Daily Current Affairs May 22 & 23 2022 | Latest News | Download PDF

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CURRENT AFFAIRS: IMPORTANT DAYS

Anti-Terrorism Day -21st May

• Every year on May 21, the day after the death anniversary of former Prime Minister Rajiv Gandhi, Anti-Terrorism Day is marked.
• He was slain by LTTE terrorists on May 21, 1991, while campaigning for the Congress Party in Sriperumbudur, Tamil Nadu.
• Rajiv Gandhi, 40, was sworn in as India’s youngest Prime Minister.
• After Indira Gandhi’s assassination in 1984, he became the country’s sixth Prime Minister.
• He served from 1984 to 1989.

The Importance of Anti-Terrorism Day 2022:

• Anti-Terrorism Day is celebrated to promote peace and harmony.
• The day also helps us remember the sacrifices made by thousands of soldiers and policemen who fought against terrorism to protect their country and their people.

HISTORY:

• Former Prime Minister Rajiv Gandhi was assassinated at Sriperumbudur, Tamil Nadu, by a woman from the terrorist group Liberation of Tamil Tigers Eelam (LTTE).

World Metrology Day – 20th May

• World Metrology Day (WMD) is celebrated yearly on May 20th around the world to raise awareness of metrology, the science of measuring, and its applications.
• The day focuses on the application of metrology in scientific domains, innovation, industry, trading, and other areas.
• The day commemorates the signing of the Metre Convention on May 20, 1875.
• The theme for World Metrology Day 2022 is “Metrology in the Digital Era”.

HISTORY:

• World Metrology Day commemorates the signing of the Metre Convention on May 20, 1875, by officials from seventeen nations.
• The Convention established the platform for global collaboration in measurement science and its industrial, economic, and societal applications.
• The initial goal of the Metre Convention – international measuring uniformity – is as relevant now as it was in 1875.

World Day for Cultural Diversity for Dialogue and Development- May 21

• The United Nations General Assembly established May 21 to be the World Day for Cultural Diversity for Dialogue and Development in a resolution.
• The purpose of the day is to celebrate the richness of the world’s cultures and to highlight the importance of diversity as an agent of inclusion and good change in the pursuit of peace and sustainable development.

HISTORY:

• As a response to the destruction of the Buddha statues of Bamiyan in Afghanistan in 2001, the United Nations Educational, Scientific, and Cultural Organization (UNESCO) adopted the ‘Universal Declaration on Cultural Diversity’
• The UN General Assembly (UNGA) then recognised 21 May to be World Day for Cultural Diversity for Dialogue and Development in its resolution 57/249 in December 2002.

International Tea Day- 21st of May

• Every year on May 21, the world celebrates International Tea Day.
• The day is celebrated to raise awareness about safe working conditions for tea workers, fair trade, and a sustainable environment in order to improve tea production.

The Origins of International Tea Day:

• Based on a proposal made by India at the FAO Intergovernmental Group (IGG) on Tea in October 2015, the United Nations General Assembly proclaimed May 21 as International Tea Day.
• Prior to 2019, December 15 was observed as International Tea Day in tea-producing countries like Bangladesh, Sri Lanka, Nepal, Vietnam, Indonesia, Kenya, Malawi, Malaysia, Uganda, India, and Tanzania.
• The first International Tea Day was hosted in 2005 in Delhi, India.
• The Indian government requested the UN Food and Agriculture Organization in 2015 to spread this day globally.
• The day is marked in the month of May since most countries begin tea manufacturing at this time of year.

CURRENT AFFAIRS: NATIONAL NEWS

Shri Dharmendra Pradhan launches the ‘Padhe Bharat’ reading campaign:

• Union Education Minister Shri Dharmendra Pradhan has begun the ‘Padhe Bharat’ 100-day reading campaign.
• The introduction of the 100 Days Reading Campaign aligns with the National Education Policy (NEP) 2020, which emphasises the promotion of joyful reading culture for children by providing the availability of age-appropriate reading books for children in their native/mother tongue/regional/tribal language.
• While launching the campaign, the Minister emphasised the importance of reading for youngsters to enable continuous and lifelong learning.
• He also emphasised that instilling the habit of reading at a young age aid in brain growth, develops imagination, and provides a suitable learning environment for youngsters.

About the Padhe Bharat campaign:

• The Padhe Bharat campaign would target youngsters from Balvatika through Grade 8.
• The reading campaign will last 100 days (14 weeks), beginning on January 1, 2022, and ending on April 10, 2022.
• The reading campaign intends to involve all stakeholders at the national and state levels, including children, teachers, parents, community members, educational administrators, and so on.
• One activity each week per group has been devised to make reading fun and instil a lifetime love of reading.
• This initiative is also in line with the basic Literacy and Numeracy mission’s vision and goals.

Nirmala Sitharaman chairs over the 7th Annual Meeting of the NDB Board of Governors:

• Nirmala Sitharaman, Union Minister of Finance and Corporate Affairs and India’s Governor for the New Development Bank (NDB), presided over the 7th Annual Meeting of the Board of Governors of NDB via video conference in New Delhi.
• Governors/Alternate Governors from Brazil, China, Russia, South Africa, and recently admitted members Bangladesh and the United Arab Emirates also attended the meeting (UAE).

About the meeting:

• This year’s NDB Annual Meeting, which was hosted/chaired by India, was held virtually.
• This year’s theme for the Annual Meeting was “NDB: Optimising Development Impact”, which is particularly important and relevant in the current global economic scenario.

Meeting highlights include:

• In view of India’s 75th anniversary of independence this year, the Union Finance Minister stated that the country’s economic growth in the current fiscal year has been healthy and is expected to be 8.9 percent, the highest among all large economies.This illustrates India’s tenacity and quick recovery.
• Sitharaman expressed optimism that India will maintain its high growth rate in the current and following fiscal years.
• Sitharaman emphasised that the NDB has proven significant outcomes within its primary mandate while acknowledging the NDB’s achievements and progress over the last six years.
• The Union Finance Minister also lauded the work achieved in establishing the India Regional Office in Gift City, Gujarat.

CURRENT AFFAIRS : INTERNATIONAL NEWS

World’s highest weather station installed on Mt. Everest – National Geographic society

• A team of experts from the National Geographic Society has installed the “world’s highest weather station” on Everest at an altitude of 8,830 meters to automatically measure various meteorological phenomena.
• The NatGeo team, led by climate scientist Baker Perry from the Appalachian State University in the US, consisted of acclaimed climbers and scientists.
• The weather monitoring system, powered by solar energy, is supposed to measure various meteorological phenomena like air temperature, wind speed and direction, air pressure, change in surface height of snow, and incoming and outgoing short and long wave radiation.

Additional Info :

• Nepal’s Department of Hydrology & Meteorology (DHM) and National Geographic society signed a memorandum of understanding to operate all 5 Automatic Weather Stations installed by NatGeo to provide near real-time information regarding mountain conditions.
• Under the MoU, the National Geographic team will fully operate the stations till 2025 before transferring the technology to Nepal government in 2026.
• Beijing,China has 8 stations set up from 5,200 meters to 8,800 meters on Mt Everest, with 4 stations exceeding 7,000 meters at 7,028 meters, 7,790 meters, 8,300 meters, and 8,800 meters.

CURRENT AFFAIRS : BANKING & FINANCE

IDBI Bank to sell 25% stake in Ageas Federal Life Insurance

• IDBI Bank has signed a share purchase agreement with Ageas Insurance International to sell its 25 percent stake in Ageas Federal Life Insurance(AFLI) for ₹2 crore.
• It will be the first foreign investor to use the enhanced foreign direct investment cap of 74 percent for the insurance sector.
• The transaction is expected to be completed in Q2FY23, subject to regulatory approvals and satisfaction of the terms and conditions set out in the share purchase agreement.
• Currently, Ageas Insura­nce International holds 49 percent stake in the private sector life insurer, Ageas Federal Life Insurance, and Federal Bank holds 26 percent.
• In December 2020, Ageas (a European insurer), had earlier increased its stake in the Indian insurer from 26 percent to 49 percent.
• Ageas Federal has earned a net profit of Rs 94 crore in FY22, compared to Rs 119 crore in FY21, registering a 21 percent drop due to sharp rise in Covid-related death claims.

About IDBI Bank :

• Ageas Federal Life Insurance Co Ltd (Formerly known as IDBI Federal Life Insurance Co Ltd.)
• Founded : 1 July 1964
• Headquarters : Mumbai, Maharashtra, India
• Chairman : M. R. Kumar
• MD & CEO : Rakesh Sharma

About AGEAS Federal Life insurance Company :

• Founded : March 2008
• Headquarters : Mumbai, Maharashtra, India
• CEO & Whole Time Director : Vighnesh Shahane
• Ageas Federal Life Insurance is a joint venture with IDBI Bank, global insurance giant Ageas and Federal Bank.

BRICS bank issues CNY 7 billion bond in China’s interbank bond market

• BRICS New Development Bank (NDB) has issued an RMB-denominated bond of 7 billion yuan (about USD 1.04 billion) in China’s interbank bond market with a maturity of three years.
• The bank would have a cumulative total of 30 billion yuan bonds issued under its RMB bond programs in the China interbank bond market.
• The net proceeds from the sale of the bond will form a part of the bank’s general corporate resources onshore and will be used to finance infrastructure and sustainable development activities in the bank’s member countries.

About NDB :

• Established : July 2015
• Headquarters : Shanghai, China
• President : Marcos Prado Troyjo
• NDB was established by the BRICS nations, namely Brazil, Russia, India, China, and South Africa.

UN Projects India growth estimate to 6.4% in 2022

• According to the World Economic Situation and Prospects (WESP) Mid-year Update 2022 report released by the UN Department of Economic and Social Affairs, India’s Gross Domestic Product(GDP) growth projections have declined from 6.7% to 6.4% for 2022-23 due to war between Russia and Ukraine & higher commodity prices and potential negative spillover effects from monetary tightening in the United States.
• In 2021, India’s economy grew at 8.8%, meanwhile For 2023-24, 6% GDP growth is forecasted for India as against 6.1%.
• The regional economic output is projected to expand by 5.5 percent in 2022, which is 0.4 percentage points lower than the forecast released in January.
• The global economy is projected to grow by only 3.1 percent in 2022, down from the 4.0 percent growth forecast released in January 2022.
• Global inflation is projected to increase to 6.7 percent in 2022, twice the average of 2.9 per cent during 2010-2020

About UN Department of Economic and Social Affairs :

• Founded : 1948
• Headquarters : New York, United States
• Head : Liu Zhenmin

NEFT, RTGS facility to be available for post office savings account holders from May 18,2022

• According to a Department of Post circular, the NEFT facility has been made available for Post Office Savings Bank Account (POSB) customers from May 18, 2022 and RTGS facility is currently under testing and is expected to be rolled out by May 31, 2022
• This facility enables POSB customers to transfer funds to and from other bank accounts to POSB Accounts in DoP-CBS (Department of Posts – Core Banking Solutions).
• This will make investment in POSB schemes easier.
• Currently NEFT Inward Remittance is allowed only to Post Office Savings Account, further, this facility will be extended to PPF and SSA accounts shortly.

About NEFT :

• NEFT : National Electronic Funds Transfer.
• NEFT transactions are a round-the-clock payment system.
• Transactions are settled between banks in every half an hour batch by RBI.

About RTGS :

• RTGS : Real Time Gross Settlement
• It is defined as the continuous and real time settlement of fund transfers, individually on a transaction without netting or grouping.
• Real Time means the processing of instructions at the time they are received & Gross Settlement means the settlement of fund transfer instructions occurs individually.

RBL Bank Partners with Amazon Pay to offer UPI payment Services

• RBL Bank, Amazon Pay and Amazon Web Services (AWS) have collaborated to offer Universal Payments Interface (UPI) payments.
• Also RBL Bank has partnered with Amazon Pay to offer peer-to-peer and peer-to-merchant transactions.
• Amazon Pay will issue the National Payments Corporation of India’s (NPCI) allocated UPI ID to RBL Bank with the handle @rapl.

Additional Info :

• In August 2021, Indian banking and digital payments network PayNearby partnered with Visa and RBL Bank to launch SoftPoS and mPOS for PayNearby’s network of over 1.5+ million retailers.

About RBL Bank:

• RBL Bank, formerly known as Ratnakar Bank & in August 2014 the name of the bank was changed to RBL Bank Limited.
• Founded : 1943
• Headquarters : Mumbai, Maharashtra, India
• MD and interim CEO : Rajeev Ahuja

About Amazon Pay :

• Founded : 2007
• Headquarters : Seattle, Washington United States

About Amazon Web Services :

• CEO : Adam Selipsky
• AWS is a subsidiary of Amazon that provides on-demand cloud computing platforms and APIs.

SC orders constitution of 25 special courts for cheque bounce cases

• The Supreme Court has directed the constitution of 25 special courts with a retired judge in 5 states for expeditious disposal of cheque bounce cases.
• A three-judge bench of justices L Nageswara Rao, B R Gavai and S Ravindra Bhat informed that the special courts under the Negotiable Instruments Act (NI) would be set up in Maharashtra, Delhi, Gujarat, Uttar Pradesh and Rajasthan in view of a large number of pending cases.
• For operationalising the special courts under this pilot study, retired judicial officers and retired court staff, preferably those who have retired within the past 5 years, may be employed.
• The special courts set up for the pilot study shall follow the same procedure with respect to trial as mandated by the Criminal Procedure Code, 1973.

RBI imposes penalty on Daimler Financial Services India, KKR India Financial Services

• The Reserve Bank of India (RBI) has imposed a penalty of Rs 5 lakh each on KKR India Financial Services Limited, Mumbai & Daimler Financial Services India Private Limited, Pune for failing to comply with the ‘Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016’ issued by RBI.
• This penalty has been imposed in exercise of powers vested in RBI under the provisions of clause (b) of sub-section (1) of section 58 G read with clause (aa) of sub-section (5) of section 58 B of the Reserve Bank of India Act, 1934, taking into account the failure of the company to adhere to the aforesaid RBI Directions.
• RBI had conducted a statutory inspection of both the firms with reference to its financial position as on March 31, 2020.
• The penalties are based on the deficiencies in regulatory compliance and not intended to pronounce upon the validity of any transaction or agreement entered into by them with their customers.

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra
• Governor : Shaktikanta Das
• Deputy Governors : Mahesh Kumar Jain,M. Rajeshwar Rao,Michael Patra and T. Rabi Shankar

RBI imposes Rs 2.97 million Monetary Penalty on Unimoni Financial Services Limited

• The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 29.79 lakh on Unimoni Financial Services Limited (the entity) for non-compliance with norms on small-Prepaid Payment instruments (PPI) requirements.
• The penalty was imposed after considering the company’s response.
• The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007.
• This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the entity with its customers.

CURRENT AFFAIRS: BUSINESS NEWS

In FY22, India received the highest-ever FDI influx of $83.57 billion:

• The central government declared that India received the largest annual FDI inflow of $83.57 billion during FY22.
• Inflow totalled $81.97 billion in 2020-21.
• India is quickly becoming a popular destination for foreign investments in the industrial sector.
• FDI equity inflows into manufacturing sectors surged by 76% in 2021-22 ($21.34 billion) compared to 2020-21 ($12.09 billion).

Additional Info.

• Singapore was first in terms of top investor countries, with 27%, followed by the United States (18%) and Mauritius (16%) in the previous fiscal year.
• Computer software and hardware drew the most inflows.
• It was followed by the services sector and the automobile industry.
• Reforms have recently been undertaken in sectors such as coal mining, contract manufacturing, digital media, single-brand retail trading, civil aviation, defence, insurance, and telecommunications to further liberalise and simplify FDI policy in order to provide ease of doing business and attract investments.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

IndiGo Appoints Mr Pieter Elbers As CEO

• The parent company of low-cost carrier IndiGo, InterGlobe Aviation Limited’s Board of Directors appointed Mr Pieter Elbers as its new Chief Executive Officer (CEO) & as a Whole Time Director which is effective from 1 October, 2022.
• He will replace Mr Ronojoy Dutta, 71, who retires on September 30, 2022.

About Mr Pieter Elbers :

• Mr Elbers was born in Schiedam, The Netherlands.
• He was appointed as the Senior Vice President of Network & Alliances.
• He holds a Bachelor’s degree in Logistics Management and a Master’s Degree in Business Economics.
• He started his career at KLM in 1992 at their Schiphol hub and held several managerial positions in both The Netherlands and overseas in Japan, Greece and Italy.
• He is the President and Chief Executive Officer of KLM Royal Dutch Airlines since 2014.
• He is also a member of the Executive Committee of the Air France-KLM Group.

Recent News :

• In Feb 2022, IndiGo appointed its co-founder and promoter Mr Rahul Bhatia as the new managing director of Indigo for a period of 5 years.

About IndiGo :

• Founded : 2005 (Commenced Operations 4 August 2006)
• Headquarters : Gurgaon, Haryana, India
• Chairman : M. Damodaran

Equitas Small Finance Bank MD & CEO Mr P N Vasudevan resigns

• Mr PN Vasudevan, Managing Director and CEO, Equitas Small Finance Bank, has decided to step down from his role in order to focus on the public charitable trust.
• However, Mr Vasudevan would continue as the MD & CEO of the lender till his successor is finalized.
• Meanwhile, the board can be forming a search committee to undertake the process of identifying a successor.

About Mr P N Vasudevan :

• Notably, Vasudevan is the founder of Equitas and has been associated with its journey as a micro finance institution dating back to 2007.
• The entity was converted into a SFB, under his leadership, in 2016.
• He was the Executive Vice President and Head – Consumer Banking Group in Development Credit Bank Ltd, based out of Mumbai.
• He worked in Cholamandalam Investment and Finance Co Ltd, part of the Murugappa Group.
• He was the Chairman of the South India Hire Purchase Association for the year 2005-06.
• He has contributed many articles to various journals such as Chartered Secretary, Company Law Journal etc.

About Equitas SFB :

• Founded : 2016
• Headquarters : Chennai, Tamil Nadu, India

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

China plans world’s 1st nearby habitable planet search with space telescope

• Chinese scientists have proposed a space project named Closeby Habitable Exoplanet Survey (CHES) to survey the sky with the help of a space-borne telescope, in the quest for habitable terrestrial planets outside the solar system.
• In the universe, this will be the world’s first space mission specially designed to search for habitable planets.
• The CHES will observe about 100 Sun-like stars 32 light-years away on a long-term survey.

Aim :

• Super Earths are planets that are up to about 10 times the mass of Earth.
• More than 5,000 exoplanets have been discovered and confirmed so far, including around 50 Earth-like planets in the habitable zone & however, most of these are hundreds of light-years away from Earth.
• The discovery of the nearby habitable worlds will be a great breakthrough for humankind, and will also help humans visit those Earth twins and expand our living space in the future.
• The CHES mission will be contributing to the advancement of scientific research like explorations pertaining to black holes and the dark matter in the universe.

About China :

• President: Xi Jinping
• Capital: Beijing
• Currency: Renminbi

Skyroot Aerospace successfully test fires engine of Vikram-1 rocket

• Private sector rocket maker Skyroot Aerospace Private Ltd successfully tested the Kalam-100 rocket that will power the Vikram-1 rocket’s third stage/engine.
• The company announced the completion of the milestone of full duration test-firing of its Vikram-1 rocket stage.
• The rocket stage is built with high-strength carbon fiber structure, solid fuel, Ethylene-Propylene-Diene terpolymers (EPDM) thermal protection system, and carbon ablative nozzle.

About Vikram-1 :

• Vikram-1 has three solid fuel-powered stages.
• Each stage has a burn time ranging between 80 and 108 seconds.
• The third stage, named Kalam-100 after former President APJ Abdul Kalam, was fired for a duration of 108 seconds.
• The rocket stage/engine has no moving parts and a high level of automation in manufacturing.
• The rocket’s stage was tested at the facilities of Solar Industries India Ltd, one of the investors in Skyroot.
• This is the largest rocket stage ever designed, manufactured, and tested completely in the Indian private sector.

About Skyroot Aerospace Private Ltd :

• Founded : 12 June 2018
• Headquarters : Hyderabad, Telangana, India
• Co-founder, CEO : Pawan Kumar Chandana
• Co-Founder & COO : Naga Bharath Daka
• Skyroot Aerospace Private Limited is an Indian private aerospace manufacturer and commercial launch service provider.

CURRENT AFFAIRS : RANKING & INDEX

Global Air Powers Ranking 2022 : IAF overtakes Chinese Air Force

• The World Directory of Modern Military Aircraft (WDMMA) published the Global Air Powers Ranking of 2022, in that the Indian Air Force (IAF) has been placed above the People’s Liberation Army Air Force, also known as the Chinese Air Force,Japan Air Self-Preservation Power (JASDF), Israeli Aviation based armed forces, and French Air and Space Power
• The report has evaluated the total fighting strength of the various air services of different nations of the world and has ranked them accordingly.

Key Highlights :

• For Global Air Powers Ranking, the WDMMA uses a formula that considers values related to the overall fighting strength of the air services of various countries.
• The formula produces the ‘TrueValueRating’ (TvR), which helps WDMMA separate each power based on the overall strength and factors like modernisation, logistical support, attack and defence capabilities
• The Global Air Powers Ranking (2022) report has given the highest TvR score (242.9) to the United States Air Force (USAF),
• According to the report the Indian Air Force (IAF) currently counts 1,645 total units in its active aircraft inventory.

Top 10 Global Air Powers Ranking 2022 :

Rank	Country	TvR
1	United States Air Force (5,091)	242.9
2	United States Navy (2,626)	142.4
3	Russian Air Force (3,829)	114.2
4	United States Army Aviation (4,328)	112.6
5	United States Marine Corps (1,211)	85.3
6	Indian Air Force (1,645)	69.4
7	People’s Liberation Army Air Force (2,040)	63.8
8	Japan Air Self-Defense Force (779)	58.1
9	Israeli Air Force (581)	58.0
10	French Air and Space Force (658)	56.3

About World Directory of Modern Military Aircraft (WDMMA) :

• WDMMA evaluates by taking many factors and presents a comprehensive report describing the present strengths and inherent weaknesses of modern military air services worldwide.
• It provides information through an in-depth resource that gives people a visual, unique and analytical insight into a primary aspect of modern warfare and control of the skies.
• Presently, the WDMMA tracks 98 countries, covering 124 air services and following a total of 47,840 aircraft.

CURRENT AFFAIRS: SPORTS NEWS

Nikhat Zareen won gold at the Women’s World Boxing Championships:

• Nikhat Zareen stunned Thai Olympian Jutamas Jitpong 5-0 to become the fifth Indian woman to win a World title at the Women’s World Championships in Istanbul.
• Nikhat is thus only the fifth Indian women’s boxer to win a gold medal at the World Championships, following Mary Kom, Sarita Devi, Jenny RL, and Lekha KC. Zareen, 25, is a former junior young world champion.
• India last won a World title when Mary had become a six-time champion in Delhi in 2018.

About the Match

• The 25-year-old Indian took full advantage of her long reach and maintained her dominance against the Thai boxer, whom she had beaten in the 2019 Thailand Open semi-final—the only meeting between the two, en route to her silver medal finish.

About Nikhat Zareen:

• Nikhat Zareen is an Indian amateur boxer.
• She won the gold medal at the 2022 IBA Women’s World Boxing Championships.
• She won the gold medal at the 2011 AIBA Women’s Youth & Junior World Boxing Championships held in Antalya.
• She won a bronze medal at the second India Open International Boxing Tournament held in Guwahati.

Daily CA on May 22 & 23:

• Every year on May 21, the day after the death anniversary of former Prime Minister Rajiv Gandhi, Anti-Terrorism Day is marked.
• World Metrology Day (WMD) is celebrated yearly on May 20th around the world to raise awareness of metrology, the science of measuring, and its applications.
• The United Nations General Assembly established May 21 to be the World Day for Cultural Diversity for Dialogue and Development in a resolution.
• Every year on May 21, the world celebrates International Tea Day.
• Union Education Minister Shri Dharmendra Pradhan has begun the ‘Padhe Bharat’ 100-day reading campaign.
• Nirmala Sitharaman, Union Minister of Finance and Corporate Affairs and India’s Governor for the New Development Bank (NDB), presided over the 7th Annual Meeting of the Board of Governors of NDB via video conference in New Delhi.

• A team of experts from the National Geographic Society has installed the “world’s highest weather station” on Mt. Everest at an altitude of 8,830 meters to automatically measure various meteorological phenomena.
• IDBI Bank has signed a share purchase agreement with Ageas Insurance International to sell its 25 percent stake in Ageas Federal Life Insurance(AFLI) for ₹580.2 crore.
• BRICS New Development Bank (NDB) has issued a RMB-denominated bond of 7 billion yuan (about USD 1.04 billion) in China’s interbank bond market with a maturity of three years.
• According to the World Economic Situation and Prospects (WESP) Mid-year Update 2022 report released by the UN Department of Economic and Social Affairs, India’s Gross Domestic Product(GDP) growth projections have declined from 6.7% to 6.4% for 2022-23 due to war between Russia and Ukraine & higher commodity prices and potential negative spillover effects from monetary tightening in the United States.
• According to a Department of Post circular, the NEFT  facility has been made available for Post Office Savings Bank Account (POSB) customers from May 18, 2022 and RTGS facility is currently under testing and is expected to be rolled out by May 31, 2022
• RBL Bank, Amazon Pay and Amazon Web Services (AWS) have collaborated to offer Universal Payments Interface (UPI) payments.
• The Supreme Court has directed the constitution of 25 special courts with a retired judge in 5 states for expeditious disposal of cheque bounce cases.
• The Reserve Bank of India (RBI) has imposed a penalty of Rs 5 lakh each on KKR India Financial Services Limited, Mumbai & Daimler Financial Services India Private Limited, Pune for failing to comply with the ‘Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016’ issued by RBI.
• The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 29.79 lakh on Unimoni Financial Services Limited (the entity) for non-compliance with norms on small-Prepaid Payment instruments (PPI) requirements.

• The central government declared that India received the largest annual FDI inflow of $83.57 billion during FY22.
• The parent company of low-cost carrier IndiGo, InterGlobe Aviation Limited’s Board of Directors appointed Mr Pieter Elbers as its new Chief Executive Officer (CEO) & as a Whole Time Director which is effective from 1 October, 2022 & he will replace Ronojoy Dutta, 71, who retires on September 30, 2022.

• Mr PN Vasudevan, Managing Director and CEO, Equitas Small Finance Bank, has decided to step down from his role in order to focus on the public charitable trust.
• Chinese scientists have proposed a space project named Closeby Habitable Exoplanet Survey (CHES) to survey the sky with the help of a space-borne telescope, in the quest for habitable terrestrial planets outside the solar system.
• Private sector rocket maker Skyroot Aerospace Private Ltd successfully tested the Kalam-100 rocket that will power the Vikram-1 rocket’s third stage/engine.
• The World Directory of Modern Military Aircraft (WDMMA) published the Global Air Powers Ranking of 2022, in that the Indian Air Force (IAF) has been placed above the People’s Liberation Army Air Force, also known as the Chinese Air Force,Japan Air Self-Preservation Power (JASDF), Israeli Aviation based armed forces, and French Air and Space Power

• Nikhat Zareen stunned Thai Olympian Jutamas Jitpong 5-0 to become the fifth Indian woman to win a World title at the Women’s World Championships in Istanbul.