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GKToday : 23rd May Current Affairs – Daily GK Updates
1. RBI cuts repo rate by 40 bps to 4 percent
The Reserve Bank of India cut the repo rate by 40 basis points from 4.4 percent to 4 percent. It also reduced the reverse repo rate at 3.35 per cent to maintain accommodative stance.
The six-member Monetary Policy Committee voted 5:1 in favour of 40 bps cut in interest rate.
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.
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The Reserve Bank of India is India’s central bank, which controls the issue and supply of the Indian rupee. RBI is the regulator of the entire Banking in India. RBI plays an important part in the Development Strategy of the Government of India.
Governor: Shaktikanta Das
2. India becomes world’s second largest PPE Body coveralls manufacturer
– The central government announced that India has become the second-largest manufacturer of Personal Protective Equipment (PPE) body coveralls in a time period of just two months.
– Currently, China is the world’s leading manufacturer of PPE body coveralls which are essential to safeguard against COVID-19 pandemic.
– The Ministry of Textiles stated that several steps were taken to ensure the quantity and quality of PPE coveralls meeting their increasing demand. As per an official statement, the ministry had also taken steps to ensure that only certified players have been allowed to supply the coveralls to the government.
3. World Bank names Carmen Reinhart as chief economist and vice president
– The World Bank named former Bear Stearns executive Carmen Reinhart as its new vice president and chief economist.
– Reinhart’s experience and insights would prove invaluable during the current unprecedented crisis triggered by the coronavirus pandemic and the economic havoc it is wreaking around the globe.
– Reinhart has done Ph.D. from Columbia University and currently teaches international economics at the Harvard Kennedy School.
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The World Bank is an international financial institution that provides loans and grants to the governments of poorer countries for the purpose of pursuing capital projects. It comprises two institutions: the International Bank for Reconstruction and Development, and the International Development Association.
Headquarters: Washington, D.C., United States
4. PM Modi announces assistance of Rs 1, 000 cr to West Bengal, Rs 500 cr to Odisha for relief, rehabilitation in cyclone hit areas
– The Centre will provide 1,000 crore rupees advance financial assistance to West Bengal for post-Amphan restoration work. Prime Minister also announced two lakh rupees compensation to the families of the each victim killed in the storm-related incidents.
– The Prime Minister Narendra Modi announced this at Bashirhat in North 24 Paraganas District of West Bengal after an administrative meeting to assess the extent of damages caused by the supper cyclonic storm.
– Earlier, accompanying the West Bengal Chief Minister Mamata Banerjee, the Prime Minister made an aerial survey at cyclone hit areas of the state.
– Prime Minister Narendra Modi also announced an advance financial assistance of Rs 500 crore for cyclone-battered Odisha.
5. NTPC, ONGC to set up joint venture company for Renewable Energy business
– National Thermal Power Corporation, NTPC and Oil and Natural Gas Corporation Limited, ONGC have signed a Memorandum of Understanding, MoU to set up a joint venture company for Renewable Energy business.
– The MoU will enable both companies to accelerate their footprint in renewable energy sector and setting up of offshore wind and other renewable energy projects in India and overseas.
6. International Day for Biological Diversity: 22 May
– The International Day for Biodiversity is observed on May 22 to raise awareness on various issues related to threats that stare biodiversity in the face.
– Biodiversity or Biological diversity means the life on Earth constitutes a variety of living organisms. The biodiversity we have today was formed through billions of years of evolution.
– The theme for the year 2020 is “Our solutions are in nature”.
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The first International Day for Biological Diversity, also known as World Biodiversity day, was created in a UN General Assembly in 1993.