Daily Current Affairs May 28
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May 28 | Daily Current Affairs 2024
Sports – Daily Current Affairs May 28
1. Who became the first Indian gymnast to win a gold medal at the Asian Senior Championships?
A) Ashish Kumar
B) Dipa Karmakar
C) Emma Malabuyo
D) Kim Son Hyang
E) Jo Kyong Byol
Answer: B) Dipa Karmakar
Event and Location:
- Event: Asian Senior Championships
- Location: Tashkent, Uzbekistan
Mandates and Objectives:
- Achievement: Dipa Karmakar won the gold medal in the women’s vault at the Asian Senior Championships.
- Historical Significance: First Indian gymnast to win a gold medal at the Asian Senior Championships.
Important Terms Explained:
- Vault: A gymnastics event where athletes perform acrobatic moves after sprinting down a runway and leaping onto a vaulting table.
- Olympic Quota: The slot or qualification that allows a gymnast to participate in the Olympic Games.
Static GK Information:
- Gymnastics Event: Women’s Vault
- Previous Achievements by Indian Gymnasts: Dipa Karmakar won a bronze medal in the 2015 Asian Championships; Ashish Kumar also won a bronze in individual floor exercise in the same year.
Tabular Summary:
Key Details | Description |
Event | Asian Senior Championships |
Location | Tashkent, Uzbekistan |
Significance | Dipa Karmakar became the first Indian gymnast to win a gold medal in the women’s vault |
Gold Medal Winner | Dipa Karmakar |
Gold Medal Event | Women’s Vault |
Silver Medal Winner | Kim Son Hyang (North Korea) |
Bronze Medal Winner | Jo Kyong Byol (North Korea) |
Dipa’s Achievements in Other Events | Finished 16th in all-around category in Tashkent with a score of 46.166; narrowly missed Olympic quota |
Other Competitions Participated by Dipa | Cairo (finished 5th), Baku (finished 4th), Doha (finished 4th) |
2. Who became the first woman in the world to climb Mount Everest three times in 13 days?
A) Dipa Karmakar
B) Purnima Shrestha
C) Emma Malabuyo
D) Jetha Ahir
E) Tony Daher
Answer: B) Purnima Shrestha
Event and Location:
- Event: Purnima Shrestha’s record-breaking triple ascent of Mount Everest
- Location: Mount Everest, Nepal
Mandates and Objectives:
- Achievement: Purnima Shrestha became the first woman to climb Mount Everest three times within 13 days.
- Significance: This feat sets a new world record for the fastest triple ascent by a woman in a single season.
Important Terms Explained:
- Mount Everest: The highest mountain in the world, standing at 8,848 meters (29,029 feet) above sea level, located in the Himalayas on the border between Nepal and the Tibet Autonomous Region of China.
- Summit: The highest point of a mountain.
Static GK Information:
Purnima Shrestha:
- Nationality: Nepalese
- Profession: Mountaineer and photojournalist
- Previous Everest Summits: 2018
Tabular Summary:
Key Details | Description |
Event | Purnima Shrestha’s triple ascent of Mount Everest |
Location | Mount Everest, Nepal |
Significance | First woman to climb Mount Everest three times in 13 days |
Total Everest Summits by Purnima Shrestha | Four (including the 2018 summit) |
Profession | Photojournalist |
Nationality | Nepalese |
Banking and Finance – Daily Current Affairs May 28
3. What is the purpose of the Reserve Bank of India’s (RBI) Rs 75,000-crore variable rate repo auction?
A) To increase interest rates
B) To enhance liquidity in the banking system
C) To reduce inflation
D) To strengthen the Indian Rupee
E) To promote foreign investment
Answer: B) To enhance liquidity in the banking system
Event and Location:
- Event: RBI’s Rs 75,000-crore 4-day variable rate repo auction
- Location: India
Mandates and Objectives:
- Objective: To conduct a variable rate repo auction to enhance liquidity in the banking system.
- Date and Time: May 27, from 11:45 AM to 12:15 PM
- Reversal Date: May 31
Important Terms Explained:
- Variable Rate Repo (VRR) Auction: A monetary policy tool where banks borrow funds from the central bank at variable interest rates against collateral to manage liquidity.
- Liquidity Deficit: A situation where the demand for liquidity (money) exceeds the supply in the banking system.
Static GK Information:
Reserve Bank of India (RBI):
- Founded Year: 1935
- Governor: Shaktikanta Das
- Headquarters: Mumbai, India
Tabular Summary:
Key Details | Description |
Event | RBI’s 4-day variable rate repo auction |
Location | India |
Date | May 27 |
Amount | Rs 75,000 crore |
Purpose | Enhance liquidity in the banking system |
Auction Time | 11:45 AM to 12:15 PM |
Reversal Date | May 31 |
Current Liquidity Deficit | Estimated to be around Rs 1.93 lakh crore |
Previous VRR Auction | May 24, 3-day VRR auction worth Rs 1.25 lakh crore at cut-off rate of 6.51% |
4. Which company has Burgan Bank selected to transform its core banking technology?
A) Infosys
B) IBM
C) Wipro
D) Tata Consultancy Services (TCS)
E) Accenture
Answer: D) Tata Consultancy Services (TCS)
Event and Location:
- Event: Selection of TCS BaNCS to transform Burgan Bank’s core banking
- Location: Kuwait City, Kuwait and Mumbai, India
Mandates and Objectives:
- Objective: Modernize Burgan Bank’s core banking technology to consolidate legacy applications into a contemporary solution.
- Solution: TCS BaNCS suite to be deployed for core and digital banking, payments, loan origination, wealth management, and regulatory compliance.
- Expected Outcomes: Higher transaction volume management, enhanced automation, improved staff productivity, and better customer experience through personalized offerings.
Important Terms Explained:
- TCS BaNCS: A universal financial solution by Tata Consultancy Services, designed to enhance customer experience and enable digital transformation in financial institutions.
- Quartz for Compliance: A solution offering end-to-end Anti-Money Laundering (AML) and Know Your Customer (KYC) capabilities across business lines.
- Digital Transformation: The process of using digital technology to fundamentally change how businesses operate and deliver value to customers.
Static GK Information:
Burgan Bank:
- Founded Year: 1977
- Chairman: Tony Daher
- Headquarters: Kuwait City, Kuwait
Tabular Summary:
Key Details | Description |
Event | Selection of TCS BaNCS to transform core banking technology |
Location | Kuwait City, Kuwait and Mumbai, India |
Date | May 22, 2024 |
New Core Banking Solution | TCS BaNCS |
Expected Outcomes | – Manage higher transaction volumes<br>- Enhance automation<br>- Improve staff productivity |
Additional Deployments | Quartz for Compliance for AML/KYC capabilities |
Burgan Bank’s Regional Network | Over 160 branches and 360 ATMs |
CEO of Burgan Bank | Tony Daher |
Significance | Strengthening customer relationships and driving innovation through modern technology |
5. Why was the State Bank of India’s South Africa branch fined by the Prudential Authority of the South African Reserve Bank?
A) For failing to pay taxes
B) For non-compliance with the Financial Intelligence Centre Act
C) For financial fraud
D) For violating environmental regulations
E) For misleading customers
Answer: B) For non-compliance with the Financial Intelligence Centre Act
Event and Location:
- Event: Imposition of a financial penalty on the SBI South Africa branch
- Location: South Africa
Mandates and Objectives:
- Objective: Penalize SBI South Africa branch for non-compliance with certain provisions of the Financial Intelligence Centre Act 38 of 2001 (FIC Act).
Penalty Details:
- Total Penalty Amount: 10 million rand (₹4.5 crore)
- Immediately Payable Portion: 5.50 million rand (already paid)
- Suspended Portion: 4.50 million rand (suspended for 36 months, contingent on compliance)
Important Terms Explained:
- Financial Intelligence Centre Act (FIC Act): A South African law aimed at combating money laundering and financing of terrorism through strict compliance and reporting requirements for financial institutions.
- Prudential Authority: A regulatory body within the South African Reserve Bank responsible for the supervision of financial institutions to ensure financial stability and compliance with laws.
Static GK Information:
State Bank of India (SBI):
- Founded Year: 1955
- CEO/Chairman: Dinesh Kumar Khara
- Headquarters: Mumbai, India
Tabular Summary:
Key Details | Description |
Event | Financial penalty imposed on SBI South Africa branch |
Location | South Africa |
Total Penalty Amount | 10 million rand (₹4.5 crore) |
Immediately Payable Amount | 5.50 million rand |
Suspended Amount | 4.50 million rand (suspended for 36 months contingent on compliance) |
Regulatory Authority | Prudential Authority of the South African Reserve Bank |
Reason for Penalty | Non-compliance with the Financial Intelligence Centre Act 38 of 2001 |
Relevant Legislation | Financial Intelligence Centre Act (FIC Act) |
SBI’s Notification | Informed stock exchange about the penalty and payment details |
6. What new product did Poonawalla Fincorp and IndusInd Bank launch together?
A) A savings account
B) A co-branded RuPay credit card
C) A new loan scheme
D) An insurance policy
E) A digital wallet
Answer: B) A co-branded RuPay credit card
Event and Location:
- Event: Launch of a co-branded RuPay credit card by Poonawalla Fincorp and IndusInd Bank
- Location: Pune, Maharashtra, India
Mandates and Objectives:
- Objective: Provide a new credit card that offers spend-based rewards and other benefits to enhance customer engagement.
- Card Name: IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card
Important Terms Explained:
- Co-branded Credit Card: A credit card issued by a financial institution in partnership with another company, offering specific benefits related to that company.
- RuPay: An Indian domestic card scheme conceived and launched by the National Payments Corporation of India (NPCI).
Static GK Information:
Poonawalla Fincorp Limited:
- Founded: Nearly three decades ago
- Managing Director: Abhay Bhutada
- Headquarters: Pune, Maharashtra, India
Tabular Summary:
Key Details | Description |
Event | Launch of co-branded RuPay credit card by Poonawalla Fincorp and IndusInd Bank |
Location | Pune, Maharashtra, India |
Date | May 28, 2024 |
Card Name | IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card |
Key Features | – NIL Joining and NIL Annual Fees – Rewards on every Rs.100 spent (except fuel) – Rewards on UPI transactions (Scan & Pay) – 2.5 times reward points on e-commerce transactions (except fuel, travel & low interchange MCC) – Cash credit of reward points – Higher value of Rs. 0.40 for each reward – Buy One Get One movie ticket (max Rs. 200) through BookMyShow – once a month – Fuel surcharge waiver – 1% – Additional rewards of 3000 reward points on milestone achievement |
Company’s Commitment | Enhancing customer engagement and extending reach to new customers through tailored financial solutions |
7. What new product has TATA AIG General Insurance launched to support infrastructure development?
A) Health insurance
B) Home insurance
C) Vehicle insurance
D) Surety insurance bonds
E) Travel insurance
Answer: D) Surety insurance bonds
Event and Location:
- Event: Launch of Surety Insurance Bonds by TATA AIG General Insurance
- Location: India
Mandates and Objectives:
- Objective: To support the government’s infrastructure development agenda by providing an alternative to conventional bank guarantees.
- Target Beneficiaries: Contractors in the infrastructure sector
Important Terms Explained:
- Surety Insurance Bonds: Financial instruments that guarantee project owners protection against losses due to contractor non-performance or breach of contract terms. They serve as an alternative to bank guarantees, helping contractors unlock capital and enhance bidding capabilities.
- Types of Bonds: Includes bid bonds, performance bonds, advance payment bonds, and retention money bonds.
Static GK Information:
TATA AIG General Insurance:
- Founded: 2001
- CEO: Neelesh Garg
- Headquarters: Mumbai, India
Tabular Summary:
Key Details | Description |
Event | Launch of Surety Insurance Bonds by TATA AIG General Insurance |
Location | India |
Date | May 28, 2024 |
Purpose | Support infrastructure development and provide an alternative to bank guarantees |
Target Sector | Infrastructure development |
Government Allocation | 3.3% of GDP for FY 2024 towards infrastructure development |
Benefits | – Unlocks capital for contractors – Enhances bidding capabilities – Overcomes liquidity and capital constraints |
Types of Bonds | Bid bonds, performance bonds, advance payment bonds, retention money bonds |
Compliance | In accordance with IRDAI guidelines |
Government Announcement | Recognition of surety bonds as substitutes for bank guarantees in government procurement (Union Budget 2022-23) |
8. What is the name of the mobile app launched by RBI for retail investors to buy and sell government securities?
A) PRAVAAH
B) Fintech Repository
C) RBI Retail Direct
D) G-Sec Mobile
E) CCIL NDS-OM
Answer: C) RBI Retail Direct
Event and Location:
- Event: Launch of mobile app for buying and selling government securities
- Location: India
Mandates and Objectives:
- Objective: Enable retail investors to buy and sell government securities through a mobile app.
- App Name: RBI Retail Direct by the Clearing Corporation of India
- Additional Launches: PRAVAAH portal and Fintech Repository
Important Terms Explained:
- G-Secs (Government Securities): Financial instruments issued by the government to borrow money from the public. These include treasury bills, bonds, and other debt instruments.
- RBI Auctions: The Reserve Bank of India’s process of auctioning government securities to investors.
- CCIL’s NDS-OM (Negotiated Dealing System Order Matching): A platform for trading government securities.
Static GK Information:
Reserve Bank of India (RBI):
- Founded: 1935
- Governor: Shaktikanta Das
- Headquarters: Mumbai, India
Tabular Summary:
Key Details | Description |
Event | Launch of RBI Retail Direct mobile app for buying and selling government securities |
Location | India |
Date | May 28, 2024 |
App Name | RBI Retail Direct |
Purpose | Enable retail investors to buy and sell government securities |
Available On | Android Play Store and App Store for iOS |
Additional Launches | – PRAVAAH portal for regulatory approvals – Fintech Repository for insights into fintech entities |
Key Features | – Bidding in RBI auctions as non-competitive applicants – Trading on CCIL’s NDS-OM platform |
Governor’s Role | Launched by RBI Governor Shaktikanta Das |
Appointments – Daily Current Affairs May 28
9. Who was elected unopposed as the new chairman of NAFED?
A) Mohan Kundariya
B) Dileep Sanghani
C) Jayesh Radadiya
D) Bipin Patel
E) Jetha Ahir
Answer: E) Jetha Ahir
Event and Location:
- Event: Election of new chairman of NAFED
- Location: Delhi, India
Mandates and Objectives:
- Achievement: Jetha Ahir was elected unopposed as the chairman of the National Agricultural Cooperative Marketing Federation of India (NAFED).
- Election Details: The election was held in Delhi by a board comprising 21 directors.
Important Terms Explained:
- NAFED (National Agricultural Cooperative Marketing Federation of India): A government organization that works to promote cooperative marketing of agricultural produce to benefit farmers.
- Cooperative: An autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs through a jointly-owned enterprise.
- Unopposed Election: A situation where a candidate is elected without any opposition or contest from other candidates.
Static GK Information:
NAFED:
- Founded Year: 1958
- Current Chairman: Jetha Ahir
- Headquarters: New Delhi, India
Tabular Summary:
Key Details | Description |
Event | Election of new chairman of NAFED |
Location | Delhi, India |
New Chairman | Jetha Ahir |
Unopposed Election Board Details | 21 directors, including two from Gujarat |
Relevant Background of Jetha Ahir | – Former deputy speaker of Gujarat Assembly – Chairman of Panchmahal’s Pancharmrut Dairy and PDC Bank |
Political Context | Jetha Ahir elected against MP Mohan Kundariya |
Related Political Developments | – Jayesh Radadiya’s election as IFFCO board member – Dileep Sanghani’s unopposed re-election as IFFCO chairman |
10. Who was named the new Prime Minister of Chad following the inauguration of President Mahamat Idriss Deby?
A) Idriss Deby
B) Succes Masra
C) Allamaye Halina
D) Franck Riester
E) Mahamat Idriss Deby
Answer: C) Allamaye Halina
Event and Location:
- Event: Inauguration of President Mahamat Idriss Deby and appointment of Allamaye Halina as Prime Minister
- Location: N’Djamena, Chad
Mandates and Objectives:
- New President: Mahamat Idriss Deby was sworn in as the president of Chad, ending three years of military rule.
- New Prime Minister: Allamaye Halina was named the new Prime Minister following Succes Masra’s resignation.
Important Terms Explained:
- Military Rule: A period during which the country was governed by military authorities following the death of the previous president, Idriss Deby.
- Transitional President: A temporary leader appointed to guide the country through a transition period following political upheaval.
Static GK Information:
Chad:
- Currency: Central African CFA franc
- Capital: N’Djamena
- President: Mahamat Idriss Deby
- Prime Minister: Allamaye Halina
Tabular Summary:
Key Details | Description |
Event | Inauguration of Mahamat Idriss Deby and appointment of Allamaye Halina |
Location | N’Djamena, Chad |
New President | Mahamat Idriss Deby |
New Prime Minister | Allamaye Halina |
Previous Prime Minister | Succes Masra |
Election Result | Mahamat Idriss Deby won with 61% of the vote |
Opposition Leader | Succes Masra (second in election with 18.54%) |
Significance | End of three years of military rule, marking the start of Deby’s official presidency |
Foreign Attendance | Eight African heads of state and other dignitaries, including Franck Riester from France |
Science and Technology – Daily Current Affairs May 28
11. What are TCS and IIT-Bombay collaborating to develop?
A) A new AI software
B) A quantum computer
C) A blockchain platform
D) A Quantum Diamond Microchip Imager
E) A superconductor
Answer: D) A Quantum Diamond Microchip Imager
Event and Location:
- Event: Collaboration between TCS and IIT-Bombay to develop a Quantum Diamond Microchip Imager
- Location: Mumbai, India
Mandates and Objectives:
- Objective: Develop India’s first Quantum Diamond Microchip Imager, a tool to check the quality of semiconductors.
- Timeline: The project is expected to be completed within the next two years.
Important Terms Explained:
- Quantum Diamond Microchip Imager: An advanced sensing tool that uses quantum diamond microscopy and AI/ML-powered software to test and improve the quality of semiconductor chips, thereby reducing chip failures and enhancing efficiency.
- Nitrogen-Vacancy (NV) Centres: Defects in a diamond’s structure used for detecting and characterizing anomalies in semiconductor chips.
Static GK Information:
Indian Institute of Technology (IIT) Bombay:
- Founded: 1958
- Partner Organization: Tata Consultancy Services (TCS)
- TCS Founded: 1968
- Headquarters: Mumbai, India
Tabular Summary:
Key Details | Description |
Event | Collaboration to develop Quantum Diamond Microchip Imager |
Location | Mumbai, India |
Date | May 28, 2024 |
Objective | Develop an advanced sensing tool for semiconductor chip imaging |
Technology Used | Quantum diamond microscopy integrated with AI/ML-powered software |
Expected Completion | Next two years |
Benefits | – Reduces chip failures – Improves efficiency of electronic devices – Enhances quality control of semiconductor chips |
Applications | Microelectronics, biological imaging, geological imaging, fine-scale magnetic field imaging |
Alignment with National Initiative | National Quantum Mission |
Significance | Propels India forward in the quantum technology sector |
National Affairs – Daily Current Affairs May 28
12. How much assistance did India announce for Papua New Guinea in response to the landslide devastation?
A) $500,000
B) $1 million
C) $2 million
D) $5 million
E) $10 million
Answer: B) $1 million
Event and Location:
- Event: India announces assistance to Papua New Guinea
- Location: Enga Province, Papua New Guinea
Mandates and Objectives:
- Objective: Provide immediate relief assistance to support recovery efforts after the devastating landslide in Papua New Guinea.
- Assistance Amount: $1 million
Important Terms Explained:
- Humanitarian Assistance and Disaster Relief (HADR): Efforts by governments and organizations to provide aid and relief during and after disasters to support affected populations.
- Forum for India-Pacific Islands Cooperation (FIPIC): A platform for cooperation between India and Pacific Island countries to address common challenges and enhance mutual interests.
Static GK Information:
Papua New Guinea:
- Currency: Papua New Guinean kina
- Capital: Port Moresby
- Prime Minister: James Marape
Tabular Summary:
Key Details | Description |
Event | India announces assistance to Papua New Guinea |
Location | Enga Province, Papua New Guinea |
Date of Announcement | May 28 |
Amount of Assistance | $1 million |
Cause of Assistance | Landslide on May 24 |
Impact of Landslide | Over 2,000 people buried alive |
India’s Previous Support to Papua New Guinea | Earthquake in 2018, volcanic eruptions in 2019 and 2023 |
International Cooperation | Forum for India-Pacific Islands Cooperation (FIPIC) |
Indian Initiative | Indo-Pacific Oceans’ Initiative (IPOI) for Disaster Risk Reduction and Management |
13. Which companies signed an agreement to facilitate aerial spraying of fertilizers using drones over farmland?
A) Poonawalla Fincorp and IndusInd Bank
B) Kotak General Insurance and Tata Consultancy Services
C) Thanos Technologies and IFFCO
D) Tata AIG and SBI
E) TCS and Burgan Bank
Answer: C) Thanos Technologies and IFFCO
Event and Location:
- Event: Agreement signing between Thanos Technologies and IFFCO
- Location: Mangaluru, India
Mandates and Objectives:
- Objective: Facilitate aerial spraying of fertilizers over 10 lakh acres of farmland across 5 states using drones.
- Target Regions: Telangana, Andhra Pradesh, Gujarat, Madhya Pradesh, and Tamil Nadu
Important Terms Explained:
- Aerial Spraying: The use of aircraft, in this case, drones, to apply fertilizers or pesticides over agricultural fields.
- Drones: Unmanned aerial vehicles (UAVs) equipped for spraying fertilizers, which help in efficient and precise application, improving crop yields and reducing resource wastage.
Static GK Information:
Thanos Technologies:
- Specialization: Agricultural drone technology
- Partner Organization: Indian Farmers Fertiliser Cooperative Ltd (IFFCO)
- Founded: IFFCO was established in 1967
- Headquarters of IFFCO: New Delhi, India
Tabular Summary:
Key Details | Description |
Event | Agreement signing between Thanos Technologies and IFFCO for aerial spraying of fertilizers |
Location | Mangaluru, India |
Date | May 28, 2024 |
Objective | Facilitate aerial spraying of fertilizers using drones |
Target Area | Over 10 lakh acres of farmland across Telangana, Andhra Pradesh, Gujarat, Madhya Pradesh, and Tamil Nadu |
Number of Drones Deployed | Over 500 drones |
Expected Business Value | ₹50 crore for Thanos Technologies and service partners |
Additional Incentives | Thanos Technologies to offer additional incentives and financial options for service partners |
Partner Companies | Vayu Drone, Aerotics Technologies, and Electra Agri Green |
Significance | Improved crop yields, reduced resource wastage, and a modernized agricultural ecosystem |
Over All Review
Sports
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Banking and Finance
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Appointments
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Science and Technology
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National Affairs
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