Daily Current Affairs – 7th May 2020

1) US names Ashok Michael Pinto as IBRD representative

US President Donald Trump has christened Indian-American citizen Ashok Michael Pinto as the illustrative of the International Bank for Reconstruction and Development (IBRD). His term will be 2 years. He will replace Eric Bethal on this post. Michael Pinto has been a special assistant to former US President George W. Bush.

International Bank for Reconstruction and Development: A Vision

IBRD is a lending international institution of the World Bank Group. It was established in the year 1944. It is headquartered in Washington DC. It currently has 189 member countries. The IBRD provides loans to middle-income developing countries for poverty alleviation and development work.

2) Russia awarded World War II Memorial Medal to Kim Jong

Russian President Vladimir Putin has awarded the Second World War Memorial Medal to Kim Jong Un, the ruler of North Korea. On the occasion of the 75th anniversary of victory over Nazi Germany, Putin conferred the honor on Kim.

Kim was bestowed with the honor to preserve the memory of soldiers of the Soviet Union who died in North Korea during World War II. On behalf of Kim, North Korea’s Foreign Minister Ri Son-gwon received the medal at the hands of Russian Ambassador Alexander Metsegora. Kim was not present during this time.

Russia invited Kim to a military parade to be held in Moscow, but the parade was canceled on May 9 due to the Corona epidemic.

3) DRDO built area sanitizer tower UV-BLASTER

The Defense Research and Development Organization (DRDO) has recently succeeded in building an Ultra Violet Disinfection Tower. This tower can be used to free the highly susceptible areas of the corona virus in a short time. This UV-based area sanitizer is named UV-BLASTER.

The Laser Science and Technology Center (LASTEC) of DRDO has formed UV-BLASTER in association with New Age Instrument and Materials Private Limited. It can be easily used to sanitize all those things, which cannot be used to clean any chemical.

This sanitizer can be easily used even in places like airport, shopping mall, factory, office, which have more area and number of people coming. It can be run remotely from mobile, laptop and connected to Wi-Fi.

This UV-BLASTER, which works with ultraviolet rays, consists of 6 lamps of 43 Watt UV-C, which work on 254 nanometer wave length so that the light reaches 360 degrees. It takes about 30 minutes to sanitize a room of 400 square feet with the help of UV-BLASTER.

4) RBI cancels license of CKP Co-operative Bank Ltd

The Reserve Bank of India (RBI) has recently canceled the license of Mumbai-based CKP Co-operative Bank Ltd. RBI has decided to cancel the license of this bank due to its failure to meet the minimum capital requirements.

RBI’s decision to cancel the license of CKP Co-operative Bank Ltd Mumbai has come into effect from May 1. After the cancellation of the license, this bank cannot do any transaction. This bank cannot accept the deposit amount nor can anyone pay the deposit amount.

Deposits will be refunded under DICGC Act 1961

After the cancellation of the license of CKP Co-operative Bank Ltd, the process of returning the money to the depositors of this bank will be started under the DICGC Act 1961. Under this, a deposit up to a maximum of Rs 5 lakh will be returned to every depositor.

Under the DICGC Act, 1961, there is a provision to return deposits of up to a maximum of Rs 5 lakh to depositors on the sinking of banks. This amount will be returned by DICGC. If someone is depositing more than this, then the remaining amount will be drowned except 5 lakh.

What is DICGC?

DICGC (Deposit Insurance and Credit Guarantee Corporation) is a wholly owned subsidiary of RBI. According to the RBI directive, all commercial and co-operative bank depositors are insured up to a maximum of Rs 5 lakh from DICGC. Deposits of depositors are returned under this insurance in the event of banks drowning.

5) Manufacturing purchasing managers index declines

According to the monthly survey released by IHS Markit India, the manufacturing sector’s Purchasing Manager’s Index- PMI declined in April 2020.

Significantly, the Manufacturing Purchasing Managers’ Index has been recorded at 27.4 in April 2020 as compared to 51.8 in March 2020.

It is important to note that for the last 32 months, the manufacturing purchasing managers’ index was continuously increasing.

The recent manufacturing index is the lowest level of storage in this sector started 15 years ago.

It is important to note that according to economists and global rating firms, the economic growth rate can go below 1%.

The data required for the Purchasing Manager Index are compiled by more than 40 economists around the world.

IHS Market India analyzes information and their status for major industries and markets around the world.

Reasons for decline in Purchasing Manager Index:

In the wake of COVID-19, the nationwide lockdown has had a major impact on manufacturing sector activities in April 2020.

According to this report released by IHS Market India, India’s exports have registered a steep decline.

In view of the decline in business due to lack of demand, various industrial institutions have also had to reduce their workforce.

The nationwide lockdown has drastically reduced the number of new contracts (related to product manufacturing), total product manufactured in the factory, etc. from the factory.

6) COVID-19 Epidemic and Insurance Claims

Companies that have suffered commercial losses due to the lockdown imposed under the COVID-19 epidemic are likely to dispute some provisions / clauses of insurance contracts entered into by those companies.

Insurance policies were taken by many companies to cover losses due to unforeseen circumstances, but there is a dispute as to whether the COVID-19 epidemic is also covered under these insurance policies.

As a result, the corporate units have no insurance claim under the ‘Standard Fire and Special Perils Policy’, commonly known as the ‘Property Policy’. will get.

Generally, two types of insurance policies are taken by a corporate entity:

Material Damage Policy:

This policy covers property damage due to fire, flood or machine error.

Business interruption policy:

When the loss in business is due to the clause mentioned under the ‘Property Damage Policy’.

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