Daily Current Affairs Quiz – 10th August 2024

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Dear Readers, Daily Current Affairs Questions Quiz for SBI, IBPS, RBI, RRB, SSC Exam 2024 of 10th 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.

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1) What is the new maximum limit for tax payments made through the Unified Payments Interface (UPI) that the Reserve Bank of India (RBI) has capped from Rs 1 lakh to per transaction?

(a) Rs. 2lakh

(b) Rs. 3lakh

(d) Rs. 5lakh

(e) Rs. 8lakh

2) In order to improve transparency, the Reserve Bank of India has mandated fortnightly credit information reporting. When will this take effect?

(a) September 30 2024

(b) November 1 2024

(d) January 1 2025

(e) March 1 2025

3) On August 2, 2024, India’s foreign currency reserves hit a record high of what amount, signifying robust performance in the external sector?

(a) $675 billion

(b) $625 billion

(d) $635 billion

(e) $615 billion

4) The Reserve Bank of India has implemented the Cheque Truncation System, which allows for continuous cheque clearing. There will be a reduction in the clearance cycle from the present ________days to a few hours.

(a) T+0

(b) T+1

(d) T+3

(e) T+4

5) To ensure prompt resolution and maximize asset value, the Insolvency and Bankruptcy Board of India (IBBI) has released guidelines for the Committee of Creditors. What is the average duration of CIRP, according to IBBI, in days?

(a) 678days

(b) 677days

(d) 676days

(e) 675days

6) The promotion of Carbon Capture Utilization and Storage (CCUS) technology is being contemplated by the Indian government as a potential new mission. Which nation is presently engaged in extensive programs aimed at sequestering 13 tons of CO2 year by 2030?

(a) China

(b) USA

(d) Russia

(e) Spain

7) Europe Will Receive India’s First Consignment of Sona Masoori Brown Rice from Svastha Ecoharvest. Which kind of rice has historically been the only one sent from India to Europe?

(a) Jasmine

(b) Basmati

(d) Bomba

(e) Arborio

8) The Centre may convert billions of rupees allocated to states into grants rather than loans. In the future, it is estimated that Rs 1.5 trillion more would be granted in FY25, bringing the total to Rs ______________ trillion from FY21 to FY25.

(a) 3.2

(b) 3.5

(d) 3.7

(e) 3.9

9) According to a Business Standard article, the richest man in Asia, Mukesh Ambani, has topped ‘The 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses List’. What firm comes in second on the list?

(a) Bajaj

(b) JSW

(d) Wipro

(e) DLF

10) In his capacity as Director (Refinery) of Mangalore Refinery and Petrochemicals Ltd. (MRPL), Nandakumar Velayudhan Pillai assumed leadership. Which firm is the parent company of the MRPL?

(a) IOL

(b) OIL

(d) BPCL

(e) HPCL

11) The Director General of Hospital Services (Armed Forces) is replaced by Vice Admiral Anupam Kapur. What year was Vice Admiral Kapur commissioned into the Indian Navy?

(a) 1986

(b) 1987

(d) 1989

(e) 1985

12) The Securities and Exchange Board of India approves Praveena Rai as the new MD and CEO of the Multi Commodity Exchange. The seat has been vacant for three months since the conclusion of who?

(a) PS Reddy

(b) SK Mohan

(d) AK Tiyagi

(e) PP Ganesh

13) The Competition Commission of India has approved the full acquisition of ATC Telecom Infrastructure by Data Infrastructure Trust (DIT) and related transactions. Which year’s Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations applied to a DIT?

(a) 2011

(b) 2012

(d) 2015

(e) 2016

14) The Competition Commission of India (CCI) has approved Re Sustainability Limited’s (ReSL) restructure, which includes its subsidiaries and joint ventures. Which year was the Foreign Venture Capital Investor Regulations published by SEBI?

(a) 2001

(b) 2000

(d) 2005

(e) 2007

15) The Competition Commission of India has approved Highway Infrastructure Trust’s acquisition of a 100% equity stake and control in_______ special purpose entities of PNC Infratech and PNC Infra Holdings.

(a) 11

(b) 10

(d) 13

(e) 15

16) The Competition Commission of India has approved 360 ONE Private Equity Fund’s acquisition of a stake in Vastu Housing Finance Corporation Ltd. Which business is 360 ONE Private Equity Fund (360 Fund) registered with?

(a) SIDBI

(b) SEBI

(d) NHB

(e) IRDAI

17) In October 2024, India will host the ISSF World Cup Final (WCF) at the Karni Singh Ranges, including elite shooters from across the world. This is the _____ international shooting tournament hosted by India.

(a) 7th

(b) 8th

(d) 10th

(e) 12th

18) In the Paris 2024 Olympics Javelin Event, Neeraj Chopra takes second place behind Arshad Nadeem of which nation?

(a) US

(b) China

(d) Norway

(e) Pakistan

19) Every year on August 10th, there is a worldwide celebration known as World Lion Day. Which year did “World Lion Day” debut, and the first Lion Day take place?

(a) 2012

(b) 2013

(d) 2014

(e) 2011

20) Every year World Biofuel Day is commemorated annually on August 10th. Since _________, India has observed World Biofuel Day.

(a) 2012

(b) 2013

(d) 2014

(e) 2011

Answers :

1) Answer: D

Short Explanation:

The Reserve Bank of India (RBI) has raised the upper limit for tax payments through the Unified Payments Interface (UPI) from Rs 1 lakh to Rs 5 lakh per transaction.

UPI Growth:UPI payments reported a 45% year-on-year growth, according to the National Payment Corporation of India (NPCI).

Detailed Explanation:

The Reserve Bank of India (RBI) has raised the upper limit for tax payments through the Unified Payments Interface (UPI) from Rs 1 lakh to Rs 5 lakh per transaction.

This move is aimed at boosting digital payments and facilitating larger transactions, particularly for tax payments.

The decision was made during the 50th meeting of the Monetary Policy Committee (MPC).

Introduction of ‘Delegated Payments’:The RBI introduced a new UPI feature called ‘Delegated Payments.’

This feature allows a primary user to authorize a secondary user to conduct UPI transactions within a set limit from the primary user’s bank account, expanding the functionality and reach of digital payments.

UPI Growth:UPI payments reported a 45% year-on-year growth, according to the National Payment Corporation of India (NPCI).

2) Answer: D

Short Explanation:

The Reserve Bank of India (RBI) has decided to increase the frequency of reporting of credit information by lenders, including Banks and Non Banking Finance Companies (NBFCs), to Credit Information Companies (CICs) from monthly intervals to fortnightly basis or shorter intervals.

This will be effective from January 1, 2025.

Detailed Explanation:

This will be effective from January 1, 2025.

Benefits:For Borrowers: Faster updation of credit information, especially after loan repayments.

For Lenders: Improved risk assessment of borrowers and reduced risk of borrower over-leveraging.

CIC Requirements : CICs will now be required to ingest credit information/ data received from the CIs, as per their data acceptance rules, within 5 calendar days (against 7 calendar days earlier) of its receipt from the CIs.

3) Answer: A

Short Explanation:

India’s foreign exchange reserves reached an all-time high of $675 billion as of August 2, 2024, indicating strong external sector performance.

The previous all-time high was $670.86 billion as of July 19.

Detailed Explanation:

India’s foreign exchange reserves reached an all-time high of $675 billion as of August 2, 2024, indicating strong external sector performance.

The previous all-time high was $670.86 billion as of July 19.

Recent data showed that the reserves dipped by $3.47 billion to $667.39 billion for the week ending on July 26, 2024.

Rupee Stability: The Indian Rupee remained largely range-bound in August, with the exchange rate at 83.93 against the US dollar as of August 8, 2024.

Foreign Portfolio Investment (FPI):Net Buyers: Foreign portfolio investors turned net buyers in the domestic market, with net inflows of $9.7 billion from June to August 6, reversing earlier outflows of $4.2 billion in April and May.

4) Answer: B

Short Explanation:

The Reserve Bank of India (RBI) has proposed continuous clearing of cheques under the Cheque Truncation System (CTS) with ‘on-realisation-settlement’, replacing the current two-working-day clearing cycle.

The clearing cycle will be reduced from the current T+1 days to just a few hours.

Detailed Explanation:

Presently, cheque clearing through CTS operates in a batch processing mode, taking up to T+1 days for settlement.

The transition to continuous clearing will allow cheques to be scanned, presented, and processed continuously during business hours.

Benefits:The new system aims to improve the efficiency of cheque clearing, reduce settlement risks for participants, and enhance customer experience.

The clearing cycle will be reduced from the current T+1 days to just a few hours.

5) Answer: C

Short Explanation:

The Insolvency and Bankruptcy Board of India (IBBI) has issued guidelines for the Committee of Creditors (CoC) to facilitate timely resolution and maximise the value of the corporate debtor’s assets.

Current CIRP Duration and Recovery Rates:According to IBBI, the average CIRP duration is 679 days, compared to the standard timeline of 330 days, which erodes asset value.

Detailed Explanation:

Inclusion of Belated Claims: The CoC can recommend the inclusion of belated claims deemed acceptable by the Resolution Professional (RP), likely reducing litigation.

Responsibilities:CoC members are required to share audit reports, valuation reports, and other relevant documents with the RP to enhance efficiency in the CIRP.

Impact of Guidelines:These self-regulating guidelines are expected to reduce delays, bolster confidence in the insolvency system, and help in completing CIRP in a time-bound manner.

Current CIRP Duration and Recovery Rates:According to IBBI, the average CIRP duration is 679 days, compared to the standard timeline of 330 days, which erodes asset value.

6) Answer: C

Short Explanation:

The Indian government is considering launching a new mission to promote Carbon Capture Utilisation and Storage (CCUS) technologies.

Japan: Working on large-scale projects to capture 13 tonnes of CO2 per year by 2030.

Detailed Explanation:

The Indian government is considering launching a new mission to promote Carbon Capture Utilisation and Storage (CCUS) technologies.

The initiative aims to collaborate with industry and academia to develop an India-specific CCUS ecosystem.

US: Announced $1.7 billion for carbon capture projects in 2023.

Japan: Working on large-scale projects to capture 13 tonnes of CO2 per year by 2030.

7) Answer: B

Short Explanation:

Agtech start-up Svastha Ecoharvest is preparing to export India’s first Sona Masoori brown rice consignment to Europe.

Traditionally, rice exports from India to Europe have been limited to Basmati.

Detailed Explanation:

Agtech start-up Svastha Ecoharvest is preparing to export India’s first Sona Masoori brown rice consignment to Europe.

Traditionally, rice exports from India to Europe have been limited to Basmati.

In response to farmers’ prevalent and often unguided use of chemicals, Svastha Ecoharvest has implemented a technological action plan.

This plan ensures that the rice meets the Maximum Residue Level (MRL) standards, even accounting for potential future revisions.

8) Answer: D

Short Explanation:

The Centre may convert trillions of rupees given to states into grants, rather than loans. Grants do not need to be repaid.

Future Assistance:Estimated Rs 1.5 trillion more to be given in FY25, totaling Rs 3.7 trillion from FY21-FY25.

Detailed Explanation:

The Centre may convert trillions of rupees given to states into grants, rather than loans. Grants do not need to be repaid.

Total Given: Rs 2.17 trillion released under the ‘Scheme for Special Assistance to States for Capital Expenditure’ since its launch.

Future Assistance:Estimated Rs 1.5 trillion more to be given in FY25, totaling Rs 3.7 trillion from FY21-FY25.

Insolvency Concerns: Defaulting promoters are not allowed to re-bid for their own companies to prevent unfair practices.

Agriculture Support: Increased funds allocated to agriculture and allied sectors.

9) Answer: A

Short Explanation:

Ambani Family (Reliance Industries)

Valuation: ₹25.75 lakh crore

Sector: Energy, Retail, Infrastructure

Note: The Ambani family business, led by Mukesh Ambani, tops the list, with a valuation equal to 10% of India’s GDP.

Bajaj Family (Bajaj Group)

Valuation: ₹7.13 lakh crore

Sector: Automotive

Leader: Niraj Bajaj

Location: Pune

Detailed Explanation:

Top 5 Family Businesses:

Ambani Family (Reliance Industries)

Valuation: ₹25.75 lakh crore

Sector: Energy, Retail, Infrastructure

Note: The Ambani family business, led by Mukesh Ambani, tops the list, with a valuation equal to 10% of India’s GDP.

Bajaj Family (Bajaj Group)

Valuation: ₹7.13 lakh crore

Sector: Automotive

Leader: Niraj Bajaj

Location: Pune

Birla Family (Aditya Birla Group)

Valuation: ₹5.39 lakh crore

Leader: Kumar Mangalam Birla

Jindal Family (JSW Group)

Valuation: ₹4.71 lakh crore

Leader: Sajjan Jindal

Nadar Family (HCL Technologies)

Valuation: ₹4.30 lakh crore

Leader: Roshni Nadar Malhotra

Note: Roshni Nadar Malhotra is the only woman in the top 10.

10) Answer: C

Short Explanation:

Nandakumar Velayudhan Pillai took charge as Director (Refinery) of Mangalore Refinery and Petrochemicals Ltd. (MRPL).

MRPL, is a division of Oil and Natural Gas Corporation (ONGC) which is under the ownership of the Ministry of Petroleum and Natural Gas of the Government of India

Detailed Explanation:

Nandakumar Velayudhan Pillai took charge as Director (Refinery) of Mangalore Refinery and Petrochemicals Ltd. (MRPL).

Pillai is a seasoned refining industry expert with over 30 years of experience.

He served as Group General Manager (Corporate Strategy) before taking over as the Director.

MRPL, is a division of Oil and Natural Gas Corporation (ONGC) which is under the ownership of the Ministry of Petroleum and Natural Gas of the Government of India

11) Answer: B

Short Explanation:

Surgeon Vice Admiral Anupam Kapur has assumed the role of Director General Hospital Services (Armed Forces) at the office of the Director General Armed Forces Medical Services.

Vice Admiral Kapur was commissioned into the Indian Navy on June 27, 1987.

Detailed Explanation:

Surgeon Vice Admiral Anupam Kapur has assumed the role of Director General Hospital Services (Armed Forces) at the office of the Director General Armed Forces Medical Services.

Vice Admiral Kapur was commissioned into the Indian Navy on June 27, 1987.

He has also commanded premier Indian Navy hospitals, INHS Asvini and INHS Sanjivani.

In recognition of his distinguished service, Surgeon Vice Adm Kapur has been awarded the Nao Sena Medal.

12) Answer: A

Short Explanation:

The Securities and Exchange Board of India (SEBI) has approved Praveena Rai’s appointment as the Managing Director (MD) and Chief Executive Officer (CEO) of the Multi Commodity Exchange (MCX), India’s largest commodity exchange.

The position had been vacant for three months following the conclusion of PS Reddy’s five-year term as CEO on May 9, 2024.

Detailed Explanation:

The position had been vacant for three months following the conclusion of PS Reddy’s five-year term as CEO on May 9, 2024.

Praveena Rai was previously the Chief Operating Officer (COO) of the National Payments Corporation of India (NPCI).

13) Answer: C

Short Explanation:

DIT is an infrastructure investment trust registered under the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014.

Detailed Explanation:

The Competition Commission of India (CCI) has approved the proposed acquisition of 100% of the share capital of ATC Telecom Infrastructure Private Limited (ATC India) by Data Infrastructure Trust (DIT) and certain inter-connected transactions.

DIT is an infrastructure investment trust registered under the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014.

14) Answer: B

Short Explanation:

The Competition Commission of India (CCI) has approved the restructuring of Re Sustainability Limited (ReSL), including its subsidiaries and joint ventures.

Metropolis: Metropolis is an investment company incorporated under the laws of Singapore and has been registered as a Foreign Venture Capital Investor under the SEBI (Foreign Venture Capital Investor) Regulations, 2000.

Detailed Explanation:

The Competition Commission of India (CCI) has approved the restructuring of Re Sustainability Limited (ReSL), including its subsidiaries and joint ventures.

ReSL: Engaged in industrial waste management, municipal solid waste management, bio-medical waste management, operation of waste-to-energy plants, and recycling in India.

MWML: A wholly owned subsidiary of ReSL, which will amalgamate into ReSL and cease to exist as an independent entity.

RSSPL: A newly incorporated company that will house the demerged businesses but currently has no business activities in India.

15) Answer: C

Short Explanation:

The Competition Commission of India (CCI) has approved the acquisition of 100% equity stake, management and control in 12 special purpose vehicles of PNC Infratech Limited and PNC Infra Holdings (PNC SPVs/Targets) by Highway Infrastructure Trust (Acquirer Trust).

Detailed Explanation:

Acquirer Trust:Highway Infrastructure Trust is an irrevocable trust under the Indian Trusts Act, 1882, and registered as an infrastructure investment trust with the Securities and Exchange Board of India (SEBI) under the SEBI (Infrastructure Investment Trusts) Regulations, 2014.

Highway Concessions One Private Limited (HC One) is the investment manager of the Acquirer Trust.

16) Answer: B

Short Explanation:

The Competition Commission of India (CCI) has approved the acquisition by 360 ONE Private Equity Fund in Vastu Housing Finance Corporation Limited (VHFCL).

360 ONE Private Equity Fund (360 Fund) is registered with the Securities and Exchange Board of India (SEBI) as a Category II Alternative Investment Fund.

Detailed Explanation:

The Competition Commission of India (CCI) has approved the acquisition by 360 ONE Private Equity Fund in Vastu Housing Finance Corporation Limited (VHFCL).

360 ONE Private Equity Fund (360 Fund) is registered with the Securities and Exchange Board of India (SEBI) as a Category II Alternative Investment Fund.

The fund is established for investing in various sectors both in India and globally.

360 ONE Alternates Asset Management Limited (360 AAML) is the investment manager of the 360 Fund.

360 AAML is a wholly owned subsidiary and is ultimately controlled by 360 ONE WAM Limited (360 OWL)

17) Answer: D

Short Explanation:

India will host the ISSF World Cup Final (WCF) at the Karni Singh Ranges in October 2024, bringing together the world’s top shooters.

This marks the 10th international shooting competition hosted by India since the 10th Asian Air Gun Championship in 2015, and the second ISSF World Cup Final, with the first held in 2017.

Detailed Explanation:

India will host the ISSF World Cup Final (WCF) at the Karni Singh Ranges in October 2024, bringing together the world’s top shooters.

The ISSF World Cup Final in India was announced during the Paris Olympics by ISSF President Luciano Rossi in Châteauroux.

This marks the 10th international shooting competition hosted by India since the 10th Asian Air Gun Championship in 2015, and the second ISSF World Cup Final, with the first held in 2017.

In 2023, Bhopal hosted its first ISSF World Cup.

18) Answer: E

Short Explanation:

Neeraj Chopra achieved his season-best throw of 89.45 meters on his second attempt at the Paris 2024 Olympics held at the Stade de France.

After an initial foul, Neeraj’s impressive second throw positioned him in second place behind Pakistan’s Arshad Nadeem.

Detailed Explanation:

Neeraj Chopra achieved his season-best throw of 89.45 meters on his second attempt at the Paris 2024 Olympics held at the Stade de France.

After an initial foul, Neeraj’s impressive second throw positioned him in second place behind Pakistan’s Arshad Nadeem.

Neeraj Chopra ultimately secured the silver medal, while Arshad Nadeem won the gold, concluding a competitive javelin event at the Olympics.

19) Answer: B

Short Explanation:

World Lion Day is an international annual event observed on the 10th of August.

Lion’s scientific name is ‘Panthera Leo’.

Another initiative ‘World Lion Day’ was launched and the first Lion Day was observed in 2013.

Detailed Explanation:

World Lion Day is an international annual event observed on the 10th of August.

Lion’s scientific name is ‘Panthera Leo’.

The Big Cat Initiative (BCI) was formed in 2009 and was initiated by Dereck and Beverly Joubert to protect the lions.

Another initiative ‘World Lion Day’ was launched and the first Lion Day was observed in 2013.

In India, the “Asiatic Lion Conservation Project” was launched by the Ministry of Environment, Forests, and Climate Change (MoEFCC) under Schedule 1 of the Wildlife (Protection) Act 1972.

20) Answer: C

Short Explanation:

Every year World Biofuel Day is observed on the 10th of August.

The theme for World Biofuel Day 2024 is “Sustainable Biofuels: Reducing Waste, Feeding Energy”

Since 2015, India has celebrated World Biofuel Day through the Ministry of Petroleum and Natural Gas (MoP&NG) and the Ministry of Environment, Forest and Climate Change (MoEFCC).

Detailed Explanation:

Every year World Biofuel Day is observed on the 10th of August.

The theme for World Biofuel Day 2024 is “Sustainable Biofuels: Reducing Waste, Feeding Energy”

World Biofuel Day 2024 is observed to honor Sir Rudolf Diesel for his research experiments.

Since 2015, India has celebrated World Biofuel Day through the Ministry of Petroleum and Natural Gas (MoP&NG) and the Ministry of Environment, Forest and Climate Change (MoEFCC).

This post was last modified on August 12, 2024 6:12 pm

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Daily Current Affairs Quiz – 10th August 2024

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