PIB News Analysis 24th-25th March 2020

1)PM to participate in G20 virtual summit tomorrow:- The Prime Minister Shri Narendra Modi shall participate in G20 virtual summit tomorrow to discuss on the issues related to Corona virus.

What is G20?:- The G20 is an informal group of 19 countries and the European Union, with representatives of the International Monetary Fund and the World Bank.

The G20 membership comprises a mix of the world’s largest advanced and emerging economies, representing about two-thirds of the world’s population, 85% of global gross domestic product, 80% of global investment and over 75% of global trade.

Origin:-

1997-1999 ASIAN Financial Crisis: This was a ministerial-level forum which emerged after G7 invited both developed and developing economies. The finance ministers and central bank governors began meeting in 1999.

The members of the G20 are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union.

2)Regional Rural Banks:- Regional Rural Banks (RRBs) are financial institutions which ensure adequate credit for agriculture and other rural sectors .

Regional Rural Banks were set up on the basis of the recommendations of the Narasimham Working Group (1975), and after the legislations of the Regional Rural Banks Act, 1976.

The first Regional Rural Bank “Prathama Grameen Bank” was set up on October 2, 1975. At present there are 82 RRBs in India.

The equity of a regional rural bank is held by the Central Government, concerned State Government and the Sponsor Bank in the proportion of 50:15:35.

The RRBs combine the characteristics of a cooperative in terms of the familiarity of the rural problems and a commercial bank in terms of its professionalism and ability to mobilise financial resources. Each RRB operates within the local limits as notified by Government. The main objectives of RRB’s are to provide credit and other facilities‚ especially to the small and marginal farmers‚ agricultural labourers artisans and small entrepreneurs in rural areas with the objective of bridging the credit gap in rural areas, checking the outflow of rural deposits to urban areas and reduce regional imbalances and increase rural employment generation.

The RRB’s have also been brought under the ambit of priority sector lending on par with the commercial banks.

3)National Book Trust of MHRD Launches #StayHomeIndiaWithBooks initiative:-
In the wake of Preventive Measures of the Government of India to contain the spread of Covid-19, and to encourage people to #StayIn and #StayHome, the National Book Trust of HRD Ministry, in its efforts to encourage people to read books while at home, is providing its select and best-selling titles for FREE Download as part of its initiative of #StayHomeIndiaWithBooks!

4)CCMB may soon come up with diagnostic kits for Covid-19:- To combat Covid-19 pandemic, the World Health Organisation (WHO) insists that widescale “testing, testing, and testing” is the key as early diagnosis may help save lives. Aligning with the call of WHO, the Centre for Cellular and Molecular Biology (CCMB) is working overtime on the development of cost-effective and accurate diagnostic kits for wide distribution.

About CCMB:- The Centre for Cellular and Molecular Biology or CCMB is an Indian biotechnology research establishment located in Hyderabad that operates under the aegis of the Council of Scientific and Industrial Research(CSIR).

CCMB is a designated “Center of Excellence” by the Global Molecular and Cell Biology Network, UNESCO.

The Republic of India’s national biosafety level – 4 containment facility for human infectious diseases is located on the campus of CCMB.

Founded in the Year : 1977

5) Former footballer Abdul Latif passes away.

6)News:- COVID-19: Indira Canteens will be closed

The State government of Karnataka made a U-turn on its decision to provide free food at Indira Canteens. Chief Minister B.S. Yediyurappa, on Tuesday, announced that all Indira Canteens will be closed during the lockdown to prevent people from gathering in large numbers.

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