Daily Current Affairs 27th February, 2020

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


Indradhanush – V 2020: Indo-UK bilateral exercise begins in Hindan, Uttar Pradesh
The Indian Air Force (IAF) and Royal Air Force (RAF) of the UK jointly commenced the 5th edition of Exercise Indradhanush at Air Force Station Hindan, Uttar Pradesh. The focus of this edition of the exercise is ‘Base Defence and Force Protection’.

  • Exercise Indradhanush provides a platform for the IAF and RAF to share and jointly validate strategies and tactics to counter terror threats to their installations.

Union HRD Minister launched UKIERI-UGC Higher Education Leadership Development Programme
The Union Minister for Human Resource Development, Shri Ramesh Pokhriyal ‘Nishank’ launched‘ Higher Education Leadership Development Programme for Administrator’– a joint initiative of UGC and British Council under the auspices of UK India Education and Research Initiative (UKIERI).

  • The aim of the programme to deliver a leadership development programme for middle and senior level administrative functionaries in Indian Universities.

Labour ministry  to launch “Santusht” mobile app for ESI beneficiaries
Labour Minister Santosh Gangwar informed that the ministry will soon launch a mobile app ‘Santusht’ with an aim to address issues of beneficiaries of Employees State Insurance (ESI) scheme.

  • The minister informed about bringing ‘Santusht’ mobile app for the benefit of ESI beneficiaries very soon at Employees State Insurance Corporation (ESIC) foundation day celebration function in New Delhi.

CBSE has launched an Exam center locator app “CBSE ECL”
The Central Board of Secondary Education has released an app-CBSE ECL which can be used by students to locate their examination center and see the distance between current location and examination center. The app is available on play store.

  • CBSE has also launched an Online Exam Center Management System-OECMS for the Principals of the school.


Hurun Global Rich List 2020: Jeff Bezos retains 1st rank, Mukesh Ambani at 9th position
Amazon founder and CEO Jeff Bezos is still the richest person in the world, even after losing $7 billion in one year, according to the ninth annual Hurun Global Rich List 2020.

  • Following Bezos on the top 10 are Bernard Arnault (LMHV, $107 billion, rank no 2); Bill Gates (Microsoft, $106 billion, number three); Warren Buffet (Berkshire Hathaway, $102 billion, number four); Mark Zuckerberg (Facebook, $84 billion, number five); Armancio Ortega (Zara, $81 billion, number six); Carlos Slim and family (America Movil, $72 billion, number seven); Sergey Brin (Google, $68 billion, number eight); Larry Page (Google), Mukesh Ambani (Reliance) and Steve Ballmer (Microsoft) at $67 billion each, each joining at number nine
  • Ambani, the only Indian to feature in the top 10, and for a second time, is also the richest in Asia, having seen a 24 per cent, or $13-billion. The other wealthiest Indians are Hinduja group chairman SP Hinduja with net worth of $21 billion and Wipro chairman Azim Premji is at third with a net worth of $17 billion.
  • India rose to the third position in the list with 138 billionaires, followed by Germany and UK, with more than 100 billionaires living in each country.


RBI allows Bandhan Bank to open new branches without prior approval
The Reserve Bank of India allowed Bandhan Bank to open branches without its prior approval, lifting a ban imposed on the lender for failing to reduce promoter ownership below the mandated 40%.  Bandhan Financial Holdings Ltd is the holding company and promoter of the Bandhan Bank

  • In a notice to the stock exchanges, the private sector lender said that 25% of the new banking outlets should be opened in unbanked rural centres. 

IRDAI forms 9-member panel led by Srinivasan to examine the possibility of allowing life insurers offer indemnity based health policies
A committee has been set up by the Insurance Regulatory and Development Authority of India (IRDAI) to study the feasibility of allowing life insurers to offer indemnity-based health insurance policies. Currently, IRDAI (Health Insurance) Regulations 2016 allow life insurers to offer defined benefit-based health insurance products only.

  • The committee is headed by National Insurance Academy chairman G Srinivasan with representatives from top life insurers, general insurers and standalone health players


From June 1, ‘loose’ sweets will carry best-before date 
Food Safety and Standards Authority of India (FSSAI) has ordered sweet shops to display date of manufacturing and ‘best before’ date for non-packaged/loose sweets from June 1.

  • The dates should be shown on the container or tray holding the sweets.
  • At present, it is mandatory to mention these details on labels of pre-packaged or pre-packed sweets.

ADB raises $118 mn through offshore India rupee linked 10-year bonds
The Asian Development Bank (ADB) on Wednesday said it has raised Rs 850 crore (USD 118 million) from a new issue of offshore Indian rupee-linked 10-year bonds.

  • This represents ADB’s first new maturity raised in Indian rupees since 2017 and contributes to an established yield curve which stretches from 2021 through 2030 with Rs 7,240 crore (USD 1 billion) of outstanding bonds.


Maria Sharapova announces retirement from tennis
Five-time Grand Slam winner Maria Sharapova, one of the world’s most recognisable sportswomen, announced her retirement after an illustrious career.

  • The 32-year-old Russian enjoyed a glittering career that saw her complete a career Grand Slam, win 36 WTA titles, and spend 21 weeks as WTA World No.1

SGFI suspended over violating provisions of NSDCI
The Union Ministry of Youth Affairs and Sports has suspended the recognition of School Games Federation of India (SGFI) over violation of provisions of National Sports Development Code of India (NSDCI), 2011.

  • SGFI had sent its contingent for participation in the 10th Pacific School Games 2017 which were held from December 1 to 10 in Adelaide, Australia and upon reporting in the media about the School Girl’s Hockey team sent by SGFI as part of the contingent in the Pacific School Games 2017 was left stranded and left to fend for themselves in Adelaide.


Michael Miebach named as Mastercard’s new President & CEO
Credit card and electronic payments giant Mastercard (MA)  named current Chief Product Officer Michael Miebach as its next CEO. 

  • Michael replacing current CEO Ajay Banga, who will continue on as the company’s executive chairman effective next January.

Rajesh Kumar becomes new MD & CEO of CIBIL
TransUnion Cibil, the largest credit information bureau, on Tuesday appointed Rajesh Kumar of HDFC Bank as its new managing director and chief executive.

  • Kumar succeeds Satish Pillai who has moved to become the president of Asia region business of the US-based company.
  • Prior to joining Cibil, Kumar was the group head for retail credit and risk at HDFC Bank.

Axis Bank appoints Puneet Sharma as new CFO
Private sector lender Axis Bank said  its board of directors has approved the appointment of Puneet Sharma as the new Chief Financial Officer and key managerial personnel.

  • His appointment is with effect from March 6. Sharma will replace Jairam Sridharan who has resigned as the Group Executive and CFO.
  • Sharma will report directly to the Managing Director and CEO Amitabh Chaudhry.


Facebook acquires Sanzaru Games for original VR game content
Facebook has acquired Sanzaru Games, the developer behind the best virtual reality (VR) game of 2019 titled “Asgard’s Wrath” for an undisclosed sum.

  • Sanzaru Games would join Facebook’s Oculus Studios as an “independently operated studio”, reports uploadvr.com
  • The company also announced Facebook Horizon, a new social experience in VR where one can build their own worlds with easy-to-use tools (no coding skills required).

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