Daily Current Affairs 20 June 2020 for Banking/Insurance/SSC and other related exams.
Prime Minister Narendra Modi launches Garib Kalyan Rojgar Abhiyaan in six states to provide employment to migrant workers
Prime Minister Narendra Modi launched a massive rural public works scheme, Garib Kalyan Rojgar Abhiyaan, in six states.
- Abhiyan will provide livelihood opportunities to the migrant workers and will help in the development of rural areas by creating local infrastructure.
- As per the government, around 39 crore people have received the financial assistance of Rs. 34,800 crore under Pradhan Mantri Garib Kalyan Package (PMGKP) amid COVID-19 lockdown.
India will be UN Security Council President for August, 2021
India, which has been elected as a non-permanent member of the Security Council, will serve as the president of the powerful 15-nation UN body for the month of August, 2021.
- The presidency of the Council is held by each of the members in turn for one month, following the English alphabetical order of the member states’ names.
- In January 2021, Tunisia will begin as a President of the United Nations Security Council. It will be followed by a month each for the rest of the year by the United Kingdom, the United States, Vietnam, China, Estonia, France, India, Ireland, Kenya, Mexico, and Niger.
BANKING & FINANCE
Karnataka Bank launches Covid-19 health cover
Karnataka Bank has launched a health insurance policy to cover the uncertainties posed by the Covid-19 pandemic in a tie-up with Universal Sompo General Insurance Company
- The private sector bank said the health cover can be availed at a nominal premium of Rs 399, inclusive of all taxes.
- The policy will cover in-patient hospital expenses up to Rs 3 lakh, outpatient treatment expenses of Rs 3,000, and will also provide a sum of Rs 1,000 per day towards expenses incurred towards 14 days of quarantine at a government or military hospital.
Housing Ministry, SIDBI sign MoU for special micro-credit facility for street vendors
The Ministry of Housing and Urban Affairs (MoHUA) and Small Industries Development Bank of India (SIDBI), signed an MoU to engage SIDBI as the implementation agency for the PM Street Vendor’s Aatma Nirbhar Nidhi (PM SVANidhi), a special micro-credit facility for street vendors.
- As per the MoU terms, SIDBI will implement the PM SVANidhi Scheme under the guidance of the MoHUA.
- It will also manage the credit guarantee to the lending institutions through Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE).
Tata AIA Life ties up with East Consultancy Services for paperless e-KYC service
Tata AIA Life Insurance (Tata AIA Life) said it has tied up with East Consultancy Services to offer Aadhaar-based paperless offline e-KYC service.
- The e-KYC (Know Your Customer) service will provide seamless customer on-boarding during online application process for the company”s life insurance solutions.
- This will make Tata AIA Life”s end-to-end digital sales system, which enables remote purchase of its life insurance solutions, more efficient.
BUSINESS & ECONOMY
Formal employment in India grew by 28.6% in 2019-20: EPFO
The formal employment in India grew by a robust 28.6% in 2019-20 on the back of major policy reforms of the government, including the roll-out of GST, allowing fixed-term contracts across sectors and lower exits by EPFO subscribers because of better returns on PF deposits and services offered by the retirement fund body.
- The top sectors which have seen over 50% increase in formalisation of workforce are hospitality and financial institutions while sectors like textiles have seen a jump of 20% as per the payroll data of the Employees’ Provident Fund Organisation, shows the payroll data of EPFO.
- The data of EPFO shows that net additions to EPFO stood at 78.58 lakh in 2019-20 compared to 61.12 lakh added in 2018-19, a jump of over 28%, though the numbers have been on the rise since the collation of the data from September 2017, which also coincides with the roll-out of GST in the country since July 2017.
India 2nd biggest driver of global energy consumption in 2019: BP Statistical Review
India was second biggest growth driver of primary energy consumption in the world, behind China, in 2019 even though it witnessed fall in demand in oil and coal, according to BP Statistical Review.
- Global primary energy consumption growth slowed to 1.3 per cent last year, less than half the rate of growth in 2018 (2.8 per cent).
- The increase in energy consumption was driven by renewables and natural gas, which together contributed three quarters of the expansion. All fuels grew at a slower rate than their 10-year averages, apart from nuclear
Developing Asia to Grow Just 0.1% in 2020: ADB
The Asian Development Bank said countries in Developing Asia will “barely grow” in 2020, while India’s economy is forecast to contract by 4 per cent this fiscal due to the adverse effect of the coronavirus pandemic.
- Excluding the newly industrialised economies of Hong Kong, China; the Republic of Korea; Singapore; and Taipei, China, Developing Asia is forecast to grow 0.4 per cent this year and 6.6 per cent in 2021.
- South Asia is forecast to contract by 3 per cent in 2020, compared to 4.1 per cent growth predicted in April. Growth prospects for 2021 are revised down to 4.9 per cent from 6 per cent
Kubatbek Boronov appointed as Kyrgyzstan’s Prime Minister
Kubatbek Boronov(55) was appointed as Kyrgyzstan’s Prime Minister. Kyrgyzstan’s President Sooronbai Jeenbekov signed an order to appoint him.
- He succeeded Mukhammedkalyi Abylgaziyev who resigned on June 15 following accusations of corruption.
- Kyrgyzstan’s parliament approved the candidacy of Kubatbek Boronov with 105 votes out of 116.
Former RBI Governor Urjit Patel named NIPFP chairman
Former governor of Reserve Bank of India (RBI) Urjit Patel who resigned from his post in December 2018 after a tussle with the government over the central bank’s autonomy has been appointed as the chairman of the New Delhi Based economic think tank National Institute of Public Finance and Policy (NIPFP).
- Patel will start his four-year tenure on June 22, succeeding former NIPFP chairman, Vijay Laxman Kelkar.
JSW Cement ropes in Sourav Ganguly and Sunil Chhetri as brand ambassadors
Cement brand, JSW Cement has roped in former cricketer and current president of the Board of Control for Cricket in India (BCCI), Sourav Ganguly as well as captain of the Indian national football team and Bengaluru FC, Sunil Chhetri as its brand ambassadors.
- The company is also rolling out its new multi-media marketing campaign ‘Leader’s Choice’ featuring both these sports icons across West Bengal, Bihar and Odisha.
SCIENCE & TECHNOLOGY
Govt Launches Portal ‘SATYABHAMA’ to Promote R&D in Mining, Mineral Sector
The mines ministry announced the launch of a portal “SATYABHAMA (Science and Technology Yojana for Aatmanirbhar Bharat in Mining Advancement)” with an aim to promote research and development in the mining and minerals sector.
- This portal will allow online submission of project proposals along with monitoring of the same and utilisation of funds.
- The portal has been designed, developed and implemented by National Informatics Centre (NIC), Mines Informatics Division
Veteran economist B.P.R. Vithal passes away at 93
B.P.R. Vithal, former IAS officer of the 1950 batch, passed away. He was 93.
- He was Secretary, Finance and Planning, government of Andhra Pradesh, from 1972 to 1982, and had a brief stint at the International Monetary Fund as fiscal adviser to the governments of Sudan and Malawi.
- He established the Centre for Economic and Social Studies, Hyderabad.
- Mr. Vithal has many publications to his credit. His essay titled “The Telangana Surpluses: A Case Study” played an influential role in shaping the demand for a separate State of Telangana. In 1960, he was deputed to be Registrar of the Osmania University
Former Lok Sabha MP, banker Madhavrao Patil passes away
Former Lok Sabha MP and founder of Janalaxmi Cooperative Bank Madhavrao Patil died after a brief illness in Maharashtra’s Nashik district. He was 80.
- Patil had won from Nashik Lok Sabha constituency on a Congress ticket in 1998. He was a big supporter of Sharad Pawar and was among the first to join when the latter formed the Nationalist Congress Party in 1999
BOOKS & AUTHORS
A Burning, the breakaway novel by Megha Majumdar released
Megha Majumdar’s debut novel, A Burning, was released recently to positive reviews. It became a New York Times best seller.
- The novel tells the story of woman who witnesses a terrorist attack on a train stopped in a station.
19th Great June Uprising Day observed in Manipur
The 19th Great June Uprising Day was observed in Imphal and other places on June 18.
- The day is being observed every year on 18 June to pay tribute and respect to 18 persons who lost their lives in June, 2001 to protect the territorial integrity of Manipur.
World Refugee Day
The United Nations’ (UN) World Refugee Day is observed on June 20 each year to commemorates the obstacles refugees face each year, while also celebrating their courage and strength.
- The theme of World Refugee Day this year is “every action counts.”