Daily Current Affairs 28th May, 2020

Daily Current Affairs 28 May 2020 for Banking/Insurance/SSC and other related exams.

BANKING & FINANCE

Airtel Payments Bank, Mastercard tie up for payment solutions for farmers, SMEs
Airtel Payments Bank has partnered with Mastercard to build customised solutions for payments such as tap-and-pay NFC, credit facility and other neighbourhood banking services for farmers and SMEs.

• The companies aim to cater to underbanked spectrum of users and enable digital adoption via the partnership.
• Airtel Payments Bank and Mastercard will work together to create differentiated card solutions, including solutions for contact less payments via NFC (Near Field Communication) for customers and merchants.

NPCI launches AI virtual assistant PAi 
National Payment Corporation of India (NPCI) has launched an artificial intelligence (AI)-based chatbot to create awareness around its digital payment platforms like FASTag, RuPay and UPI. Called PAi, the chatbot aims to improve digital financial inclusion in the country.

• The AI virtual assistant PAi can be accessed 24/7.
• Through PAi, users get verified automated responses to their queries on all NPCI’s products.
• PAi would also be accessible to global RuPay Card holders as well. Right now, PAi is available in English and Hindi languages

BUSINESS & ECONOMY

Flipkart partners with Mango Board to help farmers sell online
E-commerce platform Flipkart and the Karnataka State Mango Development and Marketing Corporation Ltd. signed a Memorandum of Understanding, enabling farmers to sell their fresh produce online.

• India Post would function as the last-mile delivery operations partner during this season.
• Through this, consumers will have access to many varieties of mangoes across the districts of Bengaluru Urban, Kolar, Haveri, Hubballi-Dharwad, and Belagavi. Flipkart will provide its platform to the Mango Board, Farmer Producer Organisations, sellers, growers, and traders by enrolling them on the platform

Indian economy to contract 5% in FY21, says S&P assuming COVID-19 peak by third quarter
Rating agency Standard and Poor’s said the Indian economy will contract 5% in FY21 assuming that the ongoing coronavirus pandemic will peak by September quarter. S&P’s Indian arm Crisil made similar forecasts.

• Forecasting a 5 per cent contraction in 2020-21 (versus 1.8 per cent growth forecast it made in April), S&P said growth is expected to pick up to 8.5 per cent in the following fiscal (up from the previous forecast of 7.5 per cent). The GDP is projected to expand by 6.5 per cent in FY23 and 6.6 per cent FY24

SCIENCE & TECHNOLOGY

IIT Madras develops light-weight alloy to replace steel, aluminium in cars
Researchers at the Indian Institute of Technology Madras (IITM), along with the University of North Texas and US Army Research Laboratory, have developed a magnesium alloy with significantly improved properties, that can replace steel and aluminium in automotive and aerospace components.

• The research team has made headway in solving this problem by formulating a magnesium alloy with almost zero yield asymmetry and high ductility.
•  The new engineered alloy is strong, highly ductile and its super-plasticity is achieved at higher strain-rates that reduce overall manufacturing time, effort, and costs.

APPOINTMENTS

Brazil’s Marcos Troyjo to succeed KV Kamath as NDB President
Brazil’s Marcos Troyjo will succeed India’s KV Kamath as president of the New Development Bank (NDB).

•  Elections for the post were held during a special meeting of the bank’s board of governors recently.
•  India’s Anil Kishora will be the bank’s vice-president and chief risk officer.

SN Rajeswari appointed new CMD of Oriental Insurance Company
SN Rajeswari,57,general manager,New India Assurance(NIA),has been selected by the Banks Board Bureau (BBB), as the CMD of the Delhi based Oriental Insurance Company(OIC).

• AV Girija Kumar,CMD,OIC,is retiring this month end after reaching 60.
• For the first time, the interviews for selecting a CMD have to be done through video conferencing as the country is under lockdown till May 31 to check the spread of Covid-19 Pandemic.

ACQUISITIONS & MERGERS

Ola Electric acquires Etergo, to launch electric two-wheeler in 2021
Ola Electric Mobility Pvt Ltd, the electric vehicle arm of Ola, has acquired Amsterdam-based Etergo BV, manufacturer of electric scooters.

• With this acquisition, Ola Electric will enter the premium electric two-wheeler market and look to manufacture these scooters.
• Still in the concept stage, Ola plans to bring these electric-scooters on Indian roads by the start of 2021, with manufacturing units set up in the country.

OBITUARIES

Noted Urdu satirist Mujtaba Hussain passes away at 84
Celebrated Urdu author, humorist and satirist Mujtaba Hussain passed away in Red hills after a prolonged illness. He was 84.

• Often described as the Mark Twain of Urdu, Mujtaba Hussain was perhaps the most loved Urdu humorist of his times.
•  He was awarded the Padma Shri, the country’s fourth highest civilian award, in 2007.

Former Tamil Nadu footballer Shanmugam passes away
Former Tamil Nadu footballer and coach R. Shanmugam passed away. He wad 77.

• Shanmugam, who was born in Burma (now Myanmar) in 1943, had represented the Burmese junior and senior national teams in 1966-’67.
• He has coached ICF, Tamil Nadu and Indian Railways for the Santosh trophy, and the National team for the International Jawaharlal Nehru trophy
• Shanmugam has also served as the president of the Football Coaches Association in Chennai.

BOOKS & AUTHORS

JK Rowling releases children’s book ‘The Ickabog’ 
J.K. Rowling published the first chapters of a fairy tale about a monster known as the Ickabog, an allegory about truth and abuse of power that is free online so that children can read it during coronavirus lockdown.

• The story concerns rumours of a fierce child-eating monster with extraordinary powers which lives in the northern tip of an imaginary land known as Cornucopia

Click here to read Daily Current Affairs