NATIONAL AFFAIRS
Government of India announced 1st Artificial intelligence summit: RAISE 2020- ‘Responsible AI for Social Empowerment 2020’
On 26 february 2020, The Government of India announced 1st Artificial intelligence summit, RAISE 2020- ‘Responsible Artificial intelligence (AI) for Social Empowerment’, a ‘First-of-its kind’ summit organized by the Government of India along with Ministry of Electronics and Information Technology to be held between April 11 & 12 in New Delhi. The government launched AI-Startup Challenge & the event website. Prime Minister Narendra Modi to inaugurate the summit.
RAISE 2020 & its Aim
The summit is a drive to India’s vision & roadmap for social empowerment, inclusion & transformation through AI. The event will start with Startup Challenge-Pitchfest followed. The aim is to bring people together to exchange ideas on how to use AI for, social empowerment, inclusion & transformation in important sectors such as Healthcare, Agriculture, Education and Smart Mobility among other sectors.
AI-Startup Challenge-The startups will showcase their AI solutions aimed at social empowerment, inclusion & transformation in important sectors. From all over the world startups can participate in the Pitchfest.The finalist will showcase their solutions at the summit and get live feedback. Through multiple events such as the AI Startup Pitchfest, AI Startup Theater and The AI Startup Awards, the event focuses on nurturing talent by exposure, recognition and guidance.
Industry Consultation Meeting-Ahead of the event, the Ministry of Electronics & Information Technology(MeitY) organized an industry consultation meeting. The industry bodies participating in the meeting areFICCI, CII, ASSOCHAM & NASSCOM & companies such as Intel, AWS, KPMG, IBM, Oracle and AI startups.
About MeitY:
Headquarter– New Delhi, India
Minister– Shri Ravi Shankar Prasad
On 26 february 2020, The Government of India announced 1st Artificial intelligence summit, RAISE 2020- ‘Responsible Artificial intelligence (AI) for Social Empowerment’, a ‘First-of-its kind’ summit organized by the Government of India along with Ministry of Electronics and Information Technology to be held between April 11 & 12 in New Delhi. The government launched AI-Startup Challenge & the event website. Prime Minister Narendra Modi to inaugurate the summit.RAISE 2020 & its Aim
The summit is a drive to India’s vision & roadmap for social empowerment, inclusion & transformation through AI. The event will start with Startup Challenge-Pitchfest followed. The aim is to bring people together to exchange ideas on how to use AI for, social empowerment, inclusion & transformation in important sectors such as Healthcare, Agriculture, Education and Smart Mobility among other sectors.
AI-Startup Challenge-The startups will showcase their AI solutions aimed at social empowerment, inclusion & transformation in important sectors. From all over the world startups can participate in the Pitchfest.The finalist will showcase their solutions at the summit and get live feedback. Through multiple events such as the AI Startup Pitchfest, AI Startup Theater and The AI Startup Awards, the event focuses on nurturing talent by exposure, recognition and guidance.
Industry Consultation Meeting-Ahead of the event, the Ministry of Electronics & Information Technology(MeitY) organized an industry consultation meeting. The industry bodies participating in the meeting areFICCI, CII, ASSOCHAM & NASSCOM & companies such as Intel, AWS, KPMG, IBM, Oracle and AI startups.
About MeitY:
Headquarter– New Delhi, India
Minister– Shri Ravi Shankar Prasad
MP tops the list for outgoing patients for treatment under PM-JAY: NHA
On February 25, 2020,According to the analysis carried out by the National Health Authority (NHA) on the portability feature of the Narendra Modi government’s flagship insurance scheme, PM-JAY -Pradhan Mantri Jan Arogya Yojana (generally referred to as the Ayushman Bharat) availed by 81,254 patients, People can seek treatment in other states under the PM-JAY, and MP(Madhya Pradesh) tops the list for outgoing patients at a number of at least 11,765. It sends its patients to Gujarat, where People has been treated under ‘portability’ option, which allows patients to go to the best hospital in any state to avail of free treatment.
i.As per the analysis, MP has been followed by UP(Uttar Pradesh), which has sent 4,288 patients to Uttarakhand, and 3,572 patients to Maharashtra.While Bihar, in turn, has sent 3,258 patients to UP.
ii.A majority of patients have chosen Gujarat for cardio-thoracic, vascular and neurosurgery as also for cancer care – medical oncology and paediatric cancer, interventional neuroradiology, burns management and poly-trauma….
On February 25, 2020,According to the analysis carried out by the National Health Authority (NHA) on the portability feature of the Narendra Modi government’s flagship insurance scheme, PM-JAY -Pradhan Mantri Jan Arogya Yojana (generally referred to as the Ayushman Bharat) availed by 81,254 patients, People can seek treatment in other states under the PM-JAY, and MP(Madhya Pradesh) tops the list for outgoing patients at a number of at least 11,765. It sends its patients to Gujarat, where People has been treated under ‘portability’ option, which allows patients to go to the best hospital in any state to avail of free treatment.
i.As per the analysis, MP has been followed by UP(Uttar Pradesh), which has sent 4,288 patients to Uttarakhand, and 3,572 patients to Maharashtra.While Bihar, in turn, has sent 3,258 patients to UP.
ii.A majority of patients have chosen Gujarat for cardio-thoracic, vascular and neurosurgery as also for cancer care – medical oncology and paediatric cancer, interventional neuroradiology, burns management and poly-trauma….
NTPC and CPCB signed MoU to set up air quality monitoring stations in 6 States & 3 UTs
On February 26, 2020 State run power-giant NTPC (National Thermal Power Corporation Limited) signed an MoU (Memorandum of Understanding) with CPCB (Central Pollution Control Board) to provide financial support for installation & commissioning of Continuous Ambient Air Quality Monitoring Stations (CAAQMS).
Key Points:
i.NTPC will provide financial support of Rs 80 crore for installation of 25 CAAQMS across 6 states and 3 Union Territories (UTs).
ii.NTPC will provide financial support of Rs 80 crore for installation of 25 CAAQMS across 6 states and 3 Union Territories (UTs)….
On February 26, 2020 State run power-giant NTPC (National Thermal Power Corporation Limited) signed an MoU (Memorandum of Understanding) with CPCB (Central Pollution Control Board) to provide financial support for installation & commissioning of Continuous Ambient Air Quality Monitoring Stations (CAAQMS).
Key Points:
i.NTPC will provide financial support of Rs 80 crore for installation of 25 CAAQMS across 6 states and 3 Union Territories (UTs).
ii.NTPC will provide financial support of Rs 80 crore for installation of 25 CAAQMS across 6 states and 3 Union Territories (UTs)….
Overview of Cabinet approvals on February 26, 2020
The Cabinet Committee on Economic Affairs (CCEA) Chaired by the Prime Minister (PM) Shri Narendra Modi has approved the following proposals on February 26, 2020.The approval in detail are as follows:
i.Cabinet approvesthe Surrogacy (Regulation) Bill, 2020.
ii.Cabinet approves placing 37 Central laws in the concurrent list for the Union Territory (UT) of Jammu and Kashmir(J&K) under Section 96 of the Jammu and Kashmir Reorganisation Act, 2019.
iii.Cabinet gave its nod for the exemption of the India Ports Global Ltd (IPGL) from the Department of Public Enterprises (DPE) guidelines, except reservation and vigilance policies.
iv.Cabinet approves National Technical Textiles Mission costing Rs 1,480 crore.
v.Cabinet has approved a bill to give the status of Institute of National Importance (INI) to 2 National Institutes of Food Technology at Kundli, Haryana and Thanjavur,Tamil Nadu(TN).
vi.Cabinet approves amendment of the Laccadive, Minicoy and Amindivi Islands Land Revenue and Tenancy Regulation, 1965 to confer occupancy rights to the Scheduled Tribe (ST) population in the union territory (UT) of Lakshadweep….
The Cabinet Committee on Economic Affairs (CCEA) Chaired by the Prime Minister (PM) Shri Narendra Modi has approved the following proposals on February 26, 2020.The approval in detail are as follows:
i.Cabinet approvesthe Surrogacy (Regulation) Bill, 2020.
ii.Cabinet approves placing 37 Central laws in the concurrent list for the Union Territory (UT) of Jammu and Kashmir(J&K) under Section 96 of the Jammu and Kashmir Reorganisation Act, 2019.
iii.Cabinet gave its nod for the exemption of the India Ports Global Ltd (IPGL) from the Department of Public Enterprises (DPE) guidelines, except reservation and vigilance policies.
iv.Cabinet approves National Technical Textiles Mission costing Rs 1,480 crore.
v.Cabinet has approved a bill to give the status of Institute of National Importance (INI) to 2 National Institutes of Food Technology at Kundli, Haryana and Thanjavur,Tamil Nadu(TN).
vi.Cabinet approves amendment of the Laccadive, Minicoy and Amindivi Islands Land Revenue and Tenancy Regulation, 1965 to confer occupancy rights to the Scheduled Tribe (ST) population in the union territory (UT) of Lakshadweep….
Cabinet approved three MoUs with Myanmar
On February 26, 2020 The Union Cabinet approved 3 MoU (Memorandum of Understanding) for cooperation between India and Myanmar on combating timber trafficking, conservation of tigers & other wildlife, and in the fields of petroleum products and communications.
Key Points:
i.Since Myanmar borders Mizoram and the MoU deals with the protection of animals as they do not move according to the borders.
ii.India will also provide training to Myanmar officials and Mou on petroleum products for setting up a joint working group in the petroleum sector.
About Myanmar:
Capital- Naypyidaw.
Currency- Kyat.
President- Win Myint.
On February 26, 2020 The Union Cabinet approved 3 MoU (Memorandum of Understanding) for cooperation between India and Myanmar on combating timber trafficking, conservation of tigers & other wildlife, and in the fields of petroleum products and communications.
Key Points:
i.Since Myanmar borders Mizoram and the MoU deals with the protection of animals as they do not move according to the borders.
ii.India will also provide training to Myanmar officials and Mou on petroleum products for setting up a joint working group in the petroleum sector.
About Myanmar:
Capital- Naypyidaw.
Currency- Kyat.
President- Win Myint.
Ordnance factory boards becomes the 1st govt entity to adopt centralised invoicing platform ,TreDS
On February 26, 2020, Ordnance Factory Board (OFB),an industrial organisation, functioning under the Department of Defence Production of Ministry of Defence, Government of India (GoI), has become the 1st government entity to adopt centralised invoicing platform ,TreDS (Trade Receivables electronic Discount System),under which a total of 41 OFBs adopted this platform,which would help smaller MSME (Micro, Small and Medium Enterprises) vendors access working capital easily.
Key Points:
i.Under this platform, MSME vendors will get financing facilities from OFB by collateralizing the receivable invoices under sovereign guarantee. These vendors sell products that go into making tanks, complex artillery pieces, or day-to-day use items such as helmets or gloves….
On February 26, 2020, Ordnance Factory Board (OFB),an industrial organisation, functioning under the Department of Defence Production of Ministry of Defence, Government of India (GoI), has become the 1st government entity to adopt centralised invoicing platform ,TreDS (Trade Receivables electronic Discount System),under which a total of 41 OFBs adopted this platform,which would help smaller MSME (Micro, Small and Medium Enterprises) vendors access working capital easily.
Key Points:
i.Under this platform, MSME vendors will get financing facilities from OFB by collateralizing the receivable invoices under sovereign guarantee. These vendors sell products that go into making tanks, complex artillery pieces, or day-to-day use items such as helmets or gloves….
INTERNATIONAL AFFAIRS
2 days Conference on Enhancing Energy Cooperation in the BIMSTEC region held in Dhaka, Bangladesh
South Asia Regional Initiative for Energy Integration (SARI/EI) and US AID (United States Agency for International Development) organized the Two Days Conference on Enhancing Energy Cooperation in the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) region held at Bangladesh capital Dhaka between February 25-26, 2020. During the conference they released the report “prospect of regional energy cooperation and cross-border energy trade in the BIMSTEC region”.
The Report “prospect of regional energy cooperation and cross-border energy trade in the BIMSTEC region” released:
i.The report also showed that the BIMSTEC region has 323,504 million tonnes(MT) of coal, 664 million tonnes of oil, 99 Trillion Cubic Feet(TCF) of gas, 11,346 MT of biomass, 328 Giga Watts(GW) of hydropower and 1,117 GW of renewable energy.
3,000-kilometer-long power grid:
i.BIMSTEC is working on connecting 3,000-kilometre long power grid from Myanmar-Thailand to India to ensure better capacity utilization by complementing members country’s demand and supply situation….
South Asia Regional Initiative for Energy Integration (SARI/EI) and US AID (United States Agency for International Development) organized the Two Days Conference on Enhancing Energy Cooperation in the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) region held at Bangladesh capital Dhaka between February 25-26, 2020. During the conference they released the report “prospect of regional energy cooperation and cross-border energy trade in the BIMSTEC region”.The Report “prospect of regional energy cooperation and cross-border energy trade in the BIMSTEC region” released:
i.The report also showed that the BIMSTEC region has 323,504 million tonnes(MT) of coal, 664 million tonnes of oil, 99 Trillion Cubic Feet(TCF) of gas, 11,346 MT of biomass, 328 Giga Watts(GW) of hydropower and 1,117 GW of renewable energy.
3,000-kilometer-long power grid:
i.BIMSTEC is working on connecting 3,000-kilometre long power grid from Myanmar-Thailand to India to ensure better capacity utilization by complementing members country’s demand and supply situation….
Sri Lankan Govt withdraws from UNHRC resolution on war crimesOn February 26, 2020, The Government of Sri Lanka has formally notified the United Nations (UN) that it is withdrawing from a United Nations Human Rights Council (UNHRC) resolution that called for accountability to human rights abuses committed during a decades-long conflict with Tamil separatists.
This announcement was made by Dinesh Gunawardena, Sri Lanka”s foreign minister during 43rd session of the UNHRC in Geneva, Switzerland.
Key Points:
i.The resolution 30/1 on promotion on reconciliation in Sri Lanka was co-sponsored by the Lankan government headed by then President Maithripala Sirisena.
ii.Sri lanks also decided to appoint a new Commission of Inquiry (COI), headed by a Justice of the Supreme Court (SC),to review the reports of the previous probes which investigated alleged war crimes.
iii.The Government of Sri Lanka co-sponsored the UNHRC’s 2015 resolution along with 11 other nations, including the US (United States) and Britain to investigate into alleged human rights violations during the Lankan Civil War.
iv.Background: In 2009 ,Sri Lankan forces defeated Tamil Tigers,which bringing a Sri Lankan Civil War to end. However other right groups of Sri Lanka accused the state forces of killing thousands of Tamil people in the final stages. Mahinda Rajapaksa was the president of Sri Lanka at that time while Gotabaya Rajapaksa was the defence secretary.
The war has killed the Velupillai Prabhakaran, the head of the Liberation Tigers of Tamil Eelam (LTTE), in a coastal village in Mullaitivu situated on the north-eastern coast of Northern Province, Sri Lanka.About 1,00,000 people were killed in the war lasting more than three decades.
About United Nations Human Rights Council(UNHRC):Formation– 15 March 2006
Headquarters– Geneva, Switzerland
President– Coly Seck
About Sri Lanka:
Capitals– Colombo, Sri Jayawardenepura Kotte
Currency– Sri Lankan rupee
President– Nandasena Gotabaya Rajapaksa
Prime minister– Mahinda Rajapaksa
This announcement was made by Dinesh Gunawardena, Sri Lanka”s foreign minister during 43rd session of the UNHRC in Geneva, Switzerland.
Key Points:
i.The resolution 30/1 on promotion on reconciliation in Sri Lanka was co-sponsored by the Lankan government headed by then President Maithripala Sirisena.
ii.Sri lanks also decided to appoint a new Commission of Inquiry (COI), headed by a Justice of the Supreme Court (SC),to review the reports of the previous probes which investigated alleged war crimes.
iii.The Government of Sri Lanka co-sponsored the UNHRC’s 2015 resolution along with 11 other nations, including the US (United States) and Britain to investigate into alleged human rights violations during the Lankan Civil War.
iv.Background: In 2009 ,Sri Lankan forces defeated Tamil Tigers,which bringing a Sri Lankan Civil War to end. However other right groups of Sri Lanka accused the state forces of killing thousands of Tamil people in the final stages. Mahinda Rajapaksa was the president of Sri Lanka at that time while Gotabaya Rajapaksa was the defence secretary.
The war has killed the Velupillai Prabhakaran, the head of the Liberation Tigers of Tamil Eelam (LTTE), in a coastal village in Mullaitivu situated on the north-eastern coast of Northern Province, Sri Lanka.About 1,00,000 people were killed in the war lasting more than three decades.
About United Nations Human Rights Council(UNHRC):Formation– 15 March 2006
Headquarters– Geneva, Switzerland
President– Coly Seck
About Sri Lanka:
Capitals– Colombo, Sri Jayawardenepura Kotte
Currency– Sri Lankan rupee
President– Nandasena Gotabaya Rajapaksa
Prime minister– Mahinda Rajapaksa
BANKING & FINANCE
RBI introduced 12 indicators for calculating India’s growth: RBI Working Paper
On February 25, 2020, Reserve Bank of India (RBI) has came up with a new method of calculating India’s growth through a Working Paper titled “Nowcasting Indian GDP growth using a Dynamic Factor Model” under the RBI Working Paper Series, introduced in March 2011.The Paper is co-authored by Soumya Bhadury, Saurabh Ghosh and Pankaj Kumar. The paper introduces the Dynamic Factor Model of calculating Gross Domestic Product (GDP), using 12 indicators.
Here are the 12 indicators:
On February 25, 2020, Reserve Bank of India (RBI) has came up with a new method of calculating India’s growth through a Working Paper titled “Nowcasting Indian GDP growth using a Dynamic Factor Model” under the RBI Working Paper Series, introduced in March 2011.The Paper is co-authored by Soumya Bhadury, Saurabh Ghosh and Pankaj Kumar. The paper introduces the Dynamic Factor Model of calculating Gross Domestic Product (GDP), using 12 indicators.
Here are the 12 indicators:
- Index of industrial production (IIP) –consumer goods
- IIP- core sectors
- Automobile sales
- Non-oil non-gold imports
- Exports
- Rail freight
- Air cargo
- Foreign tourist inflows
- Government tax receipts
- Nominal Effective Exchange Rate (NEER)
- Sensex
- Bank Credit
It should be noted that the above indicators are similar but not the same as the dynamic factor models (DFMs) of Stock and Watson (1989)….
Bharti AXA General Insurance becomes the 1st company in India to use Whatsapp for deliver policy & renewal documents
On February 26, 2020 Bharti AXA General Insurance, a private non-life insurer becomes the 1st company in India to use Whatsapp chatbot for entire services such as policy documents delivery, renewal notices & claim intimation for its customers. It will soon start to sell private cars, 2 wheelers & Travel insurance through Whatsapp.
Features of Whatsapp chatbot
i.It is an Instant Messaging platform to be connected with the policyholders anytime,anywhere.
ii.It is a user- friendly chat structure where the customers could raise requests through numeric inputs, which reduces the difficulty of the customers.
iii.It provides instant & additional customer service options, & assistance for various queries for the policyholders other than the company’s multiple channels, which includes its vast network of branches,strong customer care & contact center & its dynamic portal.
iv.By providing the pin code of the city/town in the chatbot it helps to locate the nearest cashless network of garages & hospitals.
v.Customers can register motor claims & check claim status & a branch locator feature is also available.
vi.With the use of Whatsapp chatbot the time is reduced from 8-9 minutes for call to immediate & instant closures.
vii.To initiate Whatsapp support & updates, customers should give a missed call to the company on its specific number.
About Bharti AXA General:
Headquarter– Mumbai, India
MD & CEO– Sanjeev Srinivasan
On February 26, 2020 Bharti AXA General Insurance, a private non-life insurer becomes the 1st company in India to use Whatsapp chatbot for entire services such as policy documents delivery, renewal notices & claim intimation for its customers. It will soon start to sell private cars, 2 wheelers & Travel insurance through Whatsapp.
Features of Whatsapp chatbot
i.It is an Instant Messaging platform to be connected with the policyholders anytime,anywhere.
ii.It is a user- friendly chat structure where the customers could raise requests through numeric inputs, which reduces the difficulty of the customers.
iii.It provides instant & additional customer service options, & assistance for various queries for the policyholders other than the company’s multiple channels, which includes its vast network of branches,strong customer care & contact center & its dynamic portal.
iv.By providing the pin code of the city/town in the chatbot it helps to locate the nearest cashless network of garages & hospitals.
v.Customers can register motor claims & check claim status & a branch locator feature is also available.
vi.With the use of Whatsapp chatbot the time is reduced from 8-9 minutes for call to immediate & instant closures.
vii.To initiate Whatsapp support & updates, customers should give a missed call to the company on its specific number.
About Bharti AXA General:
Headquarter– Mumbai, India
MD & CEO– Sanjeev Srinivasan
Government to include non-scheduled urban, district cooperative banks in 3 schemes for MSME
On February26, 2020 the Government decided to include non-scheduled urban & district central cooperative banks in 3 schemes namely Credit Guarantee Trust Fund for Micro & Small Enterprises (CGTMSE),Credit Linked Capital Subsidy Scheme (CLCSS) & Interest Subvention Scheme to make easy access to finance for the Ministry of Micro, Small & Medium Enterprises MSME sector.
Key Points:
On February26, 2020 the Government decided to include non-scheduled urban & district central cooperative banks in 3 schemes namely Credit Guarantee Trust Fund for Micro & Small Enterprises (CGTMSE),Credit Linked Capital Subsidy Scheme (CLCSS) & Interest Subvention Scheme to make easy access to finance for the Ministry of Micro, Small & Medium Enterprises MSME sector.
Key Points:
- The Non Banking Financial Company(NBFCs) has about 13% of share in MSME lending & extends hassle-free credit to MSME sector, mainly in the remote areas.
- The Insertion of NBFCs ,scheduled and non-scheduled urban cooperative banks and district central cooperative banks in 3 schemes will spread the outreach & easy access to credit….
RBI mandates banks to link all new floating rate loans to medium enterprises with external benchmark from April 1,2020
On February 26, 2020, In a bid to strengthen monetary policy transmission, India’s central bank, the Reserve Bank of India (RBI) has ordered banks to link all their new floating rate loans to medium enterprises with an external benchmark effective from April 1, 2020.
Key Points:
i.The external benchmarks will include Reserve bank’s repo rate, Treasury bill (T-bill) yields of 3 months or 6 months /any other benchmark published by the Financial Benchmark India Private Ltd (FBIL). The banks will have to reset the external benchmark every 3 months.
ii.The RBI had linked all new floating rate personal / retail loans including housing, auto, etc. & floating rate loans to Micro and Small Enterprises (MSEs) extended by banks with effect from October 1, 2019, to external benchmarks.
iii.RBI has cut the repo rate by 135 basis points(bps) since February 2019.
About floating rate loan: It is a loan with a floating interest rate,which means any debt instrument such as loan, mortgage, credit or bond that does not have a fixed rate of interest.
About Reserve Bank of India (RBI):
Headquarters– Mumbai, Maharashtra
Formation– 1 April 1935
Governor– Shaktikanta Das
Deputy Governors– 4 (BP Kanungo, N S Vishwanathan, Mahesh Kumar Jain, Michael Debabrata Patra)
On February 26, 2020, In a bid to strengthen monetary policy transmission, India’s central bank, the Reserve Bank of India (RBI) has ordered banks to link all their new floating rate loans to medium enterprises with an external benchmark effective from April 1, 2020.
Key Points:
i.The external benchmarks will include Reserve bank’s repo rate, Treasury bill (T-bill) yields of 3 months or 6 months /any other benchmark published by the Financial Benchmark India Private Ltd (FBIL). The banks will have to reset the external benchmark every 3 months.
ii.The RBI had linked all new floating rate personal / retail loans including housing, auto, etc. & floating rate loans to Micro and Small Enterprises (MSEs) extended by banks with effect from October 1, 2019, to external benchmarks.
iii.RBI has cut the repo rate by 135 basis points(bps) since February 2019.
About floating rate loan: It is a loan with a floating interest rate,which means any debt instrument such as loan, mortgage, credit or bond that does not have a fixed rate of interest.
About Reserve Bank of India (RBI):
Headquarters– Mumbai, Maharashtra
Formation– 1 April 1935
Governor– Shaktikanta Das
Deputy Governors– 4 (BP Kanungo, N S Vishwanathan, Mahesh Kumar Jain, Michael Debabrata Patra)
Finance Minister unveils EASE Roadmap for Banking of the Future EASE 3.0, and PSB EASE Reforms Annual Report 2019-20
On February 26, 2020, Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman unveiled EASE 3.0, the Public Sector Bank (PSB) Reforms Agenda 2020-21 for smart, tech-enabled banking, and the PSB EASE Reforms Annual Report 2019-20 in during an event in New Delhi. The function was organized by Indian Banks’ Association (IBA), which is headed by its Chairman Rajnish Kumar.
About EASE 3.0:
EASE 3.0 sets the agenda and roadmap for FY21 for PSB’s transformation into digital and data-driven NextGen Banking of the Future for an aspiring India. To enhance ease of banking in all customer experiences, using technology it instructs PSBs to regain their customer-connect at the branch-level instead of relying just on credit rating agencies. It also instructs bank to use local language in bank branch so that people can share a comfort level with bank staff.
PSB EASE Reforms Journey
Public Sector Banks have shown the following significant improvement in the Action Points of the EASE Reforms Agenda since its introduction in in January 2018.
–Gross NPAs (Non-Performing Assets) reduced from Rs 8.96 lakh crore (14.6%) in March-2018 to Rs 7.17 lakh crore (11.3%) in December-2019
-There is decrease in fraud occurrence from 0.65% of advances during FY10-FY14 to 0.20% in FY18-FY20; due to fraud prevention reforms.
–Record recovery of Rs 2.04 lakh crore in FY19-9MFY20 (9 months ended) driven by newly setup dedicated stressed account management verticals in PSBs that have recovered Rs 1.21 lakh crore in the same period….
On February 26, 2020, Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman unveiled EASE 3.0, the Public Sector Bank (PSB) Reforms Agenda 2020-21 for smart, tech-enabled banking, and the PSB EASE Reforms Annual Report 2019-20 in during an event in New Delhi. The function was organized by Indian Banks’ Association (IBA), which is headed by its Chairman Rajnish Kumar.
About EASE 3.0:
EASE 3.0 sets the agenda and roadmap for FY21 for PSB’s transformation into digital and data-driven NextGen Banking of the Future for an aspiring India. To enhance ease of banking in all customer experiences, using technology it instructs PSBs to regain their customer-connect at the branch-level instead of relying just on credit rating agencies. It also instructs bank to use local language in bank branch so that people can share a comfort level with bank staff.
PSB EASE Reforms Journey
Public Sector Banks have shown the following significant improvement in the Action Points of the EASE Reforms Agenda since its introduction in in January 2018.
–Gross NPAs (Non-Performing Assets) reduced from Rs 8.96 lakh crore (14.6%) in March-2018 to Rs 7.17 lakh crore (11.3%) in December-2019
-There is decrease in fraud occurrence from 0.65% of advances during FY10-FY14 to 0.20% in FY18-FY20; due to fraud prevention reforms.
–Record recovery of Rs 2.04 lakh crore in FY19-9MFY20 (9 months ended) driven by newly setup dedicated stressed account management verticals in PSBs that have recovered Rs 1.21 lakh crore in the same period….
Finance secretary Rajiv kumar launches ”Baroda Startup Banking” initiative for start-ups in 15 cities
On February 26, 2020, Finance Secretary Shri Rajiv Kumar has inaugurated the ‘Baroda Startup Banking’ service with the objective of making Bank of Baroda (BoB) a preferred ally of startup companies and connecting more than 2,000 startups over the next 2- years. The initiative was launched simultaneously in 15 cities across India.
Key Points:
i.A total of 15 Baroda startup branches will be opened under this initiative. It will provide banking products and services as per the needs of startup companies.
ii.Along with existing banking products, startup companies at these branches have special facilities like current accounts(CA), state-of-the-art payment gateway facilities, corporate credit cards, Corporate salary account and loan facility etc. will be made available. It will also help start-ups by way of cloud credits, mentorship, co-working space, legal/accounting services and other support services.
About Bank of Baroda(BoB):Founded– 20 July 1908
Headquarters– Vadodara, Gujarat
MD and CEO– Sanjiv Chadha
Chairman– Hasmukh Adhia
Tagline– India’s International Bank
The bank currently have more than 400 start-ups as its customers.
On February 26, 2020, Finance Secretary Shri Rajiv Kumar has inaugurated the ‘Baroda Startup Banking’ service with the objective of making Bank of Baroda (BoB) a preferred ally of startup companies and connecting more than 2,000 startups over the next 2- years. The initiative was launched simultaneously in 15 cities across India.
Key Points:
i.A total of 15 Baroda startup branches will be opened under this initiative. It will provide banking products and services as per the needs of startup companies.
ii.Along with existing banking products, startup companies at these branches have special facilities like current accounts(CA), state-of-the-art payment gateway facilities, corporate credit cards, Corporate salary account and loan facility etc. will be made available. It will also help start-ups by way of cloud credits, mentorship, co-working space, legal/accounting services and other support services.
About Bank of Baroda(BoB):Founded– 20 July 1908
Headquarters– Vadodara, Gujarat
MD and CEO– Sanjiv Chadha
Chairman– Hasmukh Adhia
Tagline– India’s International Bank
The bank currently have more than 400 start-ups as its customers.
Capri Global Capital Ltd launched UDAAN new SME lending scheme for Women Entrepreneurs
On February 26,2020, The Non-Banking Financial Company (NBFC) Capri Global Capital Limited (CGCL) has launched an SME(Small and medium-sized enterprises) lending product “UDAAN” for women entrepreneurs to provide secured loans upto Rs.40 lakhs only for Business purpose with the loan repayment period of 10years to 15 years at a competitive interest rate after conducting due diligence.
Eligibility criteria for UDAAN:
i.Women borrower has to be the primary applicant, within the age group of 18-45 years and must not be more than 60 years of age at the end of their loan repayment period.
ii.The applicant must be the owner or co-owner of the Enterprises and must be involved in the business activity for more than 12 years.
iii.In India, the annual requirement for financial support to women-owned enterprises is USD 29.16 billion, but can meet only USD 9 billion from all the sources of MSME.
AboutCapri Global Capital Limited (CGCL):
Headquarters- Mumbai, Maharashtra
Managing Director- Rajesh Sharma
On February 26,2020, The Non-Banking Financial Company (NBFC) Capri Global Capital Limited (CGCL) has launched an SME(Small and medium-sized enterprises) lending product “UDAAN” for women entrepreneurs to provide secured loans upto Rs.40 lakhs only for Business purpose with the loan repayment period of 10years to 15 years at a competitive interest rate after conducting due diligence.
Eligibility criteria for UDAAN:
i.Women borrower has to be the primary applicant, within the age group of 18-45 years and must not be more than 60 years of age at the end of their loan repayment period.
ii.The applicant must be the owner or co-owner of the Enterprises and must be involved in the business activity for more than 12 years.
iii.In India, the annual requirement for financial support to women-owned enterprises is USD 29.16 billion, but can meet only USD 9 billion from all the sources of MSME.
AboutCapri Global Capital Limited (CGCL):
Headquarters- Mumbai, Maharashtra
Managing Director- Rajesh Sharma
ECONOMY & BUSINESS
DPIIT amended FDI Policy to allow 100% FDI for insurance intermediaries
On February 26, 2020, the foreign direct investment (FDI) policy has been amended by Department for Promotion of Industry and Internal Trade (DPIIT) to allow 100% FDI for insurance intermediaries, which includes insurance brooking, insurance companies, third party administrators, surveyors and loss assessors. The decision has been taken on the lines of last year’s Union budget (2019-2020) which had proposed 100% FDI for insurance intermediaries. The FDI policy earlier allowed 49% foreign investment in the insurance sector, which includes insurance intermediaries.
On February 26, 2020, the foreign direct investment (FDI) policy has been amended by Department for Promotion of Industry and Internal Trade (DPIIT) to allow 100% FDI for insurance intermediaries, which includes insurance brooking, insurance companies, third party administrators, surveyors and loss assessors. The decision has been taken on the lines of last year’s Union budget (2019-2020) which had proposed 100% FDI for insurance intermediaries. The FDI policy earlier allowed 49% foreign investment in the insurance sector, which includes insurance intermediaries.
- Insurance intermediaries are brokers or agents who act as an interface between insurance companies and customers.
Key Points:
i.100% FDI is allowed in insurance intermediaries under automatic approval route. This will enable foreign brokerage companies to buy stake in Indian companies which led to new insurance products and selling strategy.
ii.According to the policy, the insurance intermediary with majority shareholding of foreign investors will have to be incorporated as a limited company under the provisions of the Companies Act 2013.
iii.At least one from among the chairman of the board of directors or the Chief Executive Officer (CEO) or principal officer or MD of the company shall be a resident Indian citizen.
iv.Any non-insurance company, for instance, a bank with more than 50% revenue from non-insurance business will have adhere to respective FDI limit.
About DPIIT:
It is under the aegis of Ministry of Commerce and Industry.
Minister of Commerce and Industry– Piyush Goyal
Minister of State for Commerce and Industry– Hardeep Singh Puri & Som Parkash
i.100% FDI is allowed in insurance intermediaries under automatic approval route. This will enable foreign brokerage companies to buy stake in Indian companies which led to new insurance products and selling strategy.
ii.According to the policy, the insurance intermediary with majority shareholding of foreign investors will have to be incorporated as a limited company under the provisions of the Companies Act 2013.
iii.At least one from among the chairman of the board of directors or the Chief Executive Officer (CEO) or principal officer or MD of the company shall be a resident Indian citizen.
iv.Any non-insurance company, for instance, a bank with more than 50% revenue from non-insurance business will have adhere to respective FDI limit.
About DPIIT:
It is under the aegis of Ministry of Commerce and Industry.
Minister of Commerce and Industry– Piyush Goyal
Minister of State for Commerce and Industry– Hardeep Singh Puri & Som Parkash
AWARDS & RECOGNITIONS
Sahitya Akademi’s Translation Prize 2019 awarded to English translation of ‘Kusumabale’
On February 26, 2020 Sahitya Akademi’s Translation Prize for 2019 in the category of translation into English has been awarded to Kannada novel Kusumabale by Devanur Mahadeva, translated into English by Susan Daniel.
Key Points:
i.Chandrashekar Kambar, President of Sahitya Akademi, announced a total of 23 awards in various Indian languages.
ii.The award carries a cash prize of Rs 50,000 and a copper plaque.
iii.About the novel: Kusumbale was published in 1998, is a classic novel in Kannada Literature, written in a language typically spoken in Chamarajnagar district in Southern Karnataka, it combines prose, poetry, mythology of Dalit life.
-Click here to get a full list of awardees.
On February 26, 2020 Sahitya Akademi’s Translation Prize for 2019 in the category of translation into English has been awarded to Kannada novel Kusumabale by Devanur Mahadeva, translated into English by Susan Daniel.
Key Points:
i.Chandrashekar Kambar, President of Sahitya Akademi, announced a total of 23 awards in various Indian languages.
ii.The award carries a cash prize of Rs 50,000 and a copper plaque.
iii.About the novel: Kusumbale was published in 1998, is a classic novel in Kannada Literature, written in a language typically spoken in Chamarajnagar district in Southern Karnataka, it combines prose, poetry, mythology of Dalit life.
-Click here to get a full list of awardees.
SCIENCE & TECHNOLOGY
Union Food Processing Industries Minister Harsimrat Kaur Badal Launched Market Intelligence and Early Warning System (MIEWS)
On February 26, 2020 Union Food Processing Industries(FPI) Minister Harsimrat Kaur Badal Launched Market Intelligence & Early Warning (MIEWS) at Delhi. MIEWS portal is a ‘First-of -its-kind’ platform that monitors the prices of TOP Crops (Tomato,Onion & Potato) & generates alert for timely market intervention under the terms of Operation Greens(OG) scheme for price stabilization during glut situations.
Characteristics of MIEWS portal
i.For 3 months forward a dashboard will indicate price alerts (high&low)& forecasts.
ii.TOP Crops’s prices and arrivals with comparison of previous seasons….
On February 26, 2020 Union Food Processing Industries(FPI) Minister Harsimrat Kaur Badal Launched Market Intelligence & Early Warning (MIEWS) at Delhi. MIEWS portal is a ‘First-of -its-kind’ platform that monitors the prices of TOP Crops (Tomato,Onion & Potato) & generates alert for timely market intervention under the terms of Operation Greens(OG) scheme for price stabilization during glut situations.
Characteristics of MIEWS portal
i.For 3 months forward a dashboard will indicate price alerts (high&low)& forecasts.
ii.TOP Crops’s prices and arrivals with comparison of previous seasons….
SPORTS
Russian tennis star and 5 time Grand Slam winner Maria Sharapova gets retired
On February 26, 2020 Russian tennis star and 5 time Grand Slam winner Maria Yuryevna Sharapova, 32 years old, announced her retirement. She became the World No.1 in 2005 and as a Grand Slam winner with 2 titles in French Open (2012, 2014), a Australian Open(2008), a US [United States] Open (2006) and Wimbledon Open (2004).
Key Points:
i.About Maria Sharapova: She was born on April 19, 1987 at Nyagan, Russia and settled in Florida, US. She was one of the world’s most recognisable and the highest-paid sportswomen.
ii.The Russian former world No.1 ranking is currently 373rd position.
iii.Her last appearance came at the 2020 Australian Open, where she was knocked out in the first round by Donna Vekić.
iv.She won 36 singles titles and netted prize money of $ 38.8 million and the 3rd youngest player to conquer the All England Club’s hallowed grass courts.
On February 26, 2020 Russian tennis star and 5 time Grand Slam winner Maria Yuryevna Sharapova, 32 years old, announced her retirement. She became the World No.1 in 2005 and as a Grand Slam winner with 2 titles in French Open (2012, 2014), a Australian Open(2008), a US [United States] Open (2006) and Wimbledon Open (2004).Key Points:
i.About Maria Sharapova: She was born on April 19, 1987 at Nyagan, Russia and settled in Florida, US. She was one of the world’s most recognisable and the highest-paid sportswomen.
ii.The Russian former world No.1 ranking is currently 373rd position.
iii.Her last appearance came at the 2020 Australian Open, where she was knocked out in the first round by Donna Vekić.
iv.She won 36 singles titles and netted prize money of $ 38.8 million and the 3rd youngest player to conquer the All England Club’s hallowed grass courts.
Steve Smith dethrones Virat Kohli to regain top spot in ICC Test rankings
On February 26, 2020 India’s Cricket team Captain Virat Kohli slipped to No.2 position in the ICC (International Cricket Council) test rankings for Test batsman with 906 points while Australia’s Steve Smith (911 points) leads Kohli by 5 points.
Key Points:
i.Steve Smith was back on top of the list for the 8th time after first occupying the top position in June 2015. Kane Williamson of New Zealand was the last batsman apart from Smith & Kohli to be No.1 for an 8 day period in December 2015.
ii.Test Banking: Indian Cricketers Ajinkya Rahane (760), Cheteshwar Pujara (757) and Mayank Agarwal (727) occupy the next 8th, 9th and 10th positions respectively.
iii.Test Bowling: Ravichandran Ashwin was the only Indian bowler in the top 10, ranked N0.9 with 765 points.
iv.All-rounder: In the all-rounders list Ravindra Jadeja and Ravichandran Ashwin are at the 3rd and 5th positions respectively…
On February 26, 2020 India’s Cricket team Captain Virat Kohli slipped to No.2 position in the ICC (International Cricket Council) test rankings for Test batsman with 906 points while Australia’s Steve Smith (911 points) leads Kohli by 5 points.
Key Points:
i.Steve Smith was back on top of the list for the 8th time after first occupying the top position in June 2015. Kane Williamson of New Zealand was the last batsman apart from Smith & Kohli to be No.1 for an 8 day period in December 2015.
ii.Test Banking: Indian Cricketers Ajinkya Rahane (760), Cheteshwar Pujara (757) and Mayank Agarwal (727) occupy the next 8th, 9th and 10th positions respectively.
iii.Test Bowling: Ravichandran Ashwin was the only Indian bowler in the top 10, ranked N0.9 with 765 points.
iv.All-rounder: In the all-rounders list Ravindra Jadeja and Ravichandran Ashwin are at the 3rd and 5th positions respectively…
OBITUARY
Former Tamil Nadu Minister K P P Samy passed away at 57
On February 27, 2020, Former Tamil Nadu Fisheries Minister and Dravida Munnetra Kazhagam’s (DMK) present Thiruvottiyur (state assembly constituency) Member of Legislative assembly (MLA) Mr.K P P Samy, passed away at age of 57 in Chennai, Tamil Nadu, due to Kidney related illness.
Key points:
i.Samy born in Chennai, was elected as MLA of Tiruvottiyur in 2006 election and became Tamil Nadu Fisheries Development and corporation Minister between 2006 and 2011 under the cabinet formed by the former Tamil Nadu Chief Minister Muthuvel Karunanidhi.
On February 27, 2020, Former Tamil Nadu Fisheries Minister and Dravida Munnetra Kazhagam’s (DMK) present Thiruvottiyur (state assembly constituency) Member of Legislative assembly (MLA) Mr.K P P Samy, passed away at age of 57 in Chennai, Tamil Nadu, due to Kidney related illness.Key points:
i.Samy born in Chennai, was elected as MLA of Tiruvottiyur in 2006 election and became Tamil Nadu Fisheries Development and corporation Minister between 2006 and 2011 under the cabinet formed by the former Tamil Nadu Chief Minister Muthuvel Karunanidhi.
IMPORTANT DAYS
India’s First Protein Day was observed on February 27, 2020
Right To Protein, a national-level public health initiative, has launched India’s 1st Protein Day on February 27, 2020 to raise awareness about the health benefits of protein.
Theme of the Protein Day 2020: ProteinMeinKyaHai.
The theme aims to include proteins in our every meal.
Key Points:
i.Protein Day encourages citizens to know more about the sources of plants & animal protein and their importance in daily meals for better nutrition and health.
ii.To Know about the protein-conscious, people can log on to www.righttoprotein.com and can access Protein-O-Meter tool that calculates one’s daily protein requirement basic individual information such as body profile, type of lifestyle and meals consumed at different times of the day.
iii.The platform provides information on protein-rich foods through the Protein Index guide, healthy habits, tips about protein.
Right To Protein, a national-level public health initiative, has launched India’s 1st Protein Day on February 27, 2020 to raise awareness about the health benefits of protein.Theme of the Protein Day 2020: ProteinMeinKyaHai.
The theme aims to include proteins in our every meal.
Key Points:
i.Protein Day encourages citizens to know more about the sources of plants & animal protein and their importance in daily meals for better nutrition and health.
ii.To Know about the protein-conscious, people can log on to www.righttoprotein.com and can access Protein-O-Meter tool that calculates one’s daily protein requirement basic individual information such as body profile, type of lifestyle and meals consumed at different times of the day.
iii.The platform provides information on protein-rich foods through the Protein Index guide, healthy habits, tips about protein.
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