1) Utkal Divas or Odisha Day is celebrated on 1 April
•Utkal Divas or Utakala Dibasha is celebrated on April 1 every year to remember the formation of the Odisha state after a struggle to be recognised as an independent state. Under British rule, Odisha was part of the Bengal presidency, which consisted of the present-day Bihar, West Bengal, and Odisha. The state was originally called Orissa but the Lok Sabha passed the Orissa Bill, and Constitution Bill (113rd amendment), in March 2011 to rename it Odisha.
2) AYUSH Ministry in collab with Vinoba Seva Pratishthan organizes ‘Ayurveda Parav’
•In a bid to promote Ayurveda as the mainstream treatment for the prevalent lifestyle-related diseases, Vinoba SevaPratisthan (VSP), in collaboration with the Ministry of AYUSH, has successfully organized a 3-day “Ayurveda Paravin Bhubaneswar. This unique initiative aims to not only ensure greater acceptance of Ayurveda among the masses but also to popularize Ayurveda as the main line of treatment for the current lifestyle diseases.
•The Ministry of AYUSH provided full-fledged support to this programme. During this Parv, nearly 25 research papers were presented by experts and researchers. The initiative generated tremendous response as thousands of patients turned up and showed their trust towards Ayurveda medication. They did get their diagnosis and consequent medicine.
3) Govt further extends Emergency Credit Line Guarantee Scheme to June 30, 2021
•The Central Government has extended the Emergency Credit Line Guarantee Scheme (ECLGS 3.0) by another three months till June 30, 2021, or till such time that an amount of Rs. 3 lakh crore is sanctioned under the Scheme. Additionally, the government has also introduced certain modifications in the ECLGS scheme to further contribute towards economic revival.
4) Government announces Rs 14,500 crore capital infusion in 4 PSBs
•The Central Government has announced to infuse Rs 14,500 crore in four state-owned lenders namely Central Bank of India, Indian Overseas Bank, Bank of India and UCO Bank in 2020-21, by issuing non-interest bearing bonds to these banks. This infusion will complete the government’s total capital infusion of Rs 20,000 crore in public sector banks for the current financial year 2020-21. Earlier in December 2020, it infused Rs 5,500 crore in Punjab and Sind Bank.
•The Recapitalisation bonds will be issued with six different maturities, and the special securities would be “at par” for the amount as per the application made by the eligible banks. Banks require capital to meet the mandatory reserve requirements laid out by the Reserve Bank of India (RBI), make provisions for bad loans and kick-start the lending cycle when demand revives in the economy.
5) Govt pegs market borrowing at Rs 7.24 lakh crore in 1st half of FY22
•The government has decided to borrow Rs 7.24 lakh crore in the first half of 2021-22 fiscal (FY22) to meet resources to revive the economy hit by coronavirus pandemic. This borrowing is 60.06 per cent of the estimated gross issuances for fiscal 2021-22.
•According to Budget 2021-22, the estimated gross borrowing is pegged at Rs 12.05 lakh crore in the financial year beginning April 01, 2021. The government raises money from the market to fund its fiscal deficit through dated securities and treasury bills.
6) RBI extends deadline for processing auto-debit payments by 6 months
•The Reserve Bank of India (RBI) has extended the timeline for processing recurring online transactions by 6 months to September 30, 2021. Earlier in December 2020, RBI had directed all banks including RRBs, NBFCs, and payment gateways that the processing of recurring transactions (domestic or cross-border) using cards or Prepaid Payment Instruments (PPIs) or Unified Payments Interface (UPI) would not be continued beyond March 31, 2021, if they do not comply with Additional Factor of Authentication (AFA).
•This means that with effect from April 30, 2021, there were supposed to be no automatic recurring payment for various services, including recharge and utility bill, under arrangements/practices not compliant with AFA. However, banks and payment gateways had sought additional time to comply with the RBI directive on automatic recurring payment. Taking it into consideration, RBI decided to further extend the timeline.
7) World Bank raises GDP growth projection for India to 10.1% for FY22
•The World Bank has revised upward the GDP growth projections for India by 4.7 percentage points to 10.1 per cent for the financial year 2021-22, due to a strong rebound in private consumption and investment growth. Earlier the bank had pegged the GDP growth at 5.4 per cent for FY22.
•Apart from this, the World Bank has forecast the economy to contract by 8.5 per cent in FY21 (2020-21). The multilateral agency has also projected economic growth at 5.8 per cent for India during FY23 (2022-23).
8) SBI inks USD 1 billion loan agreement with Japan Bank
•India’s largest lender, State Bank of India, has raised $1 billion from Japan Bank for International Cooperation (JBIC) to extend loans to the supply chain of the Japanese automobile industry in India. The loan is in the form of refinancing against the funding support provided to the manufacturers, suppliers and dealers of Japanese automobiles in India.
•This collaboration between SBI and JBIC will help the bank in extending loan facility to the entire supply chain at a time when people are preferring a personal mode of transport. Now the total loan facility between SBI and JBIC has become $2 billion. Earlier in October 2020, SBI inked a similar agreement for $1 billion with JBIC.
9) Lewis Hamilton won bahrain Grand Prix 2021
•Mercedes star Lewis Hamilton got his bid for an eighth world title off to a thrilling start with victory in the Bahrain Grand Prix 2021. Hamilton after his 96th career win. Max Verstappen (Red bull) and V Bottas (Mercedes ) stand 2nd and 3rd Position Respectively.
