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Daily Current Affairs : 10-Mar-2020

Major Topics Covered :



  3. OIL WAR




Why in news?

  • Four cases have been reported of KFD in the Wayanad District of Kerala in a week and. A woman died of it on Sunday.


  • Kyasanur Forest disease (KFD) is caused by Kyasanur Forest disease virus (KFDV), a member of the virus family Flaviviridae.

  • KFDV was identified in 1957 when it was isolated from a sick monkey from the Kyasanur Forest in Karnataka (formerly Mysore) State, India.

  • Since then, between 400-500 humans cases per year have been reported.

  • Transmission to humans may occur after a tick bite or contact with an infected animal, most importantly a sick or recently dead monkey. No person-to-person transmission has been described.

  • Large animals such as goats, cows, and sheep may become infected with KFD but play a limited role in the transmission of the disease.

  • There is no specific treatment for KFD, but early hospitalization and supportive therapy is important. Supportive therapy includes the maintenance of hydration and the usual precautions for patients with bleeding disorders.

  • A vaccine does exist for KFD and is used in endemic areas of India. Additional preventative measures include insect repellents and wearing protective clothing in areas where ticks are endemic.

Source : Hindu and CDC



Why in news?

  • As much as 67% of donations to national parties in 2018-19 came from “unknown sources,” an increase from 53% in the previous financial year, said a report released by the Association for Democratic Reforms on Monday.


  • The total income of the parties was ₹3,749.37 crore, of which ₹951.66 crore was from known donors.

  • Electoral bonds accounted for 78% of the ₹2,512.98-crore income from unknown sources.

  • While parties are required to give details of all donations above ₹20,000, donations under ₹20,000 and those through electoral bonds remain anonymous. 

  • Of the total income from unknown sources, 64% went to the BJP and 29% to the Congress.

Source : Hindu



Why in news?

  • Brent crude prices have cracked to $35/barrel today, down 23 per cent from Friday’s close, following Saudi Arabia starting a price war with Russia by dropping its selling prices sharply.

Highlights :

  • Oil prices have been falling following the slump in demand due to the shutdown in China post the coronavirus outbreak. The drop in oil prices, however, comes as good news for India that has been struggling to manage its current account deficit.

  • It can help save $47 billion in import bills.

  • The drop in crude prices will help cool down the rising consumer price inflation. In January, the CPI was at 7.52 per cent (YoY), the highest since May 2014.

Source : Business line



Why in news?

  • The SBI supported bailout of Yes Bank which comes as a relief to the depositors has caused distress to AT-1 Bond holders as the substantial sum invested in these bonds by the investors are set to be completely written off.

Highlights :

  • AT-1, short for Additional Tier-1 bonds, are a type of unsecured, perpetual bonds that banks issue to shore up their core capital base to meet the Basel-III norms.

  • As per Basel Norms, In India, one of the key new rules brought in was that banks must maintain capital at a minimum ratio of 11.5 per cent of their risk-weighted loans. Of this, 9.5 per cent needs to be in Tier-1 capital and 2 per cent in Tier-2. Tier-1 capital refers to equity and other forms of permanent capital that stays with the bank, as deposits and loans flow in and out.

  • These bonds are perpetual and carry no maturity date. Instead, they carry call options that allow banks to redeem them after five or 10 years. But banks are not obliged to use this call option and can opt to pay only interest on these bonds for eternity.

  • Banks issuing AT-1 bonds can skip interest payout for a particular year or even reduce the bonds’ face value  provided their capital ratios fall below certain threshold levels.

  • If the RBI feels that a bank is tottering on the brink and needs a rescue, it can simply ask the bank to cancel its outstanding AT-1 bonds without consulting its investors.

Source : Businessline



Why in news?

  • India remained the world’s second largest arms importer during the period 2015-19, with Russia being the largest supplier.


  • Moscow’s share of the Indian weapons market declined from 72% to 56%

  • In its annual “Trends in international arms transfers 2019" report, the Stockholm International Peace Research Institute (SIPRI) listed the world’s top five arms importers during the five-year period as Saudi Arabia, India, Egypt, Australia and China. Together, the five accounted for 36% of all arms imports, the report said.

  • India’s arms imports from both Russia and the US fell during the five-year period, though the decline was more pronounced in the case of Russian arms deals. India accounted for 25% of total Russian arms exports.

  • Arms imports from Israel and France increased, by 175% and 715% respectively, making them the second- and third-largest suppliers during 2015-19.

  • The report also noted that India and Pakistan had used imported weapons in clashes following the 2019 suicide attack in Pulwama by the Jaish-e-Mohammed that killed 40 troopers.

  • The report placed India 23rd among the world’s 25 largest arms exporters, with its main clients being Myanmar, Sri Lanka and Mauritius.

Source : Livemint

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