Important Current Affairs 5th March 2020

NATIONAL NEWS

Google to launch its second cloud infrastructure in Delhi by 2021:

• Google has planned to open its second cloud region in India in Delhi.

• The Delhi cloud region is expected to be launched in 2021, and will have three zones to protect against service disruptions.

• It will be the Google’s second cloud region in India. The first region was launched in Mumbai in 2017.

INTERNATIONAL NEWS

Luxembourg becomes first country to make all public transport free:

• In an attempt to reduce traffic jams, Luxembourg has become the first country in the world to make all public transport free from February 29. This is the first time that the decision to offer free public transport has covered an entire country, the transport ministry stated.

• The decision has been observed in Luxembourg so as to bring down the congestion on streets. As a result of this decision, every person will be able to save around 100 euros ($110) per year.

BANKING AND ECONOMY

EPFO lowers interest rate on PF deposits to 8.5 percent for 2019-20:

• Retirement fund body, Employees’ Provident Fund Organization, (EPFO) has lowered the interest rate on provident fund deposits to 8.5 percent for the current financial year 2019-20.Earlier it was 8.65 percent.

• This announcement was made by Labour Minister Santosh Gangwar in New Delhi on 5 March 2020

India has 3rd highest trade-related illicit financial flow globally:

• India has the third highest trade-related illicit financial flow among 135 countries with 5 billion dollars (about Rs 6.08 lakh crore) or 3.05 per cent of gross domestic product (GDP) escaping the government’s tax net, according to US-based think tank Global Financial Integrity (GFI).

• The GFI classifies as illicit flow funds that are illegally earned, transferred or utilised across an international border. The primary sources of illicit flows include grand corruption, commercial tax evasion and transnational crime.

Allahabad Bank to be merged with Indian Bank:

• The 10 state-run banks of the country will be converted into 4 banks from April 1 onwards. Allahabad Bank will be merged with the Indian Bank. The business of the new institute will be Rs 10 lakh crore in the coming two to three years after the merger of the two banks.

• As of December 31, 2019, Indian Bank has a turnover of Rs 4.5 lakh crore and has 2,887 branches across the country. Apart from this, the Allahabad Bank is worth Rs 3.94 lakh crore and has 3,175 branches.

• Chennai's Indian Bank and Kolkata's Allahabad Bank will emerge as the 7th largest bank in the banking sector of the country.

AWARDS AND RECOGNITION

PM Modi will be treated with highest honour during Bangladesh visit:

• Foreign Minister of Bangladesh A.K. Abdul Momen has stated that Prime Minister Narendra Modi will be treated with the highest honour during his forthcoming visit to Bangladesh to attend the Mujib Centenary Celebrations.

• The Bangladesh govt has invited Prime Minister Modi as the premier of India, which was its closest ally during the liberation war.

OBITUARY

Former UN Secretary-General Javier Perez de Cuellar passes away:

• Peruvian two-term UN secretary-general, Javier Perez de Cuellar died on March 04, 2020 at the age of 100. He played a key role in a historic ceasefire between Iran and Iraq in 1988.

• He took over the role of UN secretary-general in January 1982 and had served the post for term terms till 1991. He had also served as Peru’s Ambassador to France.

APPOINTMENTS AND RESIGNATIONS

Amrish Rau appointed as CEO of Pine Labs:

• Amrish Rau has been appointed as CEO of Pine Labs, a leading merchant commerce platform company.

• Rau founded the start up Citrus Pay, which was sold off to Pay U, replaces Vicky Bindra who after a two-year stint as CEO is moving back to San Francisco, the company stated in a statement.