 Jeffrey Rosen was confirmed as the United States’ latest deputy attorney general by the US Senate after his predecessor, Rod Rosenstein, left the department. Rosenstein oversaw Special Counsel Robert Mueller’s investigations into Russian collusion in the 2016 Presidential elections, before stepping down from his post in April. |
| Source- Business Standard |
 IBM India has tied-up with HDFC ERGO General Insurance Company, India’s third-largest non-life insurance provider in the private sector, to co-create new Artificial Intelligence (AI)-based solutions. Leveraging IBM Garage that uses data-driven insights to develop end-to-end strategies and solutions for business transformation, teams from HDFC ERGO and IBM Services will work together to develop and test new solutions. |
| Source: Livemint |
 May 16th is celebrated globally as the International Day of Light. 2019 marks the global celebration of the second edition of the event. It is an official observance of UNESCO that provides an annual focal point for the continued appreciation of light and the role it plays in science, culture, and art, education, sustainable development, communications, and energy. |
| Source: UNESCO |
 World Telecommunication & Information Society Day is observed all over the world on 17th May. The theme forWorld Telecommunication & Information Society Day 2019 is ‘Bridging the Standardization Gap’. The purpose of observing the Day is to help raise awareness of the possibilities that the use of the Internet and other information and communication technologies can bring to societies and economies, as well as of ways to bridge the digital divide. |
| Source- News on AIR |
 The Home Ministry has cancelled the registration of Bengaluru-based NGO Infosys Foundation for alleged violation of norms in receiving foreign grants. All non-government organizations (NGOs) are mandatorily required to be registered under the Foreign Contribution (Regulation) Act or FCRA to receive foreign funding. Associations which do not receive foreign contribution during a particular year are also required to furnish a ‘NIL‘ return for that financial year. |
| Source: Business Today |
 Nepalese Sherpa climber Kami Rita has scaled Mount Everest for a 23rd time, breaking his own record for the most successful ascents of the world’s highest peak. He first scaled Everest in 1994. He reached the 8,850-metre (29,035-feet) summit with other climbers via the Southeast Ridge route. He has also scaled several other peaks that are among the world’s highest, including K-2, Cho-Oyu, Manaslu, and Lhotse. |
| Source: Aljazeera |
 The website of the Lokpal www.lokpal.gov.in has been launched. It was inaugurated by Chairperson Justice Pinaki Chandra Ghose in presence of all the Members of Lokpal in New Delhi. It provides basic information about the working and functioning of the anti-corruption ombudsman. The Lokpal is the first institution of its kind in India established under the Lokpal and Lokayuktas Act, 2013 to inquire and investigate into allegations of the corruption against public functionaries. |
| Source- News on AIR |
 China has become the sole contender to host Asian Cup Football tournament in 2023 after South Korea has announced to withdraw its bid to host the game. The Korea Football Association (KFA) announced that it had pulled out to strategically focus on a joint bid with North Korea to host the Women’s World Cup in the same year. |
| Source- ANI News |
 Reserve Bank of India has released a vision document ‘Payment and Settlement Systems in India: Vision 2019 – 2021’, with its core theme of ‘Empowering Exceptional E-payment Experience’ for ensuring a safe, secure, convenient, quick and affordable e-payment system. The move comes as the apex bank expects the number of digital transactions to increase more than four times to 8,707 crores in December 2021. It envisages achieving “a highly digital and cash-lite society” through the goal posts of competition, cost-effectiveness, convenience and confidence (4Cs). |
| Source- RBI |
 To give a fillip to digital lending, Small Industries Development Bank of India (SIDBI)has put together a pilot scheme to extend financial assistance of up to Rs10 crore to new-age fintech non-banking finance companies (NBFCs) engaged in financing small businesses and other income-generating activities. SIDBI has set the exposure cap for lending to a single new-age fintech NBFC at 30% of NOF of the new-age fintech NBFC, subject to maximum cap of Rs10 crore. As per the scheme, new-age fintech NBFCs should hold in trust the underlying securities/ receivables on behalf of SIDBI. |
| What are Fintech NBFCs? Fintech NBFCs are digital loan companies. They leverage information technology to provide fast and convenient access to funding. To be eligible for funding assistance, Reserve Bank of India-registered new-age fintech NBFCs have to meet prescribed parameters, including minimum capital risk-weighted assets ratio of 15%; non-performing assets less than or equal to 4%; minimum net-owned fund (NOF) of Rs20 crore and minimum asset size of Rs50 crore; and at least two audited annual reports, positive net worth and leverage ratio within 5:1. |
| Source- The Hindu Business Line |
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