NATIONAL NEWS
India to add 26 GW hydro projects by 2030: IEABuoyed by the increasing policy support from the government, the International Energy Agency (IEA) expects the country to add 26,000 megawatt (MW) of hydropower projects by 2030.
- Currently, the installed capacity of the 207 hydropower projects running in the country is 46,209 MW. More than 9,000 MW of large hydro projects are under construction at present.
- The present installed capacity includes the 4,785 MW of pumped storage hydro projects, which are used devices for storing electricity. Another 1,500 MW of pumped storage hydro projects are under construction. The IEA forecasts pumped storage hydro fleet almost tripling by 2030 to accommodate growing solar capacity.
BANKING & FINANCE
Banks' gross NPAs may rise to 9.8% by March 2022, says RBI reportThe gross non-performing assets (GNPAs) ratio of banks may rise to 9.8 per cent by March 2022, under a baseline scenario, from 7.48 per cent in March 2021, according to the Financial Stability Report (FSR) released by the Reserve Bank of India.
- Under a severe stress scenario, GNPA of banks may increase to 11.22 per cent, the report released showed.
- It, however, added that banks have sufficient capital, both at the aggregate and individual level, even under stress.
Eroute Technologies Private Limited, a card-based payment company launched its maiden product offering OmniCard – India’s First Omni-channel Pre-paid Card exclusively for YOUNG Generation that aims to step up their lives by making them independent power-packed with an innovative mobile app in the emerging Indian payment industry.
- Powered by RuPay OmniCard offers the most innovative, secure, and enduring payment experiences seamlessly integrated with the convenience of online and offline payment options.
- The OmniCard manifests the flexibility and seamless consumer payment experience to our Young and their families using their pre-paid card account independently and relieving their parents of giving them physical cash or supplementary debit/ credit cards for their spending.
The Life Insurance Corporation (LIC) has launched a new annuity plan. The new scheme is called -- LIC Saral Pension plan. According to the corporation, it is a non-linked, non-participating, single premium, individual immediate annuity plan.
- Under this pension plan, the LIC is offering two annuity options of a lump sum amount -- life annuity with a return of 100 per cent of the purchase price and joint life last survivor annuity with return of 100 per cent of the purchase price on death of the last survivor.
- The annuity plan is as per the guidelines of the Insurance Regulatory and Development Authority of India (IRDAI). IRDAI is a regulatory body under the jurisdiction of the Ministry of Finance and is tasked with regulating and promoting the insurance and re-insurance industries in the country.
The Reserve Bank of India (RBI) has extended the validity of the interest equalisation scheme for pre-and-post-shipment rupee export credit by three months through 30 September 2021. This comes as relief for exporters struggling to cope with the damage caused by the second Covid wave.
- Exporters get the subsidy under the ‘Interest Equalisation Scheme for pre and post-shipment Rupee Export Credit'. Earlier in April, the scheme was extended till June 30.
- The extension takes effect from July 1, 2021, and ends on September 30, 2021, covering three months.
BUSINESS & ECONOMY
FIEO partners with Aramex to support MSME exporters in IndiaThe Federation of Indian Export Organisations (FIEO) said it has inked a memorandum of understanding with logistics service provider Aramex India to support micro, small and medium enterprise (MSME) exporters in India.
- As part of the MoU, it said Aramex will provide preferential pricing to FIEO members, as well as access to online services for cross-border express shipments.
- Members can access these services including creating pickup requests, preparing shipments, and making online payments through a dedicated Aramex banner on the FIEO website.
Gujarat International Finance Tec-City (GIFT City) said it has collaborated with the BIL Ryerson Technology Startups Incubator Foundation (BRTSIF) to accelerate fintech innovation.
- As part of the collaboration, Zone Startups India, a part of BRTSIF, will explore avenues to set up and promote a fintech hub in GIFT SEZ, according to a statement by GIFT City.
- It will further lay down the foundation to promote start-ups and support the Government of India's vision for entrepreneurship development and innovation culture at GIFT-IFSC.
SPORTS
Indian men and women remain 4th and 10th in FIH rankingsThe Indian men's and women's hockey teams remained unchanged at fourth and 10th spot respectively in the FIH rankings released.
- Australia moved to the top of the men’s world rankings with 2513.67 points after a string of victories over New Zealand, both in the FIH Hockey Pro League and an FIH sanctioned test series.
- There is no change at the top of the women’s world rankings, with the Netherlands extending their lead over second-ranked Argentina to almost 600 points.
SCIENCE & TECHNOLOGY
Arianespace launches 36 OneWeb internet satellites on Soyuz rocketA Russian Soyuz rocket carrying 36 UK telecommunication and internet satellites blasted off from the Vostochny cosmodrome in Russia's Far East.
- During the launch, which was carried out by Arianespace, the world's leading satellite launch company.
- OneWeb, a London-headquartered company, is working to complete the construction of a constellation of low earth orbit satellites providing enhanced broadband and other services to countries around the world.
- The UK company plans for its global commercial internet service to be operational by next year, supported by some 650 satellites.
IMPORTANT DAYS
SBI celebrates 66th Foundation DayThe oldest commercial bank in the country, State Bank of India, SBI, is celebrating its 66th year on July 1,20228. SBI descends from the Bank of Calcutta founded in 1806 through the Imperial Bank of India.
- The Bank of Madras merged into the other two presidency banks, the bank of Calcutta and the bank of Bombay to form the Imperial Bank of India which in turn became the State Bank of India on this day in 1955.
Union Minister of Agriculture & Farmers Welfare Narendra Singh Tomar launched the Crop Insurance Awareness Campaign for Fasal Bima Yojana during the Crop Insurance Week as a part of the Government’s India@75 campaign ‘Azadi ka Amrit Mahotsav’, commemorating 75 years of India’s Independence.
- Union Minister Shri Tomar said that Fasal Bima Yojana announced that the scheme achieved milestone figure of Rs 95,000 crore of claims paid to farmers.The Agriculture Minister also flagged off IEC vans which will continue to engage the farmers on the PMFBY throughout the crop insurance week. He also launched PMBFY e-brochure, FAQ booklet and a guidebook to assist farmers and on ground coordinators to understand the scheme, its benefits and the process of crop insurance.
- Throughout the week, the campaign will cover all notified areas/districts under Kharif 2021 season, with special focus on 75 Aspirational/Tribal districts identified by MoA&FW where crop insurance penetration is low.
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