In a strategic collaboration with the National Payment Corporation of India (NPCI), the Ministry of Micro Small and Medium Enterprises (MSME) has taken an innovative step by launching the MSME RuPay Credit Card. Rolled out on a trial basis across the nation, the card is meant for MSMEs that are Udyam-registered. It offers them a streamlined mechanism to handle business-related operational expenses such as digital payments, utility bills, tax/statutory payments, and more.
NPCI, an initiative by the Reserve Bank of India and the Indian Banks’ Association, serves as the umbrella organization in India to oversee retail payments and settlement systems. The purpose of NPCI, as etched in the Payment and Settlement Systems Act, 2007, is primarily to build sturdy Payment and Settlement Infrastructure within the country. Alongside this, the MSME RuPay Credit Card also allows business spending with an interest-free credit period as per the bank’s policy.
Mahila Samman Savings Certificate Scheme: Empowering Women Investors
To celebrate Azadi ka Amrit Mahotsav, the Ministry of Finance introduced the Mahila Samman Savings Certificate Scheme (MSSC). This small savings scheme is specifically catered to encourage women investors. Women of any age group, including girls, can initiate an MSSC account. The minimum deposit limit stands at Rs 1000, while the maximum is Rs. 2 Lakhs, valid for a two-year period until March 2025.
The scheme boasts an impressive tally of 14,83,980 accounts opened with total deposits reaching Rs 8,630 crore. Additionally, MSSC provides a lucrative interest rate of 7.5% p.a., which is compounded quarterly. There is provision for partial withdrawal and premature closure of the account after six months of opening, though with a reduced interest rate by 2%.
Cross-Border Wildfire: Eagle Bluff Poses Threat to Osoyoos and British Columbia
Amid the ongoing drought, a wildfire dubbed ‘Lone Pine Creek’ which ignited in Washington, USA has crossed the border into British Columbia, Canada. The fire, now renamed ‘Eagle Bluff’, is fast spreading and reportedly encompasses 885 hectares (2,200 acres) on the Canadian side and about 2,000 hectares on the U.S. side. This incident serves as a chilling reminder of the 2021 wildfires in British Columbia, which were attributed to a heat dome in the Pacific Northwest.
MPLADS Fund Allocation Boosts Covid-19 Relief Efforts
Insights into the Members of Parliament Local Area Development Scheme (MPLADS) have been presented by the Ministry of Statistics and Programme Implementation in a written reply within the Rajya Sabha. The MPLADS scheme empowers Parliament members to recommend local area development work with an emphasis on creating long-lasting community assets based on locally perceived needs.
Since the Financial Year 2011-12, the annual allocation under the MPLAD Scheme remains unchanged. However, the Covid-19 pandemic has necessitated the reallocation of Rs. 6,320 crores from MPLADS funds to the Ministry of Finance for the Financial Years 2020-21 and 2021-22.