Daily Current Affairs - 11th Sep 2020

ADB provides 50 million dollar loan to Bangladesh for PPP infrastructure projects

  • The Asian Development Bank (ADB) and government of Bangladesh signed a 50-million-dollar loan agreement to promote, fund and implement public-private partnership (PPP) infrastructure projects in the country. The project will help Bangladesh to mobilise private investment, develop infrastructure projects and create jobs which will help accelerate the economic recovery process in the aftermath of the Corona pandemic.

AFC Cup not to be held this year

  • The Asian Football Confederation, AFC executive committee had accepted the recommendation to cancel this year’s AFC Cup, the AFC Solidarity Cup and the AFC Futsal Club Championship due to complexities created by COVID-19.

Citigroup Names Jane Fraser As First Woman CEO

  • Citigroup named Jane Fraser as its next chief executive, tapping a woman to lead a giant Wall Street bank for the first time. She will take over the top job in February, replacing Michael Corbat who will retire. Fraser, who has served as president and CEO of global consumer banking since 2019, will join the board of directors immediately.
  • She has held prior roles for Citi in Latin America and in investment banking.

CPL 2020: Simmons, Bravo and Pollard hand Trinbago Knight Riders fourth title

  • Skipper Kieron Pollard produced a magical spell while Lendl Simmons and Darren Bravo engaged themselves in a six-hitting spree as they took Trinbago Knight Riders to a deserving Caribbean Premier League title with an effortless eight-wicket victory over St. Lucia Zouks in the 2020 final.
  • Chasing a target of 155, Trinbago sealed the deal with 11 balls to spare as Simmons (84 off 49 balls) and Bravo (58 off 47 balls) added an unbeaten 138-run stand for the third-wicket. The Knight Riders went on to become the first team in the history of CPL to win all the matches in a single edition.

Dr Harsh Vardhan attends 73rd Session Of WHO South East Asia Region through video conferencing

  • Health Minister Dr. Harsh Vardhan attended the 73rd session of WHO South East Asia Region (SEARO) through video conference. Representing India, Dr. Harsh Vardhan offered two interventions in the ministerial round table session on COVID-19 Emergency Preparedness. He first spoke on the important interventions that were applied to manage COVID - 19 and maintain essential non - COVID health services in India.

ECLGS: Banks’ cumulative sanctions touch 54% of 3-lakh crore target, says report

  • Banks have cumulatively disbursed close to Rs.1.15 lakh crore to 24.70 lakh MSME accounts under the Rs.3-lakh crore targeted emergency credit line guarantee (ECLGS) scheme announced by the government in June to help small businesses survive the pandemic shocks, according to a CARE Ratings report.
  • The cumulative sanctions touched 54 per cent or Rs.1.61 lakh crore of the target of Rs.3 lakh crore as of September 3, as per data collated by the agency. The average sanction and average disbursement per account is Rs.3.84 lakh and Rs.4.60 lakh, respectively.
  • While state-owned banks sanctioned Rs.78,067 crore and disbursed Rs.62,026 crore, private ones sanctioned Rs.82,950 crore and disbursed Rs.51,687 crore.

Four-time F1 champ Sebastian Vettel headed to Racing Point next season

  • Formula One champion Sebastian Vettel will drive for Racing Point starting next season. The team, which will be renamed Aston Martin, announced the move, a day after driver Sergio Perez said he was on his way out. The team said Vettel has signed for the 2021 season and beyond but did not reveal the length of the contract.

Govt forms three-member expert panel to assist in assessment of relief to bank borrowers

  • The Union Government has constituted a three member expert committee to assist in the assessment of relief to bank borrowers. The committee chaired by former CAG Rajiv Mehrishi will measure the impact on the national economy and financial stability of waiving of interest and COVID-19 related moratorium. It will also give suggestions to mitigate financial constraints of various sections of society in this respect and measures to be adopted in this regard. The panel will submit its report within one week.
  • The move came as various concerns have been raised during the ongoing hearing in the Supreme Court in the matter regarding relief sought in terms of waiver of interest and waiver of interest on interest and other related issues.

ICC Rankings: Dawid Malan displaces Babar Azam from top spot in T20Is

  • England batsman Dawid Malan has replaced Pakistan’s Babar Azam at the top of the ICC player rankings for T20I batsmen after a fruitful home series against Australia. The 33-year-old left-hander has progressed four places after a series-topping run aggregate of 129, which included a player of the match effort of 66 in the first fixture. England won the series 2-1.

ICICI Prudential Life Insurance partners with NSDL Payments Bank

  • ICICI Prudential Life Insurance (Ipru Life) has entered into a corporate agency agreement with NSDL Payments Bank, a subsidiary of NSDL, the country's largest depository. Under the agreement, customers of NSDL Payments Bank will have access to ICICI Prudential Life's products. This partnership helps IPru Life to increase presence on new-age distribution touch-points.

India to host CHG meeting of SCO on 29-30 November in New Delhi

  • India is scheduled to host the meeting of Council of Heads of Government (CHG) of Shanghai Cooperation Organisation, SCO on 29-30 November 2020 in New Delhi. This will be the first Prime Minister level meeting to be hosted by India since its elevation as a full-member of Shanghai Cooperation Organisation, SCO.
  • India will also be hosting two Ministerial-level meetings of SCO Member States. The Justice Ministers and the Trade Ministers are scheduled to meet before the Heads of Govt meet.

Paresh Rawal appointed NSD chair

  • Paresh Rawal, actor and former BJP MP has been appointed Chairperson of the National School of Drama Society by President Ram Nath Kovind. The post of the NSD chairperson has been vacant since 2017, with vice-chairperson Dr Arjun Deo, a noted Rajasthani poet, critic, playwright, theatre director and translator, acting as chair.

PM Modi and Shinzo Abe review cooperation under India-Japan Special Strategic & Global Partnership framework

  • Prime Minister Narendra Modi held a telephone conversation with his Japanese counterpart Shinzo Abe. The two leaders reviewed the status of ongoing cooperation, including the Mumbai-Ahmedabad High Speed Rail project, under the framework of the India-Japan Special Strategic & Global Partnership. They agreed that the strong and enduring partnership between the two countries will play a critical role in charting the course for the global community in the post-COVID world.
  • They welcomed the signing of the Agreement on Reciprocal Provision of Supplies and Services between the Indian Armed Forces and the Self-Defense Forces of Japan.

Rafale Fighter Aircraft formally inducted in Indian Air Force

  • Rafale Fighter Aircraft has been formally inducted into the Indian Air Force at a formal function at Air Force Station, Ambala. Defence Minister Rajnath Singh and Florence Parly, Minister of the Armed Forces of France graced the occasion. Terming that the Rafale induction reflected close India-France strategic relations, Mr Singh said both countries have cooperated closely in a number of areas to enhance defence cooperation.

RIL’s mkt valuation crosses USD 200 bn; First Indian firm to do so

  • Continuing its rally, shares of Reliance Industries Ltd on September 10 closed over 7 per cent higher, helping its market valuation cross the USD 200 billion mark and become the first domestic firm to achieve the milestone. During the day, its market valuation jumped to Rs 15,84,908 crore (USD 215.75 billion) on the BSE.
  • The stock of the country’s most valuable firm rose by 7.10 per cent to close at Rs 2,314.65 on the BSE.

Supreme Court extends date for banks to recognise Covid-shock bad loans

  • The Supreme Court has extended the relaxation of rules over the classification of non-performing loans until further notice, delaying the disclosure of how much bad debt banks actually hold. The three-judge bench headed by Justice Ashok Bhushan gave the government two weeks to come up with relief measures for virus-hit businesses and said such a decision had to be put before the court for consideration. It also reiterated that banks must not classify as bad any loans that were performing at the end of August until further order. The hearing comes after a group of borrowers petitioned to stop banks from collecting interest during the loan moratorium that ended in August.

US Open: Osaka outlasts Brady to reach final

  • Two-times Grand Slam champion Naomi Osaka reached the U.S. Open final for the second time in her career with a thrilling 7-6(1) 3-6 6-3 victory over American hope Jennifer Brady. Osaka will play either third seed Serena Williams or former world number one Victoria Azarenka of Belarus in the final.

US revokes visas of more than 1,000 Chinese students deemed to be a security risk

  • The US has revoked the visas of more than 1,000 Chinese students and researchers who are deemed to be a security risk. The revocation of the visas was authorized by a proclamation signed by President Donald Trump. The US administration has charged that Chinese students have come to the United States to steal intellectual property to advance China’s economic and military sectors. Meanwhile, China has accused the US of racial discrimination.
  • According to media reports, nearly 3 lakh 70 thousand students from China enrolled at US universities in 2018-19.

US Spacecraft Named After Late Indian-American Astronaut Kalpana Chawla

  • An American commercial cargo spacecraft bound for the International Space Station has been named after fallen NASA astronaut Kalpana Chawla, the first India-born woman to enter space, for her key contributions to human spaceflight.
  • Northrop Grumman, an American global aerospace and defence technology company, announced that its next Cygnus capsule will be named the "S.S. Kalpana Chawla", in memory of the mission specialist who died with her six crewmates aboard the space shuttle Columbia in 2003.

World Suicide Prevention Day being observed on September 10

  • September 10th is World Suicide Prevention Day (WSPD). On this day, World Health Organization in association with International Association for Suicide Prevention is organizing World Suicide Prevention Day to raise awareness around the globe that suicide can be prevented.
  • Various activities including educational and commemorative events, press briefings and conferences, as well as Facebook and Twitter coverage are organized on this day.
  • According to WHO, nearly eight lakh people die by suicide every year. Furthermore, for each suicide, there are more than 20 suicide attempts.

Yes Bank pays Rs. 50,000-cr. dues to RBI

  • Yes Bank has fully repaid the Rs. 50,000 crore provided by RBI as a special liquidity facility (SLF) amid the crises faced by the lender earlier this year, its chairman Sunil Mehta said. The private sector lender took the money amid the crisis faced earlier this year.
  • Addressing the bank's shareholders at its annual general meeting (AGM) held virtually, chairman Sunil Mehta said that the entire payment was made well ahead of the due date as the private sector lender received strong customer inflows. He also cleared the air regarding Yes Bank's merger with the State Bank of India (SBI), clarifying that there were no such plans.