Daily Current Affairs 2 July 2020 With Video Lecture

Why World Bank was established?

•  To provide loan to help rebuild countries devastated by World War II. Later, the focus shifted from reconstruction to development, with a heavy emphasis on infrastructure such as dams, electrical grids, irrigation systems, and roads.
• World Bank
• The World Bank is an international financial institution that provides loans and grants to the governments of poorer countries for the purpose of pursuing capital projects.
• Created at the 1944 Bretton Woods Conference, along with the International Monetary Fund (IMF).
• It comprises two institutions: the International Bank for Reconstruction and Development (IBRD), and the International Development Association (IDA).

RBI announces Special Liquidity Scheme for NBFCs and HFCs

• Government has approved a special liquidity scheme for non-banking finance companies (NBFCs) and housing finance companies (HFCs) to improve their liquidity position in order to avoid any potential systemic risks to the financial sector.
• RBI laid out eligibility criteria for such special liquidity scheme.
• Under this Any NBFC including Microfinance Institutions registered with RBI under the Reserve Bank of India Act, 1934.And HFC registered with the National Housing Bank (NHB) under the National Housing Bank Act, 1987 should avail the following conditions:
  • Compliance with RBI regulations on Capital adequacy
  • Net NPA is less than 6% as on 31.03.2019
  • Net profit in at least one of the two preceding financial years
  • Rated as investment grade by a rating agency
  • Is not reported under SMA-1 or SMA-2 category by any bank for their borrowing during the period one year prior to 01.08.2018
• RBI will provide funds for the Scheme by subscribing to government guaranteed special securities issued by the Trust.
• The total amount of such securities issued outstanding shall not exceed Rs. 30,000 cores at any point of time.

World Bank approves fresh funds for Namami Gange Project

• World Bank has approved a five-year loan to the Namami Gange project worth ₹3,000 crore ($400 million).
• It is to develop and improve infrastructure projects to abate pollution in the river basin. 
• Second phase of the mission include spillover projects from the first phase of the mission as well cleaning projects in tributaries such as the Yamuna and Kali rivers.
• In the second phase, the loan would fund ₹1,134 crore ($150 million) for three new ‘Hybrid Annuity Projects’ in Agra, Meerut and Saharanpur for the tributaries of the Ganga.
• So far, 313 projects worth ₹25,000 crore have been sanctioned under the mission.

Government declared Nagaland ‘disturbed area’ for 6 more

months

• In exercise of the powers conferred by Section 3 of the Armed Forces (Special Powers) Act, 1958.
• Govt. said whole Nagaland is in such a disturbed and dangerous condition that the use of armed forces in aid of the civil power is necessary.
• The AFSPA is operating in the state for more than six decades now.
• Section 3 of AFSPA provides that the Governor of that state or the Central Government, if of the opinion that the whole or any part of such state or Union territory, is in such a disturbed or dangerous condition that the use of armed forces in aid of the civil power is necessary, then they can by notification in the Official Gazette, declare the whole or such part of such State or UT to be a disturbed area.

‘Accelerate Vigyan’ scheme to push scientific research

• The Science and Engineering Research Board has launched a new scheme called ‘Accelerate Vigyan’ to provide a single platform for research internships, capacity building programs and workshops across the country.
• AV has already called for applications under its ‘ABHYAAS’ component for the Winter Season.
• Objective of this inter-ministerial scheme is to encourage high-end scientific research and prepare scientific manpower.
• Accelerate Vigyan will initiate and strengthen mechanisms for identifying research potential, mentoring, training and hands-on workshop on a national scale.

Current COVID19 Situation in India

QUIZ TIME

RBI announces Special Liquidity Scheme for?

1. NBFCs
2. HFCs
3. Commercial Banks
4. Both A & B

Answer- D

World Bank approved fresh funds for which of the following project?

1. Gandak Project
2. Namami Narmade
3. Namami Gange
4. None of the above

Answer- C

 ‘Accelerate Vigyan’ scheme is launched by which of the following?

1. MHRD
2. Ministry of Finance
3. Science and Engineering Research Board (SERB)
4. NITI Ayog

Answer- C

The provisions related to ‘disturbed area’ under AFSPA act is mentioned in?

• Section 1
• Section 2
• Section 3
• Section 4

Answer- C