The Daily Brief – 3rd March 2019


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  1. The Cabinet Committee on Economic Affairs (CCEA) has approved Rs 10,000 crore package over three years till 2022 for the second phase of Faster Adoption & Manufacturing of Electric (and hybrid) vehicles (FAME) scheme. The FAME scheme is aimed at encouraging faster adoption of Electric and hybrid vehicle by way of offering an upfront incentive on the purchase of Electric vehicles and also by way of establishing a necessary charging Infrastructure for electric vehicles. FAME II emphasizes on electrification of the public transportation that includes shared transport.
  2. The BCG-IBA report EASE Reforms for Public Sector Banks measures the performance of each PSB on 140 objective metrics across 6 themes. The 6 themes are: Customer Responsiveness, Responsible Banking, Credit Off-take, PSBs as UdyamiMitra, Deepening Financial Inclusion & Digitalisation and Ensuring outcomes – HR. Punjab National Bank has been ranked first among public sector banks in the implementation of ‘reforms agenda’, followed by Bank of Baroda and State Bank of India.
  3. Indian Railway Catering and Tourism Corporation (IRCTC) has launched its own payment aggregator system, IRCTC iPay. It is a prepaid card cum wallet and will have full control of the payment system because of its direct relationship with acquiring banks, card networks and other partners.
  4. The Union Cabinet headed by Prime Minister Narendra Modi has given ex-post facto approval for the creation of the Special Purpose Vehicle (SPV) and associated activities for the disinvestment of Air India and its subsidiaries/JV. Debt of Air India Ltd. amounting to Rs. 29,464 crore would be transferred to Air India Assets Holding Ltd.
  5. The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi approved the ‘Pradhan Mantri Jaiv Indhan- Vatavaran Anukool fasal awashesh Nivaran (JI-VAN) Yojana’ for providing financial support to the Integrated Bioethanol Projects. The scheme aims to incentivise 2G Ethanol sector and support the industry by creating a suitable ecosystem for setting up commercial projects and increasing Research & Development in this area.
  6. The Union Government on March 1, 2019 signed a 926 million dollar loan agreement to operationalise two of the Mumbai Metro Rail System. The move will ease the distress of millions of commuters each day and help provide a cleaner and less congested city. The loan agreement was signed by Sameer Kumar Khare, Additional Secretary (Fund Bank and ADB), Department of Economic Affairs, on the behalf of the Indian Government and Kenichi Yokoyama, Country Director of ADB’s India Resident Mission on behalf of ADB.
  7. Prime Minister Narendra Modi will visit Amethi in Uttar Pradesh on 3 March, 2019 to lay foundation stones and dedicate various development projects of several crores including manufacturing of Indo-Russian high tech rifle guns at Ordnance Factory at Mushiganj. This factory will provide employment to youths and tag new wings to the development in Amethi and nearby area.

    Exercise Red Flag
  8. The Saudi Arabia air force along with air forces from United States, the United Arab Emirates, Belgium, the Netherlands, and Singapore, will take part in Red Flag 2019, an international military drill, from 3rd to 16th March 2019 in the United States. The Red Flag exercise, launched in 1975, is a two-week advanced aerial combat training exercise held several times a year by the US Air Force

Check out the CLATGyan Test Series 2019 : 30 Simulated Online Tests + Personal Mentor | Run entirely by the students of NALSAR University of Law.

Today’s Quiz

1. FAME scheme is about

2. What is the online payment system launched by Indian Railway Catering and Tourism Corporation (IRCTC)?

3. Union Government signed a 926 million dollar loan agreement to operationalise two of the Mumbai Metro Rail System with ____

4. Which bank has been ranked first among public sector banks in the implementation of ‘reforms agenda’?

5. When was Red Flag exercise launched?

6. Red Flag exercise is conducted by ___

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