Daily Current Affairs (May 27 2020) 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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National News

Power Finance Corporation signs MoU with NBPCL to fund hydro-electric projects in Madhya Pradesh:

  • Power Finance Corporation, under Ministry of Power entered into an agreement with Narmada Basin Projects Company Ltd., a company of Govt. of Madhya Pradesh, to fund projects worth Rs.22,000 crore for 225 MW hydro-electric projects & multipurpose projects.

Uttarakhand’s Char Dham Project to get a boost with 450 m tunnel built beneath Chamba Town:

  • The Border Roads Organisation (BRO) has completed construction of a 440 m long tunnel below the busy Chamba town on the Rishikesh-Dharasu road Highway (NH 94). Indian Union Minister of Road Transport and Highways Nitin Gadkari lauded and congratulated the team for achieving this feat.

International News:

India becomes world’s second-largest manufacturer of PPE body coveralls in two months:

  • India has become the world’s second largest manufacturer of personal protective equipment (PPE) body coveralls within a short time span of two months.
  • China is the world’s leading producer of PPE body coveralls, crucial to safeguard against the coronavirus (COVID-19) pandemic.

Banking and Economy:

LIC launches revamped PMVVY for senior citizens:

  • Extension of the Pradhan Mantri Vaya Vandana Yojana up to 31 st March 2023 by the government, LIC has launched a modified non-linked, non-participating, pension plan. The policy term is 10 years and the assured rate of interest is 7.4%.

Acquisitions and Mergers:

Airtel Payments Bank & Mastercard Team Up To Provide Financial Solutions For Farmers, SMEs:

  • Airtel Payments Bank (APBL) has partnered with Mastercard to develop customized products catering to customers across the under banked spectrum including farmers, small and medium enterprises and retail customers.

Maruti Suzuki partners ICICI Bank to offer customized EMI financing schemes to customers:

  • Maruti Suzuki India joined hands with ICICI Bank to offer retail financing schemes to its customers. Accordingly, the bank is offering Flexi EMI scheme which enables customers to pay low EMI initially, in order to help with the ongoing liquidity stress.
  • EMI starts from ₹ 899 on loan of Rs 1 lakh for first 3 months.

CPSU REC Ties Up with TajSATS to Feed Medical Staff Serving amid Covid-19:

  • Navratna Non-Banking Finance Company (NBFC) REC Ltd has joined hands with TajSATS (a joint venture of IHCL and SATS Ltd) to feed the frontline healthcare workers, through collaborative efforts, in key government hospitals as well as poor daily wage labourers on pan India.
  • REC Ltd, formerly Rural Electrification Corporation Ltd, is mainly focusing on the power sector financing and development across the country.

Science and Technology:

CSIR-IIIM & Reliance Industries Limited (RIL) to develop RT-LAMP based test for Coronavirus:

  • CSIR-IIIM, Jammu a constituent laboratory of CSIR partnered with Reliance Industries Limited to develop a new Reverse Transcriptase-Loop Mediated Isothermal Amplification (RT-LAMP) based COVID-19 diagnostic kit for which a formal MOU has also been signed.

DRDO’s RCI develops AI-based Attendance Application:

  • The Research Centre Imarat (RCI), DRDO, here has developed a AI-based Attendance Application (AINA) which allows non-contact based personnel verification, using facial features of the person, in the wake of COVID-19 pandemic making it unsafe to use contact-based biometric verification for attendance marking systems.
  • AINA can be deployed with minimal upgradation to the legacy attendance infrastructure with RFID (Radio Frequency Identification) readers.

SKIMS in Srinagar gets its first of its kind Infectious Disease Block facility:

  • In the UT of J&K, Adviser to Lieutenant Governor Baseer Ahmad Khan inaugurated a first of its kind Infectious Disease Block facility at Sher-e-Kashmir Institute of Medical Sciences (SKIMS) in Srinagar. This is to be used solely for treatment of COVID-19.


Periasamy Kumaran takes over as the High Commissioner of India to Singapore:

  • Periasamy Kumaran has been appointed as the next High Commissioner of India to The Republic Of Singapore.
  • P Kumaran will replace the current High Commissioner of India to Singapore, Jawed Ashraf, who took over more than three years ago in November 2016. Ashraf is to take over as the High Commissioner of India to France.


Awards and Recognitions:

Indian Army Major Suman Gawani First Indian Peacekeeper to Win UN Military Gender Award:

  • Woman peacekeeper and Indian Army officer, Major Suman Gawani is selected for the United Nations Military Gender Advocate of the Year Award. Recognized for her work her campaign against sexual violence, she is the first Indian Peacekeeper to win the award.
  • She was described as ‘powerful role model’ by the UN Chief.


Indian American Scientist Rajiv Joshi Wins ‘Inventor of The Year’ Award In New York:

  • Prolific Indian American inventor Rajiv Joshi, with more than 250 patented inventions, has bagged the prestigious Inventor of the Year award for his pioneering work in advancing the electronic industry and improving Artificial Intelligence capabilities.


IBM scientist Rajiv Joshi wins NYIPLA Inventor of the year Award 2020:

  • Indian-American IBM scientist, Rajiv Joshi has bagged the prestigious NYIPLA “Inventor of the Year award” for the year 2020. This award is given for his contribution to advancing the electronic industry and improving artificial intelligence (AI) capabilities.


Books and Authors:

JK Rowling unveils ‘The Ickabog’, a new book for children:

  • JK Rowling announced a brand new children’s book, which she is publishing in daily instalments on her website for free. The Ickabog is her 1st children’s story not to be linked to Harry Potter. Chapters of The Ickabog are being published daily until 10 July.


Obituary News:

Sri Lankan Minister Arumugan Thondaman passes away:

  • Ceylon Workers’ Congress [CWC] leader and Sri Lanka Cabinet Minister Arumugam Thondaman passed away at 55. Arumugam Thondaman served in President Gotabaya Rajapaksa’s government as Minister of Community Empowerment and Estate Infrastructure Development.



Daily Current Affairs Quiz : May 27, 2020

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