Current Affairs Quiz 28th and 29th May 2022 : Daily GK Update

Exp. Tripura adopted EV policy 2022, to convert 10% of state’s vehicles to electric mode in 5 years

Tripura government has decided to adopt the Electric Vehicle Policy 2022 to promote electric vehicles to convert 10% of state’s vehicles to electric mode in 5 years.

Electric vehicles would reduce air pollution and would be helpful in promoting eco-friendly tourism.

The electric vehicles policy is already existing in 14 states of the country. If it is implemented, then Tripura would become the 15th state and third in the Northeast region after Assam and Meghalaya to adopt the electric vehicle policy.

Exp. India’s 1st ‘Lavendar Festival’ held in Bhaderwah, Jammu & Kashmir

Union Minister of Science and Technology Dr Jitendra Singh has inaugurated the country’s first ‘Lavendar festival’ at Jammu’s Bhaderwah where the cultivation of lavender has transformed the economy of the mountainous area.

Bhaderwah in the Doda district is the birthplace of India’s purple revolution. Lavender has changed the fortunes of farmers in Jammu and Kashmir under the ‘Aroma Mission or Purple Revolution’, an initiative of the Central government towards transforming the lives of UT’s farmers’ community.

The Purple or Lavender Revolution was launched in 2016 by the Union Ministry of Science & Technology through the Council of Scientific & Industrial Research’s (CSIR) Aroma Mission.

Exp. PM Modi inaugurated world’s 1st Nano Urea Liquid Plant in Gandhinagar, Gujarat

PM Narendra Modi has inaugurated World’s first Nano Urea Liquid Plant constructed by Indian Farmers Fertilizer Cooperative Ltd (IFFCO) at Kalol, Gandhinagar, Gujarat.

Prime Minister dedicated the Ultramodern Nano Urea Liquid Fertilizer plant to the Nation at a ceremony held at Gandhinagar.

Nano Urea Liquid Plant has been built at the cost of around Rs 175 crore to boost productivity and increase farmers income. It will produce about 1.5 lakh bottles of 500 ml.

IFFCO Nano Urea is the only Nano fertilizer approved by Government and included in the Fertilizer Control Order (FCO).

IFFCO has set up additional manufacturing facilities for production of Nano Fertilisers at Aonla, Phulpur, Kalol (Expansion), Bengaluru and Paradeep, Kandla, Deoghar and Guwahati.

Exp. Uttarakhand formed panel to implement Uniform Civil Code; headed by Ranjana Desai

Uttarakhand government has announced to form 5-member drafting committee to implement the much-debated Uniform Civil Code (UCC) in the state.

The retired Supreme Court judge Ranjana Desai, who currently heads the Delimitation Commission of India is the Head of the committee.

Other members of the committee are: Delhi High Court judge Pramod Kohli, ex-state chief secretaries Shatrughan Singh, Manu Gaud and Surekha Dangwal.

The UCC is referred to a common set of laws governing personal matters such as marriage, divorce, adoption, inheritance and succession for all citizens, irrespective of religion.

Exp. Jitendra Singh inaugurated North India’s 1st Industrial Biotech Park at Kathua, J&K

Union Minister Jitendra Singh has inaugurated North India’s first Industrial Biotech Park at Ghatti, Kathua, Jammu.

Biotech Park will act as hub for incubation of new ideas and will act as a robust platform to support Agri-entrepreneurs, Startups, farmers, scholars, and students.

It has a potential to produce 25 startups in a year which will be among its great contributions to this region. Biotech Parks of J&K are among 9 Biotechnology Parks supported by DBT.

Exp. WHO partnered with Rajasthan govt to create health accounts

Rajasthan is the first state in India to institutionalise health accounts with the help of World Health Organisation (WHO) to estimate the amount spent on the health sector and its impact.

Because the health accounts would be easy to estimate the amount spent on the health sector. Efforts are now made to create health accounts in Rajasthan with sufficient capacity with the aid from The WHO.

Rajasthan’s State Government allocates more than 7 percent of the total budget for health, which is higher than the national average.

Exp. 3rd Global Organic Expo 2022 held in New Delhi

3rd Global Organic Expo 2022 is poised to be a major platform for Organic Producers, Aggregators, Processors, Value Chain Integrators, and the Industry Partners by offering Global level conference, with an apt theme “Profitability for Humanity”.

More than 200 organic products and service companies participated in the previous events. It offers a great opportunity for showcasing the work in the field of organics to the world.

Reducing cost and achieving sustainable productivity through certified organic products and capacity development of organic production systems. 3rd Global Organic Expo 2022 is organized by ShesPro and managed by iCONEX.

Exp. ₹100 is the most preferred banknote: RBI’s Banknote Survey

Reserve Bank of India’s Banknote Survey of Consumers findings has revealed that ₹100 was the most preferred banknote while ₹2,000 was the least preferred denomination.

Among coins, ₹5 denomination was the most preferred whereas ₹1 was the least preferred. Watermark of Mahatma Gandhi’s image followed by windowed security thread was the most recognized security feature as per the survey.

Survey took the sample of 11,000 respondents from rural, semi-urban, urban and metropolitan areas.

Exp. India and UAE signed MoU to establish a framework to facilitate and enhance bilateral cooperation on climate action

India and United Arab Emirates have signed an MoU to establish a framework to facilitate and enhance bilateral cooperation on climate action.

The agreement was signed between Environment, Forest and Climate Change Minister Bhupender Yadav and UAE Climate Envoy and Minister of Industry and Advanced Technology Dr Sultan Al Jaber in New Delhi.

The basic objective of this MoU is to establish a framework to facilitate and enhance bilateral cooperation on climate action, and also contributes towards implementing the Paris Agreement.

Exp. India joined US-led First Movers Coalition to clean up carbon-intensive industry

India recently joined a global public-private partnership initiative called the First Movers Coalition. The initiative was launched by President of the USA Joe Biden and the World Economic Forum (WEF) at COP26.

It was joined by 50 new corporate members with a collective market capitalization of USD 8.5 trillion.

The First Movers Coalition aims to decarbonize the most carbon-intensive sectors such as the heavy industry and long-distance transport sectors, which are responsible for 30% of global emissions.

Apart from India, Denmark, Italy, Japan, Norway, Singapore, Sweden, and the UK joined the First Movers Coalition as government partners. India, Japan, and Sweden also joined the steering board of the First Movers Coalition.

Exp. RBI reduced net-worth requirement for non-bank Bharat Bill Payment units

Reserve Bank of India (RBI) has eased the norms for non-bank entities to set up Bharat Bill Payment operating units by reducing the net-worth requirement to Rs 25 crores.

Presently, the minimum net worth of Rs 100 crore is required to obtain authorisation for a non-bank BBPOU.

To increase participation, the RBI had decided to align the net worth requirement of non-bank BBPOUs with that of other nonbank participants who handle customer funds (like payment aggregators) and have a similar risk profile.

Bharat Bill Payment System (BBPS) is an interoperable platform for bill payments and the scope and coverage of BBPS extends to all categories of billers who raise recurring bills.

Exp. SBI Ecowrap report projected India’s GDP growth to be 8.2-8.5% in FY22

According to the State Bank of India‘s research report Ecowrap, India’s Gross Domestic Product (GDP) growth in FY22 is predicted to be in the range of 8.2 to 8.5%.

Uncertainties abound in Q4FY22 GDP estimates, as normal quarterly data adjustments are tough to fathom, but the research produced by SBI’s Economic Research Department predicts that it will meet the 3 to 3.5% mark.

On May 31, the government will disclose GDP figures for the fourth quarter of FY22. The data are tough to understand, according to SBI, and a flurry of regular quarterly revisions in FY22 on May 31st could make it a forecaster’s nightmare.

Exp. Indian Bank partnered with Northern Arc Capital to offer financial solutions to retail loan borrowers

Northern Arc Capital has announced a joint venture (JV) with Indian Bank, which will help both institutions leverage synergies and offer customer-centric financial solutions to borrowers in the retail segment.

This move will help Indian Bank by gaining access to Northen Arc’s n-POS platform which helps fintechs, NBFCs and investors co-lend to retail loan borrowers.

The platform also provides an NAC score to investors, which is an assessment of the borrower’s strength to repay.

Exp. Japan’s MUFG Bank got nod to set up branch at GIFT City

MUFG Bank becomes the first Japanese bank to open a branch at Gujarat International Financial Tech City (GIFT City) in a bid to offer a wide range of banking services to both domestic and global clients.

MUFG Bank has already taken all necessary approvals from the International Financial Services Centre Authority (India) and the Financial Services Agency (Japan) to set up a branch at GIFT City.

MUFG had opened its first branch in Mumbai in 1953. MUFG plans to open this branch for operations by the first half of FY 2022.

Exp. IRDAI set up committees through GIC to suggest insurance sector overhaul

Insurance Regulatory and Development Authority of India (IRDAI) has formed various committees through the General Insurance Council (GIC) to overhaul the insurance sector.

The committees formed through GIC will suggest reforms in the various areas of general, reinsurance and life insurance.

These committees were set up after new IRDAI Chairman Debasish Panda held an interaction with insurance industry players in April 2022.

IRDAI has also decided to review areas like reducing the compliance burden for the industry, rationalising investment norms, and others.

Around 5 committees have been formed to suggest the changes in the general insurance, and non-life insurance and 2 panels to explore the reinsurance segment.  Loknath Kar, the former ex-legal head of ICICI Lombard and PwC (PricewaterhouseCoopers), was roped in to draft the reports.

Exp. SEBI withdrew permanent recognition granted to ICEX

Market regulator SEBI said that it has withdrawn the recognition granted to Indian Commodity Exchange Limited’s (ICEX).

The bourse’s recognition was revoked after SEBI issued an order declaring it non-compliant on many grounds, including net worth and infrastructure criteria.

As a result of the withdrawal, ICEX has been directed to transfer the funds in its Investor Protection Fund and Investor Services Fund to the Investor Protection and Education Fund of Sebi.

Madhabi Puri Buch is the first woman chairperson of SEBI.

Exp. BOB Financial and HPCL launched co-branded contactless RuPay Credit Card

In partnership with National Payments Corporation of India (NPCI), Bank of Baroda Financial Solutions Limited (BFSL) and Hindustan Petroleum (HPCL) have launched HPCL BoB co-branded contactless RuPay Credit Card.

The card includes various features such as rewards for spending on utilities, grocery and departmental stores. This card can be used across merchants and ATMs globally through the JCB network.

Exp. Lovlina Borgohain elected as IBA’s Athletes’ Committee Chair

Tokyo Bronze Medallist, Lovlina Borgohain was elected as IBA’s Athletes’ Committee Chair.

International Boxing Association (IBA) announced that Indian boxer and Tokyo Olympics Bronze medallist Lovlina Borgohain has received the highest number of votes during the election held at the 2022 Women’s World Championships and thus has been elected as the chair and a voting member on the Board of Directors for the IBA’s Athletes’ Committee.

Further, Indian boxer Shiva Thapa has also been elected as a member of the IBA Athletes Committee following the election held during the 2021 IBA Men’s World Championships.

Exp. Justice Pradip Kumar Mohanty got additional charge of acting Lokpal Chairperson

Justice Pradip Kumar Mohanty has been appointed as the acting Chairperson of Lokpal by President Ram Nath Kovind, after Pinaki Chandra Ghose completed his tenure as the Lokpal Chief.

Pinaki Chandra Ghose was the first Chairperson of Lokpal. His tenure is effective from 28th May, till the appointment of new Chairperson.

Lokpal is an anti-corruption authority or ombudsman body who represents public interest in India. It consists of Chairperson and 8 members with 5 years tenure.

Exp. Nawazuddin Siddiqui received Excellence in Cinema award at French Riviera Film Festival

Bollywood actor, Nawazuddin Siddiqui became the proud recipient of the Excellence in Cinema award at the French Riviera Film Festival for his contribution to cinema.

Nawazuddin was bestowed the honour by two-time Emmy winner American actor-producer, Vincent De Paul.

Previously, the actor was chosen as one of the delegates to receive awards on behalf of the nation at the Cannes Film Festival.

Exp. GRSE launched Indian Navy’s survey vessel ‘INS Nirdeshak’

Nirdeshak, the second of the four Survey Vessels (Large) (SVL) projects being built by Garden Reach Shipbuilders and Engineers (GRSE) in collaboration with L&T shipbuilding for the Indian Navy was launched, at Kattupalli, Chennai.

The ship has taken its name from erstwhile Nirdeshak which was also an Indian Naval Survey ship and was decommissioned after 32 years of glorious service in December 2014.

Part construction of three out of four ships of SVL is being undertaken at L&T, Kattupalli as part of a collaborative approach between GRSE and L&T shipbuilding.

The contract for building four SVL ships was signed between MoD and GRSE, Kolkata on October 30, 2018. The first of class ship ‘Sandhayak’ was launched in December 2021 at GRSE, Kolkata.

The new SVL ships will replace the existing Sandhayak Class survey ships with new generation hydrographic equipment to collect oceanographic data.

Exp. China’s Ding Liren won ‘The Chessable Masters’ 2022 Tournament; R Praggnanandhaa finishes 2nd

World No.2 Grandmaster Ding Liren of China won the tournament against India’s teenaged Grandmaster R Praggnanandhaa in the final of Meltwater Champions Chess Tour Chessable Masters 2022 online tournament.

The Indian GM had defeated the highly-rated Dutchman Anish Giri in the semi-final to become the first Indian player to reach the final of a Meltwater Champions Chess Tour event.

He had beaten world No.1 Magnus Carlsen for a second time during the preliminary phase in which he finished fourth.

Exp. 25 May: Africa Day

Africa Day is annually observed across the continent of Africa on 25th May to commemorate the founding of the Organisation of African Unity (OAU).

OAU was created on 25th May 1963 was transformed and remodelled into the African Union (AU) on 9 July 2002.

The year 2022 marks the 20th anniversary of the African Union, which was launched in South Africa.

Theme 2022: “Strengthening Resilience in Nutrition and Food Security on the African Continent”.