04th May, 2021 – Daily News

Topics coveredOperation Samudra SetuII, Scheme of Financial Assistance to States for Capital Expenditure, 100th electric locomotive to the Indian Railways, First Green Solar Energy harnessing plant, production target for food grain, six P-8I patrol aircraft, TRIFED’S MoU with The LINK Fund, Immune India Deposit Scheme, India INX and India ICC, SIDBI’S SHWAS AND AROG schemes, SEBI’s guidelines on asset management companies, CMD of BEML Limited, International Labour Day, 2021 ASBC Asian Elite Men and Women Boxing Championships. 

  1. Indian Navy has launched Operation Samudra Setu-II to procure oxygen from different countries to India in the wake of Covid-19.

  2. Central govt will provide an additional Rs 15,000 crore as interest-free 50-year loan to states for capital spending under the “Scheme of Financial Assistance to States for Capital Expenditure”.

  3. Alstom (French company) has successfully manufactured and delivered the 100th electric locomotive to the Indian Railways.

  4. Indian Army has inaugurated the First Green Solar Energy harnessing plant of 56 KVA using Vanadium based battery technology in North Sikkim, at an altitude of 16000 ft.

  5. Central government has set the production target for food grain for the crop year 2021-22 at a record 307.31 million tonnes.

  6. US has approved to sell six P-8I patrol aircraft to India for an estimated cost of USD 2.42 billion.

  7. TRIFED has signed an MoU with The LINK Fund (Geneva based philanthropic fund) for “Sustainable Livelihoods For Tribal Households in India” to improve the livelihoods of the tribal people.

  8. Central Bank of India has launched a special deposit scheme named “Immune India Deposit Scheme” to encourage people to get COVID-19 vaccines.

  9. DCB Bank has acquired stake in two companiesIndia INX and India ICC – in GIFT City for a total investment of Rs 10 crore.

  10. SIDBI has launched two new quick credit delivery schemes –– SHWAS (SIDBI assistance to Healthcare sector in War Against Second wave of COVID19) and AROG (SIDBI Assistance to MSMEs for Recovery & Organic Growth during COVID19 pandemic).

  11. Gemini (a cryptocurrency platform) has partnered with Mastercard and WebBank to launch first-of-its-kind cryptocurrency rewards credit card.

  12. CtriS Datacentre has partnered with Canara HSBC OBC life insurance to provide technology solutions to the insurance company.

  13. SEBI has mandated asset management companies (AMCs) that a minimum of 20% of the salary of the key employees of the AMCs shall be paid in the form of units of MF schemes in which they have a role and oversight.

  14. RBI has imposed a penalty of Rs 40 Lakh on Himachal Pradesh State Cooperative Bank, Shimla for non-compliance with regulatory directions issued by NABARD contained in ‘Review of Frauds – Guidelines on Monitoring and Reporting System.

  15. Amit Banerjee has been chosen for the post of CMD of BEML Limited by Public Enterprises Selection Board (PESB).

  16. Kotak Mahindra Life Insurance Company Limited (KLI) has appointed Mahesh Balasubramanian as the managing director of the company.

  17. International Day of Workers or International Labour Day or May Day is observed on May 1.

  18. 2021 ASBC Asian Elite Men and Women Boxing Championships was held in Dubai.

  19. Pandit Debu Chaudhuri (sitar maestro) has passed away.

  20. K. V. Anand (Indian cinematographer) has passed away.

  21. Jagdish Khattar (former Maruti Suzuki MD) has passed away.

Table of Content

National News

    1. Indian Navy has launched Operation Samudra Setu-II to procure oxygen from different countries to India in the wake of Covid-19.
        • Two ships INS Kolkata and INS Talwar have entered the port of Manama, Bahrain to transport 40 metric tonnes (MT) of liquid oxygen to Mumbai.
        • Operation Samudra Setu I was launched in May 2020 to bring back Indians who are stranded overseas due to corona virus.
        • Mission SAGAR was launched in May 2020 to provide medical, food and other humanitarian assistance to the neighbouring countries in the wake of Covid-19.
    2. Central govt will provide an additional Rs 15,000 crore as interest-free 50-year loan to states for capital spending under the “Scheme of Financial Assistance to States for Capital Expenditure”.
        • For 2020-21, Rs 12,000-crore interest-free capex loan was provided to states for capex.
      Part I of this scheme:
        • An amount of Rs 2,600 crore has been earmarked for hilly and north-eastern states, of which, Assam, Himachal Pradesh and Uttarakhand will get Rs 400 crore each. Others in this group have been allocated Rs 200 crore each.
      Part II of this scheme:
        • It is for all the other states which were not included in Part I.
        • Rs 7,400 crores are allocated for this.
        • This amount will be allocated on the basis of proportion of tax these states take from Central Taxes as per the recommendation of 15th Finance Commission for 2021-22.
      Part III of this scheme:
        • Rs 5,000 crore has been allocated to incentivise states for monetisation of their assets and divestment of state public sector enterprises.
        • Of the Rs 5,000 crore allocated, states will receive 50-year interest-free loans, ranging from 33% to 100% of the receipts through asset monetisation, listing and disinvestment of state PSUs.
    3. Alstom (French company) has successfully manufactured and delivered the 100th electric locomotive to the Indian Railways.
        • Ministry of Railways and Alstom signed a contract worth 350 crore euros (Rs 25,000 crore) in 2015 and created a joint venture.
        • The contract allowed for the manufacture of 800 double-section, 12,000-horsepower electric locomotives for freight service and associated maintenance for a period of 11 years.
        • The contract also included the setting up of a manufacturing plant in Bihar’s Madhepura for building the e-locos and two maintenance depots in Uttar Pradesh’s Saharanpur and Maharashtra’s Nagpur.

Sate News

  1. Indian Army has inaugurated the First Green Solar Energy harnessing plant of 56 KVA using Vanadium based battery technology in North Sikkim, at an altitude of 16000 ft.
      • The project was completed in collaboration with IIT Mumbai.
Indian Army inaugurated First Green Solar Energy harnessing

Agriculture And Rural Development

  1. Central government has set the production target for food grain for the crop year 2021-22 at a record 307.31 million tonnes.
      • This includes production of 151.43 million tonnes of food grains during kharif (summer) season and 155.88 million tonnes during rabi (winter) season.
      • The targeted production is over 1.3% more than the last year’s estimated food grain production of 303.34 million tonnes.
      • The government has also expanded the area of onion to 51,000 hectares to prevent any shortage during off-season.
      • Cotton production is likely to increase to 37 million bales this year, up from last year’s estimated production of 36 million bales.
Crop Estimated Output(2020-2021) Targeted Output(2021-2022)
Rice 120.32 121.1
Wheat 109.24 110
Pulses 24.42 25
Coarse grains 49.36 51.21
Total food grains 303.34 307.31
Oilseeds 37.31 37.5
Sugarcane 397.66 390

Defence News

  1. US has approved to sell six P-8I patrol aircraft to India for an estimated cost of USD 2.42 billion.
      • The Indian Navy had procured eight P-8I aircraft from Boeing in January 2009 via direct commercial sale and contracted for an additional four aircraft in July 2016
      • P-8I is a variant of P-8A Poseidon.

Memorandum of Understanding

    • TRIFED has signed an MoU with The LINK Fund (Geneva based philanthropic fund) for “Sustainable Livelihoods For Tribal Households in India” to improve the livelihoods of the tribal people.
      • The MoU create women-centred infrastructure, innovation and entrepreneurship. It will also facilitate sustainable livelihoods, tribal development, employment generation, value addition, product and craft diversification, and skill training.
      • CEO and Co-Founder of The LINK Fund – Tony Kalm

Banking And Economy

  1. Central Bank of India has launched a special deposit scheme named “Immune India Deposit Scheme” to encourage people to get COVID-19 vaccines.
      • The scheme offers an additional interest rate of 25 basis points above the applicable card rate for those who get vaccinated.
      • The deposit scheme has a maturity of 1,111 days.
  2. DCB Bank has acquired stake in two companiesIndia INX and India ICC – in GIFT City for a total investment of Rs 10 crore.
      • The bank has invested Rs 5 crore, for 2.89% stake, in India International Exchange Ltd (India INX).
      • India INX and India ICC are promoted by BSE. These are the leading exchange and clearing corporation in GIFT City IFSC at Gandhinagar, Gujarat.
      • India INX is India’s first exchange in the International Finance Services Centre (IFSC). India ICC provides clearing and settlement and risk management services to India INX.
      • Both companies are regulated by the IFSC Authority.
  3. SIDBI has launched two new quick credit delivery schemes –– SHWAS (SIDBI assistance to Healthcare sector in War Against Second wave of COVID19) and AROG (SIDBI Assistance to MSMEs for Recovery & Organic Growth during COVID19 pandemic).
      • Purpose – to provide funding for production and services related to supply of oxygen cylinders, oxygen concentrators, oximeters and essential drugs.
      • These new initiatives are being launched for helping MSMEs to increase their facilities to fight the pandemic.
      • These schemes envisage 100% funding up to an amount of ₹2 crore to an MSME unit at an attractive interest rate of 4.50-6%, within 48 hours after receipt of all the documents / information.
      • Last month, SIDBI had launched SIDBI Assistance to Facilitate Emergency response against corona virus (SAFE) scheme to provide financial support to all MSMEs engaged in manufacturing of any product or providing any services which are related to fighting Corona virus.
  4. Gemini (a cryptocurrency platform) has partnered with Mastercard and WebBank to launch first-of-its-kind cryptocurrency rewards credit card.
      • This card provides crypto rewards on purchases, real-time rewards, no annual fee, security first design, near instant access.
      • Cardholders will earn up to 3% back on dining, 2% back on groceries, and 1% back on other purchases.
  5. CtriS Datacentre has partnered with Canara HSBC OBC life insurance to provide technology solutions to the insurance company.
      • CtriS Datacentre is Asia’s largest hyperscale 4 data centre provider.
  6. SEBI has mandated asset management companies (AMCs) that a minimum of 20% of the salary of the key employees of the AMCs shall be paid in the form of units of MF schemes in which they have a role and oversight.
"Clawback" Clause:
• SEBI has also introduced a “clawback” clause. Under the clause, Units allotted to key employees shall be subject to clawback in the event of violation of code of conduct, fraud, gross negligence by them.
• Upon clawback, the units shall be redeemed and amount shall be credited to the scheme.
Tenure
• Compensation in the form of MF units will be paid over 12 months. If a fund manager manages a single scheme, SEBI has said 50% of the units can be of other schemes with a similar risk profile.
• These MF units will be subject to a lock-in period of 3 years. SEBI has also allowed borrowing against units in the case of an emergency.
Disclosure
• Every scheme will disclose the “compensation, in aggregate, paid in the form of units to the key employees”, on the website of the AMC w.e.f., July 1 this year.
Key employees of an AMC:
• Key employees of an AMC include chief executive officer, chief investment officer, chief risk officer, fund managers, and members of the fund management and research team.
 SEBI has mandated asset management companies (AMCs)
  1. RBI has imposed a penalty of Rs 40 Lakh on Himachal Pradesh State Cooperative Bank, Shimla for non-compliance with regulatory directions issued by NABARD contained in ‘Review of Frauds – Guidelines on Monitoring and Reporting System.

Appointments

  1. Amit Banerjee has been chosen for the post of CMD of BEML Limited by Public Enterprises Selection Board (PESB).

  2. Kotak Mahindra Life Insurance Company Limited (KLI) has appointed Mahesh Balasubramanian as the managing director of the company.
      • Suresh Agarwal has been elevated to MD & CEO of Kotak General Insurance.
      • Kotak Mahindra Bank Executive Vice Chairman and Managing Director – U. Kotak

Important Days

  1. International Day of Workers or International Labour Day or May Day is observed on May 1.
International Labour Day observed on May 1.

Sports

  1. 2021 ASBC Asian Elite Men and Women Boxing Championships was held in Dubai.
      • It was originally scheduled to be held in New Delhi in May.

Miscellaneous

  1. Pandit Debu Chaudhuri (sitar maestro) has passed away.

  2. K. V. Anand (Indian cinematographer) has passed away.

  3. Jagdish Khattar (former Maruti Suzuki MD) has passed away.

Start Quiz of 04th May 2021

Q.1) Which of the following operation has been launched by the Indian Navy for procuring oxygen from different countries to India in the wake of Covid-19?
Q.2) Recently, Indian Army has inaugurated the First Green Solar Energy harnessing plant of 56 KVA using Vanadium based battery technology in ____ at an altitude of 16000 ft?
Q.3) How much food grain production target has been set up by the Central govt for 2021-22?
Q.4) Which bank has launched a special deposit scheme named “Immune India Deposit Scheme” to encourage people to get COVID-19 vaccines?
Q.5) Which bank has acquired stake in two companies – India INX and India ICC – in GIFT City?
Q.6) Which bank has launched two new quick credit delivery schemes –– SHWAS and AROG?
Q.7) Who has been chosen for the post of CMD of BEML Limited?
Q.8) Who has been appointed as the MD of Kotak Mahindra Life Insurance Company Limited?
Q.9) Where will the 2021 ASBC Asian Elite Men and Women Boxing Championships be held?
Q.10) How much Central govt will give to state for capital expenditure under the “Scheme of Financial Assistance to States for Capital Expenditure” for 2021-22?
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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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