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INDIAN AFFAIRS
Government launched Swachh Survekshan 2020 League
On June 6, 2019, Union housing and urban affairs minister Hardeep Singh Puri launched Swachh Survekshan 2020 League (SS League 2020) in New Delhi. It will be a cleanliness assessment of cities and towns in India on a quarterly basis. It will be integrated with Swachh Survekshan 2020, the 5th edition of the annual cleanliness survey of urban India to be conducted between January – February 2020. It will be conducted under the aegis of Swachh Bharat Mission- Urban (SBM-U).
Swachh Survekshan 2020 League
i. It is aimed at “sustaining the on the ground performance of cities along with continuous monitoring of service level performance on cleanliness”.
ii. It will be conducted in three quarters (April- June, July – September and October- December 2019) and will give equal weightage to every quarter based on cities updating their progress on online MIS (Management Information System) and citizens.
iii. The purpose of quarterly cleanliness assessment is that many cities and towns slip back once they get a decent ranking on cleanliness levels in annual sanitation survey to exercise Swachh Survekshan.
BANKING & FINANCE
RBI Issued Fresh Prudential Framework For Resolution Of Stressed Assets
- The Reserve Bank of India (RBI) has issued new NPA guidelines “Prudential framework for resolution of stressed assets” to deal with bad loans, as the previous circular that was issued by RBI on Feb 12, 2019 rejected by Supreme Court.
- The new framework will replace all the previous models. The directions have been issued in terms of the provisions of Section 35AA of the Banking Regulation Act, 1949, for initiation of insolvency proceedings against specific borrowers under the Insolvency and Bankruptcy Code, 2016 (IBC).
- RBI has mandated the lenders to review the accounts within 30 days of default and initiate a resolution plan or Insolvency and Bankruptcy Code (IBC) process before the default, in comparison to the Feb 12 circular which stated to initiate resolution or restructuring of loans even if the default was recorded for a single day……………………………………Click here to Read more
Bajaj Finserv &Motherhood hospitals ink partnership to provide Life care finance facility
On June 4, 2019, Indian financial services company Bajaj Finserv inked partnership with Motherhood hospitals, a national network of women &child hospital to provide Lifecare finance facility.
Key points:
i. Through this partnership, patients at all motherhood hospitals can avail Life Care Finance (LCF) from Bajaj Finserv that converts their medical bills into an EMI loan without interest.
ii. The hospital also offers an EMI financing option to patients for pregnancy care, fertility care; gynaecology, advanced laparoscopy surgery, neonatology, pediatrics, fetal medicine, cosmetology and radiology.
About Bajaj Finserv
Headquarters: Pune
Parent: Bajaj Holdings & Investments Limited
Founder: Jamnalal Bajaj
About Motherhood hospitals
i. Motherhood is a specialty hospital chain that provides comprehensive women & child care.
ii. it has a national network of 12 hospitals located in seven cities. They are in Bengaluru (Indiranagar, Sarjapur Road, Hebbal, HRBR Layout, Banashankari), Chennai (Alwarpet), Pune (Kharadi), Mumbai (Kharghar), Coimbatore, Indore and Kolkata.
Fincare SFB, Kookmin Bank added in the second schedule of RBI Act
Fincare Small Finance Bank and Kookmin Bank have been included in the second schedule of the Reserve Bank of India Act, 1934. Both banks can now broad-base its lines of funding and liquidity facilities.
i. They can issue certificates of deposits and get access to interbank borrowings at competitive interest rates.
ii. They can also get deposits from new sources such as governments, public sector undertakings, corporates, mutual funds, insurance companies, and other market participants.
iii. Fincare SFB, earlier Disha Microfin, was one of the 10 entities to receive the Small Finance Bank license from the RBI in September 2015 and commenced banking operations in July 2017.
About Kookmin Bank:
Headquarters: Seoul, South Korea
CEO – Hur Yin
About Fincare SFB:
MD & CEO – Rajeev Yadav
Headquarters – Bengaluru
YES Bank conducts e-auction for forest produce
Yes Bank has conducted the first e-auction of forest produce in Dhanora Mahasangh in Maharashtra under its Tech for Change initiative where the bank work with the government and corporate to create technology-based solutions which have a social impact. It is a joint effort of Yes Bank with its fintech partner, Sparsh Technologies.
i. The expected throughput is about Rs 40 crore per annum.
ii. Taluka Gramsabha Mahasangh Dhanora is a federation formed by 32 villages and 80-gram panchayats have come together as part of this initiative.
About Yes Bank:
Headquarters: Mumbai
CEO – Ravneet Gill
Tagline – Experience our Expertise
BUSINESS & ECONOMY
Business Confidence Index drops 9.1% in Q4 of 2018-19: NCAER
According to a recent survey by the National Council of Applied Economic Research (NCAER), Business confidence index (BCI) of India Inc slipped 9.1 percent in the fourth quarter Q4 of the financial year 2018-19. Meanwhile, the Political Confidence Index (PCI) of businesses has increased by 12.1% on a quarterly basis in Q4.
Business Confidence Index (BCI)
It is an indicator of business sentiments across the Indian industry segments, compiled by NCAER.
It is made up of four components; all have equal weight in the computation of the index. They are,
i. Overall economic conditions will be better in the next six months.
ii. The financial position of the firms will improve in the next six months
iii. The present investment climate is positive.
iv. Present capacity utilization is close to or above an optimal level.
It plunged by 9.1 percent to reach 115.4 at the end of the fourth quarter of the last fiscal, on a quarter-on-quarter basis. On a year-on-year basis, the BCI plunged by 12.2 percent. BCI of consumer durables and consumer non-durables sectors fell by 12.1 and 15.9%, respectively on a quarter-on-quarter basis.
Political confidence index (PCI)
It measures businesses’ expectations from the government on managing economic growth, maintaining favourable political environment and pushing economic reforms.
India’s GDP growth may expand to 7.2 percent in 2019-20: Goldman Sachs
According to American multinational banking firm, Goldman Sachs, India’s economic growth is estimated to rise to 7.2 percent in 2019-20. It will be driven by lower oil prices, political stability, and removal of infrastructure bottlenecks. The report came a day after the policy review by RBI, in which policy rates were cut by 0.25 percent to increase growth.
Report highlights:
i. This is higher than the RBI’s projection for a 7 percent growth, on the “downside” because of non-bank lenders.
ii. Lending by non-banking entities grew at 26 percent in the third quarter of 2018, which has slipped to 20 percent in the succeeding quarter.
iii. RBI’s (Reserve Bank of India) proposal for taking necessary steps to tackle the liquidity problems and asset-liability mismatches will reduce the loan growth by the non-banking companies.
iv. The report further states that RBI likely to cut rate by 0.25 percent once again in July-September 2019. If the growth rises with the inflation central bank may go for policy tightening with two hikes of 0.25 percent.
About Goldman Sachs:
CEO: David M. Solomon
Headquarters: New York, New York, United States
Founders: Marcus Goldman, Samuel Sachs
AWARDS & RECOGNITIONS
Sunder Pichai, Adena Friedman to receive 2019 Global Leadership award
On June 6, 2019, American multinational technology company, Google’s India-born CEO Sundar Pichai (46) and NASDAQ ‘s (National Association of Securities Dealers Automated Quotations) President Adena Friedman (50) were chosen for the prestigious Global Leadership Awards 2019. They were chosen by business advocacy group US-India Business Council (USIBC) for “catalyzing growth in the US-India commercial corridor”.
About Global Leadership Award
i. It was instituted by Washington-based US-India Business Council (USIBC) since 2007.
ii. It is bestowed upon top corporate executives from the US and India whose companies play an important role in nurturing growth in the US-India commercial corridor.
About USIBC
Founded: 1975
Headquarters: Washington, D.C., United States
Rail Wheel Factory was awarded best performing Production Unit in the field of environment
On June 6, 2019, The report on achievements of environment management of Indian Railways, “Environmental Sustainability Annual Report 2018-19”, stated that best-performing Production Unit in the field of the environment was awarded to Rail Wheel Factory, Yelahanka, Karnataka. Ministry of Railway observed World Environment Day on June 6.
About Rail Wheel Factory
Founded: 1984
Headquarter: Karnataka
APPOINTMENTS & RESIGNS
Prayuth Chan-ocha elected as the Prime Minister of Thailand
Thailand Parliament elected Prayuth Chan-ocha of Palang Pracharat party as Prime Minister for a second term. He defeated Thanathorn Juangroongruangkit, leader of Future Forward party by a margin of 500 to 244 votes.
KeyPoints:
i. His appointment will be announced official when crowned King Maha Vajiralongkorn of Thailand endorse it.
ii. Prayuth Chan-Ocha was chief of staff of the Royal Thai Army from 2008 to 2009 and in 2009 he was appointed honorary adjutant to the king.
iii. In 2010, he succeeded Anupong Paochinda as commander in chief and also headed the National Council for Peace and Order (NCPO).
About Thailand:
Currency – Thai baht
Capital – Bangkok
Former Chief Election Commissioner N Gopalaswami has been appointed as BCCI’s electoral officer for AGM
N Gopalaswami, former Chief Election Commissioner has been appointed as an electoral officer to supervise the BCCI’s Annual General Meeting (AGM) election that is to be held on October 22.
i. Committee of Administrators (CoA), which was appointed by the Supreme Court, met at the BCCI headquarters to discuss the road map for the elections.
ii. The members of the Committee of Administrators (CoA) nominated by Supreme Court on 30 January 2017 to look after the administration of the BCCI in order to implement Lodha Committee reforms are Vinod Rai, Ramachandra Guha, Vikaram Limaye and Diana Edulji.
SPORTS
China to host 2023 Asian Cup confirmed by Asian Football Confederation (AFC)
Asian Football Confederation (AFC), confirmed that China will host the 2023 Asia Cup. This will be the second time China is hosting the quadrennial continental tournament, after the 2004 edition.
i. Earlier Korea was competing with China for hosting rights but the former took it back to concentrate on securing the hosting rights for the 2023 FIFA Women’s World Cup.
ii. China ranked 74th in the FIFA’s rankings and is qualified for the World Cup in 2002.
About Asian Football Confederation (AFC):
President – Salman bin Ibrahim Al Khalifa
Headquarter – Kuala Lumpur, Malaysia
Sunil Chhetri becomes most capped Indian footballer
Indian professional footballer Sunil Chhetri has been named most capped football player. He surpassed the former Indian captain Bhaichung Bhutia’s 107 international matches as he has played 108 matches for India.
Key points:
i. He has scored the 69th goal for his side in King’s Cup football tournament in Buriram, Thailand.
ii. He made his international debut in 2005 and scored his first goal against Pakistan.
iii. He is popularly known as Captain Fantastic, having scored the 2nd highest number of goals in international matches among active players after Cristiano Ronaldo.
iv. He currently plays club football for Bengaluru FC in the Indian Super League.
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OBITUARY
Laldingliana Sailo, former Doordarshan, All India Radio News Editor passed away at the age of 76
Laldingliana Sailo, the former Doordarshan and All India Radio (AIR) news editor, has passed away in Aizawl at the age of 76. He hailed from Aizawl.
i. He was a senior Indian Information Service (IIS) officer.
ii. He was first inducted as a Field Publicity Officer under the Ministry of Information and Broadcasting in the year 1972 and then first posted in Arunachal Pradesh Tawang.
iii. At the time of retirement, he was a Director in the Directorate of Field Publicity for Kohima Region.
IMPORTANT DAYS
World oceans day observed on June 8, 2019
Annually on June, 8, the world celebrates Oceans Day to raise awareness of the challenges humanity facing to protect the world’s ocean. The theme of World Ocean Day 2019 was ‘Gender and the Ocean’.
i. Since 2002, The ocean project has promoted and coordinated World Oceans Day globally.
ii. In 2008, the UN (United Nations) had designated 8th June as World Oceans Day.
World Brain Tumor Day observed on June 8, 2019
On 8th June 2019, World Brain Tumor Day was observed all over the world. This day is observed on 8th June every year since 2000 by German Brain Tumour Association (Deutsche Hirntumorhilfe e.V.), a nonprofit organisation.
i. It aimed at creating awareness among the public about the brain and also focuses on helping people suffering from a brain tumor.
ii. Brain tumor is a cancerous or non-cancerous mass or growth of abnormal cells in the brain.
STATE NEWS
Justice Dhirubhai Naranbhai Patel sworn in as Chief Justice Of Delhi High Court
On 7th June 2019, Justice Dhirubhai Naranbhai Patel, sworn in as Chief Justice of the Delhi High Court. His oath of the ceremony is administered by the lieutenant governor of Delhi, Anil Baijal.
KeyPoints:
i. He succeeded Justice Rajendra Menon, who retired after 2 decades of service.
ii. He was recommended by Supreme Court Collegium for the appointment as Chief Justice of the Delhi High Court.
His working experience:
i. He enrolled as an advocate and practiced at the high court of Gujarat where he was appointed as a Special Counsel of the state of Gujarat in other high courts and then elevated as an Additional Judge of the Gujarat High Court on March 7, 2004
ii. After that he worked in Jharkhand High Court.
About New Delhi:
Chief Minister – Arvind Kejriwal
Governor – Anil Baijal
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