Current Affairs 16th May 2022 Daily GK Update

Daily GK & Current affairs is very important for any Government and other Competitive Exams. All the important updates based on current affairs 2022 are included in this Daily Current Affairs 16 May 2022 article.

Current Affairs 16th May 2022 Daily GK Update

Daily Current Affairs 2022: Daily GK update is the most important section for any competitive examination. Current affairs are generally asked from the last 5-6 months, so here, Ambitious Baba regularly updates the Daily GK Update & daily Current affairs 2022.

If you are preparing for Government Job Exams, then it is very important for you to read the Daily Current Affairs 2022, Daily GK Update 2022. All the important updates based on current affairs 2022 are included in this Daily Current Affairs 2022 article.

All the serious candidates are advised to bookmark this page and read the GK Update on a daily basis. It will help you mug up the important current affairs 2022 / Daily GK Update for LIC, IBPSSBI POSSCRailwaysSBI Clerk 2022 State, and NRA CET Exam of 2022.

National News

Skill India International Centre will be set up at Varanasi

Skill India International Centre will be set up at Varanasi

  • National Skill Development Corporation International (NSDCI) and Hindustan Ports Private Limited, the Indian unit of United Arab Emirates’ DP World have signed an MoU to set up Skill India International Centre at Varanasi.
  • This aims to skill Indian youth for pursuing overseas employment opportunities in logistics, port operations, and allied areas.
  • The centres would host training facilities as per the demand of international employers like UAE, Canada, Australia and other Gulf Cooperation Council (GCC) regions.

About National Skill Development Corporation (NSDC):

  • Founded: 2008
  • Headquarters: New Delhi, India
  • Chairman: A M Naik

NITI Aayog launched National Data & Analytics Platform

  • National Institution for Transforming India (NITI) Aayog has launched the National Data and Analytics Platform (NDAP) aims to improve access and use of published Indian government data.
  • The platform provides standardised datasets from across India’s vast landscape of administrative data. NDAP helps users to search, merge, visualize and download datasets with ease.
  • The user-friendly platform will improve data accessibility, interoperability, and interactivity.
  • The platform was first released as a beta version in August 2021, with a limited number of users given access for testing and feedback.

About NITI Aayog:

  • Formed: 1 January 2015
  • Headquarters: New Delhi
  • Chairperson: Narendra Modi
  • Vice Chairperson: Suman Bery
  • CEO: Amitabh Kant

International News

World’s longest suspension bridge “Sky Bridge 721” opened in Czech Republic

World’s longest suspension bridge “Sky Bridge 721” opened in Czech Republic

  • World’s longest suspension footbridge named “Sky Bridge 721”, was opened in Dolní Morava, Czech Republic for tourists. The bridge connects two mountain ridges and hangs 95 metres above the valley of the Mlýnský Stream. 
  • The Sky Bridge 721, 721 metres (2365 feet) long and 1.2-meter-wide, was constructed at a cost of 200 million crowns (around USD 8.4 million). 
  • Prior to Sky Bridge 721, the title of the world’s longest suspension footbridge was held by Portugal’s 516-metre Arouca Bridge.
  • Sky Bridge 721 is 154 metres longer than the current Guinness World Record holder suspension footbridge, the Baglung Parbat Footbridge (567 metres) in Gandaki Province, Nepal.

About Czech Republic:

  • Capital: Prague
  • Currency: Czech koruna
  • President: Milos Zeman
  • Prime Minister: Petr Fiala

Bhagwant Khuba delivered a keynote address on “India’s Solar Energy Market” at Intersolar Europe 2022

  • Bhagwant Khuba, Minister of State, Ministry of New and Renewable Energy delivered a keynote address at the investment promotion event on “India’s Solar Energy Market” at Intersolar Europe 2022 held at Messe München exhibition centre, Munich, Germany.
  • The event was organized by the Indo-German Energy Forum (IGEF). Intersolar Europe 2022, the world’s leading exhibition for the solar industry, took place from 11th May to 13th May 2022. 
  • Intersolar Europe is organized by Solar Promotion GmbH, Pforzheim, and Freiburg Wirtschaft Touristik und Messe GmbH & Co. KG (FWTM).
  • The MoS highlighted that India is set to achieve net-zero by 2070 and install 500GW of non-fossil by 2030, the target set during COP-26.
  • India has achieved the target of 40% cumulative electric capacity from non-fossil fuel in 2021, 9 years ahead of the set target of 2030. To promote a green hydrogen economy, India has estimated an outlay of Rs 25425 crore.

About Germany:

  • Capital: Berlin
  • Currency: Euro
  • President: Frank-Walter Steinmeier

Sheikh Mohammed bin Zayed Al Nahyan appointed new President of UAE

Sheikh Mohammed bin Zayed Al Nahyan appointed new President of UAE

  • Sheikh Mohammed bin Zayed Al Nahyan appointed unanimously as the President of UAE by the rulers in the United Arab Emirates, at a meeting held in Al Mushrif Palace in Abu Dhabi.
  • It comes after the late President Khalifa bin Zayed Al Nahyan died on May 13. The transition of power marks only the third time this U.S.-allied nation of seven sheikhdoms has selected a President since becoming an independent nation in 1971.
  • The last, which saw Sheikh Khalifa take over for both his and Sheikh Mohammed’s father, Sheikh Zayed bin Sultan Al Nahyan, came a month after his death in 2004.

About UAE:

  • Capital: Abu Dhabi
  • Currency: United Arab Emirates dirham

Banking and Financial

RBI imposed Rs. 59 lakh penalty on KEB Hana Bank

  • Reserve Bank of India has imposed a penalty of Rs 59 lakh on the Korean bank, KEB Hana Bank for non-compliance with the certain norms related to ‘interest rate on deposits.
  • The Korean bank has been penalised for non-compliance with the directions issued by RBI on “Reserve Bank of India (Interest Rate on Deposits) Directions, 2016”.
  • The statutory inspection for supervisory evaluation of KEB Hana Bank was conducted by RBI with reference to its financial position as on March 31, 2020.

About KEB Hana Bank:

  • Founded: 1967 (as Korea Exchange Bank); 2015 (merger with Hana Bank)
  • Headquarters: Seoul, South Korea
  • President & CEO: Park Sung-ho

PAN, Aadhaar now mandatory for cash deposits, withdrawals above Rs. 20 lakh

PAN, Aadhaar now mandatory for cash deposits, withdrawals above Rs. 20 lakh

  • The Indian government has made quoting of a Permanent Account Number (PAN) or Aadhaar number mandatory for deposits or withdrawals of Rs. 20 lakh or more in a fiscal year, or for opening of current account or cash credit account with a bank.
  • Central Board of Direct Taxes (CBDT) has issued a notification in this regard called the Income–tax (Fifteenth Amendment) Rules, 2022. The new rules will be effective from May 26, 2022.
  • PAN or Aadhaar will be required for the following transactions under the new rules: Cash deposit or deposits aggregating to Rs 20 lakh or more in a financial year, in one or more account of a person with a banking company or a co-operative bank or a Post Office. Banks, post offices, and co-operative societies would be required to report deposits and withdrawals aggregating to Rs 20 lakh or more in a financial year.
  • PAN is currently required for cash deposits of Rs 50,000 or more per day. With these rules, a threshold of Rs 20 lakh has been set for the entire financial year.

About Central Board of Direct Taxes (CBDT):

  • Formation: 1964
  • Headquarters: New Delhi, Delhi
  • Chairman: Sangeeta Singh

SpiceJet partnered with Axis Bank to launch co-branded credit card

  • SpiceJet, an Indian low-cost airline, has partnered with Axis Bank, India’s third largest private sector bank, to launch the most lucrative co-branded credit cards, which are available in 2 variants: SpiceJet Axis Bank Voyage and Voyage Black.
  • It will be powered by Visa and will provide customers with a variety of privileges and benefits. It aims to provide travellers with an exceptional travel experience through SpiceClub, India’s first frequent flyer club operated by a low-cost carrier.
  • In the presence of Ajay Singh, Chairman and MD of SpiceJet, and Amitabh Chaudhry, MD and CEO of Axis Bank, the credit cards were officially launched at Indira Gandhi International Airport in Delhi, where they unveiled a special SpiceJet-Axis Bank credit card livery aboard a SpiceJet Boeing 737 MAX aircraft. 

About Axis Bank:

  • Founded: 3 December 1993
  • Headquarters: Mumbai
  • MD & CEO: Amitabh Chaudhary
  • Chairperson: Shri Rakesh Makhija
  • Tagline: Badhti Ka Naam Zindagi

RBI restricted withdrawals from savings, current accounts of Shankarrao Pujari Nutan Nagari Sahakari Bank

  • Reserve Bank of India has imposed several restrictions on Shankarrao Pujari Nutan Nagari Sahakari Bank Limited, Ichalkaranji, Kolhapur in Maharashtra, including on withdrawals, in view of the lender’s deteriorating financial position.
  • The restrictions will be in effect for six months from the close of business on May 13, 2022, and are subject to review.
  • RBI has issued restrictions in the exercise of its powers under Section 35 A of the Banking Regulation Act, 1949, read with Section 56 of the Banking Regulation Act, 1949, (As Applicable to Co-operative Societies).


India beat Indonesia to won maiden Thomas Cup 2022

India beat Indonesia to won maiden Thomas Cup 2022

  • India’s men’s badminton team won the Thomas Cup title for the first time ever with a stunning 3-0 win over powerhouse Indonesia in the final.
  • India took on 14-time winners Indonesia in the final of the Thomas Cup in Bangkok, Thailand and lifted the title defeating the defending champions by 3-0.
  • India was off to a perfect start as Lakshya Sen defeated Anthony Ginting by 8-21, 21-17, 21-16 in a thrilling tie. India’s doubles pair Satwik and Chirag defeated Ahsan-Sukamuljo 18-21, 23-21, 21-19, the most sensational victory of their career, to give India a 2-0 lead. In the third game, Kidambi Srikanth defeated Jonatan Christie 21-15, 23-21 to make it 3-0. They have done it without losing a match in the final.

South Korea defeated China to won Uber Cup 2022

  • South Korea stunned defending champions China to win badminton’s prestigious Uber Cup in an epic battle that went down to the wire in Bangkok.
  • The holders were aiming for a 16th title in the women’s team championship but with the countries deadlocked at 2-2 it all boiled down to a singles match between China’s 15th-ranked Wang Zhiyi and 46th-ranked Sim Yu-jin.
  • Sim sprang an upset by beating Wang 28-26, 18-21, 21-8 in a thrilling 88 minutes — and with it, South Korea’s first Uber Cup crown in 12 years.

About South Korea:

  • Capital: Seoul
  • Currency: South Korean won
  • President: Yoon Suk-yeol

Important day

16 May 2022: Buddha Purnima or Vesak Day

  • Buddha Purnima, also known as Buddha Jayanti or Vaisakhi Buddha Purnima or Vesak Day, is based on the Asian lunisolar calendar and marks the birth of Gautama Buddha.
  • It is celebrated with great fervour in India, Sri Lanka, Nepal, Bhutan, and numerous other South East Asian countries including Thailand, Tibet, China, Korea, Laos, Vietnam, Mongolia, Cambodia, and Indonesia.
  • This year Vesak Day or Buddha Purnima has been celebrated on 16 May 2022.
  • “Vesak”, the Day of the Full Moon in the month of Vaisakh (April/May) according to the Hindu calendar, is the most sacred day to millions of Buddhists around the world.
  • It was on the Day of Vesak two and a half millennia ago, in the year 623 B.C., that the Gautama Buddha was born. It was also on the Day of Vesak that the Buddha attained enlightenment, and it was on the Day of Vesak that the Buddha in his eightieth year passed away.

16 May: International Day of Light

  • International Day of Light is celebrated on 16 May each year, the anniversary of the first successful operation of the laser in 1960 by physicist and engineer, Theodore Maiman.
  • This day is a call to strengthen scientific cooperation and harness its potential to foster peace and sustainable development.
  • The laser is a perfect example of how a scientific discovery can yield revolutionary benefits to society in communications, healthcare and many other fields.

16 May: International Day of Living Together in Peace

  • International Day of Living Together in Peace is observed every year across the globe on 16th May. It aims to urge people to live together in a united and peaceful way.
  • The day first came into being after the United Nations General Assembly adopted a resolution to declare 16 May as the International Day of Living Together in Peace on 8 December 2017.
  • The first International Day of Living Together in Peace was observed in 2018. Ever since the end of World War II, the United Nations has been on a mission to work towards world peace.
  • The year 2000 was recognised as ‘The International Year for a Culture of Peace and from 2001 to 2010, the UN declared it the “International Decade for a Culture of Peace and Non-Violence for Children of the World.”


Noted Sanskrit scholar Padma Shri Bhagirath Prasad Tripathi passed away

  • Padma Shri awardee and Sanskrit Scholar Bhagirath Prasad Tripathi also known as Vagish Shastri passed away in Varanasi, Uttar Pradesh.
  • He made immense contributions in making Sanskrit more popular among the youth using modern scientific methods. Shastri had invented a unique technique of teaching Sanskrit grammar called ‘Vagyoga’, a mnemonic method to understand the soul of words.
  • Shastri received Kalidas Award from Uttar Pradesh government in 1966 for Paniniya Dhatupatha Samiksa. In 1982 he was awarded with the title of ‘Mahamahopadhyaya’ by the Kashi Pandit Parishad.
  • He received President Award 2013 – President’s Certificate of Honour for Sanskrit. He also received the fourth highest civilian award – Padma Shri in 2018 for his contributions in the field of Literature and Education.

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