Current Affairs Quiz - May, 2020

Notes:
The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002, allow banks and financial institutions to auction properties, when borrowers fail to repay their loans.
Recently as per the judgement of the Supreme Court, the cooperative banks that are involved in the banking activities are considered as a ‘banking company’. Hence the SARFAESI act may be modified to include the procedure of loan recovery by cooperative banks.

Notes:
The State government of Andhra Pradesh has launched a scheme called YSR Matsyakara Bharosa amid the Covid-19 pandemic.
Under the scheme, the government will provide a financial assistance of ₹10,000 to each fisherman family. This would help the fishermen community during the lock-down period and during the marine ban period. The monetary relief of fishermen venturing into the sea has also been raised from ₹4,000 to ₹10,000 per head.

Notes:
As per the recent notification of the Reserve Bank of India, the government has appointed Economic Affairs Secretary Tarun Bajaj as a Director on the central board of Reserve Bank of India (RBI), with effect from May 5 until further orders.
Tarun Bajaj is set to replace the position held by Atanu Chakraborty, who superannuated on April 30. Tarun Bajaj is a 1988 batch IAS officer and has held several crucial positions including Additional Secretary in Prime Minister’s Office and Director in the Department of Financial Services.

Notes:
In a recent move, the Centre hiked the duties on petrol and diesel steeply and raised it to Rs 10 and Rs 13 per litre, respectively. It was also announced that there will be no change in the retail prices as the hike will be absorbed by the Oil Marketing companies.
Among the total hike, the Road and infrastructure cess will go the revenue of the Centre only whereas the special additional excise duty will be passed on to all states through devolution at 42%. This decision has been taken at the backdrop of falling crude oil prices in the global market and lower demand during the lock-down.

Notes:
French cybersecurity researcher and ethical hacker Robert Baptiste who writes in the pseudonym Elliot Alderson on Twitter, warned about the security issues in the Aarogya Setu application. He also explained how the application could be manipulated to retrieve data of people infected in a given area.
As per the recent announcement of the Indian government, more than 90 million people have downloaded the application. However, the team of Aarogya Setu assured that no data or security breach has been identified.

Notes:
Beijing headquartered Multilateral development bank, Asian Infrastructure Investment Bank recently approved a $500 million loan to support India’s Covid-19 operations. The loan is co-financed by the World Bank.
AIIB also highlighted that building a resilient health system to effectively treat COVID-19 patients and preventing its spread is the immediate priority. Last month the bank doubled its initial COVID-19 Crisis Recovery Facility to $10 billion from $5 billion.

Notes:
Union Defence Minister Rajnath Singh recently inaugurated the strategically important Ghatiabagar-Lipulekh motor road.
The road connects the last Indian post on the Indo-China border in Uttarakhand’s Vyas valley. The construction of the road commenced in 2008 and was scheduled to be completed in 2013, but it was delayed due to the tough terrain. The Kailash-Mansarovar Yatra from Lipulekh pass is more convenient for pilgrims, after the road has been commissioned.

Notes:
The Sunderbans delta, which is spread over India and Bangladesh, is the only mangrove forest in the world inhabited by tigers.
According to the latest estimation conducted by the West Bengal Forest Department, the count of tigers has increased by 8 in 2019-20 to 96, from 88 in the previous year. The increase was significant as this is the biggest annual jump ever reported from the Sundarbans, which is a world heritage site and a Ramsar site.

Notes:
Moody’s Investors Service has recently projected India’s growth at zero per cent for the current fiscal 2020-21.
It had estimated a growth of 4.8 per cent for the last fiscal year. Last month the ratings agency estimated that the Indian economy would grow at 0.2 per cent. It had also provided a ‘Baa2’ rating for India, which represents moderate credit risk. It also said that India would regain its growth rate at 6.6 per cent in the 2021-22 fiscal.

Notes:
A team of astronomers using the Chile-based La Silla Observatory of the European Southern Observatory (ESO) has recently discovered the nearest black hole from Earth.
This triple-structure black hole named as HR 6819, is located just 1000 light-years from Earth. Unlike the other black holes that have been detected till date, HR 6819 does not actively interfere with their surroundings. The team was able to distinguish its existence and measure its mass.