Important Current Affairs 9th October 2020

National

India’s first B2B Crypto trading exchange DigitX launched

• DigitX, India’s first business-to-business (B2B) cryptocurrency trading exchange, began its trading operations.

• DigiX aims to deliver transparent and secure model with its network of trusted links in a first of its kind industry initiative to instill trust and confidence in its investors and traders of cryptocurrency.

Government launches online startup discovery platform ‘Startup India Showcase’

• To further give boost to the Indian startups, the Department for Promotion of Industry and Internal Trade (DPIIT) has launched an online discovery platform for startups called “Startup India Showcase”.

• The main aim of this website is to make a repository of India’s most promising startups that have proved their capabilities, from across sectors such as fintech, enterprise tech, social impact, healthtech, and edtech, among others.

• The listed firms will also be considered by the government and corporate buyers as potential suppliers of goods or services.

• The startups mentioned on the website will be handpicked by experts, and will go through multiple screening and evaluation rounds,

• Each startup will have its own profile page, with a detailed information about its product and innovation, as well as video and PDF links.

International

Russia Successfully Test-Launches ‘Tsirkon’ Hypersonic Missile

• Russia has successfully test-fired its highly touted hypersonic cruise missile called Tsirkon in the waters of northwestern Russia.

• The missile traveled four and a half minutes at the hypersonic speed of more than Mach 8 and a maximum altitude of 28 kilometers.

Banking and Economy

World Bank report states India's Economy to contract by 9.6% in FY21

• India's economy is expected to contract by 9.6 per cent in the current fiscal year (2020-21) because of C-19 pandemic, the World Bank said on October 8, 2020. India's economy is the largest in South Asia.

• The World Bank in its biannual regional update stated that South Asia is set to plunge into its worst-ever recession as the devastating impacts of C-19 on the region's economies linger on. This would take a toll on the informal workers and push millions into extreme poverty in South Asia.

• As per the World Bank report, the regional growth of South Asia is expected to contract by 7.7 per cent in 2020 after topping 6 per cent annually in the past five years.  However, the regional growth is projected to rebound to 4.5 per cent in 2021.

• The income-per-capita in the region will remain 6 per cent below 2019 estimates, factoring growth in population. This indicates that the expected rebound will not offset the lasting economic damage caused by the pandemic.

API integration between PM SVANidhi and SBI portal launched

With an aim to ease processing of loan applications, the Housing and Urban Affairs Secretary Durga Shanker Mishra has initiated the Application Programming Interface (API), integration between the PM SVANidhi Portal and the State Bank of India (SBI) portal.

Awards

Nobel Prize in Literature 2020 announced

• The Nobel Prize in Literature for 2020 is awarded to the American poet Louise Glück “for her unmistakable poetic voice that with austere beauty makes individual existence universal”.

• The Nobel Prize in Literature is awarded by The Swedish Academy, Stockholm, Sweden.

Obituary

Union Minister Ram Vilas Paswan passes away

• Union minister of consumer affairs, food and public distribution, Ram Vilas Paswan passed away. He was born on 5 July 1946. He was also the president of the Lok Janshakti Party and current Rajya Sabha MP.

• An eight-time Lok Sabha MP, Paswan went to jail during Indira Gandhi’s tenure when an emergency was imposed in the country. He began his political career as a member of the Samyukta Socialist Party and in 1969 became a member of the Bihar Legislative Assembly.

Former CBI director Ashwani Kumar passes away

• Ashwani Kumar, former Governor of Manipur and Nagaland, and ex-CBI Director passed away.

• He was born at Nahan in Sirmaur district and joined the Indian Police Force in 1973.

• From March 2013 to July 2014, he served as the Governor of Nagaland and also held the additional charge of Governor of Manipur for some time.

Appointments and Resignations

Govt appoints M Rajeshwar Rao as new deputy governor of RBI

• The Appointments Committee of the Cabinet appointed M Rajeshwar Rao as the deputy governor of the Reserve Bank of India (RBI).

• Currently, BP Kanungo, MK Jain and Micheal Patra are the deputy governors.Rao will take charge as the fourth deputy governor. The post became vacant after N S Vishwanathan demitted office in March citing health reasons just before his tenure was to end.

• Prior to this, he was the chief general manager of the financial markets operations department.

J Venkatramu appointed MD and CEO of India Post Payments Bank

• J Venkatramu has been appointed the managing director and chief executive officer of India Post Payments Bank (IPPB). He will succeed Suresh Sethi, who served the post till March 2020.

• Venkatramuis presently working as the chief digital officer in Equitas Small Finance Bank. He has been appointed to the post of MD and CEO of IPPB for a period of three years.

Ranking

World Water Development Report 2020 released by United Nations

• The World Water Development Report 2020 and PCRWR Groundwater Investigation and Mapping report released by the United Nations.

• Around 74% of all-natural disasters between 2001 and 2018 were water-related and during the past 20 years.

• Floods could cost South Asia as much as US$215 billion each year by 2030

• Global floods and extreme rainfall events have increased by more than 50% this decade, and are now occurring at a rate four times higher than in 1980.