Daily Current Affairs May 07

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 07. 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.

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May 07 | Daily Current Affairs 2024

Important Days – Daily Current Affairs May 07

1. What is the theme for World Asthma Day 2024?
A) Asthma and Climate Change
B) Asthma Awareness and Prevention
C) Breathe Easy with Asthma
D) Asthma Education Empowers
E) Asthma Management and Care
Answer: D) Asthma Education Empowers

Event and Location:

• Event: World Asthma Day is annually observed to raise awareness and address the challenges faced by individuals with asthma.
• Location: This event is observed globally on the first Tuesday of May.

Mandates and Objectives:

• Objective: The day aims to empower people with asthma with the necessary education to manage their condition effectively and to bring together healthcare professionals, patients, and organizations to improve the lives of those affected by asthma.

Important Terms Explained:

• Asthma: A chronic lung disorder that involves the inflammation or narrowing of airways, making breathing difficult.
• Global Initiative for Asthma (GINA): An organization established in 1993, responsible for initiating World Asthma Day to spread awareness about asthma and its management.

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2. What significant anniversary did the Border Roads Organisation (BRO) celebrate on May 7, 2024?
A) 50th
B) 55th
C) 60th
D) 65th
E) 70th
Answer: D) 65th

Event and Location:

• Event: 65th Raising Day of the Border Roads Organisation (BRO).
• Location: New Delhi, India.

Mandates and Objectives:

• Objective: Celebrate the anniversary of BRO and recognize its contributions to India’s infrastructure development in border areas, enhancing security and socio-economic progress.

Important Terms Explained:

• Border Roads Organisation (BRO): An organization within the Indian Ministry of Defence responsible for developing and maintaining road networks in India’s border areas and friendly neighboring countries.
• Raising Day: The anniversary of the establishment of an organization.

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Sports – Daily Current Affairs May 07

3. Which team won the La Liga 2023-24 season title?
A) Barcelona
B) Girona
C) Cadiz
D) Real Madrid
E) None of the above
Answer: D) Real Madrid

Event and Location:

• Event: Real Madrid won the 2023-24 La Liga title.
• Location: Spain.

Mandates and Objectives:

• Objective: Real Madrid aimed to secure the La Liga title by outperforming other teams in the league, maintaining a lead in points, and achieving an unassailable position.

Important Terms Explained:

• La Liga: Officially known as the Campeonato Nacional de Liga de Primera División, it is the top professional men’s football division in Spain.
• Real Madrid: A prominent football club based in Madrid, known for its extensive record of successes in both domestic and international competitions.

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Banking and Finance – Daily Current Affairs May 07

4. What did GetVantage recently obtain from the RBI?
A) Investment
B) Grant
C) NBFC licence
D) Partnership
E) Product launch
Answer: C) NBFC licence

Event and Location:

• Event: GetVantage secured an NBFC licence from the Reserve Bank of India.
• Location: India.

Mandates and Objectives:

• Objective: With the NBFC licence, GetVantage aims to expand its lending operations to small and medium enterprises and new economy businesses through its NBFC arm, GetGrowth Capital.

Important Terms Explained:

• NBFC (Non-Banking Financial Company): Financial institutions that offer various banking services, but do not hold a banking license. They are not subject to the banking regulations and oversight by federal or state authorities applicable to traditional banks.
• Revenue-based financing: A type of funding arrangement in which investors lend money to a business in return for a percentage of the business’s ongoing gross revenues.

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5. What is the new maximum intraday risk percentage for banks issuing IPCs according to the latest RBI notification?
A) 10%
B) 20%
C) 30%
D) 40%
E) 50%
Answer: C) 30%

Event and Location:

• Event: RBI adjusts the maximum intraday risk limits for banks issuing irrevocable payment commitments (IPCs).
• Location: India, specifically referenced in Mumbai.

Mandates and Objectives:

• Objective: The reduction in risk percentage from 50% to 30% is aimed at mitigating risks associated with the faster settlement cycles (T+1 and T+0) in equity trading, particularly for foreign institutional investors and mutual funds.

Important Terms Explained:

• Irrevocable Payment Commitments (IPCs): Commitments made by custodian banks to ensure payment for equity trades on behalf of clients, which are considered final and cannot be reversed once issued.
• T+1 and T+0 Settlements: Refers to the timeline for settling trades, with T+1 indicating the trade plus one day, and T+0 indicating same-day settlement.

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6. What recent amendment by the Reserve Bank of India (RBI) is designed to facilitate foreign investment in derivatives?
A) Simplifying currency exchange
B) Reducing tax on derivatives
C) Easing FEMA regulations
D) Increasing margin requirements
E) Introducing new derivative types
Answer: C) Easing FEMA regulations

Event and Location:

• Event: RBI amends FEMA regulations to facilitate foreign investment in derivatives.
• Location: New Delhi, India.

Mandates and Objectives:

• Objective: The amendment allows for easier margin management for trading in permitted derivatives, enhancing operational flexibility and investment opportunities for foreign investors.

Important Terms Explained:

• FEMA (Foreign Exchange Management Act): A regulatory mechanism that manages the exchange of foreign currency in India to facilitate external trade and payments and promote orderly development and maintenance of the foreign exchange market in India.
• Derivatives: Financial instruments whose value is derived from one or more underlying assets. Common types include futures, options, and swaps.

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Appointments – Daily Current Affairs May 07

7. What position did Jose Raul Mulino hold before winning the Panama presidential race in 2024?
A) President
B) Vice President
C) Security Minister
D) Chancellor
E) Mayor
Answer: C) Security Minister

Event and Location:

• Event: Jose Raul Mulino wins the presidential elections in Panama.
• Location: Panama.

Mandates and Objectives:

• Objective: Mulino has promised to boost the economy and address the country’s challenges, including government corruption and economic growth issues.

Important Terms Explained:

• Jose Raul Mulino: The newly elected president of Panama, previously serving as Security Minister.
• Ricardo Martinelli: Former President of Panama, mentor to Mulino, and a central figure in the election despite his legal troubles.

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8. Who has been named the new MD & CEO of Ujjivan Small Finance Bank starting July 1, 2024?
A) Sanjeev Nautiyal
B) Prabhakar Banavar
C) Anantharamaiah
D) SBI Chairman
E) None of the above
Answer: A) Sanjeev Nautiyal

Event and Location:

• Event: Appointment of Sanjeev Nautiyal as MD & CEO of Ujjivan Small Finance Bank.
• Location: India.

Mandates and Objectives:

• Objective: Sanjeev Nautiyal aims to further Ujjivan’s mission of enhancing financial inclusion and to oversee the expansion into new areas of financial and digital inclusion.

Important Terms Explained:

• Ujjivan Small Finance Bank: A bank in India that transformed from an NBFC-MFI (Non-Banking Financial Company – Micro Finance Institution) into a fully licensed bank.
• MD & CEO: Managing Director and Chief Executive Officer, the top executive roles responsible for the overall operations and performance of the company.

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9. What milestone did Vladimir Putin achieve with the start of his latest term as Russian President in 2024?
A) Third term
B) Fourth term
C) Fifth term
D) Sixth term
E) Seventh term
Answer: C) Fifth term

Event and Location:

• Event: Vladimir Putin began his fifth term as President of Russia.
• Location: Moscow, Russia, at the Grand Kremlin Palace.

Mandates and Objectives:

• Objective: As President, Putin vows to defend the Russian Constitution, overcome obstacles, and ensure the country’s victory in its current and future endeavors.

Important Terms Explained:

• Inauguration: A formal ceremony to mark the beginning of a major public leader’s term of office.
• Kremlin: The official residence of the President of Russia, located in Moscow, and a symbol of the Russian government.

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Science and Technology – Daily Current Affairs May 07

10. Why did Ukraine introduce an AI-generated spokesperson for its foreign ministry?
A) To replace human diplomats
B) For more efficient communication
C) To save time and resources
D) To enhance AI-generated content
E) To manage all diplomatic services
Answer: C) To save time and resources

Event and Location:

• Event: Introduction of an AI-generated spokesperson, Victoria Shi, by Ukraine’s foreign ministry.
• Location: Ukraine.

Mandates and Objectives:

• Objective: The introduction of Victoria Shi aims to save time and resources for diplomats by using a digital spokesperson to deliver pre-written official statements.

Important Terms Explained:

• Victoria Shi: An AI-generated digital person used by Ukraine’s foreign ministry to make official statements.
• AI (Artificial Intelligence): Technology used to create digital entities or perform tasks that typically require human intelligence.

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International Affairs – Daily Current Affairs May 07

11. What was a key outcome of the 5th Joint Group of Customs (JGC) meeting between India and Bhutan?
A) Resolution of border disputes
B) Introduction of new tariffs
C) Agreement on new trade complementarities
D) Cancellation of previous trade agreements
E) Establishment of a joint military base
Answer: C) Agreement on new trade complementarities

Event and Location:

• Event: 5th Joint Group of Customs (JGC) meeting between India and Bhutan.
• Location: Leh, Ladakh, India.

Mandates and Objectives:

• Objective: To enhance bilateral cooperation in customs and trade issues, including the opening of new Land Customs Stations, automation of transit processes, and development of trade infrastructure.

Important Terms Explained:

• Joint Group of Customs (JGC): A bilateral forum between India and Bhutan aimed at discussing and enhancing customs cooperation and facilitating cross-border trade.
• Land Customs Stations: Designated points along the border through which goods and services are traded between two countries.

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12. What is the duration of the power purchase agreement approved between Sri Lanka and Adani Green Energy?
A) 5 years
B) 10 years
C) 15 years
D) 20 years
E) 25 years
Answer: D) 20 years

Event and Location:

• Event: Approval of a 20-year power purchase agreement between the Sri Lankan government and Adani Green Energy.
• Location: Sri Lanka, specifically in the northeast regions of Mannar and Poonerin.

Mandates and Objectives:

• Objective: Develop 484 megawatt wind power stations to provide sustainable energy at a cost below the current average.

Important Terms Explained:

• Power Purchase Agreement (PPA): A contract between two parties, one which generates electricity (the seller) and one which is looking to purchase electricity (the buyer).
• Wind Power Stations: Facilities that convert wind energy into electricity using wind turbines.

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National Affairs – Daily Current Affairs May 07

13. What significant recognition was recently awarded to the traditional artisans of Kutch Ajrakh?
A) National Heritage Award
B) UNESCO Intangible Cultural Heritage
C) Geographical Indication (GI) Tag
D) World Craft Council Award
E) Artisan of the Year
Answer: C) Geographical Indication (GI) Tag

Event and Location:

• Event: Kutch Ajrakh artisans receive a Geographical Indication (GI) tag.
• Location: Kutch, Gujarat, India.

Mandates and Objectives:

• Objective: The GI tag aims to legally protect the authenticity and unique cultural heritage of the Kutch Ajrakh craft, ensuring that the traditional techniques and knowledge are preserved and recognized globally.

Important Terms Explained:

• Geographical Indication (GI) Tag: A sign used on products that have a specific geographical origin and possess qualities or a reputation that are due to that origin.
• Ajrakh: A traditional form of block-printing found in India and Pakistan, particularly known for its complex dyeing and printing process using natural dyes.

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