30th September, 2021 – Daily News

Topics covered – PM-Formalisation of Micro Food Processing Enterprises , DAY-National Urban Livelihood Mission , Nimach to Ratlam (in Madhya Pradesh) railway line, three MoU with Infosys , “Nata-Sankirtana” festival , rural development initiatives in Rajasthan, agreement to help exporters , ‘Lucy’ spacecraft , Chennai–Kosasthalaiyar river basin , “Print to Post” solutions, credit plan for yak husbandry , “Born on Instagram” program, Prompt Corrective Action Framework , Export Credit Guarantee Corporation , Emergency Credit Line Guarantee Scheme, India’s external debt , first female Prime Minister of Tunisia, MD and CEO of National Securities Depositories, PM of Japan, 195th Gunners Day , International Day of Awareness on Food Loss and Waste Reduction , World Heart Day , 2021 Yidan Prize , Shanti Swarup Bhatnagar Award

Bulletins

  1. PM-Formalisation of Micro Food Processing Enterprises (PM-FME) scheme has been converged with DAY-National Urban Livelihood Mission (DAY-NULM).
  2. Union Cabinet has approved for doubling of Nimach to Ratlam (in Madhya Pradesh) railway line at a total estimated cost of ₹1,095.88 crore and Rajkot-Kanalus railway line (in Gujarat) at a total estimated cost of ₹1,080.58 crore.
  3. Karnataka has signed three MoU with Infosys to give priority to skill-based learning as per the National Education Policy (NEP) guidelines.
  4. “Nata-Sankirtana” festival was held at the Mandap of Jawaharlal Nehru Manipur Dance Academy (JNMDA), Imphal, Manipur.
  5. AU Small Finance Bank (SFB) has signed an MoU with NABARD for rural development initiatives in Rajasthan.
  6. India and the US have signed an agreement to help exporters of both countries in faster clearances through customs procedures.
  7. NASA will launch its ‘Lucy’ spacecraft to study the Jupiter’s Trojan asteroids on October 16 from Cape Canaveral Space Force Station in Florida.
  8. Tata Consultancy Services (TCS) has been selected by NORD/LB, a leading German commercial bank, as its strategic partner for its IT transformation.
  9. Newgen Software (IT company) has partnered with Tata Consultancy Services to deploy a cloud-hosted centralised platform to provide end-to-end banking solutions for the entire banking sector of Israel.
  10. Asian Development Bank (ADB) has approved a $251 million loan for urban flood protection and management in the Chennai–Kosasthalaiyar river basin in India.
  11. RBI has allowed the J&K UT government to acquire over 6.06% shares worth Rs 500 Crores on preference basis.
  12. Life Insurance Corporation of India (LIC) and Department of Post have entered into an agreement for “Print to Post” solutions.
  13. Central government will borrow ₹5.03 lakh crore in the second half of the current fiscal to fund the revenue gap for reviving the pandemic-hit economy.
  14. NABARD has approved a credit plan for yak husbandry in Arunachal Pradesh.
  15. Facebook has launched the next phase of its “Born on Instagram” program which aims at enhancing the knowledge and exposure of the content creators on Facebook and its platforms.
  16. RBI has removed the Indian Overseas Bank from the Prompt Corrective Action Framework (PCAF) on account of the latter’s better performance.
  17. Central govt has announced to infuse ₹4,400 crore in Export Credit Guarantee Corporation (ECGC) Ltd in the next 5 years.
  18. Union Cabinet has extended the Emergency Credit Line Guarantee Scheme (ECLGS) till 31.03.2022 or till guarantees for an amount of Rs 4.5 lakh crore are issued under the scheme, whichever is earlier.
  19. India’s external debt has risen by 2.1% year-on-year to USD 570 billion as of March-end 2021.
  20. Najla Bouden Romdhane has become the first female Prime Minister of Tunisia.
  21. Padmaja Chunduru has been appointed as MD and CEO of National Securities Depositories (NSDL).
  22. Fumio Kishida has been elected as the new PM of Japan.
  23. 195th Gunners Day was celebrated on 28 September 2021 in India.
  24. International Day of Awareness on Food Loss and Waste Reduction is observed on September 29 by UN.
  25. World Heart Day is observed on September 29.
  26. Rukmini Banerji, CEO of Pratham Education Foundation, and professor Eric Hanushek, Hoover Institution of Stanford University, have been awarded the 2021 Yidan Prize for their work in improving quality of education and outcomes for learners at scale.
  27. Dr Binoy Kumar Saikia (scientist from Assam) has won the prestigious Shanti Swarup Bhatnagar Award for his pioneering research on coal and energy.

Table of Content

National News

  1. PM-Formalisation of Micro Food Processing Enterprises (PM-FME) scheme has been converged with DAY-National Urban Livelihood Mission (DAY-NULM).
      • Purpose – to provide financial assistance to Self-Help Groups (of DAY-NULM) who are engaged in the food processing sector under the PM-FME scheme.
      • The online seed capital module has been launched on the DAY-NULM’s website for implementing the convergence.
      • It is a part of the Azadi Ka Amrit Mahotsav.
  2. IIT-Hyderabad has developed hydrogel from discarded corneas that can be used as an alternative to Corneal transplantation.
      • Dr Falguni Pati, Associate Professor, Department of Biomedical Engineering at the IIT-Hyderabad and his research team have developed the hydrogel.
      • This hydrogel is made up of discarded corneas from human and bovine sources using a simple and novel method.
    1. Union Cabinet has approved for doubling of Nimach to Ratlam (in Madhya Pradesh) railway line at a total estimated cost of ₹1,095.88 crore and Rajkot-Kanalus railway line (in Gujarat) at a total estimated cost of ₹1,080.58 crore.

State News

  1. Karnataka has signed three MoU with Infosys to give priority to skill-based learning as per the National Education Policy (NEP) guidelines.
      • As part of the MoU, over 3,000 skill-based programmes beneficial to students are available via Infosys Springboard programme.
  2. “Nata-Sankirtana” festival was held at the Mandap of Jawaharlal Nehru Manipur Dance Academy (JNMDA), Imphal, Manipur.
      • Sankirtana is the practice of dancing, singing, and drumming in the state.
      • Sankirtana is inscribed on the UNESCO’s Intangible List of Cultural Heritage of Humanity in 2013.
Nata-Sankirtana
  1. AU Small Finance Bank (SFB) has signed an MoU with NABARD for rural development initiatives in Rajasthan.
      • Initiatives to be supported by both parties include help for farmer producer organisations, self-help groups (SHG), joint liability groups (JLG), rural artisans, agri-preneurs, agri-start-ups among others.
      • Jaipur-based AU Bank began its small finance bank operations in April 2017.

Memorandum of Understanding

  1. India and the US have signed an agreement to help exporters of both countries in faster clearances through customs procedures.
      • Both countries signed the Mutual Recognition Arrangement (MRA) to recognise each other’s Authorised Economic Operators (AEOs).
      • This agreement will ensure supply chain security and trade facilitation, besides, helping the exporters of both countries in faster clearances through the other country’s customs procedures.

International News

  1. NASA will launch its ‘Lucy’ spacecraft to study the Jupiter’s Trojan asteroids on October 16 from Cape Canaveral Space Force Station in Florida.
      • The first of its kind mission will study two groups of asteroids – one preceding Jupitar and other trailing the planet – orbiting around the sun.
      • Lucy will embark on a 12-year journey to eight different asteroids — one in the Main Belt between Mars and Jupiter and then seven Trojans.
      • Lucy is the first solar-powered spacecraft that will fly at such a great distance from sun.
      • Lucy is the name of an ancient fossil that provided insights into the evolution of human species. In the honour of this fossil, the official logo of the NASA mission is diamond shaped.

Banking & Economy

  1. Tata Consultancy Services (TCS) has been selected by NORD/LB, a leading German commercial bank, as its strategic partner for its IT transformation.
      • NORD/LB aims to adopt new business model by 2024.
  2. Newgen Software (IT company) has partnered with Tata Consultancy Services to deploy a cloud-hosted centralised platform to provide end-to-end banking solutions for the entire banking sector of Israel.
      • Through the partnership, an enterprise-grade multi-channel, multilingual communication suite will be deployed for the Banking Service Bureau (BSB) in Israel.
  3. Asian Development Bank (ADB) has approved a $251 million loan for urban flood protection and management in the Chennai–Kosasthalaiyar river basin in India.
      • Chennai is relatively low and flat, located on the highly exposed southeast coast and traversing the rivers of Adyar, Cooum, and Kosasthalaiyar.
      • These make the city vulnerable to widespread flooding that results in loss to the economy and livelihoods.
  4. RBI has allowed the J&K UT government to acquire over 6.06% shares worth Rs 500 Crores on preference basis.
      • J&K government’s equity share in the Bank will rise to over 74%.
  5. Life Insurance Corporation of India (LIC) and Department of Post have entered into an agreement for “Print to Post” solutions.
      • Under the Print to Post solutions, the policy booklets will be issued by DoP under a life insurance policy.
  6. Central government will borrow ₹5.03 lakh crore in the second half of the current fiscal to fund the revenue gap for reviving the pandemic-hit economy.
      • During the first half, the government has raised ₹7.02 lakh crore by issuing bonds.
      • In the Union Budget 2021, the govt had announced to borrow ₹12.05 lakh crore in 2021-22. Of this, ₹7.24 lakh crore (60%) was planned to be borrowed in first half (H1).
      • The Budget has pegged fiscal deficit at 6.8% for the next fiscal, down from 9.5% of the GDP in the current financial year.
  7. NABARD has approved a credit plan for yak husbandry in Arunachal Pradesh.
      • Yak is also known as the “mountain cattle”.
      • The scheme was developed by the ICAR-National Research Centre on Yak (NRCY) at Dirang in Arunachal Pradesh’s West Kameng district.
      • The scheme will encourage banks to extend credit to the yak herders.
      • About Yaks – The scheme aims to make yak rearing a profitable venture for the herders as the hardships involved in yak rearing is higher than the remuneration that herders get.
        • This has led to a decline in Yak husbandry and Yak population.
        • Yak is a very useful animal in the Himalayas. Besides milk and meat, it gives fibre and also acts as the “beast of burden”.
        • The total yak population in India is about 58,000. The number of yaks across the country declined by almost 24.7% between 2012 and 2019.
      • States / UT with high population (descending order) – Union Territories of Ladakh and Jammu & Kashmir, Arunachal Pradesh, Sikkim, Himachal Pradesh, West Bengal and Uttarakhand.
  8. Facebook has launched the next phase of its “Born on Instagram” program which aims at enhancing the knowledge and exposure of the content creators on Facebook and its platforms.
      • The program was launched in 2019.
      • The program has an e-learning course, aimed at encouraging, educating and enabling creators on how to do more, monetise better and drive user engagement.
  9. RBI has removed the Indian Overseas Bank from the Prompt Corrective Action Framework (PCAF) on account of the latter’s better performance.
      • IOB was placed under PCA in 2015.
      • This year, IDBI Bank and UCO Bank have also been removed from the PCA framework. Now, only Central Bank of India remains under the PCA framework.
      • RBI’s PCA Framework was introduced in December 2002 to monitor and supervise the banks which have weak financial performance.
  10. Central govt has announced to infuse ₹4,400 crore in Export Credit Guarantee Corporation (ECGC) Ltd in the next 5 years.
      • Also, the Union Cabinet has cleared a proposal to list state-owned Export Credit Guarantee Corporation (ECGC) Ltd for an Initial Public Offer (IPO) by next year.
      • The IPO will increase ECGC’s underwriting capacity up to ₹88,000 crore and propel additional exports of ₹5.28 lakh crore over a five-year period.
      • In 1957, ECGC was established by the Government of India under Companies Act, 1956 to promote exports by providing credit insurance services to exporters against non- payment risks by the overseas buyers due to commercial and political reasons.
      • It also provides insurance covers to banks against risks in export credit lending to the exporter borrowers.
      • The Union Cabinet has also given its nod to infuse ₹1,650 crore in National Export Insurance Account scheme for a period of 5 years from 2021-2022 to 2025-2026.
      • The NEIA Trust was set up in 2006 to promote Medium and Long-Term (MLT)/ project exports.
  11. Union Cabinet has extended the Emergency Credit Line Guarantee Scheme (ECLGS) till 31.03.2022 or till guarantees for an amount of Rs 4.5 lakh crore are issued under the scheme, whichever is earlier.
      • Further, the last date of disbursement under the scheme has also been extended to 30.06. 2022.
  12. India’s external debt has risen by 2.1% year-on-year to USD 570 billion as of March-end 2021.
      • External debt to GDP ratio rose marginally to 21.1% from 20.6% as at end-March 2020.
      • Reserves to external debt ratio increased to 101.2% from 85.6% during the same period.
      • The sovereign debt was at USD 107.2 billion, higher by 6.2%.
      • The non-sovereign debt grew by 1.2% on a yearly basis to USD 462.8 billion.

Appointments

  1. Najla Bouden Romdhane has become the first female Prime Minister of Tunisia.
  2. Padmaja Chunduru has been appointed as MD and CEO of National Securities Depositories (NSDL).
  3. Fumio Kishida has been elected as the new PM of Japan.

Important Days

  1. 195th Gunners Day was celebrated on 28 September 2021 in India.
      • The date 28 September has a special significance in the annals of the history of the Regiment of Artillery.
      • 5 (Bombay) Mountain Battery was raised on 28 September 1827. Its Raising Day is celebrated as Gunners Day every year.
  2. International Day of Awareness on Food Loss and Waste Reduction is observed on September 29 by UN.
      • Theme – Stop Food Loss and waste, for the people, for the planet
  3. World Heart Day is observed on September 29.

Awards

  1. Rukmini Banerji, CEO of Pratham Education Foundation, and professor Eric Hanushek, Hoover Institution of Stanford University, have been awarded the 2021 Yidan Prize for their work in improving quality of education and outcomes for learners at scale.
      • The Yidan Prize is an inclusive education award that recognizes individuals, or up to three-member teams, who have contributed significantly to education research and development.
      • The award is named after Dr Charles Chen Yidan (Chinese entrepreneur).
  2. Dr Binoy Kumar Saikia (scientist from Assam) has won the prestigious Shanti Swarup Bhatnagar Award for his pioneering research on coal and energy.
      • He is the lone recipient in the Earth, Atmosphere, Ocean and Planetary Sciences category.
      • Total 11 scientists (who are under 45 years) have bagged the award, which is given for seven categories by Council for Scientific and Industrial Research (CSIR) this year.
      • Saikia is the 5th person from Assam to bag the award.
  3. Note: The comprehensive list of all winners can be seen at https://ssbprize.gov.in/WriteReadData/LatestUpdates/202109260133259214500SSBPrize2021Website.pdf

Start Quiz of 30th September 2021

Q.1) Sankirtana festival – a part of UNESCO’s Intangible List of Cultural Heritage of Humanity – is celebrated in which state?
Q.2) In which state will AU Small Finance Bank and NABARD implement initiatives for rural development of that state?
Q.3) With which country has India signed an agreement to help exporters of both countries in faster clearances through customs procedures?
Q.4) Which of the following missions will be the first NASA mission to Jupiter's Trojan asteroids?
Q.5) Recently, NABARD has approved credit plan for yak husbandry to make yak rearing a profitable venture for the herders. In which state has this plan been launched?
Q.6) Which of the following bank is under the Prompt Corrective Action Framework at present?
Q.7) Recently, Central govt has announced to infuse ₹4,400 crore in Export Credit Guarantee Corporation (ECGC) Ltd in the next 5 years. Also, the Union Cabinet has cleared a proposal to list state-owned Export Credit Guarantee Corporation (ECGC) Ltd for an Initial Public Offer (IPO) by next year. This ECGC was established to promote exports by providing credit insurance services to exporters against non- payment risks by the overseas buyers due to commercial and political reasons. When was this govt agency formed?
Q.8) Who has been appointed as MD and CEO of National Securities Depositories?
Q.9) Who is the PM of Japan?
Q.10) Who has become the first female Prime Minister of Tunisia?
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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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