Daily Current Affairs 27th March, 2020

Daily Current Affairs 27 March 2020 for Banking/Insurance/SSC and other related exams.

NATIONAL NEWS

Central Government unveils Rs 1.70-lakh crore package for poor, farmers
Thirty-six hours after the 21-day lockdown was announced, the government moved to keep some 80 crore Indians in food, fuel and cash, announcing a ₹1.70-lakh-crore relief package.

• Farmers, MGNREGA workers, senior citizens, women and low-wage earners in the organised sector will be the main beneficiaries of the package.
• The scheme will provide an insurance cover of ₹50 lakh and will benefit 22-lakh health workers.
• The government has 58.49 million tonnes (mt) of foodgrain in FCI godowns — 30.97 mt of rice and 27.52 mt of wheat. The foodgrain stock is much higher than the required reserve norm of 21 mt as on April 1.

Maharashtra pips Tamil Nadu & Telangana to top ‘deceased donation list’
Tamil Nadu and Telangana — were edged out by Maharashtra for contributing the highest number of organs donated and, as a result, giving a new lease of life to 449 patients last year.

• On the occasion of the 10th Indian Organ Donation Day, the National Organ and Tissue Transplant Organisation presented the best state award to Maharashtra in the field of deceased organ donation

Indore opts for Drones to Sanitise City amid Coronavirus Scare
Indore, India’s cleanest city, has opted to deploy drones to sprinkle chemicals in a bid to sanitise it against the coronavirus outbreak.

• The Indore Municipal Corporation has hired two drones from a private company, making it perhaps the first city in India to attempt to fight off the virus scare this way.

Haryana govt launches ‘Reading Mission‘
To inculcate reading habit among students, the ‘Reading Mission- Haryana’ has been initiated by the Haryana state government.

• The mission has been launched on the lines of the central government’s ‘Reading Mission 2022’, which aims to address the lost glory of reading books.
• Under the mission, book review sessions should be organised by students once a month in educational institutions

INTERNATIONAL NEWS

G-20 countries to inject $ 5 trillion into global economy to counteract impact of COVID19
The G-20 countries pledged to inject over USD 5 trillion into the global economy in a bid to counteract the social, economic, and financial impact of COVID 19 that has impacted people in at least 170 countries and caused over 21,400 deaths

• They will continue to conduct bold and large-scale fiscal support and that collective G20 action will amplify its impact, ensure coherence, and harness synergies.

BANKING & FINANCE

IMF launches Tracker of Govt. Policies in Response to COVID-19
The International Monetary Fund has launched a policy tracker to track the policy responses by different governments to combat the COVID-19 pandemic. 

• The tracker will summarize key economic measures taken by the governments in different parts of the world.

RBI asks lending firms to allow 3-month moratorium on EMI payments
The Reserve Bank of India asked all lending institutions to allow three-month moratorium on EMI payments in order to infuse liquidity into the system as the economy grapples with Covid-19 challenges.

• It has also allowed banks for deferment of interest on working capital loans for the next three months – until June 2020. 

RBI offers Rs 11,772 cr to banks through repo auction
The Reserve Bank of India offered Rs 11,772 crore at a cut-off rate of 5.16 per cent 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 had advanced this auction from March 30 due to the evolving financial conditions and taking into account the impact of disruptions caused by COVID-19.

Repo rate reduced by 75 points to 4.4 per cent: RBI Governor Das
Reserve Bank of India Governor Shaktikanta Das announced that the repo rate has been reduced by 75 basis points to 4.4 per cent. The reserve repo rate has been reduced by 90 basis points to 4 per cent. 

• The decision for “a sizeable reduction” in the policy repo rate, to “revive growth and mitigate the impact of COVID-19 and ensure financial stability.

Indian Bank rolls out 5 special emergency loans to Covid 19-hit customers
Chennai-based public sector lender Indian Bank announced its intention to help out its Covid 19-hit customers through five special emergency loans to large corporates, medium enterprises, MSMEs, salaried and pensioners.

• As a relief to the Covid 19-affected customers, the bank will provide additional funding of up to 10% of the working capital limits (both fund-based and non-fund-based limits) with a maximum limit of Rs 100 crore.
• The loan tenure will be for 36 months with an initial moratorium of up to 6 months and would carry fixed interest rate of 1 year MCLR. All other charges are waived.

BUSINESS & ECONOMY

Hydroxychloroquine brought under Schedule H1 by Health Ministry
In the wake of coronavirus outbreak, the Ministry of Health and Family Welfare issued a directive stating that the sale of any preparation containing the drug Hydroxychloroquine needs to be in accordance with the conditions for the sale of drugs as mentioned in Schedule H1 to the Drugs and Cosmetics Rules, 1945.

Crisil cuts FY21 growth estimate sharply to 3.5 pc
The severe dent in the economic activity due to the coronavirus pandemic led rating agency Crisil to sharply cut its growth estimate for 2020-21 to 3.5 per cent. 

• Earlier, the agency had predicted an economic growth of 5.2 per cent for the next financial year.

Moody’s slashes India GDP growth in 2020 to 2.5 pc
Moody’s Investors Service slashed its estimate of India’s GDP growth during 2020 calendar year to 2.5 per cent, from an earlier estimate of 5.3 per cent and said the coronavirus pandemic will cause unprecedented shock to the global economy.

• The estimate for 2020 compares to 5 per cent economic growth in 2019.
• Moody’s said the global economy will contract in 2020, followed by a pickup in 2021.

Sidbi to provide loans up to Rs 50 lakh to MSEs manufacturing medical supplies to fight COVID-19
Small Industries Development Bank of India (Sidbi) said it will provide loans up to Rs 50 lakh to micro and small enterprises (MSEs) that are manufacturing medical supplies for fighting the novel coronavirus (COVID-19).

• The Sidbi Assistance to Facilitate Emergency (SAFE) response against coronavirus scheme will offer loans to MSEs at a fixed interest rate of 5 per cent and with a maximum loan repayment tenure of five years.

SCIENCE & TECHNOLOGY

Pak’s 750 km Babur-II missile crashes
The test of Babur-2 missile from Sonmiani range of Balochistan has completely failed.

• The missile could only cover 14 kilometers before hitting the ground in a few minutes. This is the second failed attempt of Pakistan’s sub sonic Babur-2 missile

OBITUARIES

Renowned artist Satish Gujral passed away
Artist and architect Satish Gujral, renowned for his versatility across different mediums, has died in New Delhi. He was 94.

• Gujral, who was awarded the Padma Vibhushan, was an architect, painter, muralist, sculptor and graphic artist.
• His familiar works include the alphabet mural on the outside wall of the Delhi High Court. He also designed the Belgian Embassy in Delhi.

IMPORTANT DAYS

World Theatre Day
Every year on March 27, World Theatre Day is observed to generate awareness about the importance of theatre in our life.

• Theatre is an art form which comprises live performers, actors, props and more

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