Daily Current Affairs 5 March 2020 for Banking/Insurance/SSC and other related exams.
Gairsain to be Uttarakhand’s summer capital
Uttarakhand Chief Minister Trivendra Singh Rawat named Gairsain in Chamoli district as the state “summer capital”.
- It was a long-pending demand of the people in the hilly district to have the state’s summer capital in Gairsain.
35th edition of the food and hospitality fair ‘AAHAR 2020’ commences in New Delhi
The 35th edition of AAHAR – the Food and Hospitality fair began in New Delhi. This five-day-long fair is being organized by India Trade Promotion Organisation, ITPO, with support of the Ministry of Food Processing Industries, Agriculture and Processed Food Products Development Authority and several apex industry associations.
- This year, the fair will feature a wide range of food products, machinery, hospitality, Food and Beverage Equipment and Decoration items, and Confectionery items from over 750 participants from India and overseas. In the foreign category, the fair will witness participation from countries, including Hong Kong, Israel, Indonesia, Japan, Poland, Russia, Switzerland, UK and UAE.
New Delhi hosts workshop on efficient use of water by industries
U.P. Singh, the Secretary, Department of Water Resources, River Development & Ganga Rejuvenation (WR, RD & GR) inaugurated the workshop on “Increasing Water Use Efficiency in Industries” in New Delhi .The workshop was organized by the National Water Mission (NWM) in Delhi as a part of the “HarKaamDeshkeNaam” initiative.
- The workshop aimed to urge the Industry to adopt the Corporate Water Responsibility (CWR) as part of the Corporate Social Responsibility (CSR) provisions.
Govt sanctioned Rs 33 cr for Kaziranga National Park under Project Tiger scheme
Financial assistance to the tune of Rs 1.51 crore has been sanctioned to Kaziranga National Park during the financial years 2018-19 and 2019-2020 under Compensatory Afforestation Fund Management and Planning Authority (CAMPA).
- Further, under the Project Tiger scheme, financial assistance of Rs 10.30 crore and Rs 22.81 crore were also sanctioned during the financial years 2018-19 and 2019-20 respectively to Kaziranga Tiger Reserve, which includes Kaziranga National Park.
Luxembourg becomes first country to make public transport free
Luxembourg becomes the first country to offer a free public transport system as the government tries to reduce particularly dense car traffic. The country abolished the fares for trains, trams and buses.
- All standard-class journeys on public transport in the European country are now free of charge compared to an annual pass worth 440 euros ($485) before. Travellers can still pay for first-class at a cost of 660 euros a year.
BANKING & FINANCE
Nabard infuses Rs 1.46 lakh cr in rural banking system in 2019-20
National Bank for Agriculture and Rural Development said it has infused Rs 1.46 lakh crore in the rural banking system during the current fiscal.
- As on February 28, 2020, Rs 87,069 crore has been extended to cooperative banks and regional rural banks in short-term refinance. In addition, long-term refinance of Rs 59,502 crore has also been provided to these banks as well as other financial institutions.
- Regional rural banks have availed Rs 14,141 crore in short-term credit and Rs 8,417 crore in long-term credit.
- In addition, other banks, including small finance banks, have obtained long-term refinance of Rs 37,895 crore
Amalgamation of 10 PSBs into 4 from April 1: FM Sitharaman
The Union Cabinet approved amalgamation of 10 public sector banks, including Allahabad Bank, Andhra Bank and OBC, to create large four state-owned lenders with effect from April 1 announced by Finance Minister Nirmala Sitharaman.
- These will be in addition to State Bank of India, Bank of Baroda, and Bank of India.
- Following the consolidation, there will be seven large public sector banks (PSBs), and five smaller ones. There were as many as 27 PSBs in 2017.
BUSINESS & ECONOMY
At USD 83.5 bn, India has 3rd highest trade-related illicit financial flow globally: Report
According to a report released by US-based think tank Global Financial Integrity (GFI), India has the third-highest trade-related illicit financial flow among over 135 countries with a whopping USD 83.5 billion escaping the government’s tax net owing to trade-based money laundering tactics.
- According to the report titled “Trade-related Illicit Financial Flows in 135 Developing Countries: 2008-2017”, for 2017, five countries with the largest identified value gaps were China at USD 457.7 billion, followed by Mexico at USD 85.3 billion, India at USD 83.5 billion, Russia at USD 74.8 billion, and Poland at USD 66.3. billion.
Asia Championships 2020 shifted to Manila due to coronavirus outbreak
The Badminton World Federation (BWF) shifted the Asia Championships 2020 from Wuhan, China, the epicentre of the coronavirus (COVID-19) outbreak, to Manila, in the Philippines.
- The decision was confirmed by Badminton Asia and the event will now be held from April 21-26.
All India Police Athletic Championship commenced in Haryana
68th All India Police Athletic Championship-2019 began at Bhanu in Panchkula District of Haryana.
- The championship aims to enhance India’s performance in the Olympics scheduled to be held in 2028. To achieve this feat, the Government of India has identified more than 15,000 children and has also commenced their training.
Ireland Architects Yvonne Farrell & Shelley McNamara wins The Pritzker Architecture prize 2020
Irish architects Yvonne Farrell and Shelley McNamara have been awarded the 2020 Pritzker Architecture Prize for “consistent service to humanity as evidenced by a body of built work” and for leading the way for women in a male-dominated profession.
- The winner receives a $100,000 grant and a bronze medallion. It is awarded not to a firm but to an individual architect; when more than one individual is selected, it’s because the jury deems their work to be inextricably linked
Ajay Bhushan Pandey appointed as the new Finance Secretary of FinMin
Government of India appointed the current Revenue Secretary Ajay Bhushan Pandey as the new Finance Secretary. Pandey replaces current Finance Secretary Rajiv Kumar.
- Pandey concurrently holds the position of GSTN chairman where he is playing a key role in the introduction of e-invoicing and new simplified returns.
Ukraine PM Oleksiy Honcharuk resigns
Ukraine’s Parliament, the Verkhovna Rada, has accepted the resignation of the country’s Prime Minister Oleksiy Honcharuk after six months in the position.
- Subsequently, Denys Shmygal has been appointed as the country’s new prime minister during an extraordinary session
Sunil Joshi becomes new chairman of BCCI’s selection committee
Former India spinner Sunil Joshi was named chairman of the national selection panel by the BCCI’s Cricket Advisory Committee (CAC), which also picked ex-pacer Harvinder Singh in the five-member group.
- The CAC, comprising Madan Lal, RP Singh and Sulakshana Naik, select the two selectors with Joshi replacing South Zone representative MSK Prasad. Harvinder Singh was chosen from the railway zone and replaces Gagan Khoda in the 5 member panel.
ACQUISITIONS & MERGERS
NBCC gets NCLT approval to acquire Jaypee Infratech
State-owned NBCC received National Company Law Tribunal (NCLT) approval to takeover debt-laden Jaypee Infratech, restoring hopes of homebuyers finally getting their promised flats in next four years.
- In a significant direction that will help NBCC in faster completion of stuck projects of Jaypee Group, the tribunal ordered that the Rs 750 crore deposited by Jaypee Infratech’s parent firm Jaiprakash Associates Ltd (JAL) with the registry of the Supreme Court would be part of the resolution plan.
Zomato acquires UberEats India for $206 million
Ride-hailing major Uber sold its food delivery business in India to food-tech giant Zomato for $206 million.
- The estimated fair value of the consideration received is $206 million, which includes the investment valued at $171 million and the $35 million of reimbursement of goods and services tax receivable from Zomato
SCIENCE & TECHNOLOGY
Chandrayaan-3 to be launched in first half of 2021: Govt
Chandrayaan-3 will be launched in the first half of 2021, Union Minister Jitendra Singh said, indicating that there could be a slight delay in the launch of the third moon mission.
- Four biological and two physical science experiments related to microgravity will be conducted during the Gaganyaan project, India’s manned mission to space.
Ex-UN chief Javier Perez de Cuellar passes away at 100
Former United Nations chief Javier Perez de Cuellar passed away in Lima, the capital of his native country Peru. He was 100.
- Perez de Cuellar was the fifth secretary-general of the global body, serving as secretary-general from 1982 to 1991, during the Iran-Iraq war.