Daily Current Affairs 16 April 2020 for Banking/Insurance/SSC and other related exams.
NATIONAL NEWS
UP govt launches Annapurna, Supply Mitra portals for citizens’ food needs
Uttar Pradesh’s Yogi Adityanath government has launched two portals for the convenience of the people of the state.
- The Annapurna Portal will help people get the knowledge of food products and packets.
- On the other hand, Supply Mitra portal will provide free home delivery of etables.
INTERNATIONAL NEWS
Nirmala Sitharaman attends the 2nd G20 Finance Ministers and Central Bank Governors Meeting
Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman participated in the virtual session of the 2nd G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under the Saudi Arabian Presidency, to discuss the global economic outlook amid evolving COVID-19 pandemic crisis.
- The purpose of the virtual meet was to discuss the global economic outlook during the ongoing COVID-19 pandemic crisis. The meeting took place under the Saudi Arabian presidency.
BANKING & FINANCE
Tata AIA becomes the first Life Insurance company to announce Additional Benefits Related to COVID-19
Tata AIA Life Insurance announced additional benefits for its Policyholders and Agents.This is a first of its kind initiative in India.
- As part of Tata AIA Life’s initiative, its individual policyholders will get COVID-19 related additional benefit up to Rs 500,000 at no additional cost.
- Further, to extend the Circle of Protection to its own Agents, all ‘active’ Agents of Tata AIA Life Insurance along with their spouse and children will be reimbursed up to Rs 25,000 in case of hospitalisation due to COVID-19.
BUSINESS & ECONOMY
IMF projects India’s GDP growth for 2020-21 at 1.9%
Amid projection of sharp contraction in the global economy, the International Monetary Fund (IMF) cut India’s GDP (Gross Domestic Products) growth rate to 1.9 per cent in fiscal year 2020-21 starting April 1. However, it expects economy to bounce back strongly in fiscal 2021-22.
- However, GDP growth rate is estimated to jump to 7.4 per cent during 2021-22. This is almost one percentage point higher than the January estimate and unchanged from last October’s projection.
Barclays cuts India’s GDP growth forecast for 2020 to 0%
For the first time perhaps, India has a zero percent Gross Domestic Product (GDP) forecast. Barclays emerging markets research has cut India’s calendar year 2020 GDP forecast to 0.0 percent from 2.5 percent earlier.
- Barclays has revised down its GDP growth forecast further to 0.0 percent for CY2020 (from 2.5 percent), and to 0.8 percent for FY20-21 from 3.5 percent earlier.
Google launches free tool to create short YouTube videos
As businesses struggle to shift from the traditional to the digital space given the current pandemic crisis, Google has released a new beta tool that lets you create short YouTube videos.
- Called Video Builder, the free tool animates static images, text, logos, with music from Google’s own library, the official blog explains. One can easily choose from a range of layouts based on the business message and goals to create videos of 6 seconds or 15 seconds
SCIENCE & TECHNOLOGY
Professor develops ‘ZERO-COV’, cost-effective disinfectant chamber for common man
National Institute of Technology Karnataka Surathkal’s professor Arun M Isloor and his research scholar Ibrahim Sayeed developed a disinfectant chamber from an old fridge. They named the disinfected chamber as ‘ZERO-COV.’
- The aim is to provide the disinfection technology used in laboratories and hospitals to the doorstep of common man.” He further said that people can make their own disinfection chamber of old boxes or suitcases.
APPOINTMENTS
Andhra Bank, Syndicate Bank chiefs appointed as OSD in different banks
Andhra Bank Managing Director J Packirisamy and Syndicate Bank Chief Executive Officer Mrutyunjay Mahapatra have been appointed as Officer on Special Duty (OSD) in the Union Bank of India and the Canara Bank respectively.
- The development comes after some of the public sector banks were merged by the government with effect from this month
Vineet Arora appointed MD, CEO of Paytm General Insurance
Digital payments major Paytm said it has named Vineet Arora as the managing director and chief executive officer of Paytm General Insurance Ltd.
- The appointment, which is subject to regulatory approvals, is a step for Paytm to further its journey into the insurance sector with an immediate focus on General Insurance.
- Previously, Arora served as the managing director and chief executive officer of Aegon Life Insurance Company and was part of the India Leadership team
Ajay Mahajan appointed MD & CEO of CARE Ratings
CARE Ratings has appointed Ajay Mahajan as the Managing Director & Chief Executive Officer (KMP) for a period of 5 years commencing from 15 April 2020 up to 14 April 2025 (both days inclusive) subject to approval of members of the Company.
- Following this appointment, T.N. Arun Kumar, the Interim – CEO of the company would revert to his previous position of Chief Ratings Officer and would be overseeing the functions of Ratings operations.
AWARDS
Algerian novel wins 2020 International Prize for Arabic Fiction
The Spartan Court by Abdelouahab Aissaoui has won the 13th International Prize for Arabic Fiction. Aissaoui is the first Algerian to win the prize.
- He wins USD $50,000 (£39,950), as well as funding for the English translation of the novel.
- The Spartan Court tells the story of five interconnected characters in Algiers from 1815 to 1833.
ACQUISITIONS & MERGERS
Hindalco closes $2.8 billion deal to acquire Aleris
The Aditya Birla group’s flagship company Hindalco completed the buyout of Aleris Corp by its wholly owned subsidiary Novelis Inc at an enterprise value of $2.8 billion (Rs 21,295 crores).
- The deal marks Novelis’ potential entry into the high-end aerospace segment.
- The closing purchase price of $2.8 billion consists of $775 million for the equity value, as well as approximately $2.0 billion for the assumption of Aleris’ current outstanding debt and a $50 million earn-out payment
OBITUARIES
Former Pakistan first-class cricketer Zafar Sarfaraz passes away
Former Pakistan first-class cricketer Zafar Sarfaraz has passed away after testing positive for COVID-19.He was 50.
- Sarfraz has become the first professional cricketer to succumb to COVID-19 in Pakistan. Sarfaraz had made his debut in 1988 and he went on to score 616 runs from 15 first-class games for Peshawar.
- He also managed to score 96 runs from six one-day games before retiring in 1994. He then took up the role of coaching both the senior and the Under-19 Peshawar teams in the mid-2000s
Veteran actor Ranjit Chowdhry passes away
Veteran actor Ranjit Chowdhry died in the US. He was 64. Son of actress Pearl Padamsee, Ranjit had worked in films, theatre and television.
- He was a part of classic Hindi movies like Khubsoorat, Baton Baton Mein and Khatta Meetha.
- Chowdhry is remembered for his roles in Mira Nair’s ‘Mississippi Masala’ starring Denzel Washington, Hrishikesh Mukherjee’s ‘Khubsoorat’, and Basu Chatterjee’s ‘Khatta Meetha’ and ‘Baton Baton Mein’ among others.
Swiss Ice Hockey player Roger Chappot passes away
Former ice hockey player Roger Chappot, who played more than 100 games for Switzerland’s national team including at the 1964 Winter Olympics, has died due to COVID-19. He was 79.
- He also represented the Switzerland national team at the Winter Olympics in 1964. He was the Swiss league’s leading scorer in the 1964 season.
IMPORTANT DAYS
International Day of Action for Rivers 2020
International Day of Action for Rivers is celebrated on 14 March to raise awareness about the importance of rivers and climate change. The day aims to stress the importance of rivers and how it affects the lives of the people.
- The Theme for 2020 International Day for Action for Rivers focuses on ” Women, Water, and Climate Change“.