Weekly Current Affairs (15th to 21st May 2020) Part - 1 Notes | EduRev

Weekly Current Affairs

Current Affairs : Weekly Current Affairs (15th to 21st May 2020) Part - 1 Notes | EduRev

The document Weekly Current Affairs (15th to 21st May 2020) Part - 1 Notes | EduRev is a part of the Current Affairs Course Weekly Current Affairs.
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Banking & Financial Awareness

1. The Reserve Bank of India (RBI) has extended the interest subsidy period for exporters till ________31 March 2021.

➢ Exporters get the subsidy under the ‘Interest Equalisation Scheme for pre and post shipment Rupee Export Credit’, which was ended on March 31, 2020.
➢ The extension shall take effect from April 01, 2020 and will remain in force for a year with the same size and coverage.
➢ The move comes after the exporters, who are facing huge problems due to the coronavirus (COVID-19) crisis, had been demanding extension of the scheme.

2. MoneyGram Payment Systems has partnered with which bank to offer a cost-effective direct to bank account credit option for customers in India _______Federal Bank.

➢ Through this partnership, millions will be able to receive deposits directly in their bank accounts without leaving the confines of their homes which is imperative in the current situation.
➢ This tie-up will help the non-resident Indians with access to modern, low cost, fast, easy and reliable ways for transferring money to India.
➢ Federal Bank has a 15% share of the country’s remittance market and expects that the tie-up with MoneyGram will give the business a further boost.

3. The United Nations(UN) World Economic Situation and Prospects(WESP) mid-year report forecast that the COVID-19 pandemic situation will shrink the world economy by ______ 3.2%.

➢ The mid 2020 report of WESP states that the COVID-19 pandemic situation is expected to cut off the global economic output by arournd 8.5 trillion USD in the next two years which will nearly wipe out all the gains of the past four years.
➢ The UN forecast in January before the COVID-19 pandemic expected a modest acceleration of growth by 2.5% in 2020
➢ Around 90% of the world economy is under the form of lockdown, disrupting supply chain, depressing consumer demand and unemployment.

4. the United Nations (UN) World Economic Situation and Prospects(WESP) mid year report forecast that in 2020 India’s economy to grow at _______ 1.2%.

➢ The report forecast that India’s economy to grow at 1.2% in 2020 which is deterioration from the growth of 4.1% in 2019.
➢ In 2018 the economy of India grew at 6.8% and expected to recover slightly and make 5.5% growth in 2021.
➢ The lockdown in India is expected to result in an economic depression at 1.2% lower than the growth in 2019.

5. Which institutions has approved 1 billion USD to increase India’s COVID-19 Social Protection response Program ________World Bank.

➢ Rs. 4100 crore (USD 550) of the approved Rs.7500 crore will be credited from the International Development Association(IDA) ,the World Bank’s concessionary lending arm.
➢ The International Bank for Reconstruction and Development(IBRD) will loan 1500 crore (USD 200) with maturity of 18.5 years including a grace period of five years. The balance Rs.1900 crore (USD 250) will be available after the 30th June, 2020.
➢ This makes the total commitment from the World Bank to India for the COVID-19 response to Rs.15000 crore(USD 2 billion).

6. As per the report published by the Asian Development Bank global economy is expected to lose between _________ $ 5.8 trillion to $ 8.8 trillion.

➢ As per ADB, the GDP in South Asia is expected to decrease from $ 142 billion (3.9%) -$ 218 billion (6 %) due to stringent lockdown restrictions imposed by nations like Bangladesh, India and Pakistan to prevent the coronavirus infection.
➢ If the Asia-Pacific region faces a brief 3-month containment ban, the GDP loss could be as high as $ 1.7 trillion.
➢ But if the restrictions are stretched for six months to prevent infection, the loss could be up to $ 2.5 trillion. The sector will account for about 30 % of the total loss in GDP around the world.

7. At the centers request the Reserve Bank of India has increased the Ways Means Advance limits of States by ______60 Per cent

➢ At Centre’s request to the Reserve Bank of India, the RBI has increased Ways Means Advance limits of States by 60%.
➢ Number of days state can be in continuous overdraft from 14 days to 21 days.
➢ Number of days state can be in overdraft in a quarter from 32 to 50 days.

8. The Government of India and West Bengal Government have inked agreements with which organization to improve irrigation services and flood management in the Damodar Valley Command Area (DVCA) of West Bengal _______AIIB.

➢ The agreement was inked with Asian Infrastructure Investment Bank (AIIB) for $145million.
➢ The agreement was signed by Sameer Kumar Khare, Additional Secretary, Department of Economic Affairs and RajatMisra, Director General on behalf of the AIIB.
➢ The loan has a 6-year grace period, and a maturity of 24 years.

9. Which bank has launched a special business vertical dedicated for gold loans to meet the financial needs of its customers _______Canara Bank.

➢ The bank has launched a gold loan campaign till 30th June 2020 with an = interest rate as low as 7.85% per annum.
➢ The credit can be utilised for different purposes, such as expenses for agriculture and allied activities, business needs, health emergencies and personal needs

10. What amount has been extended by NABARD to co-operative banks and Regional Rural Banks(RRB’s) in various States _______Rs 20,500 crores.

➢ This amount is part of the Rs 25,000 crores of special refinance facility provided by the Reserve Bank of India(RBI) to NABARD for refinancing RRBs, cooperative banks and MicroFinance Institutions (MFIs).
➢ It aims to increase the resources of the Cooperative banks and RRBs to enable them to extend credit to farmers for taking up pre-monsoon and kharif(summer sown crops) 2020 operations.

11. American brokerage Goldman Sachs expects in FY 21 the Indian economy to contract by _____ 5%.

➢ It will be the deepest compared to all recessions India has ever experienced since 1979.
➢ It is against its earlier forecast of 0.4% contraction before revising it down to a level it shares with Japanese brokerage Nomura.

12. Which becomes first bank in India to introduce video-KYC facility for saving account customers ______Kotak Mahindra Bank.

➢ Under the video conferencing KYC system, customers have to provide Aadhaar and PAN (Permanent Account Number) to open ‘Kotak 811 savings account’ in the Bank.
➢ After this, a bank official will complete the KYC process by verifying of documents, signature on a video call with the customer & this entire video will be saved.

13. Which private sector bank has launched special fixed deposit (FD) scheme for senior citizens to help them get higher interest rate _______ICICI Bank.
➢ 'ICICI Bank Golden Years FD’ scheme offers senior citizens an interest rate of 6.55% per annum for deposits up to ₹2 crore with a tenure of more than five years to 10 years.
➢ The scheme is available from May 20 to September 30, 2020.
➢ It offers 80 basis points (bps) more than what is applicable to general public for the same deposit amount and tenor.
➢ Resident senior citizens can avail the benefit of this scheme for new FDs as well as renewal of old FDs.

14. eCommerce major Flipkart has partnered with which General Insurance Company to offer a digital motor insurance policy to Flipkart’s customers _______ Bajaj Allianz General Insurance Company.

➢ This partnership between the insurance company and an e-commerce major, will provide seamless, accessible as well as flexible insurance solution to the customers of Flipkart in order to safeguard their vehicles.
➢ Bajaj Allianz General Insurance also offers mobile insurance on Flipkart.
➢ Flipkart Consumers can subscribe to this motor-insurance policy using their Flipkart app.


1. Renowned personality Sai Gundewar passed away recently, he was a veteran ______ Actor.

➢ Film actor, model, voiceover artist and an entrepreneur, Sai Gundewar passed away.
➢ His popularity rose in 2010 after his participation in the hit Reality TV show MTV Splitsvilla, Season 4.
➢ He has also acted alongside Aamir Khan in PK, and Rock on.

2. Renowned Personality Ratnakar Matkari passed away recently, he was a veteran _______ Writer.

➢ Last week he was tested positive to coronavirus. He was born on 17th November 1938 in Mumbai, India.
➢ He was the director and producer of numerous Marathi films and he was a self-taught artist and writer In the 1970’s he wrote many columns for multiple newspapers and magazines.
➢ He was known for his acting skills who made his mark in plays like Prem Kahani, Vinashakadun Vinashakade, Lokakatha 78 and State Lote.

3. Name the former Former JDS MP passed away recently ________ Raja Rangappa Nayak.

➢ He had represented the Raichur constituency, Karnataka and was elected in the Lok Sabha elections held in 1996.
➢ He entered into politics as Mandal Pradhan of Rukmapur of Shorapur taluk.
➢ He had served as chairman of the health standing committee of Kalaburagi Zilla Panchayat in 1993.

4. Name the veteran Bengali author passed away recently _______ Debesh Roy.

➢ Debesh Roy was known as a writer who broke the set patterns in the fictional world of Bengali literature.
➢ He was a regular contributor to many Bengali dailies and a critic of the attacks on liberals in recent times and participated in protest meetings.
➢ His famous works includes Tista Parer Brittanto, Borisaler Jogen Mondal, Manush Khun Kore Keno and Samay Asamayer Brittanto
➢ He won the Sahitya Akademi award for his novel ‘Tista Parer Brittanto’ in 1990.

5. Name the Padma Bhushan recipient Bangladeshi professor passed away recently _______ Anisuzzaman.

➢ He was born on February 18, 1937, in Calcutta, Bengal Presidency, British India and shifted to Bangladesh soon after the partition in 1947.
➢ He made an immense contribution to Bangla language & literature through his research and writings.
➢ Anisuzzaman played a significant role in all democratic movements.
➢ Anisuzzaman was a member of the Planning Commission to the Government of Bangladesh during the Bangladesh liberation war and a member of the National Education Commission set up by the government after liberation.

Important Days

1. International Family Day observed globally every year on ________ 15th May.

➢ This day is spread awareness about the importance of families and the role of the international community in the development of the families.
➢ A happy and healthy family makes up for a supportive society, which in turn makes better citizens of the nation.

2. Armed Forces Day is observed every year on ____ third Saturday in May (16th May 2020).
➢ In 2020, it falls on the 16th of May.
➢ This day is celebrated to pay tribute to the men and women who served the United States Armed Forces.
➢ Armed Forces Day is a joint celebration of all six branches of the U.S. military: Army, Air Force, United States Marine Corps (United States Marines), Coast Guard, US Navy, and therefore the newly created Space Force.

3. The International Day of Light is celebrated every year on _______ 16th May.
➢ The Day is celebrated to celebrate the role that light plays in science, culture and art, education, and sustainable development, and also in the fields as diverse as medicine, communications, and energy.
➢ The day also marks the anniversary of first successful operation of the laser in 1960 by physicist and engineer, Theodore Maiman.

4. World Telecommunication and Information Society Day is observed globally every year on __________ 17th May.

➢ The main aim to celebrates the World Telecommunication and Information Society Day (WTISD) is to help raise awareness of the possibilities that the use of the Internet and other information and communication technologies (ICT) can bring to societies and economies.
➢ The theme of World Telecommunication and Information Society Day of 2020: “Connect 2030: ICTs for the Sustainable Development Goals (SDGs)”

5. World Hypertension Day is observed globally every year on _________ 17th May.

➢ The main aim to celebrates the day is to promote public awareness of increasing high blood pressure (BP) and to encourage citizens of all countries to prevent and control this silent killer.
➢ The day was celebrated for the 1st time in May 2005.
➢ World Hypertension Day (WHD) is an initiative of the World Hypertension League (WHL), an affiliated section of the International Society of Hypertension.

6. International Museum Day is celebrated every year on _______ 18th May.

➢ The day is celebrated to raise awareness about the fact that, “Museums are an important means of cultural exchange, enrichment of cultures and development of mutual understanding, cooperation and peace among peoples.”
➢ The International Museum Day 2020 was celebrated with the theme “Museums for Equality: Diversity and Inclusion”.

7. World Bee Day is observed globally every year on _______ 20th May.

➢ On this date, 20 May, the pioneer of beekeeping Anton Janša was born in 1734 in Slovenia.
➢ The purpose of the bee day is to acknowledge the role of bees and other pollinators for the ecosystem.
➢ About 33% of the world’s food production depends on bees thus they are vital for the preservation of biodiversity, ecological balance in nature and helpful in reducing pollution.

8. International Tea Day is observed globally every year on ________21st May.

➢ The purpose of International Tea Day is to try to improve the condition of tea producers and tea workers. Tea producing countries make a lot of profit but the condition of the labourers working in the tea plantations is very bad.
➢ Therefore, the purpose of International Tea Day is to encourage the status of tea workers, workers’ rights, daily wages, social security, employment security, and health.

9. World Metrology Day is observed globally every year on _______ 20th May.
➢ Many nations on this day, internationally collaborate to create awareness about metrology and its advancement in the respective field.
➢ World Metrology Day is an annual celebration of the signature of the Metre Convention on 20 May 1875 in Paris, France by representatives of seventeen nations.
➢ The World Metrology Day project is realized jointly by the International Organization of Legal Metrology (OIML) and Bureau International des Poids et Mesures (BIPM).

10. Anti Terrorism Day 2020 is observed every year in India on ________21st May.

➢ The day marks the death anniversary of India’s seventh Prime Minister Rajiv Gandhi on 21 May 1991.
➢ He was killed in Tamil Nadu in a campaign by the Tamil Tigers Eelam (LTTE) a terrorist group.
➢ After this assassination, V.P. Singh government has decided to observe 21st May as Anti Terrorism Day.

New Appointments

1. Roberto Azevedo decides to resign a year before his term expires as head of which international organization _______WTO.

➢ Mr Azevedo, a former diplomat from Brazil, will step down on August 31st, cutting short a seven-year tenure marked in recent years by intense pressure from US President Donald Trump.
➢ In a special meeting of WTO delegations, Mr Azevedo said, it is a personal decision - a family decision.

2. Who has been appointed as new Managing Director (MD) of Jammu and Kashmir Bank _________ Zubair Iqbal.

➢ Iqbal will have a three-year tenure.
➢ The appointments are based upon the continuous directions by the Reserve Bank of India (RBI) to separate the positions of Chairman and Managing Director for better governance.

3. Benjamin Netanyahu has sworn in as the prime minister of which country for the 5th time _______Israel.

➢ He will now chair the post until 13 November 2021.
➢ With this, the longest political deadlock in the Isreal’s history came to an end.
➢ During the standoff, the caretaker government held the reins for more than 500 days and no one got a clear majority in three successive elections.

4. Who has been appointed as the director-general (DG) of the Realtors body National Real Estate Development Council (NAREDCO) _________ Rajesh Goel.

➢ Prior to this, he was serving as the chairman and managing director, Hindustan Prefab Ltd.
➢ He is a professional with over 37 years of experience in leading PSUs under the Ministry of Housing and Urban Affairs.

5. Who has been appointed as the chief executive officer of TikTok, the popular video app owned by China's ByteDance Technology Co ___________ Kevin Mayer.

➢ Kevin Mayer led the successful launch of the Disney streaming service in November but in February was passed over as Disney's new chief executive.
➢ Mayer's appointment will be effective June 1, when he will also become chief operating officer of ByteDance.

6. Who has been appointed as the chairman of National Bank for Agriculture and Rural Development (NABARD) ________ Govinda Rajulu Chintala.

➢ The appointments committee of the union cabinet cleared Chintala’s appointment for two years till his superannuation in July 2022.
➢ He will replace Harsh Kumar Bhanwala.

7. Who has been appointed as Chief Economist and Vice President of the World Bank __________ Carmen Reinhart.

➢ Reinhart's experience and insights would prove invaluable during the current unprecedented crisis triggered by the coronavirus pandemic and the economic havoc it is wreaking around the globe.
➢ She will start her new job on June 15.

8. Who has been appointed as the President of Indian Steel Association (ISA) _________ Dilip Oommen.

➢ He is presently the CEO of Arcelor Mittal Nippon Steel India. He was unanimously appointed as President for the next two years.
➢ He will replace Tata Steel CEO TV Narendran, who stepped down as President on May 1.

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