RBI Announces Term Liquidity Facility of Rs. 50,000 Crore For Healthcare
The Reserve Bank of India (RBI) Governor Shaktikanta Das has announced a Covid-19 healthcare package of Rs 50,000 crore, for lending to entities such as vaccine makers, medical equipment suppliers, hospitals and related sectors, besides the patients in need of funds for treatment.
About the Covid-19 healthcare package:
- The new on-tap special liquidity facility of Rs 50,000 crore will be made available to the banks at the repo rate, for access to emergency health security amid the economic stress due to the second wave of Covid-19 in India.
- Banks can give loans under this facility till March 31, 2022. This Covid loan will be provided for a tenure of up to 3 years and will be classified as a priority sector loan till repayment or maturity.
About the Covid loan book mechanism
- Besides, a Covid loan book mechanism has also been announced for banks, where banks will have an option to place an equivalent amount as lend to borrowers, with RBI at the reverse repo rate plus 40 basis points.
- This means that if banks lend Rs 50,000 crore to the borrowers and the equivalent amount of Rs 50,000 crore of surplus funds of the system is put in the reverse repo with RBI, they can earn 3.75 per cent instead of 3.35 per cent.
About the long-term repo operation (LTRO)
A special long-term repo operation (LTRO) has been announced for small finance banks (SFBs) worth Rs 10,000 crore, to provide further lending support to NBFC-microfinance institutions (MFIs) and other MFIs (Societies, Trusts etc.) which are members of RBI recognised ‘Self-Regulatory Organisation’. These MFIs must have an asset size of Rs 500 crore, as of 31 March 2021.
S&P Revises India’s GDP Growth Forecast to 9.8% for FY22
The US-based S&P Global Ratings has lowered the GDP growth forecast of the Indian economy to 9.8 per cent for the financial year 2021-22 (FY22). The US-based rating agency in March had an 11 per cent GDP growth forecast for India for April 2021-March 2022 fiscal. on account of a fast economic reopening and fiscal stimulus.
India, UK unveil 10 year roadmap for Bilateral Trade Partnership
The Prime Minister of India, Shri Narendra Modi and his British counterpart Boris Johnson held a virtual Summit meeting. During the Summit meeting, both the leaders unveiled an ambitious 10-year road map to elevate the India-UK bilateral relationship to a comprehensive strategic partnership. The UK prime minister Boris Johnson announced a new India-UK trade investment worth £1 billion.
Apart from this, India and the UK inked nine pacts.
- These pacts were in areas such as migration and mobility, digital and technology, telecommunications, energy and medicines, counter-terrorism, besides agreeing to boost collaboration in dealing with climate change through a new partnership on renewables and power.
- They also launched Enhanced Trade Partnership, which included negotiation for a comprehensive Free Trade Agreement (FTA), including consideration of an interim trade agreement to deliver early gains.
- The two nations set an ambitious target of more than doubling bilateral trade by 2030.
AICF launches Checkmate Covid Initiative
The All India Chess Federation has launched the ‘Checkmate Covid Initiative’ to help the chess community affected by the pandemic. The initiative was launched at an online event in the presence of FIDE (World Chess Federation) president Arkady Dvorkovich, five-time world champion Viswanathan Anand, World Rapid Chess Champion Koneru Humpy, AICF president Sanjay Kapoor and secretary Bharat Singh Chauhan.
The idea is to not just help the chess community affected by COVID through financial aid, but also have a team of doctors that works round-the-clock to provide the right assistance.
Important takeaways for all competitive exams:
- All India Chess Federation President: Sanjay Kapoor;
- All India Chess Federation Headquarters location: Chennai;
- All India Chess Federation Founded: 1951.
Nation’s first ‘Drive in Vaccination Center’ unveiled in Mumbai
The Nation’s first ‘Drive in Vaccination Center’ was inaugurated by MP Rahul Shewale in Mumbai. This center has been set up in the parking lot of Kohinoor Square Tower at Dadar. This first of its kind ‘Drive-in Vaccination Center’ facility has been made available to the citizens at a time when people with disabilities are facing difficulties in getting to the vaccination center.
The center also provides transportation facilities to the citizens who do not have their own vehicles. The vaccination has been started and the facility is available for all sections of society. MP Rahul Shewale informed that this facility will be provided in other multi-parking lots in the city, after assessing the success of this first project.
Important takeaways for all competitive exams:
- Maharashtra Governor: Bhagat Singh Koshyari.
- Maharashtra Capital: Mumbai.
- Maharashtra CM: Uddhav Thackeray.
RM Sundaram appointed as Director of Indian Institute of Rice Research
Raman Meenakshi Sundaram has been appointed as Director of the Indian Institute of Rice Research (IIRR), an arm of the Indian Council of Agricultural Research. Prior to this elevation, he was working as Principal Scientist (Biotechnology) at the institute crop Improvement Section.
He is a scientist of global repute working in the area of rice biotechnology, molecular breeding, and genomics and has over 160 research papers in national and international journals of repute and has published several books, book chapters and popular articles.
Sundaram’s research accomplishments include the development of one of the first biotechnology products in rice, Improved Samba Mahsuri, which is high yielding, is of fine-grain type, has a low glycaemic index and is highly resistant to bacterial blight, it said.
Singer Pink bags Icon Award at Billboard Music Awards
Singer Pink will be honoured with the Icon Award at the 2021 Billboard Music Awards (BBMAs). The award aims to recognize artists who have achieved success on the Billboard charts and left an indelible impact on music. Pink joins previous honourees that include Neil Diamond, Stevie Wonder, Prince, Jennifer Lopez, Celine Dion, Cher, Janet Jackson, Mariah Carey and Garth Brooks.
V Kalyanam, Mahatma Gandhi’s Former Personal Secretary, Passes Away
Mahatma Gandhi’s former personal secretary V Kalyanam passed away. He was Gandhi’s personal secretary from 1943 to 1948, when the Mahatma was assassinated. Kalyanam was preserving letters written by Gandhiji, a cheque bearing his sign and other literature associated with him. He was proficient in Bengali, Gujarati, Hindi, Tamil and English. A staunch follower of Mahatma Gandhi, he was also associated with Rajaji in the 1960s.
The World’s Longest Pedestrian Bridge Opens in Portugal
The world’s longest pedestrian suspension bridge named “Arouca” was opened in Portugal, according to a press release by UNESCO’s Arouca World Geopark. The Arouca Bridge offers a half-kilometre (almost 1,700-foot) walk across its span, along a metal walkway suspended from cables. Some 175 meters (574 feet) below, the Paiva River flows through a waterfall.
The bridge hangs on steel cables strung between V-shaped concrete towers and connects the banks of the Paiva River. The record-breaking bridge took several years to build and was designed by Portuguese studio Itecons. It was constructed by Conduril and cost about $2.8 million (2.3 million euros).
Important takeaways for all competitive exams:
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Portugal President: Marcelo Rebelo de Sousa;
- Portugal Capital: Lisbon;
- Portugal Currency: Euro.
Vijay Goel takes over as CMD of THDCIL
THDC India Ltd has announced that Vijay Goel assumed as chairman and managing director. His appointment will come into effect from May 1, 2021. He joined the company in 1990 as a senior personnel officer (SPO) from NHPC Ltd. He has more than 35 years of varied experience in the field of human resource management.
During his tenure as general manager, he was also in charge of corporate communications, law and arbitration functions. His key areas of interventions are policy formation, manpower planning, establishment and estate functions, employee relations, compliance of labour laws and overall formulation and implementation of policies. He played a vital role in putting in place initial HR systems immediately after the establishment of the THDCIL.
Odisha announces Gopabandhu Sambadika Swasthya Bima Yojana
Odisha government has announced Gopabandhu Sambadika Swasthya Bima Yojana for journalists. Odisha has declared the journalists as frontline Covid warriors. It will benet more than 6500 journalists of the state.
Under the Gopabandhu Sambadika Swasthya Bima Yojana, a health insurance cover of Rs 2 lakh will be provided to each Journalist. Under the scheme, financial assistance of Rs 15 lakh will be provided to the families of journalists who died from COVID-19 while performing duty.
Important takeaways for all competitive exams:
- Chief Minister of Odisha: Naveen Patnaik and Governor is Ganeshi Lal.
