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PIB Summaries 28 April 2022

CONTENTS

  1. Nutrient Based Subsidy (NBS)
  2. India Post Payments Bank
  3. PM SVANidhi
  4. Indian Mission in Lithuania

Nutrient Based Subsidy (NBS)


Focus: GS-III: Agriculture

Why in News?

The Union Cabinet chaired by the Prime Minister has approved the proposal of the Department of Fertilizers for Nutrient Based Subsidy (NBS) rates for Phosphatic and Potassic (P&K) fertilizers for Kharif Season – 2022

About Nutrient-Based Subsidy Regime

  • Under the Nutrient-based subsidy (NBS) regime – fertilizers are provided to the farmers at the subsidized rates based on the nutrients (N, P, K & S) contained in these fertilizers.
  • Also, the fertilizers which are fortified with secondary and micronutrients such as molybdenum (Mo) and zinc are given additional subsidy.

Click here To Read More: Nutrient Based Subsidy (NBS)


India Post Payments Bank


Focus: GS III- Indian Economy

Why in News?

Cabinet approved a revised cost estimate on “Setting up of India Post Payments Bank”.

About India Post Payments Bank (IPPB)

  • The India Post Payments Bank is a public sector payments bank from India operated by the India Post.
  • The India Post Payment Bank (IPPB) was setup under the Department of Post, Ministry of Communication with 100% equity Owned by Government of India.
  • The India Post Payments Bank (IPPB) will be like any other banks but its operations will be on a smaller scale without involving any credit risk.
  • It will carry out most banking operations like accepting deposits but won’t advance loans or issue credit cards.
  • Motto: “Every customer is important, every transaction is significant and every deposit is valuable”.
  • Vision: “Building the most accessible, affordable and trusted bank for the common man”.
  • Mission: “Spearheading financial inclusion by removing barriers and reducing costs for accessing banking services”.
  • The IPPB has been integrated with Post Office Savings Bank (POSB).
  • The IPPB is the sixth Payments bank, which has become operational after Aditya Birla, Airtel, Fino, Jio and Paytm Payments Banks.
  • The freshly-minted payments bank will accept deposits of up to Rs. 1 lakh, offer remittance services, mobile payments/transfers/purchases and other banking services like ATM/debit cards, net banking and third-party fund transfers.
  • The Payments bank are licensed under Section 23 of the Banking Regulation Act 1949, and registered as public limited company under the Companies Act, 2013.

PM SVANidhi


Focus: GS-II Social Justice, GS-III India Economy

Why in News?

The Cabinet Committee on Economic Affairs chaired by the Prime Minister, Shri Narendra Modi, today has approved the continuation of lending under the Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) beyond March 2022 till December 2024, with focus on enhanced collateral free affordable loan corpus, increased adoption of digital transactions and holistic socio-economic development of the Street Vendors and their families. 

PM Street Vendor’s Atmanitbhar Nidhi (PM SVANidhi)

  • PM SVANidhi is a Special Micro-Credit Facility.
  • PM SVANidhi was launched by the Ministry of Housing and Urban Affairs for providing affordable Working Capital loan to street vendors to resume their livelihoods that have been adversely affected due to Covid-19 lockdown.
  • Under the Scheme, the vendors can avail a working capital loan of up to Rs. 10,000, which is repayable in monthly instalments in the tenure of one year.
  • The scheme promotes digital transactions through cash back incentives.
  • Beneficiaries: 50 lakh Street Vendors.

Click Here To Read More: PM SVANidhi

 


Indian Mission in Lithuania


Focus: Facts for Prelims

Why in News?

The Union Cabinet chaired by the Prime Minister has accorded approval to the opening of a new Indian Mission in Lithuania in 2022.

Key Points:

  • Opening of Indian Mission in Lithuania will help expand India’s diplomatic footprint, deepen political relations and strategic cooperation, enable growth of bilateral trade, investment and economic engagements, facilitate stronger people-to-people contacts, allow for more sustained political outreach in multilateral fora and help garner support for India’s foreign policy objectives.
  • Indian Mission in Lithuania will also better assist the Indian community and protect their interests.
  • The decision to open a new Indian Mission in Lithuania is a forward-looking step in pursuit of our national priority of growth and development or ‘Sabka Saath Sabka Vikas’.
  • Enhancement of India’s diplomatic presence will, inter-alia, provide market access for Indian companies and bolster Indian exports of goods and services.
  • This would have a direct impact in augmenting domestic production and employment in line with our goal of a self-reliant India or ‘Atmanirbhar Bharat’.

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