Banking, Financial and Economic Awareness of 20 and 21 August 2020

1. Indore tops Swachh Survekshan 2020

• Indore has topped Swachh Survekshan 2020 and Surat and Navi Mumbai come at second and third positions, respectively.
• Indore has topped Swachh Survekshan for the fourth time consecutively.
• Chhattisgarh has topped the Swachh Survekshan 2020 as best performing states with more than 100 urban local bodies.
• Jharkhand has topped the Swachh Survekshan 2020 as best performing states with less than 100 urban local bodies.
• Other winners in different categories of Swachh Survekshan 2020 and its important findings are given in the following table:

• Swachh Survekshan 2020 is the fifth edition of the cleanliness survey annually conducted by the Ministry of Housing and Urban Affairs (MoHUA). Quality Council of India conducts assessment for Swachh Survekshan. Swachh Survekshan was carried out for the first time in 2016.
• Swachh Survekshan 2021, sixth edition of Swachh Survekshan, was launched by MoHUA last month.

2. EPFO subscribers increase by 8.4 lakh

• In April-June months of current fiscal, subscribers of Employees’ Provident Fund Organisation (EPFO) have increased by 8.4 lakh.
• Despite Covid-19 lockdown, the number of subscribers added to EPFO’s social security schemes in April and May is 0.20 lakh and 1.72 lakh, respectively. In June, 6.55 lakh subscribers registered with EPFO.
• 3.03 lakh subscribers joined in May. The number of new subscribers joining increased to 4.98 lakh in June. This is an increase by nearly 64%.
• The number of subscribers leaving EPFO decreased by 33% from 4.45 lakh in May to 2.96 lakh in June.
• It is necessary for organizations with more than 20 employees to register with EPFO.
• EPFO:
  • It is a statutory body established under the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 and working under the Ministry of Labour and Employment.
  • It helps the central board of trustees in the administration of the Provident Fund Scheme, Pension Scheme and Insurance scheme for the organized sector workers.

3. Ajay Shankar appointed as chairman of TEMA Council on Industrial Policy

• Ajay Shankar has been appointed as chairman of the TEMA Council on Industrial Policy by Telecom Equipment Manufacturers Association of India (TEMA).
• Earlier, he has served as secretary of the Department of Industrial Policy and Promotion (DIPP) and held other important posts given below.
  • Member secretary of National Manufacturing Competitiveness Council (NMCC) 
  • Chairman of the National Productivity Council and Quality Council of India
• He had started setting up of Invest India.
• TEMA was formed in 1990. It is a government recognized national apex body for telecom technology providers.

4. States ordered to prevent adulteration in edible oils

• FSSAI has ordered states to monitor the production process to prevent adulteration in edible oils.
• FSSAI has ordered food safety commissioners to increase surveillance through indicators such as glycerine in the oil mills and oryzanol in the mustard oil.
• In 2019, FSSAI has carried out a survey in Delhi-NCR region and found the presence of oryzanol in 33% samples of mustard oil.
• Mustard is often adulterated with cheaper rice bran oil, a rich source of oryzanol.
• Food Safety and Standards Authority of India (FSSAI):
  • It was established in August 2011 under Food Safety and Standards Act, 2006.
  • It is a statutory body. It is headquartered in New Delhi.
  • Rita Teotia is its current chairperson. It consists of a chairperson and 22 members.
  • Along with state food authorities, FSSAI is responsible for the implementation of the Food Safety and Standards Act, 2006.
  • It has six regional offices. They are located in Delhi, Guwahati, Mumbai, Kolkata, Cochin, and Chennai.

5. First MPC completes its term

• The first Monetary Policy Committee has completed its term of four years.
• The last policy meeting of MPC was held on August 4-6. Three new external members will join MPC by October.
• MPC kept inflation within the targeted range of 2%-6% for most of the time. If inflation reaches beyond the targeted range for three consecutive quarters, the RBI Act requires the governor to explain the reasons for the failure of MPC to meet its goal.
• The first meeting of MPC was held in October 2016. Ravindra Dholakia, Chetan Ghate and Pami Dua are the names of members who will exit MPC.

6. Acquisition of C&S Electric Ltd approved by CCI

• Acquisition of C&S Electric Ltd by Siemens Ltd. has received approval from the Competition Commission of India (CCI).
• As per the proposal, Siemens Ltd (Siemens India) will acquire 99% of the share capital of C&S Electric Ltd (C&S).
• Some businesses of C&S Electric Ltd (C&S) will be retained by existing promoters of C&S.
• In January 2020, Siemens Ltd. has signed an agreement to acquire 99% equity in C&S Electric Ltd for about Rs 2,100 crore.

7. MeitY’s Innovation Challenge for Development of a Video Conferencing Solution won by Vconsol

• MeitY’s Innovation Challenge for Development of a Video Conferencing Solution has been won by Vconsol, a product of Techgentsia Software Technologies Private Limited.
• The government will give Rs 1 crore as prize money and extra Rs 10 lakh for operation and management for the coming three years. Later, the government will adopt Vconsol for use.
• The products of the three applicants were chosen as potential products. The government will support these products by Rs 25 lakh each. The support will be for the maturing of products selected as potential products within three months.
• First, a technical committee will analyze the products. Then, the Ministry of Electronics and IT (MeitY) will give recommendations for making the products available on Government eMarketplace (GeM).
• The three products selected as potential products are given below:
  • Sarv Webs Pvt. Ltd. (Sarv Wave), Jaipur
  • PeopleLink Unified Communications Pvt Ltd (Insta VC), Hyderabad
  • Instrive Softlabs Pvt Ltd (HydraMeet) of Chennai
• Innovation Challenge for Development of a Video Conferencing Solution was announced by MeitY on April 12. Industries, start-ups, and individual experts were allowed to participate in the challenge.

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