1. International Affairs

Asian Development Bank to invest 100 million USD in India’s NIIF

Asian Development Bank will be investing 100 million USD in National Investment and Infrastructure Fund (NIIF) This funding aims to boost Indian economy. The main purpose of NIIF is to aid greenfield and brownfield projects in the country

Quick Facts: NIIF funds can only be invested in areas such as transportation, energy, water, housing, waste management.

2. Government Schemes

Insurance Scheme for healthcare providers fighting COVID-19

GoI has approved an insurance scheme for healthcare providers fighting COVID-19. This scheme was announced under the Pradhan Mantri Garib Kalyan Package. It will provide an insurance cover of Rs 50 lakhs for 90 days of service to a total of 22.12 lakh public healthcare providers. The term ‘healthcare providers’ for this scheme will include doctors, sanitation staff, paramedics, Asha workers and nurses.

3. National Affairs

PMO constitutes a high-level panel to restore normalcy after lockdown

The high-level committee will suggest measures to improve health-care and boost economy. P K Mishra, principal secretary of the Prime Minister, will be chairman of the committee. The committee will have separate task forces/panels. The Economy and Welfare panel will work under the Economic Affairs Secretary The Healthcare team will work under leadership of Niti Aayog member V K Paul.

4. Economy

Mega Consolidation Plan approved by RBI

This is a merger plan of 10 state-run banks into 4 larger banks from April 1, 2020. As per Section 7 of the RBI act, the Finance Minister initiated the amalgamation plan in public interest and RBI approved it The 4 larger banks will be Punjab National Bank, Canara Bank, Indian Bank, Union Bank of India

Quick Facts: Shaktikanta Das is the governor of RBI

Key Takeaways: Amalgamation will take place as follows: 1) United Bank of India and Oriental Bank of Commerce are to be merged with Punjab National Bank 2) Syndicate Bank is to be amalgamated with Canara Bank 3) Allahabad Bank is to be amalgamated with Indian Bank 4) Andhra Bank and Corporation Bank are to be amalgamated with Union Bank of India

5. Science and Technology

FDA approves Convalescent Plasma Treatment for critically ill COVID-19 patients

In this process, convalescent plasma will be collected from patients who have recovered from COVID-19 and injected into critically ill patients. This process will inject antibodies into patients and help them gain immunity against coronavirus.

Quick Facts: Food and Drug Administration (FDA) is a federal agency of the US Department of Health and Human Services, and is headquartered in Maryland, USA.