Daily Current Affairs 18th May, 2022

Daily Current Affairs 18 May 2022 for Banking/Insurance/SSC and other related exams.

NATIONAL NEWS

Centre announces formation of Cotton Council of India under Chairmanship of Suresh Bhai Kotak
The Union Government has announced the formation of the Cotton Council of India under the Chairmanship of renowned veteran cotton man Suresh Bhai Kotak.

• It will have representation from Textiles, Agriculture, Commerce, and Finance Ministries along with Cotton Corporation of India and Cotton Research Institute.
• The council will discuss, deliberate, and prepare a robust action plan for bringing out a tangible improvement in this field. The announcement came during a meeting with stakeholders from the cotton value chain, held under the Chairmanship of Union Textiles Minister Piyush Goyal.

Hardeep Singh Puri Launched Bharat Tap Initiative & Nirmal Jal Prayas On The Inaugural Day Of PLUMBEX India
The Minister for Housing and Urban Affairs & Petroleum and Natural Gas, Shri Hardeep Singh Puri launched the BHARAT TAP initiative at the ‘Plumbex India’ exhibition, New Delhi.

• This exhibition is aimed for products and services related to the plumbing, water and sanitation industry.
• The exhibition is conducted under the aegis of the Atal Mission for Rejuvenation and Transformation 2.0 (AMRUT 2.0) and Swachh Bharat Mission 2.0 (SBM 2.0). Various enterprises including water treatment systems, water harvesting, water metering, etc. represented at the exhibition.
• The BHARAT TAP provide low-flow fixtures and sanitary ware at a mass scale to enable a reduction in water consumption at the source and help the country in its water conservation efforts and thereby ensure sustainable growth.

Punjab CM Mann launches ‘Lok Milni’ for redressal of grievances of people
Punjab Chief Minister Bhagwant Mann heard grievances of people and issued directions for their redressal in a first-of-its-kind public interaction programme, ‘Lok Milni’, which was launched.

• The chief minister said this interactive programme is aimed at providing a single-window platform to the people for redressal of their complaints.But, the Punjab Congress called the programme “a selectively scripted show to create an illusion of governance”.
• People from different parts of the state came with several complaints regarding encroachment of panchayat land, land dispute, pending of Shagun scheme among others.

INTERNATIONAL NEWS

India and Nepal, sign six MoUs and Agreements related to education and hydropower sectors
India and Nepal signed and exchanged six Memorandum of Understandings and Agreements. They include an MoU between Indian Council of Cultural Relations and Lumbini Buddhist University on the establishment of Dr. Ambedkar Chair for Buddhist Studies and an MoU between Indian Council of Cultural Relations and Kathmandu University on the establishment of the ICCR Chair of Indian Studies.

• A letter of Agreement between Kathmandu University and Indian Institute of Technology (IITM) was also signed for a joint degree program at Master’s level.
• An Agreement between SJVN Ltd and Nepal Electricity Authority for Development and implementation of Arun 4 Project was also signed. The MoUs and Agreements were signed after bilateral talks between Prime Minister Narendra Modi and his Nepalese counterpart Sher Bahadur Deuba in Lumbini.

BANKING & FINANCE

PNB MetLife launches India’s first dental health insurance plan
Private insurer PNB MetLife India Insurance Co launched a 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, dental health insurance plan that covers major dental procedures without the hassles of hospitalisation.

Institute of Professional Banking Launches Its First Center in Bengaluru for Banking Sector Training for Students
Now graduates in the country can be better prepared to get into banking sector, with the new courses, at Institute of Professional Banking (IPB). Recently, IPB in collaboration with The Smart Owl has inaugurated its first center in South India in Bengaluru.

• The programs at IPB have been curated to groom banking aspirants and help them become upskilled, qualified, and competent professionals and the perfect candidate for the banking sector.
• The methodology adopted to impart knowledge includes classroom training, examination, counselling, projects, field training, and continuing professional development programs.

BUSINESS & ECONOMY

Sebi notifies rules to strengthen regulatory framework for CIS
To strengthen the regulatory framework for collective investment schemes, markets regulator Sebi has enhanced the net worth criteria and track record requirements for entities managing such schemes.

• Also, the regulator has mandated a minimum of 20 investors and a subscription amount of at least Rs 20 crore for each Collective Investment Scheme (CIS).
• Currently, CIS rules do not mandate minimum number of investors, maximum holding of a single investor or minimum subscription amount.

India overtakes Germany to become 4th largest vehicle market
The Covid-19-led pandemic has impacted the worldwide automotive industry. India has once again overtaken Germany to become the fourth largest automotive market.

• According to the latest numbers sourced from OICA, the Organisation Internationale des Constructeurs d’Automobiles, the international trade association formed of 39 national automotive industry trade associations, India witnessed 3,759,398 vehicles sold in 2021, compared to 2,973,319 vehicles in Germany. The data depicts a difference of almost 26 percent.

Indian Economy Expected to Grow 12-13% in June Quarter: Icra
Citing the second highest business activity index reading in 13 months in April, rating agency Icra forecast the economy to grow 12-13 per cent in the first quarter of the current fiscal.

• However, Icra has maintained its annual GDP projection at 7.2 per cent for this fiscal citing worries over inflation and the resultant RBI tightening.
• According to the second advance estimate of the National Statistical Office, the economy is expected to have grown 8.9% in FY22.

ACQUISITIONS &  MERGERS

UAE-based Emirates Telecom buys 9.8% stake in Vodafone for $4.4 bn
Etisalat, United Arab Emirates (UAE)-based telecoms firm, has acquired a 9.8 per cent stake in Vodafone for $4.4 billion, according to a report by Reuters.

• The UAE-based telco was saying a day before that it was planning for expansion into newer markets and related areas such as financial technology.

SPORTS

South Korea dethrone China To Win Uber Cup 
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.

APPOINTMENTS

Gram Unnati appoints ex-chief election commissioner Sunil Arora as non-executive chairman
Sunil Arora, the former chief election commissioner, has been named as the new non-executive chairman of Gram Unnati’s board. 

• Arora is a retired civil servant (IAS) with over 36 years of experience. He has worked as the secretary of two important ministries, the Ministry of Information and Broadcasting and the Ministry of Skill Development and Entrepreneurship.

Larsen & Toubro re-appoints SN Subrahmanyan as MD & CEO
SN Subrahmanyan will take charge as the CEO and Managing Director of Larsen & Toubro, which will also mark the end of nearly two-decade long tenure of A M Naik at the helm.

• Subrahmanyan is currently the deputy managing director and president of the company.
• The board had also requested Naik, Group Executive Chairman, to provide guidance and mentorship to the company’s leadership subsequent to his current term.

President Emmanuel Macron names Elisabeth Borne as France’s new Prime Minister
French President Emmanuel Macron has named Elisabeth Borne as the country’s new Prime Minister.

• Borne, 61, is a former Minister of transport, ecology and labour. She is the second woman to hold the position after Edith Cresson (1991-1992) under President Francois Mitterrand.
• Borne succeeds Jean Castex, who had led the French cabinet since July 2020 and resigned earlier. A long-time member of the Socialist Party (PS), Borne voted for Macron in the 2017 presidential election and later joined the centrist La Republique en Marche party.

Sachin Tendulkar to Continue as UNICEF’s Goodwill Ambassador For Record 20th year
Sachin Tendulkar will continue as UNICEF’s ‘Goodwill Ambassador’ for a record 20th year, working for the welfare of underprivileged children.

• The iconic cricketer has been associated with UNICEF for long for various causes. In 2003, he was chosen to take lead in the initiative to create awareness and promote polio prevention in India.

PFC Chairman Ravinder Singh Dhillon takes addition charge of REC CMD
Power Finance Corporation Chairman Ravinder Singh Dhillon has been given an additional charge of Chairman and Managing Director (CMD) of REC for three months.

• The development follows the elevation of S K G Rahate to the post of Secretary, Ministry of Power.
• He is serving as CMD of PFC where he is spearheading the entire operations of the company and also playing a critical role in implementation of key power sector initiatives of the Centre.

AWARDS

Kenton Cool becomes first foreigner to scale Everest 16 times
A British climber Kenton Cool has scaled the world’s highest mountain for the 16th time becoming the first foreign climber to make the most Mt Everest summits.

• Kenton also holds a record of the first British mountaineer who climbed Mt Nuptse, Mt Everest and Mt Lhotse in a season in 2013.
• Last year, Kenton had made it to the top of Mt Lhotse in less than 29 hours after scaling the world’s highest peak. Previously, American climber Dave Hahn has climbed Mt Everest 15 times.

SCIENCE & TECHNOLOGY 

Indian Navy carries out successful maiden firing of first indigenously developed Naval Anti-Ship Missile
Indian Navy successfully undertook maiden firing of the first indigenously developed Naval Anti-Ship Missile from Seeking 42B helicopter at Integrated Test Range, Balasore.

• Indian Navy said, this firing is a significant step towards achieving self-reliance in niche missile technology and reaffirms the Indian Navy’s commitment to indigenization.
• The Naval Anti-Ship Missile has been developed in association with Defence Research and Development Organisation, DRDO.

India Aims to Roll Out 6G Connectivity Network By 2030: PM Modi
India is targeting the rollout of 6G telecom network, which will provide ultra high speed internet connectivity, by the end of the decade, Prime Minister Narendra Modi said.

• India currently has 3G and 4G telecom networks and companies are gearing up to launch 5G over the next few months.
• Speaking at the silver jubilee event of telecom sector regulator TRAI, he said it is estimated that the 5G network rollout will add USD 450 billion to the Indian economy.

Defence Minister Rajnath Singh launches indigenous Navy destroyer warship INS Surat, frigate INS Udaygiri
Defence Minister Rajnath Singh launched two frontline warships of the Indian Navy – (Indian Naval Ship) INS Surat and INS Udaygiri, at Mazagon Docks Limited (MDL) in Mumbai.

• INS Surat is the fourth destroyer in Project 15B which is named after the second-largest commercial hub of western India. While INS Udaygiri is the third ship under Project 17A Frigates, named after the mountain ranges in Andhra Pradesh.

Click here to read Daily Current Affairs