Daily GK Update: 26th May 2023

 National & International Appointments

1. The founder of start-up Dream11, Harsh Jain elected IAMAI chairperson

• Harsh Jain, co-founder, and CEO of Dream Sports, has been elected the chairman of the Internet and Mobile Association of India (IAMAI) for 2023-25.
• He has replaced Sanjay Gupta, vice president, and country manager of Google India.
• Rajesh Magow (co-founder and group CEO of MakeMyTrip) was elected as vice chairman, while Satyan Ganjwani (vice chairman of Times Internet) as the treasurer of the association.
• The IAMAI governing council election is held every two years.

 Banking & Finance

2. ADB, India signed agreement for development of infrastructure in Andhra

• The Indian government has signed a loan agreement of USD 141.12 million with the Asian Development Bank for the development of infrastructure in three industrial clusters situated in Andhra Pradesh.
• This financing is the second tranche of the 500 million multi-tranche financing facility.
• Aim: To promote industrialization to increase the share of manufacturing in the state’s gross domestic product, build competitiveness and create jobs in the project's target areas

 Arts & Culture

3. Nepal celebrates Bhoto Jatra

• Nepal celebrates Bhoto Jatra which is a public holiday in Kathmandu Valley.
• This celebration is a part of Rato Machhindranath Jatra which is a month-long chariot procession.
• It originates at Pulchok where a chariot made of wood without the use of iron nails is created and the procession ends at Jwalakhel.
• In Bhoto Jatra, a "lost & found" bejeweled Nepali vest "bhoto" of Rato Machchindranath is displayed to the public to find its "rightful owner".

 National Affairs

4. Union Minister Giriraj Singh launches SAMARTH campaign

• The Union Minister for Rural Development, Giriraj Singh has launched the ‘SAMARTH' Campaign on promote Digital Transactions in 50000 Gram Panchayats' in Lucknow.
• Implemented by: Ministry of Rural Development
• Aim: To promote Digital Transactions in rural areas, focusing on women
• Minister has lauded the SHG’s NPA, which was reduced from 9.58 % in 2013 to below 2%, and urged banks to recognize and outstanding credit performance of SHG Didis and facilitate loans.

 National Affairs

5. Exemption for leave encashment raised to ₹25 lakh

• The Central Board of Direct Taxes has raised the tax exemption on leave encashment on the retirement of non-government salaried employees from ₹3 lakh to ₹25 lakh, effective from 1 April 2023.
• It was announced in the union budget 2023.
• It applies to the period of earned leave in the credit of the employee at the time of retirement whether on superannuation or otherwise.
• In the case of government employees, the entire leave encashment amount received is tax-exempt.

 Defense

6. Iran successfully launched ballistic missile 'Kheibar

• Iran has successfully test-launched a ballistic missile with a range of around 2,000-km
• The liquid-fuel missile had been named the Kheibar, the latest version of the Khorramshahr.
• The missiles are capable of carrying 1,500 kg of warheads.
• The speed of the high-mobility tactical missile can reach Mach 16 outside the atmosphere and Mach 8 inside the atmosphere.
• Iran capital: Tehran; Currency: Iranian Rial

 State Affairs

7. Goa, Uttarakhand signed MoU to Strengthen Tourism Cooperation

• The officials of the Government of Goa and the Government of Uttarakhand have signed an MoU for enhancing the tourism landscape of both states.
• The MoU was signed in the presence of Rohan Khaunte (Minister for Tourism, Goa) and Pushkar Singh Dhami (CM of Uttarakhand).
• Aim: To promote bilateral cooperation in the travel and tourism sector
• The signing of this MoU is also aligned with the ‘Dekho Apna Desh’ initiative launched by PM Narendra Modi.

 Science & Technology

8. AI supercomputer 'AIRAWAT' ranked 75th in Global Supercomputing list

• India's AI supercomputer 'AIRAWAT' has secured the 75th position in the prestigious Top 500 Global Supercomputing List.
• The announcement was made during the 61st edition of the International Supercomputing Conference (ISC 2023) held in Germany.
• Airawat PSAI, stands as India’s largest and fastest AI supercomputing system, with a remarkable speed of 13,170 teraflops (Rpeak)
• Other Indian supercomputers: PARAM Siddhi-AI (131), Pratyush (169), and Mihir (316)

 Banking & Finance

9. Bank of Maharashtra tops PSU lenders chart in profit and loan growth

• Bank of Maharashtra (BoM) has emerged as the top performer among public sector lenders in terms of loan and deposit growth in percentage terms during 2022-23.
• BoM has also recorded the highest growth in profitability with the bottom line growing almost 126% to Rs 2,602 crore during the year.
• In terms of percentage increase in gross advances, BoM recorded a 29.4% rise in loans at Rs 1,75,120 crore as of March 2023.
• It was followed by Indian Overseas Bank and UCO Bank.

 National & International Organizations

10. World Meteorological Congress approves Global Greenhouse Gas Watch

• The World Meteorological Congress has approved a new greenhouse gas monitoring initiative to support urgent action to reduce heat-trapping gases which are fuelling temperature increase.
• Aim: To fill critical information gaps and provide an integrated, operational framework
• The framework will bring all space-based and surface-based observing systems, as well as modeling and data assimilation capabilities, under one roof.
• It was supported by the WMO’s 193 Members.

 National Affairs

11. India to have new supercomputer for weather forecasting

• During the visit to the National Centre for Medium-Range Weather Forecasting, Union Earth Sciences Minister Kiren Rijiju informed that India will unveil its new 18 petaflop supercomputer for weather forecasting institutes by the end of 2023.
• The new supercomputer will be bought at a cost of Rs 900 crore.
• NCMRWF will be allocated eight petaflop supercomputing power with the remaining 10 petaflops going to IITM
• The NCMRWF houses 'Mihir', a 2.8 petaflop supercomputer

 Banking & Finance

12. HDFC Bank partners Manipal Global to build up a talent pipeline

• HDFC Bank has partnered with Manipal Global Academy of BFSI to launch its Future Banker 2.0 programme.
• Aim: To groom young graduates into banking professionals within a year
• The nationwide recruitment initiative seeks to establish a talent pipeline for the bank's retail banking division.
• The one-year professional diploma incorporates classroom sessions, guest lectures, role plays, and practical fieldwork.
• It also includes eight months of paid internship.

 Banking & Finance

13. Centre approves digital communication system between banks and CEIB

• The Central govt has cleared a prompt digital reporting and communication mechanism between banks and Central Economic Intelligence Bureau (CEIB) to plug defaults on loans of over Rs 50 crore.
• CEIB will send a report digitally regarding borrowers to the PSU banks for a loan amount of Rs 50 crore or higher at the pre-approval stage within 15 days of request.
• The new system will require banks to submit their requests to CEIB through dedicated emails in a specific format