1. Ujjwala 2.0 to be launched by PM Modi in Uttar Pradesh on 10th August via video conferencing.
- Ujjwala 2.0 will be launched by PM Modi by handing over LPG connections at Mahoba, Uttar Pradesh on 10th August via video conferencing.
- Ujjwala 1.0 was launched in 2016 with a target to provide LPG connections to 5 crore women members of BPL households.
- In April 2018, women beneficiaries from seven more categories (SC/ST, PMAY, AAY, Most backward classes, tea garden, forest dwellers, Islands) were also included in Ujjwala 1.0.
- The target was revised to 8 Crore LPG connections. Government achieved the target in August 2019, seven months ahead of the target date.
- In the Union budget for FY 21-22, government has announced one crore more LPG connections under the PMUY scheme.
- One crore additional PMUY connections (under Ujjwala 2.0) aim to provide deposit-free LPG connections to those low-income families who could not be covered under the earlier phase of PMUY.
- First refill and hotplate will be provided free of cost to the beneficiaries under Ujjwala 2.0. Migrants will not be required to submit ration cards or address proof under Ujjwala 2.0.
- A self-declaration will suffice as both a "family declaration" and a "proof of address."
Topic: Indian Economy/Financial Market
2. Japan accounted for maximum FDI in textiles sector from April 2016 to March 2021.
- Japan accounted for maximum FDI in the textiles sector from April 2016 to March 2021.
- FDI equity inflows into the textiles sector during the last 5 years stood at $1.89 billion.
- Japan invested the highest amount of $381.47 million as FDI in the textiles sector from April 2016 to March 2021.
- Japan was followed by Mauritius, the Netherlands and Denmark.
Topic: Indian Economy/Financial Market
3. RBI revises its retail inflation projection from 5.1% to 5.7%.
- RBI has revised its retail inflation projection from 5.1% to 5.7%.
- Revised quarterly retail inflation projections are 5.9 % in Q2, 5.3 % in Q3 and 5.8 % in Q4 of 2021-22.
- RBI has retained overall real GDP growth at 9.5 % in 2021-22.
- Real GDP growth projection was raised to 21.4% for Q1 in 2021-22. It has been lowered to 7.3% in Q2, 6.3% in Q3 and 6.1% in Q4 in 2021-22.
- RBI has projected retail (Consumer Price Index) inflation for Q1:2022-23 at 5.1 %. Real GDP growth for Q1 of 2022-23 has been projected at 17.2 %.
4. Commerce Ministry decides to promote Rubber Training Institute as National Institute for Rubber Training.
- Commerce Ministry has decided to promote Rubber Training Institute as National Institute for Rubber Training.
- Commerce Ministry has taken this decision as per the recommendation of the national committee on external evaluation engaged for the performance evaluation of the Medium-Term Expenditure Framework Scheme of Rubber Board.
Rubber Training Institute is a statutory body located in Kerala. It functions under the Department of Training, Rubber Board, Ministry of Commerce and Industry.
Topic: Banking System
5. RBI empanels Karnataka Bank as an Agency Bank to facilitate transactions related to government businesses.
- RBI has empaneled Karnataka Bank as an Agency Bank to facilitate transactions related to government businesses.
- The bank can now undertake revenue receipts and payments on behalf of the Central/State governments, pension payments and collection of stamp duty charges.
- In addition, the bank can undertake other work specifically advised by RBI.
Karnataka Bank Limited is India's twelfth largest private sector bank. It is based in Mangaluru, Karnataka.
Topic: Banking/Financial Schemes
6. On-tap targeted Long Term Repo Operations (TLTROs) scheme extended by RBI by three months till December 31.
- On-tap targeted Long Term Repo Operations (TLTROs) scheme has been extended by RBI by three months till December 31.
- On 9 October 2020, RBI had first announced that it will conduct on tap TLTRO with tenors of up to 3 years for a total amount of up to ₹1-lakh crore.
- It was initially available up to March 31, 2021. But it was later extended.
- Banks were required to deploy liquidity availed by banks under the scheme in corporate bonds, commercial papers, and non-convertible debentures issued by the entities in five specific sectors.
- RBI further extended this scheme to stressed sectors identified by Kamath Committee in December 2020 and bank lending to NBFCs in February 2021.
7. Deadline for achievement of Resolution Framework requirements deferred by RBI.
- RBI has deferred the deadline for the achievement of 4 financial parameters under Resolution Framework 1.0 for Covid related stress to October 1, 2022.
- Total Debt to Earnings before Interest, Taxes, Depreciation and Amortization (EBIDTA) ratio, Current Ratio, Debt Service Coverage Ratio and Average Debt Service Coverage Ratio are four parameters.
- They relate to the operational performance of the borrowing entities. Initially, these parameters were required to be met by March 31, 2022.
- The resolution framework was announced in August last year. It requires sector-specific thresholds to be met for certain financial parameters.
8. Supreme Court upholds Singapore International Arbitration Centre’s award against the proposed merger deal between Future Retail and Reliance Retail.
- Supreme Court recently upheld Singapore International Arbitration Centre’s award against the proposed ₹24,713-crore merger deal between Future Retail Limited and Reliance Retail.
- Supreme Court’s ruling is in favour of Amazon. For the fiscal ended 2021, the Future Group’s total debt increased by 7% at ₹20,742 crore.
- In August 2020, Future Retail and Reliance Retail have entered into an agreement. Amazon objected to this.
- In 2019, Amazon had acquired a 49% stake in Future Coupons that holds 7.3% stake in Future Retail.
- As a result of this deal, Amazon got an indirect stake of 3.58% in Future Retail. Amazon filed a petition with Singapore International Arbitration Centre after the Future-Reliance deal was announced.
- In October, Singapore International Arbitration Centre stayed the deal, in an interim award.