PM Launched Property Cards Under SVAMITVA Scheme • PM Narendra Modi Virtually Launched Physical Distribution Programme of Prop
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WEEKLY UPDATED CURRENT AFFAIRS FOR WEEK 41/52(06-12 OCT 2020) PM launched Property Cards under SVAMITVA scheme PM Narendra Modi virtually launched physical distribution programme of Property Cards under SVAMITVA scheme. SVAMITVA (Survey of Villages and Mapping with Improvised Technology in Village Areas) is a Central Sector Scheme launched in April 2020 Benefit: Allow the villagers to use the property as a financial asset for taking loans and benefits. Scheme is implemented in a phased manner for 4 years covering 6.62 lakh villages. Eight Indian beaches got International Blue flag Certification Union environment minister announced 8 beaches of India has been awarded with Blue Flag certification by an International Jury comprising of eminent members (UNEP, UNWTO, FEE, IUCN) Blue Flag Beaches of India: Shivrajpur (Dwarka-Gujarat), Ghoghla (Diu), Kasarkod and Padubidri (Karnataka), Kappad (Kerala), Rushikonda (AP), Golden (Puri-Odisha) and Radhanagar (A&N Islands) India became first country in Asia-Pacific region that achieved this feat in just 2 years time. World Arthritis Day being observed on 12 October World Arthritis Day is being celebrated annually on October 12 to raise awareness about arthritis disease. Arthritis is an inflammatory condition which causes pain and stiffness in joints which can worsen with age. This day was started by Arthritis and Rheumatism International (ARI) in 1996 to spread awareness about arthritis and encourage policymakers to help reduce burden of arthritis. World Arthritis Day theme 2020: Time2Work. Shuttler Chetan Anand named brand ambassador of ‘Transform’ Commonwealth Games (CWG) medallist in Badminton, Chetan Anand has been named as the brand ambassador for India’s first-ever homegrown professional badminton brand ‘Transform’. Chetan Anand: Former world no. 10 and men's singles bronze medal winner at the 2006 Melbourne CWG and was an Arjuna Awardee Transform racquets/ Badminton is India’s 1st professional badminton brand at par with the best racquets in the market that are currently imported in India. Nihal Sarin won Chess.com's 2020 Junior Speed Online Championship Indian player Nihal Sarin (16 year) wins in Chess.com's 2020 Junior Speed Online Championship in Chennai, beating Russia's world junior No. 6 Alexey Sarana by 18-7 He is awarded with $8,766 and enabled him to qualify for the 2020 Speed Chess Championship Final which will feature the world's best players Nihal Sarin is a former world Under-10 champion and will join Indian men's team that is taking part in Asian Online Nations (Regions) Cup Team Championship. RBI to conduct on-tap targeted LTRO to boost credit flow RBI will be conducting on-tap targeted long-term repo operations (TLTRO) worth Rs 1 trillion (1 lakh crore) for providing liquidity in the system at floating rate linked to the policy rate for 3 years The fund will be provided to the sectors having multiplier effects on growth Benefitting sectors: construction, real estate, and micro finance. Availability: Till 31 March, 2020 LTRO: A tool under which RBI provides 1 to 3 years money to banks at the prevailing repo rate. RBI to rationalize risk weights on home loans boosting real estate RBI has announced to rationalize the risk weights on home loans boosting real estate sector of the nation making home loans cheaper RBI has decided to link home loans to Loan-to-Value (LTV) ratios for new housing loans sanctioned up to March 31, 2022. This will boost borrowers as well as lenders and will act as a counter cyclical measure. LTV ratio: It is the percentage of a property value that a bank is willing to give as home loan. Plot-1441, Opp. IOCL Petrol Pump, CRP Square, Bhubaneswar-751015 Ph. :8093556677, 9040456677, Web :www.vanik.org, E-mail : [email protected] 1 WEEKLY UPDATED CURRENT AFFAIRS FOR WEEK 41/52(06-12 OCT 2020) RBI Governor: Shaktikanta Das RBI’s 3rd Bi-Monthly Monetary Policy Statement 2020-21 Released The Monetary Policy Committee of the Reserve Bank of India for its third meeting of 2020-21. Reserve Bank of India (RBI) governor Shaktikanta Das has announced crucial policy decisions at the Bank’s 3rd bi-monthly monetary policy. On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) at its meeting decided to: The repo rate under the liquidity adjustment facility (LAF) has been kept unchanged at 4.00%. The reverse repo rate under the LAF has been kept unchanged at 3.35%. The marginal standing facility (MSF) rate and the Bank Rate have been kept unchanged at 4.25%. The Reserve Bank of India (RBI) will introduce on-tap targeted long-term repo operations (TLTRO) for banks to borrow up to Rs 1 trillion from the window and invest in corporate bonds and other debt instruments of certain sectors. The on-tap TLTROs will have tenors of up to three years at a floating rate linked to the policy repo rate and the scheme will be available up to 31 March 2021. Real GDP growth is expected to be negative. The RBI’s MPC has pegged the real GDP growth for FY21 to contract by 9.5%. World Bank expected India’s GDP to contract by 9.6% in FY-21 The World Bank projected India’s GDP to contract by 9.6% this FY-21, which is reflective of the national lockdown and the income shock experienced by households and firms due to the COVID-19 pandemic. The World Bank earlier in June had estimated the Indian economy to shrink by 3.2% in the current fiscal. The World Bank recently released its report titled ‘South Asia Economic Focus’, noting that the country’s economic situation is much worse than ever seen before. The report also forecasted a sharper than expected economic slump across the South Asian region, with regional growth expected to contract by 7.7% in 2020, after topping 6% annually in the past five years. Regional growth is projected to rebound to 4.5% in 2021. GOI AppointedAshima Goyal, Jayanth R Varma &ShashankaBhide as RBI’s MPC members The Government of India has appointed three new economists as members of the six-member rate- setting Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI). Government had formed a committee for selection of these three new members of MPC. This search-cum-selection committee for MPC was headed by Economic Affairs Secretary Tarun Bajaj. As per the RBI Act, the three new external members would have four-year terms. The new members are: Prof. Ashima Goyal, a professor at the Mumbai-based Indira Gandhi Institute of Developmental Research Prof. Jayanth R Varma, a professor of finance at the Indian Institute of Management in Ahmedabad Dr. ShashankaBhide, an agricultural economist and a senior adviser with the National Council of Applied Economic Research in New Delhi They replaces the three previous external MPC candidates, Chetan Ghate, Ravindra Dholakia and PamiDua, whose terms expired with the last policy meeting in August 2020. It must be noted that the MPC committee of RBI comprises six members which includes three officials of the Reserve Bank of India and three external members nominated by the Government of India. The three members from RBI Side are Dr. Mridul K. Saggar, Dr. Michael Debabrata Patra and Shri Shaktikanta Das. Governor of RBI is the exofficio Chairman of MPC. Plot-1441, Opp. IOCL Petrol Pump, CRP Square, Bhubaneswar-751015 Ph. :8093556677, 9040456677, Web :www.vanik.org, E-mail : [email protected] 2 WEEKLY UPDATED CURRENT AFFAIRS FOR WEEK 41/52(06-12 OCT 2020) Sebi introduced ‘very high risk category’ in risk-o-meter tool for mutual fund schemes Market regulator Securities and Exchange Board of India (SEBI) has introduced a new “very high risk” category on its Mutual Funds (MF) riskometer tool, to warn investors, investing in mutual fund schemes. Currently the mutual fund (MF) risk-o-meter has five categories – low, moderately low, moderate, moderately high and high. It indicates the scheme’s risk level. The revamped 6 categories Risk-o-meter will come into effect from 01 January 2021. It will be evaluated on a monthly basis and the mutual fund houses will have to disclose the risk-o- meter along with portfolio disclosure for all their schemes on their respective website and on the industry body Amfi website within 10 days from the close of each month. ICICI Bank in partnership with VISA launched debit card facility for customers availing LAS ICICI Bank has launched a debit card facility for the customers availing the Loan against Securities (LAS) from the Bank. The debit card is available on the Visa platform. The LAS debit can be used by customers across all domestic merchant establishments to make seamless POS and online transactions like payments on e-commerce portals among others, using their sanctioned LAS amount. With this launch, ICICI Bank has become the first bank in India to launch such a facility. Emmanuelle Charpentier and Jennifer A. Doudna won Nobel Prize in Chemistry 2020 The Royal Swedish Academy of Sciences has awarded the Nobel Prize in Chemistry 2020 jointly to Emmanuelle Charpentier and Jennifer A. Doudna “for the development of a method for genome editing.” Emmanuelle Charpentier is a Director of the Max Planck Unit for the Science of Pathogens, Berlin, Germany. Jennifer A. Doudna is a Professor at the University of California, Berkeley, USA and Investigator, Howard Hughes Medical Institute. Roger Penrose, Reinhard Genzel and Andrea Ghez won 2020 Nobel Prize in Physics The Royal Swedish Academy of Sciences announced the 2020 Nobel Prize in Physics. One half of the award has been given to Roger Penrose for black hole discovery; and the other half jointly to Reinhard Genzel and Andrea Ghez.