Current Affairs Today 25th May 2019 | Current Affairs News

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Daily Current Affairs PDF of 25th May 2019

 

CURRENT AFFAIRS: DAYS

International Commonwealth Day

• On 24th May 2019, people in Commonwealth countries in Africa, Asia, the Caribbean and Americas, the Pacific and Europe will observe Commonwealth Day.
• Canada, New Zealand, South Africa, and Australia are the oldest-standing members of the Commonwealth; they all joined in 1931.
• The day will be celebrated with a broad range of activities, including faith and civic gatherings, debates, school assemblies, flag raising ceremonies, street parties, cultural events and a multicultural, multi-faith service at Westminster Abbey.

USEFUL INFO
Theme 2019	A Connected Commonwealth

CURRENT AFFAIRS: BANKING AND FINANCE

RBI allows modern currency chests to hike service charges

• The Reserve Bank of India will allow large modern currency chests to increase the service charges on cash deposited by non-chest bank branches from the existing rate of 5 per packet of 100 pieces to a higher rate subject to a maximum of Rs. 8 per packet.
• For this, only a currency chest (CC) that fulfils the minimum standards will be eligible to be classified as a large modern CC.
• The increased rates can be charged only after such classification by the issue office concerned.

RBI tweaks norms on VRR investment by FPIs

• The Reserve Bank of India fixed the investment limit at Rs. 54,606.55 crore for foreign portfolio investors (FPIs) under the voluntary retention route (VRR), which allows to park funds in both government securities as well as corporate debt.
• VRR for investments by FPIs was introduced on March 1, 2019. Limits for investment in debt by FPIs were offered for allotment ‘on tap’ during the March 11-April 30 period.
• Earlier there was an aggregate investment limit of Rs. 40,000 crores for VRR-Govt and Rs. 35,000 crores for VRR-Corp.
• The minimum retention period shall be three years. During this period, FPIs shall maintain a minimum of 75% of the allocated amount in India. (No Change)
• Investment limits shall be available ‘on tap’ and allotted on ‘first come, first served’ basis.
• The ‘tap’ shall be kept open till the limit is fully allotted or till December 31, 2019, whichever is earlier.
• FPIs may apply for investment limits online to Clearing Corporation of India Ltd. (CCIL) through their respective custodians.

RBI releases draft norms on liquidity risk management for NBFCs

• The Reserve Bank of India (RBI) released draft circular for all non-deposit-taking non-banking financial companies (NBFCs) with an asset size of Rs. 5,000 crore and above, and all deposit-taking NBFCs irrespective of their asset size, have to maintain a liquidity buffer in terms of a Liquidity Coverage Ratio (LCR).
• In a draft on liquidity risk management framework for NBFCs and core investment companies, RBI said these measures will promote resilience of NBFCs to potential liquidity disruptions by ensuring they have sufficient High-Quality Liquid Asset (HQLA) to survive any acute liquidity stress scenario lasting for 30 days.
• The banking regulator proposed that it will implement LCR through a glide path from April 1, 2020, to April 1, 2024.
• The LCR requirement shall be binding on NBFCs from April 1, 2020, with the minimum High-Quality Liquid Assets (HQLA) to be held being 60 percent of the LCR, progressively increasing in equal steps reaching up to the required level of 100 percent by April 1, 2024

CURRENT AFFAIRS: BUSINESS AND ECONOMY

Uber Just Launched a Submarine Service in the Great Barrier Reef

• Uber has partnered with Australian tourist group Tourism Queensland to offer the world’s first rideshare submarine, scUber.
• scUber will offer riders the opportunity to explore the Great Barrier Reef in the shared vehicle.
• Each scUber ride is priced at USD 3,000 for two passengers.

Infosys completes acquisition of 75% stake in ABN AMRO Bank subsidiary Stater 

• IT services major Infosys has completed the acquisition of 75 per cent shareholding in ABN AMRO Bank’s wholly-owned Stater NV.
• In March, the country’s second largest IT services Infosys had stated that it will acquire 75 per cent stake in Stater for about Rs. 989 crore
• ABN AMRO continues to hold the remaining 25 per cent.
• Founded in 1997, Stater is the largest mortgage service provider of the Benelux. It services 1.7 million mortgage and insurance loans for approximately 50 clients in The Netherlands and Belgium

CURRENT AFFAIRS: APPOINTMENTS AND RESIGNATION

Naveen Patnaik set to take oath for fifth term as Odisha CM

• Odisha Governor Prof. Ganeshi Lal has accepted the resignation of Chief Minister Naveen Patnaik and his council of Ministers to pave the way for the formation of the new government in the State.
• Naveen Patnaik is all set to take oath as chief minister of the State for a record fifth term in a row.
• The Biju Janata Dal headed by him has won a decisive victory in the assembly polls bagging 112 of the 146 assembly seats, polls for which were held along with the Lok Sabha elections.

USEFUL INFO
Odisha Capital	Bhubaneswar
CM	Naveen Patnaik
Governor	Ganeshi Lal

Theresa May to Step Down as U.K. Prime Minister

• May said she would step down as leader of the Conservative Party and then as prime minister, after repeatedly failing to get her Brexit plan through Parliament.
• She announced plans to step down as the leader of the Conservative Party on June 7, with the process to replace her beginning the following week.
• She will remain as a lame-duck prime minister until a new leader is chosen, probably by the end of July.

USEFUL INFO
UK Capital	London
Currency	Pound Sterling
PM	Therasa May

Akshay Kumar named TAFE’s brand ambassador

• TAFE, India’s second largest tractor manufacturer by volumes, has roped in Bollywood actor Akshay Kumar as its brand ambassador for the Massey Ferguson brand.
• TAFE Ltd has presence across 100 countries and a cumulative sale of about 2.5 million tractors to date.

CURRENT AFFAIRS: AWARDS AND HONOURS

Contemporary artist Nalini Malani becomes first Indian to win $78K Joan Miro Prize

• Indian contemporary artist Nalini Malani has won the Joan Miro Prize for 2019, the Barcelona-based Fundacio Joan Miro has announced. One of the most prestigious contemporary art awards in the world, it recognises present-day work by artists who show the same spirit of exploration, innovation, commitment and freedom that characterised Spanish painter and sculptor Joan Miro’s life and work.
• The award carries a cash prize of of 70,000 (Rs 54.5 lakh approx), and the production cost of a monographic exhibition by the winning artist, to be held at the foundation in Spain.

CURRENT AFFAIRS: DEFENCE

DRDO test fires guided bomb from Sukhoi combat jet 

• The Defence Research and Development Organisation (DRDO) successfully test fired an indigenously-developed 500 kg class guided bomb from a Sukhoi combat jet at Pokhran in Rajasthan.
• The defence ministry said the guided bomb achieved the desired range and hit the target with high precision.
• The DRDO successfully flight tested a 500 kg class Inertial Guided Bomb from Su-30 MKI Aircraft from the Pokhran test range in Rajasthan.
• The Indian Air Force successfully test fired the aerial version of the supersonic BrahMos cruise missile from a Sukhoi jet at the Andaman and Nicobar Islands.
• The BrahMos cruise missile travels at a speed of Mach 2.8, nearly three times that of sound.

Assam Rifles battalion, Indian Coast Guard ship sign affiliation charter

• An affiliation charter was signed between 3rd (Naga Hills) Battalion of the Assam Rifles and the Indian Coast Guard Ship ‘Shaurya’ with an aim to enhance inter-armed forces cooperation and utilise each other’s assets for training and sports.
• The objective of the affiliation is to promote bilateral cooperation between the Assam Rifles and the ICG in the field of exchange of information/personnel, build-up camaraderie for training, sports/adventure and sustainable development
• The charter was signed by the director generals of the two sides at an impressive ceremony held at Laitkor in Shillong.
• The Indian Coast Guard, with 142 ships and 62 aircraft, is one of the youngest armed force under the Ministry of Defence.
• Third (Naga Hills) Battalion Assam Rifles is the oldest battalion of the force raised in 1835 as ‘The Cachar Levy’ comprising 750 personnel of all ranks for guarding the Eastern Frontier of Assam from Brahmaputra river to the Cachar Hills.

Pakistan Successfully Test-Fires Ballistic Missile Shaheen-II

• Pakistan successfully test-fired a long-range ballistic missile capable of carrying a nuclear warhead, capable of hitting targets as far as 1,500 kilometers away, bringing major Indian cities under its range.
• The launch was aimed at ensuring operational readiness of the Army Strategic Forces Command.
• Shaheen-II is a highly capable missile which fully meets Pakistan’s strategic needs towards maintenance of desired deterrence stability in the region.

CURRENT AFFAIRS: SCIENCE AND TECHNOLOGY

Isro’s new commercial arm NewSpace India officially inaugurated

• NewSpace India Limited (NSIL), the commercial arm of Indian Space Research Organisation (Isro), was officially inaugurated in Bengaluru.
• NSIL’s main objective is to scale up industry participation in Indian space programmes
• NSIL was inaugurated by Isro’s honorary adviser, Dr K Kasturirangan in the presence of chairman Dr K Sivan.
• NSIL was incorporated on March 6 2019, for commercially utilising research and development activities carried out by ISRO in the area of space with an authorised share capital of Rs 100 crore and initial paid up capital of Rs 10 crore.
• NSIL will act as an aggregator for all space related activities in industry and develop private entrepreneurship in space related technologies.
• Specifically, it will be responsible for manufacturing the and production of Small Satellite Launch Vehicle (SSLV) and Polar Satellite Launch Vehicle (PSLV) through technology transfer mechanisms.

CURRENT AFFAIRS: SPORTS

India bags 57 medals at India Open International tournament

• India bags a total of 57 medals including 12 Gold, 18 Silver and 27 Bronze at India Open International Boxing tournament in Guwahati.
• MC Mary Kom, Shiva Thapa, L Sarita Devi and Naman Tanwar won gold in their respective finals. The London Olympic bronze medallist blew away the challenge of Vanlal Duati in a facile 5-0 win.
• In women’s 54 kg, local favourite Jamuna Boro defeated Sandhyarani and also qualified for the World Championship. In men’s 69 kg Aashish clinched the Gold, while in women’s 57 kg category Neeraj won the final.