PARTIAL CREDIT GUARANTEE SCHEME
- The Union Government had issued the PCG Scheme in the Union Budget to provide a one-time partial credit guarantee to PSBs for purchase of pooled assets of financially sound NBFCs.
- It aims to address temporary asset liability mismatches of otherwise solvent NBFCs/HFCs without having to resort to distress sale of their assets for meeting their commitments.
- It allows PSBs to purchase pooled assets enabled by Government guarantee support under the Scheme to addressing temporary liquidity / cash flow mismatch issues of otherwise solvent NBFCs / HFCs.
- This pooling would allow NBFCs without them having to resort to distress sale of their assets for meeting their commitments.
- This will provide liquidity to the NBFC / HFC concerned for financing the credit demand of the economy, and also protect the financial system of the country from any adverse contagion effect that may arise due to the failure of such NBFCs / HFCs.
- The existing PCGS was issued on 11.12.2019 offering sovereign guarantee of up to 10% of first loss to PSBs for purchasing pooled assets worth rated BBB+ or above worth up to Rs. 1,00,000 crore, from financially sound NBFCs/ MFCs.
- The outbreak of COVID-19 along with lockdown of business activity has now necessitated adoption of additional measures to support NBFCs and HFCs – On the liabilities side by providing a sovereign guarantee to cover purchase of Bonds/CPs issued by NBFCs/HFCs as well as MFIs which also play a critical role in extending credit to small borrowers; and on the assets side by modifying the existing PCGS to widen its coverage.
- Cabinet made NBFCs/HFCs reported under SMA-1 category on technical reasons alone during the last one year period prior to 1.8.2018 eligible. Earlier NBFCs/HFCs reported as SMA-1 or SMA-2 during this period were ineligible under the Scheme.
- Cabinet relaxed the net profit criteria to the extent that the concerned NBFC/HFC should now have made a profit in at least one of the financial years of FY2017-18, FY 2018-19 and 2019-20. Earlier, the NBFC/HFC should have made a net profit in at least one of the financial years of FY 2017-18 and2018-19.
- The window for this one-time partial credit guarantee offered by Gol will remain open till 31st March, 2021 for purchase of pooled assets and for the period as specified under the Scheme for purchase of Bonds/CPs, or till such date by which Rs. 10,000 crore worth of guarantees, including both guarantees toward purchase of pooled assets and Bonds/ CPs, are provided by the Government, whichever is earlier.
PRADHAN MANTRI VAYA VANDANA YOJANA
- Cabinet approves the extension of Pradhan Mantri Vaya Vandana Yojana.
- Govt. extends PMVVY till 31st March, 2023 with assured return of 7.40% p.a. for FY 2020-21. Annual reset of rate of return on April 1st of every new FY.
- The minimum investment has also been revised to Rs.1,56,658 for pension of Rs.12,000/- per annum and Rs.1,62,162/- for getting a minimum pension amount of Rs.1000/- per month under the scheme.
- Pradhan Mantri Vaya Vandana Yojana (PMVVY), a pension scheme for those who are above 60, for a period of three years. The social security scheme for senior citizen will be valid till March 2023.
- Launched in 2017, Pradhan Mantri Vaya Vandana Yojana (PMVVY) offers a guaranteed payout of pension to senior citizens every month.
- This scheme can be purchased offline as well as online, through Life Insurance Corp. of India. Senior citizens have time till March 31 to invest in Pradhan Mantri Vaya Vandana Yojana which provides higher return than any bank.
- Any individual who is 60 or above the age of 60 can avail the benefits of Pradhan Mantri Vaya Vandana Yojana (PMVVY) scheme. There is no entry age.
- One can invest a maximum amount of ₹15 lakh under Pradhan Mantri Vaya Vandana Yojana (PMVVY) scheme. The tenure of the policy is set at 10 years.
- Senior citizens will have an option to get the pension in four ways — monthly, quarterly, half-yearly and yearly.One will receive the pension payment through NEFT or Aadhaar-enabled payment system.
- If the pensioner passes away during the policy tenure, the benefits will forwarded to the nominees.
- Pradhan Mantri Vaya Vandana Yojana (PMVVY) scheme does not provide tax deduction benefit under section 80C of the Income Tax Act. Returns from this scheme will be taxed as per existing tax laws.The scheme is exempted from Goods and Services Tax (GST).
PRADHAN MANTRI MATSYA SAMPADA YOJANA
- The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval for implementation of the Pradhan Mantri Matsya Sampada Yojana (PMMSY).
- This scheme is to bring about Blue Revolution through sustainable and responsible development of fisheries sector in India.
- The Scheme will be implemented during a period of 5 years from FY 2020-21 to FY 2024-25.
- The PMMSY will be implemented as an umbrella scheme with two separate Components namely (a) Central Sector Scheme (CS) and (b) Centrally Sponsored Scheme (CSS).
- The scheme aims to address the critical gaps in the fisheries sector, increase production and productivity at a sustained average annual growth rate of about 9% to achieve a target of 22 million metric ton by 2024-25 through sustainable and responsible fishing practices.
- PMMSY also aims to improve availability of certified quality fish seed and feed, create critical infrastructure including modernisation and strengthening of value chains, create direct gainful employment opportunities to about 15 lakh fishermen, fish farmers, fish workers, fish vendors and other rural and urban populations in fishing and allied activities and about thrice this number as indirect employment opportunities including enhancement of their incomes.
- Boosting investments in fisheries, increasing the competitiveness of fish and fisheries products, doubling the incomes fishermen, fish farmers and workers are also some of the aims of the programme.
CENTRAL SECTOR SCHEMES AND CENTRALLY SPONSORED SCHEMES
- Government schemes are broadly divided into two categories, i.e. Central Sector Schemes and Centrally Sponsored Schemes.
- CENTRAL SECTOR SCHEMES
- They are the schemes that are entirely and directly funded and executed by the central government.
- The schemes are formulated by the Centre, based on subjects from the Union List.
- Besides, there are some other programmes that various Central Ministries implements directly in States and UTs which also comes under Central Sector Schemes.
- In these schemes, the financial resources are not shifted to states.
- Central Sponsored Schemes
- Centrally Sponsored Schemes on the other hand are Schemes that are implemented by state governments.
- However, the cost of these schemes is borne on a shared basis in the ratio of 50:50, 70:30, 75:25 or 90:10.
- Under the cost ratio, the larger portion is always borne by the Centre.
- CSS is a system under which the centre assists the state government financially to get schemes implemented.
- For the purpose of funding, centrally sponsered schemes are classified into Core schemes and Optional schemes.
- North Eastern & Himalayan States: 90% Central share and 10% State share.
- Other States: 60% Central share and 40% State share.
- Union Territories (with legislature and without legislature): 100% Central share
- For 8 North Eastern States and 3 Himalayan States: Centre: State: 80:20
- For other States: Centre: State: 50:50
- For Union Territories
- (without Legislature) – Centre 100%
- Union Territories with Legislature: Centre: UT:80:20
WORLD HEALTH MEETING
- Dr. Harsh Vardhan, Union Minister of Health participated in the 73rd World Health Assembly (WHA) through Video Conference.
- The World Health Assembly is the decision-making body of World Health Organization (WHO).
- It is attended by delegations from all WHO Member States and focuses on a specific health agenda prepared by the Executive Board.
- The main functions of the World Health Assembly are to determine the policies of the Organization, appoint the Director-General, supervise financial policies, and review and approve the proposed programme budget.
- The Health Assembly is held annually in Geneva, Switzerland.
EMERGENCY CREDIT LINE GUARANTEE SCHEME
- Union Cabinet has approved additional funding of up to Rs. three lakh crore through introduction of Emergency Credit Line Guarantee Scheme (ECLGS).
- The Emergency Credit Line Guarantee Scheme (ECLGS) has been formulated as a specific response to the unprecedented situation caused by COVID-19 and the consequent lockdown, which has severely impacted manufacturing and other activities in the MSME sector.
- Under the scheme, all MSME borrower accounts with outstanding credit of up to Rs. 25 crore as on 29.2.2020 and with an annual turnover of up to Rs. 100 crore would be eligible for Guaranteed Emergency Credit Line (GECL) funding.
- The scheme would be applicable to all loans sanctioned under GECL during the period from the date of announcement of the Scheme to 31.10.2020, or till an amount of three lakh crore is sanctioned under the GECL, whichever is earlier.
FOOD GRAINS TO MIGRANT LABOURS UNDER ATMANIRBHAR BHARAT
- Union Cabinet has approved ‘Atma Nirbhar Bharat Package for allocation of foodgrains to the migrants / stranded migrants.
- The Union Cabinet has given its ex-post facto approval for allocation of foodgrains from Central Pool to approximately 8 crore migrants / stranded migrants @ 5 kg per person per month (May and June, 2020) for two months free of cost.
- It would entail an estimated food subsidy of about Rs.2,982.27 crore.
- Further the expenditure towards intra-state transportation and handling charges and dealer’s margin / additional dealer margin will account for about 127.25 crore which will borne fully by Central Government.
- Accordingly, the total subsidy from the Government of India is estimated at about of Rs.3,109.52 crore. The allocation will ease the hardships faced by migrant / stranded migrants due to economic disruption caused by COVID-19.
INTERNATIONAL TEA DAY
- The first International Tea Day (ITD) is being celebrated by United Nations on 21 May.
- International Tea Day is observed annually on May 21, according to the United Nations.
- Tea is a beverage made from the Camellia sinesis plant.Tea is the world’s most consumed drink, after water.
- The concerning resolution was adopted on December 21, 2019 and calls on the United Nations Food and Agriculture Organization (FAO) to lead the observance of the Day.
- The Day aims to raise awareness of the long history and the deep cultural and economic significance of tea around the world.
SCHEME FOR 100% SOLARISATION OF KONARK SUN TEMPLE AND KONARK TOWN
- The Ministry of New and Renewable Energy (MNRE) has taken up the Complete Solarisation of Konark sun temple and Konark town in Odisha.
- Government of India launched the Scheme with an objective to take forward the Prime Minister’s vision to develop the historical Sun temple town of Konark in Odisha as ‘Surya Nagri’, to convey a message of synergy between the modern use of solar energy and the ancient Sun Temple and the importance of promoting solar energy”.
- The Scheme envisages setting up of 10 MW grid connected solar project and various solar off-grid applications like solar trees, solar drinking water kiosks, off-grid solar power plants with battery storage etc with a 100% Central Financial Assistance (CFA) support of around Rs. 25 Crores from Government of India through Ministry of New & Renewable Energy (MNRE).
- Implementation of this Project will be done by Odisha Renewable Energy Development Agency (OREDA).
- In a bid to tackle malnutrition among children, the Department of Women and Child Development and Community Science Wing of the Horticulture College Vellanikkara, Thrissur under the Kerala Agricultural University have jointly come out with a nutrition bar.
- Named ‘Thenamruth’, the nutrition bar is meant for children between the ages of three and six.
- The nutrition bar is made with 12 ingredients packed with nutrients like rice, corn, wheat, ragi, soya flour, Bengal gram, groundnut, sesame, jaggery and liquid glucose.
- The nutritional facts in a 100 gram bar are 439.65 calories, protein of 15.05 gram, fat content of 13.21 gram, iron content of 5.23 milligram and calcium of 238.71 milligram.
- Hike in malnutrition among children is found even while infant mortality rate is less.
- Out of around eight lakh children in the state in the age category of 3-6, around 2.71 lakh are malnutritioned. Among this, 5,537 children are underweight.
- Death anniversary of Rajiv Gandhi, also observed as Anti-Terrorism Day – 21st May
- World Day for cultural Diversity for Dialogue and Development – 21st May
- International Tea Day – 21 May
- Agappe Chitra Magna is a magnetic nanoparticle-based RNA extraction kit for use during testing for detection of COVID-19 developed by Sree Chitra Tirunal Institute for Medical Sciences and Technology (SCTIMST) – Trivandrum.
- Trojan Peptide for Alzheimer’s disease prevention is developed by IIT-Guwahati.
- Prime Minister of Nepal – K.P. Sharma Oli
- The State launched Rajiv Gandhi Kisan Nyay Yojana for farmers – Chhattisgarh
- Name of the programme launched by the Ministry of Social Justice to rehabilitate the prisoners who left the prison and not having own home/property or who are not ready to taken on family or relatives – Thanalidom
TODAY IN HISTORY
- The 26-mile feeder canal from Farakka to the Bhagirathi river dedicated to the nation – 21 MAY 1975
- PM V. P. Singh clears the Rs. 13,000 crore Sardar Sarovar Project over the river Narmada – 21 May 1990
- Rajiv Gandhi, Indian Prime Minster (1984-91), assassinated by human bomb explosion plotted by LTTE at Sriperumbudur in Tamil Nadu, 40 km from Madras, at 10.20 P.M. – 21 May 1991
- Sushmita Sen (Miss India), 18, was crowned as the 43rd Miss Universe – 21 May 1994
- M.S. Sushama Dande (Shiv Sena) elected first woman mayor of New Mumbai along with Savitri Patil (Shiv Sena) as Deputy Mayor – 21 May 1996
- India declares a moratorium on nuclear testing – 21 May 1998