Top Current Affairs 03 July 2020

Top Current Affairs 03 July 2020

Top Current Affairs 03 July 2020: We have collected the latest current affairs for 03 July 2020 that are important for all competitive exams like Bank, SSC, IBPS, SBI exams. The GK current affairs will help you score more in these competitive exams. Improve your general knowledge with our daily online current affairs. 

National News

Pradhan Mantri Garib Kalyan Ann Yojana Extended till November 2020

• Prime Minister Narendra Modi has announced to extend the Pradhan Mantri Garib Kalyan Ann Yojana till November 2020.
• The scheme was announced in the wake of COVID- 19 pandemic, to provide free food grains to the people during the period between April-June 2020.
• Now under the extended scheme, over 80 crore people will get five kg of wheat or five kg of rice per person and one kg chana per family every month, for five more months from July-November 2020.
• The entire cost of this extended initiative will cost over Rs 90,000 crore to the government.
• This announcement was made by PM Modi while addressing the nation on 30 June 2020. This was his 6th address, since the outbreak of the coronavirus pandemic.

Union HRD Minister and Union Health Minister jointly inaugurates Drug Discovery Hackathon 2020 (DDH2020)

• Union Minister for Human Resource Development Shri Ramesh Pokhriyal ‘Nishank’,  and,  Union Minister for Health and Family Welfare and Ministry of Science and Technology  Dr. Harsh Vardhan jointly launched Drug Discovery Hackathon through video conferencing on 2nd July 2020.
• The Hackathon is a joint initiative of the Ministry of Human Resources Development, All India Council for Technical Education (AICTE) and Council of Scientific and Industrial Research (CSIR).
• It  is a first of its kind national initiative for supporting drug discovery process inviting students, academicians, researchers and professionals to participate in the Hackathon and work towards developing drugs to tackle Covid-19.
• However, to attract international talent, the hackathon will be open to participation from across the globe as well from varied fields like computer science, chemistry, Pharmacy, medical sciences, basic sciences and biotechnology.

Kerala to Implement ‘Dream Kerala Project’ for expats who lost jobs due to coronavirus

• The state government of Kerala has decided to roll out a ‘Dream Kerala Project’ to help and tap the potential and experience of people returning from abroad and other states after losing their jobs due to the Covid-19 pandemic.
• While on one hand, the project will help the professionals to get suitable job opportunity and ensure a stable income for the returning expatriates, on the other hand it will help to harness their potential for the future of the state.

Madhya Pradesh launches ‘Hamara Ghar-Hamara Vidyalaya’ campaign

• In order to maintain the academic regularity of students during the Corona crisis, the Madhya Pradesh State Education Center has launched a campaign titled ‘Hamara Ghar-Hamara Vidyalaya’ which means My Home-My school scheme.
• The scheme will be implemented from 06 July 2020 in the state and under this scheme, children will be made to study in the school like environment at the homes.
• Hamara Ghar-Hamara Vidyalaya has been launched for students of classes 1 to 8 in the state.
• There will be daily classes from 10 am to 1 pm from Monday to Friday while Saturdays will be for recreational activities organised under Masti Pathshala.
• A formal timetable has also been made available by the State Education Center to family and students for this program.

IIT Madras launches world’s first online BSc degree in Programming and Data Science

• The Indian Institute of Technology (IIT) Madras has introduced world’s first-ever online BSc degree programme in Data Science and Programming.
• The programme was launched by Union Human Resource Development (HRD)Minister Ramesh Pokhriyal ‘Nishank’ and Minister of State for HRD Sanjay Dhotre on 30 June 2020.
• The course will be offered in three different stages – Foundational Programme, Diploma Programme and Degree Programme.

Banking & Economy

Govt launches Special Liquidity Scheme for NBFC of Rs. 30,000 crore

The Government of India has launched a Special Liquidity Scheme worth Rs. 30,000 crore for improving the liquidity position of Non-Banking Financial Company (NBFCs) and Housing Finance Company (HFCs).

• Who will manage the Scheme: The Scheme will be managed by SPV (SLS Trust). SPV (SLS Trust) has been set up by SBICAP which is a subsidiary of the State Bank of India.
• RBI will provide funds for this Scheme by subscribing to government-guaranteed special securities issued by the SLS Trust. The total amount of such securities issued outstanding shall not exceed Rs. 30,000 crores at any point of time.

The Scheme was announced by Union Minister for Finance Nirmala Sitharaman on 13th March 2020.

• Aim of the scheme: to ensure availability of fund to NBFC and HFC sector and hence improve the liquidity position of NBFCs/HFCs.
• Duration of the scheme: The Scheme will remain open for 3 months for making subscriptions by the Trust. The period of lending (CPs/NCDs of NBFCs/HFCs for short duration of upto 90 days) by the Trust shall be for a period of upto 90 days.
• Use of Fund by NBFC and HFC: NBFC and HFC cannot use this financing to expand assets. The financing would be used by the NFBCs/HFCs only to repay existing liabilities.
• Outlay of the Scheme: Rs 30,000 Crore

Eligibility criteria for NBFC and HFC: 

• CRAR/CAR of NBFCs/HFCs should not be below the regulatory minimum, i.e., 15% and 12% respectively as on March 31, 2019;
• The net non-performing assets should not be more than 6% as on March 31, 2019;
• They should have made net profit in at least one of the last two preceding financial years (i.e. 2017-18 and 2018-19);

Care Ratings Forecast India’s GDP to contract by 6.4% in FY21

• Care Ratings has revised India’s GDP growth forecast for the current financial year 2020-21 to (-) 6.4 percent.
• The rating agency had earlier projected a decline in GDP growth of 1.5-1.6 per cent in FY21.
• This decline is because the economic activity continues to be under restriction due to the lockdown on account of the COVID-19 pandemic.

HDFC Bank Unveils ‘e-Kisaan Dhan’ app for farmers

• HDFC Bank has launched a mobile app named ‘e-Kisaan Dhan’ for farmers across India as a one stop solution to provide them access to a range of services on both banking and agriculture.
• ‘e-Kisaan Dhan’ app will provide value-added services like mandi prices, latest farming news, weather forecast, information on seed varieties, SMS advisory, e-pashuhaat, Kisan TV, among other things.
• Besides this, users can also avail multiple banking services like procuring loans, the opening of Bank accounts, availing insurance facilities, calculate KCC loan eligibility online, and acquiring Government social security schemes at their fingertips.
• The app will also help with traditional banking services such as apply for loans, Fixed Deposits, Recurring Deposits, and Savings Accounts.
• The app has been launched by the bank under its ”Har Gaon Hamara” initiative to reach out to customers in the rural and under-served areas.

Miscellaneous

India Joins as Founding Member of UNGA’s Alliance for Poverty Eradication

• The UN General Assembly (UNGA) President Tijjani Muhammad-Bande formally launched the “Alliance for Poverty Eradication” on 30 June 2020.
• The Alliance aims to provide a forum for UN member states to raise awareness about the danger that poverty poses to world peace, human rights and sustainable development and also deliberate on measures that need to be instituted so as to get the world economy working in the aftermath of the COVID-19 pandemic.
• India has joined the Alliance as a founding member.
• With this, India will not only get success towards poverty alleviation but will also be able to share its experience in areas of agriculture, use of technology and investment from which other nations can learn.

India-Bangladesh sets up 50:50 Joint Venture Company for LPG business in Bangladesh

• The State-owned Indian Oil Corp (IOC) and Bangladesh’s Beximco LPG have entered into an agreement for the formation of a 50:50 Joint Venture Company (JVC) for importing liquefied petroleum gas in Bangladesh.
• The agreement was signed in this regard on 30 June 2020 between IOC Middle East FZE, Dubai, a wholly-owned subsidiary of IOC, and RR Holdings Ltd, UAE, the holding company of Beximco LPG of Bangladesh.
• The Joint Venture Company will help reduce the cost of import of LPG in Bangladesh and make it more affordable for the consumers of the country.

India and Japan conduct PASSEX naval exercise in Indian Ocean Region

• The Indian and Japanese navies conducted a small exercise PASSEX (passing exercise), towards the Malacca Strait in the Indian Ocean Region (IOR).
• From India, Rajput-class destroyer INS Rana and Kora-class missile corvette INS Kulish, took part in the exercise and from Japan, JS Shimayuki and JS Kashima participated.

Appointment/Resignation

Indra Mani Pandey appointed India’s Permanent Representative to UN

• Senior diplomat Indra Mani Pandey has been appointed as India’s next Permanent Representative to the United Nations and other international organisations in Geneva.
• Mr Pandey, an Indian Foreign Service (IFS) officer of 1990-batch, is currently serving as an additional secretary in the Ministry of External Affairs (MEA).
• He will succeed Rajiv K Chander.

Government extends the term of Union Bank of India’s CEO Rajkiran Rai by another two years

• The government of India has extended the term of Union Bank of India’s Managing Director (MD) and Chief Executive Officer (CEO) Rajkiran Rai by two-years amid the bank’s ongoing merger exercise.
• Rai’s term was to end on June 30, 2020.
• His term has now been extended till May 31, 2022, or until further orders, whichever is earlier.
• Rai was appointed the MD and CEO of Union Bank of India in May 2017 for a period of three years.
• It must be recalled that Union Bank has been merged with Andhra Bank and Corporation Bank, which came into effect on April 1, 2020. The merger has made Union Bank the fifth largest public sector bank in the country with assets of over Rs 14.5 lakh crore.

Shrikant Madhav Vaidya takes charge as IOC Chairman

• Shrikant Madhav Vaidya has taken over as the new chairman of Indian Oil Corporation (IOC) on 01 July 2020.
• Prior to this, Vaidya was the Director (Refineries) on the IOC Board, since October 2019.
• He succeeds Sanjiv Singh, who has superannuated from the services of the Corporation on June 30, 2020.

Shashank Manohar steps down as ICC chairman after serving two terms

• International Cricket Council (ICC) Chairman Shashank Manohar has formally stepped down from the post on 1 July 2020, after heading the sport’s global governing body for four years.
• Singapore’s Imran Khwaja has been appointed as interim chairman until the finalisation of the next chairman.
• He has served twice as the chairman of the International Cricket Council from November 2015 to March 2017 and on 24 March 2017, a resolution was passed to reinstate him as the chairman until a successor was elected.

Sports

Ravindra Jadeja Rated As India’s Most Valuable Test Cricketer In 21st Century by Wisden Magazine

• Indian all-rounder Ravindra Jadeja has been named as India’s most valuable Test player in the 21st century by the Wisden magazine.
• With the ‘Most Valuable Player’ (MVP) rating of 97.3, the 31-year-old Jadeja is also rated as the second most valuable Test player worldwide, only after Sri Lanka legend Muttiah Muralitharan.
• Since making his debut in 2012, Jadeja has played in 49 Tests, scoring 1,869 runs with one century and 14 fifties. He has picked up 213 Test wickets.
• Wisden used CricViz, a detailed analysis tool in cricket to analyse his performance.

Obituary

Former speaker of Mizoram legislative assembly Upa Rokamlova passes away at 79

• In Mizoram, the former speaker of the state legislative assembly Upa Rokamlova has passed away after suffering from the prolonged illness of kidney disorder. He was 79.
• A veteran Congress leader, Rokamlova became the speaker of the Mizoram Assembly in 1990.

Important Days

World UFO Day: 02 July

• The World UFO Day (WUD) is held on July 2 every year globally. It is a day dedicated to the existence of Unidentified Flying Objects (UFO) by World UFO Day Organization (WUFODO).
• WUD aims to raise awareness about the existence of UFOs and encouraging people to think about the possibility of us not being alone in the Universe.
• Initially, the day was observed on June 24. Later, WUFODO established July 2 to commemorate the day.

World Sports Journalists Day: 02 July

• World Sports Journalists Day is observed on July 2 every year to celebrate the services of sports journalists for the promotion of sports.
• Th day was established in 1994 to commemorate 70th anniversary of International Sports Press Association (ISPA).
• The ISPA was founded in London on the July 2, 1924 during the Summer Olympics in Paris.

International Plastic Bag Free Day: 03 July

• The International Plastic Bag Free Day is held on July 3 around the world to spread awareness that a plastic bag free world is possible and that sound environmental alternatives to single-use plastic bags are available.
• 2020 is the 11th edition of the celebrations.
• The day is an initiative by Bag Free World for the purpose of getting rid of the single-use of plastic bags around the world and promoting environmental conservation by encouraging us all to stay away from the use of plastic bags and instead look for more eco-friendly alternatives.