Daily Current Affairs 23 May 2020 for Banking/Insurance/SSC and other related exams.
Govt clears Rs 30,000 cr special liquidity scheme for stressed NBFCs, HFCs
The Union Cabinet gave nod to launch a special liquidity scheme worth Rs 30,000 crore for stressed non-banking financial companies and housing finance companies, whose financials further deteriorated due to COVID-19 crisis.
- This is a post facto approval from the Cabinet as the scheme was announced as part of the first tranche of the Rs 21 lakh crore comprehensive economic package.
Cabinet approves Rs 3 lakh cr emergency credit line for MSME; loans at 9.25% rate
The Union Cabinet approved additional funding of up to Rs 3 lakh crore at a concessional rate of 9.25 per cent through the Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector hit hard by the coronavirus crisis.
- The ECLGS was the second-biggest component of Rs 21 lakh crore comprehensive package announced by Finance Minister Nirmala Sitharaman
- Under the scheme, 100 per cent guarantee coverage will be provided by National Credit Guarantee Trustee Company (NCGTC)for additional funding of up to Rs 3 lakh crore to eligible MSMEs and interested MUDRA borrowers, in the form of a guaranteed emergency credit line (GECL) facility.
BANKING & FINANCE
World Bank to rescue with $160-billion aid to 100 nations
The Covid-19 pandemic is expected to put over 60 million people into extreme poverty globally, the World Bank has said as it announced emergency operations worth $160 billion in 100 developing countries to fight the deadly virus.
- Of the 100 countries, home to 70 per cent of the world’s population, 39 are in Sub-Saharan Africa. Nearly one-third of the total projects are in fragile and conflict-affected situations, such as Afghanistan, Chad, Haiti, and Niger
IRDAI permits Union Bank to continue with IndiaFirst stake
Insurance Regulatory and Development Authority of India (IRDAI) has approved Union Bank of India’s proposal to continue with its 30% holding in IndiaFirst Life Insurance with the caveat that the lender will exercise no control in the management of the insurer.
- The bank was earlier expected to divest either the entire stake in IndiaFirst Life Insurance, or a sizable part of it, as IRDAI guidelines prohibit a lender to own more than 10% stake in two insurance companies.
Indian economist Abhas Jha appointed to key World Bank position in South Asia
Abhas Jha, an Indian economist, has been appointed by the World Bank to a key position on climate change and disaster management in South Asia.
- Jha, an Indian national, joined the Bank in 2001 in the office of the Executive Director for Bangladesh, Bhutan, India and Sri Lanka and has since worked in Latin America and the Caribbean, Europe and Central Asia, and East Asia and the Pacific regions.
- His most recent assignment is Practice Manager for Urban Development and Disaster Risk Management in the East Asia and Pacific region. His area of jurisdiction includes India, Bangladesh, Pakistan, Afghanistan, Sri Lanka, Nepal and Maldives.
Egyptian acclaimed sculptor Adam Henein passes away at 91
Acclaimed Egyptian artist Adam Henein, who joined ancient pharaonic themes with sleek modernism in sculptures that often portrayed birds and other animals, died. He was 91.
- At the age of eight, he modelled a clay figure of the ancient Egyptian pharaoh Akhenaton, setting himself on the path toward his sculpting career.
- He often featured birds, cats and dogs, which were all popular in ancient Egyptian art, in sculptures that were non-traditional, bold and smooth, in strong geometric forms, sometimes small, sometimes monumental.
- He also depicted people from Egypt’s working class, particular from the southern city of Aswan, a traditional village figures.
Former UP minister Naipal Singh passes away
Former Uttar Pradesh minister Naipal Singh passed away on Friday following a heart attack at his residence. He was 80.
- Naipal was five-time member of the Uttar Pradesh Legislative Council from Bareilly-Moradabad Division Graduates constituency.
- Singh had served in the state cabinet headed by Kalyan Singh and Rajnath Singh.
- In 2014, he became a member of parliament from Rampur Lok Sabha seat after defeating Samajwadi Party candidate Nasser khan.
International Day for Biological Diversity
The United Nations has proclaimed May 22 The International Day for Biological Diversity (IDB) to increase understanding and awareness of biodiversity issues.
- The theme of the 2020 edition is Our solutions are in nature