Daily Current Affairs 22nd May, 2020

Daily Current Affairs 22 May 2020 for Banking/Insurance/SSC and other related exams.


Cabinet approves Rs 20,050cr scheme for fisheries sector
The Cabinet approved a scheme to bring about a blue revolution through sustainable and responsible development of the fisheries sector with a total estimated investment of Rs 20,050 crore in the next five years.

  • Of the total investment under the ‘Pradhan Mantri Matsya Sampada Yojana’ (PMMSY), the central share would be Rs 9,407 crore, state share of Rs 4,880 crore and beneficiaries’ share of Rs 5,763 crore.
  • The scheme will focus on creating critical infrastructure including modernisation and strengthening of value chain and improve availability of certified quality fish seed and feed, traceability in fish and including effective aquatic health management.

Govt extends ‘Pradhan Mantri Vaya Vandana Yojana’ by 3 yrs till Mar 2023
The Union Cabinet extended the Pradhan Mantri Vaya Vandana Yojana (PMVVY), a social security scheme for senior citizens, for three years till March, 2023.

  • PMVVY scheme, implemented through the Life Insurance Corporation (LIC), is intended to give an assured minimum pension to senior citizens (60 years and above) based on an assured return on the purchase price/subscription amount.
  • The assured rate of return for fiscal 2020-21 has been pegged at 7.4 per cent per annum and thereafter to be reset every year.

CM Yogi Adityanath launches ‘UP Start-up Fund’, to be managed by SIDBI
Uttar Pradesh Chief Minister Adityanath launched the ‘UP Start-up Fund’ to be managed by the Small Industries Development Bank of India (SIDBI).

  • The fund has been set up under the UP Information Technology and Start-up Policy 2017
  • Amid the signing of the memorandum of understanding (MoU) between the UP government and SIDBI, the CM handed over cheque of the initial contribution of Rs 15 crore towards the Fund.

Chhattisgarh launches Rajiv Gandhi Nyay Yojana for farmers 
The Chhattisgarh government launched a scheme to ensure “minimum income availability” to farmers of the state through direct bank transfer on the death anniversary of former prime minister Rajiv Gandhi May 21.

  • Under the Rajiv Gandhi Kisan Nyay Yojana, based on registered area and area under cultivation during Kharif crop season 2019, Rs 10,000 per acre will be deposited in the bank accounts of farmers as agriculture assistance grant for sowing crops such as paddy, maize and sugarcane.

Centre launches scheme for 100% solarization of Konark Sun Temple & Konark town in Odisha
Union Government has launched scheme for 100 per cent solarization of Konark Sun Temple and Konark town in Odisha.Rs 25 crore rupees has been earmarked for this project.

  • The scheme is launched with an objective to take forward the Prime Minister’s vision to develop the historical Sun Temple town of Konark as Surya Nagri.
  • The scheme envisages setting up of 10 Mega Waat grid connected solar project and various solar off-grid applications like solar trees and solar drinking water kiosks.

FinMin sanctions Rs 92,077 cr to states as devolution of central taxes
The government said it has released Rs 92,077 crore towards devolution of central taxes to states for April and May

  • The devolution amount for April stood at Rs 46,038.10 crore, while for May, it is Rs 46,038.70 crore.
  • These releases are according to projections of receipts in Budget Estimate 2020-21 and have not been adjusted for the actual tax collections, impacting the Centre’s cash balances.

Cabinet approves Rs 10,000 crore scheme to support micro food processing units
The Union Cabinet, headed by Prime Minister Narendra Modi, gave approval for a new central scheme with an outlay of Rs 10,000 crore for providing credit-linked subsidy to 2 lakh micro food processing units across the country.

  • The ‘Scheme for Formalisation of Micro food processing Enterprises’ was announced as part of the Rs 20 lakh crore Atma Nirbhar package to tackle the economic slump resulting from COVID-19 pandemic.
  • Under the scheme, meant for the unorganised sector, the expenditure will be shared by the central and state governments in the ratio of 60:40.
  • The scheme, to be implemented for five years till 2024-25, will provide back ended credit-linked subsidy to 2,00,000 units. It will have a cluster-based approach, with focus on perishables.

Cabinet approves proposal to give free grains to 8 cr migrants
The Union Cabinet gave ex-post facto approval for distribution of 5 kg foodgrains from the central pool for free to 8 crore migrant workers for two months.

  • Last week, the government had announced providing free of cost about 5 kg foodgrain per month for May and June as part of the Rs 20 lakh crore ‘AtmaNirbhar’ package to tackle the economic slump resulting from COVID-19.


Reserve Bank extends Rs 15,000-cr credit line to EXIM Bank
The Reserve Bank announced a Rs 15,000-crore line of credit to the Export-Import Bank of India, for a period of 90 days from the date of availment with rollover up to a maximum period of one year so as to enable it to avail a US dollar swap facility to meet its foreign exchange requirements,

  • Among other measures, the Reserve Bank of India (RBI) has also decided to increase the maximum permissible period of pre-shipment and post-shipment export credit sanctioned by banks from the existing one year to 15 months, for disbursements made up to July 31, 2020.

RBI cuts repo rate by 40 bps to 4%
The Reserve Bank of India has cut key repo lending rate by 40 basis points to 4%. This is expected to bring down lending rates and deposit rates as well.

  • RBI’s monetary policy committee in an off-cycle meeting voted 5-1 for a 40 bps repo rate cut, while maintaining an accommodative stance. Reverse repo gets automatically gets adjusted to 3.35% from 3.75%.
  • GDP growth for this year is seen in the negative territory
  • The loan moratorium will be extended till 31 August

Sidbi receives Rs 15 cr from UP govt for startup fund
Small Industries Development Bank of India (Sidbi) has received Rs 15 crore from the Uttar Pradesh government as the first tranche towards the UP Start-up Fund.

  • The initial corpus of the fund, set up to promote start-ups in the state, has been kept at Rs 1,000 crore.
  • The fund will be professionally managed by Sidbi and will be in the form of Fund of Funds. 


Samsung India partners Facebook to enable offline retailers go digital
Samsung India has partnered with social media giant Facebook to train offline retailers to go digital.

  • In the first phase, Samsung and Facebook have already trained more than 800 offline retailers, with more training sessions lined up in the coming weeks.
  • The major focus of this training programme is on enabling offline retailers build a digital presence through the Facebook family of apps — Facebook, Messenger, Instagram and WhatsApp

UNICEF, Airtel Africa team up to support children, families affected by COVID-19
UNICEF has entered into a partnership with Airtel Africa to provide children with access to remote learning and enable access to cash assistance for their families via mobile cash transfers amid the coronavirus pandemic.

  • Airtel Africa will ‘zero-rate’ select websites hosting educational content, which will provide children with remote access to digital content at no cost.
  • Under this pact, UNICEF and Airtel Africa will use mobile technology to benefit an estimated 133 million children currently affected by school closures in 13 countries across sub-Saharan Africa during the COVID-19 pandemic.


Moeketsi Majoro sworn in as Lesotho’s new prime minister
Moeketsi Majoro has been sworn in as Lesotho’s prime minister following the resignation of his embattled predecessor, Thomas Thabane.

  • Thabane’s decision to step down came amid mounting pressure over a case in which he and his current wife are suspected of involvement in the 2017 murder of his estranged wife. They both deny this.

TS Tirumurti, India’s New Permanent Representative To UN Presents takes charge
TS Tirumurti, India’s new Permanent Representative to the UN, presented his credentials virtually as he assumed charge as the Ambassador amid the coronavirus pandemic.

  • A  1985-batch Indian Foreign Service officer, Tirumurti succeeds Ambassador Syed Akbaruddin, who retired on April 30 and returned to Hyderabad.
  • Tirumurti previously served as Secretary, Economic Relations at the Ministry of External Affairs headquarters in New Delhi


Renowned vocalist Shyamala G Bhave passes away 
Renowned vocalist Shyamala G Bhave, who had an equal command over Hindustani and Carnatic music, passed away at her residence after suffering a stroke. She was 79

  • She was bestowed with the title of ‘Ubhaya Gaana Vidushi (expert in both styles)’ by Sir M Visvesvaraya, the 19th Diwan of Mysore.

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