Topic: Banking System/Finance
1. Atmanirbhar Women Scheme started by Bank of Baroda
- Atmanirbhar Women Scheme has been started by Bank of Baroda as part of its Baroda Gold Loan.
- The bank will offer loans to women at a 0.50% concession rate under the scheme.
- Under the gold loan scheme, the Bank of Baroda also offers Agri-gold loans and retail loans at 0.25% and 0.50% concession, respectively.
- Bank of Baroda:
- It is the third-largest public sector bank in India.
- Chairman: Hasmukh Adhia
- Tagline: India’s International Bank
Topic: Banking/Financial Schemes
2. NBCFDC and NSFDC signed MoAs with Central Bank of India
- NBCFDC and NSFDC signed a Memorandum of Agreements (MoAs) with Central Bank of India.
- The signing of agreements gave the Vanchit Ikai Samooh aur Vargon ki Aarthik Sahayta (VISVAS) scheme a source of help leading to improvement.
- VISVAS is a scheme of the Ministry of Social Justice and Empowerment to give financial power to economically marginalized OBC/SC SHGs and OBC/SC individuals.
- The scheme will provide 5% per annum interest subvention on bank loans of not more than Rs 4 lakh per OBC/SC SHG and up to Rs 2 lakh per OBC/SC individual. The subvention will be given directly into bank accounts.
- National Backward Classes Finance & Development Corporation (NBCFDC) is a Govt. of India Undertaking working under the Ministry of Social Justice and Empowerment. It was incorporated in 1992.
- National Scheduled Castes Finance & Development Corporation (NSFDC) is a Central Public Sector Enterprise under the Ministry of Social Justice and Empowerment. It was incorporated in 1989. Both are NBCFDC and NSFDC are non-profit companies.
- Central Bank of India was founded in 1911. Its headquarters are in Mumbai. Its CEO is Pallav Mohapatra.
3. Kotak International REIT Fund of Funds scheme launched by Kotak Mahindra Asset Management Company
- Kotak International REIT Fund of Funds scheme has been launched by Kotak Mahindra Asset Management Company.
- It is the first diversified Real Estate Investment Trusts (REIT) Mutual Fund of India. It will invest in SMAM Asia REIT Sub Trust Fund.
- SMAM Asia REIT Sub Trust Fund is managed by Sumitomo Mitsui DS Asset Management Company.
- Real Estate Investment Trusts (REIT):
- It is a company that owns, operates or finances income-producing properties.
- These are regulated by SEBI.
- Embassy Office Parks REIT is the first REIT in India.
- The structure of REITs is similar to that of a mutual fund. But there also lies the difference between mutual funds and REITs as in the case of mutual funds, the underlying asset is bonds, stocks and gold, while REITs invest in physical real estate like apartment buildings, cell towers, data centers, hotels, medical facilities, offices, retail centers, and warehouses.
Topic: Infrastructure and Energy
4. $2.5 million technical support approved by Asian Development Bank (ADB).
- $2.5 million technical support has been approved by the Asian Development Bank (ADB) to develop advanced biofuel in India.
- The money for technical support is provided from Asia Clean Energy Fund and Republic of Korea’s e-Asia and Knowledge Partnership Fund.
- Under the Clean Energy Financing Partnership Facility (CEFPF), the Japanese government provides the fund for Asia Clean Energy Fund.
- Advanced biofuels are biofuels produced from non-food (non-edible) biomass. They are also called second-generation biofuels.
- Agricultural residue, municipal solid waste, and used cooking oil are examples of non-food (non-edible) biomass.
- In other words, advanced biofuels are biofuels produced from sources like Agricultural residue, municipal solid waste, and used cooking oil.
- Clean Energy Financing Partnership Facility (CEFPF) was set up in 2007 for energy security in developing member countries of ADB and lowering the rate of climate change.
- Asia Clean Energy Fund is a part of CEFPF. It comes under CEFPF. This fund was established by Japan.
5. BBB makes recommendation for the post of Chairman and Managing Director of SIDBI
- Bank Board Bureau (BBB) has made a recommendation for the post of Chairman and Managing Director of SIDBI.
- It recommended S Ramann for the post of Chairman and Managing Director of SIDBI. He is presently CEO of National e-Governance Services Ltd (NeSL).
- BBB has also recommended Shivendra Tomar for the post of MD&CEO of IFCI Ltd. He is presently Managing Director of IFCI Ltd’s subsidiary, IFCI Venture Capital Funds Ltd.
Topic: Reports and Indices/Rankings
6. McAfee’s report finds losses from cybercrime at over $1 trillion.
- McAfee’s “The Hidden Costs of Cybercrime report” has found that losses from cybercrime all over the world stand at over $1 trillion.
- The global losses of over $1 trillion are equal to more than 1% of global GDP. Global GDP was $142 trillion in 2019.
- As per the report, the global losses increased by more than 50% from the $600 billion losses reported in a study carried out in 2018.
- McAfee’s report is in collaboration with Center for Strategic and International Studies (CSIS).
- The report focuses on both significant financial and unseen impacts of cybercrime all over the world.
- McAfee is an American company providing computer security software globally.