Daily Current Affairs Quiz – 21st May 2024

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Dear Readers, Daily Current Affairs Questions Quiz for SBI, IBPS, RBI, RRB, SSC Exam 2024 of 21st May 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) On May 21, the world marked the Day for Cultural Diversity for Dialogue and Development. In which year did UNESCO officially adopt this day?

(a) 2000

(b) 2001

(d) 2003

(e) 2004

2) On May 21 marks Anti-Terrorism Day annually. This day commemorates the death anniversary of Rajiv Gandhi, the former Prime Minister. In 1984, he served as India’s ________ Prime Minister.

(a) 4th

(b) 5th

(d) 7th

(e) 3rd

3) Every year on ______________, World Metrology Day is commemorated.

(a) May 20

(b) May 21

(d) May 18

(e) May 22

4) Which company has announced its first-ever cooperation with Hockey India for the National Women’s Hockey League?

(a) Starbucks

(b) Coca-cola

(d) Pepsico

(e) RedBull

5) Following victories against joint bids from Belgium, the Netherlands, and which other nations, Brazil was named the 2027 FIFA Women’s World Cup host nation, making it the first country in South America to host the competition?

(a) Thailand

(b) Denmark

(d) France

(e) Germany

6) For how many years, India inked a contract with Iran to develop and run the port of Chabahar, bolstering relations with a strategic Middle Eastern nation.

(a) 3years

(b) 5years

(d) 10years

(e) 8years

7) DRDO will engage with IIT Bhubaneswar on AI-driven surveillance and other projects. How many sanctioned projects from the DRDO’s ECS Cluster were handed over to IIT Bhubaneswar at the meeting?

(a) 7

(b) 8

(d) 6

(e) 10

8) Which nation’s energy behemoth, Total Energies, and Indian Oil Corporation Ltd., inked a long-term LNG (liquefied natural gas) supply agreement?

(a) Germany

(b) France

(d) Iraq

(e) Hong Kong

9) The Indian Army will receive Igla-S air defence systems that have been partially assembled in India. Which country developed the Igla-S man-portable air defense system (MANPADS)?

(a) Germany

(b) France

(d) Iraq

(e) Hong Kong

10) Which bank will acquire a small stake in a new entity to be established in the GIFT-IFSC?

(a) HDFC bank

(b) ICICI bank

(d) YES bank

(e) Federal bank

11) Recently in May 2024, State Bank of India (SBI) acquired what percentage share in CCIL IFSC Limited?

(a) 6.125%

(b) 6.115%

(d) 6.145%

(e) 6.155%

12) Gopi Thotakura becomes the first Indian space tourist to launch as a private astronaut with Blue Origin. The Blue Origin successfully completed its______ human spaceflight.

(a) 5th

(b) 6th

(d) 8th

(e) 4th

13) Sanjiv Puri, ITC Chairman, takes over as President of the Confederation of Indian Industry, succeeding whom?

(a) R Suresh

(b) R Dinesh

(d) R Praneesh

(e) R Madhesh

14) Which company has established a wholly-owned subsidiary in the International Financial Services Centre (IFSC) at GIFT City, Gujarat?

(a) SIDBI

(b) SEBI

(d) IREDA

(e) NTPC

15) Thomas Cook (India) Limited’s shares increased by how many percent when the business launched TCPay, a service that simplifies international money transfers?

(a) 2.25%

(b) 2.26%

(d) 2.24%

(e) 2.20%

16) According to RBI data, new point-of-sale deployment has slowed to its lowest growth rate since demonetisation. How much percent did new PoS terminal deployment increase between March 2023 and 2024?

(a) 12%

(b) 13%

(d) 15%

(e) 16%

17) The International Finance Corporation (IFC) has provided $500 million in financing to which bank to expand microloans for underserved women borrowers in India?

(a) ICICI bank

(b) HDFC bank

(d) Axis bank

(e) RBL bank

18) SBI General Insurance has partnered with CAMS to build Bima Central, a breakthrough policyholder service platform. Consumers can merge their insurance portfolios using what technology?

(a) pIA

(b) eIA

(d) hIA

(e) mIA

19) GAIL (India) Ltd, a state-owned gas utility, has contracted a liquefied natural gas (LNG) carrier from NYSE-listed Cool Company for how many years to meet India’s increasing gas needs?

(a) 12years

(b) 10years

(d) 14years

(e) 15years

20) South Africa’s government urges faster visa issuance for Indian tourists. Currently, passengers from which nation and Brazil are granted a visa waiver for up to 90 days per calendar year?

(a) Germany

(b) France

(d) Iraq

(e) Hong Kong

Answers :

1) Answer: B

Short Explanation:

World Day for Cultural Diversity for Dialogue and Development was observed on May 21.
UNESCO has adopted this day since 2001.
UNESCO adopted the World Day for Cultural Diversity in 2001.
In 2002, the United Nations General Assembly declared May 21 as World Day for Cultural Diversity for Dialogue and Development.

Detailed Explanation:

World Day for Cultural Diversity for Dialogue and Development was observed on May 21.
UNESCO has adopted this day since 2001.
UNESCO adopted the World Day for Cultural Diversity in 2001.
In 2002, the United Nations General Assembly declared May 21 as World Day for Cultural Diversity for Dialogue and Development.
In 2015, the second committee of the United Nations General Assembly adopted the resolution on Cultural Diversity.
The United Nations General Assembly has sanctioned holidays for diversity issues.
The 17 Sustainable Development Goals (SDG) have been achieved by creating the function of cultures.

2) Answer: C

Short Explanation:

Anti-Terrorism Day is celebrated every year on May 21.
This day is to commemorate the death anniversary of former Prime Minister Rajiv Gandhi.
This day is observed on the death anniversary of former Prime Minister Rajiv Gandhi in 1991.
He was the sixth Prime Minister of India in 1984.
Later, he was killed by terrorists in a Campaign.

Detailed Explanation:

Anti-Terrorism Day is celebrated every year on May 21.
This day is to commemorate the death anniversary of former Prime Minister Rajiv Gandhi.
This day is observed on the death anniversary of former Prime Minister Rajiv Gandhi in 1991.
He was the sixth Prime Minister of India in 1984.
Later, he was killed by terrorists in a Campaign.
After the death of Rajiv Gandhi, the Government of V.P Singh has decided on May 21 as Anti-Terrorism Day is the 31st death anniversary of former Prime Minister Rajiv Gandhi.
On this day, the Anti Terrorism Pledge is taken in all public places, Government Offices, Government institutions, etc.

3) Answer: A

Short Explanation:

World Metrology Day is celebrated on May 20
This day is observed to raise the importance of Metrology. Metrology Day is prompted by the Measurements Standards Laboratory(MSL).
The first World Metrology Day was held in 1961.
The World Metrological Organization came into force in 1950.
World Metrology Day commemorates the renowned meter convention in Paris, France in the year 1875.

Detailed Explanation:

World Metrology Day is celebrated on May 20
This day is observed to raise the importance of Metrology. Metrology Day is prompted by the Measurements Standards Laboratory(MSL).
The first World Metrology Day was held in 1961.
The World Metrological Organization came into force in 1950.
World Metrology Day commemorates the renowned meter convention in Paris, France in the year 1875.
After the convention, the Bureau International des Poids et Mesures(BIPM) and the International Organization of Legal Metrology(OIML) were established to ensure the importance of metrology.
The function of the World Metrological Organization is important to people’s health and safety.

4) Answer: B

Short Explanation:

The Coca-Cola India Foundation, announces its first-ever partnership with Hockey India, for the National Women’s Hockey League 2024.
The 1st Phase of the tournament commenced on 30thApril, and it will conclude on 9thMay 2024, in Ranchi, Jharkhand.
The National Women’s Hockey League features teams that secured top-eight positions in Pune’s recently concluded 14th Hockey India Senior Women National Championship 2024.
The partnership also aligns with the company’s #SheTheDifference campaign, an initiative to celebrate, uplift, and support women.

Detailed Explanation:

The Coca-Cola India Foundation, announces its first-ever partnership with Hockey India, for the National Women’s Hockey League 2024.
The 1st Phase of the tournament commenced on 30thApril, and it will conclude on 9thMay 2024, in Ranchi, Jharkhand.
The domestic league promises an exhilarating showcase of talent and skill.
The National Women’s Hockey League features teams that secured top-eight positions in Pune’s recently concluded 14th Hockey India Senior Women National Championship 2024.
The participating athletes represent various states, including Haryana, Maharashtra, Jharkhand, Madhya Pradesh, Bengal, Mizoram, Manipur, and Odisha.
In line with Coca-Cola India’s commitment to sports, the three-year collaboration underscores its role in positively shaping the sports and gender equality landscape.
The partnership also aligns with the company’s #SheTheDifference campaign, an initiative to celebrate, uplift, and support women.
This strategic partnership aims to elevate women’s hockey by tackling essential components, such as providing specialized coaching, the provision of training equipment, nutritional support, and the organization of camps and tournaments to foster growth.

5) Answer: E

Short Explanation:

Brazil was declared the host of the 2027 Women’s World Cup at the FIFA Congress, beating the joint bid of Belgium, Netherlands and Germany to become the first South American country to hold the tournament.
The 74th FIFA congress, making its debut in Premier League-mad Thailand, made its choice by open vote for the first time as the organisation seeks to move on from the corrup.
Brazil hosted the men’s football World Cups in 1950 and 2014; now it’s time for women.
This will be the first Women’s World Cup to be held in South America.tion and shady dealing that dogged it in the past.

Detailed Explanation:

Brazil was declared the host of the 2027 Women’s World Cup at the FIFA Congress, beating the joint bid of Belgium, Netherlands and Germany to become the first South American country to hold the tournament.
Brazil won with 119 votes versus 78 for the joint European entry, boosted by a technical evaluation from the world governing body FIFA that gave a high score for its commercial plan and stadiums purpose-built for the 2014 Men’s World Cup.
The 74th FIFA congress, making its debut in Premier League-mad Thailand, made its choice by open vote for the first time as the organisation seeks to move on from the corruption and shady dealing that dogged it in the past.
Brazil hosted the men’s football World Cups in 1950 and 2014; now it’s time for women.
This will be the first Women’s World Cup to be held in South America.
The FIFA Women’s World Cup has seen five nations crowned champions, with the 2023 title going to Spain.
FIFA President: Gianni Infantino.

6) Answer: D

Short Explanation:

India signed a 10-year contract with Iran to develop and operate the Iranian port of Chabahar, the Narendra Modi-led government said, strengthening relations with a strategic Middle Eastern nation.
India has been developing the port in Chabahar on Iran’s south-eastern coast along the Gulf of Oman as a way to transport goods to Iran, Afghanistan and central Asian countries, bypassing the port of Karachi and Gwadar in its rival Pakistan.
S. sanctions on Iran, however, slowed the port’s development.

Detailed Explanation:

India signed a 10-year contract with Iran to develop and operate the Iranian port of Chabahar, the Narendra Modi-led government said, strengthening relations with a strategic Middle Eastern nation.
India has been developing the port in Chabahar on Iran’s south-eastern coast along the Gulf of Oman as a way to transport goods to Iran, Afghanistan and central Asian countries, bypassing the port of Karachi and Gwadar in its rival Pakistan.
S. sanctions on Iran, however, slowed the port’s development.
The long-term deal was signed between Indian Ports Global Limited (IPGL) and the Port & Maritime Organisation of Iran, authorities in both countries said.
Under the agreement, IPGL will invest about $120 million while there will be an additional $250 million in financing, bringing the contract’s value to $370 million, said Iranian Minister of Roads and Urban Development Mehrdad Bazrpash.
IPGL first took over operations of the port at the end of 2018 and has since handled container traffic of more than 90,000 TEUs and bulk and general cargo of more than 8.4 million tonnes

7) Answer: C

Short Explanation:

Defence Research and Development Organisation (DRDO) will collaborate with the Indian Institute of Technology (IIT) Bhubaneswar for artificial intelligence (AI) driven surveillance and other projects.
A meeting was held between DRDO and IIT Bhubaneswar officials recently.
During the meeting, nine sanctioned projects of the ECS Cluster of DRDO were handed over to IIT Bhubaneswar while another 7 projects are in the process to be sanctioned with Rs 18 crore funding.

Detailed Explanation:

Defence Research and Development Organisation (DRDO) will collaborate with the Indian Institute of Technology (IIT) Bhubaneswar for artificial intelligence (AI) driven surveillance and other projects.
A meeting was held between DRDO and IIT Bhubaneswar officials recently.
During the meeting, nine sanctioned projects of the ECS Cluster of DRDO were handed over to IIT Bhubaneswar while another 7 projects are in the process to be sanctioned with Rs 18 crore funding.
IIT Bhubaneswar will work on the sanctioned projects, which would be beneficial in electronics warfare, AI-driven surveillance, power systems, radar systems etc, officials said.
S R Samantaray, head of the School of Electrical sciences of IIT, the collaboration of IIT Bhubaneswar and DRDO will contribute to the emerging research and development need of defence applications, creating a platform for ‘Atma Nirbhar Bharat’.
This form of collaboration will enhance the sustainability of defence research programmes and will be part of the eco-system for nation building.

8) Answer: B

Short Explanation:

Indian Oil Corporation Ltd signed a long-term contract with French energy giant TotalEnergies in France for supply of LNG (liquefied natural gas).
Under the contract, TotalEnergies would supply 1 million metric tonne per annum (mmtpa) of LNG to IOCL for a period of around 10 years.
This is the second long-term contract between the two companies in the past one year.

Detailed Explanation:

Indian Oil Corporation Ltd signed a long-term contract with French energy giant TotalEnergies in France for supply of LNG (liquefied natural gas).
Under the contract, TotalEnergies would supply 1 million metric tonne per annum (mmtpa) of LNG to IOCL for a period of around 10 years.
This is the second long-term contract between the two companies in the past one year.
Last July, they had signed an agreement for supply of 0.8 mmtpa of LNG.
Around the same period last year, the public sector refining and marketing major also signed an agreement with Abu Dhabi National Oil Company (ADNOC) for the supply of 1.2 mmtpa of LNG starting 2026.
Chairperson: Shrikant Madhav Vaidya, Headquarters: New Delhi.

9) Answer: C

Short Explanation:

The Indian Army is set to receive Russian Igla-S very short-range air defence systems (VSHORAD) under the fourth tranche of Emergency Procurements (EP).
These systems were contracted in 2023, with deliveries beginning by the end of May 2024.
The Army is also set to receive the first of two Israeli Hermes-900 Medium Altitude Long Endurance Unmanned Aerial Vehicles (UAV) assembled by Adani Defence Systems and Technologies Limited (ADSTL) in Hyderabad next month.
Igla-S is a man-portable air defence system (MANPADS) developed by Russia.

Detailed Explanation:

The Indian Army is set to receive Russian Igla-S very short-range air defence systems (VSHORAD) under the fourth tranche of Emergency Procurements (EP).
These systems were contracted in 2023, with deliveries beginning by the end of May 2024.
The Army is also set to receive the first of two Israeli Hermes-900 Medium Altitude Long Endurance Unmanned Aerial Vehicles (UAV) assembled by Adani Defence Systems and Technologies Limited (ADSTL) in Hyderabad next month.
The Igla-S systems are being assembled by ADSTL in India under technology transfer from Rosoboronexport, the Russian defense export agency.
The Army contracted 48 Igla-S launchers, 100 missiles, 48 night sights, and one missile testing station under a ₹260 crore contract.
Igla-S is a man-portable air defence system (MANPADS) developed by Russia.
It is a hand-held system designed to bring down low-flying aircraft and can also identify and neutralize air targets such as cruise missiles and drones.
It comprises the 9M342 missile, the 9P522 launching mechanism, the 9V866-2 mobile test station, and the 9F719-2 test set, providing a comprehensive air defence solution.
These components work together to provide a comprehensive air defence solution.
Igla-S has a range of 500 meters to 6 kilometers and can attack targets up to an altitude of 3.5 kilometers.
Its missile speed is 400 meters per second, and deployment time is 13 seconds.

10) Answer: B

Short Explanation:

ICICI Bank has entered into a memorandum of understanding (MoU) in relation to an investment in the equity shares of a company to be incorporated (Target Entity) as a subsidiary of The Clearing Corporation of India (CCIL) along with seven (7) other shareholders.
Post investment, ICICI Bank will hold 125% shareholding in the Target Entity through the acquisition of 6,125,000 equity shares of face value Rs 10 each.

Detailed Explanation:

ICICI Bank has entered into a memorandum of understanding (MoU) in relation to an investment in the equity shares of a company to be incorporated (Target Entity) as a subsidiary of The Clearing Corporation of India (CCIL) along with seven (7) other shareholders.
Post investment, ICICI Bank will hold 125% shareholding in the Target Entity through the acquisition of 6,125,000 equity shares of face value Rs 10 each.
The Target Entity is proposed to be incorporated as a subsidiary of CCIL.
The Target Entity, to be incorporated in GIFT-IFSC, will set up and operate the Foreign Currency Settlement System (FCSS) and act as a clearing house and system operator for the same.
The Target Entity will also provide services in GIFT-IFSC, including any or all of the services currently provided by CCIL in India, and undertake other permissible activities within GIFT-IFSC, subject to necessary approvals from relevant authorities under applicable laws.

11) Answer: A

Short Explanation:

State Bank of India (SBI) has executed transaction documents to acquire a 6.125% stake in CCIL IFSC Limited for ₹6.125 crore.
CCIL IFSC Description: CCIL IFSC will be incorporated with an authorised capital of ₹200 crore and paid-up capital of ₹100 crore.
SBI’s Stake in CCIL: At the group level, SBI holds a 21.30% stake in CCIL, with SBI holding 16.80% and SBI-DFHI holding 4.50%.

Detailed Explanation:

State Bank of India (SBI) has executed transaction documents to acquire a 6.125% stake in CCIL IFSC Limited for ₹6.125 crore.
CCIL IFSC Description: CCIL IFSC will be incorporated with an authorised capital of ₹200 crore and paid-up capital of ₹100 crore.
It will operate the foreign currency settlement system and act as a clearing house and system operator at the International Financial Services Centre (IFSC) within the Gujarat International Finance Tec City (GIFT City).
Transaction Completion Timeframe: The indicative period for completing the transaction, which involves acquiring 61.25 lakh equity shares at ₹10 each, is up to six months from the date of execution of transaction documents.
Promoters and Stakes: The Clearing Corporation of India Ltd (CCIL) is promoting CCIL IFSC, holding a 57.125% stake in the proposed company.
SBI’s Stake in CCIL: At the group level, SBI holds a 21.30% stake in CCIL, with SBI holding 16.80% and SBI-DFHI holding 4.50%.

12) Answer: C

Short Explanation:

Indian expatriate Gopi Thotakura made history as he became the first Indian space tourist and the second Indian to venture into space as part of the crew for Amazon founder Jeff Bezos’ Blue Origin’s NS-25 mission.
The Blue Origin successfully completed its 7th human spaceflight and the 25th flight for the New Shepard program.
Andhra-born Gopi Thotakura was a part of the crew among five other crew members.

Detailed Explanation:

Indian expatriate Gopi Thotakura made history as he became the first Indian space tourist and the second Indian to venture into space as part of the crew for Amazon founder Jeff Bezos’ Blue Origin’s NS-25 mission.
The Blue Origin successfully completed its 7th human spaceflight and the 25th flight for the New Shepard program.
Andhra-born Gopi Thotakura was a part of the crew among five other crew members.

List of other Crew Members :

Ed Dwight: Former Air Force aviator, became the oldest person in space at 90 years old.
Mason Angel: Founder of Industrious Ventures.
Sylvain Chiron: Spearheaded Brasserie Mont Blanc, a craft brewery in France.
Kenneth L. Hess: Software engineer and entrepreneur.
Carol Schaller: Retired Certified Public Accountant (CPA).

Note : Wing Commander Rakesh Sharma, a former Indian Air Force pilot, was the first Indian citizen to fly to space in 1984.
Blue Origin’s 7th human flight, NS-25, lifted off from Launch Site One in West Texas .
To date, Blue Origin has facilitated the journey of 31 individuals aboard the New Shepard, a compact and fully reusable rocket system named in homage to Alan Shepard, the first American in space.

13) Answer: B

Short Explanation:

Sanjiv Puri, chairman and managing director of consumer goods major ITC Limited., has taken over as president of the Confederation of Indian Industry (CII) for the 2024-25 period.
He takes over from R Dinesh, Chairman of TVS Supply Chain Solutions.
Puri heads ITC Ltd, a conglomerate with businesses in FMCG, hotels, paperboards & packaging, agribusiness, and IT.
He is also the Chairman of ITC Infotech India Ltd, its subsidiaries in the UK and US, and Surya Nepal Private Ltd.

Detailed Explanation:

Sanjiv Puri, chairman and managing director of consumer goods major ITC Limited., has taken over as president of the Confederation of Indian Industry (CII) for the 2024-25 period.
He takes over from R Dinesh, Chairman of TVS Supply Chain Solutions.
Puri heads ITC Ltd, a conglomerate with businesses in FMCG, hotels, paperboards & packaging, agribusiness, and IT.
He is also the Chairman of ITC Infotech India Ltd, its subsidiaries in the UK and US, and Surya Nepal Private Ltd.

Other Appointments :

Rajiv Memani, Chairman of the India region of EY, has been appointed as the President-Designate of CII for the year 2024-25.
Memani is also a member of EY’s global management body as the chair of its global emerging markets committee.
He advises large Indian companies, private equity funds, and multinational organizations on various business strategies.
R Mukundan, Managing Director and CEO of Tata Chemicals Limited, has taken over as the Vice President of CII for the 2024-25 period.

14) Answer: D

Short Explanation:

The Indian Renewable Energy Development Agency Ltd (IREDA) has incorporated a wholly-owned subsidiary in the International Financial Services Centre (IFSC) located in GIFT City, Gujarat.
The subsidiary, “IREDA Global Green Energy Finance IFSC Limited,” was officially incorporated on May 7, after receiving the No Objection letter from the Reserve Bank of India on February 8.

Detailed Explanation:

The Indian Renewable Energy Development Agency Ltd (IREDA) has incorporated a wholly-owned subsidiary in the International Financial Services Centre (IFSC) located in GIFT City, Gujarat.
The subsidiary, “IREDA Global Green Energy Finance IFSC Limited,” was officially incorporated on May 7, after receiving the No Objection letter from the Reserve Bank of India on February 8.
This subsidiary not only positions IREDA to extend its global reach but also acts as an offshore platform for securing competitive funding to drive the renewable energy sector’s growth, aligning with the Government of India’s ambitious ‘Panchamrit’ targets.

15) Answer: B

Short Explanation:

Thomas Cook (India) Limited’s shares were up by 2.26 per cent after the company launched TCPay, it is a service aimed at simplifying international money transfers.
The company said sending money abroad involved visiting branches, cumbersome paperwork, and limited operating hours.
TCPay aims to change this by offering a digital interface that allows for paperless transactions.

Detailed Explanation:

Thomas Cook (India) Limited’s shares were up by 2.26 per cent after the company launched TCPay, it is a service aimed at simplifying international money transfers.
The company said sending money abroad involved visiting branches, cumbersome paperwork, and limited operating hours.
TCPay aims to change this by offering a digital interface that allows for paperless transactions.
The service is further enhanced by Thomas Cook’s recently launched Video KYC process, which enables customers to transfer funds conveniently from their homes.
Thomas Cook reported that TCPay offers advantages, including 24×7 access, transfers, and a digital interface accessible through Thomas Cook’s digital tools such as FXNOW (B2C app), Portal, and Call Center for assistance.
The Video KYC process is made to ensure convenient, safe, and quick transactions for customers.
The shares were up 2.26 per cent to ₹203.35 at 11.37 on the BSE.

16) Answer: C

Short Explanation:

The convenience of Unified Payments Interface (UPI) platforms is increasingly favoured by merchants and consumers, reducing the reliance on debit cards for cashless transactions.
New PoS Terminal Deployment:The deployment of new point-of-sale (PoS) terminals grew at the slowest pace in fiscal 2023-24 since demonetisation, according to RBI data.
New PoS terminal deployment rose by 14% between March 2023 and 2024, compared to 28% and 29% in the preceding two years.

Detailed Explanation:

The convenience of Unified Payments Interface (UPI) platforms is increasingly favoured by merchants and consumers, reducing the reliance on debit cards for cashless transactions.
New PoS Terminal Deployment:The deployment of new point-of-sale (PoS) terminals grew at the slowest pace in fiscal 2023-24 since demonetisation, according to RBI data.
New PoS terminal deployment rose by 14% between March 2023 and 2024, compared to 28% and 29% in the preceding two years.
The highest growth rate in recent years was 82% in 2016-2017, following demonetisation when the base was 1.38 million machines.
Impact of UPI on PoS Deployment:Despite ongoing deployment of PoS terminals due to merchants wanting to offer various payment options and increased credit card usage, QR code-based UPI transactions are becoming more popular.
Growth of UPI QR Codes:Deployment of QR codes for UPI payments has doubled in the last two years.
In March 2023, there were 346 million QR codes in use, compared to 172 million in March 2022.
Merchant Discount Rate (MDR):The government mandate for zero merchant discount rate (MDR) on UPI transactions is encouraging merchants to prefer UPI payments over card swipes.
Transaction Data:Debit card transactions at merchant outlets decreased by 32%, from 237 million in March 2022 to 160 million in March 2023.
UPI merchant transactions increased by 72%, from 4.82 billion to 8.30 billion during the same period.

17) Answer: B

Short Explanation:

The International Finance Corporation (IFC) has extended $500 million in financing to HDFC Bank to expand microloans for underserved women borrowers in India.
Women, particularly microloan borrowers in semi-urban and rural areas, will benefit from increased access to finance due to IFC’s financing of up to $500 million to HDFC Bank.
HDFC Bank will utilize IFC’s financing for on-lending as microloans to Self-Help Groups (SHGs) and Joint Liability Groups (JLGs) enrolled in the Sustainable Livelihoods Initiative (SLI).

Detailed Explanation:

The International Finance Corporation (IFC) has extended $500 million in financing to HDFC Bank to expand microloans for underserved women borrowers in India.
Women, particularly microloan borrowers in semi-urban and rural areas, will benefit from increased access to finance due to IFC’s financing of up to $500 million to HDFC Bank.
HDFC Bank will utilize IFC’s financing for on-lending as microloans to Self-Help Groups (SHGs) and Joint Liability Groups (JLGs) enrolled in the Sustainable Livelihoods Initiative (SLI).
SLI is HDFC Bank’s business line dedicated to microfinance lending programs exclusively for women borrowers.

18) Answer: B

Short Explanation:

SBI General Insurance Company Limited, one of India’s top general insurance carriers, has partnered with Bima Central, built by CAMS Insurance Repository, to launch the industry-first policyholder servicing platform, Bima Central.
Functionality of Bima Central:The platform allows consumers to aggregate their insurance portfolios via an electronic Insurance Account (eIA).
Users can manage their insurance policies effortlessly through a single digital portal, Bima Central.

Detailed Explanation:

SBI General Insurance Company Limited, one of India’s top general insurance carriers, has partnered with Bima Central, built by CAMS Insurance Repository, to launch the industry-first policyholder servicing platform, Bima Central.
Functionality of Bima Central:The platform allows consumers to aggregate their insurance portfolios via an electronic Insurance Account (eIA).
Users can manage their insurance policies effortlessly through a single digital portal, Bima Central.
Unique Feature: For the first time in the market, SBI General Insurance customers with an eIA through CAMS Rep Bima Central will have immediate access to their insurance portfolio via the SBI General Insurance Mobile App.
Consumer Benefit: The integration enables seamless management and access to insurance portfolios, enhancing convenience and efficiency for policyholders.

19) Answer: D

Short Explanation:

State-owned gas utility GAIL (India) Ltd has hired a liquefied natural gas (LNG) carrier from NYSE-listed Cool Company for 14 years to augment its transportation capability to meet India’s rising gas needs.
The time charter for the LNG carrier will commence in early 2025 and GAIL will have the option to extend it by two additional years beyond the firm 14-year period.
GAIL presently has four LNG carriers in its fleet and the one coming from CoolCo will be the fifth.

Detailed Explanation:

State-owned gas utility GAIL (India) Ltd has hired a liquefied natural gas (LNG) carrier from NYSE-listed Cool Company for 14 years to augment its transportation capability to meet India’s rising gas needs.
The time charter for the LNG carrier will commence in early 2025 and GAIL will have the option to extend it by two additional years beyond the firm 14-year period.
GAIL presently has four LNG carriers in its fleet and the one coming from CoolCo will be the fifth.
Last year, GAIL hired an LNG carrier from Japanese shipping company Mitsui OSK Lines.
This was the second MOL Group LNG carrier serving GAIL.
The first vessel, named GAIL Bhuwan, was chartered in 2021.
The second vessel, taken in December 2023, was named GAIL Urja.

20) Answer: C

Short Explanation:

The South African government is developing mechanisms for the speedy clearance of visa applications from India and is working on a proposal to introduce E-Visas for Indian tourists.
In the first quarter of 2024, 16,000 Indian visitors travelled to South Africa.
The initiative was announced during an event organised by South Africa Tourism.
Current Visa Waivers: Currently, passengers from Russia and Brazil receive a visa waiver for up to 90 days in one calendar year. They also have the option to apply for a visa extension while in South Africa.

Detailed Explanation:

The South African government is developing mechanisms for the speedy clearance of visa applications from India and is working on a proposal to introduce E-Visas for Indian tourists.
In the first quarter of 2024, 16,000 Indian visitors travelled to South Africa.
The initiative was announced during an event organised by South Africa Tourism.
Presidential Directive: South African President Cyril Ramaphosa has requested a joint report from the Ministers of Tourism, Home Affairs, and State Security on measures to expedite visa clearance.
Visa Waiver Proposal: The Tourism Ministry has proposed a 90-day visa waiver for passengers from both China and India.
Current Visa Waivers: Currently, passengers from Russia and Brazil receive a visa waiver for up to 90 days in one calendar year. They also have the option to apply for a visa extension while in South Africa.
BRICS Alliance: The visa waiver facility will be extended to passengers from India and China, who are also members of the BRICS alliance.

This post was last modified on May 22, 2024 1:01 pm

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