Rapid Fire Current Affairs | 01 Aug 2023

MSME CARD

Recently, the Ministry of Micro Small and Medium Enterprises (MSME), in association with the National Payment Corporation of India (NPCI) had launched the MSME RuPay Credit Card on a pilot basis, pan-India for Udyam registered MSMEs.

The MSME RuPay Credit Card provides a simplified payment mechanism to MSMEs to meet their business-related operational expenses like digital payments, utility bills payments, tax/statutory payments, etc.
MSME borrowers also take benefit of interest-free credit period on their business spending as per the bank's policy.
NPCI, an umbrella organization for operating retail payments and settlement systems in India, is an initiative of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India.

Read more: Credit Growth for MSMEs

Mahila Samman Savings Certificate Scheme (MSSC)

The Mahila Samman Savings Certificate Scheme (MSSC) is a small savings scheme launched by the Ministry of Finance, to commemorate the Azadi ka Amrit Mahotsav, aimed at encouraging women investors.

Women of any age group, including girl children, can open an MSSC account with a minimum deposit of Rs 1000 and a maximum deposit of Rs. 2 Lakhs for a two-year period until March 2025.
So far, 14,83,980 accounts have been opened with total deposits of Rs 8,630 crore under the scheme.
The scheme offers an attractive interest rate of 7.5% p.a., compounded quarterly, along with the provision for partial withdrawal and premature closure of the account is allowed at any time after six months of opening but with the interest rate reduced by 2%.

Cross-Border Wildfire: Eagle Bluff Threatens Osoyoos and British Columbia

Recently, a wildfire, initially named 'Lone Pine Creek' that started in Washington, USA crossed the border into the Canadian province of British Columbia.

This rapidly spreading fire, now known as 'Eagle Bluff’ and estimated to cover 885 hectares (2,200 acres) on the Canadian side and around 2,000 hectares on the U.S. side.
- British Columbia as well as other parts of Canada are already reeling from drought, which has caused several wildfires in the country in July 2023.
This event also reminded of the 2021 wildfires in British Columbia, which were blamed on a heat dome in the Pacific Northwest.

Read more: Wildfire, Heat dome

MPLADS Fund Allocation for Covid-19 Relief

Recently, the Ministry of Statistics and Programme Implementation provided valuable insights into the Members of Parliament Local Area Development Scheme (MPLADS) during a written reply in the Rajya Sabha.

MPLADS scheme enables the members of parliaments (MPs) to recommend developmental work in their constituencies with an emphasis on creating durable community assets based on locally felt needs.
The annual allotment under the MPLAD Scheme has remained unchanged since the Financial Year 2011-12.
However, in response to the Covid-19 pandemic, a total of Rs. 6,320 crores from MPLADS funds were allocated to the Ministry of Finance for the Financial Years 2020-21 and 2021-22.