Current Affairs Quiz - April, 2020

Notes:
Manila-based Asian Development Bank (ADB) is to invest $100 million equivalent in the National Investment and Infrastructure Fund-NIIF’s Fund of Funds.
ADB joins the Government of India (GOI) and Asian Infrastructure Investment Bank (AIIB) as an investor in one of the instruments of NIIF of India. NIIF is an investment platform for Indian and international investors where they are mandated to invest equity capital in domestic infrastructure.

Notes:
Punjab National Bank has unveiled its new logo ahead of its merger with the United Bank of India and the Oriental Bank of Commerce.
The new logo bears the symbols of all the three public sector banks. The Reserve Bank of India (RBI) has issued a notification that the merger of ten banks into four will be carried out as scheduled, on April 1, 2020. After the amalgamation process, PNB will become the second largest lender in India after the State Bank of India.

Notes:
As per the recent notification from the country’s largest lender State Bank of India said Insurance Australia General (IAG) of Australia has exited from SBI General Insurance.
IAG sold its entire 26 per cent stake in the SBI General insurance, for USD 310 million (about Rs 2,325 crore) to Napean Opportunities and WP Honey Wheat Investment Ltd, which are subsidiaries of Premji Invest and Warburg Pincus group respectively. SBI owns 70 per cent stake in its insurance arm.

Notes:
Domestic rating agency, India Ratings and Research (Ind-Ra) recently announced that the Gross domestic product (GDP) forecast for the financial year 2020-21 is estimated at 3.6 per cent.
The agency had earlier estimated that India would grow at 5.5 per cent in 2020-21. The main reason for the big reduction in growth is said to be the Covid-19 outbreak and the resultant nation-wide lockdown imposed, which reduced all economic activities.

Notes:
On the 125th anniversary of the Olympic Games in 2019, the International Olympic Committee (IOC) formally opened its new headquarters in Lausanne, Switzerland.
IOC was seen in news recently as the Tokyo Olympics which was scheduled to be held this July has been shifted to be held from July 23 to August 8 in 2021. IOC also announced that the Paralympics Games will be organised from August 24 to September 5, 2021.

Notes:
The 2nd Extraordinary G20 Finance Ministers and Central Bank Governors (FMCBG) meeting was recently organised via tele-conferencing under the Presidency of Saudi Arabia.
Union Minister for Finance & Corporate Affairs, Nirmala Sitharaman participated in the virtual meeting. The impact of COVID-19 pandemic on the global economy and markets was discussed and coordinate efforts in response to this global challenge. Finance Minister asked for reviewing and enhancing the IMF toolkit.

Notes:
The National Investigation Agency (NIA) has registered its first overseas case and has started investigation into the terrorist attack on a gurdwara at Kabul, Afghanistan.
On March 25, 2020, some gunmen entered a gurdwara in Kabul and fired, which killed 27 devotees and injured several others. The recent amendments in NIA Act have permitted NIA to investigate cases against the Indian citizens or affecting the interest of India, which are committed at places outside India.

Notes:
The Reserve Bank of India recently released some measures to deal with the consequence of the coronavirus pandemic. As per the new export norms, the exporters can take 15 months to realise their export proceeds, for exports made up to July 31 against the earlier 9 months.
RBI also increased the Ways and Means Advances limit for state governments and UTs by 30 % till September 30. It also said that the banks are not required to activate counter-cyclical capital buffers for one more year.

Notes:
Indian-origin South African and world-renowned virologist Gita Ramjee passed away after contracting coronavirus.
Gita Ramjee was a veteran virologist and a research leader in HIV prevention. She was the Unit Director of the HIV Prevention Research Unit of the South African Medical Research Council (SAMRC) offices in Durban. She was the recipient of ‘Outstanding Female Scientist Award’ by the European Development Clinical Trials Partnerships.

Notes:
Following the lockdown due to COVID-19 pandemic, the Fitch Ratings has slashed India’s growth forecast for the current fiscal to 2 per cent.
This GDP forecast is the lowest prediction in the last 30 years of the agency’s estimates. The Ratings agency had earlier predicted that Indian economy would grow at 5.1 per cent. The Fitch Ratings also announced that it also expects a global recession this year.