Daily Current GK Update
25 May, 2019
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SEBI, IRDAI set up regulatory Sandbox for fintech innovations
After the Reserve Bank of India released a draft framework for setting up a regulatory sandbox (RS) for fintech players in the counter the market and insurance regulators SEBI and IRDAI have also launched similar initiatives.
RS is an infrastructure that helps fintech players live test their products or solutions, before getting the necessary regulatory approvals for a mass launch. It saves startups time and cost. For the IRDAI sandbox, an applicant should have a net worth of Rs 10 lakh and a proven financial record of at least one year.
Source: – The Hindu
Volodymyr Zelenskiy sworn in as Ukraine’s new President
Volodymyr Zelenskiy took the oath of office as the president of Ukraine and immediately announced that he is dissolving the Verkhovna Rada, the country’s parliament. In his inaugural speech, Zelenskiy called for the dismissal of several top security officials. He has replaced Petro Poroshenko.
Source: – BBC
RBI allows modern currency chests to hike service charges
The Reserve Bank of India (RBI) has announced that it will allow large modern currency chests to increase the service charges on cash deposited by non-chest bank branches from the existing rate of Rs 5 per packet of 100 pieces to a higher rate subject to a maximum of Rs 8 per packet.
For this, only a currency chest (CC) that fulfils the minimum standards will be eligible to be classified as a large modern CC. The increased rates can be charged only after such classification by the issue office concerned.
Source: – The Hindu Business Line
4 judges elevated to Supreme Court of India
The Centre has cleared four names recommended by the Supreme Court Collegium for elevation as judges of the apex court. The four appointed judges are Justice Aniruddha Bose, Justice AS Bopanna, Justice B R Gavai and Justice Surya Kant.
Law Ministry has issued the notification after President Ram Nath Kovind signed their warrants of appointment. Supreme Court will reach its full sanctioned strength of 31 judges after the appointment of four new judges. As of now, the apex court is functioning with 27 judges including the Chief Justice.
Source: – News On AIR
SCO meeting of council of foreign ministers held in Bishkek
External Affairs Minister Sushma Swaraj represented India in the meeting of Council of Foreign Ministers (CFM) of Shanghai Cooperation Organisation (SCO) to be held in Bishkek, Kyrgyz Republic. During the meet, she discussed several pressing issues including the threat of terrorism are expected to be discussed. Pakistan Foreign Minister Shah Mehmood Qureshi also attended the meeting.
Source: – The Hindu
ADB to provide $ 750 million loan to India for railway track electrification
Multilateral funding agency Asian Development Bank (ADB) has announced that it has signed an agreement to provide USD 750 million equivalent in Indian rupee long-term financing to electrify railway tracks in India. It is the largest single nonsovereign loan ever committed by ADB to Indian Railway Finance Corporation (IRFC) to fund the railways track electrification project.
Source: – The Economic Times
Jagan Mohan Reddy to be sworn in as CM of Andhra Pradesh
In Andhra Pradesh, YSR Congress Chief Jagan Mohan Reddy will be sworn in as chief minister of Andhra Pradesh on 30th of May at Vijayawada. Mr Jagan Mohan Reddy has announced this following his party achieving inching towards a landslide victory in the legislative elections for Andhra Pradesh Legislative assembly. Once sworn in, he will replace N Chandrababu Naidu has resigned as Andhra Pradesh CM.
Source: – News on AIR
MoU signed between DBT and DAE on Cancer Research
The Department of Biotechnology (DBT) under Ministry of Science and Technology and Department of Atomic Energy (DAE), under Prime Minister of India, has signed an MoU for supporting joint collaborative research programmes in the area of Cancer. The DAE was represented by its Tata Memorial Centre, which also functions as coordinating centre on behalf of The National Cancer Grid of India.
Source: – Business Standard
British PM Theresa May announces resignation
British Prime Minister Theresa May announces resignation from her post. She will resign on 7 June. Her announcement triggers the start of a contest to replace her as Conservative leader and Prime Minister.
Source: – BBC