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Daily Current Affairs – 17 Sep 2020 : GKToday Updates
1. Lok Sabha passes Banking Regulation (Amendment) Bill
Lok Sabha passed the Banking Regulation (Amendment) Bill, 2020 yesterday. FM Nirmala Sitharaman said it will help in safeguarding interest of the co-operative bank depositors’ in the country.
She informed that the current pandemic has adversely affected the financial health of co-operative banks and 277 urban co-operative banks is in a poor condition.
The proposed amendments in the current bill seek to bring parity in terms of rules and regulations in co-operative banks as applicable in the commercial banks.
The bill also enables the Reserve Bank of India (RBI) to make a scheme for reconstruction or amalgamation of co-operative banks.
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This Bill replaces the Banking Regulation (Amendment) Ordinance which was promulgated on 26th June this year.
2. 10th Defence Technology and Trade Initiative, DTTI Group Meeting held virtually
- The 10th Defence Technology and Trade Initiative (DTTI) Group Meeting was held virtually.
- The meeting was co-chaired by Raj Kumar (Secretary, Defence Production) and Ellen M. Lord (Under Secretary of Defence for Acquisition and Sustainment from the US Department of Defence).
- The aim of the DTTI Group is to bring sustained leadership focus to the bilateral defence trade relationship and create opportunities for co-production and co-development of defence equipment.
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DTTI Group Meetings are normally held twice a year, alternating between India and the United States. This time, meeting was held virtually on account of COVID pandemic.
3. India, Brazil and South Africa calls for comprehensive reform of UN Security Council
- India, Brazil and South Africa emphasized the need for the accelerated and comprehensive reform of the UN Security Council.
- External Affairs Minister Dr S. Jaishankar chaired the customary meeting of IBSA Foreign Ministers through video conferencing. The ministers adopted the IBSA Joint Ministerial Statement on the Reform of the UN Security Council.
- The Ministers also exchanged views on various issues like furthering IBSA cooperation, peace, security, countering terrorism, climate change and sustainable development.
Further, the Ministers shared their experience on COVID-19 pandemic situation.
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IBSA is a unique Forum which brings together India, Brazil and South Africa, three large democracies and major economies from three different continents, facing similar challenges.
3. Vi launches integrated 4G network GIGAnet
- Vodafone Idea, now known by the new brand name Vi, launched GIGAnet- the integrated 4G network post merger of Vodafone India with Idea Cellular.
- GIGAnet will have the largest spectrum portfolio, huge capacity, and built on many principles of 5G architecture that help in delivering a superior network experience.
- GIGAnet offers faster downloads & uploads, low latency, and real-time connectivity.
- Armed with the new network, the telco aims to stem the loss of customers and attract new ones from rivals Bharti Airtel and Reliance Jio.
4. India’s economy to shrink by 9 percent in 2020: Asian Development Bank
- The Asian Development Bank announced that India’s economy is expected to contract by 9% in 2020 – worse than the 4% contraction which the bank had forecasted three months ago.
- However, ADB expects India to bounce back with 8% growth in 2021 as the country begins to emerge from the economic devastation which has been caused by the ongoing COVID-19 pandemic.
- In the first quarter of the Current Fiscal Year, India’s Gross Domestic Product (GDP) had contracted by a record 23.9% as the COVID-19 lockdown stalled business and consumer spending.
- About three-quarters of the region’s economies have been expected to post negative growth in 2020.
The Asian Development Outlook (ADO) 2020 Update for elsewhere forecasts minus 0.7% GDP growth for the developing Asia in 2020, which marks its first negative economic growth since the early 1960s.
5. Central government plans to introduce law to ban Cryptocurrency trading
- The Central Government is planning to introduce a new law that will ban the trade in cryptocurrencies, placing it out of step with other economies of Asia who have chosen to regulate the fledgling market.
- The bill is expected to be discussed by the cabinet before it is sent to the Parliament for approval.
- Under the law, the government will be encouraging the blockchain, the technology underlying cryptocurrencies, but is not keen on cryptocurrency trading.
- In 2018, the Indian Central Bank had banned the crypto transactions after a series of frauds.
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The renewed trading ban will affect more than 1.7 million Indians trading in the digital assets along with a rising number of companies setting up platforms for the trade.
6. International Day for the Preservation of the Ozone Layer: 16 September
- International Day for the Preservation of the Ozone Layer is observed every year on 16th September.
- The theme for the year 2020 is: “Ozone for life: 35 years of ozone layer protection”.
- The Vienna Convention for the Protection of the Ozone Layer, which was adopted and signed by 28 countries, on 22 March 1985.
- In September 1987, this led to the drafting of The Montreal Protocol on Substances that Deplete the Ozone Layer.
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This year marks 35 years of the Vienna Convention.