Daily Current Affairs May 28

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 28. 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 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:

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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:

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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:

Tabular Summary:

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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:

Tabular Summary:

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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:

Tabular Summary:

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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:

Tabular Summary:

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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:

Tabular Summary:

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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:

Tabular Summary:

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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:

Tabular Summary:

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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:

Tabular Summary:

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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:

Tabular Summary:

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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:

Tabular Summary:

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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:

Tabular Summary:

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Over All Review

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