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Current Affairs 28^th March 2020

RBI action against COVID-19: cuts Repo Rate, CRR and reverse repo rate

• RBI reduces the Repo rate by 0.75% and the new Repo rate is 4.40%. The repo rate has been reduced by 75 basis points from 5.15 percent to 4.4 percent.
• RBI reduces reverse Repo rate by 0.90% and the new reverse Repo rate is 4%. The reverse repo rate reduced by 90 basis points to 4 percent to incentivize banks to lend.
• Cash Reserve Ratio of all banks reduced by 100 basis points to 3 percent of net demand and time liabilities with effect for one year from March 28.

Rate	Old	New	Cut
Policy Repo Rate	5.15%	4.40%	0.75%
Reverse Repo Rate	4.90%	4.00%	0.90%
Cash Reserve Ratio (CRR)	4.00%	3.00%	1.00%
Statutory Liquidity Ratio (SLR)	18.25%	19.50%	0.00%

RBI: Reserve Bank of India
Established: 1st April, 1935

Act: Reserve Bank of India Act, 1934

Currency: Indian rupee

Headquarters: Mumbai, Maharashtra

Governor: Shaktikanta Das

4 Astroid coming toward the earth: NASA

• The four asteroids heading towards Earth include 2020 FV4, 2020 FP, 2012 XA133 and 2020 FV3.
• One among the four asteroids is a 1,280-foot wide asteroid.
  

1. 2020 FV4: 2020 FV4 is the first asteroid that will fly past Earth today. The asteroid is currently flying at an estimated speed of 19,000 miles per hour. It has a diameter of 164 feet. It is expected to come closest to the Earth at around 7:07am EDT on March 26. The distance at this time is projected to be around 0.02505 astronomical units or about 2.3 million miles away.
2. 2020 FP: The second asteroid to approach Earth tomorrow is 2020 FP. The asteroid, measuring about 128 wide, is currently flying at an average speed of 21,000 miles per hour. It is expected to fly past Earth at 7:39 pm EDT on March 26. It will fly past from a safe distance of about 0.03767 astronomical units, which is around 3.5 million miles away.
3. 2012 XA133: 2012 XA133 or city killer as it is being called is the third asteroid heading towards the Earth. It is biggest and fastest among the four asteroids. This asteroid, measuring about 1, 280 feet wide, is moving towards the Earth with a speed of 53,000 miles per hour. It has the capability of destroying an entire city if it hits the Earth due to its large size and fast speed. The asteroid has been labeled as a potentially hazardous asteroid. It is expected to approach Earth at 10.52 pm EDT on March 26. Its closest approach would be from about 0.04453 astronomical units or around 4 million miles away.
4. 2020 FV3: The 2020 FV3 asteroid is the fourth and the last asteroid to approach the Earth tomorrow. The asteroid, with a diameter of about 59 feet, is expected to fly past our planet at 11:07 EDT on March 26. It is flying at an average speed of 15,000 miles per hour.

NASA: National Aeronautics and Space Administration
Formed: 29 July 1958; 61 years ago

Jurisdiction: US Federal Government

Headquarters: Washington D.C., U.S.

Motto: For the benefit of all

Government restricts sale, export, distribution of Hydroxychloroquine

Aim: To prevent misuse of Hydroxychloroquine.

• The Health Ministry has directed that the sale by retail of any preparation containing the Hydroxychloroquine drug shall have to be in accordance with the conditions specified for sale of drugs under Schedule H1 of the Drugs and Cosmetics Rules, 1945.
• The ‘Hydroxychloroquine’ drug is stated to be an essential drug to meet the requirements to tackle the emergency arising due to the COVID-19 pandemic. However, the drug is in short supply.

Finance Minister Nirmala Sithamraman declared Rs. 1.70 Lakh crore relief package under Pradhan Mantri Garib Kalyan Yojanaa

• Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman has publicized the Rs. 1.70 Lakh Crore relief package under Pradhan Mantri Garib KalyanYojana (PMGKY), during the Press Conference in New Delhi.

1. Coverage: Any health professional, who while treating Covid-19 patients, met with some accident would be compensated with an amount of Rs. 50 lakh under the scheme. Approximately 22 lakh health workers would be provided insurance cover to fight this pandemic.
2. Pradhan Mantri Garib Kalyan Ann Yojana: This scheme ensures non-availability of food grains due to disruption in the next three months and will cover 80 crore poor individuals. Each one of them would be provided double of their current entitlement over the next three months. This additionality would be free of cost.
3. Pradhan Mantri Kisan Samman Nidhi: The government will start transferring the first instalment of Rs 2,000 due in 2020-21 under Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) from the first week of April 2020. Costing around Rs. 15,000 crore to Centre, it will benefit 8.69 crore farmers.
4. Mahatma Gandhi National Rural Employment Guarantee Act: Government has increased MNREGA (Mahatma Gandhi National Rural Employment Guarantee Act) wage by Rs. 20 to Rs. 202 a day from Rs. 182 with effect from 1 April, 2020. It will benefit 13.62 crore families.
5. Pradhan Mantri Jan Dhan Yojana: The 20 crore Pradhan Mantri Jan-DhanYojana (PMJDY) women account-holders would be given an ex-gratia of Rs. 500 per month for next three months.
6. A support of Rs. 1,000 for next three months to poor senior citizens (above 60 years), widows and Divyang will be provided to get over difficulties created due to COVID-19.
7. Central Government has given orders to State Governments to use Rs.. 31000 crore Building and Construction Workers Welfare Fund to provide assistance to Construction Workers.
8. Gas cylinders would be provided free of cost to poor families for the next three months. It will cost Rs. 19,200 crore.

PM Narendra Modi participated in Virtual G20 Leaders’ Summit to; over USD 5 trillion to be injected to develop action plan against COVID-19

• Prime Minister Narendra Modi participated in an extraordinary “Virtual Group of 20 (G20) Leaders’ Summit which was hosted by Saudi Arabia Crown Prince Mohammed bin Salman Al Saud through video conference.
• To inject over USD 5 trillion into the global economy to counter the social and economic impact of COVID-19. Leaders also agreed to contribute to the WHO led COVID-19 Solidarity Response Fund on a voluntary basis.

G20: Group of Twenty

Formation: 26 September 1999; 20 years ago

Membership: 20 Member; Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico,  ​Republic of Korea​,​ Russia, Saudi Arabia, South Africa, ​​​Turkey, United Kingdom (UK), United States (US), and European Union (EU)​. Spain is a permanent guest invitee to the G20.
Chairman: King Salman bin Abdulaziz Al Saud
Current Presidency: Saudi Arabia

Largest COVID-19 hospital sets up in to Odisha

• The Odisha Government announced that it is readying to set up the largest COVID-19 hospital in India due to the outbreak of the Corona-virus in the country. The state-level hospitals will have 1000 beds in Bhubaneswar, Odisha and will be functional in a fortnight.

Odisha:

Statehood: 1 April 1936
Capital: Bhubaneswar

Largest City: Bhubaneswar

District: 30
Governor: Ganeshi Lal

Chief Minister: Naveen Patnaik

Legislature Seats: 147 Seats
 Parliament Seats: LS – 21 Seats, RS – 10 Seats.

High Court: Odisha High Court, Cuttack

Short Notes

• 27 March: World Theatre DayTheme: Theatre and Culture of Peace
• Aviation sector might face losses up to USD 3.6 billion in June quarter.
• Hospital in Jaipur to use humanoid robot to serve COVID-19 patients.
• UK Prime Minister Boris Johnson tests positive for COVID-19.
• CRISIL trims India’s GDP growth estimate for FY 21 to 3.5 % from 5.2%
• US launches advanced satellite for communication named Advanced Extremely High Frequency (AEHF-6).