Daily Current Affairs 22nd May, 2019

Daily Current Affairs 22 May 2019 for Banking/Insurance/SSC and other related exams.

NATIONAL NEWS

ISRO launches earth observation satellite RISAT-2B

India successfully placed into orbit a radar imaging earth observation satellite RISAT-2B in a text book style. PSLV-C46 has successfully injected RISAT-2B in precise orbit.

• According to Indian Space Research Organisation (ISRO), India’s new earth observation satellite up in the sky will send good clarity images which will be used for agriculture, forestry and disaster management support.
• This was the 72nd launch vehicle mission from the Sriharikota Range.

Telangana records 15% GSDP growth in FY19

Telangana’s Gross State Domestic Product (GSDP) has grown 15 per cent in the financial year ended March 31, 2019 at ₹8,66,875 crore as against ₹7,53,804 crore in the previous year.

• This is the highest ever growth of GSDP after the formation of Telangana State.

INTERNATIONAL NEWS

World Bank and CBA Partner to enable Secondary Bond Trading recorded on Blockchain

The International Bank for Reconstruction and Development (World Bank) and Commonwealth Bank (CBA) have enabled secondary market trading recorded on blockchain for bond-i (blockchain operated new debt instrument), making this the first bond whose issuance and trading are recorded using distributed ledger technologies.

• The World Bank issued bond-i in August 2018, which was the world’s first bond to be created, allocated, transferred and managed through its life cycle using distributed ledger technology. CBA was the sole arranger for the bond.

BANKING & FINANCE

Debit card PoS swipes rise 27% as per RBI data

Indians are increasingly using their debit cards to pay merchants directly. As per data from the Reserve Bank of India, debit card swipes on Point of Sales (PoS) terminals jumped more than 27% in March 2019 compared to corresponding period last year. In contrast, ATM withdrawals grew at a slower pace of 15%.

• The biggest push to debit card payments for merchant transactions took place when the government sucked out more than 85% of the cash from the domestic economy at the time of demonetisation in November 2016.

Bank credit to infra sector grows 18.5% in FY19: RBI data

Bank credit to infrastructure sector grew by 18.5 per cent to Rs 10.55 lakh crore as of 2018-19, the highest since 2012-13 fiscal, RBI data showed.

• Outstanding bank credit to the sector was Rs 8.91 lakh crore as at March 2018.

Karnataka Bank launches savings bank product for salaried class

Private sector lender Karnataka Bank launched a new savings bank product called “KBL SB Salary” for salaried class with three variants of Executive, Prime and Classic.

• All these 3 variants of KBL SB Salary Scheme are available for the Salaried People with a host of Digitally Powered features and without any Minimum Balance Criteria.
• According to the release, the bank will provide, free of cost, an insurance coverage of up to Rs 50,000 against chain snatching, theft and burglary for women employees falling in the top category of the salary scheme.

BUSINESS & ECONOMY

UN forecasts global economy to grow 2.7% in 2019

The United Nations has downgraded its forecast for world economic growth, announcing that it expects overall growth of 2.7 per cent this year and 2.9 per cent in 2020.

• The UN predicts for 2019 that the United States’ economy will grow at 2.3 per cent, while the European Union’s overall economy will expand at 1.5 per cent.

UN cuts India’s growth rate by 0.6%, but at 7% it retains top spot

In its, UN’s World Economic Situation and Prospects report, UN has downgraded India’s growth rate for the current fiscal year to 7 per cent, a cut of 0.6 percent from the projection made in January. But then also it continues to be the world’s growth leader.

• Also, ndia’s economy is projected to grow at 7.1 per cent in the fiscal year 2020 on the back of strong domestic consumption and investment.

OECD: India’s economy to grow 7.5% by 2020 amid slowing global growth

India’s economic growth will regain strength and approach 7.5% by 2020 buoyed by rural consumption and subdued inflation, the Organisation for Economic Co-operation and Development (OECD) said in its Economic Outlook.

• Gross domestic product (GDP) growth in India is projected to strengthen to close to 7.25% in FY19 and close to 7.5% in FY20.

Mudra loans may cross Rs 3 lakh crore in 2019-20

Total sanctions under the Pradhan Mantri Mudra Yojana (PMMY) loan scheme for micro industries are likely to cross Rs 3 lakh crore in the current fiscal.

• Government data for the scheme for the last fiscal, till March 22, 2019, put the figure of Mudra sanctions at Rs 2.82 lakh crore to 541.27 lakh borrowers.
• The loan is given primarily for the purpose of employment creation at the grassroots level through formal banking credit channel.

ADB to extend $750-mn long-term finance to IRFC for track electrification project

Asian Development Bank (ADB) has signed an agreement to provide long-term financing of $750 million equivalent in Indian rupees — the largest single non-sovereign loan ever committed by ADB — to the Indian Railway Finance Corporation (IRFC), to fund the Railways track electrification project.

• It is part of a broad modernisation programme that will help the railways transition to electric power and move away from dependence on fossil fuels.

APPOINTMENTS

Bimal Dayal to be CEO after merger of Indus Towers with Bharti Infratel

Bharti Group and Vodafone Group Plc have said that industry veterans Bimal Dayal will be the Chief Executive Officer after merger of Indus Towers and Bharti Infratel which is in advanced stage of completion.

• At the same time, Hemant Ruia will be the Chief Financial Officer.
• The merger of Bharti Infratel and Indus Towers will create a pan-India tower company with over 163,000 towers operating across all 22 telecom service areas in India.

AWARDS

Indian woman doctor gets Global Asian award

Bengaluru-based medical doctor Hema Divakar was honoured with the ‘Global Asian of the Year 2018-19’ award in Dubai recently for her yeomen services and contributions to the women’s healthcare ecosystem, in India.

• Hema received the award at the Asian Business & Social Forum 2019 under the ‘In Service of the Society and the Nation’ category.
• Hema is also spearheading a healthcare initiative for the overall well-being of women, with affordable and quality treatment.

Pune scientist wins German chemistry prize

In an international competition ‘Elsevier Foundation-ISC3 Green and Sustainable Chemistry Challenge’, a project idea by Ankur Patwardhan from Pune has bagged the second prize of €25,000. His project named ‘Butterfly attractant for pollination and ecosystem health’ is about the relation between chemistry and ecosystem.

Oman author Jokha Alharthi wins Booker International Prize

Jokha Alharthi, an author from Oman has won the prestigious Man Booker International Prize for “Celestial Bodies”, the story of three sisters of a desert country confronting its slave-owning past and a complex modern world.She is the first Arabic-language writer to take the prize.

IMPORTANT DAYS

International Day for Biological Diversity

The International Day for Biological Diversity is a United Nations–sanctioned international day for the promotion of biodiversity issues. It is currently held on May 22. The International Day for Biological Diversity (IDB) to increase understanding and awareness of biodiversity issues.

• The theme of  2019 International Day for Biological Diversity is “Our Biodiversity, Our Food, Our Health.”

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