Daily Current Affairs 9 October 2020 for Banking/Insurance/SSC and other related exams.
Meghalaya joins hands with Israel to improve farmers’ livelihood
The Meghalaya government has joined hands with Israel for setting up a Centre of Excellence (CoE) on high value vegetables in the state in a bid to improve and promote the livelihoods of farmers.
- The CoE is vital to tap the diverse bio-diversity and resources available in the State in terms of its soil and agro-climatic conditions.
- It will also act as an impetus for further research and expansion into multi-fold aspects including tourism potential considering the State has a gene pool of important vegetables, fruits and plants such as the Citrus fruits in Nokrek, East Garo Hills District.
PM Modi launches Jan Andolan campaign on COVID-19 Appropriate Behaviour; Urges people to wear mask, wash hands & follow social distancing
Prime Minister Narendra Modi launched a campaign on Jan Andolan for COVID-19 Appropriate Behaviour in view of the upcoming festivals and winter season as well as the opening up of the economy.
- The highlights of the campaign include region-specific targeted communication in high case-load districts, simple and easily understandable messages to reach every citizen, dissemination throughout the country using all media platforms, banners and posters at public places involving frontline workers, and targeting beneficiaries of government schemes.
Education Minister Ramesh Pokhriyal ‘Nishank’ virtually inaugurates Gyan Circle Ventures
Union Minister for Education Ramesh Pokhriyal ‘Nishank’ virtually inaugurated the Gyan Circle Ventures, a MeitY funded Technology Business Incubator (TBI) of Indian Institute of Information Technology, Chittoor, Andhra Pradesh through Video Conference.
- Gyan Circle Ventures would function as a Technology Incubation and Development of Entrepreneurs (TIDE 2.0) incubation center as approved by the Ministry of Information Technology (MeitY).
- The Gyan Circle Ventures will serve as a hub for innovation and startups by providing support, in various phases, via investments, infrastructure and mentoring.
COVID-19 to push as many as 150 million people into extreme poverty by 2021: World Bank
The World Bank said that the coronavirus pandemic could push as many as 150 million people into extreme poverty by the end of 2021, wiping out more than three years of progress in poverty reduction.
- Releasing its flagship biennial report on poverty and shared prosperity, the multilateral development lender said that an additional 88 million to 115 million people will fall into extreme poverty – defined as living on less than $1.90 a day -in 2020. The report said this could grow to 111 million to 150 million by the end of 2021.
- That would mean that 9.1-9.4% of the world’s population would be living under extreme poverty this year, about the same as 2017’s 9.2% and representing the first rise in the extreme poverty percentage in about 20 years. The 2019 extreme poverty rate was estimated at about 8.4% and had been expected to drop to 7.5% by 2021 before the coronavirus pandemic
BANKING & FINANCE
RBI announces monetary policy; No changes in Interest rate & Reverse Repo rate
The Reserve Bank of India in its bi-monthly Monetary Policy statement issued, has maintained a status quo keeping the key interest rates unchanged.The reverse repo rate remains unchanged at 3.35 per cent, the repo rate at four per cent.
- The Monetary Policy Committee has also decided to maintain its accommodative stance as long as necessary at least through the current financial year and next year as Indian economy is entering into decisive phase in its fight against coronavirus.
- In major announcements, RBI Governor Shaktikanta Das proposed that the RTGS system for real time fund transfer to become 24X7 from December 2020.
- The new housing loans risk weights to be linked to Loan-to-value ratio and also rationalize risk weights for all new housing loans until March 31, 2022.
- Also the bank will extend scheme for co-lending to all NBFC, HFC. As for GDP, the growth may break out of contraction and enter positive zone by fourth quarter of current fiscal.
NABARD inks 3 MoUs with SBI to extend credit support for various projects in Gujarat
the National Bank for Agriculture and Rural Development -NABARD has inked three Memoranda of Understanding (MoU) with Public Sector Bank- State Bank of India(SBI) to extend credit support for various projects in Gujarat.
- The MoUs were signed for financing joint liability groups and Self-Help Groups-support credit inflows to Farmer Producers’ Organizations and economic support for watershed development projects.
- These will help in providing credit support to the different sections of the society including the priority sector.
Interest subvention on MSME loans extended till end of March 2021: RBI
The Reserve Bank of India has said that the two per cent interest subvention scheme for micro, small and medium enterprises (MSMEs) on loans offered by co-operative banks has been extended till 31st of March next year.
- RBI has further informed that the scheme, initially announced for just two years, has been extended for the financial year 2020-21.
- RBI said that the coverage of the scheme is limited to all term loans and working capital to the extent of 100 lakh rupees, adding that the requirement of Udyog Aadhaar Number may be dispensed with for units eligible for GST.
BUSINESS & ECONOMY
World Bank expects India’s GDP to contract by 9.6% this fiscal
India’s GDP is expected to contract by 9.6% in the fiscal year 2020-21 (FY21), the World Bank said in its report titled ‘South Asia Economic Focus’. The World Bank earlier in June had estimated the Indian economy to shrink by 3.2% in the current fiscal.
- South Asia as a region is set to plunge into its worst ever recession with a sharper than expected contraction of 7.7%.
- India’s growth is projected to rebound to 5.4% in FY22, mostly reflecting base effects, assuming Covid19 -related restrictions are completely lifted by 2022. As per the bank, weak activity, domestically and abroad, is also likely to depress both Indian imports and exports.
RBI Policy: India’s GDP to contract by 9.5% in FY21
The Indian economy will contract 9.5% in fiscal 2021 due to disruptions caused by the covid-19 pandemic that has hit economic activities, according to the Reserve Bank of India’s Monetary Policy Committee (MPC).
- RBI governor Das said GDP growth rate may break out of contraction and turn positive during January-March due to recovery seen across sectors. The MPC has maintained an accommodative stance to revive growth on a durable basis.
Zurich Airport International signs deal to develop Jewar airport in India
Zurich Airport International has signed the concession agreement for the development of Jewar Airport on the outskirts of Delhi, India. The first phase of Noida International Airport is expected to be completed in 2024.
- The ‘concession agreement’ for the Greenfield airport, estimated to cost Rs 29,560 crore, was inked between the Uttar Pradesh government’s agency and the Yamuna International Airport Private Ltd., a special purpose vehicle floated by the Zurich Airport for the project.
Amazon India partners with IRCTC to offer train ticket bookings
Amazon India said it had partnered with Indian Railway Catering and Tourism Corporation (IRCTC) to provide their customers with the facility to book reserved train tickets on its platform.
- For the introductory period, Amazon.in has waived off service and payment gateway transaction charges.
- With this launch, Amazon Pay adds another travel category, thereby offering its customers a one-stop-shop for booking flights, bus and train tickets
J&K Bank CMD R K Chhibber’s tenure extended by 6 more months
The Reserve Bank of India (RBI) has extended the tenure of Jammu and Kashmir Bank Chairman and Managing Director (CMD) R. K. Chhibber by another six months.
- Earlier in July this year, RBI extended the tenure of Chhibber as interim CMD of J&K Bank till the appointment of a new MD & CEO.
Sadyr Zhaparov elected as Kyrgyzstan’s acting PM
Kyrgyzstan’s Prime Minister Kubatbek Boronov has stepped down after the Central Electoral Commission annulled the results of parliamentary elections in response to accusations of vote-rigging.
- At an emergency session, the Kyrgyzstan parliament appointed Sadyr Zhaparov, a founder of the opposition Mekenchil party, which had lost the election, as acting prime minister.
Poet Nityananda Nayak to receive Sarala Puraskar
Noted Odia poet Nityananda Nayak has been conferred the prestigious Sarala Puraskar for his poetry work ‘Setebelaku Nathiba’, published in 2017.
- The award, constituted by IMFA”S wing IMPaCT, consists of a citation and a cash prize of Rs 5 lakh.
- Two other eminent personalities from the State – Ranjit Kumar Nag and Shyamsundar Pattanaik – will be felicitated for their contribution to fields of music and art respectively. While Nag will be awarded the Ila Panda Sangeet Samman, Pattanaik would be felicitated with Ila Panda Chitrakala Samman. The awards comprise cash award of `1,50,000 and a citation.
American poet Louise Glück wins 2020 Nobel Prize for Literature
The poet Louise Glück has become the first American woman to win the Nobel prize for literature in 27 years, cited for “her unmistakable poetic voice that with austere beauty makes individual existence universal”
- A professor at Yale University, Glück made her debut in 1968 with her collection titled ‘Firstborn’.
- She is seen as one of the most prominent poet and essayist in American contemporary literature.
Nobel Peace Prize 2020 awarded to World Food Programme
The World Food Program won the 2020 Nobel Peace Prize for its efforts to combat hunger and food insecurity around the globe
- The award comes with a 10-milion krona ($1.1 million) cash prize and a gold medal to be handed out at a ceremony in Oslo, Norway, on December 10, the anniversary of prize founder Alfred Nobel’s death. This year’s ceremony will be scaled down due to the pandemic.
Nilesh Shah re-elected as chairman of Association of Mutual Funds in India
Nilesh Shah has been re-elected as the Chairman of Association of Mutual Funds in India (AMFI), at the recently concluded Board Meeting of AMFI.
- He was earlier elected as the Chairman for 2019 – 2020 and now would continue to hold the office till the conclusion of the next Annual General Meeting (AGM).
- Nilesh Shah would also continue as the ex-officio Chairman of AMFI Financial Literacy Committee, being the Chairman of AMFI.
Mario Molina, Mexico chemistry Nobel winner passes away
Mario Molina, winner of the Nobel Prize in chemistry in 1995 and the only Mexican scientist to be honored with a Nobel, died in his native Mexico City. He was 77.
- Molina’s work contributed to the drafting of the first international treaty on the subject, the Montreal Protocol, which phased out the use of the chemicals. Later, he focused on confronting air pollution in major cities.
- Molina was a member, among other institutions, of the National Academy of Sciences and for eight years was one of the 21 scientists who composed President Barack Obamas Council of Advisers on Science and Technology.
Union Minister Ram Vilas Paswan passes away
Union Minister and LJP patriarch Ram Vilas Paswan passed away. He was 74.
- A Dalit leader from Bihar, Paswan had been serving as the Union Minister of Food and Public Distribution in the Narendra Modi-led NDA government.
- An eight-time Lok Sabha MP, Paswan went to jail during Indira Gandhi’s tenure when an emergency was imposed in the country. He began his political career as a member of the Samyukta Socialist Party and in 1969 became a member of the Bihar Legislative Assembly.
Indian Foreign Service Day
Indian Foreign Service Day is celebrated on 9 October every year since 2011 to commemorate the day the Indian Cabinet created the IFS.
- Months before India’s independence, in September 1946, the Indian Foreign Service was created “for India’s diplomatic, consular and commercial representation overseas.
World Sight Day
World Sight Day, observed annually on the second Thursday of October, is a global event meant to draw attention on blindness and vision impairment.
- This year, World Sight Day will take place on 8 October 2020 with the theme: Hope In Sight.
World Post Day
World Post day happens each year on October 9, the anniversary of the Universal Postal Union, which started in 1874 in Switzerland. Today the universal postal union celebrates its 146th anniversary.
- The World Post Day is marked to spread awareness about the significant role people engaged in postal services play .