Daily GK Updates - 23rd May, 2020

NATIONAL UPDATES:

1. Important Cabinet Approvals: Following are the various approvals related to national level schemes made during the meeting of Union Cabinet, chaired by the Prime Minister Shri Narendra Modi on 20 May 2020.

(1) Modification in existing Partial Credit Guarantee Scheme (PCGS): approved Sovereign portfolio guarantee of up to 20% of first loss to Public Sector Banks (PSBs) for purchase of Bonds or Commercial Papers (CPs) with a rating of AA and below (including unrated paper with original/ initial maturity of up to one year) issued by NBFCs/ MFCs/Micro Finance Institutions (MFIs).

(2) Scheme for Formalisation of Micro food processing Enterprises (FME): It is a Centrally Sponsored Scheme for the Unorganized Sector on All India basis with an outlay of Rs.10,000 crore, to be shared by GOI and the States in ratio of 60:40.

(3) Pradhan Mantri Vaya Vandana Yojana (PMVVY): extended for further period of three years up to 31st March, 2023. The assured rate of return will be 7.40 % per annum for the year 2020-21 per annum and thereafter to be reset every year.

(4) Pradhan Mantri Matsya Sampada Yojana (PMMSY): Scheme to bring Blue Revolution through sustainable and responsible development of fisheries sector in India. Total investment– Rs. 20,050 crore, to be implemented during a period of 5 years from FY 2020-21 to FY 2024-25.

(5) Atma Nirbhar Bharat Package: Allocation of foodgrains from Central Pool to approximately 8 crore migrants / stranded migrants @ 5 kg per person per month (May and June, 2020) for two months free of cost.

(7) Special Liquidity Scheme for Non-Banking Financial Companies (NBFCs) and Housing Finance Companies (HFCs) to improve liquidity position of the NBFCs/HFCs.

(8) Emergency Credit Line Guarantee Scheme: Total corpus of Rs. 41,600 crore. It will enable additional funding of up to Rs. three lakh crore to eligible MSMEs and interested MUDRA borrowers. 100% guarantee coverage to be provided by National Credit Guarantee Trustee Company Limited (NCGTC).

(9) Issuance of the Jammu & Kashmir Reorganisation (Adaptation of State Laws) Second Order, 2020 in relation of Jammu & Kashmir Civil Services (Decentralisation and Recruitment) Act

2. India Launches Five initiatives to share its best practices and experiences in conserving biodiversity with the rest of the world: The Union Minister of Environment, Forest and Climate Change, Shri Prakash Javadekar virtually launched five key initiatives towards conservation of biodiversity on the occasion of International Day for Biological Diversity on 22 May 2020. These include:

(1) National Biodiversity Authority (NBA) and United Nations Development Programme (UNDP) ‘Biodiversity Samrakshan Internship Programme which proposes to engage 20 students with postgraduate degrees for a period of one year through an open, transparent, online competitive process.

(2) Launch of UNEP Campaign on Illegal Trafficking of Endangered Species: ‘Not all Animals Migrate by Choice’.

(3) A Webinar Series on ‘Biodiversity Conservation and Biological Diversity Act, 2002’

(4) WWF Model Conference of Parties (MCoP), to involve the younger generation so they engage in conversations around impact of humanity’s footprint on biodiversity.

(5) An awareness campaign supported by WWF to highlight the crucial role played by nature through its free ecological services provided for humankind.

3. Defence Ministry approves procurement of 26 defence items from local suppliers: The Department of Defence Production (DDP), Ministry of Defence in an attempt to further encourage procurement from local suppliers to boost ‘Make in India’, has given approval to 26 defense items out of 127 already notified clause 3(a) of the Public Procurement ( Preference to Make in India) order 2017. The government will make individual budgetary provisions for procuring Indian made defense equipment to help reduce the defense import bills & boost the Make In India scheme.

Note: Defense Minister: Rajnath Singh; Minister of State for Defence: Shripad Yesso Naik

4. CBSE launches cyber security handbook for students: Central Board of Secondary Education, CBSE has recently launched a Cyber Safety Handbook for the students of Classes 9 and 11 to ensure healthy digital habits in students. The handbook discussed topics such as digital security, digital rights and responsibilities and digital law. The three handbooks names are: ‘Cyber safety- A handbook for students’; ‘In pursuit of Excellence’ and ‘21st Century skills’. The handbook comes in the wake of the novel coronavirus outbreak and the subsequent nationwide lockdown that has forced many schools to move their teaching online.

5. Govt amends General Financial Rules to ensure procurement of goods & services below Rs 200 crore from domestic firms: The government has notified amendments to General Financial Rules (GFR) 2017 to ensure that goods and services valued less than Rs 200 crore are procured from domestic firms. This will give big boost to domestic suppliers, especially micro, small and medium enterprises (MSMEs). The amendments will ensure that henceforth global tenders will be disallowed in government procurement up to Rs 200 crore, as announced in the Aatma Nirbhar Bharat Package.

6. India’s KHUDOL declared one of Top 10 Global Initiatives to fight COVID-19: The United Nations listed the KHUDOL initiative of Manipur as one of the top 10 global initiatives to fight against COVID-19. Khudol is a crowdfunded initiative of Ya_All, an Imphal-based NGO that had created India’s first transgender football team. Under the initiative, the NGO provides food, hygiene and health of LGBTQ community, daily wage workers, people with AIDS. The organization mobilized network of 100 volunteers. Through the volunteers the organization distributed 1000 health kits, 1500 condoms and 6500 sanitary pads. The initiative entails ensuring food, health and hygiene of the LGBTQI+ community, people living with HIV, daily-wage earners, children and adolescents.

INTERNATIONAL UPDATES:

1. World Bank to rescue with $160-billion aid to 100 nations: The Covid-19 pandemic is expected to put over 60 million people into extreme poverty globally, the World Bank has said as it announced emergency operations worth $160 billion in 100 developing countries to fight the deadly virus. Of the 100 countries, home to 70 per cent of the world’s population, 39 are in Sub-Saharan Africa. Nearly one-third of the total projects are in fragile and conflict-affected situations, such as Afghanistan, Chad, Haiti, and Niger

Note: Headquarters: Washington, D.C., United States; President: David Malpass

2. USA withdraws from Open Skies treaty: The Treaty on Open Skies was signed in 2002 and recently US President Donald Trump has announced that the USA is to withdraw from Open Skies treaty accusing that Russia has not stuck to its part of the deal. This is the third international arms pact inline from which the US has pulled out since Donald Trump become President.

3. World Turtle Day: 23rd May: The World Turtle Day is observed on May 23 every year to raise awareness among people to protect turtles and tortoises and their disappearing habitats around the world. The day is being celebrated since 2000 by American Tortoise Rescue, a nonprofit organization established in 1990 for the protection of all species of tortoise and turtle.

4. International Day to End Obstetric Fistula: 23rd May: The International Day to End Obstetric Fistula (IDEOF) is observed every year on 23rd May by the United Nations (UN). The day is being observed to significantly raise awareness and intensify actions towards ending obstetric fistula, as well as urging post-surgery follow-up and tracking of fistula patients. The theme for International Day to End Obstetric Fistula 2020 is “End gender inequality! End health inequities! End Fistula now!”. In 2003, the United Nations Population Fund (UNPF), and its partners had launched a global campaign to End Obstetric Fistula.

Note: Secretary-General of United Nations: António Guterres.

OTHER UPDATES:

SPORTS

1. Naomi Osaka becomes world’s highest-paid female athlete: Japanese tennis star Naomi Osaka has become the highest paid female athlete in the world, topping American great Serena Williams. According to the Forbes magazine, Osaka earned $37.4 million in the last 12 months from prize money and endorsements, $1.4 million more than Williams, setting an all-time earnings record for a female athlete in a single year.

BANKING AND FINANCE

1. IRDAI allows Union Bank of India to continue 30% holding in IndiaFirst Life Insurance: Insurance Regulatory and Development Authority of India (IRDAI) has allowed Union Bank of India’s proposal to continue with its 30 prcent holding in IndiaFirst Life Insurance with the condition that the lender will hold no control in the management of the insurer. Earlier, the bank was expected to divest either the entire stake in IndiaFirst Life Insurance, or a considerable part of it, as IRDAI guidelines restrict a lender to own more than 10 percent stake in two insurance companies. The state-owned lender also holds 25.1 percent stake in Star Union Dai-Chi Life and it received a promoter stake in IndiaFirst Life Insurance in April previously held by Andhra Bank following its ‘mega’ merger on April 1 with Andhra Bank and Corporation Bank.

Note: About IRDAI: Founded: 1999; Headquarters: Hyderabad; Chairperson: Subhash Chandra Khuntia

BUSINESS AND ECONOMY

1. Flipkart partners Vishal Mega Mart for home delivery of essentials: Walmart-owned Flipkart said it has partnered with retail store chain, Vishal Mega Mart for home delivery of essential items in 26 cities in the country, including Delhi-NCR, Bengaluru and Kolkata. Under the partnership, consumers will be able to order products from over 365 Vishal Mega Mart stores and get them delivered at their doorstep by Flipkart. Consumers can order essential products like flour, rice, oil, pulses, beverages and other items from various brands as well as Vishal’s own labels.

AWARDS AND HONOURS

1. Bengaluru doctor Hema Divakar gets “Global Asian award”: Bengaluru-based medical doctor Hema Divakar was honoured with the ‘Global Asian of the Year 2018-19’ award in Dubai recently for her yeomen services and contributions to the women’s healthcare ecosystem, in India, said its organiser ‘Asia One’ magazine’s publisher. Hema received the award at the Asian Business & Social Forum 2019 under the ‘In Service of the Society and the Nation’ category from UAE’s Trade Promotion Director Mohammed Naser Hamdan Al Zaabi.

OBITUARIES

1. Renowned vocalist Shyamala G Bhave passes away: Renowned vocalist Shyamala G Bhave, who had an equal command over Hindustani and Carnatic style of music, has passed away. She was 79. She was bestowed with the title of “Ubhaya Gaana Vidushi (expert in both styles)” by Sir M Visvesvaraya, the 19th Diwan of Mysore.