Current Affairs 28 May

Current affairs of the day

  1. UN calls on India, China to avoid tension, says up to Delhi-Beijing to take up Trump mediation

In a surprise move, US President Trump on Wednesday offered to “mediate or arbitrate” the raging border dispute between India and China, saying he was “ready, willing and able” to ease the tensions, amid the continuing standoff between the armies of the two Asian giants at the Line of Actual Control (LAC). With President Donald Trump tweeting that the US is ready to “arbitrate” between India and China to end their “raging border dispute”, a UN spokesperson said it is not for the Secretary General to “opine” who should mediate in the situation but urged that all parties involved should avoid any action that would increase tensions.

2. Indian Banks may need $20-50 bn capital over next 1-2 years as bad loans set to rise

Indian banks may need to raise $20-50 billion capital in the next two years as bad loans and credit costs rise due to the Covid-19 induced slowdown in the economy, brokerages and rating agencies believe.  “We had estimated a $50 billion capital requirement (over two years) in a pre-Covid worst case scenario. With growth set to contract and asset quality stress to increase, we expect this figure to remain elevated,” said Saswata Guha, director, financial institutions, Fitch Ratings. “We also see elevated levels of NPLs (non-performing loans) – an increase of 200-600 bps, depending on the exposure of each bank.”

3. ‘India has seen migrants’ pain but BJP has not’: Sonia Gandhi

Congress president Sonia Gandhi spotlighted how the country is witnessing a “dard ka manzar (immense pain)” as migrant workers are trudging the highways, many among them bare foot, to get home amid the Covid-19 lockdown. A free and safe ride home, said Sonia Gandhi, must be ensured for the thousands of migrants, who are suddenly out of jobs because of nationwide lockdown. The Congress president urged the Central government to provide every poor family Rs 7,500 for the next six months to tide over the difficulties. She also said they should be given Rs 10,000 immediately.

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