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 United Nations celebrates May 7 as the International Day of Vesak across the world, to commemorate the day of enlightenment of Lord Buddha.
In India, Ministry of Culture in collaboration with the International Buddhist Confederation (IBC) held a Virtual Prayer Event to celebrate Buddha Poornima. Indian Prime Minister also delivered the keynote address. The virtual celebrations will be streamed live from various historic sites from India, Nepal and Sri Lanka.

Notes:
NITI Aayog and the Department of Biotechnology have launched the Consortium for Affordable & Rapid Diagnostics (CARD) project.
The project aims to scale up India’s capacity to make coronavirus testing kits. The primary goal is to manufacture at least 10 million rapid antibody tests for Covid-19 by July. It also aims to expand RT-PCR test kits in India. The announcement has come after quality issues faced with Chinese-made antibody testing kits.

Notes:
The United Nations Environment Programme (UNEP) has recently extended the term of Bollywood star and environmentalist Dia Mirza, as its National Goodwill Ambassador for another two years.
Dia Mirza is also an advocate of United Nations Sustainability Development Goals. She was famous for her #BeatPlasticPollution campaign when she was the UNEP Goodwill ambassador for the first time.

Notes:
The government has recently raised its gross market borrowing target for the current financial year to Rs 12 lakh crore.
As per the latest budget estimate, the target was Rs 7.8 lakh crore for the current fiscal year. The increase in the target accounts for more than 50% increase from the estimate. The decision has been taken at the backdrop of the Covid-19 outbreak that has crippled the economy. Lower tax collections and the fiscal stimulus required are the reasons for the increased borrowing.

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.

Notes:
India’s first and only woman Paralympics silver medallist, Deepa Malik is set to take charge as the President of the Paralympic Committee of India.
She had earlier announced her retirement from active sports. She is the only woman para-athlete to have been given the Rajiv Gandhi Khel Ratna award. She is also a recipient of the Padma Shri and Arjuna Award. Deepa Malik won her silver medal at the 2016 Rio de Janeiro Summer Paralympics in shot put. She has won 58 national and 23 international medals.

Notes:
Betty Wright, the Grammy winner recently passed away in her hometown Miami, Florida, as per her family sources.
The singer’s real name was Bessie Regina Norris and she was born in 1953. She started her singing career in a musical group called the ‘Echoes of Joy’. The biggest hit of her career was the album named “Clean Up Woman”, which was released when she was eighteen. She won her first Grammy Award for her song, “Where is the Love?”, at the age of 23. She continued her song writing and music production for several years.

Notes:
Union Micro, Small and Medium Enterprises (MSME) Ministry has launched CHAMPIONS portal www.champions.gov.in.
It is a control room-cum-management information system aimed at assisting Indian MSMEs and solving their grievances. The ‘CHAMPIONS’ stands for Creation and Harmonious Application of Modern Processes for Increasing the Output and National Strength. It uses advanced technology like AI, Machine Learning and integrated with the Centre’s CPGRAMS grievance portal.

Notes:
The Prime Minister of India recently unveiled a special economic package titled “Atma Nirbhar Bharat Abhiyan” to the tune of Rs. 20 lakh crore. It aims to stimulate the economic activities of the country, ahead of the 4th phase of the lockdown.
The stimulus package also includes Rs 1.7 lakh crore package of free food grains to poor and cash to poor women and elderly, that was announced in the month of March in the name of PM Karib Kalyan Yojana. It also includes the liquidity measures and interest cuts announced by RBI. The Prime Minister said the package will focus on land, labour, liquidity and laws.