Current Affairs Quiz - June, 2019

Notes:
The 2nd edition of Global Disability Summit (GDS) will be held at Buenos Aires, Argentina from 6-8 June 2019. The Indian delegation will be headed by Thaawarchand Gehlot, the Union Minister for Social Justice and Empowerment (MSJE). The objective of the summit is to deliberate on issues across the world concerning empowerment and inclusion of Persons with Disabilities (PwDs) and to work out a mechanism for enabling them to live an independent and dignified life. The Indian delegation will also participate in the bilateral discussions with Government of Argentina for developing a Memorandum of Understanding (MoU) between the two countries on 9-10 June 2019.

Notes:
On June 6, the 6-member Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) has reduced the repo rate by 25 basis points to 5.75% from 6.0% with immediate effect in its 2nd bi-monthly monetary policy statement for 2019-20. Repo rate is the interest rate at which the central bank provides liquidity to banks to overcome short-term liquidity mismatches. A repo rate cut allows banks to reduce interest rates for consumers on loans, and lowers equal monthly installments on home loans, car loans and personal loans. Consequently, the reverse repo rate stands adjusted to 5.50%, and the Marginal Standing Facility (MSF) rate and the Bank Rate to 6.0%. Beside this, RBI has also unanimously decided to change the stance of monetary policy from neutral to accommodative. The next meeting of the MPC is scheduled during August 5 to 7.

Notes:
American author Tayari Jones has won the 2019 Women’s Prize for Fiction for her novel “An American Marriage”. The book portraits a young African American’s wrongful conviction and how it affects his marriage. It is a story of love, loss and loyalty, the resilience of the human spirit painted on a big political canvas – that shines a light on today’s America. Jones wins £30,000 and the “Bessie” – a limited edition bronze figurine. The prize is one of the biggest international celebrations of women’s creativity.

Notes:
The World Oceans Day (WOD) is observed every year on June 8 to celebrate the majesty of the world’s oceans and raise awareness about their preservation. Oceans are important for mankind because they generate an estimated 70% of the earth’s oxygen. They regulate the globe’s climate and weather. They support marine life. They provide us with food, and ingredients for many of our medicines. But our oceans and marine life are under threat: from pollution and overfishing. Hence, the day aims to address these challenges. The 2019 conservation action theme “Gender and Oceans” reflects on equalizing the representation of women and men in marine fields. It highlights the important role gender equality has to play in ensuring effective conservation of our oceans, seas and marine life. The focus of the day is to inspire a worldwide fight against plastic pollution.

Notes:
The Indian Air Force (IAF) has recently signed a deal worth around Rs 300 crore for buying more than 100 SPICE bombs from Israel. The IAF fighter jets used these bombs to target Jaish-e-Mohammed training camps in Pakistan’s Balakot on 26th February 2019 after the ghastly Pulwama terror attack in which over 44 CRPF jawans lost their lives after a suicide bomber rammed his explosives-laden SUV into the convoy which was passing from the area. As per the contract, the advanced SPICE bombs would be delivered to the Air Force in the next 3 months as the deal is under emergency powers. SPICE bomb has a standoff range of 60 km and approaches the target as its unique scene-matching algorithm compares the electro-optical image received in real-time via the weapon seeker with mission reference data stored in the weapon computer memory and adjusts the flight path accordingly. Israeli defence firm Rafael Advanced Defence Systems manufactures the weapon.

Notes:
The 16-year-old Swedish teen climate activist Greta Thunberg and her “Fridays for Future” global movement has won a prestigious Amnesty International’s Ambassador of Conscience Award for 2019. She has been recognized for mobilizing world public opinion on the looming peril of global warming. The Fridays for Future movement was started in August 2018 by Greta Thunberg, who decided to miss school every Friday and protest outside the Swedish parliament until it took more serious action to tackle climate change. Her efforts to raise awareness of the climate crisis quickly went global. Her strike inspired millions of students to skip school to join protests demanding faster action on climate change. The movement has now spread beyond Sweden to other European nations.

Notes:
Bancha in Betul district of Madhya Pradesh has become the first village in India to have zero wooden stoves and almost no use for LPG cylinders with all its 75 houses relying on solar-powered stoves to meet their cooking needs. The team of IIT Mumbai has designed a special solar stove & now no trees are being cut by the villagers for lighting their stoves. The project of installing solar power plates, batteries and stoves in all the 74 houses was started in September 2017 and got completed by December 2018. The success story of Bancha is an eye opener which shows the potential of renewable energy. Not only will it help the nation economically but will also prove to work wonders for the environment if implemented across India.

Notes:
R V Janakiraman (79), the former Puducherry Chief Minister and senior Dravida Munnetra Kazhagam (DMK) leader, has passed away in Puducherry on 10th June 2019. He began his career as a taxi driver and later went on to become a fleet operator before foraying into politics. He was the Chief Minister between 1996 and 2000, heading the coalition government of DMK and the Tamil Maanila Congress. Mr. Janakiraman became the Chief Minister in 1996 and represented the Nellithope Assembly constituency for five consecutive times.

Notes:
The Union Minister of Commerce and Industry & Railways, Piyush Goyal led the Indian delegation for the 2-day G20 Ministerial meeting on Trade and Digital Economy at Tsukuba city in Japan on June 8. The G-20 Trade Ministers deliberations will form part of the G-20 Summit Leaders agenda in the formal discussions and will also be a part of the Summit Declaration. Over 50 Trade and Digital Economy Ministers get together for the first time in G20 history in Tsukuba, to discuss how G20 economies can promote trade and investment and maximize benefits from the development of the digital economy. The Trade and Digital Economy meeting is one of the 8 Ministerial meetings taking place in Japan alongside the 2019 G20 Summit. The other seven Ministerial meetings are Agriculture Ministers’, Finance Ministers and Central Bank Governors’ meeting, Labour and Employment Ministers’ meeting, Tourism Ministers meeting, Ministerial meeting on Energy Transitions and Global Environment for Sustainable Growth, Health Ministers’ meeting and Foreign Ministers’ meeting. The G20 members represent two-thirds of the world’s people and 85 percent of its economy.

Notes:
After linking its short-term loans and large savings deposits rates to the repo rate, the State Bank of India (SBI) has decided to introduce a repo rate-linked home loan product from July 1. The home loans under this product will be priced at 2.65% over the repo rate of 5.75%. So, the home loan interest rate will work out to 8.40%. Currently, SBI offers home loans, which are linked to its marginal cost of funds, at 8.55%. The lender has also reduced the interest rate on cash credit /overdraft customers (limits above Rs1 lakh) after RBI cut its repo rate from 6% to 5.75%. Now the effective Repo-Linked Lending Rate (RLLR) for CC/OD customers is 8%. Repo rate is the key interest rate at which commercial banks borrow short-term funds from the Reserve Bank of India (RBI).