06th May, 2021 – Daily News

Topics coveredCLAP (Clean Andhra Pradesh) Jagananna Swachha Sankalpam programme, India and UK agreements, pressure swing absorption (PSA) medical oxygen plants, India’s first-ever electric tractor, Vaccine Finder Tool, RBI’s relief measures, S&P Global Ratings, UNICEF Goodwill Ambassador, International Day of the Midwife, World Hand Hygiene Day, Brand Finance Insurance 100 2021 report, 11th Dadasaheb Phalke Awards, ICC annual men’s ranking, The Bench book, BENGAL 2021: An Election Diary book. 

Bulletins

  1. Indian Oil Corporation has started the supply of diesel that is blended with biodiesel made from used cooking oil.

  2. Andhra Pradesh govt has launched CLAP (Clean Andhra Pradesh) Jagananna Swachha Sankalpam programme on July 8, marking the birth anniversary of former chief minister YS Rajasekhara Reddy.

  3. Andhra Pradesh has selected Essar Steel Limited as the joint venture partner for setting up a three million tonne per annum capacity steel plant in Kadapa district.

  4. India and UK agreements signed during the virtual meeting:

  5. National highways authority of India has been appointed the nodal agency for installation of pressure swing absorption (PSA) medical oxygen plants across the country.

  6. India’s first-ever electric tractor has been tested at the Central Farm Machinery Training and Testing Institute (CFMTTI) in Budni, Madhya Pradesh.

  7. Facebook has partnered with the Indian government to launch a Vaccine Finder Tool on its mobile app in India, which will help people identify places nearby to get vaccinated.

  8. RBI has announced a host of measures to deal with the economic shock caused by the second wave of Covid-19.

  9. S&P Global Ratings has forecasted a 9.8% GDP growth rate for India for 2021-22.

  10. UNICEF Goodwill Ambassador David Beckham has led global vaccination drive during World Immunization Week 2021 (April 24th-30th).

  11. International Day of the Midwife is observed on May 5.

  12. World Hand Hygiene Day is observed on May 5.

  13. Brand Finance Insurance 100 2021 report has been released by Brand Finance (London-based brand valuation consultancy firm).

  14. 11th Dadasaheb Phalke Awards for the year 2021 were given.

  15. ICC annual men’s ranking has been released for 2021.

  16. Meghan Markel, the Duchess of Sussex, has releasing her first children’s book named as “The Bench”.

  17. “BENGAL 2021: An Election Diary” book has been written by Deep Halder.

  18. Dr Philipose Mar Chrysostom (India’s longest serving bishop) has passed away.

Table of Content

National News

  1. Indian Oil Corporation has started the supply of diesel that is blended with biodiesel made from used cooking oil.
      • This first supply was flagged off by Minister of Petroleum & Natural Gas Dharmendra Pradhan himself from Indian Oil’s Tikrikalan Terminal.
      • So far, Indian Oil has issued 23 LOIs for biodiesel plants with a total capacity of 557.57 tonnes per day.
      • India has set a target of 5% blending of biodiesel with diesel by 2030.

State News

  1. Andhra Pradesh govt has launched CLAP (Clean Andhra Pradesh) Jagananna Swachha Sankalpam programme on July 8, marking the birth anniversary of former chief minister YS Rajasekhara Reddy.

  2. Andhra Pradesh has selected Essar Steel Limited as the joint venture partner for setting up a three million tonne per annum capacity steel plant in Kadapa district.

Memorandum of Understanding

    1. India and UK agreements signed during the virtual meeting:
        • UK Department of Culture, Media, & Sports and Indian Ministry of Electronics & IT have signed a joint declaration of intent to deepen cooperation on emerging technologies, digital infrastructure, and data policies.
        • UK Department of Culture, Media, & Sports and Indian Dept of Telecommunications have signed an MoU for cooperation on telecom infrastructure, diversification, and disaster resilience.
        • India and UK have signed a statement of principles for energy security to strengthen cooperation on energy policy and planning between NITI Aayog and UK’s Department of Business, Energy, and Industrial Strategy.
        • Indian Central Drugs Standard Control Organization and UK Medicine & Healthcare Products Regulatory Agency have signed MoU for medical products regulation.
        • Indian Pharmacopoeia Commission and British Pharmacopoeia Commission have signed an MoU for development of quality standards in the field of medicines.
        • Both countries agreed to hold India-UK Maritime dialogue to increase maritime co-operation.
        • India and UK have decided to launch Green Grids Initiative at the COP26 of UNFCCC for countries to work together on interconnected grids for renewable energy, to help deliver India’s vision of “One Sun One World One Grid”.
        • Both countries are planning to set up India-UK Partnership on Forests.
        • HAL and Rolls-Royce signed an MoU to collaborate on Rolls-Royce MT30 Marine Engines in India.
        • India-UK Roadmap 2030: –
India and UK agreements signed during the virtual meeting:
India and UK agreements signed during the virtual meeting:
  1. National highways authority of India has been appointed the nodal agency for installation of pressure swing absorption (PSA) medical oxygen plants across the country.
      • Around 581 sites have been identified for setting up these plants in the wake of Covid-19 pandemic.
  2. India’s first-ever electric tractor has been tested at the Central Farm Machinery Training and Testing Institute (CFMTTI) in Budni, Madhya Pradesh.

Banking & Economy

  1. Facebook has partnered with the Indian government to launch a Vaccine Finder Tool on its mobile app in India, which will help people identify places nearby to get vaccinated.
      • The tool is available in 17 languages to help people identify places nearby to get the vaccine.
      • Facebook has also announced $10 million to help India.
  2. RBI has announced a host of measures to deal with the economic shock caused by the second wave of Covid-19.
Measures:
A) Liquidity facility of Rs 50,000 crores for on-lending to health services.
• RBI has announced an on-tap liquidity facility of Rs 50,000 crores.
• Maturity term – 3 years
• Interest – current repo rate
• Purpose – further, on-lending to vaccine manufacturers, vaccine importers, suppliers of oxygen and ventilators, patients for treatment etc.
• This lending will be classified as Priority Sector Lending (PSL).
• Banks will have to create a Covid-19 loan book to recording lending under this scheme.
• Banks have to submit the surplus amount at RBI at an interest rate which is 25 basis points lower than the repo rate and 40 basis points higher than the reverse repo rate.
• This facility is available up to 31st march 2022.
B) Classification of Small Finance Banks’s loans as PSL:
• RBI has permitted SFB’s loans to Micro-Finance Institutions to be classified as PSL.
• This lending by SFBs will be used for on-lending to individuals by MFIs.
• MFIs need to have an asset size of Rs 500 crores to become eligible under this scheme.
• This facility is available up to March 31, 2022.
C) Long-term Repo Operations (LTRO) for SFBs:
• RBI has introduced a special Long-term Repo Operations for SFBs to support SMEs and unorganized sector.
• The LTRO will be worth Rs 10,000 crores at a repo rate.
• It will have a tenure of 3 years.
• SFBs will be able to lend up to Rs 10 lakh to one borrower up to October 31 2021.
D) Resolution Framework 2.0 for Covid-19 related stressed assets:
• RBI has allowed banks and NBFCs to restructure their loans given to individuals, MSMEs, small businesses etc.
• Eligibility for loans – Rs 25 crores
• The loans which are classified as Standard as on March 31, 2021 will continue as the same till September 30,2021.
• Moratorium under Resolution Framework 1.0 has been extended to 2 years.
E) Rationalization of KYC process:
• Video-KYC (or Video- Customer Identification Process) has been allowed for certain categories of customers including proprietorship, legal entities etc.
• Allowed to convert limited KYC accounts into fully KYC-compliant accounts.
• Enabled the use of KYC identifier of Centralized KYC Registry for V-CIP.
F) RBI allowed 100% utilization of counter-cyclical provisioning buffer (CCPB):
• Banks are allowed to use 100% of the CCPB, maintained by them as of December 31, 2020, for making provisions against NPAs until March 31, 2022.
• The countercyclical capital buffer is intended to protect the banking sector against losses that could be caused by cyclical systemic risks increasing in the economy.
G) Overdraft limit for states increased:
• Overdraft tenor has been increased to 50 days from 36 days earlier.
• Number of consecutive days of overdraft increased from 14 to 21 days.
• This increased limit will be available till September 30, 2021
H) Credit flow to MSME Entrepreneurs:
• Banks are allowed to deduct the amount of loans given to MSMEs from their Net Demand and Time Liabilities for the calculation of Cash Reserve Ratio.
• This exemption is extended till December 31, 2021.
• The exemption will be available for loans up to Rs 25 lakhs and for the credit disbursed up to the fortnight ending October 1, 2021.

GDP Forecasts

  1. S&P Global Ratings has forecasted a 9.8% GDP growth rate for India for 2021-22.
      • S&P currently has a ‘BBB-‘ rating on India with a stable outlook.
      • The general government deficit was about 14% of GDP in fiscal 2021, with net debt stock of just over 90% of GDP.

Appointments

  1. UNICEF Goodwill Ambassador David Beckham has led global vaccination drive during World Immunization Week 2021 (April 24th-30th).

Important Days

  1. International Day of the Midwife is observed on May 5.
      • Theme – “Follow the Data, Invest in Midwives”
      • State of the World’s Midwifery 2021 report has been launched by United Nations Population Fund (UNFPA), World Health Organization (WHO) and International Confederation of Midwives (ICM).
      • The report evaluates 194 countries.
      • By 2035, the investment in midwives will prevent 67% of maternal deaths, 64% of new-born deaths, and 65% of stillbirth. This will save around 4.3 million lives per year.
      • As per the report, there is a global shortage of around 9 lakh midwives, which is 1/3rd of the required global midwife workforce.
      • There is a shortage of 1.1 million sexual, reproductive, maternal, reproductive, newborn and adolescent health workers.
  2. World Hand Hygiene Day is observed on May 5.
      • Campaign theme: Achieving hand hygiene at the point of care.
      • Slogan: Seconds save lives – clean your hands!
World Hand Hygiene Day

Awards

  1. Brand Finance Insurance 100 2021 report has been released by Brand Finance (London-based brand valuation consultancy firm).
      • LIC has emerged as the third strongest and the tenth most valuable insurance brand globally.
      • The total value of the world’s top 100 most valuable insurance brands declined by 6% from $462.4 billion in 2020 to $433.0 billion in 2021.
      • However, LIC’s brand value increased by almost 7% to $8.65 billion.
      • Ping An Insurance (China) emerged as the world’s most valuable insurance brand, despite recording a 26% drop in brand value.
Brand Finance Insurance 100 2021 report
  1. 11th Dadasaheb Phalke Awards for the year 2021 were given.
      • Best Film – Jury was won by Jungle Cry (directed by Sagar Ballary).

Sports

  1. ICC annual men’s ranking has been released for 2021.
Test ODI T20I
Top – India Top – New Zealand Top – England
India – 3rd India – 2nd

Miscellaneous

  1. Meghan Markel, the Duchess of Sussex, has releasing her first children’s book named as “The Bench”.

  2. “BENGAL 2021: An Election Diary” book has been written by Deep Halder.

  3. Dr Philipose Mar Chrysostom (India’s longest serving bishop) has passed away.

Start Quiz of 06th May 2021

Q.1) Which state has launched CLAP to promote cleanliness in the state?
Q.2) Which company has partnered with the Indian government to launch a Vaccine Finder Tool on its mobile app in India?
Q.3) What is the GDP forecast for India for FY22 by S&P?
Q.4) What is LIC’s rank in Brand Finance Insurance 100 2021 report in terms of value?
Q.5) Who is the director of Jungle Cry?
Q.6) What is India’s rank in ICC’s annual rankings in the category of Test matches?
Q.7) “The Bench” is the first children’s book of which of the following?
Q.8) Who is the writer of “BENGAL 2021: An Election Diary”?
Q.9) What is the outlay of liquidity facility window provided by RBI to banks for on-lending to health services, as part of the relief measure for Covid-19?
Q.10) As per the State of the World’s Midwifery 2021 report, there is a global shortage of around _____ midwives, which is 1/3rd of the required global midwife workforce?
CEO of Anujjindal.in


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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