Daily GK Updates - 29th May, 2019

NATIONAL UPDATES:

1. NSIC signs MOU with Ministry of MSME: The National Small Industries Corporation Limited (NSIC) signed an MoU with Ministry of Micro, Small and Medium Enterprises (MSME) for the year 2019-20. The MoU envisages provision of enhanced services by NSIC under its marketing, financial, technology, and other support services schemes for MSMEs in the country. The Corporation projects to increase Revenue from Operation by 22% from Rs. 2540 crore in the year 2018-19 to 3100 crore in the year 2019-20.

2. Record 78 women MPs elected to 17th Lok Sabha: Record 78 women candidates have been elected to the Lok Sabha in the recently held general elections. According to the Election Commission, the number has grown from the previous 62 women who were elected to the 16th Lok Sabha in 2014. In the country’s first general elections in 1951, twenty-four women were elected to the Lower House, and since then, the number has been increasing.

INTERNATIONAL UPDATES:

1. Saudi Arabia lifts export ban on fruits and vegetable from Kerala: Kerala’s fruits and vegetable exporters have heaved a sigh of relief following the lifting of the export ban by Saudi Arabia after the Nipah virus attack last year. With the lifting of the embargo, he said Kozhikode airport was alone handling 20 tonnes of fruits and vegetables per day valued at $50,000 to various destinations in Saudi. Kerala ships around 150 tonnes of fruits and vegetables on a daily basis to various gulf countries and of this, the consignment to Saudi alone was 30-40 tonnes.

2. US removes India, Switzerland from its currency monitoring list: The Trump administration removed India from its currency monitoring list of major trading partners, citing certain developments and steps being taken by New Delhi addressing some of its major concerns. Switzerland is the other nation that has been removed from the list. However, the list includes China, Japan, South Korea, Germany, Italy, Ireland, Singapore, Malaysia, and Vietnam among others.

3. India moves up to 43rd in competitiveness; Singapore tops chart: India has moved up one place to rank 43rd most competitive economy in the world on the back of its robust economic growth, a large labour force and its huge market size, while Singapore has toppled the US to grab the top position, a global study showed. Singapore has moved up to the top, from the third position last year, while the US has slipped to the third place in the 2019 edition of the IMD World Competitiveness Rankings. Hong Kong SAR has held onto its second place, helped by a benign tax and business policy environment and access to business finance.

4. Scott Morrison sworn in as Australia’s PM: Scott Morrison has been sworn in as Australia’s Prime Minister, 11 days after retaining the position in the country’s general election. Along with Deputy Prime Minister Michael McCormack, Morrison was sworn in by Queen Elizabeth’s official representative in Australia, Governor-General Sir Peter Cosgrove, in the capital, Canberra. Also sworn in was Morrison’s revamped Cabinet, which includes a record seven women, and Australia’s first Aboriginal federal Cabinet member, Indigenous Affairs Minister Ken Wyatt, who wore a traditional kangaroo skin.

5. 29th May: International Day of UN Peacekeepers: The ‘International Day of United Nations Peacekeepers’ is being observed on 29th May to pay tribute those who served in the United Nations (UN) peacekeeping operations. They also honour the memory of people who died in the name of peace. The theme for the 2019 International Day of UN Peacekeepers is “Protecting Civilians, Protecting Peace.”

6. Sri Lanka signs tripartite agreement with India and Japan: Sri Lanka has signed a tripartite agreement with India and Japan for development of eastern terminal of Colombo port. The Memorandum of Cooperation (MoC) was signed in Colombo by Sri Lankan ports minister Sagala Ratnayake, Indian high commissioner to Sri Lanka Taranjit Singh Sandhu and a Japanese representative. As per the agreement, Sri Lanka Port Authority (SLPA) will hold 51% majority stake in the port development while Japan and India will have combined stake of 49 percent. The deal is significant as over 70% of India’s transhipment business is handled at Colombo ports.

OTHER UPDATES:

SPORTS 

1. ICC launches criiio campaign on eve of World Cup: The ICC has launched the criiio campaign on the eve of the men’s World Cup, bringing together 460 million people playing cricket globally to celebrate the magnificent diversity of cricket. The ICC asked the fans to join the social cricket tribe by sharing pictures and videos of where and how they play cricket across the world using the newly launched #criiio and visiting criiio.com. This builds on the success of the recent user-generated social media initiative #WorldWideWickets and is the first of a series of programs that will be launched by the ICC over the next 12 months.

BANKING AND FINANCE

1. RBI extends timings for RTGS from 4:30 pm to 6:00 pm: The Reserve Bank of India (RBI) has extended timings for customer transactions in the Real Time Gross Settlement (RTGS) system to 6:00 pm from 4:30 pm. The new time window for RTGS will come into effect from 01st June 2019.

Note: The RTGS is an online fund transfer system, supported by the RBI, which enables money transaction on a real-time basis. The minimum amount for the transaction under this system is Rs 2 lakh. There is no upper limit on the value of funds that can be transferred via the RTGS system.

2. Corporation Bank launches loan scheme for MSME sector: State-owned Corporation Bank has launched ‘SMESuvidha’ scheme to provide loans to the GST-registered MSMEs at affordable interest rates. The product is designed as a part of the lender’s efforts to improve service and provide the best products to the MSME sector. This is a unique product for GST-registered Micro, Small and Medium Enterprises (MSMEs). The bank is actively participating in the government’s flagship programmes including ‘MUDRA’ and ‘Stand-up India’ to provide the much-needed push to the MSME sector.

BUSINESS AND ECONOMY

1. Walmart Appoints Suresh Kumar as Chief Technology Officer: US-based retail chain Walmart has appointed Suresh Kumar, an IIT Madras graduate and former Google executive, as chief technology officer and chief development officer. The appointment comes at a time when Walmart is transforming its customer and associate experiences.

AWARDS AND HONOURS

1. Horticulture award for TNAU V-C: N Kumar, Vice-Chancellor of Tamil Nadu Agricultural University has been conferred the lifetime recognition award by the Confederation of Horticulture Association of India. The award has been conferred for his outstanding contribution in the field of horticulture and academic leadership focussed on human resource development in agriculture.

OBITUARIES

1. Nobel prize winning Physicist Murray Gell-Man passes away: Nobel laureate and American physicist, Murray Gell-Mann (89-years) passed away at his home in Santa Fe, New Mexico. Gell-Mann transformed physics by devising a method for sorting subatomic particles into simple groups of eight based on an electric charge, spin and other characteristics. He called his method the “eightfold way” after the Buddhist Eightfold Path to enlightenment. Mr. Mann received the Nobel Prize in Physics in 1969 for his work on the theory of elementary particles.

Daily GK Updates - 28th May, 2019

NATIONAL UPDATES:

1. Govt sets up tribunal for adjudicating ban on LTTE: The government has constituted the Unlawful Activities (Prevention) Tribunal to adjudicate whether or not there is sufficient cause for declaring the Liberation Tigers of Tamil Eelam (LTTE) as an unlawful association. The Tribunal is comprised of sitting Judge of Delhi High Court Justice Sangita Dhingra Sehgal. LTTE was banned in India after the assassination of former Prime Minister Rajiv Gandhi in 1991.

2. Pema Khandu to take oath as Arunachal Pradesh CM for 2nd term: Pema Khandu will be sworn-in as the Chief Minister of Arunachal Pradesh for the second time on 29th May. After having a landslide victory in the Assembly elections with 41 seats in the 60-seat house, the BJP held it’s Legislature Party Meeting in Itanagar. Mr. Khandu met Governor Dr. BD Mishra and staked claim to form the government.

3. Madhya Pradesh to tentatively have new UNESCO heritage site: Orchha town in Madhya Pradesh has a plethora of historical sites with the Bundela dynasty architectural style. The Archaeological Survey of India has included that heritage town of Orchha in a tentative list of UNESCO world heritage sites. It was included in the proposal sent by the ASI to the UN body in April 2019. UNESCO’s rules state that to be a part of the World Heritage sites, the heritage or historical site must first be on the tentative list. After making it to that list, yet another proposal is sent to the UNESCO. In their initial proposal, the ASI had requested that Orchha be included as a cultural heritage site.

4. Government invites BIMSTEC leaders for the swearing-in ceremony on May 30: Leaders of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) have been invited for PM Modi’s swearing-in ceremony to be held on 30th May. However, Bangladesh premier Sheikh Hasina will not attend the event due to her prior commitments. Myanmar State Councillor Aung Saan Suu Kyi’s presence is also uncertain as she is travelling overseas. Kyrgyzstan, the current chair of the Shanghai Cooperation Organisation (SCO), too has been invited for the event.

Apart from India, BIMSTEC comprises Bangladesh, Nepal, Bhutan, Sri Lanka, Thailand and Myanmar. Indian-origin Mauritius PM Pravind Jugnauth, who visited India for Pravasi Bhartiya Divas in January, has also been invited for the May 30 event.

5. VD Savarkar’s birth anniversary being celebrated: Swatantryaveer Vinayak Damodar Savarkar’s birth anniversary is being celebrated on 28th May. Born on 28th May in 1883 near Nasik in Maharashtra, Savarkar was popularly called Veer Savarkar. He was a revolutionary who fought against the British Government. On the occasion, a function to pay floral tributes to him will be held in the Central Hall of Parliament House.

INTERNATIONAL UPDATES:

1. India elected to Executive Board of first UN-Habitat Assembly: India has been elected to the Executive Board of the first UN-Habitat Assembly, announced by Ministry of Housing and Urban Affairs. India has been elected to the Executive Board of the first UN-Habitat Assembly at the Plenary Session of the Assembly being held in Nairobi. The first session of the UN-Habitat Assembly started on May 27th at the headquarters of UN-Habitat in Nairobi and will go on till May 31st. The special theme for the UN-Habitat Assembly is “Innovation for Better Quality of Life in Cities and Communities”.

2. Maldives Ex-Leader Mohamed Nasheed Tipped As New Speaker:  The former Maldives president Mohamed Nasheed has been nominated as the country’s parliamentary speaker. Nasheed was unanimously chosen to head the People’s Majlis, or the parliament, by his Maldivian Democratic Party (MDP) which won a near three-quarter majority in the 87-member assembly in April.

Note: President of the Maldives- Ibrahim Mohamed Solih, Capital- Male, Currency- Maldivian rufiyaa

3. Austrian Chancellor Sebastian Kurz ousted in the no-confidence vote: Austrian Parliament has removed Chancellor Sebastian Kurz from office as he lost the no confidence in a special Parliamentary session. His previous coalition ally, the far-right Freedom Party (FPO) and the opposition Social Democrats (SPO) backed the no-confidence motions. Austria’s President Alexander Van der Bellen named Vice Chancellor Hartwig Loger as the interim leader. Loger will serve until a new transitional government can be appointed ahead of elections expected in September.

4. Russia launches new nuclear-powered icebreaker in bid to open up Arctic: Russia launched a nuclear-powered icebreaker, part of an ambitious programme to renew and expand its fleet of the vessels in order to improve its ability to tap the Arctic’s commercial potential. The ship, dubbed the Ural and which was floated out from a dockyard in St Petersburg, is one of a trio that when completed will be the largest and most powerful icebreakers in the world. The Ural is due to be handed over to Russia’s state-owned nuclear energy corporation Rosatom in 2022 after the two other icebreakers in the same series, Arktika (Arctic) and Sibir (Siberia), enter service.

Note: President- Vladimir Putin, Prime Minister- Dmitry Medvedev, Capital- Moscow, Currency- Russian ruble

OTHER UPDATES:

SPORTS

1. Saurabh Chaudhary wins 10m Air Pistol gold in ISSF World Cup: India's Saurabh Chaudhary (17-year) has won 10m Air Pistol Gold beating his own World Record in ISSF shooting World Cup, in Munich, Germany. Mr. Chaudhary scored 246.3 bettering his previous best of 245 points that were set in New Delhi World Cup Shooting in February 2019. Chaudhury has already secured a berth for the Tokyo Olympics.

2. Rahi Sarnobat books Olympic berth for India at ISSF WC: In the ISSF World Cup rifle pistol stage in Munich, Germany, Rahi Sarnobat has booked an Olympic quota place for India winning gold in women's 25m pistol event. Asian Games champion Rahi clinched her career's second World Cup Gold, which helped India win its sixth quota place in shooting for 2020 Tokyo Olympics. In the women's final, another Indian in the fray, Manu Bhaker had a better start than Rahi, having five out of five hits in the first of 10 series of five shots each. Now, India topped in the Munich World Cup medals tally with three gold. China is second with one gold, one silver and three bronze.

3. Anton Aditya Subowo re-elected as President of Badminton Asia: Indonesia's Anton Aditya Subowo was re-elected as the President of Badminton Asia for another four years. There were seven other people who were selected as the vice-presidents of Badminton Asia. The Badminton Association of India's president Himanta Biswa Sarma has also been elected as the vice-president. Badminton Asia also got in a new Secretary-General in Moosa Nashid from the Maldives. A total of 40 countries voted for the posts of President, Vice President, Treasurer and Secretary-General.

BANKING AND FINANCE

1. Indian Overseas Bank launches ‘Bank on Wheels’ facility: Indian Overseas Bank (IOB) has announced that it has launched ‘Bank on Wheels’ facility in 14 of its lead districts in Tamil Nadu and Kerala, besides Vijayawada. The mobile van facility will enable the public, especially senior citizens, conveniently get door-step banking facility available at identified locations of the lead districts. A dedicated banking correspondent will accompany the vehicle with a micro-ATM inside the van to take care of services such as account opening, enrollment of customers in Social Security Scheme, passbook printing, and other financial inclusion activities. R Subramaniakumar is MD & CEO of IOB.

2. BHEL net profit jumps 50.7% to Rs 1,215 crore in FY19: The public sector giant Bharat Heavy Electricals Limited (BHEL) has posted a quantum jump in profits and has recommended a final dividend of 60% during the financial year 2018-19. During the year, the company achieved a profit before tax (PBT) of Rs. 2,058 crores (last year Rs. 1,585 Crore), registering a surge of 29.8%. Net profit for the year stands at Rs. 1,215 crores, (last year Rs.807 crores), resulting in a 50.7% jump. During the year, BHEL had also developed in-house the country’s first state-of-the-art regenerative braking system and delivered the first 6,000 HP electric locomotive to the Indian Railways.

AWARDS AND HONOURS

1. Acharya Balkrishna receives 'UNSDG 10 Most Influential People in Healthcare Award': The United Nations had chosen Acharya Balkrishna, among the 10 most influential people in healthcare. Mr. Balakrishna has been invited to Geneva (UN Headquarters) to deliver a talk among other speakers from UNICEF and WHO. Acharya Balkrishna is the managing director (MD) and chief executive officer (CEO) of Patanjali Ayurveda.

Note: Patanjali Ayurved Limited is an Indian consumer goods company producing range Ayurvedic medicinal and personal care products, among other consumer items. Popular yoga guru Baba Ramdev co-founded the company along with Balkshrina.

2. Artist Nalini Malani wins Joan Miro prize: Artist Nalini Malani has won the seventh edition of the Joan Miró Prize. Miro international award is considered one of the most prestigious art awards in the world. The recipient gets prize money of 70,000-Euro ($78,000) cash prize. Malani (born in Karachi in 1946) is a film, photography, installation, video art and performance artist.

DEFENCE

1. India’s first all-women medium-lift chopper crew flies the battle mission: Two women IAF officers from Punjab were part of the country’s first all-women crew to fly a medium-lift helicopter Mi-17 V5. Flight Lieutenant Parul Bhardwaj (Captain), Flying Officer Aman Nidhi (co-pilot) and Flight Lieutenant Hina Jaiswal (Flight Engineer) flew the chopper, which took off from a forward air base in South Western air command.

2. New version of Akash missile test-fired successfully: The DRDO successfully test-fired the new version of the Akash surface-to-air defence missile system with a new indigenously-developed seeker in Balasore off the Odisha coast. The medium range multi-target engagement capable missile was developed as part of the Integrated Guided-Missile Development Programme (IGMDP) other than Nag, Agni, Trishul, and Prithvi missiles. The supersonic missile has a range of around 25km and up to the altitude of 18,000 meters.

3. DRDO successfully test fires Akash-1S surface to air defence missile system: Defence Research and Development Organisation (DRDO) successfully test fired the Akash-1S surface to air defence missile system. Akash-1S is a new version of the missile which is fitted with an indigenous seeker. The Akash surface-to-air missile was designed to intercept enemy aircraft and missiles from a distance of 18 to 30 km. The Akash missile system has the capability to neutralise aerial targets such as fighter jets, cruise missiles and air-to-surface missiles as well as ballistic missiles.

4. IAF chief leads 'missing man' formation in MiG-21: Air Chief Marshal BS Dhanoa (Chief of the Air Staff) led a four aircraft, MiG-21 'Missing Man' formation flypast at Air Force Station Bhisiana in Bhatinda, Punjab to honour the valour and supreme sacrifice of men killed in action during Operation Safed Sagar at Kargil. The 'Missing Man' formation is an aerial salute accorded to honour the fallen comrades-in-arms. This is an Arrow Formation, with a gap between two aircraft in the formation depicting the Missing Man. Later, the Air Chief Marshal laid a wreath at the War Memorial in Bhatinda to honour the Air Force men who made the supreme sacrifice in the line of duty.

Daily GK Updates - 27th May, 2019

NATIONAL UPDATES:

1. Narendra Modi to be sworn in as PM for 2nd term on May 30: Prime Minister Narendra Modi will be administered the oath of office for his second term along with his new council of ministers on 30th May. President Ram Nath Kovind will administer the oath of office and secrecy to the prime minister and other members of the Union Council of Ministers at a ceremony in Rashtrapati Bhavan. Modi is the first BJP leader who has been elected for the second time after completion of his five-year tenure. From BJP, Atal Bihari Vajpayee was also elected as a prime minister for two consecutive terms, but his first stint had lasted only for one year and seven months.

2. Nation pays homage to first PM Jawaharlal Nehru on his 55th death anniversary: The nation pays homage to first Prime Minister Pandit Jawaharlal Nehru on his 55th death anniversary on 27th May 2019. Jawaharlal Nehru was the first Prime Minister of India. Jawaharlal Nehru emerged as an eminent leader of the Indian independence movement under the tutelage of Mahatma Gandhi. Nehru held the post from its establishment as an independent nation in 1947 until his death on 27th May 1964. Shantivan is the Samadhi of India’s first Prime Minister, Jawaharlal Nehru.

3. 25 states miss the deadline for plan on plastic disposal: Over 25 state governments may have to pay environment compensation of Rs one crore each for not submitting their respective action plans on systematic disposal of plastic waste to the Central Pollution Control Board (CPCB) as the April 30 deadline set by the National Green Tribunal (NGT) has passed by. The states had to submit action plans by April 30 to the CPCB, failing which they would have to pay the pollution body a compensation at the rate of Rs one crore per month, as per the National Green Tribunal (NGT) order.

4. PS Golay was sworn in as Sikkim Chief Minister: Sikkim Krantikari Morcha (SKM) president Prem Singh Tamang, popularly known as PS Golay took oath as the Chief Minister of Sikkim. He was administered the oath by Governor Ganga Prasad at Paljor Stadium in Gangtok. Mr. Golay is not a member of the State Assembly at present as he did not contest the polls. Former Chief Minister Pawan Kumar Chamling and senior Sikkim Democratic Front (SDF) leaders were conspicuous by their absence at the swearing-in ceremony. The SKM won a slender majority in the 32-member Sikkim Legislative Assembly by bagging 17 seats against 15 won by the SDF.

5. Arunachal CM Pema Khandu tender’s resignation to Governor: Arunachal Pradesh Chief Minister Pema Khandu and his Council of Ministers resigned to Governor Dr B D Mishra in Itanagar. The Governor accepted the resignation and asked Mr Khandu and the Council of Ministers to continue until the new government is sworn in. BJP for the first time in the state has won 41 seats, JD(U) -7, NPP- 5, IND- 2, INC - 4 and PPA -1 in the 60-member Arunachal Pradesh State Assembly. Assembly elections were held for 57 seats as three BJP candidates were earlier declared elected unopposed.

INTERNATIONAL UPDATES:

1. Trump becomes the first foreign leader to meet new Japanese emperor Naruhito: US President Donald Trump got the red carpet treatment at Japan’s Imperial Palace where he made history, becoming the first world leader to meet with the new emperor of Japan Naruhito. The US President is on a four-day state visit to Japan. Trump will go to the Japanese state guest house later for meetings and joint news conference with Japanese Prime Minister Shinzo Abe.

2. Cyril Ramaphosa takes oath as South Africa’s President: Cyril Ramaphosa, the head of the African National Congress, was sworn in for a five-year term as South Africa’s president after being elected unopposed by Parliament following the sixth general elections. He was elected earlier this month with a majority of 57.50%, the smallest since the party came to power 25 years ago. Mr. Ramaphosa initially took over from Jacob Zuma in 2018 after Mr. Zuma was accused of corruption. Mr. Ramaphosa is the country’s fifth democratically elected president since apartheid ended in 1994.

3. NASA unveils schedule for ‘Artemis’ 2024 Moon mission: NASA unveiled the calendar for the “Artemis” program that will return astronauts to the Moon for the first time in half a century, including eight scheduled launches and a mini-station in lunar orbit by 2024. The original lunar missions were named for Apollo – Artemis was his twin sister in Greek mythology, and the goddess of hunting, wilderness, and the Moon. Administrator Jim Bridenstine confirmed that Artemis 1 will be an uncrewed mission around the Moon planned for 2020. Next will come Artemis 2, which will orbit Earth’s satellite with a crew around 2022; followed finally by Artemis 3 that will put astronauts on lunar soil in 2024, including the first woman.

4. Sri Lankan navy launches extra vigil over terrorists: Sri Lankan navy has launched extra vigil on its northern seas in wake of media reports that some terrorist elements may have left the country to land on Indian shores. Earlier, several media outlets reported that a group of 15 suspected Islamic State terrorists were fleeing Sri Lanka towards the Kerala Coast. Coastal security has been beefed up across the Kerala coast in wake of reports.

5. Papua New Guinea Prime Minister Peter O'Neill resigns: Papua New Guinea Prime Minister Peter O'Neill (54 years) resigned from his post after weeks of unrest in the government. O'Neill has handed over leadership to Sir Julius Chan, who will become prime minister for the third time. The announcement came after high-profile defections from his Government to the Opposition. Earlier, one of Peter O'Neill's key coalition allies abandoned him and since then, the Opposition bloc has been saying it has 62 MPs in its camp, which would give it a majority in Parliament.

OTHER UPDATES:

SPORTS 

1. Lewis Hamilton wins Monaco Grand Prix: Lewis Hamilton won the Monaco Grand Prix to extend his championship lead over Mercedes teammate Valtteri Bottas. Hamilton struggled with grip in the latter stages and was under constant pressure from Red Bull’s Max Verstappen. But Verstappen had earlier picked up a five-second timepenalty. So even though he finished just behind Hamilton, Verstappen was fourth overall behind Bottas in third and Ferrari’s Sebastian Vettel in second.

BANKING AND FINANCE

1. Standard Chartered partners with IBM to launch Trade AI Engine: Standard Chartered has officially launched the Trade AI Engine, a joint solution developed in partnership with IBM. Trade AI Engine will enhance the client experience in trade document processing through increased operational efficiency and strengthened operational control. Traditional documentary trade requires millions of data elements in paper-based, unstructured documents that are often issued by various companies and needs to be reviewed through a largely manual process. With the implementation of the Trade AI Engine powered by IBM, this time-consuming and high-risk process is now significantly automated.

AWARDS AND HONOURS

1. Bong Joon Ho's 'Parasite' strikes gold at Cannes this year: South Korean director Bong Joon Ho's "Parasite" bagged the Palme d'Or at the closing ceremony of 72nd Cannes Film Festival in France. Belgium's Dardenne brothers won the best director award for their story of a radicalised Muslim youth "Young Ahmed". British actress Emily Beecham won the best actress award for psychological chiller "Little Joe". Antonio Banderas named the best actor for his role of a filmmaker in Pedro Almodovar's self-reflexive "Pain and Glory". The Jury Prize was shared by two films -- French-Malian Ladj Ly's "Les Miserables" and the Brazilian entry "Bacurau", directed by Kleber Mendonce Filho and Juliano Dornelles.

OBITUARIES

1. Veteran CPI leader Joshi passes away: Veteran communist leader P.P.C. Joshi (80-years) passed away at his house in Puppalaguda after a prolonged illness. P.P.P. Joshi worked as the general manager (GM) of Visalaandhra Publishing House, treasurer of the CPI Central Committee office and the party’s publication arm People’s Publishing House. His penchant for publishing led him to start Prachee Publications, subsequently handed over to Nava Telangana Publications, which published several books.

2. Action choreographer-filmmaker Veeru Devgan passes away: Bollywood’s most famous stunt and action choreographer, Veeru Devgn passes away in Mumbai. Born in Amritsar, Devgan was behind the fight and action scenes for over 80 Hindi films including ‘Phool Aur Kaante’ (1991), ‘Mr. India’ (1987), and ‘Himmatwala’ (1983) among various others. He even acted in three films and worked as a director on ‘Hindustan Ki Kasam’ (1999).

Daily GK Updates - 26th May, 2019

NATIONAL UPDATES:

1. BJD’s Chandrani Murmu from Orissa set to become youngest ever Lok Sabha MP: In a first, a 25-year-old engineering graduate from Odisha has become the youngest Member of Parliament to the 17th Lok Sabha. Chandrani Murmu represents tribal-dominated Keonjhar. Her major focus will be on generating employment in her region, and that she would not leave any stone unturned to accelerate setting up of new industries. According to Chandrani representing Keonjhar has always been a challenge. Though possessing India’s 20% of iron ore reserves and is rich in mineral resources, the district lags in many human development indices. So much so, it has earned the epithet, ‘A rich land with poor people’.

2. Higher education to get a boost with Rs. 1.5 lakh crore action plan: In what could be one of the first new initiatives of the NDA government, the Ministry of Human Resource Development plans to launch an ambitious Rs. 1.5 lakh crore action plan to improve the quality and accessibility of higher education over the next five years. This is being described as the implementation plan for the National Education Policy. The last National Education Policy (NEP) was released in 1986, with a revision in 1992. EQUIP project was being worked on in order to bring transformational change to the Higher Education system.

Note: EQUIP stands for the Education Quality Upgradation and Inclusion Programme. It was crafted by ten committees led by experts within the government such as NITI Aayog CEO, principal scientific advisor K. Vijay Raghavan and former revenue secretary Hasmukh Adhia, as well as some corporate chiefs.

INTERNATIONAL UPDATES:

1. SpaceX successfully launches first 60 satellites in “Starlink” internet constellation: SpaceX has launched the first 60 satellites of its “Starlink” constellation, which is intended to provide Internet from space in an array that could one day contain over 12,000 transponders. The launch was on a Falcon 9 rocket. The 60 satellites mark the beginning of SpaceX’s deployment of a global internet mega-constellation intended to generate more revenue to fuel the company’s interplanetary ambitions. The final orbit of the satellites is slightly higher than the International Space Station, but well below terrestrial satellites.

OTHER UPDATES:

SPORTS 

1. Apurvi Chandela bags gold medal in 10m Air Rifle in ISSF World Cup: Indians had a good day at the year's third International Shooting Sport Federation (ISSF) World Cup Rifle and Pistol tournament in Munich, Germany. Apurvi Chandela grabbed a gold,  winning the women's 10m Air Rifle competition after a closely-fought contest. She shot a score of 251 in the final to outshine Wang Luyao of China, who shot 250.8. This was Apurvi's second ISSF World Cup gold of the year followed by a world record score in New Delhi in February. This was also her career's fourth ISSF medal. Another Indian in the fray, Elavenil Valarivan also made it to the finals. But she missed out on a bronze medal to Xu Hong of China by just 0.1 points and finished fourth.

2. India's Mahesh Mangaonkar wins Sekisui Open: In squash, India's Mahesh Mangaonkar triumphed for the second time in the Sekisui Open in Kriens, Switerzland. Three years back he had won it the first time. Sekisui Open is a Challenger tour event of the Professional Squash Association (PSA), the world body which governs the sports. Top-seeded Mahesh beat third seed Bernat Jaume of Spain in four games 11-9, 3-11, 11-5, 11-5 yesterday to win his 8th PSA title. 

3. Men's compound team win bronze in Archery World Cup: The men's compound team of Rajat Chauhan, Abhishek Verma and Aman Saini earned India a solitary bronze medal in the Archery World Cup Stage III at Antalya in Turkey yesterday. The trio put up a solid performance to edge out higher seeded Russian team of Anton Bulaev, Alexander Dambaev and Pavel Krylov 235-230 in the bronze medal play-off. The Women's compound team of Jyoti Surekha Vennam, Muskan Kirar and Swati Dudhwal lost to Great Britain's Layla Annison, Ella Gibson and Lucy Mason by two points in the contention for a bronze medal. Indian archers have failed to make it count in the recurve section, finishing without a medal. The third stage of the World Cup is the last meet before the World Championships in the Netherlands.

BANKING AND FINANCE

1. From investment cap to pension funds, SEBI plans changes to FPI rules: In an attempts to streamline the regulations to encourage foreign inflows in the Indian market, the Securities and Exchange Board of India (SEBI) has proposed fast track on-boarding procedure for such investors, apart from a simplified registration process. The capital markets regulator released the report of the working group formed under the chairmanship of former RBI deputy governor HR Khan last year.

2. Facebook plans to launch 'GlobalCoin' cryptocurrency in 2020: Facebook wants to create a digital currency that provides affordable and secure ways of making payments, regardless of whether users have a bank account. The currency, dubbed GlobalCoin, would enable Facebook’s 2.4 billion monthly users to change dollars and other international currencies into its digital coins. The coins could then be used to buy things on the internet and in shops and other outlets or to transfer money without needing a bank account. The social networking site, which owns WhatsApp and Instagram, is hoping to disrupt existing networks by breaking down financial barriers, competing with banks and reducing consumer costs.

BUSINESS AND ECONOMY

1. Sony to stop selling its smartphones in India: Japanese technology giant Sony has revealed it will stop selling its smartphones in several countries including India. Sony added it presently considers Japan, Europe, Taiwan and Hong Kong as the "focus regions" — to drive profit for the smartphone business. Sony reported an operating loss of 97.1 billion yen ($879.45 million) in the year ended March. Samsung with shipment of 71.9 million units, Huawei with 59.1 million, Apple with 36.4 million, Xiaomi with 25 million, Vivo with 23.2 million and Oppo with 23.1 million are the top smartphone brands in the first quarter of 2019.

2. Google bans 2nd largest phone maker Huawei from some Android updates: New Huawei smartphones are set to lose access to some Google apps like YouTube and Maps and the next version of Android to be launched later this year. This comes after the US government sought to blacklist Chinese company Huawei around the world. Google’s suspension follows a report calling for Huawei to be prevented from supplying 5G mobile networks in the UK, because its operations are “subject to influence by the Chinese state”. Australia, which also shares intelligence with the UK, has already moved to ban Huawei as a supplier for its future 5G network.

DEFENCE

1. AN-32 fleet of IAF allowed to use bio-jet fuel: In a significant move, the fleet of AN-32 transport aircraft of the Indian Air Force was certified to fly on blended aviation fuel containing up to 10 % bio-jet fuel. The approval for use of bio-fuel to fly the Russian made fleet was given by the Centre for Military Airworthiness and Certification (CEMILAC). The indigenous bio-jet fuel was first produced by the Indian Institute of Petroleum, Dehradun in 2013, but it could not be tested or certified for commercial use on aircraft due to lack of test facilities in the civil aviation sector. On 27 July 2018, Chief of the Air Staff Air Chief Marshal BS Dhanoa had formally announced IAF's intention to permit the use of all its resources for testing and certifying the indigenous fuel. 

Daily GK Updates - 25th May, 2019

NATIONAL UPDATES:

1. Naveen Patnaik set for the fifth term as Odisha CM: Odisha’s ruling Biju Janata Dal (BJD) headed by incumbent Chief Minister Naveen Patnaikis all set to form a government for a fifth consecutive term. The new Cabinet is likely to be sworn-in on 27th May. The final Election Commission (EC) tally shows that the BJD won 112 of the 146 Assembly seats for which elections were held. The Bharatiya Janata Party (BJP) bagged 23, the Congress nine, the CPI (M) one and a solitary Independent was also elected.

2. India bans Jamaat-ul-Mujahideen Bangladesh terror outfit: The Jamaat-ul-Mujahideen Bangladesh also called as Jamaat-ul-Mujahideen India or Jamaat-ul-Mujahideen Hindustan has been declared as a banned terrorist organization by the government of India. The home ministry stated the outfit has committed acts of terrorism, promoted acts of terrorism and has been engaged in radicalization and recruitment of youths for terrorist activities in India. Therefore, the Jamaat-ul-Mujahideen Bangladesh or Jamaat-ul-Mujahideen India or Jamaat-ul-Mujahideen Hindustan and all its manifestations have been inserted in the First Schedule to the Unlawful Activities (Prevention) Act, 1967.

3. 17th Investiture Ceremony of BSF held in New Delhi: Border Security Force Investiture Ceremony and Rustomji Memorial Lecture 2019 was organized at Vigyan Bhawan in New Delhi. National Security Advisor Ajit Doval has stated that technology will play a pivotal role in guarding the borders in days to come as security challenges are increasing day by day.

4. ISRO's new commercial arm NewSpace India officially inaugurated: NewSpace India Limited (NSIL), the commercial arm of Indian Space Research Organisation (ISRO), was officially inaugurated in Bengaluru. It was inaugurated by ISRO's honorary adviser, Dr K Kasturirangan in the presence of Chairman Dr K Sivan. Capital - NISL is provided with an authorised share capital of Rs 100 crore and initially paid-up capital of Rs 10 crore. NSIL's main objective is to scale up industry participation in Indian space programmes. It will be responsible for manufacturing and production of Small Satellite Launch Vehicle (SSLV) and Polar Satellite Launch Vehicle (PSLV) through technology transfer mechanisms.

INTERNATIONAL UPDATES:

1. Shailesh Tinaikar to Head UN Peacekeeping Operations in South Sudan: UN Secretary-General Antonio Guterres has appointed a decorated Indian Army officer as the new Force Commander of the United Nations Mission in South Sudan. Lieutenant General Shailesh Tinaikar, 57, will succeed Lieutenant General Frank Kamanzi of Rwanda who completes his assignment on May 26. The announcement was made by the UN chief on 24 May 2019.

2. 2019 Urban 20 Mayors Summit to take place in Tokyo: The second Urban 20 (U20) Mayors Summit was held in Tokyo, Japan ahead of G20 Osaka Summit. It had seen the participation of Mayors of 35 major cities from across the world. In this summit, mayors and city governors from 30 cities with 126 million people adopted 2019 Urban 20 Tokyo Mayors Summit Communique.

Themes of Mayoral Sessions: Climate Action, Circular Economy, Social Inclusion and Integration, Sustainable Economic Growth and Gender Equality

Note: The G20 Osaka Summit will be held from June 28 to 29, 2019 in Japan.

OTHER UPDATES:

SPORTS 

1. India bags 57 medals at India Open International tournament: India bags a total of 57 medals including 12 Gold, 18 Silver and 27 Bronze at India Open International Boxing tournament in Guwahati. MC Mary Kom, Shiva Thapa, L Sarita Devi, and Naman Tanwar won gold in their respective finals. The London Olympic bronze medallist blew away the challenge of Vanlal Duati in a facile 5-0 win. This was Mary’s second gold in the tournament, having won in 48 kg last year in the capital. On the other hand, Deepak defeated Govind Kumar in 49 kg final while in 52 kg category- Amit Panghal defeated Sachin.

BANKING AND FINANCE

1. RBI releases draft norms on liquidity risk management for NBFCs: RBI stated that all non-deposit-taking non-banking financial companies (NBFCs) with an asset size of Rs 5,000 crore and above, and all deposit-taking NBFCs irrespective of their asset size, have to maintain a liquidity buffer in terms of a Liquidity Coverage Ratio (LCR). In a draft on liquidity risk management framework for NBFCs and core investment companies, these measures will promote resilience of NBFCs to potential liquidity disruptions by ensuring they have sufficient High-Quality Liquid Asset (HQLA) to survive an acute liquidity stress scenario lasting for 30 days. The banking regulator proposed that it will implement LCR through a glide path from 01st April 2020 to 01st April 2024.

2. Corporation Bank launches ‘Corp SME Suvidha’ for MSMEs: Corporation Bank has launched ‘Corp SME Suvidha’, a product for GST-registered MSMEs. The product has been designed as part of the bank’s efforts to provide the best products to the MSME sector. PV Bharathi, Managing Director and Chief Executive Officer of the Corporation bank, launched the product in Mangaluru recently.

3. RBI to purchase govt securities under OMO: The Reserve Bank of India said that it will conduct an auction on June 13 to purchase government securities under Open Market Operation (OMO) for ₹15,000 crore to infuse durable liquidity. In the current financial year so far, it conducted OMO purchase of five government securities on two occasions — on May 2 and May 16 — infusing ₹12,500 crore in each auction. The total amount of government securities offered by market participants was ₹27,426 crore (face value) on May 2 and was ₹29,479 crore on May 16.

4. India on US watch list for currency practices: The US has added India to its monitoring list for currency practices and macroeconomic policies, alleging undervaluation in its currency. The semi-annual report on the US’ trade partners’ macroeconomic and foreign exchange policies, monitors any unfair currency practices. The monitoring list comprises China, Japan, Korea, Germany and Switzerland. India is the latest addition in the report published last month.

DEFENCE

1. DRDO test fires guided bomb from Sukhoi combat Jet: Defence Research and Development Organisation (DRDO) has successfully test-fired an indigenously-developed 500 kg class guided bomb from a Sukhoi combat jet at Pokhran in Rajasthan. The test firing of the guided bomb came two days after the Indian Air Force successfully test fired the aerial version of the supersonic BrahMos cruise missile from a Sukhoi jet at the Andaman and Nicobar Islands. The 2.5-tonne air-to-surface missile has a range of around 300 km, and it will significantly enhance the IAF’s combat capability.

Daily GK Updates - 24th May, 2019

NATIONAL UPDATES:

1. Jagan Mohan Reddy to Be sworn in as CM of Andhra Pradesh : In Andhra Pradesh, YSR Congress Chief Jagan Mohan Reddy will be sworn in as chief minister of Andhra Pradesh on 30th of May at Vijayawada. Mr Jagan Mohan Reddy has announced this following his party achieving inching towards a landslide victory in the legislative elections for Andhra Pradesh Legislative assembly held on April 11th. He will replace N Chandrababu Naidu who has resigned as Andhra Pradesh CM.

2. NHA to collaborate with cancer grid: In the first such move to bring in uniform standards of patient care to battle cancer, the National Health Authority (NHA) and National Cancer Grid (NCG) have signed an MoU under the Ayushman Bharat-Pradhan Mantri Jan Arogya Yojana (AB-PMJAY). The NHA and NCG will now jointly review existing cancer treatment packages, pricing of services, and standard treatment workflows covered under the AB-PMJAY, and plug-in necessary gaps to ensure enhanced quality of cancer care. Indu Bhushan is a Chief Executive Officer (CEO), Ayushman Bharat PM-JAY and the National Health Authority.

3. MoU Signed between DBT and DAE on Cancer Research: The Department of Biotechnology (DBT) under Ministry of Science and Technologyand Department of Atomic Energy (DAE), under Prime Minister of India, has signed an MoU for supporting joint collaborative research programmes in the area of Cancer. The DAE was represented by its Tata Memorial Centre, which also functions as coordinating centre on behalf of The National Cancer Grid of India.

4. Cabinet passes a resolution for dissolution of 16th Lok Sabha: Day after Prime Minister Narendra Modi-led Bharatiya Janta Party (BJP) recorded a landslide victory in the Lok Sabha elections, the present Cabinet and Union Council of Ministers met for the last time on Friday and passed a resolution for dissolution of the 16th Lok Sabha. The tenure for the present Lok Sabha ends on June 3. Prime Minister Modi would now meet President Ram Nath Kovind who is the Head of the Parliament and hand over the resolution. The process to constitute 17th Lok Sabha would begin after the Election Commissioners meet President Kovind and hand over the list of newly elected members.

INTERNATIONAL UPDATES:

1. British PM Theresa May Announces Resignation: British Prime Minister Theresa May announces resignation from her post. She will resign on 7 June. Her announcement triggers the start of a contest to replace her as Conservative leader and Prime Minister. 

2. Adani Ports to set up first container terminal outside India in Myanmar: Adani Ports and Special Economic Zone will set up its first container terminal outside India in Myanmar at an estimated cost of USD 290 million (over Rs 2,000 crore). The company signed an agreement to develop and operate a container terminal at Yangon Port in Myanmar. Construction for phase one of the project will commence next month and will be completed by June 2021.

3. ADB to Provide USD 750 Million Loan To India For Railway Track Electrification: Multilateral funding agency Asian Development Bank (ADB) has announced that it has signed an agreement to provide USD 750 million equivalent in Indian rupee long-term financing to electrify railway tracks in India. It is the largest single non-sovereign loan ever committed by ADB to Indian Railway Finance Corporation (IRFC) to fund the railways track electrification project.

Note: Takehiko Nakao is the President of the Asian Development Bank. Headquarters: Mandaluyong, Metro Manila, Philippines.

4. India stopped importing oil from Iran after US waivers expired: India has stopped importing oil from Iran after American waivers granted to eight buyers expired early this month. This was stated by Indian Ambassador to the US Harsh Vardhan Shringla at a news conference in Washington. With this India became the latest country to comply with the US sanctions on Tehran over its nuclear programme.

Note: The US re-imposed sanctions on Iran in November after pulling out of a 2015 nuclear accord between Tehran and six world powers. To reduce Iran's crude oil export to zero, the US ended on May 2 waivers that had allowed the top buyers of Iranian oil, including India, to continue their imports for six months.

5. SCO Meeting Of Council Of Foreign Ministers Held In Bishkek: External Affairs Minister Sushma Swaraj represented India in the meeting of Council of Foreign Ministers (CFM) of Shanghai Cooperation Organisation to be held in Bishkek, Kyrgyz Republic. Pakistan Foreign Minister Shah Mehmood Qureshi also attended the meeting.

Note: The SCO was founded at a summit in Shanghai in 2001 by the presidents of Russia, China, Kyrgyz Republic, Kazakhstan, Tajikistan and Uzbekistan. India became a full member of the China-dominated grouping in 2017. Along with India, Pakistan was also granted the SCO membership in 2017.

OTHER UPDATES:

SPORTS

1. India to face New Zealand in the warm-up game of ICC World Cup: In Cricket, India will take on New Zealand in their opening warm-up game of the ICC World Cup in Londonon 25^th May. The match will begin at 3 pm (Indian Standard Time). The Men in Blue, second behind England in the ODI rankings, will start the tournament among the favourites alongside the hosts and defending champions Australia. Team India, which had won the tournament in 1983 and 2011, will begin their campaign in tournament proper against South Africa in Southampton on the 5th of next month. The opening game will be played between England and South Africa in London on the 30th of this month.

BANKING AND FINANCE

1. SEBI, IRDAI Set up Regulatory Sandbox For Fintech Innovations: After the Reserve Bank of India released a draft framework for setting up a regulatory sandbox (RS) for fintech players in the counter, the market and insurance regulators  SEBI and IRDAI have also launched similar initiatives. RS is an infrastructure that helps fintech players live test their products or solutions, before getting the necessary regulatory approvals for a mass launch. It saves start-ups time and cost. 

Note: SEBI Headquarter: Mumbai, Chairperson: Ajay Tyagi. IRDAI Chairman- Subhash Chandra Khuntia, Headquarters in- Hyderabad.

2. India’s economy to grow 7.5% by 2020: OECD Report: According to the Organisation for Economic Co-operation and Development (OECD) Economic Outlook report, India's economic growth will regain strength and approach 7.5% by 2020 buoyed by rural consumption and subdued inflation. As per the report, Gross domestic product (GDP) growth in India is projected to strengthen to close to 7.25% in FY19. The report suggested that an improved collection of the Goods and Services Tax (GST) and a wider base of personal income tax will help reduce the high public debt-to-GDP ratio.

3. Bank credit to the infra sector grows 18.5% in FY19: RBI data: Bank credit to the infrastructure sector grew by 18.5 per cent to Rs 10.55 lakh crore as of 2018-19, the highest since 2012-13 fiscal, RBI data showed. Outstanding bank credit to the sector was Rs 8.91 lakh crore as at March 2018. In the fiscal year ended March 2013, loans to infrastructure sector had grown by 15.83 per cent to Rs 7.29 lakh crore. In FY18 and FY17, growth in bank credit to the sector was negative at 1.7 per cent and 6.1 per cent, respectively. In FY19, total bank credit rose 13.24 per cent and deposits grew by 10.03 per cent.

4. RBI Allows Modern Currency Chests to Hike Service Charges: The Reserve Bank of India has announced that it will allow large modern currency chests to increase the service charges on cash deposited by non-chest bank branches from the existing rate of Rs 5 per packet of 100 pieces to a higher rate subject to a maximum of Rs 8 per packet. For this, only a currency chest (CC) that fulfils the minimum standards will be eligible to be classified as a large modern CC

5. Axis Bank announces ED appointments: Axis Bank said its board has approved the reappointment of Rajiv Anand as Executive Director (wholesale banking) and Rajesh Dahiya as Executive Director (corporate centre) for three years each from August 4, 2019, to August 3, 2022. The board also approved the appointment of Pralay Mondal as Director and Whole-Time Director designated as Executive Director (retail banking) for a three-year period from August 1, 2019, to July 31, 2022.