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Monthly Current Affair GK Digest: May 2023

Published on Friday, June 02, 2023
Monthly Current Affair GK Digest: May 2023

Indian Air Force participates in exercise INIOCHOS-23 in Greece

Current Context: The Indian Air Force (IAF) is participating in Exercise INIOCHOS-23, a multi-national air exercise hosted by the Hellenic Air Force.


  • The exercise is being conducted at the Andravida Air Base in Greece from 24 Apr 2023 to 04 May 2023. The Indian Air Force is participating with four Su-30 MKI and two C-17 aircraft.
  • Apart from India and Greece, the other countries that are participating in the exercise are USA, France, Italy, Jordan and Saudi Arabia.
  • These countries are sending various aerial vehicles including fighter jets, drones, helicopters, training planes, and joint terminal attack controller teams
  • The objective of the exercise is to enhance international cooperation, synergy and interoperability amongst the participating Air Forces.

BOI Launches Shubh Arambh FD scheme for Senior citizens

Current Context: Shubh Arambh FD scheme for senior citizens offered by Bank of India (BOI).This is a special type of term deposit that provides attractive interest rates for senior citizens.


  • The scheme was launched on April 1, 2023 and is applicable for deposits under Rs 2 crore for a tenure of 501 days.
  • The interest rate for super senior citizens (80 years and above) is 7.80%, for other senior citizens (60 to 80 years) is 7.65%, and for general customers is 7.15%.
  • The scheme also offers additional benefits such as no penalty for premature withdrawal of deposits less than Rs 5 lakh after 12 months, and no penalty for renewing deposits for a longer duration than the original tenure

NPCI International Payments partners with PPRO to expand reach of RuPay and UPI

Current Context: NPCI International Payments Limited (NIPL) and PPRO, a global digital payments infrastructure provider.

Key Points

  • This partnership will allow global payment service providers, banks, payment gateways, and enterprises to expand globally and provide international e-commerce merchants with access to Indian consumers.
  • Indian consumers will be able to shop online with merchants worldwide and pay safely and easily using RuPay cards and Unified Payments Interface (UPI).
  • UPI is India’s fastest-growing, real-time payment system that processes 60% of all domestic payments in India and 40% of instant payments processed globally

WhiteOak Capital Mutual Fund launches Multi-asset NFO with Old Tax benefits

Current Context: WhiteOak Capital Mutual Fund. According to the web search results123, it is an asset management company that provides investment management and advisory services for Indian equity.

Key Highlights

  • It has recently launched a Balanced Advantage Fund, which is a hybrid scheme that invests in a mix of equity and debt instruments.
  • The fund also claims to offer old tax benefits under Section 112A of the Income Tax Act , which means that the long-term capital gains from equity investments are taxed at 10% only if they exceed Rs. 1 lakh in a financial year.

IFSCA signs Memorandum of Understanding with IHub-Data and IIIT Hyderabad

Current Context: The MoU was signed on April 28, 2023 at IIIT Hyderabad campus. This MoU will enable cooperation and collaboration on diverse initiatives regarding FinTech, such as accessing IFSCA’s Regulatory and Innovation Sandbox and applying to the IFSCA (FinTech Incentive) Scheme 2022

Key Facts

  • This MoU aims to put in place a framework for cooperation and understanding between IFSCA and IHub-Data, IIIT Hyderabad to collaborate in supporting and facilitating FinTech and TechFin entities.
  • FinTech and TechFin are terms that refer to the use of technology to provide or enhance financial services
This digest is not complete. Read the complete digest on the General Awareness Course.
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