Regulator for housing finance firms National Housing Bank (NHB) has asked housing finance companies with asset size of over Rs 1,000 crore to adopt an early warning signals (EWS) framework to check financial frauds and also to prevent accounts from turning into non-performing assets.
The mechanism needs to be put in place by April 1, 2024.
NHB:
MD: Sarada Kumar Hota
HQ: New Delhi.
University Grants Commission(UGC) launched the redesigned UGC website, UTSAH (Undertaking Transformative Strategies and Actions in Higher Education) and POP (Professor of Practice Portal) portals.
UTSAH will serve as a comprehensive platform providing detailed information about UGC’s initiatives for qualitative reforms in higher education.
UGC:
Chairman: M Jagadesh Kumar;
HQ: New Delhi.
To commemorate the anniversary of the signing of the Metre Convention in 1875 in Paris, Metrology Day is celebrated each year.
The Convention, also known as the Convention du Mètre, founded the International Bureau of Weights and Measures(BIPM) and a unified system of measurement.
This year's theme is: Advancing Measurement Technologies for Sustainable Development.
The Adalat is aimed at addressing chronic pension-related cases and ensuring their swift resolution.
The concept of pension adalats was introduced on an experimental basis in 2017 by the Department of Pension and Pensioners' Welfare. In 2018, a national pension adalat was held.
In the 7 Adalats held so far 24218 cases have been taken up and 17235 cases have been resolved.
The first ministerial-level meeting of the India-EU trade and technology council (TTC) took place on May 16 in Brussels.
India and the European Union will cooperate on quantum and high-performance computing research and development projects to help address challenges including climate change.
The next ministerial meeting is planned for early 2024 in India.
In pursuance of the “Clean Note Policy” of the Reserve Bank of India has said it will withdraw Rs.2,000 notes from circulation and people can exchange or deposit them in their bank accounts by September 30.
RBI's 19 regional offices and other banks will start taking ₹ 2,000 notes for exchange with lower denomination one from May 23.
They will remain legal tender.
The demand for chemicals and petrochemicals in India is expected to nearly triple, reaching a staggering $1 trillion by 2040, said Union Minister of Petroleum & Natural Gas Hardeep Singh Puri at the Asian Petrochemical Industry Conference in New Delhi.
India offers an investment opportunity of USD 30 billion in the petrochemical sector over the next decade.
Current market size of the Indian Chemicals and Petrochemicals sector stands at $190 bn.
The Indian Navy's sixth and final Kalvari class submarine, Vaghsheer, has begun its sea trials. Vaghsheer is scheduled for delivery to the Indian Navy in early 2024 after completion of these trial. The submarine was launched on 20th April 2022 from the Kanhoji Angre Wet Basin of Mazagon Dock Shipbuilders Limited (MDL).
The value currently stands Rs 1,06,800 crore and it will go further up once the data is received from the remaining private defence industries.
The current value of defence production in FY 2022-23 is a rise of more than 12 per cent over FY 2021-22, when the figure was Rs 95,000 crore.
The Centre excluded up to Rs 7 lakh of debit and credit card payments in a financial year from the ambit of the liberalised remittance scheme (LRS). These transactions will not attract 20% levy of tax collected at source (TCS).
This relaxation does not extend to international transactions charged to institutional or corporate credit cards.
The Reserve Bank of India (RBI) board has approved the transfer of ₹87,416 crore as surplus to the central government for the accounting year 2022-23. The central bank has also decided to raise the contingency risk buffer to 6% from 5.5% earlier.
The apex bank had transferred ₹30,307 crore to the government in FY22 as against ₹99,122 crore in the previous year.
The Uttar Pradesh government and its agencies procured goods and services worth Rs 12,152 crore from the union commerce ministry's platform Government e-marketplace (GeM) during last fiscal year.
It was followed by Gujarat (Rs 7,964 crore), Maharashtra (Rs 4,130 crore), Jammu and Kashmir (Rs 1,999 crore) and Madhya Pradesh (Rs 1,983 crore).
The Congress party formally named Siddaramaiah as the Chief Minister of Karnataka, along with DK Shivakumar as the Deputy CM.
The swearing in ceremony of CM designate will be held at a Sree Kanteerava Stadium in Bengaluru.
He previously led the government in 2013 for a full term becoming the third CM in the state’s history to do so.
Every year, since 2018, May 20 has been celebrated as World Bee Day in remembrance of Slovenian beekeeper Anton Jansa (1734-1773)- who is regarded as the pioneer of modern beekeeping. Jansa was born on May 20, 1734.
The main purpose behind the observance of World Bee Day is to acknowledge the role of bees and other pollinators in the ecosystem.
2023 theme: Bee engaged in pollinator-friendly agricultural production