Banks and Financial institutions in India signed Pact on Bad Loan Resolution Framework

22 public sector banks (including India Post Payments Bank), 19 private sector banks, 32 foreign banks and financial institutions like LIC, HUDCO, PFC and REC signed the Inter-Creditor Agreement (ICA) framework, which is part of project ‘Sashakt’, to take concerted efforts towards resolving dud loans under Rs. 500 crore. This Project is proposed by a committee headed by Sunil Mehta (non-executive chairman of PNB). The new framework is applicable to accounts with exposures of over ₹2,000 crore where lenders must implement the resolution plan within 180 days.

Tokyo introduced mascots for 2020 Olympic Games

The Tokyo 2020 Olympic Organising Committee launched the official Olympic Game mascot named ‘Miraitowa’ and Paralympic Game mascot christened ‘Someity’. A big-eyed, blue-checked character “Miraitowa” name was a combination of the Japanese words for future and eternity, expressing “hope for a bright future stretching off forever.” The pink, pointy-eared “Someity” name comes from the word for Japan’s iconic cherry blossoms and also sounds a bit like the English words “so mighty”. The next Olympic Games will be held in Tokyo between July 24 and August 9, 2020 and Paralympic Games from August 25 to September 6, 2020.

Govt reduced minimum yearly deposit for Sukanya Samriddhi account

The government has slashed the minimum annual deposit requirement for accounts under the Sukanya Samriddhi Yojana (SSY) to Rs 250 from Rs 1,000. The maximum amount that can be deposited in a year is Rs 1.5 lakh. Sukanya Samriddhi scheme was launched in January 2015, under which a parent or legal guardian can open an account in the name of the girl child until she attains the age of ten years. The account opened under the scheme will be valid for 21 years from the date of opening, after which it will mature and the money will be paid to the girl child in whose name the account is opened.

Japan passed law to legalise casino gambling

Japan’s parliament has passed the Integrated Resort (IR) bill which will lead to the opening of the country’s first legal casino. As per the bill, the casinos will be restricted to three locations in the initial phase. Amid concerns about gambling addiction, the law limits Japanese citizens to three casino visits per week and 10 per month, and charged admission of 6000 yen ($53.4) per day. 

Rakesh Sharma is appointed as CCO of Bajaj Auto Ltd.
Bajaj Auto Ltd. has appointed Rakesh Sharma as its first Chief Commercial Officer (CCO). Rajiv Bajaj, Bajaj Auto MD, said that the post of CCO was created to complement the offices of the Executive Director (ED) and Chief Technology Officer (CTO) and informed all heads of departments to report to the CCO. He also said that the CCO would be responsible for product harmonisation leading to ‘one world, one product’ marketing synergies, creating ‘one brand, one position,’ customer focus resulting in ‘one company, one quality’ and corporate alignment facilitating ‘one stakeholder, one message.

Mumbai to get ‘skyscraper bridge’ connecting Worli to Sewri

This is the first bridge in Mumbai to be built at a height of 32m (the height of a 10-storey building) and at 4.5-km-long. This bridge costs around ₹1,500 crore and aims to connect the Bandra-Worli sea link to the Mumbai trans-harbour line at Sewri. Five agencies- the Brihanmumbai Municipal Corporation (BMC), MMRDA, Maharashtra Housing and Area Development Authority, Mumbai Port Trust and Slum Rehabilitation Authority- will be involved in planning and execution. The aim is to complete it by mid-2022.

Iran becomes India’s second largest oil supplier

Iran has overtaken Saudi Arabia to be the second largest supplier of crude oil to Indian public sector firms during April-June quarter. Iraq remains India’s No:1 supplier of crude. State firms that buy oil from Iran include Mangalore Refinery and Petrochemicals Ltd (MRPL), Indian Oil Corp (IOC) and Hindustan Petroleum Corp Ltd (HPCL). New Delhi shipped in 7.27 million tonnes of oil from Iraq, while shipments from Saudi Arabia totalled 5.22 million tonnes.

Lok Sabha passed NCTE (Amendment) Bill

The Lok Sabha passed the National Council for Teacher Education (Amendment) Bill to post-facto approval to Central/State institutions that are conducting teacher education courses without NCTE approval. HRD Minister Prakash Javadekar said that it has been done as a one-time measure to ensure the benefit of the students who have appeared for B.Ed, M.Ed and various other exams in institutes that are not recognised. He also said that there are also plans to start an integrated four-year B.A.-B.Ed, B.Sc.-B.Ed and B.Com-B.Ed courses to benefit the students.

Pakistan appointed its first woman high court chief justice

Justice Tahira Safdar (61 years old) was named as the Chief Justice of the Balochistan High Court by Chief Justice Mian Saqib Nisar. She replacing Mohammad Noor Muskanzai. She made history in 1982 when she became the first woman civil judge in Balochistan.

Goa will end its ban on imported fish on July 31

Goa Chief Minister Manohar Parrikar imposed a 15-day ban on import of fish on July 18 due to the issue of the presence of formalin in fish. The ban is scheduled to end on July 31. Tests made on more than 116 samples drawn from various fish markets across the State since July 14, indicated that no added formaldehyde was used. Citing laboratory tests, Mr.Parrikar ruled out the use of formalin by traders to preserve fish in the coastal State. He claimed that formaldehyde is inherently present in fish, fruits, vegetables and even mushrooms. He also urged legislators to stop “politicising” the issue.

India extended Rs. 1,378 crore Lines of Credit to Rwanda

PM Narendra Modi and Rwanda’s President Paul Kagame signed agreements on industrial and agricultural development. PM Modi is the first Indian Prime Minister to visit Rwanda and also announced that India will soon open its mission in Rwanda. India extended two lines of credit – one of $100 million for development of industrial parks and Kigali special economic zone (SEZ) in Rwanda and another one for $100 million for agriculture.

Piramal Capital aims to lend Rs.10,000 Crore for hotel projects in three years

Piramal Capital & Housing Finance Ltd (PCHFL) has announced its plans to lend Rs.10,000 crore to hospitality projects across the country over three years. The firm had lent Rs.600 crore to Vatika Group and Rs.600 crore to Advantage Raheja Group. Recently, the company announced its third investment of Rs.650 crore in the Gurgaon-based SAMHI Group. These are the transactions done by PCHFL in the hospitality sector over the last six months. Khushru Jijina, MD of PCHFL, said that the industry is firmly on a path of growth, ably supported both domestic and foreign tourism, has higher disposable income and is witnessing a general change in spending habits of target customers.

India has become a popular hub of medical tourism

India has become a popular hub of medical tourism, attracting a large number of foreign patients every year. The reason behind such happening is a rare combination of advanced facilities, skilled doctors, and low cost of treatment. India currently has around 18% of the global medical tourism market. It has been estimated that by 2020, it could be worth $9 billion, and account for 20% of the global market share. Minister of State for Tourism, K.J. Alphons said that around 4.95 lakh medical visitors have made their trip to India in 2017. He also said that in curative care, India was the preferred destination for cardiology, orthopaedics, transplants, and ophthalmology. India also enjoyed high credibility in wellness, preventive, and alternative medicine.

Government said to SC that the courtroom proceedings can be live-streamed

The government suggested the Supreme Court that the court proceedings of the courtroom shall be live-streamed. A Bench led by Chief Justice of India Dipak Misra, Attorney-General K.K. Venugopal said that restricting live-streaming to the CJI’s court would give an opportunity to estimate the public response, especially when issues of constitutional significance were heard. A dedicated channel in the likes of the Rajya Sabha TV and Lok Sabha TV for the Supreme Court has been proposed. Live-streaming would also keep a check on lawyers’ conduct inside the courtrooms. Senior advocate Indira Jaising filed the petition in the Supreme Court and submitted that there should be no unauthorised reproduction of the content of the court proceedings.

RJD expelled Shankar Charan Tripathi for criticizing Rahul Gandhi

Rashtriya Janata Dal (RJD) expelled its spokesperson Shankar Charan Tripathi from the party for criticizing Rahul Gandhi for hugging Prime Minister Narendra Modi in the Lok Sabha during the debate session of No-Confidence Motion. The Congress party is an ally of the RJD in Bihar. A letter issued by RJD national secretary general S.M. Qamar Alam ‘Shankar Charan Tripathi has been relieved of all his responsibilities in the party and his party membership has been cancelled’.

Shotputter Dhanvir, hurdler Vishnu Priya set records in 15th National youth athletics championships

Kerala’s 400m hurdler Vishnu Priya and Punjab’s shot-putter Dhanvir Singh set new meet records in the 15th National Youth Athletics Championships in Vadodara, Gujarat. In women’s 400 metres hurdles, Priya, representing Kerala, crossed the finish line with a season-best time of 1:02.52 seconds and erased the earlier set meet record of 1:02.58 seconds by PO Sanya in Bambolim in 2015. In Shot Put, Dhanvir threw 19.69m in his fifth attempt and erased the earlier meet record of 19.34m which was set by Navtejdeep Singh in 2011. In the 15th National Youth Athletics Championships, Haryana won the overall title with 165 points while Kerala with 150 points finished in the second place.

NGT asked states to submit CZMP to MoEF by August 31

The National Green Tribunal (NGT) granted more time to all states and Union Territories (UT) to submit a Coastal Zone Management Plans (CZMP) to the Ministry of Environment and Forests by August 31. CZMP involves managing coastal areas to balance environmental, economic, human health and related activities. NGT: Chairperson: Justice Adarsh Kumar Goel, retired Supreme Court Judge National Green Tribunal Act, 2010 (NGT) is an Act of the Parliament of India which enables the creation of a special tribunal to handle the expeditious disposal of the cases pertaining to environmental issues. It draws inspiration from India’s constitutional provision of Article 21, which assures the citizens of India the right to a healthy environment.

Chief Minister Yogi sets record by visiting all 75 UP districts in 16 months

Uttar Pradesh Chief Minister Yogi Adityanath has visited all 75 districts of the state in just 16 months. He created a record on July 23 during his Hathras visit by becoming the first-ever CM to cover the entire state within first 16 months of his rule. At Hathras he laid the foundation stone of 34 development and welfare schemes worth Rs 155 crore. His visits intended to ensure that the benefits of the schemes launched by the Centre and his government reached the last person and to speed up the overall development of Uttar Pradesh.



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