Daily GK Updates - 4th July, 2019

NATIONAL UPDATES:

1. Govt hikes Minimum Support Price of Kharif crops for 2019-20 season: The Union Cabinet Committee on Economic Affairs has approved the increase in the Minimum Support Prices (MSP) for all Kharif crops for 2019-20 Season. Minimum Support Prices (MSP) of paddy has been increased by 65 rupees per quintal, Jowar by 120 rupees and Ragi by 253 rupees per quintal. According to Agriculture Minister Narendra Singh Tomar, the move will lead to increased investment and production through assured remunerative prices to the farmers. MSP of Tur has been raised by 125 rupees, Moong by 75 rupees and Urad pulses raised by 100 rupees per quintal. The Minister said, the MSPs of soyabean increased by 311 rupees, sunflower by 262 rupees and sesamum by 236 rupees per quintal which is a major step towards increasing the income of farmers.

Note: Minimum Support Price (MSP) is the price at which government purchases crops from the farmers, whatever may be the price for the crops. The MSP helps to incentivize the framers and thus ensures adequate food grains production in the country.

2. Indian Railways to install CCTV cameras in over 7,000 train coaches: According to the GoI, the Indian Railways has set a target to install CCTV cameras in more than 7,000 coaches of mainline passenger trains by March 2021. Also, CCTV cameras have already been installed in coaches of premium, mail, express and suburban trains.

Note: Minister for Railways: Piyush Goyal.

3. Jagannath Rath Yatra 2019 begins: Lord Jagannath Rath Yatra begins in Puri, Odisha.  The Rath Yatra marks the journey of Lord Jagannath along with his siblings Lord Balabhadra and Devi Subhadra from Jagannath temple to Gundicha temple.  The journey covers a distance of around 17 km in Puri.

In Gujarat, 142nd annual Rath Yatra of Lord Jagannath begins in Ahmedabad. Gujarat Chief Minister Vijay Rupani has performed the 'Pahind’ ritual, the symbolic path cleaning by golden broom at Lord Jagannath temple before the start of the procession.

Note: CM of Odisha: Naveen Patnaik, Governor: Ganeshi Lal.

4. UP govt to set up Committees in all 25 districts situated on banks of river Ganga: Uttar Pradesh Government has decided to set up Ganga Committees in all 25 districts situated on the banks of river Ganga. This step is part of the largescale program to clean the holy river. Union Jal Shakti Minister Gajendra Singh Shekhawat met CM Yogi Adityanath and discussed issues like water conservation, revival of dry rivers, rainwater harvesting and plantation drive. According to Uttar Pradesh CM Yogi Adityanath, the state has listed 15 rivers which gone dry at present and will be revived under the action plan. In coming days, a special plantation drive on the banks of prominent holy rivers will be taken up. Total of 85 projects related to Clean Ganga Mission worth 1185 crore rupees are running in the state, out of which 15 have been completed so far.

5. Rahul Gandhi resigns as Congress President: Rahul Gandhi officially resigned as Congress President. In his resignation letter, Mr Gandhi said, he is responsible for his Congress' defeat in Lok Sabha elections. He said, accountability is critical for the future growth of Congress and therefore, he is resigning as party president. According to Mr Gandhi, the party's working committee should meet immediately to decide on his successor.

Note: Indian National Congress (known as the Congress Party and abbreviated INC) is a major political party in India.  Indian National Congress Created in 1885 by A. O. Hume.

List of party presidents:

No.	Name of President	Year of Presidency	Place of Conference
1st	W C Bannerjee	1885	Bombay
2nd	Dadabhai Naoroji	1886	Calcutta
83rd	Rajiv Gandhi	1985–91	Bombay
84th	P. V. Narasimha Rao	1991–96	Tirupati
85th	Sitaram Kesri	1996–98	Calcutta
86th	Sonia Gandhi	1998–2017	Calcutta
87th	Rahul Gandhi	2017-2019	Delhi

INTERNATIONAL UPDATES:

1. IMF approves $6 billion loan for cash-strapped Pakistan: The IMF has approved a USD 6 billion loan over a period of 3 years for cash strappedPakistan. ii. The USD 6 billion financial aid includes an immediate disbursement of USD 1 billion to help Pakistan address its balance of payment crisis. The approved loan aims to support Pakistan's economic plan, which aims to return sustainable growth to the country's economy and improve the standards of living.

Note: Prime Minister of Pakistan: Imran Khan; Capital: Islamabad.

OTHER UPDATES:

SPORTS

1. BCCI announces the domestic schedule for 2019-20 season: The Board of Control for Cricket in India (BCCI) has announced the domestic schedule for the 2019-20 season in New Delhi. It comprises 2036 matches, marking an addition of 19 games over the last season's schedule. The country's premier national T20 tournament, Syed Mushtaq Ali Trophy, will be held before the IPL players' auction (from November 8 to December 1). The Ranji Trophy will stretch to March for the first time after starting on December 9. The Duleep Trophy will mark the beginning of the season as usual and will be followed by Vijay Hazare 50-over Trophy, Deodhar Trophy, Ranji Trophy and Irani Trophy.

2. Hima bags gold in Poznan Athletics Grand Prix: Hima Das, the under-20 World champion has won the gold medal in women’s 200m in the Poznan Athletics Grand Prix. Poznan Athletics Grand Prix is taking place in Poznan, Poland.

BANKING AND FINANCE

1. RBI Constitutes Working Group on Core Investment Companies: The Reserve Bank of India has constituted a Working Group of six members headed by Shri Tapan Ray to Review Regulatory and Supervisory Framework for Core Investment Companies (CIC). Mr. Tapan Ray is a Non-Executive Chairman of Central Bank of India and former Secretary, Ministry of Corporate Affairs, Govt. of India. The committee will suggest measures to strengthen corporate governance and disclosure requirements for CICs, assess the adequacy of supervisory returns submitted by CICs and suggest changes therein and various other things for the betterment of CIC.

2. Karnataka Bank launches web tool for the NPA recovery process: Karnataka Bank Ltd. MD (Managing Director) & CEO (Chief Executive Officer) M S Mahabaleshwara has launched the web tool named ‘Vasool So-Ft’ to digitalise the NPA (non-performing asset) recovery process of the bank. The tool will enable easy and faster processing, real-time information and immediate decision making in the recovery area. The bank has joined hands with a local IT start-up to develop the tool for recovery management.

3. Punjab & Sind Bank setups Cen-MARG for MSME for credit facilities: MD & CEO of Punjab & Sind Bank S. Harisankar has set up the Centralised MSME & Retail Group (Cen-MARG) for credit facilities at its head office in New Delhi. This will help branches focus better on lead generation for retail and MSME lending and enhanced customer service. The Cen-MARG would be linked with pan-India branches in a phased manner. Now, all MSME and retail credit approvals will be performed at this centralized setup. The bank is aiming to bring about much- enhanced customer satisfaction through this initiative.

4. ICICI & IndoStar Capital partner to finance commercial vehicles: ICICI Bank has tied up with NBFC IndoStar Capital for vehicle financing for small and medium fleet owners to buy new as well as old commercial vehicles. Under this partnership, IndoStar will originate and service the customers through the entire loan life cycle including sourcing, documentation, collection and loan servicing.

Note: Managing Director & CEO of ICICI Bank: Sandeep Bakhshi.

BUSINESS AND ECONOMY

1. Jio launches ‘Digital Udaan’, a digital literacy initiative in partnership with Facebook: Reliance Jio has launched a new digital literacy programme “Digital Udaan”. The objective of the Digital Udaan’ is to provide digital literacy to first-time internet users who are using the connected internet ecosystem and apps for the very first time. The Jio Digital Udaan programme is being launched across 200 locations in 13 states in partnership with Facebook. As a part of the Digital Udaan initiative, Jio will engage with users every Saturday to help them learn about the JioPhone features, use of various apps and internet safety including use of Facebook on JioPhone.

2. Maharashtra ranks first in NITI Aayog's AMFFR Index: Maharashtra achieves first rank in NITI Aayog launched "Agricultural Marketing and Farmer Friendly Reforms Index (AMFFRI)".  The index ranks states based on the degree of reforms they have undertaken in agricultural marketing.  AMFFRI has a score that can have minimum value “0” implying no reforms and maximum value “100” implying complete reforms in the selected areas.

Note: NITI Aayog CEO: Amitabh Kant; Vice Chairman: Rajiv Kumar.

OBITUARIES

1. US auto industry legend Lee Iacocca passes away: Automobile industry legend from USA Lee Iacocca passed away. He was known for creating the iconic Ford Mustang and saving Chrysler from bankruptcy.

2. Veteran industrialist BK Birla passes away: Birla Group patriarch and an ace of the Indian industry Basant Kumar Birla passed away in Mumbai. He was the chairman of Century Textiles and Industries and was active in business since the age of 15.