Daily Current Affairs 20th May, 2023

Daily Current Affairs 20 May 2023 for Banking/Insurance/SSC and other related exams.

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Tamil Nadu CM inaugurates 570-meter skywalk bridge, one of the country’s longest
Tamil Nadu Chief Minister MK Stalin inaugurated a 570-meter long and 4.2-meter wide skywalk bridge connecting the Mambalam station and T Nagar bus terminus. The multi-modal project connects the railway station and bus stand.

  • This skywalk bridge serves as a crucial connection between the Mambalam railway station and T Nagar bus terminus. The project is part of a larger multi-modal initiative aimed at facilitating pedestrian movement.
  • Constructed by the Greater Chennai Corporation (GCC) at a cost of Rs 28.45 crore from the Smart City funds, the skywalk has been designed to ease traffic congestion at key areas such as Ranganathan Street, Madley Road, and Market Street.

Telangana Home Minister launches ‘SAHAS’ an initiative towards making workplaces safer for women
In Telangana, SAHAS, an initiative towards making workplaces safer for women has been launched by Home Minister Mohamood Ali.

  • SAHAS, which means Courage, is a programme that aims at strengthening the support ecosystem for women who face workplace sexual harassment.
  • Under the initiative, the SAHAS Microsite, SAHAS Sathi Chatbot,  SAHAS Whatsapp Number, Forum and online support facilities were launched in Hyderabad.


PM Modi unveils bust of Mahatma Gandhi at Hiroshima Peace Memorial Park
Prime Minister Narendra Modi unveiled bust of Mahatma Gandhi at Hiroshima Peace Park in Japan, ahead of the second day of G-7 summit.

  • The bust was gifted by India to Hiroshima as a symbol of friendship and goodwill between India and Japan on the occasion of PM Modi’s visit to the city for the G7 summit.
  • The 42-inch tall bronze bust has been sculpted by Padma Bhushan awardee Ram Vanji Sutar. The bust site, adjacent to the Motoyasu River, is close to the iconic A-Bomb Dome that is visited by thousands of people – locals and tourists alike – every day.


RBI withdraws Rs 2000 notes from circulation
The Reserve Bank of India (RBI) has decided to withdraw Rs 2,000 denomination banknotes from circulation. However, the notes will continue as legal tender, the central bank said in a circular. However, the Rs 2,000 notes will remain legal tender.

  • The RBI has advised banks to stop issuing Rs 2,000 denomination banknotes with immediate effect. In a circular, the central bank said that all Rs 2,000 currency notes must be exchanged before September 30, 2023.

Paytm partners with NPCI to launch Paytm SBI Card on the RuPay network
Paytm’s parent company, One97 Communications Ltd, has announced a new partnership with SBI Card and the National Payments Corporation of India (NPCI) to launch the Paytm SBI Card on the RuPay network.

  • This card will provide discounts on transactions made through the Paytm mobile app using the card, with cardholders receiving 3% cashback on booking movie and travel tickets on the Paytm app, 2% cashback on all other purchases on the Paytm app, and 1% cashback on spends made elsewhere.

RBI to transfer Rs 87,416 crore surplus to govt for FY23
The Reserve Bank of India (RBI) has approved the transfer of Rs 87,416 crore surplus to the government for the financial year 2022-23. 

  • This amount is nearly three times higher than the previous year’s transfer of Rs 30,307 crore. The surge in surplus is attributed to increased income from the sale of foreign exchange reserves.
  • Despite facing challenges such as rising yields on US treasuries, the RBI’s surplus transfer is expected to provide a significant boost to the government’s revenue.

IREDA’s IPO to be managed by IDBI, BOB, and SBI Capital
The Indian Renewable Energy Development Agency (IREDA) is set to go public with an initial public offering (IPO) in the near future. To oversee this significant event, the government has appointed IDBI Capital, BOB Capital, and SBI Capital as the lead managers for the IPO.

  • The IPO is expected to consist of a 10% stake sale by the government and a 15% fresh equity issuance by IREDA, aimed at funding the growth of the renewable energy project financier.
  • IDBI Capital has been appointed as the lead banker for the IREDA IPO. The responsibility of managing the IPO process and ensuring its success will rest with IDBI Capital, along with support from BOB Capital and SBI Capital. Additionally, Saraf and Partners have been chosen as the legal adviser for the IPO, assisting in legal matters related to the offering.


Defence production crosses one lakh crore rupees mark for the first time ever in Financial Year 2022-23
The Defence Ministry has said that the value of defence production in the Financial Year (FY) 2022-23 has crossed the figure of one lakh crore rupees for the first time ever.  It said the value currently stands 1 lakh 6 thousand 800 crore rupees and it will go further up once the data is received from the remaining private defence industries.

  • The current value of defence production in the year 2022-23 is a rise of more than 12 per cent as compared to last financial year, which stood at 95,000 crore rupees.


5,000-year-old ‘Great Grandfather’ tree is officially the world’s oldest
A 5,000-year-old tree in Chile has been officially recognized as the world’s oldest. The tree, a Patagonian cypress, is located in the Alerce Costero National Park and is nicknamed “Great Grandfather.” It is estimated to be between 5,000 and 6,500 years old, making it the oldest living organism on Earth.

  • The Great Grandfather tree is a massive specimen, measuring 28 meters tall and 4 meters (13 Feet) in diameter. It is believed to have survived several major climate changes over the centuries, including the Little Ice Age. The tree is also a popular tourist destination, with thousands of visitors coming to see it each year.


INS ‘Vaghsheer’: India’s sixth Scorpene Class Submarine begins its first sea trials
The sixth and the last Scorpene submarine Vaghsheer has now begun its sea trials, ahead of its delivery to the Navy in early-2024 under the over Rs 23,000 crore project inked with French companies way back in 2005.

  • The submarine will undergo intense trials of all its systems at sea, including propulsion systems, weapons and sensors, before being commissioned as INS Vaghsheer early next year. The earlier commissioned Scorpene submarines are INS Kalvari, INS Khanderi, INS Karanj, INS Vela and INS Vagir.
  • These diesel-electric submarines are equipped with long-range guided torpedoes and tube-launched anti-ship missiles as well as advanced sonars and sensor suites. There have, however, been huge cost and time overruns in this `Project-75’ underway at Mazagon Docks (MDL) in collaboration with M/s Naval Group, France.

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