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Daily G.K. - Top Stories

23 May 2021

DAILY G.K. TEST

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INTERNATIONAL AFFAIRS

Nepal President Dissolves House

  • In a dramatic turn of events, Nepal President Bidya Devi Bhandari on Friday midnight dissolved the Parliament as per the recommendation of the government and declared to hold midterm elections on November 12 and 19.
  • As per the constitutional provision, the President has authenticated the recommendation made by the Cabinet to dissolve the House and declare the snap polls for November 12 and 19.
  • This is for the second time that the House has been dissolved. Earlier, President Bhandari had dissolved the House on December 20 last year but later it was reinstated on February 23. The decision to dissolve the house came hours after a new government formation bid failed.

Biden Appoints Special Envoy for N. Korea

  • US President Joe Biden has announced the appointment of a special envoy for North Korea after he had his maiden talks with his South Korean counterpart Moon Jae-In.
  • I'm pleased to announce that Ambassador Sung Kim, a career diplomat and with deep policy expertise, will serve as the US Special Envoy for the DPRK (Democratic People's Republic of Korea), Biden told reporters on Thursday at a joint press briefing along with the visiting South Korean President Moon Jae-in.
  • DPRK is popularly called North Korea.

Myanmar Election Chief May Dissolve Aung San Suu Kyi's Party

  • The head of Myanmar's military-appointed state election commission said Friday that his agency will consider dissolving Aung San Suu Kyi's former ruling party for alleged involvement in electoral fraud and having its leaders charged with treason.
  • Suu Kyi's National League for Democracy came to power after a landslide 2015 election victory, and won an even greater majority in last November's general election. It was set to start a second term in February when the military seized power in a coup, arresting her and dozens of top government officials and party members.
  • Junta leader Senior Gen. Min Aung Hlaing cited electoral fraud as the reason for the army's takeover, saying there was terrible fraud in the voter lists. The army-backed Union Solidarity and Development Party, which suffered unexpectedly heavy losses in the election, made similar allegations.
  • Independent observers dispute the assertions of widespread irregularities.
  • Political parties were called to discuss planned changes in the electoral system at a meeting. The Union Election Commission chairman Thein Soe said that an investigation of last year's election that would soon be completed showed that Suu Kyi's party had illegally worked with the government to give itself an advantage at the polls.
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BUSINESS AND ECONOMY

IDBI Bank Launches Digital Loan Processing System

  • IDBI Bank Limited announced the launch of its fully digitised, end-to-end, Loan Processing System (LPS) for its MSME and Agri products.
  • This new loan processing system seamlessly integrates with data fintechs, bureau validations, document storage/retrieval, account opening/management, customer notifications, and portfolio management capabilities along with embodied policy/knock off parameters.
  • These features of the fully digitised and automated loan processing system are further aimed at providing a superior tech-enabled banking experience to bank's MSME & Agri.customers.
  • The platform is designed to incorporate knock-off criteria & credit policy parameters for superior underwriting standards.

SBI and HyperVerge Partner for AI-powered Online Account Opening

  • HyperVerge announced its partnership with SBI, with one of its flagship products, the Video Banking solution, which aims to achieve a 10x improvement in the number of account openings per day per agent. The new service will offer a quick and completely paperless experience to customers with minimal ID documents. Assisted by AI engines with an accuracy of 99.5%, HyperVerge's Video Banking solution enables SBI to provide convenient digital banking services to millions of Indians.
  • Last year, the Reserve Bank of India (equivalent to the Federal Reserve) allowed banks to adopt the Video Customer Identification Process (V-CIP). This measure has proven to be prophetic given the rising Covid-19 cases.
  • The technology developed by the Palo Alto headquartered company is critical at this hour since it helps financial institutions deliver uninterrupted services, and save the cost and time spent on manual processing.
  • For comparison, manual checks by an agent can take up to 25 minutes, while HyperVerge's solution completes the entire process within 5 minutes.
  • The Video Banking solution can be supported on multiple platforms.
  • Additionally, the solution performs pre-qualifier checks on customer details, schedules video calls with high throughput and performs AI-driven Liveness, OCR, and Facematch checks. This technology has long-term implications for an organization's efficiency.

Axis Bank Awaits Nod to Reclassify 3 Promoters as Public Shareholders

  • Private sector Axis Bank said that three promoters United India Insurance Company, National Insurance Company and New India Assurance Company will be reclassified as public category shareholders post requisite regulatory approvals.
  • The bank has identified the administrator of the Specified Undertaking of the Unit Trust of India (SUUTI), Life Insurance Corporation of India (LIC), General Insurance Corporation, New India Assurance Company, National Insurance Company, United India Insurance Company, and Oriental Insurance Co Ltd as the promoters.
  • Three promoter entities United India Insurance, National Insurance and New India Assurance have made a request to reclassify them to "public" category from "promoter" category, in terms of SEBI regulations.
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SCIENCE & TECHNOLOGY

China Observatory Detects Sources of Gamma Rays

  • Large High Altitude Air Shower Observatory (LHAASO) of China detected dozen sources of ultra-high-energy gamma rays.
  • LHAASO cosmic ray observatory has discovered 12 sources of ultrahigh-energy photons. It has also detected a photon with energy level of 1.4 peta-electron volt. All these sources are located at positions in milky way galaxy and it can be measured with an accuracy of greater than 0.3°. They are the brightest Milky Way gamma ray sources discovered till date.
  • LHAASO is a gamma-ray and cosmic-ray observatory located at Daocheng in Sichuan province of China. The observatory has been designed to observe air showers that are triggered by gamma rays and cosmic rays. It has been set at the altitude of 4,410 metres above sea level. It started observation in April 2019 over an area of 145 hectares.
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SPORTS

India to Host 2022 FIFA Under-17 Women's World Cup

  • India is all set to host 2022 FIFA under-17 Women's World Cup from October 11 to 30, 2022. It will be the second FIFA tournament to be hosted by India.
  • Earlier, India had to organise 2021 Under-17 Women's World Cup but it was cancelled due to Covid-19 pandemic. India had also hosted FIFA under-17 World Cup in 2017. The 2017 event has set a record for being the most attended youth World Cup in the history.
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NATIONAL AFFAIRS

S. Jaishankar to Begin Five-day Visit to United States

  • External Affairs Minister S. Jaishankar will begin a five-day visit to the United States from Monday with a focus on procurement of coronavirus vaccines from American companies as well as explore the possibility of their joint production.
  • Jaishankar will hold discussions with US Secretary of State Antony Blinken besides meeting senior officials of the Biden administration during his visit from May 24 to 28.

West Bengal Appoints Gyanwant Singh as ADG and IGP of State CID

  • In a major reshuffle in its IPS cadre, the West Bengal government appointed Gyanwant Singh as the ADG and IGP of the state CID, replacing Anuj Sharma.
  • As per an order, Sharma was moved as the ADG and IGP of West Bengal Armed Police.
  • Singh will also share the charges of additional director security.
  • Ajey Mukund Ranade, who was the ADG and IGP of (Training), was made the advisor (security and vigilance) of the West Bengal State Electricity Distribution Company Limited (WBSEDCL).
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DAYS AND EVENTS

Sixth UN Global Road Safety Week: 17-23 May 2021

  • The 6th UN Global Traffic Safety Week, which in 2021 celebrated between 17 and 23 May, called for 30 km/h (20 mph) speed limits to be the norm for cities, towns and villages worldwide. UN Global Road Safety Week (UNGRSW) is a biennial global road safety campaign hosted by WHO.
  • Each UNGRSW has an advocacy theme. The theme for the 6th UNGRSW is Streets for Life, under the tagline #Love30. It brings together individuals, governments, NGOs, corporations, and other organizations from around the world to raise awareness of road safety and make changes that will reduce the number of road deaths.
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AWARDS AND HONOURS

Six Research Scholars Get Prime Minister's Research Fellowship

  • It is a matter of great pride for the Jamia Millia Islamia (JMI) University that six of its researchers have been awarded the prestigious Prime Minister's Research Fellowship (PMRF) under the Lateral Entry Scheme of the December 2020 drive.
  • They are: Fozia Tabassum - Civil Engineering Department, Momina - Civil Engineering Department, Azra Malik - Electrical Engineering Department, Firoz Khan - Center for Nanology and Nanotechnology, Alia Tayeb - Center for Basic Interdisciplinary Research abd Aashi Saif - Physiotherapy and Rehabilitation Science Center.
  • PMRF-JMI Coordinator Professor Abdul Qayyum Ansari said the six researchers will personally receive a fellowship of Rs. 70,000 per month for the first two years, Rs. 75,000 per month for the third year, Rs. 80,000 per month for the fourth and fifth year respectively.
  • In addition, each of them will get a research grant of Rs 2 lakh per year (a total of Rs. 10 lakh for five years) under the PMRF.
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GENDER/ HEALTH/ EDUCATION

Telangana Govt. Appoints Vice Chancellors of 10 State Universities

  • Telangana government appointed Vice Chancellors for 10 universities in the state. Each VC will have a tenure of three years. The appointment was made after the nod from the Governor of the state Dr. Tamilisai Soundarajan.
  • These universities had vacant VC positions from a long time and a decision was made considering all the guidelines mentioned by the University Grants Commission.
  • The search committees constituted on the instructions of Chief Minister K. Chandrashekhar Rao have undertaken the process in tune with the UGC guidelines and recommended the names. Though there was some delay due to the COVID-19 Pandemic, the names were finalised and sent to Governor Dr. Tamilisai Soundarajan for her approval. The Governor gave her assent to the appointments.
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