Daily Current Affairs – March 19, 2020

Rajya Sabha passes National Commission for Indian System of Medicine Bill 2019
Rajya Sabha passed both the National Commission for Indian System of Medicine Bill 2019 and the National Commission for Homoeopathy Medicine Bill 2019 . Both the bills were passed by voice vote. Union minister for AYUSH Shripad Yesso Naik stated, the two bills aim at providing a quality and affordable medical education system ensuring high quality medical professionals in Indian System of Medicine and Homeopathy, in all parts of the country

ECB launches €750 billion ‘pandemic emergency’ bond-buying scheme
The European Central Bank announced a surprise 750-billion-euro scheme to purchase government and corporate bonds, as it joined other central banks in stepping up efforts to contain the economic damage from the coronavirus. The so-called Pandemic Emergency Purchase Programme comes just six days after the ECB unveiled a big-bank stimulus package that failed to calm nervous markets, piling pressure on the bank to open the financial floodgates. The USD 820-billion asset purchasing scheme will be temporary and be concluded once the bank “judges that the coronavirus Covid-19 crisis phase is over, but in any case not before the end of the year”, it stated in a statement.

Nabard pegs Karnataka’s credit potential at Rs.2.44 lakh cr for scal 2020-21
The National Bank for Agriculture and Rural Development (Nabard) has projected a credit potential of ₹2,44,56,428.64 crore for financial year 2020-21.

ADB announces $6.5 bn package for developing member countries
The Asian Development Bank (ADB) announced a $6.5 billion package for its developing member countries to fight the coronavirus pandemic. The initial package has been announced to address the immediate needs of developing member countries (DMCs) as they respond to the Covid-19 pandemic, ADB stated in a statement. Manila-headquartered ADB works towards sustainable development and poverty eradication in Asia and the Pacific region.

RBI to infuse Rs.10,000-cr liquidity via OMO purchase, says nancial conditions tightening
The Reserve Bank of India (RBI), stated it will conduct open-market operations (OMO) entailing purchase of four government securities (G-Secs) aggregating ₹10,000 crore on March 20 to infuse liquidity in the banking system in the wake of tightening financial conditions and hardening yields. When it announced the OMO, the RBI specifically referred to certain financial market segments experiencing a tightening of financial conditions as reflected in the hardening of yields and widening of spreads in the wake of Covid-19 pandemic risks

YES Bank gets Rs 60k-cr line of credit from RBI to resume operations
The Reserve Bank of India (RBI) has extended a credit line of Rs 60,000 crore to YES Bank to ensure that the bank is able to meet its obligations to depositors as it resumed its full-service operations, according to sources familiar with the development.

AI chat bot ‘Maya’, a handy tool for Clix customers
At a time of social distancing due to the outbreak of coronavirus, Clix Capital Services, a digital lender, has come up with ‘Maya’, an AI-enabled chat bot to enhance customer experience. This chat bot is expected to help customers engage with Clix for a variety of activities, including EMI-related queries, and avail cross-sell offers besides servicing.

TCS again overtakes Reliance Industries to become most valued firm by market capitalization
Tata Consultancy Services went past Reliance Industries Limited yet again to become the most valued Indian firm by market valuation. At close of trade on the BSE, the market capitalisation (m-cap) of TCS was at Rs 6,19,499.95 crore, which is Rs 5,320.02 crore more than that of RIL’s Rs 6,14,179.93 crore valuation. RIL shares witnessed selling pressure, falling 3.97 per cent to close the day at Rs 968.85.

India ranks second in probes on foreign bribery, enforcement drags globally
Enforcement actions globally slowed down in 2019 against trans-national bribery cases, but India is at the second place after Brazil in terms of the number of investigations concerning alleged bribery of domestic officials by foreign firms, a report stated. China showed the highest prevalence of alleged bribery by foreign firms, followed by Iraq, Brazil, Nigeria and India, as per the 10th Annual Global Enforcement Report of TRACE International, a non-profit business association that tracks trends in global antibribery investigations and enforcement.

HSBC appoints Noel Quinn permanent chief executive
HSBC has appointed Noel Quinn as its permanent chief executive. Quinn had been serving as interim CEO since August 2019, after the unexpected resignation of John Flint from the post.

Google Cloud appoints Karan Bajwa as India MD
Google has appointed former IBM executive, Karan Bajwa as Managing Director of Google Cloud in India. He will be responsible for driving all revenue and go-to-market operations for Google Cloud’s portfolio that includes Google Cloud Platform and G Suite.

WhatsApp launches COVID-19 information hub with WHO; grants $1mto IFCN for fact-checking
WhatsApp announced the launch of two initiatives in support of the global fight against the Coronavirus pandemic. The first initiative is the global launch of the “WhatsApp Coronavirus Information Hub” in partnership with the World Health Organization, United Nations International Children’s Emergency Fund (UNICEF), and the United Nations Development Program.

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