Cabinet approves Infusion of capital by Government in IDBI Bank
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Infusion of Rs 4,557 crore by Government in IDBI Bank.It will help in completing the process of IDBI Bank’s turnaround and enable it to return to profitability and normal lending, and giving Government the option of recovering its investment at an opportune time.
IDBI Bank needs a one time infusion of capital to complete the exercise of dealing with its legacy book. It has already substantially cleaned up, reducing net NPA from peak of 18.8% in June 2018 to 8% in June 2019. The capital for this has to come from its shareholders. LIC is at 51% and is not allowed to go higher by the insurance regulator. Of the Rs. 9,300 crore needed, LIC would meet 51% (Rs. 4,743 crore). Remaining 49%, amounting to Rs. 4,557 crore, is proposed from Government as its share on one time basis.
Cabinet approves Mechanism revision of ethanol price for supply to Public Sector Oil Marketing Companies for procurement of ethanol w.e.f. December’19 for one year period
The Cabinet Committee on Economic Affairs, chaired by Prime Minister Shri Narendra Modi has given its approval for the following, including fixing higher ethanol price derived from different raw materials under the EBP Programme for the forthcoming sugar season 2019-20 during ethanol supply year from 1st December 2019 to 30th November 2020:
(i) The price of ethanol from C heavy molasses route be increased from Rs.43.46 per lit to Rs.43.75 per litre,
(ii) The price of ethanol from B heavy molasses route be increased from Rs.52.43 per lit to Rs.54.27 per litre,
(iii) The price of ethanol from sugarcane juice/sugar/sugar syrup route be fixed at Rs.59.48 per litre,
(iv) Additionally, GST and transportation charges will also be payable. OMCs have been advised to fix realistic transportation charges so that long distance transportation of ethanol is not disincentivised,
(v) OMCs are advised to continue according priority of ethanol from 1) sugarcane juice/sugar/sugar syrup, 2) B heavy molasses 3) C heavy molasses and 4) Damaged Food grains/other sources, in that order,
India announces contribution of 22 mn USD to GFTAM for 6th replenishment cycle
“Under the visionary and dynamic leadership of the Prime Minister Sh. Narendra Modi ji, India has announced a contribution of 22 million US Dollars to the Global Fund for AIDS, TB and Malaria (GFTAM) for the 6th replenishment cycle (2020-22), an increase of 10% over the amount contributed by us in the 5th cycle.
Partnership between India and Global Fund
India shares a sustained partnership with the Global Fund since 2002 both as recipient and as a donor. Global Fund support with investment of US $ 2.0 billion so far has made significant contribution in attaining targets related to HIV/AIDS, TB and Malaria reduction and escalating our fight against these three diseases. In the current funding cycle (2018-21), the Global Fund has allocated US$ 500 million to India. As a donor, India has contributed US$ 46.5 million so far till 2019 including US$ 20 million for the 5th Replenishment.
ESIC Signs an Agreement with SBI for Payments To ESIC Beneficiaries on Real Time Basis
A Memorandum of Agreement has been signed between the Employees’ State Insurance Corporation (ESIC) and SBI today in accordance with which, the SBI would provide e-payment services directly to the bank accounts of all ESIC beneficiaries and payees without any manual intervention as an integrated and automated process. The SBI would provide e-payment integration with the Enterprise Resource Planning (ERP) processes of ESIC through its Cash Management Product (CMP) e-payment technology platform.
Telangana to have 5 GW solar power capacity by 2020
Telangana is on course to achieving 5 Giga Watts (GW) of renewable energy capacity by next year, and the state plans to come out with a tender for setting up of about 1000 MW (1 GW) of solar power generation capacity.
The state, which was carved out of bifurcation of Andhra Pradesh in 2014, now has a total installed capacity of about 3,800 MW, which includes grid-connected and standalone rooftop solar units, and it has the second highest solar capacity in the country, after Karnataka.f
Tinsukia Railway station become the 4000th station in the country to have free public WiFi
Tinsukia Railway station in the State of Assam has become the 4000th station in the country to have free public Wi-Fi. Under RailWire, free Wi-Fi is being provided to passengers. Railwire is a retail Broadband initiative of RailTel catering to Enterprises, Small and medium-sized enterprises (SMEs) and homes. The Wi-Fi plan was rolled out in 1000 stations in a record time of 12 days by RailTel with an average of 83 stations per day.
ECL Finance and Central Bank of India entered into an agreement to co-lend to MSME
ECL Finance Ltd, a subsidiary of Edelweiss Financial Services, and Central Bank of India have signed an agreement for priority sector lending to Micro, Small and Medium Enterprise (MSME) customers. The partnership comes after the Reserve Bank of India announced progressive Co-Origination Policy in September 2018, allowing banks and NBFCs to co-lend to a wider set of enterprise owners, a BSE filing by Edelweiss Group said. It is the first such co-origination partnership of Central Bank of India.
Cultural event Namaste Pacific organised in New Delhi
High Commissions of Australia, New Zealand, Papua New Guinea, and Fiji jointly organised a cultural event, Namaste Pacific, The main aim is to showcase in India the culture of the Pacific countries. Australian High Commissioner to India Harinder Sidhu highlighted the importance of people to people links between India and the countries in the Pacific region received a boost through an event like Namaste Pacific. India became important country in the Pacific region.
Haryana govt declared waiver on interest and penalty on crop loans
The Haryana government has declared an Rs.4,750 crore waiver on interest and penalty on crop loans taken by the farmers from cooperative banks, district central cooperative banks and Land Mortgage Bank. This one-time settlement scheme waiver is expected to benefit 10 lakh farmers.
Election Commission of India launches Electors Verification Programme voter verification and authentication
Election Commission launched the Electors Verification Programme (EVP) across the nation on September 1, 2019. The Electors Verification Programme is a one-stop solution to verify and authenticate voter details and ensure an error-free electoral roll. The program was launched at all levels starting from the state/UT Headquarters by 32 CEOs, district level by about 700 DEOs and at around 1 million polling stations by BLOs/EROs and will continue from September 1, 2019 to October 15, 2019.
Vikram lander detached successfully from its orbiter
Indian Space Research Organisation (ISRO) successfully seperated lander Vikram separated from the Chandrayaan-2 orbiter. Now the Lander is ready for its soft landing on Moon on 7 September. The lander has been scheduled to touch the lunar surface in 5 days from the separation.
Defence Ministry to conduct JNAQC in Visakhapatnam
Naval Quality Assurance Establishments is to host the Joint Naval Annual Quality Conclave (JNAQC) in Visakhapatnam on 5 September. It will be hosted under the charge of Director General Quality Assurance (DGQA), Ministry of Defence. Theme: The theme of the Conclave is Transformation of QA Paradigm: Opportunities and Challenges.
COP 14 is being held in India
The 14th Conference of Parties (COP14) was inaugurated to UN Convention to Combat Desertification (UNCCD) at India Expo Centre & Mart, Greater Noida, Uttar Pradesh. The 12-day event has been scheduled to be held from 2 September to 13 September.
Inaugurated by: The conference was inaugurated by Shri Prakash Javadekar, Union Minister for Environment, Forest & Climate Change (MoEF&CC) and Mr.IbrahimThiaw, Executive Secretary.
KVIC Launches Terracotta Grinder at Varanasi to Re-use wasted pottery
Khadi and Village Industries Commission (KVIC) launched the first-ever Terracotta Grinder at Sewapuri in Varanasi. This machine will grind the wasted and broken pottery items for re-using in pottery-making. The wasted pottery items were ground in normal Khal-musal (mortar and pestle) and its fine powder was mixed with the normal clay. The normal clay makes the resulting pottery items stronger.
ECI hosts 4th General Assembly of Association of World Election Bodies
ECI hosts 4th General Assembly of Association of World Election Bodies
03 September 2019 Current Affairs: Election Commission of India (ECI) is hosting the 4th General Assembly of Association of World Election Bodies (AWEB) for the term 2019-21 at Bengaluru on 3rd September 2019. On 4 September, an International Conference on Initiatives and Challenges of Social Media and Information Technology in Elections will also be held during the AWEB meeting