v Cabinet approves Interest Subvention to banks on Short-Term crop loan to farmers
The Union Cabinet chaired by the Hon’ble Prime Minister Shri Narendra Modi approved the Interest Subvention Scheme (ISS) for farmers for the year 2017-18. This will help farmers getting short term crop loan up to Rs. 3 lakh payable within one year at only 4% per annum. The Government has earmarked a sum of Rs. 20,339 crore for this purpose. The interest subvention will be given to Public Sector Banks (PSBs), Private Sector Banks, Cooperative Banks and Regional Rural Banks (RRBs) on use of own funds and to NABARD for refinance to RRBs and Cooperative Banks. The Interest Subvention Scheme will continue for one year and it will be implemented by NABARD and RBI. The objective of the scheme is to make available at ground level, agricultural credit for Short Term crop loans at an affordable rate to give a boost to agricultural productivity and production in the country. The salient features of the scheme are as follows:
a) The Central Government will provide interest subvention of 5 per cent per annum to all prompt payee farmers for short term crop loan upto one year for loan upto Rs. 3 lakhs borrowed by them during the year 2017-18. Farmers will thus have to effectively pay only 4% as interest. In case farmers do not repay the short term crop loan in time they would be eligible for interest subvention of 2% as against 5% available above.
b) The Central Government will provide approximately Rs. 20,339 crore as interest subvention for 2017-18.
c) In order to give relief to small and marginal farmers who would have to borrow at 9% for the post harvest storage of their produce, the Central Government has approved an interest subvention of 2% i.e. an effective interest rate of 7% for loans upto 6 months.
d) To provide relief to the farmers affected by natural calamities, the interest subvention of 2% will be provided to Banks for the first year on the restructured amount.
e) In case farmers do not repay the short term crop loan in time they would be eligible for interest subvention of 2% as against available above.
v Cabinet approves MoU between India and Palestine on agriculture cooperation
The Union Cabinet chaired by Hon’ble Prime Minister Shri Narendra Modi has given its ex-post facto approval to the Memorandum of Understanding (MoU) between Ministry of Agriculture & Farmers’ Welfare and the Ministry of Agriculture in the State of Palestine on agriculture cooperation. The MoU was signed in May 2017 during the visit of the Palestinian Minister of Foreign Affairs to India . The MoU provides for cooperation in the fields of agricultural research; veterinary field including capacity enhancement of Palestinian Veterinary services and Animal Health; irrigation and climate change. It will also be extended to areas such as plant and soil nutrition; exchange of experiences in the field of sanitary and phytosanitary legislation and plant protection Animal husbandry, modern irrigation technology including exchange of experiences, and training and capacity building, etc. would also come in its purview. Under the MoU, an Agricultural Steering Committee will be constituted to determine the programs and action plans to achieve the objectives provided in the MoU It will also set the agenda for cooperation.
v Cabinet approves proposal to introduce the Financial Resolution and Deposit Insurance Bill 2017
The Union Cabinet chaired by Hon’ble Prime Minister Shri Narendra Modi has approved the proposal to introduce a Financial Resolution and Deposit Insurance Bill, 2017. The Bill would provide for a comprehensive resolution framework for specified financial sector entities to deal with bankruptcy situation in banks, insurance companies and financial sector entities.
The Financial Resolution and Deposit Insurance, Bill 2017 when enacted, will pave the way for setting up of the Resolution Corporation. It would lead to repeal or amendment of resolution-related provisions in sectoral Acts as listed in Schedules of the Bill. It will also result in the repealing of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 to transfer the deposit insurance powers and responsibilities to the Resolution Corporation.
The Resolution Corporation would protect the stability and resilience of the financial system; protecting the consumers of covered obligations up to a reasonable limit; and protecting public funds, to the extent possible. The Government has recently enacted the Insolvency and Bankruptcy Code, 2016 (“Code”) for the insolvency resolution of non- financial entities. The proposed Bill complements the Code by providing a resolution framework for the financial sector. Once implemented, this Bill together with the Code will provide a comprehensive resolution framework for the economy.
The Financial Resolution and Deposit Insurance Bill, 2017 seeks to give comfort to the consumers of financial service providers in financial distress. It also aims to inculcate discipline among financial service providers in the event of financial crises by limiting the use of public money to bail out distressed entities. It would help in maintaining financial stability in the economy by ensuring adequate preventive measures, while at the same time providing the necessary instruments for dealing with an event of crisis. The Bill aims to strengthen and streamline the current framework of deposit insurance for the benefit of a large number of retail depositors. Further, this Bill seeks to decrease the time and costs involved in resolving distressed financial entities.
v Cabinet approves signing of Memorandum of Understanding between India and Armenia on cooperation on youth matters
The Union Cabinet chaired by the Hon’ble Prime Minister Shri Narendra Modi was apprised about an Memorandum of Understanding which has already been signed between India and Armenia for cooperation on youth matters.The MoU was signed in April, 2017. This MoU shall remain in force for a period of five years. Thereafter, the MoU will be automatically renewed for successive periods of five years, unless either Party notifies the other Party of its intention of not to renew the MoU, at least six months before its expiration. It can be terminated by either Party after giving six months’ prior notice in writing to the other Party. The objective of the MoU is to strengthen and encourage cooperation between the two countries on youth matters through participation in events and activities organized by the parties, information and knowledge sharing, and youth exchanges between the two countries.
The areas of cooperation on Youth matters includes exchanges of youth, representatives of youth organizations, and government officials in-charge of youth policy-making. It will also be applicable for extension of invitations to international conferences and seminars on youth matters held in the two countries, exchange of printed materials, films and experiences. The cooperation will also be in areas of research and other information on youth matters, participation in youth camps, youth festivals and other youth events held in the two countries, etc.
v Cabinet approves signing of Memorandum of Understanding between India and Bangladesh for promoting cooperation in the field of Information Technology and Electronics
The Union Cabinet chaired by Hon’ble Prime Minister Shri Narendra Modi was apprised about an Memorandum of Understanding which has already been signed between India and Bangladesh for promoting cooperation in the field of Information Technology and Electronics (IT&E). The MoU was signed in April, 2017 between Ministry of Electronics and Information Technology, Government of India and Information and Communication Technology Division of Bangladesh. It will remain in force for a period of five years.
Thereafter, the MoU will be extended at any time within the period it remains in force by mutual written consent of the Parties. It can be terminated by either Party after giving six months’ prior notice in writing to the other Party. The MoU in the field of IT&E is technical in nature and focused primarily on e-Governance, m-Governance, e-Public Services Delivery, Cyber Security, Capacity Building etc . The MoU aims to explore business opportunities, IT&E market in Bangladesh by Indian IT companies and attract investment in Indian electronics and IT sectors in India which would indirectly generate employment opportunities.
~ The World No.7 from Hong Kong believes a professional league such as UTT will help bring advanced training methods and technical aspects to India ~
Mumbai, 14 June 2017: For Wong Chun Ting, World No.7 and a Bronze Medalist at the recently concluded World Championship in Dusseldorf, visiting India for the very first time stokes a whole lot of excitement. “I am very excited about my first trip to India for the Ultimate Table Tennis. I expect there will be top-class competitions with many top players from other countries,” stated Wong Chun Ting, who lives in Hong Kong. He is the highest ranked player at the inaugural Ultimate Table Tennis scheduled to begin on July 13 in Chennai.
Wong Chun Ting took to competitive training in table tennis only at the age of 12. Until then, playing Table Tennis was a fun activity he indulged with his elder brother and father. “Joining the Hang Seng Table Tennis Academy was a critical point of my career in table tennis. Even though it was tough as I had to travel a long way to the training centre after school, I was really looking forward to each session of training,” said the paddler who took up TT as a full-time career after completing his secondary school at the age of 18.
While he completed ninth in the men’s singles at the 2016 Rio Summer Olympics, the Hong Kong player has had a memorable start in 2017. He won the mixed doubles Bronze along with his compatriot Doo Hoi Kem at the World Championship which he calls, ‘a highlight of his career’.
“This experience has an amply impact to my career in table tennis. This year my target is to get a place at the World Tour Grand Finals in December. I want to advance my world ranking further,” said an optimistic Wong Chun Ting.
Speaking about the inaugural edition of the Ultimate Table Tennis where he will turn up for the Maharashtra United, Wong Chun Ting said, “The Professional league will attract and bring world class players to India. This will benefit the sport of table tennis in India. I believe it will bring advanced training methods and other technical aspects too which will benefit Indian players in the long run.”
Wong Chun Ting, a stylish paddler known for his penhold grip, has earlier been part of Professional Leagues in China and Poland. He will team up with Harmeet Desai, Ronit Bhanja, Joao Monteiro, Krittwika Sinha Roy, Pooja Sahasrabudhe, Liu Jia and Fu Yu in the Maharashtra United squad.
IL&FS Education enters the online education market with the launch of K-12 digital learning platform
New Delhi / National, 14th June 2017: IL&FS Education & Technology Services Ltd. (IETS), the social infrastructure arm of IL&FS Group, marked its entry into the online education market today with the launch of ‘Geneo’, a personalized digital learning platform targeting the K-12 segment.
The platform has been developed in technical collaboration with Google for Education.
It was launched at an event by Mr. Ravi Parthasarathy, Chairman, IL&FS Group, in the presence of Mr. Hari Sankaran, Vice Chairman, IL&FS Group, Professor Devang V.Khakhar, Director of IIT Bombay, Mr. R.C.M. Reddy, MD & CEO, IL&FS Education & Technology Services Ltd and Ms. AnujaShukla, Start up Lead, Cloud Computing Platform, Google
In the initial phase, Geneo will leverage IL&FS Education’s base of 10 million students.
Highlighting the features of the platform, Mr. R.C.M. Reddy said, “Geneo is a personalized digital learning platform specially created for K-12 students. Designed in technical collaboration with Google for Education, Geneo uses an app-cloud model that provides students curated digital content from multiple sources.Offering round-the-clock remote mentor support, Geneois conveniently accessible across platforms including mobile phones, laptops, PCs, tablets and chromebooks.”
Geneo curates digital content provided by multiple partners, such as,EnglishHelper, Avanti, Simulanis and Educe while mapping it with the prescribed textbook syllabus.
Geneo will complement primary and secondary syllabus of schools to provideseamless quality learning while augmenting delivery capabilities of the educators. Over the longer term, the Geneo platform will be used to develop a life-long-learning pathway for students acrosstheCountry.
Also present on the occasion were the Content Partners, Mr.Sanjay Gupta, CEO Global, EnglishHelper Inc.; Mr. SriniRaghavan, CEO, Educational Initiatives, Mr. Akshay Saxena, Co-Founder and Managing Trustee, Avanti, Mr. Aditya Nishtala, Founder, Coolfire and Mr. Koteshwar Rao, CEO, Educe.
With 1/3rd the oil usage during consumption, Leonardo Olive Oil demonstrates how it cares for the metabolic health of those who take care of the nation
Mumbai, June 14, 2017: Leonardo Olive Oil, a leading olive oil brand in the country, organized a health and wellness camp for the Army personnel and their families. Leonardo olive oil took the initiative to enlighten them about how Indian food can be made healthy through a health check-up camp, live cooking demo and Nutritionist’s health talk. The event held at the CGS Colony-Ghatkopar West, was a huge success and was attended by about 200 army personnel. The focus of this event was to showcase Leonardo Olive Oil’s versatility in Indian cooking and explain how it improves complete metabolic health.
To remain healthy and fit, one forgoes all indulgences and chooses not to have the deep fried Indian food that they love. Leonardo Olive Oil through this event shatters that mind set by showcasing the health benefits of its range. Olive Oil has highest MUFA (75%) as compared to other refined oils and this is coupled with it being a rich source of Antioxidants and oleic acid that results in lower intake of oil through the food cooked in it. Food fried in Leonardo Olive Oil absorbs less oil as compared to regular refined oil (as per the study conducted by NABL Accredited Lab). Leonardo Olive Oil also boosts good cholesterol, helps in weight and waist-line management, controls blood sugar levels, and is trans-fat free – making it a source of improved metabolic health. Hence, one can follow their heart with Leonardo Olive Oil and say ‘Khata Rahe Mera Dil’ (the brand’s tagline).
During the event, a health check-up was organized for the Army personnel and their families on basic parameters like blood pressure, ECG, Blood Glucose etc. along with personalized diet plan by a dietician. There was a live cooking demonstration to illustrate the usage difference between a regular refined oil and Leonardo Olive Oil. The chef also explained the versatility of Leonardo olive oil and the usage of all its variants in Indian cooking. An expert nutritionist was also present during the event to discuss how our body’s metabolism defines our holistic health.
Leonardo Olive oil offers the consumers a healthy cooking medium for all types of Indian cooking – it has Pomace for deep frying, Extra Light for every day cooking and Extra Virgin for dressings and dips. Its versatility and the fact that it cooks day-to-day Indian dishes in just 1/3rd the oil, makes it the healthiest oil amongst all, so that one can eat fried and not oily food.
Speaking during the event, Neelima Burra, Chief Marketing Officer, Cargill Foods India said “Army and Leonardo Olive Oil are synonymous in terms of looking after the health and well-being of the citizens. Even with a modified lifestyle and food habits, the love for paranthas, tikki, bhaturas etc. is unfathomable. Leonardo offers freedom to have every kind of Indian food without any guilt because of its high MUFA content and the ability to cook in much lesser quantity of oil as compared to other refined oils while keeping the taste and palatability high. As army fights the wars outside, we strive to keep them healthy inside so that they can indulge in fried but not oily food”.
Speaking during the event, Air Vice Marshal M Baladitya VSM, Chairman, Board of Administration & General Manager of Canteen Store Department said, “We are overwhelmed by the gesture of Cargill Foods India and are proud to partner with Leonardo Olive Oil for this event. Being in armed forces, health is our first priority and with this collaboration, our families have understood the importance of olive oil in one’s diet and how it enhances one’s metabolic health.”
Speaking during the event, Ms. Naaznin Husein, President, Indian Dietetic Association said, “Being in the industry and studying about health for almost two decades now, I have realized that creating awareness about the metabolic health is a major concern. Dietary changes can help improve metabolic health. The role of cooking oil is of paramount importance to improve metabolic health. Using a right cooking oil can bring about positive change in weight, waist circumference, blood cholesterol, and general health”.
Hungary’s parliament on Tuesday approved a law regulating civic groups which receive foreign funding. The bill passed by the governing parties led by Prime Minister Viktor Orban compels groups getting more than 7.2 million forints ($26,200) a year from abroad to register the fact with the courts and announce in most of their online and printed publications that they are foreign-funded. Non-governmental organizations will also have to list any foreign sponsors giving them more than 500,000 forints ($1,800) a year. The law is nominally meant to increase transparency among civic groups and boost efforts against money laundering and the financing of terrorism. Amnesty International described the bill as a “vicious and calculated assault on civil society. Media agencies