National News
‘Start-Up Fund’ –By Uttar Pradesh and SIDBI
- Uttar Pradesh government has signed an MoU with Small Industries Development Bank of India (SIDBI) to launch Uttar Pradesh ‘Start-Up fund’.
- ‘Start-Up fund’ has been launched under UP Information Technology and Start-up Policy 2017.
‘Mee Annapurna’--- By Maharashtra
- IRDA licensed insurance intermediary ‘Integrated Risk Insurance’ has launched an initiative called ‘Mee Annapurna’ in Maharashtra.
UNICEF partners Bharti Airtel Africa — Remote Learning and Financial Assistance
- United Nations Children’s Fund (UNICEF) partnered with Bharti Airtel’s Africa Arm to support the school children in the COVID-19 affected areas and provide them access to remote learning and to grant financial support to their families via mobile cash transfer.
Five Initiatives to Conserve the Biodiversity – By GOI
- On the occasion of International Day for Biological Diversity, Government of India launched the key initiatives to conserve the biodiversity.
‘Buy Now Pay Later’- By Maruti Suzuki and CIFCL
- The scheme has been launched because of the sharp decline in the sale of cars in the lockdown situation caused due to the pandemic COVID-19.
- Under this scheme, customers have the option to avail 60 days surcharge on their EMI.
‘Khudol’ Initiative of Manipur—Top 10 Global Initiative to Combat COVID 19 by UN
- ‘Khudol’ (Gift) initiative of Manipur has been marked as the top 10 global initiatives in combating COVID-19 by the United Nations.
- This was listed by Jayathma Wickramanayake of Srilanka, who is UN Secretary- General’s Envoy on Youth.
Zaggle Partners with Visa – To Launch Innovative Payment Solutions for SMEs
- Zaggle, a Fintech startup has partnered with payment technology solution Visa to launch innovative payment solutions for SMEs and startups.
- The innovative payment solution will help SMEs and startups to enhance their productivity, efficiency by providing fast finance operation facilities.
Indian Dispute Resolution Center – Inaugurated by A K Sikri
- IDRC is first of its kind Institutional Alternative Dispute Resolution (ADR) Center which will provide an offline and e-ADR facility through e-Arbitration, e- Mediation and e-Conciliation software portal.
REC Ltd Partners with TajSATS
- Rural electrification Corporation (REC), has partnered with TajSATS to offer nutritious meals to the medical staff in Safdarjung Hospital, New Delhi, who are treating COVID-19 patients.
Chardham Project: 440-meter Long Tunnel in Chamba, Uttarakhand
- Border Roads Organisation (BRO) has constructed a 440-meter long tunnel under the Chamba town on Rishikesh- Dharasu road (NH-94) in Uttarakhand.
Banking
Kotak Mahindra to Assist 6 Schemes of Franklin Templeton Asset Management
- Franklin Templeton Trustee Services Pvt. Ltd. has appointed an independent advisor Kotak Mahindra Bank to work together with Franklin Templeton Asset Management (India) Pvt. Ltd (the AMC), to assist the Trustees in monetizing portfolios of the 6 schemes that are being wound up & make payouts to the affected investors.
RBI’s Latest Monetary Policy Statements
- RBI has decided to bring down the repo rate by a further 40 basis points that is from 4.4% to 4% reverse repo rate from 3.75% to 3.35% and marginal standing facility (MSF) has been reduced from 4.65% to 4.25%.
RBI Announced Rs 15,000 crore to EXIM Bank
- Reserve Bank of India has announced a Rs 15,000 crore line of credit (LoC) to the Export-Import Bank of India (EXIM).
- The LoC of Rs.15,000 crore for a period of 90 days from the date of availing with rollover up to a maximum period of one year will be granted to EXIM Bank by RBI.
Increase in Trade Credit Policy Cover Limit from 85% to 90%-- IRDAI
- Insurance Regulatory and Development Authority of India (IRDAI) has recommended an increase in protection against finances granted to the policyholders under Trade Credit Insurance (TCI) from 85% to 90%.
GOI to Cease 7.75% Saving Bonds
- 7.75% Saving Bonds or Taxable bonds are to be ceased by the Government of India due to the fact of declining interest rates as RBI has lowered the repo rate (repo rate is 4%).
- The 7.75% Saving Bonds or Taxable bonds as commonly known as Reserve Bank of India Bonds or Government of India Bonds.
Indian Economy to Contract @ 5% in FY21
- S&P Global Ratings, which is an American credit rating agency has projected that Indian economy to contract @ 5% in FY21.
India’s GDP to be 4.2% in 2019-20
- National Statistical Office has released the data describing that economic growth for India has slowed to an 11 year low of 4.2% for FY 2019-2020.
- The GDP was 6.1% in 2018-2019, whereas for 2019-2020 it is marked to be 4.2% and has been marked as the slowest GDP in the 11 years.
Reports
Payroll Reporting in India: An Employment Perceptive March 2020
- The National Statistical Office (NSO) has released a report titled Payroll Reporting in India: An Employment Perceptive March 2020.
World Steel April 2020 Report
- World Steel Association has released its World Steel April 2020 Report describing the record of crude steel output to various countries.
- As per the report, India’s crude steel output has reduced by 65.2% to 3.13 million tonnes in April 2020 in comparison with 9.02 million tonnes in April 2019.
SBI Ecowrap Report
- According to SBI Ecowrap Report, India’s Gross Domestic Product (GDP) is 1.2% in the last quarter (Q4) for the financial year 2020.
