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20th May Daily Current Affairs 2022: Today GK Updates for Bank Exam

Daily GK updates are incorporated with the important news that made the current affairs headlines for banking or other competitive exams. Daily GK Update is the complete bag of the important news that is held all day long. One should have complete knowledge about banking terms, current affairs news, etc. So, here is the GK update for 20th May 2022 to help you prepare the Current affairs part. After reading this section, you can successfully attempt Current Affairs Quiz.

Here is the Daily GK Update of the 20th May 2022 covering the following news headlines: CSpace, Lok Milni, SRESTHA-G, PNB MetLife, National Endangered Species Day, World Bee Day, Madam Tussaud Museum.

Top 15 Daily GK Updates: National & International News 

Here is providing below the top 15 important Daily General Knowledge 2022 updates with national & international news.

States News

1. Rs 1,500 per acre incentive for farmers approved by Punjab Cabinet

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  • The Punjab Cabinet has authorised a Rs 1,500 per acre incentive for farmers who grow paddy using the direct seeding of rice technology. A total of Rs 450 crore has been set aside to provide incentives to farmers who promote the DSR (Direct Seeding of Rice) technique, which uses less water and is more cost-effective. The incentive scheme was approved by the Cabinet in a meeting headed by chief minister Bhagwant Mann.
  • The incentive was offered by Bhagwant Mann to combat the state’s diminishing ground water table.
  • Paddy seeds are drilled into the field using the DSR process, which uses a machine that accomplishes both rice seeding and pesticide spraying at the same time.
  • Farmers nurture immature paddy plants in nurseries before uprooting and transplanting them onto a puddled field, according to the customary practise.
  • The incentive will encourage farmers to use this established approach, which uses significantly less water for irrigation, enhances percolation, decreases farm labour dependency, and improves soil health, increasing paddy and wheat yields by 5-10%.
  • The Cabinet also resolved to provide farmers Rs 1,500 per acre in financial support via Direct Benefit Transfer (DBT), for which the Punjab Mandi Board’s Anaj Kharid portal has already generated a database of roughly 11 lakh farmers with their Aadhaar numbers, mobile numbers, and bank account numbers.

Important Takeaways For All Competitive Exams:

  • Chief Minister of Punjab: Sh. Bhagwant Mann

2. Kerala To Bring India’s First State-Owned OTT Platform ‘CSpace’

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  • The Kerala government will launch a state-owned over-the-top (OTT) platform on November 1, offering film lovers an array of movies, short films and documentaries of their choice. Kerala will become the first state in India to have a state-owned OTT platform. Kerala Minister for Cultural Affairs Saji Cheriyan revealed the name of the OTT platform as CSPACE.
  • CPSACE is an initiative of Kerala State Film Development Corporation (KSFDC) on behalf of the state government.
  • The OTT platform will also showcase films with artistic value irrespective of their performance at the box office, along with internationally recognised and award-winning films, best films screened at the annual International Film Festival of Kerala (IFFK), and short films and documentaries. The registration of films to be streamed on CSpace will begin on June 1.

Important takeaways for all competitive exams:

  • Kerala Capital: Thiruvananthapuram;
  • Kerala Governor: Arif Mohammad Khan;
  • Kerala Chief Minister: Pinarayi Vijayan.

3. Punjab CM Bhagwant Mann launched ‘Lok Milni’ scheme for redressal of public complaints 

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  • Chief Minister of Punjab, Bhagwant Mann heard the grievances of the people of the state and issued redressal directions in ‘Lok Milni’, a first-of-its-kind public interaction programme.
  • This interactive programme was launched with the aim of providing a single-window platform to the people of the state for the redressal of the complaints that they have. The people of the state who had submitted various grievances and complaints with the state government in the previous two months were called to attend this programme.
  • As many as 61 complainants listed their grievances before the chief minister during this ‘Lok Milni’. He directed the top officers of the various departments present on the occasion to ensure the resolution of these complaints in a time-bound manner.

Important takeaways for all competitive exams:

  • Punjab Capital: Chandigarh;
  • Punjab Governor: Banwarilal Purohit;
  • Punjab Chief Minister: Bhagwant Mann.

4. World bank sanctioned USD 350 million for SRESTHA-G project to Gujarat

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  • World Bank has approved USD 350 million as financial aid for the Systems Reform Endeavors for Transformed Health Achievement in Gujarat (SRESTHA-G) project. The SRESTHA-G project will be worth USD 500 million, with the World Bank contributing USD 350 million. The project will include transforming key health delivery systems in the state.
  • Gujarat Chief Minister Bhupendra Patel approved the SRESTHA-G project, after which the proposal was forwarded to the Union Finance Ministry. The Gujarat government will implement the programme through the Health and Family Welfare Department (HFWD).
  • The Program Development Objective is to improve service delivery in Gujarat by improving primary health care quality, equity, and comprehensiveness, improving service delivery models for adolescent girls, and increasing disease surveillance system capacity.

Important takeaways for all competitive exams:

  • World Bank Headquarters: Washington, D.C., United States.
  • World Bank Formation: July 1944.
  • World Bank President: David Malpass.

Appointments News

5. IndiGo appoints Pieter Elbers as CEO

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  • The Board of Directors of InterGlobe Aviation Limited (Indigo) appointed Pieter Elbers as Chief Executive Officer. He will join IndiGo on or before 1 Oct 2022. He succeeds Ronojoy Dutta who has decided to retire on 30 September 2022.
  • Elbers has served as the President and CEO of KLM Royal Dutch since 2014 and is also a member of the Executive Committee of the Air France-KLM Group.
  • Elbers, 52, has served as the President & Chief Executive Officer of KLM Royal Dutch Airlines. He is also a member of the Executive Committee of the Air France – KLM Group.
  • He started his career at KLM in 1992 at their Schiphol hub and over time, held several managerial positions in both The Netherlands and overseas in Japan, Greece and Italy. After he returned to The Netherlands, he was appointed as the Senior Vice President of Network & Alliances, before he was promoted in 2011 as the Chief Operating Officer.
  • Elbers was born in Schiedam, The Netherlands. He received a Bachelor’s degree in Logistics Management and a Master’s Degree in Business Economics.

Important takeaways for all competitive exams:

  • Managing Director of IndiGo: Rahul Bhatia;
  • IndiGo Founded: 2006;
  • IndiGo Headquarters: Gurugram.

Banking News

6. RBI: Public sector banks’ frauds down 51% to Rs 40,295 crore in FY22

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  • The Reserve Bank of India has said that public sector banks reported over a 51 per cent fall in the amount involved in frauds to Rs 40,295.25 crore during the financial year 2021-22 (FY22).
  • As many as 12 PSBs (Public Sector Banks) had reported frauds worth Rs 81,921.54 crore in the preceding fiscal 2020-21, the central bank said in response to an application under the Right to Information (RTI) Act.
  • According to the RBI data on frauds reported by PSBs in all categories during FY22, the highest amount of Rs 9,528.95 crore was reported by the city-based Punjab National Bank (PNB), involving 431 such incidents.
  • The country’s largest lender State Bank of India reported frauds worth Rs 6,932.37 crore in as many as 4,192 cases — reflecting incidents of a large number of small value frauds.
  • Bank of India reported frauds worth Rs 5,923.99 crore (209 incidents), followed by Bank of Baroda at Rs 3,989.36 crore (280); Union Bank of India Rs 3,939 crore (627), while Canara Bank reported frauds worth Rs 3,230.18 crore in just 90 cases — showing that the transactions were of high-value frauds.

Important takeaways for all competitive exams:

  • RBI Founded: April 1, 1935;
  • RBI Headquarters: Mumbai, Maharashtra;
  • RBI Governor: Shaktikanta Das;
  • RBI Deputy Governors: Mahesh Kumar Jain, Michael Debabrata Patra, M Rajeshwar Rao, T Rabi Sankar.

7. PNB MetLife launched India’s 1st dental health insurance plan

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  • PNB MetLife India Insurance Company has launched India’s first dental health insurance plan. This is the first insurance plan in India that covers fixed-benefit outpatient expenses and provides financial assistance with costs related to overall dental health.
  • This launch reinforces PNB MetLife leadership in the industry with this one-of-a-kind, standalone, the dental health insurance plan that covers major dental procedures without the hassles of hospitalisation.
  • PNB MetLife’s new Dental Care Plan will help customers manage their dental health and ensure they do not have to dive into their savings or reduce their essential spending in order to make space for dental treatment. To provide convenience to its customers, PNB MetLife has tied up with more than 340 dental clinics.

Important takeaways for all competitive exams:

  • PNB MetLife Established: 2001;
  • PNB MetLife Headquarters: Mumbai, Maharashtra;
  • PNB MetLife Chairman: Kishore Ponnavolu;
  • PNB MetLife MD & CEO: Ashish Kumar Srivastava.

Economy News

8. WPI inflation at a record high of 15.08% in April 2022

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  • India’s wholesale inflation soared to a three-decade high in April as high commodity prices and supply-chain disruptions pushed up input costs for producers. The annual rate of inflation was 15.08% (Provisional) for the month of April 2022 (Y-o-Y) as compared to 10.74% in April 2021.
  • The rate of inflation based on the WPI Food Index increased marginally from 8.71% in March 2022 to 8.88% in April 2022.
  • The high rate of inflation in April 2022 was primarily due to a rise in prices of mineral oils, basic metals, crude petroleum & natural gas, food articles, non-food articles, food products and chemicals & chemical products etc. as compared to the corresponding month of the previous year.
  • Fuel prices, a big component of the increase, were up 38.66 % on the year versus 34.52 % in March.
  • The Office of the Economic Adviser, Department for Promotion of Industry and Internal Trade released the index numbers of wholesale prices in India (Base Year: 2011-12) for the month of April 2022 (Provisional) and for the month of February 2022 (Final).

Awards News

9. Wesley Morgan won William E. Colby award for his book ‘The Hardest Place’

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  • Author and journalist, Wesley Morgan has won the William E. Colby Award 2022 for his military and intelligence writing. He was cited for his book “The Hardest Place: The American Military Adrift in Afghanistan’s Pech Valley.”
  • The Colby Award, a $5,000 prize named for the former ambassador and CIA director William E. Colby, is given for “a major contribution to the understanding of military history, intelligence operations or international affairs.” The Colby Award is presented by Norwich University in Northfield, Vermont. The Colby award was established in 1999.

Summits and Conferences News

10. Nirmala Sitharaman chairs the 7th Annual Meeting of Board of Governors of NDB

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  • Union Minister of Finance & Corporate Affairs and India’s Governor for the New Development Bank (NDB), Smt. Nirmala Sitharaman chaired the 7th Annual Meeting of Board of Governors of NDB through video conference in New Delhi.
  • The meeting was also attended by Governors/Alternate Governors of Brazil, China, Russia, South Africa and the newly joined members Bangladesh and United Arab Emirates (UAE).
  • This Annual Meeting of NDB which was hosted/chaired by India this year was organised in virtual mode. This year’s theme for the Annual Meeting was “NDB: Optimising Development Impact”, which is particularly important and relevant in the current global economic scenario.

Sports News

11. Nikhat Zareen wins gold at Women’s World Boxing Championships

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  • Nikhat Zareen gave a dazzling performance to beat Thai Olympian Jutamas Jitpong 5-0 and become the fifth Indian woman to win a World title at the Women’s World Championships, Istanbul.
  • Nikhat thus becomes only the fifth Indian women’s boxer after Mary Kom, Sarita Devi, Jenny RL and Lekha KC to win a gold at the World Championships. The 25-year-old Zareen is a former junior youth world champion.
  • The 25-year-old Indian took full advantage of her long reach and maintained her dominance against the Thai boxer, whom she had beaten in the 2019 Thailand Open semi-final—the only meeting between the two, enroute her silver medal finish.

Important Days

12. National Endangered Species Day 2022: 20th May

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  • Every year on the third Friday of May, people across the globe observe National Endangered Species Day. This year the day is celebrated on May 20. This year, it marks the 16th National Endangered Species Day.
  • National Endangered Species Day is celebrated with the main emphasis on conserving our planet Earth’s flora and fauna. The National Endangered Species Day theme 2022 is “Recovering key species for ecosystem restoration”.
  • Every year the awareness campaign takes place around a theme. On 28 December to lift up the importance of wildlife conservation and restoration efforts for all endangered species The Endangered Species Act of 1973 was signed into law.
  • National Endangered Species Day was founded and started by David Robinson and the Endangered Species Coalition in 2006. Since 2006 third Friday of May is observed as National Endangered Species Day.

13. World Bee Day 2022 celebrates globally on 20th of May

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  • World Bee Day is observed worldwide on May 20. World Bee Day is to acknowledge the role of bees and other pollinators in the ecosystem.
  • Raising awareness of the importance of pollinators in our environment, the threats they face and their important role in sustainability in the ecosystem is the key purpose behind the observance of this day. Also, it highlights how each individual can make a difference to support, restore and enhance the role of pollinators.
  • This year Food and Agriculture Organization (FAO) will celebrate World Bee Day through a virtual event, under the theme ‘Bee Engaged: Celebrating the diversity of bees and beekeeping systems’.
  • World Bee Day was first inaugurated on 20th May 2018 and is celebrated every year ever since. This day commemorates the birth of Anton Jansa in 1734. She is considered the pioneer of beekeeping. In December 2017, the United Nations Member States approved the proposal of Slovenia to proclaim 20 May as World Bee Day.
  • Beekeeping is something that is deeply rooted in the Slovenian tradition, and it is one of the leading European countries in terms of beekeepers.

Important takeaways for all competitive exams:

  • Food and Agriculture Organization Director-General: QU Dongyu;
  • Food and Agriculture Organization Headquarters: Rome, Italy;
  • Food and Agriculture Organization Founded: 16 October 1945.

14. International Day against Homophobia, Transphobia and Biphobia

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  • On May 17, the International Day Against Homophobia, Biphobia, and Transphobia is commemorated, with the goal of coordinating international events to raise awareness of LGBT rights violations and inspire interest in LGBT rights work around the world.
  • There had been commemorations in over 130 countries till now. Despite progress, consensual same-sex relationships are still illegal in nearly 70 nations. Only one out of every three countries protects people from discrimination based on sexual orientation, one out of every ten protects people based on gender identity, and a minority protect people based on sex characteristics.

Miscellaneous News

15. Madam Tussaud Museum to start in Noida next month

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  • The wax museum Madame Tussauds is returning to India. The museum will be located in a Noida mall. 50 Indian and international luminaries from sports, entertainment, history, and music will be featured at the new venue.
  • Madame Tussauds India will let visitors to get up up and personal with celebrities as well as some of their most iconic moments. The museum first opened in Connaught Place, Delhi, in 2017, but was forced to close owing to the pandemic. DLF Mall of India, one of the country’s major shopping malls, would be its new destination.
  • The museum is open to the public under rigorous anti-Covid guidelines. Madame Tussauds has a 200-year history and legacy, having first opened its doors in London in 1835. Sculptors at Madame Tussauds employ the same techniques as the legendary Marie Tussaud to produce each figure. It takes a minimum of 12 weeks for an artist to construct a single life-like figure.

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