DAILY CURRENT AFFAIRS: March 27 & 28, 2020
Dear Bankersdaily Aspirants,
Daily Current Affairs (March 27 & 28, 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.
World Theatre Day- March 27
- World Theatre Day was initiated in 1961 by the International Theatre Institute (ITI). It is celebrated annually on 27 March by ITI Centres and the international theatre community.
- The World Day of Theatre for Children & Young People is celebrated and promoted through the campaign “Take a Child to the Theatre Today’”.
India’s Cleanest City Indore Becomes First city in India to use drones to sanitize the city:
- Indore, the cleanest city in India becomes the 1st city in India to use drones to sanitize the city against COVID-19 scare.
- Indore Municipal Corporation has hired 2 drones from a private company to sprinkle chemicals with sodium hypochlorite and bio-clean in crowded areas like vegetable markets, streets.
- Capital: Bhopal
- Chief Minister: Shivraj Singh Chauhan
- Governor: Lal Ji Tandon
Govt to transfer Rs 2,000 under PM-KISAN scheme to 8.69 Cr farmers in April 1st week:
- To provide relief to farmers affected due to the lockdown, government would transfer in the first week of April the first instalment of Rs 2,000 to each of 8.69 crore beneficiaries under the PM-KISAN scheme.
- Under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme, the Centre transfers an amount of Rs 6,000 per year, in three equal instalments each Rs 2,000 directly into the bank accounts of the farmers.
- PM-KISAN Scheme is effective from 1 December 2018.
Govt offers Rs 1,500 to women Jan Dhan account holders, free cylinders under Ujjwala scheme:
- Finance Minister Nirmala Sitharaman announced an ex-gratia amount of Rs 500 per month for the next three months to all the women Jan Dhan account holders to run their households.
- Around 20 crore such women account holders will be covered under this scheme.
- Pradhan Mantri Jan Dhan Yojana was launched on 28 August 2014.
Centre signs agreement for sale of Kamarajar Port, THDC and NEEPCO:
- Government resorted to ‘virtual signing’ to conclude strategic sales in Kamarajar Port, THDC India & NEEPCO. The Centre will receive Rs 13,500 crore from the three deals.
- Department of Investment and Public Asset Management (DIPAM), signed a share purchase agreement to sell the Central government’s 67 per cent stake in Kamarajar Port Ltd to Chennai Port Trust for Rs 2,383 crore.
Govt hikes MGNREGA wages by Rs 2,000 per worker, offers sops to farmers:
- Finance Minister Nirmala Sitharaman announced that the Centre is considering increasing wages under the National Rural Employment Guarantee Act, 2005 (MNREGA) by Rs 2,000 per worker.
- Each person will get 5 kg of rice or wheat over & above the existing 5 kg being given.
Maharashtra overtakes Tamil Nadu & Telangana in organ donation, transplants for 2019:
- For the year 2019, the state of Maharashtra has donated the highest number of organs which resulted in beneficial for 449 patients. The state overtook Tamil Nadu and Telangana in the field of organ donation.
- Regional Organ and Tissue Transplant Organisation-State Organ and Tissue Transplant Organisation (ROTTO-SOTTO) along with four Zonal Transplant Coordination Centre (ZTCC) of Mumbai, Pune, Nagpur, and Aurangabad in Maharashtra were the top performers.
- Capital: Mumbai
- Chief Minister: Uddhav Thackeray
- Governor: Bhagat Singh Koshyari
IMF projects contraction of global output in 2020 and recovery in 2021:
- International Monetary Fund projected a contraction of global output in 2020 and recovery in 2021 as it asked the leaders of the G-20 countries to back a doubling of its USD 50 billion emergency financing capacity in the wake of the COVID-19 pandemic.
Mahindra & Mahindra partners with two PSUs to scale up production of ventilators:
- Mahindra & Mahindra Ltd (M&M) has teamed up with two public sector undertakings (PSUs) to work with an existing manufacturer of high spec ventilators to help simplify design and scale up capacity, in the wake of the Coronavirus outbreak in the country.
Banking and Economy
RBI announced Repo rate cut by 75 bps to 4.4%, CRR by 100 bps to 3%:
- Reserve Bank of India (RBI) governor Shaktikanta Das announced a massive 75 basis points cut in repo rates as a measure to counter the economic slowdown caused by the COVID-19 pandemic.
- Repo & reverse repo rates by 75 and 90 basis points respectively. Repo rate now stands at 4.40% from 5.15% and reverse repo stands at 4% from 4.9% Earlier.
- Repo Rate: 4.40%
- Reverse Repo Rate: 4%
- Marginal Standing Facility Rate: 4.65%
- Bank Rate: 4.65%
- Cash Reserve Ratio : 3%
- Statutory liquidity ratio (SLR) : 18.25%
RBI allows 3-month moratorium on loans
- RBI said that all banking institutions can offer a 3-month moratorium on all loans for a period of 3 months.
- RBI has also allowed banks to restructure the working capital cycle for companies without worrying that these will have to be classified as NPA.
- So far, the RBI has infused Rs 280,000 crore.
RBI infuses Rs 374,000cr liquidity shot:
- RBI announced substantial liquidity measures saying it will conduct up to 3-year tenure for an amount of up to Rs 100,000 Cr at a floating rate linked to policy repo rate. Liquidity must be deployed in investment grade corporate bonds & commercial papers.
RBI offers Rs 11,772 crore to banks through repo auction:
- Reserve Bank of India offered Rs 11,772 Cr to banks through a 12-day variable rate repo auction. Before the auction, the RBI enhanced the amount of auction to Rs 50,000 crore from Rs 25,000 crore, announced earlier. RBI received Rs 11,772 crore of bids.
- Next variable term repo auction of Rs 25,000 Cr is on March 31.
CRISIL and ICRA lower GDP’s growth forecast for FY21:
- CRISIL and ICRA sharply lowered their GDP growth forecast for FY21. While CRISIL has lowered growth projection by 170 basis points, ICRA’s cut is in the range of 50-100 bps.
- CRISIL slashed forecast for FY21 to 3.5% from 5.2%.
- ICRA GDP growth to ease from 4.4% in FY20 to 4.2% in FY21.
SIDBI to provide loans up to Rs 50 lakh to MSEs manufacturing medical supplies to fight COVID-19
- SIDBI Assistance to Facilitate Emergency (SAFE) response against coronavirus scheme will offer loans to MSEs at a fixed interest rate of 5 percent and with a maximum loan repayment tenure of five years for fighting the novel coronavirus COVID-19.
- Loans are collateral-free & will be sanctioned within 48 hours.
Indian Bank rolls out 5 special emergency loans to Covid 19-hit customers:
- Indian Bank has launched five special emergency loans for large corporates, medium enterprises, MSMEs, salaried and pensioners as a support to its customers effecting through economic slump and lockdown because of COVID-19 pandemic.
Following are the relief measures taken by bank in form of special emergency loans:
- IND- COVID Emergency Credit Line (IBCECL)
- IND- MSE COVID Emergency Loan (INDMSE-CEL)
- SHG-COVID – SAHAYA LOAN
- IND-COVID Emergency Salary Loan
- IND COVID- Emergency Pension Loan
- Tagline– Your Own Bank
Moody’s slashes India GDP growth in 2020 to 2.5%:
- Financial services company Moody’s Investors slashed its estimate of India’s GDP growth during 2020 calendar year to 2.5 percent, from an earlier estimate of 5.3 percent.
- The estimate for 2020 compares to 5% economic growth in 2019.
Science and Technology
IIT Gandhinagar launches Project ‘Isaac’ to engage students in creative projects during Corona lockdown:
- IIT Gandhinagar launched Project Isaac to engage students in creative projects to enhance their critical skills while they are confined to their homes due to COVID-19.
- It is inspired by Isaac Newton, who was similarly sent home due to the Great Plague of London.
IRS officers KM Prasad and SK Gupta appointed CBDT board members:
- Appointment Committee of the Cabinet approved the appointment of two Indian Revenue Service (IRS) officers Krishan Mohan Prasad and Satish Kumar Gupta as members of the Central Board of Direct Taxes (CBDT).
- The interaction for 2 vacant CBDT board member posts was held on January 23, 2020 & finally these 2 officers were appointed as board members from 8 shortlisted candidates.
Books and Author
Savita Chhabra, Chairperson, HRIPL authors her debut book ‘Legacy Of Learning’:
- Chairperson of HRIPL has launched her debut book titled ‘Legacy of Learning’; which offers simplistic and relatable interpretations of the Bhagavad Gita in an attempt to connect the youth of India to the age-old, but relevant scriptures.
- The book introduces readers to the importance of performing good karma and nudges them to be conscious about the purpose of their lives in every decision they make.
Veteran Bollywood actress Nimmi passed away at 87:
- Nawab Banoo, famous Bollywood actress passed away at the age of 87 in Mumbai, Maharashtra. She was also known as Nimmi, who was popular in the early 1950s & 1960s of Hindi films.
- She was born on February 18, 1933 in Agra, Uttar Pradesh .
Renowned chef Floyd Cardoz passes away
- Renowned chef Floyd Cardoz, who ran the successful ‘Bombay Canteen’, ‘O Pedro’ and ‘Bombay Sweet Shop’ in Mumbai and was the magician behind New York’s ‘Tabla’, passed away.
Photographer & Padma Shri awardee Nemai Ghosh passed away at 86:
- Veteran photographer & Padma Shri (2010) awardee Nemai Ghosh passed away at 86 due to his age-related ailments. He hails from Kolkata.
World Earth Hour Day- March 28:
World earth hour day is celebrated on March 28.The event is held annually encouraging individuals, communities, and businesses to turn off non-essential electric lights, for one hour, from 8:30 to 9:30 p.m.
The theme for Earth Hour 2020 will be based on “Climate Action” and sustainable development.
SECI & NTPC to set up 10,000-MW renewable energy parks in Rajasthan:
- Solar Energy Corporation of India and NTPC will sign an agreement with the Rajasthan government for setting up two 5,000-MW renewable energy parks.
- This arrangement would mark first phase of 25,000 MW Ultra Mega RE Park proposed in Jaisalmer, Rajasthan.
- Chief Minister:Ashok Gehlot
- Governor:Kalraj Mishra
Odisha to set up the largest COVID-19 hospital in the country:
- Odisha Government announced that it is readying to set up the largest Covid-19 hospital in India due to the outbreak of the COVID-19 in the country.
- The state-level hospitals will have 1000 beds in Bhubaneswar, Odisha and will be functional in a fortnight.
- Odisha signed 2 agreements with KIMS & SUM Medical College.
- Capital: Bhubaneswar
- Chief Minister:Naveen Patnaik
- Governor:Ganeshi Lal
JICA & govt sign Rs 15,295-cr loan pacts for major rail projects for public, freight transport:
- Japanese government funding agency JICA has signed agreements totalling Rs 15,295 Cr with the Indian government for three mega rail infrastructure projects.
- Under these agreements, JICA has granted Rs 8,553 Cr for phase-1 of the Dedicated Freight Corridor.
Home Minister approves over Rs. 5,751 Cr to eight States for calamity damage relief:
- High-Level Committee under the Chairmanship of Home Minister Amit Shah has approved additional Central assistance of over Rs 5,751 Cr.
- Under National Disaster Response Fund to 8 States which were affected by floods, landslides, cyclone & drought last year.
Nagpur Municipal corporation with support of HLL Lifecare develops Covid-19 App:
- Nagpur Municipal Corporation with the support of HLL Lifecare developed Covid-19 App for the benefit of the symptomatic citizens having problem of cough, fever & difficulty in breathing.
- Citizens can fill the information about their symptoms on the app. App is only for the Symptomatic people.
- Chief Minister:Uddhav Thackeray
- Governor:Bhagat Singh Koshyari
Indian Govt to Launch CoWin-20 App to Track People and Curb Coronavirus Spread:
- Government is to launch CoWin-20 to track individuals by their smartphone locations & curb the community spread of COVID-19.
- It aims to trace the personal travel histories of individuals & figure out how many people might they have come in contact with.
- CoWin-20 app is now in beta testing for both iOS and Android.
India and France conduct joint patrols for the first time:
- For the 1st time India & France conducted joint patrol from the Reunion Island in February 2020 by P-8I aircraft with French Navy personnel to maintain the security of international maritime routes for trade and communications.
- During the visit of French Navy Chief Admiral Christophe Prazuck, India and France discussed CORPAT like engagements in November 2019.
Other Exercise Between India and France
- Shakthi– Military Exercise
- Garuda– Air Exercise
- Varuna– Naval Exercise
- Capital– Paris
- Currency- Euro
- Prime Minister –Edouard Philippe
- President- Emmanuel Macron
US and UAE troops launch major exercise Native Fury:
- United Arab Emirates — U.S. Marines and Emirati forces held a major military exercise named “Native Fury”.
- The exercise saw 4,000 U.S. troops from the Army, Marines and Navy position armored vehicles and other equipment from Kuwait and the island of Diego Garcia in al-Hamra using a portable pier system.
United Arab Emirates
- Capital: Abu Dhabi
- President: Khalifa bin Zayed Al Nahyan
Tata Power’s joint venture clean energy project in Georgia starts commercial production:
- Adjaristsqali Georgia LLC (AGL), a joint venture between Tata Power, Norway’s Clean Energy Invest (CEI) and International Finance Corporation (IFC), has started commercial operation of the 178 MW Shuakhevi Hydro Power Project located in southwest Georgia.
International Monetary Fund launches Government Policy Tracker:
- IMF recently launched the ‘IMF Policy Tracker’. The platform will provide all the key economic responses launched by Governments all over the world to fight against Corona Virus.
- The initial policy tracker includes the G20 and European Institutions.
- IMF Managing Director– Kristalina Georgieva.
India, first in the world to start antibody tests for Corona Virus:
- India is set to start antibody tests for the coronavirus to confirm whether a person had previously been infected with the virus, a move that will help understand the epidemiology of Covid-19 in the nation.
- Methodology adopted by India is 1st in the world. It is a serological test.
Banking and Economy
Economic growth may fall sharply to 2.6 percent in 2020-21: SBI Ecowrap:
- India’s economic growth may fall sharply to 2.6% in 2020-21 due to lockdown amid the COVI-19 pandemic, SBI Ecowrap said. GDP growth for 2019-20 could also see a downward revision from 5% to 4.5%, with growth in Q4 of the current financial year at 2.5%.
- The total cost of lockdown is at least Rs 8.03 lakh crore.
Forex reserves fall by $12 bn, the most since 2008 global financial crisis:
- The country’s foreign exchange reserves fell by a whopping $11.98-b to $469.909-b in the week to March 20 as the RBI continued to supply dollars into the market to stem fall in the rupee.
- The rupee hit an all-time low of 76.15 against the USD on March 23.
Foreign Currency Assets declined by USD 10.256-b.
Science and Technology
Health ministry categorises hydroxychloroquine as schedule H1 drug :
- Corona virus pandemic, the Ministry of Health and Family Welfare (MoHFW) in exercise of the powers conferred by Section 26B of the Drugs and Cosmetics Act, 1940 (23 of 1940), has declared hydroxychloroquine (HCQS) drug as a schedule H1 drug– which means it can’t be sold without the prescription of a registered medical practitioner.
ULA’s Atlas 5 launches AEHF-6 communications satellite in its first mission for U.S. Space Force:
- United Launch Alliance Atlas 5 rocket lifted EST from Space Launch Complex-41 at Cape Canaveral Air Force Station, carrying a $1.4-b Advanced Extremely High Frequency communications satellite for US Space Force.
- This was the 6th & final satellite of AEHF. And it was ULA’s 138th launch.
Facebook appoints Robert Kimmitt as lead independent director:
- Facebook named the U.S. Treasury’s former deputy secretary, Robert Kimmitt, to its board as lead independent director, effective immediately.
- Jeffrey Zients, CEO of Cranemere Group Ltd, will not stand for re-election at the annual meeting of stockholders.
- Face book Chief Executive Officer- Mark Zuckerberg.
Shilpa Shetty partners with “Fit India Movement”:
- Government of India’s flagship fitness movement “Fit India” has teamed up with Bollywood actress and fitness icon Shilpa Shetty Kundra.
- The free of cost access of the 21-Day Weight Loss Programme will be available for the Indian as well as global audience via Shilpa Shetty App (SS App).
Rajyogini Dadi Janki passed away:
- Rajyogini Dadi Janki, Chief of Brahmakumaris Sansthan, the world’s largest spiritual organisation run by women, passed away at the age of 104 due to illness.
Renowned artist Satish Gujral passes away in Delhi:
- Artist and architect Satish Gujral, renowned for his versatility across different mediums, has passed away at the age of 94 in New Delhi.
- Gujral, who was awarded the Padma Vibhushan, was an architect, painter, muralist, sculptor and graphic artist.
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