23 May 2019 - Daily Current Affairs

23 May 2019 - Daily Current Affairs

23 May 2019 - Daily Current Affairs

1. Narendra Modi set to become Prime Minister for the second term

  • Narendra Modi is set to become Prime Minister of India for the second term as Bhartiya Janata Party (BJP) on its own has crossed the majority figure.
  • The results of the Lok Sabha election 2019 will be revealed today late at night.
  • It is clear from the initial trends that Modi magic remains still in the country. Congress-led opposition crushed by the Saffron wave.
  • BJP creates history, becomes the first party to win two successive parliamentary elections with an absolute majority.
PM Modi Congratulates to the people of the nation
  • In a tweet Prime Minister Narendra Modi said, India has won yet again following Lok Sabha poll verdict.
  • He said a strong and inclusive India can be built if everyone stands together. He said India will grow and prosper together.
  • Meanwhile, BJP President Amit Shah has termed the Lok Sabha poll results as a mandate against propaganda, lies, personal insinuations and baseless politics by the Opposition.
  • LK Advani said on the coming outcome that it is a wonderful experience that in the big and diverse countries like India, the electoral process has been successfully completed and admired for it in all the voters and agencies.
World leaders congratulate PM Modi on historic victory in general elections
  • Leaders across the world have congratulated Prime Minister Narendra Modi on his historic electoral victory in the 2019 Lok Sabha elections
  • Chinese President Xi Jinping congratulates PM Modi on the electoral victory under his leadership
  • Pakistan PM Imran Khan congratulates PM Modi, says will jointly work for peace.
  • Israeli Prime Minister Benjamin Netanyahu congratulated his counterpart Narendra Modi for scripting an "impressive victory" in the general elections.
  • Russian President Vladimir Putin congratulated Modi on the convincing victory of his party in the elections.
  • Japanese PM Shinzo Abe congratulates PM Narendra Modi in a telephonic conversation.
Some Winners of Lok Sabha Election 2019
  • Narendra Modi wins from Varanasi in Uttar Pradesh by 4.75 lakh votes.
  • BJP President Amit Shah wins from Gandhinagar seat in Gujarat by a margin of over 5 lakh votes.
  • Rahul Gandhi loses against Smriti Irani from Amethi seat but won from the won Wayanad seat.
  • Pragya Thakur wins from Bhopal, defeats Congress stalwart Digvijay Singh by 3 lakh votes.
  • Babul Supriyo wins from Asansol by a margin of 98,000 votes.
  • BJP's Giriraj Singh wins by a margin of 3.94 lakh votes. Kanhaiya Kumar loses Begusarai in Bihar.
  • BJP candidate Tejaswi Surya wins from Bangalore South constituency.
  • Gautam Gambhir wins East Delhi in his electoral debut.

2. Sushma Swaraj attends SCO meet of Council of Foreign Ministers in Bishkek

  • External Affairs Minister Sushma Swaraj on 21 May 2019 attended the Shanghai Cooperation Organisation meeting of Council of Foreign Ministers in Bishkek, Kyrgyzstan.
  • Addressing the ministerial meet of SCO at Bishkek, Kyrgyz Republic, the External Affairs Minister said that India remains committed to regional connectivity and peace in Afghanistan.
  • Swaraj arrived in Bishkek in the Kyrgyzstan capital on May 21 to attend a two-day meeting of the SCO Council of Foreign Ministers.
  • Last month, Defence Minister Nirmala Sitharaman attended the SCO Defence Ministers’ conclave in Bishkek.
  • India was an observer at the SCO since 2005 and has generally participated in the ministerial-level meetings of the grouping which focus mainly on security and economic cooperation in the Eurasian region.
  • Along with India, Pakistan was also granted the SCO membership in 2017.
  • The SCO was founded at a summit in Shanghai in 2001 by the presidents of Russia, China, Kyrgyz Republic, Kazakhstan, Tajikistan and Uzbekistan.
Source: The Hindu

3. Kids Right Index 2019: India Ranks 117

  • India ranks at low at 117th position out of 181 countries in the KidsRight Index.
  • India has a score of 0.64 out of 1 in the overall category.
  • Around 45 per cent of children in our country are malnourished and India spends only 1.2 per cent of its GDP on health and 3.7 per cent on education, when the international standard on education is 6 per cent.
  • Iceland secured the top position in the index with a score of 0.967, followed by Portugal with a score of 94.8.
  • KidsRight Index is an annual global index which ranks how countries adhere to and are equipped to improve child rights.
  • Countries are judged on five indicators: the right to life, right to education, right to health, right to protection and enabling environment for child rights.
  • KidsRights Index is an initiative of Kids Right Foundation in cooperation with Erasmus University, Rotterdam.
  • They release annual reports every year by pooling data from UNICEF, UNDP and UN Committee on the Rights of the Child by considering individual country reports.
Source: Deccan Chronicle

4. Jaganmohan Reddy all set to be new CM of Andhra Pradesh

  • YSR Congress Party President Y.S Jagan Mohan Reddy is likely to take oath as the Chief Minister of Andhra Pradesh on May 30.
  • According to the latest trends, the YSRC is heading for a landslide victory by winning around 150 assembly seats out of 175 in the state.
  • The polls were a direct contest between the TDP (Telugu Desam Party) and the YSRCP (YSR Congress Party), with the Congress and the BJP (Bharatiya) pushed to the sidelines
  • In the Lok Sabha polls too, the YSRCP is expected to sweep, with the party now leading in all 25 seats.
  • TDP chief and Andhra CM Chandrababu Naidu is likely to tender his resignation later today by evening.
  • In 2014, the TDP had won 102 Assembly seats, while the YSRCP had bagged 67.
  • The state has witnessed a shake-up in poll alliances after the TDP pulled out of the NDA in 2018 after the Centre refused to grant Special Category Status (SCS) to Andhra.
Source: The Hindustan Times

5. 2019 Lok Sabha polls record highest-ever voter turnout in history

  • According to tentative data released by the Election Commission (EC), the 2019 Lok Sabha elections clocked a record turnout of 67.11%, beating the previous turnout of 65.95% notched up in 2014.
  • However, the over turnout in the 2009 election, which stood at 58.19 per cent.
  • The highest voter turnout was recorded in the first phase when 69.61 per cent of the electorate voted.
  • Among the states, Himachal Pradesh registered a turnout of 72.25 per cent, which is 7.8 per cent higher than the 2014 polls.
  • Similarly, Madhya Pradesh saw a 9.5 per cent increase in turnout compared to last year - 71.1 per cent compared to 61.57 per cent.
  • Chhattisgarh recorded 71.48 per cent turnout across its three phases.
  • The seven-phase 2019 elections began on April 11, 2019, and concluded on May 19, 2019.
Source: Live Mint

Banking & Finance

6. ICRA downgrades long-term ratings of IDFC First Bank

  • Rating agency ICRA, downgraded the long-term ratings of IDFC First Bank after the lender posted weak results.
  • The rating agency has downgraded the private sector lender’s non-convertible debentures worth over ₹38,000 crore to AA stable from AA+ stable.
  • The rating downgrade considers IDFC First Bank’s weak earnings profile, given the elevated cost-to-income ratio because of the ongoing branch expansion, which has been pressurising the operating profitability, and an increase in credit provisions on account of unanticipated fresh stressed exposures identified by the bank in the fourth quarter of 2018-19,” it said in a statement.
Source: The Hindu Businessline

7. High-level panel pitches for 'Elephant Bonds' for infra projects

  • A government-appointed advisory group has suggested issuance of 'Elephant Bonds' wherein people declaring undisclosed income will have to mandatorily invest half of that amount in these securities.
  • The high-level panel also recommended a host of other measures that include a road map for doubling India's exports of goods and services to over USD 1,000 billion by 2025.
  • These recommendations are part of a report prepared by the 12-member group, set up by the commerce ministry in September last year.
  • The panel was headed by economist Surjit Bhalla.
  • The other members include Principal Economic Adviser Sanjeev Sanyal, former commerce secretary Rajiv Kher and Quality Council of India Chairman Adil Zainulbhai.
Key points
  • The panel asked the government to create "Elephant Bonds" (25-year sovereign bonds) in which people declaring undisclosed income will be bound to invest 50 per cent.
  • The group recommended increasing the capital base of EXIM Bank by another Rs 20,000 crore by 2022.
  • Similarly, to promote agriculture exports, it has asked for abolishing Essential Commodities Act and the APMC (Agricultural Produce Market Committee).
  • For the textiles and garments sector, it suggested modification in labour laws (like the Industrial Disputes Act, 1947) to remove the limitation on firm size and allow manufacturing firms to grow.
Source: money control

8. Insurer Bharti AXA bags claims Excellence Award

  • Bharti AXA Life Insurance, a private life insurer, has been conferred with the FICCI Claims Excellence Award.
  • The recognition comes for its customer-friendly claims services in the life insurance sector.
  • The insurer improved its individual claim settlement ratio, the number of claims paid to the number of claims received, to 96.85 per cent in financial year 2017-18.
  • “The award is a recognition of our pledge to provide protection against the uncertainties of life and timely support to customers and their families in the hour of need
  • Vikas Seth is a current MD & CEO, Bharti AXA Life Insurance.
Source: The Hindu Businessline

9. Axis Bank announces ED appointments

  • Axis Bank said its board has approved the reappointment of Rajiv Anand as Executive Director (wholesale banking) and Rajesh Dahiya as Executive Director (corporate centre) for three years each from August 4, 2019, to August 3, 2022.
  • The board also approved the appointment of Pralay Mondal as Director and Whole-Time Director designated as Executive Director (retail banking) for a three-year period from August 1, 2019, to July 31, 2022.
Source: The Hindu Businessline

10. IDBI Bank collects Rs 160 crore insurance premium after LIC tie-up

  • IDBI Bank sold insurance policies worth Rs 160 crore in March 2019 after a partnership with Life Insurance Corporation of India (LIC).
  • In a statement, the bank said LIC’s corporate agents will be able to sell the products across their 1,800 branches.
  • The bank sold 26,116 policies in the month of March 2019.
  • IDBI Bank said that LIC's diversified product base would enable targeting their high net-worth customers in metro and urban areas and other customers in semi-urban and rural areas.
  • LIC is the majority shareholder in IDBI Bank holding a 51 per cent stake in the banking entity. In January 2019, LIC completed the deal with IDBI Bank.
Source: money control

11. SBI ties up with FMCG arm of The Art of Living

  • The State Bank of India (SBI) has announced a strategic partnership with the FMCG arm of The Art of Living — Sri Sri Tattva.
  • Under this partnership, YONO users can avail a discount of 15 per cent on the entire range of products offered by Sri Sri Tattva such as food, personal care, healthcare, homecare, BYOGI apparels and Shankara skincare products.
  • Sri Sri Tattva will make YONO's online marketplace richer with product portfolio in the organic, wellness and Ayurvedic domains, giving SBI customers formidable shopping experience."
Source: The Hindu Businessline

12. Karnataka Bank launches S/B product for salaried class

  • Karnataka Bank has launched a new savings bank product, KBL SB Salary, a customised product for the salaried class with three variants.
  • The bank has designed three variants – SB Salary Executive, SB Salary Prime, and SB Salary Classic – to cater the financial needs of the ‘employer-employee ecosystem’.
  • The three variants of KBL SB Salary come with a host of features and do not have the minimum balance criteria.
Source: The Hindu Businessline


13. Tech Mahindra signs Rs 300 crore defence contract with Indian Navy

  • Tech Mahindra announced its biggest defence order worth over Rs 300 crore with the Indian Navy.
  • As part of the ‘Armed Forces Secure Access Card’ (AFSAC) Project, Tech Mahindra will implement RFID (Radio Frequency Identification) based Access Control System across all naval bases and ships.
  • The new AFSAC Card will replace the existing paper-based Identity Card for all Navy personnel including dependents and ex-servicemen.
  • Using the CMMI (Capability Maturity Model Integration) level 5 processes, Tech Mahindra will develop a secure application to manage the access control devices, network devices and the AFSAC Card through a data centre.
Source: The Economic Times

 International Affairs

14. Facebook registers new Fintech firm in Switzerland

  • According to a Reuters report, Facebook registered a new company, Libra Networks, in Geneva on May 2.
  • This coincides with the slow roll-out of their internal cryptocurrency that will define the company’s first foray into blockchain technology.
  • According to a Reuters, Facebook Global Holdings is a stockholder in the new company and it will, “provide financial and technology services and develop related hardware and software, plans submitted on the Swiss register reveal.”
Source: coindesk


15. Four Judges elevated to Supreme Court

  • The Centre has cleared four names recommended by the Supreme Court Collegium for elevation as judges of the apex court.
  • The four appointed judges are Justice Aniruddha Bose, Justice A S Bopanna, Justice B R Gavai and Justice Surya Kant.
  • Supreme Court will reach its full sanctioned strength of 31 judges after the appointment of four new judges.
  • As of now, the apex court is functioning with 27 judges including the Chief Justice.
Source: news on-air

16. South Africa: Cyril Ramaphosa re-elected as president

  • South African lawmakers have re-elected Cyril Ramaphosa as the president of the country.
  • Members of Parliament from the African National Congress have chosen the head of state in the parliament's first post-election sitting.
  • The party won 230 out of 400 seats in the election on May 8.
  • The African National Congress party won the ballot with 57.5 per cent of the vote, its thinnest majority since the end of apartheid.
  • Cyril Ramaphosa will be sworn in on 26th May 2019.
Source: news on-air


17. Bhawana Kanth becomes a 1st fighter pilot to qualify to undertake combat missions

  • Indian Air Force officer Flight Lieutenant Bhawana Kanth has become the first day-time Indian woman fighter pilot, officials said.
  • Flight Lieutenant Bhawana Kanth adds another feather to her cap by completing day operational syllabus on MiG-21 Bison aircraft.
  • She is the first women fighter pilot to qualify to undertake missions by day on a fighter aircraft.
  • Bhawana joined the fighter squadron in 2017 and flew the first solo on MiG-21 Bison in 2018.
  • Bhawana Kanth belongs to Darbhanga, Bihar, was brought up in Begusarai.
  • She had completed her B.E. (medical electronics) from BMS College of Engineering, Bangalore before joining the IAF.

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