Daily GK Update 6 February 2020: Read Daily GK-Current Affairs Update

Table of Contents

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 6 February 2020 to help you prepare the Current affairs part. After reading this section, you can successfully attempt Current Affairs Quiz.

National Current Affairs

1. Atal Innovation Mission starts “series of innovation demo days”

Atal Innovation Mission, NITI Aayog has begin a series of innovation demo days. The series aims to unite the stakeholders of the food processing and agriculture sector in India. The innovation demo days will act as a platform where start-ups, Micro, Small and Medium Enterprises (MSMEs), entrepreneurs, corporate partners and sector academics are brought together to be spectator of government-funded innovations.

2. Union Cabinet clears the setting up of Major Port at Vadhavan

The Union Cabinet chaired by Prime Minister Narendra Modi has given its in-principle approval for setting up a new Major Port at Vadhavan near Dahanu in Maharashtra. The new Major Port will be established on the basis of land lord model. The projected cost of the Vadhavan Port is over Rs 65,000 crore. For the implementation of the project, a Special Purpose Vehicle (SPV) will be formed along the Jawaharlal Nehru Port Trust (JNPT) which will act as the lead partner with equity participation of 50% or more.

3. 5 IIITs to get the status of Institution of National Importance

The Union Cabinet chaired by Prime Minister Narendra Modi has approved to bestow the status of Institution of National Importance to the five Indian Institutes of Information Technology (IIITs). The status will be provided with the inception of the Indian Institutes of Information Technology Laws (Amendment) Bill, 2020. The bill will provide the status of Institutions of National Importance to the remaining five IIITs along with the existing 15 IIITs in PPP mode. The 5 IIITs in PPP mode includes IIITs in Bhopal, Raichur, Bhagalpur, Agartala and Surat.

International Current Affairs

4. Donald Trump acquitted of all impeachment charges by US Senate

The United States President Donald Trump has been acquitted of all impeachment charges. The US Senate has acquitted President Trump on two articles of impeachment that are the abuse of power and obstruction to Congress. The Republican-majority Senate voted 52-48 to acquit him of abuse of power and 53-47 to acquit him of obstruction of Congress.

Important takeaways for all competitive exams:

Capital of the United States, the Washington, D.C.
The United States dollar is the official currency of the United States and its territories.

5. Romania’s pro-EU government falls after 3 months

Romania’s pro-European government collapsed in a parliamentary no-confidence vote after only 3 months in office. A total of 261 of 465 MPs voted in favour of a motion against the minority government led by Ludovic Orban.

Important takeaways for all competitive exams:

President of Romania: Klaus Iohannis.
Currency of Romania: Romanian leu; Capital of Romania: Bucharest.

Agreements

6. Indian Oil & Phinergy to jointly make metal-air batteries in India

Indian Oil has picked up a minority equity stake in Israel’s battery developer Phinergy to jointly set up a facility in India to manufacture metal-air batteries for electric vehicles. This collaboration helps in the field of Al-Air battery system including research & development, customization, manufacturing, assembly, sale and service of aluminium-air energy systems technology.

Important takeaways for all competitive exams:

Chairman of Indian Oil Corporation (IOC): Sanjiv Singh.
Indian Oil Corporation (IOC) founded: 30 June 1959.
Headquarters of Indian Oil Corporation (IOC): New Delhi.

7. Eastern Railways partners with Amazon India to set up kiosk

Eastern Railways has partnered with Amazon India to set up a pick-up kiosk at the Sealdah railway station in Kolkata, West Bengal. This follows after the successful pilot of pickup kiosks in four railway stations across Mumbai in 2019. A kiosk is a small open-fronted hut or cubicle from where newspapers, refreshments, tickets, etc will be sold.

Important takeaways for all competitive exams:

Governor of West Bengal: Jagdeep Dhankhar.
Chief Minister of West Bengal: Mamata Banerjee.
Capital of West Bengal: Kolkata.

Defence

8. Prime Minister of India sets target at DefExpo of 5 billion dollar USD in upcoming 5 years

Prime Minister of India Shri Narendra Modi has stated that NDA government set a defense export target of 5 billion dollars in the upcoming five years. The export of defense equipment from India was about 2,000 crore rupees. In the past 2 years, it has gone up to 17,000 crore rupees.

Important Takeaways for upcoming competitive Exams-

Rajnath Singh is the Union defense minister of India.
Lucknow is the capital city of Uttar Pradesh.
General Bipin Rawat is the current Chief of Defence Staff of India.

9. HAL & Israel Aerospace Industries to jointly make armed UCAVs

Hindustan Aeronautics Limited (HAL) for the 1st time, will sign a partnership pact with Israel Aerospace Industries (IAI) at the DefExpo 2020 in Lucknow, Uttar Pradesh. This pact is signed for manufacture advanced Unmanned Combat Aerial Vehicles (UCAVs) in India.

Important takeaways for all competitive exams:

Hindustan Aeronautics Limited Founded: 1940(As Hindustan Aircraft) &1964 (Renamed
Hindustan Aeronautics Limited Headquarters: Bangalore, Karnataka.
Chairman and managing director of HAL: R Madhavan.
Israel Aerospace Industries Headquarters: Lod, Israel.
Israel Aerospace Industries CEO and President: Nimrod Shefer.
Israel Aerospace Industries Founded: 1953.

Banking

10. DICGC increases the insurance coverage for depositors to 5 lakh

Deposit Insurance and Credit Guarantee Corporation (DICGC) increases the insurance coverage for depositors in all insured banks from Rs 1 lakh to 5 lakh with effect from February 4, 2020, with the approval of Government of India. The rate of premium payable by the insured banks will be raised from 10 paise per Rs 100 of assessable deposits to 12 paise per Rs100 of assessable deposits per annum.

Important takeaways for all competitive exams:

Chairman of Deposit Insurance and Credit Guarantee Corporation: B.P.Kanungo.
B.P. Kanungo is the Deputy Governor, Reserve Bank of India.
Deposit Insurance and Credit Guarantee Corporation (DICGC) came into existence on July 15, 1978.
The Head Office of the Corporation is at Mumbai.

11. Union Cabinet Approves Amendments to Banking Regulation Act to regulate co-operative banks

The Union Cabinet has approved amendments to the Banking Regulation Act to empower India’s Central Bank (Reserve Bank of India) to have better control over urban co-operative banks and multi-state cooperative banks. These amendments will apply to the urban co-operative banks and multi-state cooperative banks. In present, cooperative banks are governed by dual control of cooperative societies as well as the Reserve Bank of India. While the role of cooperative society includes incorporation, registration, management, recovery, audit, supersession of board of directors and liquidation, the central bank’s role is responsible for regulatory functions.

Important Takeaways for upcoming Competitive Exams
i. The Banking Regulation Act, 1949 is legislation in India that regulates all banking firms.
ii. Shaktikanta Das is the 25th governor of the Reserve Bank of India.

Business

12. Reliance General launches health insurance plan “Infinity”

Reliance General Insurance Company Limited has launched a comprehensive health insurance plan named “Reliance Health Infinity”. The policy offers 90 days pre and 180 days post hospitalization cover, along with sum insured ranging from Rs 3 lakh to Rs 1 crore, and free restore benefits.

Important takeaways for all competitive exams:

Reliance General Insurance headquarters: Mumbai, Maharashtra.
Reliance General Insurance ED and CEO: Rakesh Jain.
Reliance General Insurance founded: 17 August 2000.

Economy

13. RBI’s 6th Bi-monthly Monetary Policy 2019-20 released: RBI keeps repo rate unchanged at 5.15%

The Reserve Bank of India’s Monetary Policy Committee has released its 6th Bi-monthly Monetary Policy 2019-20. The Reserve Bank of India’s MPC has decided to keep the policy repo rate unchanged to 5.15%. The MPC has also decided to maintain the accommodative stance of monetary policy to revive growth, while ensuring that inflation remains within the target.

The key decisions taken in the 6th Bi-Monthly Monetary Policy Committee meeting are:

The repo rate under the liquidity adjustment facility (LAF) left unchanged to 5.15%.
The reverse repo rate under the LAF stands same i.e. 4.90%.
The marginal standing facility (MSF) rate and the Bank Rate also remains same i.e. 5.40%.
RBI has increased the real GDP growth for fiscal year 2020-21 from 5% to 6%.

14. Fitch forecasts India’s GDP growth at 5.6% for Financial Year 2021

Fitch Ratings has estimated India’s GDP growth of 5.6% in the next FY21 in its India Economic Outlook. This forecast is lower than the projection made by the government’s Economic Survey. For the current fiscal 2019-20 (FY 20), GDP is projected at 4.6%. Fitch has also estimated that in the fiscal year 2022, government debt will remain 70% of total GDP.

Important takeaways for all competitive exams:

CEO of Fitch Ratings: Paul Taylor.
President of Fitch Ratings: Ian Linnell.
Headquarters of Fitch Ratings: New York, USA.

Sports

15. Weightlifter Sambo Lapung wins gold with national record of 188kg

Weightlifter Sambo Lapung has won the gold medal in the men’s 89kg event of the National Weightlifting Championships held in Kolkata. He has made a new national record of 188kg in clean and jerk event in men’s 89kg. The previous national record of clean and jerk was of 187kg. Sambo Lapung is from Arunachal Pradesh.

In the women’s event, Rakhi Halder has won the gold medal in the 64kg event.

Obituaries

16. Former Assam Speaker Pranab Kumar Gogoi passes away

Former Assam Legislative Assembly Speaker and sitting Congress MLA (Member of the Legislative Assembly) Pranab Kumar Gogoi passed away. He was first elected as Legislator from the Assam Legislative Assembly from Sivasagar, Assam for 4 consecutive terms. He also served as minister in Tarun Gogoi-led cabinet from 2006-2011 and speaker of the Assam legislative assembly in 2011. In 2015, Pranab Kumar took the definition of the term ‘Assamese’.

Important Days

17. International Day of Zero Tolerance for Female Genital Mutilation: 6 February

International Day of Zero Tolerance for Female is observed globally on 6 February. This day is sponsored by the United Nations for their efforts to eradicate female genital mutilation. It was first introduced in 2003. 2020 Theme: Unleashing Youth Power

Miscellaneous

18. Sourav Ganguly to be Indian team’s Goodwill Ambassador for Tokyo Olympics

The Indian Olympic Association has invited BCCI President Sourav Ganguly to become the Goodwill Ambassador of the Indian contingent at the Tokyo Olympics. The Tokyo Olympic Games will be held from July 24 to August 9.

Important takeaways for all competitive exams:

President of Indian Olympic Association: Narinder Dhruv Batra.
Headquarters of Indian Olympic Association: New Delhi.

19. To fight novel coronavirus World Health Organisation calls for USD 675 million

Geneva-based WHO has called for 675 million US dollars in donations for a plan to fight the novel coronavirus. This announcement was made by the Director-General of WHO Tedros Adhanom in Geneva. They are launching a strategic preparedness and response plan and requesting 675 million dollars to fund the plan for the next three months. 60 million US dollars of the funds would be for WHO operations while the remainder would go to countries requiring assistance to guard against the deadly virus.

World Health Organisation was sending 500,000 masks and 40,000 respirators to 24 countries from its warehouses in Dubai and Accra. Director-General of WHO also hailed a 100 million dollar donation from the Bill and Melinda Gates Foundation announced earlier.

Important Takeaways for upcoming competitive Exams-