Daily Current Affairs 20th May, 2024: Your guide for daily General Knowledge Preparation
Dear Readers,
This post contains important current affairs of 20th May, 2024. It includes all Major National, International, Business and Sports related current affairs of 20th May, 2024. A brief explanation of every current affair is provided to further enhance your general knowledge. Once you have gone through these current affairs we would recommend to you to try 20th May, 2024 Current affairs test.
International News
China Sanctions US Defense Firms Over Taiwan Arms Sales
China has imposed sanctions on Boeing and two other US defense companies for their roles in arms sales to Taiwan. This move, highlighting the ongoing tensions in the region, coincides with Taiwan’s presidential inauguration.
Banking News
SBI General Unveils ‘Surety Bond Bima’ for Infrastructure Projects
SBI General Insurance, the non-life insurance subsidiary of the State Bank of India (SBI), has introduced ‘Surety Bond Bima’. This product aims to support infrastructure development by providing a security arrangement for infrastructure projects.
Business News
IRDAI Lowers Solvency Requirement and Removes Exposure Limit for Surety Bonds
The Insurance Regulatory and Development Authority of India (IRDAI) has adjusted regulations for surety bonds based on feedback from insurance stakeholders. These changes are intended to make surety insurance products more accessible and to encourage more insurers to offer these products, particularly benefiting the infrastructure sector.
Economy News
GDP Growth Rate Likely to be 6.7% in Q4, Around 7% in FY24: Ind-RA
The Indian economy exhibited strong growth in the first three quarters of the 2023-24 fiscal year, with GDP increases of 8.2% in the June quarter, 8.1% in the September quarter, and 8.4% in the December quarter. India Ratings and Research (Ind-RA) forecasts a GDP growth rate of 6.7% for the March quarter and approximately 6.9-7% for the entire fiscal year. The official GDP figures for Q4 and provisional estimates for FY24 are scheduled for release on May 31.
RXIL’s TReDS Platform Surpasses INR 1 Trillion in MSME Invoice Financing
RXIL’s Trade Receivables Discounting System (TReDS) platform has facilitated financing for over 50 lakh invoices worth ₹1,00,000 crore since its inception, addressing the significant credit gap faced by India’s MSME sector. This milestone emphasizes the platform’s role in providing accessible working capital financing solutions to MSMEs, crucial for economic growth and India’s goal of becoming a Rs. 5 trillion economy.
Fusion Micro Finance Secures $25 Million Loan from US International DFC
Fusion Micro Finance has secured a $25 million loan from the United States International Development Finance Corporation (DFC) to support its expansion plans, primarily targeting rural women entrepreneurs. The initial disbursement of $20 million from this eight-year loan aims to boost business operations and promote financial inclusion.
SEBI’s Amendments to LODR Regulations: Enhancing Market Capitalization Computation
SEBI has made significant changes to its Listing Obligations and Disclosure Requirements (LODR) regulations, focusing on the calculation of market capitalization for listed companies. These amendments aim to redefine applicability criteria and establish a specific period for computing average market capitalization.
Appointments News
RBI Approves Appointment of Pradeep Natarajan as IDFC FIRST Bank’s Whole Time Director
The Reserve Bank of India (RBI) has approved Pradeep Natarajan’s appointment as Whole Time Director on the Board of IDFC FIRST Bank for a tenure of three years. This appointment is a significant development for the private sector lender, highlighting its commitment to strengthening its leadership team.
Ranks and Reports News
Mukesh Ambani and Gautam Adani Secure Positions Among the World’s Top 15 Super Rich
Mukesh Ambani and Gautam Adani have been listed among the top 15 super-rich individuals in the world according to the Bloomberg Billionaires Index. This achievement is particularly notable for Gautam Adani, who reclaimed his position after a setback in 2023 due to short selling of his company’s stock. For the first time, all individuals in the top 15 have net worths of $100 billion or more.
Sports News
Ronaldo Tops Forbes’ List of Highest-Paid Athletes Again
Cristiano Ronaldo has topped Forbes’ list of the world’s highest-paid athletes for the fourth time, thanks to his significant earnings in Saudi Arabia, despite being near the end of his career.
Important Days
World Bee Day 2024: Date, Theme, History, Significance, and Celebrations
World Bee Day is observed on May 20, commemorating the birth anniversary of Anton Janša, a pioneer in beekeeping. Established by the United Nations in 2017, this day highlights the crucial role of bees in food security, biodiversity, and sustainable agriculture. The theme for 2024, “Bee engaged with Youth,” emphasizes involving young people in bee conservation efforts to protect these essential pollinators.
