Current Affairs - June, 2020

This category comprises latest Current Affairs of June, 2020 with news summary on current events of National and International importance. Current Affairs June, 2020 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.

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Union Cabinet Approves Private Sector Participation in Space Activities

The move to leapfrog India’s space activities into the next stage by transforming the Indian Space Sector for the future challenges was made during a meeting of the Union Cabinet on 24th June 2020.

Under the Chairmanship of the Prime Minister of India Narendra Modi, to further advance India’s capabilities in the space sector, the Cabinet approved the participation of the private sector in various space activities.

This long-awaited move from the Indian Government is highly significant in order to establish India’s position as one of the important players in the global space economy.

The decision will bring new energy and dimension to the entire space sector, which in the long run will also help in building an AtmaNirbhar Bharat by making the space sector self-reliant and technologically advanced.

Role of IN-SPACe and NSIL

  • The Cabinet has approved setting up of Indian National Space Promotion and Authorization Centre (IN-SPACe). Through friendly regulatory and encouraging policies, IN-SPACe will have the responsibility to guide the private sector in various space activities.
  • State-owned enterprise New Space India Limited (NSIL) was founded in March 2019. The NSIL will have the responsibility to change the economic and social policies for encouraging the private sector in space activities by making Indian Space Sector demand-driven from the current supply-driven model.

Cabinet Approves Ordinance to bring UCBs and MSCBs under RBI supervision

The decision to bring Urban Cooperative Banks (UCBs) and Multi-State Cooperative Banks (MSCBs) under the supervision of India’s Central Bank- the Reserve Bank of India (RBI) was taken on 24th June 2020 during a meeting of the Union Cabinet.

The ordinance will immediately come into effect from the date of signature of the President of India.

Background

The decision was taken by the Government following the financial irregularities of the Punjab & Maharashtra Cooperative (PMC) Bank that was unearthed in the month of September 2019.

Benefit for Depositors

RBI’s supervision means that the 8.6 crore depositors of these 1482 UCBs and 58 MSCBs around the country will be able to get the added protection and comfort that are at present applicable for the scheduled commercial banks in the country, such as Bank Deposit Insurance to per depositor of up to Rs 5 lakh, etc.

Announced During the Finance Budget

Earlier on 1st February 2020, the Finance Minister during her Budget Speech had announced that the Cooperative Banks will be brought under the Supervision of RBI.  The Cabinet cleared the amendment Bill on 5th February 2020 following which the Banking Regulations (Amendment) Bill, 2020 was introduced in Lok Sabha on 3rd March 2020. However, the Bill could not be passed as the Budget Session was curtailed due to the outbreak of the global COVID-19 pandemic.

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