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National Current Affairs May 1st Week 2022
Category : National Current Affairs
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The Maharashtra Government Approves the Maharashtra Gene Bank Project.

 
The Maharashtra Cabinet has approved the `Maharashtra Gene Bank,` a first-of-its-kind project in India.
 
Highlights:
 
  • The `Maharashtra Gene Bank,` a first-of-its-kind project in India, was approved by the Maharashtra Cabinet.
  • To protect Maharashtra`s genetic resources, including marine diversity, native agriculture seeds, and animal variety. These seven focal areas will get Rs 172.39 crores over the next five years.
  • The Maharashtra State Biodiversity Board (MSBB) will implement the initiative, overseen by committees led by the chief secretary and senior secretary (forests). 
  • The MSBB will collaborate with institutes such as the National Institute of Oceanography (NIO) Goa to document and conserve uncommon and endangered marine species.

Cochin Shipyard has built India`s first hydrogen-fueled electric vessel.

 
The Ministry of Ports, Shipping, and Waterways will develop and build India`s first indigenous hydrogen-fueled electric vessels at Cochin Shipyard Limited (CSL).
 
Highlights:
 
  • Union Minister for Ports, Shipping, and Waterways Sarbananda Sonowal said India`s first indigenous hydrogen-fueled electric vessels would be developed and built at Cochin Shipyard Limited (CSL), setting off the country`s efforts toward green shipping.
  • The project, according to Sonowal, would be carried out by the Cochin Shipyard in collaboration with Indian partners.
  • The shipyard has already begun laying the groundwork in this area, collaborating with KPIT Technologies and Indian inventors of hydrogen fuel cells and power trains and the Indian Register of Shipping (IRS) on developing laws and regulations for such vessels.
  • The Fuel Cell Electric Vessel (FCEV), a hydrogen fuel cell vessel based on Low-Temperature Proton Exchange Membrane Technology (LT-PEM), is projected to be approximately 17.50 crore, with the Centre covering 75% of the cost.

Equitas Holdings and Equitas SFB have merged. RBI`s approval

 
The Reserve Bank of India has approved the merger of Equitas Small Finance Bank and its parent company, Equitas Holdings Ltd, subject to certain conditions. 
 
Highlights:
  • The RBI`s no objection letter comes with conditions. The merger is taking place to comply with RBI minor finance bank criteria, which require the promoter to reduce their stake in the subsidiary to 40% within five years of the SFB`s launch (Small Finance Bank).
  • According to RBI rules handed down for SFBs in June 2016 and guidelines for licensing SFBs in the private sector in November 2014, equity shares of SFBs should be listed on a recognized stock exchange(s) within three years of the date the SFB`s net value reaches Rs 500 crore.
  • In the instance of ESFB, the applicable listing date was September 4, 2019. However, it launched banking operations with more than Rs 500 crore in net value.
  • An IPO was held to meet the listing requirements, and ESFB shares began trading on platforms on November 2, 2020.
  • The third criterion is that a subsidiary must be brought into the fold if a promoter owns more than 40%.