- The Union Cabinet gave nod to launch a special liquidity scheme worth Rs 30,000 crore for stressed non-banking financial companies and housing finance companies, whose financials further deteriorated
- The Union Cabinet approved additional funding of up to Rs 3 lakh crore at a concessional rate of 9.25 per cent through the Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector hit hard by the coronavirus crisis.
- The Covid-19 pandemic is expected to put over 60 million people into extreme poverty globally, the World Bank has said as it announced emergency operations worth $160 billion in 100 developing countries to fight the deadly virus.
- Insurance Regulatory and Development Authority of India (IRDAI) has approved Union Bank of India’s proposal to continue with its 30% holding in India First Life Insurance with the caveat that the lender will exercise no control in the management of the insurer.
- Abhas Jha, an Indian economist, has been appointed by the World Bank to a key position on climate change and disaster management in South Asia.
- Acclaimed Egyptian artist Adam Herein, who joined ancient pharaonic themes with sleek modernism in sculptures that often portrayed birds and other animals, died. He was 91.
- Former Uttar Pradesh minister Naipal Singh passed away on Friday following a heart attack at his residence. He was 80.
- The United Nations has proclaimed May 22 the International Day for Biological Diversity (IDB) to increase understanding and awareness of biodiversity issues. The theme of the 2020 edition is our solutions are in nature
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