1. Anti-dumping duty on imports of Phthalic Anhydride (PAN) from four countries imposed by Finance Ministry.
- Finance Ministry imposed Anti-dumping duty on imports of Phthalic Anhydride (PAN) from China, Indonesia, Thailand, and South Korea.
- The duty will be applicable for five years. It ranges from $40.08-140.17 per tonne depending on the producer and country of export.
- In May this year, the Directorate General of Trade Remedies (DGTR) in its final findings recommended the imposition of anti-dumping duty on PAN imports from these countries.
- Phthalic Anhydride (PAN) is an important chemical intermediate in the plastics industry. It is mainly used in the production of phthalate esters, which functions as plasticizers.
2. Indian Bank and NSRCEL sign MoU for extending exclusive credit to startups.
- Indian Bank and NSRCEL, the incubation arm of IIM Bangalore, have signed MoU for extending exclusive credit to startups.
- Under the MOU, startups and MSMEs will be identified by NSRCEL based on their credentials and past experience. They will be referred for financial assistance from the Bank.
- The initiative comes under Bank’s scheme ‘Ind Spring Board’ which is exclusively tailored to finance startups.
- The Bank will give loans of up to Rs 50 crore to the identified startups for their working capital requirements or purchase of machinery, equipment, etc.
- Indian Bank was founded in 1907. Its headquarters are in Chennai. From 1 April 2020, Allahabad bank has been merged with Indian Bank.
3. India is on path to achieve WHO recommended doctor-population ratio.
- NITI Aayog member Vinod Paul said that India is on the path to achieve WHO recommended doctor-population ratio of one doctor per thousand population by 2024.
- He also said that India is increasing the number of hospital beds from 11 lakh to 22 lakh.
- He further said that the average life in India has increased from 28 years at the time of independence to 70 years.
- At the online ‘Azadi Ka Amrit Mahotsav’ discourse series of Department of Science and Technology (DST), New India @ 75, he pointed out that many steps have been taking to address the problems in health sector in the last six-seven years.
- The discourse series of DST was organized by the National Council for Science and Technology Communication and Vigyan Prasar.
4. Government announced a National Edible Oil Mission-Oil Palm.
- Prime Minister Narendra Modi announced a National Edible Oil Mission-Oil Palm (NMEO-OP).
- The main objective of this mission is to boost domestic oilseed production and to make India self-sufficient in cooking oils.
- The government will invest ₹11,000 crores to create an edible oil ecosystem. The government will provide quality seeds and technology to promote the farming of palm oil and other oil seeds.
- India has already become self-sufficient in the production of rice, wheat, and sugar.
- India is dependent on the import for its consumption of edible oil. Of the total imports, palm oil constitutes about 55%.
- India produces less than half of the edible oil that it consumes annually.
Topic: Banking System
5. ‘Digital Prayaas’ has been launched by SIDBI.
- ‘Digital Prayaas’ has been launched by the Small Industries Development Bank of India (SIDBI) for providing loans.
- ‘Digital Prayaas’ is an App-based end-to-end digital lending platform, for providing loans.
- It facilitates the speedy onboarding of loan applicants in a digital and integrated process with better risk management.
- SIDBI has partnered with BigBasket to onboard its delivery partners all over India and provide loans at an affordable interest rate for the purchase of environment-friendly e-Bikes and e-Vans.
- Small Industries Development Bank of India (SIDBI):
- It is a development financial institution in India. It is the principal financial institution in the MSME sector.
- It works under the Department of Financial Services. It is regulated and supervised by the Reserve Bank of India (RBI).
- It was established in 1990. It is headquartered in Lucknow, UP. Sivasubramanian Ramann is Chairman and Managing Director of SIDBI.
6. CoinDCX became India’s first cryptocurrency unicorn.
- CoinDCX became India’s first cryptocurrency exchange to achieve unicorn status.
- It raised $90 million in a Series C funding round at a valuation of $1.1 billion.
- It raised 6.70 billion rupees ($90 million) from investors led by Facebook Inc.
- Existing partners Coinbase Ventures, Polychain Capital, Block. one, and Jump Capital were other investors.
- Chief Executive Officer and co-founder Sumit Gupta said that he wants to use funds to double his team in the next six months to about 400 people in India.
- He is an IITian. He set up CoinDCX in 2018. It is registered in Singapore as Primestack Pte.
- A unicorn is a startup company that is privately held and is valued at over $1 billion.
7. RBI introduces “Scheme of Penalty for non-replenishment of ATMs”.
- RBI has introduced the “Scheme of Penalty for non-replenishment of ATMs”. The scheme will come into effect from October 1, 2021.
- Under the scheme, cash out of over ten hours in a month will lead to a penalty of ₹10,000 per ATM.
- Cash-out means when the customer is not able to withdraw cash due to the non-availability of cash in a particular ATM.
- The penalty would be charged to the bank which is meeting the cash requirement of a White Label ATM.
- The bank may, at its discretion, recover the penalty from the White Label ATM (WLA) operator.
- White Label ATMs (WLAs) are ATMs that are established and operated by non-banks.