GoI cuts Mudra loans target to Rs 3 trillion in FY22
The government has set the loans disbursement target under the PM Mudra Yojana (PMMY) at Rs 3 trillion for 2021-22 (FY22). This target is lower than the previous year. For FY21, the target was set at Rs 3.21 trillion. Experts attribute the lower target to increased allocation under the credit guarantee scheme for small businesses.
Under PMMY, credit up to Rs 10 lakh is provided by banks and non-banking financial companies for entrepreneurial activities to small business units, including for new enterprises in sectors such as manufacturing, trading, services and activities allied to agriculture. The central government allocates annual targets for sanctioning of loans under the scheme. In FY22, loans worth Rs 3,804 crore have been sanctioned by 13 public sector banks (PSBs) as of June 25.
About the PMMY:
Pradhan Mantri Mudra Yojana (PMMY) is a scheme to extend collateral-free loans by Banks, Non-Banking Financial Companies (NBFCs) and Micro Finance Institutions (MFIs) to Small/Micro business enterprises and individuals in the non-agricultural sector to enable them to set up or expand their business activities and to generate self-employment. The maximum limit of the loan is Rs 10 lakh. MUDRA stands for Micro Units Development & Refinance Agency Ltd.
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.
Important takeaways for all competitive exams:
- IMF Headquarters: Washington, D.C. U.S;
- IMF Managing Director and Chairman: Kristalina Georgieva;
- IMF Chief Economist: Gita Gopinath.
RBI Authorises IndusInd Bank to act as an ‘Agency Bank’
The IndusInd Bank has been empanelled by the Reserve Bank of India (RBI) to act as an ‘Agency Bank’. As an Agency Bank, IndusInd becomes eligible to carry out transactions related to all kinds of government-led businesses. This decision is based on the RBI guideline that authorises scheduled private sector banks as agency banks of the regulator for the conduct of government business.
IndusInd Bank now joins few other private banks of the country listed as Agency Bank of RBI, to carry out general banking business on behalf of the central and state government, apart from offering its customers the convenience of undertaking routine financial transactions through its banking platform.
As an empanelled ‘Agency Bank’, IndusInd Bank can perform certain transactions such as:
- Handle transactions pertaining to revenue receipts under CBDT, CCBIC and GST on behalf of the state/central government.
- Make transactions for pension payments on behalf of state/central government work related to Small Savings Schemes (SSS).
- Collection of stamp duty charges, and collection of stamp duty from citizens for the franking of documents.
- Undertake the collection of state taxes such as professional tax, VAT, state excise etc. on behalf of various state governments, among other things.
Important takeaways for all competitive exams:
- The IndusInd Bank CEO: Sumant Kathpalia;
- The IndusInd Bank Headquarters: Pune;
- The IndusInd Bank Owner: Hinduja Group;
- The IndusInd Bank Founder: S. P. Hinduja;
- The IndusInd Bank Founded: April 1994, Mumbai.
7 Indian Companies Feature in Fortune Global 500 list for 2021
Seven Indian companies have found a place in 2021 Fortune’s Global 500 list. The Fortune Global 500 is an annual ranking of the top 500 enterprises globally, as measured by business revenues. Mukesh Ambani-led Reliance Industries Ltd is the highest-ranked Indian company on the list in terms of revenue, with revenues of nearly $63 billion. It is placed at 155th spot globally.
Globally, Walmart has topped the list in terms of revenue for the eighth consecutive year and the 16th time since 1995. China has dominated this years list for the highest number of companies featuring in the list at 143, including those from Taiwan. This is followed by the U.S. with 122, and Japan with a total of 53, respectively.
Indian Companies in the list:
- Reliance Industries (155)
- State Bank of India (205)
- Indian Oil (212)
- Oil & Natural Gas (243)
- Rajesh Exports (348)
- Tata Motors (357)
- Bharat Petroleum (394)
The top 10 Global Companies in the list:
- Walmart (US)
- State Grid (China)
- Amazon.com (US)
- China National Petroleum (China)
- Sinopec (China)
- Apple (US)
- CVS Health (US)
- UnitedHealth Group (US)
- Toyota Motor (Japan)
- Volkswagen (Germany)
Mini Ipe appointed as LIC MD ahead of proposed IPO
Mini Ipe took charge as managing director of Life Insurance Corporation of India. Ipe is a post-graduate in commerce and joined LIC in 1986 as a direct recruit officer. She has a diverse experience in LIC having worked in various capacities. LIC is India’s 2nd-largest financial services institution with a Rs 31 lakh crore balance sheet, next to the country’s largest bank, State Bank of India (SBI), with assets of Rs 39.51 lakh crore.
Before taking charge as managing director, she was executive director, legal department, LIC of India. Mini Ipe was the first woman zonal manager (in-charge) of LIC and headed SCZO, Hyderabad. She has also worked as executive director (international operations), director and CEO of LICHFL Financial Services Ltd. She has also worked as regional manager (P&IR) and regional manager (estate) of the western zone. Ipe joins the team of other MDs at LIC, including Mukesh Kumar Gupta, Raj Kumar and Siddhartha Mohanty.
Important takeaways for all competitive exams:
- LIC Headquarters: Mumbai;
- LIC Founded: 1 September 1956;
- LIC Chairman: M R Kumar.
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.
Important takeaways for all competitive exams:
- DBS Bank Headquarters: Singapore;
- DBS Bank CEO: Piyush Gupta.
Tokyo Olympics 2020: Boxer Lovlina Borgohain Claims Bronze Medal
Indian Boxer, Lovlina Borgohain has failed to reach the gold medal final match. She settles for a bronze medal. This is India’s third medal of the ongoing Tokyo Olympics. She lost to Busenaz Surmeneli of Turkey by unanimous decision in the women’s welterweight (69 kg) semifinal at Tokyo 2020. Lovlina had already assured India of their first boxing medal at the ongoing Olympic Games when she upstaged former world champion, Nien-Chin Chen of Taiwan, to enter the semis.
Shehroze Kashif becomes world’s youngest mountaineer to scale K2
A 19-year old Pakistani climber Shehroze Kashif became the youngest person in the world to reach the summit of K2, the second-highest peak in the world. Shehroze Kashif from Lahore achieved the feat of scaling the 8,611-metre high peak with the aid of bottled oxygen. Before Kashif, Sajid Sadpara, the son of the legendary climber Muhammad Ali Sadpara, was the youngest person to have climbed K2 at the age of 20.
Kashif also scaled the world’s 12th-highest mountain, the 8,047-meter Broad Peak, at the age of 17. In May this year, he became the youngest Pakistani to scale Mount Everest. Pakistan, Nepal, and China are home to the 14 highest peaks in the world, also known as the 8,000ers. Five 8,000-metre peaks, including K2 and Nanga Parbat, are in Pakistan.
Important takeaways for all competitive exams:
- Pakistan Capital: Islamabad;
- Pakistan President: Arif Alvi;
- Pakistan Prime minister: Imran Khan;
- Pakistan Currency: Pakistani rupee.
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.
Important takeaways for all competitive exams:
- Sri Lanka Capitals: Sri Jayawardenepura Kotte; Currency: Sri Lankan rupee.
- Sri Lanka Prime Minister: Mahinda Rajapaksa; Sri Lanka President: Gotabaya Rajapaksa.
IAF inducts 2nd squadron of Rafale aircraft at West Bengal’s Hasimara
The Indian Air Force (IAF) has formally inducted the second squadron of Rafale jets at West Bengal’s Hasimara airbase in Eastern Air Command (EAC). The event included a fly-past heralding the arrival of Rafale to Hasimara, followed by a traditional water cannon salute. Recalling the glorious history of 101 Squadron, which bestowed upon them the title of ‘Falcons of Chamb and Akhnoor’, Bhadauria urged the personnel to combine their zeal and commitment with the unmatched potential of the newly inducted platform.
Hasimara is the second IAF base to be equipped with Rafale aircraft. The first squadron of the Rafale jets is stationed at Ambala Air Force station. India has so far received 26 Rafale aircraft out of the 36 it has ordered from Dassault Aviation. The first batch of five Rafale jets arrived in India on 29 July 2020, nearly four years after India signed an inter-governmental agreement with France to procure 36 aircraft at a cost of ₹59,000 crores. The Rafale jets are India’s first major acquisition of fighter planes in 23 years after the Sukhoi jets were imported from Russia. The Rafale jet is capable of carrying a range of potent weapons.
About the Rafale jets:
- The multi-role Rafale jets, built by French aerospace major Dassault Aviation, are known for air superiority and precision strikes.
- European missile maker MBDA’s Meteor beyond visual range air-to-air missile and Scalp cruise missile will be the mainstay of the weapons package of the Rafale jets.
Mumbai, Bengaluru lose top-100 spots in QS Best Student Cities Ranking
Mumbai and Bengaluru are out of the global top-100 list and are currently ranking at 106 and 110, respectively in the latest edition of the QS Best Student Cities Ranking. While Mumbai lost 29 places, Bengaluru fell by 21 places in the ninth edition of the rankings brought out by global higher education analysts QS Quacquarelli Symonds.
Globally, the results, which enable students to compare 115 premier educational destinations, see London retain its status as the world’s best student city for the third consecutive edition. It is followed by Munich, which rises from 4th to 2nd. Seoul, which jumps from 10th to joint-3rd, shares the bronze-medal position with Olympic hosts Tokyo.
About the QS rank cities:
- QS rank cities with a population of at least 250,000 and with at least two universities placing in the QS World University Rankings.
- The ranking offers a powerful lens into the sentiments of both prospective and former students, with over 95,000 survey responses contributing to the Desirability (prospective students) and Student View (former students) indexes.
- As part of its methodology, QS covers metrics like university rankings, student mix, desirability, employer activity, and affordability, among others.
Ordnance Factory launches new weapon ‘Trichy Carbine’
The Ordnance Factory Tiruchirappalli (OFT) in Tamil Nadu launched a new high-tech and low sound weapon called TriCa (Trichy Carbine), a mini version of the Trichy Assault Rifle (TAR). It was unveiled by General Manager of OFT Sanjay Dwivedi, IOFS (Indian Ordnance Factories Service) during a function.
Features of TriCa:
- Size of TriCa: 7.62 X 39 mm portable weapon launched on the carbine platform
- Weight of TriCa: 3.17 kg (including the magazine) and
- Range of TriCa: 150 to 175 metres
The lighter and compact weapon, carbine TriCa is designed for the infantry combat vehicle, helicopter crew and security personnel for operations that call for a compact and relatively powerful individual automatic weapon. The weapon is also for paratroopers, police and security personnel guarding highly secure facilities such as airports, and for use by the Special Operation Forces.
ESA launched ‘Eutelsat Quantum’ revolutionary reprogrammable Satellite
European Space Agency (ESA) launched ‘Eutelsat Quantum’, the world’s 1st commercial reprogrammable satellite into space aboard Ariane 5 rocket from French Guiana. It is a fully flexible software-defined satellite. The satellite has been developed under a European Space Agency partnership project with satellite operator Eutelsat, Airbus & Surrey Satellite Technology.
A reprogrammable satellite allows the user to repurpose it even after being launched into orbit. It can be reprogrammed in real-time to suit the changing purposes of the user. The Quantum satellite is capable of responding to changing demands for data transmission and secure communication during its lifespan of 15 years and will cover the areas from West Africa to Asia. The satellite will remain in geostationary orbit for its 15-year lifespan, after which it will be safely placed in a graveyard orbit away from Earth to avoid becoming a risk to other satellites.
About the Satellite:
Eutelsat Quantum is a UK flagship project with most of the satellites developed and manufactured by British industry. Airbus is the prime contractor and was responsible for building the satellite’s innovative payload, while Surrey Satellite Technology Ltd manufactured the new platform. The innovative phase array antenna was developed by Airbus in Spain.
Important takeaways for all competitive exams:
- European Space Agency is an intergovernmental organization of 22 member states;
- European Space Agency was established in 1975 and headquartered in Paris.
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.), CMD Mazagon Dock Shipbuilders Limited.
The Book rediscovers the forgotten history of Mazagon and resurrects the identity of Maza Gaon, 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”.
A book on Leopard titled ‘Leopard Diaries – the Rosette in India’ by Sanjay Gubbi
Wildlife Biologist, Sanjay Gubbi authored a book about Leopard titled ‘Leopard Diaries – the Rosette in India’, in which he says about the food habits, ecological context, and conservation of Leopard along with the suggestions to overcome leopard–human conflict. The book also details Sanjay Gubbi’s practical engagement as a conflict manager, adviser to the State government, and leopard PR (Public Relations) person. The book was published by Westland.
Leopard is one of the five extant species in the genus Panthera, a member of the cat family, Felidae. As per the government’s report, Madhya Pradesh has the highest number of leopards, about 26 per cent of the total number estimated in the country.
About the Author:
Sanjay Gubbi is a wildlife biologist, Scientist (Western Ghats), working on the conservation of large carnivores like tigers and leopards. He was awarded Whitley Award (popularly known as the Green Oscars) (2017) and the Co-Existence Award (2019) among several others, for his work.
