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Finance and Banking
RBI revises priority sector lending norms
The Reserve Bank has tweaked priority sector eligibility and classification norms following an announcement in the second bi-monthly policy statement on June 6.
It said that with a view to bringing convergence of the Priority Sector Lending guidelines for housing loans with the Affordable Housing Scheme, and to give a filip to low-cost housing for the Economically Weaker Sections and Low Income Groups, the housing loan limits for eligibility under priority sector lending will be revised to Rs 35 lakh in metropolitan centres Rs 28 lakh earlier (with population of ten lakh and above), and to Rs 25 lakh from Rs 20 lakh earlier in other centres, provided the overall cost of the dwelling unit in the metropolitan centre and at other centres does not exceed Rs 45 lakh and Rs 30 lakh, respectively.
The existing limit for family income of Rs 2 lakh per annum for loans to housing projects for home construction economically weaker sections and low income groups, is revised to Rs 3 lakh per annum and Rs 6 lakh per annum respectively in alignment with the income criteria specified under the Pradhan Mantri Awas Yojana, RBI said.
Suresh Mathur Panel set up to review norms for insurance marketing firms
Insurance Regulatory and Development Authority has set up a panel consisting 10 members to review norms for insurance marketing firms.
The aim of this panel is to increase insurance penetration in the country.
In 2015, IRDAI introduced the new distribution chanel of IMF or Insurance Marketing Firms with an objective of increasing insurance penetration through an area–wise registration approach.
The panel will be headed by Suresh Mathur, ED-IMF of IRDAI.
About IRDAI
- Founded: 1999
- Chairman: Subhash Chandra Khuntia
- Headquarters: Hyderabad, Telangana
Truecaller acquires multi-bank payments app Chillr
Truecaller has announced its acquisition of Indian payments startup Chillr to strengthen its payments business in the country. The Swedish company said it will roll out credit and other financial services to Indian users in the coming months.
Chillr co-founder Sony Joy will join as the vice president of Truecaller Pay, while the full team will be absorbed by the company. The Stockholm-headquartered company will also double its team size in India.
Truecaller has a user base of 150 million users in India. It also has 300 partners in the country, where it will leverage its payments feature.
India
India’s largest national data centre to come up in Bhopal
The government will be setting up the country’s largest national data centre in Bhopal, with capacity for 500,000 virtual servers.
The country has four such centres for hosting government websites, services and apps. These are at Pune, Hyderabad, Delhi and Bhubaneswar.
With growing digitalisation of government services, this capacity needs to be increased.
HRD Minister launches National Digital Library
The Union Minister of Human Resource Development, Prakash Javadekar launched the National Digital Library of India (NDLI) on June 19, 2018. The library aims to become a single window platform for all educational needs.
The main objective of the library is to integrate several national and international digital libraries in one single web-portal
The National Digital library of India (NDLI) is a project under Ministry of Human Resource Development, India.
Union Government collaborates with Google for flood forecasting
The Central Water Commission (CWC), India’s apex technical organisation in the field of Water Resources, on June 18, 2018 signed a Collaboration Agreement with Google for flood forecasting.
Union Minister for Water Resources, River Development and Ganga Rejuvenation, Nitin Gadkari has expressed that collaboration with Google will help in effective flood management in India.
CWC would use up to date technology of Google in the field of Artificial Intelligence, machine learning and geo spatial mapping for effective management of water resources particularly in the field of flood forecasting.
Merger of shikshakarmi with state school education department approved by Chhattisgarh
The Chhattisgarh Government on June 18, 2018 approved the merger of `shikshakarmi’ with the state school education department. The move would come into effect from July 1.
The decision was taken at a cabinet meeting chaired by Chief Minister Raman Singh in Raipur.
In the first phase, the merger of 1.03 lakh shikshakarmi who have completed eight years of service will be carried out from July 1.
The remaining 48,000 shikshakarmi will become eligible for merger into the school education department as and when they complete eight years of service.
Government directs CBSE to conduct CTET exam in all 20 languages
Government has directed the CBSE to conduct the Central Teacher Eligibility Test (CTET) examination in all Indian languages as was being done earlier.
The announcement was made by the Human Resource Development Minister Prakash Javadekar through a tweet on June 18.
Javadekar said that the examination will be held in English, Hindi, Assamese, Bangla, Garo, Gujarati, Kannada, Khasi, Malayalam, Manipuri, Marathi, Mizo, Nepali, Odia, Punjabi, Sanskrit, Tamil, Telugu, Tibetan and Urdu.
Workshop on Cyber Security Framework – 2018 organised
A workshop on Cyber Security Framework for Department of Defence was organised by Ministry of Defence.
The workshop was inaugurated by Union Defence Minister Nirmala Sitharaman.
Sitharaman congratulated Department of Defence Production (DDP) for formulating Cyber Security Framework for DDP and also establishing Cyber Security Cells at various levels to handle cyber security related issues..
Google to train 8,000 Indian journalists on fact checking
Google India on June 19, 2018 announced to provide training to 8,000 journalists in English and six other Indian languages on fact checking in the next one year.
For this, the Google News Initiative India Training Network will select 200 journalists from cities across India who will sharpen their skills in verification and training during five-day train-the-trainer boot camps.
This network of certified trainers will then train more journalists at two-day, one-day and half-day workshops organised by the Network.
Appointments
Uber names Pradeep Parameswaran as India and South Asia President
US-based cab aggregator Uber on Tuesday said it has elevated Pradeep Parameswaran as President of its India and South Asia operations.
He succeeds Amit Jain, who was elevated to the role of Head of Asia Pacific region last month.
Dr Inder Jit Singh assumes charge as Secretary, Ministry of Coal
Dr. Inder Jit Singh, assumed charge as Secretary, Ministry of Coal on June 14, 2018.
He took over the charge of Secretary which fell vacant after superannuation of Shri Susheel Kumar on April 30, 2018.
World
US President Donald Trump orders US Military to form ‘Space Force’
US President Donald Trump on June 18, 2018 ordered the US Defense Department and the Pentagon to create a “Space Force”, an independent sixth branch of the armed forces.
The Space Force military branch would be “separate but equal” to the Air Force. Joseph F. Dunford Jr., Chairman of the Joint Chiefs of Staff, would oversee the creation of the force.
The announcement regarding the creation of the Space Force was made at a meeting of the National Space Council. Trump was joined by Vice President Mike Pence, who leads the recently revived space council as well as NASA Administrator Jim Bridenstine.
Canada lawmakers vote to legalise cannabis
The Canadian Parliament has passed a bill to legalise cannabis that would make Canada the first G7 country to allow free consumption of the mind-altering drug.
The bill was passed by 205 votes to 82 in the House of Commons on June 18.
Days
International Day for the Elimination of Sexual Violence in Conflict observed on 19 June
International Day for the Elimination of Sexual Violence in Conflict was observed across the world on June 19, 2018.
2018 Theme: “The Plight and Rights of Children Born of War”.
Indian Army observes 2018 as ‘Year of Disabled Soldiers in Line of Duty’
The Indian Army is observing the year 2018 as the ‘Year of Disabled Soldiers in Line of Duty’ to honour soldiers who have been disabled in the line of duty while serving the nation and to celebrate the undying spirit of ‘Soldiering’.
The main aim of the observance is to alleviate the sufferings of the soldiers, who have done their duty with utmost dedication to the nation and have been disabled for life.
Obituaries
Legendary mimicry artist Nerella Venumadhav passes away
Mimicry artist Nerella Venumadhav passed away on June 19, 2018 following a brief illness at his home in Mattewada in Warangal city. He was 85.
He gained international fame after his enthralling performance at the United Nations.
He began mimicry at the age of 15 and has mastered the art over the years and inspired scores of people to take up the art form.
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