Daily Current Affairs 4th March, 2020

Daily Current Affairs 4 March 2020 for Banking/Insurance/SSC and other related exams.

NATIONAL NEWS

Pune to host 108th Indian Science Congress annual session in 2021
The Indian Science Congress Association (ISCA) announced that Pune will host the annual session of 108th Indian Science Congress on January 3-7, 2021.

• The theme of the ISCA is “Science and Technology for Sustainable Development with Women Empowerment” and focus on economic growth, environmental protection and social inclusion of all communities using science and technology.
• Dr Vijay Laxmi Saxena has been elected general president of the Indian Science Congress, 2021.

BANKING & FINANCE

SBI switched to Cash Budget Based Assessment (CBBA) method of assessment for corporates
State Bank of India (SBI) has switched to “Cash Budget Based Assessment (CBBA)” from “Projected Balance Sheet (PBS)” method of Fund Based Working Capital (FBWC) limits for assessment of the working capital requirement for corporates or large advances.

• CBBA of limits has been initiated for assessment of the FBWC limits for units with total FBWC exposure of more than Rs 50 crore from the banking system.

RBL Bank ties-up with Zomato to launch co-branded credit card powered by Mastercard
Food aggregator Zomato has inked a strategic partnership with RBL Bank and Mastercard to launch a co-branded credit card, a move that will enable it to offer broad-based benefits to its consumers. The two partners aim to get one million cardholders in the next 24 months.

• The two variants, Edition and Edition Classic, will offer a host of benefits every time the cardholder uses Zomato or spends online/offline.

Paytm Insurance Broking secures brokerage licence from IRDAI
Paytm Insurance Broking (PIBPL), a subsidiary of Paytm, has got a brokerage licence from the Insurance Regulatory and Development Authority of India (IRDAI) to sell life and non-life insurance products.

•  It will offer insurance products across four categories: two-wheeler, four-wheeler, health and life.
• The company will also provide policy management and claim services to customers.

World Bank announces up to USD 12 bn as emergency aid to countries coping with coronavirus
As coronavirus reaches more than 60 countries, the World Bank Group has pledged to make available an initial package of up to USD 12 billion to assist countries coping with the health and economic impacts of the global outbreak.

• The financing is designed to help member countries take effective action to respond to and, where possible, lessen the tragic impacts posed by coronavirus.

IIT Mandi signs deal with NABARD for setting up FPOs
The Indian Institute of Technology (IIT), Mandi & Enabling Women of Kamand (EWOK) Society has inked a tripartite deal with the National Bank For Agriculture and Rural Development for setting up three Farmer Producer Organization in Mandi, Himachal Pradesh.

• NABARD has sanctioned an amount of Rs 35 lakhs to EWOK Society and IIT Mandi for 3 FPOs to be established in the next 3 years

BUSINESS & ECONOMY

India among top suppliers of pharma drugs used in trafficking: INCB Report 2019
According to the 2019 report of the International Narcotics Control Board (INCB), released by United Nations Office of Drugs and Crime (UNODC), India features prominently among top manufacturers of illicit and licit drugs that are smuggled to other countries and into the hands of addicts.

• The UNODC has pulled up India for not submitting mandatory and voluntary statistical reports on manufacturing, importing and exporting of licit drug and raw material data, known as Form P, by the deadline. Other countries that did not comply are Australia, Belgium, Brazil, Canada, China, Denmark, France, Japan, Luxembourg and Spain.
• The report also states that India is a significant source of trafficked, falsified, sub-standard or illicitly manufactured products branded and marketed as ‘tramadol,’ that are seized worldwide.

OECD downgraded India’s FY21 GDP growth to 5.1% from 6.2%
Global agency OECD lowered its India’s GDP growth forecast to 5.1 per cent from the earlier projection of 6.2 per cent for 2020 on concerns of impact of deadly coronavirus on the domestic as well as the global economy.

• According to the latest OECD Interim Economic Outlook Forecasts, India’s real GDP growth is expected at 5.1 per cent during the fiscal year starting April 1, 2020 and improve to 5.6 per cent in the following year

Microsoft, Accenture collaborate to help entrepreneurs amplify social impact
Microsoft Corporation and Accenture are teaming to help deepen the reach of entrepreneurs and startups that are focused on social impact and sustainability.

• The joint initiative will provide hands-on support and technologies to social enterprises, helping them build scalable solutions and business models that can lead to more tangible and lasting benefits for a greater number of people around the world

SPORTS

Indian Hockey  men’s team ranked 4th for the 1st time & Women’s team ranked 9th  : FIH World Rankings 2020
Indian men’s hockey team has climbed to the fourth position, their highest since the inception of FIH world rankings in 2003, in the recently released table.

• India dismantled Olympic champions Argentina, who dropped to fifth place.
• Belgium is first with 14 points, followed by Holland (11) and Australia (10) in third in Pro League.

Shafali Verma attains number one spot in ICC Women’s T20I rankings
India’s 16-year-old batting sensation Shafali Verma has risen 19 slots to reach the number one spot in the ICC Women’s T20I batting rankings.

• In terms of bowling rankings, India’s Poonam Yadav, who took four wickets in the first match against Australia, has risen four slots to reach the eighth position.
• Deepti Sharma and Radha Yadav are in the fifth and seventh positions respectively.
• In terms of bowling, England’s 20-year-old Sophie Ecclestone has reached the number one spot.

Azlan Shah Cup postponed due to Coronavirus threat
The 29th edition of the prestigious Azlan Shah Cup hockey tournament has been postponed from April to September due to the fast-spreading coronavirus.

• The six-nation event, which was scheduled to be held from April 11 to 18 in Ipoh, Malaysia, will now be staged from Sept 24 to Oct 2.
• Australia, Canada, Japan, Pakistan, South Korea and hosts Malaysia were to participate in the event.

Sumit Sangwan’s one-year ban lifted by NADA
Indian boxer Sumit Sangwan, who was to serve a one-year ban for consuming a prohibited substance, has been cleared by National Anti-Doping Agency (NADA) after the athlete proved he took the medicine unintentionally.

• The former Asian Games silver medallist’s doping test showed the presence of Acetazolamide and was banned for one year on December 26 last year.

APPOINTMENTS

Sudhanshu Pandey appointed as new CMD of MMTC
Senior IAS officer Sudhanshu Pandey has been given additional charge of Chairman and Managing Director of MMTC Ltd. The post of CMD at India’s largest trading company has been lying vacant since Ved Prakash superannuated last month-end.

• Pandey is currently serving as the Additional Secretary at the Department of Commerce.

OBITUARIES

Buddhist religious leader in Bangladesh Suddhananda Mahathero passes away
Suddhananda Mahathero, foremost Buddhist religious leader and chief abbot of Kamalapur Dharmarajika Buddhist Mahabihar, passed away while undergoing treatment at a hospital in Dhaka. He was 87.

• He is known for running many social service activities particularly the orphanage at Dharmarajika Buddhist Monastery which takes care of more than 350 children.

IMPORTANT DAYS

World Hearing Day
The World Hearing Day is celebrated annually on 3 March. The aim of this day is to raise global awareness among the general public and policy makers about hearing loss and ear and hearing care (EHC).

• The theme for WHD this year is the “Hearing for life, don’t let hearing loss limit you”

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