Current Affairs Daily Digest – March 27 2020

Current Affairs Daily Digest – March 27 2020

1. RBI announced 3 month moratorium on repayment of term loans means for borrowers

The Reserve Bank of India (RBI) has announced that all banks and Non-bank financial institutions (NBFCs) have been permitted to allow a moratorium of 3 months on repayment of term loans outstanding on 1 March 2020. As per RBI’s move, the tenure or time period of the loans will be increased by 3 months. All lending institutions including banks and NBFCs will allow a moratorium on loan repayments for 3 months.

2. World theatre day is observed on 27 March

World Theatre Day celebrated is observed annually on the 27 March by ITI Centres and the international theatre community. The day aims to promote theatre in all its forms across the world. Aim: The main objective of the World theatre day is to enable theatre communities to promote their work on a broad scale so that governments and opinion leaders are aware of the value and importance of dance in all its forms and support it.

3. Sunil Chhetri, Indian Football team Captain named for FIFA’s COVID-19 Campaign

The World Governing body FIFA (Federation Internationale de Football Association or International Federation of Association Football) has selected Indian Football Captain Sunil Chhetri among 28 other stars for its campaign. The campaign is to combat COVID-19.

4. IMF projects contraction of global output in 2020 and recovery in 2021

The International Monetary Fund on Thursday projected a contraction of global output in 2020 and recovery in 2021 as it asked the leaders of the G-20 countries to back a doubling of its USD 50 billion emergency financing capacity in the wake of the coronavirus pandemic.

5. Coronavirus | Govt offers Rs 1,500 to women Jan Dhan a/c holders, free cylinders under Ujjwala scheme

Finance Minister Nirmala Sitharaman on March 26 announced an ex-gratia amount of Rs 500 per month for the next three months to all the women Jan Dhan account holders to run their households. Around 20 crore such women account holders will be covered under this scheme.

6. Govt to supply 7 kg/person subsidised foodgrains under PDS for 3 months: Food Min official

The government will supply over next three months additional 2 kg subsidised foodgrains under the PDS, taking the total monthly quota to 7 kg per person, a senior Food Ministry official said on Thursday.

On Wednesday, the Cabinet Committee on Economic Affairs (CCEA) headed by Prime Minister Narendra Modi had approved the Food Ministry’s proposed to supply extra two kilo subsidised foodgrains to over 80 crore people registered under the Public Distribution System (PDS) amid nationwide lockdown to contain the spread of COVID-19.

7. CRISIL, ICRA lower GDP’s growth forecast for FY21

Two domestic research agencies, CRISIL and ICRA, on Thursday sharply lowered their GDP (Gross Domestic Product) growth forecast for FY21.

While CRISIL has lowered growth projection by 170 basis points (100 basis points mean one percentage point), ICRA’s cut is in the range of 50-100 bps. These revisions have been done at a time when India is passing through 21-day nationwide lockdown in an effort to contain the spread of Covid-19.

8. Extraordinary Virtual G20 Leaders’ Summit

An Extraordinary Virtual G20 Leaders’ Summit was convened on 26 March 2020 to discuss the challenges posed by the outbreak of the COVID-19 pandemic and to forge a global coordinated response.

Earlier, PM had a telephonic conversation with the Crown Prince of Saudi Arabia on this subject. The extraordinary G20 Summit was a culmination of the Finance Ministers and Central Bank Governors Meeting and G20 Sherpas Meeting on the COVID-19 pandemic.

9. Covid-19 impact: CII sets up a fund for MSMEs

In the wake of the coronavirus (Covid-19) outbreak, the Confederation of Indian Industry (CII) is setting up a fund to assist rehabilitation of small enterprises and Micro, Small & Medium Enterprises (MSMEs).

The Confederation will request all its members (mainly corporates) to contribute an amount from their CSR allocation for the fund, CII COVID Rehabilitation and Relief Fund (CRR), the body said in a statement.

10. RBI infuses Rs 374,000cr liquidity shot

As expected, the RBI announced substantial liquidity measures saying it will conduct upto three-year tenure for an amount of upto Rs 100,000 crore at a floating rate linked to policy repo rate.

Under this, liquidity has to be deployed in investment grade corporate bonds, commercial papers, the RBI said. Investment made by banks will be considered as held to maturity, the RBI said.