Daily Current Affairs 7 April 2021 for Banking/Insurance/SSC and other related exams.
Lt Governor,Manoj Sinha inaugurates Tulip Festival at Asia’s largest Tulip Garden in Srinagar
To celebrate the arrival of spring and to promote tourism in Jammu and Kashmir, Lieutenant Governor, Manoj Sinha, in presence of Sh. Arif Mohammed Khan, Governor of Kerala, inaugurated the Tulip festival at Asia’s largest Tulip Garden located at the foothills of the Zabarwan on the banks of world-famous Dal Lake in Srinagar.
- The 6-day long festival is being organized by the Department of Floriculture in collaboration with the Tourism department of J&K.
- This festival will showcase Kashmiri folk music apart from a painting competition.
BANKING & FINANCE
RBI keeps repo rate and reverse repo rate unchanged; Retains real GDP growth for 2021-22 fiscal at 10.5 percent
RBI Governor Shaktikanta Das said that the monetary policy committee voted unanimously to leave the repo rate and reverse repo rate unchanged at 4 per cent and 3.3.5 per cent, respectively.
- He said, the projection of real GDP growth for 2021-22 is retained at 10.5 per cent consisting of 26.2 per cent in Q1; 8.3 per cent in Q2; 5.4 per cent in Q3; and 6.2 per cent in Q4.
- The marginal standing facility rate and bank rate will remain unchanged at 4.25 per cent, adding that the evolving CPI inflation trajectory is likely to be subjected to both upside and downside pressures.
- He informed that the Government on 31st March this year retained the inflation target at 4 per cent with the lower and upper tolerance levels of 2 per cent and 6 per cent, respectively, for the next five years i.e. from April 2021 to March 2026.
- Mr. Das said the RBI has decided to put in place a secondary market G-sec acquisition programme or G-SAP 1.0, to give it a distinct character. The first purchase of government securities for an aggregate amount of ₹25,000 crore under G-SAP 1.0 will be conducted on April 15, 2021.
RBI fixes average base rate at 7.81% for NBFC-MFIs
The Reserve Bank has said the average base rate that’s charged by NBFC-MFIs from borrowers for the next quarter will be 7.81 per cent.
- It is lower by 15 basis points (0.15 %) as compared to the current quarter. Last year it was 8.76 during the same period.
- The RBI advises NBFC-MFIs on the average of the base rates of the five largest commercial banks on the last working day of every quarter.
Maruti Suzuki teams up with Karnataka Bank for car loans
Maruti Suzuki announced that it has signed a Memorandum of Understanding (MoU) with Karnataka Bank to offer auto finance deals to customers.
- Under the purview of this tie-up, people buying a Maruti Suzuki car will be able to avail this car loan offer across 858 branches of Karnataka Bank all over India.
- This partnership is aimed to make the vehicle buying journey easy and affordable for our customers. Rapid technological development and new digital consumer behaviours are determining auto sales across India.
Netherlands’ FMO to invest $137 million in Green Growth Equity Fund
Dutch development bank FMO will invest $137 million in Green Growth Equity Fund (GGEF), managed by EverSource Capital, that invests in India’ green energy space such as clean energy, transportation, resource efficiency and energy services.
- GGEF targets raising equity capital up of $940 million and has National Investments and Infrastructure Fund (NIIF) of India and the UK government’s Department for International Development as anchor investors.
Axis Bank to become co-promoter of Max Life Insurance
Axis Bank Ltd said that it has become co-promoters of Max Life Insurance Company Limited, after completion of the acquisition of 12.99% stake collectively by the Axis Entities in the company.
- The lender said that Axis Bank and its two subsidiaries—Axis Capital Limited and Axis Securities Limited – will collectively own 12.99% stake in Max Life after the consummation of the deal.
- With the conclusion of this transaction, Max Life’sBoard will be strengthened further, with co-option of three nominee directors of Axis Entities on its Board.
BUSINESS & ECONOMY
Union Minister D V Sadananda Gowda says, Indian chemicals industry is expected to reach USD 304 billion by 2025
Chemicals and Fertilizers Minister D V Sadananda Gowda has said that Indian chemicals industry is expected to reach USD 304 billion by 2025.
- Mr Gowda said this while addressing at National Dialogue on Manufacturing Excellence and Innovation for Competitiveness and Sustainability of Chemicals Manufacturing in New Delhi.
- He said, the Chemicals and Petrochemicals sector will play an important role in achieving the goal of a 5 trillion-dollar economy.
IMF upgrades its growth projection for India to 12.5 per cent for FY 2021-22
The International Monetary Fund (IMF) has upgraded its growth projection for India to 12.5 per cent for the Financial Year 2021-22.
- In its latest World Economic Outlook report, the IMF has pegged India’s GDP to grow 1 per cent higher than its previous report published in January this year.
- The Washington based International Financial Institution has projected a contraction of 8 per cent in the growth in the last fiscal while it has forecasted a growth of 6.9 per cent in the next financial year beginning in 2022.
- The IMF has also said that inflation will taper down to 4.9 per cent in the current financial year.
UBS projects 20-30 bps impact on GDP amid second COVID wave
Despite a massive spike in the pandemic caseload, Swiss brokerage UBS sees no repeat of a nationwide/statewide lockdown and expects only a minimal economic impact of the second wave that may lead to a 20-30 bps reduction in GDP.
- UBS Securities India chief economist Tanvee Gupta-Jain retained the earlier house view of 11.5 per cent GDP growth this fiscal, saying the second wave has come as they were planning to upwardly revise growth forecast due to unexpected improvements in key economic indicators since the third quarter last fiscal.
Thisara Perera becomes first Sri Lankan to smash six sixes in an over
Left-handed batsman Thisara Perera became the first Sri Lankan to hit six sixes in an over in any form of professional cricket during a domestic tournament.
- The 31-year-old achieved the feat during his unbeaten 13-ball 52 while captaining Sri Lanka Army in a group match against Bloomfield Cricket and Athletic Club in the Major Clubs Limited Over List A tournament at the Army Ground in Panagoda town.
- Perera is the ninth cricketer in the world to have achieved this feat in professional cricket, after Garfield Sobers, Ravi Shastri, Herschelle Gibbs, Yuvraj Singh, Ross Whiteley, Hazratullah Zazai, Leo Carter, and recently Kieron Pollard.
Chintan Vaishnav appointed as the new Mission Director of Atal Innovation Mission
Noted socio-technologist Dr Chintan Vaishnav has been appointed the mission director of Atal Innovation Mission (AIM), the government’s flagship initiative under NITI Aayog.
- Vaishnav will take over from Ramanathan Ramanan later this month.
- Ramanan has been leading AIM as its first mission director since June 2017. Vaishnav is currently at the Massachusetts Institute of Technology (MIT), US.
Vjosa Osmani-Sadriu becomes Kosovo’s 7th President
Kosovo’s new president took office, becoming the country’s youngest head of state and one of the youngest in the world.
- Vjosa Osmani-Sadriu, 38, was elected to a five-year term by Kosovo’s Assembly, or Parliament, making her the Balkan nation’s second female leader in the post-war period.
- Acting President Glauk Konjufca handed over the country’s constitution, avoiding a more formal ceremony due to the pandemic.
Sumon Chakraborty to get GD Birla Award for Scientific Research
Professor Suman Chakraborty has been selected for the 30th GD Birla Award for Scientific Research for his outstanding contribution to engineering science and its applications in developing technologies for affordable healthcare.
- He is a faculty member at the Indian Institute of Technology (IIT), Kharagpur’s department of mechanical engineering.
- The GD Birla Award recognises eminent Indian scientists below the age of 50 for their original and outstanding contributions to any branch of science or technology. It carries a cash prize of ₹5 lakh.
SCIENCE & TECHNOLOGY
DRDO develops Advanced Chaff Technology to safeguard naval ships from missile attack
Defence Research and Development Organisation (DRDO) has developed an Advanced Chaff Technology to safeguard naval ships against enemy missile attack.
- A DRDO laboratory in Jodhpur, has indigenously developed three variants of this critical technology namely Short Range Chaff Rocket, Medium-Range Chaff Rocket and Long Range Chaff Rocket meeting Indian Navy’s qualitative requirements.
- Chaff is a passive expendable electronic countermeasure technology used worldwide to protect naval ships from enemy’s radar and Radio Frequency missile seekers.
Mumbai’s ‘Kanga League’ Giant Mehli Irani Passes Away
Former Mumbai cricketer and “Kanga League” giant Mehli Irani has passed away in Dubai. He was 90.
- Kanga League is a well-known monsoon season cricket tournament played in Mumbai.
- A left-handed batsman and wicket-keeper, Irani played the Kanga League for 50 years and had represented the Bombay Gymkhana and Parsee Cyclists at the club-level.
Malayalam Actor and Screenwriter P Balachandran passes away
Balachandran, screenwriter, filmmaker, dramatist and actor, passed away at his home in Vaikom. He was 69.
- About 50 Malayalam film fall under his credit as an actor and screenwriter. His character in the film ‘Trivandrum Lodge’ was noteworthy.
- He is noted for his works like Punaradhivasam and Kammatipaadam. Punaradhivasam has won a national award and two state awards, while critically acclaimed Kammatipaadam grabbed four state awards.
- He won two major awards, the Kerala Sahitya Akademi Award and Kerala Professional Nataka Award for his play ‘Paavam Usman’ in 1989.
BOOKS & AUTHORS
“Manohar Parrikar: Brilliant Mind, Simple Life” book by Nitin A Gokhale
A new book titled ‘Manohar Parrikar: Brilliant Mind, Simple Life’ authored by Nitin Gokhale was released. The book is published by Bloomsbury.
- The book is a tribute to Parrikar, India’s former defence minister and four-time chief minister of Goa, the first IIT-ian to become a chief minister.
- Through this book, the author presents the journey of the contribution of Parrikar to nation-building and his service to the Goan society, from being an IIT student to a social worker and to India’s defence minister.
Vice President Of India Releases Dr. Achyuta Samanta’s Book ‘My Mother-My Hero’
The book ‘My Mother-My Hero’ on an ideal mother is written by eminent educationist and social worker Dr. Achyuta Samanta has been released by Venkaiah Naidu, Vice President of India.
- This book speaks about the struggles of his mother who raised her seven children braving acute poverty.
World Health Day
Every year on April 7 is observed as World Health Day, to spread awareness among people regarding the importance of a healthy lifestyle.
- This day marks the anniversary of the World Health Organisation (WHO).
- This year, the theme of this special day is “Building a Fairer and Healthier World for Everyone.”
International Day of Conscience
The International Day of Conscience is a global day of awareness celebrated on April 5, commemorating the importance of the human conscience.
- This day serves to remind people to self-reflect, follow their conscience, and do the right things.
International Mine Awareness Day
The United Nations’ International Day for Mine Awareness and Assistance in Mine Action is observed on April 4 each year.
- This day aims to raise awareness about landmines and progress toward their eradication.
- This year, the theme of International Mine Awareness Day is Perseverance, Partnership, and Progress. This year, the UN has laid focus to advance the work so that new partnerships can be formed.