Current Affairs Pocket : 19 May 2020

Defence Minister Rajnath Singh Approves Rs 400-crore Defence Testing Infrastructure Scheme
* Raksha Mantri Rajnath Singh has approved the launch of Defence Testing Infrastructure Scheme (DTIS), to provide private sector defence and aerospace companies affordable testing facilities to test and validate weaponry they are designing.
* The initiative will give a boost to domestic defence and aerospace manufacturing by creating state of the art testing infrastructure for this sector.
* The total outlay of the scheme is Rs 400 crore, and would run for the duration of five years.
* Since setting up in-house Defence Testing Infrastructure is not economically viable for individual defence industrial units, the DTIS Scheme will set up Greenfield Defence Testing Infrastructure as a common facility under private sector with government assistance.
* The scheme envisages setting up six to eight test facilities in partnership with private industry.

Kotak Mahindra Bank becomes first bank in India to allow video KYC
* Kotak Mahindra Bank has introduced the video-KYC facility for customers opening savings account on Kotak 811 platform.
* With this, Kotak Mahindra Bank has become the first Indian bank to offer video-based “zero-contact” onboarding service.
* RBI has introduced the notification regarding Video-based KYC in January 2020. With Video KYC, verification of documents, signature are completed via a video call with a representative from the bank without any physical interface.

Goldman Sachs projects India’s GDP growth rate for FY21 at -5%
* The global investment banking group, Goldman Sachs has predicted India’s GDP growth for FY21 at -5.0%. Earlier it has predicted the same at -0.4%.
* It means as per Goldman Sachs the GDP of India will contract by 5.0% in FY21.

BSE, NSE cut annual listing fee for SMEs by 25%
* Stock exchanges BSE and NSE have announced to reduce the listing fee for their SME platforms by 25 per cent.
* BSE and NSE had launched their respective SME platforms in 2012 and since then have been facilitating SMEs for raising funds, listing and trading on the exchanges.
* The rebate in the fee comes after Finance Minister Nirmala Sitharaman’s several announcements to rescue the ailing micro, small, and medium enterprises (MSME) sector.

India Post exhibits Special Postal Cover dedicated to Migrant Workers
* India Post has released a Special Postal Cover dedicated to the migrant workers with an objective of paying tribute to them. Five migrant workers were called upon from different sectors to release the Special Postal Cover which was released during an event at the Bicentennial Hall of the historic Mumbai GPO building. The release of Special Cover was an attempt made by India Post to keep the struggles and contributions of migrant workers, recorded in the history of India.
* Among the five migrants, two workers were from the construction sector, one was a taxi driver, one was a jewelry craftsman, and one was a tailor. The programme was held by India Post to acknowledge the contribution of natives of other states in building Mumbai as the migrant workers are an integral part of the cityscape.

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