22nd May 2020 Daily GK Update: Read Daily GK, Current Affairs for Bank Exam

Here is the daily GK update of 22nd May 2020 covering the following news headlines: IGNOU, Airtel Africa, Chhattisgarh, RBI, Konark.

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 held all day long. One should have complete knowledge about the banking terms, current affairs news, etc. So, here is the GK update of 22nd May 2020 to help you prepare the Current affairs part. After reading this section, you can successfully attempt Current Affairs Quiz.

National News

1. IGNOU’s “Online Master’s Programme in Hindi” launched by HRD Minister

Union HRD Minister Shri Ramesh Pokhriyal ‘Nishank’ has launched the IGNOU’s Online Master’s Programme in Hindi via Facebook Live session. This programme is expected to strengthen “Padhe India Online” initiative. IGNOU has also launched various other programmes namely: MA in Gandhi and Peace Studies, BA in Tourism Studies, certificate course in Arabic, certificate in information technology, certificate programme in Library and Information Science.

Important takeaways for all competitive exams:

  • Union Minister of Human Resources Development: Ramesh Pokhriyal ‘Nishank’.

2. NTPC & ONGC partners to set up JVC for Renewable Energy Business

A Memorandum of Understanding (MoU) has been signed by NTPC Limited, and Oil and Natural Gas Corporation Limited (ONGC) to form a Joint Venture Company for Renewable Energy business. This partnership will enable both the companies to accelerate their mark in the field of Renewable Energy as the two companies will explore the setting up of offshore wind and other Renewable Energy Projects in India as well as overseas. This tie-up will increase NTPC’s Renewable Energy capacity addition program and also the presence of ONGC in the Renewable Power business.

Important takeaways for all competitive exams:

  • Chairman & Managing Director of NTPC Limited: Gurdeep Singh.
  • Chairman & Managing Director of Oil and Natural Gas Corporation Limited: Shashi Shanker.

International News

3. Airtel Africa & UNICEF partners to support children & families affected by COVID-19

UNICEF and Airtel Africa has partnered to support children & families affected by COVID-19. The partnership aims to provide children with access to remote learning and enable access to cash assistance for their families through mobile cash transfers. Airtel Africa will zero-rate the selected websites which are hosting educational content and will provide children with remote access to digital content at no cost. The partnership will benefit the children and families in 13 countries in sub-Saharan Africa namely: Zambia, Congo, Nigeria, Gabon, Kenya, Madagascar, Malawi, Niger, Rwanda, Tanzania, Democratic Republic of the Congo, Uganda and Chad.

Important takeaways for all competitive exams:

  • Chief Executive Officer of Airtel Africa: Raghunath Mandava.
  • Executive Director of UNICEF: Henrietta H. Fore.

States News

4. “Rajiv Gandhi Kisaan Nyay Yojana” launched in Chhattisgarh

Chhattisgarh government has launched “Rajiv Gandhi Kisan Nyay Yojana”, a farmer centered scheme that aims to stimulate the rural economy in the state, amid the COVID-19 pandemic. Under the “Rajiv Gandhi Kisaan Nyay Yojana”, Chhattisgarh government will inject Rs 5100 crore into the state’s rural economy by directly transferring the grant amount into the farmers’ accounts via Direct Benefit Transfer.

Important takeaways for all competitive exams:

  • Chief Minister of Chhattisgarh : Bhupesh Baghel; Governor: Anusuiya Uikey.

5. Uttar Pradesh governement rolls out ‘UP Start-up Fund’

Uttar Pradesh government has set up ‘UP Start-up Fund’ to support the registered start-up ventures present across different verticals in Uttar Pradesh. An MoU has been signed between the Uttar Pradesh government and the Small Industries Development Bank of India, and the fund will be managed by SIDBI. Initial contribution of Rs 15 crore has been made to the fund. This fund will take part in Securities and Exchange Board of India (SEBI) approved Alternative Investment Funds and would not be invested directly into start-ups.

Important takeaways for all competitive exams:

  • Chief Minister of Uttar Pradesh: Yogi Aditya Nath; Governor: Anandiben Patel.

Economy News

6. RBI’s MPC reduces Policy Repo Rate to 4.00%

In view of the COVID-19 pandemic, the Reserve Bank of India’s Monetary Policy Committee (MPC) decided to advance the Bi-monthly Monetary Policy meet which was scheduled to be held on 03rd June 2020 and the announcement was meant to be made on 05th June 2020. The meeting was advanced to 20th, 21st and 22nd May 2020. During the Monetary Policy meet, the MPC reduced the policy repo rate to revive growth as well as to mitigate the impact of COVID-19.

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Business News

7. “iTurmeric Fincloud” platform launched by Intellect Design Arena 

“iTurmeric FinCloud” is a cloud-ready, API-first, microservices-based platform which has been launched by the Intellect Design Arena Ltd, a full spectrum banking and insurance products company. This platform has been launched through IBM public cloud and enable the new digital banks’ systems to be tested and run in isolation or in parallel with core legacy systems. The platform comprises of various facilities such as retail banking, lending, origination, and corporate banking API.

Important takeaways for all competitive exams:

  • Chairman & Managing Director of Intellect Design Arena Limited: Arun Jain.

Schemes and Committees

8. Centre launches scheme to solarise Konark sun temple & Konark town

A scheme has been launched by the central governemnt for complete solarization of Konark Sun Temple and Konark town in Odisha to develop the historical Sun Temple town of Konark as Surya Nagri. As a part of scheme, 10 Mega Watt grid connected solar project along with various solar off-grid applications such as solar trees and solar drinking water kiosks would be set up in the area. For the execution of project, Government of India will provide a 100% Central Financial Assistance (CFA) support of around Rs 25 Crores through Ministry of New & Renewable Energy.

Important takeaways for all competitive exams:

  • Chief Minister of Odisha: Naveen Patnaik; Governor: Ganeshi Lal.
  • Ministers of State for New and Renewable Energy: Raj Kumar Singh.

Important Days

9. International Day for Biological Diversity celebrated on 22 May

The United Nations celebrates International Day for Biological Diversity on 22 May every year to raise awareness about the issue of significant reduction in biological diversity due to certain human activities. Theme for International Day for Biological Diversity 2020 is “Our solutions are in nature”.

Important takeaways for all competitive exams:

  • Secretary-General of United Nations: António Guterres.

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