1. PM Modi to inaugurate 16th Pravasi Bharatiya Divas Convention on January 9
PM Modi will inaugurate the 16th Pravasi Bharatiya Divas Convention which will be held in a virtual format on January 9, 2021. It is a flagship event of the Ministry of External Affairs which also provides a significant platform to engage and connect with overseas citizens.President Ram Nath Kovind will also be delivering the valedictory address to mark the occasion. According to the statement by PMO, in view of the sentiments of India’s vibrant diaspora community, the 16th Pravasi Bharatiya Divas Convention will be organized on January 9, despite the ongoing pandemic.The theme of the event is ‘Contributing to Aatmanirbhar Bharat’. The event will also feature the keynote address by the Chief Guest President of Suriname, Chandrikapersad Santokhi.
Two plenary sessions during inauguration:
The inaugural session of the Pravasi Bharatiya Divas Convention will be followed by the two Plenary sessions:
- The first plenary will be on the role of diaspora in Aatmanirbhar Bharat. It will be featuring addresses by the Commerce and Industry Minister and the External Affairs Minister.
- The second plenary session will be addressed by the Minister of State for External Affairs and Minister of Health. This session will be on Facing Post COVID Challenges- Scenario in Economy, Health, Social and International Relations.
Pravasi Bharatiya Samman Awardees 2020-2021:
There will be a valedictory session on the last day of the convention, where the President will deliver his valedictory address. The names of Pravasi Bharatiya Samman Awardees will also be announced.The awards are conferred to select members of the Indian diaspora for recognizing their achievements and to honour their contributions in different fields, both India and abroad.
2. Elon Musk becomes world’s richest person, overtakes Jeff Bezos
Elon Musk has become the world’s richest person, surpassing Amazon founder Jeff Bezos on the Bloomberg Billionaires Index, which ranks the world’s 500 wealthiest people.Musk, who is the CEO of SpaceX and Tesla, had a net worth of $188.5 billion, $1.5 billion more than Bezos. The 49-year-old has reportedly benefited from Tesla’s stratospheric rise in more than one way. The surge in share prices of the electric car marker boosted Musk’s wealth, helping him surpass Bezos, who is also his rival in the private space race as Bezos is also the owner of Blue Origin LLC, a privately funded aerospace manufacturer.
3. SMCB becomes first Urban Co-operative bank to transition to SFB
Shivalik Mercantile Co-operative Bank- SMCB has become the first Co-operative bank of India to transition to a Small Finance Bank as the Reserve Bank of India approved the Commercial Banking License of the co-operative bank.The bank will begin its banking operations under the name Shivalik Small Finance Bank from April 2021 onwards. In January 2020, SMCB had received an in-principal approval for the commercial banking license from RBI, which gave the co-operative bank 18 months time to commence the business.
How technology will help banking and financing?
According to the MD and CEO of Shivalik Mercantile Co-operative Bank, Suveer Kumar Gupta, an advanced technology platform that includes the ability to implement open banking will help in easily collaborating with the external ecosystem, including digital businesses, fintech, and non-banking financial service providers. He added that the adoption of technology will also allow us to explore the previously under-explored customer segments. It will also expand across the country without any form of reliance on a physical branch network.
4. India to chair UNSC’s Counter-Terrorism Committee in 2022
India is scheduled to chair three main subsidiary bodies of the United Nations Security Council (UNSC) during its three-year term. The bodies include- Counter-Terrorism Committee, Taliban Sanctions Committee and Libya Sanctions committee. It was announced by the Permanent Representative of India, TS Tirumurti at the United Nations Security Council on January 8, 2021.
Key Highlights
- India is scheduled to chair theCounter-Terrorism Committee of UNSC in 2022. The chairing of this committee has a special resonance for India, as India has not only been at the forefront of fighting terrorism especially cross border terrorism but has also been one of its biggest victims.
- UNSC’s Counter-Terrorism Committee was formed in September 2001 after the tragic 9/11 attack on the World Trade Centre in New York, United States.
- India will chair committee in the year when India will be celebrating the 75th anniversary of its independence. India had last chaired this committee in 2011-12.
- The Taliban Sanctions Committee has always been a high priority for India given its strong interest and commitment to peace, security, development and progress of Afghanistan. The Taliban Sanctions Committee is also called the 1988 Sanctions Committee.
- Chairing this committee at this juncture will help India keep the focus on the presence of terrorists and their sponsors, who are threatening the peace process in Afghanistan, said Tirumurti in a tweet.
- India will also be chairing the Libya Sanctions Committee at a critical juncture when there is an international focus on Libya and on their peace process.. The committee is also called the 1970 Sanctions Committee and is a very important Subsidiary Body of the Council.
- The committee implements the sanctions regime including the two-way arms embargo on Libya, an assets freeze, a travel ban and measures on illicit export of petroleum.
5. Payment Infrastructure Development Fund: RBI sets up digital fund worth Rs. 500 crores
The Reserve Bank of India announced on June 5, 2020, that it has set up a Payment Infrastructure Development Fund (PIFD) worth Rs. 500 Crore. The fund will improve and support the development of the digital payments ecosystem in the northeast and rural districts in India.The initial contribution of Rs. 250 crore to the PIFD has been made by the central bank while the other half of the fund is expected to be contributed by all card-issuing banks and the network operators.The fund set up by the central bank will be governed through an advisory council and it will be administered and managed by the Reserve Bank of India.
Objective of PIFD:
The objective of the Payment Infrastructure Development Fund (PIFD) as mentioned by the Reserve Bank of India has been to encourage acquirers to deploy Points of Sale (PoS) infrastructure in both the digital and physical modes in tier-3 to tier-6 centers and northeastern states.
RBI statement on PIFD:
Reserve Bank of India in a press release stated that over the years, the payments ecosystem in India has evolved with a wide range of options such as mobile banks, bank accounts, cards, etc. To provide a boost to the digitisation of payment systems, it has become necessary to give impetus to acceptance infrastructure across the country and more importantly in underserved areas. PIDF will also receive annual recurring contributions to cover the operational expenses from the card-issuing cards and bank networks, while RBI will also be making contributions from time to time to cover for yearly shortfalls.
