04th August, 2021 – Daily News

Topics covered – National SC/ST Hub , PM Mudra Yojana , “India Satellite Navigation Policy” , ‘Har Hith’ store scheme , Medical Oxygen Production Promotion Policy , Harpoon Joint Common Test , Def-Expo 2022 , G20 Cultural Ministers’ Meeting , ‘Agency Bank’ , outsourcing of payment and settlement-related activities , 2021 Innovation in Digital Banking Awards, Tokyo Paralympics 2020.

Bulletins

  1. In 2020-21, the National SC/ST Hub released Rs 120 crores for providing financial support to SC/ST entrepreneurs.
  2. Central government has set the loans disbursement target under the PM Mudra Yojana (PMMY) at Rs 3 trillion for 2021-22 as compared to Rs 3.21 trillion sanctioned in FY21.
  3. Department of Space has released the draft of the “India Satellite Navigation Policy” (SATNAV 2021) to promote satellite based navigation systems of India.
  4. JSW Foundation (based in Mumbai) has signed an MoU with J&K for restoration and conservation of two famous Mughal gardens of Kashmir.
  5. Haryana has launched the first-of-its-kind ‘Har Hith’ store scheme to promote the sale of quality products of daily need at reasonable prices.
  6. Delhi has approved the Medical Oxygen Production Promotion Policy to encourage private investors to invest in oxygen production plants.
  7. US has approved the sale of Harpoon Joint Common Test Set (JCTS) to India at a cost of approx. $82 million.
  8. Def-Expo 2022 (biennial event) will be held in Gandhinagar, Gujarat in March.
  9. At the G20 Cultural Ministers’ Meeting in Rome, Italy, G20 leaders adopted the Rome Declaration of the G20 Cultural Ministers’ to recognize the economic value of culture and promote it.
  10. Suryoday Small Finance Bank (SSFB) has launched a ‘Suryoday Health and Wellness Savings Account’.
  11. IndusInd Bank has been empanelled by the RBI to act as an ‘Agency Bank’ to facilitate transactions related to government businesses.
  12. SEBI has reduced the minimum application value of REITs and InvITs.
  13. SBI General Insurance has partnered with Manipal Business Solutions, the promoter of SahiPay, to increase non-life insurance penetration in the rural areas.
  14. RBI has released a framework to put in place minimum standards to manage risks in outsourcing of payment and settlement-related activities by non-bank payment system providers (PSOs).
  15. IMF has said that Covid-19 has increased current account imbalances worldwide in 2020.
  16. Myanmar’s military leader Min Aung Hlaing declared himself prime minister of the country.
  17. MS Dhoni has become the first brand ambassador of HomeLane (home interiors brand).
  18. DBS has been honoured as the global winner for Most Innovative in Digital Banking by The Banker (Financial Times publication), in its 2021 Innovation in Digital Banking Awards.
  19. Paras Khadka, the face of Nepali cricket, has retired from international cricket.
  20. Entire Olympics contingent to be PM Modi’s special guest at Red Fort on this Independence Day.
  21. Sports minister Anurag Thakur has launched ‘Kar De Kamaal Tu’ – theme song for Tokyo Paralympics 2020.
  22. Well-known Kathakali exponent Nelliyodu Vasudevan Namboothiri has died.

Table of Content

National News

  1. In 2020-21, the National SC/ST Hub released Rs 120 crores for providing financial support to SC/ST entrepreneurs.
      • This is a huge increase, in comparison to Rs 79.65 crore in FY20 and Rs 77.78 crore in FY19.
      • National SC/ST Hub is operated by MSME Ministry’s National Small Industries Corporation (NSIC) for supporting the SC/ST entrepreneurs.
      • The government had setup 15 National SC/ST Hub Offices across the country for mentoring and handholding SC/ST entrepreneurs across areas.
      • National SC/ST Hub helps in bid participation, finance facilitation, participation in special vendor development programmes, CPSE connects, e-tender trainings, GeM, Udyam registration, etc.
      • National SC/ST Hub was established in 2016.
  2. Central government has set the loans disbursement target under the PM Mudra Yojana (PMMY) at Rs 3 trillion for 2021-22 as compared to Rs 3.21 trillion sanctioned in FY21.
  3. Department of Space has released the draft of the “India Satellite Navigation Policy” (SATNAV 2021) to promote satellite based navigation systems of India.
      • The policy will boost R&D in satellite based navigation systems, promote India’s NavIC globally, and achieve self-reliance in this sector.
      • ISRO will provide technical support to academic institutions in their research on Global Navigation Satellite Systems (GNSS).
      • Some of prominent GNSS are:
        • GPS of USA
        • GLONASS of Russia
        • Galileo of European Space Agency
        • BeiDou of China
        • QZSS of Japan
        • NavIC of India

State News

  1. JSW Foundation (based in Mumbai) has signed an MoU with J&K for restoration and conservation of two famous Mughal gardens of Kashmir.
  2. Haryana has launched the first-of-its-kind ‘Har Hith’ store scheme to promote the sale of quality products of daily need at reasonable prices.
      • As many as 2,000 stores will be launched in the first phase – 1,500 in rural and 500 in urban areas. The number of stores will later be extended to 5,000 in the first phase.
      • The state government will also guarantee a minimum monthly income of Rs15,000 per month through these stores.
      • As per the sale provision made in the Har Hith store scheme, the franchise partner, who sells products worth Rs 1.50 lakh will earn a marginal profit of 10% that is Rs 15,000.
      • Haryana CM announced the target of “Making Haryana “Berojgar Mukt, Rozgar Yukt” by 2024.
  3. Delhi has approved the Medical Oxygen Production Promotion Policy to encourage private investors to invest in oxygen production plants.

Defence News

  1. US has approved the sale of Harpoon Joint Common Test Set (JCTS) to India at a cost of approx. $82 million.
      • Boeing will serve as the prime contractor for the FMS.
Harpoon Joint Common Test Set
  1. Def-Expo 2022 (biennial event) will be held in Gandhinagar, Gujarat in March.
      • Edition – 12th
      • Last venue – Lucknow in 2020

International News

  1. At the G20 Cultural Ministers’ Meeting in Rome, Italy, G20 leaders adopted the Rome Declaration of the G20 Cultural Ministers’ to recognize the economic value of culture and promote it.
      • G20 Summit of 2021 will be held in October in Italy.
Rome Declaration of the G20 Cultural Ministers

Banking & Economy

  1. Suryoday Small Finance Bank (SSFB) has launched a ‘Suryoday Health and Wellness Savings Account‘.
      • The account offers an attractive interest rate and comes with three major benefits for a family of four — top-up health insurance of ₹25 lakh, annual healthcare package and on-call emergency ambulance medical care services.
  2. IndusInd Bank has been empanelled by the RBI to act as an ‘Agency Bank’ to facilitate transactions related to government businesses.
      • It will strengthen the bank’s presence within the government domain.
      • RBI has imposed a penalty of Rs 50.35 lakh on Janalaxmi Co-operative Bank, Nashik for non-compliance with certain regulatory requirements.
  3. SEBI has reduced the minimum application value of REITs and InvITs.
      • The minimum application value has been cut down to the range of Rs 10,000-15,000 for both REITs and InvITs, compared to the earlier requirement of Rs 50,000 for REITs and Rs 1 lakh for InvITs.
      • SEBI has also introduced a minimum unit holders requirement for unlisted InvITs.
      • The minimum number of unitholders in an InvIT (other than the sponsors, its related parties and its associates) shall be five, together and collectively holding at least 25% of the total units of the InvIT, at all times.
      • A unit holder along with its associates and related parties will be considered as a single unit holder.
  4. SBI General Insurance has partnered with Manipal Business Solutions, the promoter of SahiPay, to increase non-life insurance penetration in the rural areas.
      • SBI General Insurance will tap customers of fintech player SahiPay to provide digital and financial services in the semi-urban and rural parts of the country.
  5. RBI has released a framework to put in place minimum standards to manage risks in outsourcing of payment and settlement-related activities by non-bank payment system providers (PSOs).
      • PSOs will have to comply by the standards by March 31, 2022.
      • The board of the PSOs has to undertake periodic reviews of outsourcing policy, strategies, and arrangements for their continued relevance, safety, and soundness.
      • Further, the PSOs shall not outsource core management functions, including risk management and internal audit; compliance and decision-making functions such as determining compliance with KYC norms.
      • The PSO shall be liable for the actions of its service providers and shall retain ultimate control over the outsourced activity.
      • PSO has to immediately notify the RBI about any breach of security and leakage of confidential information related to customers. In such cases, the PSO would be liable to its customers for any damage.
  6. IMF has said that Covid-19 has increased current account imbalances worldwide in 2020.
      • The steady decline achieved in 2020 has also reversed due to the pandemic because of the massive deficit aid spending in advanced countries combined with wider trade gaps for medical supplies and plunging demand for oil and travel.
      • The IMF’s annual External Sector Report showed that the combined current account deficits and surpluses widened to 3.2% of global economic output in 2020 from 2.8% in 2019.

Appointments

  1. Myanmar’s military leader Min Aung Hlaing declared himself prime minister of the country.
  2. MS Dhoni has become the first brand ambassador of HomeLane (home interiors brand).

Awards

  1. DBS has been honoured as the global winner for Most Innovative in Digital Banking by The Banker (Financial Times publication), in its 2021 Innovation in Digital Banking Awards.
      • The bank was also recognised as the Asia-Pacific winner, and won in the Cyber Security category for its Secure Access and Remote Working Solution.
      • DBS CEO – Piyush Gupta

Sports

  1. Paras Khadka, the face of Nepali cricket, has retired from international cricket.
  2. Entire Olympics contingent to be PM Modi’s special guest at Red Fort on this Independence Day.
  3. Sports minister Anurag Thakur has launched ‘Kar De Kamaal Tu’ – theme song for Tokyo Paralympics 2020.
      • The song is composed and sung by divyang cricket player Sanjeev Singh.

Miscellaneous

  1. Well-known Kathakali exponent Nelliyodu Vasudevan Namboothiri has died.

Start Quiz of 04th August 2021

Q.1) When was National SC/ST Hub effectuated?
Q.2) Which state has launched the first-of-its-kind ‘Har Hith’ store scheme to promote the sale of quality products of daily need at reasonable prices?
Q.3) From which country is India planning to procure Harpoon Joint Common Test Set?
Q.4) Where will the Def-Expo 2022 take place?
Q.5) What is the new minimum application value of REITs and InvITs, set by SEBI?
Q.6) Which bank has been honoured as the global winner for Most Innovative in Digital Banking by The Banker (Financial Times publication)?
Q.7) How much loan disbursement target has been set by central govt in FY22 under PM Mudra Yojana?
Q.8) Which country operates QZSS - Global Navigation Satellite Systems (GNSS)?
Q.9) Who is the composer of 'Kar De Kamaal Tu' – theme song for Tokyo Paralympics 2020?
Q.10) Where is the headquarter of International Maritime Organization located?
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About Anuj Jindal

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Anuj Jindal, the founder, is an ex-manager from SBI, with an M.Com from Delhi School of Economics. He also has a JRF in Commerce & Management and NET in HRM, along with more than 4 years of experience in the field of Education.

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