Current Affairs 18 May 2022

We are here for you to provide the important Recent and Latest Current Affairs 18 May 2022, which have unique updates of Latest Current Affairs 2022 events from all newspapers such as The Hindu, The Economic Times, PIB, Times of India, PTI, Indian Express, Business Standard and all Government official websites.

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NATIONAL AFFAIRS

Ramgarh Vishdhari Tiger Reserve in Rajasthan Notified as 52nd Tiger Reserve of India and 4th in RajasthanOn May 16 2022, The Ramgarh Vishdhari Sanctuary covering Bundi, Bhilwara and Kota districts of Rajasthan was notified as India’s 52nd Tiger Reserve (TR). The In-Principle approval was given by the National Tiger Conservation Authority (NTCA), Ministry of Environment, Forest and Climate Change (MoEF&CC) on July 5, 2021.

• The Ramgarh Vishdhari TR is  Rajasthan’s Fourth Tiger reserve; the three others are Ranthambore TR, Sariska TR and Mukundra TR.

Key Points:
i.The proposed Tiger reserve connects the two major tiger corridors of Ranthambore and Mukundra reserves of Rajasthan, spread across 1,501.89 Square Kilometre.
ii.Ramgarh Vishdhari is also home to other wildlife animals like Indian wolf, leopard, striped hyena, chinkara, antelope and foxes among other animals.
iii.According to the “Status of Tigers in India” report released in 2019, there are 2,967 tigers in 20 states across the country. With this India accounts for 70 percent of the world’s tiger population.

Hardeep Singh Puri Launched Bharat Tap Initiative & Nirmal Jal Prayas at Plumbex India Exhibition
Shri Hardeep Singh Puri, Minister of Housing and Urban Affairs as well as Petroleum and Natural Gas, launched the BHARAT TAP initiative at the ‘Plumbex India’ exhibition at New Delhi. This show is for plumbing, water, and sanitation-related products and services. It is an initiative for awareness creation for promotion of BIS (Bureau of Indian Standards) Certified Water Efficient Plumbing Fixtures under IS 17650, Part 1 and Part 2 .
BHARAT TAP
i.To provide low-flow, sanitary ware at scale and thereby reduce water consumption at source considerably.

• Benefit: It is estimated to save approximately 40% of water. This will in turn result in water saving and energy saving due to less water and energy will be required for pumping, transporting, and purification.

ii.This initiative will also be accepted quickly in the country and will lead to a renewed focus on water conservation efforts.
iii.MoU signed between IPA(Indian Plumping Association) and COA (Council of Architecture) to create extensive & elaborate learning and knowledge-sharing platform for its members. IPA will also help in creating a curriculum on the latest plumbing technology & practices for 480 COA affiliated architecture institutions.
Nirmal Jal Prayas Initiative

• NARDECO MAHI’s ‘Nirmal Jal Prayas’ initiative which would save 500 crore litres of water per year.

NARDECO
i.National Real Estate Development Council(NAREDCO) was established as an autonomous self-regulatory body in 1998 under the aegis of the Ministry of Housing and Urban Affairs.
ii.It is an apex body at the national level representing all spheres of stakeholders engaged in various aspects of real estate development.

NARDECO-MAHI

• NAREDCO has established NAREDCO-MAHI Women’s Wing in 2021 for empowering women entrepreneurs and encouraging participation of women in the real estate sector and allied fields.

INTERNATIONAL AFFAIRS

India remains World’s Top Remittance Recipient in 2021: World Bank

i.The World Bank (WB) has released a report titled ‘Migration and Development Brief 36, May 2022: A War in a Pandemic: Implications of the Ukraine crisis and COVID-19 on Global Governance of Migration and Remittance Flows’. 
ii.In accordance to this, India has emerged as the largest remittance receiving country globally in 2021 worth $89.4 billion as compared to $82.73 billion in 2020. 
iii.It is followed by Mexico at 2nd place and China at 3rd, Philippines (4th), and Egypt (5th).
iv.Though India retained its position as the top recipient of remittances globally, however, in comparison to its economy, remittances accounted for only 3% of GDP (Gross Domestic Product) in 2021. 
About World Bank (WB):
President– David Malpass
Headquarters– Washington, DC, United States
Member Countries– 189(including India)
>> Read Full News

Visit of Prime Minister Narendra Modi to Lumbini, NepalOn the invitation of Nepal’s Prime Minister (PM), Sher Bahadur Deuba, Indian Prime Minister Narendra Modi made an official visit to Lumbini in Nepal on May 16, 2022, coinciding with the auspicious event of Buddha Purnima. This was Narendra Modi’s fifth visit to Nepal as Prime Minister, and his first to Lumbini.
PM Modi’s visit to Lumbini gave new impetus to the two countries’ comprehensive partnership and advanced cooperation in key areas such as education, culture, energy, and people-to-people exchanges.
Highlights Of the Visit:
i.Both Prime Ministers paid a visit to the Mayadevi temple in Lumbini, Nepal, which houses Lord Buddha’s birthplace.
ii.The Prime Ministers visited the historical Ashoka Pillar, which has the first epigraphic proof that Lumbini was the birthplace of Lord Buddha.
About Nepal:
President – Bidya Devi Bhandar
Capital – Kathmandu
Currency – Nepalese Rupee (NPR)
>> Read Full News

India overtakes Germany to become 4th largest vehicle market

According to the report released by Organisation Internationale des Constructeurs d’Automobiles (OICA), India has surpassed Germany to become 4th largest vehicle market in the world.

• The 1st was occupied by China, followed by the US and Japan.

Key Points:
i.Despite the Covid-19 pandemic, India sold 3,759,398 vehicles in 2021 as compared to 2,973,319 vehicles in Germany. This is almost 26 percent of growth and only country to register double digit growth among top5 countries.
ii.India is expected to become the third largest Vehicle market by 2025, However it requires India to surpass Japan which sold 4,448,340 units in 2021.
iii.The personal mobility space is around 33 vehicles per 1,000 which is one of the lowest compared to the developed market. 
iv.The top most position is secured by China however the automobile sales remained stagnant. Similarly, the United States of America (USA) too reported 4 percent growth.
v.Thirdly, Japan holds the 3rd position however it shrunk compared to both 2020 and 2019.

BANKING & FINANCE

Frauds in PSBs dip over 51% to Rs 40,295 cr: RBI Data

i.In accordance with the Reserve Bank of India (RBI) data on frauds reported by the 12 Public Sector Banks (PSBs) in all categories during FY22, there is over 51% dip in the amount involved in frauds to Rs 40,295.25 crore during FY22 as compared to Rs 81,921.54 crore in FY21.
ii.However, the pace of fraud cases was declined to 7,940 in FY22 as compared to 9,933 incidents reported in FY21.
iii.This information was provided by RBI in response to an application under the Right to Information (RTI) Act, filed by Madhya Pradesh-based RTI activist Chandrashekhar Gaur.
About Reserve Bank of India (RBI):
Establishment – 1st April 1935
Headquarters – Mumbai, Maharashtra
Governor – Shaktikanta Das
Deputy Governors – Mahesh Kumar Jain, Michael Debabrata Patra, T. Rabi Sankar, M. Rajeshwar Rao
>> Read Full News

World Bank Sanctions USD 350 Million Aid For SRESTHA-Gujarat Project 

The World Bank has approved USD 350 million in funding for the Systems Reform Endeavour for Transformed Health Achievement in Gujarat (SRESTHA-G) project’s implementation.

• The SRESTHA-G project will be worth USD 500 million, with the World Bank contributing USD 350 million. The project will encompass the transformation of key health delivery systems in Gujarat.

Gujarat Chief Minister Bhupendra Patel approved the SRESTHA-G project, after which the proposal was forwarded to the Union Finance Ministry.

• The Gujarat government will implement the programme through the Health and Family Welfare Department (HFWD).

Key Points:
i.The Program Development Objective is to improve service delivery in Gujarat by improving primary health care quality, equity, and comprehensiveness, improving service delivery models for adolescent girls, and increasing disease surveillance system capacity.
ii.Gujarat’s health sector has a clear mission: to extend life expectancy through various health and medical care measures, contributing to overall improvement in Gujarat’s Human Development Index to a level equivalent to developed countries

• The SRESTHA-G will support the Government of Gujarat’s aim to advance human capital gains. 

About World Bank:
Together, International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA) make up the World Bank. 

• The World Bank Group consists of five development institutions: IBRD, IDA, International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA) & International Centre for Settlement of Investment Disputes (ICSID).

President of World Bank Group – David Malpass
Establishment – 1944
Headquarters – Washington, DC, United States of America (USA).

SEBI notifies rules to Strengthen Regulatory Framework for CIS

The Securities and Exchange Board of India (SEBI) has amended Collective Investment Scheme (CIS) regulations, 1999 which have not been reviewed since their first notification in 1999. Under this, there is enhancement in net worth criteria and track record requirements for entities managing such schemes.

• These new guidelines will strengthen the regulatory framework for CIS.

Key Amendments:
i.SEBI has mandated a minimum of 20 investors and a subscription amount of at least Rs 20 crore for each CIS.

• Currently, CIS rules do not mandate minimum number of investors, maximum holding of a single investor or minimum subscription amount.
• No single investor will hold more than 25 per cent of the assets under management of such schemes.

ii.SEBI has also put a cap on cross-shareholding in Collective Investment Management Company (CIMC) to 10% to avoid conflict of interest.

• These rules will also empower the CIMCs to effectively discharge their responsibilities towards the investors.

iii.CIS will not be open for subscription for more than 15 days. At present, this limit is for 90 days.

• However, the scheme may be kept open for subscription for a maximum of another 15 days subject to issuance of a public notice by the CIMC before the expiry of initial 15 days.

iv.SEBI has rationalized fees and expenses to be charged for the scheme. Also, unit certificates against acceptance of application will be allotted as soon as possible but not later than 5 working days from the date of closure of the initial subscription list.
Eligibility:
i.The applicant should have been carrying out business in the relevant field in which CIS schemes are proposed to be launched, for a period of at least 5 years; net worth should be positive in all the immediately preceding five years and should have profits in three out of the five years.
ii.CIMCs are required to have a minimum net worth of Rs 50 crore as compared to the present requirement of Rs 5 crore.
iii.The applicant has a net worth of not less than Rs 50 crore on a continuous basis: Provided that the applicant shall have a net worth not less than Rs 100 crore till it has profits for five consecutive years.
About CIS:
CIS is a pooled investment vehicle in closed-ended investment space and the units of the schemes are listed on an exchange. The structure of CIS is a two-tier i.e. two entities involved in the process — the CIMC and trustees. 

• CIMC is created to float and manage a CIS and the trustee is appointed as guardian of the funds and assets.

PNB Metlife Launches India’s 1st Dental Health Insurance Plan; AXA To Launch India’s 1st Mental Health Insurance in Indian Group Policies

PNB MetLife India Insurance Company Limited (PNB MetLife) has launched India’s first dental health insurance plan. Similarly, AXA France Vie’s India division, with its Indian insurance partners, is set to launch India’s first-ever mental health insurance cover in its group policies.
PNB MetLife-India’s First Dental Health Insurance Plan
PNB MetLife India Insurance Company Limited (PNB MetLife), a private insurer, has launched a dental health insurance plan. This is India’s first insurance plan to cover fixed-benefit outpatient expenses as well as provide financial assistance with costs associated with general dental health.

• It’s a one-of-a-kind standalone dental health insurance plan that covers significant dental procedures without requiring hospitalisation.

Highlights:
i.PNB MetLife’s new Dental Care Plan will assist customers in managing their dental health.
ii.PNB MetLife has partnered with more than 340 dental clinics across India, including Clove Dental and Sabka Dentist, two of India’s largest dental clinic chains, with locations in important cities where policyholders may take advantage of their benefits in full.
AXA To Launch India’s 1st Mental Health Insurance in Indian Group Policies
AXA France Vie’s India division, with its Indian insurance partners, is set to launch India’s first-ever mental health insurance cover in its group policies.

• The mental health insurance would cover up to Rs 1 lakh for hospitalisation and Rs 25,000 for virtual consultations with therapists, psychiatrists, and life coaches, among others.

The cover would also provide free mental health assessment tests, as recommended by the World Health Organization (WHO).
Free Mental Health Helpline: 
Arjun Ram Meghwal, Minister of State for Parliamentary Affairs and Culture, launched a free mental health helpline run by AXA France Vie’s India division and the Manas Foundation, a Delhi-based non-governmental organisation.

• The 24X7 PAN India Helpline will offer mental health help and counselling from counsellors and psychologists. Anyone can call “080 6909 6909” at any time and receive free assistance from this helpline.

About PNB MetLife India Insurance Company Limited (PNB MetLife):
MD & CEO – Ashish Kumar Srivastava
Established in India – 2001
Headquarters – Mumbai, Maharashtra

APPOINTMENTS & RESIGNATIONS         

 Elisabeth Borne Became New French Prime MinisterFrench President Emmanuel Macron has appointed Elisabeth Borne as the country’s new Prime Minister. She was a former Minister of transport, ecology and labour. Borne succeeds Jean Castex, who had led the French cabinet since July 2020.
Key Facts
i.Elisabeth Borne is the second woman to hold the position after Edith Cresson (1991-1992) under President Francois Mitterrand.
ii. A long-time member of the Socialist Party (PS), Borne voted for Macron in the 2017 presidential election and later joined the centrist La Republique en Marche party.
France
Capital – Paris
President – Emmanuel Macron
Lascaux’s ancient cave drawings, Lyon’s Roman theater and the vast Palace of Versailles are the important places of visit in France.

ACQUISITIONS & MERGERS   

UAE based ‘Etisalat and’ buys 9.8% stake in Vodafone USD 4.4 billion

e&(Etisalat and), formerly known as Emirates Telecommunications Group Company PJSC(Etisalat Group), a United Arab Emirates (UAE)-based telecoms firm, has acquired a 9.8% stake in Vodafone Group Plc (Vodafone) for USD 4.4 billion. 
‘e&’ has acquired approximately 2766 million shares in Vodafone Group Plc aggregating to USD 4.4 billion, this share represents 9.8% of Vodafone’s issued share capital. 

• This transaction is in line with e&’s ambition to be a global player in telecom and technology and to increase its exposure to international markets. 

Key Points:
i.e& made the investment to get significant exposure to a world leader in connectivity and digital services. 
ii.e& does not seek Board representation and is confident about the company’s ability to
unlock value from its organic business activity and other potential strategic transactions.
iii.e& plans to be a long term and supportive shareholder in Vodafone and is not seeking to exert control or influence the Vodafone’s Board or management team. 
About e&(Emirates Telecommunications Group Company PJSC – Etisalat Group)
CEO– Hatem Dowidar 
Headquarters– Abu Dhabi, United Arab Emirates(UAE)

SPORTS

Highlights of the 2021 Summer Deaflympics held in Caxias do Sul, Brazil; Ukraine Tops

The 24th edition of 2021 Summer Deaflympics i.e. Caxias 2021, officially called the XXIV Summer Deaflympic Games, was an international multi-sport event held at Festa da Uva, Caxias do Sul, Brazil, from 1 May to 15 May 2022. The International Committee of Sports for the Deaf (ICSD) is the main governing body responsible for the organisation of Deaflympics and other World Deaf Championships.

• This is the first time the Games are being held in a Latin American country and not during the summer of the host city (as it is autumn in May in the south of Brazil) and the third time for the Games to be held in the Southern Hemisphere only after 1989 games held in Christchurch in New Zealand and 2005 games in Melbourne, Australia.
• The event was opened by Michelle Bolsonaro, the First Lady of Brazil.

Motto of 2021 Deaflympics 
The Motto of the event is “Sports comes from the our hearts”
Mascot
The mascot of the Deaflympics is the Ring-tailed Coati – Nino, meaning priceless, worthy of appreciation, cheerful, happy, very lucky, auspicious.
Events and Participation 
A total number of 226 events across 18 sports were held with a participation of 2,349 athletes representing 71 nations.

• In addition to the events at Caxias, there are events scheduled for the neighbouring cities of Farroupilha and Flores da Cunha.

Total Medal Tally:

IMPORTANT DAYS

World Telecommunication and Information Society Day 2022 – May 17 

The United Nations(UN) World Telecommunication and Information Society Day (WTISD) is annually observed on 17th May to create awareness of the possibilities of the use of the Internet and other information and communication technologies (ICT) in societies and economies. 

• 17th May also marks the anniversary of the signing of the 1st International Telegraph Convention and the creation of the International Telecommunication Union (ITU).

The theme of WTISD 2022 is “Digital technologies for older persons and healthy ageing​”. 
About International Telecommunication Union (ITU).
ITU is a UN agency which coordinates telecommunication operations and services throughout the world. 
It was founded in 1865 as International Telegraph Union, the ITU is the oldest existing international organisation. 
Secretary–General– Houlin Zhao
Member– 193 member states
Headquarters– Geneva, Switzerland
>> Read Full News

World Hypertension Day 2022 – May 17

World Hypertension Day is annually observed across the globe on 17th May to create awareness and promote hypertension prevention, detection and control. Hypertension, also known as high or raised blood pressure, is a condition in which the blood vessels have persistently raised pressure. 
The theme of WHD 2022 is “Measure Your Blood Pressure Accurately, Control It, Live Longer”. 
>> Read Full News

International Day against Homophobia, Transphobia and Biphobia 2022 – May 17 

International Day against Homophobia, Transphobia and Biphobia (IDAHOTB) is annually observed across the globe on 17th May to commemorate the decision of the World Health Organization (WHO) to declassify homosexuality as a mental disorder in 1990.

• The day also aims to highlight the violence and discrimination experienced by lesbian, gay, bisexual, transgender, intersex people and all other people with diverse sexual orientations, gender identities or expressions, and sex characteristics. 

The theme of 2022 IDAHOTB is “Our Bodies, Our Lives, Our Rights”.
>> Read Full News

STATE NEWS

Punjab CM Bhagwant Mann Launches ‘Lok Milni’ For Redressal Of Grievances Of People

Punjab Chief Minister Bhagwant Mann has launched his government’s flagship ‘lok milni’ (public interaction) program for on-the-spot redressal of the people’s grievances.
Key Points
i.Facilitate the people for resolving their long pending administrative issues
ii.Would ease the people to solve their grievances by ensuring a single window platform for redressal of people’s complaints.
iii. The matters flagged by people are immediately resolved on the spot with the objective to immediately resolve in a time bound and result oriented manner.
iv.Earlier, the program was named as ‘janta darbar’ and now as Lok Milni.
About Punjab:
Capital– Chandigarh
Chief minister– Bhagwant Mann
Governor– Banwarilal Purohit

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