Daily Current Affairs 9 August 2020 for Banking/Insurance/SSC and other related exams.
PM Modi launches financing facility of Rs 1 lakh cr under Agriculture Infrastructure Fund
Prime Minister Narendra Modi launched the financing facility of 1 lakh crore rupees under the Agriculture Infrastructure Fund. He also released the sixth instalment of funds of 17 thousand crore rupees to 8.5 crore farmers under the Pradhan Mantri Kisan Samman Nidhi Yojna (PM-KISAN) scheme.
- The Fund will catalyze the creation of post-harvest management infrastructure and community farming assets such as cold storage, collection centres and processing units.
Rashtriya Swachhata Kendra inaugurated by PM Modi in Delhi
Prime Minister Narendra Modi inaugurated Rashtriya Swachhata Kendra in Delhi, an interactive experience centre on the Swachh Bharat Mission. The Rashtriya Swachhata Kendra is a tribute to Mahatma Gandhi and it was first announced by the Prime Minister on 10th April 2017, on the occasion of the centenary celebrations of Gandhiji’s Champaran Satyagraha.
- The visitors will experience a unique 360 degree audio visual immersive show, which will narrate India’s Swachhata Story – a journey into the largest behaviour change campaign in the history of the world.
Telangana launches GRID Policy for IT industry development
Telangana Cabinet has sanctioned approval for the Growth in Dispersion (GRID) Policy to give incentives to IT companies that will set up their units.
- With a view to encouraging distributed development of the industry in all parts of the city, the Telangana Government has decided to incentivise the firms that set up their facilities in areas other than the Western part.
NPCI launches loyalty platform ‘nth Rewards’
National Payment Corporation of India (NPCI) has launched a business intelligence and analytics enabled omni-channel multi-branded loyalty platform, nth Rewards. It will allow users to earn points through various bank transactions and redeem them on various products, such as e-vouchers, donations, hotel and flight bookings.
- NPCI has created a comprehensive platform for the banks, which will enable them to retain and grow their customer base. This integration with the banking system will be secured with PCI-DSS compliance and APIs, with an onboarding time of 4 to 6 weeks. The platform can then be integrated in any existing website or app which will reduce the market time without changing customer’s experience.
Ex-BMC chief Praveen Pardeshi to head UN crisis response team
Praveen Pardeshi will lead the United Nations’ efforts to prevent non-communicable diseases in 90 countries around the world. The Centre formally approved the former BM commissioner’s UN posting.
- Following his exit from the BMC, Pardeshi was appointed additional chief secretary, urban development department, and given additional charge of the irrigation department. IAS officer Bhushan Gagrani will take his place now that he is heading to Geneva.
Serum Institute enters into partnership to accelerate manufacture, delivery of Covid19 vaccines for India
Serum Institute of India has entered into a new landmark partnership with Gavi and the Bill & Melinda Gates Foundation to accelerate the production of up to 100 million doses of COVID-19 vaccines for India and other low and middle income countries.
- Serum Institute of India will get the funding from the Gates foundation through international vaccine alliance GAVI. The funding will provide support to vaccine maker for potential vaccines candidate from AstraZeneca and Novavax.
BANKING & FINANCE
South Indian Bank gets RBI’s nod to set up non-financial subsidiary
Private sector lender South Indian Bank (SIB) announced that the RBI has given an in-principle approval for setting up a wholly owned non-financial subsidiary for undertaking activities permitted by RBI.
SBM Bank India collaborates with InstaReM to enhance outbound remittance experience
SBM Bank India announced a new collaboration to streamline and improve outward remittance experience for resident Indian customers. The Bank partnered with InstaReM, the consumer and SME brand under global fintech platform Nium, to improve existing outbound remittance service offerings from India, including introduction of new remittance corridors, increased frequency of transactions for Outbound Transactions and enhanced delivery timings for transfers.
BUSINESS & ECONOMY
MSME debt restructuring allowed till March 2021
The Reserve Bank of India (RBI) extended the existing debt restructuring scheme for stressed micro, small and medium enterprises (MSMEs) by three months to March 31, 2021, in view of the distress brought upon by the Covid outbreak. The central bank also changed the cutoff date for MSMEs to become standard accounts in order to be eligible under the scheme to March 1, 2020 from January 1, 2020.
- The extension of forbearance comes amid concerns that the asset quality profile of most lenders has undergone significant deterioration, even as bad loan ratios remain unchanged due to forbearance.
Bank loans: RBI enhances loan amount to 90% of value of gold pledged
The Reserve Bank of India (RBI) has enhanced the amount of loan that banks can give against the pledge of gold ornaments and jewellery for non-agricultural purposes from 75 per cent of the value of gold pledged to 90 per cent. It will be applicable till March 2021; move aimed to address Covid-led disruptions.
India’s foreign exchange reserve surge to all time high of 534.568 billion dollars
India’s foreign exchange reserves have surged by a massive 11.938 billion dollars to reach a new all-time high of 534.568 billion dollars in the week ended 31st July 2020.
BCCI officially suspends title sponsorship deal with Vivo for IPL 2020
The Board of Control for Cricket in India (BCCI) has suspended the title sponsorship deal with Chinese mobile phone company Vivo for the upcoming edition of the Indian Premier League. VIVO had won the IPL title sponsorship for five years from 2018 to 2022 for a reported sum of 2190 crore rupees.
Capital India Finance appoints ex-NABARD chief Harsh Bhanwala as executive chairman
Financial services platform Capital India Finance Ltd announced the appointment of former head of NABARD, Harsh Kumar Bhanwala, as Executive Chairman.
- Prior to joining Capital India, Bhanwala was chairman of National Bank for Agriculture and Rural Development (NABARD) for over six years and demitted the office on May 26, 2020.
Veteran CPIM leader Shyamal Chakraborty dies of Coronavirus in Kolkata
Veteran CPIM leader and former West Bengal Minister Shyamal Chakraborty passed away due to Corona infection in Kolkata. He was 77. Shyamal Chakraborty was elected four times consecutively in the State Assembly since 1981.
Doris Buffet, Warren Buffet’s philanthropist sister, passes away at 92
Doris Buffett, a self-styled retail philanthropist who once declared that her billionaire younger brother, Warren Buffett, “loves to make money and I love to give it away,” has passed away. She was 92.