National News
NITI Aayog launched Job Platform for Migrant Workers
- Government of India’s think tank policy, NITI (National Institution for Transforming India) Aayog has formed a committee of top executives of companies to develop a job platform which will help migrant workers and blue-collar workers to get better job opportunities who have lost their jobs during a lockdown situation of COVID-19.
Hyundai Motor India Ltd Partners with HDFC Bank
- Hyundai Motor India Ltd (HMIL) has partnered with HDFC Bank which will offer industry-first online auto retail financing on its end to end automotive retail platform ‘Click to Buy’ to the customer.
- HDFC Bank will offer customized car financing solutions to its customers via online car buying platform.
Project on ‘Decarbonising Transport in India’
- Government of India’s think tank policy, NITI (National Institution for Transforming India) Aayog along with International Transport Forum (ITF) has decided to launch the project entitled as ‘Decarbonising Transport in India’.
Food Processing Edition of Exclusive Investment Forum
- Union Minister of Food Processing Industries Harsimrat Kaur Badal has launched Food Processing Edition of Exclusive Investment Forum.
- It is basically a webinar hosted by Invest in India.
‘Distressed Assets Fund-Subordinate Debt for MSMEs’
- A ‘Distressed Assets Fund-Subordinate Debt for MSMEs’ is the credit guarantee scheme for sub-ordinate debt (CGSSD).
- The scheme will provide Rs 20000 crore guarantee cover to about two lakh MSMEs.
‘eBloodServices’ Mobile App Launched by Dr Harsh Vardhan
- Union Minister of Health and Family Welfare, Dr Harsh Vardhan launched a blood donation mobile app called ‘eBloodServices’.
- It is developed by E-Raktkosh team of Centre for Development of Advanced Computing (CDAC) under the Digital India initiative.
‘Navigating the New Normal’--- NITI Aayog
- NITI Aayog has launched a behaviour change campaign called ‘Navigating the New Normal’.
- The campaign focuses on safety behaviours to be taken during COVID-19 pandemic situation and to combat it.
Karnataka Amends Industries Facilitation Act
- The Karnataka Government has amended the ‘The Karnataka Industries Facilitation Act, 2002.
- The amendment is done at the state cabinet meeting chaired by Chief Minister B S Yediyurappa.
‘Virtual India Pavilion at Cannes Film Market 2020’
- Union Minister of Information and Broadcasting Prakash Javadekar electronically inaugurated the ‘Virtual India Pavilion at Cannes Film Market 2020’.
- This will thus create an interest in international film bodies to do business in India.
Rejuvenation of Small, Medium and Tiny Industry Sector in Tamil Nadu
- The Central Government has come up with a decision to rejuvenate small, medium and tiny industry sector in Tamil Nadu.
- For this purpose, the central government has allotted financial assistance of Rs 4125 crore to the Tamil Nadu.
‘Maha Parwana’ Initiative —By Maharashtra
- The State government of Maharashtra has announced the launching of ‘Maha Parwana’ which is an investment initiative for the industrial sector in the state.
- As per this initiative, the companies with investment proposals of Rs 50 crore or more will get relaxation on getting clearance.
Agreement between India and Bhutan for Hydroelectric Project
- India and Bhutan have signed their first Indo-Bhutan Joint Venture Hydroelectric Project.
- It is basically a joint venture between Bhutan Government and Kholongchhu Hydro Energy Limited for 600 Megawatt Kholongchhu Hydroelectric Project.
‘Project Platina’—Maharashtra
- Government of Maharashtra has launched ‘Project Platina’ which is the world’s largest plasma therapy trials for COVID-19 patients.
- In order to develop this project, the state government approved Rs 16.56 crore from the Chief Minister’s Relief Fund.
Banking
RBI increases Withdrawal Limit to Rs 1 lakh for PMC Depositors
- The Reserve Bank of India has raised the limit of withdrawal from Punjab and Maharashtra Co-operative bank to Rs 1 lakh from Rs 50,000 but has extended a moratorium on the bank for another six months.
RBI extends Rs 50,000 crore Liquidity Window by 3 Months to Yes Bank
- The Reserve Bank of India has extended a special liquidity window of Rs 50,000 crore by another three months to the private sector Yes bank.
- The decision was taken in order to avoid a shortfall in deposits to be faced by the bank.
‘KBL Micro Mitra’ for MSMEs—By Karnataka Bank
- A new financial support product for Micro Small and Medium Enterprises (MSME) has been launched by Karnataka Bank.
- The product is named as ‘KBL Micro Mitra’.
Global Macro Outlook 2020-21 Released by Moody’s Investor Service
- Moody’s Investor Service has released Global Macro Outlook 2020-21.
- As per this latest report for the month of June, the rating agency has projected India’s GDP to shrink at 3.1% for the financial year of 2020.
All Co-operative Banks under RBI Supervision
- Government of India has taken the decision to bring an ordinance to put all cooperative banks under the supervision of the Reserve Bank of India.
- As per this decision 1482, urban cooperative banks and 58 multi-state cooperative banks will come under the supervisory control of Reserve Bank of India.
World’s First Gold-Backed Digital Gold Currency in India
- The gold-backed US Gold digital currency is launched for the first time in the world in India, Gulf Corporation Council (GCC), the Middle East and Africa.
- Each US Gold digital currency is backed by a US American Eagle one ounce (33.931 gram) gold coin, minted by the US Federal Agency, US Mint.
Introduction of New Floating Rate Saving Bonds 2020
- The Government of India has introduced new Floating Rate Saving Bonds (FRSB), which is a taxable scheme in place of 7.75% Saving (Taxable) Bonds 2018.
‘Swavalamban Crisis Responsive Fund’—By SIDBI
- The ‘Swavalamban Crisis Responsive Fund’ (SCRF) is set-up by the Small Industries Development Bank of India (SIDBI).
- It is an open-ended fund to provide the facility of free onboarding of MSME on Trade Receivables Discounting System (TReDS) platform.
Promulgation of Banking Regulation Amendment Ordinance 2020
- President of India, Shri Ram Nath Kovind promulgated Banking Regulation Amendment Ordinance 2020.
- This step is taken to ensure the safety of depositors from all banks by improving governance and oversights.
World Bank approves Loan for STARS Project
- The International Financial Body, World Bank has approved a loan for India to build STARS Project.
- A loan of $500 million i.e. to about Rs 3700 crore has been sanctioned by the World Bank.
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