General Knowledge(GK) (or) General Awareness

Correct Answer :   Ruskin Bond

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Indian author Ruskin Bond wrote a book titled "The Golden Years: The Many Joys of Living a Good Long Life".

* The Golden Years book is published by HarperCollins India and released on 19 May 2023, Bond's 89th birthday.

* "The Golden Years" focuses on Bond's experiences during the 60s, 70s and 80s.

About Ruskin Bond :

* He was born on 19 May 1934 in Kasauli, Punjab States Agency, British India.

* His first book, "The Room on the Roof", was written when he was 17 and featured the semi-autobiographical character Rusty.

* In 1992, Bond received the Sahitya Akademi Award for his work "Our Tree Still Grows in Dehra".

* He was awarded the Padma Shri in 1999 and the Padma Bhushan in 2014 for his contribution to literature and education..

Source : The Hindu

Correct Answer :   Rs 87,416 Crore

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The Reserve Bank of India (RBI) has approved the transfer of Rs 87,416 crore surplus to the government for the financial year 2022-23.

* This amount is nearly three times higher than the previous year’s transfer of Rs 30,307 crore. The surge in surplus is attributed to increased income from the sale of foreign exchange reserves.

* Despite facing challenges such as rising yields on US treasuries, the RBI’s surplus transfer is expected to provide a significant boost to the government’s revenue.

* Economists have pointed out that the major driver behind the bumper surplus transfer is the gains from record gross foreign exchange sales in the fiscal year 2022-23.

* The RBI’s sales of foreign exchange reserves, estimated to be around $206 million until February 2023, significantly contributed to the increased surplus.

* However, the profits were partially offset by higher provisioning on mark-to-market losses on foreign securities. Additionally, the higher contingency buffer of 6 percent, compared to 5.5 percent in the past, also impacted the profit margin.

Offsetting Revenue Losses and Budget Expectations : The surplus transfer of Rs 87,416 crore from the RBI to the central government is expected to bring in additional revenue of around 0.2 percent of GDP. This infusion of funds could help partially offset possible revenue losses due to lower tax revenues and divestment. The surplus amount aligns with the expectations set by the Union Budget, which estimated a surplus of Rs 48,000 crore from the central bank, public sector banks, and financial institutions for the current year.

Impact of Global and Domestic Economic Situation : During its meeting, the RBI’s board reviewed the global and domestic economic situation, including the influence of current geopolitical developments. The central bank acknowledged the associated challenges and deliberated on its performance during the accounting year 2022-23. The approval of the Annual Report and accounts of the RBI for this period reflects the board’s confidence in the bank’s operations. Furthermore, the decision to maintain the contingency risk buffer at 6 percent demonstrates the RBI’s commitment to prudential financial management.

Correct Answer :   Myanmar

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India launched ‘Operation Karuna’ to assist Myanmar which has been devastated by Cyclone Mocha. Three Indian Navy ships carrying relief material reached Yangon on Thursday (18th May 2023) and a fourth ship would be reaching on Friday (19th May 2023), External Affairs Minister S. Jaishankar said.

* The ships are carrying emergency food items, tents, essential medicines, water pumps, portable generators, clothes, sanitary and hygiene items, etc,” Mr. Jaishankar said. India extended a hand of friendship to the people of Myanmar affected by Cyclone Mocha, he said, adding, “India continues to be the first responder in the region.

* Indian Ambassador in Myanmar Vinay Kumar handed over the first batch of Humanitarian Assistance and Disaster Relief (HADR) material to the Chief Minister of Yangon region.

* “More than 40 tonnes of HADR materials brought by INS Shivalik, INS Kamorta and INS Savitri included emergency food items, tents, portable generators, clothes, water pumps, medicines, tarpaulins, hygiene and sanitary items, wheel chair, face masks etc,” the Indian Embassy in Myanmar said on social media.

* The fourth ship INS Gharial will bring more HADR materials, including emergency medicines and medical kits, it stated.

* Super cyclone Mocha hit Bangladesh and Myanmar over the weekend causing widespread devastation and killing hundreds. The United Nations Office for the Coordination of Humanitarian Affairs has said that relief agencies were ready to deliver food and essential supplies, but were awaiting approval from the military regime.

* In Myanmar, Rakhine state is the worst-hit while in Bangladesh the cyclone destroyed shelters in the world’s largest refugee camp at Cox’s Bazar which houses a million Rohingya refugees from Myanmar..

Source : The Hindu

Correct Answer :   Harrison Ford

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Actor Harrison Ford was honored with the prestigious Palme D'Or award for lifetime achievement at the 76th Cannes Film Festival 2023.

* He received the award before the premiere of his film 'Indiana Jones and the Dial of Destiny'.

76th annual Cannes Film Festival :

* It is an annual film festival, held in Cannes France from 16 to 27 May 2023.

* The festival opened with Jeanne du Barry (directed by Maïwenn).

* The festival will close with Elemental directed by Peter Sohn.

Source : The Print

Correct Answer :   19 May 2023

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The Reserve Bank of India (RBI) on Friday (19th May 2023) announced the withdrawal of ₹2,000 currency notes from circulation, but said that they will continue to be legal tender.

* People possessing these notes can deposit them in their bank accounts or get them exchanged from 23rd May 2023 to 30 September 2023, the central bank said in a statement.

* In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, exchange of ₹2000 banknotes into banknotes of other denominations can be made upto a limit of ₹20,000/- at a time at any bank starting from May 23, 2023.

* The RBI has also advised banks to stop issuing ₹2,000 denomination banknotes with immediate effect. About 89% of the ₹2,000 denomination banknotes were issued prior to March 2017 and are at the end of their estimated life-span of 4-5 years.

* The total value of these banknotes in circulation has declined from ₹6.73 lakh crore at its peak as on March 31, 2018 (37.3% of notes in circulation) to ₹3.62 lakh crore constituting only 10.8% of notes in circulation as on March 31, 2023.

* The facility for exchange of ₹2,000 banknotes upto the limit of ₹20,000/- at a time shall also be provided at the 19 Regional Offices (ROs) of RBI having Issue Departments from May 23, 2023..

Source : Business Insider

Correct Answer :   N Chandrasekaran

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Tata Sons chairman N Chandrasekaran was conferred with France's highest civilian honour- "Chevalier de la Légion d’Honneur"- by French Minister for Europe and Foreign Affairs Catherine Colonna.

* The 59-year-old was conferred with the award for the role played by him in developing and fostering commercial links between India and France.

* Chandrasekaran was appointed the chairman of Tata Sons in 2017, taking over from Cyrus Mistry and in February 2022, was given a second-term in the role for another five years.

* In April, Ratan Tata was conferred with the highest civilian award of Australia-Order of Honour-by Australia's High Commissioner to India Barry O’Farrell..

Source : Money Control

Correct Answer :   9.99%

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The Reserve Bank of India has allowed SBI Funds Management (SBIMFL) to acquire up to 9.99% of the paid-up share capital or voting rights of HDFC Bank, the bank said in a notification to exchanges on May 17, 2023.

* The approval has been granted with reference to the application made by SBIFML to RBI, the HDFC Bank said, adding that the approval granted by RBI is subject to certain conditions.

* SBIFML has been advised by RBI to acquire the aforesaid major shareholding in the bank within a period of six months i.e. by November 15, 2023, the bank said.

* Further, SBIFML must ensure that the aggregate holding in HDFC Bank remains below 10% of the paid-up share capital or voting rights of the Bank at all times, the RBI has said.

* HDFC Bank and HDFC is in the process of getting merged by July this year, Chief Financial Officer Srinivasan Vaidyanathan said after announcing the bank’s January-March 2023 quarterly results, in a post-results analyst call.

* HDFC Ltd had received approval letters including from Reserve Bank of India, Securities and Exchange Board of India (SEBI) Pension Fund Regulatory and Development Authority (PFRDA) and Competition Commission of India as well as from India's stock exchanges BSE and the National Stock Exchange.

* Further, The RBI has allowed HDFC Bank or HDFC Limited to increase the shareholding in HDFC Life and HDFC ERGO to more than 50 percent.

* The bank said the apex bank has allowed HDFC Bank or HDFC Ltd to increase the shareholding to more than 50% in HDFC Life Insurance and HDFC ERGO General Insurance prior to the effective date of the merger..

Source : Money Control

Correct Answer :   6.7%

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According to a UN report titled, 'World Economic Situation and Prospects as of mid-2023', India’s economy is expected to grow by 5.8% in 2023 and 6.7% in 2024 (CY), supported by resilient domestic demand.

* The report has also highlighted that the higher interest rates and weaker external demand will continue to weigh on investment and exports this year for the country.

* Inflation in India is expected to decelerate to 5.5 per cent in 2023 as global commodity prices moderate and slower currency depreciation reduces imported inflation.

* The estimates for India’s economic growth in the mid-year assessment remained unchanged from the projections made in the World Economic Situation and Prospects 2023 report launched in January this year.

* The flagship report issued in January had said that India’s GDP is projected to moderate to 5.8 per cent in 2023 as higher interest rates and global economic slowdown weigh on investment and exports.

* India’s economic growth is expected to remain “strong” even as prospects for other South Asian nations "are more challenging.” India is projected to grow at 6.7 per cent in 2024, the fastest-growing major economy in the world

Source : Outlook India

Correct Answer :   Gauri

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"Gauri", a documentary on journalist and activist Gauri Lankesh directed by Kavita Lankesh, has won the “Best Long Documentary Award” at the Montreal 2023 South Asian Film Festival.

* According to a release, the award’s citation read : “A brave and uncompromising pulse-taking of the current crisis in Indian politics, centered on the political assassination of Bengaluru-based journalist Gauri Lankesh in 2017. A “JQs” docu-thriller directed and narrated by Gauri’s sister, Kavita Lankesh.

* The documentary “All That Breathes”, which was an Oscar nominee, was also in competition and won the runner-up award.

* The documentary film “Gauri” has been commissioned by Free Press Unlimited, Amsterdam.

* The Free Press Unlimited mission stems from Article 19 of the Universal Declaration of Human Rights: Everyone has the right to freedom of opinion and expression; This right includes freedom to hold opinions without interference and to seek, receive and impart information and ideas through any media and regardless of frontiers..

Source : Bharat Times

Correct Answer :   Assam

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Gajraj Corps of the Indian Army conducted a Joint Flood Relief 'Exercise Jal Rahat' at Hagrama Bridge on Manas River, Assam to validate joint drills and coordinate preparedness by multi-agency flood relief columns.

* Apart from Indian Army- SSB, National Disaster Response Force (NDRF), State Disaster Response Force (SDRF), District Disaster Management Authority (DDMA) and police representatives took part.

* The event included coordination and rehearsals for rescue mission of people from inundated areas by joint efforts of specialist teams from Army, NDRF and SDRF.

* Practice on use of innovative expedients by the flood relief columns was also organised in which teams of Army and SSB demonstrated use of local resources during such calamity.

* The event was witnessed by senior dignitaries from the Army, Civil, CAPF, DC Offices, Bongaigaon & Chirang and SSB.

* Notably, the Indian Army has been at the forefront during flood relief operations over the years has evacuated  thousands of lives..

Source : AIR