Weekly Current Affairs (15th to 21st March 2020) Part - 1 Notes | EduRev

Weekly Current Affairs

Current Affairs : Weekly Current Affairs (15th to 21st March 2020) Part - 1 Notes | EduRev

The document Weekly Current Affairs (15th to 21st March 2020) Part - 1 Notes | EduRev is a part of the Current Affairs Course Weekly Current Affairs.
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Banking & Financial Awareness

1. RBI issues guidelines for Ind AS implementation by _______NBFCs and ARCs.

➢ The guidance has been framed to promote a high quality, consistent implementation, and better supervision of FS.
➢ The guidelines mandate NBFCs/ARCs to put in place board-approved policies that clearly articulate and document their business models and portfolios.

2. The Reserve Bank of India revised exposure limits for urban cooperative banks (UCBs) to a single borrower and a group of borrowers to 15 per cent and 25 per cent respectively for_______ tier-1 capital.

➢ The revised exposure limits shall be applicable to all types of fresh exposures taken by UCBs.
➢ The RBI had earlier permitted UCBs to have exposures up to 15% and 40% of their capital funds to a single borrower and a group of borrowers, respectively.
➢ UCBs shall have at least 50% of their aggregate loans and advances comprising loans of not more than Rs 25 lakh or 0.2% of their tier 1 capital, whichever is higher, subject to a maximum of Rs 1 crore, per borrower.

3. To sell quick life insurance policies Flipkart has partnered with _________Aegon life insurance.

➢ With instant life insurance covered through a digital policy as its core value proposition, such policies do not require medical tests or paperwork.
➢ Life insurance has the second highest penetration among all types of insurance available in the country.
➢ This partnership aims to overcome the issue & make life insurance more convenient & transparent for customers at the click of a button.

4. The 39th GST Council meet on ‘Know your Supplier’ was held in ______New Delhi.

➢ It was headed by Finance Minister Nirmala Sitharaman.
➢ During the summit several decisions have been taken regarding the GST mechanism on particular sections.
➢ One of the decisions includes calculation of delayed GST payment on the net tax liability w.e.f. 1st July 2017, the day the GST came into force.
➢ Net cash tax liability is arrived at after deducting the input tax credits available from gross tax liability.

5. OIL signed Crude Oil agreement with ________ Numaligarh Refinery.

➢ The agreement is named as Crude Oil Sales Agreement (COSA) which has a term of 5 years.
➢ It is expected to organize the sale & purchase transactions of crude oil produced from fields in northeastern India.

6. An ‘Innovate for accessible India campaign’ has been launched by Microsoft India and ________ NASSCOM Foundation.

➢ It is a nation-wide innovation challenge aimed at empowering people with disabilities with the new technologies required for better integration into society and access to equal opportunities.
➢ The campaign was launched in partnership with the Department of Empowerment of Persons with Disabilities (DEPwD), Ministry of Social Justice & Empowerment, Department of Science & Technology (DST), Ministry of Science and Technology and National Research and Education Network (NREN).

7. To provide ease for payments industry players the Reserve Bank of India has launched new guidelines for _______ payment aggregators.

➢ These are issued under Section 18 read with Section 10(2) of the Payment and Settlement Systems Act, 2007 and shall come into effect from April 1, 2020. The new rules are for non-bank PAs.
➢ RBI has reduced the minimum capital requirements (MCR) for PAs at the time of application for the licence to Rs 15 crore from Rs 100 crore.
➢ However, the net worth needs to be increased to Rs 25 crore within three years of operations.
➢ Means the PAs who apply for authorisation on April 4, 2020, they need to achieve Rs 25 crore net-worth by March 31, 2023, and thereafter.

8. RBI opens 6 months dollar-swap window along with infusion of Rs 1,00,000 crore through _____LTRO.

➢ There is global instability in financial markets due to the spread of COVID 19 (Coronavirus), which may lead or leading to a slowdown in growth.
➢ Every economy is making efforts to stabilize the financial market condition, among them, the Central Bank of India i.e. Reserve Bank of India (RBI) has opened a six-month dollar sell-buy swap window, and will also inject Rs 1,00,000 crore additional Long Term Repo Operations (LTROs) at the policy repo rate.
➢ These measures taken by RBI are to boost liquidity in the foreign exchange market of India and will serve the requirement of U.S. dollars in the market.

9. S&P slashes India’s growth rate for 2020 to _____ 5.2% from 5.7%

➢ It says that the global economy is entering a recession due to the spread of infection of the coronavirus (COVID19) pandemic.
➢ As a result, the growth rate in the Asia Pacific may be reduced by half to around 3%.
➢ It lowered China’s growth rate to 2.9%, Japan’s growth rate to -1.2 % (from 4.8 %, and -0.4% predicted earlier) respectively.
➢ To boost economic activity, the US Fed has raised interest rates to near zero, while the Bank of Japan has increased asset purchases.

10. For Research in Cybersecurity Programs L&T Technology Services has signed with ______ IIT-Kanpur.

➢ L&T Technology Services (LTTS) signed a multi-year Memorandum of Understanding (MoU) with the Indian Institute of Technology Kanpur (IIT) to collaborate on research industrial and infrastructure cybersecurity.
➢ The MoU is signed between Dr Keshab Panda, Chief Executive Officer and Managing Director of LTTS and Professor Manindra Agarwal, Padma Shri Awardee, Deputy Director at IIT-Kanpur.

11. RBI extended authorisation for white label ATMs till Mar 31, 2021 to _______ to Vakrangee Ltd.

➢ In this regard, Renewal of Authorization has been granted to Vakrangee Limited.
➢ As per the renewal, Vakrangee Ltd has to deploy minimum 1,000 ATMs for every calendar year starting 2020 for an initial period of three years.
➢ They shall be in the ratio of 1:2:3 for Metro & Urban, Semi-Urban and Rural regions respectively.
➢ It should be noted that ATM is one of the key services offered by Vakrangee under Nextgen Vakrangee Kendra Business Model.

12. Which payment banks will issue virtual debit cards to customers _______ Paytm Bank.

➢ After Rupay debit cards Paytm Payments Bank Limited (PPBL) announced to issue Visa virtual debit cards to its customers.
➢ It targets to issue over 10 million new digital debit cards in 2020-21.
➢ This issue will enable the customers to transact at all merchants who accept payments through cards.
➢ They can make international transactions using the card.
➢ Shortly, they will have an option to request a physical card, which enables them to have a contactless payment by the chip-inserted cards.
➢ The bank is famous for launching neo-banking in the country & is the largest issuer of RuPay Debit Cards.

13. To roll out insurance plan covering COVID-19 which bank has ties up with Bharti AXA ________ DBS Bank India.
➢ DBS Bank India Limited has entered into the partnership with Bharti AXA General Insurance Company Ltd to launch a complimentary insurance for customers of DBS treasures.
➢ DBS is a wholly-owned subsidiary of DBS (Development Bank of Singapore) Bank Ltd.
➢ The plan covers all medical conditions including Novel Coronavirus (Covid-19), under which a cover of Rs 5000 per day is available for a period of 30 days if DBS customers are hospitalized for 10 days.
➢ Apart from this, the customers of the bank can also adopt health insurance products which are currently available through the General Insurance Partner on the Digibank app.

14. Which financial organization will launch ‘Swavalamban express’ _________SIDBI.

➢ Small Industries Development Bank of India (SIDBI) has decided to launch a special train ‘Swavalamban Express’ on June 05, 2020, to empower new entrepreneurs under its mission Swavalamban.
➢ SIDBI is engaged in the promotion, financing and development of Micro, Small & Medium Enterprises (MSMEs).

15. Fitch Ratings in its Global Economic Outlook 2020 has declined India’s growth forecast to _______ 5.1% for FY 2020-21.

➢ For FY 2021-22, Fitch has projected India’s growth at 6.4%.
➢ In December 2019, Fitch projected India’s growth at 5.6% for 2020-21 and 6.5% in the FY2021-22.
➢ This downward revision is not only impacted by coronavirus but it also worsened due to steady decline in the financial position of Yes Bank.

16. The general insurance company has introduced a 1 year-long “COVID-19 Protection Cover” at a premium of Rs. 149 ______ICICI Lombard.

➢ Launched in group insurance mode, this policy will pay 100% of the sum insured to the COVID-19 positive individual, irrespective of hospitalization expenses.
➢ It should be noted that it provides a sum insured of 25,000 including value-added benefits such as Health Assistance and CHAT/Virtual assistance, teleconsultation and ambulance assistance, as part of the offering.
➢ The age group of 18-75 years is eligible for COVID-19 protection cover.
➢ -100% of the opted sum insured will be paid as a lump sum in the event of first diagnosis itself.


1. Dr Puthussery Ramachandran passed away recently, he was a veteran ______ Malayalam poet.

➢ A scholar of Dravidian linguistics and a teacher passed away due to age-related illness at the age of 91 years.
➢ His first poem Onnanthyakkuttamwas published at the age of 16.
➢ His poems have been translated and published in various languages like Hindi, English and Tamil.

2. Name the veteran journalist, writer, Khadi Activist, and a former Rajya Sabha member passed away _____ Patil Puttappa.

➢ He was born on January 14, 1921, at Kurabagond village, Dharwad district, Karnataka. He was also known as PaPu.
➢ He completed his graduation in Law in 1954 in Belagavi and master’s degree in Journalism from California State University in 1949.
➢ He was the first president of the Kannada Watchdog Committee and founder-president of the Border Advisory Committee. He served as a president of Vidyavardhaka Sangha, Dharwad, in 1967.
➢ He published “Vishwavani” daily newspaper in 1959 and weekly newspaper “Prapancha” he also edited Navayuga.

3. Name the former world champion boxer and trainer passed away recently ______ Roger Mayweather.

➢ Roger Mayweather won the world champion boxer title in two weight classes.
➢ He won his first 17 career fights and captured the world title in World Boxing Association junior lightweight and earned the World Boxing Council junior welterweight title in 1987.
➢ He was born on April 24, 1961 in Grand Rapids, Michigan, US. The United States named him Black Mamba, who is trainer and uncle of Floyd Mayweather’s.

4. Pradip Kumar Banerjee passed away at the age of 83 in Kolkata, he was associated with _______Football.

➢ He was born on June 23, 1936, in Jalpaiguri, West Bengal.
➢ P.K Banerjee scored 65 international goals in 84 appearances for the national team.
➢ Banerjee led India in the 1960 Rome Olympics and also represented India in the 1956 Melbourne Olympics.
➢ Awards & honours: Banerjee won Asian Games gold-medallist in 1962, won the gold medal at the Jakarta Asian Games in 1992, FIFA (Fédération Internationale de Football Association) awarded him the Centennial Order of Merit in 2004.

Important Days

1. The Pi Day is celebrated every year on _______14th March.

➢ Pi Day is celebrated every year on March 14, 2020 because the date stands as 3/14 in the month/day format.
➢ Pi (Greek letter “π”) is the symbol used in mathematics to represent a constant and its value up to five decimal places 3.14159. Coincidentally, March 14 is also Physicist Albert Einstein’s birthday.
➢ Pi (π) is the ratio of a circle’s circumference to its diameter. The diameter of a circle is the distance from edge to edge (measuring through the center) & the circumference is the distance around the circle.

2. The World Consumer Day 2020 was observed on _______March 15, 2020.

➢ The day is celebrated every year on March 15 to spread awareness about consumer rights and needs since 1983.
➢ It is an initiative by Consumer International which is a membership organisation for consumer groups around the world.
➢ The theme of the year 2020 is ‘The Sustainable Consumer.’

3. National Vaccination Day is observed every year on ______16th March 2020.

➢ This day is celebrated throughout India to create awareness and the importance of getting timely vaccinations.
➢ This day was first observed in 1995 and the first dose of Oral Polio Vaccine was given in India. Vaccination protects children from serious illness and complications of vaccine-preventable diseases.

4. The Global Recycling Day 2020 was observed on _______18th March, 2020.

➢ This day was first observed on March 18, 2018, by the Bureau of International Recycling (BIR) and celebrated globally every year to raise awareness of the importance of recycling.
➢ The Global Recycling Foundation announces “Recycling Heroes” as the theme for third Global Recycling Day.
➢ The main aim of the day is to turn ‘waste’ into a valuable resource.

5. World Sparrow Day (2020) is observed every year on ______March 20.

➢ This day was first celebrated in 2010 initiated by the Nature Forever Society (NFS).
➢ This day is celebrated globally to spread awareness about the importance of sparrows and their major functional conservation values.
➢ The theme of the World Sparrow Day 2020 is I LOVE Sparrows.
➢ The theme aims to highlight the love that people have for sparrows.

6. The “International Day of Happiness” is celebrated worldwide every year on _______20th March.

The day creates awareness of the importance of happiness in everyone’s life around the world. The theme this year is “Happiness for All Together”.

7. The world day of theatre for children and Young People celebrated every year on _______ 20th March.
➢ It is an ASSITEJ, the International Association of Theatre for Children and Young People campaign & celebrates the performing arts for children & young people worldwide.
➢ The main purpose of the day is to draw the attention of the wider public to children’s and young people’s theatre.
➢ For children, it is promoted & celebrated through the slogan ‘Take a Child to the Theatre Today’ which is a call to parents, grandparents & guardians to take the children in their care to the theatre on the day.

New Appointments

1. Who has been appointed as the MD and Chief Financial Officer (CEO) of Yes Bank _______Prashant Kumar.
➢ State Bank of India (SBI), which has a 49 % stake in Yes Bank, will nominate 2 directors & Reserve Bank could appoint one or more additional directors.
➢ Any investor other than SBI with 15% voting rights can nominate 1 director. Until an alternate board is constituted board members will have a term of 1 year.

2. Who has been appointed as the officiating Chairperson of the National Company Law Appellate Tribunal (NCLAT) ________ Bansi Lal Bhat.

➢ The government has also appointed Justice (Retd.) Anant Bijay Singh as a Judicial Member of NCLAT & Ms Shreesha Merla and Mr Alok Srivastava as Technical Members.
➢ Prior to this appointment, Justice Bansi served as a Member (Judicial) of NCLAT for 2-years. He also worked as a judicial member of the Armed Forces Tribunal and as a Judge of the Jammu & Kashmir High Court (HC).

3. Who has been appointed as the brand ambassador of Tata Power _________ Shardul Thakur.

➢ Tata Power is the largest power generation company in India which aims to provide uninterrupted power supply from its various plants located across India.
➢ This is his 1st major commercial endorsement & the campaign featuring him does have a significant presence in digital, radio & outdoors.

4. Who has been appointed as the Chairman and Managing Director of Power Finance Corporation (PFC) _______ Ravinder Singh Dhillon.

➢ This was confirmed by the Appointment Committee of the Cabinet with effect from June 1, 2020.
➢ He will be serving in this post till his superannuation on May 31, 2023.
➢ He served as a Director (Projects, Public Grievance) in Power Finance Corporation (PFC) Limited.

5. Who has been appointed as the Prime Minister (PM) of Iraq ________ Adnan al-Zurfi.

➢ He will succeed Mohammed Allawi, the 1st politician named by the president as PM-designate who withdrew his candidacy for the post.
➢ Adel Abdul Mahdi was an interim PM who withdrew his candidature in December 2019 after heavy protest where 40 people were killed by security forces.
➢ Adnan al-Zurfi’s difficult task is to gain the confidence of parliament.

6. Name the former chief justice of India who has been nominated as the member of Upper House of the Parliament, Rajya Sabha ________ Ranjan Gogoi.

➢ He was nominated by President of India Shri Ram Nath Kovind, under the exercise of the powers conferred by subclause (a) of clause (1) of article 80 of the Constitution of India, read with clause (3) of that article to the Council of States and to fill the vacancy caused due to the retirement of one of the nominated members.
➢ Ranjan Gogoi will be the successor of K.T.S Tulsi.
➢ Gogoi headed a 5-judge bench, who gave the judgement on the sensitive Ayodhya land dispute on November 9, 2019.

7. Who has been appointed as the additional directors of Yes Bank ________ Rama Subramaniam Gandhi & Ananth Narayan Gopalakrishnan.

➢ In the exercise of powers under the ‘Yes Bank Ltd. Reconstruction Scheme, 2020’ and the Banking Regulation Act, 1949, the Reserve Bank of India (RBI) has appointed 2 additional directors.
➢ Ananth, an expert in international banking and financial markets, served as regional head of financial markets for ASEAN (Association of Southeast Asian Nations) and South Asia at Standard Chartered Bank.
➢ Gandhi was previously appointed as an additional director to Yes Bank’s board in May 2019 till 13 May 2021 and was being reappointed on 5 March 2020 after the bank’s board was superseded.

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