Daily Current Affairs 29th May, 2020

Daily Current Affairs 29 May 2020 for Banking/Insurance/SSC and other related exams.


CIPET renamed as Central Institute of Petrochemicals Engineering &Technology
Central Institute of Plastics Engineering & Technology (CIPET) has been renamed as Central Institute of Petrochemicals Engineering & Technology (CIPET), a premier national institution under the Ministry of Chemicals and Fertilizers, Govt. of India.The announcement was made by the Union Minister for Chemicals and Fertilizers DV Sadananda Gowda. 

  • The changed name has been registered under the Tamil Nadu Societies Registration Act 1975 ( Tamil Nadu Act 27 of 1975).


ADB, India sign US $ 177 million loan deal to upgrade roads in Maharashtra
The Asian Development Bank (ADB) granted a loan of US $ 177 loan to India to upgrade 450 kms of state highways and major district roads in Maharashtra.

  • As part of the project, 2 major district roads and 11 state highways, with a combined length of 450 km, to 2-lane standard across seven districts of Maharashtra will be upgraded, with improved connectivity to national highways, interstate roads, seaports, airports, rail hubs, district headquarters, industrial areas, enterprise clusters and agricultural areas.

RBI Penalises Bank of India, Karnataka Bank and Saraswat Co-op Bank Over Deficiencies in Rule Compliance
The Reserve Bank said it has imposed a penalty of Rs 5 crore on state-owned Bank of India for non-compliance with certain provisions, including those related with NPA.

  • The central bank also imposed a penalty of Rs 1.2 crore on Karnataka Bank for non-compliance with NPA norms.
  • RBI also imposed a penalty of Rs 30 lakh on Saraswat Co-operative Bank for non-compliance with directions on ‘Income Recognition and Asset Classification (IRAC) norms.’

Tech firm Vakrangee joins hands with LIC to distribute micro insurance products
Vakrangee Ltd said it has tied up with Life Insurance Corporation of India (LIC) to distribute micro insurance products in unserved and underserved areas through its centres across the country.

  • Further, renewal premium collection for all micro insurance policies of LIC will be enabled at Vakrangee kendras irrespective whether these policies have been procured at the kendra or not.


India’s GDP Growth Likely be at 3.6% in January-March Quarter: Care Ratings
The country’s GDP growth is likely to be at 3.6 per cent in January-March 2020 as economic activity came to a complete halt due to the countrywide lockdown imposed to contain the coronavirus outbreak, says a report.

  • Rating agency Care Ratings expect GDP growth in Q4 to be 3.6 per cent with the headline number coming down to 4.7 per cent for the entire year.

FDI in India Jumps 13 Percent to Record $49.98 Billion in 2019-20
Foreign direct investment (FDI) in India grew by 13% to a record of $49.97 billion in the 2019-20 financial year, according to official data.

  • The country had received FDI of $44.36 billion during April-March 2018-19.
  • Singapore emerged as the largest source of FDI in India with $14.67 billion investments.
  •  It was followed by Mauritius ($8.24 billion), the Netherlands ($6.5 billion), the US ($4.22 billion), Caymen Islands ($3.7 billion), Japan ($3.22 billion), and France ($1.89 billion).

India’s GDP Growth May Rebound to 5% in FY22: Former RBI Guv Duvvuri Subbarao
The country’s economy, which is likely to contract by 5 per cent in the current fiscal, may expand by around 5 per cent in the next financial year, former RBI governor Duvvuri Subbarao said.

  • Rating agency Crisil had said the Indian economy may shrink by 5 per cent in fiscal 2021, adding this recession could be the country’s fourth since Independence and perhaps the worst to date


36th National Games Postponed Indefinitely Due to Coronavirus
The 36th National Games, scheduled to be held in Goa, were postponed indefinitely due to the coronavirus pandemic.

  • The Indian Olympic Association (IOA) recently asked the Goa government that it must host the National Games as scheduled from 20 October to 4 November this year.

Sri Lanka Cricket suspends Shehan Madushanka after heroin arrest
Sri Lanka’s cricket board suspended pace bowler Shehan Madushanka from all forms of the game, two days after he was arrested allegedly in possession of heroin.

  • The right-arm bowler was stopped while driving with another person in a car on Sunday and found to have two grams of the drug.


Zomato elevates food-delivery CEO Mohit Gupta as co-founder
Food ordering platform Zomato has elevated Mohit Gupta, the CEO of its food delivery business by making him a co-founder. 

  • Gupta had joined Zomato in 2018 from MakeMyTrip.
  • Previously, Gaurav Gupta was promoted as a cofounder by Zomato in 2019

R Sreelekha to Become Kerala’s First Woman DGP
Kerala Police will get its first woman Director General when R.Sreelekha assumes office as the new head of the Kerala Fire and Rescue Services on June 1.

  • Presently an Additional Director General of Police, she currently heads the Jail Department

IOC appoints Narinder Batra as member of Olympic Channel Commission
Indian Olympic Association (IOA) president Narinder Batra has been appointed as a member of the Olympic Channel Commission.

  • The 63-year-old Batra had earlier served as the president of Hockey India (2014-2016) and Asian Hockey Federation (2003-2013). He was also the treasurer of Delhi & District Cricket Association between 2003 to 2013.


International Day of UN Peacekeepers
Every year on 29 May, the United Nations commemorates the International Day of United Nations Peacekeepers. 

  • This year, the United Nations celebrates the 70th anniversary of UN peacekeeping, a unique and dynamic instrument to help countries torn by conflict transition to lasting peace.
  • The theme for this year’s Day is “Women in Peacekeeping: A Key to Peace” to help mark the 20th anniversary of the adoption of UN Security Council Resolution 1325 on Women, Peace and Security.

International Day of Action for Women’s Health
The International Day of Action for Women’s Health or International Women’s Health Day is celebrated on May 28 every year since 1987

  • The main goal of the celebration of this day is to raise awareness on the issues related to women’s health and well being, including Sexual and Reproductive Health and Rights (SRHR).

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