Daily Current Affairs May 22

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May 22 | Daily Current Affairs 2024

Important Days – Daily Current Affairs May 22

1. When is the International Day of Biodiversity 2024 observed, and what is its theme?
A) April 22, “Restore Our Earth”
B) May 22, “Be Part of the Plan”
C) June 5, “Ecosystem Restoration”
D) September 15, “Conserve to Survive”
E) December 29, “Preserve Life”
Answer: B) May 22, “Be Part of the Plan”

Event and Location:

  • Event: International Day of Biodiversity 2024
  • Location: Worldwide

Mandates and Objectives:

  • Objective: Raise awareness about the critical importance of biodiversity and promote actions to preserve it.
  • UN Involvement: The United Nations established this day to highlight the need for biodiversity conservation.
  • Theme 2024: “Be Part of the Plan,” focusing on collective efforts to reverse biodiversity loss and support the Kunming-Montreal Global Biodiversity Framework.

Important Terms Explained:

  • Biodiversity: The variety of living organisms on Earth, crucial for sustaining life and well-being.
  • Kunming-Montreal Global Biodiversity Framework: An international strategy aimed at halting and reversing biodiversity loss.

Static GK Information:

Titbits

United Nations General Assembly:

  • Founded Year: 1945
  • Headquarters: New York City, USA
  • Key Figure: António Guterres (Secretary-General)

Convention on Biological Diversity:

  • Adopted Year: 1992
  • Location of Adoption: Rio de Janeiro, Brazil
  • Primary Goal: Conservation of biological diversity, sustainable use of its components, and fair and equitable sharing of benefits arising from genetic resources.

Tabular Summary:

Event Details
Date May 22, 2024
Theme Be Part of the Plan
Origin United Nations General Assembly decision in 2000
Significance Emphasizes the importance of biodiversity and motivates conservation efforts globally
Previous Date Initially observed on December 29th
Historical Context Commemorates the adoption of the Convention on Biological Diversity and the Earth Summit in 1992
Primary Goal To champion the preservation and sustainable utilization of the diverse array of life on Earth
Key Framework Supported Kunming-Montreal Global Biodiversity Framework

2. When is National Anti-Terrorism Day observed in India, and what is its significance?
A) January 30, honoring Mahatma Gandhi
B) March 23, commemorating Bhagat Singh
C) May 21, in memory of Rajiv Gandhi
D) August 15, India’s Independence Day
E) October 31, remembering Indira Gandhi
Answer: C) May 21, in memory of Rajiv Gandhi

Event and Location:

  • Event: National Anti-Terrorism Day 2024
  • Location: India

Mandates and Objectives:

  • Objective: Raise awareness about the destructive impact of terrorism and promote peace, unity, and security.
  • Origin: Commemorates the assassination of former Prime Minister Rajiv Gandhi by a suicide bomber from the LTTE on May 21, 1991.

Important Terms Explained:

  • LTTE (Liberation Tigers of Tamil Eelam): A militant organization that sought to create an independent Tamil state in Sri Lanka, known for its use of suicide bombings.
  • Rajiv Gandhi: India’s sixth Prime Minister, assassinated in 1991, which led to the establishment of National Anti-Terrorism Day.

Static GK Information:

Titbits

India:

  • Capital: New Delhi
  • Currency: Indian Rupee (INR)
  • Prime Minister: Narendra Modi

National Anti-Terrorism Day:

  • Established Year: 1991
  • Initiated By: VP Singh Government
  • Significance: Honors the sacrifices made by victims of terrorism, promotes awareness about the effects of terrorism, and underscores the importance of national unity.

Tabular Summary:

Event Details
Date May 21, 2024
Origin Commemorates the assassination of Rajiv Gandhi in 1991 by the LTTE
Significance Raises awareness about terrorism’s impact, promotes unity, and honors the memory of Rajiv Gandhi
Historical Context Rajiv Gandhi was assassinated on May 21, 1991, leading to the observance of National Anti-Terrorism Day
Primary Goal To remind the nation of the ongoing need to combat terrorism and maintain peace and security
Annual Observance Government offices and institutions take an anti-terrorism pledge, reaffirming their commitment
Key Activities Public institutions across India take an anti-terrorism pledge and promote national unity

3. What is the theme for International Women in Maritime Day 2024?
A) Women Empowerment in Maritime
B) Navigating Towards Equality
C) Safe Horizons: Women in Shaping the Future of Maritime Safety
D) Women in Leadership
E) Maritime Women: Anchors of Change
Answer: C) Safe Horizons: Women in Shaping the Future of Maritime Safety

Event and Location:

  • Event: International Women in Maritime Day celebration
  • Location: New Delhi, India

Mandates and Objectives:

  • Primary Objective: Honor the contributions of women in the maritime sector and emphasize the importance of safety and security for women seafarers.

Key Activities:

  • Recognition of 27 women seafarers from various marine institutes and professionals for their contributions.
  • Highlighting the importance of gender equality and safety in maritime.

Important Terms Explained:

  • International Women in Maritime Day: A day to celebrate and acknowledge the contributions and achievements of women in the maritime industry.
  • Sustainable Development Goal 5: A United Nations goal focused on achieving gender equality and empowering all women and girls.

Static GK Information:

Titbits

Ministry of Ports, Shipping and Waterways (MoPSW):

  • Founded Year: 1942
  • Minister: Sarbananda Sonowal
  • Headquarters: New Delhi, India

International Maritime Organization (IMO):

  • Founded Year: 1948
  • Headquarters: London, UK
  • Key Role: Specialized agency of the United Nations responsible for regulating shipping.

Tabular Summary:

Event Details
Date May 18, 2024
Location New Delhi, India
Theme Safe Horizons: Women in Shaping the Future of Maritime Safety
Recognition 27 women seafarers honored for their contributions
Key Speaker Secretary Shri T K Ramachandran
Key Statistics Increase in Indian seafarers by 140% from 2014 to 2023; Women seafarers increased by 514% in same period
Total Women Seafarers (2023) 10,440 registered; 4,770 active as of December 2023
Objective Promote gender equality and highlight the role of women in maritime safety
Collaboration MoPSW’s commitment to working with IMO and other stakeholders

Sports – Daily Current Affairs May 22

4. How many consecutive times has Max Verstappen won the Emilia-Romagna Grand Prix?
A) One
B) Two
C) Three
D) Four
E) Five
Answer: C) Three

Event and Location:

  • Event: Emilia-Romagna Grand Prix
  • Location: Imola, Italy

Mandates and Objectives:

  • Primary Objective: Extend championship lead and secure third consecutive victory at Imola.

Key Activities:

  • Winning the race despite challenges.
  • Maintaining lead and defending against competitors in the final laps.

Important Terms Explained:

  • GP (Grand Prix): A premier class of motor racing.
  • Pirelli Tyre: The official tyre supplier for Formula 1, providing different tyre compounds for races.
  • Q3: The third and final qualifying session in Formula 1, determining the top 10 starting positions.

Static GK Information:

Titbits

Formula 1:

  • Founded Year: 1950
  • Governing Body: FIA (Fédération Internationale de l’Automobile)
  • Headquarters: Paris, France

Oracle Red Bull Racing:

  • Founded Year: 2005
  • CEO: Christian Horner
  • Headquarters: Milton Keynes, England

Tabular Summary:

Event Details
Race Date May 2024
Location Imola, Italy
Winner Max Verstappen
Team Oracle Red Bull Racing
Podium Finishers 1. Max Verstappen (Oracle Red Bull Racing)
2. Lando Norris (McLaren)
3. Charles Leclerc (Ferrari)
Key Quote by Verstappen “Aluminium has already proven itself essential in the global transition to a net zero future…”
Number of Podiums (Verstappen) 104, surpassing Kimi Raikkonen for sixth on the all-time podium list

Ranking – Daily Current Affairs May 22

5. What rank did India achieve in the World Economic Forum’s Travel & Tourism Development Index 2024?
A) 54th
B) 45th
C) 39th
D) 25th
E) 1st
Answer: C) 39th

Event and Location:

  • Event: World Economic Forum’s Travel & Tourism Development Index 2024
  • Location: Global

Mandates and Objectives:

  • Primary Objective: Evaluate and rank countries based on their travel and tourism sectors.
  • Key Criteria: A range of factors and policies that foster tourism development.

Important Terms Explained:

  • Travel & Tourism Development Index: A biennial index by the World Economic Forum that ranks countries based on their competitiveness in the travel and tourism sectors.
  • Biennial Index: Published every two years, this index provides insights into the travel and tourism sector’s performance and development across various countries.

Static GK Information:

Titbits

World Economic Forum (WEF):

  • Founded Year: 1971
  • Founder: Klaus Schwab
  • Headquarters: Cologny, Switzerland

India:

  • Capital: New Delhi
  • Currency: Indian Rupee (INR)
  • Prime Minister: Narendra Modi

Tabular Summary:

Event Details
Ranking Year 2024
Previous Rank (2021) 54th
Current Rank (2024) 39th
Top Ranked Country United States
Index Score 4.25 out of 7
Total Countries Evaluated 119
India’s Regional Standing Highest in South Asia among lower-middle-income economies
Index Criteria Factors and policies that foster tourism development

Banking and Finance – Daily Current Affairs May 22

6. Which core banking software suite will Burgan Bank deploy to modernize its banking technology?
A) Oracle Flexcube
B) Infosys Finacle
C) TCS BaNCS
D) SAP Banking Services
E) FIS Profile
Answer: C) TCS BaNCS

Event and Location:

  • Event: Partnership between TCS and Burgan Bank to enhance core banking technology
  • Location: Kuwait

Mandates and Objectives:

  • Primary Objective: Modernize Burgan Bank’s core banking technology.

Key Activities:

  • Deploy TCS BaNCS to consolidate multiple standalone legacy applications.
  • Enhance automation, manage higher transaction volumes, and improve staff productivity.

Important Terms Explained:

  • TCS BaNCS: A core banking software suite for retail banks developed by Tata Consultancy Services.
  • Universal Banking Solution: A comprehensive banking system that integrates various banking services into one platform to drive innovation and strengthen customer relationships.

Static GK Information:

Titbits

Tata Consultancy Services (TCS):

  • Founded Year: 1968
  • CEO: K. Krithivasan
  • Headquarters: Mumbai, Maharashtra, India

Burgan Bank:

  • Founded Year: 1977
  • CEO: Tony Daher
  • Headquarters: Kuwait City, Kuwait
  • Branches: Approximately 160
  • ATMs: Approximately 360

Tabular Summary:

Event Details
Announcement Date May 22, 2024
Location Kuwait
Partnership TCS and Burgan Bank
Core Banking Software TCS BaNCS
Objective Modernize core banking technology and consolidate legacy applications
Benefits Manage higher transaction volumes, enhance automation, improve staff productivity
CEO Statement (Burgan Bank) “Modernizing our core systems will support our ongoing focus on innovation and delivering value to our customers.” – Tony Daher
TCS Presence in MEA Operating for over three decades with a workforce of about 9,000 employees
Shares Impact TCS shares rose by 0.24%
TCS Financial Overview (2023-24) Total revenue: $29 billion, up 4.1% in dollar terms; BFSI segment: $12.7 billion in deals

Business and Economy – Daily Current Affairs May 22

7. What is the primary goal of the partnership between Tata Motors and Bajaj Finance?
A) Enhance vehicle production
B) Improve customer service
C) Provide financial capital to dealers
D) Increase marketing efforts
E) Expand international operations
Answer: C) Provide financial capital to dealers

Event and Location:

  • Event: Partnership announcement between Tata Motors and Bajaj Finance
  • Location: India

Mandates and Objectives:

  • Primary Objective: Enhance financing options for authorized passenger and electric vehicle dealers of Tata Motors.

Collaboration Goals:

  • Facilitate business operations of dealers.
  • Grow the market for Tata Motors’ passenger and electric vehicles.

Important Terms Explained:

  • Tata Motors Passenger Vehicles (TMPV): A subsidiary of Tata Motors focused on internal combustion engine vehicles.
  • Tata Passenger Electric Mobility (TPEM): A subsidiary of Tata Motors focused on electric vehicles, with a leading market share in the domestic EV segment.
  • Bajaj Finance: A leading Indian non-banking financial company providing various financial services including dealer financing.

Static GK Information:

Titbits

Tata Motors:

  • Founded Year: 1945
  • CEO: Guenter Butschek
  • Headquarters: Mumbai, Maharashtra, India

Bajaj Finance Ltd:

  • Founded Year: 1987
  • Deputy Managing Director: Anup Saha
  • Headquarters: Pune, Maharashtra, India

Tabular Summary:

Event Details
Date of Announcement May 2024
Location India
Collaborating Companies Tata Motors (TMPV and TPEM) and Bajaj Finance
Primary Objective Provide financial capital to authorized passenger and electric vehicle dealers
Significance Enhance financing options and facilitate business operations of dealers
Tata Motors’ Recent Performance Total wholesales rose 11.5% YoY to 77,521 units; EV sales up 48% YoY to 73,833 units in FY2024
Key Figures Tata Motors: Smt. Alka Upadhyay, Secretary, Department of Animal Husbandry & Dairying

Bajaj Finance: Anup Saha, Deputy Managing Director


8. What new licence did Mahindra & Mahindra Financial Services Ltd obtain from the IRDAI?
A) Banking licence
B) Mutual fund licence
C) Corporate agency licence
D) Stockbroking licence
E) Wealth management licence
Answer: C) Corporate agency licence

Event and Location:

  • Event: M&M Financial Services obtained a corporate agency licence for insurance distribution.
  • Location: India

Mandates and Objectives:

  • Primary Objective: Broaden product offerings to include insurance plans.

Key Activities:

  • Enable Mahindra Finance to sell life, health, and general insurance policies.
  • Enhance service portfolio and provide a comprehensive financial and insurance solution.

Important Terms Explained:

  • Corporate Agency Licence: A licence that allows a company to solicit, procure, and carry on the business of selling and distributing insurance products on behalf of various insurers.
  • IRDAI (Insurance Regulatory and Development Authority of India): The regulatory body responsible for overseeing the insurance industry in India.

Static GK Information:

Titbits

Mahindra & Mahindra Financial Services Ltd:

  • Founded Year: 1991
  • Managing Director & CEO: Raul Rebello
  • Headquarters: Mumbai, Maharashtra, India
  • Number of Branches: 1360+
  • Customers: Over 10 million
  • Assets Under Management: Over USD 11 billion

Insurance Regulatory and Development Authority of India (IRDAI):

  • Founded Year: 1999
  • Headquarters: Hyderabad, Telangana, India
  • Key Role: Regulate and promote the insurance and re-insurance industries in India.

Tabular Summary:

Event Details
Announcement Date May 22, 2024
Location India
Licence Obtained Corporate agency licence from IRDAI
Registration Validity May 21, 2024 to May 20, 2027
Primary Objective Broaden product offerings to include insurance plans
Key Activities Selling life, health, and general insurance policies
CEO Statement “This diversification will open new revenue models for us while delivering personalized services to customers.” – Raul Rebello
Impact on Shares Shares up by 0.95%, trading at Rs 266.80 on the BSE
Business Focus Rural and semi-urban sector
Key Services Vehicle and tractor financing, loans to SMEs, fixed deposits

 

Appointments – Daily Current Affairs May 22

9. Who was appointed as the Vice-Chairman of the International Aluminium Institute?
A) Anil Agarwal
B) John Slaven
C) Elon Musk
D) Mukesh Ambani
E) Sundar Pichai
Answer: B) John Slaven

Event and Location:

  • Event: Appointment of John Slaven as Vice-Chairman of International Aluminium Institute
  • Location: International

Mandates and Objectives:

  • Primary Objective: Spearhead global initiatives to highlight the role of aluminium in transitioning to zero carbon energy.

Responsibilities:

  • Work with board members and colleagues to promote aluminium as the metal of the future.
  • Support the IAI’s efforts in responsible production and environmental sustainability.

Important Terms Explained:

  • International Aluminium Institute (IAI): A global organization representing the primary aluminium industry, focusing on promoting responsible production and the advantages of aluminium.
  • Net Zero Future: A future where the amount of greenhouse gases emitted is balanced by the amount removed from the atmosphere, aiming to reduce climate change impacts.

Static GK Information:

Titbits

Vedanta Aluminium:

  • Founded Year: Part of Vedanta Resources
  • CEO: John Slaven
  • Production (FY 2024): 2.37 million tons of aluminium
  • Headquarters: Jharsuguda, Odisha, India

International Aluminium Institute (IAI):

  • Founded Year: 1972
  • Headquarters: London, UK
  • Key Role: Representing leading bauxite, alumina, and aluminium companies worldwide

Tabular Summary:

Event Details
Announcement Date May 2024
Appointee John Slaven
New Position Vice-Chairman of International Aluminium Institute
Primary Objective Promote aluminium’s role in the global transition to zero carbon energy
Organization (IAI) Represents the primary aluminium industry globally
IAI Focus Areas Increasing awareness, promoting responsible production, and environmental sustainability
Vedanta Aluminium Production 2.37 million tons in FY 2024
Key Quote by Slaven “Aluminium has already proven itself essential in the global transition to a net zero future…”

10. Who is the chairman of the expert committee set up by IFSCA to position GIFT IFSC as a global trading hub?
A) Anil Ambani
B) Rajeev Kher
C) Mukesh Ambani
D) Ratan Tata
E) Sundar Pichai
Answer: B) Rajeev Kher

Event and Location:

  • Event: Formation of an expert committee by IFSCA
  • Location: GIFT City, Gandhinagar, Gujarat, India

Mandates and Objectives:

  • Primary Objective: Position GIFT IFSC as a global commodity trading hub.

Key Activities:

  • Explore advantages for the GIFT-IFSC ecosystem.
  • Study global commodity trading centres and identify synergies for GIFT-IFSC.
  • Develop legal, regulatory, and policy frameworks.

Important Terms Explained:

  • IFSCA (International Financial Services Centres Authority): A statutory authority established by the Government of India to regulate financial services in International Financial Services Centres in India.
  • GIFT City (Gujarat International Finance Tec-City): India’s first operational smart city and international financial services centre, located in Gandhinagar, Gujarat.

Static GK Information:

Titbits

International Financial Services Centres Authority (IFSCA):

  • Founded Year: 2020
  • Chairman: Injeti Srinivas
  • Headquarters: Gandhinagar, Gujarat, India

GIFT City:

  • Founded Year: 2012
  • Headquarters: Gandhinagar, Gujarat, India

Tabular Summary:

Event Details
Announcement Date May 22, 2024
Location GIFT City, Gandhinagar, Gujarat
Committee Chair Rajeev Kher, former Union commerce secretary
Committee Members Representatives from IFSCA, DGFT, IIBX, ICICI Bank, ONGC, IOCL, Reliance Industries, StoneX, NMDC, JP Morgan Chase, Tata Steel, Arvind Limited
Primary Objective Position GIFT IFSC as a global commodity trading hub
Key Focus Areas Synergies with financial services, studying global trading centres, identifying priority commodities, developing legal and regulatory frameworks
Global Trading Centres Referenced Switzerland, Singapore, London, Chicago, Dubai, Shanghai, Rotterdam
Commodities to be Prioritized Metals (precious, base, rare earth), energy/hydrocarbons, agricultural commodities

 

National Affairs – Daily Current Affairs May 22

11. What are the main objectives of the MoU signed between DAHD and UNDP?
A) Digitalization of vaccine cold chain management
B) Capacity building and communication planning
C) Development of livestock insurance programs
D) All of the above
E) None of the above
Answer: D) All of the above

Event and Location:

  • Event: Signing of MoU on Digitalization of Vaccine Cold Chain Management, Capacity Building, and Communication Planning
  • Location: UNDP Country Office, Lodhi Estate, New Delhi

Mandates and Objectives:

  • Digitalization of Vaccine Cold Chain Management: Enhance the management of vaccine stocks, flows, and storage temperatures using advanced technology and artificial intelligence.
  • Capacity Building: Strengthen animal health practices through technical assistance and skill development initiatives.
  • Communication Planning: Develop effective communication strategies to ensure better propagation and outreach of DAHD’s activities.

Key Figures Involved:

  • DAHD Representative: Smt. Alka Upadhyay, Secretary, Department of Animal Husbandry & Dairying
  • UNDP Representative: Ms. Caitlin Wiesen, UNDP India Resident Representative a.i.
  • Additional Speaker: Smt. Sarita Chauhan, Joint Secretary (LH), DAHD

Important Terms Explained:

  • Cold Chain Management: A temperature-controlled supply chain essential for preserving and distributing vaccines.
  • Artificial Intelligence (AI): Technology used to monitor and manage vaccine storage and distribution efficiently.
  • One Health Approach: An approach that recognizes the interconnectedness of human, animal, and environmental health.

Static GK Information:

Titbits

Department of Animal Husbandry & Dairying (DAHD):

  • Founded Year: Part of the Ministry of Fisheries, Animal Husbandry & Dairying
  • Secretary: Smt. Alka Upadhyay
  • Headquarters: New Delhi, India

United Nations Development Programme (UNDP):

  • Founded Year: 1965
  • India Representative: Ms. Caitlin Wiesen
  • Headquarters: New York City, USA

Tabular Summary:

Event Details
Date May 20, 2024
Location UNDP Country Office, Lodhi Estate, New Delhi
MoU Signed Between DAHD and UNDP
DAHD Representative Smt. Alka Upadhyay, Secretary, Department of Animal Husbandry & Dairying
UNDP Representative Ms. Caitlin Wiesen, UNDP India Resident Representative a.i.
Primary Objectives Digitalization of vaccine cold chain management, capacity building, and communication planning
Significance Enhances animal health and husbandry practices, ensuring efficient vaccine management and distribution
Technologies Involved Artificial intelligence and digitalization for cold chain monitoring through the Animal Vaccine Intelligence Network (AVIN)
Key Initiatives Supported One Health approach, livestock insurance programs, skill development, and effective communication strategies
Funding for FMD Vaccine Approximately Rs. 900 Crore for 2024, covering 50 Crore large animals and 20 Crore small animals

12. What is the budget outlay approved for the India AI mission?
A) Rs 5,000 crore
B) Rs 7,500 crore
C) Rs 10,372 crore
D) Rs 15,000 crore
E) Rs 20,000 crore
Answer: C) Rs 10,372 crore

Event and Location:

  • Event: Cabinet approval of the India AI mission
  • Location: India

Mandates and Objectives:

  • Primary Objective: Develop and enhance artificial intelligence capabilities in India.

Key Components:

  • Establishing AI supercomputing infrastructure with over 10,000 GPUs.
  • Providing access to this infrastructure for startups, academia, researchers, and industry.
  • Setting up a National Data Management Officer to improve data quality and availability for AI development.

Important Terms Explained:

  • AI Supercomputing Infrastructure: Advanced computing facilities specifically designed to handle large-scale AI computations and research.
  • National Data Management Officer: A designated official responsible for coordinating data management across various government departments to support AI initiatives.

Static GK Information:

Titbits

India AI Mission:

  • Budget Outlay: Rs 10,372 crore
  • Duration: Five years

India:

  • Capital: New Delhi
  • Currency: Indian Rupee (INR)
  • Prime Minister: Narendra Modi

Tabular Summary:

Event Details
Announcement Date May 2024
Approved Budget Rs 10,372 crore
Mission Duration Five years
Primary Objective Develop and enhance AI capabilities in India
Key Components AI supercomputing infrastructure with over 10,000 GPUs
Stakeholders Startups, academia, researchers, and industry
National Data Management Officer To coordinate data quality and availability for AI development
Vision Making AI in India and Making AI Work for India


Over All Review

Important Days

  • The International Day for Biological Diversity is currently held on May 22.
  • May 21 is observed as National Anti-Terrorism Day in India.
  • International Women in Maritime Day is celebrated on 18th of May.

Sports 

  • Max Verstappen Holds on to Extend Emilia-Romagna Run

Ranking 

  • India Climbs to 39th Position in World Economic Forum’s Travel & Tourism Development Index 2024.

Banking and Finance 

  • TCS Partners with Burgan Bank to Enhance Core Banking Technology, Shares Rise.

Business And Economy

  • Tata Motors Partners with Bajaj Finance for Dealer Financing.
  • M&M Financial Services Gets Licence for Insurance Distribution, Shares Up.

Appointments

  • Vedanta Aluminium CEO, John Slaven Appointed as Vice-Chairman of International Aluminium Institute.
  • IFSCA Sets Up Committee to Position GIFT CITY as Global Commodity Trading Hub

National Affairs

  • DAHD and UNDP Sign MoU on Digitalization of Vaccine Cold Chain Management, Capacity Building, and Communication Planning.
  • Cabinet Approves India AI Mission at an Outlay of Rs 10,372 Crore.

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