DAILY CURRENT AFFAIRS
Dated : 4 May 2020
Topic Covered :
1. RBI cancels licence of Mumbai-based The CKP Co-operative Bank
2. Gilead's drug remdesivir gets US FDA's emergency use authorisation for COVID-19
3. African Swine Fever
4. India at 142 on World Press Freedom Index over Kashmir blackout.
RBI CANCELS LICENCE OF MUMBAI-BASED THE CKP CO-OPERATIVE BANK
Why in news?
The Reserve Bank of India on May 2 cancelled the licence of Mumbai-based The CKP Co-operative Bank Ltd.
Highlights:
1. The central bank in an order dated April 28, 2020 maintained that the financial
position of the bank is highly adverse and unsustainable.
2. Adverse financial position was one of the multiple other reasons behind the
cancellation.
3. The bank, as per RBI's observation, also did not have any concrete revival plan or
proposal for merger with another bank.
4. Clarifying about deposits of account holders the order said that depositors of the bank have been entitled to repayment up to a monetary ceiling of Rs 5 lakh only.
5. The CKP Co-operative Bank Ltd., Mumbai, is prohibited from conducting the business of ‘banking’ which includes acceptance of deposits and repayment of deposits as defined in Section 5 (b) read with Section 56 of the Banking Regulation Act, 1949 with immediate effect.
6. With the cancellation of licence and commencement of liquidation proceedings, the process of paying the depositors of The CKP Co-operative Bank Ltd., Mumbai, as per the DICGC Act, 1961 will be set in motion.
7. On liquidation, every depositor is entitled to repayment of his/her deposits up to a monetary ceiling of ₹ 5,00,000/- (Rupees five lakh only) from the Deposit Insurance and Credit Guarantee Corporation (DICGC) as per usual terms and conditions.
Source : Money Control
GILEAD'S DRUG REMDESIVIR GETS US FDA'S EMERGENCY USE AUTHORISATION FOR COVID-19
Why in news?
Gilead Sciences on May 2 announced that the United States Food and Drug Administration (USFDA) has granted emergency use authorisation (EUA) for the investigational antiviral remdesivir to treat COVID-19
Highlights:
1. Remdesivir is now authorised for emergency use for the treatment of hospitalised patients with severe COVID19 disease.
2. The optimal duration of treatment is still being studied in ongoing clinical trials.
3. Under the EUA, both 5-day and 10-day treatment durations are suggested, based on the severity of disease.
4. The authorization is temporary and does not take the place of the formal new drug application submission, review and approval process, the company said.
5. The EUA allows for the distribution and emergency use of remdesivir only for the
treatment of COVID-19
6. Remdesivir remains an investigational drug and has not been approved by FDA.
Source : Money Control
AFRICAN SWINE FEVER
Why in news?
After a lab in Bhopal attributed the death of thousands of pigs to the first-ever case of ASF in the country, Assam has been told by the Centre to cull the animals in the affected areas.
Highlights:
1. African swine fever virus is a large, double-stranded DNA virus in the Asfarviridae family. It is the causative agent of African swine fever.
2. The virus causes a hemorrhagic fever with high mortality rates in domestic pigs;
some isolates can cause death of animals as quickly as a week after infection.
3. The disease can be spread directly through contact. It can also be spread indirectly through feeding infected pig meat and /or pork products, species of soft tick in some regions and possibly blood sucking flies or insects and through contaminated objects (fomites) such as vehicles, clothes, equipment etc.
4. It does not cause disease in humans.
5. ASFV is endemic to sub-Saharan Africa and exists in the wild through a cycle of
infection between ticks and wild pigs, bushpigs, and warthogs.
Source : Telegraph India
INDIA AT 142 ON WORLD PRESS FREEDOM INDEX OVER KASHMIR BLACKOUT
Why in news?
Reporters Without Borders has ranked India 142 out of 180 countries in its annual Press Freedom Index.
Highlights:
1. India has dropped two places on the World Press Freedom Index, now ranking at 142 out of 180 countries.
2. Reporters Without Borders says a communications blackout in Indian-administered Kashmir, which made it increasingly difficult for journalists to report on what is happening in the region, played a significant role in that shift.
3. Their report calls the area a "vast open prison".
Source : Al Jazeera
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