Current Affairs May 2020 - CSEET

1. The task force on National Infrastructure Pipeline (NIP), projects total infrastructure investment of Rs 111 lakh crore during a 5-year span of FY 2019-20 to FY 2024-25. Name the person who heads the task force.

1) C Rangarajan

2) Sakthikantha Das

3) Atanu Chakraborty

4) Ajay Kumar

5) Subash Chandra

Answer – 3) Atanu Chakraborty

Explanation:

The task force on National Infra Pipeline (NIP) chaired by economic affairs secretary Atanu Chakraborty submitted its Final Report on NIP for FY 2019-25 to Finance Minister Nirmala Sitharaman, projecting total infrastructure investment of Rs 111 lakh crore during a 5-year span of FY 2019-20 to FY 2024-25.

2. Name the Indian state which topped the list of provide maximum employment under Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) as per data of Rural development ministry.

1) Chhattisgarh

2) Kerala

3) Uttar Pradesh

4) Bihar

5) West Bengal

Answer – 1) Chhattisgarh

Explanation:

According to data of Rural Development ministry, Chhattisgarh is 1st in the state to provide employment to over 18(18.51) lakh unskilled labourers, followed by Rajasthan (2nd) to 10.79 lakh workers & Uttar Pradesh(3rd) to around 9.06 lakh workers under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) as per data of Rural development ministry.

3. According to the 7th edition of open budget survey 2019, India ranked at 53rd position in budget transparency and accountability. It is conducted by International Budget Partnership ( IBP) Name the country which topped the list.

1) US

2) Australia

3) New Zealand

4) Sweden

5) Soudi Arabia

Answer – 3) New Zealand

Explanation:

According to the 7th edition of ‘Open Budget Survey 2019’ conducted by International Budget Partnership (IBP), India has been ranked at 53rd position among 117 nations in terms of budget transparency and accountability with the score of 49 out of 100. While at the same time New Zealand has been topped the list with a score of 87. The global average transparency score on this survey was 45.

4. What will be the financial grant that was approved by world bank for multi-year financial support to India to enhance and safeguard its coastal & marine resources (in USD)?

1) 300 million

2) 200 million

3) 400 million

4) 500 million

5) 650 million

Answer – 3) 400 million

Explanation:

The World Bank ‘s Board of Executive Directors has approved a USD 400 million multi-year financial support to help India enhance its coastal & marine resources, protect marine resources & coastal populations from pollution, erosion, sea-level rise, and improve livelihood opportunities for coastal communities over the next decade.

5. Tata Consultancy Services (TCS) will launch the 1st fully digital bank of which country?

1) Syria

2) Israel

3) UAE

4) Lebanon

5) South Africa

Answer – 2) Israel

Explanation:

India's largest software services firm Tata Consultancy Services (TCS) will launch Israel's first fully digital bank in what is being seen as a trans-formative initiative that can impact the business model of other sectors as well.

6. RBI has cancelled the license of 105yr old CKP Co-operative Bank Ltd under Section 5 (b) read with Section 56 of the Banking Regulation Act, 1949. The Bank is located in which city?

1) Thiruvananthapuram

2) Chennai

3) Mumbai

4) Lucknow

5) Kolkata

Answer – 3) Mumbai

Explanation:

After the closure of Punjab and Maharashtra Co-operative (PMC) Bank, the Reserve Bank of India (RBI) has cancelled the license granted to the 105-year-old CKP Co-operative Bank Ltd located in Mumbai (Maharashtra) to conduct banking business which includes acceptance of deposits and repayment of deposits as defined in Section 5 (b) read with Section 56 of the Banking Regulation Act, 1949 with immediate effect. The order has come into effect after the working hours of 30 April, 2020 in order to save investors’ decision.

7. Iran has approved a bill on national currency denomination, which allows to cutting four zeros from its national currency Rial & to rename it as ________.

1) Toman

2) Franc

3) Pound

4) Dinar

5) Dollar

Answer – 1) Toman

Explanation:

Iran, recovering from the horrific outbreak of Coronavirus (COVID-19), has now started efforts to get its economy back on track. In this sequence, the parliament of Iran has approved a bill on national currency denomination, which allows to cutting four zeros from its national currency Rial & to rename it as ‘Toman’ which is equal to 10,000 rials.

8. What is the percent stake of Reliance’s Jio platforms was bought by Vista Equity Partners for Rs 11,367 crore?

1) 1.81%

2) 3.32%

3) 2.32%

4) 4.12%

5) 0.86%

Answer – 3) 2.32%

Explanation:

As per the Reliance Industries Limited’s statement, the US-based private equity firm Vista Equity Partners to buy 2.32% stake in Reliance’s Jio Platforms, for Rs 11,367 crore which will make Vista the largest investor in Jio Platforms after Reliance Industries and Facebook. After this investment, Jio platforms will have an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.

9.Name the former RBI governor who has headed the 24-member high-level committee of Tamil Nadu government to assess the immediate and medium-term impact of the COVID-19 on State’s economy.

1) S Krishnan

2) Padmaja Chunduru

3) A Vellayan

4) C Rangarajan

Answer – 4) C Rangarajan

Explanation:

Tamil Nadu(TN) constituted a 24 member high-level committee headed by C Rangarajan, ex-governor of Reserve Bank of India(RBI) to assess the immediate and medium-term impact of the COVID-19 pandemic on various sectors of the State’s economy, examine fiscal challenge & suggest ways to improve its fiscal position including increasing the tax-Gross Domestic Product(GDP) ratio and diversifying revenue sources and re-prioritising expenditure.

10. What is the value (equivalent to 10% GDP) of package that was announced by PM Modi to revive the Indian economy (May 2020) under “Atmanirbhar Bharat Abhiyaan” (self-reliant India)?

1) 10 Lakh Crores

2) 15 Lakh Crores

3) 5 Lakh Crores

4) 20 Lakh Crores

5) 25 Lakh Crores

Answer – 4) 20 Lakh Crores

Explanation:

While addressing the nation on May 12, 2020, Prime Minister (PM) Narendra Modi announced Rs 20-lakh- crore stimulus package, equivalent to about 10% of India’s GDP. This package is an effort to revive the Indian economy which is facing a downward trend amid lockdown imposed to contain COVID-19. He also announced Lockdown 4.0 whose details will be disclosed before May 18, 2020 which is provided by Finance MinisterNirmala

Sitharaman on May 13, 2020.

11 What is the rank of India in World Economic Forum (WEF)’s global Energy Transition Index (ETI) 2020 which was topped by Sweden?

1) 84

2) 64

3) 59

4) 71

5) 74

Answer – 5) 74

Explanation:

According to the World Economic Forum (WEF)’s global Energy Transition Index (ETI) 2020, India has moved up two places from rank 76th (2019) to 74th with a score of 51.5%, Sweden (74.2%) topped for the 3rd consecutive time followed by Switzerland (73.4%) and Finland (72.4%). The index is a composite score of 40 indicators, benchmarks 115 countries on the current performance of their energy system, and readiness for transition to a secure, sustainable, affordable, and inclusive future energy system.

12. Name the ministry which has launched CHAMPIONS portal, a Technology-driven control room- cum-Management Information System.

1) Ministry of Defence

2) Ministry of Corporate Affairs

3) Ministry of Micro, Small and Medium Enterprises

4) Ministry of Commerce and Industry

5) Ministry of Electronics and Information Technology

Answer – 3) Ministry of Micro, Small and Medium Enterprises

Explanation:

Union Ministry of Micro, Small and Medium Enterprises (MSME)launched CHAMPIONS (Creation and Harmonious Application of Modern Processes for Increasing the Output and National Strength) portal (www.Champions.gov.in), a Technology-driven control room-cum-Management Information System. The system utilises modern Information and Communications Technology (ICT) tools.

13. As per a report titled “Updated Assessment of the Potential Economic Impact of COVID-19”, global economy is expected to lose between $ 5.8 trillion to $ 8.8 trillion. Name the organisation which released the report.

1) New Development Bank

2) Word Bank

3) International Monetary Fund

4) Asian Development Bank

5) SAARC Bank

Answer – 4) Asian Development Bank

Explanation:

According to a report “Updated Assessment of the Potential Economic Impact of COVID-19” released by Asian Development Bank (ADB), global economy is expected to lose between $ 5.8 trillion to $ 8.8 trillion (equal to 6.4 % to 9.7 % of global gross domestic product (GDP)) due to the outbreak of the novel Coronavirus (COVID-19).

14. Roberto Azevedo has announced step down (resignation) from the director-general of which world organisation?

1) UNESCO

2) ILO

3) OECD

4) WHO

5) WTO

Answer – 5) WTO

Explanation:

At the World Trade Organisation(WTO) members virtual meeting, the 6th Director-General Roberto Azevedo, a former Brazilian diplomat & 1st Latin American director announced that he will step down from the 7-year tenure(since 2013) on 31st August on personal grounds, cutting his second term in office short by exactly one year.

15. Name the 1st bank in India to introduce video-KYC facility for Savings Account customers.

1) Axis Bank

2) YES Bank

3) Kotak Mahindra Bank

4) IndusInd Bank

5) HDFC Bank

Answer – 3) Kotak Mahindra Bank

Explanation:

In view of the ongoing lockdown in the country due to Coronavirus (COVID-19), Kotak Mahindra Bank has become the 1st bank in India to allow video Know your customer (KYC) facility for its customers opening savings account (SA) on Kotak 811 platform.

16. Name the person who has been appointed as the chairman of NABARD recently till July 2022.

1) P.V.S Suryakumar

2) Govinda Rajulu Chintala

3) Shaji K V

4) Harsh Kumar Bhanwala

5) Ajay Tyagi

Answer – 2) Govinda Rajulu Chintala

Explanation:

The appointments committee of the union cabinet appointed Govinda Rajulu Chintala as Chairman of National Bank for Agriculture and Rural Development (NABARD). He was the successor of Harsh Kumar Bhanwala. Shaji K V and P.V.S Suryakumar have been appointed as Deputy Managing Directors (DMD) of NABARD.

17. Who has been appointed as the new chief economist and vice president of world bank group with effect from June 15, 2020?

1) Carmen Reinhart

2) Makhtar Diop

3) Alison Evans

4) Gita Gopinath

5) Akihiko Nishio

Answer – 1) Carmen Reinhart

Explanation:

The World Bank named former Bear Stearns executive Carmen Reinhart as its new Vice President (VP) and chief economist, tapping an expert on financial crises who also serves on the advisory board of the New York Federal Reserve. Reinhart’s appointment is effective on June 15, 2020.

18. Name the person who headed the 9-member panel formed by IRDAI which recommends increase in indemnity provided to the policyholders under Trade Credit Insurance (TCI) from existing 85% to 90%.

1) Atul Sahai

2) Subash Chandra

3) Uday Kotak

4) Ajay Tyagi

5) Tapan Roy

Answer – 1) Atul Sahai

Explanation:

Insurance Regulatory and Development Authority of India (IRDAI) formulated nine-member expert panel headed by New India Assurance (NIA) Chairman & Managing Director (CMD) Atul Sahai has recommended an increase in indemnity (protection against finances) being provided to the policyholders under Trade Credit Insurance (TCI) from existing 85% of the trade receivables from each buyer to 90%.

19. RBI to raise 80,000 crores through CMBs. CMB is abbreviated as Cash ________ Bills.

1) Market

2) Money

3) Management

4) Mutual

5) Medium

Answer – 3) Management

Explanation:

The Reserve Bank of India will raise Rs 80,000 crore by selling Cash Management Bills (CMBs) or shorter duration sovereign debt instruments as the government would be requiring money to meet immediate debt obligations amid coronavirus outbreak. Those securities will mature in the next 84 days on August 20, 2020.

20.Name the Indian state which has signed MoU with SIDBI and launched “Startup fund” to

promoted young entrepreneurs.

1) Madhya Pradesh

2) Bihar

3) Uttar Pradesh

4) Himachal Pradesh

5) Tamil Nadu

Answer - 3) Uttar Pradesh

Explanation:

The Government of Uttar Pradesh launched the ‘Uttar Pradesh Startup Fund’ to promote entrepreneurship among the youths of the state and Chief Minister Yogi Adityanath termed the MoU between the state and Small Industries Development Bank of India(SIDBI).

21. What is the GDP growth of India in 2019-20 as per the data of National Statistical Office (NSO)?

1) 5.2%

2) 4.6%

3) 4.3%

4) 4.2%

5) 4.4%

Answer – 4) 4.2%

Explanation:

According to the Provisional Estimates of National Income for the financial year 2019-20 by National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) India’s Gross Domestic Product (GDP) growth has slowed to an 11-year low of 4.2% in 2019-20 & in the final quarter (Q4- January to March) the GDP’s growth rate fell to 3.1%, against 6.2% in the 2018-19, which reflects the impact of the first week of the COVID-19 lockdown which began on March 25.