National News
‘Start-Up Fund’ –By Uttar Pradesh and SIDBI
- Uttar Pradesh government has signed an MoU with Small Industries Development Bank of India (SIDBI) to launch Uttar Pradesh ‘Start-Up fund’.
- ‘Start-Up fund’ has been launched under UP Information Technology and Start-up Policy 2017.
‘Mee Annapurna’--- By Maharashtra
- IRDA licensed insurance intermediary ‘Integrated Risk Insurance’ has launched an initiative called ‘Mee Annapurna’ in Maharashtra.
UNICEF partners Bharti Airtel Africa — Remote Learning and Financial Assistance
- United Nations Children’s Fund (UNICEF) partnered with Bharti Airtel’s Africa Arm to support the school children in the COVID-19 affected areas and provide them access to remote learning and to grant financial support to their families via mobile cash transfer.
Five Initiatives to Conserve the Biodiversity – By GOI
- On the occasion of International Day for Biological Diversity, Government of India launched the key initiatives to conserve the biodiversity.
‘Buy Now Pay Later’- By Maruti Suzuki and CIFCL
- The scheme has been launched because of the sharp decline in the sale of cars in the lockdown situation caused due to the pandemic COVID-19.
- Under this scheme, customers have the option to avail 60 days surcharge on their EMI.
‘Khudol’ Initiative of Manipur—Top 10 Global Initiative to Combat COVID 19 by UN
- ‘Khudol’ (Gift) initiative of Manipur has been marked as the top 10 global initiatives in combating COVID-19 by the United Nations.
- This was listed by Jayathma Wickramanayake of Srilanka, who is UN Secretary- General’s Envoy on Youth.
Zaggle Partners with Visa – To Launch Innovative Payment Solutions for SMEs
- Zaggle, a Fintech startup has partnered with payment technology solution Visa to launch innovative payment solutions for SMEs and startups.
- The innovative payment solution will help SMEs and startups to enhance their productivity, efficiency by providing fast finance operation facilities.
Indian Dispute Resolution Center – Inaugurated by A K Sikri
- IDRC is first of its kind Institutional Alternative Dispute Resolution (ADR) Center which will provide an offline and e-ADR facility through e-Arbitration, e- Mediation and e-Conciliation software portal.
REC Ltd Partners with TajSATS
- Rural electrification Corporation (REC), has partnered with TajSATS to offer nutritious meals to the medical staff in Safdarjung Hospital, New Delhi, who are treating COVID-19 patients.
Chardham Project: 440-meter Long Tunnel in Chamba, Uttarakhand
- Border Roads Organisation (BRO) has constructed a 440-meter long tunnel under the Chamba town on Rishikesh- Dharasu road (NH-94) in Uttarakhand.
Banking
Kotak Mahindra to Assist 6 Schemes of Franklin Templeton Asset Management
- Franklin Templeton Trustee Services Pvt. Ltd. has appointed an independent advisor Kotak Mahindra Bank to work together with Franklin Templeton Asset Management (India) Pvt. Ltd (the AMC), to assist the Trustees in monetizing portfolios of the 6 schemes that are being wound up & make payouts to the affected investors.
RBI’s Latest Monetary Policy Statements
- RBI has decided to bring down the repo rate by a further 40 basis points that is from 4.4% to 4% reverse repo rate from 3.75% to 3.35% and marginal standing facility (MSF) has been reduced from 4.65% to 4.25%.
RBI Announced Rs 15,000 crore to EXIM Bank
- Reserve Bank of India has announced a Rs 15,000 crore line of credit (LoC) to the Export-Import Bank of India (EXIM).
- The LoC of Rs.15,000 crore for a period of 90 days from the date of availing with rollover up to a maximum period of one year will be granted to EXIM Bank by RBI.
Increase in Trade Credit Policy Cover Limit from 85% to 90%-- IRDAI
- Insurance Regulatory and Development Authority of India (IRDAI) has recommended an increase in protection against finances granted to the policyholders under Trade Credit Insurance (TCI) from 85% to 90%.
GOI to Cease 7.75% Saving Bonds
- 7.75% Saving Bonds or Taxable bonds are to be ceased by the Government of India due to the fact of declining interest rates as RBI has lowered the repo rate (repo rate is 4%).
- The 7.75% Saving Bonds or Taxable bonds as commonly known as Reserve Bank of India Bonds or Government of India Bonds.
Indian Economy to Contract @ 5% in FY21
- S&P Global Ratings, which is an American credit rating agency has projected that Indian economy to contract @ 5% in FY21.
India’s GDP to be 4.2% in 2019-20
- National Statistical Office has released the data describing that economic growth for India has slowed to an 11 year low of 4.2% for FY 2019-2020.
- The GDP was 6.1% in 2018-2019, whereas for 2019-2020 it is marked to be 4.2% and has been marked as the slowest GDP in the 11 years.
Reports
Payroll Reporting in India: An Employment Perceptive March 2020
- The National Statistical Office (NSO) has released a report titled Payroll Reporting in India: An Employment Perceptive March 2020.
World Steel April 2020 Report
- World Steel Association has released its World Steel April 2020 Report describing the record of crude steel output to various countries.
- As per the report, India’s crude steel output has reduced by 65.2% to 3.13 million tonnes in April 2020 in comparison with 9.02 million tonnes in April 2019.
SBI Ecowrap Report
- According to SBI Ecowrap Report, India’s Gross Domestic Product (GDP) is 1.2% in the last quarter (Q4) for the financial year 2020.
Appointments
| Name of the Person | Designation |
| Rajesh Bhushan | Head of the Committee to Develop the Reforms in Drug Regulatory System of India |
| Carmen Reinhart | New Vice President and Chief Economist for World Bank |
| Jahnabi Phookan | 37th National President of Federation of India Chambers of Commerce and Industry (FICCI) Ladies Organisation |
| Abhas Jha | World Bank’s Practice Manager for Climate Change and Disaster Risk Management for South Asia |
| PK Nair | New Indian Ambassador to the Republic of Niger |
| Pratibha Parker | New Indian Ambassador to the Republic of Angola |
| Periasamy Kumaran | India’s High Commissioner to Singapore |
| Marcos Troyjo | Next President of the New Development Bank (NDB) |
| Anil Kishora | Next Vice President and Chief Risk Officer of New Development Bank (NDB) |
| Aiman Ezzat | New CEO of Capgemini Group |
| Thierry Delaporte | New CEO and MD of Wipro |
| Dr Narinder Dhruv Batra | Member of Olympic Channel Commission |
| Leo Puri | Chairman of JP Morgan for South and South East Asia |
| Mohit Gupta | Co-founder of Zomato |
| R Sreerekha | First woman Director General of Police in Kerala |
| SN Rajeshwari | New Chairman and MD of Oriental Insurance Company (OIC) |
| Venkataramani Sumantran | Independent Director of Airline Company Indigo |
Important Days
| Date | Day | Theme |
| 22nd May 2020 | International Day for Biological Diversity | Theme: Our Solutions are in Nature |
| 23rd May 2020 | World Turtle Day | Theme: ‘Adopt, Don’t Shop’ |
| 25th May 2020 | World Thyroid Day | -- |
| 25th May 2020 | International Missing Children’s Day | -- |
| 28th May 2020 | International Day of Action for Women Health | -- |
| 28th May 2020 | World Hunger Day | -- |
| 29th May 2020 | International Day of UN Peacekeepers | Theme: Women in Peacekeeping: A key to Peace |
| 30th May 2020 | Statehood Day of Goa | -- |
| 31st May 2020 | World No Tobacco Day or Anti-Tobacco Day | Theme: Protecting Youth from Industry Manipulation and preventing them from tobacco and nicotine use |
MoUs Signed
NTPC signs MoU with ONGC for Renewable Energy Business
- National Thermal Power Corporation (NTPC) has signed an MoU with Oil and Natural Gas Corporation Limited (ONGC) in order to boost the Renewable Energy Business between the two ventures.
- Both the organisation will set up offshore wind and other Renewable Energy (RE) Projects in India and overseas.
Sports Authority Gujrat signs MoU with TCLL— To Train Athletes
- Sports Authority Gujrat has signed MoU with Times Centre for Learning Limited (TCLL) to provide sports training to the aspiring athlete of the state.
- About 2000 aspiring athletes across Gujrat will be trained in terms of personality and skill development and particular sports training will be given to them.
Hydroelectric and Multipurpose Projects in Madhya Pradesh
- Power Finance Corporation has signed an agreement with Narmada Basin Projects Company Limited (NBPCL) to fund to develop Hydroelectric Projects and Multipurpose projects in Madhya Pradesh.
Airtel Payment Bank Partners with MasterCard
- Airtel Payment Bank has partnered with MasterCard to develop a special type of payment solution for Indian farmers and SMEs.
- The special type of payment solutions will be contactless payments via NFC (Near Field Communications), Credit facility and other banking services.
Flipkart to Support Mango Farmers in Karnataka
- E-commerce giant Flipkart has signed an MoU with Karnataka State Mango Department and Marketing Corporation Ltd (KSMD&MCL).
- The MoU has been signed to support mango farmers of the state do that they can sell their mangoes via Flipkart’s e-commerce online platform.
Defence
‘NavRakshak’— By Indian Navy
- Indian Navy has come forward to combat COVID-19 by developing a PPE kit named as ‘NavRakshak’.
- ‘NavRakshak’ PPE kit has two main features mainly optimal protectiveness and optimal breathability.
Government Schemes
Rajiv Gandhi Kisan Nyay Yojana –Chhattisgarh
- Chhattisgarh government launched Rajiv Gandhi Kisan Nyay Yojana, which focuses on farmers during the pandemic situation of COVID-19.
PM Vaya Vandana Yojana Pension Scheme—LIC
- Life Insurance Corporation of India has launched PM Vaya Vandana Yojana Pension Scheme (PMVVY) (Modified-2020). It is a social security scheme for senior citizens.
- The plan starts from May 26 for the period of three financial years i.e. up to 31st March 2023.
Rozgar Setu Yojana: Madhya Pradesh
- Chief Minister of Madhya Pradesh has launched Rozgar Setu Yojana.
- It has been launched to support and provide employment and employment-based skills to migrant workers who have returned to the state in the COVID-19 situation.
Mukhyamantri Swarozgar Yojana –Uttarakhand
- Government of Uttarakhand has launched Mukhyamantri Swarozgar Yojana for the migrants returning to the state during the lockdown situation caused due to novel coronavirus.
- Under this scheme, money margin will be provided as a grant by the MSME department.
Science and Technology
‘iTurmeric Fincloud’ Platform—By Intellect Design Arena Ltd. and IBM
- Intellect Design Arena Ltd. and IBM have launched a cloud-ready, API (Application Programming Interface) first microservices-based platform called as ‘iTurmeric Fincloud’ Platform.
Electrochemical Sensing Platform—By IASST, Guwahati
- Institute of Advanced Study in Science and Technology, Guwahati has developed an Electrochemical Sensing Platform.
HIL India to Provide Locust Control Pesticide to Iran
- Ministry of Chemicals and Fertilizers has made an announcement that Hindustan Insecticides Limited India or HIL India is going to produce and supply 25 tons of pesticide to Iran to control locust.
IIT Madras developed Magnesium alloys to replace Steel in automotive
- The researchers in IIT Madras have worked along with the University of North Texas and US Army Research Laboratory for this invention.
‘Lumos’ a Decontamination Device—By Kochi’s Startup
- Kochi based startup named as Devaditek Innovations Private Limited has developed a multi-purpose decontamination device called ‘Lumos’.
- ‘Lumos’ is used to sanitize items from masks to vegetables. It is based on Ultraviolet Germicidal Irradiation (UVGI) technology.
‘K-FON’ – Kerala’s Free Internet Project
- The state government of Kerala has announced a free internet project called K-FON (Kerala Fibre Optic Network).
- The project aims to provide free internet access to the economically weak section of the state.
Summits and Conferences
MSME’s E-Conclave ‘SIDM MSME Conclave 2020’
- SIDM (Society of Indian Defence Manufacturers), CII (Confederation of Indian Industry) and Department of Defence Production jointly organized MSME’s E-conclave ‘SIDM MSME Conclave 2020’.
- The conclave was attended by Union Defence Minister Rajnath Singh.
Army Commanders Conference 2020
- In this apex Biannual event, the leadership of the Indian Army will be deliberated in terms of various aspects like operational, administrative issues pertaining to logistics and human resources.
22nd Meeting of Financial Stability and Development Council (FSDC)
- 22nd Meeting of Financial Stability and Development Council (FSDC) was conducted and was chaired by Union Minister of Finance and Corporate Affairs Nirmala Sitharaman.
BRICS Heads of Tax Authorities Meeting
- India was represented by Dr Ajay Bhushan Pandey, Finance Secretary, GOI.
- Currently, Russia holds the BRICS Presidency and hence the meet was hosted by Federal Tax Service of Russia.
Digital Summit on Exports—By Confederation of Indian Industry
- Confederation of Indian Industry organized Digital Summit on Exports in partnership with EXIM Bank.
- Union Minister of Commerce and Industry and Railways, Piyush Goyal participated in the summit via video conference.
