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Consumer Protection Act, 2019 comes into force in IndiaThe Consumer Protection Act, 2019 has been implemented in India since 20th July 2020. It has replaced Consumer Protection Act, 1986. The new act has been introduced to offer protection to buyers from traditional sellers as well as from the new e-commerce retailers/platforms. It will protect the consumer rights through its various notified Rules and provisions and will empower consumers and hence help them in protecting their rights.
LIC signs agreement with UBI to distribute latter’s policies Life Insurance Corporation of India (LIC) and Union Bank of India, after its amalgamation with Corporation Bank and Andhra Bank, have announced a corporate agency agreement to distribute LIC policies. The bank will market LIC products of term insurance, pension, plan, children plan, ULIPs, and endowment schemes.Union Bank of India can act as a financial supermarket by offering a basket of products to its account holders, whereby they can select products according to their choice.
Punjab Govt tie-up with IIT-Ropar for skill development The Punjab government has signed an agreement with the Indian Institute of Technology, Ropar, in the area of skill development. The agreement provides IIT’s technical education department to become an academic mentor for the state’s engineering colleges at Gurdaspur and Ferozepur, Sri Guru Gobind Singh Skill Institute at Chamkaur Sahib, five government polytechnics and 10 government ITIs.
Greta Thunberg named winner of Gulbenkian Prize for Humanity The 17 year old climate activist from Sweden, Greta Thunberg has been named winner of the inaugural Gulbenkian Prize for Humanity. She will receive a prize money of 1 million euro.She has been awarded for her efforts to mobilise younger generations to tackle climate change. She commenced a protest outside the Swedish parliament in 2018 and risen to global prominence, becoming the figurehead for a series of school strikes by children around the world.
India successfully tests fires ATGM “Dhruvastra” India has successfully conducted flight tests of its indigenously developed anti-tank guided missile ‘Dhruvastra’. The flight tests were conducted from the Integrated Test Range at Chandipur in Odisha.‘Dhruvastra’ is an anti-tank guided missile (ATGM) which has been developed by the Defence Research and Development Organisation (DRDO). It is a helicopter version of ‘Nag Helina’
Bajaj Finance Chairman Rahul Bajaj resigns The present non-executive chairman of Bajaj Finance, Rahul Bajaj has decided to step down on July 31, 2020. He will be replaced by his son Sanjiv Bajaj (the present Vice Chairman of the company). Rahul Bajaj will continue to serve as a non-executive non-independent director of the company.
History on the Date:
(1944) Conference of Bretton Woods signed; IMF operations begin
(2000) British Open Men’s Golf, Royal Lytham & St. Annes: Tiger Woods beats Thomas Bjørn and Ernie Els by 8 shots to win his first Open title; becomes youngest player at 24 to win all 4 major titles