Daily Current Affairs 7th March, 2021

Daily Current Affairs 7 March 2021 for Banking/Insurance/SSC and other related exams.


Karnataka launches engineering research policy
The Karnataka government launched Engineering Research & Development (Engineering R&D) Policy to raise its contribution to the sector to 45% in the upcoming five years. 

  • The main objective of the government is to leverage the sector’s potential, create jobs and improve the state’s contribution in this field through strategic interventions and bridging the gap between academia and industry.
  • The policy is developed in collaboration with the IT industry body National Association of Software and Service Companies (NASSCOM).


UN Declares 2021 International Year of Fruits and Vegetables 
At its 74th session, the United Nations General Assembly proclaimed YEAR 2021 the International Year of Fruits and Vegetables (IYFV).

  • The primary role of the food and the agriculture sector is to adequately feed people by increasing the availability, affordability and consumption of varied, safe and nutritious foods that are in line with dietary recommendations and environmental sustainability.

UNCTAD declares 2021 International Year of Creative Economy for Sustainable Development.
At the 74th session of the UN General Assembly, 2021 was declared the International Year of Creative Economy for Sustainable Development.

  • Indonesia was the main sponsor of the proposal, which was presented by a global grouping of countries, including Australia, China, India, Indonesia, Mongolia, Philippines and Thailand.
  • The proposal recognised the need to promote sustained and inclusive economic growth, foster innovation and provide opportunities, benefits and empowerment for all and respect for all human rights.

UNGA declares 2021 as the International Year of Peace and Trust
The United Nations General Assembly has declared 2021 as the International Year of Peace and Trust.

  • The International Year of Peace and Trust constitutes a means of mobilizing the efforts of the international community to promote peace and trust among nations based on, among other things, political dialogue, mutual understanding and cooperation, in order to build sustainable peace, solidarity and harmony.

Gender inequality has cost world $70 tln since 1990: Report
Gender inequality has cost the world USD 70 trillion since 1990 and it would take at least 257 years more to bridge the gender gap, a report by economists at Bank of America has revealed.

  • Out of the total, the loss of human capital wealth due to gender inequality alone is estimated at USD 160.2 trillion.
  • However, the report asserts that if in case, all the countries in the world become gender-equal, then the global GDP could increase by up to USD 28 trillion by 2025. 
  • While girl’s education is still a topic of discussion in several states, the report stated that closing the gender and race gaps in education and employment would have generated USD 2.6 trillion more in economic output in 2019 and the cumulative gains from 1990 would have been USD 70 trillion at the 2019 dollar rate.


Kotak Mahindra Bank to handle salary account of Indian army personnel
Private sector lender Kotak Mahindra Bank will handle the salary account of the Indian army personnel, the bank said.

  • The bank has signed a memorandum of understanding (MoU) with the Indian Army here for salary account.
  • The salary account will cover other benefits such as a bespoke salary account for the army personnel, enhanced complimentary personal accident insurance cover – for both on-duty and off-duty incidents. It covers accidental death for total or partial permanent disability.

9 banks, 2 non-banks to infuse 7,000 crores in bad banks 
Nine banks including the State Bank of India (SBI), Punjab National Bank (PNB) and Bank of Baroda (BoB) and two non-bank lenders are likely to put in Rs 7,000 crore jointly as initial capital in the proposed bad bank that aims to help extract funds stuck in non-performing loans.

  • The entities include PSBs like State Bank of India, Punjab National Bank, Bank of Baroda, Canara Bank, Union Bank of India, Bank of India. Other than these, private sector lenders ICICI Bank, Axis Bank, IDBI bank are also a part of the combine.
  • Meanwhile, the non-bank entities include state-owned financiers of power projects- Power Finance Corporation (PFC) and Rural Electrification Corporation (REC).
  • It should be noted that each of the 11 entities will initially hold just above nine per cent of the share in the proposed bad bank, even as more shareholders could join in the combine at a later stage which could result in dilution of the stakes for the aforementioned investors.

Edelweiss General Insurance partners Okinawa Autotech for two-wheeler policy coverage
Edelweiss General Insurance (EGI) has entered into a partnership with electric two-wheeler manufacturer Okinawa Autotech to provide a comprehensive insurance policy to auto customers. 

  • In an exclusive partnership with Okinawa Autotech, EGI said it will leverage latter’s vast dealership network of over 350 dealerships currently across India to offer customers simple, end-to-end, digital-driven insurance solutions.
  • Customers can now avail a comprehensive insurance policy and will have the option to choose from multiple add-ons to suit their individual coverage requirements.


Glenmark Pharma signs Rohit Sharma as brand ambassador for Candid Powder
Drug major Glenmark Pharma said it has signed cricketer Rohit Sharma as brand ambassador for its product Candid Powder.

  • Sharma will be the official face of the brand as part of its 360 degree communication.


“They Found What/They Made What”, book by Shweta Taneja
The book titled “They Found What/They Made What” is written by fantasy and science-fiction author Shweta Taneja.

  • The children’s book, done in a unique two-in-one format was published by Hachette.

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