Daily Current Affairs Quiz – 23rd & 24th June 2024

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Dear Readers, Daily Current Affairs Questions Quiz for SBI, IBPS, RBI, RRB, SSC Exam 2024 of 23rd & 24th June 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) The Pension Fund Regulatory and Development Authority aims to introduce a new life cycle fund option in September 2024. What years will the tapering age be extended from the present 35 years, and what additional changes will be implemented to encourage equity market participation?

(a) 38years

(b) 40years

(d) 45years

(e) 48years

2) Which bank saw its informal economy share fall from 25.9% to 23.7% during a seven-year period, formalizing Rs 26 trillion of its economy, Using data from the newly released Annual Survey of Unincorporated Sector Enterprises (ASUSE), the researchers estimated the percentage of the informal economy?

(a) Canara bank

(b) SBI

(d) Axis bank

(e) Indian bank

3) The Insurance Regulatory and Development Authority of India (IRDAI) has prohibited life insurance providers from marketing ULIPs as investment products. What is “L” represent in ULIPs?

(a) Life

(b) Linked

(d) Lump

(e) Locked

4) For the fiscal year 2023–24, the government received a dividend of how many crores from the State Bank of India (SBI), the largest lender in the nation?

(a) Rs 6,959 crore

(b) Rs 6,859 crore

(d) Rs 6,659 crore

(e) Rs 6,559 crore

5) SBI Mutual Fund introduced the SBI Silver Exchange Traded Fund (ETF) and its fund-of-funds, the SBI Silver ETF Fund. What is the minimum amount for each application when the NFO for these funds opens on June 27, 2024?

(a) Rs. 1000

(b) Rs. 2000

(d) Rs. 5000

(e) Rs. 10000

6) In an effort to improve trade and tourism, India and Cambodia, a South East Asian country, are discussing collaborating on Unified Payment Interface-based (UPI) digital payments. These and other matters were discussed at the second India-Cambodia Joint Working Group on Trade and Investment (JWGTI) meeting in New Delhi on June 19, 2024. When was the JWGTI virtually held for the first time?

(a) 2020

(b) 2019

(d) 2022

(e) 2023

7) Despite tightening liquidity, the RBI bid Rs 1.6 trillion in a variable-rate reverse mortgage auction. What was the weighted average rate when the banks borrowed money?

(a) 6.60%

(b) 6.62%

(d) 6.66%

(e) 6.68%

8) The Reserve Bank of India (RBI) has amended its priority sector regulations to encourage banks to provide small loans in economically challenged areas with low average loan sizes. With effect from FY25, new priority sector loans would be weighted at what percentage in districts where loans are scarce (less than Rs 9,000 per person)?

(a) 120%

(b) 125%

(d) 110%

(e) 135%

9) Which country is asking for Visa and Mastercard to decrease local bank card transaction costs in order to encourage foreign visitors to spend?

(a) UK

(b) China

(d) Norway

(e) Singapore

10) The Reserve Bank of India (RBI) has launched an upgrade to the ‘Database on Indian Economy’ (DBIE) webpage. Since its launch in which year has the DBIE portal become a hallmark of public access to economic data?

(a) 2003

(b) 2004

(d) 2005

(e) 2009

11) How many GW of renewable energy (RE) power would be evacuated from Rajasthan and Karnataka under the new Interstate Transmission System (ISTS) plans approved by the Indian government?

(a) 8GW

(b) 7GW

(d) 6GW

(e) 10GW

12) The Union Education Ministry has organized a committee of high-level specialists to ensure that tests are administered impartially, seamlessly, and transparently. How many people are on the committee?

(a) 6

(b) 5

(d) 7

(e) 8

13) The PFRDA aims to have Rs 15 lakh crore in assets under management (AUM) by the end of FY 2024-25. According to the most recent data, the AUM stands at how many lakh crore?

(a) Rs 12.3 lakh crore

(b) Rs 10.3 lakh crore

(d) Rs 13.3 lakh crore

(e) Rs 15.3 lakh crore

14) Which state cabinet has authorized a proposal to waive up to two lakh rupees in agricultural loans for each farmer in the state by August 15, 2024?

(a) Karnataka

(b) Odisha

(d) Telangana

(e) Madhya Pradesh

15) In June 2024, NSE Indices Limited, a subsidiary of the National Stock Exchange, has created the new Nifty India Tourism Index. In the last six months, how many themed indices have NSE launched?

(a) 5

(b) 7

(d) 9

(e) 8

16) In June 2024, ONGC and IOCL signed an MoU to build a small-scale LNG plant in the Hatta Gas Field in which basin?

(a) Meghna

(b) Bharak

(d) Vindhyan

(e) Arvari

17) The Department of Animal Husbandry and Dairying has inked an agreement with the National Dairy Development Board to carry out biocontainment facility upgrades and accompanying repairs. How many months are given in the execution period?

(a) 6months

(b) 12months

(d) 18months

(e) 20months

18) The Sustainable Development Report (SDR) is an annual analysis of UN member states’ progress towards the SDGs since their adoption in 2015. India obtains the ________ rank with an overall score of _______, demonstrating progress toward the SDGs.

(a) 110^th, 63

(b) 109^th , 64

(d) 107^th , 65

(e) 109^th , 66

19) Which state’s Deputy Chief Minister, Samrat Chaudhary, has been named convenor of the Group of Ministers (GoM) on GST rate rationalisation?

(a) Goa

(b) Bihar

(d) Nagaland

(e) Mizoram

20) Which bank has announced the appointment of Indian tennis player Sumit Nagal as a brand ambassador?

(a) Canara bank

(b) Bank of Baroda

(d) Axis bank

(e) Indian bank

21) Vodafone sells 18% interest in Indus Towers for ₹15,300 crore to repay bank debt. Which company and SBI Mutual Fund were among the buyers of Indus Towers shares that Vodafone Group Plc sold in significant transactions on NSE?

(a) Paytm

(b) PhonePe

(d) Reliance Jio

(e) BSNL

22) Nissar Ahmad, 59, a Senior photojournalist who had worked for which company for 25 years, died of cancer in Srinagar in June 2024?

(a) The Hindu

(b) Hindustan Times

(d) Times of India

(e) Morung Express

23) Every year on June 23rd, people around the world commemorate International Widow’s Day. When did the UN General Assembly recognize it on June 23rd?

(a) 2011

(b) 2010

(d) 2016

(e) 2009

24) On _________, the UN General Assembly established June 23rd as United Nations Public Service Day by embracing resolution 57/277.

(a) December 2002

(b) January 2002

(d) August 2002

(e) October 2002

25) When was International Olympic Day, often known as Olympic Day Run, commemorated worldwide?

(a) June 21

(b) June 22

(d) June 20

(e) June 24

Answers :

1) Answer: D

Short Explanation:

Pension Fund Regulatory and Development Authority (PFRDA) chairman Deepak Mohanty announced that the regulator would introduce new life cycle fund options with up to 50% equity by September for NPS (non-government) subscribers.

What Is a Life-Cycle Fund?

Life-cycle funds are asset-allocation funds in which the share of each asset class is automatically adjusted to lower risk as the desired retirement date approaches.
Changes to NPS : The tapering age will be increased to 45 years from the existing 35 years and some more changes will be adopted to provide greater exposure to equity markets.
The new scheme will be effective in the next quarter, maybe in August or September.
Current NPS Choices:Currently, the National Pension System (NPS) offers two choices-active and auto to subscribers for creating the pension portfolio.
Active Choice: Subscribers decide allocation across equity, corporate bonds, and government securities.
Auto Choice: Three options: Aggressive fund (75% equity), Moderate fund (50% equity), Conservative fund (25% equity).

Detailed Explanation:

Pension Fund Regulatory and Development Authority (PFRDA) chairman Deepak Mohanty announced that the regulator would introduce new life cycle fund options with up to 50% equity by September for NPS (non-government) subscribers.

What Is a Life-Cycle Fund?

Life-cycle funds are asset-allocation funds in which the share of each asset class is automatically adjusted to lower risk as the desired retirement date approaches.
Changes to NPS : The tapering age will be increased to 45 years from the existing 35 years and some more changes will be adopted to provide greater exposure to equity markets.
The new scheme will be effective in the next quarter, maybe in August or September.
Current NPS Choices:Currently, the National Pension System (NPS) offers two choices-active and auto to subscribers for creating the pension portfolio.
Active Choice: Subscribers decide allocation across equity, corporate bonds, and government securities.
Auto Choice: Three options: Aggressive fund (75% equity), Moderate fund (50% equity), Conservative fund (25% equity).
Equity allocation starts tapering off after age 35, with a maximum of 20% equity at age 50 and 15% by age 55.
Atal Pension Yojana (APY) Updates : APY saw 1.24 crore new subscribers in 2023-24, with 52% being women.
Total APY subscribers now stand at6 crore since inception, gaining popularity among women and the younger generation.
It is the highest ever in a fiscal year since the scheme’s inception.
APY enrolment target is 1.3 crore subscribers during the current financial year.
NPS (Non-Government) Enrollment : The enrollment under NPS (non-government) was 9.7 lakh in 2023-24 and is expected to go up to 11 lakh in this fiscal.
Total Corpus Growth : If markets function normally, the total corpus, including APY, should increase to Rs 15 lakh crore in 2024-25 from Rs 12.4 lakh crore at the end of 2023-24.

2) Answer: B

Short Explanation:

According to a report released by the State Bank of India (SBI),India has formalised Rs 26 trillion of its economy between FY16 and FY23, as the share of the informal economy fell to 23.7% from 25.9% during the 7-year period.
The report estimated the share of the informal economy by using the recently released Annual Survey of Unincorporated Sector Enterprises (ASUSE).
Growth in Informal GVA:Total informal Gross Value Added (GVA) increased significantly from Rs 18.6 trillion in FY16 to Rs 58.4 trillion in FY23.

Detailed Explanation:

According to a report released by the State Bank of India (SBI),India has formalised Rs 26 trillion of its economy between FY16 and FY23, as the share of the informal economy fell to 23.7% from 25.9% during the 7-year period.
The report estimated the share of the informal economy by using the recently released Annual Survey of Unincorporated Sector Enterprises (ASUSE).
Growth in Informal GVA:Total informal Gross Value Added (GVA) increased significantly from Rs 18.6 trillion in FY16 to Rs 58.4 trillion in FY23.
Informal agriculture contributed the highest at Rs 43 trillion, followed by informal services (Rs 11.8 trillion) and informal industry (Rs 3.6 trillion) in FY23.
Share of Informal Sectors in GVA:Informal agriculture’s share in total GVA rose to 95.9% in FY23 from 94.8% in FY11.
Conversely, the share of informal industry and services declined to 5.3% and 8.8% respectively in FY23 from 6.6% and 13.8% in FY11.
Labour Force Trends:The total workforce increased from 58 million in FY11 to 65 million in FY23.
Despite stability in worker numbers, there’s a notable shift from manufacturing to trade sectors, particularly in urban areas.
Consumption Patterns:The bottom of the pyramid, characterized by those earning less than $3.65 daily, constitutes 43% of private final consumption expenditure.
Approximately 44% of India’s population spends less than $3.65 per day according to World Bank data.
FormalisationEfforts:Theformalisation of the economy is outpacing that of the labour force.
The E-Shram portal has registered nearly 297 million unorganised workers, potentially accelerating formalisation efforts.
A significant percentage of registrations on E-Shram are from migrant-heavy states like Uttar Pradesh and Bihar, highlighting the portal’s role in formalising migrant statistics.

3) Answer: B

Short Explanation:

The Insurance Regulatory and Development Authority of India (IRDAI) has instructed life insurance companies not to market unit-linked Insurance plans (ULIPs) as investment products.
A ULIP is an insurance plan that offers the dual benefit of investment to fulfil your long-term goals, and a life cover^` to financially protect your family in case of an unfortunate event.
Distinction Between Products:Insurance companies must clearly state that market-linked insurance plans differ from traditional endowment policies and carry risks.
Participating endowment policies with bonuses must indicate that projected bonuses in benefit illustrations are not guaranteed.

Detailed Explanation:

The Insurance Regulatory and Development Authority of India (IRDAI) has instructed life insurance companies not to market unit-linked Insurance plans (ULIPs) as investment products.
A ULIP is an insurance plan that offers the dual benefit of investment to fulfil your long-term goals, and a life cover^` to financially protect your family in case of an unfortunate event.
Distinction Between Products:Insurance companies must clearly state that market-linked insurance plans differ from traditional endowment policies and carry risks.
Participating endowment policies with bonuses must indicate that projected bonuses in benefit illustrations are not guaranteed.
Transparency Measures : As a measure to boost transparency, the regulator stated that the advertisement committee of the company and/or a senior-level officer of the distribution channel will examine and approve the advertisements and ensure that they are not misleading.
The policyholders can access information on unclaimed amounts with any insurer on the Bima Bharosa portal.
Unclaimed Insurance Funds : Unclaimed life insurance funds refer to the proceeds of insurance policies, including death or survival benefits, not claimed by the beneficiary or the policyholder.
According to IRDAI, which has issued the Master Circular on Protection of Policyholders’ Interests, Operations, and Allied Matters of Insurers Regulations, 2024, this data will be available in one portal along with the individual websites of the insurers.
Grievance Redressal Mechanism :Insurers must establish a tech-based, robust mechanism for grievance redressal to achieve efficient and speedy resolutions, aiming for “zero grievances.“
Companies should facilitate online grievance submission, run awareness campaigns, and ensure the registration of all grievances.
They must also strengthen resolution processes with an internal escalation matrix and Internal Ombudsman Schemes

4) Answer: A

Short Explanation:

The country’s biggest lender State Bank of India (SBI) paid a dividend of Rs 6,959 crore for the financial year 2023-24 to the government.
The dividend cheque was presented to Finance Minister Nirmala Sitharaman by SBI Chairman Dinesh Kumar Khara in the presence of Financial Services Secretary Vivek Joshi.
SBI declared a dividend of Rs 13.70 per share for the financial year 2023-24, higher than Rs 11.30 per equity distributed for the previous year.

Detailed Explanation:

The country’s biggest lender State Bank of India (SBI) paid a dividend of Rs 6,959 crore for the financial year 2023-24 to the government.
The dividend cheque was presented to Finance Minister Nirmala Sitharaman by SBI Chairman Dinesh Kumar Khara in the presence of Financial Services Secretary Vivek Joshi.
SBI declared a dividend of Rs 13.70 per share for the financial year 2023-24, higher than Rs 11.30 per equity distributed for the previous year.
During 2023-24, the bank earned a record consolidated net profit of Rs 67,085 crore against Rs 55,648 crore in the preceding year.
State-owned Bank of Maharashtra (BoM) presented Rs 857 crore dividend cheque to Finance Minister Nirmala Sitharaman.
The cheque was handed over by BoM managing director Nidhu Saxena and executive director Asheesh Pandey in the presence of Financial Services Secretary Vivek Joshi.
The bank declared a dividend of Rs 1.40 per equity share (14 per cent) for FY24.
The Government of India holds an 46 per cent stake in the Pune-based bank.
The bank’s net profit increased by 55.84 per cent to Rs 4,055 crore in FY24, compared to Rs 2,602 crore in the previous fiscal year.
The bank has recorded a 15.94 per cent improvement in total business and a 15.66 rise in deposit mobilisation for the 2023-24.

5) Answer: D

Short Explanation:

SBI Mutual Fund announced the launch of the SBI Silver Exchange Traded Fund (ETF) and the fund of fund route to it- SBI Silver ETF Fund of Fund.
The NFO for these funds opens on June 27,2024 with a minimum application amount of ₹5,000 per application.
Investment Strategy:SBI Silver ETF: This ETF will primarily invest between 95-100% in silver and silver-related instruments.

Detailed Explanation:

SBI Mutual Fund announced the launch of the SBI Silver Exchange Traded Fund (ETF) and the fund of fund route to it- SBI Silver ETF Fund of Fund.
The NFO for these funds opens on June 27,2024 with a minimum application amount of ₹5,000 per application.
Investment Strategy:SBI Silver ETF: This ETF will primarily invest between 95-100% in silver and silver-related instruments.
SBI Silver ETF Fund of Fund: This fund will invest between 95-100% of its assets in units of SBI Silver ETF.
The remaining assets will be invested in Government securities, tri party repo, and units of liquid mutual funds.
Objective:The Silver ETF targets to generate returns that are in line with the performance of physical silver in domestic prices, subject to tracking error.
The Silver ETF Fund of Fund seeks to provide returns that closely correspond to returns provided by SBI Silver ETF.

6) Answer: D

Short Explanation:

India and South East Asian nation Cambodia are negotiating collaboration in Unified Payment Interface-based (UPI) digital payment to promote trade and tourism.
These issues among others were discussed during the second meeting of the India-Cambodia Joint Working Group on Trade and Investment (JWGTI), in New Delhi on June 19, 2024.
Indian Pharmacopoeia Commission (IPC) is an autonomous institution under the Ministry of Health and Family Welfare which sets standards for all drugs that are manufactured, sold and consumed in India.
The JWGTI was first held in July 2022 virtually.

Detailed Explanation:

India and South East Asian nation Cambodia are negotiating collaboration in Unified Payment Interface-based (UPI) digital payment to promote trade and tourism.
These issues among others were discussed during the second meeting of the India-Cambodia Joint Working Group on Trade and Investment (JWGTI), in New Delhi on June 19, 2024.
Indian Pharmacopoeia Commission (IPC) is an autonomous institution under the Ministry of Health and Family Welfare which sets standards for all drugs that are manufactured, sold and consumed in India.
Mahajan mentioned the measures for deepening bilateral trade and investment and also emphasised on creation of mechanisms for cooperation and collaboration in sectors of mutual interest.
The Cambodian side elaborated on the numerous investment opportunities that Cambodia presents for Indian businesses.
The JWGTI was first held in July 2022 virtually.
This was the first physical meeting after it was institutionalised.
Cambodia is a member of the 10-nation Asean bloc.
Asean (Association of southEast Asian Nations) members include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
India has a free trade agreement with Asian and it was implemented in 2009.
The bilateral trade between India and Cambodia has increased to $403.78 million (exports $185.39 million and imports $218.4 million) in 2023-24 from $366.44 million in 2022-23.

7) Answer: B

Short Explanation:

The Reserve Bank of India (RBI) received bids worth Rs 1.6 trillion from banks against the notified amount of Rs 1 trillion at the variable rate repo (VRR) auction, showing the high demand for cash from lenders due to tight liquidity.
Banks borrowed the amount at a weighted average rate of 6.62%.
Liquidity Situation in June:Liquidity was surplus at the beginning of June (around Rs 30,000 crore on June 3, Rs 50,000 crore on June 4).

Detailed Explanation:

The Reserve Bank of India (RBI) received bids worth Rs 1.6 trillion from banks against the notified amount of Rs 1 trillion at the variable rate repo (VRR) auction, showing the high demand for cash from lenders due to tight liquidity.
Banks borrowed the amount at a weighted average rate of 6.62%.
Liquidity Situation in June:Liquidity was surplus at the beginning of June (around Rs 30,000 crore on June 3, Rs 50,000 crore on June 4).
Turned into a deficit mid-month, with deficits increasing significantly (Rs 64,500 crore on June 16, Rs 98,612 crore on June 17, Rs 1.5 trillion on June 19).
Reasons for Liquidity Tightness : Banks faced a cash squeeze in May due to lower government spending resulting from the general elections.
The deficit stayed above the Rs 1 trillion mark last month, peaking at Rs 2.32 trillion on May 23.
To provide relief to cash-starved banks, the RBI infused nearly Rs 9 trillion into the banking system in May, the highest in the current calendar year, through 11 variable rate repo auctions.
Bank Responses to Tight Liquidity : Faced with the rising deficit in May, banks turned to certificates of deposit (CDs) to raise funds. Banks issued CDs worth over Rs 50,000 crore in May compared to Rs 32,860 crore in April.
Purpose of Repo Auctions : A repo auction is conducted by the central bank to inject liquidity into the system.
Banks can obtain liquidity overnight through the RBI’s marginal standing facility when interbank liquidity dries up.

8) Answer: B

Short Explanation:

The Reserve Bank of India (RBI) has revised its priority sector guidelines to encourage banks to provide small loans in economically disadvantaged districts with low average loan sizes.
The new norms discourage lending in districts with high average loan sizes.
Weightage System Implementation:Effective from FY25, fresh priority sector loans in districts with low loan availability (less than Rs 9,000 per person) will receive a weightage of 125%.

Detailed Explanation:

The Reserve Bank of India (RBI) has revised its priority sector guidelines to encourage banks to provide small loans in economically disadvantaged districts with low average loan sizes.
The new norms discourage lending in districts with high average loan sizes.
Weightage System Implementation:Effective from FY25, fresh priority sector loans in districts with low loan availability (less than Rs 9,000 per person) will receive a weightage of 125%.
In districts with high loan availability (more than Rs 42,000 per person), the weightage for loans will be reduced to 90%.
Majority of districts, except outliers with low or high credit availability, will retain the current weightage of 100%.
District Ranking and Incentive Framework:Districts will be ranked based on per capita credit flow to the priority sector.
An incentive framework will be established for districts with lower credit flow to the priority sector to encourage more lending.
Conversely, a disincentive framework will apply to districts with higher priority sector credit flow to regulate lending.

9) Answer: B

Short Explanation:

China is pushing for Visa and Mastercard to lower their bank card transaction fees in the country to encourage spending by foreign visitors.
The Payment & Clearing Association of China is proposing lowering the fees charged on foreign card transactions to 1.5% from between 2% and 3%.
Impact on Costs:Implementation of the proposal could potentially reduce costs for foreign nationals visiting China.

Detailed Explanation:

China is pushing for Visa and Mastercard to lower their bank card transaction fees in the country to encourage spending by foreign visitors.
The Payment & Clearing Association of China is proposing lowering the fees charged on foreign card transactions to 1.5% from between 2% and 3%.
Impact on Costs:Implementation of the proposal could potentially reduce costs for foreign nationals visiting China.
Currently, merchants bear the transaction fees imposed by Visa and Mastercard, often passing these costs to customers through higher prices.
Global Regulatory Context:Regulators worldwide have been addressing the fees charged by Visa and Mastercard to merchants for transaction processing.
Earlier attempts to settle litigation in the U.S. regarding these fees faced challenges, indicating ongoing regulatory scrutiny globally.
Response from Companies:Mastercard has acknowledged receiving the proposal and expressed intent to collaborate with partners to lower costs for local merchants handling foreign bank cards.
Visa and Mastercard have not yet responded to requests for comment from Reuters.
Financial Market Impact:Both Visa and Mastercard stocks have seen positive performance in the current year, with each gaining over 6%.

10) Answer: B

Short Explanation:

The Reserve Bank of India (RBI) has announced an update to its ‘Database on Indian Economy’ (DBIE) portal.
The domain address for accessing the portal will change to https://data.rbi.org.in, as per an RBI press release.
Current URLs such as https://dbie.rbi.org.in and https://cimsdbie.rbi.org.in will redirect to the new address to ensure a seamless transition for users.
The DBIE portal has been a cornerstone of public access to economic data since its launch on November 1, 2004.

Detailed Explanation:

The Reserve Bank of India (RBI) has announced an update to its ‘Database on Indian Economy’ (DBIE) portal.
The domain address for accessing the portal will change to https://data.rbi.org.in, as per an RBI press release.
Current URLs such as https://dbie.rbi.org.in and https://cimsdbie.rbi.org.in will redirect to the new address to ensure a seamless transition for users.
The DBIE portal has been a cornerstone of public access to economic data since its launch on November 1, 2004.
It now serves as an expansive repository for a wide range of economic and financial statistics, including regular and ad hoc statistical publications.
The portal also hosts the ‘SAARC Finance Database’ and the ‘Banking Outlet Locator’.
It is an integrated repository of current and historical data, and is frequently accessed by citizens as well as Indian and global analysts and researchers.
The introduction of the Centralised Information Management System (CIMS) in June 2023 marked an enhancement to the RBI’s data management capabilities.
This system has been integrated with the DBIE portal, expanding its data coverage and improving accessibility for users.

11) Answer: C

Short Explanation:

The Government of India has sanctioned new Inter State Transmission System (ISTS) schemes to evacuate 9 GW of renewable energy (RE) power from Rajasthan and Karnataka.
These projects will be executed through the Tariff Based Competitive Bidding (TBCB) mode.
These initiatives are part of India’s plan to achieve 500 GW of RE capacity by 2030, with 200 GW already connected.

Detailed Explanation:

The Government of India has sanctioned new Inter State Transmission System (ISTS) schemes to evacuate 9 GW of renewable energy (RE) power from Rajasthan and Karnataka.
These projects will be executed through the Tariff Based Competitive Bidding (TBCB) mode.
These initiatives are part of India’s plan to achieve 500 GW of RE capacity by 2030, with 200 GW already connected.
These schemes aim to enhance the transmission infrastructure for renewable energy, facilitating India’s goal of significantly expanding its renewable energy capacity by 2030.

Scheme Details

Rajasthan Renewable Energy Zone (REZ) Power Evacuation

Capacity: 4.5 GW of RE power
Sources:
- Fatehgarh Complex: 1 GW
- Barmer Complex: 2.5 GW
- Nagaur (Merta) Complex: 1 GW
Destination: Mainpuri Region, Fatehpur, and Orai in Uttar Pradesh
Completion Period: 2 years
Cost: ₹12,241 crore

Karnataka System Strengthening Scheme

Capacity: 4.5 GW of RE power
Sources:
- Koppal Area
- Gadag Area
Completion Date: June 2027
Cost: ₹1,354 crore

12) Answer: D

Short Explanation:

The Union Education Ministry has constituted a high-level committee of experts to ensure the transparent, smooth, and fair conduct of examinations.

The committee, led by Dr. K. Radhakrishnan, former Chairman of ISRO.

Committee Composition

The committee comprises seven members, including:

Dr. K. Radhakrishnan, Former Chairman, ISRO (Chairperson)
Dr Randeep Guleria, Former Director, AIIMS Delhi
Govind Jaiswal, Joint Secretary, Ministry of Education
Prof. B J Rao, Vice Chancellor, Central University of Hyderabad
Prof. Ramamurthy K, Professor Emeritus, IIT Madras
Pankaj Bansal, Co-Founder, People Strong, and Board Member, Karmayogi Bharat
Prof. Aditya Mittal, Dean Student Affairs, IIT Delhi

Detailed Explanation:

The Union Education Ministry has constituted a high-level committee of experts to ensure the transparent, smooth, and fair conduct of examinations.
The committee, led by Dr. K. Radhakrishnan, former Chairman of ISRO, will provide recommendations on several key areas:

Objectives of the Committee

Reform in Examination Mechanism: The committee will analyze the end-to-end examination process and suggest measures to improve efficiency and prevent breaches.
Data Security Protocols: Evaluating existing data security processes and recommending improvements.
NTA Structure and Functioning: Examining the structure and functioning of the National Testing Agency (NTA) and suggesting organizational improvements.

Committee Composition

The committee comprises seven members, including:

Dr. K. Radhakrishnan, Former Chairman, ISRO (Chairperson)
Dr Randeep Guleria, Former Director, AIIMS Delhi
Govind Jaiswal, Joint Secretary, Ministry of Education
Prof. B J Rao, Vice Chancellor, Central University of Hyderabad
Prof. Ramamurthy K, Professor Emeritus, IIT Madras
Pankaj Bansal, Co-Founder, People Strong, and Board Member, Karmayogi Bharat
Prof. Aditya Mittal, Dean Student Affairs, IIT Delhi

Scope of Work

Review SOPs and Protocols: Conducting a thorough review of the Standard Operating Procedures (SOPs) and protocols of the NTA, and suggesting measures to strengthen and ensure compliance.
Examination Security: Examining existing security protocols related to paper-setting and other processes for various examinations, and making recommendations to enhance system robustness.
Efficiency and Transparency: Analyzing and suggesting measures to improve the overall efficiency and transparency of the examination process.

13) Answer: A

Short Explanation:

The Pension Fund Regulatory and Development Authority (PFRDA) has set ambitious targets for the growth of Assets under Management (AUM) for the National Pension Scheme (NPS) in the fiscal year 2024-25.
PFRDA aims to achieve Rs 15 lakh crore in Assets under Management (AUM) by the end of the financial year 2024-25.
Currently, as of the latest update, the AUM stands at Rs 12.3 lakh crore.

14) Answer: D

Short Explanation:

The Telangana state cabinet has approved a proposal to waive up to 2 lakh rupees worth of crop loans for each farmer in the state by August 15, 2024.
This fulfils a promise made by the Congress party before the Assembly elections last year.
Eligibility and Timeline:Crop loans taken between December 12, 2018, and December 9, 2023, are eligible for the waiver.
Guidelines on eligibility criteria will be issued through a government order (GO) soon.
Financial Implications:The estimated cost for the crop loan waiver is Rs 31,000 crore.
It is expected to benefit around 40 lakh farmers in Telangana.

Detailed Explanation:

The Telangana state cabinet has approved a proposal to waive up to 2 lakh rupees worth of crop loans for each farmer in the state by August 15, 2024.
This fulfils a promise made by the Congress party before the Assembly elections last year.
Eligibility and Timeline:Crop loans taken between December 12, 2018, and December 9, 2023, are eligible for the waiver.
Guidelines on eligibility criteria will be issued through a government order (GO) soon.
Financial Implications:The estimated cost for the crop loan waiver is Rs 31,000 crore.
It is expected to benefit around 40 lakh farmers in Telangana.
Comparison with Previous Schemes:The previous government’s crop loan waiver scheme cost Rs 28,000 crore to the state treasury.
Previous waivers by the BRS government:
First term: Rs 16,000 crore (cut-off date: March 31, 2014).
Second term: Rs 12,000 crore (cut-off date: December 11, 2018).
Rythu Bharosa and Committee Formation : The Cabinet also approved setting up a Cabinet sub-committee headed by Deputy Chief Minister M. Bhatti Vikramarkato prepare guidelines for the implementation of Rythu Bharosa in place of Rythu Bandhu, with a deadline to submit its report by July 15.
Ministers T. Nageshwar Rao, D. Sridhar Babu, and P. Srinivas Reddy will be the other members of the subcommittee.

15) Answer: D

Short Explanation:

The National Stock Exchange’s subsidiary, NSE Indices Limited, has launched a new thematic index called the Nifty India Tourism Index.
This index is designed to capture the performance of travel and tourism-related stocks within the Nifty 500 Index.
According to NSE, the introduction of this index aligns with the Indian government’s ongoing efforts to bolster tourism, a sector that significantly contributes to the nation’s economy, accounting for approximately $199.6 billion to the GDP.
In the last six months, NSE has launched nine thematic indices.

Detailed Explanation:

The National Stock Exchange’s subsidiary, NSE Indices Limited, has launched a new thematic index called the Nifty India Tourism Index.
This index is designed to capture the performance of travel and tourism-related stocks within the Nifty 500 Index.
According to NSE, the introduction of this index aligns with the Indian government’s ongoing efforts to bolster tourism, a sector that significantly contributes to the nation’s economy, accounting for approximately $199.6 billion to the GDP.

Objectives and Benefits

Investment Opportunities: The Nifty India Tourism Index will enable the creation of investment products that allow asset managers to invest in the tourism industry.
Investor Tools: This index provides valuable tools for investors aiming to capitalize on the growth and resilience of the vibrant tourism industry.

Recent Thematic Index Launches by NSE

A few days prior, NSE introduced another theme-based index: the Nifty EV & New Age Automotive Index.
This index tracks the performance of companies involved in the electric vehicle (EV) ecosystem or the development of new-age automotive vehicles and related technology.

Other Recent Index Launches

In the last six months, NSE has launched nine thematic indices, including:

Nifty200 Value 30 Index
Nifty500 LargeMidSmall Equal-Cap Weighted Index
Nifty500 Multicap India Manufacturing 50:30:20 Index
Nifty500 Multicap Infrastructure 50:30:20 Index

These indices reflect NSE’s commitment to providing innovative and diversified investment options catering to various economic sectors and themes.

16) Answer: D

Short Explanation:

State-run Oil and Natural Gas Corporation Limited (ONGC) has signed a memorandum of understanding (MoU) with Indian Oil Corporation Limited (IOCL) to establish a small-scale Liquefied Natural Gas (LNG) plant near the Hatta Gas Field in the Vindhyan Basin.

Detailed Explanation:

State-run Oil and Natural Gas Corporation Limited (ONGC) has signed a memorandum of understanding (MoU) with Indian Oil Corporation Limited (IOCL) to establish a small-scale Liquefied Natural Gas (LNG) plant near the Hatta Gas Field in the Vindhyan Basin.

Upgrading the Vindhyan Basin

Current Status: Category II Basin
Post-Plant Status: Upgraded to Category I Basin
- Category I Basins: Proven hydrocarbon resources with established commercial production.
- Category II Basins: Contingent resources yet to be converted to recoverable reserves and commercial production.

Technological and Environmental Impact

The Hatta LNG plant will utilize cutting-edge technology to produce LNG, which is a cleaner alternative to traditional fossil fuels. This will significantly reduce carbon emissions and align with India’s climate change mitigation goals.

Historical Context and Future Plans

Exploration Efforts: The discovery at Hatta represents the culmination of five decades of sustained exploration efforts.
Field Development Plan (FDP): ONGC has already submitted its FDP to the Directorate General of Hydrocarbons (DGH) to monetize its assets in the Hatta area.

Visionary Step Towards Sustainability

The ‘non-binding MoU for a Technology Demonstration Small Scale LNG plant at Hatta, Madhya Pradesh’ between ONGC and IOCL is seen as a visionary step towards India’s sustainable and prosperous future.

17) Answer: E

Short Explanation:

The Department of Animal Husbandry and Dairying (DAHD), Ministry of Fisheries, Animal Husbandry, and Dairying has signed an agreement with the National Dairy Development Board (NDDB) for the upgradation of the Biocontainment Facility and associated repair works at the Chaudhary Charan Singh National Institute of Animal Health (CCSNAIH), Baghpat.
The agreement was signed in the presence of the Secretary, Ms. Alka Upadhyaya, and senior officers from DAHD, CCSNAIH, and NDDB.

Project Details

Project Title: Upgradation of Biocontainment Facility and Associated Repair Works
Location: CCSNAIH, Baghpat
Estimated Budget: ₹160 Crores
Execution Timeline: 20 months

Detailed Explanation:

The Department of Animal Husbandry and Dairying (DAHD), Ministry of Fisheries, Animal Husbandry, and Dairying has signed an agreement with the National Dairy Development Board (NDDB) for the upgradation of the Biocontainment Facility and associated repair works at the Chaudhary Charan Singh National Institute of Animal Health (CCSNAIH), Baghpat.
The agreement was signed in the presence of the Secretary, Ms. Alka Upadhyaya, and senior officers from DAHD, CCSNAIH, and NDDB.

Project Details

Project Title: Upgradation of Biocontainment Facility and Associated Repair Works
Location: CCSNAIH, Baghpat
Estimated Budget: ₹160 Crores
Execution Timeline: 20 months

Objectives and Scope

CCSNAIH, Baghpat, is an apex laboratory under DAHD, responsible for the quality assessment of veterinary vaccines and diagnostics in India.
The Institute, commissioned in 2010, is recognized as a Central Drugs Laboratory by the Ministry of Health and Family Welfare for Quality Control Testing of Veterinary Biologicals such as HaemorrhagicSepticaemia (HS) and Ranikhet Disease (RD). The institute also undertakes QC testing of FMD, Brucella, PPR, and CSF vaccines under the LH&DC program.

NDDB’s Role and Expertise

The National Dairy Development Board (NDDB), a statutory body under the Ministry of Fisheries, Animal Husbandry, and Dairying, will undertake the upgrade project.
NDDB has a specialized division dedicated to constructing and maintaining biocontainment facilities and has successfully executed several similar projects, including:
ICAR-National Institute of Foot & Mouth Disease, Bhubaneswar
ICAR-National Institute of High Security Animal Disease Facility, Bhopal
Laboratory & Animal Testing Unit, TANUVAS
ICAR-National Institute of Veterinary Epidemiology & Disease Informatics, Bengaluru

18) Answer: B

Short Explanation:

The Sustainable Development Report (SDR) provides an annual review of progress made by UN member states on the Sustainable Development Goals (SDGs) since their adoption in 2015.

Top Performers

European Leaders: Nordic countries dominate, with Finland leading, followed by Sweden, Denmark, Germany, and France.
Multilateral Commitment: Barbados tops the list for commitment to UN-based multilateralism. the United States ranks last.

India’s Position

Ranking: India secures the 109th rank with an overall score of 64.0, indicating progress towards SDGs.
SDSN: The report is facilitated by the UN Sustainable Development Solutions Network (SDSN), promoting practical solutions for SDG achievement globally.

Detailed Explanation:

The Sustainable Development Report (SDR) provides an annual review of progress made by UN member states on the Sustainable Development Goals (SDGs) since their adoption in 2015.
Here are the key highlights and findings from the 2024 edition:

Focus Areas

UN Summit of the Future: Emphasizes outcomes from the summit and reviews progress on SDGs.
High-Level Political Forum: Specifically reviews SDG17 (Global Partnership) and SDG2 (Zero Hunger) among others.

Global Progress

Target Achievement: Only 16% of SDG targets are on track globally for achievement by 2030.
Stagnant Progress: Overall global SDG progress has stalled since 2020.
Challenges: SDGs related to hunger (SDG2), sustainable cities (SDG11), life below water (SDG14), life on land (SDG15), and peace and justice (SDG16) are notably off-track.

Regional Variances

Country Groups: Nordic countries lead in SDG achievement, followed by BRICS countries, while poorer nations lag significantly.
New Inclusion: Guinea-Bissau included for the first time in the SDG Index, ranking 167 countries.

Top Performers

European Leaders: Nordic countries dominate, with Finland leading, followed by Sweden, Denmark, Germany, and France.
Multilateral Commitment: Barbados tops the list for commitment to UN-based multilateralism. the United States ranks last.

Challenges in Food and Land Systems

Off-Track Targets: SDG targets related to food and land systems show significant challenges.
Pathways: SDR evaluates pathways for sustainable food and land systems amidst global challenges.

Specific Statistics

Global Hunger: Predicts 600 million people will still suffer from hunger by 2030.
Obesity: Increasing global concern alongside hunger.
GHG Emissions: Agriculture, forestry, and land use contribute nearly a quarter of global greenhouse gas emissions.

India’s Position

Ranking: India secures the 109th rank with an overall score of 64.0, indicating progress towards SDGs.
SDSN: The report is facilitated by the UN Sustainable Development Solutions Network (SDSN), promoting practical solutions for SDG achievement globally.

SDSN Overview

Establishment: SDSN was founded in 2012 by the UN to foster practical solutions for SDG implementation.
Global Presence: Secretariats located in Paris, France; Kuala Lumpur, Malaysia; and New York, US.

19) Answer: B

Short Explanation:

Bihar Deputy Chief Minister Samrat Chaudhary has been appointed as the convenor of the Group of Ministers (GoM) on Goods and Services Tax (GST) rate rationalisation.
Samrat Chaudhary will replace Finance Minister of Uttar Pradesh Suresh Khanna.
Members include:
Uttar Pradesh Finance Minister Suresh Kumar Khanna
Goa Transport Minister Mauvin Godinho
Rajasthan Medical and Health Services Minister Gajendra Singh
West Bengal Finance Minister Chandrima Bhattacharya
Karnataka Revenue Minister Krishna Byre Gowda
Kerala Finance Minister K N Balagopal

Detailed Explanation:

Bihar Deputy Chief Minister Samrat Chaudhary has been appointed as the convenor of the Group of Ministers (GoM) on Goods and Services Tax (GST) rate rationalisation.
Samrat Chaudhary will replace Finance Minister of Uttar Pradesh Suresh Khanna.
Members include:
Uttar Pradesh Finance Minister Suresh Kumar Khanna
Goa Transport Minister Mauvin Godinho
Rajasthan Medical and Health Services Minister Gajendra Singh
West Bengal Finance Minister Chandrima Bhattacharya
Karnataka Revenue Minister Krishna Byre Gowda
Kerala Finance Minister K N Balagopal
Reason for Reconstitution:The reconstitution was necessary to include Samrat Chaudhary in the panel after the JD(U)-BJP alliance formed the government in Bihar, and Chaudhary was given the finance portfolio, replacing Vijay Kumar Chaudhary.
The primary aim of this reconstituted GoM will be to streamline GST rates, review exemptions, and boost GST revenues.
Task and Objective : The 7-member GoM has been tasked with suggesting required rate rationalisation and correction of inverted duty structure with an objective of simplifying the rate structure, reviewing the GST exemption list and enhancing revenues from Goods and Services Tax (GST).
Political Composition : Out of 7 members of GoM, 4 are from NDA and 3 from opposition-ruled States.
Historical Context : This is the second time that the GST rate rationalisation panel was reconstituted.
The GoM was originally set up in September 2021, under the Karnataka Chief Minister Basavaraj Bommai.
Under his chairmanship, the panel had submitted an interim report to the GST Council in June 2022, proposing changes in tax rates for some goods and services to rationalise the levy.
The rate rationalisation panel will now have a task at hand to submit a final report to the GST Council suggesting changes in tax rates and slabs to usher in reforms.
GST Tax Structure : As of now, the GST regime has four broad tax slabs of 5, 12, 18, and 28%, along with four special rates of zero, 0.25, 1.5, 3. and 6%.
A cess is levied over and above the highest 28% rate on luxury and demerit goods.

20) Answer: B

Short Explanation:

Bank of Baroda (BoB) has appointed Indian tennis player Sumit Nagal as its brand endorser.
The appointment reflects the bank’s strategy of supporting emerging Indian athletes, especially on the global stage.
Nagal is currently the highest-ranked Indian singles tennis player.
Bank of Baroda’s Other Brand Ambassadors:Sumit Nagal joins other esteemed brand ambassadors of Bank of Baroda, including PV Sindhu and Shafali Verma.

Detailed Explanation:

Bank of Baroda (BoB) has appointed Indian tennis player Sumit Nagal as its brand endorser.
The appointment reflects the bank’s strategy of supporting emerging Indian athletes, especially on the global stage.
Nagal is currently the highest-ranked Indian singles tennis player.
He achieved a career-high world ranking of No. 71 on June 17, 2024.
He secured a spot in the Indian Olympic team for Paris.
Historic Achievement:In January 2024, Nagal made history by becoming the first Indian in 35 years to defeat a seeded player in a Grand Slam men’s singles match at the Australian Open.
Bank of Baroda’s Other Brand Ambassadors:Sumit Nagal joins other esteemed brand ambassadors of Bank of Baroda, including PV Sindhu and Shafali Verma.

21) Answer: C

Short Explanation:

The British telecom operator Vodafone sold 48.47 crore shares or 18% stake in Indus Towers for 1.7 billion euro (about Rs 15,300 crore) through an accelerated book building offering.
SBI Mutual Fund and Bharti Airtel were two of the buyers of shares of Indus Towers that were offloaded by Vodafone Group Plc in bulk deals on the NSE.

Detailed Explanation:

The British telecom operator Vodafone sold 48.47 crore shares or 18% stake in Indus Towers for 1.7 billion euro (about Rs 15,300 crore) through an accelerated book building offering.
SBI Mutual Fund and Bharti Airtel were two of the buyers of shares of Indus Towers that were offloaded by Vodafone Group Plc in bulk deals on the NSE.
SBI Mutual Fund acquired 6 crore shares (1.3% stake) at ₹311.40 per share, totaling ₹1,121 crore.
Bharti Airtel acquired 2.7 crore shares (1% stake) for ₹864 crore, increasing its stake in Indus Towers to nearly 49%.
Post-Sale Holdings:After the stake sale, Vodafone holds 82.5 million shares, equivalent to a 3.1% shareholding in Indus Towers.

22) Answer: A

Short Explanation:

Senior photojournalist Nissar Ahmad, who was associated with The Hindu for 25 years, died of cancer in Srinagar at the age of 59.
He had joined The Hindu on August 1, 1998.

Detailed Explanation:

Senior photojournalist Nissar Ahmad, who was associated with The Hindu for 25 years, died of cancer in Srinagar at the age of 59.
He had joined The Hindu on August 1, 1998.
Over the past several decades, Ahmad contributed richly to The Hindu and Sportstar’s coverage of sports, particularly in the Kashmir valley, highlighting the region’s talent and growth of sports.

23) Answer: B

Short Explanation:

International Widow’s Day is observed all over the universe each year on the 23rd of June to draw attention to widows’ voices and experiences and galvanize the exceptional support they need.
Widows had to immolate themselves on their late husband’s funeral pyre before 1827.
In 2005, the Loomba Foundation established International Widow’s Day in honor of Loomba’s mother, who became a widow on June 23, 1954.
Finally, the United Nations General Assembly recognized it on June 23, 2010.

Detailed Explanation:

International Widow’s Day is observed all over the universe each year on the 23rd of June to draw attention to widows’ voices and experiences and galvanize the exceptional support they need.
Widows had to immolate themselves on their late husband’s funeral pyre before 1827.
In 2005, the Loomba Foundation established International Widow’s Day in honor of Loomba’s mother, who became a widow on June 23, 1954.
Women in diverse countries, according to Loomba, had to fight for their basic wants and rights. They are ignored by all organizations, and societies have cursed them for the loss of their husband.
Finally, the United Nations General Assembly recognized it on June 23, 2010.
Children were withdrawn from school and abused because of their father’s death because of the widows. International Widow’s Day encourages people to support widows’ rights by emphasizing concerns such as abuse, prejudice, and poverty that women suffer.
The main aim of International Widow’s Day is to provide education to the widows’ children, provide them with healthcare facilities, and develop various resources and policies to empower widows.

24) Answer: A

Short Explanation:

The United Nations Public Service Day is celebrated on June 23 of every year to celebrate the value and virtue of public service to the community; highlight the contribution of public service in the development process; recognize the work of public servants, and encourage young people to pursue careers in the public sector.
By approving resolution 57/277 on December 20, 2002, the United Nations General Assembly declared June 23rd as United Nations Public Service Day.

Detailed Explanation:

The United Nations Public Service Day is celebrated on June 23 of every year to celebrate the value and virtue of public service to the community; highlight the contribution of public service in the development process; recognize the work of public servants, and encourage young people to pursue careers in the public sector.
Every year on June 23rd, the United Nations Public Service Day is observed to emphasize the importance and virtue of public service to the community, to acknowledge their commitment to the development process through public service, and to encourage youngsters to choose a career in the public sector.
By approving resolution 57/277 on December 20, 2002, the United Nations General Assembly declared June 23rd as United Nations Public Service Day.
Every year, a host country is chosen to recognize contributions to the development and strengthening of government institutions and administration.
A variety of events are held to honor the contributions of public officials. Several people take part in the discussion and have an equal opportunity to debate tactics, transformations, and novel ways, among other topics.

25) Answer: C

Short Explanation:

Olympic Day Run or International Olympic Day is celebrated on June 23 all around the world.
The theme for Olympic Day 2024 is ‘Let’s Move and Celebrate’, aiming to inspire people worldwide to engage in daily physical activity. Abhinav Bindra, India’s first individual gold medallist at the Olympics, shared his thoughts on his social media handle.
Venezuela, Belgium, Canada, Switzerland, Portugal, Greece, Austria, the United Kingdom, and Uruguay commemorated the first Olympic Day on June 23, 1948.

Detailed Explanation:

Olympic Day Run or International Olympic Day is celebrated on June 23 all around the world.
The day embraces all through pure Olympic values.
The theme for Olympic Day 2024 is ‘Let’s Move and Celebrate’, aiming to inspire people worldwide to engage in daily physical activity. Abhinav Bindra, India’s first individual gold medallist at the Olympics, shared his thoughts on his social media handle.
Venezuela, Belgium, Canada, Switzerland, Portugal, Greece, Austria, the United Kingdom, and Uruguay commemorated the first Olympic Day on June 23, 1948.
The origins of Olympic Day can be traced back to 1948.
In 1947, IOC members in Czechoslovakia presented Doctor Gruss with a report on commemorating Olympic Day.
The study was delivered at the International Olympic Committee’s 41st Session in Stockholm, which was supposed to be a day dedicated to promoting the Olympic concept.
The idea was approved in the IOC’s next session, which was held in St Moritz in January 1948.
The National Olympic Committee picked June 23 to commemorate the International Olympic Committee’s (IOC) formation on the same day in 1894.

This post was last modified on June 25, 2024 10:46 am

5 months ago

Daily Current Affairs Quiz – 23rd & 24th June 2024

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