ADB To Provide USD750 Million Loan To India For Railway Track Electrification
i. 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.
ii. It is the largest single non-sovereign loan ever committed by ADBto Indian Railway Finance Corporation (IRFC) to fund the railways track electrification project.
- Takehiko Nakao is the President of the Asian Development Bank.
- Headquarters: Mandaluyong, Metro Manila, Philippines.
SEBI, IRDAI Set Up Regulatory Sandbox For Fintech Innovations
i. 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.
ii. 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 start-ups time and cost.
- SEBI Headquarter: Mumbai, Chairperson: Ajay Tyagi.
- IRDAI Chairman- Subhash Chandra Khuntia, Headquarters in-Hyderabad.
MoU Signed Between DBT And DAE On Cancer Research
i. 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.
ii. The DAE was represented by its Tata Memorial Centre, which also functions as coordinating centre on behalf of The National Cancer Grid of India.
British PM Theresa May Announces Resignation
i. British Prime Minister Theresa May announces resignation from her post. She will resign on 7 June.
ii. Her announcement triggers the start of a contest to replace her as Conservative leader and Prime Minister.
SCO Meeting Of Council Of Foreign Ministers Held In Bishkek
i. External Affairs Minister Sushma Swaraj represented India in the meeting of Council of Foreign Ministers (CFM) of Shanghai Cooperation Organisation to be held in Bishkek, Kyrgyz Republic.
ii. Pakistan Foreign Minister Shah Mehmood Qureshi also attended the meeting.
- The SCO was founded at a summit in Shanghai in 2001 by the presidents of Russia, China, Kyrgyz Republic, Kazakhstan, Tajikistan and Uzbekistan.
- India became a full member of the China-dominated grouping in 2017.
- Along with India, Pakistan was also granted the SCO membership in 2017.
Volodymyr Zelenskiy Sworn In As Ukraine’s New President
i. 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.
ii. In his inaugural speech, Zelenskiy called for the dismissal of several top security officials. He has replaced Petro Poroshenko.
- Ukraine Capital: Kyiv, Currency: Ukrainian hryvnia.
Jagan Mohan Reddy To Be Sworn In As CM of Andhra Pradesh
i. 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.
ii. Once sworn in, he will replace N Chandrababu Naidu has resigned as Andhra Pradesh CM.
4 Judges Elevated To Supreme Court of India
i. 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 A S Bopanna, Justice B R Gavai and Justice Surya Kant.
ii. 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.
- CJ Ranjan Gogoi is the present Chief Justice of India.
Banking and Economy News
India’s Economy To Grow 7.5% By 2020: OECD Report
i. As per the Organisation for Economic Co-operation and Development’s (OECD) Economic Outlook, India’s economic growthwill regain strength and approach 7.5% by 2020 buoyed by rural consumption and subdued inflation.
ii. As per the report, Gross domestic product (GDP) growth in India is projected to strengthen to close to 7.25% in FY19.
RBI Allows Modern Currency Chests To Hike Service Charges
i. The Reserve Bank of India 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 Rs5 per packet of 100 pieces to a higher rate subject to a maximum of Rs8 per packet.
ii. For this, only a currency chest (CC) that fulfils the minimum standards will be eligible to be classified as a large modern CC
- RBI 25th Governor: Shaktikant Das, Headquarters: Mumbai, Founded: 1 April 1935, Kolkata.