26th May, 2021 – Daily News

Topics covered – Indian Broadcasting and Digital Foundation, YUVA, scheme, RBI annual report, govt panel on GST, NATO military exercise, President of Syria.

Bulletins

  1. Indian Broadcasting Foundation (IBF) will be renamed as the Indian Broadcasting and Digital Foundation (IBDF) as it is expanding its purview to cover digital streaming platforms.
  2. Ministry of Education has launched an Author Mentorship Programme named as YUVA- Prime Minister’s Scheme For Mentoring Young Authors on the occasion of Azadi ka Amrit Mahotsav.
  3. Central government has set up a 7- member Panel of State Ministers for better valuation of services of casinos, online gaming portal and race courses for levying Goods and Services Tax (GST).
  4. Climbers from the United States and Hong Kong have set new records as they scaled Mount Everest (8,848.86-metres).
  5. NATO members conducted Steadfast Defender 21 military games across the Atlantic, through Europe and into the Black Sea region.
  6. Reserve Bank of India (RBI) released its Annual Report for 2020-21.
  7. Bashar Al-Assad has sworn in as the President of Syria (Country in the Middle East) for the fourth time.

Table of Content

National News

  1. Indian Broadcasting Foundation (IBF) will be renamed as the Indian Broadcasting and Digital Foundation (IBDF) as it is expanding its purview to cover digital streaming platforms.
      • IBDF was in the process of forming a new wholly-owned subsidiary to handle all matters of digital media.
      • The IBDF would also form a self-regulatory body, the Digital Media Content Regulatory Council (DMCRC), for digital OTT platforms.
      • IBF President – K Madhavan
  2. Ministry of Education has launched an Author Mentorship Programme named as YUVA- Prime Minister’s Scheme For Mentoring Young Authors on the occasion of Azadi ka Amrit Mahotsav.
      • Aim – to train young and budding authors (below 30 years of age) in order to promote reading, writing and book culture in the country, and project India and Indian writings globally.
      • This scheme will thus help to develop a stream of writers who can write on a spectrum of subjects to promote Indian heritage, culture and knowledge system.
      • YUVA stands for Young, Upcoming and Versatile Authors.
      • Theme of the contest – Authors are expected to write on freedom fighters or independence struggle in the wake of 75th anniversary of Indian independence.
      • A consolidated scholarship of Rs 50,000 per month for a period of 6 months per author will be paid under the Mentorship Scheme.
      • The National Book Trust (NBT), India under the Ministry of Education is the implementing agency of the scheme. The books published under the scheme will be published by NBT.
      • These books will also be translated into other Indian languages ensuring the exchange of culture and literature for promoting ‘Ek Bharat Shreshtha Bharat’.​
YUVA-  Prime Minister’s Scheme
  1. Central government has set up a 7- member Panel of State Ministers for better valuation of services of casinos, online gaming portal and race courses for levying Goods and Services Tax (GST).
      • The panel is convened by Gujarat Deputy Chief Minister Nitin Patel. It has members from Maharashtra, West Bengal, Arunachal Pradesh, Goa, Karnataka and Tamil Nadu.
      • The panel will also examine whether any change is required in the legal provision for better means of valuation of these services. The panel will decide on the method of valuing these services as well.
      • The panel would also look into the impact of such valuation on other similarly placed services like lottery.
      • The panel would submit its report to the GST Council, chaired by Union Finance Minister, within six months.
      • Currently, services of casinos, horse racing and online gaming attract 18% GST.

International News

  1. Climbers from the United States and Hong Kong have set new records as they scaled Mount Everest (8,848.86-metres).
      • Arthur Muir (aged 75) became the oldest American to climb the world’s highest peak.
      • Hong Kong mountaineer Tsang Yin-hung (aged 44) has recorded the world’s fastest ascent of Everest by a woman with a time of just 25 hours and 50 minutes.
Mount everest scaled by Arthur Muir & Tsang Yin-hung
  1. NATO members conducted Steadfast Defender 21 military games across the Atlantic, through Europe and into the Black Sea region.
      • It will test NATO’s ability to deploy troops from America and keep supply lines open. It aims to simulate NATO’s response to an attack on any one of its members.
      • The HMS Queen Elizabeth (the pride of the British Navy), carrying 18 F-35 jets (of US) has participated in the exercise off the coast of Portugal.

Banking & Economy

  1. Reserve Bank of India (RBI) released its Annual Report for 2020-21.
Foreign Exchange:
• Gain from foreign exchange transactions rose from Rs 29,993 crore to Rs 50,629 crore in 2020-21.
Surplus Transfer to the Government:
• RBI has been able to transfer a higher amount to the government as surplus in 2020-21 as compared to 2019-20 due to gains from foreign exchange transactions during the year ended March 2021.
• It transferred Rs. 99,122 crore to the government for 9 months (for July 2020-March 2021) of 2020-21, as against Rs 57,127 crore in the previous 12-month period.
• Section 47 of the RBI Act, 1934, allows the surplus funds of RBI to be transferred to the Central govt, after deduction of all expenses.
Rupee Against Dollar:
• The rupee strengthened by 3.5% against the US dollar at end-March 2021 as compared to end-March 2020.
• However, Indian rupee underperformed in comparison to other Asian countries during 2020-21.
Decreased Bank Frauds:
• Bank frauds of Rs.1 lakh and more fell by 25% in value to Rs.1.38 trillion in the year 2020-21 with the number of such cases also seeing a decline of 15% during the year.
• Gross NPA ratio of banks decreased from 8.2% in March 2020 to 6.8% in December 2020.
• Provision coverage ratio has improved to 75.5% at December-end 2020 from 66.6% in March 2020.
• The capital to risk-weighted assets ratio (CRAR) of banks rose to 15.9% by end-December 2020 from 14.8% at end-March 2020.
• Gross NPA ratio for NBFCs improved to 5.7% in December 2020 from 6.8% in March 2020.
• Capital Adequacy Ratio of NBFCs marginally improved to 24.8% in December 2020 from 23.7% in March 2020.
Digital Payments:
• Total digital transaction volume increased to 4,371 crore in 2020-21, as against 3,412 crore in 2019-20.
• Initiatives for promoting digital payment infrastructure - innovation hub, a regulatory sandbox and, extending the geo-tagging framework to cover payment system touch points, enabling accurate capture of their location across the country.
Steps for boosting liquidity:
• Launch of G-Sec acquisition program (G-SAP).
• Accommodative stance and lower monetary policy rates.
GDP forecast:
• RBI predicted 10.5% GDP growth for the year 2021-22.

Appointments

  1. Bashar Al-Assad has sworn in as the President of Syria (Country in the Middle East) for the fourth time.
      • Capital: Damascus
      • Currency: Syrian pound

Start Quiz of 26th May 2021

Q.1) Who is the President of Indian Broadcasting Foundation?
 Q.2) How much financial assistance will be provided to the authors selected under the YUVA scheme for six months?
Q.3) Who is the convener of the 7- member Panel of State Ministers set up by GOI for better valuation of services of casinos, online gaming portal and race courses for levying Goods and Services Tax?
 Q.4) How much GST is levied on services of casinos, horse racing and online gaming at present?
 Q.5) Who has recorded the world’s fastest ascent of Everest by a woman with a time of just 25 hours and 50 minutes?
 Q.6) What is the name of the exercise conducted by NATO members across the Atlantic, through Europe and into the Black Sea region?
 Q.7) How much amount is RBI transferring to the Central Government for 2020-21, as per its Annual Report for 2020-21?
 Q.8) Bashar Al-Assad has sworn in as the President of which country?
 Q.9) Which section of RBI Act, 1934 allows the transfer of surplus RBI funds to the Central Govt?
 Q.10) What is the capital of Syria?
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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