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  • In a bid to address weaknesses in cooperative banking sector, the Parliament is likely to clear a Bill to amend the Banking Regulation Act to bring multi-state cooperative banks under the regulation of RBI during the Budget session.
  • The proposed legislation will help prevent a repeat of Punjab and Maharashtra Cooperative Bank-like crisis, sources said. There are 1,540 cooperative banks with a depositor base of Rs.8.60 crore having total savings of about Rs.5 lakh crore.
  • The Union Cabinet headed by Prime Minister Modi last month gave approval to amend Banking Regulation Act Narendra

Rs 16,712 Cr Loan Sanctioned To Women Under ‘Stand Up India’ Scheme: Finance Ministry

  • The Stand up India scheme was launched on April 5, 2016, to facilitate bank loans between Rs 10 lakh and Rs. 1 crore to at least one Scheduled Caste (SC) or Scheduled Tribe (ST) borrower and at least one woman borrower per bank branch of Scheduled Com Commercial Banks for setting up a green field enterprise.
  • “As on February 17, 2020, more than 81 per cent account holders under Stand Up India Scheme are women. 73,155 accounts have been opened for women. Rs. 16,712.72 crore has been sanctioned for account holders and Rs. 9,106.13 crore has been disbursed for women account holders,” the ministry said in a statement.
  • These schemes have financially empowered women to lead a better life and chase their dreams of being an entrepreneur,” the ministry said, ahead of the International Women’s Day on March 8.
  • Besides, under the Pradhan Mantri Mudra Yojana (PMMY), 70 per cent of the total loan borrowers are women. PMMY was launched on April 8, 2015, for providing loans up to Rs 10 lakh to the non-corporate, non-farm small/micro-enterprises. These Mudra loans are given by commercial banks, RRBs, small finance banks, MFIs, and NBFCs.

TAMILNADU

German tech, funds boost Corpn plans to create RWH structures

  • KfW, a German-based funding agency, which had already agreed to sanction Rs 1,700 crore to construct storm water drains in Kovalam Basin, has provided the new technology and suggested that the civic body create rainwater harvesting structures with the new method.

260 kWp (DC) Roof Top Solar Power Plant installed at Ashok Nagar Metro Station.

  • The CMRL has planned to commission 8 MW of solar power capacity by 2020. “After commissioning of the 8 MW, the CMRL would be generating 1.16 crore units of energy per year and it would help save Rs.2.54 crore a year towards energy cost. Carbon emission would be reduced up to 11,587 tonnes per year,

APPOINTMENTS

Ajay Bhushan Pandey appointed as the new Finance Secretary

  • Government of India appointed the current Revenue Secretary Ajay Bhushan Pandey as the new Finance Secretary.
  • Pandey replaces current Finance Secretary Rajiv Kumar.

PERSON IN NEWS

Seema verma appointed in the U.S. Coronavirus Task Force

  • Seema Verma became the administrator of the Centers for Medicare and Medicaid Services in March 2017, after serving as a top health policy adviser to Vice President Mike Pence when he was the governor of Indiana.

IMPORTANT DAYS

1 March-Zero Discrimination Day

  • Zero Discrimination Day is celebrated every year on march 1
  • THEME:”Zero discrimination against women and girls”

29 February-Rare Disease Day 2020

  • 13thRare Disease Day