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Dear Readers, Daily Current Affairs Questions Quiz for SBI, IBPS, RBI, RRB, SSC Exam 2024 of 08th August 2024. Daily GK quiz online for bank & competitive exam. Here we have given the Daily Current Affairs Quiz based on the previous days Daily Current Affairs updates. Candidates preparing for IBPS, SBI, RBI, RRB, SSC Exam 2024 & other competitive exams can make use of these Current Affairs Quiz.
1) In the first quarter of FY25, listed small finance banks (SFBs) reported a 0.6% year-over-year (Y-o-Y) fall in net profit to Rs 1,300 crore, while provisions and contingencies more than quadrupled to how much crore?
(a) Rs.1266crore
(b) Rs.1255crore
(c) Rs.1267crore
(d) Rs.1277crore
(e) Rs.1275crore
2) Which of the following Small Finance Bank has partnered with Edelweiss Life Insurance to provide bancassurance services?
(a) Unity SFB
(b) Capital SFB
(c) Jana SFB
(d) Utkarsh SFB
(e) Ujjiwan SFB
3) According to a statement made by Finance Minister Nirmala Sitharaman, the non-performing assets (NPA) of public sector banks linked to the Mudra loan category decreased to what percentage in 2023–2024?
(a) 3.2%
(b) 3.3%
(c) 3.4%
(d) 3.5%
(e) 3.6%
4) The ‘Fit & Proper’ certificates that the Reserve Bank of India (RBI) has bestowed upon________prospective buyers of IDBI Bank have opened the door for their future takeover of the bank.
(a) 1
(b) 2
(c) 3
(d) 4
(e) 5
5) The Reserve Bank of India’s Digital Rupee Initiative is accepting applications for inclusion from Google Pay, PhonePe, and Amazon Pay. Which year did the Reserve Bank of India begin testing the e-rupee as a digital money substitute?
(a) 2021
(b) 2022
(c) 2023
(d) 2019
(e) 2017
6) State-Owned General Insurance Companies are instructed by the Finance Ministry to give priority to profitable business segments. How much capital has the government invested in three public sector general insurance businesses in installments totaling?
(a) Rs 7,250 crore
(b) Rs 5,250 crore
(c) Rs 6,250 crore
(d) Rs 8,250 crore
(e) Rs 7,350 crore
7) In order to provide their diverse consumer base with Instant Term insurance, Ageas Federal Life Insurance and PhonePe are teaming together. The coverage ranges from Rs. 5 lakh to how many lakhs?
(a) Rs.15lakh
(b) Rs.25lakh
(c) Rs.35lakh
(d) Rs.30lakh
(e) Rs.20lakh
8) SEBI releases the Capital Markets Report and unveils India’s First Passive Funds Website at the National Stock Exchange. The paper presents the results of a survey that was given to retail investors in ________ Indian cities.
(a) 11
(b) 10
(c) 9
(d) 12
(e) 13
9) As per report, India and the World Bank sign a $500 million loan agreement to construct _________ kilometers of green national highway corridors in four states.
(a) 782km
(b) 781km
(c) 783km
(d) 785km
(e) 787km
10) Which firm collaborates with Vested Finance to provide global investment opportunities for Indian and non-resident Indians?
(a) SBI Life Insurance
(b) ICICI Lombard
(c) HDFC Securities
(d) MAX Insurance
(e) Niva Bupa
11) The union government has accelerated the employment-linked incentive (ELI) scheme. The initiative promises to create over 2 crore employment during the next __________ years.
(a) 1
(b) 2
(c) 3
(d) 4
(e) 5
12) What percentage of India’s projected 80 million tonnes (mt) of coking coal production in FY25 will be up from 66.55 mt the year before?
(a) 10%
(b) 20%
(c) 30%
(d) 25%
(e) 15%
13) Which ministry has declared that voluntary closures of Limited Liability Partnerships (LLPs) would now be included in the services offered by The Centre for Processing Accelerated Corporate Exit (C-PACE)?
(a) Ministry of Home Affairs
(b) Ministry of Corporate Affairs
(c) Ministry of MSME
(d) Ministry of Labour
(e) Ministry of Housing
14) Which IIT has achieved a major milestone by accepting Dr. Krishna Chivukula’s largest-ever contribution of ₹228 crore?
(a) IIT Kanpur
(b) IIT Madras
(c) IIT Delhi
(d) IIT Bombay
(e) IIT Mandi
15) Which state government introduces the ‘Upasthiti Portal’ for workers in the health department?
(a) Jharkhand
(b) Sikkim
(c) Nagaland
(d) Odisha
(e) Gujarat
16) The Finance Minister, Nirmala Sitharaman, suggested eliminating the indexation benefit and cutting the long-term capital gains (LTCG) tax on real estate from 20% to what percentage?
(a) 11.5%
(b) 12.5%
(c) 15.5%
(d) 13.5%
(e) 18.5%
17) For the fifth straight quarter, India imported more electronic items than how much billion and also an Imported electronic goods were $22.8 billion in Q1 FY25, a little decrease from $23.4 billion the previous quarter?
(a) $20 billion
(b) $10 billion
(c) $30 billion
(d) $40 billion
(e) $50 billion
18) The PMFBY penalizes farmers by 12% for delayed claim payments. How much has the Finance Ministry budgeted for the initiative in FY25, highlighting its importance in protecting agricultural interests?
(a) Rs 15,000 crore
(b) Rs 25,000 crore
(c) Rs 35,000 crore
(d) Rs 10,000 crore
(e) Rs 20,000 crore
19) In 2021, Spray Engineering Devices Limited’s Vivek Verma was awarded the National Energy Efficiency Innovation Award. Which state is home to the multifunctional engineering firm Spray Engineering Devices Limited?
(a) Sikkim
(b) Odisha
(c) Haryana
(d) Kerala
(e) Punjab
20) Challa Sreenivasulu Setty was named by the government as the Chairman of State Bank of India (SBI), the largest lender in the nation, with effect from August 28, 2024, for a term of three years. He was chosen to serve as the State Bank’s ______ chairperson.
(a) 25th
(b) 26th
(c) 27th
(d) 28th
(e) 29th
Answers :
1) Answer: D
Short Explanation:
Listed small finance banks (SFBs) posted a decline in net profit by 0.6% year-on-year (Y-o-Y) to Rs 1,300 crore during the first quarter of FY25 as provisions and contingencies more than doubled Y-o-Y to Rs 1,277 crore.
Sequentially, the decline in net profit of SFBs was more pronounced with a 14.6% fall.
Provisions and Contingencies:
Y-o-Y Increase: Provisions and contingencies more than doubled Y-o-Y to Rs 1,277 crore, up by 127.9%.
Sequential Increase: Provisions and contingencies rose by 51.4% from Rs 843 crore.
Detailed Explanation:
Listed small finance banks (SFBs) posted a decline in net profit by 0.6% year-on-year (Y-o-Y) to Rs 1,300 crore during the first quarter of FY25 as provisions and contingencies more than doubled Y-o-Y to Rs 1,277 crore.
Sequentially, the decline in net profit of SFBs was more pronounced with a 14.6% fall.
Provisions and Contingencies:
Y-o-Y Increase: Provisions and contingencies more than doubled Y-o-Y to Rs 1,277 crore, up by 127.9%.
Sequential Increase: Provisions and contingencies rose by 51.4% from Rs 843 crore.
Asset Quality Deterioration:The asset quality of SFBs worsened with gross non-performing assets (NPAs) rising by 47.4% Y-o-Y to Rs 5,976 crore in Q1 FY25.
Sequentially, gross NPAs increased by 22.2% from Rs 4,888 crore.
Net NPAs Increase: Net NPAs rose by 55.6% Y-o-Y to Rs 1,929 crore in June 2024.
Sequentially, net NPAs increased by 25.2% from Rs 1,541 crore.
Net Interest Income (NII):
Y-o-Y Growth: NII grew by 27.7% Y-o-Y to Rs 5,827 crore.
Sequential Growth: NII increased by 13.5% from Rs 5,135 crore.
Interest Earned and Paid:
Interest Earned: Grew by 33% Y-o-Y to Rs 10,709 crore.
Sequentially, interest earned grew by 13.2%.
Interest Payout: Rose by 40% Y-o-Y to Rs 4,882 crore.
Sequentially, interest expenses increased by 12.9%.
Other Income:
Y-o-Y Growth: Other income, including fees, commissions, and treasury revenues, grew by 31.4% Y-o-Y to Rs 1,447 crore.
2) Answer: B
Short Explanation:
Capital Small Finance Bank Limited (CSFB), and Edelweiss Life Insurance have entered into a bancassurance tie-up.
Bancassurance is an insurance distribution model where insurance companies partner with banks to sell policies.
Detailed Explanation:
Capital Small Finance Bank Limited (CSFB), and Edelweiss Life Insurance have entered into a bancassurance tie-up.
This strategic partnership will enable CSFB’s customer base to access Edelweiss Life Insurance’s life insurance products suite, thereby meeting their need for financial security.
The arrangement aims to enhance the CSFB’s life insurance offerings by providing its customers with access to Edelweiss Life’s digital platform and service touchpoints.
Bancassurance is an insurance distribution model where insurance companies partner with banks to sell policies.
3) Answer: C
Short Explanation:
Finance Minister Nirmala Sitharaman announced that Public-sector banks’ non-performing assets (NPA) associated with the Mudra loan category have declined to 3.4% in 2023-24.
Public Sector Banks : Mudra loan NPAs in private sector commercial banks fell to 0.95% in 2023-24 from a peak of 1.77% in 2020-21 and 0.67% in 2018-19.
Detailed Explanation:
Finance Minister Nirmala Sitharaman announced that Public-sector banks’ non-performing assets (NPA) associated with the Mudra loan category have declined to 3.4% in 2023-24.
This marks an improvement from 4.77% in FY21, 4.89% in FY20, and 3.76% in FY19.
Non-performing assets (NPAs) are loans or advances for which the principal or interest payment remains overdue for 90 days.
Public Sector Banks : Mudra loan NPAs in private sector commercial banks fell to 0.95% in 2023-24 from a peak of 1.77% in 2020-21 and 0.67% in 2018-19.
Regional Rural Banks (RRBs): NPAs dropped from 3.86% in 2018-19 to 2.47% in 2023-24.
Non-Banking Financial Companies (NBFCs): NPAs decreased from 0.47% in 2018-19 to 0.22% in 2023-24.
Overall NPA: The overall NPA on Mudra loans has reduced to 2.10%.
Interest Rates for Mudra Loans:Public Sector Banks: Interest rates range between 9.15% and 12.80%.
Private Sector Banks: Interest rates range from 6.96% to 28%.
4) Answer: C
Short Explanation:
The Reserve Bank of India (RBI) has granted ‘Fit & Proper’ certificates to three potential suitors for IDBI Bank, paving the way for their possible acquisition of the bank.
IDBI Bank had received banking regulator RBI’s nod for the ‘fit & proper’ criteria for privatisation, and likely bidders for the strategic sale are expected to begin the process of due diligence early August, 2024.
Detailed Explanation:
The Reserve Bank of India (RBI) has granted ‘Fit & Proper’ certificates to three potential suitors for IDBI Bank, paving the way for their possible acquisition of the bank.
The candidates include Fairfax Financial Holding Limited (Toronto, Canada), Emirates NBD (Dubai, United Arab Emirates (UAE), and Kotak Mahindra Bank (Mumbai, Maharashtra).
Fairfax and Emirates NBD remain strong contenders in the race for IDBI Bank, as they prepare for the next steps in the acquisition process.
The government holds 45%, and the Life Insurance Corporation (LIC) has a 49.24% stake in the bank.
IDBI Bank had received banking regulator RBI’s nod for the ‘fit & proper’ criteria for privatisation, and likely bidders for the strategic sale are expected to begin the process of due diligence early August, 2024.
5) Answer: B
Short Explanation:
Indian fintech firms Cred and Mobikwik are the other two that have applied to join the pilot.
The Reserve Bank of India started a pilot for the e-rupee, a digital alternative to the physical currency, in December 2022.
Detailed Explanation:
Indian fintech firms Cred and Mobikwik are the other two that have applied to join the pilot.
The five payment firms collectively account for over 85% of digital payments via the UPI, which processes about 13 billion transactions monthly.
The Reserve Bank of India started a pilot for the e-rupee, a digital alternative to the physical currency, in December 2022.
Initial Surge and Decline:E-rupee transactions initially surged but have since declined from over 1 million per day to about 100,000-200,000 per day, reflecting global challenges in popularizing digital currencies.
Regulatory Changes:Initially, only banks were authorized to offer e-rupee transactions via mobile applications.
In April 2024, RBI expanded the scope to include payment firms, allowing them to offer e-rupee transactions upon approval
6) Answer: A
Short Explanation:
The finance ministry has asked state-owned general insurance companies to focus on profitable businesses and not to chase top-line but aim for improving profitability.
The government has infused Rs 7,250 crore in instalments into three public sector general insurance companies:
National Insurance Company Limited
Oriental Insurance Company Limited
United India Insurance Company
Detailed Explanation:
The finance ministry has asked state-owned general insurance companies to focus on profitable businesses and not to chase top-line but aim for improving profitability.
The government has infused Rs 7,250 crore in instalments into three public sector general insurance companies:
National Insurance Company Limited
Oriental Insurance Company Limited
United India Insurance Company
These three general insurance companies have improved their financial performance significantly.
Oriental Insurance: Achieved a profit of Rs 18 crore in FY24, compared to a loss of Rs 5,000 crore in the previous year.
National Insurance Company: Reduced its loss to Rs 187 crore from Rs 3,800 crore.
United India Insurance: Decreased its loss to Rs 800 crore from Rs 2,800 crore in FY23.
New India Assurance: Continued strong performance with profits increasing from Rs 1,000 crore in FY23 to Rs 1,100 crore in FY24.
7) Answer: B
Short Explanation:
Ageas Federal Life Insurance is joining forces with PhonePe to offer Instant Term insurance to their wide-ranging customers.
Coverage and Premium:Coverage amounts range from Rs. 5 lakh to Rs. 25 lakh.
Industry First: Ageas Federal Life Insurance is the first company in the insurance industry to offer Instant Term Insurance through the PhonePe platform.
Detailed Explanation:
Ageas Federal Life Insurance is joining forces with PhonePe to offer Instant Term insurance to their wide-ranging customers.
Eligibility: Users aged 18 to 45 can apply for the ‘Ageas Federal Life Insurance Group Term Plan’ directly through the PhonePe app.
Application Process:No medical tests or lengthy documentation required.
Simplified application process through the PhonePe platform.
Coverage and Premium:Coverage amounts range from Rs. 5 lakh to Rs. 25 lakh.
Premium payments can be made either monthly or annually, starting at Rs. 5,000 per year.
Industry First: Ageas Federal Life Insurance is the first company in the insurance industry to offer Instant Term Insurance through the PhonePe platform.
8) Answer: D
Short Explanation:
The Securities and Exchange Board of India (SEBI) launched India’s first website for passive funds at the National Stock Exchange (NSE), along with unveiling a comprehensive report on the Indian Capital Markets.
The website also shows that the total AUM of passive funds is Rs 10.22 lakh crore as of June 2024, which comprises Rs 7.79 lakh crore AUM of ETF and Rs 2.43 lakh crore AUM of index fund.
The report includes findings from a survey of retail investors conducted across 12 Indian cities.
Detailed Explanation:
The Securities and Exchange Board of India (SEBI) launched India’s first website for passive funds at the National Stock Exchange (NSE), along with unveiling a comprehensive report on the Indian Capital Markets.
The website provides a comprehensive platform for retail investors and empowers them to easily access information and understand the Indian passive funds industry.
The website can be accessed on (www.indiapassivefunds.com).
The website also shows that the total AUM of passive funds is Rs 10.22 lakh crore as of June 2024, which comprises Rs 7.79 lakh crore AUM of ETF and Rs 2.43 lakh crore AUM of index fund.
The report includes findings from a survey of retail investors conducted across 12 Indian cities.
This survey highlights the benefits of recent reforms and suggests potential annual investor benefits of approximately INR 3900 crores with full adoption of key measures such as faster IPO listings and the Application Supported by Blocked Amount (ASBA) system.
9) Answer: B
Short Explanation:
The Government of India (GoI) and the World Bank have signed an agreement for the Green National Highway Corridors Project (GNHCP).
The project covers a total length of 781 km across Himachal Pradesh, Rajasthan, Uttar Pradesh, and Andhra Pradesh.
The World Bank is providing loan assistance of USD 500 million, while the total project cost is USD 1288.24 million (Rs. 7,662.47 crore).
Detailed Explanation:
The Government of India (GoI) and the World Bank have signed an agreement for the Green National Highway Corridors Project (GNHCP).
The project covers a total length of 781 km across Himachal Pradesh, Rajasthan, Uttar Pradesh, and Andhra Pradesh.
The World Bank is providing loan assistance of USD 500 million, while the total project cost is USD 1288.24 million (Rs. 7,662.47 crore).
The scheduled completion date for the last package of the GNHCP project is May 2026.
The project aims to provide smooth and motorable roads with all-weather connectivity to nearby areas.
Project Features:The project aims to demonstrate safe and green highways with a focus on climate resilience and the use of green technologies.
10) Answer: C
Short Explanation:
HDFC Securities, a leading stock broking company and a wholly-owned subsidiary of HDFC Bank, has announced a strategic tie-up with Vested Finance, a popular US-based investment platform, for democratising global investing for Indians and Non-Resident Indians (NRIs).
Detailed Explanation:
HDFC Securities, a leading stock broking company and a wholly-owned subsidiary of HDFC Bank, has announced a strategic tie-up with Vested Finance, a popular US-based investment platform, for democratising global investing for Indians and Non-Resident Indians (NRIs).
Global Investing 2.0:Features: This initiative will offer enhanced protection, innovative features, and deep portfolio diversification to investors.
Enhanced Investment Opportunities:Service Expansion: HDFC Securities will provide clients with greater investment opportunities and features through Vested’s platform, improving the overall investment experience.
Account Setup:Ease of Use: A new Vested account with HDFC Securities can be opened and funded within minutes.
11) Answer: B
Short Explanation:
Union Minister of Labour & Employment and Youth Affairs & Sports, Dr Mansukh Mandaviya, has directed an accelerated implementation of the Employment-Linked Incentive (ELI) Scheme, as announced in the Union Budget 2024-25.
The scheme aims to generate over 2 crore jobs over the next two years.
Detailed Explanation:
Union Minister of Labour & Employment and Youth Affairs & Sports, Dr Mansukh Mandaviya, has directed an accelerated implementation of the Employment-Linked Incentive (ELI) Scheme, as announced in the Union Budget 2024-25.
The scheme aims to generate over 2 crore jobs over the next two years.
Review and Planning: Dr. Mandaviya reviewed the ELI Scheme and its implementation plan with Union Minister of State for Labour & Employment, Smt. Shobha Karandlaje, and senior officials from the Ministry and EPFO.
The focus was on ensuring the scheme benefits reach the intended recipients effectively.
Employment Creation: The ELI Scheme is designed to foster job creation and provide incentives to both employers and employees.
This initiative is part of a broader Prime Minister’s package aimed at facilitating employment, skilling, and other opportunities for 4.1 crore youth over five years, with a central outlay of Rs. 2 lakh crore.
12) Answer: B
Short Explanation:
India aims to produce 80 million tonnes (mt) of coking coal in FY25, marking a 20% increase from the previous year’s 66.55 mt.
Current Imports: India is the world’s largest importer of coking coal, with over 58 mt of imports. The country’s coking coal washing capacity currently stands at 23 million tonnes per annum (mtpa), including 9.26 mtpa by SAIL and 7.6 mtpa by Tata Steel.
Detailed Explanation:
India aims to produce 80 million tonnes (mt) of coking coal in FY25, marking a 20% increase from the previous year’s 66.55 mt.
Current Imports: India is the world’s largest importer of coking coal, with over 58 mt of imports. The country’s coking coal washing capacity currently stands at 23 million tonnes per annum (mtpa), including 9.26 mtpa by SAIL and 7.6 mtpa by Tata Steel.
Blending and Washing: The domestic coking coal has high ash content, necessitating washing and blending with lower ash coal to meet steel-making standards. The Steel Ministry is considering policies to enhance the use of washed coking coal.
Future Capacity: Coal India Ltd. plans to establish 11 new washeries with a total capacity of 33 mtpa, of which 15 mtpa will be dedicated to the steel sector.
Coal Minister’s Statement: Union Coal Minister G. Kishan Reddy highlighted that the steel sector’s domestic blending of coking coal is expected to rise from 10-12% to 30-35% to reduce import dependency.
13) Answer: B
Short Explanation:
The Ministry of Corporate Affairs (MCA) has announced an extension of services provided by The Centre for Processing Accelerated Corporate Exit (C-PACE) to include voluntary closures of Limited Liability Partnerships (LLPs).
This extension is facilitated by amendments to the LLP Rules through the Limited Liability Partnership (Amendment) Rules 2024.
Detailed Explanation:
The Ministry of Corporate Affairs (MCA) has announced an extension of services provided by The Centre for Processing Accelerated Corporate Exit (C-PACE) to include voluntary closures of Limited Liability Partnerships (LLPs).
This extension is facilitated by amendments to the LLP Rules through the Limited Liability Partnership (Amendment) Rules 2024.
Implementation: The new amendments will come into effect from August 27, 2024, as per the MCA’s notification.
C-PACE Introduction: C-PACE was established in 2023 to streamline and centralize the process for the strike-off (or closure) of companies. The initiative aims to reduce the timeline for company exits and enhance entrepreneurial efficiency.
Launch Date: The C-PACE system went live on May 1, 2023.
14) Answer: B
Short Explanation:
IIT Madras has marked a significant milestone by receiving its largest-ever donation of ₹228 Crore from Dr. Krishna Chivukula.
In honour of this contribution, an academic block at the institute has been named the ‘Krishna Chivukula Block’.
Detailed Explanation:
IIT Madras has marked a significant milestone by receiving its largest-ever donation of ₹228 Crore from Dr. Krishna Chivukula.
In honour of this contribution, an academic block at the institute has been named the ‘Krishna Chivukula Block’.
This donation is part of a larger increase in funding for the institute, with overall funding rising by 135% and alumni contributions surging by 282% in the 2023-24 financial year.
Donor: Dr. Krishna Chivukula (MTech, 1970), founder and CEO of Indo-MIM.
Significance: The largest single donation in the history of IIT Madras.
Total Funding Raised (2023-24): ₹513 Crore.
Increase: 135% increase from the previous financial year.
Alumni Contributions (2023-24): ₹367 Crore.
Increase in Alumni Contributions: 282% over the previous year.
15) Answer: A
Short Explanation:
Jharkhand Chief Minister Hemant Soren launched the ‘Upasthiti Portal’.
The portal was launched on behalf of the Health, Medical Education and Family Welfare Department.
Detailed Explanation:
Jharkhand Chief Minister Hemant Soren launched the ‘Upasthiti Portal’.
The portal was launched on behalf of the Health, Medical Education and Family Welfare Department.
Aim of the portal : To ensure the daily attendance of all doctors, para-medical workers, contract workers and other workers working under the Health Department.
Through this portal, cross verification of biometric attendance being recorded by the employees of the Health Department will be done.
16) Answer: B
Short Explanation:
The Finance Minister, Nirmala Sitharaman, proposed reducing the long-term capital gains (LTCG) tax on property from 20% to 12.5% while removing the indexation benefit.
The Indian government has proposed an amendment allowing taxpayers to choose between two methods of calculating long-term capital gains (LTCG) tax on properties acquired before July 23, 2024.
Detailed Explanation:
The Finance Minister, Nirmala Sitharaman, proposed reducing the long-term capital gains (LTCG) tax on property from 20% to 12.5% while removing the indexation benefit.
The Indian government has proposed an amendment allowing taxpayers to choose between two methods of calculating long-term capital gains (LTCG) tax on properties acquired before July 23, 2024.
Amendment in Finance Bill 2024: In response to public outcry and feedback from real estate stakeholders, the Union government is amending the LTCG tax provisions.
The amendment, part of the Finance (No. 2) Bill, 2024 introduced in the Lok Sabha, gives property owners flexibility to choose the more beneficial tax regime.
Two Taxation Options:
Option 1: Homeowners can opt for the new rule, which imposes a 12.5% tax on capital gains without the benefit of indexation.
Option 2: Alternatively, they can choose the old rule, which imposes a 20% tax with the benefit of indexation.
17) Answer: A
Short Explanation:
India’s import of electronic goodsexceeded $20 billion for the fifth consecutive quarter.
Q1 FY25: Electronic goods worth $22.8 billion were imported, slightly down from $23.4 billion in the previous quarter.
Detailed Explanation:
India’s import of electronic goodsexceeded $20 billion for the fifth consecutive quarter.
Q1 FY25: Electronic goods worth $22.8 billion were imported, slightly down from $23.4 billion in the previous quarter.
Electronic Components and Computer Hardware: Accounted for more than half of the electronic goods imported in the June quarter of FY25, up from 46% before the pandemic.
Telecom Equipment and Consumer Electronics:
Over $4 billion worth of telecom equipment imported.
$1.1 billion worth of consumer electronics imported.
Share Trends: Consumer electronics and telecom instruments’ share in total imports has decreased to 24% from 33% in FY19.
18) Answer: A
Short Explanation:
The Pradhan Mantri Fasal Bima Yojana (PMFBY) has introduced a 12% penalty for delayed claim settlements, directly benefiting farmers.
With significant enrollment and coverage increases, PMFBY aims to enhance its effectiveness and support farmers better.
The Finance Ministry has allocated Rs 15,000 crore for FY25, reflecting the scheme’s importance in safeguarding agricultural interests.
Detailed Explanation:
The Pradhan Mantri Fasal Bima Yojana (PMFBY) has introduced a 12% penalty for delayed claim settlements, directly benefiting farmers.
With significant enrollment and coverage increases, PMFBY aims to enhance its effectiveness and support farmers better.
The Finance Ministry has allocated Rs 15,000 crore for FY25, reflecting the scheme’s importance in safeguarding agricultural interests.
Scheme Overview:
Launch Year: 2016.
Current Coverage: Implemented in 22 states and UTs.
Premium Rates: 1.5% for rabi crops, 2% for kharif crops, and 5% for cash crops.
Premium Sharing: Balance premium shared between the Centre and states; 9:1 ratio for North-Eastern states.
Optional Participation: Farmers can opt in voluntarily.
Enrollment and Coverage:
FY24 Enrollment: 39.7 million farmers.
Coverage Area: Over 61 million hectares in FY24, a 21% increase from 2022-23.
Financials: Rs 32,440 crore paid by farmers in premiums since 2016, with claims amounting to Rs 1.63 trillion.
Rank: PMFBY is the third-largest insurance scheme globally by premium amount
19) Answer: E
Short Explanation:
Vivek Verma, Managing Director of Spray Engineering Devices Limited (SED), Mohali, Punjab, was awarded the first prize in the Industries Category for his innovation, “Low Temperature Evaporation Technology.”
The award was presented during the National Energy Efficiency Innovation Award 2021 ceremony, part of the Azadi ka Amrit Mahotsav celebrations.
About SED: Established in 1992, Spray Engineering Devices Limited is a multidisciplinary engineering company based in Mohali, Punjab. It specializes in evaporation, heat exchange, condensation, and crystallization technologies.
Detailed Explanation:
Vivek Verma, Managing Director of Spray Engineering Devices Limited (SED), Mohali, Punjab, was awarded the first prize in the Industries Category for his innovation, “Low Temperature Evaporation Technology.”
The award was presented during the National Energy Efficiency Innovation Award 2021 ceremony, part of the Azadi ka Amrit Mahotsav celebrations.
The prestigious award ceremony took place on National Energy Conservation Day at Vigyan Bhawan, New Delhi.
The company’s innovative Low Temperature Evaporator (LTE®) technology has significantly impacted the biofuel, water recycling, and agro-processing sectors.
About SED: Established in 1992, Spray Engineering Devices Limited is a multidisciplinary engineering company based in Mohali, Punjab. It specializes in evaporation, heat exchange, condensation, and crystallization technologies.
20) Answer: C
Short Explanation:
The government appointed Challa Sreenivasulu Setty as Chairman of the country’s biggest lender State Bank of India (SBI) for a period of 3 years starting from August 28, 2024.
On June 29, 2024, the Financial Services Institutions Bureau selected him as the 27th chairman of the State Bank to succeed Dinesh Kumar Khara in August 2024.
Detailed Explanation:
The government appointed Challa Sreenivasulu Setty as Chairman of the country’s biggest lender State Bank of India (SBI) for a period of 3 years starting from August 28, 2024.
On June 29, 2024, the Financial Services Institutions Bureau selected him as the 27th chairman of the State Bank to succeed Dinesh Kumar Khara in August 2024.
He will replace Dinesh Kumar Khara, who is retiring on August 28, 2024, upon reaching the age of 63, which is the upper age limit for the SBI chairman position.
Besides, the government has also appointed Rana Ashutosh Kumar Singh,presently serving as a Deputy Managing Director (DMD) at SBI to take over as managing director (MD) at SBI.
