Latest Current Affairs Daily Update

02nd April 2021 Current Affairs in English

National News

Govt further extends Emergency Credit Line Guarantee Scheme to June 30, 2021

The Central Government has extended the Emergency Credit Line Guarantee Scheme (ECLGS 3.0) by another three months till June 30, 2021, or till such time that an amount of Rs. 3 lakh crore is sanctioned under the Scheme.

Additionally, the government has also introduced certain modifications in the ECLGS scheme to further contribute towards economic revival.

The limit of credit has been enhanced to 40 per cent of outstanding loans as of February 29, 2020. This limit was 20 per cent earlier.

The scheme would now also cover borrowers with total credit outstanding up to Rs 500 crore, with overdues for 60 days or less on February 29 2020, as compared to 30 days overdue earlier.

The tenor of loans granted under ECLGS 3.0 is 6 years with a moratorium period of 2 years on repayment of principal. In ECLGS 2.0, the tenor was five years with a 12-month moratorium.

Further, the scheme has also introduced providing an incentive to MLIs (member lending institutions) to enable the availability of additional funding facility to the eligible beneficiaries.

The ECLGS was announced as part of the Aatma Nirbhar Bharat Package of Central Government to provide fully guaranteed and collateral-free additional credit to MSMEs, business enterprises, individual loans for business purposes and MUDRA borrowers.

Government announces Rs 14,500 crore capital infusion in 4 PSBs

The Central Government has announced to infuse Rs 14,500 crore in four state-owned lenders namely Central Bank of India, Indian Overseas Bank, Bank of India and UCO Bank in 2020-21, by issuing non-interest bearing bonds to these banks.

This infusion will complete the government’s total capital infusion of Rs 20,000 crore in public sector banks for the current financial year 2020-21. Earlier in December 2020, it infused Rs 5,500 crore in Punjab and Sind Bank. 

The Recapitalisation bonds will be issued with six different maturities, and the special securities would be “at par” for the amount as per the application made by the eligible banks.

Banks require capital to meet the mandatory reserve requirements laid out by the Reserve Bank of India (RBI), make provisions for bad loans and kick-start the lending cycle when demand revives in the economy.

Utkal Divas or Odisha Day is celebrated on 1 April

Utkal Divas or Utakala Dibasha is celebrated on April 1 every year to remember the formation of the Odisha state after a struggle to be recognised as an independent state. Under British rule, Odisha was part of the Bengal presidency, which consisted of the present-day Bihar, West Bengal, and Odisha.

The state was originally called Orissa but the Lok Sabha passed the Orissa Bill, and Constitution Bill (113rd amendment), in March 2011 to rename it Odisha.

The new province of Odisha was formed after people’s continued struggle, which finally paid off on April 1, 1936. Sir John Hubbak was the first governor of the state. Notable leaders from that movement are Utkala Gouraba, Madhusudan Das, Utkala Mani, Gopabandhu Das, Fakir Mohan Senapati, Pandita Nilakantha Das, and many others.

Useful notes for all competitive exams:

  • Chief Minister of Odisha: Naveen Patnaik.
  • Odisha Capital: Bhubaneswar.
  • Odisha Governor: Ganeshi Lal.

Banking News

SBI inks USD 1 billion loan agreement with Japan Bank

India’s largest lender, State Bank of India, has raised $1 billion from Japan Bank for International Cooperation (JBIC) to extend loans to the supply chain of the Japanese automobile industry in India.

The loan is in the form of refinancing against the funding support provided to the manufacturers, suppliers and dealers of Japanese automobiles in India.

This collaboration between SBI and JBIC will help the bank in extending loan facility to the entire supply chain at a time when people are preferring a personal mode of transport.

Now the total loan facility between SBI and JBIC has become $2 billion. Earlier in October 2020, SBI inked a similar agreement for $1 billion with JBIC.

Useful notes for all competitive exams:

  • SBI Chairperson: Dinesh Kumar Khara.
  • SBI Headquarters: Mumbai.
  • SBI Founded: 1 July 1955.

RBI extends deadline for processing auto-debit payments by 6 months

The Reserve Bank of India (RBI) has extended the timeline for processing recurring online transactions by 6 months to September 30, 2021.

Earlier in December 2020, RBI had directed all banks including RRBs, NBFCs, and payment gateways that the processing of recurring transactions (domestic or cross-border) using cards or Prepaid Payment Instruments (PPIs) or Unified Payments Interface (UPI) would not be continued beyond March 31, 2021, if they do not comply with Additional Factor of Authentication (AFA).

Useful notes for all competitive exams:

  • RBI 25th Governor: Shaktikant Das; Headquarters: Mumbai; Founded: 1 April 1935, Kolkata.

Axis Bank to sell UK arm to tech platform

Private sector lender Axis Bank has entered into a Share Purchase Agreement for sale of 100 per cent stake in its subsidiary, Axis Bank UK Limited to OpenPayd Holdings Ltd.

The agreement was entered on March 31, 2021, and the transaction is subject to approval by the UK Financial Regulator, the Prudential Regulation Authority (PRA).

The consideration or the value for the transaction would be the completion net asset value (book value of the bank on the date of completion), plus a fixed premium of $5,500,000.

Axis Bank expects the sale to be completed by September 30, 2021 subject to the approval of ‘Change in Control’, received from the UK Financial Regulator, the PRA.

Useful notes for all competitive exams:

  • Axis Bank Commenced operations: 1994.
  • Axis Bank Headquarters: Mumbai, Maharashtra.
  • Axis Bank Tagline: Dil Se Open.
  • Axis Bank MD and CEO: Amitabh Chaudhry.

Economy News

Govt pegs market borrowing at Rs 7.24 lakh crore in 1st half of FY22

The government has decided to borrow Rs 7.24 lakh crore in the first half of 2021-22 fiscal (FY22) to meet resources to revive the economy hit by coronavirus pandemic. This borrowing is 60.06 per cent of the estimated gross issuances for fiscal 2021-22.

According to Budget 2021-22, the estimated gross borrowing is pegged at Rs 12.05 lakh crore in the financial year beginning April 01, 2021. The government raises money from the market to fund its fiscal deficit through dated securities and treasury bills.

World Bank raises GDP growth projection for India to 10.1% for FY22

The World Bank has revised upward the GDP growth projections for India by 4.7 percentage points to 10.1 per cent for the financial year 2021-22, due to a strong rebound in private consumption and investment growth. Earlier the bank had pegged the GDP growth at 5.4 per cent for FY22.

Apart from this, the World Bank has forecast the economy to contract by 8.5 per cent in FY21 (2020-21). The multilateral agency has also projected economic growth at 5.8 per cent for India during FY23 (2022-23).

Useful notes for all competitive exams:

  • World Bank Headquarters: Washington, D.C., United States.
  • World Bank Formation: July 1944.
  • World Bank President: David Malpass.

Agreements News

AYUSH Ministry in collab with Vinoba Seva Pratishthan organizes ‘Ayurveda Parav’

In a bid to promote Ayurveda as the mainstream treatment for the prevalent lifestyle-related diseases, Vinoba SevaPratisthan (VSP), in collaboration with the Ministry of AYUSH, has successfully organized a 3-day “Ayurveda Paravin Bhubaneswar.

This unique initiative aims to not only ensure greater acceptance of Ayurveda among the masses but also to popularize Ayurveda as the main line of treatment for the current lifestyle diseases.

The Ministry of AYUSH provided full-fledged support to this programme. During this Parv, nearly 25 research papers were presented by experts and researchers. The initiative generated tremendous response as thousands of patients turned up and showed their trust towards Ayurveda medication. They did get their diagnosis and consequent medicine.

Useful notes for all competitive exams:

  • Minister of State (IC) of the Ministry of AYUSH: Shripad Yesso Naik.

Sports News

Lewis Hamilton won Bahrain Grand Prix 2021

Mercedes star Lewis Hamilton got his bid for an eighth world title off to a thrilling start with victory in the Bahrain Grand Prix 2021.

Hamilton after his 96th career win. Max Verstappen (Red bull) and V Bottas (Mercedes ) stand 2nd and 3rd Position Respectively.


Miscellaneous News

PAN-Aadhaar linking deadline extended to June 30

The central government has extended the deadline for linking the Aadhaar number with the permanent account number (PAN) to June 30, 2021, in view of the difficulties arising out of the COVID-19 pandemic.

The earlier deadline was March 31. The government had said those who miss the deadline will be liable to pay a penalty of up to Rs 1,000 and their PAN will become invalid.

The date for issue of notice under Section 148 of Income Tax Act,1961, the passing of consequential order for direction issued by the Dispute Resolution Panel (DRP) and processing of equalisation levy statements has also been extended to 30th April 2021.

The government passed the Finance Bill 2021 in the Lok Sabha last week where it inserted a new section 234H under which a person shall be liable to pay a late fee of up to Rs 1,000 in case of non-linking of their PAN with Aadhaar.

Useful notes for all competitive exams:

  • UIDAI Founded: 28 January 2009;
  • UIDAI Headquarters: New Delhi.
  • UIDAI CEO: Saurabh Garg.

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