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DAILY NEWS 03-06-2020. CURRENT AFFAIRS FOR ALL EXAMS (BANK, SSC, UPSC)


Current GK plays a major role in general awareness section of any government exam. In banking exams, the GS section is mostly based on Current Affairs and financial awareness.

Tata Power acquires 51% stake in Odisha’s TPCODL for Rs 178.5 cr

Tata Power Limited, an Indian electric utility company, has acquired 51% stake in TP Central Odisha Distribution Ltd (TPCODL), a wholly-owned subsidiary of Grid Corporation of Odisha (GRIDCO), for a consideration of Rs 178.5 crore. The remaining 49 burning in TPCODL are going to be held by GRIDCO.

Following the transaction, Tata Power to require over the business of Central Electricity Supply Utility of Odisha (CESU) administered in 5 cities (Bhubaneswar, Cuttack, Puri, Paradeep and Dhenkanal) in Odisha from TPCODL for a period of 25 years. Tata Power will have a priority to enhance reliability, reduce AT&C (Aggregated technical and commercial) losses and offer excellent customer service & will retain all the present employees of CESU and can govern them by their existing policy structure.

Reserve Bank approves Lakshmi Vilas Bank’s MD and CEO, Subramanian Sundar extension

The Reserve Bank of India (RBI) approved the extension of tenure for Lakshmi Vilas Bank (LVB) director (MD) and Chief military officer (CEO), Subramanian Sundar by 6 months from May 31, 2020 to November 30, 2020.

PM Modi appoints committee for MSME loan implementation headed by Rajnath Singh

Prime Minister Narendra Modi appointed a committee headed by Rajnath Singh to unravel the difficulties faced within the implementation of Rs.3 Lakh crore collateral-free loan for Micro, Small & Medium Enterprises(MSME) announced by minister of finance Nirmala Sitharaman on 13th May 2020 as a neighborhood of Rs.20 Lakh crore Covid-19 aid to boost the economy.

The borrowers can borrow from the financial institutions with none asset or pledge collateral under this scheme. The units with Rs.25 Crore outstanding credit and Rs 100 crore turnover. 4-year tenure with interest rates capped consistent with the Finance Ministry and therefore the moratorium are going to be for 12 months. FM announced 100% cover to banks and non-banking financial corporations(NDFCs) on principal and interest to profit around 45 lakh MSME units to resume their business and secure their jobs.

IRCON signs MoU with NIIFL & AYANA to explore and collaborate within the solar power sector

Ircon International Ltd(IRCON), a Miniratna(Category-I) Schedule, public sector enterprise has signed a Memorandum of Understanding(MoU) with National Investment and Infrastructure Fund Limited(NIIFL) and Ayana Renewable Power Private Limited(AYANA), NIIF platform company to explore and collaborate on opportunities within the solar power sector. As per the MoU, NIIFL and IRCON have agreed in-principle to spot , bid and execute solar power projects through joint ventures/consortium arrangements & will evaluate strategic partnerships across infrastructure projects.

Indian Energy Exchange rolls out real time electricity market

Indian Energy Exchange Limited (IEX), an electronic system based power trading exchange, has started a real-time market (RTM) to satisfy the demand for electricity. this may enable the facility companies to shop for and sell electricity consistent with their needs just one hour before.

Through this market, distribution companies (DISCOMS) and other consumers, including bulk customers consuming energy for private use, are going to be ready to buy electricity from the exchange only one hour before the availability .

India’s GDP to contract by 4% in fiscal 2021 & downgraded its sovereign rating to ‘Baa3’ from ‘Baa2: Moody’s

Rating agency Moody’s expects India’s real Gross Domestic Product(GDP) to contract by 4% in fiscal 2021 thanks to the COVID-19 pandemic and related lockdown measures. India’s foreign-currency and local-currency long-term issuer ratings are downgraded to Baa3 from Baa2. Meanwhile India’s local-currency senior unsecured rating was also reduced to Baa3 from Baa2, and its short-term local currency rating to Prime(P)-3 from P-2. The outlook remains negative.

India ranked 23rd for world’s best startup ecosystems; US topped: StartupBlink Ecosystem Rankings 2020

In accordance with the “Countries Global Ranking of Startup Ecosystem 2020” by global innovation mapping and research company StartupBlink, India ranked at 23rd position, a drop of 6 places from 17th position in 2019. The ranking has been topped by the us (US), followed by the uk (UK), and Israel at 2nd and 3rd position. This ranking is contrary to India’s annual simple Doing Business ranking, which continues to get on an improving path. It should be noted that India is home to the third largest startup ecosystem.

Among the highest 100 startup cities, only four India cities were named in “2020 Cities Global Ranking of Startup Ecosystem” while total of 38 cities made it to the world’s top 1000 cities with startup ecosystems. Bengaluru (down by three ranks to 14th position).

Odisha, Sikkim and Mizoram included in ‘One Nation-One Ration Card’ scheme

The Union Minister of Consumer Affairs, Food & Public Distribution Ram Vilas Paswan informed that Odisha, Sikkim and Mizoram have joined the ‘One Nation-One Ration Card’ scheme on ‘Integrated Management of Public Distribution System’(IM-PDS) a complete of 20 states/Union Territories(UTs) within the scheme. All states are going to be added within the scheme & the scheme are going to be operational everywhere India by March 2021. Three more States namely- Uttarakhand, Nagaland and Manipur also will be added to the national cluster by August 2020.

Kisan Credit Cards campaign launched for 1.5 crore dairy farmers: Government

Government under a special drive will provide Kisan Credit Cards(KCC) to 1.5 crore dairy farmers belonging to exploit unions and milk producing companies within subsequent two months (1st June-31st July 2020). The special drive is a component of the Prime Minister’s Atma Nirbhar Bharat package for Farmers.

The Department of farming and Dairying in association with Department of monetary Services has already circulated relevant circulars and KCC application format to all or any State Milk Federation and Milk Unions to implement it on a mission mode.

Cabinet approvals on June 1, 2020

Union Cabinet meet was held which was chaired by Prime Minister Shri Narendra Modi. This was the primary meeting of the Union Cabinet after the Central Government entered into its second year in office. During the meeting, following decisions were taken which will have a transformative impact on the lives of farmers, MSME sector and people working as street vendors.

Special Micro Credit Facility Scheme ‘PM SVANidhi’ for providing affordable loans to street vendors launched

On the lines of the announcement made by minister of finance Nirmala Sitharaman on 14 May, 2020 to supply special micro-credit facility to street vendors, the Ministry of Housing and concrete Affairs (MoHUA) has launched a scheme PM SVANidhi (PM स्वनिधि ) – PM Street Vendor’s AtmaNirbharNidhi under which the road vendors, who had their businesses operational on or before 24 March, 2020 can avail a capital loan of up to Rs. 10,000 which is repayable in monthly instalments within the tenure of 1 year. The loaning will commence from July, 2020.

Cabinet approves extension of repayment date for brief term loans for agriculture and allied activities by banks till August 31, 2020

The Union Cabinet has given its approval to increase repayment date upto 31.08.2020 for normal Short-Term loans upto Rs.3 lakh advanced for agriculture and allied activities by banks, which became due or shall become due between 1st March, 2020 and 31st August, 2020 with continued advantage of scheme. this may help the farmers to repay/renew such loans upto the extended repayment date of 31.08.2020 at 4% p.a., interest without attracting any penalty and thus help them in avoiding travelling to banks for such renewal during this COVID pandemic period.

Minimum Support Prices (MSP) for Kharif Crops for marketing season 2020-21 increased

The Cabinet Committee on Economic Affairs (CCEA) approved a rise within the minimum support prices (MSPs) for all mandated kharif crops, including paddy, pulses and cotton, for the 2020-21 marketing season. the rise in MSP for kharif crops is in line with the Union Budget 2018-19 announcement of fixing the MSPs at A level of a minimum of 1.5 times of the all-India weighted monetary value of production, aiming at reasonably fair remuneration for the farmers.

Cabinet approves Upward revision of MSME definition and modalities/ road map for implementing Atmanirbhar Bharat Packages for MSMEs

Union Cabinet has approved the upward revision of MSME definition and modalities/ road map for laying down effective implementation mechanism under the Atmanirbhar Bharat Package. Union Cabinet decided to extend the limit for medium manufacturing and repair units. Now it’ll be Rs. 50 crore of investment and Rs. 250 crore of turnover. it’s also been decided that the turnover with reference to exports won’t be counted within the limits of turnover for any category of MSME units whether micro, small or medium.

PM Modi Launches ‘CHAMPIONS’ portal to empower MSMEs

Prime Minister (PM) Narendra Modi has launched CHAMPIONS (Creation and Harmonious Application of recent Processes for Increasing the Output and National Strength) to assist the smaller MSMEs (Micro, Small and Medium Enterprises) by resolving their grievances and therefore the complaints received on the portal also will be redressed within the prescribed limit.

DRDO develops ‘Ultra Swachh’ to disinfect PPE and other materials

Institute of medicine and Allied Science(INMAS) a Delhi based laboratory of Defence Research and Development Organisation (DRDO) with M/s Gel Craft Healthcare Private Ltd., Ghaziabad based industry partner developed “Ultra Swachh”, a disinfection unit to disinfect Personal Protective Equipments (PPEs), electronic items, fabrics and other materials.

‘One Year of Modi 2.0 – Towards A Self-Reliant India’ e-book released by Ministry of I&B

A 92-page e-booklet called ‘One Year of Modi 2.0 – Towards A Self-Reliant India’ on the key achievements of the Modi government during its second term was released on June 1, 2020, by the Ministry of data and Broadcasting (I&B). This marks the primary anniversary of the second term of the govt .

Global Day of oldsters 2020: June 1

Global Day of oldsters is widely known per annum on June 1 globally. The day was organized by the United Nations (UN) to stress the critical role that the family has the first responsibility for the nurturing and protection of youngsters .

A multipurpose algae-based respirator ‘Oxigeno’ developed: LPU researchers

A team of researchers from Lovely Professional University (LPU), Punjab, have developed a primary of its kind multipurpose algae-based respirator called ‘Oxigeno’, which helps to spice up the quantity of oxygen passing through it and filters out 99.3 percent of the harmful gasses.


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