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RBI forms six-member working group to regulate digital lending frauds

RBI forms six-member working group to regulate digital lending frauds  The Reserve Bank of India (RBI) has set up a working group to study digital lending activities of the regulated and unregulated players, due to the growing instances of frauds in digital lending space. The group will suggest steps to regulate digital lending including online lending platform and mobile lending. The group will evaluate digital lending activities and assess the penetration and standards of outsourced digital lending activities in RBI regulated entities.  The six-member panel comprises of following four RBI internal and two external members :  1. Jayant Kumar Dash, Executive Director, RBI (Chairman)  2. Ajay Kumar Choudhary, Chief General Manager-in-Charge, Department of Supervision (Member)  3. P Vasudevan, Chief General Manager, Department of Payment and Settlement Systems, RBI (Member)  4. Manoranjan Mishra, Chief General Manager, Department of Regulation (Member Secretary)  5. Vikram Mehta, Co-foun
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First time in history, Union Budget 2021 to be paperless

First time in history, Union Budget 2021 to be paperless  Union Budget 2021, slated to be presented on February 1, is going to be completely paperless in the wake of the ongoing coronavirus pandemic. This will be the first time since independence that the budget papers will not be printed. The Centre has received permission for the same from both houses of parliament. The decision has been taken as several people (approximately 100) would be required to stay at the printing press for around a fortnight amid the COVID-19 fear. The budget papers are usually printed at the ministry's inhouse printing press in the North Block. This year's budget may reportedly witness several conventions being broken as the traditional ‗Halwa‘ ceremony, which is a given every year is also not likely to take place, or a low-key function may be held with limited gathering in attendance. Donald Trump becomes first U.S. President to be impeached twice  President Donald Trump was impeached by the U.S. H
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MoS Reddy to head committee for 'protecting language, culture and land of Ladakh'

MoS Reddy to head committee for 'protecting language, culture and land of Ladakh'  A 10-member delegation from Ladakh met Union home minister Amit Shah has urged the government to protect Ladakh's language, culture and land. The Central Government has decided to form a committee to protect the unique language, cultural identity and land of Ladakh. The Committee will be headed by the Minister of State for Home G Kishan Reddy. About the committee: This committee will also ensure citizen‟s participation in the development of the Union Territory. The other members of the committee will include elected representatives from Ladakh, Ladakh Autonomous Hill Development Council, central government, and the Ladakh administration.  RBI sets up College of Supervisors chaired by N S Viswanathan  The Reserve Bank of India (RBI) has set up an academic advisory council called ‗College of Supervisors (CoS)‘ to further strengthen supervision over regulated entities. The Cos will be headed by
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PM Modi inaugurates Kochi-Mangaluru natural gas pipeline

PM Modi inaugurates Kochi-Mangaluru natural gas pipeline  Prime Minister Narendra Modi has inaugurated the 450- km Kochi-Mangaluru natural gas pipeline built at a cost of Rs 3,000 crore via video conferencing. The event marks an important milestone towards the creation of One Nation One Gas Grid. Natural gas pipeline network will be doubled in 5-6 years and CNG stations will be raised to 10,000 from current 1,500.  About the Pipeline:   The pipeline will carry natural gas from Kochi in Kerala through Ernakulam, Thrissur, Palakkad, Malappuram, Kozhikode, Kannur and Kasargod districts to Mangaluru in Dakshina Kannada district of Karnataka.   It has been built by GAIL (India) Limited. It will carry natural gas from the LNG Regasification Terminal at Kochi. The pipeline will supply environment-friendly PNG.   The pipeline grid will help improve clean energy access as well as also aid in the development of city gas projects.  
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RBI introduces the RBI-Digital Payments Index

RBI introduces the RBI-Digital Payments Index  Reserve Bank of India has launched a Digital Payments Index (DPI) to capture the extent of digitization of digital/electronic payments across the country. This RBIDigital Payments Index (DPI) has 5 broad parameters that will be used for the measurement of deepening and penetration of digital payments.  These parameters and their weightage are as under:   Payment Enablers (weight 25%),   Payment Infrastructure – Demand-side factors (10%),   Payment Infrastructure – Supply-side factors (15%),   Payment Performance (45%) and   Consumer Centricity (5%).  The base period for RBI-DPI is March 2018. This means that the DPI score for March 2018 is set at 100. RBI has calculated the DPI for March 2019 and March 2020 at 153.47 and 207.84 respectively, indicating appreciable growth. RBI-DPI shall be published on a semi-annual basis from March 2021 onwards with a lag of 4 months.  
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January GK #4

DCGI gives final approval for Covid-19 vaccines of SII, Bharat Biotech   The Drugs Controller General of India (DCGI) has formally announced the final approval for Oxford-AstraZeneca "Covishield" and Bharat Biotech 'Covaxin' vaccines against the coronavirus disease (Covid-19) for emergency use. CDSCO (Central Drugs Standard Control Organisation) accepts the subject expert committee reform rations on Serum and Bharat Biotech Covid vaccines.  About Covishield:   The subject expert committee (SEC) under CDSCO had recommended Oxford-AstraZeneca‘s vaccine, which is being manufactured by the Serum Institute of India (SII) as Covishield, for emergency use and Covaxin for restricted use. About Covaxin: Covaxin is the indigenous vaccine being developed by Bharat Biotech in collaboration with the Indian Council of Medical Research (ICMR). India to chair 3 key subsidiary bodies of UN Security Council  The Permanent Representative of India to the UN, T S Tirumurti has announced t
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January Part #3

Harsh Vardhan launches India‘s 1st indigenous pneumonia vaccine 'Pneumosil'  The Union Health Minister Dr Harsh Vardhan launched India‟s first indigenously developed vaccine against pneumonia. The Pneumococcal Conjugate Vaccine (PCV) named ‗Pneumosil‘ has been developed by Pune-based Serum Institute of India (SII) in collaboration with the Bill and Melinda Gates Foundation and PATH, an international, nonprofit global health organization based in Seattle.  About the vaccine: The vaccine will provide protection against 10 variants of pneumococcus bacteria that causes pneumonia, meningitis, ear, and blood infections in children. Pneumococcal disease is the largest contributor to under-five mortality rate worldwide. India‘s 1st Testbed TiHAN launched at IIT Hyderabad   Union Minister of Education, Ramesh Pokhriyal 'Nishank' has virtually laid the foundation stone of 'TiHAN-IIT Hyderabad', India's first Testbed for Autonomous Navigation Systems (Terrestrial and
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