- On June 6, 2019, Union housing and urban affairs minister Hardeep Singh Puri launched Swachh Survekshan 2020 League in New Delhi. It will be a cleanliness assessment of cities and towns in India on a quarterly basis. It will be integrated with Swachh Survekshan 2020, the 5th edition of the annual cleanliness survey of urban India to be conducted between January – February 2020. It is aimed at “sustaining them on the ground performance of cities along with continuous monitoring of service level performance on cleanliness”. It will be conducted in three quarters (April- June, July – September, and October- December 2019) and will give equal weight to every quarter based on cities updating their progress on online MIS (Management Information System) and citizens.
- The Reserve Bank of India (RBI) has issued new NPA guidelines “Prudential framework for resolution of stressed assets” to deal with bad loans, as the previous circular that was issued by RBI on Feb 12, 2019, rejected by Supreme Court. The new framework will replace all the previous models. RBI has mandated the lenders to review the accounts within 30 days of default and initiate a resolution plan or Insolvency and Bankruptcy Code (IBC) process before the default, in comparison to the Feb 12 circular which stated to initiate resolution or restructuring of loans even if the default was recorded for a single day.
- On June 4, 2019, Indian financial services company Bajaj Finserv inked partnership with Motherhood hospitals, a national network of women &child hospital to provide Lifecare finance facility. Through this partnership, patients at all motherhood hospitals can avail Life Care Finance (LCF) from Bajaj Finserv that converts their medical bills into an EMI loan without interest. The hospital also offers an EMI financing option to patients for pregnancy care, fertility care; gynecology, advanced laparoscopy surgery, neonatology, pediatrics, fetal medicine, cosmetology, and radiology.
- Fincare Small Finance Bank and Kookmin Bank have been included in the second schedule of the Reserve Bank of India Act, 1934. Both banks can now broad-base its lines of funding and liquidity facilities. They can issue certificates of deposits and get access to interbank borrowings at competitive interest rates. They can also get deposits from new sources such as governments, public sector undertakings, corporates, mutual funds, insurance companies, and other market participants. Fincare SFB, earlier Disha Microfin, was one of the 10 entities to receive the Small Finance Bank license from the RBI in September 2015 and commenced banking operations in July 2017.
- Yes, Bank has conducted the first e-auction of forest produce in Dhanora Mahasangh in Maharashtra under its Tech for Change initiative where the bank work with the government and corporate to create technology-based solutions which have a social impact. It is a joint effort of Yes Bank with its fin tech partner, Sparsh Technologies. The expected throughput is about Rs 40 crore per annum. Taluka Gramsabha Mahasangh Dhanora is a federation formed by 32 villages and 80-gram panchayats have come together as part of this initiative.
- According to a recent survey by the National Council of Applied Economic Research (NCAER), Business confidence index (BCI) of India Inc slipped 9.1 percent in the fourth quarter Q4 of the financial year 2018-19. Meanwhile, the Political Confidence Index (PCI) of businesses has increased by 12.1% on a quarterly basis in Q4. Present capacity utilization is close to or above the optimal level. It plunged by 9.1 percent to reach 115.4 at the end of the fourth quarter of the last fiscal, on a quarter-on-quarter basis. On a year-on-year basis, the BCI plunged by 12.2 percent. BCI of consumer durables and consumer non-durables sectors fell by 12.1 and 15.9%, respectively on a quarter-on-quarter basis.
- According to American multinational banking firm, Goldman Sachs, India’s economic growth is estimated to rise to 7.2 percent in 2019-20. It will be driven by lower oil prices, political stability, and removal of infrastructure bottlenecks. The report came a day after the policy review by RBI, in which policy rates were cut by 0.25 percent to increase growth. This is higher than the RBI’s projection for a 7 percent growth, on the “downside” because of non-bank lenders. Lending by non-banking entities grew at 26 percent in the third quarter of 2018, which has slipped to 20 percent in the succeeding quarter.
- On 8th June 2019, World Brain Tumor Day was observed all over the world. This day is observed on 8th June every year since 2000. It aimed at creating awareness among the public about the brain and also focuses on helping people suffering from a brain tumor. The brain tumor is a cancerous or non-cancerous mass or growth of abnormal cells in the brain.
- Annually on June, 8, the world celebrates Oceans Day to raise awareness of the challenges humanity facing to protect the world’s ocean. The theme of World Ocean Day 2019 is ‘Gender and the Ocean’. Since 2002, the ocean project has promoted and coordinated World Oceans Day globally. In 2008, the UN (United Nations) had designated 8th June as World Oceans Day.
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