Daily Current Affairs – 23 May 2020

Current Affairs 23 May 2020

Daily Current Affairs 23 May 2020: We have collected the latest current affairs for 23 May 2020 that are important for all competitive exams like Bank, SSC, IBPS, SBI exams. The GK current affairs will help you score more in these competitive exams. Improve your general knowledge with our daily online current affairs. You can also read the daily current affairs on our mobile app.

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National News

Centre launches scheme for 100% solarisation of Konark Temple & Town in Odisha

  • The central government has launched a scheme for complete solarisation of Konark Sun Temple and Konark town in Odisha, in a bid to develop the town of Konark as ‘Surya Nagri’.
  • Under the scheme, a 10-megawatt (MW) grid-connected solar project will be set up along with various solar off-grid applications such as solar trees and solar drinking water kiosks, and off-grid solar power plants with battery storage.
  • The Government of India will provide 100 percent central financial assistance (CFA) support of around Rs. 25 crore for the scheme through the Ministry of New and Renewable Energy (MNRE).
  • The project will be implemented by the Odisha Renewable Energy Development Agency (OREDA).

UP Government Signs MoU with SIDBI for ‘UP Start-up Fund’ to Boost Employment

  • The Uttar Pradesh government under Chief Minister Yogi Adityanath has launched the ‘UP Start-up Fund’ on 20 May 2020, to boost job creation in the state.
  • The fund will motivate more and more youths to establish their own startups in the state as well as provide employment opportunity to large number of migrant, coming to the state, as per their skill.
  • The fund has been set up under the UP Information Technology and Start-up Policy 2017.
  • CM Adityanath handed over cheque of the initial contribution of Rs 15 crore towards the Fund, while signing the MoU with SIDBI.
  • The Small Industries Development Bank of India (SIDBI) will be the fund manager.
  • The ‘UP Start-up Fund’ will be in the form of Fund of Funds.
  • In this model, the fund will not be invested directly into start-ups, rather it will participate in Securities and Exchange Board of India (SEBI) approved Alternative Investment Funds, to support the start-ups.

Business & Agreement

NTPC Signs MoU with ONGC to set up Joint Venture Company for Renewable Energy Business

  • NTPC Ltd. and Oil and Natural Gas Corporation Limited (ONGC) have signed a Memorandum of Understanding (MoU) to set up a Joint Venture Company for Renewable Energy business.
  • Under the MoU, NTPC and ONGC will explore the setting up of offshore wind and other Renewable Energy Projects in India and overseas and also explore opportunities in the fields of sustainability, storage, E-mobility and ESG (Environmental, Social and Governance) compliant projects.
  • This JV will enable both companies to accelerate their footprint in Renewable Energy projects.
  • It will also help India’s largest power generator NTPC to achieve its ambitious target of 32 GW of Renewable Energy Projects by 2032, and ONGC’s target of 10 GW of renewable power project by 2040.

Banking & Economy News

Statement on Developmental and Regulatory Policies by RBI in May 2020

  • The Reserve Bank of India has released the Monetary Policy Statement, 2020-21 after its MPC meet between May 20 to 22, 2020. After this the RBI has released the Statement on Developmental and Regulatory Policies. The major points that are important from exam point of view is mentioned below:
  • Refinancing Facility for Small Industries Development Bank of India (SIDBI)- Continuation of an earlier measure
    • RBI had announced a special refinance facility of ₹15,000 crore to SIDBI for on-lending/refinancing. The advances under this were provided at RBI’s policy repo rate at the time of availment for a period of 90 days. In order to provide greater flexibility to SIDBI in its operations, it has been decided to roll over the facility at the end of the 90th day for another period of 90 days.
  • Maximum permissible period of pre-shipment and post-shipment export credit
    • The maximum permissible period of pre-shipment and post-shipment export credit sanctioned by banks from the existing one year to 15 months, for disbursements made up to July 31, 2020.
  • Liquidity Facility for Exim Bank of India
    • A line of credit of ₹15,000 crore will be extended to the EXIM Bank for a period of 90 days from the date of availment with rollover up to a maximum period of one year so as to enable it to avail a US dollar swap facility to meet its foreign exchange requirements.
  • Extension of Time for Payment for Imports
    • It has been decided to extend the time period for completion of remittances against normal imports into India (except in cases where amounts are withheld towards guarantee of performance) from six months to twelve months from the date of shipment for such imports made on or before July 31, 2020.
  • Moratorium on Term Loan Instalments
    • It has been decided to permit lending institutions to extend the moratorium on term loan instalments by another three months, i.e., from June 1, 2020 to August 31, 2020.
  • Limit on Group Exposures under the Large Exposures Framework increased to 30%
    • Under the extant guidelines on the Large Exposures Framework, the exposure of a bank to a group of connected counterparties shall not be higher than 25%of the bank’s eligible capital base at all times.  It has been decided to increase a bank’s exposure to a group of connected counterparties from 25% to 30% of the eligible capital base of the bank. The increased limit will be applicable up to June 30, 2021.

RBI reduces Repo Rate by 40 bps to 4.0% in Monetary Policy Committee (MPC) Meet May 20 to 22, 2020

The Reserve Bank of India in its Monetary Policy Committee (MPC) meeting on May 22, 2020 has decided to:

  • Reduce Repo Rate by 40 bps to 4.00% from 4.40% earlier.
  • Reverse repo rate has been reduced to 3.35%
  • The marginal standing facility (MSF) rate and the Bank Rate stands at 4.25%
  • The MPC decided to continue with the accommodative stance.


Assam’s Jahnabi Phookan Takes Charge as FICCI FLO National President

  • Assam-based entrepreneur Jahnabi Phookan has been appointed as the new National President of FICCI Ladies Organization (FLO) on 22 May 2020.
  • FICCI FLO is the women wing of the leading industry chamber, Federation of Indian Chambers of Commerce and Industry (FICCI).
  • Phookan is the 37th National President of FICCI FLO
  • She succeeds Harjinder Kaur Talwar.

Important Days

World Turtle Day: 23 May

  • The World Turtle Day is observed on May 23 every year to raise awareness among people to protect turtles and tortoises and their disappearing habitats around the world.
  • The day is being celebrated since 2000 by American Tortoise Rescue, a nonprofit organization established in 1990 for the protection of all species of tortoise and turtle.


Renowned vocalist Shyamala G Bhave passes away at 79

  • Renowned vocalist Shyamala G Bhave, who had an equal command over Hindustani and Carnatic style of music, has passed away.
  • She was 79.
  • She was bestowed with the title of “Ubhaya Gaana Vidushi (expert in both styles)” by Sir M Visvesvaraya, the 19th Diwan of Mysore.

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