Title Daily Current Affairs Capsule 9th October 2020

Daily CurrentTitle
               Affairs Capsule
             Title 2020
       9th October

World Post Day: 9 October

World Post Day is observed on 9th October every year.

      The main aim of World Post Day is to create awareness of the role of the postal sector in people’s and
       businesses’ everyday lives and its contribution to the social and economic development of countries.
      09 October marks the anniversary of the establishment of the Universal Postal Union in 1874 in the Swiss
       Capital, Bern.

Oil prices rise as Hurricane Delta approaches US Gulf of Mexico

Oil prices rose as oil workers evacuated rigs in the U.S. Gulf of Mexico ahead of Hurricane Delta.

      Energy operators in the Gulf of Mexico have shut 80% of oil output in preparation for Hurricane Delta.
      The storm, packing winds of up to 115 miles per hour (185 kph), ranked as a category 3 hurricane on the
       Saffir-Simpson Hurricane Wind Scale and forecasters expect it to strengthen before making landfall.

Kuwait's cabinet hands in resignation, emir asks PM to prepare for election

The Kuwaiti government, headed by Prime Minister Sabah Al Khalid Al Sabah, reportedly submitted its
resignation to Emir Nawaf Al Ahmed Al Jaber Al Sabah.

      Kuwait's new emir has asked the Gulf state's cabinet to carry on its duties and prepare for parliamentary
       elections.
      Sheikh Nawaf, 83, took the helm of the U.S.-allied OPEC member state following the death of his brother
       Emir Sheikh Sabah al-Ahmed.
      Kuwait Capital: Kuwait City.
      Currency: Kuwaiti dinar.

Yogi Adityanath inaugurates UP's largest oxygen production plant in Ghaziabad

In the trying times of Covid-19 pandemic during which the demand for oxygen shot up to unprecedented levels,
Uttar Pradesh Chief Minister Yogi Adityanath inaugurated the state’s largest oxygen production plant in
Modinagar, Ghaziabad.

      Medical oxygen is extremely important in the treatment of critically ill Covid-19 patients.
      The newly constructed Modinagar plant can produce 150 tonnes of liquid oxygen per day.
      The plant was set up as part of an MoU (memorandum of understanding) signed between the Uttar Pradesh
       government and the company during the UP Investors’ Summit - 2018 in February 2018.

   The plant also can store 1,000 metric tonnes of oxygen. It will supply oxygen to 200 government and
       private hospitals in the state.

RBI keeps key interest rates unchanged

The Reserve Bank of India in its bi-monthly Monetary Policy statement issued has maintained a status quo
keeping the key interest rates unchanged.

      The reverse repo rate remains unchanged at 3.35 per cent, the repo rate at 4%.
      The marginal standing facility (MSF) rate and the Bank Rate have been kept unchanged at 4.25%.
      The Monetary Policy Committee has also decided to maintain its accommodative stance as long as
       necessary at least through the current financial year and next year as Indian economy is entering into a
       decisive phase in its fight against coronavirus.
      In major announcements, RBI Governor Shaktikanta Das proposed that the RTGS system for real time
       fund transfer to become 24X7 from December 2020.

FM launches Indian Bank’s business mentoring programme for MSMEs

Public sector lender Indian Bank has come out with ‘MSME Prerana’, an online Business Mentoring Programme
for MSMEs.

      The bank says it is the first-of-its-kind initiative by a bank in the country for the (MSME) sector.

   The initiative was formally launched by Union Minister of Finance & Corporate Affairs, Nirmala
       Sitharaman.
      MSME Prerana is for empowering entrepreneurs through skill development and capacity building
       workshops in the local language.
      Spread over 12 sessions, MSME Prerana programme aims to enable MSME entrepreneurs to acquire
       expertise in handling finance and managerial skills, capacity to handle crises in business, understand the
       dynamics of credit rating and risk management.

Axis Bank, Vistara launch co-branded forex card

Vistara and Axis Bank launched a co-branded forex card that can load up to 16 currencies.

      The card has locked-in exchange rates and the card holder will accrue 3 award points on Club Vistara for
       every $5 or an equivalent value spent.
      The forex card can load up to 16 currencies and has various emergency assistance services like loss of
       passport assistance through TripAssist and insurance cover of up to ₹ 3 lakh.
      Vistara is the first Indian airline to offer a co-branded forex card.

World Bank expects India’s GDP to contract by 9.6% in FY-21

The World Bank expects India’s economy to contract 9.6% FY21, steeper than 3.2% shrinkage projected earlier.

      South Asia as a region is set to plunge into its worst ever recession with a sharper than expected contraction
       of 7.7%, the World Bank said in its half-yearly South Asia Focus.
      India’s growth is projected to rebound to 5.4% in FY22, mostly reflecting base effects, assuming Covid19
       -related restrictions are completely lifted by 2022.
      As per the bank, weak activity, domestically and abroad, is also likely to depress both Indian imports and
       exports.
      India’s economy shrank an unprecedented 23.9% in the first quarter.

Govt appoints J Venkatramu as MD, CEO of India Post Payments Bank

A Cabinet panel appointed J Venkatramu as managing director (MD) and chief executive officer (CEO) of India
Post Payments Bank for three years.

      Venkatramu has over 22 years of work experience across banking services such as payments, mobile
       banking, retail banking products and has also managed digital financial services projects.
      He is currently chief digital officer at Equitas Small Finance Bank.
      Venkatramu will take over the post of Suresh Sethi who had served as founder MD and CEO of the
       payments banks till March, much before his tenure ended.
      India Post Payments Bank is a state-owned entity, under the department of posts, with 100% government
       equity and is governed by the Reserve Bank of India (RBI).

American poet Louise Glück wins 2020 Nobel Prize for Literature

The 2020 Nobel Prize for Literature has been awarded to American poet Louise Glück.

      A professor at Yale University, Glück made her debut in 1968 with her collection titled 'Firstborn'.
      She won the prize for "for her unmistakable poetic voice that with austere beauty makes individual
       existence universal."
      She is seen as one of the most prominent poet and essayists in American contemporary literature.
      She has received several prestigious awards, among them the Pulitzer Prize (1993) and the National Book
       Award (2014).

Union Minister Ram Vilas Paswan passes away

Union minister Ram Vilas Paswan passed away in New Delhi. He was 74.

      The Lok Janshakti Party founder and Minister for Consumer Affairs, Food and Public Distribution had
       recently undergone a heart operation at a private hospital.
      He was elected to Lok Sabha eight times and also held the record of winning his constituency, Hajipur,
       with the highest margin for several years.
      He started his political career as a member of Samyukta Socialist Party and was elected to the Bihar
       Legislative Assembly in 1969.
      Later, Paswan joined Lok Dal upon its formation in 1974 and became its general secretary.
      He opposed the emergency and was arrested during the period.
      He entered the Lok Sabha in 1977, as a Janata Party member from Hajipur constituency, was chosen again
       1980, 1989, 1996 and 1998, 1999, 2004, and 2014.