Daily Current Affairs Quiz – 22 May 2020

American economist and Harvard University Professor, Carmen M. Reinhart, has been named as the new Vice President and Chief Economist of the World Bank on 20 May 2020.
Her appointment will be effective from June 15, 2020.

The government has fixed the annual rate of return on the scheme at 7.4 percent for financial year 2020-21, and thereafter to be reset every year.
This interest rate is lower as compared to 8 percent being given for the financial year ending 31 March 2020.

The Union Cabinet has approved the extension of ‘Pradhan Mantri Vaya Vandana Yojana’ (PMVVY), a pension scheme for senior citizens above 60, for a further period of three years up to 31 March 2023.
Earlier, the last date of PMMVY was March 31, 2020.

Dilip Oommen, has been sworn in as the new President of the Indian Steel Association (ISA) on 19 May 2020 for a period of two years till May 2022.

The International Tea Day is observed annually on May 21 by United Nations Food and Agriculture Organization (FAO) to raise awareness of the deep cultural and economic significance of tea around the world and promote its importance in fighting hunger and poverty.

Modification in existing Partial Credit Guarantee Scheme (PCGS): approved Sovereign portfolio guarantee of up to 20% of first loss to Public Sector Banks (PSBs) for purchase of Bonds or Commercial Papers (CPs) with a rating of AA and below (including unrated paper with original/ initial maturity of up to one year) issued by NBFCs/ MFCs/Micro Finance Institutions (MFIs).

India’s homegrown e-commerce marketplace Flipkart and Bajaj Allianz General Insurance Company, India’s leading private general insurer have partnered to offer a digital motor insurance policy to Flipkart customers.
The interested consumers can avail the motor-insurance policy on the Flipkart app.

The Ratings agency ICRA has predicted India’s GDP growth for FY 2020-21 at -5.0%. Earlier it has predicted the same at around -1% to -2 %.

In the tribal-dominated Jhabua district of Madhya Pradesh, the women of Rural Livelihood Mission have started an initiative called ‘Didi Vehicle Service’ for pregnant rural women for the safe delivery, at a time of COVID-19 outbreak.
The service has been launched for 29 villages of 10 Gram Panchayats of Petlavad development block of Jhabua.

The International Day for Biological Diversity (also known as World Biodiversity Day) is a United Nations–sanctioned international day held on May 22 every year to increase understanding and awareness of biodiversity issues.
The theme of 2020 World Biodiversity Day is “Our solutions are in nature”.

The maximum amount that can be invested under the scheme is Rs 15 lakh.
The tenure of the policy is set at 10 years.

The scheme can be purchased offline as well as online, through Life Insurance Corp. of India (LIC), which is the sole institution allowed by the government to offer the plan.

Scheme for Formalisation of Micro food processing Enterprises (FME): It is a Centrally Sponsored Scheme for the Unorganized Sector on All India basis with an outlay of Rs.10,000 crore, to be shared by GOI and the States in ratio of 60:40.

Pradhan Mantri Matsya Sampada Yojana (PMMSY) : Scheme to bring Blue Revolution through sustainable and responsible development of fisheries sector in India. Total investment – Rs. 20,050 crore, to be implemented during a period of 5 years from FY 2020-21 to FY 2024-25.

• The Chhattisgarh government has launched the Rajiv Gandhi Kisan Nyay Yojana, a scheme to ensure “minimum income availability” to farmers of the state through direct bank transfer.
• The scheme was jointly launched by Congress Chief Sonia Gandhi and Chhattisgarh Chief Minister Bhupesh Baghel on 21 May 2020, to mark the death anniversary of former prime minister Rajiv Gandhi.