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Important Current Affairs 21st May 2020

National

Union HRD Ministry launches new mobile app “National Test Abhyas”

• The Ministry of Human Resources Development has launched a new mobile application called “National Test Abhyas”. The application was developed by the National Testing Agency.

• The application is powered by Artificial Intelligence and therefore the students will get instant results after taking the tests. The main aim of the application is to help students during the closure of educational institutions.

Cabinet approval proposal to launch Special Liquidity Scheme for NBFCs & HFCs

• Union Cabinet given approval to the proposal of the Ministry of Finance to launch a new Special Liquidity Scheme for Non-Banking Financial Companies, NBFCs and Housing Finance Companies, HFCs to improve liquidity position of the NBFCs or HFCs.

• The direct financial implication for the Government is five crore rupees, which may be the equity contribution to the Special Purpose Vehicle, SPV.

Banking and Economy

NABARD issues Rs. 20,500 crore to RRBs & co-operative banks

• The NABARD, National Bank for Agriculture and Rural Development, has issued funds amounting Rs. 20,500 crore for the RRBs (regional rural banks) and co-operative banks for helping the farmers.

• The funding was provided under Rs. 25,000 crore refinance facility that was provided by the Reserve Bank of India to NABARD.

RBI reiterates usage of digital modes for banking transactions

•  The Reserve Bank of India (RBI) on May 20, 2020 reiterated the usage of digital modes for banking transactions.

•  The RBI stated that the use of digital payment modes has become more important with the ongoing nationwide.

•  The central bank stated that digital payment modes make it easier for people to do banking transactions while being safe at home and at any hour of the day.

Appointments and Resignations

Dilip Oommen is new President of Indian Steel Association

• Indian Steel Association (ISA) has appointed Dilip Oommen as its new President. He is presently the CEO of Arcelor Mittal Nippon Steel India. He was unanimously appointed as President for the next two years.

• He will replace Tata Steel CEO TV Narendran, who stepped down as President on May 1. Oommen is a veteran of the steel industry with more than 37 years of experience and an alumnus of Indian Institute of Technology, Kharagpur (IIT-K).

Health Minister Harsh Vardhan to assume charge as Chairman of Executive Board of WHO

Health Minister Harsh Vardhan will on May 22, 2020 take charge as the Chairman of the Executive Board of World Health Organization (WHO), succeeding incumbent Japan’s Dr. Hiroki Nakatani, who is the current Chairman of the 34-member board.

Days

International Tea Day

• International Tea Day is observed globally May 21 on the recommendation of India. The purpose of International Tea Day is to try to improve the condition of tea producers and tea workers.

• Tea producing countries make a lot of profit but the condition of the labourers working in the tea plantations is very bad. Therefore, the purpose of International Tea Day is to encourage the status of tea workers, workers’ rights, daily wages, social security, employment security, and health.

World Day for Cultural Diversity for Dialogue and Development

• World Day for Cultural Diversity for Dialogue and Development is observed globally on 21 May every year. The purpose of the day is to deepen the understanding of the values of cultural diversity and to advance the following goals of the UNESCO Convention on the Protection and Promotion of the Diversity of Cultural Expressions:

a) Achieve a balanced flow of cultural goods and services and increase the mobility of artists and cultural professionals

b) Integrate culture in sustainable development frameworks

c) Promote human rights and fundamental freedoms

d) support sustainable systems of governance for culture.