPI is a cashless and contactless instrument for digital payment. It gets delivered to the mobile phones of beneficiaries through a QR code or SMS string.
- It is developed by National Payments Corporation of India.
- The users of this new one-time payment mechanism will be able to redeem the voucher without a card, digital payments app or internet banking access, at the service provider.
GyanDhan receives NBFC licence from RBI
GyanDhan, India’s first education financing platform said it has received an NBFC license from the Reserve Bank of India and it aims to disburse Rs 650 crore worth of education loans in FY22.
- Out of this, Rs 50 crore will be for domestic short-term courses offered by various ed-tech players and coaching institutes.
- The Delhi-based, digital-first company has already partnered companies including Great learning and various IAS institutions to offer interest-free education loans to prospective students wanting to pursue short-term courses.
HDFC partners with IFC partner to promote affordable green housing finance
HDFC Ltd has got a loan of $250 million from International Finance Corporation (IFC), the investment arm of the World Bank Group, to be used by India’s largest housing finance company for green housing.
- Green housing is regarded as a luxury market in the country, but has climate benefits. IFC said its partnership with HDFC would help change perceptions about the market. At least 25 per cent of the funding is for green affordable housing.
- Green affordable housing can help India on its path to deliver on its commitments under the Paris Agreement, to reduce a third of its carbon emissions by 2030 from 2005 levels,
BUSINESS & ECONOMY
GST collections for July record Rs 1.16 lakh crore
The Goods and Services Tax collection for the month of July rose to Rs 1,16,393 crore, after slipping below the Rs 1 lakh crore mark for the first time in eight months in June, data released by the finance ministry showed.
- Of the total collection in July, Rs 22,197 crore came from Central GST, while Rs
- 28,541 crore came from the State GST component. Integrated GST collections amounted for Rs 57,864 crore (including Rs 27,900 crore collected on import of goods) and Cess was Rs 7,790 crore.
Forex reserves down by USD 1.581 billion to USD 611.149 billion
The country’s foreign exchange reserves declined by USD 1.581 billion to stand at USD 611.149 billion for the week ended July 23, RBI data showed.
- The reserves had reached a lifetime high of USD 612.730 billion after rising by USD 835 million in the previous week ended July 16, 2021.
- Gold reserves were down by USD 449 million to USD 36.884 billion in the reporting week.
CII enters into agreement with SII to speed up vaccination program in partnership with industry including health care providers
Confederation of Indian Industry, CII, has entered into an agreement with Serum Institute of India (SII) to speed up the vaccination program in partnership with industry including health care providers.
- The vaccination drive will target communities in country’s small towns and rural areas to increase the coverage.
- CII and SII partnership will ensure to connect hospitals and corporates to fast track vaccination which is necessary for post pandemic growth of the country.
Esteban Ocon wins 2021 Hungarian Grand Prix
Esteban Ocon, has won the Hungarian Grand Prix 2021, held at the Hungaroring in Mogyoród, Hungary. This is the maiden F1 race win for Esteban Ocon.
- Sebastian Vettel came second followed by Lewis Hamilton.
- With this win, he took the Formula One championship lead from Max Verstappen. Hungarian Grand Prix was the eleventh round of the 2021 Formula One World Championship.
Sri Lanka all-rounder Isuru Udana retires from international cricket
Sri Lanka left-arm seam bowling all-rounder Isuru Udana announced his retirement from international cricket with immediate effect, drawing curtains to a career spanning over a decade.
- Udana had a very modest international career with sporadic appearances over 12 years in which he played only 21 ODIS and 35 T20 Internationals with just 45 wickets to show for his efforts.
Vice Admiral Ghormade takes charge as Navy vice chief
Vice Admiral SN Ghormade, a navigation and direction specialist, assumed charge as the new Vice Chief of the Indian Navy.
- Admiral Ghormade has had extensive operational tenures onboard frontline warships of the Indian Navy that included commanding guided missile frigate INS Brahmaputra, submarine rescue vessel INS Nireekshak and minesweeper INS Alleppey.
Deepak Das takes charge as new Controller General of Accounts
Deepak Das took charge as the new Controller General of Accounts.Mr Deepak Das is the 25th officer to hold the position of Controller General of Accounts (CGA). He is a 1986-batch Indian Civil Accounts Service (ICAS) officer.
- Prior to assuming the charge, Mr Das has served as the Principal Chief Controller of Accounts in the Central Board of Direct Taxes.
Serum Institute founder Cyrus Poonawalla to receive Lokmanya Tilak Award
Businessman Cyrus Poonawalla, who is the founder-chairperson of the Pune-based Serum Institute of India (SII), has been named as a recipient of the prestigious Lokmanya Tilak National Award for 2021.
- He will be honoured for his work during the coronavirus pandemic, wherein he helped in saving many lives by manufacturing the Covishield vaccine. Under his leadership, crore of doses were made available to people in record time.
- The award comprises cash prize of ₹one lakh as well as a memento for the recipient.
World Breastfeeding Week 2021
World Breastfeeding Week is an annual celebration held every year from August 1 to 7 in over 120 countries.
- World Breastfeeding Week is celebrated to encourage breastfeeding and improve the health of babies around the world.
- This year, the theme for breastfeeding week is ‘Protect Breastfeeding: A Shared Responsibility.’