Daily Current Affairs May 20
Table of Contents
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 20. 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 20 | Daily Current Affairs 2024
Important Days – Daily Current Affairs May 20
1. What is the primary significance of World Bee Day celebrated on May 20?
A) To honor the birth anniversary of a renowned beekeeper.
B) To celebrate the role of bees in pollination and food security.
C) To promote beekeeping as a livelihood.
D) To highlight the reduction in the bee population.
E) To educate people about different species of bees.
Answer: B) To celebrate the role of bees in pollination and food security.
Event and Location:
- Event: World Bee Day
- Location: International observance
Mandates and Objectives:
- Aim: Raise awareness about the critical role of bees and other pollinators.
Objectives:
- Promote the importance of bees in food security, biodiversity, and sustainable agriculture.
- Encourage conservation efforts and sustainable practices to protect bee populations.
Important Terms Explained:
- Bees: Insects crucial for pollinating plants, supporting biodiversity, and ensuring food production.
- Pollination: The process by which bees transfer pollen from one flower to another, facilitating plant reproduction.
- Sustainable Agriculture: Farming practices that maintain and improve the health of ecosystems and support long-term agricultural productivity.
- Anton Jansa: Pioneer of modern beekeeping, born on May 20, 1734.
Static GK Information:
World Bee Day:
- Established by the United Nations in 2017.
- First Celebrated: May 20, 2018
- Proposed by: Slovenia, with support from NGO Apimondia.
Tabular Summary:
Key Details | Information |
Event | World Bee Day |
Location | International |
Date | May 20, 2024 |
Significance | Awareness of bees’ role in pollination and food security |
Established by | United Nations |
First Celebrated | May 20, 2018 |
Proposed by | Slovenia |
Supported by | NGO Apimondia |
Primary Focus | Conservation of bees and sustainable agriculture |
Additional Details:
- World Bee Day Celebration Activities:
- Visits to local beekeepers to learn about beekeeping.
- Setting up small bee farms in gardens or terraces.
- Dressing up in bee costumes and participating in bee-related activities.
- Supporting beekeeping charities and organizations focused on bee conservation.
Interesting Facts about Bees:
- Honeybees can fly up to six miles at 15 miles per hour.
- An average bee produces a teaspoon of honey in its lifetime.
- For one kg of honey, bees fly around 90,000 miles and visit approximately two million flowers.
- Only female bees sting and die after stinging.
- There are over 20,000 different species of bees worldwide, except in Antarctica.
- Bees are partially domesticated by humans and communicate through dancing.
Sports – Daily Current Affairs May 20
2. Which brand is the official sponsor of Scotland’s men’s team at the ICC Men’s T20 World Cup 2024?
A) Amul
B) Mother Dairy
C) Nandini
D) Britannia
E) Nestle
Answer: C) Nandini
Event and Location:
- Event: Nandini becomes the official sponsor of Scotland’s men’s team at the ICC Men’s T20 World Cup 2024
- Location: The tournament will take place in the West Indies and USA
Mandates and Objectives:
- Aim: Promote Nandini dairy brand on an international platform.
Objectives:
- Increase brand visibility and recognition globally.
- Strengthen the partnership between Cricket Scotland and Karnataka Milk Federation.
Important Terms Explained:
- Nandini: A dairy brand under the Karnataka Milk Federation, known for its dairy products.
- ICC Men’s T20 World Cup: An international cricket championship organized by the International Cricket Council (ICC) featuring national teams.
- Karnataka Milk Federation (KMF): The parent company of Nandini, which is a cooperative dairy federation in Karnataka, India.
Static GK Information:
Cricket Scotland:
- Founded Year: 1909
- CEO: Gus Mackay
- Headquarters: Edinburgh, Scotland
Karnataka Milk Federation:
- Founded Year: 1984
- Managing Director: MK Jagadish
- Headquarters: Bangalore, India
Tabular Summary:
Key Details | Information |
Event | Nandini becomes official sponsor of Scotland’s men’s team |
Location | ICC Men’s T20 World Cup in West Indies and USA |
Date of Announcement | May 2024 |
Tournament Start Date | June 2, 2024 |
First Match for Scotland | Against England on June 4, 2024 |
Brand Representation | Nandini logo on leading arm of playing shirts |
Additional Details:
Sponsorship Impact:
- The Nandini logo, written in Kannada, will be visible on the sleeves of Scotland’s T-shirts.
- The partnership underscores the global appeal and market reach of Cricket Scotland.
Tournament Details:
- Scotland’s men’s team will participate in the ICC Men’s T20 World Cup starting June 2, 2024.
- The partnership will help Nandini leverage the global audience of cricket fans.
Obituary – Daily Current Affairs May 20
3. Who recently died in a helicopter crash, having served as Iran’s president?
A) Hassan Rouhani
B) Ali Khamenei
C) Mojtaba Khamenei
D) Ebrahim Raisi
E) Hossein Amirabdollahian
Answer: D) Ebrahim Raisi
Event and Location:
- Event: Death of Iranian President Ebrahim Raisi in a helicopter crash
- Location: Northwest Iran
Important Terms Explained:
- Helicopter Crash: The incident resulting in the death of Ebrahim Raisi and Hossein Amirabdollahian.
- Ebrahim Raisi: An ultraconservative cleric and the eighth president of Iran, known for his hawkish stance towards the West and significant political influence.
- Foreign Minister Hossein Amirabdollahian: Accompanied Raisi in the crash and also confirmed dead.
Static GK Information:
Ebrahim Raisi:
- Born: December 14, 1960
- Became President: August 2021
- Significant Roles: Public prosecutor, member of the “death commission,” candidate for Supreme Leader.
Iran:
- Supreme Leader: Ayatollah Ali Khamenei
- Capital: Tehran
- Currency: Iranian Rial
Tabular Summary:
Key Details | Information |
Event | Death of Ebrahim Raisi in helicopter crash |
Location | Northwest Iran |
Date of Incident | May 19, 2024 |
Date of Confirmation | May 20, 2024 |
Accompanied by | Hossein Amirabdollahian |
Age at Death | 63 years |
Political Role | President of Iran |
Tenure | August 2021 – May 2024 |
Political Impact | Potential successor to Supreme Leader, rival to Mojtaba Khamenei |
Additional Details:
Political Significance:
- Ebrahim Raisi was seen as a potential successor to Supreme Leader Ayatollah Ali Khamenei.
- His death impacts the political landscape, removing a key figure in Iran’s conservative establishment.
International Relations:
- Raisi’s tenure was marked by efforts to strengthen ties with China and Russia.
- His presidency saw Iran resuming diplomatic relations with Saudi Arabia and joining the BRICS group of emerging-market nations.
Human Rights Record:
- Raisi was sanctioned by the US for his role in human rights violations.
- Accused by Amnesty International of involvement in the execution of political dissidents in the 1980s.
Ranking – Daily Current Affairs May 20
4. Who topped Forbes’ list of highest-paid athletes for the fourth time in his career in 2024?
A) Lionel Messi
B) LeBron James
C) Jon Rahm
D) Kylian Mbappe
E) Cristiano Ronaldo
Answer: E) Cristiano Ronaldo
Event and Location:
- Event: Forbes’ list of highest-paid athletes
- Location: International
Mandates and Objectives:
- Aim: Rank athletes based on their total earnings from on-field and off-field activities.
Objectives:
- Provide insight into the financial status of top athletes.
- Highlight the influence of sponsorships and transfers in athletes’ earnings.
Important Terms Explained:
- On-field Earnings: Income derived from playing contracts, bonuses, and prize money.
- Off-field Earnings: Income from endorsements, sponsorships, and other business ventures.
- LIV Golf: A professional golf tour financed by the Public Investment Fund of Saudi Arabia.
- Ballon d’Or: An annual football award presented by France Football.
Static GK Information:
Cristiano Ronaldo:
- Current Club: Al-Nassr (as of 2023)
- Total Earnings (2024): $260 million
- On-field Earnings: $200 million
- Off-field Earnings: $60 million
Jon Rahm:
- Current Association: LIV Golf (joined December 2023)
- Total Earnings (2024): $218 million
Lionel Messi:
- Current Club: Inter Miami
- Total Earnings (2024): $135 million
Tabular Summary:
Rank | Athlete | Total Earnings | Current Association/Club |
1 | Cristiano Ronaldo | $260 million | Al-Nassr |
2 | Jon Rahm | $218 million | LIV Golf |
3 | Lionel Messi | $135 million | Inter Miami |
4 | LeBron James | $128.2 million | Los Angeles Lakers |
5 | Giannis Antetokounmpo | $111 million | Milwaukee Bucks |
6 | Kylian Mbappe | $110 million | Paris Saint-Germain (leaving soon) |
7 | Neymar | $108 million | Al-Hilal |
8 | Karim Benzema | $106 million | – |
9 | Stephen Curry | $102 million | Golden State Warriors |
10 | Lamar Jackson | $100.5 million | Baltimore Ravens |
Additional Details:
Cristiano Ronaldo’s Earnings:
- His move to Al-Nassr significantly boosted his earnings, making him the highest-paid athlete.
- A large portion of his off-field earnings comes from sponsorships leveraging his massive social media following.
Jon Rahm’s Earnings:
- Rahm’s move to LIV Golf has been highly lucrative, contributing to his second-place ranking.
Lionel Messi’s Earnings:
- Messi’s earnings are balanced between on-field performance with Inter Miami and substantial off-field endorsements.
5. Which institution was ranked first in India by Financial Times in the Executive Education Custom Ranking 2024?
A) Indian Institute of Management Ahmedabad
B) Indian School of Business
C) Indian Institute of Management Bangalore
D) XLRI – Xavier School of Management
E) SP Jain Institute of Management and Research
Answer: B) Indian School of Business
Event and Location:
- Event: ISB ranked first in India by Financial Times in Executive Education Custom Ranking 2024
- Location: Hyderabad, India
Mandates and Objectives:
- Aim: Recognize top institutions in executive education.
Objectives:
- Highlight ISB’s achievements and rankings in executive education.
- Emphasize the parameters where ISB excels globally.
Important Terms Explained:
- Executive Education Custom Ranking: A ranking by Financial Times evaluating custom executive education programs offered by business schools globally.
- Parameters: Criteria used for ranking, including teaching methods, value for money, program design, and international clients.
Static GK Information:
Indian School of Business (ISB):
- Founded Year: 2001
- Dean: Madan Pillutla
- Campuses: Hyderabad and Mohali, India
Tabular Summary:
Key Details | Information |
Event | ISB ranked first in India by Financial Times |
Location | Hyderabad, India |
Date of Announcement | May 20, 2024 |
India Ranking | 1st |
Asia Ranking | 2nd |
Global Ranking | 26th (up from 29th last year) |
Top Global Parameter | Future Use |
Other Notable Parameters | Teaching methods, value for money, program design, international clients |
Additional Details:
Ranking Improvement:
- ISB improved its global ranking from 29th to 26th in the Financial Times Executive Education Custom Ranking 2024.
Global Recognition:
- ISB stands out globally in several parameters, including teaching methods, materials, value for money, preparation, program design, and international clients.
Institutional Impact:
- The recognition reflects ISB’s commitment to providing transformative education that equips learners to effect change in global businesses and society.
Banking and Finance – Daily Current Affairs May 20
6. Which public sector bank led in business growth and deposit mobilisation among PSBs in FY24?
A) State Bank of India
B) Bank of India
C) Canara Bank
D) Bank of Maharashtra
E) Central Bank of India
Answer: D) Bank of Maharashtra
Event and Location:
- Event: Bank of Maharashtra leads in business growth and deposit mobilisation among PSBs
- Location: India
Mandates and Objectives:
- Aim: Highlight the performance of public sector banks in business growth and deposit mobilisation for FY24.
Objectives:
- Identify the leading PSBs based on growth rates in total business and deposits.
- Compare the performance of different PSBs in terms of CASA deposits, NPAs, and capital adequacy ratios.
Important Terms Explained:
- PSBs (Public Sector Banks): Banks where the majority stake is held by the government.
- Total Business: The sum of deposits and advances.
- Deposit Mobilisation: The process of collecting deposits from customers.
- CASA (Current Account and Savings Account): Low-cost deposits that are beneficial for banks as they reduce the cost of funds.
- Gross NPAs (Non-Performing Assets): Loans that are in default or close to being in default.
- Net NPAs: Gross NPAs minus provisions for bad loans.
- Capital Adequacy Ratio: A measure of a bank’s capital, expressed as a percentage of its risk-weighted credit exposures.
Static GK Information:
Bank of Maharashtra (BoM):
- Founded Year: 1935
- CEO/MD: A. S. Rajeev
- Headquarters: Pune, India
Tabular Summary:
Key Details | Information |
Event | Bank of Maharashtra leads in business growth and deposit mobilisation |
Location | India |
Date | FY24 |
Total Business Growth | 15.94% (BoM) |
Deposit Mobilisation Growth | 15.66% (BoM) |
CASA Deposit Growth | 52.73% (BoM) |
Gross NPAs (BoM) | 1.88% |
Net NPAs (BoM) | 0.2% |
Capital Adequacy Ratio (BoM) | 17.38% |
Comparative Growth (SBI) | 13.12% in total business, 11.07% in deposits |
Other Notable Banks | Indian Bank (Net NPAs: 0.43%), Indian Overseas Bank (Capital Adequacy: 17.28%) |
Additional Details:
Growth Comparison:
- BoM outpaced SBI, Bank of India, and Canara Bank in deposit mobilisation.
- Only four out of twelve PSBs achieved double-digit growth in deposits for FY24.
Asset Quality:
- BoM and SBI reported the lowest gross NPAs among PSBs.
- BoM had the lowest net NPAs, indicating strong asset quality.
Capital Adequacy:
- BoM’s capital adequacy ratio was the highest among PSBs, ensuring a strong financial position.
7. Which recent amendments were made by IRDAI to expand the surety insurance market in India?
A) Increasing the solvency requirement to 2 times.
B) Lowering the solvency requirement to 1.5 times and removing the 30% exposure limit.
C) Introducing a cap on premiums underwritten by mono-line insurers.
D) Increasing the exposure limit to 40%.
E) Restricting the issuance of surety bonds to government projects only.
Answer: B) Lowering the solvency requirement to 1.5 times and removing the 30% exposure limit.
Event and Location:
- Event: Amendments to surety bond regulations
- Location: India
Mandates and Objectives:
- Aim: Expand the surety insurance market.
Objectives:
- Increase the availability of surety bonds.
- Enable more insurers to meet the growing demand from various sectors.
Important Terms Explained:
- Surety Bonds: Risk transfer tools that ensure the principal is protected from losses if the contractor fails to meet contractual obligations.
- Solvency Requirement: The amount of capital an insurer must hold to underwrite surety bonds, reduced from 1.875 times to 1.5 times.
- Exposure Limit: The maximum amount an insurer can underwrite on a single contract, previously set at 30%, now removed.
Static GK Information:
IRDAI: Insurance Regulatory and Development Authority of India
- Founded Year: 1999
- Chairman: Debasish Panda
- Headquarters: Hyderabad, India
Tabular Summary:
Key Details | Information |
Event | Amendments to surety bond regulations |
Location | India |
Date | May 2024 |
Significance | Expansion of surety insurance market |
Solvency Requirement | Reduced to 1.5 times |
Exposure Limit | Removed |
First Surety Bond Insurer | Bajaj Allianz General Insurance (Dec 2022) |
Second Surety Bond Insurer | New India Assurance |
Economic Impact | Increased liquidity for contractors, boost to infrastructure |
Additional Details:
Surety Bonds Importance:
- Provide a guarantee for contractual obligations.
- Do not require large collateral, freeing up funds for contractors.
- Boost liquidity and support the infrastructure sector.
- Contribute to India’s goal of becoming a $5 trillion economy.
Regulatory Amendments:
- Followed representations and evaluations.
- Aim to enhance the surety insurance market’s capacity to serve different sectors.
8. Which organization provided Fusion Micro Finance with a $25 million loan to expand business operations and empower rural women entrepreneurs?
A) World Bank
B) Asian Development Bank
C) International Monetary Fund
D) US International Development Finance Corporation
E) United Nations
Answer: D) US International Development Finance Corporation
Event and Location:
- Event: Fusion Micro Finance receives a $25 million loan
- Location: Mumbai, India
Mandates and Objectives:
- Aim: Expand business operations, loan growth, and empower rural women entrepreneurs.
Objectives:
- Advance financial inclusion and economic access.
- Strengthen asset-liability mix.
- Diversify liability mix by tapping into varied sources of funds.
Important Terms Explained:
- Fusion Micro Finance: A microfinance institution that provides financial services to underserved communities, particularly rural women entrepreneurs.
- US International Development Finance Corporation (DFC): A U.S. government agency that provides financing for development projects worldwide.
- External Commercial Borrowing (ECB): Loans obtained by an Indian entity from a non-resident lender, intended for the expansion of business operations.
- Financial Inclusion: Efforts to make financial services accessible and affordable to all individuals and businesses, particularly those in underserved or marginalized communities.
Static GK Information:
Fusion Micro Finance:
- Founded Year: 2010
- CEO: Devesh Sachdev
- Headquarters: New Delhi, India
US International Development Finance Corporation (DFC):
- Founded Year: 2019
- CEO: Scott Nathan
- Headquarters: Washington, D.C., USA
Tabular Summary:
Key Details | Information |
Event | Fusion Micro Finance receives $25 million loan |
Location | Mumbai, India |
Date of Announcement | May 20, 2024 |
Loan Amount | $25 million |
Initial Disbursement | $20 million |
Loan Purpose | Business expansion, loan growth, empowering rural women entrepreneurs |
Loan Tenure | 8 years |
Key Quote | “This borrowing will help in expanding our business operations and loan growth.” – Gaurav Maheshwari, CFO, Fusion Micro Finance |
Partnership Impact | Strengthens financial position and credibility, drives positive social change in underserved communities |
Additional Details:
Loan Utilization:
- The initial disbursement of $20 million will be used for expanding business operations and enhancing financial inclusion among rural women entrepreneurs.
- The loan will help in diversifying the liability mix and strengthen the asset-liability mix of Fusion Micro Finance.
Strategic Importance:
- The partnership with DFC enhances Fusion Micro Finance’s global credibility and opens doors for more international capital.
- The loan will be leveraged to improve outreach and impact, driving economic development in underserved communities.
9. Which bank recently launched the premium banking service ‘Yes Grandeur’ for affluent and elite customers?
A) State Bank of India
B) ICICI Bank
C) HDFC Bank
D) Yes Bank
E) Axis Bank
Answer: D) Yes Bank
Event and Location:
- Event: Launch of ‘Yes Grandeur’ premium banking services
- Location: Mumbai, India
Mandates and Objectives:
- Aim: Target affluent and elite customers to drive business growth.
Objectives:
- Provide exclusive banking services to a high-net-worth clientele.
- Enhance customer satisfaction through premium services and privileges.
Important Terms Explained:
- Yes Grandeur: A premium banking service offered by Yes Bank for affluent and elite customers, featuring various exclusive benefits.
- Affluent Customers: Individuals with substantial financial resources and high spending power.
- Cross-Currency Markup Charges: Fees applied when spending in a foreign currency using a debit or credit card.
- Airport Lounge Access: Complimentary access to airport lounges as part of premium banking services.
Static GK Information:
Yes Bank:
- Founded Year: 2004
- CEO: Prashant Kumar
- Headquarters: Mumbai, India
Tabular Summary:
Key Details | Information |
Event | Launch of ‘Yes Grandeur’ premium banking services |
Location | Mumbai, India |
Date of Announcement | May 19, 2024 |
Target Audience | Affluent and elite customers |
Key Benefits | Zero cross-currency markup charges, complimentary airport lounge access, lifestyle privileges |
Service Name | Yes Grandeur |
Bank | Yes Bank |
Additional Details:
Service Features:
- Zero Cross-Currency Markup Charges: No additional fees on international debit card spends.
- Complimentary Airport Lounge Access: Free access to airport lounges for customers.
- Lifestyle Privileges: Exclusive offers and benefits tailored to affluent customers’ lifestyles.
Strategic Importance:
- This initiative is part of Yes Bank’s strategy to attract and retain high-net-worth individuals (HNWIs) and provide them with superior banking experiences.
- Aims to differentiate Yes Bank from competitors by offering unique and valuable services to a niche market segment.
Business and Economy – Daily Current Affairs May 20
10. Which platform recently surpassed INR 1 trillion in invoice financing for MSMEs?
A) SIDBI
B) NSE
C) RXIL TReDS
D) ICICI Bank
E) Yes Bank
Answer: C) RXIL TReDS
Event and Location:
- Event: RXIL TReDS surpasses INR 1 trillion in invoice financing
- Location: India
Mandates and Objectives:
- Aim: Provide accessible working capital financing solutions to MSMEs.
Objectives:
- Bridge the credit gap faced by MSMEs.
- Support MSMEs in business expansion, modernization, and innovation.
- Drive economic growth and contribute towards achieving a Rs. 5 trillion economy.
Important Terms Explained:
- RXIL TReDS: Receivables Exchange of India Limited Trade Receivables Discounting System, a platform facilitating invoice financing for MSMEs.
- MSMEs: Micro, Small, and Medium Enterprises, crucial for economic growth, contributing over 30% to India’s GDP.
- Invoice Financing: A financial solution where businesses can sell their unpaid invoices to a third party to improve cash flow.
- Credit Gap: The difference between the demand for credit by MSMEs and the supply of credit available to them, estimated at Rs. 28.2 lakh crores.
Static GK Information:
RXIL (Receivables Exchange of India Limited):
- Founded Year: 2016
- Key Partners: SIDBI, NSE, State Bank of India, ICICI Bank, Yes Bank
- Headquarters: Mumbai, India
Tabular Summary:
Key Details | Information |
Event | RXIL TReDS surpasses INR 1 trillion in invoice financing |
Location | India |
Date of Achievement | Fiscal Year 2024 |
Monthly Financing Volume | Over INR 6,000 crores |
Target for FY 2025 | Financing INR 75,000 crore worth of invoices |
Registered MSMEs on RXIL | More than 25,000 |
Total MSMEs on all TReDS Platforms | 82,000 out of 4 crore registered on Udyam portal |
Initial Launch Date | December 1, 2016 |
Regulatory Framework | RBI (Reserve Bank of India) |
Appointments – Daily Current Affairs May 20
11. Who has been approved by the RBI to join IDFC FIRST Bank as Whole Time Director for a three-year term?
A) V. Vaidyanathan
B) Pradeep Natarajan
C) Uday Kotak
D) Shikha Sharma
E) Aditya Puri
Answer: B) Pradeep Natarajan
Event and Location:
- Event: Appointment of Pradeep Natarajan as Whole Time Director of IDFC FIRST Bank
- Location: India
Mandates and Objectives:
- Aim: Formalize the appointment of Pradeep Natarajan as Whole Time Director.
Objectives:
- Secure necessary approvals for the appointment.
- Ensure regulatory compliance and shareholder consent.
Important Terms Explained:
- RBI (Reserve Bank of India): The central banking institution of India, which regulates the Indian banking system.
- Whole Time Director: A full-time executive director who is involved in the day-to-day operations of the company.
- Shareholders’ Approval: Consent required from the owners of the company’s shares for major decisions, including appointments of directors.
Static GK Information:
IDFC FIRST Bank:
- Founded Year: 2018 (merger of IDFC Bank and Capital First)
- CEO/MD: V. Vaidyanathan
- Headquarters: Mumbai, India
Tabular Summary:
Key Details | Information |
Event | Appointment of Pradeep Natarajan |
Location | India |
Date of RBI Approval | May 16, 2024 |
Term Duration | Three years |
Next Steps | Formalize appointment and seek shareholder approval |
Designation | Whole Time Director |
Approval Required | Bank’s Shareholders |
Initial Notification Date | December 30, 2023 |
Bank | IDFC FIRST Bank |
International Affairs – Daily Current Affairs May 20
12. Which two countries will co-host the second global AI summit in Seoul this week?
A) United States and China
B) South Korea and Japan
C) South Korea and the UK
D) Germany and France
E) India and Australia
Answer: C) South Korea and the UK
Event and Location:
- Event: Second global AI summit
- Location: Seoul, South Korea
Mandates and Objectives:
- Aim: Address and regulate the rapid advancements and risks associated with artificial intelligence.
Objectives:
- Discuss AI safety, innovation, and inclusion.
- Establish global AI standards to prevent negative outcomes.
Important Terms Explained:
- AI Summit: An international conference focused on discussing the impacts, regulations, and future of Artificial Intelligence.
- AI Safety: Ensuring that AI technologies are developed and used in ways that are safe and beneficial for society.
- Innovation: Encouraging advancements and new developments in AI technology.
- Inclusion: Ensuring that the benefits of AI are accessible to all segments of society.
Static GK Information:
South Korea:
- President: Yoon Suk Yeol
- Capital: Seoul
- Currency: South Korean Won
United Kingdom:
- Prime Minister: Rishi Sunak
- Capital: London
- Currency: British Pound
Tabular Summary:
Key Details | Information |
Event | Second global AI summit |
Location | Seoul, South Korea |
Date | May 2024 |
Co-hosts | South Korea and the UK |
Key Figures | UK Prime Minister Rishi Sunak, South Korean President Yoon Suk Yeol |
Summit Topics | AI safety, innovation, and inclusion |
Purpose | Addressing AI risks and establishing global standards |
Background | Follow-up to the first AI summit in November 2023 |
Significant Risks Discussed | Large-scale labor market impacts, AI-enabled hacking, biological attacks, loss of control over AI, AI inequality, data scarcity, environmental impact |
National Affairs – Daily Current Affairs May 20
13. Which organization signed an MoU with the Department of Animal Husbandry & Dairying (DAHD) for the digitalization of vaccine cold chain management in India?
A) World Health Organization
B) Food and Agriculture Organization
C) United Nations Development Programme
D) International Monetary Fund
E) World Bank
Answer: C) United Nations Development Programme
Event and Location:
- Event: Signing of MoU for digitalization of vaccine cold chain management
- Location: UNDP Country office, Lodhi Estate, New Delhi, India
Mandates and Objectives:
- Aim: Enhance digitalization of vaccine cold chain management, capacity building, and communication planning in India.
Objectives:
- Improve immunization coverage and outreach.
- Ensure efficient and reliable cold chain equipment and management.
- Address inequities in vaccine supply.
Important Terms Explained:
- Vaccine Cold Chain Management: The process of storing and transporting vaccines at the recommended temperatures to maintain their potency and efficacy.
- Digitalization: The use of digital technologies to change a business model and provide new revenue and value-producing opportunities; it is the process of moving to a digital business.
- UNDP (United Nations Development Programme): A global development network advocating for change and connecting countries to knowledge, experience, and resources to help people build a better life.
Static GK Information:
Department of Animal Husbandry & Dairying (DAHD):
- Founded Year: 1991 (became a separate department under the Ministry of Agriculture and Farmers Welfare)
- Secretary: Smt. Alka Upadhyay
- Headquarters: New Delhi, India
UNDP (United Nations Development Programme):
- Founded Year: 1965
- Resident Representative in India: Ms. Caitlin Wiesen
- Headquarters: New York, USA
Tabular Summary:
Key Details | Information |
Event | Signing of MoU between DAHD and UNDP |
Location | UNDP Country office, Lodhi Estate, New Delhi |
Date | May 20, 2024 |
Signatories | Smt. Alka Upadhyay (DAHD), Ms. Caitlin Wiesen (UNDP) |
Main Objectives | Digitalization of vaccine cold chain management, capacity building, communication planning |
Vaccine Cold Chain Management System | Monitored through AI and technology by UNDP’s AVIN |
Current FMD Vaccine Supply Value | Rs. 900 Crore |
Animals Targeted for FMD Vaccination | 50 Crore large animals, 20 Crore small animals |
Expected Impact | Enhanced animal health, better immunization coverage, and improved cold chain infrastructure management |
Additional Details:
Partnership Impact:
- The MoU aims to ensure vaccines are stored and transported at the prescribed temperature of 2-8 degrees Celsius.
- It will leverage digital technologies and AI to provide real-time information on vaccine stocks, flows, and storage temperatures.
Future Plans:
- The collaboration will also focus on livestock insurance programs, effective communication plans, extension services, and skill development initiatives.
- It aims to create a robust framework for managing animal health and welfare, leveraging UNDP’s global expertise.
14. Which two organizations have partnered to establish 70 skills and incubation hubs across India?
A) NSDC and NASSCOM
B) NSDC and AVPL International
C) NSDC and FICCI
D) NSDC and CII
E) NSDC and ASSOCHAM
Answer: B) NSDC and AVPL International
Event and Location:
- Event: Partnership to establish 70 skills and incubation hubs
- Location: Across India
Mandates and Objectives:
- Aim: Enhance vocational training and provide global employment opportunities in various sectors.
Objectives:
- Establish skills and incubation hubs for training in drone technology, IoT, agriculture, and allied sectors.
- Provide globally recognized certification programs to empower Indian youth.
Important Terms Explained:
- NSDC (National Skill Development Corporation): A public-private partnership organization in India aimed at promoting skill development by funding vocational training initiatives.
- AVPL International: A company involved in providing training and development services.
- Skills and Incubation Hubs: Centers dedicated to providing training, skill development, and support for entrepreneurship in specific sectors.
Static GK Information:
NSDC:
- Founded Year: 2008
- CEO: Ved Mani Tiwari
- Headquarters: New Delhi, India
AVPL International:
- Founder and MD: Deep Sihag Sisai
- Headquarters: India
Tabular Summary:
Key Details | Information |
Event | Partnership to establish 70 skills and incubation hubs |
Location | Across India |
Date of Announcement | May 20, 2024 |
Partner Organizations | NSDC and AVPL International |
Number of Hubs | 70 |
Targeted Sectors | Drone technology, IoT, agriculture, allied sectors |
Certification Programs | IITs, IIMs, international accreditation bodies |
Annual Training Goal | 1,40,000 candidates |
Key Quotes | “This initiative will enhance vocational training and position India as a leader in global skill development.” – Ved Mani Tiwari |
Additional Details:
Training Facilities Upgrade:
- AVPL International will upgrade existing training facilities at 50 locations to Global Skills and Incubation Hubs (GISH) across 12 Indian States.
Certification Programs:
- These hubs will offer certificate courses from prestigious institutions like IITs and IIMs, in collaboration with NSDC Academy.
- Dual certification programs with international accreditation bodies will also be available through NSDC International.
Strategic Impact:
- This initiative will train a significant number of candidates annually, equipping them with the skills needed for global employment.
- It aims to uplift the local workforce and set a new benchmark in training for the targeted sectors.
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