Current Affairs Articles

ICICI Bank has introduced an online overdraft(od) facility ‘Insta FlexiCash’ for its salary account customers. The end-to-end fully digital facility is often accessed with no documentation, using the Bank’s internet banking platform without visiting a bank branch. This facility is meant to guard ICICI Bank Salary Account customers against missing their Equated Monthly Instalments (EMIs) or cheque bounces thanks to insufficient funds by providing short-term instant credit. Customers can easily avail of this facility by initiating their application online.
  • About ‘Insta FlexiCash’:
Insta Flexicash is an end-to-end fully digital facility which may be availed using the bank’s Internet banking platform. The facility is often sanctioned immediately while customers can start using the approved OD limit within 48 hours.
Important Features of ‘Insta Flexicash’:
  • Instant approval for overdraft facility: Customers get a moment approval for the OD facility with no documentation, using the Bank’s internet banking platform.
  • Extensive credit limit of OD: The Bank offers customers a credit limit worth up to 3 times their net salary.
  • Only buy what you use: Interest should be paid only on the particular OD amount utilised.
  • FlexiCash comes with a hard and fast rate of interest that’s calculated on a daily reducing balance. The interest is charged only on the quantity you employ and therefore the period that you employ it. In case there’s no usage of the funds, there’ll be no interest payable.
  • The flexibility of repayment: Customers have the pliability to clear the outstanding limit at their convenience. They are only required to pay the interest that’s due monthly.
  • No foreclosure charges: the power offers customers the pliability to repay the OD amount that they avail, as and once they prefer to, with none foreclosure charges
  • The convenience of auto-renewal: Customers enjoy the convenience of the automated process enhancement and renewal of OD limit every 12 months.
 

International Day of Family Remittances is observed on 16th June every year. The day recognizes the contribution of over 200 million migrants to improve the lives of their 800 million family members back home and to create a future of hope for their children. This year International Day of Family Remittances is celebrated under the theme: “Building resilience in times of crisis”
The objective of the International Day of Family Remittances:
  • Through the observance of IDFR, the United Nations (UN) seeks to create greater awareness about impact remittances have on millions of households, as well as on communities, countries, and entire regions.
  • IDFR also calls upon governments, private sector entities, and civil society, to find ways that can maximize the impact of contributions made in the form of remittances by individuals and collective actions.
 

“Ghar Ghar Nigrani” mobile application has been launched by the Punjab government to check the community spread of COVID-19 in the state of Punjab. Under this initiative, state will undertake house to house surveillance in the state, covering the entire rural and urban population of Punjab above 30 years of age and will also cover persons below the age of 30 having co-morbidity or Influenza like Illness/Severe Acute Respiratory Illness until the elimination of the COVID-19 pandemic. The mobile application “Ghar Ghar Nigrani”, developed and designed in-house by the Health Department, will act as a tool for early detection as well as testing of the people for the novel coronavirus in order to prevent its community spread.
 

An Artificial Intelligence enabled robot “CAPTAIN ARJUN” has been launched by the Indian Railways’ Central Railway zone. The AI robot has been launched to intensify the screening of passengers and surveillance to keep a watch on anti-social elements. The above objectives will be achieved with the help of motion sensor, one PTZ camera and one Dome Camera installed on the robot. It also comprises sensor-based sanitizer as well as mask dispenser. The Cameras installed on the CAPTAIN ARJUN uses Artificial Intelligence algorithms to track suspicious and antisocial activity. It also comprises of inbuilt siren, motion activated spotlight along with an in-built internal storage in order to record in case of a network failure. The robot undertake the thermal screening of passengers and captures the temperature in a digital display panel. It also sounds an abnormal automatic alarm indicating a higher temperature than reference range. Hence, Captain ARJUN will provide enough protective cover to the passengers while undergoing the screening and also ensure security in the railway premises.
 

A CSIR National Healthcare Supply Chain Portal named as “Aarogyapath” has been launched. “Aarogyapath” is an information platform developed by CSIR in partnership with Sarvodaya Infotech and institutional users and manufacturers / authorized suppliers of healthcare essentials. The portal has been launched with a vision of “providing a path which leads one on a journey towards Aarogya (healthy life)”. The platform is expected to fill the critical gaps in last-mile delivery of patient care within India via improved availability and affordability of healthcare supplies. The “Aarogyapath” portal will ensure single-point availability of key healthcare goods which would be helpful to customers in addressing various issues such as time-consuming processes to identify good quality products, lack of awareness about the latest product launches, dependence on limited suppliers, etc. The platform would serve manufacturers & suppliers to reach a wide network of customers efficiently by reducing the gaps in connectivity between them and potential demand centers. Hence it will facilitate a real-time availability of critical healthcare supplies.
 

  An Internal Working Group (IWG) has been constituted by the Reserve Bank of India with a prime objective of reviewing the extant guidelines on ownership and corporate structure for Indian private sector banks. The Internal Working Group (IWG) will be headed by Dr. Prasanna Kumar Mohanty, Director, Central Board of RBI. The Internal Working Group (IWG) is supposed to submit its report by 30th September 2020.
About an Internal Working Group (IWG): The Terms of Reference of the Internal Working Group is as follows:
  • The Internal Working Group will evaluate the extant licensing guidelines and regulations that are related to ownership and control in Indian private sector banks.
  • The group will also suggest appropriate norms while keeping in mind the issue of excessive concentration of ownership as well as control, and having regard to international practices including the domestic requirements
  • The group will analyse and review the eligibility criteria for individuals/ entities to apply for banking license and make recommendations on all related issues.
  • The group will study the present regulations on holding of financial subsidiaries through non-operative financial holding company (NOFHC) and will suggest the manner of migrating all banks to a uniform regulation in the matter, including providing a transition path.
  • The group will examine and review the norms for promoter shareholding at the initial/licensing stage and subsequently, along with the timelines for dilution of the shareholding.
  • The group will also identify any other issue relevant to the subject matter and make recommendations thereon.
Composition of the Internal Working Group: The Internal Working Group (IWG) consists of 5 members:
  • Dr. Prasanna Kumar Mohanty, Director, Central Board of RBI
  • Prof. Sachin Chaturvedi, Director Central Board of RBI
  • Smt. Lily Vadera, Executive Director, RBI
  • Shri S. C. Murmu, Executive Director, RBI
  • Shri Shrimohan Yadav, Chief General Manager, RBI-Convenor
 

State of the art flood warning system “iFLOWS” has been launched in Mumbai. The flood warning system was launched by Union Earth Sciences Minister Harsh Vardhan along with Maharashtra’s chief minister Uddhav Thackeray. I-FLOWS consists of seven modules: Data Assimilation, Flood, Inundation, Vulnerability, Risk, Dissemination Module and Decision Support System. The recently launched system “iFLOWS” will enable Mumbai to predict floods three days before they happen. As a result, administration will be able to save property as well as lives from the flood. Now, the city will become more resilient with the launch of system as it will provide early signs of the forthcoming danger during high rainfall and cyclone events.
 

 West Bengal government has received a loan amount of Rs 1950 crore from the World Bank. The loan amount has been lend to the West Bengal Government to tackle COVID-19 situation and developmental work in the state. Out of the total amount of Rs 1950 crore, West Bengal Government will spend Rs. 850 crore on various Social-Welfare schemes while the remaining Rs 1,100 crore will be spent to create Industrial infrastructures.

 The World Accreditation Day (WAD) is celebrated globally on 9th June every year to highlight and promote the role of accreditation in trade & economy. The International Accreditation Forum (IAF) and the International Laboratory Accreditation Cooperation (ILAC) decided the theme for WAD 2020 as “Accreditation: Improving Food Safety”. The two accreditation boards of the Quality Council of India (QCI) namely National Accreditation Board for Testing and Calibration Laboratories (NABL) and National Accreditation Board for Certification Bodies (NABCB) celebrated the World Accreditation Day 2020 by organising a webinar focussing on “Regulator’s perspective on food safety” and “Industry’s Perspective on food safety”.

 Infrastructure Leasing & Financial Services Limited (IL&FS) has completed the sale of its 50% stake in Gujarat International Finance Tec-City (GIFT City). These stakes were bought by the Gujarat Urban Development Company Ltd (GUDCL), on behalf of the Gujarat government, at an amount of Rs 32.71 crore. The stake sale took place after the approval from the National Company Law Tribunal (NCLT). IL&FS has received Rs 32.71 crore as equity value for shares. Selling of stakes to Gujarat government has helped the IL&FS group in reducing its debt by Rs 1,230 crore. Its current outstanding debt is around Rs 94,000 crore. Gujarat International Finance Tec-City Company Ltd (GIFTCL) is active in the business of real estate development.


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