Daily Current Affairs Quiz – 21st August 2024

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Dear Readers, Daily Current Affairs Questions Quiz for SBI, IBPS, RBI, RRB, SSC Exam 2024 of 21st 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 percentage of the Q1 FY25 outflows under the Reserve Bank of India’s (RBI) Liberalized Remittance Scheme (LRS) decreased year over year to $6.9 billion from $9.1 billion in Q1 FY24?

(a) 22.35%

(b) 21.36%

(d) 24.39%

(e) 25.38%

2) According to a Reserve Bank of India (RBI) research, capital expenditure (capex) in the private sector is expected to increase from ₹1.59 trillion in FY24 to ₹2.45 trillion in FY25. What percentage is assigned to FY25?

(a) 20%

(b) 25%

(d) 35%

(e) 40%

3) According to Smt. Nirmala Sitharaman, the Union Minister of Finance and Corporate Affairs, presided over a review meeting of Regional Rural Banks (RRBs) in New Delhi. In FY24, how many regional rural banks (RRBs) reported a combined net profit of ₹7,796 crore, up 26% from ₹6,178 crore the previous year?

(a) 32

(b) 35

(d) 43

(e) 38

4) In the FY24 Report on Currency and Finance, “India’s Digital Revolution,” it is stated that what percentage of respondents to an RBI poll on digital payment knowledge and usage said they had never encountered fraud?

(a) 92.5%

(b) 91.5%

(d) 94.5%

(e) 95.5%

5) How many different financial institutions has ICICI Lombard General Insurance partnered with for bancassurance?

(a) 5

(b) 6

(d) 8

(e) 9

6) The main creditors in the Jaiprakash Associates (JAL) bankruptcy case are State Bank of India (SBI), ICICI Bank, and IDBI Bank. These banks each have substantial claims. In which year was JAL among the 26 defaulters who were ordered to go through the bankruptcy procedure by the Reserve Bank of India (RBI)?

(a) 2015

(b) 2014

(d) 2017

(e) 2019

7) The National Payments Corporation of India (NPCI) has added a new function named ‘UPI Circle-Delegate Payments’ to its Unified Payments Interface (UPI) platform. According to UPI- Circle, which of the following assertions is incorrect?

(a) The Reserve Bank of India (RBI) introduced this facility during its August Monetary Policy Committee (MPC) meeting.

(b) A primary user can delegate access to up to 10 secondary users.

(d) Maximum per transaction limit of approximately ₹5,000.

(e) Maximum monthly limit of approximately ₹15,000 per delegation.

8) The government has presented the Banking Laws (Amendment) Bill, 2024, which wants to raise the number of nominees per bank account from one to four, among other things. Under the Banking Regulation Act, considerable interest in a firm is defined as having shares worth more than 5 lakh rupees or what percentage of the company’s paid-up capital?

(a) 5%

(b) 6%

(d) 10%

(e) 12%

9) In the face of global market challenges, India plans to extend key export promotion schemes. India’s goods exports increased by what percentage year on year to $144.12 billion between April and July 2024-25?

(a) 4.10%

(b) 4.12%

(d) 4.18%

(e) 4.20%

10) Which nation has successfully benefited from the export of India’s first ready-to-drink fig juice, produced from GI-tagged Purandar figs, thanks to the Agricultural and Processed Food Products Export Development Authority (APEDA)?

(a) Finland

(b) Poland

(d) Thailand

(e) Hong Kong

11) Which state hosted the opening of India’s first totally digital court, “24*7 ONCOURTS,” by Supreme Court Justice Bhushan Ramkrishna Gavai, specifically to handle instances involving bounced checks?

(a) Karnataka

(b) Kerala

(d) Gujarat

(e) West Bengal

12) On __________, which is also Ukraine’s National Flag Day, Modi will visit that country.

(a) August 22

(b) August 21

(d) August 24

(e) August 25

13) Approximately how many megawatts of power will Nepal be exporting to India, representing a new high in the two countries’ energy cooperation?

(a) 2500

(b) 2000

(d) 1000

(e) 500

14) UAE Launches Center for Industrial Competencies with BRICS Partners. At the _____ BRICS Industry Ministers Meeting, the statement was made.

(a) 7th

(b) 8th

(d) 10th

(e) 6th

15) Which nation honours its 79th anniversary of independence with a ceremony held in Nusantara, the unfinished future capital?

(a) Germany

(b) Indonesia

(d) Australia

(e) Canada

16) In the Indian debt market, Foreign Portfolio Investors (FPIs) have achieved a significant milestone: as of mid-August 2024, their net investments exceeded how much lakh crore?

(a) Rs.2lakh crore

(b) Rs.1lakh crore

(d) Rs.4lakh crore

(e) Rs.5lakh crore

17) What is the amount of money that listed firms in India did not spend on Corporate Social Responsibility (CSR) for the fiscal year 2022–2023 (FY23) compared to the five-year high of?

(a) Rs.1275crore

(b) Rs.1375crore

(d) Rs.1575crore

(e) Rs.1675crore

18) How many nations’ leaders released a statement together to mark the anniversary of their Camp David summit?

(a) 4

(b) 5

(d) 7

(e) 3

19) Which bank has been promised a 51% share in the future Navi Mumbai International Airport (NMIAL) by the Adani Group-controlled Mumbai International Airport Ltd (MIAL)?

(a) Asian Development bank

(b) State bank of India

(d) HDFC bank

(e) ICICI bank

20) The ‘Bharat’ battery cell of an indigenous ____________ cell was launched by Ola Electric, the winner of the Center’s flagship Rs 18,100 crore production-linked incentive (PLI) initiative for advanced chemical cells (ACC).

(a) 4670

(b) 4680

(d) 4690

(e) 4610

21) By 2026, Bhavish Aggarwal’s Krutrim is expected to develop and release its first AI chip.Out of the following pairs, which one is wrong?

(a) Bodhi – AI

(b) Sarv – general computing

(d) Only A

(e) All the above are correctly paird

22) At the LIV Golf Greenbrier, Brooks Koepka defeated Jon Rahm in a playoff to win his ______career LIV Golf victory.

(a) 1st

(b) 2nd

(d) 4th

(e) 5th

23) Which sports category does Ilkay Gündoğan belong into?

(a) Golf

(b) Football

(d) Cricket

(e) Archery

24) Former Director General Girish Sahni of the Council of Scientific and Industrial Research passed away. Which year did he take over as its director, a role he retained until he was named director-general of the CSIR?

(a) 2005

(b) 2004

(d) 2002

(e) 2006

25) By the end of 2024, how many official languages will be supported by Krutrim’s multilingual large language models (LLM) with support for over ten Indian languages?

(a) 19

(b) 23

(d) 21

(e) 22

Answers :

1) Answer: D

Short Explanation:

Outward remittances under the Reserve Bank of India’s (RBI’s) Liberalised Remittance Scheme (LRS) dropped by 24.39% year-on-year to $6.9 billion in Q1 FY25, compared to $9.1 billion in the same period the previous year.

June 2024 Remittances: Overall remittances in June 2024 fell by around 44% year-on-year to $2.18 billion, with declines observed across most categories.

Detailed Explanation:

June 2024 Remittances: Overall remittances in June 2024 fell by around 44% year-on-year to $2.18 billion, with declines observed across most categories.

About LRS scheme : The LRS scheme, introduced in 2004, allows resident individuals to remit up to $250,000 per financial year for permissible current or capital account transactions.

Category-wise Remittance Declines:International Travel: Dropped by 6% to $3.8 billion in Q1 FY25 from $4.07 billion in Q1 FY24.

Maintenance of Relatives: Fell by 46% year-on-year to $983.2 million.

Gifts: Decreased by nearly 41% to $811.9 million.

Investments in Equity and Debt: Declined to $318.02 million from $503.73 million.

Deposits: Dropped by 61% year-on-year to $164.7 million.

Overseas Education: Decreased by nearly 14% to $596.08 million.

Categories with Increases:Medical Treatment: Rose by 43.5% year-on-year to $24.46 million.

Donations: Increased by 3.6% to $4.29 million.

2) Answer: C

Short Explanation:

The Reserve Bank of India (RBI) study forecasts that private sector capital expenditure (capex) could rise to ₹2.45 trillion in FY25, up from ₹1.59 trillion in FY24.

Record Sanctioned Projects:In FY24, banks and financial institutions sanctioned projects totaling a record ₹3.90 trillion.

54% of this amount was planned to be invested by the end of FY23.

30% is earmarked for FY25.

The remaining 16% is projected for subsequent years.

Detailed Explanation:

The Reserve Bank of India (RBI) study forecasts that private sector capital expenditure (capex) could rise to ₹2.45 trillion in FY25, up from ₹1.59 trillion in FY24.

Record Sanctioned Projects:In FY24, banks and financial institutions sanctioned projects totaling a record ₹3.90 trillion.

54% of this amount was planned to be invested by the end of FY23.

30% is earmarked for FY25.

The remaining 16% is projected for subsequent years.

Financing Channels : The other channels of financing include borrowing through the external commercial borrowing (ECB) route and the initial public offering (IPO) route.

Sectoral Investment Focus :According to the RBI, the infrastructure sector continued to attract the major share of envisaged capital investment, led by the ‘roads & bridges’ and ‘power’ sectors, reflecting the government’s push towards infrastructure development.

3) Answer: D

Short Explanation:

Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman chaired a review meeting of Regional Rural Banks (RRBs) in New Delhi.

Financial Performance:43 regional rural banks (RRBs) posted a consolidated net profit of ₹7,796 crore in FY24, up 26% from ₹6,178 crore in FY23, brightening prospects for some to tap the capital market, including through an initial public offering (IPO).

Detailed Explanation:

Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman chaired a review meeting of Regional Rural Banks (RRBs) in New Delhi.

Meeting Focus:The review meeting included all 43 RRBs and concentrated on:

Business performance

Upgrading digital technology services

Fostering business growth in MSME clusters

The consolidated net profit of 40 RRBs in FY2024 was ₹7,571 crore, an all-time high, according to the National Bank for Agriculture and Rural Development’s (NABARD) annual report.

Historical Performance:37 RRBs reported a consolidated net profit of ₹4,974 crore in FY23.

4) Answer: D

Short Explanation:

Fintech Association of India (FACE) has asked its members to explore joining the Citizen Financial Cyber Fraud Reporting and Management System (CFCFRMS) – part of the National Cybercrime Reporting Portal.

RBI’s Survey on Digital Payment Fraud : The Report on Currency and Finance FY24 themed ‘India’s Digital Revolution State that , according to an RBI survey on awareness and use of digital payments, 94.5% users held that they had not experienced any fraud.

Detailed Explanation:

Nodal Officer Appointment:FACE members are advised to appoint a nodal officer to handle customer grievances and collaborate with law enforcement to prevent fraud.

Significance for FACE : The move is significant on the part of FACE and should be seen in the context of it being an applicant to become a self-regulatory organisation (SRO) among fintech lenders.

RBI’s Digital Payments Intelligence Platform (DPIP) : It may be recalled that the RBI is also to set up a DPIP to harness advanced technologies to mitigate payment-fraud risks.

Committee for DPIP : A committee has been set up under the chairmanship of A P Hota, former managing director and chief executive officer of the National Payments Corporation of India, which is expected to give its recommendations within two months.

5) Answer: C

Short Explanation:

ICICI Lombard General Insurance has teamed up with 7 different financial institutions for bancassurance partnerships.

Detailed Explanation:

ICICI Lombard General Insurance has teamed up with 7 different financial institutions for bancassurance partnerships.

The move is expected to expand its distribution network and make insurance more accessible to customers across the country.

The 7 financial institutions are

Aye Finance

Bandhan Bank

Karnataka Bank

Muthoot Mini

Nivara Home Finance Private Limited

NSDL Payment Bank

The Andhra Pradesh State Co-operative Bank.

Bancassurance is an insurance distribution model where insurance companies partner with banks to sell policies.

6) Answer: D

Short Explanation:

State Bank of India (SBI), ICICI Bank, and IDBI Bank are the primary creditors, holding significant claims in the Jaiprakash Associates (JAL) insolvency case.

Background of Insolvency:JAL was one of 26 defaulters that the Reserve Bank of India (RBI) directed to be taken to the bankruptcy process in 2017.

Detailed Explanation:

State Bank of India (SBI), ICICI Bank, and IDBI Bank are the primary creditors, holding significant claims in the Jaiprakash Associates (JAL) insolvency case.

Total admitted claims amount to over ₹51,000 crore, making it one of the largest insolvency cases since the Insolvency and Bankruptcy Code (IBC) was enacted in 2016.

Breakdown of Claims:As of July, financial creditors, including homebuyers, are owed ₹51,510 crore.

SBI is the largest creditor with claims of approximately ₹15,500 crore, accounting for 30% of the total debt.

ICICI Bank holds 18% of the debt, and IDBI Bank holds 11%.

Together, these three banks hold nearly 60% of the debt.

Background of Insolvency:JAL was one of 26 defaulters that the Reserve Bank of India (RBI) directed to be taken to the bankruptcy process in 2017.

7) Answer: B

Short Explanation:

The National Payments Corporation of India (NPCI) has launched a new feature called ‘UPI Circle-Delegate Payments’ on its Unified Payments Interface (UPI) platform.

Compliance:Members must adhere to RBI guidelines on ‘Harmonisation of Turn Around Time’ and customer compensation for failed transactions using authorized payment systems.

Detailed Explanation:

The National Payments Corporation of India (NPCI) has launched a new feature called ‘UPI Circle-Delegate Payments’ on its Unified Payments Interface (UPI) platform.

Functionality:UPI Circle-Delegate Payments lets primary users delegate transaction rights to secondary users on their UPI app for either partial or full delegation.

Delegated Payments enable the primary user to set a UPI transaction limit for the secondary user.

Regulatory Approval:The Reserve Bank of India (RBI) introduced this facility during its August Monetary Policy Committee (MPC) meeting.

Delegation Limits:A primary user can delegate access to up to 5 secondary users.

A secondary user can accept delegation from only one primary user.

Transaction Limits:Full Delegation:Maximum monthly limit of approximately ₹15,000 per delegation.

Maximum per transaction limit of approximately ₹5,000.

Partial Delegation : Existing UPI limits shall be applicable in case of partial delegation.

Compliance:Members must adhere to RBI guidelines on ‘Harmonisation of Turn Around Time’ and customer compensation for failed transactions using authorized payment systems.

8) Answer: D

Short Explanation:

The Government introduced the Banking Laws (Amendment) Bill, 2024 which seeks to increase the option for nominees per bank account to four, from existing one, among others.

Tenure of Directors in Cooperative Banks : The bill proposes extending the tenure of directors (excluding the chairman and whole-time director) in cooperative banks from 8 years to 10 years, aligning with the Constitution (Ninety-Seventh Amendment) Act, 2011.

Substantial Interest Definition : Under the Banking Regulation Act, substantial interest in a company refers to holding shares of over 5 lakh rupees or 10% of the paid-up capital of the company, whichever is less.

Detailed Explanation:

The Government introduced the Banking Laws (Amendment) Bill, 2024 which seeks to increase the option for nominees per bank account to four, from existing one, among others.

Amended Laws:

Reserve Bank of India (RBI) Act, 1934

Banking Regulation Act, 1949

State Bank of India (SBI) Act, 1955

Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970

Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980

Cash Reserve Maintenance : Under the RBI Act, scheduled banks must maintain a certain level of average daily balance with the RBI as cash reserves.

The Bill changes the definition of fortnight to the period from 15th and last day of each month, instead of the second and fourth Fridays.

It also changes this definition under the Banking Regulation Act where non-scheduled banks are required to maintain cash reserves.

The Bill amends this to increase the threshold to 2 crore rupees.

9) Answer: C

Short Explanation:

To support exporters in maintaining their competitiveness in a challenging global market, the Indian government is likely to extend two critical export promotion measures: the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme and the Interest Equalisation Scheme (IES).

Export Performance: India’s goods exports grew by 4.15% year-on-year to $144.12 billion in the April-July 2024-25 period.

Detailed Explanation:

RoDTEP Scheme:

Current Status: The RoDTEP scheme, which reimburses embedded input duties and taxes paid during the manufacture of exported products, is set to expire on September 30, 2024.

Expected Extension: The scheme is likely to be extended for all 10,000-plus product lines currently covered, ensuring continued support for exporters.

RoSCTL Scheme:

Textile Focus: The RoSCTL (Rebate of State & Central Taxes and Levies) scheme, which supports the export of made-up articles and garments, is similar to RoDTEP but specific to the textile sector.

Funding Availability: Due to flat textile exports this year, there may be an additional ₹800 crore available, which could potentially be redirected to support the RoDTEP scheme.

Current Status: The IES, which subsidizes loan interest rates for exporters, lapsed for non-MSME sectors on June 30, 2024. MSMEs received a two-month extension, which ends this month.

Export Performance: India’s goods exports grew by 4.15% year-on-year to $144.12 billion in the April-July 2024-25 period. However, exports in July saw a 1.4% dip to $33.98 billion, influenced by global geopolitical tensions and rising protectionism

10) Answer: B

Short Explanation:

The Agricultural and Processed Food Products Export Development Authority (APEDA) has successfully facilitated the export of India’s first ready-to-drink fig juice, made from GI-tagged Purandar figs, to Poland.

Detailed Explanation:

Known for their distinct taste and texture, Purandar figs are rich in pulp, vitamins, and minerals.

The figs have a sweet flavour and an attractive violet colour, with their quality attributed to the region’s red-black soil, favourable climatic conditions, and salt-free well irrigation techniques.

The fig juice, produced by Purandar Highlands Farmers Producer Company Ltd., won an award at Macfrut 2024, highlighting its potential in the international market.

The shipment, flagged off by APEDA Chairman Abhishek Dev, departed on August 1, 2024, via Hamburg port in Germany, marking a significant achievement in promoting India’s unique agro-products globally.

11) Answer: B

Short Explanation:

India’s first fully digital court, named “24*7 ONCOURTS,” dedicated to handling cheque bounce cases, was inaugurated in Kollam, Kerala, by Justice Bhushan Ramkrishna Gavai of the Supreme Court.

Detailed Explanation:

This pioneering initiative marks a significant leap in the digitalization of India’s judiciary, aiming to streamline court processes and reduce case backlogs.

The digital court automates the entire lifecycle of a case—from filing, registration, and admission to appearances, hearings, and the final judgment. This seamless process is expected to significantly enhance judicial efficiency.

Focus on Cheque Bounce Cases: Cheque bounce cases, which account for approximately 10% of all cases in the judiciary, will be the primary focus. The automation of these cases is anticipated to reduce pendency and increase productivity.

12) Answer: C

Short Explanation:

In a significant diplomatic move, Prime Minister Narendra Modi is set to visit Kyiv on August 23, marking the first official visit by an Indian Prime Minister to Ukraine since establishing diplomatic ties over 30 years ago.

Dates: Modi will travel to Ukraine on August 23, coinciding with Ukraine’s National Flag Day.

Detailed Explanation:

This visit comes as India expresses its willingness to contribute to finding a peaceful solution to the ongoing conflict in Ukraine.

Dates: Modi will travel to Ukraine on August 23, coinciding with Ukraine’s National Flag Day.

Preceding Visit: Before arriving in Ukraine, Modi will spend two days in Poland on August 21 and 22.

Travel Logistics: The Prime Minister will travel by train from Poland to Kyiv, a journey that will take approximately 10 hours each way.

13) Answer: D

Short Explanation:

Nepal is set to export close to 1,000 MW of electricity to India, marking a new milestone in the energy collaboration between the two nations.

7th India-Nepal Joint Commission Meeting: Earlier this year, Jaishankar visited Kathmandu to co-chair the 7th India-Nepal Joint Commission meeting, where discussions on trade, connectivity, and defence cooperation took place.

Detailed Explanation:

Nepal is set to export close to 1,000 MW of electricity to India, marking a new milestone in the energy collaboration between the two nations.

Energy: Agreement on electricity exports.

Trade and Connectivity: Enhancements in bilateral trade and infrastructure connectivity.

Infrastructure Development: Joint efforts to improve infrastructure, supporting economic growth.

Nepal’s Foreign Minister Arzu Rana Deuba: Discussed ways to strengthen bilateral cooperation across all sectors.

President Ramchandra Paudel and Prime Minister KP Sharma Oli: Focused on mutual interests and future collaborations.

Earthquake Reconstruction Aid: India pledged USD 1 billion for Nepal’s reconstruction after the 2015 earthquake, including grants and a line of credit, showcasing the depth of bilateral ties.

14) Answer: B

Short Explanation:

The UAE Ministry of Industry and Advanced Technology joined its BRICS counterparts on the launch of a Centre for Industrial Competences in cooperation with the United Nations Industrial Development Organisation (UNIDO) to support the development of Industrial skills and capabilities.

The declaration was made at the 8th BRICS Industry Ministers Meeting, bringing industry, trade and technology ministries together from the UAE, Russia, Brazil, China, Egypt, Ethiopia, India, Iran, and South Africa.

Detailed Explanation:

The meeting, chaired by Russia, takes place under the theme of “strengthening multilateralism for equitable global development and security”.

Commitment to SDGs: Under the declaration, the members emphasised their commitment to cooperating on industrial policy in support of the United Nations’ Sustainable Development Goals (SDGs), especially SDG 9 on industry, innovation and infrastructure, including the implementation of green technologies.

PartNIR Innovation Centre: The declaration recognized the role of the PartNIR (Partnership on New Industrial Revolution) Innovation Centre, which focuses on policy coordination, personnel training, and project development.

Support for Upcoming Meeting: Delegates expressed support for Brazil, which will host the 9th BRICS Industry Ministers Meeting in 2025.

BRICS Economic Forecast: Since the UAE joined BRICS in January 2024, projections suggest that BRICS could represent 45% of the global economy by 2040.

15) Answer: B

Short Explanation:

Indonesia marked 79 years of independence on August 17, 2024 with a ceremony in the unfinished future capital of Nusantara, which was planned to relieve pressure on Jakarta but whose construction has lagged behind schedule.

Environmental Issues in Jakarta: Jakarta faces severe pollution and is the world’s fastest sinking city.

Detailed Explanation:

Nusantara’s Construction Timeline: The construction of the new capital began in mid-2022, spread over an area of about 2,600 square km (1,000 square miles) carved out of Borneo’s jungle.

Located about 800 miles northeast of Jakarta, construction of Nusantara involves five phases, with the project scheduled for completion by 2045.

Environmental Issues in Jakarta: Jakarta faces severe pollution and is the world’s fastest sinking city.

Indonesia’s Economy: With a population of about 275 million, Indonesia is Southeast Asia’s largest economy.

16) Answer: B

Short Explanation:

Foreign Portfolio Investors (FPIs) have set a new milestone in the Indian debt market, with net investments exceeding ₹1 lakh crore as of mid-August 2024.

This significant achievement underscores the growing appeal of India’s debt instruments, especially following the country’s inclusion in JP Morgan’s Emerging Market government bond indices earlier this year.

Detailed Explanation:

Foreign Portfolio Investors (FPIs) have set a new milestone in the Indian debt market, with net investments exceeding ₹1 lakh crore as of mid-August 2024.

Record Investment: FPIs’ net inflows into the Indian debt market have reached ₹1,00,100 crore by August 16, 2024, a substantial increase from ₹28,181 crore during the same period last year.

August 2024 Performance: In August alone, net investments stood at ₹9,112 crore up to August 16, indicating sustained interest.

Annual Equity Investments: Despite this recent selling spree, FPIs have still managed a net investment of ₹14,365 crore into equities in 2024. However, this is a sharp decline compared to the ₹1,35,287 crore invested up to August last year

17) Answer: C

Short Explanation:

In the fiscal year 2022-23 (FY23), listed companies in India have recorded a significant shortfall in their Corporate Social Responsibility (CSR) spending, with a five-year high of ₹1,475 crore remaining unspent.

This amount represents the difference between the required and actual CSR expenditures.

Detailed Explanation:

This amount represents the difference between the required and actual CSR expenditures.

Total Required vs. Actual Spend: Listed companies were mandated to spend ₹15,787 crore on CSR activities for FY23, based on their net profits, turnover, and net worth. However, they spent only ₹15,602 crore, falling short by ₹185 crore.

Unspent Amount: The unspent amount of ₹1,475 crore represents the aggregate CSR shortfall by companies that spent less than the mandated sum.

Lowest Ratio in Five Years: Companies allocated ₹99 for every ₹100 required for CSR projects, the lowest ratio in the past five years. In FY2020, the ratio was ₹111 for every ₹100 mandated.

Average Spending per Company: On average, each listed company spent ₹11.29 crore on CSR in FY23, which is a 4% decrease from FY22 and a 9% decrease from FY21.

18) Answer: E

Short Explanation:

The leaders of South Korea, Japan, and the United States issued a joint statement, commemorating the anniversary of their summit at Camp David.

Detailed Explanation:

The leaders of South Korea, Japan, and the United States issued a joint statement, commemorating the anniversary of their summit at Camp David.

The statement, released by South Korea’s presidential office, reaffirmed the countries’ commitment to jointly address regional challenges.

Summit Anniversary: The statement marks one year since the Camp David summit when the leaders of South Korea, Japan, and the U.S. established principles for trilateral cooperation.

Ongoing Cooperation: The principles set during the summit continue to guide the three nations in their efforts to deepen military and economic ties, particularly in response to China’s rising influence and security threats from North Korea.

19) Answer: B

Short Explanation:

The Adani Group-controlled Mumbai International Airport Ltd (MIAL) has pledged a 51% stake in the upcoming Navi Mumbai International Airport (NMIAL) to the State Bank of India (SBI).

This move is linked to a substantial loan facility amounting to Rs 12,770 crore, sanctioned by SBI for the greenfield airport project.

Detailed Explanation:

The Adani Group-controlled Mumbai International Airport Ltd (MIAL) has pledged a 51% stake in the upcoming Navi Mumbai International Airport (NMIAL) to the State Bank of India (SBI).

This move is linked to a substantial loan facility amounting to Rs 12,770 crore, sanctioned by SBI for the greenfield airport project.

MIAL’s Stake: MIAL holds a 74% stake in NMIAL and is overseeing its development.

Project Timeline: The Navi Mumbai International Airport is expected to begin operations in the last quarter of FY 2024-25, delayed by three months from its original schedule.

Financial Closure: The Adani Group announced the financial closure for the NMIAL project in March 2022, with SBI underwriting the entire debt requirement of ₹12,770 crore.

Previous Financing Arrangement: A previous financing deal with Yes Bank worth ₹8,645 crore was cancelled, leading to the revised arrangement with SBI.

Projected Capacity: Upon completion, the Navi Mumbai airport is expected to handle 90 million passengers and 2.6 million tonnes of cargo annually by FY32.

20) Answer: B

Short Explanation:

Ola Electric, the winner of the Centre’s flagship Rs 18,100 crore production-linked incentive (PLI) scheme for advanced chemical cells (ACC), unveiled the ‘Bharat’ battery cell — an indigenous 4680 cell.

Detailed Explanation:

The phased approach begins with 5 GwH cell manufacturing in 2024, scaling up to 20 GwH by 2026, and aiming for 100 GwH by 2030.

He also announced that Ola Electric plans to start integrating the 4680 cell into its products by April 2025.

PLI Scheme Allocation: Ola Electric was awarded 20 GWh of the 50 GWh allocated under the ACC PLI scheme.

Pilot Production: Ola Electric has completed pilot production of approximately 10,000 cells and informed the Ministry of Heavy Industries (MHI), the nodal ministry for the ACC PLI.

Energy Density: The ‘Bharat’ cell offers five times more energy density than the 2170 cells currently used in Ola’s scooters.

21) Answer: E

Short Explanation:

Krutrim, the Artificial Intelligence (AI) startup founded by Bhavish Aggarwal, plans to launch its first AI chip, Bodhi 1, by 2026, followed by a superior Bodhi 2 in 2028.

Krutrim is developing a family of chips named “Bodhi” for AI, “Sarv” for general computing, and “Ojas” for Edge computing.

Detailed Explanation:

Krutrim, the Artificial Intelligence (AI) startup founded by Bhavish Aggarwal, plans to launch its first AI chip, Bodhi 1, by 2026, followed by a superior Bodhi 2 in 2028.

Krutrim is developing a family of chips named “Bodhi” for AI, “Sarv” for general computing, and “Ojas” for Edge computing.

Data Centre Expansion: Krutrim aims to scale up its data centre capacity to 1 GW by 2028, from the current 20 MW.

Ola Coins Loyalty Program: A loyalty program called Ola Coins has been launched, applicable across several Ola services.

It is powered by Krutrim’s multilingual large language models (LLM) and supports over 10 Indian languages, with plans to extend this to all 22 official languages by the end of 2024.

Ola Cabs Rebranding: Ola Cabs has been rebranded to Ola Consumer to reflect the company’s broader range of consumer services.

Krutrim’s Unicorn Status: Krutrim, launched in 2023, became India’s first AI unicorn in 2024 after raising $50 million at a $1 billion valuation.

22) Answer: E

Short Explanation:

Brooks Koepka secured his fifth career LIV Golf title, defeating Jon Rahm in a playoff at the LIV Golf Greenbrier.

This win, which marks Koepka’s first LIV victory since May, was achieved after a dramatic finish at the Old White course in White Sulphur Springs, West Virginia.

Detailed Explanation:

Brooks Koepka secured his fifth career LIV Golf title, defeating Jon Rahm in a playoff at the LIV Golf Greenbrier.

This win, which marks Koepka’s first LIV victory since May, was achieved after a dramatic finish at the Old White course in White Sulphur Springs, West Virginia.

Final Round Performance: Koepka shot a seven-under-par 63 in the final round, while Rahm recorded a 65. Both players finished the 54-hole tournament at 19-under 191.

Koepka’s Reflections: Koepka described this victory as his “favourite” due to the competitive nature of the battle with Rahm. Despite Rahm’s recent win at the 2023 Masters, Koepka emphasized that the outcome did not serve as added motivation.

Previous Victories: Koepka’s prior LIV wins were in Jeddah (2022, 2023), Orlando (2023), and Singapore. His major titles include the 2017 and 2018 US Opens and the 2018, 2019, and 2023 PGA Championships.

23) Answer: B

Short Explanation:

Ilkay Gündoğan, who captained Germany during Euro 2024 on home soil, officially retired from international football at 33.

Career Highlights: Gündoğan made his international debut for Germany in October 2011 against Belgium.

Detailed Explanation:

Ilkay Gündoğan, who captained Germany during Euro 2024 on home soil, officially retired from international football at 33.

Career Highlights: Gündoğan made his international debut for Germany in October 2011 against Belgium.

Over his career, he became a key player for the national team, known for his skilful midfield play.

Missed Tournaments: He was unable to participate in the 2014 World Cup and the 2016 European Championship due to injuries.

Flick, who is now Gündoğan’s coach at Barcelona, entrusted him with leading the team at Euro 2024.

24) Answer: A

Short Explanation:

Former director-general of the Council of Scientific and Industrial Research (CSIR), Girish Sahni, known for developing clot busters for treatment of cardiovascular diseases passed away at the age of 68.

Dr. Sahni joined the Institute of Microbial Technology (IMTECH), a CSIR laboratory in Chandigarh, in 1991.

He became its director in 2005, a position he held until he was appointed the CSIR director-general in 2015.

Detailed Explanation:

Dr. Sahni joined the Institute of Microbial Technology (IMTECH), a CSIR laboratory in Chandigarh, in 1991.

He became its director in 2005, a position he held until he was appointed the CSIR director-general in 2015.

He developed clot-specific streptokinase, a drug whose licensing rights were sold to Nostrum Pharmaceuticals in New Jersey, the U.S., in 2006 for $5 million.

25) Answer: E

Short Explanation:

Krutrim’s Unicorn Status: Krutrim, launched in 2023, became India’s first AI unicorn in 2024 after raising $50 million at a $1 billion valuation.

It is powered by Krutrim’s multilingual large language models (LLM) and supports over 10 Indian languages, with plans to extend this to all 22 official languages by the end of 2024

Detailed Explanation:

Krutrim’s Unicorn Status: Krutrim, launched in 2023, became India’s first AI unicorn in 2024 after raising $50 million at a $1 billion valuation.

Krutrim has also made strides in the consumer market by launching an Android app for its AI chatbot in May 2024.

The chatbot, which entered public beta in February 2024, is designed to compete with major players like OpenAI’s ChatGPT, Google’s Gemini, and Microsoft’s Copilot.

It is powered by Krutrim’s multilingual large language models (LLM) and supports over 10 Indian languages, with plans to extend this to all 22 official languages by the end of 2024

This post was last modified on August 22, 2024 11:15 am

4 months ago

Daily Current Affairs Quiz – 21st August 2024

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