Daily Current Affairs 9 May 2020 for Banking/Insurance/SSC and other related exams.
Tamil Nadu government increases retirement age to 59
The Tamil Nadu government raised the age of superannuation of its employees to 59 years from 58, in an attempt to give itself some relief from a near ₹5,000-crore financial burden.
- This will apply to all those who are in regular service as on date and due to retire on superannuation from May 31, 2020.
Nitin Gadkari sets road construction target for next 2 years at Rs 15 lakh crore
The ministry of road transport and highways has set a target of constructing roads worth 15 lakh crore over the next two years said by union minister Nitin Gadkari during meeting via video conferencing with the members of SIAM (Society of Indian Automobile Manufacturers) Institute on impact of COVID-19 on auto sector.
- The union minister also informed that the auto scrapping policy will also be finalised soon.
BANKING & FINANCE
AIIB approves USD 500 mn loan to support India’s fight against COVID-19
The Asian Infrastructure Investment Bank (AIIB) has, approved a loan of USD 500 million to support India’s efforts to fight the COVID-19 pandemic.
- AIIB’s COVID-19 Crisis Recovery Facility, created as part of the coordinated international response to counter the COVID-19 pandemic, has an initial size of USD 5 to USD 10 billion to support its members’ urgent economic, financial and public health pressures and quick recovery from the coronavirus crisis.
PPSBs sanctioned Rs 5.66 lakh cr loans during Mar-Apr: FM
Finance Minister Nirmala Sitharaman said public sector banks (PSBs) sanctioned loans worth Rs 5.66 lakh crore to borrowers during March and April, and disbursement will start soon after the lockdown is lifted, leading to economic recovery.
- As many as 3.2 crore borrowers have taken advantage of the three-month moratorium scheme on repayment of loans announced by the Reserve Bank to help people tide over the problems created on account of disruption in business activities due to lockdown.
Paytm Payments Bank crosses Rs 600 crore in fixed deposits
Paytm Payments Bank said it has crossed Rs 600 crore in fixed deposit accounts as it witnessed growth during the lockdown period due to volatility in other assets.
- During this period of volatility in other asset classes, a large number of PPB bank account holders are moving their savings into fixed deposits during the ongoing lockdown.
Nabard disburses ₹12,767 cr to State Co-op Banks, RRBs
The National Bank for Agriculture and Rural Development (Nabard) has disbursed ₹12,767 crore to State Co-operative Banks (StCBs) and Regional Rural Banks (RRBs) across the country to augment their resources for extending credit to farmers during the ongoing lockdown.
- There are 33 StCBs and 45 RRBs in the country, and they are important intermediaries in the rural credit structure.
- Nabard has extended the refinance (May 4 and May 5)to these rural banks in 15 States so far, including Andhra Pradesh, Bihar, Chhattisgarh, Haryana, Karnataka, Kerala, Madhya Pradesh, Odisha, Tamil Nadu, Telangana, Uttar Pradesh and West Bengal.
Co-Op banks come under Sarfaesi Act: Supreme Court
The Supreme Court held that the cooperative banks involved in the activities related to banking are covered within the meaning of ‘banking company’ and Parliament has legislative competence to provide for procedure for recovery of loan under the Sarfaesi Act.
- The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act, 2002, allow banks and financial institutions to auction properties (residential and commercial) when borrowers fail to repay their loans. It enables banks to reduce their non-performing assets by adopting measures for recovery or reconstruction.
BUSINESS & ECONOMY
Moody’s Investors Service sees India’s economic growth at zero’ in FY21
Moody’s Investors Service said it estimates India’s GDP growth to hit zero’ in FY21 and pointed to a wide fiscal deficit, high government debt, weak social and physical infrastructure, and a fragile financial sector.
- The quality of India’s economic growth has declined in recent years, demonstrated by financial stress among rural households, relatively low productivity and weak job creation.
- India’s gross domestic product (GDP) growth to be accelerating to 6.6 per cent in FY22.
Coir Board ropes in IIT-Madras for research, setting up centre of excellence
The Coir Board has signed a pact with the Indian Institute of Technology-Madras to establish a centre of excellence for the application of Coir exclusively or in combination with other natural fibres.
- Earlier, IIT-Madras validated the research studies so far undertaken by the Coir Board and other agencies in India on coir geotextiles (CGT), and recommended that CGT can be successfully used to prevent soil erosion in slopes, river embankments, and for mine dump slope stabilisation.
- The institute has also recommended the use of CGT in low-volume rural roads as a re-enforcement material.
SCIENCE & TECHNOLOGY
Yogi Adityanath launches ‘Pravasi Raahat Mitra’ app for migrant Workers
Uttar Pradesh Chief Minister Yogi Adityanath, launched the ‘Pravasi Rahat Mitra’ App that is aimed at aiding migrant citizens coming to Uttar Pradesh from other states so that they can take advantage of government schemes. the app will also help to monitor their health besides providing jobs and livelihood, related to their skills.
- The data collection of these migrant citizens will be done through the app that has been developed by the state revenue department in collaboration with United Nation Development Program.
World Thalassaemia Day
World Thalassaemia Day is observed on every 8th of May. This day tries to help thalassaemia patients lead a normal life despite the burden of the disease. This is a blood disorder in which the body has less hemoglobin than normal.
- World Thalassaemia Day theme 2020 is ‘’The dawning of a new era for thalassaemia: Time for a global effort to make novel therapies accessible and affordable to patients”.
World Migratory Bird Day
World Migratory Bird Day observed on May 9 every year is celebrated to raise awareness about conservation and ecological importance of such birds in the global ecosystem.
- World Migratory Bird Day 2020 celebrated with the theme “Birds Connect Our World “