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Current Affairs May 2023

20 May 2023 Current Affairs – The Day’s Top News | GKSERIES

May 20, 2023
DAILY CURRENT AFFAIRS

Current Affairs is the most important area in all competitive exams. But the difficulty level is very high. That’s why; many aspirants get confused, how to select Current Affairs for Preparation of Competitive Examination? In this Post, Daily Current Affairs 20 May 2023, we have tried to cover each and every point and also included all important facts from National/ International news that are useful for upcoming competitive examinations such as UPSC, SSC, Railway, State Govt. etc.

So, here is the Top News of the Day for 20 May 2023 to help you prepare the Latest Current Affairs part. After reading this section, you can successfully attempt Current Affairs Quiz.

Current Affairs for Competitive Exam – 20 May 2023

RBI Announces Withdrawal Of ₹2000 Banknotes From Circulation

RBI Announces Withdrawal of ₹2000 Banknotes from Circulation

The Reserve Bank of India (RBI) has made a crucial decision to discontinue the circulation of banknotes in denominations of 2000 rupees. Although these banknotes will no longer be printed, they will continue to be legal currency. The move comes as the objective of introducing the ₹2000 banknotes has been fulfilled, and other denominations now adequately meet the currency requirements of the economy.

Reasons for Withdrawal

In November 2016, 2000 banknotes were introduced in reaction to the revocation of legal tender status for 500 and 1000 banknotes. This measure aimed to fulfill the urgent currency requirements at the time. However, the printing of ₹2000 banknotes was halted in 2018-19 as their purpose had been served. Furthermore, the RBI noted that the usage of ₹2000 banknotes for transactions was not common.

Declining Circulation

Approximately 89% of the 2000 banknotes were issued before to March 2017 and have already reached the end of their anticipated life-span of 4-5 years. As a result, the entire value of 2000 banknotes in circulation has reduced from 6.73 lakh crore on March 31, 2018, to 3.62 lakh crore on March 31, 2023, constituting only 10.8% of total notes in circulation. The reduction in circulation and limited usage further prompted the decision to withdraw the ₹2000 banknotes.

Clean Note Policy

The withdrawal of ₹2000 banknotes aligns with the RBI’s “Clean Note Policy.” This policy aims to maintain the quality of currency in circulation and promote efficiency in the banking system. The RBI had previously undertaken a similar withdrawal of notes from circulation in 2013-2014.

Procedures for the Public

The RBI has issued public guidelines to help with the withdrawal procedure. Individuals can deposit 2000 banknotes into their bank accounts or swap them for other denominations of banknotes at any bank place of residence. Deposits can be made in the usual manner, without any restrictions, subject to existing instructions and statutory provisions.

Exchange Process

In order to ensure operational convenience and minimize disruption to regular banking activities, individuals can exchange their ₹2000 banknotes for banknotes of other denominations. Starting May 23, 2023, this transaction can be done at any bank up to a limit of 20,000/- at a time. This exchange will involve the RBI’s 19 regional offices as well as other banks.

Timeline and Legal Tender Status

While the RBI has initiated the withdrawal process, it emphasizes that the ₹2000 banknotes will remain legal tender. Individuals have until September 30, 2023, to exchange or deposit their ₹2000 banknotes in their bank accounts. After this date, banks may stop accepting ₹2000 banknotes for exchange, although they can still be deposited into bank accounts.

Paytm Launches Paytm SBI Card On Rupay Network With NPCI

One97 Communications Ltd, Paytm’s parent firm, has announced a new cooperation with SBI Card and the National Payments Corporation of India (NPCI) to launch the Paytm SBI Card on the RuPay network. This card will provide discounts on transactions made through the Paytm mobile app using the card, with cardholders receiving 3% cashback on booking movie and travel tickets on the Paytm app, 2% cashback on all other purchases on the Paytm app, and 1% cashback on spends made elsewhere.

Paytm Launches Paytm SBI Card on RuPay Network with NPCI: Key Points

Important Takeaways For All Competitive Exams:

5,000-year-old ‘great grandfather’ tree is officially the world’s oldest

5,000-year-old ‘Great Grandfather’ tress is officially the world’s oldest

A 5,000-year-old tree in Chile has been declared the world’s oldest. The tree, a Patagonian cypress, may be found in the Alerce Costero National Park and is known as “Great Grandfather.” It is estimated to be between 5,000 and 6,500 years old, making it the oldest living organism on Earth.

The Great Grandfather tree is a large example, standing 28 metres tall and spreading 4 metres (13 feet). It is believed to have survived several major climate changes over the centuries, including the Little Ice Age. The tree is also a popular tourist destination, with thousands of visitors coming to see it each year.

The discovery of the Great Grandfather tree is a reminder of the importance of protecting our forests. These ancient trees are a valuable part of our planet’s natural heritage and they play an important role in the environment. We must do everything we can to ensure that they are preserved for future generations.

Here are some additional details about the Great Grandfather tree

Important takeaways for all competitive exams: 

TN CM Stalin Inaugurates One Of India’s Biggest Skywalk Bridge

India’s Biggest Skywalk Bridge

Tamil Nadu Chief Minister MK Stalin officially unveiled one of India’s largest Skywalk bridges, spanning 570 metres in length and 4.2 metres in width. This skywalk bridge serves as a crucial connection between the Mambalam railway station and T Nagar bus terminus. The project is part of a larger multi-modal initiative aimed at facilitating pedestrian movement.

Issues face by public before this skywalk bridge

Contruction cost of skywalk bridge

The skywalk, built by the Greater Chennai Corporation (GCC) at a cost of Rs 28.45 crore from Smart City funds, is intended to relieve traffic congestion in major places such as Ranganathan Street, Madley Road, and Market Street. It is projected that the skywalk will cater to approximately one lakh people daily. During the inauguration, Chief Minister Stalin personally walked across the skywalk bridge, engaging with the public who had gathered to witness the event. He even took selfies with some of the attendees. Officials have also stated their intention to provide wheelchair facilities to assist individuals with disabilities in accessing the skywalk.

Important takeaways for all competitive exams: 

SBI Records Highest-Ever Quarterly Profit In Q4 2022-23: Key Highlights From Earnings Report

The State Bank of India (SBI), the country’s largest public-sector lender, has revealed strong fourth-quarter financial performance for the period ending March 31, 2023. The bank’s net profit witnessed a significant surge of 83 percent, reaching a record high of Rs 16,694 crore.

Here are the key highlights from SBI’s earnings report card

  1. Rise in Profit: SBI recorded a remarkable 83 percent year-on-year (YoY) increase in net profit, surpassing market estimates. The bank’s net profit increased from Rs 9,113 crore in the previous fiscal year’s corresponding quarter to Rs 16,694 crore this year. Furthermore, SBI earned Rs 50,232 crore in profit for the fiscal year 2022-23, a significant increase from Rs 31,675 crore in 2021-22. This is SBI’s biggest quarterly and annual profit.
  2. Net Interest Income (NII) Growth: The bank witnessed a significant growth in net interest income, which is the difference between interest earned and spent. The NII for the quarter rose by 29.5 percent to Rs 40,392 crore, compared to Rs 31,197 crore in the previous fiscal year.
  3. Improvement in Asset Quality: During the fiscal year 2022-23, SBI demonstrated a significant improvement in asset quality. The bank’s gross non-performing assets (GNPA) fell from Rs 1.12 lakh crore to Rs 90,027 crore in the previous year. The GNPA ratio for the fourth quarter decreased to 2.78 percent from 3.97 percent in the year-ago period, marking the lowest GNPA ratio for the bank in a decade. Moreover, net non-performing assets (NNPA) decreased to Rs 21,466 crore in the March quarter, down from Rs 27,965 crore, and the NNPA ratio slipped to 0.67 percent from 1.02 percent in the year-ago period.
  4. Segment Growth: SBI had growth in multiple segments in the March quarter. Treasury segment revenue climbed to Rs 28,470 crore, up from Rs 24,098 crore the previous year. Corporate and wholesale banking operations grew as well, hitting Rs 29,505 crore from Rs 19,825 crore year on year. The retail banking segment, which includes digital banking, exhibited significant growth, with revenue rising to Rs 48,091 crore compared to Rs 38,075 crore in the previous year.
  5. Deposit Growth: SBI’s deposits experienced a healthy YoY growth of 9.19 percent. Notably, current account and savings account (CASA) deposits grew by 4.95 percent YoY. As of March 31, 2023, the CASA ratio stood at 43.80 percent.

Bhopal Becomes 1st City To Measure Sustainable Development Goals Progress

Bhopal becomes 1st city to measure SDGs progress

Bhopal, the state capital of Madhya Pradesh, has become India’s first city to track its progress towards the Sustainable Development Goals (SDGs). The city has adopted a Voluntary Local Review (VLR) process, which is a tool that helps cities to assess their progress on the SDGs and identify areas where they need to improve.

About the Voluntary Local Review (VLR) process

In Bhopal, the VLR process was created in conjunction with the United Nations Human Settlements Programme (UN-Habitat) and a number of other local stakeholders. It involved a comprehensive assessment of the city’s performance on the SDGs, including a review of data, interviews with stakeholders, and public consultations. The VLR process has helped Bhopal to identify a number of areas where it needs to improve its performance on the SDGs. Poverty, education, health, and the environment are among them. The city has now developed a strategy to solve these issues and meet the SDGs by 2030. The VLR process in Bhopal is a valuable tool that can help other cities in India to measure their progress on the SDGs and identify areas where they need to improve. It is a step in the right direction for the city and for India as a whole.

The SDGs are a set of 17 goals that were adopted by all United Nations member states in 2015. The goals are a global call to action to end poverty, protect the planet, and ensure prosperity for all. The SDGs are a roadmap for a better future for all. The VLR process is a tool that can help cities to track their progress on the SDGs and identify areas where they need to improve. The process is voluntary, but it can be a valuable way for cities to demonstrate their commitment to the SDGs and to engage with stakeholders in a meaningful way. The VLR process in Bhopal is a positive step for the city and for India as a whole. It is a demonstration of the city’s commitment to the SDGs and it is a way for the city to engage with stakeholders in a meaningful way. The VLR process can help Bhopal to achieve the SDGs and to create a better future for all.

Important takeaways for all competitive exams: 

Siddaramaiah To Be The Next Chief Minister In Karnataka CM Race

Siddaramaiah to be the next Chief Minister of Karnataka

According to sources, Siddaramaiah would be Karnataka’s next chief minister, with DK Shivakumar as his deputy. The decision was reached by the Congress party, with both leaders agreeing to a rotational arrangement. Siddaramaiah will be the chief minister for the next 2.5 years, following which Shivakumar will take over.

Next Chief Minister of Karnataka: Key Points

In the Karnataka Assembly Elections 2023, Congress has achieved a significant victory after a span of 34 years. According to the Election Commission’s data, the party secured 136 seats, surpassing the halfway mark of 113, along with a substantial vote share.

World Bee Day 2023 Observed On 20th May

World Bee Day 2023

World Bee Day is an annual event conducted on May 20th to raise awareness and understanding of the critical role that bees and other pollinators play in our ecosystem. The United Nations established this observation in 2017 to highlight the importance of bees in sustaining both ecosystems and food production.The celebration of World Bee Day seeks to encourage efforts that safeguard bees and their habitats, while also emphasizing the significance of pollinators in preserving biodiversity and ensuring worldwide food security.

Theme of World Bee Day 2023

The theme for World Bee Day 2023 has been chosen as “Engaging in Pollinator-Friendly Agricultural Production.” This subject emphasises the urgent need to adopt agricultural practises that benefit pollinators, notably bees. It urges worldwide efforts to advocate for evidence-based agricultural practices that prioritize the protection and support of pollinators. By prioritizing agricultural techniques that are friendly to pollinators, we can improve the vitality and population of bees and other pollinators. This, in turn, ensures the sustainability of our food systems and the preservation of biodiversity.

Significance of World Bee Day

World Bee Day is significant because it draws attention to the huge benefit that bees and other pollinators provide. Bees play an important role in pollinating flowering plants, which is critical for plant reproduction and diversity. Through their pollination activities, they contribute to the growth of diverse crops, such as fruits, vegetables, nuts, and seeds, thereby supporting food systems and guaranteeing worldwide food security. By acknowledging World Bee Day, we show appreciation for the essential role bees play in upholding ecosystem equilibrium and promoting biodiversity.

History of World Bee Day

In 2017, the United Nations established World Bee Day to highlight the critical role that bees and other pollinators play in our ecosystems. May 20th was selected as the date to honor the birthday of Anton Janša, a Slovenian beekeeping pioneer and renowned bee expert. The United Nations hopes that by establishing this annual event, it would stimulate worldwide recognition, mobilisation, and collaboration in protecting bees and conserving their critical contributions to our environment and food supply systems.

A Book “Guts Amidst Bloodbath : The Aunshuman Gaekwad Narrative” By Aditya Bhushan

Guts Amidst Bloodbath : The Aunshuman Gaekwad Narrative

Former Indian Test cricketer Anshuman Gaekwad released his semi-autobiographical book “Guts Amidst Bloodbath” at the Cricket Club of India (CCI). Six former India cricket captains attended the event, including Sachin Tendulkar, Gundapa Vishwanath, Sunil Gavaskar, Dilip Vengsarkar, Ravi Shastri, and Kapil Dev. These legendary cricketers shared anecdotes and praised Gaekwad for his contributions to the sport.

In addition to the former captains, several other prominent figures from the cricketing world were present. Among those in attendance were BCCI President Roger Binny, Yajurvindra Singh, Karsan Ghavri, Zaheer Khan, Abey Kuruvilla, and Nayan Mongia, who expressed their support for Gaekwad and the book.

The Essence of the book:

Guts Amidst Bloodbath is the story of Aunshuman Gaekwad as told by him with many fascinating insights by his teammates, opponents, administrators, selectors, umpires, friends and family members. His is a name associated with Indian Cricket for more than 50 years in some form or the other. He has been a solid opening batsman, an astute administrator, an able selector, a successful coach, an analytical media person and above all a helping human being. But for a player who began his First-Class career as an off-spinner and lower order batsman, to become a Test opener for India is nothing short of remarkable. To play the fast bowlers of the 1970s and 1980s without helmets and other protective gears was an achievement in itself.

Following his retirement, he continued to serve Indian cricket in numerous positions, the most famous of which was as the team’s coach from 1997 to 1999. As a coach, he was known for his discipline, honesty and integrity. It is a testimony to his character, that he was re-called to coach the Indian team at a time of turmoil post the match-fixing saga. Even today, he is taking up the cause of Indian cricketers as the President of the Indian Cricketers Association (ICA). In summary, this tale is a celebration of the man and his contribution to Indian cricket. It charts the journey of a boy from Baroda who went on to become one of the most respected figures in world cricket.

RBI Approves Rs 87,416 Crore Surplus Transfer To Government For Fy23, Triple The Previous Year’s Amount

The Reserve Bank of India (RBI) has approved a Rs 87,416 crore surplus transfer to the government for the fiscal year 2022-23. This is nearly three times the amount sent the previous year, which was Rs 30,307 crore. The surge in surplus is attributed to increased income from the sale of foreign exchange reserves. Despite facing challenges such as rising yields on US treasuries, the RBI’s surplus transfer is expected to provide a significant boost to the government’s revenue.

Higher Surplus Transfer Driven by Foreign Exchange Sales:

Economists have pointed out that the benefits from record gross foreign exchange sales in fiscal year 2022-23 are the primary driver of the bumper surplus transfer. The RBI’s sales of foreign exchange reserves, estimated to be around $206 million until February 2023, significantly contributed to the increased surplus. However, the profits were partially offset by higher provisioning on mark-to-market losses on foreign securities. Additionally, the higher contingency buffer of 6 percent, compared to 5.5 percent in the past, also impacted the profit margin.

Offsetting Revenue Losses and Budget Expectations:

The surplus transfer of Rs 87,416 crore from the RBI to the federal government is estimated to generate an additional 0.2 percent of GDP in revenue. This infusion of funds could help partially offset possible revenue losses due to lower tax revenues and divestment. The surplus amount aligns with the expectations set by the Union Budget, which estimated a surplus of Rs 48,000 crore from the central bank, public sector banks, and financial institutions for the current year.

Impact of Global and Domestic Economic Situation:

During its meeting, the RBI’s board reviewed the global and domestic economic situation, including the influence of current geopolitical developments. The central bank acknowledged the issues and pondered on its performance in fiscal year 2022-23. The approval of the Annual Report and accounts of the RBI for this period reflects the board’s confidence in the bank’s operations. Furthermore, the decision to maintain the contingency risk buffer at 6 percent demonstrates the RBI’s commitment to prudential financial management.

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