Daily GK and Current Affairs Quiz - 14th & 15th May 2023
Daily GK and Current Affairs Quiz - 14th & 15th May 2023

Daily GK and Current Affairs Quiz – 14th & 15th May 2023

Today’s Current Affairs Quiz. Important Current Affairs Questions – May 2023. Monthly Current Affairs PDF. Latest Current Affairs Questions for Banking and Insurance Exams 2023. Welcome to the Let’s Study Together (LST) online Current Affairs section. If you are preparing for Banking & Insurance, SSC, Railways, and other competitive exams, you will come across a section on Current Affairs. Here we are providing you with the “Current Affairs Quiz – 14th & 15th May 2023″ in PDF format based on the current events for your daily practice.

This “Current Affairs Quiz –14th & 15th May 2023″ is also important for other banking exams such as LIC AAO, IBPS PO, IBPS Clerk, SBI PO/Clerk, IBPS RRB Officer, IBPS RRB Office Assistant, IBPS SO, SBI SO, SSC, Railways and other competitive exams.

Current Affairs Quiz –  14th & 15th May 2023

In all Sarkari Exams/Govt Exams, Current Affairs Quiz which is asked generally framed on International News, National News, State News, Sports, Awards, Summits, Schemes, Books & Authors, Ranks & Reports, Important Days, Economy, Defence, Science & Technology, etc. To excel in the Current Affairs section of the competitive examinations you are required to cover Current Affairs Quiz in the above areas.

1. The Reserve Bank of India (RBI) expects banks to completely stop using London Interbank Offered Rate (LIBOR) by-

  1. 31st May
  2. 30th June
  3. 1st July
  4. 1st September
  5. None of these

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Correct Answer:  C. 1st July

Explanation:  The Reserve Bank of India (RBI) has instructed financial institutions and banks to adopt an Alternative Reference Rate, primarily the Secured Overnight Financing Rate (SOFR), and end their reliance on the scandal-shrouded London Interbank Offered Rate (LIBOR) and Mumbai Interbank Forward Outright Rate (MIFOR) by July 1. The central bank has said that most new transactions now use SOFR and the Modified Mumbai Interbank Forward Outright Rate (MMIFOR) as benchmarks.

  • The RBI expects banks and financial institutions to have in place the necessary systems and processes to enable a complete transition away from LIBOR by July 1.
  • LIBOR is being phased out because of its role in exacerbating the 2008 Financial Crisis and for LIBOR manipulation scandals among rate-setting banks.
  • However, there have been a few instances of Dollar LIBOR-linked financial contracts undertaken or facilitated by banks and FIs after January 1, and the RBI has emphasized the need for fallback clauses in all required contracts.
  • As of June 30, the publication of the remaining five Dollar LIBOR settings will permanently come to a halt.

Even though a few synthetic settings will still continue to be published after June 30, 2023, it’s been made clear by the UK’s Financial Conduct Authority, which oversees LIBOR, that these settings are not intended for use in any new financial contracts. Furthermore, Financial Benchmarks India Pvt Ltd will cease to publish the MIFOR, an interest rate benchmark for domestic purposes that relies on Dollar LIBOR, after the aforementioned June 30 deadline.

2. According to the IDMC Report more than ________ were Internally Displaced Worldwide in 2022.

  1. 51.0 Million
  2. 65.3 Million
  3. 71.1 Million
  4. 57.6 Million
  5. None of these

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Correct Answer:  C. 71.1 Million

Explanation:  According to the ‘Global Report on Internal Displacement 2023 (GRID 2023): Internal Displacement and Food Security’ released jointly by the Norwegian Refugee Council (NRC) and Internal Displacement Monitoring Centre (IDMC), the number of internally displaced people (IDPs) around the globe reached 71.1 million in 2022, an increase of 20% from 2021. A total of 60.9 million new internal displacements were meanwhile reported in 2022, with some people forced to flee multiple times during 2022. Internal displacements by disasters- 32.6 million. Internal displacements by conflict and violence- 28.3 million.

Russia’s invasion of Ukraine led to 5.9 million people being forced to move inside Ukraine by the end of 2022. The overall number of people internally displaced by conflict and violence to more than 62.5 million, a rise of 17% since 2021. 8.7 million people were internally displaced by the end of 2022 as a result of disasters including floods and starvation, an increase of 45% from 2021.

3. The World Bank’s (WB) Board of Executive Directors has approved __________ for Zoonotic Disease Prevention in India.

  1. USD 80mn
  2. USD 50mn
  3. USD 82mn
  4. USD 100mn
  5. None of these

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Correct Answer:  C. USD 82mn

Explanation:  The World Bank’s (WB) Board of Executive Directors has approved USD 82 million loan for Animal Health System Support for One Health Program (AHSSOH) that will support India’s Livestock Health and Disease Control Program, which seeks to control animal diseases by adopting global best practices for animal health management and to prevent, detect, and respond to endemic zoonotic diseases.

  • The loan has a maturity of 11.5 years with a grace period of 4.5 years.
  • The loan will be disbursed from the International Bank for Reconstruction and Development (IBRD), anduses the Program-for-Results (PforR) financing instrument that links disbursement of funds directly to the achievement of specific program results.
  • AHSSOH is implemented by the Ministry of Fisheries, Animal Husbandry & Dairying, Department of Animal Husbandry & Dairying.

4. The WHO has declared the end of the public health emergency of international concern of which disease?

  1. Ebola
  2. Leprosy
  3. Monkeypox
  4. SARS-CoV-2
  5. None of these

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Correct Answer:  C. Monkeypox

Explanation:  The World Health Organization (WHO) announced that the global health emergency for mpox, a viral disease formerly known as monkeypox, has ended after 10 months. This came after confirmed cases in over 100 countries since the disease started spreading globally in May 2022. The emergency committee of the WHO made the recommendation to end the health emergency, and WHO director-general Tedros Adhanom Ghebreyesus announced the decision during a press conference.

Mpox is a viral disease that spreads through direct contact with body fluids and was first observed in humans in the Democratic Republic of the Congo in 1970. Since then, the disease has mainly been limited to West and Central African countries. However, last May, the disease started to spread globally, prompting the WHO to declare it a public health emergency of international concern (PHEIC). According to the WHO, over 87,000 cases and 140 deaths have been reported from 111 countries during the outbreak. Symptoms of mpox include fever, muscular aches, and large boil-like skin lesions.

5. The Ministry of Finance lowered the threshold limit of e-invoicing from Rs 10 crore to _____________.

  1. Rs 8 crore
  2. Rs 5 crore
  3. Rs 7 crore
  4. Rs 2.5 crore
  5. None of these

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Correct Answer:  B. Rs 5 crore

Explanation:  Businesses with a turnover of Rs 5 crore or more will be obligated to generate e-invoicing for all business-to-business (B2B) transactions starting from August 1, according to a new mandate notified by the Ministry of Finance. The previous requirement for e-invoicing was for companies with a turnover of Rs 10 crore or more.

  • The goal of this new mandate is to increase digitalisation of transactions, provide greater transparency in sales reporting, reduce errors and mismatches, automate data entry work and improve compliance.
  • The implementation of e-invoicing became mandatory for companies with a turnover of over Rs 500 crore from October 1, 2020, which then extended to those with a turnover of over Rs 100 crore beginning January 1, 2021.
  • From April 1, 2021, companies with a turnover of over Rs 50 crore had to generate B2B e-invoices, while the threshold was lowered to Rs 20 crore on April 1, 2022, and then further lowered to Rs 10 crore as of October 1, 2022.
  • To avail input tax credit, taxpayers must generate invoices on their internal systems or billing software and then report them to the invoice registration portal (IRP).

6. India’s retail inflation declined to _________ in April 2023 as per data released by the National Statistical Office (NSO).

  1. 4.5%
  2. 4.7%
  3. 5.0%
  4. 4.8%
  5. None of these

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Correct Answer:  B. 4.7%

Explanation:  The annual retail inflation eased to 4.7% in April from 5.66% the previous month, government data showed. It is for the second month in a row that Consumer Price Index (CPI) based inflation remained within the RBI’s comfort zone of below 6%. Retail inflation has fallen to an 18-month low mainly due to cooling food prices. The retail inflation based on Consumer Price Index (CPI) was 5.66% in March 2023 and 7.79% in the year-ago period. Retail inflation in April is the lowest since October 2021 when it was at 4.48%.

  • India’s industrial production rose 1.1% in March, according to official data released on Friday.
  • Factory output measured in terms of the Index of Industrial Production (IIP) grew 2.2% in March 2022.
  • The data released by the National Statistical Office (NSO) showed that the manufacturing sector’s output increased 0.5% in March 2023.
  • Mining output rose 6.8% during the month under review while power output declined by 1.6% in March.
  • The IIP grew 5.1% in 2022-23 as against a growth of 11.4% in 2021-22.

7. The Defence Ministry has recently approved the 4th Positive Indigenisation List. It contains how many items?

  1. 902
  2. 838
  3. 928
  4. 978
  5. None of these

Show Correct Answers

Correct Answer:  C. 928

Explanation:  The Defence Ministry has approved the 4th Positive Indigenisation List of 928 strategically-important Line Replacement Units, Sub-systems, Spares and Components.​ Fourth Positive Indigenisation List of 928 strategically-important Line Replacement Units, Sub-systems, Spares and Components:

  • The list was approved by Defence Minister Rajnath Singh.
  • The list includes 928 items.
  • The import substitution value of the list is ₹715 crore.
  • The list aims to promote ‘Aatmanirbharta’ indefence and minimize imports by Defence Public Sector Undertakings.
  • The list will provide impetus to the growth in the economy, enhanced investment in defence and reduction in import dependence of DPSUs.​

8. Who has been appointed as the next Director of the Central Bureau of Investigation?

  1. Richard Verma
  2. Praveen Sood
  3. Pratima Murthy
  4. Praveen Mukharji
  5. None of these

Show Correct Answers

Correct Answer:  B. Praveen Sood

Explanation:  Praveen Sood, the Director General of Police in Karnataka, has been appointed as the next director of the Central Bureau of Investigation (CBI). The 59-year-old will take on the position for two years after Subodh Kumar Jaiswal’s term ends on May 25. With an impressive educational background, Sood has previously held roles including superintendent of police of Bellary and Raichur districts, commissioner of police of Mysore City, and police advisor to the government of Mauritius. During his tenure as additional director general of police (computer wing), Sood was responsible for the implementation of the Criminal Tracking Network System in Karnataka.

He has received awards for his innovative use of technology to improve traffic management and road safety. Karnataka DGP Praveen Sood appointment was cleared in a meeting of a high-powered committee comprising Prime Minister Narendra Modi, Chief Justice of India DY Chandrachud, and Leader of Opposition in Lok Sabha Adhir Ranjan Chowdhury. The latter reportedly gave a dissent note on the selection of Sood as the next CBI director.

Monthly CA Digest April 2023 – Current Affairs Updates & 400+MCQ

9. The second G20 Culture Group meeting, also known as the CWG meeting, took place in which city?

  1. New Delhi
  2. Sri Nagar
  3. Indore
  4. Bhubaneswar
  5. None of these

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Correct Answer:  D. Bhubaneswar

Explanation:  The second G20 Culture Group meeting, also known as the CWG meeting, took place on 14 May in Bhubaneswar, Odisha. The CWG meeting aims to facilitate discussion and cooperation among G20 member states on cultural issues, heritage conservation, creative industries and cultural diplomacy. The meeting addressed the importance of preserving and protecting cultural heritage, including tangible and intangible cultural properties. The discussions included topics such as heritage conservation, cultural tourism and promotion of cultural diversity.

10. Recently, Chief Minister Eknath Shinde renamed the Coastal Road in Mumbai to the new name-

  1. Vinayak Damodar Savarkar
  2. Chhatrapati Shivaji Maharaj
  3. Chhatrapati Sambhaji Maharaj
  4. Bal Keshav Thackeray
  5. None of these

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Correct Answer:  C. Chhatrapati Sambhaji Maharaj

Explanation:  Chief Minister Eknath Shinde recently renamed the Coastal Road in Mumbai to the new name Chhatrapati Sambhaji Maharaj. In the memory of Chhatrapati Sambhaji Maharaj, on his 366th birth anniversary, a grand ceremony was organised for the first time at the Gateway of India. As an additional tribute, Chief Minister Eknath Shinde announced plans to install a grand statue of Chhatrapati Sambhaji Maharaj along the Coastal Highway.


11. International Day of Families is celebrated on __________ to raise awareness of the importance of families and their role in society.

  1. 12th May
  2. 13th May
  3. 14th May
  4. 15th May
  5. None of these

Show Correct Answers

Correct Answer:  D. 15th May

Explanation:  International Day of Families is celebrated on May 15 to raise awareness of the importance of families and their role in society. The day focuses on the important role that families play in our society while also highlighting the issues faced by them. The International Day of Families is a global observance that is celebrated by countries around the world. In the United States, the day is celebrated by a variety of organizations, including the National Council on Family Relations, the Family Resource Coalition of America, and the National Family Planning and Reproductive Health Association.

International Day of Families has been observed annually, with a different theme each year. The theme of International Day of Families 2023 is ‘Demographic Trends and Families’. The theme of last year’s International Day of Families was ‘Families and Urbanisation’. The occasion is celebrated by conducting various events and activities that bring families together to celebrate their diversity and strengthen their unique bond.

12. The fourth edition of bilateral naval exercise Samudra Shakti between India and _________ is scheduled to be held from 14 to 19 May 2023.

  1. USA
  2. Indonesia
  3. Japan
  4. Spain
  5. None of these

Show Correct Answers

Correct Answer:  B. Indonesia

Explanation:  INS Kavaratti, indigenously designed & built ASW Corvette, arrived at Batam, Indonesia to participate in the 4th edition of India-Indonesia Bilateral exercise Samudra Shakti-23 from 14-19 May 23.  An Indian Navy Dornier maritime patrol aircraft and Chetak helicopter are also participating in the exercise. The Indonesian Navy is represented by KRI Sultan Iskandar Muda, CN 235 Maritime Patrol Aircraft and AS565 Panther helicopters. The Harbor Phase will include cross deck visits, professional interactions, subject matter expert exchanges and sports fixtures. During the sea phase, weapons firing, helicopter operations, anti-submarine warfare and air defense exercises and boarding operations are planned. Samudra Shakti-23 will showcase the high degree of interoperability between the two navies and their shared commitment to peace and stability in the region.

Samudra Shakti is a joint naval exercise conducted between the Indian Navy and the Indonesian Navy. Objective of the exercise: The primary objective of the exercise is to enhance the interoperability and mutual understanding between the two navies. Activities during the exercise: The exercise includes a range of activities, including tactical exercises, communication drills, helicopter operations, and maritime patrol operations. Benefits of participating in joint naval exercises: Participating in joint naval exercises helps in building trust and understanding between countries, promotes interoperability between different navies, and enhances the security of the region

13. Which of the following Airport becomes the first in India to offer a reading lounge, free of cost?

  1. Chennai International Airport
  2. Jaipur International Airport
  3. Varanasi International Airport
  4. Chhatrapati Shivaji Maharaj International Airport
  5. None of these

Show Correct Answers

Correct Answer:  C. Varanasi International Airport

Explanation:  The Lal Bahadur Shastri International (LBSI) Airport here has become the first in India to have a reading lounge. Apart from books on Kashi, the lounge`s library has a collection of literature and books in many international languages besides books of youth authors published under Prime Minister Yuva Yojana. The Varanasi airport has become the first airport in the country to have a free reading lounge. The lounge has been established with the assistance of National Book Trust (NBT), an Indian publishing house and autonomous body under the ministry of education of the Union government.

The Airport Reading Lounge is a reflection of Kashi, for both traditionalists as well as the contemporary visitors and passengers, and for those who wish to seek further knowledge on the mystical heritage of this ancient city. Apart from India`s culture, history, traditional knowledge systems, health and wellness, literature in Hindi, French, Spanish, English and many other Indian languages, the reading lounge also celebrates literary icons of Varanasi through their works, iconic places and unknown facts and connections with the city.

14. UN Global Road Safety Week is an annual event held on _________  to raise awareness about road safety and the importance of taking steps to prevent accidents.

  1. May 11-17
  2. May 15-21
  3. May 21-27
  4. May 7-13
  5. None of these

Show Correct Answers

Correct Answer:  B. May 15-21

Explanation:  UN Global Road Safety Week is an annual event held in May to raise awareness about road safety and the importance of taking steps to prevent accidents. The week is organized by the World Health Organization (WHO) and the UN regional commissions, and it is supported by a wide range of partners, including governments, NGOs, businesses, and individuals. The week was first marked in 2007. It was no longer observed until 2013, and it had been recorded every two years since then until 2019. It is a special global road safety campaign hosted by the World Health Organization (WHO) that aims to raise awareness about road safety and accident prevention.

The 7th UN Global Road Safety Week will take this year from 15-21 May. The theme is sustainable transport, and specifically the need for governments to facilitate a shift to walking, cycling and using public transport. Road safety is both a prerequisite for this shift to happen and an outcome of it. The slogan is #RethinkMobility.

15. Who among the following has become India’s 82nd Grandmaster?

  1. Parimarjan Negi
  2. Tania Sachdev
  3. Vuppala Prraneeth
  4. R Praggnanandhaa
  5. None of these

Show Correct Answers

Correct Answer:  C. Vuppala Prraneeth

Explanation:  V. Prraneeth, a 15-year-old chess player from Telangana, achieved the title of Grandmaster, becoming the sixth from the state and the 82nd in India. He secured this milestone by defeating GM Hans Niemann from the US during the penultimate round of the Baku Open 2023. This victory also helped him surpass an Elo rating of 2500, specifically 2500.5. Prraneeth obtained his first GM-norm and the title of International Master (IM) at the First Saturday tournament in March 2022. He earned his second GM-norm at Biel MTO in July 2022, followed by his final GM-norm at the second Chessable Sunway Formentera Open 2023 after nine months.

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