Daily Current Affairs 24th May, 2019

Daily Current Affairs 24 May 2019 for Banking/Insurance/SSC and other related exams.

NATIONAL NEWS

Narendra Modi set to become Prime Minister for the second term

Narendra Modi will be Prime Minister again, sweeping back to power today with a majority bigger than in 2014. The BJP alone is set to win 303 seats and along with its allies is leading in or has won 348 seats, far beyond the 272 they needed for a majority in the Lok Sabha.

• BJP chief Amit Shah pointed out that the party had secured over 50 per cent of the popular vote in 17 states and union territories, reduced the Congress to a “big zero” in 17 states and expanded its footprint in states such as Bengal and Odisha.

2019 Lok Sabha polls record highest-ever voter turnout in history

The 2019 Lok Sabha elections witnessed a voter turnout of 67.10% (interim), which is the highest ever voter turnout in the history of general elections, as per Election Commission of India. The previous highest voter turnout of 66.44% was recorded in 2014. The highest voter turnout was recorded in the first phase when 69.61 per cent of the electorate voted.

• Among the states, Himachal Pradesh registered a turnout of 72.25 per cent, which is 7.8 per cent higher than the 2014 polls. Similarly, Madhya Pradesh saw a 9.5 per cent increase in turnout compared to last year – 71.1 per cent compared to 61.57 per cent. Chhattisgarh recorded 71.48 per cent turnout across its three phases.

5th Smart Cities India 2019 Expo Inaugurated In New Delhi

The 5th Smart Cities India 2019 expo, including Transport India, Solar India, Buildings India and Water India expos, was inaugurated by Durga Shanker Mishra, Secretary, Ministry of Housing and Urban Affairs, Government of India, at the Pragati Maidan, New Delhi.

• Organised by India Trade Promotion Organization (ITPO) and Exhibitions India Group, the event builds upon Government of India’s ‘Smart Cities Mission’ through a display of a vast array of products and solutions relevant to building smart cities in India.

INTERNATIONAL NEWS

WHO Declares Algeria, Argentina Malaria-Free

The World Health Organization has certified Algeria and Argentina as malaria-free, following three consecutive years where no new cases of the deadly disease have been reported.

• The World Health Organization reports Algeria is the second country in Africa to be recognized as malaria-free after Mauritius, which was certified in 1973. Argentina is the second country in South America, after Paraguay, to be declared malaria-free.
• Extra info.:
  Algeria Capital: Algiers
  Currency: Algerian dinar
  Argentina Capital: Buenos Aires
  Currency: Argentine peso

BANKING & FINANCE

HDFC Group Overtakes Tata Group As India’s Most Valuable

The HDFC group has overtaken the 151-year-old Tata group to emerge as India’s most valuable by way of market capitalization (m-cap). The combined market value of the five listed companies of the HDFC group – HDFC, HDFC Bank, HDFC Life, HDFC Asset Management and Gruh Finance – stood at Rs 11.66 lakh crore as on May 20, 2019 while the combined m-cap of 29 Tata group companies stood at Rs 11.64 lakh crore, about Rs 2,000 crore less than that of the HDFC group.

• There was a significant gap between the m-cap of HDFC group and Tata group before one-and-half year. The m-cap of the HDFC group was at Rs 8.4 lakh crore in January 2018 while the market value of the Tata group was at Rs 9.6 lakh crore at that time.

BUSINESS & ECONOMY

SEBI, IRDAI Set Up Regulatory Sandbox For Fintech Innovations

The Securities and Exchange Board of India (SEBI) and the Insurance Regulatory and Development Authority (IRDAI) have announced initiatives to encourage tech startups, especially fintech, by making data and systems available to them through the regulatory sandbox (RS).

• SEBI has proposed an ‘Innovation Sandbox’ which would be a testing environment where fintech firms and entities not regulated by SEBI. IRDAI has also recommended setting up a RS to test new digital and tech-based innovations before launching them in the market. An applicant should have a net worth of Rs.1 million and a proven financial record of at least one year for the IRDAI sandbox.

ICRA downgrades long-term ratings of IDFC First Bank

Rating agency ICRA downgraded the long-term rating of private lender IDFC First Bank on the back of weak earnings profile and increase in provisions due to unanticipated fresh stressed exposures identified by the bank. The ratings was bought down a notch from to AA from AA+ with stable outlook.

• The bank had reported an increase in stressed exposures due to deterioration in the credit profile of three large exposures and made a voluntary provision of Rs 420 crore on these exposures.

IDBI Bank collects Rs 160 crore insurance premium after LIC tie-up

IDBI Bank sold insurance policies worth Rs 160 crore in March 2019 after a partnership with Life Insurance Corporation of India (LIC). LIC’s corporate agents will be able to sell the products across their 1,800 branches.

• LIC is the majority shareholder in IDBI Bank holding a 51 percent stake in the banking entity. 

Karnataka Bank launches S/B product for salaried class

Karnataka Bank has launched a new savings bank product, KBL SB Salary, a customised product for the salaried class with three variants. The bank has designed three variants – SB Salary Executive, SB Salary Prime, and SB Salary Classic to cater the to financial needs of the ‘employer-employee ecosystem’.

• The three variants of KBL SB Salary come with a host of features and do not have the minimum balance criteria.
• Extra info.:
  Karnataka Bank Headquarters: Mangaluru

APPOINTMENTS

Jagan Mohan Reddy To Be Sworn In As CM of Andhra Pradesh

In Andhra Pradesh, YSR Congress Chief Jagan Mohan Reddy will be sworn in as chief minister of Andhra Pradesh on 30th of this month at Vijayawada. Mr Jagan Mohan Reddy has announced this following his party achieving inching towards a landslide victory in the legislative elections for Andhra Pradesh Legislative assembly held on April 11th.

• The YSR Congress won 74 seats and is leading in 76 seats till the last reports came in.

AWARDS

Insurer Bharti AXA Bags Claims Excellence Award

Bharti AXA Life Insurance, a private life insurer, has been conferred with the FICCI Claims Excellence Award. The recognition comes for its customer-friendly claims services in the life insurance sector.

• The insurer improved its individual claim settlement ratio, the number of claims paid to the number of claims received, to 96.85 per cent in financial year 2017-18.

OBITUARIES

Former Malaysian King Sultan Ahmad Shah passes away

Malaysia’s seventh King and football veteran Sultan Ahmad Shah passed away at the age of 88. Ahmad Shah was also the fifth Sultan of Malaysia’s central Pahang state.

• Born in 1930, Ahmad Shah was proclaimed the fifth Sultan of Pahang in 1974. He became the seventh Yang di-Pertuan Agong, or the supreme head of state from 1979 to 1984.
• Extra info.:
  Malaysia Capital: Kuala Lumpur
  Currency: Malaysian ringgit

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