1. Financial crisis expert “Carmen Reinhart” appointed as the World Bank’s chief economist
The World Bank appointed financial crisis expert Carmen Reinhart as its new vice president and chief economist, leaning on the expertise of the former International Monetary Fund executive as the Covid-19 pandemic plunges the global economy into the deepest recession since the Great Depression.
The former Bear Stearns chief economist will begin her role at the World Bank on June 15, the Washington-based lender said in a statement on May 20.
“Carmen has dedicated her career to understanding and surmounting financial crises in both advanced and developing economies in order to achieve growth and higher living standards,” David Malpass, the World Bank’s president, said. “Her thought leadership during this unprecedented period will be invaluable to the Bank Group and our clients.”
2. Govinda Rajulu Chintala appointed as the Chairman of NABARD
The appointments committee of the Union Cabinet appointed Govinda Rajulu Chintala as Chairman of National Bank for Agriculture and Rural Development (NABARD). He is the successor of Harsh Kumar Bhanwala.
He will serve as the Chairman of NABARD for the period of 2 years till his superannuation in July 31, 2022. Chintala currently serves as the Chief general manager of NABARD.
National Bank for Agriculture and Rural Development (NABARD) is an Apex Development Financial Institution in India. The bank is active in developing Financial Inclusion policy.
3. Bond’s new book released in an e-book format on his 86th birthday
Ruskin Bond’s new book titled “Hop On: My Adventures on Boats, Trains and Planes” was released on his 86th Birthday in an e-book format.
The book presents its readers with a number of the author’s hilarious journeys and travel adventures. The illustrations for Ruskin Bond’s new book has been done by Samrat Halder.
4. More than 200 singers sing “JAYTU BHARATAM” song for Atma Nirbhar Bharat
Legendary singer Lata Mangeskar has sung a song titled as JAYTU BHARATAM saluting the spirit of Atma Nirbhar Bharat.
More than 200 singers have sung the song including Anuradha Paudwal, Kavita Krishnamurthy, Shaan, Udit Narayan, Pankaj Udas, Alka Yagini, Rekha, Asha Bhonsle, SP Balasubrahmanyam, Shankar Mahadevan, Sonu Nigam and Kailash Kher.
5. CCI approves acquisition of Emami Cement Limited by Nuvoco Vistas Corporation Limited
The Competition Commission of India (CCI) approves acquisition of 100% of the total issued and paid up share capital of Emami Cement Limited, on a fully diluted basis, by Nuvoco Vistas Corporation Limited.
NVCL is a Nirma promoter group company and currently operates cement manufacturing units in the states of (i) Chhattisgarh, (ii) Jharkhand, (iii) West Bengal, (iv) Rajasthan and (v) Haryana. It is stated to be engaged in the businesses of manufacturing and sale of variety of grey cements including Portland Pozzolana cement, Portland Slag cement and Ordinary Portland cement. It is also engaged in the sale of certain other value-added products like construction chemicals, wall putty, and cover blocks.
ECL is a part of the Emami group and owns and operates cement manufacturing units in the states of (i) West Bengal, (ii) Chhattisgarh, (iii) Bihar and (iv) Odisha. It is stated to be engaged in the manufacturing and sale of variety of grey cements including Portland Pozzolana cement, Portland Slag cement, Ordinary Portland cement and plain cement concrete i.e. composite cement. It also manufactures and sells small quantities of clinker and ground granulated blast furnace slag.
6. UP govt launches ‘Startup Fund’ to encourage youth for entrepreneurship
Uttar Pradesh government has launched the ‘Uttar Pradesh Startup Fund’ to encourage the youth of the state for entrepreneurship.
Chief Minister Yogi Adityanath handed over the first installment of 15 crore rupees to Small Industries Development Bank of India (SIDBI) at a function in Lucknow.
A MoU has been signed between the state government and SIDBI as a step in this direction, which will further strengthen the possibilities of job creation in the state.
7. Flipkart ties up with Bajaj Allianz General Insurance for digital motor insurance policy
Flipkart partnered with Bajaj Allianz General Insurance Company(BAGIC) to offer digital motor insurance policy to customers of e-commerce major. This enables consumers to purchase the motor-insurance policy using the Flipkart mobile application.
This also offers customised insurance solutions to power its mobile protection programme to all leading phone brands. This will enable Bajaj Allianz General Insurance to offer best in class service to the customers of Flipkart by providing pertinent solutions.
This will provide 24X7 roadside assistance to policyholders who can claim their amount through cashless settlements.
8. OIL receives Environmental Clearance to exploration underneath Assam National Park
On May 20, 2020, the major exploration by the Oil India Limited beneath the Dibru-Saikhowa National Park of Assam received environmental clearance. There were concerns that the project would affect the flora and fauna in the region. The park is the only region in India that supports feral horses.
The Oil India Limited (OIL) has received environmental clearance from MoEFCC (Ministry of Environment, Forest and Climate Change) to extend drilling and testing of hydrocarbons.
The OIL is to implement extended reach drilling technology for which the company had obtained permission in 2016.
The company will down carry out hydrocarbon exploration 1.5 km outside the demarcated area of the park. The company has been performing explorations in the region for more than 15 years.
9. Cabinet approved extension of Pradhan Mantri Vaya Vandana Yojana up to 31st March 2023
Union Cabinet has approved extension of Pradhan Mantri Vaya Vandana Yojana, PMVVY for the welfare of and to enable old age income security for senior citizens.
The scheme has been extended up to 31st March, 2023 for a further period of three years beyond 31st March 2020.
Cabinet to allow initially an assured rate of return of 7.40 per cent per annum for the year 2020-21 per annum and thereafter to be reset every year. PMVVY is a social security scheme for senior citizens intended to give an assured minimum pension to them based on an assured return on the purchase price or subion amount.
Foot Notes: About PMVVY (Pradhan Mantri Vaya Vandana Yojana):
Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a Pension Scheme announced by the Government of India exclusively for the senior citizens aged 60 years and above which is available from 4th May 2017 to 31st March 2020 which is now extended to 31st March,2023.
10. International Tea Day is observed annually on May 21
The concerning resolution was adopted on December 21, 2019 and calls on the United Nations Food and Agriculture Organization (FAO) to lead the observance of the Day.
The move could provide the much-needed push to create awareness for tea consumption. The International Tea Day aims to raise awareness of the long history and the deep cultural and economic significance of tea around the world.
Also, December 15 is celebrated as International Tea Day in tea producing nations such as Bangladesh, Sri Lanka, Nepal, Vietnam, Indonesia, Kenya, Malawi, Malaysia, Uganda, India and Tanzania. However, this was not really official and was done by an NGO.