Daily Current Affairs 1 March 2020 for Banking/Insurance/SSC and other related exams.
Indian Railways launched its First “Restaurant on Wheels” at Asansol Station, West Bengal
Indian Railways has launched its first ‘Restaurant on Wheels’ at the circulating area of Asansol railway station in West Bengal for the use of passengers as well as the general public.
- The Restaurant on Wheels was developed by refurbishing two over-aged MEMU coaches.
BANKING & FINANCE
RBI mandates banks to link all new floating rate loans to medium enterprises with external benchmark from April 1,2020
All new floating rate loans given to medium enterprises will be linked with external benchmarks from April 1, according to the Reserve Bank of India.
- The move is aimed at further strengthening monetary policy transmission so that benefits of reduction in key lending rate (repo) can be passed on to medium enterprises also.
RBI introduced 12 indicators for calculating India’s growth by paper titled “Nowcasting Indian GDP growth using a Dynamic Factor Model”
Reserve Bank of India (RBI) has came up with a new method of calculating India’s growth through a Working Paper titled “Nowcasting Indian GDP growth using a Dynamic Factor Model” under the RBI Working Paper Series, introduced in March 2011.
- The Paper is co-authored by Soumya Bhadury, Saurabh Ghosh and Pankaj Kumar. The paper introduces the Dynamic Factor Model of calculating Gross Domestic Product (GDP), using 12 indicators.
- These indicators represent various sectors, display high contemporaneous correlation with GDP, and co-move in line with the GDP turning points. While DF-6 includes domestic economic activity indicators, DF-9 combines indicators of trade and services and DF-12 adds financial indicators in the model.
Government to include non-scheduled urban, district cooperative banks in 3 schemes for MSME
The Centre has decided to include non-scheduled urban and district central cooperative banks in three big ticket schemes to facilitate access to finance for the MSME sector.
- These schemes include the credit guarantee fund trust for micro and small enterprises, credit linked capital subsidy scheme and interest subvention
BUSINESS & ECONOMY
Fiscal deficit reached 128.5% of budget estimate at end-January 2020:Govt data
According to the the Controller General of Accounts (CGA) India’s fiscal deficit touched 128.5 per cent of the whole year budget target at January-end.
- The deficit during the same period during 2018-19 was 121.5 per cent of that year’s Revised Budget Estimate (RE).
- In actual terms, the fiscal deficit or gap between the expenditure and revenue stood at Rs 9,85,472 crore. The government had targeted to restrict the fiscal deficit at Rs 7,66,846 crore during the year ending March 31, 2020.
Bengaluru recorded 2019’s highest number of digital transactions while MH topped among states
Bengaluru accounted for the highest number of digital transactions in India in 2019, followed by Chennai, Mumbai and Pune, while United Payments Interface (UPI) was the most preferred mode of payment, said a new report by online payment processor Worldline India.
- Maharashtra leads the pack among the top 10 states with the highest number of digital transactions
- UPI was followed by debit cards, immediate payment service (IMPS), and credit cards, in terms of volume share of digital transactions
India withdraws from Shooting World Cup in Cyprus
The National Rifle Association of India (NRAI) announced that the Indian team will not take part in the upcoming ISSF World Cup Shotgun in Cyprus due to coronavirus spreading in some countries other than China.
- The shotgun world cup, recognised by the International Shooting Sport Federation (ISSF), is scheduled to be held in Nicosia from March 4 to 13
Ajay Tyagi Chairman of SEBI gets 6 month extension
The government has given a six-month extension to Securities and Exchange Board of India (SEBI) chairman Ajay Tyagi whose term at the helm was ending on February 29.
- Mr. Tyagi is an Indian Administrative Officer (IAS) of the Himachal Pradesh cadre
RBI approves appointment of Sumant Kathpalia as MD &CEO of IndusInd Bank
The Reserve Bank of India has approved the appointment of Sumant Kathpalia as the Managing Director and Chief Executive Officer of IndusInd Bank.
- Kathpalia currently leads the bank’s consumer banking business.
- Kathpalia has been appointed as IndusInd Bank MD and CEO for 3 years. He will assume office on March 24, after the retirement of current MD and CEO Romesh Sobti.
Sreekar Prasad enters Limca Book of Records for editing films in 17 languages
Veteran editor Sreekar Prasad has entered the Limca Book of Records for ‘films edited in most number of languages’. He has edited films in 17 languages, namely Tamil, English, Hindi, Telugu, Malayalam, Kannada, Odia, Bengali, Assamese, Punjabi, Nepali, Marathi, Sinhalese, Karbi, Mishing, Bodo, and Pangchenpa
- The veteran video editor also holds eight National Awards including a Special Jury Award and his recent Bollywood projects includes ‘Saaho’ and ‘Super 30.