DAILY CURRENT AFFAIRS: March 25, 2020

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Daily Current Affairs (March 25, 2020) like many other sections is inevitable and this also helps to score in the Banking awareness, Static GK and Financial Awareness sections. Remember, Banking Awareness and Static Awareness Questions are asked from the General Awareness section. This will also help you to ride your preparations for the forthcoming exams.

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Important Days

International Day of Solidarity with Detained and Missing Staff Members:

• The International Day of Solidarity with Detained and Missing Staff Members is observed annually on 25 March by the United Nations.
• It commemorates the anniversary of the abduction of Alec Collett, a former journalist who was working for the United Nations Relief and Works Agency for Palestine Refugees (UNRWA) when he was kidnapped by armed gunman in 1985.
• Theme: “Confronting Slavery’s Legacy of Racism Together” 

Ugadi (Gudi Padwa)- March 25

• Ugadi is the New Year’s Day for the Karnataka, Andhra Pradesh, Telangana states in India. It is festively observed in these regions on the first day of the Hindu lunisolar calendar month of Chaitra. 

• This typically falls in March or April of the Gregorian calendar

National News

38th district to be formed in Tamil Nadu

• In Tamil Nadu, a new district is going to be formed after bifurcating the Nagappattinam district. The new district will be headquartered at Mayiladuthurai. 
• Chief Minister Edappadi Palaniswamy made the announcement saying, it would be the 38th district in the state.

Tamil Nadu

• Capital: Chennai
• Chief Minister: Edappadi K. Palaniswami
• Governor: Banwarilal Purohit

Reliance Industries sets up India’s first Covid-19 dedicated hospital:

• Reliance Industries in collaboration with the Brihanmumbai Municipal Corporation has set up India’s first COVID-19 dedicated hospital in Mumbai that includes a negative pressure room that helps in preventing cross-contamination and helps control infection.
• It is a 100-bedded hospital.

Maharashtra

• Capital: Mumbai

• Chief Minister: Uddhav Thackeray

• Governor: Bhagat Singh Koshyari

MPLADS funds may be utilized for COVID-19

• Ministry of Statistics and Programme Implementation issued a circular granting one-time dispensation for utilizing funds under the Members of Parliament Local Area Development Scheme (MPLADS) to address the challenges in the fight against Coronavirus.
• It will be used for purchase of equipment’s for govt hospitals.

PM Modi allocates Rs 15,000 Cr for healthcare Infra to combat Covid-19 outbreak

• PM Modi announced allocation of Rs 15000 crore to strengthen healthcare infrastructure to fight coronavirus in India. 
• This includes testing facilities, personal protection, isolation beds, ICU beds, ventilators and training medical and paramedical staff.
• He also announced complete lock down of the country for 21 days.

Last date for filing income tax return for FY 2018-19 extended till June 30

• • Finance Minister Nirmala Sitharaman announced that last date for filing of income tax return for the financial year 2018-19 has been extended till 30th June of this year. 

• She said, interest on delayed payment of income tax reduced to 9 per cent from the 12 per cent.

• PAN-Aadhar linking have also been extended till 30th June.

Tamil Nadu CM announces new EV and data centre parks

• Tamil Nadu CM Edappadi K Palaniswami said that, to attract new investments into the state, an Elecric Vehicle park will be set up at Manalur SIPCOT Industrial Estate near Chennai at an expected cost of Rs 148 Cr.
• A NABARD-assisted Rs 2,934 Cr plan is also announced.

First ‘Made in India’ COVID19 Test Kit to diagnose COVID-19 gets the commercial approval

First Made in India Test Kit to diagnose COVID-19 got the commercial approval by the CDSCO (Central Drugs Standard Control Organisation). 

It would cost 1/4th of the current procurement cost and is faster as it screens and detects the infection within 2.5 hours as compared with over 7 hours by others.

International News

Cognizant acquires US-based digital marketing firm

• Cognizant Technology Solutions has entered into an agreement to acquire Lev. 
• Lev helps businesses simplify & modernise their marketing campaigns using Salesforce Marketing Cloud to provide data-driven insight & personalisation across the customer journey.
• Lev is a privately held, digital marketing consultancy in the US.

Hindustan Unilever Ltd to acquire VWash from Glenmark Pharmaceuticals

• Hindustan Unilever signed an agreement with Glenmark Pharmaceuticals Ltd to acquire its intimate hygiene brand VWash. 
• With this acquisition, HUL will be foraying into the niche intimate hygiene category. HUL will be buying only the brand and the business.
• Chairman & Managing Director of HUL- Sanjiv Mehta. 

New Hanta Virus Emerges in China after COVID-19

• A man in Yunnan Province of China died shortly after he was tested positive for Hanta virus. The symptoms of Hanta Virus are similar to that of COVID-19. 
• The Hanta Virus, also called the Orthohanta virus spreads through rats. It causes haemorrhagic fever.

Adani Transmission buys back NCDs worth Rs 125 Cr

• Adani Transmission Ltd said that it has bought back Non-convertible debentures (NCDs) worth Rs 125 Crore. 

• Adani Transmission- an Adani group company- is the country’s largest private transmission firm with a cumulative network of more than 14,800 circuit km.

• Moody’s assigned Baa2 to Adani’s $400 mn senior secured bonds. 

Banking and Economy

Reserve Bank’s US treasury holdings touch an all-time high at $164.3 bn:

• Reserve Bank, which has been snapping up greenbacks in the past two years, has also been lapping up US treasury bills and the holdings touched a record high in January. 
• The holdings rose by more than $2 billion between December 2019 and January 2020.
• RBI follow Safety, Liquidity & Return (SLR) principle.

Reserve Bank of India (RBI):

• Headquarters– Mumbai, Maharashtra
• Formation– 1 April 1935
• Governor– Shaktikanta Das

Indian rupee to average at 77 per US dollar in 2020, 80 in 2021: Fitch Solutions:

• Fitch Solutions revised down its forecast for the Indian rupee, saying the currency will average 77 per US dollar in 2020 & 80 in 2021 amid ongoing global risk-off sentiment and likely steep monetary easing. 
• It saw real GDP growth at 5.4% in 2020-21 fiscal. It forecasted GDP growth of 5.8% in the following FY.

On lending by banks to NBFCs, HFCs to be part of priority sector in FY21: RBI

• RBI said bank credit to registered NBFCs towards agriculture, MSEs & housing sector up to prescribed limits will be treated as priority sector loans during the next FY starting April. 
• PSL for bank loans to NBFCs for on-lending for 2020-21 extended.

Threshold for default under IBC norms raised from Rs 1 lakh to Rs 1 crore:

• The government may consider suspending section 7, 9 and 10 of the Insolvency and Bankruptcy Code for 6 months if the present situation doesn’t improve beyond April 30. 
• Threshold for default under IBC was being raised to Rs 1 crore from Rs 1 lakh earlier. IBC gives time-bound process to resolve insolvency among firms. 

Awards and Honours

Zoya Akhter honoured with IIFTC Tourism Impact Award 2020 held in Mumbai, Maharashtra:

• Zoya Akhter honoured with IIFTC Tourism Impact Award 2020 during the 8th India International Film Tourism Conclave (IIFTC) held in Mumbai, Maharashtra . 

• She has promoted tourism through her films like 2011 ‘Zindagi Na Milegi Dobara’ which was shot in Spain, and 2015 comedy-drama ‘DilDhadakne Do’ shot in Turkey.

Author Ruchika Tomar wins PEN/Hemingway Award 2020:

• Indian-origin American author Ruchika Tomar is named as the winner of the annual PEN/Hemingway Award 2020 for her 1st novel (debut) ”A Prayer for Travelers”. 

• She hails from California & is currently working as a lecturer at Stanford University.

Daily Current Affairs Quiz – March 25, 2020

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