1. RBI STEPS IN TO EASE COVID-19 BURDEN

The RBI Governor Shaktikanta Das announced a series of measures to support the nation’s fight against the second wave of COVID-19 infections.

About:

• Term Liquidity Facility of Rs. 50,000 crore with tenure of up to 3 years, at repo rate, to ease access to emergency health services, for ramping up COVID-related health infrastructure & services.
• Special Long Term Repo Operations for Small Finance Banks: In order to provide further support to micro, small and other unorganized sector entities, 3-year repo operations of Rs. 10,000 crore at repo rate, for fresh lending up to Rs 10 lakh per borrower; facility is available up to 31 October, 2021.
• Lending by Small Finance Banks (SFBs) to MFIs for on-lending to be classified as priority sector lending: In view of fresh challenges, SFBs are now permitted to regard fresh on-lending to MFIs with asset size up to Rs. 500 crore, as priority sector lending. This facility will be available up to 31 March, 2022.
• Credit flow to MSME Entrepreneurs: To further incentivize inclusion of unbanked MSMEs into banking system, exemption provided in February, 2021 wherein scheduled banks were allowed to deduct credit given to new MSME borrowers from Net Time & Demand Liabilities for calculation of CRR, is now extended to December 31, 2021.

Rationalization of KYC norms for enhanced customer experience: Steps being proposed include –

• Extending scope to video KYC for new customer categories such as proprietorship firms,
• Conversion of limited KYC accounts to fully KYC compliant accounts,
• Introduction of more customer-friendly options in KYC updating and
• enabling the use of KYC Identifier of Centralised KYC Registry (CKYCR) for V-CIP and submission of electronic documents as identify proof
• Floating Provisions and Countercyclical Provisioning Buffer: Banks can now use 100% of floating provisions held by them, as on December 31, 2020, for making specific provisions for NPAs; such utilization is permitted up to March 31, 2022.
• Relaxation of overdraft facility for states: Maximum number of days of overdraft in a quarter for state governments has been increased from 36 to 50 days. The number of consecutive days of OD has been increased from 14 to 21 days; facility available up to September 30, 2021.

Source : The Hindu

2. STRESS RESOLUTION FRAMEWORK 2.0 FOR INDIVIDUALS, SMALL BUSINESSES AND MSMEs

RBI has announced following set of measures to relieve stress faced by most vulnerable categories of borrowers – namely individuals, borrowers and MSMEs.

These are:

• Individuals, borrowers and MSMEs with aggregate exposure up to Rs. 25 crore, who have not availed restructuring under any previous frameworks, who were classified as standard on 31 March, 2021, will be eligible to be considered under Resolution Framework 2.0.
• Restructuring under new framework can be invoked till September 30, 2021 and will have to be implemented within 90 days after invocation.
• For individuals and small businesses who have availed restructuring of loans under Resolution Framework 1.0, where moratorium of less than 2 years was permitted, lending institutions can now increase the period and/or extend residual tenure up to a total period of 2 years.
• In respect of small businesses and MSMEs restructured earlier, lending institutions are now permitted to review working capital sanction limits, as a one-time measure.

Source : The Hindu

3. SECTION 142 OF THE SOCIAL SECURITY CODE – 2020

Section 142 of the Social Security Code, 2020 has been notified by Ministry of Labour & Employment covering applicability of Aaadhar.

About:

• The notification of section will enable Ministry of Labour and Employment to collect Aaadhar details for the database of beneficiaries under various social security schemes.
• National Data Base for unorganised workers (NDUW) is at an advanced stage of development by National Informatics Centre.
• The portal is aimed at collection of data for unorganised workers including migrant workers for the purpose of giving benefits of the various schemes of the Government.
• An inter-state migrant worker can register himself on the portal on the basis of submission of Aaadhar alone.
• Union Minister of State (I/c) for Labour and Employment Shri Santosh Gangwar has clarified that the section under the Social Security Code has been notified only for collection of data of workers including migrant workers. No benefit will be denied to workers for want of Aaadhar.

Source : PIB

4. EXPORTS OF ORGANIC MILLETS GROWN IN HIMALAYAS TO DENMARK

In a major boost to organic products exports from the country, first consignment of millets grown in Himalayas from snow-melt water of Ganges in Dev Bhoomi (Land of the God), Uttarakhand would be exported to Denmark.

About:

• APEDA, in collaboration with Uttarakhand Agriculture Produce Marketing Board (UKAPMB) & Just Organik, an exporter, has sourced & processed ragi (finger millet), and jhingora (barnyard millet) from farmers in Uttarakhand for exports, which meets the organic certification standards of the European Union.
• Millets are gaining a lot of popularity globally because of high nutritive values and being gluten free also.
• Oil cake meal is a major commodity of the organic product exports from the country followed by oil seeds, fruit pulps and purees, cereals & millets, spices, tea, medicinal plant products etc.
• At present, organic products are exported provided they are produced, processed, packed and labelled as per the requirements of the National Programme for Organic Production (NPOP).
• The NPOP has been implemented by APEDA since its inception in 2001 as notified under the Foreign Trade (Development and Regulations) Act, 1992.
• NPOP has also been recognized by the Food Safety Standard Authority of India (FSSAI) for trade of organic products in the domestic market. Organic products covered under the bilateral agreement with NPOP need not to be recertified for import in India.

Source : The Hindu

5. IDBI BANK LTD

The Cabinet Committee on Economic Affairs has given its in-principle approval for strategic disinvestment along with transfer of management control in IDBI Bank Ltd.

About:

• The extent of respective shareholding to be divested by GoI and LIC shall be decided at the time of structuring of transaction in consultation with RBI.
• Government of India (GoI) and LIC together own more than 94% of equity of IDBI Bank (GoI 45.48%, LIC 49.24%). LIC is currently the promoter of IDBI Bank with Management Control and GoI is the co-promoter.
• LIC’s Board has passed a resolution to the effect that LIC may reduce its shareholding in IDBI Bank Ltd. through divesting its stake along with strategic stake sale envisaged by the Govt. with an intent to relinquish management control and by taking into consideration price, market outlook, statutory stipulation and interest of policy holders.
• It is expected that strategic buyer will infuse funds, new technology and best management practices for optimal development of business potential and growth of IDBI Bank Ltd. and shall generate more business without any dependence on LIC and Government assistance/funds.
• Resources through strategic disinvestment of Govt. equity from the transaction would be used to finance developmental programmes of the Government benefiting the citizens.

Source : LiveMint

6. INDIA – UK MOU ON MIGRATION AND MOBILITY PARTNERSHIP

Cabinet approves MoU between India and United Kingdom of Great Britain and Northern Ireland on Migration and Mobility Partnership.

About:

• The Union Cabinet has approved the signing of MoU on Migration and Mobility Partnership between India and Great Britain and Northern Ireland.
• The MoU is aimed at Liberalising issuance of visas promoting mobility of students, researchers and skilled professionals and strengthen cooperation on issues related to irregular migration and human trafficking between the two sides.
• The MoU would benefit Indian students, academics, and researchers, migrants for professional and economic reasons and those willing to contribute through various projects to the economic development of both countries without consideration of caste, creed, religion or gender.
• This MoU can support the innovation ecosystem in both countries by facilitating free flow of talent.
• Ministry of External Affairs would closely monitor the effective implementation of the MoU through Joint Working Group mechanism.

Source : The Hindu

7. GLOBAL INNOVATION PARTNERSHIP

The Union Cabinet has given ex-post facto approval to the signing of MoU between the Ministry of External Affairs of India and Foreign, Commonwealth and Development Office (FCDO) of the United Kingdom on Global Innovation Partnership (GIP).

About:

• Through this MoU, India and UK agree to launch the Global Innovation Partnership.
• GIP will support Indian innovators to scale up their innovations in third countries thereby helping them explore new markets and become self-sustainable. It will also foster the innovative ecosystem in India.
• GIP innovations will focus on Sustainable Development Goals (SDG) related sectors thereby assisting recipient countries achieve their SDGs.
• Through seed funding, grants, investments and technical assistance, the Partnership will support Indian entrepreneurs and innovators to test, scale up and take their innovative development solutions to select developing countries.
• GIP will also develop an open and inclusive e-market place (E-BAAZAR) for cross border innovation transfer and will focus on results based impact assessment thereby promoting transparency and accountability.

Source : PIB

8. DRONES

Ministry of Civil Aviation has granted conditional exemption from Unmanned Aircraft System {UAS) Rules, 2021 to 20 entities to conduct Beyond Visual Line of Sight (BVLOS) experimental flights of drones.

About:

• The preliminary permission grant is envisioned to assist the supplementary framework development of subsequent UAV rules pertaining to Beyond Visual Line of Sight (BVLOS) drone operations.
• BVLOS trials will help create framework for future drone deliveries and other major applications using drones.
• The Central Government had constituted the 'BVLOS Experiment Assessment and Monitoring (BEAM) Committee' to invite Expression of Interest (EOI) to undertake BVLOS experimental flights of drones.
• An EOI notice was issued by the Directorate General of Civil Aviation (DGCA) for the aforementioned purpose. The BEAM Committee evaluated the 34 EOls received and selected 20 consortia ('Selected Consortia') for the experimental flights.
• These exemptions are subject to complete adherence to the requirements stated in the said EOI notice and the directions/ exemptions issued (or to be issued in future) by the BEAM Committee.
• This conditional exemption shall be valid for period of one year, or until further orders, whichever is earlier.

Source : PIB

9. MAMATA BANERJEE

The Prime Minister, Shri Narendra Modi has congratulated Ms Mamata Banerjee on taking oath as West Bengal’s Chief Minister.

About:

• Mamata Banerjee (born 1955) is serving as the 8th and current Chief Minister of West Bengal since 2011, the first woman to hold the office.
• She founded the All India Trinamool Congress (AITC or TMC) party in 1998 after separating from the Indian National Congress, and became its first chairperson.
• Banerjee previously served twice as Minister of Railways, the first woman to do so.
• She is also the first female Minister of Coal, and Minister of Human Resource Development, Youth Affairs and Sports, Women and Child Development in the cabinet of the Indian government.

Source : The Hindu

10. PHILIPOSE MAR CHRYSOSTOM MAR THOMA

The Prime Minister, Shri Narendra Modi has condoled the demise of His Grace The Most Rev. Dr. Philipose Mar Chrysostom Mar Thoma Valiya Metropolitan.

About:

• Philipose Mar Chrysostom Mar Thoma Valiya Metropolitan, (1917 – 2021) was an Indian prelate and the emeritus Metropolitan of the Malankara Mar Thoma Syrian Church, and was a bishop for 67 years, 11 months and 13 days.
• He was addressed and referred to as Chrysostom Thirumeni or Valiya Thirumeni.
• He was awarded Padma Bhushan, in 2018.

Navathy Home Project

• Philipose Mar Chrysostom Mar Thoma Metropolitan completed 90 years on 27 April 2008.
• As part of the birthday celebration, Mar Thoma Church devised a project, Navathy Home Project, to support and enable 1500 families in India, irrespective of caste, creed or religion, to build a home of their own. (Malayalam – navathy – ninetieth anniversary).

Source : The Hindu