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Current Affairs Quiz – 20th 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. Name the Asset Management Companies that launched India’s first mutual fund focussed on the defence sector?
Explanation: HDFC Asset Management Company Ltd has announced the launch of the country’s first mutual fund focused on defence sector, a move that will provide investors an opportunity to participate in the growth potential of this space. The new fund offering (NFO) of HDFC Defence Fund, an open-ended equity scheme, would open on May 19 and close on June 2. The fund will invest at least 80 per cent of its net assets in defence and allied sector companies. Defence and allied sector stocks include stocks forming part of aerospace and defence; explosives, shipbuilding and allied services.
2. ____________ will be honored with the Global Health Leaders Lifetime Achievement award at the 76th World Health Assembly in Geneva on May 21, 2023.
Correct Answer: D. Jean-Jacques Muyembe-Tamfum and Peter Piot
Explanation: WHO DG, Dr. Tedros Adhanom Ghebreyesus will present two-lifetime achievement awards to Jean-Jacques Muyembe-Tamfum and Peter Piot at the 76th World Health Assembly held in Geneva on May 21. Professor Muyembe-Tamfum from Congo is being recognized for his innovation and contributions to the management and treatment of diseases such as Ebola virus disease. Professor Piot from Belgium is being recognized for his leadership in the response to the HIV/AIDS epidemic.
3. Which country has announced the ban on Russian diamonds alongside the military-industrial complex and metals in a fresh round of sanctions?
Explanation: The United Kingdom has announced ban on Russian diamonds alongside the military-industrial complex and metals in fresh round of sanctions ahead of G7 meeting in Japan. In a statement, UK government said, the ban has also been announced on imports of Russian-origin copper, aluminium and nickel. Along with these trade sanctions, the UK is also preparing to target an additional 86 members of Russia’s military-industrial complex as well as those engaged in vital industries including energy, metals, and shipping.
The statement said, as the UK continues to engage with G7 allies to address all types of sanctions circumvention, they also include those who actively help the Kremlin in its efforts to weaken the impact of current sanctions. Meanwhile, the United States will also unveil new sanctions to extensively restrict Russia’s access to goods that matter for its battlefield capabilities. A US official said that the United States plans to blacklist about 70 companies and organizations for selling restricted American products to Russia.
About G7
It is an intergovernmental political forum.
It consists of seven member states: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.
In addition to the seven member states, the European Union is also part of the G7 as a non-enumerated member.
Formation – 25 March 1973
First G6 Summit – 15 November 1975
4. The Competition Commission of India has approved the proposed merger of Credit Suisse Group AG with which the following-
Explanation: The Competition Commission of India (CCI) granted approval for the proposed merger of Credit Suisse Group AG with UBS Group AG, two prominent Swiss-based multinational investment banks and financial services companies. The proposed combination entails UBS’s proposed acquisition of Credit Suisse by way of an absorption merger with UBS being the surviving legal entity.
The UBS Group AG (UBS) is a multinational investment bank and financial services company founded and based in Switzerland, and active globally. UBS’ businesses comprise wealth management, asset management, investment banking services, and retail and corporate banking. In India, UBS’ business is primarily focused on brokerage services.
Credit Suisse Group AG (Credit Suisse) is a multinational investment bank and financial services company founded and based in Switzerland. Credit Suisse is active globally and its businesses comprise wealth management, asset management, investment banking services, and retail and corporate banking. In India, Credit Suisse’s businesses comprise wealth management and investment banking services.
5. The Reserve Bank of India (RBI) said it has canceled permits of ________ NBFC including Coorg Tea Company, Trimurthi Finvest, East West Finvest India etc.
Explanation: The Reserve Bank of India (RBI) on May 12 said it has cancelled permits of seven non-banking finance companies (NBFC). The NBFCs whose certificate of registration was cancelled were Coorg Tea Company, Trimurthi Finvest, East West Finvest India, J.V.Modi Securities, K K Patel Finance, Purvi Finvest, and Genfin Capital Pvt Ltd, according to a press release from the RBI. Further, the release said these companies shall not transact the business of a Non-Banking Financial Institution. Coorg Tea Company cancellation order was on April 20, Genfin Capital Pvt Ltd cancellation was on April 26, while rest of the companies cancellation order date was April 24, the release added. In a separate press release, the RBI said 14 NBFCs surrendered their licence, which include Icseva Finance Pvt, L&T Infrastructure Development Projects Ltd, and Wondermax Mercantile Pvt Ltd.
6. Who among the following was honored with the honorary Palme D’Or for lifetime achievement at the 76th Cannes Film Festival 2023?
Explanation: American actor, Harrison Ford was honored with the prestigious Palme D’Or award for lifetime achievement at the 76th Cannes Film Festival 2023. He received the award before his film ‘Indiana Jones and the Dial of Destiny’ premiere. 76th annual Cannes Film Festival:
It is an annual film festival, held in Cannes France from 16 to 27 May 2023.
The festival opened with Jeanne du Barry (directed by Maïwenn).
The festival will close with Elemental directed by Peter Sohn.
7. Recently, Along with KV Viswanathan, who has been sworn in as the judge of the Supreme Court, by CJI DY Chandrachud?
Explanation: The Supreme Court of India got two new judges as Justice Prashant Kumar Mishra, the chief justice of the Andhra Pradesh High Court, and senior lawyer Kalpathy Venkataraman Viswanathan, were administered the oath of office by Chief Justice of India DY Chadrachud.
The Supreme Court has regained its full strength of 34 judges, including the CJI, for a brief period as three judges — Justice KM Joseph, Justice Ajay Rastogi, and Justice V Ramasubramanian — are demitting office during the summer vacation itself.
Justice Viswanathan will become the Chief Justice of India upon the retirement of Justice JB Pardiwala on August 11, 2030, and remain in the post till May 25, 2031.
The collegium headed by Chief Justice of India (CJI) DY Chandrachud and comprising Justices SK Kaul, KM Joseph, Ajay Rastogi, and Sanjiv Khanna considered that there was only one member from the bar directly appointed to the Supreme Court bench while making the recommendation.
8. For the first time, the value of India’s defence production has crossed the ____________ mark in the financial year 2022-23.
Explanation: The Defence Ministry has said that the value of defence production in the Financial Year (FY) 2022-23 has crossed the figure of one lakh crore rupees for the first time ever. For the first time, the value of India’s defence production has crossed the Rs one lakh crore mark in the financial year 2022-23. The value of defence production in 2022-23 is a rise of more than 12 per cent over the figure in 2021-22 when it was Rs 95,000 crore.
India is one of the largest importers of arms globally. According to estimates, the Indian armed forces are projected to spend around USD 130 billion in capital procurement in the next five years. The government now wants to reduce dependence on imported military platforms and has decided to support domestic defence manufacturing. The Defence Ministry has set a goal of a turnover of USD 25 billion (Rs 1.75 lakh crore) in defence manufacturing by 2024-25 that included an export target of USD 5 billion (Rs 35,000 crore) worth of military hardware.
Explanation: Rattan Lal Kataria, former Union Minister and BJP MP from Ambala passed away. He served as the Minister of State in the Ministry of Jal Shakti and the Ministry of Social Justice and Empowerment till 7 July 2021. He was elected to the 16th Lok Sabha from Ambala. Previously, he was elected to the 13th Lok Sabha from Ambala as a candidate of the Bharatiya Janata Party.
10. Recently, India has signed a Letter of Intent (LoI) with ____________ to build an “India-Israel Center of Water Technology” (CoWT) in Water Resource Management and Water Technologies at IIT Madras.
Explanation: India through the Indian Institute of Technology (IIT) Madras (Chennai, Tamil Nadu) has signed a Letter of Intent (LoI) with the Israel government to build an “India-Israel Center of Water Technology” (CoWT) in Water Resource Management and Water Technologies at IIT Madras. The LoI was signed in New Delhi, Delhi, by Manoj Joshi, Secretary of the Ministry of Housing and Urban Affairs (MoHUA), Prof V Kamakoti, Director of IIT Madras, and Naor Gilon, Ambassador of Israel to India in the presence of External Affairs Ministers S Jaishankar and his Israeli counterpart Eli Cohen.
The CoWT aims to build human capacity to ensure the implementation of the best technologies of Israel in a tailor-made context for the Indian requirements and pilot sustainable technologies to ensure water security for India. The centre will help the MoHUA develop its Atal Mission for Rejuvenation and Urban Transformation (AMRUT). Mission for attaining its overall targets in collaboration with Israel’s Agency for International Development Cooperation(MASHAV- acronym in Hebrew), in the Ministry of Foreign Affairs, Israel.
11. __________ in partnership with SBI Card and NPCI, launches the next-generation co-branded RuPay Credit on the RuPay network.
Explanation: Paytm in partnership with SBI Card and National Payments Corporation of India (NPCI), launches thenext-generation co-branded RuPay Credit Card named ‘Paytm SBI Card’ on the RuPay network. To further improve credit inclusion in India and make credit cards more accessible to young and digitally-evolved customers. The card enables customers to make UPI (Unified Payment Interface) payments by scanning QR codes. The co-branded credit cards offers Paytm First membership worth Rs 750 along with numerous offerings. The cardholder could also receive the added benefit of a 1% fuel surcharge waiver and Rs 1,00,000 cyber fraud insurance coverage in the case of ‘Platinum’ cardholders. Through the launch of the card the partnership between SBI Card and Paytm, which began in 2020, has expanded further.
12. World Bee Day is an annual event held on ___________ to increase understanding and recognition of the vital role bees and other pollinators play in our ecosystem.
Explanation: World Bee Day is an annual event held on May 20th to increase understanding and recognition of the vital role bees and other pollinators play in our ecosystem. This observance was established by the United Nations in 2017 with the purpose of emphasizing the importance of bees in sustaining both ecosystems and food production. The celebration of World Bee Day seeks to encourage efforts that safeguard bees and their habitats, while also emphasizing the significance of pollinators in preserving biodiversity and ensuring worldwide food security.
The chosen theme for World Bee Day 2023 is “Engaging in Pollinator-Friendly Agricultural Production.” This theme highlights the immediate requirement to embrace agricultural methods that promote the well-being of pollinators, specifically bees. It urges worldwide efforts to advocate for evidence-based agricultural practices that prioritize the protection and support of pollinators. By prioritizing agricultural techniques that are friendly to pollinators, we can improve the vitality and population of bees and other pollinators. This, in turn, ensures the sustainability of our food systems and the preservation of biodiversity.
13. The Reserve Bank of India (RBI) has decided to withdraw ________ denomination banknotes from circulation under the “Clean Note Policy”.
Explanation: The Reserve Bank of India (RBI) has decided to withdraw Rs 2,000 denomination banknotes from circulation under the “Clean Note Policy”. Rs 2,000 notes will continue to be legal tender.Individuals can deposit the Rs 2,000 banknotes into their bank accounts or exchange them for other denominations at any bank branch. From May 23, 2023, Rs 2,000 notes can be exchanged for other denominations up to a limit of Rs 20,000 at a time at any bank branch. RBI’s 19 regional offices with issue departments will also provide the facility to exchange Rs 2,000 banknotes up to a limit of Rs 20,000 at a time from May 23. All banks to offer deposit and/or exchange services for Rs 2,000 notes by September 30, 2023.
Clean Note Policy:
The clean note policy was introduced by the Reserve Bank of India (RBI) in 1999 to address the issue of soiled and mutilated notes.
Banks are instructed not to give soiled, torn and mutilated notes to customers and instead deposit them with RBI.
Stapling of currency notes/packets is prohibited as per the policy.
The objective of the Clean Note Policy is to provide good quality currency notes and coins to the customers.
Soiled and mutilated currency notes can be easily exchanged at teller counters under the RBI’s note refund rules of 2009.
14. The RBI Approves the transfer a surplus of ___________ to the central government for the fiscal year 2022-23 (FY23).
Explanation: The Reserve Bank of India (RBI) has approved the transfer of Rs 87,416 crore surplus to the government for the financial year 2022-23. This amount is nearly three times higher than the previous year’s transfer of Rs 30,307 crore. The surge in surplus is attributed to increased income from the sale of foreign exchange reserves. Despite facing challenges such as rising yields on US treasuries, the RBI’s surplus transfer is expected to provide a significant boost to the government’s revenue.
Economists have pointed out that the major driver behind the bumper surplus transfer is the gains from record gross foreign exchange sales in the fiscal year 2022-23. The RBI’s sales of foreign exchange reserves, estimated to be around $206 million until February 2023, significantly contributed to the increased surplus. However, the profits were partially offset by higher provisioning on mark-to-market losses on foreign securities. Additionally, the higher contingency buffer of 6 percent, compared to 5.5 percent in the past, also impacted the profit margin.
15. Who among the following has authored the book titled “Guts Amidst Bloodbath: The Aunshuman Gaekwad Narrative”?
Explanation: Anshuman Gaekwad, a former Indian Test cricketer, released his semi-autobiographical book titled “Guts Amidst Bloodbath” at the Cricket Club of India (CCI). The occasion was graced by six former India cricket captains, namely Sachin Tendulkar, Gundapa Vishwanath, Sunil Gavaskar, Dilip Vengsarkar, Ravi Shastri, and Kapil Dev. These legendary cricketers shared anecdotes and praised Gaekwad for his contributions to the sport. In addition to the former captains, several other prominent figures from the cricketing world were present. BCCI President Roger Binny, Yajurvindra Singh, Karsan Ghavri, Zaheer Khan, Abey Kuruvilla, and Nayan Mongia were among the attendees, showcasing their support for Gaekwad and the book.
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