Daily Current Affairs Quiz – 22nd May 2020

Dear Readers, Daily Current Affairs Questions Quiz for SBI, IBPS, RBI, RRB, SSC Exam 2020 of 22nd May 2020. Daily GK quiz online for bank & competitive exam. Here we have given the Daily Current Affairs Quiz based on the previous days Daily Current Affairs updates. Candidates preparing for IBPS, SBI, RBI, RRB, SSC Exam 2020 & other competitive exams can make use of these Current Affairs Quiz.

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1) International Tea Day is observed annually on which date to create awareness among people on the health benefits of tea ?

A) May 23

B) May 24

C) May 21

D) May 25

E) May 26

2) The Ministry of New and Renewable Energy has launched a scheme for solarisation of which famous temple in the country ?

A) Kedarnath Temple

B) Somnath Temple

C) Konark Sun Temple

D) Badrinath Temple

E) Brihadeeswara Temple

3) The Central government has cleared the plan of drilling for hydrocarbon exploration in which of the following national parks ?

A) Campbell Bay National Park

B) Bannerghatta National Park

C) Bandhavgarh National Park

D) Anshi National Park

E) Dibru Saikhowa National Park

4) In which state has the Rural Livelihood Mission begun Didi Vehicle Service for safe delivery of rural women ?

A) Tamil nadu

B) Kerala

C) Madhya Pradesh

D) Andhra Pradesh

E) Haryana

5) Baba Ramdev Led Patanjali has launched which E-Commerce Platform to Supply Swadeshi Goods and made-in-India items in the country ?

A) BuyBharat

B) BuySwadesi

C) GetNow

D) OrderMe

E) OrderSwadeshi

6) What is the theme of the International Day for Biological Diversity observed annually on May 22 every year ?

A) Mainstreaming Biodiversity; Sustaining People and their Livelihoods

B) Biodiversity and Sustainable Tourism

C) Our Biodiversity, Our Food, Our Health

D) Our solutions are in nature

E) Ensuring a sustainable world

7) Franklin Templeton has appointed which bank to assist trustees in monetising assets of 6 wind-up schemes ?


B) Kotak Mahindra Bank


D) Axis


8) World Day for Cultural Diversity for Dialogue and Development is held annually on May 21. It was adopted in which of the following year ?

A) 2009

B) 2001

C) 2003

D) 2005

E) 2008

9) Which institution has discovered new ways to prevent memory loss or reduce short-term losses related to Alzheimer disease ?

A) IIT Madras

B) IIT Delhi

C) IIT Guwahati

D) IIT Hyderabad

E) IIT Kharagpur

10) In a recent announcement made by the RBI, the repo rate has been cut by______ basis points, bringing the repo rate to 4 percent.

A) 25

B) 30

C) 35

D) 40

E) 15

11) According to Rating agency ICRA, the Indian economy is likely to contract by ______ percent in FY 21.

A) 1.5

B) 5

C) 2.5

D) 3

E) 4.5

12) Who has been named as the Chief economist and Vice President of the World Bank  ?

A) Olusoji O. Adeyi

B) Pablo A. Acosta

C) Anabela Abreu

D) Carmen Reinhart

E) Eric Abel

13) The Andhra Pradesh government has come up with a scheme to help revive MSMEs and improve the livelihood of those affected ?

A) ReCover

B) Improve

C) ReStart

D) ReLaunch

E) BoostUp

14) The RBI has deferred interest on working capital facility which can be converted into funded interest on term loan till which date ?

A) 1 January, 2021

B) March 31, 2021

C) 1 September, 2020

D) 1 August, 2020

E) 31 December, 2020

15) What is the amount extended by RBI to the EXIM bank to help meet its foreign currency resource requirement ?

A) 10,000 crore

B) 12,500 crore

C) 15,000 crore

D) 13,000 crore

E) 14,000 crore

16) Which of the following company is all set to launch the second tranche of Bharat Bond ETF ?

A) Kotak Mahindra Mutual Fund

B) Edelweiss Mutual Fund

C) Principal Mutual Fund

D) Axis Mutual Fund

E) Mirae Asset Global Investments

17) The Union Government has extended the ‘Pradhan Mantri Vaya Vandana Yojana’ by how many years, with a focus on providing a minimum pension to senior citizens ?

A) 5 years

B) 4 years

C) 3 years

D) 2 years

E) 1 year

18) Airtel has acquired _______ percent stake in AI startup Voicezen, in an all cash deal.

A) 14

B) 15

C) 10

D) 12

E) 13


1) Answer: C

The world will join hands to celebrate its first Tea Day on May 21, 2020. The day is observed primarily with a view to increasing consumption of tea.

Tea has medicinal value and has a potential of bringing health benefits to people.

Prior to this, December 15 was observed as International Tea Day in tea producing nations – Bangladesh, Sri Lanka, Nepal, Vietnam, Indonesia, Kenya, Malawi, Malaysia, Uganda, India and Tanzania. The reason for the UN celebrating May 21 as International Tea Day is that the season of tea production begins in May in most of the tea producing countries.

2) Answer: C

The Ministry of New and Renewable Energy has launched a scheme for solarisation of Konark Sun Temple and Konark town in Odisha.

The Government of India launched the scheme with an objective to develop the historical Sun temple town of Konark in Odisha as ‘Surya Nagri’, to convey a message of synergy between the modern use of solar energy and the ancient Sun Temple and the importance of promoting solar energy.

The scheme envisages setting up of the 10-MW grid connected solar project and various solar off-grid applications such as solar trees, solar drinking water kiosks and off-grid solar power plants with battery storage, with a 100 percent central financial assistance (CFA) support of around Rs. 25 crore from the Government of India through the MNRE.

Implementation of this project will be done by the Odisha Renewable Energy Development Agency (OREDA).

3) Answer: E

Union ministry of environment, forest and climate change accorded environment clearance for extension of drilling for hydrocarbon exploration inside Dibru Saikhowa National Park in eastern Assam.

The clearance for extension drilling and testing at seven locations under the national park was given as part of the Centre’s target to reduce 10% imports and the Northeast Vision 2030.

In order to tap the hydrocarbon resources underneath the Dibru-Saikhowa National Park, OIL had approached statutory bodies for obtaining necessary permissions in 2016 on the basis of the Extended Reach Drilling (ERD) technology, which will enable OIL to drill for hydrocarbon without drilling inside the national park.

The ERD techniques are extensively used to intersect hydrocarbon targets far from the surface or areas of the reservoir which otherwise are difficult to access.

4) Answer: C

In the tribal-dominated Jhabua district of Madhya Pradesh, the women of Rural Livelihood Mission have started Didi Vehicle Service for rural women for safe delivery. This vehicle service is completely free.

The women of Rural Livelihood Mission have started this service for 29 villages of 10 Gram Panchayats of Petlawad development block of Jhabua.

At a time of COVID-19 outbreak, when vehicles are not available for free even in cities, Didi vehicle service is proving to be a lifeline for pregnant rural women in tribal areas.

5) Answer: D

Baba Ramdev led Patanjali Ayurved is in the process of launching an e-commerce platform to supply made-in-India items and swadeshi solutions.

The proposed e-commerce site, named OrderMe, will deliver Patanjali’s own ayurvedic products as well as connect the consumer to neighbourhood stores selling Indian products.

The platform will deliver the products to doorsteps free of cost within a few hours.

Additionally, the platform will also offer 24X7 free medical advice to people from approximately 1,500 doctors of Patanjali, as well as yoga tutorials.

6) Answer: D

The International Day for Biological Diversity also called the World Biodiversity Day is observed on May 22 every year.

It is observed to raise awareness about biodiversity issues.

The theme for this year’s celebration of International Day of Biological Diversity 2020 is “Our solutions are in nature.”

7) Answer: B

Franklin Templeton Trustee Services has appointed Kotak Mahindra Bank to work together with Franklin Templeton Asset Management (India) to assist the trustees in monetising portfolios of the six schemes that are being wound up.

Kotak Mahindra Bank, a highly reputed firm with strong corporate governance practices and deep financial market experience, will, wherever required, act as their agent and provide its independent advice and assistance to the trustees through the entire process.

The appointment will provide the trustees with the added experience and ability to monetise assets at the earliest possible time.

8) Answer: B

The World Day for Cultural Diversity for Dialogue and Development is a United Nations–sanctioned international holiday for the promotion of diversity issues. It is currently held on May 21.

In 2001, UNESCO adopted the Universal Declaration on Cultural Diversity and in December 2002, the UN General Assembly declared May 21 to be the World Day for Cultural Diversity for Dialogue and Development.

9) Answer: C

Researchers at Indian Institute of Technology (IIT) Guwahati have discovered ideas that can help prevent or reduce short-term memory losses associated with Alzheimer’s disease.

They studied the neurochemical principles of Alzheimer’s, and explored new ways to prevent accumulation of neurotoxic molecules in the brain that are associated with short-term memory loss.

The IIT Guwahati team reports interesting methods such as application of low-voltage electric field, and the use of ‘trojan peptides’ to arrest aggregation of neurotoxic molecules in the brain.

The development of a cure for Alzheimer’s disease assumes importance in India as it has the third highest number of Alzheimer’s patients in the world, after China and the US, with more than four million people falling prey to the memory loss associated with it. While current treatments only alleviate some of the symptoms of the disease, there is no disruptive therapeutic approach yet that can treat the underlying causes of Alzheimer’s.

10) Answer: D

The Reserve Bank of India cut the repo rate by 40 basis points from 4.4 per cent to 4 per cent, reducing the reverse repo rate at 3.35 per cent to maintain accommodative stance. The RBI Governor Shaktikanta Das while addressing the media stated that the six-member Monetary Policy Committee voted 5:1 in favour of 40 bps cut in interest rate.

The RBI Governor stated, private consumption has seen the biggest blow due to COVID-19 outbreak, following investment demand has halted big time impacting the government revenues severely due to slowdown in economic activity.

The inflation outlook is highly uncertain with elevated levels of inflation in pulses being worrisome and therefore requires review of import duties.

11) Answer: B

Ratings agency ICRA predicted that India’s economy is likely to witness a sharp contraction of 5 per cent during FY 2020-21, despite the massive stimulus given under the Self-Reliant India programme.

Earlier, ICRA had predicted a contraction of around 1-2 per cent.

Recently, the Centre gave an immediate fiscal support under the ‘Atma Nirbhar Bharat Abhiyan’ estimated at a modest 10 percent of the GDP with a total outlay of Rs 20 lakh crore.

On April 7, the ratings agency predicted that India’s economy is likely to witness a sharp contraction of 4.5 percent during Q4 FY2020 and is expected to gradually recover to post a GDP growth of just 2 percent in FY2021.

12) Answer: D

The World Bank named former Bear Stearns executive Carmen Reinhart as its new vice president and chief economist, tapping an expert on financial crises who also serves on the advisory board of the New York Federal Reserve.

Reinhart, now a professor at Harvard University, published a book entitled “This Time is Different: Eight Centuries of Financial Folly,” together with economist Kenneth Rogoff of Harvard University in 2009.

The book called for stricter regulations and an early-warning system to sound the alarm about financial bubbles, arguing that central bankers, policy makers and investors tended to ignore the telltale signs of a bubble because they were convinced that “this time is different.”

13) Answer: C

Factoring the hardships faced by the MSMEs during the Covid-19 pandemic, the Andhra Pradesh government has come up with a Rs.1,110-crore ‘ReSTART’ policy boost.

This is to provide some relief at a time when the economy has come to a standstill, severely affecting the livelihoods of hundreds of thousands dependent on the MSME sector. In Andhra Pradesh alone, around one lakh MSMEs provide employment to more than 10 lakh people.

The ReSTART package includes the payment of all sanctioned but outstanding incentives to MSME units, waiver of three months fixed demand charges, deferment of power minimum demand charges for three months for large and mega units, and working capital loans along with preferential market access.

The ReSTART Policy will include the release of Rs.905 crore of pending incentives to MSME units in two months, waive fixed demand charges towards power for a period of three months from April 20 to June 20 for MSMEs (Rs.188 crore) and provide Rs.200-crore working capital loans by creating a fund to meet their liquidity crisis, according to Subramanyam Javvadi, Director, Industries & Commerce Department and CEO, Andhra Pradesh Economic Development Board.

14) Answer: B

The  Reserve Bank of India (RBI) has extended the moratorium on term loans and deferment of interest on working capital facilities by three more months to August 31, 2020. The three month moratorium and deferment was to come to an end on May 31.

The RBI also stated the deferred interest on the working capital facility can be converted into funded interest on term loan, repayable by March 31, 2021.

With companies unable to tap the capital markets, the RBI has increased the single borrower exposure limit for banks to 25 percent of their capital funds

15) Answer: C

The Reserve Bank of India (RBI) decided to extend a Rs.15,000 crore line of credit to the Export-Import Bank of India (EXIM Bank) for 90 days to meet its foreign currency resource requirements. The central bank also stated it will rollover its Rs.15,000 crore special refinance facility for the Small Industries Development Bank of India (SIDBI) by another 90 days.

The line of credit for EXIM Bank comes with a rollover of up to one year so as to enable it to avail a US dollar swap facility.

The RBI had earlier announced a special refinance facility of Rs.15,000 crore to SIDBI at RBI’s policy repo rate (now at 4 per cent against 4.40 per cent earlier) for a period of 90 days for on lending/refinancing. This will provide greater flexibility to SIDBI.

16) Answer: B

Edelweiss Asset Management  announced the launch of the second tranche of Bharat Bond ETF in July with two new series after initial series in December last year.

The Bharat Bond ETF programme is an initiative of the government’s Department of Investment and Public Asset Management which has given the mandate to Edelweiss AMC to design and manage the product.

The two new Bharat Bond ETF series will have maturities of April 2025 and April 2031.

Through the launch of these two new ETF series, Edelweiss Mutual Fund proposes to raise an initial amount of Rs 3,000 crore with a greenshoe option of Rs 11,000 crore based on market demand.

The ETF will invest in constituents of Nifty Bharat Bond Indices consisting of AAA-rated public sector companies. Bharat Bond Funds of Funds (FOF) with similar maturities will also be launched for investors who do not have Demat accounts.

17) Answer: C

The Union Cabinet extended the Pradhan Mantri Vaya Vandana Yojana (PMVVY), a social security scheme for senior citizens, for three years till March, 2023.

The PMVVY scheme, implemented through the Life Insurance Corporation (LIC), is intended to give an assured minimum pension to senior citizens (60 years and above) based on an assured return on the purchase price/subscription amount.

The assured rate of return for fiscal 2020-21 has been pegged at 7.4 per cent per annum and thereafter to be reset every year, an official release stated after the Cabinet, chaired by Prime Minister Narendra Modi, decided to extend the scheme for a further period of three years up to March 31, 2023. Earlier, the scheme offered an assured return of 8 per cent.

Government’s financial liability is limited to the extent of the difference between the market return generated by LIC and the guaranteed return of 7.4 per cent per annum initially for the year 2020-21, and thereafter to be reset every year in line with the Senior Citizens Saving Scheme (SCSS).

18) Answer: C

Bharti Airtel has acquired a 10 per cent stake in Gurgaon-based start-up Voicezen, which focuses on conversational artificial intelligence technologies, in an all-cash deal, the private operator stated.

The stake purchase will give Bharti Airtel preferred access to Voicezen’s technologies, which can be deployed across its customer touchpoints in multiple languages, Airtel stated in a statement without disclosing the amount it paid for buying the stake.

The acquisition has been made by the company under its fast expanding Airtel Startup Accelerator Programme, the company noted.

AI is a big focus area for Airtel given the deep positive impact the technology can have in transforming customer experience. Voicezen has built some promising products that are very relevant for a market like India.

Voicezen has been working on developing advanced solutions that leverage machine learning, AI, speech to text and voice technologies to offer real time analytics to help brands engage with customers.

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