NATIONAL UPDATES:
1.
Cabinet approves DICGC act ensuring Rs 5 lakh for depositors in 90 days: The Union Cabinet
cleared changes to the deposit insurance laws to provide funds up to Rs 5 lakh
to an account holder within 90 days in the event of a bank coming under the
moratorium imposed by the RBI. Earlier, account holders had to wait for years
till the liquidation or restructuring of a distressed lender to get their
deposits that are insured against default. The government has also permitted
raising the deposit insurance premium by 20 per cent immediately, and maximum
by 50 per cent. The premium is paid by banks to the DICGC. The Centre plans to
introduce the Deposit Insurance & Credit Guarantee Corporation (Amendment)
Bill 2021 in the ongoing Monsoon session of Parliament.
2.
Government releases Rs 8257.88 cr to States, UTs towards India Covid-19
Emergency Response and Health System Preparedness Package in 2020-21: The Government has
released 8257.88 crore to the States and Union Territories towards the India
Covid-19 Emergency Response and Health System Preparedness Package during
2020-21. Similarly, 1113.21 crore rupees was released during the financial year
2019-20. 23 thousand 123 crores rupees approved by the Cabinet under India
Covid-19 Emergency Response and Health System Preparedness Package- Phase-II to
be implemented from 1st July 2021 to 31st March 2022. This includes 15 thousand
crore as Central Component and 8123 crore as State component.
3.
Government nod to 100% FDI in oil PSUs approved for stake sale: The Department for
Promotion of Industry and Internal Trade (DPIIT) issued an executive order to
allow 100 per cent foreign direct investment (FDI) under automatic route for oil
and gas PSUs, in case an in-principle approval for strategic disinvestment has
been approved by the government. The development was followed by the Union
Cabinet’s approval regarding the same on July 22. The move will expand the
scope for FDI in the privatisation of Bharat Petroleum Corporation Ltd (BPCL)
and enable the sale of the government’s 52.98 per cent stake in the company to
a foreign buyer. It will also open the door for FDI in other public sector
companies in the oil sector put up for privatisation.
4. A
new book titled “My Own Mazagon” by Captain Ramesh Babu: A new book titled
“My Own Mazagon” has authored by Captain Ramesh Babu. The book published by
Indus Source Books features the history and story of Mazagon, the island which
was merged into a single entity as Bombay. The Book will be jointly released by
Vice Admiral R. Hari Kumar, Flag Officer Commanding in Chief, Western Naval
Command, Vice Admiral Narayan Prasad, (Retd.), CMDMazagon Dock Shipbuilders
Limited. The Book rediscovers the forgotten history of Mazagon and resurrects
the identity of MazaGaon, or ‘My own Village’. Captain Ramesh Babu retired from
Mumbai after serving the Indian Navy at Mazagon Dock. Other books authored by
Capt. Babu: “After You Sir: A Collection of School Stories” and “Calicut
Heritage Trails”.
INTERNATIONALUPDATES:
1.
IMF approves historic $650 bln allocation of Special Drawing Rights: The Board of
Governors of the International Monetary Fund (IMF) have approved a record
general allocation of $650 billion in IMF Special Drawing Rights (SDR), to help
boost global liquidity. The $650 billion SDR allocation aims to support member
countries, especially emerging and developing nations, battling the coronavirus
pandemic and the economic downturn it has caused. This allocation is the
largest-ever distribution in the IMF’s 77-year history, in terms of monetary
reserves assets. The allocation will become effective from August 23, 2021. The
newly created SDRs will be credited to member countries in proportion to their existing
quotas shareholding in the Fund.
Note: IMF Headquarters: Washington, D.C.
U.S; IMF Managing Director and Chairman: Kristalina Georgieva; IMF Chief
Economist: Gita Gopinath.
2.
World’s largest star sapphire cluster found in a Sri Lankan backyard: World’s largest
star sapphire cluster has been found in Ratnapura, Srilanka. The stone is pale
blue in colour. It was found by labourers while digging a well in a gem
trader’s home. Ratnapura is known as the gem capital of the country. The
sapphire cluster weighs around 510kgs or 2.5 million carats. It has an
estimated value of up to $100 million in the international market.
Note: Sri Lanka Capitals: Sri
Jayawardenepura Kotte; Currency: Sri Lankan rupee; Sri Lanka Prime Minister:
Mahinda Rajapaksa; Sri Lanka President: Gotabaya Rajapaksa.
OTHER UPDATES:
SPORTS
1.
Alexander Zverev wins gold in men’s singles tennis at Tokyo Olympics 2020: Germany’s
Alexander Zverev beats Russian Karen Khachanov 6-3 6-1 to win the men’s singles
gold at the Tokyo Olympics. He became the first German man to win singles
Olympic gold. The 24-year-old, who has yet to win a Grand Slam title, was in
stunning form in the one-hour and 19-minute express contest to become the first
German man to win a single Olympic gold. Zverev became only the second German
to win Olympic singles gold, matching Steffi Graff’s achievement at the 1988
Seoul Olympics.
2.
Anurag Thakur Launches Paralympic Theme Song “Kar De KamaalTu”: Union Minister for
Youth Affairs and Sports, Anurag Singh Thakur launched the theme song for the
Indian Paralympic contingent in New Delhi. The song is titled “Kar De
KamaalTu”. The composer and singer of the song is Sanjeev Singh, a Divyang
cricket player from Lucknow. 54 para-sportspersons across 9 sports disciplines
are participating in Paralympic Games in Tokyo, beginning August 24, 2021.
BANKING AND FINANCE
1.
SBI launches ‘SIM Binding’ feature for YONO: India’s largest lender State Bank
of India (SBI) has launched a new and enhanced security feature for its YONO
and YONO Lite apps, called ‘SIM Binding’, to protect customers from various
digital frauds. Under the new SIM Binding feature, the YONO and YONO Lite apps
will work only on those devices which have SIM of mobile numbers registered
with the Bank. The main aim of the new version of the platform is to provide
enhanced security to customers and help them with a convenient and safe online
banking experience.
How to avail of the new service: SBI
customers will have to update their mobile app, to get access to the new
version of YONO and YONO Lite with enhanced security features. The users will
need to complete the one-time registration process on these apps, where the
bank will verify the SIM of the registered mobile number with the lender.
Customers must register themselves with the device which has the SIM of the
registered contact number.
Note: SBI Chairperson: Dinesh Kumar Khara;
SBI Headquarters: Mumbai; SBI Founded: 1 July 1955.
2.
IFC invests ₹916 crore in Federal Bank for 4.99% stake: IFC, along with two
investment funds managed by IFC Asset Management Company (IFC Financial
Institutions Growth Fund and IFC Emerging Asia Fund) have picked up 4.99 per
cent stake in Federal Bank for ₹916 crore. The investment will support Federal
Bank’s commitment to environmental social and governance (ESG) standards, and
also strengthen its Tier 1 capital adequacy ratio (CAR) and expand its micro,
small and medium sized enterprises (MSME) and climate finance portfolios.
3.
Yes Bank, Indiabulls Housing Finance sign co-lending agreement: Yes Bank and
Indiabulls Housing Finance have entered into a co-lending agreement for home
loans. The partnership aims at synergising capabilities to provide an efficient
and seamless experience to retail home loan customers. The partnership is in
line with Yes Bank’s strategy of expanding its retail franchise through a mix
of organic and partnership-led origination models.
4.
RTGS, NEFT payment systems opened up for non-banks in phases: RBI: The Reserve Bank of
India said that it has allowed non-banks to participate in its Centralised
Payment Systems (CPS) through Real Time Gross Settlement (RTGS) and National
Electronic Fund Transfer (NEFT) systems, in a phased manner. To be sure, RBI in
April had already said that non-banks would be allowed access to CPS viz. RTGS,
NEFT in a phased manner. Till now, only banks were allowed to use RTGS and NEFT
payments facilities.
BUSINESS AND ECONOMY
1.
Centre’s fiscal deficit touch 18.2 pc of annual target at end of June: The Central
Government’s fiscal deficit stood at Rs 2.74 lakh crore or 18.2 per cent of the
full year’s Budget estimate at the end of June, according to data released by
the Controller General of Accounts (CGA). The fiscal deficit at the end of June
2020 was 83.2 per cent of the Budget Estimates (BE) of 2020-21.In absolute
terms, the fiscal deficit was at Rs 2,74,245 crore at the end of June. The
fiscal deficit or the gap between expenditure and revenue for 2020-21 was 9.3
per cent of the Gross Domestic Product (GDP), better than 9.5 per cent
projected in the revised estimates in the Budget in February.
2.
Amazon India, InCred join hands to offer credit to e-commerce retailers: InCred has entered
into a strategic partnership with Amazon India to provide collateral-free,
working capital loans of up to Rs 50 lakh to Amazon merchants via its seller
portal. The InCred and Amazon India partnership aims to resolve this challenge
by addressing the financial constraints of the Indian e-tailers. Both intend to
empower them by extending quick, easy, and low-interest working capital loans
based on their revenues, with minimal documentation and flexible repayment
options.
3.
YouTube to acquire video-based social commerce startup simsim: Google’s YouTube
has signed a definitive agreement to buy video shopping app simsim as it looks
to help discover and buy products from Indian retailers. The terms of the
acquisition were not disclosed. In its blogpost, Google said this deal builds
up on its ongoing investments in India that includes the $10 billion India
Digitization Fund.
AWARDS AND HONOURS
1.
DBS clinches global accolade for innovation in digital banking: DBS has been
honoured as the global winner for Most Innovative in Digital Banking by
Financial Times publication, The Banker, in its 2021 Innovation in Digital
Banking Awards. The bank was also recognised as the Asia-Pacific winner and won
in the Cyber Security category for its Secure Access and Remote Working
Solution. The Banker’s Innovation in Digital Banking Awards recognises the most
innovative banks across the world for their digital banking initiatives, strategy,
and overall commitment to digital transformation. These awards, now in their
second year, are the evolution of The Banker’s Technology Projects of the Year
Awards. DBS is named Asia’s Best Bank & Asia’s Best Digital Bank in the
Euromoney Regional Awards.
Note: DBS Bank Headquarters: Singapore; DBS Bank CEO: Piyush Gupta.
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