Daily Current Affairs May 20

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.

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

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:

Tabular Summary:

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:

Tabular Summary:

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:

Tabular Summary:

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:

Tabular Summary:

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:

Tabular Summary:

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:

Tabular Summary:

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:

Tabular Summary:

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:

Tabular Summary:

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:

Tabular Summary:

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:

Tabular Summary:

---

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:

Tabular Summary:

---

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:

Tabular Summary:

---

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:

Tabular Summary:

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:

Tabular Summary:

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.

---

---

Over All Review

DOWNLOAD TODAY’S CURRENT AFFAIRS PDF – CLICK HERE

You Must Also Read Daily Current Affairs May 18 & 19