Saturday, 10 April 2021
GK Update of 01st April 2021 overlaying the next information headlines: Bahrain Grand Prix 2021, Axis Bank, AYUSH Ministry, Utkal Divas or Odisha Day, Emergency Credit Line Guarantee Scheme.
National News
1. Govt additional extends Emergency Credit Line Guarantee Scheme to June 30, 2021
- The Central Government has prolonged the Emergency Credit Line Guarantee Scheme (ECLGS 3.0) by one other three months until June 30, 2021, or until such time that an quantity of Rs. 3 lakh crore is sanctioned beneath the Scheme.
- Additionally, the federal government has additionally launched sure modifications within the ECLGS scheme to additional contribute in direction of financial revival.
- The restrict of credit score has been enhanced to 40 per cent of excellent loans as of February 29, 2020. This restrict was 20 per cent earlier.
- The scheme would now additionally cowl debtors with whole credit score excellent as much as Rs 500 crore, with overdues for 60 days or much less on February 29 2020, as in comparison with 30 days overdue earlier.
- The tenor of loans granted beneath ECLGS 3.0 is 6 years with a moratorium interval of two years on compensation of principal. In ECLGS 2.0, the tenor was 5 years with a 12-month moratorium.
- Further, the scheme has additionally launched offering an incentive to MLIs (member lending establishments) to allow the supply of extra funding facility to the eligible beneficiaries.
- The ECLGS was introduced as a part of the Aatma Nirbhar Bharat Package of Central Government to supply absolutely assured and collateral-free extra credit score to MSMEs, enterprise enterprises, particular person loans for enterprise functions and MUDRA debtors.
2. Government pronounces Rs 14,500 crore capital infusion in 4 PSBs
- The Central Government has introduced to infuse Rs 14,500 crore in 4 state-owned lenders specifically Central Bank of India, Indian Overseas Bank, Bank of India and UCO Bank in 2020-21, by issuing non-interest bearing bonds to those banks.
- This infusion will full the federal government’s whole capital infusion of Rs 20,000 crore in public sector banks for the present monetary yr 2020-21. Earlier in December 2020, it infused Rs 5,500 crore in Punjab and Sind Bank.
- The Recapitalisation bonds might be issued with six completely different maturities, and the particular securities can be “at par” for the quantity as per the appliance made by the eligible banks.
- Banks require capital to fulfill the obligatory reserve necessities laid out by the Reserve Bank of India (RBI), make provisions for dangerous loans and kick-start the lending cycle when demand revives within the financial system.
State News
3. Utkal Divas or Odisha Day is widely known on 1 April
- Utkal Divas or Utakala Dibasha is widely known on April 1 yearly to recollect the formation of the Odisha state after a wrestle to be recognised as an unbiased state. Under British rule, Odisha was a part of the Bengal presidency, which consisted of the present-day Bihar, West Bengal, and Odisha.
- The state was initially known as Orissa however the Lok Sabha handed the Orissa Bill, and Constitution Bill (113rd modification), in March 2011 to rename it Odisha.
- The new province of Odisha was shaped after folks’s continued wrestle, which lastly paid off on April 1, 1936. Sir John Hubbak was the primary governor of the state. Notable leaders from that motion are Utkala Gouraba, Madhusudan Das, Utkala Mani, Gopabandhu Das, Fakir Mohan Senapati, Pandita Nilakantha Das, and plenty of others.
Important takeaways for all aggressive exams:
- Chief Minister of Odisha: Naveen Patnaik.
- Odisha Capital: Bhubaneswar.
- Odisha Governor: Ganeshi Lal.
Banking News
4. SBI inks USD 1 billion mortgage settlement with Japan Bank
- India’s largest lender, State Bank of India, has raised $1 billion from Japan Bank for International Cooperation (JBIC) to increase loans to the availability chain of the Japanese car trade in India.
- The mortgage is within the type of refinancing in opposition to the funding assist supplied to the producers, suppliers and sellers of Japanese vehicles in India.
- This collaboration between SBI and JBIC will assist the financial institution in extending mortgage facility to the whole provide chain at a time when individuals are preferring a private mode of transport.
- Now the entire mortgage facility between SBI and JBIC has turn into $2 billion. Earlier in October 2020, SBI inked an identical settlement for $1 billion with JBIC.
Important takeaways for all aggressive exams:
- SBI Chairperson: Dinesh Kumar Khara.
- SBI Headquarters: Mumbai.
- SBI Founded: 1 July 1955.
5. RBI extends deadline for processing auto-debit funds by 6 months
- The Reserve Bank of India (RBI) has prolonged the timeline for processing recurring on-line transactions by 6 months to September 30, 2021.
- Earlier in December 2020, RBI had directed all banks together with RRBs, NBFCs, and cost gateways that the processing of recurring transactions (home or cross-border) utilizing playing cards or Prepaid Payment Instruments (PPIs) or Unified Payments Interface (UPI) wouldn’t be continued past March 31, 2021, if they don’t adjust to Additional Factor of Authentication (AFA).
Important takeaways for all aggressive exams:
- RBI twenty fifth Governor: Shaktikant Das; Headquarters: Mumbai; Founded: 1 April 1935, Kolkata.
6. Axis Bank to promote UK arm to tech platform
- Private sector lender Axis Bank has entered right into a Share Purchase Agreement on the market of 100 per cent stake in its subsidiary, Axis Bank UK Limited to OpenPayd Holdings Ltd.
- The settlement was entered on March 31, 2021, and the transaction is topic to approval by the UK Financial Regulator, the Prudential Regulation Authority (PRA).
- The consideration or the worth for the transaction can be the completion web asset worth (guide worth of the financial institution on the date of completion), plus a set premium of $5,500,000.
- Axis Bank expects the sale to be accomplished by September 30, 2021 topic to the approval of ‘Change in Control’, acquired from the UK Financial Regulator, the PRA.
Important takeaways for all aggressive exams:
- Axis Bank Commenced operations: 1994.
- Axis Bank Headquarters: Mumbai, Maharashtra.
- Axis Bank Tagline: Dil Se Open.
- Axis Bank MD and CEO: Amitabh Chaudhry.
Economy News
7. Govt pegs market borrowing at Rs 7.24 lakh crore in 1st half of FY22
- The authorities has determined to borrow Rs 7.24 lakh crore within the first half of 2021-22 fiscal (FY22) to fulfill assets to revive the financial system hit by coronavirus pandemic. This borrowing is 60.06 per cent of the estimated gross issuances for fiscal 2021-22.
- According to Budget 2021-22, the estimated gross borrowing is pegged at Rs 12.05 lakh crore within the monetary yr starting April 01, 2021. The authorities raises cash from the market to fund its fiscal deficit by way of dated securities and treasury payments.
8. World Bank raises GDP progress projection for India to 10.1% for FY22
- The World Bank has revised upward the GDP progress projections for India by 4.7 proportion factors to 10.1 per cent for the monetary yr 2021-22, as a result of a robust rebound in non-public consumption and funding progress. Earlier the financial institution had pegged the GDP progress at 5.4 per cent for FY22.
- Apart from this, the World Bank has forecast the financial system to contract by 8.5 per cent in FY21 (2020-21). The multilateral company has additionally projected financial progress at 5.8 per cent for India throughout FY23 (2022-23).
Important takeaways for all aggressive exams:
- World Bank Headquarters: Washington, D.C., United States.
- World Bank Formation: July 1944.
- World Bank President: David Malpass.
9. AYUSH Ministry in collab with Vinoba Seva Pratishthan organizes ‘Ayurveda Parav’
- In a bid to advertise Ayurveda because the mainstream remedy for the prevalent lifestyle-related ailments, Vinoba SevaPratisthan (VSP), in collaboration with the Ministry of AYUSH, has efficiently organized a 3-day “Ayurveda Paravin Bhubaneswar.
- This distinctive initiative goals to not solely guarantee better acceptance of Ayurveda among the many lots but in addition to popularize Ayurveda as the primary line of remedy for the present way of life ailments.
- The Ministry of AYUSH supplied full-fledged assist to this programme. During this Parv, practically 25 analysis papers have been introduced by specialists and researchers. The initiative generated large response as 1000’s of sufferers turned up and confirmed their belief in direction of Ayurveda treatment. They did get their prognosis and consequent medication.
Important takeaways for all aggressive exams:
- Minister of State (IC) of the Ministry of AYUSH: Shripad Yesso Naik.
Sports News
10. Lewis Hamilton gained Bahrain Grand Prix 2021
- Mercedes star Lewis Hamilton received his bid for an eighth world title off to an exciting begin with victory within the Bahrain Grand Prix 2021.
- Hamilton after his 96th profession win. Max Verstappen (Red bull) and V Bottas (Mercedes ) stand 2nd and third Position Respectively.
Miscellaneous News
11. PAN-Aadhaar linking deadline prolonged to June 30
- The central authorities has prolonged the deadline for linking the Aadhaar quantity with the everlasting account quantity (PAN) to June 30, 2021, in view of the difficulties arising out of the COVID-19 pandemic.
- The earlier deadline was March 31. The authorities had mentioned those that miss the deadline might be liable to pay a penalty of as much as Rs 1,000 and their PAN will turn into invalid.
- The date for concern of discover beneath Section 148 of Income Tax Act,1961, the passing of consequential order for path issued by the Dispute Resolution Panel (DRP) and processing of equalisation levy statements has additionally been prolonged to thirtieth April 2021.
- The authorities handed the Finance Bill 2021 within the Lok Sabha final week the place it inserted a brand new part 234H beneath which an individual shall be liable to pay a late price of as much as Rs 1,000 in case of non-linking of their PAN with Aadhaar.
Important takeaways for all aggressive exams:
- UIDAI Founded: 28 January 2009;
- UIDAI Headquarters: New Delhi.
- UIDAI CEO: Saurabh Garg.