14th October 2020 Daily GK Update: Read Daily GK, Current Affairs for Bank Exam

Here is the daily GK update of 14th October 2020 covering the following news headlines: IMF, RBI, World Standards Day, Axis ACE Credit Card, Amazon Pay.

Daily GK updates are incorporated with the important news that made the current affairs headlines for banking or other competitive exams. Daily GK Update is the complete bag of the important news that held all day long. One should have complete knowledge about the banking terms, current affairs news, etc. So, here is the GK update of 14th October 2020 to help you prepare the Current affairs part. After reading this section, you can successfully attempt Current Affairs Quiz.

International News

1. FATF keeps Pakistan on enhanced follow-up list

• Financial Action Task Force (FATF) Asia Pacific Group has kept Pakistan in its ‘Enhanced Follow Up’ list.
• The organisation had downgraded Pakistan status from “regular follow-up” to “enhanced follow up”.
• Enhanced follow up status means the country need to provide monthly reports of its compliance to the Financial Action Task Force.
• The Asia-pacific group of FATF submitted its report called “Follow up report on the “mutual evaluation of Pakistan”.

Important takeaways for all competitive exams:

• The headquarters of FATF is in Paris, France.
• FATF was founded in July 1989.
• Prime Minister of Pakistan: Imran Khan.
• President of Pakistan: Arif Alvi.
• Capital of Pakistan: Islamabad.

Banking News

2. RBI raises banks’ aggregate exposure limit for small businesses

• Reserve Bank of India (RBI) has raised the banks’ maximum aggregate retail exposure limit to entities with turnover up to Rs 50 crore to Rs 7.5 crore. Earlier this limit was Rs 5 crore.
• The decision has been taken to increase credit flow to small businesses.
• The risk weight of 75 per cent will apply to all fresh exposures and also to existing exposures where incremental exposure may be taken by the banks up to the revised limit of Rs 7.5 crore.

Important takeaways for all competitive exams:

• RBI 25th Governor: Shaktikanta Das; Headquarters: Mumbai; Founded: 1 April 1935, Kolkata.

3. Axis Bank launches ACE Credit Card in partnership with Google Pay

• Axis Bank has launched a new entry-level credit card named Axis ACE Credit Card, with a focus on increasing participation of users in the digital economy.
• It also aims to bring a seamless, digital experience to users from application to issuance.
• The card has been launched in collaboration with Google Pay and will run on Visa (Signature) platform.
• The tokenization feature has been enabled in partnership with Visa. This will allow the users of Google Pay to use their ACE Credit Card to make payments through a secure digital token attached to their phone without the need to share their card details physically.

Important takeaways for all competitive exams:

• Axis Bank Headquarters: Mumbai, Maharashtra.
• Axis Bank MD and CEO: Amitabh Chaudhry.

Economy

4. IMF projects India’s GDP to contract 10.3% in 2020

• According to ‘World Economic Outlook’ report, the International Monetary Fund (IMF) has projected the Indian economy to contract by 10.3 per cent in 2020-21, from its earlier prediction of 4.5 per cent due to rise in Covid cases.
• However, IMF estimates the GDP of India to grow at 8.8 per cent in 2021-22, as compared to 6 per cent predicted earlier, regaining the position of the fastest-growing emerging economy.
• On the other hand, the Fund expects the world economy to contract by 4.4 per cent in 2020. This projection was -5.2 per cent earlier.

Important takeaways for all competitive exams:

Summits and Conference

5. World Economic Forum shifts annual meeting 2021 from Davos

• The World Economic Forum (WEF) will hold its Annual Meeting 2021 in Lucerne-Burgenstock, Switzerland, from May 18 to 21, as against the traditional venue of the ski resort town, Davos in January-end.
• The change in schedule and venue was necessitated by the COVID-19 pandemic.
• The Annual Meeting 2021 in Lucerne-Burgenstock will be held around the theme of ‘The Great Reset’. The meeting will focus on the solutions required to address the world’s most pressing challenges.

Important takeaways for all competitive exams:

Appointments

6. BharatPe launches 11 Cricket Stars as Brand Ambassadors

• BharatPe has announced the launch of its high impact TV campaign starring ‘Team BharatPe’ with 11 Cricket stars as brand ambassadors.
• The TVC series has been directed by ace Bollywood director, Puneet Malhotra, and communicates the message ‘Hum Hai Team BharatPe – Jo Desh Ke Har Dukandaar Ke Saath Hai Khade’.
• Team BharatPe includes Rohit Sharma, Jasprit Bumrah, KL Rahul, Mohammed Shami, Ravindra Jadeja, Suresh Raina, Shreyas Iyer, Prithvi Shaw, Sanju Samson, Yuzvendra Chahal, and Shubhman Gill.

Agreements

7. Amazon Pay collaborate with Uber to push digital payments in India

• An online payment processing service, Amazon Pay and a technology company that offers vehicles for hire, Uber, announced a partnership to push digital payments in India.
• This Partnership will integrate Amazon Pay as a payment option on the Uber app.

Important takeaways for all competitive exams: 

• Uber Technologies Inc CEO: Dara Khosrowshahi.
• Uber Technologies Inc Headquarters: California, United States.

Defence News

8. Indian Army and Maha govt organised a anti-terror exercise “Suraksha Kavach”

• Indian Army and Maharashtra Police organised an anti-terror exercise “Suraksha Kavach” at Lullanagar, Pune, Maharashtra.
• The aim of the exercise was to harmonize the drills and procedures of both Army and Police for activating anti-terrorist Quick Reaction Teams (QRTs) to counter any terrorist actions in Pune.
• The exercise involved the participation of Quick Reaction Teams, Dog Squads and Bomb Disposal Teams of Army as well as Anti-Terrorism Squad (ATS) and Quick Reaction Team of Maharashtra Police.

Important Days

9. World Standards Day: 14 October

• World Standards Day or International Standards Day is observed globally on 14 October every year.
• The day aims to raise awareness about the importance of standardisation to the global economy among the consumers, regulators and industry.
• World Standards Day 2020 theme is “Protecting the planet with standards”.
• It is marked to celebrate the contributions of experts and scientists across the world in developing voluntary standards within standards development organisation such as the International Organisation for Standards (ISO), International Electrotechnical Commission (IEC), American Society of Mechanical Engineers (ASME), International Telecommunication Union (ITU), Institute of Electrical and Electronics Engineers (IEEE), and Internet Engineering Task Force (IETF).

Obituaries

10. Bihar Minister Vinod Kumar Singh passes away

• Minister for Backward and Extremely Backward Classes in Bihar, Vinod Kumar Singh passed away due to COVID-19.
• He was a BJP MLA from Pranpur Assembly constituency of Katihar district in northeast Bihar and has been elected MLA thrice from the constituency.

11. Olympic 400 hurdles champion, Charlie Moore passes away

• The 400-meter hurdles champion at the 1952 Helsinki Olympics, Charlie Moore passed away.
• He won the 400 hurdles in the rain in 1952 in 50.8 seconds to tie the Olympic record he set in the quarterfinals.
• He also earned a silver medal in Helsinki on the United States’ 1,600-meter relay team. After the Olympics, he set a world record of 51.6 in the 440 hurdles at the British Empire Games in London.

Miscellaneous

12. PM Modi releases autobiography of Balasaheb Vikhe Patil

• Prime Minister Narendra Modi has released the autobiography of former Union Minister Dr Balasaheb Vikhe Patil through video conferencing.
• The autobiography of Dr Patil has been titled ‘Deh Vechwa Karani,’ means ‘dedicating one’s life for a noble cause.’
• Dr Patil served as Member of Lok Sabha for multiple terms. He died in 2016 at the age of 84.
• The prime minister also renamed the Pravara Rural Education Society to ‘Loknete Dr Balasaheb Vikhe Patil Pravara Rural Education Society.’
• The society was established in Ahmednagar’s Loni district to provide a world-class education to rural masses and empower the girl child.

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