Daily GK Updates - 14th Oct, 2020

 

NATIONAL UPDATES:

 

1. Goa Govt ties up with India Post to get farmers enrolled in PM-KISAN scheme: The Goa Government has tied up with India Post to get 11,000 farmers enrolled in the Pradhan Mantri Kisan Sanman Nidhi scheme. This is the first such exercise in India to enrol farmers in the PM Kisan Samman Nidhi scheme, whereby the postman will be utilised to benefit farmers. All 255 post offices in Goa and 300 staff are involved in this initiative. This PM Kisan Samman Nidhi scheme where the farmers directly received direct benefit transfer of Rs 2,000 in three instalments every year, is for the economically weaker farmers.

About Pradhan Mantri Kisan Samman Nidhi: The scheme provides Rs 6000 per annum for one landholding farmers’ families in the country. The amount is given in 3 equal instalments of Rs. 2000 each. This financial support helps farmers to procure various inputs related to agriculture and allied activities and domestic needs.

Note: Goa Capital: Panaji; Governor of Goa: Bhagat Singh Koshyari; Chief Minister of Goa: Pramod Sawant.

 

2. ADB approves 300 million US dollar loan for Rajasthan’s water supply: India and the Asian Development Bank (ADB) has signed a 300 million US dollar loan to finance inclusive and sustainable water supply and sanitation infrastructure and services in 14 secondary towns of the state of Rajasthan. The project aims at providing better quality and more sustainable Water Supply and Sanitation (WSS) services in the project towns. it will improve quality of life in these towns, including for the poor and vulnerable after signing the loan agreement.

About the Project: The investments in WSS with 10-year operation and maintenance contracts will ensure improved and sustainable service delivery in line with the State Government’s urban sector development plan. The project will empower urban local bodies, and strengthen their institutional capacity, deepen sector reforms, and build the resilience of communities to manage health pandemics. Through the project, water supply systems in at least eight project towns are expected to improve by 2027, benefiting more than 5 lakh 70 thousand people. Citywide sanitation systems will benefit about 7 lakh 20 thousand people in at least 14 secondary towns.

Note: Chief Minister of Rajasthan: Ashok Gehlot; Governor: Kalraj Mishra.

President of Asian Development Bank: Masatsugu Asakawa; Asian Development Bank Headquarters: Mandaluyong, Philippines; Asian Development Bank Founded: 19 December 1966.

 

3. Amazon Pay collaborate with Uber to push digital payments in India: An online payment processing service, Amazon Pay and a technology company that offers vehicles for hire, Uber, announced a partnership to push digital payments in India. This Partnership will integrate Amazon Pay as a payment option on the Uber app.

About the partnership: This partnership aims at enabling millions of customers to make contactless, safe, and secure payments for their Uber rides. To facilitate their Uber trip, customers will need to link their Amazon Pay account to Uber by clicking on the ‘Payments’ icon and choosing Amazon Pay. In order to make the payment process as seamless as possible, the ride fare for any subsequent Uber trips will be automatically paid from their Amazon Pay balance after the completion of a trip.

Note: Uber Technologies Inc CEO: Dara Khosrowshahi; Uber Technologies Inc Headquarters: California, United States.

  

4. PM Modi releases autobiography of Balasaheb Vikhe Patil: Prime Minister Narendra Modi has released the autobiography of former Union Minister Dr Balasaheb Vikhe Patil through video conferencing. The autobiography of Dr Patil has been titled ‘Deh Vechwa Karani,’ means ‘dedicating one’s life for a noble cause.’ Dr Patil served as Member of Lok Sabha for multiple terms. He died in 2016 at the age of 84. The prime minister also renamed the Pravara Rural Education Society to ‘Loknete Dr Balasaheb Vikhe Patil Pravara Rural Education Society.’ The society was established in Ahmednagar’s Loni district to provide a world-class education to rural masses and empower the girl child.

 

INTERNATIONAL UPDATES:

 

1. FATF keeps Pakistan on enhanced follow-up list: Financial Action Task Force (FATF) Asia Pacific Group has kept Pakistan in its ‘Enhanced Follow Up’ list. The organisation had downgraded Pakistan status from “regular follow-up” to “enhanced follow up”. Enhanced follow up status means the country need to provide monthly reports of its compliance to the Financial Action Task Force.

The Asia-pacific group of FATF submitted its report called “Follow up report on the “mutual evaluation of Pakistan”. In the report, it was highlighted that the progress of Pakistan to combat the Financing of terror system and anti-money laundering made by the Financial Action Task Force has remained unchanged in 2020 as compared to that of 2019. As per the report, Pakistan complied with only two of the 40 recommendations of the Financial Action Task Force.

Note: The headquarters of FATF is in Paris, France; FATF was founded in July 1989.

Prime Minister of Pakistan: Imran Khan; President of Pakistan: Arif Alvi; Capital of Pakistan: Islamabad.

 

2. World Economic Forum shifts annual meeting 2021 from Davos: The World Economic Forum (WEF) will hold its Annual Meeting 2021 in Lucerne-Burgenstock, Switzerland, from May 18 to 21, as against the traditional venue of the ski resort town, Davos in January-end. The change in schedule and venue was necessitated by the COVID-19 pandemic. The Annual Meeting 2021 in Lucerne-Burgenstock will be held around the theme of ‘The Great Reset’. The meeting will focus on the solutions required to address the world’s most pressing challenges.

Note: World Economic Forum Headquarters: Cologny, Switzerland; World Economic Forum Founder and Executive Chairman: Klaus Schwab; World Economic Forum Founded: January 1971.

 

3. World Standards Day: 14th October: World Standards Day or International Standards Day is observed globally on 14 October every year. The day aims to raise awareness about the importance of standardisation to the global economy among the consumers, regulators and industry. World Standards Day 2020 theme is “Protecting the planet with standards”. It is marked to celebrate the contributions of experts and scientists across the world in developing voluntary standards within standards development organisation such as the International Organisation for Standards (ISO), International Electrotechnical Commission (IEC), American Society of Mechanical Engineers (ASME), International Telecommunication Union (ITU), Institute of Electrical and Electronics Engineers (IEEE), and Internet Engineering Task Force (IETF).

 

OTHER UPDATES:

 

SPORTS

 

1. Los Angeles Lakers wins 17th NBA Championship: The Los Angeles Lakers defeated the Miami Heat to win the National Basketball Association (NBA) Championship 2020. This is the 17th NBA title win for LA Lakers and also there first since 2010, after late Kobe Bryant’s fifth and final title a decade ago. LeBron James of the Lakers’ was named the NBA Finals Most Valuable Player (MVP) for the fourth time in his career. With this, he became the first player in league history to be named Finals MVP with three different franchises.

Note: National Basketball Association (NBA) Championship Founded: 6 June 1946, New York, United States.

 

BANKING AND FINANCE

 

1. RBI raises banks’ aggregate exposure limit for small businesses: Reserve Bank of India (RBI) has raised the banks’ maximum aggregate retail exposure limit to entities with turnover up to Rs 50 crore to Rs 7.5 crore. Earlier this limit was Rs 5 crore. The decision has been taken to increase credit flow to small businesses. The risk weight of 75 per cent will apply to all fresh exposures and also to existing exposures where incremental exposure may be taken by the banks up to the revised limit of Rs 7.5 crore.

RBI has also decided to extend the existing enhanced Held to Maturity (HTM) limit of 22 per cent for SLR securities acquired between September 1, 2020, and March 31, 2021, up to March 31, 2022. This means that Banks may continue to hold such excess SLR securities in HTM category up to March 31, 2022. The enhanced HTM limit would be restored to 19.5 per cent in a phased manner, beginning from the quarter ending June 30, 2022.

Note: RBI 25th Governor: Shaktikanta Das; Headquarters: Mumbai; Founded: 1 April 1935, Kolkata.

 

2. Axis Bank launches ACE Credit Card in partnership with Google Pay: Axis Bank has launched a new entry-level credit card named Axis ACE Credit Card, with a focus on increasing participation of users in the digital economy. It also aims to bring a seamless, digital experience to users from application to issuance. The card has been launched in collaboration with Google Pay and will run on Visa (Signature) platform. The tokenization feature has been enabled in partnership with Visa. This will allow the users of Google Pay to use their ACE Credit Card to make payments through a secure digital token attached to their phone without the need to share their card details physically.

Eligibility Criteria: Currently, Axis Bank ACE Credit Card is available to only select customers of Google Pay. However one can apply online for this credit card on Axis Bank website too. Click on the button below to apply for Axis Bank ACE Credit Card.

Axis Bank ACE Credit Card comes with the following fees: Joining fee: Rs. 499 + GST; Renewal fee: Rs. 499 + GST. Joining fee is reversed upon spending Rs. 10,000 within 45 days of card setup which seems quite reasonable. The renewal fee is also waived off on achieving an annual spend of Rs. 2 Lakhs.

Note: Axis Bank Headquarters: Mumbai, Maharashtra; Axis Bank MD and CEO: Amitabh Chaudhry.

 

BUSINESS AND ECONOMY

 

1. IMF projects India’s GDP to contract 10.3% in 2020: According to ‘World Economic Outlook’ report, the International Monetary Fund (IMF) has projected the Indian economy to contract by 10.3 per cent in 2020-21, from its earlier prediction of 4.5 per cent due to rise in Covid cases. However, IMF estimates the GDP of India to grow at 8.8 per cent in 2021-22, as compared to 6 per cent predicted earlier, regaining the position of the fastest-growing emerging economy. On the other hand, the Fund expects the world economy to contract by 4.4 per cent in 2020. This projection was -5.2 per cent earlier.

Note: IMF Headquarters: Washington, D.C. U.S; IMF Managing Director and Chairman: Kristalina Georgieva; IMF Chief Economist: Gita Gopinath.

 

2. BharatPe launches 11 Cricket Stars as Brand Ambassadors: BharatPe has announced the launch of its high impact TV campaign starring ‘Team BharatPe’ with 11 Cricket stars as brand ambassadors. The TVC series has been directed by ace Bollywood director, Puneet Malhotra, and communicates the message ‘Hum Hai Team BharatPe – Jo Desh Ke Har Dukandaar Ke Saath Hai Khade’. Team BharatPe includes Rohit Sharma, Jasprit Bumrah, KL Rahul, Mohammed Shami, Ravindra Jadeja, Suresh Raina, Shreyas Iyer, Prithvi Shaw, Sanju Samson, Yuzvendra Chahal, and Shubhman Gill.

The company is set to redefine the financial services landscape with its 4 TV advertisements designed to drive awareness around BharatPe’s range of financial products for small shop owners across India, including QR based payment acceptance, no collateral loans, card payment machine with 0% transaction fee, and the exciting loyalty program.

 

DEFENCE

 

1. Indian Army and Maha govt organised a anti-terror exercise “Suraksha Kavach”: Indian Army and Maharashtra Police organised an anti-terror exercise “Suraksha Kavach” at Lullanagar, Pune, Maharashtra. The aim of the exercise was to harmonize the drills and procedures of both Army and Police for activating anti-terrorist Quick Reaction Teams (QRTs) to counter any terrorist actions in Pune. The exercise involved the participation of Quick Reaction Teams, Dog Squads and Bomb Disposal Teams of Army as well as Anti-Terrorism Squad (ATS) and Quick Reaction Team of Maharashtra Police. The exercise was carried out taking all safety norms of COVID-19 into consideration and strength of participating troops was scaled down accordingly. The exercise provided an opportunity for both Army and Police to cooperate, coordinate, coopt and streamline their drills and procedures. Overall, it was a great learning experience for both.

 

OBITUARIES

 

1. Bihar Minister Vinod Kumar Singh passes away of COVID-19: Vinod Kumar Singh, the Minister for Backward and Extremely Backward Classes in Bihar has passed away after being infected with COVID-19. He was 50. Singh was a BJP MLA from Pranpur Assembly constituency of Katihar district in northeast Bihar and has been elected MLA thrice from the constituency.

 

2. 1952 Olympic 400 hurdles champion, Charlie Moore, passes away: Charlie Moore, the champion of 400-meter hurdles at the 1952 Helsinki Olympics,has passed away. He was 91. Moore won a gold medal in the 400 metre hurdles in the 1952 Summer Olympics with a time of 50.8 seconds to set the world record. He had also set a world record of 51.6 in the 440 hurdles at the British Empire Games in London.