 This scheme was announced as a part of the AtmaNirbhar Bharat Package by Finance Minister back on 13th May 2020. On 24th June 2020, the Credit Guarantee Scheme for Sub-ordinate Debt (CGSSD) was launched. The scheme is also called as Distressed Assets Fund- Sub- Ordinate Debt for MSMEs. Union Minister of Medium, Small and Marginal Enterprises (MSMEs) Nitin Gadkari launched the scheme. After consultation with the Reserve Bank of India, SIDBI, and the Ministry of Finance, the scheme was approved by the Committee on Economic Affairs. |
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 Vijay Khanduja has been appointed as the next Ambassador of India to the Republic of Zimbabwe. He is presently serving as Director in the Ministry of External Affairs(MEA). Vijay Khanduja will replace R. Masakui as the next Ambassador of India to Romania. |
 The World Bank has approved USD 1.05 billion for three projects in Bangladesh to generate quality jobs and boost economic recovery in the wake of the COVID-19 pandemic. The three projects namely: Private Investment and Digital Entrepreneurship (PRIDE), Enhancing Digital Government and Economy (EDGE), and Second Programmatic Jobs Development Policy Credit, are expected to help the economy in its recovery by generating jobs and encouraging direct private investment in specialized economic zones. |
About the three projects:
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 NITI Aayog will launch the “Decarbonising Transport in India” project in collaboration with International Transport Forum (ITF). The project would be launched to develop a pathway towards a low-carbon transport system for India. It will design a tailor-made transport emissions assessment framework for India and facilitate the government with a comprehensive understanding of present as well as future transport activities along with the related CO2 emissions. The project “Decarbonising Transport in India” is a part of the International Transport Forum’s “Decarbonising Transport in Emerging Economies (DTEE)” family of projects. DTEE supports transport decarbonisation across different world regions such as Argentina, Azerbaijan, Morocco and India. |
 France has signed a loan agreement of 200-million-euros with India to boost India’s COVID-19 response. With the loan agreement, France aims to increase the state and central governments’ capacities to support India’s most vulnerable people in the wake of the COVID-19 crisis. World Bank has developed the programme design in collaboration with the Indian authorities to optimize and expand the existing social protection measures taken by India. World Bank would be the lead funder of this programme, being supported by French Development Agency (AFD) including other multilateral and bilateral development banks. The programme will focus on Pradhan Mantri Garib Kalyan Yojna by providing benefits to the low-income families so that the health, social as well as the economic shocks arising from Covid-19 do not negatively affect people’s well-being and their contribution to the India’s economic growth in the long run. |
 The virtual 32nd special Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG) plenary meeting was attended by the Indian officials including the representatives from enforcement agencies. The meeting was held under the aegis of the Financial Action Task Force (FATF). The Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG) is a nine member regional body. The nine member countries of EAG are: India, Russia, China, Kazakhstan, Turkmenistan, Uzbekistan, Belarus, Kyrgyzstan and Tajikistan. The body is an associate member of the Financial Action Task Force (FATF). |
 The Reserve Bank of India has enhanced the withdrawal limit for depositors of Punjab and Maharashtra Cooperative Bank Limited, Mumbai to Rs 1 Lakh per depositor. The withdrawal limit was earlier set at Rs 50,000. According to RBI, with the enhancement of the withdrawal limit, more than 84% of the depositors of the bank will be able to withdraw their entire account balance. RBI placed the PMC bank under All-Inclusive Directions under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949 with effect from close of business on 23rd September 2019, in the interest of depositor protection. These directives were applicable till June 22, 2020. But, due to lockdown on account of COVID-19 pandemic the resolution process of the bank was negatively affected. Hence, these directives has been extended by RBI for a further period of six months from June 23, 2020 to December 22, 2020 subject to review. |
 World Hydrography Day is observed globally on 21st June every year. This day was adopted by the International Hydrographic Organization (IHO) as an annual celebration to publicise the work of hydrographers and the importance of hydrography. World Hydrography Day 2020 theme is “Hydrography enabling autonomous technologies”. |
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 A Line of Credit (LOC) of USD 20.10 million has been extended by the Export-Import Bank of India (Exim Bank) on behalf of the Government of India, to the Government of the Republic of Nicaragua. This LOC has been extended for reconstruction of Aldo Chavarria Hospital in the Republic of Nicaragua. With the signing of the above LOC Agreement for reconstruction of hospital, the total number of LOCs extended by Exim Bank to the Republic of Nicaragua comes to four, comprising projects which includes supply of equipment for building two substations, construction of transmission lines, building new substation, expansion of the existing substations and reconstruction of a hospital. The total value of the 4 LOCs is USD 87.63 million. |
 Niti Aayog has formed a panel to develop a job platform for migrant labourers. Through this panel, Niti Aayog includes top officials of tech companies like Google, Microsoft and Tech Mahindra. This platform helps migrant workers have lost their jobs during the lockdown period. The main aim is to develop a platform that can help blue-collar workers find job opportunities in their own language and location. The platform will connect job seekers, employers, government agencies, skill centres and external partners using new-age technologies like artificial intelligence and machine learning. The project would come up with a multilingual application that can be accessed via feature phones and help identify location-based jobs, skill development gaps. The panel has some prominent names from the industry including Reliance Industries President Kiran Thomas, Microsoft India President Anant Maheshwari, Tech Mahindra MD and CEO CP Gurnani, Google India country manager and vice president Sanjay Gupta, Bharti Airtel CEO Gopal Vittal, among others. As per estimates, there are over 40 crore workers in the unorganized sector accounting for around 30 per cent of India”s GDP and nearly 60 per cent of these migrant workers are either semi-skilled or unskilled who struggle every day to find the right job opportunity. |
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