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Daily Current Affairs – 28th March 2020 GK Updates
1. Moody’s slashes India GDP growth in 2020 to 2.5 %
– Moody’s Investors Service slashed its estimate of India’s GDP growth during 2020 calendar year to 2.5 per cent, from an earlier estimate of 5.3 per cent and said the Corona virus pandemic will cause unprecedented shock to the global economy.
– In its Global Macro Outlook 2020-21, Moody’s said India is likely to see a sharp fall in incomes at the estimated 2.5 per cent growth rate, further weighing on domestic demand and the pace of recovery in 2021.
– Earlier this week, India imposed a three-week long nationwide lockdown, the most far-reaching measure undertaken by any government to curb the spread of the Corona virus pandemic.
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Moody’s Headquarters: New York, United States; CEO: Raymond W. McDaniel Jr.
2. RBI permits 3 month moratorium on EMI payments on all outstanding loans
– The Reserve Bank permitted banks, NBFCs (including housing finance companies) and other financial institutions to allow a three-month moratorium on payment of installments on term loans in view of the disruption caused by the coronavirus outbreak. Deferment will not impact the credit history of the borrower.
– Financial institutions have been allowed to shift repayment schedule and all subsequent due dates, as also the tenor for such loans, across the board by three months, in respect of all term loans outstanding as on March 1, 2020.
– RBI also announced cut in benchmark interest rate, Repo Rate by 75 basis points to 4.4 per cent to deal with this hardship.
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The Reserve Bank of India is India’s central bank, which controls the issue and supply of the Indian rupee. RBI is the regulator of entire Banking in India.
Governor: Shaktikanta Das; Headquarter: Mumbai
3. Loans and EMIs to be cheaper as SBI to cut repo rate by 75 basis points.
– State Bank of India said that it has decided to pass on the entire 75 basis points repo rate cut announced by the Reserve Bank of India.
– The new rates, to be effective from 1st of April, will be applicable for its borrowers availing loans based on External Benchmark-linked lending rate, EBR and Repo-Linked Lending Rate, RLLR.
– The bank said in a statement that equated-monthly installments on eligible home loan accounts, linked to EBR or RLLR will get cheaper by around 52 rupees per one lakh rupees on a 30-year loan.
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SBI Chairperson: Rajnish Kumar; Headquarters: Mumbai
4. PESO takes measures to ensure uninterrupted supply of oxygen, other health care facilities
– Petroleum and Explosives Safety Organization (PESO) has taken various measures to ensure uninterrupted supply of Oxygen to hospitals and other health care facilities due to nationwide lock down for containment of COVID-19 pandemic.
– Instructions have been issued by PESO to all its offices to ensure grant of licences for storage and transport of medical oxygen on an urgent basis. The validity of licenses for transportation of oxygen and other gases has been extended up to 30th June this year.
– The advisory has been also issued to all States, requesting them to allow uninterrupted transportation and manufacturing of medical oxygen and nitrous oxide.
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PESO Headquarters: Nagpur; Founded: 9 September 1898
5. World Theatre Day: 27 March
– World Theatre Day (WTD) is celebrated every year on 27th March. This day was initiated in 1961 by the International Theatre Institute.
– It is celebrated to generate awareness about the importance of theatre arts.
– It is also celebrated to showcase the important role artists play in the field of entertainment.
– It also talks about the changes theatre brings in people’s lives.
6. Brahma Kumari’s Chief Dadi Janki passes away
– Rajyogini Dadi Janki, the Chief of Brahmakumaris Sansthan, the world’s largest spiritual organization run by women, passed away at the age of 104 after prolonged illness. She was suffering from respiratory and stomach-related problems for the last two months.
– In the 1970s, she moved to western countries to establish Indian philosophy, Raj Yoga and human values. She had set up ‘Seva Kendras’ in 140 countries around the world.
– Dadi janki was appointed the brand ambassador of Swachh Bharat Abhiyaan (Clean India Mission) by the government for her work in the field of maintaining cleanliness.
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The Brahma Kumaris are a Spiritual movement that originated in Hyderabad, Sindh during the 1930s. The Brahma Kumaris movement was founded by Lekhraj Kripalani. The organisation is affiliated with the United Nations and is known for the prominent role that women play in the movement.
Headquarters: Mount Abu
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