Daily Current Affairs Update | 22 August 2020

1.National Affairs

Madhya Pradesh becomes first state to recruit on basis of CET

CET, or Common Eligibility Test, will replace the individual tests conducted for jobs through RRB, SSC and IBPS

It will be conducted by a newly approved organisation called National Recruitment Agency

The exam will be conducted at the three levels of Graduate, 12th pass and 10th pass candidates.

2.Economy

Ramesh Chand Task Force Recommendations

The Task Force has recommended to:

1. link sugarcane prices to sugar rates
2. make a one-time increase in the minimum sugar price at Rs 33 per kg
3. review the minimum support price (MSP) of sugarcane every six months
4. incentivise farmers to grow less water-intensive crops in sugarcane fields
5. use Revenue Sharing Formula (RSF) and Price Stabilization Fund to ensure farmers get fair price for produce

Quick Fact: The task force has been created by NITI Aayog

3.Economy

Second National Strategy for Financial Education (NSFE) launched by RBI

NSFE 2020-25 aims to achieve a financially aware and empowered India with a with 5-Core Actions approach.

The approach contains five Cs— Capacity, Content, Communication, Community, and Collaboration, where:

1. Capacity: developing capacity of intermediaries involved in financial education
2. Content: School curriculum for financial education
3. Communication: Communication strategy for community-led model
4. Community: Following a community-led model
5. Collaboration: Enhancing collaboration among various stakeholders

Quick Fact: The first NSFE was launched by National Centre for Financial Education, an NPO promoted by RBI, in 2013

4.India and the World

Supply Chain Resilience Initiative to be launched to counter China

The initiative to will be launched by Japan, India and Australia

The initiative aims to:

1. reduce economic dependence on China and alleviate company concerns about China’s political behaviour
2. attract foreign direct investment in the Indo-Pacific region
3. make the Indo-Pacific region an economic powerhouse
4. build partner relationship between the countries in the region

Quick Fact: The initiative was first proposed by Japan

5.Economy

RBI releases Framework for Authorisation of Pan-India Umbrella Entity for retail payments

RBI will set up a new pan-India umbrella entity which will have a minimum paid-up capital of Rs 500 crores.

The entity will set up, operate, manage new payment systems including ATMs, Aadhaar based payments, label Point of Sales, remittance services. It will also develop standards, payment methods and technologies related issues pertaining to retail payment.

This will help split the accumulated powers and responsibilities of the National Payment Corporation of India (NPCI).