20th May, 2021 – Daily News

Topics covered – UNESCO’s world heritage sites, 23rd district of Punjab, Summit on Financing African Economies, most powerful supercomputer of Iran, “Renewable Energy Country Attractiveness Index” (RECAI) 2021, Global Report on Internal Displacement, “Prime Global Cities Index: Q1 2021” report, Prepaid Payment Instruments (PPI) issuers, HSBC SmartServe and HSBC IntelliSign, S&P Global Market Intelligence data, Loan Processing System, Technical Group on Social Stock Exchanges, World Metrology Day, World Bee Day.

Bulletins

  1. Six sites have been added to the tentative list of UNESCO’s world heritage sites.
  2. Punjab government has announced the formation of Malerkotla as the 23rd district of the state.
  3. Summit on Financing African Economies was hosted by French President Emmanuel Macron.
  4. Iran has launched its most powerful supercomputer named as Simurgh till date. It is named after a mythical bird.
  5. 57th edition of “Renewable Energy Country Attractiveness Index” (RECAI) 2021 has been released by London-based EY (Ernst & Young).
  6. Internal Displacement Monitoring Centre (IDMC), along with Norwegian Refugee Council, has released the “2021 Global Report on Internal Displacement (GRID): Internal Displacement in Changing Climate” report.
  7. London-based Knight Frank has released the “Prime Global Cities Index: Q1 2021” report.
  8. RBI has mandated the Prepaid Payment Instruments (PPI) issuers to become interoperable by 31st March 2022.
  9. HSBC India has launched digital banking solutions – HSBC SmartServe and HSBC IntelliSign – for its corporate customers.
  10. According to S&P Global Market Intelligence data, India is the second largest insurance technology market in the Asia Pacific.
  11. IDBI Bank has launched Loan Processing System (LPS), a fully digitised loan processing system, for MSME and Agri products.
  12. The Technical Group on Social Stock Exchanges (SSEs), headed by Harsh Bhanwala (ex-Chairman of NABARD), has submitted its recommendation to SEBI.
  13. World Metrology Day is observed on May 20 by UN.
  14. World Bee Day is observed on May 20 by UN.

Table of Content

National News

  1. Six sites have been added to the tentative list of UNESCO’s world heritage sites.
      • Six sites – Satpura Tiger Reserve (MP), Iconic riverfront of the historic city of Varanasi (UP), Megalithic site of Hire Benkal (Karnataka), Maratha Military Architecture in Maharashtra, Bhedaghat-Lametaghat in Narmada Valley- Jabalpur (MP), and temples of Kanchipuram (Tamil Nadu).
      • The sites were proposed by Archaeological Survey of India.
      • With the addition of these six sites, UNESCO has 48 proposals in the tentative list of India. Sites are added to the tentative list before their scrutinization for inclusion in the final UNESCO World Heritage Site list.
      • UNESCO World Heritage Site list has 1121 sites. Italy and China have the highest number of World Heritage Sites.
      • India has 38 UNESCO World Heritage Site list. Jaipur was the latest site to be added in this list while Agra Fort and Ajanta Caves both became first Indian sites to enter this list in 1983.

State News

  1. Punjab government has announced the formation of Malerkotla as the 23rd district of the state.
      • According to the 2011 Census, there were 593 districts in the country.
      • Currently, there are 718 districts in the country.

International News

  1. Summit on Financing African Economies was hosted by French President Emmanuel Macron.
      • Minister of State for External Affairs V Muraleedharan reiterated India’s commitment to build a more resilient and stronger Africa.
      • At present, there are over 89 projects across 41 countries in Africa that are being implemented with Indian concessional credit.
      • Under the “Vaccine Maitri” initiative, India has supplied 24.7 million doses of COVID vaccines as grants, and commercial and COVAX supplies to 42 countries in Africa.
  2. Iran has launched its most powerful supercomputer named as Simurgh till date. It is named after a mythical bird.
      • It was developed at Amirkabir University of Technology, Tehran.
      • The supercomputer is located at the university’s Iranian High Performance Computing Research Centre (IHPCRC).
      • The supercomputer will be used for artificial intelligence workloads, traffic and weather data, and image processing.
      • The supercomputer has a performance capacity of 0.56 petaflops at the moment and will reach one petaflops in two months.
      • The next supercomputer will be named Maryam, after the late world-class Iranian mathematician Maryam Mirzakhani.

Reports & Indices

  1. 57th edition of “Renewable Energy Country Attractiveness Index” (RECAI) 2021 has been released by London-based EY (Ernst & Young).
      • Total – 40 countries
      • Top – USA
      • India’s rank – 3rd (score 66.2)
          • India’s total solar installed capacity was at 39 GW gigawatt (GW) as of December 2020.
      • Bottom – Kenya
      • In 2020, global renewable energy capacity investments grew 2% to US $ 303.5 Billion. This is the 2nd highest annual growth.
      • Renewable energy sector requires US $ 5.2 trillion investment in future to achieve net-zero emission.
      • RECAI is published biannually.
RECAI 2021 by Ernst & Young
  1. Internal Displacement Monitoring Centre (IDMC), along with Norwegian Refugee Council, has released the “2021 Global Report on Internal Displacement (GRID): Internal Displacement in Changing Climate” report.
Internal Displacement:
➜ The total number of people living in internal displacement reached a record 55 million by the end of 2020.
➜ Out of this 55 million, 48 million people were displaced due to conflict and violence, and 7 million were due to natural disasters.
➜ In 2020, 40.5 million new displacements were triggered across the world by disasters and violence, the highest annual figure recorded in a decade.
➜ Cyclone Amphan alone triggered around 5 million displacements across Bangladesh, Bhutan, India and Myanmar.
➜ China has the highest number of internally displaced people in 2020 at 5 million, followed by Philippines and Bangladesh.
➜ The number of people living in internal displacement worldwide has reached a record high as of 31 December 2020, when there were more than twice as many internally displaced people (IDPs) than refugees.
India related facts:
➜ There were 3.9 million new disaster displacements in India in 2020.
➜ Cyclonic storm Amphan that hit India's eastern coast a year ago in May 2020 triggered more than 2.4 million evacuations in West Bengal and Odisha.
➜ Cyclone Nisarga prompted another 1,70,000 evacuations in Maharashtra and Gujarat just two weeks later.
Global Report on Internal Displacement
  1. London-based Knight Frank has released the “Prime Global Cities Index: Q1 2021” report.
      • Total 45+ cities were assessed on the basis of their prime residential prices.
      • Top 3 cities – Shenzhen, Shanghai, and, Guangzhou respectively
      • Top Indian cities – Delhi (32nd rank), Mumbai (36th rank), Bengaluru (40th rank).
      • Globally, prime residential prices are rising at their fastest rate since Q4 2017.

Banking & Economy

  1. RBI has mandated the Prepaid Payment Instruments (PPI) issuers to become interoperable by 31st March 2022.
      • It is mandatory for PPI issuers to give the holders of full-KYC PPIs (KYC-compliant PPIs) interoperability through authorised card networks (for PPIs in the form of cards) and UPI (for PPIs in the form of electronic wallets).
      • PPIs for Mass Transit Systems (PPI-MTS) shall remain exempted from interoperability while Gift PPI issuers have the option to offer interoperability.
What are salient features of a Gift PPI? What are the salient features of PPIs for Mass Transit Systems (PPI-MTS)?
Ans. The salient features of gift PPIs are as follows:
a. Maximum value of each such prepaid gift instrument shall not exceed ₹ 10,000/-.
b. Are not reloadable.
c. Cash-out or refund or fund transfer is not permitted.
d. Can be revalidated (including through issuance of new instrument) as per the Board approved policy of the issuer.
Ans. The salient features of PPI-MTS are as follows:
a. These are semi-closed PPIs issued by mass transit system operators.
b. Apart from the mass transit system, these PPIs can be used only at merchants whose activities are allied / related to / are carried on within the premises of the transit system.
c. Reloadable in nature.
d. Maximum outstanding cannot exceed ₹ 3,000/- at any point of time.
e. Cash-out or refund or fund transfer is not permitted.
f. Can be revalidated (including through issuance of new instrument) as per the Board approved policy of the issuer.
g. The Additional Factor of Authentication (AFA) for transactions using such PPIs is not mandatory.

Note: Both forms of PPIs have been exemplified by RBI on its website. You can read about PPIs in detail on RBI’s official website via https://m.rbi.org.in/scripts/FS_FAQs.aspx?Id=126&fn=9

  • RBI has increased the maximum amount that can be kept outstanding in full-KYC PPIs (KYC-compliant PPIs) from ₹1 lakh to ₹2 lakh.
  • RBI has allowed cash withdrawal by full-KYC PPIs issued by non-bank PPI issuers as well. The following conditions shall, however, be applicable –
      • Maximum limit of ₹2,000 per transaction with an overall limit of ₹10,000 per month per PPI;
      • All cash withdrawal transactions performed using a card / wallet, shall be authenticated by an Additional Factor of Authentication (AFA) / PIN;
      • Any PPI issuer offering this facility shall put in place proper customer redressal mechanisms. Complaints in this regard shall be dealt by ombudsmen schemes; and
      • PPI issuers shall put in place suitable cooling period for cash withdrawal upon opening the PPIs or loading / re-loading of funds into PPIs to mitigate the risk of fraudulent use of PPIs.
    1. HSBC India has launched digital banking solutions – HSBC SmartServe and HSBC IntelliSign – for its corporate customers.
        • Both are first-of-its-kind digital solutions aimed at ensuring a quick, secure and seamless on-boarding process for corporate clients.
        • HSBC SmartServe is a newly digitised account on-boarding and life cycle management solution.
        • HSBC IntelliSign enables corporate clients to execute product on-boarding and lending documents digitally. It also offers an E-stamp duty feature and E-signature solutions based on Aadhaar e-verification and DSC signing as per legal provisions in India.
    2. According to S&P Global Market Intelligence data, India is the second largest insurance technology market in the Asia Pacific.
        • India accounts for 35% of the $3.66 billion of the venture capital coming into the sector in the region. India has at least 66 insurtech companies.
        • At least 335 private insurtech firms are operating in the Asia-Pacific, with about 122 of them disclosing $3.66 billion in aggregate capital raised.
        • China and India are collectively home to nearly half of private insurtech companies in the APAC region and attracted about 78% of the investments.
        • Insurance premiums in India totalled $107 billion in India for 12 months ended March 31, 2020, after growing at a compounded annual growth rate (CAGR) of 10% from FY15 to FY20.
    3. IDBI Bank has launched Loan Processing System (LPS), a fully digitised loan processing system, for MSME and Agri products.
        • These features of the fully digitized and automated loan processing system are further aimed at providing a superior tech-enabled banking experience to bank’s MSME and agri customers.
    4. The Technical Group on Social Stock Exchanges (SSEs), headed by Harsh Bhanwala (ex-Chairman of NABARD), has submitted its recommendation to SEBI.
    Recommendation:
    ➜ Corporate foundations, political or religious organisations and activities, professional or trade associations, infrastructure and housing companies (except affordable housing) will not be permitted on SSE.
    ➜ The panel says both for-profit (FP) and not-for-profit organisations (NPO) should be allowed to tap the SSE provided they are able to demonstrate that social intent and impact.
    ➜ The group has suggested three parameters to assess the social impact objective of the FP and NPO.
    ➜ Modes available for fundraising for NPOs shall be equity, zero coupon zero principal bond (ZCZP), development impact bonds, social impact fund (currently known as social venture fund or SVP) with 100% grants-in grants out provision, and donations by investors through mutual funds.
    ➜ Modes available for FP enterprises will be equity, debt, development impact bonds, and social venture funds.
    ➜ To boost investor participation in social venture fund (SVF) - the panel has recommended that the minimum corpus size for such funds be reduced from Rs 20 crore to Rs 5 crore and the minimum subscription amount be reduced from Rs 1 crore to Rs. 2 lakh. The SVP will fall under category-I Alternative Investment Fund (AIF) and will allow 100% grants-in and grants-out.
    ➜ The capacity building fund for SSE should have a corpus of Rs 100 crore. This fund should be housed under NABARD.
    ➜ Entities on SSE shall disclose social impact (for NPOs and FPEs) report on annual basis covering aspects such as strategic intent and planning, approach, impact score card.
    ➜ The report has drawn a list of broad activities based on those identified by NITI Aayog under sustainable development goals that SSEs can engage in.
    SSEs recommendation to SEBI.

    Important Days

    1. World Metrology Day is observed on May 20 by UN.
        • Theme – Measurement for Health
        • World Metrology Day is an annual celebration of the signature of the Metre Convention on 20 May 1875 by representatives of seventeen nations to bring world-wide uniformity of measurement.
    2. World Bee Day is observed on May 20 by UN.
        • Theme – Bee engaged : build Back Better for Bees
        • On the occasion of this day, Agriculture Minister Narendra Singh Tomar launched a project for setting up a honey testing laboratory at Indian Agricultural Research Institute (IARI), Pusa, New Delhi.
        • 2021 is the UN International Year of Fruits and Vegetables.
        • Govt. of India had approved the “National Beekeeping & Honey Mission” (NBHM) for 2 years (2018-19 to 2019-20) for overall promotion and development of scientific beekeeping in mission mode to achieve the goal of “Sweet Revolution” in the country.
        • Recently, the Central govt approved the allocation for Rs. 500 crore for NBHM for three years (2020-21 to 2022-23), as part of the Atmanirbhar Bharat scheme to achieve self-dependence in honey market.
    World Bee Day on May 20

    Start Quiz of 20th May 2021

    Q.1) Which country hosted the Summit on Financing African Economies 2021?
    Q.2) What is India’s rank in the “Renewable Energy Country Attractiveness Index” (RECAI) 2021?
    Q.3) What is the total number of internally displaced people at the end of 2020, as per the 2021 Global Report on Internal Displacement (GRID): Internal Displacement in Changing Climate report?
    Q.4) Which is the top ranked Indian city in the “Prime Global Cities Index: Q1 2021” report of Knight Frank?
    Q.5) When is the World Bee Day observed?
    Q.6) Which country has developed Simurgh supercomputer?
    Q.7) Where is the Megalithic site of Hire Benkal located?
    Q.8) Malerkotla is the 23rd district of which state?
    Q.9) What is the maximum value limit of a prepaid Gift PPI instrument?
    Q.10) Which bank has launched Loan Processing System (LPS), a fully digitised loan processing system, for MSME and Agri products?
    CEO of Anujjindal.in


    About Anuj Jindal

    ━━━━

    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.

    0 Comments