Weekly Current Affairs Pocket : 21 – 23 March 2020

UP govt announces one month free food grains to poor
* Uttar Pradesh govt announced several actions and measures in its fight against coronavirus.
* Uttar Pradesh govt announced several actions and measures in its fight against coronavirus. Chief Minister Yogi Adityanath announced to provide one-month free food grains to poor people along with Rs 1,000 as compensation to daily wage workers who have been affected due to the outbreak of the deadly virus.

India Ranks 144th, Finland tops: UN’s World Happiness Report 2020
* The United Nations (UN) has released the eighth edition of the annual World Happiness Report on 20 March 2020 to rank 156 countries by how happy their citizens perceive themselves to be.
* India has been ranked at 144 position among 156 nations with a score of 3.573 points on a scale of 10.
* Finland has been named as the happiest country in the world for the third year in a row while Afghanistan is the lowest ranking country.
* Top 5 Nations – Finland (7.809), Denmark (7.646), Switzerland (7.560),Iceland (7.504), Norway (7.488)
* The World Happiness Report is an annual survey by the Sustainable Development Solutions Network for the United Nations.

SBI launches COVID 19 Emergency Credit Line (CECL) facility for existing borrowers
* State Bank of India has launched an emergency loan facility for its existing loan customers whose business has been hit due to Coronavirus 2019 (COVID 19).
* The loan facility has been named COVID 19 Emergency Credit Line (CECL). It has been launched to meet the temporary liquidity mismatch arising out of covid-19.
* The interest rate under this facility will be 7.25% per annum.
* Which accounts are eligible: All standard accounts as on March 16, 2020 and till the date of sanction are eligible.

CRISIL Lowers India’s GDP Growth for FY’21 to 5.2% from 5.7%
* Credit ratings agency CRISIL has pulled down the growth forecast for India’s GDP for the financial year 2020-21 by 50 basis points (bp) to 5.2 percent from its previous forecast of 5.7%.
* The slash in the growth forecast is due to the Covid-19 pandemic.

IRDAI sets up 16-member panel on governance at insurers headed by Pravin Kutumbe
* Insurance Regulation and Development Authority (IRDAI) instituted a 16-member committee headed by Pravin Kutumbe to further strengthen its guidelines on corporate governance.
* The committee consists of a head, six members from the insurance regulator besides members from the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) along with other industry participants.

Fitch Ratings slashes India’s GDP growth rate to 5.1% for FY21
* Fitch Ratings has reduced India’s GDP growth rate to 5.1% for the fiscal year 2020-21. Earlier, Fitch Ratings forecasted India’s growth outlook at 5.6% which has been reduced now to 5.1% for the fiscal year 2020-21.
* The reduction in India’s growth outlook has been due to the Covid-19 impact on Indian manufacturers after supply chain disruptions in China.

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