Daily Current Affairs 4 July 2020 for Banking/Insurance/SSC and other related exams.
NHAI to set up InvIT; forms search panel for Investment Manager Board
The NHAI is in the process of setting up an Infrastructure Investment Trust (InvIT) to facilitate investment in the highways sector. This will be the first InvIT to be sponsored by any government entity in the country
- A search committee has been set up for appointment of chairman and two independent directors for its Investment Manager Board.
- National Highways Authority of India (NHAI) Chairman Sukhbir Singh Sandhu is the convenor of the committee. Other members include Deepak Parekh, chairman, Housing Development Finance Corporation; Girish Chandra Chaturvedi, chairman, ICICI Bank; and Sanjay Mitra, ex-secretary, Ministry of Road Transport and Highways.
DAC approves capital acquisition of various platforms & equipment worth Rs 38,900 crore
Defence Acquisition Council ( DAC) accorded approval for Capital acquisitions of various platforms and equipment required by the Indian Armed Forces. Proposals for an approximate cost of 38900 Crore rupees were approved.
- The equipments are to be manufactured in India involving Indian Defence Industry with participation of several MSMEs as prime tier vendors.
- The Indigenous content in some of these projects is up to 80 per cent of the project cost
- The cost of these Design and Development proposals is in the range of 20400 crore rupees
Delhi government launches Paudhe lagao, Paryavaran Bachao
The Delhi government launches mega tree plantation drive under the campaign ‘Paudhe lagao, Paryavaran Bachao’.
- The campaign is launched with an aim to reduce air pollution by increasing green cover in the national capital.
- It has been planned that during the campaign, in 17 days, 31 lakh of tree saplings will be planted under the campaign.
BANKING & FINANCE
ADB Becomes Observer Of Network For Greening The Financial System
The Asian Development Bank (ADB) has joined the central banks and supervisors Network for Greening the Financial System (NGFS) as an observer.
- NGFS, launched at the Paris One Planet Summit on December 12, 2017, is a group of central banks and supervisors willing to share best practices and contribute to the development of environment and climate risk management in the financial sector while mobilising mainstream finance to support the transition toward a sustainable economy.
HDFC Bank to offer ZipDrive Instant Auto Loans across 1,000 cities in India
Largest private sector lender HDFC Bank announced its plans to offer ZipDrive Instant Auto Loans to customers across 1,000 cities across India.
- ZipDrive is HDFC Bank’s instant auto loan disbursal product, exclusively for bank customers with a pre-approved offer.
- The offering is now being extended to Tier 2 and 3 cities, such as Bhimavaram in Andhra Pradesh, Hardoi in Uttar Pradesh, Thalassery in Kerala, and Balasore in Odisha among other places, across India.
Kotak & Innoviti in pact to offer EMIs on Kotak Debit Cards swiped on Innoviti POS Terminals
Kotak Mahindra Bank and Innoviti Payment Solutions announced that they have collaborated to offer equated monthly instalments (EMI) billing options on Kotak debit cards swiped on Innoviti POS terminals.
- The facility will allow over 1 crore Kotak customers to pay for their purchases in instalments by using the EMIs on debit cards facility at over 70,000 Innoviti POS terminals across more than 1,000 cities.
ICICI Bank launches instant loan against mutual fund units
Private sector lender ICICI Bank has launched a facility that enables retail customers to get loan of up to Rs.1 crore instantly by pledging their holdings in both debt and equity schemes of mutual funds.
- ICICI Bank has launched ‘Insta Loans against Mutual Funds’ in partnership with ‘Computer Age Management Services’ (CAMS). ‘Insta Loans against Mutual Funds’ is an extension of the Insta LAS, an instant loan facility against equity shares, which the bank had launched over a year ago.
- The fully digital and paperless facility empowers the customers to avail this loan as an overdraft (OD) in a matter of few minutes, without visiting a branch and submitting physical documents.
BUSINESS & ECONOMY
India’s GDP may contract by 6.4% in FY21: Care Ratings
Care Ratings revised India’s GDP growth forecast for the current financial year to (-) 6.4 per cent as economic activity continues to be under restriction due to the lockdown on account of the COVID-19 pandemic. The rating agency, in May, had projected a decline in GDP growth of 1.5-1.6 per cent in FY21.
- The nation is into a lockdown for July too with several restrictions on resumption of services in particular as well as movement of people, the cutoff date for normalcy will spread into the latter part of the third quarter and more likely to the fourth quarter.
- Under these assumptions our forecast for GDP growth is now (-) 6.4 per cent for FY21 with GVA (de)growth estimated to be around (-) 6.1 per cent
Lt Col Bharat Pannu Secures Podium Position At VRAAM 2020
Lt Col Bharat Pannu, a serving Indian Army Officer has created history by successfully securing a podium place at the first edition of the Virtual Race Across America (vRAAM) 2020.
- With this, he has become the first Indian ever to win a podium place at an international ultra-cycling race.
- Pannu is an army officer posted with the Army’s Aviation Test Team.
Jean Castex becomes new French PM after Edouard Philippe resigns
French President Emmanuel Macron has named Jean Castex, who coordinated France’s reopening strategy after the coronavirus lockdown, as the country’s new prime minister.
- The relatively low-profile Castex replaces Edouard Philippe, who resigned earlier in the day.
- Macron is reshuffling the government to focus on restarting the economy after months of lockdown.
NHAI chairman Sukhbir Singh Sandhu gets six months extension
Senior bureaucrat Sukhbir Singh Sandhu was given six months extension, till mid January next year, as the chairman of National Highways Authority of India, a Personnel Ministry order said.
- Sandhu, a 1988 batch IAS officer of Uttarakhand cadre, took charge of the post in October last year.
Indian author Kritika Pandey declared overall winner of 2020 Commonwealth Short Story Prize
Indian author Kritika Pandey was declared the overall winner of the 2020 Commonwealth Short Story Prize, for her story The Great Indian Tee and Snakes.
- Her short story is ‘about two young people trying to solve the age-old riddle of human existence: how does one love in the era of hatred and prejudice?’.
- The Commonwealth Short Story Prize is administered by the Commonwealth Foundation, through its cultural initiative Commonwealth Writers. The prize is awarded for the best piece of unpublished short fiction. Regional winners receive £2,500 and the overall winner receives £5,000
Writer Ratnakar Matkari to get Maharashtra state govt award posthumously
Marathi writer and playwright Ratnakar Matkari will be posthumously honoured with the Natvarya Prabhakar Panshikar award for lifetime contribution to theatre by the Maharashtra government.
- The award comprises a cash prize of Rs five lakh, citation and a memento.
- Matkari was selected for the award for the year 2019- 20 by a committee headed by culture minister Amit Deshmukh.
SCIENCE & TECHNOLOGY
IIT Kanpur develops virtual classroom system ‘Mobile Masterjee’
In the backdrop of the disruption in normal classroom teaching owing to Covid-19 lockdown, the Indian Institute of Technology (IIT), Kanpur has developed an innovative virtual classroom aid titled ‘Mobile Masterjee’.
- The classroom-to-home teaching setup is designed to record the lectures/instructions by the teachers while using smartphones. ‘Mobile Masterjee’ can capture the videos in horizontal (table) and vertical (blackboard) positions.
- It is lightweight and compact, and has adjustments to fit sheets/book on it for delivering instructions to pupils.
Bollywood Choreographer Saroj Khan Passes Away
Bollywood choreographer Saroj Khan passed away in Mumbai following a cardiac arrest. She was 71.
- Khan choreographed more than 2,000 songs in her career spanning more than 40 years. Leading actresses including Madhuri Dixit and Sridevi danced to some of the most popular songs Khan had produced.
- She won acclaim for songs in movies Mr. India, Chandni, Beta, Tezaab and Gulab Gang.