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Monthly Current Affairs One Liner – April 2020

Monthly Current Affairs One Liner – April 2020 Financial One Liners Non-Financial One Liners

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The Reserve Bank asked the private sector and foreign banks to intimate it six months in advance in cases of reappointment of managing director and chief executives as against the present practice of four months. Sundaram Finance has announced the appointment of D Lakshminarayanan as the Managing Director of its wholly owned subsidiary, Sundaram Home Finance, effective April 1, 2020. The accelerated pace of coronavirus is affecting mankind adversely despite government efforts for curbing the situation. It is posing an additional financial burden on individuals or families to get hospitalization treatment for COVID-19. To provide support for such cases, Digital payments company PhonePe has launched India’s first COVID-19 hospitalization insurance policy called Corona Care in collaboration with Bajaj Allianz General Insurance for people who have been infected and hospitalised for covid-19 treatment. After the merger of the Oriental Bank of Commerce (OBC) and the United Bank of India (UBI) into Punjab National Bank (PNB), the government has designated Chief Executives of OBC and UBI as "officers on special duty" in Punjab National Bank. Page 1 of 35

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State Bank of India has listed green bonds of $100 million (about Rs 750 crore) on BSE’s India International Exchange (India INX). The Reserve Bank of India introduced new measures to relax the impact of the COVID-19 induced lockdown. Rating company ICRA stated that Banks and Non-Banking Finance Companies (NBFCs) will face a bad pile-up in bad loans post the moratorium period. It will worsen the credit profile of the Banks. Beginning April 7th, markets dealing with government securities, call/notice/term money, corporate bonds, foreign currency, Indian Rupee Trades, commercial paper and Certificates of Deposit will be working from 10 AM to 2 PM. SBI Mutual Fund has displaced HDFC Mutual Fund to become India’s largest fund house, according to quarterly average AUM data released by the Association of Mutual Funds of India (AMFI) for January-March. Punjab National Bank Housing Finance has partnered with Japan International Cooperation Agency (JICA) to raise 75 million dollars. The Small Industries Development Bank of India (SIDBI) will facilitate Micro, Small and Medium Enterprises (MSMEs) with emergency working capital of up to Rs 1 crore against their confirmed government orders. In a bid to provide financial relief to the agriculture sector which is under distress due to COVID-19, the Bank of Baroda (BoB) has initiated four agro schemes for Women Self Help Groups (SHGs), Farmer Producer Organizations (FPO/FPC) and farming community. It is an emergency credit line for FPO/FPC to deal with tremporary liquidity mismatches arised out of COVID-19. Asian Development Bank assured India of 2.2 billion US dollar support to fight against the COVID-19 pandemic. The Reserve Bank of India launched a twitter campaign urging bank customers to adopt digital modes of payment that are convenient and safe. Jana Small Finance Bank has launched “DigiGen” a digital banking platform where customers can digitally open a savings account and fixed deposit instantly, any time, anywhere. The State Bank of India (SBI) has made an announcement that the bank will waive service charges for all ATM transactions made on SBI ATMs. The decision will also be implemented on the other bank ATMs on account of exceeding the free number of transactions up to 30th June 2020. Industrial Credit and Investment Corporation of India(ICICI) bank starts a new feature of voice banking services on Amazon Alexa and Google Assistant for their customers. The service will enable customers to #BankWithTheirVoice and get answers to banking queries, check account balance & transactions, credit card due date and more. The Leading forex and payment solutions provider Transcorp International Limited (TIL), to receive Reserve Bank of India (RBI) nod to enter into co-branding arrangements for prepaid Instruments to be used in over 35 lakh stores and online gateways due to the current outbreak of COVID-19 pandemic. State-owned Bank of Baroda on Saturday said it will provide an ex-gratia payment of Rs 10 lakh to the next of kin of business correspondents (BCs) in case of loss of life due to COVID-19. It will also provide health insurance cover of Rs 60,000 to the BCs. The banking services have been brought under the Industrial Disputed Act in order to prevent strikes by the employees of banking sector. The Reserve Bank of India (RBI) announced Rs.50,000 crore liquidity support for Mutual Funds (MFs) on 27 April 2020. Page 2 of 35

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A special borrowing scheme has been launched by the Indian Overseas Bank (IOB) for self help groups (SHGs). State-owned Indian Bank announced a cut in its marginal cost of fund-based lending rate (MCLR) by 30 basis points across various tenors in line with market competition. The World Bank has offered $1 billion to the Indian government for a proposed India Covid-19 emergency response and health systems preparedness project. India is seeking as much as $6 billion of loans from multilateral institutions such as the Asian Development Bank to bolster its efforts to fight the coronavirus outbreak. Fitch Ratings has trimmed the Indian growth forecast for fiscal year (FY) 2020-2021 to 2% from 5.1% following the economic recession caused due to lockdown amid COVID-19 pandemic. The Competition Commission of India (CCI) has approved the acquisition of GMR Kamalanga Energy Limited, the target, by JSW Energy Limited, the acquirer. The Centre has announced that it is to issue all the pending income-tax refunds up to Rs.5 lakh immediately. RBI has stated that the global economy is expected to go into recession after taking into account the impact of the COVID-19 pandemic. After falling for two weeks in a row, India’s foreign exchange reserves have surged by $5.65 billion to $475.56 billion in the week ended on 27th of March. The Asian Development Bank (ADB) has projected India’ growth to slow down to 4% in the current fiscal year, citing weak global demand and the government’s COVID-19 containment efforts. Airtel Payments Bank has tied up with Bharti AXA General Insurance to launch a coronavirus insurance policy. The Competition Commission of India (CCI) approves the proposed acquisition of 80.1% stake by Hitachi in the power grid business of ABB Limited. The World Trade Organization (WTO) said that the Global trade could drop by a third this year due to the coronavirus pandemic. According to a UN report, India's GDP growth for the current fiscal is expected to slow down to 4.8 per cent. Asian Development Bank (ADB) has announced that of $2.2 billion (about Rs.16,500 crore) support to India in its fight against the COVID-19 pandemic. Data released by the Government of India stated that India's fiscal deficit stood at 5.07% of gross domestic product (GDP) in February 2020. The UN ‘Economic and Social Survey of Asia and the Pacific (ESCAP) 2020 forecast India’s GDP for FY21 at 4.8%. An American multinational investment bank and financial services company, Goldman Sachs lowered India’s growth forecast for Financial Year (FY) 21 from 3.3% (estimated on March 22, 2020) to 1.6% due to the lockdown & social distancing measures so as to control the COVID-19 pandemic spread. GMR Airports Limited will develop & operate Bhogapuram International Airport in Andhra Pradesh. The World Bank in its "South Asia Economic Focus report" said that India's economy is expected to grow 1.5% to 2.8% in the 2020-21 fiscal year which started on 1 April 2020. The Central Board of Direct Taxes (CBDT) stated that it has already issued over 10.2 lakh refunds totalling to around Rs.4,250 crore as of 14 April 2020.

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The International Monetary Fund (IMF) in its report on the Asia-Pacific region stated that Asia's economic growth in 2020 will grind to a halt for the first time in 60 years due to the COVID-19 pandemic. Tata AIA Life Insurance has announced additional benefits related to COVID-19 for Policyholders and Agents at no additional cost. Asian Infrastructure Investment Bank (AIIB) has announced that it is to finance $500 million projects in India to help the country improve its health care systems. CBDT informed the Income-tax refunds are obtained over eight lakh small businesses worth over five thousand 204 crore rupees issued in the last ten days. Amid the nationwide lockdown due to COVID-19 pandemic, the Postal employees including Gramin Dak Sevaks are performing various departmental duties as well as serving the social cause in the crisis times. Therefore, it has been decided to grant payment of compensation of Rs. 10 lakhs to all the Postal employees including Gramin Dak Sevaks (GDS) succumbing to the disease while brought on duty. TVS Motor Company‘s overseas subsidiary TVS Motor Singapore Pte. Ltd has acquired the United Kingdom’s most iconic sporting motorcycle brand ‘Norton’. The iconic sporting motorcycle brand was acquired in an allcash transaction of £16 million. Technology Information, Forecasting, and Assessment Council (TIFAC), an autonomous Government of India prepared a white paper to strategize revival of post-COVID 19 Indian economy. Reliance Industries Limited (“Reliance Industries”), Jio Platforms Limited (“Jio Platforms”) and Facebook, Inc. (“Facebook”) today announced the signing of binding agreements for an investment of Rs 43,574 crore by Facebook into Jio Platforms. Paytm Payments Bank Ltd. (PPBL) said that it has crossed Rs1,000 crore in deposits and has a total of 57 million savings account holders at present. The World Bank has stated that remittances to India are likely to drop down by 23% due to COVID-19 which has led to the global recession. Singapore’s Caladium Investment has raised its stake in Bandhan Bank by 1.1% from 3.39% to 4.49%. The Himachal Pradesh State Roads Transformation Project (HPSRTP) will receive a funding of US$82 million (Rs 585 crore) from World Bank (WB) for the upgradation of major roads and modernization of the Public Works Department (PWD) in Himachal Pradesh (HP). The CARE Ratings has projected the gross domestic product (GDP) of India for Fiscal Year (FY) 2020-2021 between 1.1%-1.2% amid nationwide lockdown resulting in disruptions and halting of activities. IT group HCL on Friday said it has partnered the Tamil Nadu government to set up a Disaster Management-Data Analytics Centre to strengthen the state's disaster management efforts amid the COVID 19 pandemic. India Ratings and Research (Ind-Ra) has predicted India’s GDP growth rate for 2020-21 (FY21) at 1.9%. Earlier this was 3.6%. States including Punjab, Kerala, and Delhi have sought the Government of India for extension of goods and services tax (GST) compensation to the states for two years beyond 2022 to overcome the crisis that is expected to be faced post-COVID-19 pandemic. HDFC (Housing Development Finance Corporation Ltd.)has acquired 6.43% stake in debt-trapped Reliance Capital by invoking pledged shares. Page 4 of 35

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Fitch Ratings today has slashed India's economic growth projections to 0.8 per cent in the current fiscal saying an unparalleled global recession was underway due to disruptions caused by the outbreak of Corona virus pandemic and resultant lockdowns. Country's foreign exchange reserves surged by USD 3.09 billion to USD 479.57 billion in the week to April 17 due to an increase in foreign currency assets. Axis Bank has decided to raise its stake in Max Group promoted Max Life Insurance to 30 per cent, a development which values the insurer at over Rs 5,000 crore. The Asian Development Bank (ADB) has approved USD 1.5 billion loan to India to help fund its fight against coronavirus pandemic. Nokia and Bharti Airtel has signed a deal of about $1 billion in order to enhance the network capacity of Bharti Airtel. A report by the Asia-Pacific Economic Cooperation (APEC) Secretariat stated that the APEC region is expected to post a 2.7% economic decline in 2020 due to the impact of COVID-19. The New Development Bank will allocate up to USD 15 billion for loans to help the so-called BRICS nations Brazil, Russia, India, China and South Africa - boost their economies amid the coronavirus pandemic Moody’s Investors Service slashed India growth forecast for calendar year 2020 to 0.2 per cent, from 2.5 per cent projected in March. For 2021, Moody’s expects India’s growth to rebound to 6.2 per cent. UBS has predicted India’s GDP growth rate for FY21 (2020-21) at -0.4%. Earlier it had predicted the same at 2.5%. Rating agency CRISIL has cut the GDP growth rate forecast for India for 2020-21 (FY21) to 1.8% from the previous prediction of 3.5%. The Task Force on National Infrastructure Pipeline (NIP) submitted its Final Report on the NIP for 2019-25 to the Union Minister for Finance & Corporate Affairs Nirmala Sitharaman. US government, through its aid agency USAID, has announced an additional grant of USD 3 million to help India combat the coronavirus pandemic.

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The Government of India launched "AarogyaSetu", a mobile app developed in public-private partnership (PPP) . Government of India (GoI) allowed farmers to directly sell produce from premises of farmers producer organizations (FPO) and selected warehouses through electronic marketing platform Electronic National Agriculture Market (eNAM). The Union Ministry of Home Affairs (MHA) laid down Standard Operating Procedures (SOPs) for the transit of COVID-19 negative foreigners stranded in India. National Cadet Corps (NCC) has offered its volunteer cadets for national duty to fight COVID-19 under ‘Exercise NCC Yogdan’. Sree Chitra Tirunal Institute for Medical Sciences and Technology (SCTIMST) has partnered with Wipro 3D, Bengaluru. Page 5 of 35

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Founders of leading startups, investors, advisors, supporters, investment advisory firms have launched Action COVID-19 Team (ACT). Union Health Ministry has placed an order of about ten crore hydroxychloroquine tablets from various pharmaceutical companies for health care workers. Students are facing difficulties due to the closure of colleges and hostels due to the COVID 19 Pandemic. AICTE (All India Council for Technical Education) has come out with MHRD AICTE COVID-19 Student Helpline Portaltoaddress the issues. National Health Authority (NHA)inked a pact with ride-hailing app Uber to provide transport services for frontline healthcare workers involved in the treatment of COVID-19 patients. Associations representing officers of Central Civil Services, including the Indian Administrative Service (IAS) and the Indian Police Service (IPS), have formed an initiative called 'Caruna' to support and supplement the government's efforts in fighting coronavirus Food Corporation of India (FCI) has set a record by moving 70 rakes carrying 1.93 Lakh Metric Tonnes (LMT) continuously in single-day movement during the lockdown. Indian Railways have begun preparing to resume all its services from April 15 after a 21-day suspension of its passenger trains in the wake of the coronavirus outbreak. Prime Minister Narendra Modi conducted a joint meeting of the Empowered Groups. All major ports and Public Sector Undertakings under Shipping Ministry have decided to contribute 52 crore rupees to Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund(PM-CARES fund). NITI Aayog CEO Amitabh Kant chairs Empowered Committee to review coordination between various stakeholders for COVID-19 related response activities. Department of Science & Technology (DST), Government of India has set up a Centre for Augmenting WAR with COVID-19 Health Crisis (CAWACH). Trade body Solvent Extractors' Association of India (SEA) reported that India's edible oil imports have declined 32.44% to 9,41,219 tonnes in March 2020. Indian Railways has opened a Railway Control Office after the declaration of lockdown amid due to the coronavirus pandemic in order to assist railway passengers, other citizens and help resolve issues in freight operations. National Highways Authority of India (NHAI) has accomplished the construction of 3,979 km of national highways in the financial Year 2019-20. Indian Railways has successfully converted convert 2500 coaches as Isolation Units with limited manpower amid the lockdown due to coronavirus outbreak. Defence Minister Rajnath Singh chaired meeting with the Group of Ministers (GoM) on 7 April in New Delhi. The Ministry of Commerce has designed an online platform for the issuance of a key document required for exports to those countries with which India has trade agreements. Joint Secretary in Ministry of Health and Family Welfare, Lav Agarwal said that three types of healt-care facilities will be set up for various categories of COVID-19 cases as a mechanism to provide care to COVID-19 patients.

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The Union Cabinet chaired by Prime Minister Narendra Modi has decided to amend the Salary, Allowances, and Pension of Members of Parliament (MP) Act through an ordinance. The Central government has announced that it will deploy more drones to enhance monitoring of the lockdown. The Innovation Cell of the Ministry of Human Resources Development (MHRD) in collaboration with All India Council for Technical Education (AICTE) and Forge and InnovatioCuris launched "SAMADHAN", a mega online challenge, to test the ability of students to innovate. Mysore-based Council of Scientific and Industrial Research-Central Food Technological Research Institute (CSIR-CFTRI) has partnered with the district administration of Mysore, Karnataka to provide enough equipment needed for testing of samples. The Government of India has relaxed a ban on exports of paracetamol and hydroxychloroquine (HCQ) that are used to treat COVID-19. Swasth ke Sipahi pharmacists of Pradhan Mantri Jan Aushadhi Kendra (PMJAK) are delivering essential services and medicines at the doorstep of patients and elderly under Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP) during the nationwide lockdown. The ...