2 June, 2021
Indian Banks’ Association(IBA) and State Bank of India(SBI) announced that all Public Sector Banks (PSBs) will provide unsecured personal loans between Rs 25,000 to Rs 5 lakh to salaried, non-salaried and pensioners for COVID-19 treatment cost (to them and their family members). The repayment tenure of those loans will be 5 years and SBI would charge interest of 8.5 percent per annum and other banks are made free to decide their interest rate. About Indian Banks’ Association(IBA): Establishment – 1946 Headquarters – Mumbai, Maharashtra Chief Executive – Shri Sunil Mehta
On account of the World No Tobacco Day, World Health Organisation (WHO) has awarded Union Health Minister Harsh Vardhan with ‘WHO Director-General Special Award’ for banning E-cigarettes & heated tobacco products.
i.World No Tobacco Day 2021 was celebrated on 31st May 2021.
ii.The 2021 theme and campaign of World No Tobacco Day is “Commit to Quit”.
74th World Health Assembly of WHO Held Virtually
74th session of the World Health Assembly (WHA) of World Health Organization (WHO) held virtually from Geneva, Switzerland amid COVID-19, from 24th May to 31st May 2021.The theme of the 74th WHA is “Ending this pandemic, preventing the next: building together a healthier, safer and fairer world”. Mrs.Dechen Wangmo, Health Minister of Bhutan has been elected as the President of the 74th WHA.
Target – To achieve vaccination of at least 10% of the population of all countries by September,2021 and at least 30% by the end of 2021.
About World Health Organization (WHO):
Director General – Dr Tedros Adhanom Ghebreyesus
Headquarter – Geneva, Switzerland
43rd GST Council Meet: FM Announced Amnesty Scheme for Reducing Late Fees
The 43rd Goods and Services Tax (GST) Council met virtually under the Chairmanship of Union Finance & Corporate Affairs Minister Nirmala Sitharaman recommended the ‘Amnesty Scheme’ to reduce the late fees payable for pending returns by small taxpayers & medium-sized taxpayers (aggregate turnover upto Rs 5 crore).
About GST Council:
i.It was constituted on 15th September 2016 under Article 279A of the Constitution.
ii.It is an apex member committee to modify or to procure any law or regulation based on the context of GST in India.
iii.The council is headed by the union finance minister (Current- Nirmala Sitharaman) assisted by the finance minister of all the states of India.
‘PM- CARES for Children’ scheme launched to support children against COVID-19
Prime Minister Narendra Modi launched a new scheme under PM-CARES for children who affected in COVID-19. Children who have lost both parents or surviving parent or legal guardian/adoptive parents due to Covid 19 will be supported under ‘PM-CARES for Children’ scheme.
The supportive measures are:-
i.Each child will receive a monthly financial support once they attain 18 years of age for next five years and they will get a fund of Rs.10 lakh when they turn 23.
ii.Children under 10 years and Children between 11 to 18 years will be given admission to Central Government schools or in private schools.
iii.Expenditure of School fees,uniform,and textbooks will be provided under PM-CARES fund.
iv.The children can get loan for their higher education, and PM CARES will pay interest of loan.
v.Free health insurance cover of Rs. 5 lakhs will be given to the children under Ayushman Bharat Scheme (PM-JAY) and premium amount till the age of 18 years will be paid by PM CARES.
A public charitable trust under the name of ‘Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund)’ has been set up in 2020 to provide financial assistance of any kind relating to a public health emergency, calamity or distress, either man-made or natural.
Defence Ministry released ‘2nd Positive Indigenisation List’ of 108 items for Self-Reliance & Defence Exports
The Defence Minister, Rajnath Singh approved the ‘Second Positive Indigenisation List’ comprising 108 items.2nd Positive Indigenisation List is proposed by Department of Military Affairs, Ministry of Defence (MoD).
i.This is taken as a part of “Aatmanirbhar-Bharat” to improve self-reliance in defence procurement, enhance India’s defence exports.
ii.The defence items will be allowed for local manufacturing in a phased manner from December 2021 to December 2025.
iii.India is the 2nd largest Arms importer during the period 2016-20, only behind Saudi Arabia.
About Ministry of Defence:
Union Minister – Rajnath Singh (Constituency – Lucknow, UP)
Minister of State (I/C) – Shripad Yesso Naik (Constituency – North Goa, Goa)
Defence Secretary – Ajay Kumar
PSBs to Lend up to Rs 5 Lakh to Individuals for Covid-19 Treatment
Indian Banks’ Association(IBA) and State Bank of India(SBI) announced that all Public Sector Banks (PSBs) will provide unsecured personal loans between Rs 25,000 to Rs 5 lakh to salaried, non-salaried and pensioners for COVID-19 treatment cost (to them and their family members). The repayment tenure of those loans will be 5 years and SBI would charge interest of 8.5 percent per annum and other banks are made free to decide their interest rate.
About Indian Banks’ Association(IBA):
Establishment – 1946
Headquarters – Mumbai, Maharashtra
Chief Executive – Shri Sunil Mehta
RBI Announced FPIs Investment Limits in G-secs, SDLs for FY22 at 6%, 2%
Under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India(RBI) had fixed the limits for Foreign Portfolio Investors (FPI) investment in Government securities (G-secs) and State Development Loans (SDLs) unchanged at 6 percent and 2 percent respectively, of outstanding stocks of securities for FY22.
About Foreign portfolio investment (FPI):
It is investments that consist of securities and other financial assets held by investors in another country. It does not provide the investor with direct ownership of a company’s assets.
RBI Cancelled Licence Of Pune-Based Shivajirao Bhosale Sahakari Bank
The Reserve Bank of India (RBI) has cancelled the licence of Pune-based Shivajirao Bhosale Sahakari Bank as the bank does not have adequate capital and earning prospects. And also the bank does not comply with the certain provisions of the Banking Regulation Act, 1949.
As per DICGC rules, each depositor in a bank is insured up to Rs 5 lakh for both the principal and interest amount on deposits held by him in that particular bank.
ICC Men's ODI World 2027, 2031 to have 14 teams, ICC Men's T20 World Cup to have 20 teams from 2024
The International Cricket Council (ICC) Board confirmed on June 1, 2021 that the Men's ODI World Cup in 2027 and 2031 will be a 14-team event.
The ICC Board also informed that the Men's T20 World Cup will now be expanded to include 20 teams and will have 55 matches in 2024, 2026, 2028 and 2030.
Besides this, the Champions Trophy will involve eight teams in the year 2025 and 2029.
ICC Key Announcements
• ICC World Test Championship Finals will be held in 2025, 2027, 2029 and 2031.
• The ICC Men's ODI Cricket World Cup format will have two groups of seven with the top three teams from each group progressing to a Super Six stage.
• The super six stage will be followed by the semi-finals and final. This is the same format that was used in the ICC Men's Cricket World Cup 2003 as well.
• The ICC Men's T20 World Cup will comprise four groups of five teams and top two teams from each group will be progressing to the Super Eights stage. This will be followed by the knockout stages of the semi-finals and the final.
• The Men's Champions Trophy will follow the format of previous editions with two groups of four, semi-finals and final.
2021 ASBC Asian Boxing Championships held in Dubai – India’s Sanjeet Kumar & Pooja Rani wins Gold
Asian Boxing Confederation (ASBC) Asian Elite Men and Women Boxing Championships was conducted between May 21 to June 1 in Dubai, UAE. The event was organised by Boxing Federation of India (BFI) in association with UAE Boxing Federation.
i.The 19-member Indian contingent ended up with their best ever tally of 16 medals.
ii.Sanjeet Kumar defeated the five-time Asian Championships medallist and 2016 Olympic silver medalist Vassiliy Levit of Kazakhstan in the Finals.
iii.Pooja Rani Bohra won her 2nd consecutive continental title.
About Boxing Federation of India (BFI):
President – Ajay Singh
Headquarters – New Delhi
T V Narendran Elected As New President Of CII
The Confederation of Indian Industry (CII) has elected Tata Steel Ltd Chief Executive Officer(CEO) and Managing Director(MD) T.V. Narendran , as its President for the year 2021-22. He will succeed Uday Kotak,MD & CEO of Kotak Mahindra Bank Ltd, who has completed his term.
About T.V. Narendran:
i.T.V. Narendran was the Chairman of CII Eastern Region during 2016-17.
ii.He has also led CII National Committees on Leadership and Human Resources besides being Chairman of CII Jharkhand.
J B Mohapatra Becomes Interim Chairman Of CBDT
Jagannath Bidyadhar Mohapatra (J B Mohapatra), a 1985-batch Indian Revenue Service officer, was appointed as the interim chairman of Central Board of Direct Taxes (CBDT). He will succeed Pramod Chandra Mody whose extended tenure ended on 31st May 2021. The appointment was made by a competent authority of the Revenue Department. He is appointed for a period of three months or till the appointment of a regular chairman, whichever is earlier.
About J B Mohapatra:
i.J B Mohapatra has been recently appointed as a member of CBDT along with other two members Anu J Singh and Anuja Sarangi.
ii.Before this appointment, he was serving as the principal chief commissioner of Income Tax for the Andhra Pradesh and Telangana region.
About the Central Board of Direct Taxes (CBDT):
i.CBDT is the administrative and policy-making body for the Income Tax Department.
ii.The CBDT is headed by a chairman and can have six members. All of these officers are in the rank of special secretary.
Aashritha V Olety Becomes India’s 1st Woman Flight Test Engineer
Aashritha V Olety, an officer of the Indian Air Force (IAF) became the first and the only woman in the history of IAF to ever qualify as a flight test engineer. She will be responsible for evaluating aircraft and airborne systems before their induction into the armed forces. She has graduated as part of the 43rd Flight Test Course. There are only 275 graduates to have ever cleared the course since its inception in 1973.