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Current Affairs Today – 4th July 2020
NEWS AT A GLANCE
- The United Nations celebrates the International Day of Cooperatives every year on the first Saturday of July to increase awareness of cooperatives.
- Kotak Mahindra Bank and Innoviti Payment Solutions Pvt. Ltd. announced that they have collaborated to provide Equated Monthly Installments (EMI) billing options on Kotak Debit Cards which are swiped on Innoviti Point of Sale (POS) terminals.
- HDFC Bank announced that it will offer ‘ZipDrive’, an online instant auto loan to its customers in 1,000 cities.
- The setbacks to the Indian economy in the first two months of the Financial Year (FY) due to the COVID-19 pandemic seems to be finally over as on 3rd July 2020 the Union Minister of Commerce and Industry Piyush Goyal informed that merchandise export figures in the month of June 2020 have touched almost 88 percent of the June 2019 figure.
- President Ram Nath Kovind inaugurated Dhamma Chakra Day 2020 celebrations on 4th July 2020.
- Government of India’s flagship program “Fit India” has launched a series of interactive sessions titled “Fit India Talks” with some of the top sportspersons of India on 3 July.
- The Union Minister of State (Independent Charge) for Ministry of Housing & Urban Affairs (MoHUA) Shri Hardeep Singh Puri launched the sixth edition of the annual cleanliness survey of urban India, the toolkit for Swachh Survekshan 2021.
- Prime Minister Narendra Modi announced that the free grain distribution scheme under the Pradhan Mantri Gareeb Kalyan Anna Yojana (PMGKAY) will be extended by five months till the end of November, with an additional estimated outlay of Rs 90,000 crore.
- French Prime Minister Edouard Philippe has resigned from his post ahead of a government reshuffle by President Emmanuel Macron.
- President of Russia, Vladimir Putin has recorded a victory in the recently held Presidential polls.
- The Central Banks and Supervisors Network for Greening the Financial System (NGFS) has been joined by the Asian Development Bank (ADB) as an observer.
- A Memorandum of Understanding (MoU) was signed virtually on 4th July 2020 between the non-profit organization UKIBC- UK India Business Council and the MIDC-Maharashtra Industrial Development Corporation. MIDC is the Maharashtra Government’s premier agency for industrial infrastructure development.
- A Navratna Company of Government of India- NLC India Limited has signed an agreement with a Maharatna Company- Coal India Limited to form a Joint Venture Company (JVC) for developing Solar and Thermal power assets.
- The United States-based global investment firm- Kohlberg Kravis Roberts (KKR) & Co. Inc. will buy the majority of 54 percent stake in JB Chemicals and Pharmaceuticals.
- IRDAI sets up nine-member Working Group Headed by G Srinivasan, to study the suitability of offering of Surety Bond by Indian Insurance Industry
- The commonwealth writers announced Kritika Pandey, the winner of Asian region prize as the overall winner of the 2020 Commonwealth Short Story Prize for her story, “The Great Indian Tee and Snakes”.
- Karnam Sekar, the managing director and chief executive of public sector lender Indian Overseas Bank (IOB) has retired on June 30, 2020.
- In order to groom young athletes in the country for the upcoming Olympics of 2024 (Paris) and 2028 (Los Angeles), the Union Ministry of Youth Affairs and Sports will launch- Target Olympic Podium Scheme (TOPS) for the junior athletes.
- Former world number one badminton player and the two-times Olympic badminton champion from China, Lin Dan has announced his retirement from the sport.
- Writer, director, actor and comedy legend Carl Reiner passed away of natural causes at an age of 98.
NEWS AT A GLANCE
IMPORTANT DAYS AND THEMES
International Day of Cooperatives celebrated on 04th July
- The United Nations celebrates the International Day of Cooperatives every year on the first Saturday of July to increase awareness of cooperatives.
- In the year 2020, the International Day of Cooperatives will be celebrated on 4th July with a focus on the contribution of cooperatives to combating climate change.
- UN has also appealed to spread the word: “#Coops4ClimateAction” to celebrate the International Day of Cooperatives 2020.
- United Nations is celebrating the International Day of Cooperatives every year on the first Saturday of July since 1923.
- Co-operatives have been acknowledged as associations and enterprises through which citizens can effectively make their lives better by contributing to the economic, social, cultural as well as political advancement of their community and nation. Cooperatives employ 280 million people across the globe which is 10% of the world’s employed population.
Extra Shots:
UN
- Headquarters: New York, New York, United States
- Founded: 24 October 1945, San Francisco, California, United States
- Official languages: Arabic; Chinese; English; French; Russian; Spanish;
- Secretary general: António Guterres
BANKING & FINANCE
Kotak Mahindra Bank & Innoviti Collaborates to Offer EMIs on Kotak Debit Cards Swiped on Innoviti POS Terminals
- Kotak Mahindra Bank and Innoviti Payment Solutions Pvt. Ltd. announced that they have collaborated to provide Equated Monthly Installments (EMI) billing options on Kotak Debit Cards which are swiped on Innoviti Point of Sale (POS) terminals.
- The facility will enable about 10 million(1 crore)Kotak customers to pay for their purchases in instalments by using the EMIs on debit cards facility at over 70,000 Innoviti POS terminals across more than 1,000 cities.
- The eligible Kotak customer to complete the purchase and to enable instant loan disbursement has to ask the cashier for the Kotak Debit Card EMI facility, select the preferred EMI tenure and swipe the Kotak debit card on Innoviti’s POS terminal.
Extra Shots:
Kotak Mahindra Bank Limited:
- Registered Office: Mumbai, Maharashtra
- Managing Director & CEO: Uday Kotak
Innoviti Payment Solutions Pvt. Ltd:
- Registered office: Bangalore, Karnataka
- CEO: Rajeev Agrawal
HDFC Bank to Offer ‘ZipDrive’, an Online Instant Auto Loans to its Customers
- HDFC Bank announced that it will offer ‘ZipDrive’, an online instant auto loan to its customers in 1,000 cities.
- The auto loan disbursal product is only for customers with pre-approved offers.
- It is a technology-enabled loan product where credit assessment is done by banking software.
- The product will be available to tier 2 and 3 cities across India, such as Bhimavaram in Andhra Pradesh, Hardoi in Uttar Pradesh, Thalassery in Kerala, and Balasore in Odisha among other places
- The customers can choose the preferred car model, dealer, loan amount within the eligible limits and tenure online. They can also opt on-road funding up to 100% of the value.
- It provides a convenient and contactless form for obtaining auto loans from the bank at attractive prices and terms. The customers need not have to visit any branch.
Extra Shots:
HDFC Bank
- Headquarters: Mumbai, Maharashtra
- Chairman: Deepak S. Parekh
- Tagline: We understand your world
BUSINESS & ECONOMY
Piyush Goyal hints India’s Export in June 2020 has ‘Recovered’ after Contracting Drastically in April and May
- The setbacks to the Indian economy in the first two months of the Financial Year (FY) due to the COVID-19 pandemic seems to be finally over as on 3rd July 2020 the Union Minister of Commerce and Industry Piyush Goyal informed that merchandise export figures in the month of June 2020 have touched almost 88 percent of the June 2019 figure.
- Earlier on 22nd June 2020, Piyush Goyal had informed that the contraction in outbound shipments is 10-12 percent in the month of June 2020 if compared to 60 percent in April 2020.
- The overall export data for the month of June 2020 will be released by the Ministry of Commerce and Industry on 15th July 2020.
- After three straight months of decline in Export figures, the signs of improvements bring about a much-needed relief for the Indian economy.
- Overall combined Exports (Merchandise and Services) for the April and May month of 2020 were USD 61.57 billion, that is 33.66 percent decline in Overall combined Exports from the April and May 2019 figures.
India’s Exports & Imports in May 2020
- Exports in the month of May 2020 declined by 36.47 percent as compared to April 2020.
- Import Value: USD 22.20 billion (Imports in May 2019 was USD 45.35 billion)
- Export Value: USD 19.05 billion (Exports in May 2019 was USD 29.99 billion)
- Trade deficit: USD 3.15 billion (Trade deficit in May 2019 was USD 15.36 billion)
NATIONAL CURRENT AFFAIRS
President inaugurated Dhamma Chakra Day 2020 celebrations on 4th July
- President Ram Nath Kovind inaugurated Dhamma Chakra Day 2020 celebrations on 4th July 2020.
- The day is celebrated to mark Buddha’s First Sermon to his first 5 ascetic disciples at the Deer Park, Rsipatana in the present-day Sarnath near Varanasi, Uttar Pradesh.
- Dhamma Chakra Day is celebrated by Buddhists across the world as the day of Dharma Chakra Parvattana or “Turning of the Wheel of Dharma”.
- It is celebrated by the International Buddhist Confederation (IBC), under the aegis of the Ministry of Culture.
Dhamma Chakra Day:
- Dhamma Chakra day is the second most sacred day for Buddhists after the Buddha Poornima or Vesak. It is known as Asanha Bucha in Thailand and Esala Poya in Sri Lanka.
- The day marks Buddha’s first teaching after attaining Enlightenment to the first five ascetic disciples “pañcavargika” on the full-moon day of Asadha at Deer Park, Ṛiṣipatana (current day Sarnath, near Varanasi, India.)
- Buddha’s first sermon, after his enlightenment, is recorded in the Buddhist text “Dhammacakkappavattana Sutta.”
- The day is also celebrated as Guru Poornima by both Buddhists and Hindus as a day to mark reverence to their Gurus
The 5 ascetic disciples are:
- Kondañña
- Assaji
- Bhaddiya
- Vappa
- Mahānāma
Events:
- On this day, many events including messages from top Buddhist religious leaders, Masters, and Scholars from various parts of the world will be streamed from Sarnath and Bodh Gaya.
- Due to the COVID-19 pandemic, the whole program will be conducted virtually.
- The event is expected to be witnessed by around 30 lakh devotees worldwide via live webcast.
HRD Minister, Sports Minister to launched Fit India Talks of eminent sportspersons with school children
- Government of India’s flagship program “Fit India” has launched a series of interactive sessions titled “Fit India Talks” with some of the top sportspersons of India on 3 July.
- The Fit India Talks sessions are organized in association with the Sports Authority of India and the Ministry of Human Resource Development (MHRD).
Highlights:
- A host of leading sports personalities shares their experiences of childhood, stories on how they got inspired, their failures, struggles, and their success.
- It is expected that this session will give the audience a very inspirational and interesting account of their journeys, from common school students to world-class champions.
- A total of six sessions will be held till 14 July. Star players including PV Sindhu, Sunil Chhetri, Ashwini Ponnappa, Rani Rampal, Manika Batra, Apurvi Chandela, and Deepa Malik will join in at the sessions.
- The sessions will be streamed on Shri Ramesh PokhriyalNishank’s social media pages, MHRD social media pages, Fit India Facebook & YouTube channel, SAI Facebook Page, MyGov YouTube channel, SportsTak YouTube channel, and the DD Sports Television and YouTube channel.
Extra Shots:
The Ministry of Human Resource Development, formerly Ministry of Education, is responsible for the development of human resources in India.
- Officeholder: Ramesh Pokhriyal (Union Minister)
- Ministry executives: R. Subrahmanyam, (IAS Officer); Rina Ray, (IAS Officer)
- Founded: 26 September 1985
- Headquarters: New Delhi
- Jurisdiction: India
- Departments: Department of Higher Education, Department of School Education and Literacy
Hardeep Singh Puri launched the 6th edition of the annual cleanliness survey of urban India 2021 Swachh Survekshan
- The Union Minister of State (Independent Charge) for Ministry of Housing & Urban Affairs (MoHUA) Shri Hardeep Singh Puri launched the sixth edition of the annual cleanliness survey of urban India, the toolkit for Swachh Survekshan 2021.
- The survey was conducted by MoHUA.
Highlights:
- Swachh Survekshan is redesigned innovatively every year, to ensure that the process becomes more robust, with a focus on sustaining the behaviour change.
- In 2019, the Ministry’s efforts focussed on ensuring the sustainability of the sanitation value chain, the SS 2021 indicators focus on parameters pertaining to wastewater treatment and reuse along with faecal sludge.
- MoHUA provided a detailed presentation on the methodology and various parameters of Swachh Survekshan 2021.
Prerak Dauur Samman:
- A new category of awards titled Prerak Dauur Samman will be given as a part of Swachh Survekshan 2021.
- Top three cities will be recognized in each category.
- The award has a total of five additional sub-categories namely:
- Divya (Platinum)
- Anupam (Gold)
- Ujjwal (Silver)
- Udit (Bronze)
- Aarohi (Aspiring)
- A new category ‘population category’ been added.
- It will categorize cities on the basis of six select indicator wise performance criteria which are as follows:
- Segregation of waste into Wet, Dry and Hazard categories
- Processing capacity against wet waste generated
- Processing and recycling of wet and dry waste
- Construction & Demolition (C&D) waste processing
- Percentage of waste going to landfills
- Sanitation status of cities
PM extends “Pradhan Mantri Gareeb Kalyan Anna Yojana” till November 2020
- Prime Minister Narendra Modi announced that the free grain distribution scheme under the Pradhan Mantri Gareeb Kalyan Anna Yojana (PMGKAY) will be extended by five months till the end of November, with an additional estimated outlay of Rs 90,000 crore.
- Over 80 cr people to get free food grain till Diwali and Chhath pooja.
- Pradhan Mantri Garib Kalyan Yojana, 20 crore accounts have received 31,000 crores in their Jan Dhan Accounts.
INTERNATIONAL CURRENT AFFAIRS
French Prime Minister Edouard Philippe resigns
- French Prime Minister Edouard Philippe has resigned from his post ahead of a government reshuffle by President Emmanuel Macron.
- As per the announcement made by the French Presidency, Edouard Philippe will handle the government affairs until a new cabinet would be named.
- This is a part of the President Emmanuel Macron plans to strengthen his green credentials and refashion his centrist government ahead of a possible re-election bid.
- He is planning to boost the two remaining years of his term by focusing on efforts to relaunch the French economy post the COVID-19 crisis.
Extra Shots:
France (Capital/Currency): Paris/Euro, CFP franc
- Prime Minister: Jean Castex
- President: Emmanuel Macron
Russian President Vladimir Putin records victory in Presidential polls
- President of Russia, Vladimir Putin has recorded a victory in the recently held Presidential polls.
- With a victory, he is set to stay in power until the middle of the next decade i.e. until 2036.
- Russians citizens went to the polls to cast ballots in a nationwide referendum on Constitutional Amendments.
- A preliminary tally of results was released by the Central Election Commission of Russia after processing 50% of ballot, and stated that 76.24% of the citizens voted in support of the amendments.
Extra Shots:
Russia (Capital/Currency): Moscow/Russian Rouble
- Prime Minister: Mikhail Vladimirovich Mishustin
- President: Vladimir Putin
ADB becomes “Observer” for Network for Greening the Financial System
- The Central Banks and Supervisors Network for Greening the Financial System (NGFS) has been joined by the Asian Development Bank (ADB) as an observer.
- ADB has joined the network to fulfill its corporate strategy “the Strategy 2030” goals such as building climate and disaster resilience, enhancing environmental sustainability, fostering regional cooperation and integration, tackling climate change, and strengthening governance and institutional capacity.
- With this, ADB has joined the ranks of the International Monetary Fund, the Organization for Economic Co-operation and Development, World Bank and the International Finance Corporation as NGFS observers.
- Network for Greening the Financial System is a group of central banks and supervisors who are inclined to share best practices and contribute to the development of environment and climate risk management in the financial sector.
Extra Shots:
ADB
- Headquarters: Mandaluyong, Philippines
- President: Masatsugu Asakawa
- Membership: 68 countries
- Founded: 19 December 1966
- Purpose: Economic development
AGREEMENTS AND MOU SIGNED
Maharashtra Government and UKIBC signs MoU
- A Memorandum of Understanding (MoU) was signed virtually on 4th July 2020 between the non-profit organization UKIBC- UK India Business Council and the MIDC-Maharashtra Industrial Development Corporation. MIDC is the Maharashtra Government’s premier agency for industrial infrastructure development.
- The MoU will help in strengthening the collaboration of Maharashtra Government with the businesses in the United Kingdom (UK), also it will proactively improve the business environment in the state.
- A virtual roundtable discussion was also conducted in which the future investment plans in Maharashtra by UK based businesses, post COVID-19 plans to re-grow the economy in the state, for achieving Atma Nirbhar Bharat the importance of international trade, etc were discussed.
- Maharashtra was found as a top destination for Improved Business Environment in its annual Doing Business in India report by the UKIBC.
Extra Shots:
The UK India Business Council is a membership-based, non-profit organization founded in 2007 to foster trade and business relations between the United Kingdom and India. The organization works with businesses in both countries, as well as the UK and Indian governments, to promote and increase bilateral trade.
- Founder: Karan Bilimoria, Baron Bilimoria
- Founded: 1993
- Key person: Patricia Hewitt
- Headquarters: London, United Kingdom
- Type of business: Non-profit organisation
NLC and Coal India to form JVC for Developing Solar and Thermal Power Assets
- A Navratna Company of Government of India- NLC India Limited has signed an agreement with a Maharatna Company- Coal India Limited to form a Joint Venture Company (JVC) for developing Solar and Thermal power assets.
- In the Joint Venture Company, both NLC and Coal India will have equal 50:50 equity.
- This was informed on 3rd July 2020 by NLC India.
- Solar and Thermal power assets of 5000 megawatts (5 GW) will be developed by the joint venture company.
- The Joint Venture Company will be set up under the Ministry of Coal.
Extra Shots:
Coal India Limited
- Chairman-cum-Managing-Director: Shri Pramod Agrawal
- Headquarters: Kolkata
- Owner: Government of India (70.96%)
- Number of employees: 2,72,445 (1 April 2020)
NLC India Limited
- Founded: 1956
- Headquarters: Chennai, India
- Owner: Government of India
- Organization type: State-owned enterprise
- Purpose: Lignite mining and power generation
- Power stations: Neyveli New Thermal Power Station, Barsingsar Thermal Power Station
ACQUISITION & MERGER
KKR to buy 54% Stake in JB Chemicals and Pharmaceuticals
- The United States-based global investment firm- Kohlberg Kravis Roberts (KKR) & Co. Inc. will buy the majority of 54 percent stake in JB Chemicals and Pharmaceuticals.
- 54 percent stake of Mumbai based JB Chemicals and Pharmaceuticals is worth Rs 3,109 crore.
- In India, this will be the second investment by KKR in a space of two months. Earlier in May.
- KKR has invested Rs 11,367 crore for a 2.32 percent stake in Reliance Industries Limited’s Jio Platforms.
- The investment in Jio Platforms was the largest Investment of KKR in Asia to date.
- For the deal, investments will be made by KKR through its 3 subsidiary companies.
- The companies are Tau Investments Holdings Pte. Ltd, Tau Holdco Pte.
- For the 54 percent stake deal, KKR will be acquiring 41.7 million equity shares of JB Chemicals and Pharmaceuticals.
Extra Shots:
JB Chemicals and Pharmaceuticals
- Headquarters: India
- Founded: 1976
Kohlberg Kravis Roberts (KKR)
- Founded: 1976
- Parent organization: KKR Group Partnership L.P.
- CEO: Henry Kravis (1 May 1976–), George R. Roberts
- Founders: Henry Kravis, George R. Roberts, Jerome Kohlberg Jr.
RECENT COMMITTEES IN NEWS
IRDAI sets up nine-member Working Group
- IRDAI sets up nine-member Working Group Headed by G Srinivasan, to study the suitability of offering of Surety Bond by Indian Insurance Industry
- Insurance Regulatory and Development Authority of India (Irdai) has decided to examine the feasibility of introducing surety bonds by insurance companies for road contracts in the country.
- For this, the insurance regulator has set up a nine-member working group to study the legal framework and suitability of the Indian insurance industry or any other sector to offer such bonds.
- The Working Group will be headed by G Srinivasan, Director, and National Insurance Academy.
Responsibility of the WG
- To study the current Indian legal and regulatory framework with reference to Surety Bonds.
- To assess the suitability of the Indian Insurance Industry or any other sector to offer Surety Bonds.
- To provide justification for the recommendations being made by the group, with special reference to the legal and regulatory perspective.
- The insurance legal/regulatory framework does not permit underwriting of bonds that guarantee performance and bid securities as they are financial instruments and not conventional insurance products.
Extra Shots:
IRDAI:
- Website: irdai.gov.in
- Founded: 1999
- Sector: Insurance
- Headquarters: Hyderabad
- Type: Statutory corporation
- Chairperson: Subhash Chandra Khuntia
NATIONAL & INTERNATIONAL AWARDS
Kritika Pandey, became overall winner of the 2020 Commonwealth Short Story Prize
- The commonwealth writers announced Kritika Pandey, the winner of Asian region prize as the overall winner of the 2020 Commonwealth Short Story Prize for her story, “The Great Indian Tee and Snakes”.
- The award was presented to her by Ghanaian writer and editor, Nii Ayikwei Parkes, the chair of the 2020 Judge panel in the online award ceremony.
- Kritika is the second Indian to win the overall prize after Parashar Kulkarni in 2016.
Commonwealth Short Story Prize:
- The prize is awarded to the best unpublished short fiction through commonwealth writers, the cultural initiative of Commonwealth Foundation.
- The stories of the winners of the 2020 Commonwealth short story prize will be published online by the literary magazine Granta in partnership with the Commonwealth writers.
APPOINTMENTS IN NEWS
Karnam Sekar retires as MD & CEO of Indian Overseas Bank
- Karnam Sekar, the managing director and chief executive of public sector lender Indian Overseas Bank (IOB) has retired on June 30, 2020.
- Karnam had joined the bank as an OSD (officer on special duty) and whole-time director on April 1, 2019 after merger of Dena Bank and Vijaya Bank into Bank of Baroda.
- He was elevated as MD and CEO on July 1, 2019 after the retirement of Subramaniam Kumar.
- Prior to working with IOB, Sekar was MD and CEO of Dena Bank since September 21, 2018.
Extra Shots:
IOB:
- Headquarters: Chennai
- Founder: M. Ct. M. Chidambaram Chettyar
- Founded: 10 February 1937, Chennai
- Owner: Government of India
SPORTS CURRENT AFFAIRS
Youth Affairs and Sports Ministry will launch TOPS for Junior Athletes
- In order to groom young athletes in the country for the upcoming Olympics of 2024 (Paris) and 2028 (Los Angeles), the Union Ministry of Youth Affairs and Sports will launch- Target Olympic Podium Scheme (TOPS) for the junior athletes.
- This was informed on 3rd July 2020 by Kiren Rijiju (Union Minister of State I/C for Youth Affairs and Sports) during the launch of the ‘Fit Hai to Hit India’ program.
- The objective of the scheme will be to ensure that the efforts are being made so that India finished in the top 10 of the overall medals tally at the 2028 Olympics.
Target Olympic Podium Scheme (TOPS)
- This scheme was formulated in the month of July 2014.
- The aim of the scheme was to identify individuals with medal prospects from across the country, further groom and prepare them for the upcoming Olympics and Paralympics.
- For assisting the athletes selected under the TOPS, within the Sports Authority of India (SAI), Mission Olympic Cell was constituted as a dedicated body.
- Now, the TOPS will be implemented for the Junior Athletes in the country, 10 to 12-year-old talents will be chosen under the scheme through various talent identification programs by the authorities.
- Further, the chosen individuals will be provided with all possible facilities such as top coaches in the world, customized training, etc.
- The National Programme for the development of sports from the grass-root level in the country- Khelo India will help by providing a base for talent identification.
Extra Shots:
The Ministry of Youth Affairs and Sports is a branch of the Government of India, which administers Department of youth affairs and Department of Sports in India. Kiren Rijiju is the current Minister of Youth Affairs and Sports, who is in the capacity of Minister of State.
- Officeholder: Kiren Rijiju (MOS independent charge)
- Founded: 27 May 2000
- Jurisdiction: India
- Headquarters location: New Delhi
- Annual budget: 1,943.21 crores INR (2017-18 est., US$270 million)
- Departments: Department of Children, Disability, Equality and Integration, Department of Youth and Sports Development
Two-time Olympic badminton champion Lin Dan retires
- Former world number one badminton player and the two-times Olympic badminton champion from China, Lin Dan has announced his retirement from the sport.
- During his 20-year glorious national team career, he won the Olympics singles titles in Beijing in 2008 and the 2012 London Games.
OBITUARY
Hollywood comedy legend Carl Reiner passes away
- Writer, director, actor and comedy legend Carl Reiner passed away of natural causes at an age of 98.
- Reiner was a recipient of nine Emmy awards, five of which were for ‘The Dick Van Dyke Show’.
- Some of his most popular films as a director are ‘Oh God,’ ‘The Jerk,’ and ‘All of Me.’
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This post was last modified on July 5, 2020 8:24 am