Current Affairs Daily Digest – March 15 2020

Current Affairs Daily Digest – March 15 2020

1. RBI revised exposure limits for UCBs

Reserve Bank of India (RBI) revised exposure limits for urban cooperative banks (UCBs) to a single borrower and a group of borrowers to 15% and 25%, respectively, of tier-I capital. Previously, the UCBs were permitted to have exposures of up to 15% and 40% of their capital funds to a single borrower and a group of borrowers, respectively.

The revised exposure limits will be applicable to all types of fresh exposures taken by UCBs, and they will have to bring down their existing exposures, which are in excess of the revised limits, by 31 March 2023. The preceding financial year will be considered for the purpose of fixing the exposure limits, tier-I capital as on 31 March.

2. World Consumer Rights day is observed on 15 March

World Consumer Rights Day is observed on 15 March. The consumer movement marks 15 March with World Consumer Rights Day every year. The day aims to raise global awareness about consumer rights and needs.

The day aims to demand that the rights of all consumers are respected and protected, and to protest against market abuses and social injustices which undermine those rights.

3. Bill Gates stepped down from the Microsofts board

Microsoft co-founder Bill Gates stepped down from Microsoft’s board. Microsoft did not announce any replacement for Gates on the board. Gates also announced that he would be stepping down from the board of Berkshire Hathaway. Since 2004, he has served as a director of Berkshire Hathaway.

4. HIL India Limited launched Customer Payment Portal

HIL (India) Limited, in association with Union Bank of India, launched “Customer Payment Portal” in New Delhi. It was launched by Dr. S.P. Mohanty, Chairman, and Managing Director, Shri. Anjan Banerjee, Director Finance) of HIL (India) Limited; and Shri R. K. Jaglan, Head, Government Business Department, Shri G. K. Sudhakar Rao, Regional Head Delhi South of Union Bank of India.

5. Cabinet approved Minimum Support Price for Copra for 2020 season

The Cabinet Committee on Economic Affairs (CCEA) led by PrimeMinister Narendra Modi approved for the Minimum Support Prices (MSPs) for copra for 2020 season. The approval was recommended by the Commission for Agricultural Costs and Prices (CACP).

6. NMCG concludes ‘Ganga Amantran Abhiyan’ in New Delhi

The National Mission for Clean Ganga (NMCG) recently organised a grand event in the national capital to mark the conclusion of its flagship programme ‘Ganga Amantran Abhiyan’.

Union Home Minister Amit Shah was invited as the chief guest at the event to confer the awards to various achievers who contributed towards the successful completion of the programme.

7. SpiceJet, GHASL sign agreement to develop free trade zone at Hyderabad’s RGI airport

SpiceJet has signed an Agreement to Lease with GMR Hyderabad Aviation SEZ Limited (GHASL), a 100 per cent subsidiary of GMR Hyderabad International Airport Ltd.

Under the partnership, GHASL will construct a facility for SpiceJet to carry out the warehousing, distribution and trading activity within the Free Trade Warehousing Zone of multi-product Special Economic Zone (SEZ), popularly known as GMR Aerospace & Industrial Park.

8. Iran seeks financial assistance from IMF for the first time since 1962 to counter coronavirus pandemic

Iran’s Foreign Minister Javad Zarif on Thursday announced on Twitter that the Ministry had written a letter to IMF Chief Kristalina Georgieva seeking a loan to help contain the impact of the coronavirus pandemic in the country through IMF’s Rapid Financial Instrument.

The RFI “provides rapid financial assistance, which is available to all member countries facing an urgent balance of payments need,” as per IMF’s website.

9. Yes Bank moratorium to end in 3 days, Prashant Kumar to become MD

After taking control of the bank, the RBI had appointed Prashant Kumar, former chief financial officer at State Bank of India, as the administrator for Yes Bank. Kumar has now been appointed as MD and CEO. Sunil Mehta, former non-executive chairman of state-owned Punjab National Bank will be the non-executive chairman of Yes Bank. Mahesh Krishnamurthy and Atul Bheda will be the non-executive directors.

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