Current Affairs Summary with Quiz 09 & 10 May 2021

Preparation with Monthly Current Affairs 2021 will be very fruitful for the banking aspirants. Many bank exams either in Prelims or Mains, consists of questions from Current Affairs. Generally, six months of current affairs are advised to prepare to crack the upcoming bank exams. Here, we are providing you with the monthly current affairs pdf. In this pdf, you will get Current Affairs Summary ebooks for quick revision. Ebooks will give you the best way to read and revise important monthly current affairs before the exam in a short period. Monthly Current Affairs PDF can help you to score better in the general awareness section of various banking exams.

Contents:

RBI sets up Committee to assist RRA 2.0

The Reserve Bank of India recently constituted a Committee under Managing Director S Janaki Raman. The committee is to assist the second Regulatory Review Authority.

About the Committee

The committee will assist the authority to identify areas, guidelines, regulations and returns. It will submit reports periodically to RRA that will provide suggestions and recommendations.

Regulatory Review Authority

In 1999, RBI set up the Regulatory Review Authority to review circulars, regulations, and reporting systems. The authority reviews these parameters based on feedback from banks, the public and financial institutions. The RRA 2.0 was established to streamline regulations and reduce the compliance burden of regulated entities.

RRA 2.0

RRA 2.0 was established in April 2021. The authority is to function for a period of one year. It will review the regulatory prescription internally. Also, it will examine and suggest changes required in the dissemination process of RBI instructions and circulars.

It will focus on reducing the compliance burden. This is to be achieved by simplifying procedures and reducing reporting requirements wherever possible.

It will make regulatory instruction more effective.

Also, it will aid in streamlining reporting mechanism, obviating paper-based submission of returns wherever possible and revoking necessary instructions.

Section 58 of Reserve Bank of India Act, 1934

This section empowers the Central Board of RBI to form committees. The act also empowers them to provide powers and functions to these committees within the jurisdiction of the Reserve Bank of India Act, 1934.

The RBI is governed by the Central Board of directors. The board is appointed by the Government of India. The board is formed of the governor, deputy governors, ten directors nominated by the GoI.

Himanta Biswa Sarma To Be Assam's New Chief Minister

Himanta Biswa Sarma will succeed Sarbananda Sonowal as the 15th Chief Minister of Assam -- his election at the Legislature Party meeting today ending weeks of speculation on the subject. At the meeting held in Guwahati earlier today, Mr Sonowal had proposed his name after Prime Minister Narendra Modi gave his approval for Mr Sarma's elevation. It was seconded by the MLAs. Mr Sarma, 52, later met Governor Jagdish Mukhi to stake a claim to form a government.

Mr Sonowal had submitted his resignation to the Governor earlier this afternoon.

The BJP won a second straight term in the recently concluded assembly polls in the state. The party won 60 seats in the 126-member Assam assembly while its alliance partners AGP got nine seats and UPPL six seats.

In the 2016 Assembly polls, the BJP had projected Mr Sonowal as its chief ministerial candidate and won, forming its first government in the northeast. This time, the party had maintained that it would decide who would be the next chief minister after the elections.

Chief Ministers(NOT UPDATED)

































ISRO develops 3 cost-effective ventilators, oxygen concentrator

The Indian Space Research Organisation’s Vikram Sarabhai Space Centre (VSSC) in Thiruvananthapuram, said it has developed three different types of ventilators and an oxygen concentrator at a time when a shortage of this critical medical equipment resulted in the deaths of many Covid-19 patients across the country.

Technology transfer will be done for the commercial production of these three ventilators and the one oxygen concentrator by this month itself, said VSSC director S Somanath. Likely to be priced around 1 lakh, the ventilators developed by the ISRO were cost-effective and easy to handle compared to the mini conventional ventilators that are currently priced around 5 lakh.

“Based on designs, features and specifications, we have named them, Prana, VaU and Svasta. All three are user-friendly, fully automated and with touch-screen specifications, meeting all safety standards,” the director said, adding doctors and other experts have checked its efficacy and confirmed it meets international standards.

In fact the VSSC started working on these ventilators during the first wave in March 2020 but the work slowed down with the threat diminishing late last year. However, the institute was asked to expedite work after the second wave of the disease stunned the country’s healthcare system, causing several deaths due to lack of ventilators, oxygen and Covid-19 medicines such as Remdesivir.

While Prana is meant to deliver respiratory gas to the patient by automated compression of an Ambu bag, Svasta is designed to work without electric power, and the VaU is a low-cost ventilator equivalent to commercially available high-end ventilators.

“The system is envisaged as a dual-mode ventilator that can work with either medical air/oxygen from the hospital or with ambient air,” director S Somanath said.

The VSSC has also developed a portable medical oxygen concentrator called Shwaas. “It is capable of supplying 10 litre enriched oxygen per minute, adequate for two patients at a time,” he said. It enhances the oxygen gas content by selectively separating the nitrogen gas from ambient air through Pressure Swing Adsorption (PSA) which is commonly used for the production of oxygen from air, he said.

Karnataka to begin vaccination for 18-44 age group from May 10

The Karnataka government Sunday announced that Covid-19 vaccination will be provided to citizens aged 18-44 across the state on Monday (May 10). According to Health and Medical Education Minister K Sudhakar, vaccines will be provided at district hospitals, government medical colleges and taluk-level hospitals across the state to begin with.

NFRA creates a Database of companies and auditors

The National Financial Reporting Authority is creating a database of companies and auditors.

What is the plan?

As a first step of establishing the database, NFRA is to identify and verify the primary data sources. This is essential because certain data such as the Company Identification Number is different from different sources. NFRA is to collect data from the Corporate Data Management division that operates under the Ministry of Corporate Affairs and also from other three stock exchanges in India.

NFRA has so far compiled data of 6,500 companies. This includes 5,300 listed companies and 1,000 unlisted companies.

Legal Provisions

The National Financial Reporting Authority is a regulatory body set up under Section 132 of the Companies Act.

According to the act, the authority should have a chairperson and a maximum of fifteen members. They are appointed by the Central Government.

National Financial Reporting Authority

  • It was constituted in 2018.
  • The NFRA recommends auditing and accounting policies and standards to be adopted by companies for approval from the Union Government.
  • It monitors compliance with auditing standards and accounting standards.
  • The NFRA has powers to investigate misconduct committed by the members of ICAI. ICAI is Institute of Charted Accountants of India.

Why was NFRA established?

The NFRA was established to control the accounting scams increasing in the country. It was essential to create an independent regulator to enforce auditing standards. There was a need to increase investor and public confidence in the financial disclosure of companies.

Inception

After the Satyam Scandal that occurred in 2009, the NFRA was recommended by the Standing Committee on Finance for the first time in its 21st report.

Elon Musk pushes Dogecoin’s price down

For those still perplexed with what exactly the meme cryptocurrency Dogecoin is, Tesla’s Elon Musk himself made a good attempt to explain it on the American late-night comedy sketch show Saturday Night Live’s (SNL) satirical news programme Weekend Update. Musk defined Dogecoin’s nature and its significance in the financial world in more ways than one would generally think of to the programme hosts Michael Che and Colin Jost who repeatedly pressed the billionaire entrepreneur to answer “what is Dogecoin?”

However, Dogecoin’s price declined nearly 22 per cent during the early US hours on Sunday after Musk, the self-proclaimed ‘Dogefather’, replied that it is a ‘hustle’ during the show. Dogecoin dropped from 64 Cents at the beginning of the SNL at 11.30 pm EDT Saturday (3.30 am GMT Sunday) to 50 Cents at 6 am EDT Sunday, as per data from Coindesk.

“It started as a joke based on an internet meme but now it has taken off in a very real way,” Musk replied once to Che at the beginning of the show. “It was created in 2013 and has a circulating supply of 117 billion coins, of which 113 billion have already been mined,” he replied again as the audience laughed at Che’s same question again: “So, what is Dogecoin.” “It’s the future of currency. It’s an unstoppable financial vehicle that’s going to take over the world,” Musk added.

“I get that, but was is it man?” said Che. “I keep telling you, it’s the cryptocurrency you can trade for conventional money,” Musk smiled. When Che countered,” So, it’s a hustle?” Musk responded, “Yeah, it’s a hustle,” and laughed. Musk was introduced as a ‘financial expert’ named Lloyd Ostertag in the show.

On Friday, Musk urged investors looking to invest in cryptos to refrain from putting their life savings into it. “First of all, I think people should not invest their life savings in cryptocurrency. To be clear, I think that’s unwise,” he said in a video released by TMZ. “Cryptocurrency is promising, but please invest with caution,” Musk had tweeted on Friday with the link of the TMZ video on Twitter. Named after a meme of the Japanese dog breed Shiba Inu and started as a satirical alternative to Bitcoin’s craze, Dogecoin is already the fourth-largest cryptocurrency as per CoinMarketCap. It was trading at 52 Cents with a market cap of $67 billion, at the time of filing this report. The coin had earlier peaked at $0.41 on April 20 this year before sliding to $0.23 on April 24.

Reliance Retail 2nd fastest-growing retailer in the world

Billionaire Mukesh Ambani's Reliance Retail Ltd has been ranked second fastest-growing retailer in the world in the 2021 ranking of global retail powerhouses by Deloitte, down from top rank secured the previous years.

It has been ranked 53rd in the list of Global Powers of Retailing, improvement from 56th earlier, according to the Deloitte report.

The list is topped by US giant Walmart Inc, which retains its position as world's top retailer. Amazon.com Inc improved its position to rank second. Costco Wholesale Corporation of US slipped a rank to be placed third followed by Schwarz Group of Germany.

The top 10 has seven US retailers and one from the UK (Tesco PLC at 10th position). Other US retailers in the top 10 include The Kroger Co (ranked 5th), Walgreens Boots Alliance, Inc (6th) and CVS Health Corporation (ranked 9th). Germany's Aldi Einkauf GmbH & Co. oHG and Aldi International Services GmbH & Co. oHG is placed at 8th position.

Reliance Retail is the only Indian entry in the global list of 250 retailers. It features consecutively for the 4th time in the list of Global Powers of Retailing and World's Fastest Retailers.

"Reliance Retail, last year's Fastest 50 leader, dropped to second place. The company recorded YoY growth of 41.8 per cent, driven primarily by a 13.1 per cent increase in the number of stores in its consumer electronics, fashion and lifestyle and grocery retail chains, to 11,784 stores across 7,000 towns and cities in India at fiscal year end (FY20)," Deoitte said.

E-commerce, it said, is a second growth driver, through both digital commerce (B2C) and B2B.

"The company is partnering with WhatsApp to further accelerate Reliance Retail's digital commerce business on the JioMart platform using WhatsApp and to support small businesses on WhatsApp," it said. "Reliance Retail acquired the 29 stores of Shri Kannan Departmental Store at the end of FY2019, and in August 2020 announced it would acquire Future Group's retail, wholesale and logistics units for USD 3.4 billion."

When fully approved, the deal will almost double Reliance Retail's store space.

Reliance Retail also made two e-commerce acquisitions in 2020, buying Vitalic Health and its online pharmacy platform Netmeds in August, and a 96 per cent stake in online home decor company UrbanLadder in November.

On global outlook, Deloitte said in the early months of 2021, the world was faced with both promise and peril.

"On the positive side, the distribution of vaccines for COVID-19 was under way, offering the promise that, sometime later in the year, the negative impact of the virus could abate significantly. On the negative side, the virus continued to threaten economic stability, especially in those parts of the world where it was still prevalent and threatened to be a problem elsewhere if new and virulent strains of the virus were spread widely".

Even in places where the outbreak was limited, there was a negative economic impact from social distancing measures to avoid a further outbreak, it said adding the challenge for policymakers was to control the current outbreak, protect those who have been disrupted by it, and speed up the distribution of approved vaccines.

The speed and success of these three imperatives will determine the path of the global economy in the year ahead, it added.

Bandhan Bank net dives on microfinance loans

Bandhan Bank on Saturday reported an 80% dip in its March quarter net profit to ₹103 crore, as it wrote off a huge portfolio of loans in the flagship microlending business by recognising stress upfront.

The bank’s post-tax profit for FY21 also reduced by 27.1% to ₹2,205 crore as a result of the hit to the business in the last quarter.

MD and CEO C. S. Ghosh said the bank wrote off ₹1,929 crore of loans, a bulk of them in the microfinance segment, in the March quarter because it wanted to start the new fiscal with a clean balance sheet.

As a result of the accelerated write-off, the bank’s overall provisions shot up to ₹1,594 crore from the year-earlier period’s ₹827 crore, which had a direct impact on the profit line. Operating profit, which is arrived at by excluding the provisions, was up 13% to ₹1,729 crore.

Additionally, Bandhan Bank restructured over ₹600 crore of advances.

RBI to conduct first SLTRO for small finance banks

The Reserve Bank of India recently announced that it is to conduct the first Special Long Term Repo Operation (SLTRO) of Rs 10,000 crores for Small Finance Banks.

What is the plan?

The RBI will conduct the SLTRO for each month starting from May 2021. This is to continue till October 2021. The SLTRO will be valid for three years. All the Small Finance Banks shall participate in the SLTRO. However, these banks should make sure that the amount borrowed from RBI should be lent only to specified segments such as unorganised sectors and small business units.

Background

The Reserve Bank of India recently announced a slew of measures to boost the economy. This included opening of on-tap liquidity window of Rs 50,000 crores at repo rate 4%, asking banks to create COVID Loan Book, etc. Conducting SLTRO for Small Finance Banks is one such measure.

What is Special Long Term Repo Operations?

It is generally called the Long-Term Repo Operations. The Special Long Term Repo Operations is a tool under which RBI provides money to the banks at repo rate. It accepts the government securities as collateral. It is usually provided for a period of one year to three years.

Significance of SLTRO

This is highly beneficial for the banks as they get long term funds at lower rates. This will make the banks to reduce the interest banks for borrowers. Thus, Special Long Term Repo Operations will help Reserve Bank of India to ensure that the banks reduce their lending rates without reducing the policy rates.

Black fungus cases up among Covid-19 survivors in Maharashtra, Gujarat

Cases of mucormycosis, commonly known as black fungus, are on the rise among the Covid-19 survivors, causing blindness or other serious issues, health officials in Maharashtra and Gujarat said on Saturday.

At least eight Covid-19 patients have lost vision in one eye due to mucormycosis, a rare and deadly fungal infection which has a mortality rate of over 50%.

The cases of mucormycosis, also known as black fungus, are on the rise in Maharashtra and Gujarat during the second wave of the pandemic.

Dr Tatyarao Lahane, who heads the Directorate of Medical Education and Research (DMER), told PTI that cases of mucormycosis are on the rise and 200 patients are being treated in Maharashtra alone.

What is mucormycosis?

It is a type of serious fungal infection that occurs most often in people with weakened immunity from an illness or chronic health condition. Niti Aayog Member (Health) V K Paul had said that mucormycosis is caused by a fungus named mucor, which is found on wet surfaces.

DCGI gives approval to anti-COVID drug developed by DRDO for emergency use

The Drugs Controller General of India has given its approval for the emergency use of the anti-COVID drug- 2-deoxy-D-glucose (2-DG) developed by the Defence Research and Development Organisation (DRDO). 

The drug by the DRDO has been approved as an adjunct therapy in the moderate to severe COVID-19 cases.

As per the statement by DRDO, an anti-COVID-19 therapeutic application of the drug 2-DG has been developed by the Institute of Nuclear Medicine and Allied Sciences (INMAS) which is a lab of DRDO in collaboration with Dr. Reddy’s Laboratories, Hyderabad.

Quiz

Which section of the Reserve Bank of India Act, 1934 allows RBI to the setup of the Regulatory Review Authority 2.0?

  • Section 8
  • Section 38
  • Section 58 
  • Section 108

When was the RRA 2.0 established?

  • April 2021
  • April 1999
  • May 2021
  • May 1999

Who is the Managing director of RBI's RRA 2.0?

  • S Janaki Raman
  • Shaktikanta Das
  • Mahesh Kumar Jain
  • T. Rabi Sankar

Who is the 15th Chief Minister of Assam?

  • Shri Sarbananda Sonowal
  • Shri Nitish Kumar
  • Shri Himanta Biswa Sarma
  • Sri B. S. Yediyurappa

Choose the odd one out:

  • Prana
  • Shwaas
  • VaU
  • Svasta

Karnataka to begin vaccination for 18-44 age group from _____

  • May 10
  • May 15
  • May 20
  • May 25

What is the full form of NFRA?

  • National Financial Reporting Authority
  • National Food Reserve Agency
  • National Forest Recreation Association
  • North Fork Resort Association

The NFRA is a regulatory body set up under Section ____ of the Companies Act.

  • 15
  • 135
  • 152
  • 132

When was NFRA constituted?

  • 1999
  • 2009
  • 2015
  • 2018

Which retail group is ranked second fastest-growing retailer in the world in the 2021 ranking of global retail powerhouses by Deloitte?

  • Aditya Birla Fashion & Retail Ltd (Pantaloons)
  • Avenue Supermarts Ltd (D-Mart)
  • Future Retail Ltd.
  • Reliance Retail Ltd

Who is the MD and CEO of Bandhan Bank?

  • C. S. Ghosh
  • Uday Kotak
  • Harun Rashid Khan
  • Shyam Srinivasan

The Reserve Bank of India recently announced that it is to conduct the first SLTRO of _____ for Small Finance Banks.

  • Rs. 10000 Cr
  • Rs. 5000 Cr
  • Rs. 8000 Cr
  • Rs. 15000 Cr


Answers

Which section of the Reserve Bank of India Act, 1934 allows RBI to the setup of the Regulatory Review Authority 2.0?

  • Section 58 

When was the RRA 2.0 established?

  • April 2021

Who is the Managing director of RBI's RRA 2.0?

  • S Janaki Raman

Who is the 15th Chief Minister of Assam?

  • Shri Himanta Biswa Sarma

Choose the odd one out:

  • Shwaas

Karnataka to begin vaccination for 18-44 age group from _____

  • May 10

What is the full form of NFRA?

  • National Financial Reporting Authority

The NFRA is a regulatory body set up under Section ____ of the Companies Act.

  • 132

When was NFRA constituted?

  • 2018

Which retail group is ranked second fastest-growing retailer in the world in the 2021 ranking of global retail powerhouses by Deloitte?

  • Reliance Retail Ltd

Who is the MD and CEO of Bandhan Bank?

  • C. S. Ghosh

The Reserve Bank of India recently announced that it is to conduct the first SLTRO of _____ for Small Finance Banks.

  • Rs. 10000 Cr

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