Current Affairs - March 2020 to May 2020

Month May 2020 Type Banking and Economy

183 Current Affairs were found in Last Three Months for Type - Banking and

Economy

1. RBI Monetary Policy Rates as on Today (21-June-2020 )

Repo Rate - 4.00 %

Reverse Repo - 3.35 %

Bank Rate - 4.25 %

CRR (Cash Reserve Ratio) - 3 %

SLR(Statutory Liquidity ratio) - 18.00 %

Marginal Standing Facility (MSF) Rate - 4.25 %

Economy

1. India signed $1.5 billion loan Agreement with Asian Development Bank (ADB), to support government’s response to COVID-19

pandemic, focusing on immediate priorities such as disease containment and prevention.

2. 39th GST Council Meet Held in New Delhi -

Rate Changes -

GST on mobile phones increased from 12% to 18%.

Reduced GST on handmade and machine made match sticks to 12%.

GST on maintenance repair overhaul services of aircraft was reduced from 18% to 5%.

Policy Updates -

New facility called ‘Know Your Supplier’ to be introduced.

IT Firm Infosys will deploy a better GSTN system by July.

3. BharatPe launched 2 voice-based applications - Paisa Bolega and BharatPe Balance. These will enable account holders to access

transactions and balance using without touching phones, amid COVID-19 pandemic.

Paisa Bolega button provides voice alerts of transactions through their BharatPe QR.

BharatPe Balance will provide information about total available balance across deposits, loan and daily collections through QR.

4. iTurmeric FinCloud microservices-based platform has been launched by Intellect Design Arena Ltd, launched through IBM public cloud.

This platform will enable new digital banks’ systems to be tested and run in isolation or in parallel with core legacy systems.

5. Bharti Airtel acquired 10% stake in Voicezen, a Gurgaon based startup focused on conversational AI technologies.

6. A quarterly business confidence index issued by economic think tank National Council for Applied Economic Research, dropped by over

30% in last quarter of previous fiscal year. Its at lowest level since 1998 when business sentiment was low due to Asian financial crisis

7. According to ADB report Updated Assessment of the Potential Economic Impact of COVID-19 -

Global economy is expected to lose between $ 5.8 trillion to $ 8.8 trillion (6.4 % to 9.7 %) of global GDP, due to COVID-19 outbreak.

GDP in South Asia is expected to decrease from USD 142 billion to 218 billion (3.9 to 6 %). In China, this loss can range from 1.1

trillion to 1.6 trillion dollars.

Worldwide, workers’ revenues will fall from $ 1.2 trillion to $ 1.8 trillion.

COVID-19 will likely cut global trade by $1.7 trillion to $2.6 trillion.

Global employment decline will be between 15.8 to 24.2 crores, with Asia and Pacific comprising 70% of total employment.

8. According to RBI report, India’s current account deficit (CAD) fell sharply to $ 1.4 billion, or 0.2 % of GDP, for October-December 2019

quarter of FY 2019-20, compared to 2.7 % of GDP ($ 17.7 billion) in same period last fiscal.

Foreign direct investment (FDI) during the period stood at $ 10.0 billion, higher than $ 7.3 billion same period last year.

9. Aditya Birla group's Hindalco Industries acquired US Based Aleris Corporation through its wholly owned subsidiary Novelis Inc. for an

enterprise value of $2.8 billion (Approx 21000 crores).

Novelis will acquire Aleris’ 13 plants across North America, Europe and Asia.

10. Airtel Payments Bank (APBL) partnered with Payments Firm Mastercard, to develop customized products catering to customers across

the underbanked spectrum including farmers, small and medium enterprises and retail customers.

11. Amid COVID-19 Impact, RBI announced further measures -

RBI has cut reverse repo rate to 3.75%, keeping othr rates unchanged. Current MPC Rates -

Repo Rate - 4.40 %

Reverse Repo - 3.75 %

Bank Rate - 4.65 %

CRR (Cash Reserve Ratio) - 3 %

SLR(Statutory Liquidity ratio) - 18.00 %

Marginal Standing Facility (MSF) Rate - 4.65 %

RBI announced to conduct Targeted Long-Term Repo Operations (TLTRO) 2.0 at policy repo rate for tenors up to 3 years for a total

amount of up to 50000 crores.

RBI eased Liquidity Coverage Ratio from 100% to 80%. LCR is assets held by banks to make sure its ongoing ability to meet short-

term obligations are fulfilled.

RBI will also provide 50,000 crores to institutions such as SIDBI, NABARD, NHB.

12. Amid COVID-19 Outbreak, Small Industries Development Bank of India will provide emergency working capital of up to 1 crore rupees to

small and medium enterprises(MSMEs). Named, SIDBI SAFE PLUS, it will be offered collateral free and disbursed within 48 hours, at

interest rate of 5 %.

13. Amid disruptions caused by COVID-19, RBI decided to extend window timings of Fixed Rate Reverse Repo and MSF operations to

provide eligible market participants with greater flexibility in their liquidity management -

Type of operation New Window Timing Old Window Timing

Fixed-rate Reverse Repo 09:00 hrs to 23:59 hrs 17:30 hrs to 23:59 hrs

MSF 09:00 hrs to 23:59 hrs 17:30 hrs to 23:59 hrs

14. ArcelorMittal Nippon Steel India completed acquisition of Bhander Power Plant in Hazira (Gujarat) from Edelweiss Asset Reconstruction

Company.

15. As a relief measure amid COVID-19 Pandemic, RBI Monetary Policy Committee (MPC) announced changes in Policy Rates. New Rates

are -

Repo Rate - 4.00 % (-.40 %)

Reverse Repo - 3.35 % (-.40 %)

Bank Rate - 4.25 % (-.40 %)

CRR (Cash Reserve Ratio) - 3 %

SLR(Statutory Liquidity ratio) - 18.00 %

Marginal Standing Facility (MSF) Rate - 4.25 % (-.40 %)

Other Measures -

RBI Extended Moratorium on Term Loans by 3 Months, to enable borrowers to avail 3 months deferment on payment of Loan

EMIs. It is applicable between repayments due between June 1 - Aug 31, 2020.

In order to enable increased supply of affordable credit to small industries, RBI had announced a special refinance facility of

15000 crore to for 90 days. This facility has now been extended by another 90 days.

Relaxation of Rules for Foreign Portfolio Investment under Voluntary Retention Route. Rules stipulate that at least 75% of

allotted investment limit be invested within 3 months. This has now been revised to six months.

RBI announced a line of credit of 15,000 crore to the EXIM Bank, for financing, facilitating and promoting foreign trade.

Maximum credit which banks can extend to a particular corporate group has been increased from 25% to 30% of the bank’s

eligible capital base.

16. As per Centre for Monitoring of Indian Economy, 12.15 Crore people have lost their Jobs amid COVID-19 Outbreak, with 27.1 %

Unemployment.

9.13 Crore daily wagers are out of jobs due to COVID-19 crisis.

Also, 1.82 Crore entrepreneurs are without work.

Around 1.78 Crore salaried workers are also affected due to COVID-19.

Rural unemployment increased from 20.88% to 26.16%.

17. As per Govt Data, total Foreign Direct Investment (FDI) in India grown by 18% to reach 73 billion USD in FY 2019-20.

Of this, FDI equity inflows through Foreign Investment Promotion Board (FIPB), RBI’s automatic route of through acquisition rose

13 percent to around $49.98 billion.

18. As per IMF's April update of World Economic Outlook (WEO) -

India’s growth to be to 1.9% from 5.8% earlier for FY21 (2020-21). India’s growth is seen recovering sharply to 7.4% in next fiscal

year (FY 22 (2021-22)).

IMF warns of worst global recession since Great Depression (1929-1930), due to COVID-19 Pandemic. Global economy is expected

to shrink by 3%.

China is seen growing 1.2% in 2020 and rebound to 9.2% in 2021.

Asia will stall at 0% growth in 2020 for 1st time in 60 years,which includes Global Financial Crisis (4.7%) and Asian Financial Crisis

(1.3%).

US to shrink by 6 % and Europe by 6.6 %.

19. As per Japanese Firm Nomura, Indian economy will contract by 6.1 % in April-June quarter, and will expand only in December quarter.

Economy will grow at 3.2 per cent in January-March 2020 Quarter, contract by 6.1 % in June - Aug quarter and 0.5 % in Sep - Dec

quarter, before rising by 1.4 % in the last quarter of FY 21 (Jan - Mar 2021).

Nomura Predicted Indian GDP to grow at -.5 % in FY 2020-21 (FY 21).

20. As per N K Singh Headed 15th Finance Commission, States can use escape clause under their Fiscal Responsibility Act (FRBM) to raise

additional resources to fight Covid-19 pandemic.

Centre and States have their own FRBM Acts, respectively. However, there are two similarities. One, the limit for the fiscal deficit is 3

% and, there is an escape clause to raise deficit up to 50 basis points in exceptional situations.

21. As per RBI data, Bank credit growth declined to 5 decade low to 6.14% in FY 20 (2019-20), due to lower demand and risk aversion among

banks. Bank deposits grew by 7.93% to 135.71 lakh crores as against 125.73 lakh crores in 2019.

22. As per RBI report, Consumer price index based inflation will soften during FY 21 (2020-21). CPI inflation is projected to ease from 4.8%

in Q1= of 2020-21 to 4.4% in Q2, 2.7% in Q3 and 2.4% in Q4, amid prevailing high uncertainty due to COVID-19 Outbreak.

23. As per S&T survey 2018 by National Science and Technology Management Information (Under Department of Science and Technology).

Expenditure in R&D -

India’s Gross expenditure in R&D has tripled between 2008 - 2018, from 39437 crores in 2007- 08 to 113825 crores in 2017-18.

India’s per capita R&D expenditure increased to $ 47.2 in 2017-18 from $ 29.2 in 2007-08.

India spent 0.7% of its GDP on R&D in 2017-18, while same among other developing BRICS countries - Brazil 1.3%, Russian

Federation 1.1%, China 2.1% and South Africa 0.8%.

Number of researchers -

Number of researchers per million population in India increased to 255 in 2017 from 218 in 2015 and 110 in 2000.

India occupies 3rd rank in terms of number of Ph. D.’s awarded in Science and Engineering (S&E) after USA (39,710 in 2016)

and China (34,440 in 2015).

Scientific publication -

India ranks 3rd, in terms of Scientific Publication.

During 2018, India was ranked at 3rd, 5th and 9th in scientific publication output as per the NSF, SCOPUS and SCI database

respectively.

Resident Patent Filing activity -

India ranks 9th, in terms of Resident Patent Filing activity.

According to WIPO, India’s Patent Office stands at the 7th position among the top 10 Patent Filing Offices in the world

24. As per Society of Manufacturers of Electric Vehicles (SMEV), sales of Electric Vehicles increased by 20% in 2019-20. Sale of electric

vehicles for 2019-20 included 3,400 cars, 152,000 two wheelers and 600 buses.

25. As per federation of Indian Export Organization, Indian Exports are to fall by 20% in FY 2020-21 (FY 21) due to COVID-19 Outbreak,

amountign approx 50-60 billion USD.

FIEO requested to provide additional 2% support under the MEIS (Merchandise Exported from India) scheme and additional 4%

support to labour intensive sectors.

26. Asian Development Bank (ADB) approved USD 346 million (around Rs 2600 crores) loan to India, for reliable power connection in rural

areas of Maharashtra.

27. Asian Development Bank (ADB) approved loan of $60 million for India's Aavas Financiers, enabling it to provide housing finance to

women in low-income communities either as primary borrowers or co-borrowers.

28. Asian Development Bank apprpved loan of 2.2 billion USD to India, to combat COVID-19.

India seeked help of 6 Billion USD from ADB and AIIB to tackle the pandemic.

Earlier, World Bank offered $1 billion help to India for the purpose.

29. Asian Development Bank will invest 100 million USD in National Investment and Infrastructure Fund (NIIF), to help stressed Indian

Economy. Main purpose of the fund is to aid Greenfield and brownfield projects in country. When an entity is to use benefits of the funds,

Government invests 49% and rest has to be raised from third party investors.

30. Automaker Mahindra & Mahindra rolled out an end to end, online vehicle ownership solution titled ‘Own-Online’, to offer its customers a

transparent, seamless and contactless experience during vehicle delivery.

31. Axis Bank acquired additional 29 % stake in Max Life Insurance, for approx 1590 Crores. It Makes Max Life Insurance a 70:30 joint

venture between Max Financial Services and Axis Bank.

32. Beijing Based Asian Infrastructure Investment Bank approved loan of 145 million USD to improve irrigation facilities and flood

management West Bengal.

33. Bharat Sanchar Nigam Limited (BSNL) in partnership with SBI has launched a Unified Payments Interface (UPI) based payment

platform, Bharat InstaPay to enable all types of channel partners of BSNL to digitize their payment transactions.

Also, SBI waived service charges for all ATM transactions made on SBI / Other Bank ATMs till June 30, in line with RBI Directive.

34. Bharti Airtel acquired 10 % stake in fitness start-up Spectacom Global Pvt Ltd, under its ‘Airtel Startup Accelerator Program’.

Spectacom is 2nd firm to join the Airtel Start-up Accelerator Program after Bengaluru-based Vahan.

35. Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) reduced annual listing fee by 25% for Small and Medium

Enterprises(SMEs) companies, to lower compliance costs for companies during ongoing COVID-19 pandemic.

36. British pharm Firm GlaxoSmithKline plc (GSK) sold its 5.7 % stake in Indian FMCG company Hindustan Unilever Limited (HUL) for

$3.35 billion, in largest secondary trade on Indian stock exchanges.

37. Capital markets regulator SEBI imposed penalty of Rs 7 lakh on National Highways Authority of India (NHAI) for delay in making timely

disclosure about financial results.

38. Central Board of Direct Taxes clarified about Section 115 BAC, which was inserted recently into Income Tax Act 1961.

According to section, a person receiving income other than family business shall be taxed under Section 115 BAC. This is to be

furnished along with those submitted under Section 139 of act.

Issue that arose if tax that was imposed under Section 115 BAC is to be considered under TDS.

CBDT clarified -

If a tax payer has income other than that received from his employer, and intends to get concessional rate under Section 115

BAC, then he should intimate the deductor each previous year.

In case employee fails to make intimation, employer shall make TDS without considering provisions of Section 115 BAC.

39. Central Board of Direct Taxes exempted Companies engaged in business-to-business (B2B) transactions have been exempted from

installing e-payments facilities such as RuPay or UPI.

It is applicable for B2B companies for which min 95% of aggregate of amount received during previous year, are by any mode other

than cash.

This came amid representations stating that requirement of mandatory facility for payments through prescribed electronic modes

was not applicable to B2B businesses since they don’t deal with customers directly. Also, it puts cap on their daily receipts.

40. Chennai Port Trust will buy 67 % in Kamarajar Port Ltd, from Central Government for about Rs 2,380 crores. Both ports are in Tamil

Nadu.

41. Competition Commission of India Approvals (April 2020) -

Approved acquisition of 18.95 % stake in Religare Health Insurance Company by Trishikhar Ventures under green channel route.

Approved formation of Joint Venture between Adani Green Energy and Total S.A. in business of power generation through solar

energy in India. Total S.A. is parent entity of Total Group.

Approved 100% acquisition by JSW Energy Limited of GMR Kamalanga Energy Limited.

Approved acquisition of 80.1% stake by Hitachi in power grid business of ABB Limited.

Approved acquisition of 9.93% stake by Emerald Sage Investment Limited in Apollo Tyres Limited.

Approved acquisition of majority shareholding in B.M.M Ispat Limited (BMM) by JSW Projects Limited (JPL).

Approved acquisition of under 5% shareholding in Intas Pharmaceuticals Limited by Canary Investments Limited (Mauritius) and

Link Investment Trust II.

Approved Combination between BP Global Investments Limited (BP Global) and Reliance BP Mobility Limited (RBPML). It relates

to - It involves transfer of Reliance Industries' and its group entities' entire undertaking and related activities in India to RBPML.

Proposed transaction would involve acquisition of an aggregate 49 % of fully diluted paid-up equity share capital and voting

rights in and of RBPML by BP Global.

Approved acquisition of 100% shares and control of Tech Data Corporation by Tiger Midco LLC.

42. Competition Commission of India Approvals (May 2020) -

Approved acquisition of 100% stake in Emami Cement Limited, by Nirma promoter group company Nuvoco Vistas Corporation

Limited.

43. Credit Rating Agency CRISIL stated that India’s worst recession ever has arrived and economy will shrink by 5 % in current fiscal FY 21

(2020-21).

It will be fourth recession since Independence and first since Liberalisation. India has seen recession only thrice- in fiscals 1958, 1966

and 1980. The reason for the recession in all three of them was the same- a monsoon shock hitting agriculture and then economy.

In real terms there will be a permanent loss of about 10% GDP, which means that going back to the growth rates seen before the

pandemic is highly unlikely in the next three fiscals.

44. E-commerce company Flipkart tied up with Aegon Life Insurance to sell insurance solutions to its customers.

45. Employees' Provident Fund Organization has cut interest rate on deposits to 8.5% for 2019-20, down from 8.65 percent last year (2018-

19). EPFO has approx 6 crore subscribers.

46. Federal Bank acquired additional stake of up to 4% in equity capital of IDBI Federal Life Insurance Co Ltd (IFLIC), from IDBI Bank.

Federal Bank currently holds a 26% stake in JV insurance company.

47. Finance Minister Announced a Stimulus Package to aid economc activities hampered Amid COVID-19 Pandemic,

Facts -

Termed as Aatmanirbhar Bharat Abhiyan. It values at approx 20 Lakh crores, approx 10 % of Indian GDP.

Five pillars of Atmanirbhar Bharat – Economy, Infrastructure, System, Vibrant Demography and Demand.

Earlier Measures -

Pradhan Mantri Garib Kalyan Package - 1.7 Lakh Crores.

Insurance cover of 50 Lakh per health worker.

80 crore poor people given benefit of 5 kg wheat or rice per person for 3 months

1 kg pulses for each household for free every month for 3 months

20 crore women Jan Dhan account holders get Rs 500 per month for 3 months

Gas cylinders, free of cost, provided to 8 crore poor families for 3 months

Increase in MNREGA wage to Rs 202 a day from Rs 182, to benefit 13.62 crore families

Ex-gratia of Rs 1,000 to 3 crore poor senior citizen, poor widows and poor Divyang

Traneferred 2000 to farmers under existing PM-KISAN to benefit 8.7 crore farmers

Building and Construction Workers Welfare Fund allowed to be used to provide relief to workers

24% of monthly wages to be credited into PF accounts for three months for wage-earners below Rs 15,000 p.m. in

businesses having less than 100 workers

5 crore workers under Employee Provident Fund EPF to get non-refundable advance of 75% of amount or three months

of the wages, whichever is lower, from their accounts

Limit of collateral free lending to be increased from Rs 10 to Rs 20 lakhs for Women Self Help Groups supporting 6.85

crore households

District Mineral Fund (DMF) to be used for supplementing and augmenting facilities of medical testing, screening etc.

Other Measures -

RBI raised Ways and Means advance limits of States by 60% and enhanced the Overdraft duration limits

Issued all the pending income-tax refunds up to 5 lakh, immediately benefiting around 14 lakh taxpayers

Sanctioned Rs 15,000 crores for Emergency Health Response Package

RBI Measures -

Reduction of Cash Reserve Ratio (CRR) has resulted in liquidity enhancement of 1,37,000 crores

Targeted Long Term Repo Operations (TLTROs) of 1,00,050 crores for fresh deployment in investment grade corporate

bonds, commercial paper, and non-convertible debentures

TLTRO of Rs.50,000 crore for investing them in investment grade bonds, commercial paper, and non-convertible

debentures of NBFCs, and MFIs.

Increased banks’ limit for borrowing overnight under the marginal standing facility (MSF), allowing banking system to

avail additional 1,37,000 crore of liquidity at the reduced MSF rate

Announced special refinance facilities to NABARD, SIDBI and the NHB for a total amount of 50,000 crore at the policy

repo rate

Announced opening of a special liquidity facility (SLF) of 50,000 crore for mutual funds to alleviate intensified liquidity

pressures.

Moratorium of 3 months on payment of dues in respect of all Term Loans

For loans by NBFCs to commercial real estate sector, additional 1 year for commencement for commercial operations

Tranche 1 (Businesses including MSMEs) -

Rs 3 lakh crores Collateral-free Automatic Loans for Businesses, including MSMEs

Borrowers with up to 25 crores outstanding and 100 crores turnover eligible.

Loans to have 4 year tenor with moratorium of 12 months on Principal repayment

100% credit guarantee cover to Banks and NBFCs on principal and interest

Scheme can be availed till 31st Oct 2020

No guarantee fee, no fresh collateral

20000 crores Subordinate Debt for Stressed MSMEs

Govt. will provide support of 4,000 Cr. to CGTMSE (Credit Guarantee Fund Trust for Micro and Small Enterprises)

CGTMSE will provide partial Credit Guarantee support to Banks

50000 crores Equity infusion for MSMEs through Fund of Funds

Fund of Funds with Corpus of Rs 10,000 crores will be set up

FoF will be operated through a Mother Fund and few daughter funds. Fund structure will help leverage Rs 50,000 cr of

funds at daughter funds level

New Definition of MSMEs

Approved amendment to change criteria to classify MSMEs from “investment” to “Annual Turnover AND investment”,

adding the annual turnover clause.

Earlier definition only classified on the basis of Investment made in setting up the unit. The new definition, on adding up

annual turnover criteria, will encourage MSMEs to grow faster, to be able to notch up higher benefits.

Existing MSME Classification Criteria - Investment Made

Classification Micro Small Medium

Manufacturing Inv < 25 Lac Inv < 5 crore Inv < 10 crore

Services Inv < 10 Lac Inv < 2 crore Inv < 5 crore

Existing MSME Classification Criteria - Investment Made AND Annual Turnover

Classification Micro Small Medium

Manufacturing / Services

Inv < 1 crore

AND

Turnover < 5 crore

Inv < 10 crore

AND

Turnover < 50 crore

Inv < 20 crore

AND

Turnover < 100 crore

Global tenders to be disallowed upto Rs 200 crores

Rs. 2500 crore EPF Support for Business & Workers for 3 more months

Under Pradhan Mantri Garib Kalyan Package (PMGKP), payment of 12% of employer and 12% employee contributions

was made into EPF accounts of eligible establishments.

This support will be extended by another 3 months to salary months of June, July and August 2020.

EPF contribution reduced for Business & Workers for 3 months - Rs 6750 crores Liquidity Support

Statutory PF contribution of both employer and employee will be reduced to 10% each from existing 12% each for all

establishments covered by EPFO for 3 months

Applicable for workers who are not eligible for 24% EPF support under PM Garib Kalyan Package and its extension.

Rs 30,000 crore Special Liquidity Scheme for NBFCs/HFCs/MFIs

Investment will be made in both primary and secondary market transactions in investment grade debt paper of

NBFCs/HFCs/MFIs

Rs 45,000 crore Partial Credit Guarantee Scheme 2.0 for NBFCs

Existing PCGS scheme to be extended to cover borrowings such as primary issuance of Bonds/ CPs (liability side of

balance sheets) of such entities

First 20% of loss will be borne by the Guarantor (Government)

Rs. 90,000 Cr. Liquidity Injection for DISCOMs

Loans to be given against State guarantees for exclusive purpose of discharging liabilities of Discoms to Gencos.

Relief to Contractors

Extension of up to 6 months for completion of contractual obligations, including in respect of EPC and concession

agreements

Relief to Real Estate Projects registration and completion date for all registered projects will be extended up to six months

To provide more funds at disposal of taxpayers for dealing with economic situation arising out of COVID-19 pandemic, rates of

Tax Deduction at Source (TDS) for 23 non-salaried specified payments has been reduced by 25% for period 14th May, 2020 to

31st March, 2021.

Tax Collection at Source (TCS) has also been reduced by 25 % for mentioned 4 receipt types.

This measure will release Liquidity of Rs. 50,000 crore

Due Dates for various tax relatedcompliances extended

Income-tax return for FY 2019-20 will be extended from 31st July & 31st October, 2020 to 30th November and Tax audit

from 30th September to 31st October, 2020

Period of Vivad se Vishwas Scheme for making payment without additional amount will be extended to 31st

December,2020

Tranche 2 (Poor, including migrants and farmers) -

Free food grains supply to migrants for 2 months (3500 Crores) -

For migrant labour, additional food grain to all States/UTs at the rate of 5 kg per migrant labourer and 1 kg Chana per

family per month for two months (May and June 2020), free of cost.

Migrant labourers not covered under National Food Security Act or without a ration card, will be eligible.

8 Lakh MT of food-grain and 50,000 MT of Chana shall be allocated.

Technology to be used, to enable Migrants to access PDS (Ration) from any Fair Price Shops by March 2021, Under One Nation

one Ration Card Scheme -

100% National portability will be achieved by March, 2021.

Scheme for Affordable Rental Housing Complexes for Migrant Workers and Urban Poor to be launched -

Affordable Rental Housing Complexes will provide social security and quality life to migrant labour, urban poor, and

students etc.

2% Interest Subvention for 12 months for Shishu MUDRA loanees (1500 Crores) -

Govt will provide Interest subvention of 2% for prompt payees for a period of 12 months to MUDRA Shishu loanees, who

have loans below Rs 50,000.

Rs 5,000 crore Credit facility for Street Vendors -

Under this, bank credit facility for initial working capital up to Rs. 10,000 for each enterprise will be extended.

Rs 70,000 crore boost to housing sector and middle income group through extension of Credit Linked Subsidy Scheme for MIG

under PMAY(Urban) -

Credit Linked Subsidy Scheme for Middle Income Group (annual Income between Rs 6 and 18 lakhs) will be extended up

to March 2021.

Rs 6,000 crore for Creating employment using Compensatory Afforestation Management & Planning Authority (CAMPA)

funds

Rs 30,000 crore Additional Emergency Working Capital for farmers through NABARD

NABARD will extend additional refinance support of Rs. 30,000 crore for crop loan requirement of Rural Co-op Banks &

RRBs. This is above 90,000 crores that will be provided by NABARD to this sector in normal course.

This will benefit around 3 crore farmers.

2 lakh crore credit boost to 2.5 crore farmers under Kisan Credit Card Scheme -

Special drive to provide concessional credit to PM-KISAN beneficiaries through Kisan Credit Cards.

Fisherman and Animal Husbandy Farmers will also be included in this drive.

Tranche 3 (Agriculture, Fisheries and Food Processing Sectors) -

Rs 1 lakh crore Agri Infrastructure Fund for farm-gate infrastructure for farmers.

Rs 10,000 crore scheme for Formalisation of Micro Food Enterprises (MFE) -

Scheme promoting Vocal for Local with Global outreachwill be launched to help 2 lakh MFEs who need technical

upgradation to attain FSSAI food standards, build brands and marketing.

Rs 20,000 crore for fisherman through Pradhan Mantri Matsya Sampada Yojana (PMMSY) -

Government will launch the PMMSY for integrated, sustainable, inclusive development of marine and inland fisheries.

Rs 11,000 crore for activities in Marine, Inland fisheries and Aquaculture and Rs. 9000 crore for Infrastructure - Fishing

Harbours, Cold chain, Markets etc shall be provided.

National Animal Disease Control Programme -

NADC Programme for Foot and Mouth Disease (FMD) and Brucellosis launched with outlay of 13,343 crore to ensure

100% vaccination of cattle, buffalo, sheep, goat and pig population (total 53 crore animals).

Animal Husbandry Infrastructure Development Fund (15,000 crores)

Promotion of Herbal Cultivation (4,000 crores) -

10,00,000 hectare will be covered under Herbal cultivation in next two years with outlay of Rs. 4,000 crore.

Beekeeping initiatives (500 crores)

From ‘TOP’ to TOTAL (500 crores) -

Operation Greens run by Ministry of Food Processing Industries (MOFPI) will be extended from tomatoes, onion and

potatoes to ALL fruit and vegetables.

Scheme would provide 50% subsidy on transportation from surplus to deficient markets, 50% subsidy on storage,

including cold storages and will be launched as pilot for the 6 months.

Measures for Governance and Administrative Reforms for Agriculture Sector -

Amendments to Essential Commodities Act to enable better price realisation for farmers.

Agriculture Marketing Reforms to provide marketing choices to farmers -

A Central law will be formulated to provide adequate choices to the farmer to sell their produce at remunerative

price, barrier free Inter-State Trade, a framework for e-trading of agriculture produce.

Agriculture Produce Pricing and Quality Assurance -

Government will finalise a facilitative legal framework to enable farmers to engage with processors, aggregators,

large retailers, exporters etc. in a fair and transparent manner.

Tranche 4 (New Horizons of Growth) -

Finance Minister announced policy reforms to fast track investment -

Fast tracking of investment clearance through Empowered Group of Secretaries.

Project Development Cell will be constituted in each Ministry to prepare investible projects, coordinate with investors

and Central/State Governments.

Ranking of States on investment attractiveness to compete for new investment.

Incentive schemes for promotion of new champion sectors will be launched in sectors such as solar PV manufacturing;

advanced cell battery storage etc.

A scheme will be implemented in States through challenge mode for Industrial Cluster Upgradation of common

infrastructure facilities and connectivity.

Coal -

Introduction of Commercial Mining in Coal Sector -

Government will introduce competition, transparency and private sector participation in the Coal Sector through A

revenue sharing mechanism instead of regime of fixed Rupee/tonne.

Any party can bid for a coal block and sell in open market. Nearly 50 Blocks will be offered immediately.

Diversified Opportunities in Coal Sector -

Coal Gasification / Liquefication will be incentivised through rebate in revenue share. This will result in

significantly lower environment impact and also assist India in switching to a gas-based economy.

Infrastructure development of 50,000 crore will be done for evacuation of enhanced Coal India Limited’s (CIL)

target of 1 billion tons coal production by 2023-24.

Liberalised Regime in Coal Sector -

Coal Bed Methane (CBM) extraction rights will be auctioned from Coal India Limited’s (CIL) coal mines.

Several ease of Doing Business measures will allow for automatic 40% increase in annual production.

Concessions in commercial terms given to CIL’s consumers (relief worth Rs 5,000 crore offered).

Mineral -

Enhancing Private Investment -

500 mining blocks would be offered through an open and transparent auction process.

Joint Auction of Bauxite and Coal mineral blocks to enhance Aluminum Industry’s competitiveness will be

introduced to help Aluminum industry reduce electricity costs.

Policy reforms -

Distinction between captive and non-captive mines to allow transfer of mining leases and sale of surplus unused

minerals, leading to better efficiency in mining and production shall be removed.

Mineral Index for different minerals will be developed.

Defence -

Enhancing Self Reliance in Defence Production.

‘Make in India’ for Self-Reliance in Defence Production will be promoted.

Improve autonomy, accountability and efficiency in Ordnance Supplies by Corporatisation of Ordnance Factory

Board.

Policy Reforms in Defence Production -

FDI limit in Defence manufacturing under automatic route will be raised from 49% to 74%.

Time-bound defence procurement process by setting up of a Project Management Unit (PMU).

Civil Aviation -

Efficient Airspace Management for Civil Aviation -

Restrictions on utilisation of Air Space will be eased, bringing benefit of approx 1000 crore per year for aviation

sector.

More World-Class Airports through PPP -

6 more airports have been identified for 2nd round bidding for Operation and Maintenance on Public-Private

Partnership (PPP) basis.

Additional Private Investment in 12 airports in 2 rounds will bring 13,000 crores in sector.

Other 6 airports will be put out for 3rd round of bidding.

India to become a global hub for Aircraft Maintenance, Repair and Overhaul (MRO) -

Aircraft component repairs and airframe maintenance to increase from 800 crore to 2,000 crore in 3 years.

Power -

Tariff Policy Reform -

Consumer Rights -

DISCOM inefficiencies not to burden consumers

DISCOMs to ensure adequate power

Load-shedding to be penalized

Promote Industry -

Progressive reduction in cross subsidies

Time bound grant of open access

Generation / transmission project developers to be selected competitively

Sustainability of Sector -

No Regulatory Assets

Timely payment of Gencos

DBT for subsidy

Smart prepaid meters

Social Infrastructure -

Government will enhance the quantum of Viability Gap Funding (VGF) upto 30% each of Total Project Cost as VGF by

Govt.

For other sectors, VGF existing support of 20 % each from Government shall continue. Outlay is Rs. 8,100 crore.

Space -

Level playing field for private companies in satellites, launches and space-based services.

Private sector will be allowed to use ISRO facilities and other relevant assets to improve their capacities.

Atomic Energy -

Research reactor in PPP mode for production of medical isotopes shall be established to promote welfare of humanity

through affordable treatment for cancer and other diseases.

Facilities in PPP mode to use irradiation technology for food preservation – to compliment agricultural reforms and

assist farmers shall also be established.

India’s robust start-up ecosystem will be linked to nuclear sector.

Tranche 5 (Government Reforms and Enablers) -

40,000 crore increase in allocation for MGNREGS to provide employment boost.

It will help generate nearly 300 crore person days.

Health Reforms & Initiatives -

Public Expenditure on Health will be increased by investing in grass root health institutions.

Setting up of Infectious Diseases Hospital Blocks in all districts, to better manage pandemics.

National Institutional Platform for One health by ICMR will encourage research.

Implementation of National Digital Health Blueprint under National Digital Health Mission.

Technology Driven Education with Equity post-COVID -

PM eVIDYA, a programme for multi-mode access to digital education to be launched.

Manodarpan, an initiative for psycho-social support for students, teachers and families for mental health and emotional

well-being to be launched.

New National Curriculum and Pedagogical framework for school, early childhood and teachers will be launched. National

Foundational Literacy and Numeracy Mission for ensuring that every child attains Learning levels and outcomes in grade

5 by 2025, will be launched by December 2020.

Further enhancement of Ease of Doing Business through IBC related measures -

Minimum threshold to initiate insolvency proceedings has been raised to Rs. 1 crore (from Rs. 1 lakh, which largely

insulates MSMEs).

Special insolvency resolution framework for MSMEs under Section 240A of the Code will be notified.

Suspension of fresh initiation of insolvency proceedings up to one year, depending upon pandemic.

Empowering Government to exclude COVID 19 related debt from definition of “default”, under Code for purpose of

triggering insolvency proceedings.

Decriminalisation of Companies Act defaults -

Decriminalisation of Companies Act violations involving mentioned minor technical and procedural defaults.

It will de-clog criminal courts and NCLT.

7 compoundable offences altogether dropped and 5 to be dealt with under alternative framework.

Ease of Doing Business for Corporates -

Direct listing of securities by Indian public companies in permissible foreign jurisdictions.

Private companies which list NCDs on stock exchanges not to be regarded as listed companies.

Including provisions of Part IXA (Producer Companies) of Companies Act, 1956 in Companies Act, 2013.

Power to create additional benches for NCLAT

Lower penalties for all defaults for Small Companies, One-person Companies, Producer Companies & Start Ups.

Public Sector Enterprise Policy for a New, Self-reliant India -

Government will announce a new policy whereby -

List of strategic sectors requiring presence of PSEs in public interest will be notified

In strategic sectors, at least one enterprise will remain in public sector but private sector will also be allowed

In other sectors, PSEs will be privatized.

To minimise wasteful administrative costs, number of enterprises in strategic sectors will ordinarily be only one to

four; others will be privatised/ merged/ brought under holding companies

Support to State Governments -

Centre has decided to increase borrowing limits of States from 3% to 5% for 2020-21 only. This will give States

extra resources of Rs. 4.28 lakh crores.

Part of the borrowing will be linked to specific reforms (including recommendations of the Finance Commission).

Reform linkage will be in four areas - universalisation of ‘One Nation One Ration card’, Ease of Doing Business,

Power distribution and Urban Local Body revenues.

A specific scheme will be notified by Department of Expenditure on the following pattern -

Unconditional increase of 0.50%

1% in 4 tranches of 0.25%, with each tranche linked to clearly specified, measurable and feasible reform

actions

Further 0.50% if milestones are achieved in at least three out of four reform areas.

Stimulus Breakup (In Crores) -

Stimulus from earlier measures

Revenue lost due to tax concessions since Mar 22nd 2020 7800

Pradhan Mantri Garib Kalyan Package (PMGKP) 170000

PM’s announcement for Health sector 15000

Total 192800

Tranche 1 (Businesses including MSMEs)

Emergency W/C Facility for Businesses, incl MSMEs 300000

Subordinate Debt for Stressed MSMEs 20000

Fund of Funds for MSME 50000

EPF Support for Business & Workers 2800

Reduction in EPF rates 6750

Special liquidity Scheme for NBFC/HFC/MFIs 30000

Partial credit guarantee Scheme 2.0 for Liabilities of NBFCs/MFIs 45000

Liquidity Injection for DISCOMs 90000

Reduction in TDS/TCS rates 50000

Total 594550

Tranche 2 (Poor, including migrants and farmers)

Interest Subvention for MUDRA Shishu Loans 1500

Free Food grain Supply to Migrant Workers for 2 months 3500

Special Credit Facility to Street Vendors 5000

Housing CLSS-MIG 70000

Additional Emergency WorkingCapital through NABARD 30000

Additional credit through KCC 200000

Total 310000

Tranche 3 (Agriculture, Fisheries and Food Processing Sectors)

Food Micro enterprises 10000

Pradhan Mantri Matsya Sampada Yojana 20000

TOP to TOTAL: Operation Greens 500

Agri Infrastructure Fund 100000

Animal Husbandry Infrastructure Development Fund 15000

Promotion of Herbal Cultivation 4500

Beekeeping Initiative 500

Total 150000

Tranche 4 + 5 (New Horizons of Growth AND Government Reforms and Enablers)

Viability Gap Funding 8100

Additional MGNREGS allocation 40000

Total 48100

Grand Total

Tranche 1 (Businesses including MSMEs) 594550

Tranche 2 (Poor, including migrants and farmers) 310000

Tranche 3 (Agriculture, Fisheries and Food Processing Sectors) 150000

Tranche 4 + 5 (New Horizons of Growth AND Government Reforms and Enablers) 48100

Sub-Total of 5 Tranches 1102650

Earlier Measuresincl PMGKP 192800

RBI Measures (Actual) 801603

Sub-Total of Earlier Measuresincl PMGKP AND RBI Measures 994403

Grand Total 1102650 + 994403 = 20,97,053 Crores

48. Finance Minister Nirmala Sitaraman launched INR-USD Futures and Options contracts on two International Exchanges - BSE’s India

INX and NSE’s NSE-IFSC, at GIFT International Financial Services Centre at Gandhinagar This will be available 22 hours across all time

zones for all global participants from GIFT IFSC.

49. Finance Ministry issued Taxation and other Laws (Relaxation of Certain Provisions) Ordinance 2020, to implement several taxation

and other relaxation measures, amid COVID-19 Outbreak -

Direct Taxes & Benami (Extended to 30-06-2020)

Filing income-tax returns for FY 2018-19 (AY 2019-20).

Aadhaar-PAN linking.

Commencement of operation for SEZ units for claiming deduction under deduction 10AA of IT Act.

Passing of order of notice by authorities under various direct taxes& Benami Law.

Reduced interest of 9% shall be charged for non-payment of Income-tax Equalization Levy, Securities Transaction Tax (STT),

Commodities Transaction Tax (CTT) which are due for payment from 20-03-2020 to 29-06-2020, if they are paid by 30-06-

2020..

Under Vivad se Vishwas Scheme, date extended up to 30-06-2020. Declaration and payment under the Scheme can be made

up to 30-06-2020 without additional payment.

Indirect Taxes (Extended to 30-06-2020) -

Furnishing of Central Excise returns due in March, April and May 2020.

All filing of appeal, refund applications etc., under excise, customs and service tax, due from 20th March 2020 to 29th June

2020, extended to 30-06-2020.

Date for making payment to avail benefit under Sabka Vishwas Legal Dispute Resolution Scheme 2019 extended to 30-06-

2020.

The ordinance also allows 100% exemption on donations made on PM-Cares Fund.

50. Finance ministry established International Financial Services Centres Authority (IFSCA), to be headquartered in Gandhinagar (Gujarat).

It is a unified authority to regulate all financial services in International Financial Services Centres (IFSCs) in country. Currently,

IFSC are regulated by multiple regulators such as RBI, SEBI and IRDAI.

This brings into effect certain provisions of IFSCA Act 2019. Government has not effected provisions pertaining to -

Regulation of financial products, financial services and financial institutions in IFSCs and its abilities to transact in foreign

currencies and make rules.

Main function of authority will be to regulate financial products in an IFSC, which were previously regulated by appropriate

regulators.

Details Pertaining to IFSCA act

51. Finance ministry increased coverage of a lender’s loss in case of loan default under Credit Guarantee Fund for Micro Units (CGFMU)

scheme to 75%, from 50% earlier. It incentivizes lending to micro businesses which are bearing brunt of coronavirus outbreak.

CGFMU scheme, announced in April 2016, covers micro loans up to Rs 10 lakh extended under Pradhan Mantri Mudra Yojana.

Lenders can pay a fee for the portfolio of loans they want to be covered by the guarantee.

52. Fitch Solutions expected India’s fiscal deficit to go up to 6.2 % of gross domestic product (GDP) in fiscal year FY21 (2020-21). due to

economic slowdown and enhanced welfare spendings amid COVID-19 Outbreak. Government had set a target of limiting fiscal deficit to 3.5

% of GDP during FY 2020-21.

Earlier, Fitch Ratings had lowered India’s GDP growth forecast to 0.8 % for FY2020-21(FY21), the 30 year low, due to global

recession triggered by COVID-19 Outbreak. Also, Fitch Ratings lowered Global Growth forecast for 2020-21 (FY21) to 1.3% from

2.5% earlier.

53. Franklin Templeton Trustee Services Pvt. Ltd. appointed Kotak Mahindra Bank as an independent advisor, to assist Trustees in

monetizing portfolios of 6 schemes that are being wound up & make payouts to affected investors.

6 schemes are - Low Duration Fund, Dynamic Accrual Fund, Credit Risk Fund, Short Term Income Plan, Ultra Short Bond Fund

and Income Opportunities Fund of Franklin Templeton Mutual Fund.

54. GST revenue collected in February 2020 is 105366 crores (CGST 20569 crores, SGST 27348 crores, IGST 48503 crores and Cess 8947

crores).

55. Godrej Consumer Products subsidiary Godrej East Africa Holdings Ltd acquired 25% stake in Kenya-based Canon Chemicals Ltd.

Canon Chemicals would now be a wholly-owned subsidiary of Godrej East Africa Holdings Ltd. Earlier in February 2016, Godrej

group had acquired 75 % stake in Canon.

56. Government amended General Financial Rules 2017 (GFR) to make sure goods and services that are of value less than Rs 200 crores

are procured from domestic firms. This was announced under Atma Nirbhar Bharat Abhiyan.

GFR are set of rules that deal with matters that involve public finances, first issued in 1947. GFRs were earlier modified in 1963 and

2005.

GFR were last revised in 2017, to make sure an organization manages its business without compromising its flexibility.

57. Government amended Foreign Direct Investment (FDI) policy 2017, to prevent opportunistic acquisitions of Indian companies due to

COVID-19 economic crisis.

Currently, any non-resident entity from countries sharing borders with India are allowed to make investments in India. However,

entities in Bangladesh and Pakistan are required to obtain government permission.

After amendments -

Every investor from a neighbouring country is required to invest through Government route.

While transferring ownership, beneficiary is required to obtain the approval of Indian Government.

It mainly targets Chinese companies. With world entering lock down and China returning to normalcy, China is now looking to

acquire prominent companies all over world.

58. Government amended IBC (Insolvency and Bankruptcy Code) 2016 by suspending provisions that result in insolvency proceedings

against defaulters, for a period upto one year, amid the pandemic.

This will act as a relief measure for corporate borrowers affected by COVID-19 pandemic as well as pave the way for banks to

restructure loans.

Sections are -

Section 7 - pertains to initiation of corporate insolvency proceedings by a financial creditor.

Section 9 - pertains to initiation of corporate insolvency proceedings by an operational creditor.

Section 10 - relates to filing an application for insolvency resolution by a corporate.

59. Government amended income tax rules as per which Indian authorities would endeavour to resolve mutual agreement procedure (MAP)

disputes within 24 months, aimed at speedy settlement of cases of multinational corporations that have opted alternative dispute

resolution process.

Central Board of Direct Taxes (CBDT) amended Rule 44G of Income tax act 1962, dealing with application and procedure for giving

effect to MAP agreement, and also revised Form 34F with respect to making application to competent authority for invoking MAP.

MAP is an alternative dispute resolution process under tax treaties, under which competent authorities of two countries enter into

discussions to resolve tax-related disputes.

60. Government announced 100 crores interest subvention scheme on working capital, To help milk co-operatives and farmer-owned milk

producer companies (FPCs) struggling with excess milk supply following restricted procurement by private dairies.

It will help dairies convert surplus quantity of milk into high shelf-value products such as milk powder, white butter, ghee and UHT

milk.

Scheme provides for interest subvention of 2 % per annum, with an additional incentive of 2 % per annum interest subvention to be

given in case of prompt and timely repayment or interest servicing.

61. Government announced that Common Service Centres (CSCs) will take over village level online retail chain, taking over work of E-

commerce Giants Flipkart and Amazon in rural regions.

Village-level online retail chains are being created to address the difficulties created by the restrictions imposed on mobility.

Outlets will be privately run, but will be monitored by Ministry of electronics and IT.

Unique Identification Authority of India (UIDAI) also allowed Common Service Centres to start Aadhaar updation facility at 20,000

centres that operate as Banking Correspondents (BCs).

62. Government declared banking industry as public utility service till October 21, under provisions of Industrial Disputes Act 1947.

It is being done to prevent strikes by employees of banking sector, amid COVID-19 Oubreak.

Aim of Industrial Disputes Act 1947 is to secure harmony and peace in work culture of Indian Industries, applied to organized sector.

63. Government in consultation with RBI has issued Guidelines for Sovereign Gold Bonds Scheme 2020-21, to be issued in six tranches, with

terms -

Tranches -

S. No. Tranche Date of Subscription Date of Issuance

1. 2020-21 Series I April 20-24, 2020 April 28, 2020

2. 2020-21 Series II May 11-15, 2020 May 19, 2020

3. 2020-21 Series III June 08-12, 2020 June 16, 2020

4. 2020-21 Series IV July 06-10, 2020 July 14, 2020

5. 2020-21 Series V August 03-07, 2020 August 11, 2020

6. 2020-21 Series VI Aug.31-Sept.04, 2020 September 08, 2020

Features -

Sl. No. Item Details

1 Eligibility For sale to resident individuals, HUFs, Trusts, Universities and Charitable Institutions.

2 Denomination Multiples of gram(s) of gold with a basic unit of 1 gram. Minimum permissible investment is 1 gram.

3 Tenor 8 years, with exit option after 5th year to be exercised on the interest payment dates.

4 Maximum limit 4 KG for individual, 4 Kg for HUF and 20 Kg for trusts and similar entities per fiscal. In case of joint

holding, the investment limit of 4 KG will be applied to the first applicant only.

5 Issue price Issue / redemption Price of Bond will be fixed on the basis of simple average of closing price of gold of 999purity, Issue price will be 50 per gram less on digital payments.

6 Payment option Payment for Bonds will be through cash (upto 20000) or demand draft or cheque or electronic banking.

7 Interest rate Fixed rate of 2.50 % annum payable semi-annually on nominal value.

8 Collateral Bonds can be used as collateral for loan. Bonds will be also be tradable on stock exchanges within afortnight of the issuance.

9 Tax treatment Interest on Gold Bonds shall be taxable as per provision of Income Tax Act 1961. Capital gains tax arisingon redemption of SGB to an individual has been exempted.

10 Commission Commission for distribution of bond shall be paid at the rate of 1% of total subscription and receivingoffices shall share at least 50% of commission so received with agents.

11 Selling Channels Scheduled Commercial banks (except Small Finance Banks and Payment Banks), Stock HoldingCorporation of India Limited (SHCIL), designated post offices, and recognised stock exchanges.

64. Government increased its market borrowing estimate to 12 lakh crores for current fiscal (FY 2020-21), to deal with expected shortfall in

revenue due to impact of COVID-19 crisis. Earlier the borrowing estimate was 7.80 lakh crores.

Government also increased weekly borrowing target to 30000 crores from 21000 crores earlier.

65. Government introduced scheme namely LLP Settlement Scheme 2020, by allowing Limited Liability Partnerships (LLP) a One-time

condonation of delay in filing statutorily required documents with Registrar.

Due to applicability of additional fee on late filing, a large number of (LLPs) have remained non-compliant, mainly on account of

their inability to pay late fees for the cumulative period of delay.

Scheme shall come into force on the 16th March, 2020 and shall remain in force up to 13th June, 2020.

It would be applicable to a LLP for filing overdue documents, which were due for filing till 31st October, 2019 on a payment of a

additional fee of 10 per day for period of delay (up to 5,000 as additional fee per document).

66. Government laid down procedure to allocate quota for import of calcined pet coke in FY 21 (2020-21).

In October 2018, Government permitted imports of certain quantity of pet coke in order to use it as fuel in anode making. Earlier,

govt had banned import of pet coke.

Import of petcoke was allowed only in lime kiln, cement, gasification and calcium carbide industries. Pet Coke is mainly used in

aluminium industry as raw material.

India is largest consumer of pet coke. Pet coke emits over 11% more green house gases than coal.

67. Government reduced interest rates on small savings schemes, applicable for April - June 2020 Quarter, widely due to economic stress

caused by COVID-19 Outbreak -

68. Govt. approved several other economic relief measures amid COVID-19 Outbreak -

Commerce and Industry Ministry extended Foreign Trade Policy (FTP) by 1 year, which came into force on 1st April 2015, for 5 years.

Foreign Trade Policy is now valid up to 31st March, 2021.

Benefit under all the Export Promotion Schemes (except SEIS) and other schemes, available as on date, will continue to be

available for another 12 months.

Approved hike in the wages of manual labourers under Mahatama Gandhi National Rural Employment Guarantee Act (MGNREGA).

The workers will get a wage hike ranging 13 - 34 INR.

Ministry of Corporate Affairs (MCA) introduced Companies Fresh Start Scheme 2020 and revised LLP Settlement Scheme 2020 -

Companies Fresh Start Scheme 2020 will enable companies make good of any filing-related defaults, irrespective of duration

of default, and make a fresh start as a fully compliant entity.

To provide a similar facility to Limited Liability Partnerships (LLPs), recently notified LLP Settlement Scheme 2020 is also

revised.

Both schemes provide one-time waiver of additional filing fees for delayed filings by companies or LLPs with Registrar of

Companies during currency of Schemes (April 1 to September 30, 2020).

The Schemes, apart from giving longer timelines for corporates to comply with various filing requirements under Companies

Act 2013 and LLP Act 2008, significantly reduce related financial burden on them.

69. Gross GST revenue collected in March 2020 is 97597 crores (CGST 19183 crores, SGST 25601 crores, IGST 44508 crores, and Cess 8306

crores).

70. HDFC acquired 6.43 % stake in debt-trapped Reliance Capital, by invoking pledged shares, with 25.27 crore shares valuing 252 crores.

71. Hindustan Unilever Ltd (HUL) completed merger of GlaxoSmithKline Consumer Healthcare Limited (GSKCH) with itself, a year after

this 31700 crores merger was announced.

72. Hydro power PSU NHPC conducted e-reverse auction for a 2,000 mega watt (MW) grid connected solar project. Against allocated

capacity of 2,000 MW, lowest e-RA tariff of Rs 2.55 unit to 2.56 per unit was achieved.

73. ICICI Securities partnered with IIM Bangalore's startup hub N S Raghavan Centre of Entrepreneurial Learning (NSRCEL), to support

startups in fintech space through a structured program.

74. ICICI bank launched voice banking services on Amazon Alexa and Google Assistant, enabling customers to avail several services.

For this, ICICI Bank integrated its AI powered multi-channel chatbot, ‘iPal’, with Amazon Alexa and Google Assistant.

75. IT Major Accenture acquired Ahmedabad-based data analytics company Byte Prophecy, to meet growing demand for enterprise-scale

AI and digital analytics solutions across the region.

76. IT firm Tech Mahindra collaborated with US Based IBM, to help businesses transform operations and accelerate their hybrid cloud

strategies, by establishing innovation centres to address complex business problems.

77. India signed 500 Million USD Loan Agreement with Beijing Based Asian Infrastructure Investment Bank (AIIB), for COVID-19

Emergency Response and Health Systems Preparedness Project. This is the first ever health sector support from AIIB to India.

78. India signed $177 Million loan agreement with Asian Development Bank (ADB), to upgrade 450 kilometers of state highways and

major district roads in Maharashtra.

79. India signed World Bank loan 80 million USD, for project aimed at increasing agricultural productivity and improve water management

practices in Himachal Pradesh.

80. India's TVS Motor Company’s overseas subsidiary TVS Motor Singapore Pte. Ltd. accquired United Kingdom’s 122 year old iconic

sporting motorcycle brand ‘Norton, in an all-cash transaction of £16 million.

81. Indian GDP Growth Forecasts (April 2020) -

Asian Development Bank's Asian Development Outlook 2020 has projected India’s growth to slow down to 4% in the current FY 21

(2020-21), and 6.2 % in FY 22 (2021-22). Growth in South Asia will decelerate to 4.1% in FY 2020-21, an dwill recover to 6% in 2021-

22.

American and financial firm Goldman Sachs lowered India’s growth forecast for FY 2020-21 (FY21) to 1.6%.

World Bank report South Asia Economic Focus -

Indian Economy is expected to grow at 1.5% to 2.8% in FY 21 (2020-21), lowest since its balance of payment crisis in 1991.

However, in coming years growth rate is expected to be 4% to 5%.

As per IMF's April update of World Economic Outlook (WEO) -

India’s growth to be to 1.9% from 5.8% earlier for FY21 (2020-21). India’s growth is seen recovering sharply to 7.4% in next

fiscal year (FY 22 (2021-22)).

IMF warns of worst global recession since Great Depression (1929-1930), due to COVID-19 Pandemic. Global economy is

expected to shrink by 3%.

China is seen growing 1.2% in 2020 and rebound to 9.2% in 2021.

Asia will stall at 0% growth in 2020 for 1st time in 60 years,which includes Global Financial Crisis (4.7%) and Asian Financial

Crisis (1.3%).

US to shrink by 6 % and Europe by 6.6 %.

Ratings agency ICRA revised its forecast for India’s growth in FY 21 (2020-21) to 2%.

British Financial Firm Barclays has cut India's growth forecast for FY 21 (2020-21) to 0%, stating that economic fallout will be worse

than earlier estimation.

SBI Ecowrap report estimated India’s GDP growth to fall to 1.1% in FY21 (2020-21), due to impact of coronavirus pandemic.

Fitch Solutions expected India’s fiscal deficit to go up to 6.2 % of gross domestic product (GDP) in fiscal year FY21 (2020-21). due to

economic slowdown and enhanced welfare spendings amid COVID-19 Outbreak. Government had set a target of limiting fiscal deficit

to 3.5 % of GDP during FY 2020-21.

Earlier, Fitch Ratings had lowered India’s GDP growth forecast to 0.8 % for FY2020-21(FY21), due to global recession triggered

by COVID-19 Outbreak.

Also, Fitch Ratings lowered Global Growth forecast for 2020-21 (FY21) to 1.3% from 2.5% earlier.

S&P (Standard & Poor’s) Global Ratings declined India’s growth forecast for FY 21 (2020-21) to 1.8% from 3.5% earlier. For FY 22

(2021-22), it is projected to 7.5%.

Confederation of Indian Industry (CII) estimated India’s Gross Domestic Product (GDP) growth to be 1.5% in FY 21 (2020-21).

CARE Ratings projected Indian GDP Growth for FY 21 (2020-21) between 1.1%-1.2%. Agency also revised GDP forecast for FY20

(2019-20) to 4.7% from 5%.

Moody’s Investors Service slashed India growth forecast for FY 2020-21 (FY 21) to 0.2 %, from 2.5 % earlier. For 2021, the rating

agency expects India’s growth to rebound to 6.2 per cent.

China is projected to grow 1 % in 2020-21 and 7.1 in 2021-22. Only China, India, and Indonesia are projected to witness

economic growth in 2020 by Moody’s.

Fitch group company India Ratings & Research slashed estimate for India’s GDP growth rate to 1.9 % for 2020-21 (FY 21), lowest

after India recorded growth rate at 1.1 per cent in 1991-92.

As per Japanese Firm Nomura, Indian economy will contract by 6.1 % in April-June quarter, and will expand only in December

quarter.

Economy will grow at 3.2 per cent in January-March 2020 Quarter, contract by 6.1 % in June - Aug quarter and 0.5 % in Sep -

Dec quarter, before rising by 1.4 % in the last quarter of FY 21 (Jan - Mar 2021).

Nomura Predicted Indian GDP to grow at -.5 % in FY 2020-21 (FY 21).

American Investment Bank Goldman Sachs Predicted India's GDP to grow at 1.6 % in FY 2020-21 (FY 21).

Domestic rating agency CRISIL has cut projections for India’s GDP growth rate in FY 21 (2020-21) at 1.8 %.

82. Indian GDP Growth Forecasts (March 2020) -

Fitch Ratings lowered India’s GDP growth forecast to 2% for FY2020-21(FY21) , the 30 year low, due to global recession triggered by

COVID-19 Outbreak.

Due to coronavirus crisis, Fitch Ratings lowered Global Growth forecast for 2020-21 (FY21) to 1.3% from 2.5% earlier.

Organisation for Economic Cooperation and Development (OECD) in its report OECD Interim Economic Assessment Coronavirus:

The world economy at risk, has trimmed India’s real GDP growth forecast to 5.1% for 2020-21 (FY21) . For 2021-22 (FY22) , it is

projected at 5.6%.

S&P Global Ratings reduced India’s economic growth forecast to 3.5 % for FY 2020-21 (FY 21).

India Ratings & Research revised its 2020-21 (FY21) forecast to 3.6%, down from 5.5% earlier.

CRISIL reduced India’s gross domestic product (GDP) growth forecast for fiscal 2020-21 (FY21) to 3.5 % from 5.2 % earlier.

Moody’s reduced India’s GDP growth in 2020-21 (FY21) to 2.5 % from earlier estimate of 5.3 per cent. G-20 countries are expected to

grow by 2.1% in 2020.

Rating agency ICRA notified that India’s Gross Domestic Product(GDP) will grow by 2% in 2020-21 (FY 21) due to impact of COVID-

19.

SBI EcoWrap report expected Indian GDP Growth to be 2.6 % in 2020-21 (FY 21).

83. Indian GDP Growth Forecasts (May 2020) -

Singapore based DBS bank Projected India’s Gross Domestic Product (GDP) growth forecast for FY 21 (2020-21) at 1%.

Moody’s has cut down India’s Gross Domestic Product(GDP) growth to 0 % for current fiscal FY 21 (2020-21), down from previous

estimate of 2.6%.

Japanese brokerage firm Nomura Holdings Predicted India’s FY21 GDP growth forecast at - 5.2%, down from -0.4% earlier.

UN World Economic Situation and Prospects (WESP) mid-2020 report Predicted Indian GDP growth rate for FY 21 (2020-21) to be

1.2%, down from 4.1% in FY 20 (2019-20). Growth of India will raise to 5.5% in FY 22 (2021-22).

American brokerage Goldman Sachs expected Indian economy to contract by 5% in FY21, which means -5% GDP Growth. It will be

the deepest compared to all recessions India has ever experienced since 1979.

India’s nominal GDP growth rate in 2020-21 could range between -6% and 1%, according to 15th Finance Commission’s committee

on the fiscal consolidation roadmap, which met via video conferencing, headed by Commission’s Chairman N.K. Singh.

As per SBI Ecowrap report, India’s GDP is estimated to grow at 1.2% in last quarter(Q4) of FY20

GDP Growth is likely to be 4.2% for FY20, and - 6.8% for FY21

Gross value added (GVA) growth would be nearly - 3.1%. for FY21

Rating agency Fitch Ratings Predicted India's GDP Growth to be -5% in FY 21 (2020-21) (5 % Contraction).

Rating agency S&P Predicted India's GDP Growth to be -5% in FY 21 (2020-21) (5 % Contraction).

Rating Agency ICRA reduced India’s FY21 (Fiscal Year 2020-21) growth forecast to - 5 %.

84. Indian consumer goods Firm ITC acquired spices maker Sunrise Foods Private Limited.

85. India’s first InvIT in the power sector, IndiGrid acquied Gurgaon Palwal Transmission (GPTL) from Sterlite Power, for 1080 crores. This

would increase assets under management of IndiGrid by 10% to $1.75 billion.

86. India’s nominal GDP growth rate in 2020-21 could range between -6% and 1%, according to 15th Finance Commission’s committee on the

fiscal consolidation roadmap, which met via video conferencing, headed by Commission’s Chairman N.K. Singh.

87. Insurance Regulatory and Development Authority of India (IRDAI) Allowed Union Bank of India to continue with its 30% holding in

IndiaFirst Life Insurance.

UBI also holds 25.1% stake in Star Union Dai-Chi Life Insurance.

Condition is that ank lender will not exercise management or any control over insurer’s management.

RBI permitted UBI and insurers promoted by it a period of 1 year to hold existing shares of Andhra Bank in IndiaFirst Life Insurance

for 1 year, following merger of UBI, Corporation bank & Andhra bank.

As per IRDAI’s guidelines, a Bank must not own more than 10% stake in two insurance companies.

88. Insurance Regulatory and Development Authority of India (IRDAI) issued guidelines for health insurance providers to implement Arogya

Sanjeevani Insurance Policy.

IRDAI had earlier made it mandatory for the insurance providers to frame a policy to provide basic coverage to at least 55% of Indian

population. Purpose of this new policy is to cut the clutter created by insurance companies that launched multiple products with

different features, leaving customers confused.

Cost of premium shall cover between Rs 1000 and Rs 1 lakh. Interested customers shall opt for coverage up to Rs 5 lakhs. Room rent

shall also be covered under the policy. It has been capped at 2% of the sum.

IRDAI Notified Arogya Sanjeevani Insurance Policy products of 29 Insurance Companies.

To maintain its uniqueness, Irdai banned insurance companies from imposing deductibles or offer riders and variants with it.

Increase in cover, 5% for each claim free year subject to a maximum of 50% of the sum assured, is also mandated by Irdai.

Though the entry age is restricted to 65 years, this policy will offer lifelong renewability.

89. Jana Small Finance Bank launched DigiGen digital banking platform, where customers can digitally open a savings account and fixed

deposit instantly.

90. Japanese financial Firm ORIX Corporation acquired 100% stake held by cash-strapped Infrastructure Leasing and Financial Services

(IL&FS) in its wholly-owned subsidiary IL&FS Wind Power Services Ltd (IWPSL) for 6.05 crores.

91. Karur Vysya Bank launched pre-paid card Enkasu (My cash in Tamil), under its Quit cash movement.

92. L&T Finance Holdings's subsidiary L&T Capital Markets (LTCM) has been acquired by IIFL Wealth Finance, for 230 crores.

93. LIC launched Modified Pradhan Mantri Vaya Vandana Yojana-PMVVY Scheme for those over 60 years.

Sale will be available from May 26 for 3 financial years(up to March 31, 2023).

As per Cabinet's Recent Approval -

Approval Extension of Pradhan Mantri Vaya Vandana Yojana (PMVVY) by 3 years, up to 31st March 2023.

Assured rate of return of 7.40 % per annum for 2020-21 per annum, to be reset every year.

Annual reset of assured rate of interest with effect from April 1st of financial year in line with revised rate of returns of

Senior Citizens Saving Scheme (SCSS), upto 7.75%, with fresh appraisal of scheme on breach of this threshold at any

point.

Expenditure to be incurred on account of the difference between the market rate of return generated by LIC and

guaranteed rate of return under scheme.

Capping Management expenses at 0.5% p.a. of funds of the scheme for first year of scheme in respect of new policies

issued and thereafter 0.3% p.a. for second year onwards for next 9 years.

Delegating authority to Finance Minister to approve annual reset rate of return at the beginning of every financial year.

Minimum investment revised to Rs.1,56,658 for pension of 12000 per annum and 162162 for minimum pension of 1000

per month.

Maximum pension - In monthly mode – Rs 9,250; In quarterly mode-Rs. 27,750; In half-yearly mode- Rs 55,500; In

yearly mode- Rs. 1,11,000

Loan- After 3 policy years, the policy allows loan up to 75% of purchase price.

Surrender Value– There is a provision of premature(early) exit for treatment of any critical/terminal illness of self or

spouse. In this case, the surrender value payable shall be 98% of the purchase price.

94. Maharatna PSUs NTPC and ONGC signed MoU to set up a Joint Venture Company for Renewable Energy business.

NTPC and ONGC will explore setting up of offshore wind and other Renewable Energy Projects in India and overseas. They shall also

explore opportunities in the fields of sustainability, storage, E-mobility and ESG (Environmental, Social and Governance) compliant

projects.

NTPC has 920 MW of installed Renewable power projects in its portfolio and about 2300 MW of RE projects under construction. It

aims for 32 GW Renewable Energy Projects by 2032.

ONGC has renewable portfolio of 176 MW comprising of 153 MW wind power and 23 MW of solar. It aims to add 10 GW of renewable

power to its portfolio by 2040.

95. Manulife Investment Management (Singapore) Pte Ltd acquired 49% stake in Mahindra & Mahindra Financial Services’ subsidiary

Mahindra Asset Management Company (AMC), for $35 million.

Agreement for the same was inked in June 2019. Mahindra Finance now owns 51% stake in its AMC.

96. Market regulator Securities and Exchange Board of India(Sebi) opened doors for Mauritius based funds to get preferential category I

foreign portfolio investor(FPI) license.

Until now, only off-shore funds coming from jurisdictions that Financial Action Task Force(FATF) complaint, were allowed to obtain

a category I license.

However, Now SEBI ruled that even funds coming from those countries which are non-FATF complaint may obtain FPI license if

central government approves.

It is significannt as several Mauritius based investors have been facing uncertainty ever since India was put on a ‘grey list’ by FATF.

97. Merger of several Public sector Banks became Effective from April 01, 2020 -

Merger 1 - Punjab National Bank + Oriental Bank of Commerce + United Bank

Created 2nd largest PSB with business of 17.95 lakh crores.

Anchor Bank - Punjab National Bank

Merger 2 - Canara Bank + Syndicate Bank

Created 4th largest PSB with business of 15.20 lakh crores.

Anchor Bank - Canara Bank

Merger 3 - Union Bank + Andhra Bank + Corporation Bank

Created 5th largest PSB with business of 14.59 lakh crores.

Anchor Bank - Union Bank of India

Merger 4 - Indian Bank + Allahabad Bank

Created 7th largest PSB with business of 8.08 lakh crores.

Anchor Bank - Indian Bank

98. Minister of Finance and Corporate Affairs Nirmala Sitharaman launched facility for instant allotment of PAN (on near to real time basis),

available for those PAN applicants who possess a valid Aadhaar number and have a mobile number registered with Aadhaar. An Electronic

PAN (e-PAN) is issued to applicants free of cost. It was annouced by in Union Budget 2020.

99. Ministry of Electronics and Information Technology notified 3 schemes for the electronic sector to boost manufacturing, offering

incentives worth over 48000 crores.

Incentives will be applicable from August 2020, initially open for 4 months. The schemes were recently approved by Cabinet.

Schemes are Production Linked Incentive (PLI) scheme, Electronics Manufacturing Clusters (EMC) 2.0 and Scheme for Promotion of

Manufacturing of Electronics Components and Semiconductors (SPECS).

Production Incentive Scheme (PLI) for Large Scale Electronics Manufacturing -

Scheme shall extend an incentive of 4% to 6% on incremental sales (over base year) of goods manufactured in India and

covered under target segments, to eligible companies, for a period of five (5) years.

Cost of proposed scheme is approx 40995 crores.

It has direct employment generation potential of over 2,00,000 jobs over 5 years. Indirect employment will be about 3 times of

direct employment as per industry estimates.

Under this, companies that sell mobile phones for 15000 or more and which make a cumulative investment of 1,000 crore over

4 years, starting with 250 crore in the first year, will qualify for an incentive of 6 % for the first two years, followed by 5 % for

the next two and 4 % in the fifth year.

Approved assistance to Modified Electronics Manufacturing Clusters (EMC2.0) Scheme for development of world class infrastructure

along with common facilities and amenities through Electronics Manufacturing Clusters (EMCs).

EMCs would aid growth of ESDM sector and help development of entrepreneurial ecosystem. Outlay of proposed EMC 2.0

Scheme is 3,762 crores.

Scheme will create a robust infrastructure base for electronic industry to attract flow of investment in ESDM sector and lead to

greater employment opportunities.

Approved offering financial incentive of 25% of capital expenditure for manufacturing of goods that constitute supply chain of an

electronic product under Scheme for Promotion of manufacturing of Electronic Components and Semiconductors (SPECS).

Scheme will help offset disability for domestic manufacturing of electronic components and semiconductors in order to

strengthen electronic manufacturing ecosystem.

Cost is approx 3285 crores.

100. Ministry of Finance released 9th Status Paper on Government Debt, for year 2018-19 (Being issued since 2010).

Central Govt. Liabilities were 86.7 Lakh Crores (45.7 % of GDP), while General Govt. Liabilities were 130 Lakh Crores (68.6 % of

GDP). Both these metrices saw decrease of .1% of GDP, over last year.

External Debt is 5.1 Lakh Crores (2.7 % of GDP).

94.1 % of Central Government debt at end-March 2019 was domestic. Sovereign external debt constituted 2.7 % cent of GDP at end-

March 2019.

101. Ministry of New and Renewable Energy (MNRE) appointed Indian Renewable Energy Development Agency Limited (IREDA) as

implementing agency to handle Central Public Sector Undertaking (CPSU) Scheme Phase-II, on its behalf.

Earlier, Solar Energy Corporation of India (SECI) handled the scheme on behalf of ministry.

Regarding timelines for commissioning of solar projects, existing clause provides 18 months for the same. In amended clause,

projects up to 500 MW are required to be commissioned within 24 months. For projects with higher capacity, commissioning of

balance capacity must be in next 6 months.

As another amendment, power produced can be used on payment of usage charges of not more than Rs 2.80 per unit, down from

3.50 in existing clause.

CPSU Scheme Phase-II is aimed at setting up 12,000-MW grid-connected solar PV power projects under government producers with

VGF (Viability Gap Funding) support for self-use or by government entities either directly or through disc.

102. Misc. Corporate Events (April 2020) -

Insurance Australia General (IAG) sold its entire 26% stake in SBI General Insurance for USD 310 million (about Rs 2,325 crore) to

Napean Opportunities LLP (an affiliate of Premji invest) and WP Honey Wheat Investment Ltd (Warburg Pincus Group).

HDFC Trustee Company Ltd, acquired 5.45% stake in Indian low-cost airline SpiceJet.

E-Commerce Firm Flipkart partnered with ICICI Lombard General Insurance & Go Digit General Insurance to launched two health

insurance policies related to COVID-19.

YES Bank extended its strategic bancassurance relationship with Max Life Insurance, for 5-years.

Bajaj Allianz General Insurance launched a preventive healthcare platform in partnership with GOQii under regulatory sandbox

initiative.

India's Ujjivan Small Finance Bank ranked 5th among ‘Best Large Workplaces in Asia 2020’ by Great Place To Work Institute.

Paytm Payments Bank inked partnership with Mastercard to issue virtual and physical debit cards. It earlier partnered with VISA

also, for the same.

Indian Overseas Bank (IOB) launched Working Capital demand Loan for agriculture sector (WCDL-Agri), a special credit facility for

agriculture sector & allied activities as a relief measure to fight coronavirus (COVID-19) pandemic.

Hinduja Group's Automotive Brand Ashok Leyland acquired 3.36 % equity of its subsidiary Hinduja Leyland Finance Ltd (HLFL),

taking its stake to 68.81 %.

ICICI Prudential Mutual Fund Bharat-22 ETF picked up shares worth 59 crores in National Aluminium Company (NALCO).

Flipkart Tied Up With Meru Cabs, to Deliver Daily Essentials, Groceries During Lockdown.

Indian Overseas Bank launched a special borrowing programme for Self Help Groups (SHGs) to help them amid COVID-19

Pandemic. A Member of SHG will be given a maximum loan of Rs 5,000 & the limit for the group has been fixed at 1 lakh, with 9.4 %

Interest.

103. Misc. Corporate Events (March 2020) -

Competition Commission of India approvals -

Approved acquisition of up to 40 % stake in IndoStar Capital Finance by BCP V Multiple Holdings on a fully diluted basis. This

clearance is through green channel, which allows automatic system for speedy approval of combinations, subject to certain

conditions.

Approved combination involving setting up of Mindspace REIT (REIT) by K. Raheja Corp Group and acquisition of certain

equity shareholding held by selling shareholders in Target Entities by Mindspace REIT.

Approved acquisition of additional equity shares in Hero FinCorp by Otter Limited and Link Investment Trust.

Approved acquisition by Greenko Mauritius in Teesta Urja Limited (35 %). Target is a special purpose vehicle incorporated for

implementation of 1200 MW (6 units of 200 MW each) hydro power project in North Sikkim.

RBI extended regulatory restrictions on Punjab and Maharashtra Cooperative Bank (PMC) Bank by another three months (Mar

to June 2020.

Mobile handset maker Oppo launched Kash app that will offer lending, insurance and mutual funds.

Food delivery platform Zomato partnered with RBL Bank to launch Co-branded Credit Cards, powered by Mastercard.

HDFC Bank partnered with airline IndiGo to launch a co-branded credit card.

ICICI Prudential AMC (Asset Management Company) partnered with Saraswat Co-operative Bank, to distribute its products to

Bank's Customers.

Shriram Transport Finance Company signed MOU with Indian Oil Corporation, through which its customers will be offered credit

limit to purchase fuel from IOCL outlets.

Hyderabad Metro Rail partnered with Paytm, to launch a QR-code-based metro ticketing system. It will enable commuters to avoid

queues to buy tokens at metro stations.

Tata AIA Life Insurance launched Bachhpan Ka Rakshakaran in association with Non-profit Oscar Foundation, to create interest in

education for under-privileged girls aged 12-16 years, by using football coaching as a medium.

PhonePe tied up with ICICI Bank, to Resume its UPI Services which were disrupted after RBI had put put Moratorium on Yes Bank.

PSU HIL (India) Limited (Ministry of Chemical & Fertilizers) launched Customer Payment Portal to collect Online payment from its

customers, in association with Union Bank of India.

Paytm Payments Bank partnered with Visa to issue Visa debit cards. Upto now, Paytm PB issued Rupay Debit Cards.

RBI extended validity of Authorization to Vakrangee Limited till March 31, 2021 to set up, own and operates the White Label ATMs

(WLA) Business in India.

Ashok Leyland acquired up to 19% additional equity shares in Hinduja Leyland Finance Ltd (HLFL), the Non-Banking Finance

Company (NBFC) part of Hinduja group.

Jana Small Finance Bank launched Unified Payments Interface (UPI) QR-based loan installment payment facility for its customers.

Hindustan Unilever acquired Glenmark Pharmaceuticals's hygiene brand VWash.

104. Misc. Corporate News / Events (May 2020) -

Karnataka Vikas Grameen Bank (KVGB) launched loan scheme to provide relief to borrowers whose businesses are disrupted amid

Covid-19 pandemic, with name Vikas Abhaya. It will be for existing MSME customers, enabling them to avail up to 1 lakh, with no

collateral security.

Customer engagement technology provider Ameyo launched video KYC engagement platform for banking / finance sector. It aims to

eliminate requirement of physical KYC in accordance with latest RBI guidelines issued in January 2020.

Kalpataru Power Transmission Limited(KPTL) completed sale of its entire stake in Kalpataru Satpura Transco Private Limited

(KSTPL) to CLP India Private Limited.

Federal Bank tied-up with MoneyGram Payment System to offer a cost-effective direct-to-bank account credit option for customers

in India.

National Restaurants Association of India (NRAI) partnered with fintech start-up DotPe to build its own tech platform, enabling

online payments for digital ordering, bill settlements, and contactless dining.

Canara Bank started a special business vertical dedicated to gold loans, aimed at meeting financial needs of customers amid COVID-

19 pandemic. Bank has launched a gold loan campaign till 30th June 2020 with an interest rate as low as 7.85% per annum.

Kotak Mahindra Bank became 1st bank in India to allow video Know your customer (KYC) facility for customers opening savings

accounts, on its 811 banking platform.

e-commerce Firm Flipkart and Bajaj Allianz General Insurance Company tied-up to offer a digital motor insurance policy to

Flipkart’s customers.

ICICI bank introduced a special fixed deposit (FD) scheme for senior citizens called ‘Golden Years FD’, which offers an interest rate

of 6.55% per annum for deposits up to Rs 2 crores with a tenure of more than 5 - 10 years.

Edelweiss General Insurance launched ‘SWITCH’, an app-based motor insurance own damage (OD) floater policy under IRDAI’s

sandbox regulations. This allows owners of vehicles to cover multiple vehicles under a single policy.

Maruti Suzuki Partnered with Cholamandalam Investment and Finance Company Limited, to launch ‘Buy Now Pay Later’ financing

scheme to make purchase of its cars even more convenient amid COVID-19 outbreak. Customers will have option to avail a 60-day

surcharge on their EMI.

Government notified cessation of 7.75 percent Savings (Taxable) Bonds 2018, for subscription.

Fintech startup Zaggle partnered with payments technology major Visa, to launch innovative payment solutions for small and

medium enterprises (SMEs) and startups.

E-Commerce Firm Flipkart signed MoU with Karnataka State Mango Department and Marketing Corporation, to empower mango

farmers to sell their produce online.

Reliance Industries launched a “WhatsApp chatbot” to address rights issue queries of its 2.6 million shareholders on offering.

105. Mumbai based Tech Firm Vakrangee Limited signed Corporate Agency partnership with Life Insurance Corporation of India (LIC) to

distribute LIC’s micro insurance products in unserved and underserved areas through its Nextgen Vakrangee Kendra network spread

across India.

106. National Bank for Agriculture and Rural Development (NABARD) sanctioned 1500 crores for Punjab to ensure continuous credit flow to

farmers.

1000 crores are sanctioned to Punjab State Cooperative Bank and 500 crores to Punjab Gramin Bank.

It is part of NABARD’s Rs 25,000 crores nationwide special liquidity facility(SLF), made available to state cooperative banks,

regional rural banks, and microfinance institutions (MFIs).

NABARD also released 20500 crores, to act as front-loading resources to cooperative banks (15200 crores) and Regional Rural Banks

(5300 Crores) ahead of the monsoon season.

107. National Bank for Agriculture and Rural Development (Nabard) disbursed 12,767 crores to 33 State Co-operative Banks (StCBs) and 45

Regional Rural Banks (RRBs), to augment their resources for extending credit to farmers during lockdown.

Earrlier, RBI had announced a 50,000-crore refinance facility for Nabard, SIDBI and National Housing Bank (NHB).

108. National Company Law Tribunal (NCLT) approved acquisition of debt-ridden Jaypee Infratech Ltd (JIL) by Navratna PSU NBCC (India)

Limited (formerly National Buildings Construction Corporation Limited).

Tribunal also ordered that 750 crores are to be deposited by Jayaprakash Associates (parent of Jaypee Infratech).

NBCC will complete construction of over 20,000 unfinished flats of Jaypee Infratech.

109. National Company Law Tribunal (NCLT) approved to sell 50% stake in Gujarat International Finance Tec-City Co Ltd (GIFT City) held by

crisis hit Infrastructure Leasing and Financial Services (IL&FS) to Gujarat government for 32.70 crores.

IL&FS and the state government through Gujarat Urban Development Co Ltd hold 50:50 stake in GIFT City.

IL&FS signed MOU with Gujarat government to develop an International Financial Services City (IFSC) in 2007.

110. National Payment Corporation of India launched Artificial Intelligence based chatbot called Pai, to increase financial inclusion in India. It

provides information about NPCI products, created by Bengaluru based CoRover Private Limited.

111. National Statistical Office (NSO), Ministry of Statistics and Programme Implementation released Estimates of National Income for

financial year 2019-20, both at Constant (2011-12) and Current Prices -

Quarterly -

GDP at Constant (2011-12) Prices in Q4 of 2019-20 is estimated at 38.04 lakh crore, as against 36.90 lakh crore in Q4 of 2018-

19, showing a growth of 3.1 %.

Earlier in 2019-20 -

Q3 - 4.7 %

Q2 - 4.5 %

Q1 - 5.0 %

Annual -

Real GDP or Gross Domestic Product (GDP) at Constant (2011-12) Prices in 2019-20 estimated to be 145.66 lakh crore, as

against the First Revised Estimate of GDP for the year 2018-19 of 139.81 lakh crore. it shows 4.2 % Growth, compared to 6.1

% in 2018-19. It is India's lowest Growth in 11 Years.

GDP at Current Prices in 2019-20 is estimated to be 203.40 lakh crores, as against First Revised Estimates of 189.71 lakh crore

in 2018-19, showing growth rate of 7.2 %, as compared to 11.0 % in 2018-19.

Per Capita Income -

In real terms (at 2011-12 Prices) during 2019-20 is estimated to be 94,954, as compared to 92,085 in 2018-19, resulting in

growth of 3.1 % during 2019-20, as against 4.8 % in the previous year.

At current prices during 2019-20 is estimated to be 134226, showing rise of 6.1 %, as compared to 1,26,521 during 2018-19.

112. Ola Electric acquired Netherlands-based Etergo BV, an innovative electric scooter company for an undisclosed sum. Ola plans to set its

own line of premium electric two-wheelers. Ola electric will launch its global electric two-wheeler in India in 2021.

113. PNB Housing Finance signed agreement with Japan International Cooperation Agency (JICA) to raise 75 million dollars. Citibank will be

co-financing 25 million dollars.

114. PSU HIL (Hindustan insecticides Limited) sent proposals to Indian Embassies in China, Japan and South Korea for inviting interested

agro-chemical manufacturers in respective countries for investment in India.

This has been done after Minister of Chemicals and Fertilizers, DV Sadananda Gowda suggested PSUs to strengthen their

performance by exploring Joint Ventures with global enterprises looking for investments, during the times of pandemic.

Mr. Sadananda Gowda also congratulated chemicals and petrochemicals industry on becoming top exporting sector for first time,

after export of chemicals grew by 7.43% over previous corresponding period, reaching 2.68 Lakh Crores (in April 2019-January

2020). It constitutes 14.35% of total exports.

115. Paytm subsidiary Paytm Insurance Broking received brokerage licence from Insurance Regulatory and Authority of India (IRDAI),

enabling it to offer insurance in various categories.

116. Pension Fund and Regulatory Authority (PFRDA) suggested Ministry of Finance to form a comprehensive scheme, for exploring social

security measures for people with low income.

Under PM Jeevan Jyoti Bima Yojana, Rs 330 is being charged on yearly basis and Rs 12 per year is being charged under Suraksha

Bima Yojana. Charges on Atal Pension Yojana are also quite low. Plan is to club all these schemes together.

Integration will enhance stability of pension system. This will increase number of participating entities and will also improve social

security of beneficiaries.

117. People’s Bank of China raised its stake in HDFC Ltd from .8 % to 1.01 % (1.75 crore shares), amid fall in HDFC shares due to COVID-19

Pandemic triggered slowdown. Saudi Arabian Monetary Authority (SAMA), central bank of Saudi Arabia also picked up a 0.7% stake in

HDFC.

118. Polycab India Limited acquired 50% stake in Ryker Base Private Limited (RBPL), held by Trafigura Pte Ltd (Singapore), for approx US $

4 Million.

Polycab India had entered into a 50:50 JV with Trafigura in 2016 to incorporate Ryker to improve quality of its key input i.e., copper.

Current transaction has terminated existing joint venture (JV).

119. RBI Allowed Transcorp International for entering into co-branding arrangements for Prepaid Instruments. Transcorp will be launching

API based co-branded partnerships for Digital, Physical and Contactless cards with select marquee clients on its own BINs.

120. RBI Conducted 4 Targeted Long Term Repo Operations (TLTROs) of 3 year tenors -

1st TLTRO (Mar 27, 2020) -

Notified amount was 25000 crores with 3-year tenor. Total bids received amounted to 60500 crores, with 25009 Crores as

alloted amount.

2nd TLTRO (Apr 3, 2020) -

Notified amount was 25000 crores with 3-year tenor. Total bids received amounted to 99760 crores, with 25016 Crores as

alloted amount.

3rd TLTRO (Apr 9, 2020) -

Notified amount was 25000 crores with 3-year tenor. Total bids received amounted to 113470 crores, with 25016 Crores as

alloted amount.

4th TLTRO (Apr 17, 2020) -

Notified amount was 25000 crores with 3-year tenor. Total bids received amounted to 61415 crores, with 25009 Crores as

alloted amount.

Facts -

RBI started Long Term Repo Operation (LTROs), to enable banks to avail one year and three-year loans at same interest rate of

one day repo. It will put pressure on banks to reduce their lending rates. Hence, there will be a decline in short term lending

rates of banks.

RBI Conducted 4 LTROs in Feb - Mar 2020 earlier.

121. RBI Conducted Targeted Long Term Repo Operations (TLTROs) of 3 year tenors -

1st TLTRO (Mar 27, 2020) -

Notified amount was 25000 crores with 3-year tenor. Total bids received amounted to 60500 crores, with 25009 Crores as

alloted amount.

2nd TLTRO (Apr 3, 2020) -

Notified amount was 25000 crores with 3-year tenor. Total bids received amounted to 99760 crores, with 25016 Crores as

alloted amount.

3rd TLTRO (Apr 9, 2020) -

Notified amount was 25000 crores with 3-year tenor. Total bids received amounted to 113470 crores, with 25016 Crores as

alloted amount.

Facts -

RBI started Long Term Repo Operation (LTROs), to enable banks to avail one year and three-year loans at same interest rate of

one day repo. It will put pressure on banks to reduce their lending rates. Hence, there will be a decline in short term lending

rates of banks.

RBI Conducted 4 LTROs in Feb - Mar 2020 earlier.

122. RBI Imposed Monetary Penalties on Several Banks -

Bharat Co-operative Bank (Mumbai) - 60 Lakh

Citibank - 4 Crores

TJSB Sahakari Bank - 45 Lakh

Nagar Urban Co-operative Bank - 40 lakh

Saraswat Co-operative Bank - 30 Lakh

Bank of India - 5 Crores

Karnataka Bank - 1.2 Crores

123. RBI Issued guidelines for implementation of Indian Accounting Standards (Ind-AS) by non-banking financial companies (NBFCs) and

asset reconstruction companies (ARCs) while preparing their financial results.

Guidelines mandate NBFCs/ ARCs to put in place board-approved policies that articulate and document their business models and

portfolios.

124. RBI allowed Small Finance Banks (SFBs) to carry out simple financial activities without seeking a prior approval from it, applicable to

SFBs who have completed 3 years of operations.

In November 2014, RBI had issued licences to 10 companies interested to launch small finance banks.

125. RBI announced to conduct Targeted Long-Term Repo Operations (TLTRO) 2.0 at policy repo rate for tenors up to 3 years for a total

amount of up to 50000 crores -

LTRO / TLTRO enables banks to avail 1 / 3 year loans at same interest rate of one day repo. It puts pressure on banks to reduce their

lending rates and make credit available for consumers at lesser rates.

At least 50 % of funds availed under TLTRO 2.0 shall be apportioned as -

10 % in securities/instruments issued by Micro Finance Institutions (MFIs).

15 % in securities/instruments issued by NBFCs with asset size of 500 crore and below.

25 % in securities/instruments issued by NBFCs with assets size between 500 crores and 5,000 crores.

First auction under TLTRO 2.0 will be conducted on April 23, 2020.

126. RBI announced to undertake a six-month US Dollar sell/buy swaps to provide liquidity to foreign exchange market, as markets worldwide

face intense selling pressures on extreme risk aversion due to the spread of Coronavirus. First sell/buy swap auction involves $2 billion.

127. RBI announced further 3 measures to contain economic impact of COVID-19 pandemic -

Extension of realisation period of export proceeds - The Value of goods and software exports made by exporters currently is required

to be realised fully and repatriated to the country within 9 months from date of exports. RBI extended it to 15 Months, by end of July

2020.

Review of Way and Means Limits of States/UTs - Based on the suggestions of Sudhir Shrivastava committee, RBI decided to

increase the ways and means limit by 30 percent for all states and UTs.

Implementation of countercyclical capital buffer framework - RBI had put forward a framework on the countercyclical capital buffer

(CCyB) in its guidelines issued in February 2015. Under it, countercyclical capital buffer will be activated when required. CCyB

framework envisages the credit-to- GDP gap as main indicator that is used along with other supplementary indicators.

128. RBI cancelled licence of CKP Co-operative Bank Ltd Mumbai, due to its financial instability and violations of various RBI norms. On

liquidation, every depositor is entitled to repayment of deposits up to 5 Five lakh, from Deposit Insurance and Credit Guarantee

Corporation (DICGC).

129. RBI cancelled licence of Mapusa Urban Co-operative Bank of Goa, as bank does not have adequate capital and earning prospects. On

liquidation, every depositor is entitled to repayment of deposits up to 5 lakh, from Deposit Insurance and Credit Guarantee Corporation

(DICGC).

130. RBI decided limits for Ways and Means Advances (WMA) for first half of FY 2020-21 (April to September 2020), to be 120000 crores.

RBI may trigger fresh floatation of market loans when Government utilises 75 % of WMA limit.

131. RBI enhanced limits of liquidity support for states /UTs facing cash-flow mismatches, elongating tenor and frequency of this facility. RBI

increased number of days for which a State/UT can be in overdraft continuously,to 21 working days from current 14 days.

Earlier, government enhanced WMA facility by 30 %, to meet revenue mismatches by States/UTs.

132. RBI extended its truncated timings of 10 am-2 pm for money market instruments, until further notice, in light of a likelihood of an

extension of COVID-19 lockdown.

133. RBI has announced measures to make ample liquidity available in market, to enbale banks to lend to productive sectors, announcing

measures to inject 3.74 lakh crores.

These include targeted long-term repo operations (TLTRO) of up to 1 lakh crores, a 100-basis point (bps) cut in cash reserve ratio

CRR and easier borrowing requirements under the marginal standing facility (MSF) window.

CRR cut and easing of MSF borrowing requirements will lead to a 1.37 lakh crores liquidity infusion each.

134. RBI imposed a month-long moratorium on Troubled Yes Bank, also imposinf withdrawal restrictions of 50000 by customers (except upto

5 lakh allowed in case of medical emergencies and higher education fees). RBI selected SBI to inject capital into Yes Bank.

Moratorium is a temporary suspension of an activity or business. Moratorium has been imposed on bank by Govt under

recommendation of RBI.

RBI also superseded (replaced) board of YES bank, and appointed Former SBI Executive SBI Prashant Kumar as Yes Bank

administrator for 30 days.

135. RBI increased foreign portfolio investment (FPI) limit in corporate bonds to 15% of outstanding stock for FY 2020-21 from 9%to

strengthen segment of corporate bonds.

Currently, an investor can invest Rs 3.17 lakh crore in Indian corporate bonds through FPI but with this hike, investorS can hold Rs

4.29 lakh crore of corporate bonds for half year ended September 2020, and 5.41 lakh crore for half year ending March 2021.

RBI also enabled a Fully Accessible Route (FAR) for investment by non-residents in government securities. All new issuances of

government securities of 5-year, 10-year and 30-year tenors from the FY20-21, will be eligible for investment under FAR.

136. RBI instructed its regulated entities to carry out money laundering and terrorist financing risk assessment exercise periodically. For this,

RBI added a new section in Master Directions on KYC.

137. RBI issued a draft scheme for reconstruction of Troubled Yes Bank, which was put under Moratorium, called Yes Bank Ltd.

Reconstruction Scheme, 2020 -

RBI did so by exercising its powers under sub-section (4) of section 45 of the Banking Regulation Act 1949.

State Bank of India (SBI) is willing to invest in Yes Bank and also to participate in its reconstruction scheme. SBI can invest up to

49% stake for nearly Rs 2,450 crores. RBI plans to alter the authorised capital for reconstituted bank to 5000 crores. Share price

must not be under INR 10.

The Investor bank shall not reduce its holding below 26% before completion of three years from the date of infusion of the capital.

138. RBI issued new guidelines for payment aggregators (PAs) Under Payment and Settlement Systems Act 2007, effectie from April 2020. -

PAs connect e-commerce companies with banks and are of 2 Types - Bank and Non-Bank. New Rules are for Non Bank PAs and

require authorisation from RBI under Payment and Settlement Systems Act 2007 (PSSA).

RBI reduced minimum capital requirements (MCR) for PAs at time of application for licence to 15 crore from 100 crores. Net worth

needs to be increased to Rs 25 crore within three years of operations.

Existing PAs shall achieve a net-worth of Rs 15 crore by March 31, 2021, and 25 crores by March 31, 2023.

PAs are mandated to set up designated nodal offices to deal with customer grievance.

PAs are prohibited from allowing online transactions to be done with ATM pin as the second factor of authentication.

139. RBI launched 49th round of quarterly order books, inventories and capacity utilisation survey (OBICUS) of manufacturing sector. It

provides valuable input for monetary policy formulation.

RBI conductis OBICUS of manufacturing sector on a quarterly basis since 2008.

As per last survey, capacity utilisation declined to 68.6 % in 3rd quarter of 2019-20 from 69.1 % in previous quarter.

140. RBI opened a special liquidity facility for mutual funds of INR 50000 crores, Amid liquidity strains on mutual funds (MFs) due to

COVID-19 Pandemic.

Under This, RBI shall conduct repo operations of 90 days tenor at the fixed repo rate. Scheme is available for bidding by banks, till

May 11, 2020 or up to utilization of allocated amount, whichever is earlier.

Funds availed under SLF-MF shall be used by banks exclusively for meeting requirements of Mutual Funds.

Exposures under this facility will not be reckoned under the Large Exposure Framework (LEF), and shall be exempted from banks’

capital market exposure limits.

Under this, liquidity support even when exceeds 25% of total investment is to be permitted to be included as Held to Maturity.

141. RBI opened an emergency line of credit of around 60,000 crore to Yes Bank to meet any liquidity crisis in paying back its depositors as

bank resumed normal operations. Such move comes after 16 years when a similar credit line was opened for Global Trust Bank in 2004.

142. RBI reduced general category foreign portfolio investors’ (FPI) investment limit in government securities to 2.34 lakh crores for entire

fiscal, from earlier 2.46 lakh crores.

At the same time, long term FPI investment limits in G-secs have been brought down to Rs 1.03 lakh crore from prevailing limit of

1.15 lakh crores.

RBI increased general category FPI investment limits in state development loans (SDL) by 3215 crores to 64415 crores for first half of

FY21 and to 67630 crores for second half of FY21.

143. RBI revised exposure limits for urban cooperative banks (UCBs) to a single borrower and a group of borrowers to 15 % and 25 % ,

respectively, of tier-1 capital.

RBI had earlier permitted UCBs to have exposures up to 15 % and 40 % of their capital funds to a single borrower and a group of

borrowers, respectively. UCBs must down existing exposures within these ranges, by March 2023.

UCBs shall have at least 50 % of their aggregate loans (comprising loans of under 25 lakh or 0.2 % of their tier 1 capital), whichever is

higher, subject to a maximum of 1 crore, per borrower.

RBI also increased priority sector lending (PSL) target for UCBs to 75 % of adjusted net bank credit (ANBC), higher from 40 %

earlier.

144. RBI started Long Term Repo Operation (LTROs), to enable banks to avail one year and three-year loans at same interest rate of one

day repo. Usually, loans with higher maturity period have higher interest rate compared to short term (repo) loans. Current repo rate

is 5.15%.

It will put pressure on banks to reduce their lending rates. Hence, there will be a decline in short term lending rates of banks.

RBI Intends to inject 1 lakh crores into banking system through LTRO auctions.

1st LTRO (Feb 17) -

Notified amount was 25000 crores with 3-year tenor. Total bids received amounted to 1,94,414 crores, with 25035 Crores as

alloted amount.

2nd LTRO (Feb 24, 2020) -

Notified amount was 25000 crores with 1-year tenor. Total bids received amounted to 1,23,154 crores, with 25021 Crores as

alloted amount.

3rd LTRO (Mar 02, 2020) -

Notified amount was 25000 crores with 3-year tenor. Total bids received amounted to 1,71,965 crores, with 25028 Crores as

alloted amount.

4th LTRO (Mar 09, 2020) -

Notified amount was 25000 crores with 3-year tenor. Total bids received amounted to 48856 crores, with 25021 Crores as

alloted amount.

145. RBI stated that bank credit to registered NBFCs towards agriculture, MSEs and housing sector up to prescribed limits will be treated as

priority sector loans during next fiscal (FY 2020-21). It will boost credit disbursement in targeted segment like agriculture, MSME and

housing sector.

Bank credit to registered NBFCs (other than MFIs) and HFCs for on-lending will be allowed up to an overall limit of 5 % of individual

bank's total priority sector lending.

On-lending by NBFCs for 'term lending' component under agriculture will be allowed up to Rs 10 lakh per borrower.In case of micro

and small enterprises (MSEs) limit will be Rs 20 lakh per borrower.

In housing sector, limit has been enhanced from Rs 10 lakh to Rs 20 lakh per borrower for classification of the loan as priority sector

lending.

146. RBI will infuse liquidity of 30000 crores to maintain financial stability in economy, amid market segments facing stress due to COVID-19

outbreak. RBI will purchase Government securities under Open Market Operations (OMOs), for total amount of 30000 crores.

147. Railways PSU RITES acquired 24% stake in Indian Railway Stations Development Corporation (IRSDC) for 48 crores. IRSDC is joint

venture of Rail Land Development Authority (RLDA) and IRCON International.

148. Reliance Communicationss presented to National Company Law Tribunal a resolution plan approved by RCOM creditors, under

insolvency and bankruptcy code.

Plan entails realisation of around Rs 23,000 crore from sale of RCom assets and clawback of money paid to some of lenders.

Reliance Jio will get tower and fibre assets of Reliance Infratel Ltd for Rs 4,700 crore, UV Asset Reconstruction Co Ltd (UVARC) will

get assets of RCom and Reliance Telecom (spectrum) for Rs 14,000 crores.

Under the plan, 38 lenders of RCom can recover over 70 per cent of their outstanding of Rs 33,000 crore secured debt.

149. Reliance Industries Subsidiary Reliance Strategic Business Ventures Limited(RSBVL) increased its stake to 26.3% on a fully diluted basis

in US-based SkyTran Incorporated(Inc), a venture-funded technology company which develops modern transport modes including

personal rapid transit system.

150. Reliance Industries approved raising over 53125 crores from its shareholders through rights issue, biggest-ever by an Indian company.

Recently, Facebook spent $5.7 billion to buy 9.99% stake in Reliance’s digital arm Jio.

151. Reliance Industries ventured into retail market with launch of online store JioMart on WhatsApp platform.

Recently, WhatsApp Owner Facebook had acquired 9.9 % stake in Jio, for USD 5.7 billion.

JioMart WhatsApp Number is 8850008000 and is currently available in Navi Mumbai, Thane and Kalyan areas of Mumbai. It will

soon be launched across country.

152. SBI acquired 6.825% stake in Zero Mass, the first ever Business Correspondent in country (starting in 2006 with Seiling village in

Mizoram).

153. SBI holds 48.21 % stake in revived Yes Bank, bringing it out of trouble. Other Stakeholders in Yes Bank -

HDFC and ICICI Bank - 7.97 % each

Axis Bank - 4.78 %

Kotak Mahindra Bank - 3.61 %

Bandhan Bank - 2.39 %.

Federal Bank - 1.92 %

IDFC - 1.67 %

LIC - 1.64 %

154. Securities and Exchange Board of India (SEBI) launched a mobile application for lodging investor grievances, called Sebi SCORES, to

improve ease of doing business so that investors can conveniently lodge their grievances in Sebi Complaints Redress System (SCORES).

155. Shanghai-Based BRICS New Development Bank (NDB) has approved 1 Billion USD for India, Under its Emergency Assistance Program,

amid COVID-19 Pandemic.

156. Singapore’s Caladium Investment raised its stake in India's Bandhan Bank by 1.1% to 4.49%.

157. Small Industries Development Bank of India (SIDBI) launched Liquidity support scheme for micro, small and medium enterprises

(MSMEs) that have been hugely impacted by COVID-19 pandemic.

SIDBI received 15000 crores from RBI, through a Special Liquidity Facility (SLF), to help MSMEs.

SIDBI will provide liquidity lines to non-banking finance companies (NBFC’s), microfinance institutions (MFI’s), and banks who will

refinance MSMEs.

RBI announced 50000 Crores for All India Financial Institutions (AIFIs) such as NABARD and SIDBI. 25000 crores are provisioned

for NABARD.

158. Small Industries Development Bank of India (SIDBI) will launch SME Services Platform, as a digital platform to educate stakeholders in

small and medium enterprises (SME) ecosystem. It will give micro, small and medium enterprises (MSMEs) information about starting

operations, getting finance or credit enhancement and other support services.

159. Social Network Facebook invested INR 43574 crores in Jio Platforms, a unit of Reliance Industries, for 9.99% stake.

Jio Platforms is parent of phone and data unit Reliance Jio Infocomm and various digital app platforms such as JioMart, Jio-Saavn

and JioCinema.

RIL and Facebook are exploring possibility of creating a super-app like China’s WeChat, by leveraging Jio’s reach and Facebook

owned WhatsApp’s ubiquity.

It is Largest FDI in India's Tech Industry.

160. State Bank of India (SBI) switched to Cash Budget Based Assessment from Projected Balance Sheet method of Fund Based Working

Capital limits for assessment of working capital requirement for corporates or large advances.

CBBA of limits has been initiated for assessment of FBWC limits for units with total FBWC exposure of over 50 crores.

161. State Bank of India raised USD 100 million green bonds, first such bond by any state-owned bank in this fiscal. The bonds were priced at

3M Libor + 80 basis points.

162. State Govt Budgets 2020-21 -

Arunachal Pradesh -

Budget Size is 21880 Crores.

Provision of 30 crores for enhancing farmer’s income.

Chief Minister Krishi Puraskar Yojana to be launched planned to promote progressive farmers in state.

Assam -

Budgte size is 1,03,762 crores.

Income support of 830 per month (Rs 400 for medicines and Rs 430 for vegetables and fruits) will be provided to 27 lakh

families through direct benefit transfer mode.

Free rice will be provided to all beneficiaries under the National Food Security Act, as part of the Anna Yojana initiative.

All households with monthly electricity consumption below 30 units will be provided free electricity.

1000 crores for covering 2 lakh youth under revised Swami Vivekananda Youth Empowerment Yojana. Seed capital of Rs

50,000 will be provided to each member. Entrepreneurship will be introduced as a curriculum subject from Class 11 onwards.

1500 crores for acquiring additional shareholding in Numaligarh Refinery, to increase its stake from 12.35% currently to 26%.

Bihar -

Budget Size is 211761 Crores.

Presened a Green Budget indicating state’s spending on programmes related to environment conservation and climate change.

Krishi Yantra Banks will be established at Panchayat level.

In 2021, organic certification will be done in 21,000 acres of land.

Chhattisgarh -

Budget size is 95650 crores.

Rajiv Gandhi Kisaan Nyay Yojana, will be launched with an outlay of Rs 5,100 crore for providing appropriate benefit to

farmers for their produce.

Tuition fees of students from state, who take admission in any of IITs, IIMs, or AIIMS, will be borne by state government. Such

graduates will be eligible for direct recruitment in government institutes of state.

Mukhyamantri Suposhan Yojana will be started to eliminate malnutrition and anaemia in state, with 60 crores allocated.

Priority and Antyodaya ration card holders will be eligible for cashless medical treatment of up to Rs 5 lakh. For other ration

card holder families, limit is 50,000.

Delhi -

Budget size is approx 65000 crores.

With primay focus on education, 100 crores will be spent on creating digital classrooms.

'Delhi Darshan Scheme' to be started, with 10 crores allocated.

Delhi government will implement Ayushman Bharat Yojana of Central Govt, which provides free annual health cover up to Rs 5

lakh per family for secondary and tertiary care hospitalization.

Goa -

Budget size for 2020-21 is projected at 21,056 crores, showing 7.8 % Hike compared to FY 2019-20.

1 lakh insurance cover for all cooperative societies.

A labour and employment smart card for all employees in Goa to gather data on employment in the state.

Goa will reconstitute state finance commission in order to oversee the utilization of funds and to support lower tiers of

governance.

Rs 250 crore allocated to hold the National Games 2020 in Goa.

Gujarat -

Budget Size is 217287 Crores.

200 Crores for Mukhya Mantri Pashudhan Sahay Yojana, aimed at providing cattle feed at concessional rate to farmers for

their cattle and progeny.

Haryana -

Presented 142343 crores budget in state assembly for 2020-21.

New category of electricity connections will be created for ‘special agriculture-based activities’ under which electricity will be

supplied at a cost of Rs 4.75 per unit, instead of existing Rs 7.5 per unit.

Earlier, farmers were not required to pay interest on loans of up to Rs 1.5 lakh taken from cooperative banks. It been extended

to cover loans taken by farmers from all nationalised and cooperative banks.

Board examination system for class VIII students will be re-started.

Himachal Pradesh -

Budget size is 49131 Crores.

Swaran Jayanti Poshahaar Yojana will be introduced to provide for supplementing extra nutrition food such as milk and

fruit in Anganwadi and mid-day meal schemes in primary and middle schools and starting pre-primary classes in primary

schools (Swasth Bachpan).

Income criteria for giving land to landless/houseless persons is to enhanced from Rs 50,000 to Rs 1,00,000 per annum.

Minimum wage rate will be revised from Rs 250 per day to Rs 275 per day.

Subsidy of Rs 2,000 per KW will be provided for executing solar projects of 250 to 500 KW capacities.

Institute of Hotel Management in Dharamshala and Food Craft Institute in Sundernagar will be established.

A Bill to provide for the establishment of the Himachal Pradesh Investment Promotion Agency will be introduced.

Jharkhand -

Budget size is 86370 crores.

Unemployment allowance of Rs 5000 & Rs 7000 to be given annually for unemployed youths who have earned bachelor &

master’s degree in past 3 years & have registered with employment exchange for jobs.

People are not required to pay electricity dues for 1st 100 units if they consume less than 300 units of power.

Proposal to set up ‘Jharkhand Rajya Kisan Rahat Kosh’ (farmers relief fund) from this Kharif season, changing the form of

‘Pradhan Mantri Fasal Bima Yojana’ (PMFBY).

Will introduce Short Term Agriculture Loan Relief Yojana (Alpkaleen Krishi Rin Rahat Yojan), with 2000 Crores allocated.

Jammu and Kashmir (UT) -

Budget Size is 101428 Crores (Largest Ever Budget for J & K).

Budget Implements Central Govt's Ayushmaaan Bharat Scheme in J & K, which was not applicable earlier.

Tourism Promotion has been given 706 crores, including 3 new religious circuits -

Shiv Khori-Uttar Bani-Purmandal-Mata Sukhrala Deviji

Shankaracharya-Mata Khir Bhawani-Martand (Mattan)

Makhdoom Sahib-Khanqah-e-Moula-Watlab-Babareshi-Pakharpora-Aishmuqam (First government-backed Sufi

pilgrimage in J&K).

Kerala -

Budget size is 144265 crores.

Tax proposals -

Tax rate on motorcycles (value upto Rs 2 lakh) will be increased by 1% and on motor cars (of value upto Rs 15 lakh) will

be increased by 2%.

Electric auto-rickshaws will be exempted from tax for the first five years.

The fair value of land fixed by the government will be increased by 10%.

It promises to provide meals at Rs 25 at 1,000 Kudumbashree restaurants across state.

Building 1 lakh homes under LIFE mission, is also provisioned in Budget.

Govt to raise Rs 2,100 crores to fund KFC (Kerala Financial Corporation) loans.

All welfare pensions to be hiked by Rs 100.

Local Employment Assurance Programme (LEAP) will be started to give employment to 1.5 lakh people per year through local

self-government institutions.

Karnataka -

Budget Size is 237893 Crores.

Multiple changes have been proposed to different state taxes. Including 3% increase in sales tax on petrol and diesel, reduction

of stamp duty to 2% for first registration of new houses below 20 lakhs and increase in excise duty by 6% on Indian Made

Liquor (IML).

For the first time, state government presented a child budget, with 279 programmes involving 36340 crores proposed.

Woman safety portal will be launched to ensure that all programmes of the Department of Women and Child Development are

delivered in a transparent manner.

2 Saturdays in a month will be observed as bagless days, for students.

8344 crores for new Mukhyamantrigala Nava Nagaroththana, to be launched for overall development of Bengaluru city. 14500

crores for developing peripheral ring road in Bengaluru, to decongest the city.

Maharashtra -

Budget size is 115000 crores.

Increase value-added tax (VAT) on petrol & diesel by Rs 1 per litre.

Reduce electricity duty on industrial use from 9. 3% to 7.5% of consumption charges.

1% reduction in the stamp duty in Mumbai Metropolitan Region Development Authority, and municipal corporations of Pune,

Pimpri-Chinchwad, and Nagpur

Two new schemes, Gramin Sadak Vikas Yojana and Nagari Sadak Vikas Yojana, announced for construction of roads in rural

and urban areas, respectively. 1000 crore and 1501 crores allocated for these schemes, respectively.

7000 crores allocated to Mahatma Jotirao Phule Shetkari Karjamukti Yojana for loan waiver up to 2 lakh for agriculture loan

taken between April 1, 2015 to March 31, 2019. Five lakh solar pumps will be setup in the state over the next five years with a

total outlay of 10000 crores.

Manipur -

Budget Size 21224 Crores.

Meghalaya -

Budget Size 17432 Crores.

New programme for systematic periodic maintenance of roads, with a budget provision of Rs 50 crore has been launched.

2.5 crores for Meghalaya Outcome-oriented transformation in health, education, and rural development (MOTHER) program.

Megha Health Insurance Scheme enhanced to Rs 5 lakh per family with no restriction on family size.

Mizoram -

Budget Size is 10715 Crores. It is a surplus budget of Rs. 17.73 crores.

Nagaland -

Budget Size is 21086 Crores.

House also passed Nagaland Appropriation (No 2) Bill 2020, authorising Peoples' Democratic Alliance (PDA) government to

withdraw budgetary amount from consolidated fund of state for FY 2020-21.

Odisha -

Presented budget 2020-21 for Rs 1.5 Lakh crores, 8 % hike as compared to 2019-20.

It is Odisha's first ever paperless budget and second state in India after Himachal Pradesh.

To increase income of farmers ‘Samruddha Krishi Niti-2020’ has been proposed.

Odisha is 1st state to introduce Nutrition budget, Strategic budget and Climate code budget.

Punjab -

Presented 154805 crores budget for 2020-21.

Reducing retirement age of government employees from 60 years to 58.

Allocating 12488 crores for promotion of schools and higher education, Budget announced to grant free education in

government schools to all students up to class 12th.

Announced waiving off loans of landless farmers.

100 crores for giving 10 lakh free smartphones to youth.

Fee on trade of agriculture produce on fruits and vegetables (mandi fee) will be reduced from 4% to 1%.

Punjab to establish three mega industrial parks over 1,000 acres at Mattewara, Bathinda and Rajpura.

Crop loans of up to Rs 2 lakh taken by small / marginal farmers / landless labourers will be waived. 2000 crores allocated.

Government will provide monthly assistance of 3000 to all construction workers in their old age and 1500 per month to their

spouses.

Rajasthan -

Budget Size 225731 Crores.

Tax proposals -

Stamp duty on registration fees will be exempted on transfer of sick Micro and Medium Small Enterprises.

Amnesty scheme will be launched to provide 100% waiver from interest and penalty on stamp duty for depositing stamp

duty by June 30, 2020.

Motor Vehicle tax will be reduced by Rs 50 per seat per month for all categories of sub-urban routes.

Nirogi Rajasthan Prabandhan Kosh will be established with an allocation of Rs 100 crore for focus on prevention of diseases.

Cancer Registry System will be setup for monitoring of cancer.

Capacity of 1500 sub-stations will be increased with an expenditure of Rs 2,000 crores. An Ultra-Mega solar park will be

developed in the state.

Dearness Allowance (DA) has been increased from 12 per cent to 17 per cent from July 1, 2019.

Sikkim -

Budget Size is 9100 Crores.

Tamil Nadu -

Budget Size is 300390 Crores.

8156 Crores for Proposed Tamil Nadu Urban Flagship Investment Programme to support the state in developing urban and

environmental infrastructure.

Further, Rs 200 crore has been allocated as interest waiver for repayment of Farmer loans.

Stamp duty for rental agreements will be reduced from 1% to 0.25%. Further, registration charges on such agreements will be

reduced from 1% to 0.25% (subject to a maximum of Rs 5,000).

Government will form a 'not-for-profit' Special Purpose Vehicle to finance and manage the Amma Unavagam programme.

Comprehensive flood mitigation project for Greater Chennai has been proposed at a cost of 3000 crores.

Telangana -

Budget Size is 182914 Crores.

Government will provide waiver of loans between 25000 - 1 lakh for farmers, requiring 24738 crores to be spent in four

instalments. In 2020-21, an amount of Rs 6,225 crore has been allocated.

Government estimated 50000 crores for development of Hyderabad over 5 years. In 2020-21, 10000 crores allocated for Musi

River purification and Musi River Front Project and other works.

14000 crores for 'Rythu Bandhu', a flagship scheme of government, for providing investment support to farmers.

Uttar Pradesh -

Budget Size is 512861 Crores (Highest Among States).

100 crores for new scheme proposed to encourage youth to work as apprentices in industries by providing them

apprenticeships, along with a monthly stipend. Of total monthly stipend to be provided, 1500 will be borne by central

government, 1000 by state government, and rest by employer.

A new scheme, Yuva Udyamita Vikas Abhiyaan (Yuva), is proposed with aim of making more than one lakh young trained

persons self-reliant. YUVA hubs will be set up in all districts to provide financial and operational assistance to startups for a

one-year period. Kaushal Satrang scheme was also launched.

State NITI Aayog will be constituted to replace existing State Planning Commission.

Uttarakhand -

Budget Size is 53527 Crores.

2300 Crores for Krishi Utpadan Lagat Sarvekshan Yojana will be started for providing minimum support price for crops such

as mandua, sanwa, urad, ghat and masoor.

Salary for guest teachers in universities will be increased from Rs 25,000 to Rs 35,000.

Schemes -

Mukhyamantri Shikshuta Yojana will be started for learning new work-related skills in different sectors.

Mukhyamantri Swarojgar Yojana and Mukhyamantri Palayan Roktham Yojana will be started for generating self-

employment opportunities and preventing migration from state.

Mukhyamantri Saubhagyaati Yojana will be started for preventing decline in sex-ratio by providing kits to mothers on

birth of a girl child in first delivery.

300 crores for establishment of a medical college in Haldwani, Almora and Doon.

Pension for old-age, dependent widows and disabled to be increased from Rs 1,000 per month to Rs 1,200 per month.

West Bengal -

Budget Size 255677 Crores.

Persons belonging to SC / ST, who are over 60 years age and not covered under any pension scheme, will be provided a

monthly pension of 1000. 3000 crores allocated for this.

500 crores for new scheme, Karma Sathi Prakalpa, proposed to provide assistance to unemployed youth to help them become

self-reliant. Under this, 1 lakh unemployed youth, for next three years, will be provided soft loan and subsidy of up to two lakh

rupees for taking up any new income generating project.

200 crores for New scheme to provide free electricity to poor domestic consumers. Under this, no electricity charge will be

levied on poor domestic consumers whose quarterly consumption of electricity is up to 75 units (lifeline consumers).

163. Supreme Court lifted 2018 RBI ban on trading in virtual currencies, as a relief for traders in this sector. SC Validated plea from Internet

and Mobile Association of India (IMAI) challenging RBI ban.

164. Supreme Court ruled that provisions of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act

2002, will be applicable to state and multi-state cooperative banks.

Ruling challenged Parliament’s decision to amend Section 2(c) of Sarfaesi Act, which allows banks and financial institutions to seize

and auction properties of defaulters to recover their dues, and include cooperative banks among those who can exercise powers

under Act.

With this judgment, state and multi-state cooperative banking societies can now seize and sell assets to recover their dues.

SC also said that state and multi-state cooperative banks will fall under definition of banks under provisions of Banking Regulation

Act.

165. Task Force on National Infrastructure Pipeline (NIP) submitted its Final Report on NIP for FY 2019-25, Finance Ministry.

Summary Report of the same was released on December 31st, 2019. The summary Report stated that between 2020 and 2025, Govt

has plans to invest 102 lakh crores rupees,to help make India a 5 trillion-dollar economy.

Earlier, Finance Minister Nirmala Sitharaman in her Budget speech 2019-20 announced that 100 lakh crore would be invested on

infrastructure over next five years.

Final Report of NIP Task Force is projecting infrastructure investment of 111 lakh crores during FY 2020-25. Out of it -

Projects worth Rs 44 lakh crores are under implementation

Projects worth Rs 33 lakh crore are at conceptual stage

Projects worth Rs 22 lakh crore are under development.

Information regarding project stage are unavailable for projects worth Rs 11 lakh crores.

Sector Wise -

Sectors such as energy (24%), roads (18%), urban (17%) and railways (12%) amount to around 71% of the projected

investments.

Centre (39%) and States (40%) are expected to have almost equal share in implementing NIP, followed by private sector (21%).

Task Force has recommended 3 Committees to be setup -

A Committee to monitor NIP progress and eliminate delays

A Steering Committee in each Infrastructure ministry level for following up implementation

A Steering Committee in DEA for raising financial resources for NIP.

166. Tata Power's Tata Power International Pte Ltd (TPIPL) acquired 10 % stake in Adjaristsqali Netherlands BV (ABV) from International

Finance Corporation (IFC) for USD 150000, increasing TPIPL's shareholding in ABV to 50 %.

167. Tech Firms Microsoft and Accenture partnered to help deepen reach of entrepreneurs and start-ups focused on social impact and

sustainability. Joint initiative will provide hands-on support and technologies to social enterprises.

168. To help tackle situation arising from COVID-19 outbreak, RBI increased limit for Ways and Means Advances (WMA) to 2 Lakh Crores, for

remaining part of first half of financial year 2020-21 (April 2020 to September 2020). It was 1.2 Lakh Crores Earlier.

WMA is an RBI mechanism, to help States tide over temporary mismatches in cash flow of their receipts and payments.

169. To provide relief to exporters, RBI extended interest subsidy period by one year to 31 March 2021, on export credit received before and

after shipment of goods to exporters.

Exporters get subsidy under Interest Equalisation Scheme for pre and post shipment Rupee Export Credit, which ended on March

31, 2020.

Government announced new scheme in November 2018, which applies to all exporters in MSME sector. It aims at encouraging

enterprises to increase productivity and provides incentives to MSMEs for onboarding on GST platform.

170. Traders' body Confederation of All India Traders (CAIT) will launch national e-commerce marketplace 'bharat market', for all retail

traders.

It will integrate capabilities of various tech companies to provide end-to-end services in logistics and supply chains from

manufacturers to end consumers.

171. US Based Silver Lake partners bought 1.15% stake in Reliance Industries subsidiary Jio Platforms, for Rs 5,656 crores ($750 million).

Also, Social Network Facebook had recently invested INR 43574 crores in Jio Platforms, for 9.99% stake. It was Largest FDI in

India's Tech Industry.

172. US Based Carlyle Group acquired 74% stake in Indian animal healthcare company SeQuent Scientific Limited, for 1587 crores ($210

million).

173. US Based Vista Equity Partners invested 11367 crores into Reliance Jio Platforms for a 2.32 % stake.

This would be the third major investment in Jio in less than three weeks. Earlier,

US Based Silver Lake partners bought 1.15% stake in Reliance Industries subsidiary Jio Platforms, for Rs 5,656 crores ($750

million).

Social Network Facebook invested INR 43574 crores in Jio Platforms, for 9.99% stake. It was Largest FDI in India's Tech Industry.

174. US Firm KKR invested Approx 11367 crores in Reliance Jio Platforms, for a 2.32% stake. Recent Jio Stake Buy-outs -

US Investor General Atlantic invested Approx 6600 crores in Reliance Jio Platforms, for a 1.34% stake.

US Based Vista Equity Partners invested 11367 crores into Reliance Jio Platforms for a 2.32 % stake.

US Based Silver Lake partners bought 1.15% stake in Reliance Industries subsidiary Jio Platforms, for Rs 5,656 crores ($750

million).

Social Network Facebook invested INR 43574 crores in Jio Platforms, for 9.99% stake. It was Largest FDI in India's Tech Industry.

Under concerned 5 deals, Jio has divested total 17.12 % Stake to 5 US Firms, since April 2020.

175. US Investor General Atlantic invested Approx 6600 crores in Reliance Jio Platforms, for a 1.34% stake. It values Jio Platforms at an

equity value of 4.91 lakh crore and an enterprise value of 5.16 lakh crores. Recent Jio Stake Buy-outs -

US Based Vista Equity Partners invested 11367 crores into Reliance Jio Platforms for a 2.32 % stake.

US Based Silver Lake partners bought 1.15% stake in Reliance Industries subsidiary Jio Platforms, for Rs 5,656 crores ($750

million).

Social Network Facebook invested INR 43574 crores in Jio Platforms, for 9.99% stake. It was Largest FDI in India's Tech Industry.

Under concerned 4 deals, Jio has divested total 14.8 % Stake to 4 US Firms, since April 2020.

176. Various measures taken by Department of Food & Public Distribution for current sugar season 2019-20 -

Government reimbursing carrying cost of Rs.1674 crore towards maintenance of buffer stockof 40 LMT of sugar.

Assistance@ Rs 10448/MT being provided tosugar mills to meet expenses on export of 60 LMT of sugar, at approx 6268 crores.

Soft loans of about Rs. 18600 crores are being extended through banks to 362 sugar mills and molasses-based standalone distilleries,

for which interest subvention of 4045 crores for 5 years is being borne by Government.

Estimated Production during sugar season 2019-20 is 270 LMT, with 240 LMT expected as Domestic Consumption.

177. Vodafone Idea tied up with Paytm to launch Recharge Saathi programme, to help individuals / small businesses to earn an additional

income. It will enable Paytm customers to start selling Vodafone-Idea recharges on Paytm app.

178. With increasing global economic crisis due to COVID-19 Outbreak, Helicopter Money is a solution being suggested by economic

specialists all over world. Helicopter Money term was framed by an American Economist Milton Friedman. It is monetary policy tool used

for Quantitative Easing.

It aims to dump money into a struggling economy, by extending non-repayable money to governments from central bank.

It intends to make more money available for people to nudge them to spend more.

In India -

Telangana CM K Chandrashekar Rao has suggested this for state governments to revive economic growth. He asked the RBI to

release 5% of GDP as Helicopter money.

CII also recommended similar arrangement, by recommending direct cash transfer of 5000 to all account holders whose

annual income is below 5 lakh.

179. World Bank approved 1 billion USD additional aid to India to accelerate COVID-19 Special Protection Response Programme.

Around 550 million USD is to be credited by the IDA (International Development Association) and 220 million USD by the IBRD

(International Bank of Reconstruction and Development).

In April 2020, World Bank had announced 1 billion USD support to aid health sector of India.

Recently, Shanghai-Based BRICS New Development Bank (NDB) also approved 1 Billion USD for India, Under its Emergency

Assistance Program, amid COVID-19 Pandemic.

180. World Bank approved USD 400 million multi-year financial support to India, To enhance and safeguard coastal and marine resources.

First phase will cover eight coastal States - Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Andhra Pradesh, Odisha, and West

Bengal, along with 3 coastal Union Territories - Puducherry, Andaman, and Nicobar and Daman and Diu.

These states / UTs will get USD 180 million for Enhancing Coastal and Ocean Resource Efficiency (ENCORE).

181. World Bank approved USD 82 Million (INR 585 crores) for Himachal Pradesh State Roads Transformation Project (HPSRTP).

182. Yes Bank acquired 24.19% stake in direct-to-home (DTH) provider Dish TV India, by invoking pledged shares after loan defaults by

several companies.

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