Daily Current Affairs May 03

Dear Champions, as you all know that a lot of competitive exams have been notified consequently. Candidates have to prepare themselves according to the level of competition and expectation of the Recruitment board. Regarding that one of the most important topic is Daily Current Affairs May 03. Current Affairs in the form of contemporary events of national & international play a crucial role in almost every competitive exams like Banking, Insurance, SSC, UPSC, TNPSC, Railway etc.

Current affairs are the most dynamic yet scoring among all sections and need to be prepared from the right source. Here, we cafunsta team, providing  Daily GK Updates, Current Affairs Questions, and Monthly  current affairs pdf.

TO PURCHASE OUR BANKING AWARENESS (2021 Edition) – CLICK HERE

May 03 | Daily Current Affairs 2024

Important Days – Daily Current Affairs May 03

1. What is the theme for World Press Freedom Day in 2024?
A) Journalism and Democracy: Protecting Open Information
B) A Press for Equality: Gender and Media Freedom
C) Media for Democracy: Journalism and Elections in Times of Disinformation
D) A Press for the Planet: Journalism in the Face of the Environmental Crisis
E) Information as a Public Good
Answer: D) A Press for the Planet: Journalism in the Face of the Environmental Crisis

Event and Location:

• Event: World Press Freedom Day is observed on May 3 every year to emphasize and raise awareness about the importance of press freedom.
• Location: The 2024 World Press Freedom Day Conference will be held in Santiago, Chile.

Mandates and Objectives:

• The day is dedicated to highlighting the critical role of free media in society and the conditions under which journalists operate—often facing threats, violence, and censorship.
• Objectives for 2024 include informing the public about environmental issues, holding corporations and governments accountable, and promoting action against environmental crises.

Important Terms Explained:

• World Press Freedom Day: Established by the United Nations General Assembly in 1993, it aims to support and celebrate the freedom of the press.
• The Windhoek Declaration: Adopted in Windhoek, Namibia, in 1991, it emphasizes the necessity of a free, independent, and pluralistic press for democracy and development.

Static GK Information:

Tabular Summary:

---

Sports – Daily Current Affairs May 03

2. Which teams has Amul sponsored for the upcoming T20 World Cup?
A) USA and Netherlands
B) USA and South Africa
C) South Africa and Sri Lanka
D) USA and Canada
E) Netherlands and Sri Lanka
Answer: B) USA and South Africa

Event and Location:

• Event: Amul’s sponsorship announcement for the T20 World Cup teams.
• Location: New York, USA, where the sponsorship ceremony took place.

Mandates and Objectives:

• Objective of Amul’s Sponsorship: To expand its global presence and popularity of cricket, especially in nations like the USA where Amul products are being marketed.
• Amul aims to support and promote cricket through strategic partnerships, enhancing both the sport’s and the brand’s visibility on an international stage.

Important Terms Explained:

• Amul: Known as the Gujarat Cooperative Milk Marketing Federation (GCMMF), Amul is an Indian dairy cooperative. It is famous worldwide for its milk products and has a rich history of sports sponsorships.
• T20 World Cup: A global cricket tournament featuring the Twenty20 format, where the matches are limited to 20 overs per team.

Static GK Information:

Tabular Summary:

---

3. What is the duration of Devon Thomas’s ban from all forms of cricket as per the ICC Anti-Corruption Code?
A) Two years
B) Three years
C) Five years, with the last 18 months suspended
D) Five years
E) Ten years
Answer: C) Five years, with the last 18 months suspended

Event and Location:

• Event: Devon Thomas, a West Indies cricketer, has been banned from all forms of cricket for five years under the Anti-Corruption Code.
• Location: The decision was made by the International Cricket Council (ICC) which acted in its capacity as the Designated Anti-Corruption Official.

Mandates and Objectives:

• Objective of Ban: To uphold the integrity of cricket by penalizing breaches of anti-corruption codes and to deter others from engaging in similar conduct.
• The ban includes a suspension of the last 18 months, conditional on no further breaches.

Important Terms Explained:

• ICC Anti-Corruption Code: A set of rules and regulations set by the ICC to combat corruption in cricket, including match-fixing, illegal betting, and failure to report corrupt approaches.
• Designated Anti-Corruption Official: An appointed official by the ICC or a cricket board to oversee the enforcement of anti-corruption policies.

Static GK Information:

Tabular Summary:

---

4. Where will the 2025 BWF World Junior Championship be held?
A) Pune
B) Hyderabad
C) Guwahati
D) New Delhi
E) Chengdu
Answer: C) Guwahati

Event and Location:

• Event: Guwahati has been chosen as the host city for the 2025 BWF World Junior Championship.
• Location: The championship will be held at the National Centre of Excellence in Guwahati, which boasts modern facilities and a seating capacity for approximately 4000 spectators.

Mandates and Objectives:

• Objective: To showcase India’s capability as a host for major international badminton events and to promote the development of young badminton talent on a global stage.

Important Terms Explained:

• BWF World Junior Championship: An annual event organized by the Badminton World Federation (BWF) that features the world’s best young badminton players competing in both team and individual categories.
• National Centre of Excellence: A state-of-the-art sports facility in Guwahati, equipped with 14 badminton courts, an international standard gymnasium, and significant spectator capacity, designed to host major sports events.

Static GK Information:

Tabular Summary:

---

Obituary – Daily Current Affairs May 03

5. Which former Union Minister and BJP MP from Chamarajanagar passed away at the age of 76?
A) B S Yediyurappa
B) Siddaramaiah
C) V Sreenivasa Prasad
D) Atal Bihari Vajpayee
E) None of the above
Answer: C) V Sreenivasa Prasad

Event and Location:

• Event: The passing of V Sreenivasa Prasad, a veteran politician, BJP MP, and former Union Minister.
• Location: He was being treated at a private hospital where he passed away.

Mandates and Objectives:

• Objective of Prasad’s Public Service: Throughout his 50 years in public life, Prasad served in various capacities, including as an MP, MLA, and Union Minister, advocating for social justice and supporting the oppressed, particularly the Dalit community.

Important Terms Explained:

• BJP (Bharatiya Janata Party): A major political party in India that Prasad was affiliated with during different periods of his political career.
• Union Minister: A member of the Union Cabinet in the Government of India. Prasad served as the Union Minister of State for Consumer Affairs, Food and Public Distribution from 1999 to 2004.

Static GK Information:

Tabular Summary:

---

Banking and Finance – Daily Current Affairs May 03

6. What is the aim of the NIPL and Bank of Namibia partnership?
A) Payment system development
B) Financial integration
C) Currency creation
D) Banking venture
E) Credit enhancement
Answer: A) Payment system development

Event and Location:

• Event: NIPL’s partnership with the Bank of Namibia to develop an instant payment system.
• Location: Agreement signing took place in Mumbai, headquarters of NPCI International Payments Limited.

Mandates and Objectives:

• Objective: To support the development of a UPI-like payment system in Namibia that improves financial services’ accessibility, affordability, and interoperability.
• This strategic initiative focuses on modernizing Namibia’s financial ecosystem, particularly targeting real-time digital transactions.

Important Terms Explained:

• UPI (Unified Payment Interface): An innovative payment system developed by NPCI that simplifies and integrates various banking services and transactions into one platform.
• NIPL (NPCI International Payments Limited): An entity of NPCI focused on the international adoption of India’s payment technologies.

Static GK Information:

Tabular Summary:

---

7. What is the interest rate announced by the RBI for the Floating Rate Savings Bond 2034 for the period from April 30, 2024, to October 29, 2024?
A) 5%
B) 6%
C) 7%
D) 8%
E) 9%
Answer: D) 8%

Event and Location:

• Event: The Reserve Bank of India (RBI) announces the interest rate for the Floating Rate Savings Bond 2034.
• Location: The announcement is applicable in India, as indicated by the RBI’s jurisdiction.

Mandates and Objectives:

• Objective of Floating Rate Savings Bond (FRSB) 2034: To offer investors an interest rate that adjusts every six months according to market conditions, providing a dynamic investment opportunity reflective of the current financial environment.

Important Terms Explained:

• Floating Rate Bond (FRB): A bond with an interest rate that adjusts periodically (every six months in this case) based on a specified benchmark, which is the average yield of recent Treasury Bill auctions in this context.
• Treasury Bills: Short-term government securities issued at a discount from face value and reflecting current interest rates.

Static GK Information:

Tabular Summary:

---

8. Which bank recently joined the league of India’s top five companies by market capitalization, with a market cap of Rs 8.14 trillion?
A) HDFC Bank
B) State Bank of India
C) ICICI Bank
D) Axis Bank
E) Kotak Mahindra Bank
Answer: C) ICICI Bank

Event and Location:

• Event: ICICI Bank’s market capitalization reaches Rs 8.14 trillion, making it one of the top five companies by market value in India.
• Location: The update is relevant to the Indian financial market.

Mandates and Objectives:

• Objective: ICICI Bank’s market capitalization growth reflects its robust financial performance and investor confidence, bolstered by better-than-expected quarterly results and positive assessments from financial analysts.

Important Terms Explained:

• Market Capitalization: The total market value of a company’s outstanding shares. It is calculated by multiplying the current market price of the company’s share by the total number of outstanding shares.
• Shares: Units of ownership interest in a corporation or financial asset that provide for an equal distribution in any profits, if any are declared, in the form of dividends.

Static GK Information:

Tabular Summary:

---

Business and Economy – Daily Current Affairs May 03

9. What is the target corpus of the venture capital fund launched by Dhruv Dhanraj Bahl’s Eternal Capital?
A) ₹120 crore
B) ₹240 crore
C) ₹1,500 crore
D) ₹2,100 crore
E) ₹600 crore
Answer: B) ₹240 crore

Event and Location:

• Event: Launch of a new venture capital fund called Eternal Capital by Dhruv Dhanraj Bahl, former COO of BharatPe.

Mandates and Objectives:

• Objective of Eternal Capital: To invest in 40 start-ups over the next three years, focusing on solutions for the future in various sectors from seed to pre-series stages.
• The fund is sector-agnostic and aims to create a diversified portfolio.

Important Terms Explained:

• Venture Capital Fund: A fund that invests in early-stage companies with high growth potential in exchange for equity, or partial ownership, of those companies.
• Greenshoe Option: A provision in an IPO or fund offering that allows underwriters to sell more shares to investors than originally planned if the demand and conditions are favorable.

Static GK Information:

Tabular Summary:

---

10. How much funding has Adani Green Energy Ltd secured for its solar projects in Gujarat and Rajasthan?
A) $200 million
B) $300 million
C) $400 million
D) $500 million
E) $600 million
Answer: C) $400 million

Event and Location:

• Event: Adani Green Energy Ltd (AGEL) secures funding for solar projects.
• Location: The solar projects are located in Rajasthan and Gujarat, India.

Mandates and Objectives:

• Objective of Funding: To finance the construction of 750 MW solar projects, which include a 500 MW project in Rajasthan and a 250 MW project in Gujarat. These projects are expected to diversify AGEL’s revenue streams and enhance project revenue.
• The funding aims to support AGEL’s efforts in expanding its renewable energy footprint and capitalizing on the merchant energy market.

Important Terms Explained:

• Green Loan: A type of loan instrument exclusively used to finance or re-finance, in part or full, new and/or existing eligible green projects.
• Merchant Power Project: A power plant developed for the purpose of selling electricity in the open market, rather than through long-term contracts (PPAs).

Static GK Information:

Tabular Summary:

---

 

Appointments – Daily Current Affairs May 03

11. What is the term of Pratima Singh’s appointment as Director in the Department of Promotion of Industry and Internal Trade (DPIIT)?
A) 3 years
B) 5 years
C) Until the completion of the Central Staffing Scheme
D) 5 years or until further orders, whichever comes earlier
E) Indefinitely until further notice
Answer: D) 5 years or until further orders, whichever comes earlier

Event and Location:

• Event: Appointment of Pratima Singh as Director in the DPIIT.
• Location: The appointment was coordinated through the Department of Personnel & Training (DoPT).

Mandates and Objectives:

• Objective: To enhance the functioning of the DPIIT in promoting industry, attracting investments, and increasing competitiveness in global markets.
• Pratima Singh’s role will focus on leveraging her expertise in revenue matters to streamline processes and resolve industry challenges.

Important Terms Explained:

• IRS (Indian Revenue Service): A revenue service under the Government of India, responsible for collecting and administering direct taxes through its two components, IRS (Income Tax) and IRS (Customs and Central Excise).
• DPIIT (Department of Promotion of Industry and Internal Trade): Part of India’s Ministry of Commerce and Industry, tasked with promoting industrial growth, facilitating investment, and enhancing global competitiveness of Indian industries.

Static GK Information:

Tabular Summary:

---

12. Who was elected as the new prime minister of Solomon Islands?
A) Manasseh Sogavare
B) Matthew Wale
C) Jeremiah Manele
D) David Vunagi
E) Wang Yi
Answer: C) Jeremiah Manele

Event and Location:

• Event: Jeremiah Manele was elected as the new prime minister of Solomon Islands.
• Location: The announcement was made outside the parliament house in Solomon Islands.

Mandates and Objectives:

• Objective of Manele’s Leadership: To continue the Pacific Island nation’s international policy that has drawn it closer to China, and to address internal issues such as economic recovery and policy reforms in tax, forestry, and minerals.
• Manele aims to uphold a foreign policy characterized by neutrality, with the principle “friends to all and enemies to none”.

Important Terms Explained:

• Governor General: The representative of the monarch in a commonwealth country, performing ceremonial duties. In this case, Sir David Vunagi announced the election results.
• Foreign Policy: A government’s strategy in dealing with other nations. For Solomon Islands, it includes maintaining relationships with major powers like China and traditional allies such as Australia and the U.S.

Static GK Information:

Tabular Summary:

---

National Affairs – Daily Current Affairs May 03

13. Which of the following activities was NOT part of the International Sun Day celebrations organized by the Ministry of New and Renewable Energy (MNRE) in 2024?
A) ‘Run for Sun’ Marathon in New Delhi
B) Installation of Solar Stops in six Indian cities
C) All-India Intra-School Solar Art Competition called Solart
D) International Renewable Energy Conference
E) Distribution of commendation certificates to winners of the Solart competition
Answer: D) International Renewable Energy Conference

Event and Location:

• ‘Run for Sun’ Marathon: Held at Jawaharlal Nehru Stadium, New Delhi, featured races of 3 km and 5 km to promote awareness of solar power’s role in climate change mitigation.
• Solar Stops: Educational kiosks set up in malls across six cities (Delhi NCR, Bengaluru, Vadodara, Guwahati, Varanasi, and Chennai) with installations that highlight the significance of solar energy.
• Solart Competition: An All-India Intra-School Solar Art Competition aimed at fostering creativity and raising awareness about solar energy among school students.

Mandates and Objectives:

The International Sun Day celebration aims to:

• Promote the benefits of solar energy.
• Encourage physical fitness and well-being.
• Educate the public on the environmental and sustainable benefits of solar energy.
• Engage school students in creative activities related to solar energy.

Important Terms Explained:

• Solar Energy: Energy derived from the sun’s radiation, utilized through technologies like solar panels to generate electricity.
• International Sun Day: A day designated to highlight the importance of solar energy for environmental sustainability and health.

Static GK Information:

Tabular Summary:

---

14. What was the percentage increase in iron ore production in India for FY 2023-24 compared to FY 2022-23?
A) 1.2%
B) 7.4%
C) 7.5%
D) 10.7%
E) 2.1%
Answer: B) 7.4%

Event and Location:

• Index of Mineral Production: Recorded in March 2024 and for the entire fiscal year FY 2023-24, showing significant growth in the production of various minerals and metals in India.

Mandates and Objectives:

• Objective of Mining Sector Growth: To meet the robust demand in user industries such as steel, cement, energy, infrastructure, construction, automotive, and machinery by increasing the production of key minerals and metals.

Important Terms Explained:

• MCDR Minerals: Refers to minerals regulated under the Mines and Minerals (Development and Regulation) Act, which includes iron ore and limestone, among others.
• Primary Aluminium Metal: Aluminium produced directly from mined ores rather than recycled materials, important for various industrial applications.

Static GK Information:

Tabular Summary:

---

---

Over All Review

DOWNLOAD TODAY’S CURRENT AFFAIRS PDF – CLICK HERE

You Must Also Read Daily Current Affairs May 02