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The Hindu Review July 2020
The Hindu Review July 2020
Contents
About the Special liquidity scheme for NBFCs/HFCs: • They should be rated investment grade by a SEBI
• Operations of the Special liquidity scheme would be registered rating agency.
managed by the Special Purpose Vehicle (SLS Trust) They should comply with the requirement of the SPV for
set up by SBI Capital Markets Limited (SBICAP), a an appropriate level of collateral from the entity, which,
subsidiary of the State Bank of India. however, would be optional and to be decided by the SPV.
• SPV will purchase the short-term papers from eligible
NBFCs/HFCs. These eligible NBFCs/HFCs would be GoI, Govt of TN & World Bank signs
allowed to utilise the proceeds under the Special agreements for Housing projects
liquidity scheme merely to extinguish the existing
liabilities. • Government of India, Government of Tamil Nadu
• The short term papers can be commercial paper (CPs) and the World Bank has signed an agreement for two
and Non-convertible debentures (NCDs) with a projects of worth $250 million.
residual maturity of not more than 3-months and • These projects would be executed to help low-income
should be rated as investment grade.
groups in the state of Tamil Nadu get access to
• The facility will not be available for any paper issued affordable housing.
after September 30, 2020.
• These projects will strengthen the Tamil Nadu’s
• The SPV would cease to make fresh purchases after housing sector policies, institutions, and regulations.
September 30, 2020 and would recover all dues by
December 31, 2020; or as may be modified
subsequently under the scheme.
• The scheme will remain open for a period of 3 months
for making subscriptions by the Trust. The period of
lending by the Trust shall be for a period of upto 90
days.
To be eligible under the Scheme, the following
conditions should be met by the NBFCs/HFCs:
• NBFCs including Microfinance Institutions registered
with the RBI under the Reserve Bank of India Act,
1934, excluding those registered as Core Investment
Companies.
• “Maha” Jobs Portal has been launched by the • This report is produced by the United Nations Office
Maharashtra governmentto offer remployment for the Coordination of Humanitarian Affairs (UN-
opportunities to local residents. OCHA) on behalf of all INFORM Partners.
• All the variables have been divided into six areas • People will be able to avail the Corona Kavach
policy for Self, spouse, parents, parents-in-law as
with certain weights, as follows:
well as dependent children up to 25 years of age.
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The Monthly Hindu Review|Current Affairs|July 2020
India ranks 3rd in Global Manufacturing India successfully tests fires ATGM
Risk Index 2020 “Dhruvastra”
• The annual Global Manufacturing Risk Index (MRI) • India has successfully conducted flight tests of its
report was released by the US-based property indigenously developed anti-tank guided missile
consultant Cushman & Wakefield, to rank the most ‘Dhruvastra’.
suitable locations for global manufacturing among 48 • The flight tests were conducted from the Integrated
countries in Europe, Americas, and the Asia-Pacific. Test Range at Chandipur in Odisha.
• Each of the countries has been assessed in four key • ‘Dhruvastra’ is an anti-tank guided missile (ATGM)
areas: Bounce-backability, Conditions, Costs and which has been developed by the Defence Research
Risks. and Development Organisation (DRDO). It is a
• China and the United States retain the top two helicopter version of ‘Nag Helina’.
positions respectively in MRI 2020 • ‘Dhruvastra’, the helicopter-launched ATGM, is meant
• India was ranked3rd in MRI 2020. to be fired from air to destroy enemy bunkers,
armoured vehicles and main battle tanks.
Consumer Protection Act, 2019 comes into
force in India RBI releases the Financial Stability Report,
July 2020
• The Consumer Protection Act, 2019 has been
implemented in India since 20th July 2020. It has • The Reserve Bank of India has released the 21st Issue
replaced Consumer Protection Act, 1986. of the Financial Stability Report (FSR).
• The new act has been introduced to offer protection • The FSR reflects the collective assessment of the Sub-
to buyers from traditional sellers as well as from the Committee of the Financial Stability and Development
new e-commerce retailers/platforms. Council (FSDC) on risks to financial stability and the
resilience of the financial system.
• It will protect the consumer rights through its various
notified Rules and provisions and will empower • The Report also discusses the issues relating to the
consumers and hence help them in protecting their development and regulation of the financial sector.
rights.
Highlights of the Financial Stability Report (FSR):
Some of the features of the Consumer Protection Act, • Bank credit, which had considerably weakened during
2019: the first half of 2019-20, slid down further in the
• It includes Consumer Protection Councils, subsequent period with the moderation becoming
Consumer Disputes Redressal Commissions, broad-based across bank groups.
Mediation, Product Liability and punishment for • Capital to risk-weighted assets ratio (CRAR) of
manufacture or sale of products containing Scheduled Commercial Banks (SCBs) edged down to
adulterant / spurious goods. 14.8% in March 2020 from 15.0% in September
2019 while their gross non-performing asset (GNPA)
• It involves the setting up of the Central Consumer
ratio declined to 8.5% from 9.3% and the provision
Protection Authority (CCPA) which will aim to
coverage ratio (PCR) improved to 65.4% from
promote, protect and enforce the rights of consumers.
61.6% over this period.
• It will conduct investigations into violations of
• Macro stress tests for credit risk indicate that the
consumer rights and institute complaints /
GNPA ratio of all SCBs may increase from 8.5%in
prosecution.
March 2020 to 12.5% by March 2021 under the
• It will order recall of unsafe goods and services as
baseline scenario; the ratio may escalate to 14.7%
well as discontinuance of unfair trade practices and
under a very severely stressed scenario.
misleading advertisements.
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The Monthly Hindu Review|Current Affairs|July 2020
• Network analysis revealed that total bilateral
Union Cabinet Approves National Education
exposures among entities in the financial system
Policy 2020
declined marginally during 2019-20; with the inter-
bank market continuing to shrink and with the better • The Union Cabinet chaired by the Prime Minister
capitalisation of public sector banks (PSBs), there Shri Narendra Modi has approved the National
would be reduction in contagion losses to the banking Education Policy 2020.
system under various scenarios in relation to a year • The National Education Policy 2020 will replace the
ago. thirty-four year old National Policy on Education
(NPE), 1986.
Global Multidimensional Poverty Index • National Education Policy 2020 is the first
education policy of the 21st century and aims to
2020 released bring transformational reforms in both school and
higher education sectors.
• The 2020 Global Multidimensional Poverty Index
(MPI): Charting pathways out of multidimensional • The new policy is based on the foundational pillars
of Access, Equity, Quality, Affordability and
poverty: Achieving the SDGs” was released by the
Accountability.
Oxford Poverty and Human Development
• It has a target of 50% Gross Enrollment Ratio by
Initiative at the University of Oxford and the Human
2035 and provision for multiple entry and exits.
Development Report Office of the United Nations
Development Programme.
Fleet of 5 Rafale multi-role combat jets arrived
• It measures the complexities of poor people’s in India
lives, individually and collectively, each year.
• A fleet of five French-manufactured Rafale multi-
Features of the Report: role combat jets arrived in India.
• The report shows that out of 75 countries studied, 65 • Rafale Jets landed at the Ambala Air Force base after
covering a distance of 7,000 km from the Merignac
countries have reduced multidimensional poverty
airbase in French port city of Bordeaux.
levels between 2000 and 2019.
• The fleet, which comprises three single seater and
• Among the 65 countries, 50 countries have reduced two twin seater aircraft, would be inducted into the
the number of people living in poverty. IAF as part of its Ambala-based No 17 Squadron,
• Children show higher rates of multidimensional also known as the ‘Golden Arrows’.
poverty: half of multidimensionally poor people (644 • Government of India signed a Rs 59,000-crore deal
million) are children under age 18. with French aerospace major Dassault Aviation on
• One in three children is poor compared with one in September 23, 2016 to procure 36 Rafale jets.
six adults. • The delivery of all 36 aircraft will be completed on
schedule by the end of 2021.
• About 84.3 percent of multidimensionally poor people
live in Sub-Saharan Africa (558 million) and South
Asia (530 million).
• The index emphasises on measuring and monitoring
progress under the goals to reach ‘zero poverty by
2030-Goal 1 of the SDGs’.
Indian Scenario:
• It states that India recorded the largest reduction in
the number of people living in poverty as around
273 million people moved out of the
multidimensional poverty over 10 years (from 2005-
2006 to 2015-2016).
Schemes for promotion of Bulk Drugs & As per the Unlock-3 guidelines, all activities would be
Medical Devices Parks permitted outside the containment zones, except the
following:
• Union Minister for Chemicals and Fertilizers Shri DV
Sadananda Gowda has launched four schemes for • Schools, colleges, educational and coaching
the promotion of domestic manufacturing of bulk institutions will remain closed till 31st August 2020.
drugs and medical devices parks in the country. • Yoga institutes and gymnasiums would be allowed to
• The Department of Pharmaceuticals has formulated function from 5th August 2020 as per the standard
four schemes, two each for Bulk Drugs and Medical operating procedures (SOP) issued by the Ministry of
Devices parks.
Health and Family Welfare (MoHFW).
• These schemes will work towards the development
of Indian pharmaceutical capacities and reduce • Cinema Halls, swimming pools, entertainment parks,
India’s dependence on imports, hence making it self theatres, bars, auditoriums, assembly halls and
reliant. similar places will remain closed.
• International air travel of passengers, except as
The key features of the four schemes are:
permitted by MHA.
• The scheme will remain open for applications for a
period of 120 days from the date of issuance of • Metro rail; social/ political/ sports/ entertainment/
guidelines. academic/ cultural/ religious functions as well as
• The applicants will receive the approval within 90 other large congregations.
days from the closure of application window. As per the Unlock-3 guidelines, lockdown will continue to
• Applications will be received only through an online remain in force in the containment zones till 31st August
portal and the total financial outlay of the scheme is 2020. Only essential activities will be allowed in the
Rs 6,940 crore. containment zones.
• Scheme for promotion of Bulk Drug Parks aims for
the establishment of 3 bulk drug parks in the
Indian team’s 2018 Asian Games silver medal
country. Maximum grant-in-aid for one bulk drug
park is limited to Rs.1000 crore. upgraded to gold
• Production Linked Incentive (PLI) scheme for
promoting domestic manufacturing of Medical • The Indian quartet of Mohammed Anas, M.R.
Devices aims to boost domestic manufacturing of Poovamma, Hima Das and Arokia Rajiv, who
medical devices in four target segments. This will be finished second behind Bahrain in the 4×400 mixed
achieved by offering financial incentives on sales to a relay final have now become the first winner of the
maximum number of 28 selected applicants for a event. Hence, the silver medal of the Indian 4×400
period of 5 years.
mixed relay team’s 2018 Asian Games, Jakarta has
• The Production Linked Incentive (PLI) schemes
been upgraded to gold.
aims to boost domestic manufacturing of 53 bulk
drugs, on which India is critically dependent on • The medal was upgraded to gold following the
imports. disqualification of Bahrain squad that finished first in
the 4×400 mixed relay final.
Ministry of Home Affairs releases Unlock-3 • The Bahrain squad was disqualified as Kemi
guidelines Adekoya of Bahrain has been handed a 4-year ban
• Ministry of Home Affairs has released the Unlock-3 by the Athletics Integrity Unit for failing a dope test.
guidelines which will be valid upto 31st August • Indian runner Anu Raghavan has moved from fourth
2020. The new guidelines seeks to re-open more place to bronze medal position in the women’s 400
activities in areas outside the Containment zones and
m hurdles following the disqualification of Kemi
to extend the lockdown in containment zones upto
Adekoya of Bahrain.
31st August 2020.
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The Monthly Hindu Review|Current Affairs|July 2020
• Fino Payments Bank Limitedhas launched
MoES National Awards for excellence in Earth
‘Bhavishya’ savings account for minors aged
System Science between 10-18 years. There is not any minimum
account balance requirement to open the ‘Bhavishya’
• The Ministry of Earth Sciences (MoES) has
savings account.
announced the winners of “MoES National Awards
for excellence in Earth System Science“.
• SBM Bank (India) Ltd has partnered with
Mastercard to revolutionize domestic and cross-
border payments and remittances services. The SBM
Here is the complete list of winners:
Bank India customers will be able to make real-time
Sr.No. Award Winner domestic business-to-consumer transfers quickly and
Professor Ashok efficiently using ‘Mastercard Send’.
1 Life Time Excellence Award
Sahni • Karur Vysya Bank has signed an agreement with
National Award for Bajaj Allianz Life Insurance to offer life insurance
Dr. S. Suresh solutions to its customers.
2 Atmospheric Science &
Babu • NABARD has announced Rs 5,000 crore of
technology
refinance scheme for banks and financial institutions
National award for N. V. Chalapathi to offer finance to the beneficiaries of its 2,150
3
Geoscience & technology Rao watershed development projects.
National Award for Ocean Dr. M. A. • NABARD has assigned Rs 5,000 crore to transform
4
Technology Atmanand Primary Agricultural Credit Societies (PACS) into
Anna Mani award for Dr. Lidita D. S. multi service centres.
5 • Visa, a global leader in payments technology has tied-
woman scientist Khandeparker
up with Federal Bank to launch “Visa Secure” to the
Dr. Indra Sekhar bank’s cardholders. “Visa Secure” is a modernized
6 Young Researcher Awards
Sen technology which is built on EMVCo 3DS (3D Secure)
National Award for Ocean Dr. V. V. S. S. 2.0 protocol, and provides a quicker and frictionless
7
Science & technology Sarma checkout experience to the consumers.
• UPI AutoPay facility for recurring payment has been
Banking and Financial Current Affairs launched by the National Payment Corporation of
India. The new facility will enable recurring e-
• YES Bank has launched a digital solution, “Loan in mandate with the help of any Unified Payments
Seconds” for instant disbursement of retail loans. Interface (UPI) application for recurring payments
• Karur Vysya Bank (KVB) has entered into a like mobile bills, electricity bills, EMI payments etc
upto Rs. 2000.
partnership with Star Health and Allied Insurance
Co to provide a wide range of health insurance • Bank of Barodahas launched ‘Insta Click Savings
Account’, a 100% paperless digital self-assisted
options to its customers.
online savings account.
• Reserve Bank of India has signed an agreement for
extending a $400-million currency swap facility to
Sri Lanka in order to boost the foreign reserves and
ensure the financial stability of the country, which is
badly hit by the COVID-19 pandemic.