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Important Current Affairs 23rd May 2020

National

UP Government Signs MoU with SIDBI for ‘UP Start-up Fund’ to Boost Employment

• The Uttar Pradesh government under Chief Minister Yogi Adityanath has launched the ‘UP Start-up Fund’ on 20 May 2020, to boost job creation in the state.

• The fund will motivate more and more youths to establish their own startups in the state as well as provide employment opportunity to large number of migrant, coming to the state, as per their skill.

• The fund has been set up under the UP Information Technology and Start-up Policy 2017.The ‘UP Start-up Fund’ will be in the form of Fund of Funds.CM Adityanath handed over cheque of the initial contribution of Rs 15 crore towards the Fund, while signing the MoU with SIDBI.

• The Small Industries Development Bank of India (SIDBI) will be the fund manager.

Banking and Economy

NTPC, ONGC to set up Joint Venture Company for Renewable Energy Business

•National Thermal Power Corporation Limited (NTPC) has signed a Memorandum of Understanding with the Oil and Natural Gas Corporation Limited (ONGC) to set up a joint venture company for the renewable energy business.

•The agreement will enable both companies to increase their presence in the renewable energy sector. Under the MoU, NTPC and ONGC will jointly explore the setting up of offshore wind and other Renewable Energy Projects in India and overseas.

•The two companies will also explore opportunities in the field of E-mobility and ES (Environmental, Social and Governance), storage and sustainability projects.

RBI reduces Repo Rate by 40 bps to 4.0% in Monetary Policy Committee (MPC)

The Reserve Bank of India in its Monetary Policy Committee (MPC) meeting on May 22, 2020 has decided to:

• Reduce Repo Rate by 40 bps to 4.00% from 4.40% earlier.

• Reverse repo rate has been reduced to 3.35%

• The marginal standing facility (MSF) rate and the Bank Rate stands at 4.25%

• The MPC decided to continue with the accommodative stance.

Obituary

Four-time Grand Slam singles champion Ashley Cooper passes away

•Former world no. 1 and four-time Grand Slam singles champion, Ashley Cooper passed away recently at the age of 83 after a prolonged illness. Cooper had won three of the four majors -the Australian Open, Wimbledon and US championships in 1958.

•Cooper had also won four doubles titles at Grand Slam tournaments. He achieved the top rank in 1957. The Australian was recognised as the world's best amateur player during the years of 1957 and 1958.

Appointments and Resignations

Assam’s Jahnabi Phookan Takes Charge as FICCI FLO National President

• Assam-based entrepreneur Jahnabi Phookan has been appointed as the new National President of FICCI Ladies Organization (FLO) on 22 May 2020.

• FICCI FLO is the women wing of the leading industry chamber, Federation of Indian Chambers of Commerce and Industry (FICCI).

• Phookan is the 37th National President of FICCI FLO. She succeeds Harjinder Kaur Talwar.

Days

World Turtle Day

The World Turtle Day is observed on May 23 every year to raise awareness among people to protect turtles and tortoises and their disappearing habitats around the world.

International Day for Biological Diversity

The United Nations celebrates International Day for Biological Diversity on 22 May every year to raise awareness about the issue of significant reduction in biological diversity due to certain human activities.