Daily Current Affairs: May 1 & 2, 2022

Daily Current Affairs (May 1 & 2, 2022) like many other sections is inevitable and this also helps to score in the Banking awareness, Static GK, and Financial Awareness sections. Remember, Banking Awareness, and Static Awareness Questions are asked from the General Awareness section. This will also help you to ride your preparations for the forthcoming exams.

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Important Days

International Workers’ Day or Labour Day – 1 May

  • International Workers’ Day or Labour Day is celebrated on 1 May in most countries. This day is observed to commemorate the struggles and sacrifices of the workers’ and labours’ movements . This day is also known as May Day.
  • The first formal celebration of the Labour Day in India was organised by the Labour Kisan Party of Hindustan on 1 May 1923 in Chennai, Tamil Nadu.

World Laughter Day – 1 May

  • World Laughter Day is celebrated on the first Sunday of May. This year (2022), it will be celebrated on 1 May.
  • This day is celebrated to raise awareness about laughter and its benefits to the people.
  • This day was first celebrated in Mumbai in 1998 when Dr. Madan Kataria, the founder of the Laughter Yoga Movement, highlighted a theory through that movement.

National News

Bihar Chief Minister inaugurates India’s first ethanol plant in Purnia

  • India’s first ethanol plant was inaugurated in the Purnea district of Biharss.
  • On this occasion, Bihar Chief Minister Nitish Kumar said ethanol production through this plant would help reduce the cost of petrol and generate fresh employment opportunities in Bihar .
  • The ethanol from this plant will be exclusively sold to Indian Oil, Bharat Petroleum and Hindustan Petroleum in Bihar and in neighbouring states of West Bengal and Jharkhand, for which a 10-year purchase agreement was inked with the Oil Marketing Company (OMCs).

India becomes the first country in the Asia Pacific to land an aircraft using the indigenous ‘GAGAN’ satellite navigation system

  • For the first time in the history of the Indian aviation industry, IndiGo became the first airline in India to land an aircraft using the indigenous satellite navigation system, GAGAN (GPS-Aided Geo-Augmented Navigation).
  • GAGAN is the space-based sugmented navigation system of India, which was jointly developed by Airports Authority of India (AAI) and Indian Space Research Organisation (ISRO) for India and neighbouring countries in the equatorial region.
  • There are only four such space-based augmentation systems available in the world — GAGAN (India) WAAS (the United States), EGNOS (Europe) and MSAS (Japan).

International semiconductor consortium (ISMC) to invest $3 billion in Karnataka to set up India’s first chip-making plant

  • International Semiconductor Consortium (ISMC), a joint venture between Abu Dhabi-based Next Orbit Ventures and Israel-based Tower Semiconductor, will invest $ 3 billion in Karnataka to set up India’s first chip-making plant.
  • Semiconductors are the building blocks of electronic devices ranging from smartphones and cloud servers to modern cars, industrial automation, critical infrastructure and defence systems.
  • Tata Power Community Development Trust (TPCDT) has partnered with the Center for Autism and other Disabilities Rehabilitation Research and Education (CADRRE) to launch ‘Pay Autention: A different Mind is a Gifted Mind’, India’s first bridgital autism support network.
  • This initiative shall pave the way for small towns and rural India to access specialised care and support and help create an auxiliary network of champions for the differently-abled . This platform shall also enable mentoring, skilling and meaningful livelihoods for people with autism.

India launches the pilot phase of UPI-type protocol ‘Open Network for Digital Commerce’ in five cities

  • India launched the pilot phase of Open Network for Digital Commerce (ONDC), a UPI-type protocol, in five cities with an aim to democratise fast-growing e-commerce sector, help small retailers and reduce dominance of online retail giants.
  • ONDC is an initiative aimed to promote open networks for all aspects of the exchange of goods and services over digital or electronic networks. ONDC is to be based on open-sourced methodology, using open specifications and open network protocols independent of any specific platform.

Union Government launches the revamped ‘Zero Effect Zero Defect’ scheme for MSMEs

  • Union Minister Narayan Rane launched a sustainable certification scheme to facilitate to adopt ‘Zero Defect Zero Effect’ practices and become energy efficient while improving quality through increased compliance with manufacturing processes.
  • The ‘Zero Defect Zero Effect’ or ZED scheme is a programme that will ensure that all the MSMEs are delivering top-quality products and using clean technology.
  • A provision of up to 5 lakhs per MSME will be made available for handholding and consultancy support for MSMEs under the ZED certification them to move towards ‘Zero Defect Zero Effect’ solutions .
  • Under this scheme, will get an 80 per cent subsidy on the cost of the ZED certification and small enterprises and medium enterprises will get 60 per cent and 50 per cent subsidies, respectively.


Senior IFS officer Vinay Mohan Kwatra assumes charge as India’s new Foreign Secretary

  • Senior IFS officer Vinay Mohan Kwatra assumed charge as India’s new Foreign Secretary.
  • He succeeded incumbent Harsh Vardhan Shringla.
  • Vinay Mohan Kwatra is a 1988 batch IFS officer and served as India’s Ambassador to Nepal.

Joydeep Karmakar takes over as the national chief rifle coach

  • National Rifle Association of India (NRAI) has appointed Joydeep Karmakar as the national chief rifle coach.
  • He missed Olympic bronze medal by a whisker in the 2012 Olympics in the men’s 50-metre rifle prone event. He has been running his own shooting academy in Kolkata since

Indian-origin Nand Mulchandani appointed as the first-ever chief techology officer of the CIA

  • Nand Mulchandani, an Indian-origin man who studied at a Delhi school, was appointed the Central Intelligence Agency’s (CIA) first-ever Chief Technology Officer.
  • The CIA is a government agency of the United States that provides objective intelligence on foreign countries and global issues to the United States President , the National Security Council , and other policymakers to help them make national security decisions in the United States .

Agreements and MoUs Signed

BHEL and GE Power Conversion sign an MOU for the development of integrated electric propulsion systems for the Indian Navy

  • Bharat Heavy Electricals has signed a Memorandum of Understanding with GE Power Conversion for development of integrated full electric propulsion systems for the Indian Navy.
  • GE Power Conversion is a world leader in electric propulsion, with equipment installed on some of the latest platforms of the US Navy and the Royal Navy, including the Queen Elizabeth class of aircraft carriers.

Union Cabinet approves the signing of the pact between India and Chile for cooperation in the disability sector

  • The Union Cabinet has approved the signing of a pact between India and Chile for cooperation in the disability sector.
  • This bilateral Memorandum of Understanding will encourage cooperation between the Department of Empowerment of Persons with Disabilities, Government of India and Government of Chile, through joint initiatives in the disabilities sector. This pact will also strengthen bilateral ties between India and Chile.

Banking and Economy

Indian Bank launches a pre-approved personal loan product under ‘Project WAVE’

  • Indian Bank has launched a pre-approved personal loan (PAPL) product under ‘Project World of Advanced Virtual Experience (WAVE)’, which will be serviced only through digital channels.
  • In January 2022, the Chennai-based indian bank launched the digital transformation initiative — World of Advance Virtual Experience (WAVE) —to launch its first digital product “Pre-Approved Personal Loan (PAPL),which that aims to provide customers with instant loan disbursements.

Union Bank of India becomes the first public sector bank to go live on the ‘Account Aggregator’ ecosystem

  • Union Bank of India became the first public sector bank to go live on the the ‘Account Aggregator (AA)’
  • Account aggregators are licensed by the Reserve Bank of India to enable the flow of data between the Financial Information Providers (FIPs) and Financial Information Users (FIUs).
  • FIPs are institutions that hold customer data and FIUs are entities that consume data to offer better service, underwrite loans and so on. Banks and other financial institutions must become FIPs to be able to also become users of data from other financial institutions.


Snow leopard expert Charudutt Mishra wins the Whitley Gold Award

  • Snow leopard expert and wildlife conservationist, Charudutt Mishra has won the prestigious Whitley Gold Award for his contribution to involving indigenous communities in the conservation and recovery of big cat species in Asia’s high mountain ecosystems.
  • He is also the co-founder of Bengaluru-based Nature Conservation Foundation, which established India’s first community scheme to save snow leopards.


Former Bangladesh Finance Minister Abul Maal Abdul Muhith passed away

  • Abul Maal Abdul Muhith, former Bangladesh finance minister, passed away in Dhaka after a brief illness. He was 88.
  • He was widely acclaimed as an economist, diplomat and a bureaucrat.


Bengaluru City University won the men’s hockey event at the Khelo India University Games 2022

  • Bengaluru City University defended its title by defeating Guru Nanak Dev University in the men’s hockey final event with 3–0 at the second Khelo India University Games. The event was held at five venues in Bengaluru.
  • The Khelo India University Games 2022 will serve as a qualifier for the World University Games, which is scheduled to be held in Chengdu, China, from 26 June 2022.

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