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Dear Readers, Daily Current Affairs Questions Quiz for SBI, IBPS, RBI, RRB, SSC Exam 2024 of 24th October 2024. Daily GK quiz online for bank & competitive exam. Here we have given the Daily Current Affairs Quiz based on the previous days Daily Current Affairs updates. Candidates preparing for IBPS, SBI, RBI, RRB, SSC Exam 2024 & other competitive exams can make use of these Current Affairs Quiz.
1) The RBI’s crackdown on four firms(Asirvad Micro Finance Limited, Arohan Financial Services Limited, DMI Finance Pvt Limited, Navi Finserv Limited) will result in stricter reporting requirements for non-banking financing companies in the microfinance sector. This action is intended to stop lenders from overcharging low-income borrowers, who are primarily women after the RBI’s investigation revealed that margins in FY23 and FY24 exceeded what percentage cap?
(a) 10%
(b) 12%
(c) 14%
(d) 15%
(e) 16%
2) For academic institution faculty, the Reserve Bank of India (RBI) has launched a scholarship program. How many rupees will the chosen scholars receive each month for the duration of the project?
(a) Rs.10000
(b) Rs.20000
(c) Rs.25000
(d) Rs.50000
(e) Rs.15000
3) In which state has the Asian Development Bank (ADB) authorized a $241.3 million loan to improve power distribution?
(a) Sikkim
(b) Odisha
(c) Assam
(d) West Bengal
(e) Rajasthan
4) What is the name of a digital insurance platform that Debasish Panda, the chairperson of the Insurance Regulatory and Development Authority of India (IRDAI), has affirmed is prepared for launch?
(a) Bima Vistaar
(b) Bima Sugam
(c) Bima Nigam
(d) Bima Vahak
(e) Bima Trinity
5) Which bank has a loan pipeline worth ₹75,000 crore, with ₹39,000 crore seeking sanction and ₹36,000 crore awaiting disbursement?
(a) Union Bank of India
(b) State Bank of India
(c) Indian bank
(d) Bank of Baroda
(e) Punjab National Bank
6) When did the Securities and Exchange Board of India (SEBI) decide to alter insider trading rules for asset management firms (AMCs), designated individuals, trustees, and their immediate relatives?
(a) October 31 2024
(b) November 1 2024
(c) December 31 2024
(d) November 31 2024
(e) January 1 2025
7) Which company plans to recruit high-quality SMEs to SME platforms by retaining “light-touch” rules, which have fewer compliance costs and requirements than mainboard listings?
(a) SEBI
(b) MSME
(c) IRDAI
(d) PFDRA
(e) SIDBI
8) What is the total number of organizations that the Reserve Bank of India (RBI) added to its “Alert List” of unapproved forex trading platforms, including TDFX and Inefex?
(a) 78
(b) 88
(c) 68
(d) 98
(e) 58
9) What percentage growth is anticipated in India’s GDP for the fiscal year 2024–2025?
(a) 7.0%
(b) 7.1%
(c) 7.2%
(d) 7.3%
(e) 7.5%
10) Which bank exceeded its gender diversity objective of 25% women in the workforce, one year ahead of the FY25 target?
(a) Axis bank
(b) HDFC bank
(c) ICICI bank
(d) YES bank
(e) RBL bank
11) Recently(Oct’24), the Federal Bank collaborated with Bhashini to launch Vernacular Support for Chatbot Feddy. Feddy can now answer customer questions in how many distinct Indian languages?
(a) 12
(b) 11
(c) 13
(d) 14
(e) 15
12) India has paused all new Free Trade Agreements (FTAs) as part of a strategic revamp to maximize trade and investment gains. India is conducting a comprehensive assessment of prior trade deals, including those with which nation and Australia?
(a) UK
(b) USA
(c) UAE
(d) Russia
(e) China
13) On October 19 and 20, 2024, how many historic lighthouses in India participated in the 2nd National Lighthouse Festival?
(a) 75
(b) 73
(c) 71
(d) 77
(e) 78
14) On October 22, 2024, Jyotiraditya Scindia, the Union Minister for Communications, inaugurated the International Incoming Spoofed Calls Prevention System at BSNL Bhawan in Delhi. According to reports, a large number of the flagged SIMs were sold in how many states and were used to defraud people in India using a variety of dishonest methods?
(a) 4
(b) 5
(c) 3
(d) 6
(e) 7
15) Due to increasing food costs, retail inflation in India increased significantly in September 2024, hitting a nine-month high. Out of 22 states, how many reported September inflation rates above 5%, indicating pervasive price pressure?
(a) 11
(b) 12
(c) 10
(d) 13
(e) 15
16) According to current official statistics, India’s wholesale pricing index (WPI)-based inflation rose to what percentage in September 2024, mostly due to rising food prices?
(a) 1.82%
(b) 1.80%
(c) 1.84%
(d) 1.86%
(e) 1.88%
17) The Goods and Services Tax (GST) on term life insurance and health insurance premiums has been subject to major revisions recommended by the Group of Ministers (GoM). The GoMsuggests that, with the exception of older folks, health insurance premiums for plans with coverage up to how many lakhs be excluded from GST?
(a) Rs.2lakhs
(b) Rs.5lakhs
(c) Rs.3lakhs
(d) Rs.10lakhs
(e) Rs.1lakh
18) India’s direct tax to GDP ratio has improved significantly, reaching 6.11% in FY23—the best level since 2007–08, according to recent statistics issued by the Central Board of Direct Taxes (CBDT). With a direct tax-to-GDP ratio of 21.22%, which state/UT holds the highest?
(a) Maharashtra
(b) Delhi
(c) Karnataka
(d) Bihar
(e) Rajasthan
19) In FY25, exports to eight of India’s top ten destinations—including the US, UK, and the Netherlands—saw a positive increase in the first half of the year. What percentage did India’s total exports rise by to reach $213.2 billion between April to September 2024?
(a) 2%
(b) 1%
(c) 3%
(d) 4%
(e) 5%
20) With effect from October 17, 2024, which organization has named Chitra Jayasimha as the Chairperson of the Board of the National Pension System (NPS) Trust?
(a) PFDRA
(b) GoI
(c) RBI
(d) SEBI
(e) IRDAI
21) Which company has made Barenya Senapati as its director of finance?
(a) BEML
(b) HAL
(c) GRSE
(d) BHEL
(e) AAI
22) Recently (Oct’24), Vietnam has chosen military commander Luong Cuong as its next president, making him the country’s fourth head of state in how many months?
(a) 15
(b) 12
(c) 16
(d) 18
(e) 24
23) The planned purchase of Aavas Financiers Limited by Aquilo House Private Limited has been authorized by the Competition Commission of India (CCI). Which year’s SEBI (Substantial Acquisition of Shares and Takeovers) Regulations required an open offer?
(a) 2010
(b) 2011
(c) 2012
(d) 2013
(e) 2015
24) At Visakhapatnam’s Ship Building Centre, India’s _________________ nuclear-powered ballistic missile submarine (SSBN), was launched into the ocean.
(a) 2
(b) 3
(c) 4
(d) 5
(e) 6
25) Which nation and India have extended their agreement to run the Kartarpur Corridor for a further five years, till October 24, 2029?
(a) Bangladesh
(b) Myanmar
(c) Srilanka
(d) Nepal
(e) Pakistan
26) The latest research “Poverty, Prosperity and Planet: Pathways out of the Polycrisis,” published by which organization, offers information on global and Indian poverty trends?
(a) UN
(b) UNICEF
(c) World bank
(d) RBI
(e) ADB
27) In comparison to the same period last year, India’s imports of which nation’s oil increased by 2.5 percent between April and September?
(a) UAE
(b) Russia
(c) USA
(d) Saudi Arabia
(e) Iraq
28) Every year on __________________________, people commemorate International Snow Leopard Day to increase awareness of the endangered situation of snow leopards and the need for conservation.
(a) October 24
(b) October 23
(c) October 22
(d) October 25
(e) October 21
29) Every year, on October 24, we mark United Nations Day. Which year honours the date the UN Charter came into effect?
(a) 1942
(b) 1940
(c) 1943
(d) 1945
(e) 1948
30) When was World Polio Day 2024 observed?
(a) October 24
(b) October 23
(c) October 22
(d) October 25
(e) October 21
Answers :
1) Answer: B
Short Explanation:
Non-bank players in the microfinance (MFI) sector may be required by the Reserve Bank of India (RBI) to submit granular monthly data, including:
Weighted average lending rates.
Spread charged on the cost of funds.
This measure aims to prevent lenders from overcharging low-income borrowers, predominantly women after the RBI’s inspection found instances of margins exceeding the 12% cap during FY23 and FY24.
Detailed Explanation:
Non-bank players in the microfinance (MFI) sector may be required by the Reserve Bank of India (RBI) to submit granular monthly data, including:
Weighted average lending rates.
Spread charged on the cost of funds.
This measure aims to prevent lenders from overcharging low-income borrowers, predominantly women, after the RBI’s inspection found instances of margins exceeding the 12% cap during FY23 and FY24.
Crackdown on Non-Bank Players: The RBI has taken action against four non-bank entities:
Asirvad Micro Finance Limited
Arohan Financial Services Limited
DMI Finance Pvt Limited
Navi Finserv Limited
They were ordered to cease and desist from loan disbursement due to high margins and multiple loans to individual borrowers.
Impact of 2022 Regulatory Freedom: In March 2022, the RBI allowed non-bank players freedom to set MFI loan prices, expecting the competition to benefit small borrowers.
2) Answer: D
Short Explanation:
The Reserve Bank of India (RBI) has introduced a Scholarship Scheme for faculty members from academic institutions.
Application Deadline: Applications must be submitted by the 5th of next month.
Project Duration: The research project can last a maximum of three months.
Financial Support: Selected scholars will receive a monthly allowance of ₹50,000 during the project.
Detailed Explanation:
The Reserve Bank of India (RBI) has introduced a Scholarship Scheme for faculty members from academic institutions.
Eligibility Criteria:
Full-time faculty members teaching economics or finance at any UGC or AICTE-recognized university or college in India.
Applicants must be below 55 years of age.
Research Areas: The scholarship covers topics such as:
Monetary and financial economics
Banking
Real sector issues
Other topics of interest to the RBI
A maximum of five scholarships will be awarded.
Selection will be based on candidates’ curriculum vitae, a research proposal (up to 1,000 words), and an interview with a selection panel.
Application Deadline: Applications must be submitted by the 5th of next month.
Project Duration: The research project can last a maximum of three months.
Financial Support:Selected scholars will receive a monthly allowance of ₹50,000 during the project.
An additional ₹2,00,000 honorarium will be paid upon completion and acceptance of the research paper by the RBI.
Management: The scheme is managed by the Department of Economic and Policy Research at the RBI and aims to foster critical research in relevant fields.
3) Answer: D
Short Explanation:
The Asian Development Bank (ADB) has approved a $241.3 million loan to enhance electricity distribution in West Bengal.
The initiative aligns with India’s Revamped Distribution Sector Scheme, which focuses on improving the operational efficiency of power distribution companies.
Detailed Explanation:
The Asian Development Bank (ADB) has approved a $241.3 million loan to enhance electricity distribution in West Bengal.
The initiative aligns with India’s Revamped Distribution Sector Scheme, which focuses on improving the operational efficiency of power distribution companies.
Operational Efficiency: The programme will raise the operational efficiency of the West Bengal State Electricity Distribution Company Limited (WBSEDCL) through:
Capacity building on asset and financial management.
Promotion of renewable energy.
Tariff rationalization.
Gender equity and social inclusion initiatives.
4) Answer: B
Short Explanation:
Bima Sugam, a digital insurance platform, is ready for launch as confirmed by Debasish Panda, the chairperson of the Insurance Regulatory and Development Authority of India (IRDAI).
Simplification of Insurance: Debasish Panda emphasized the need to simplify the insurance process, covering everything from product sales to claim settlements, aiming for universal coverage by 2047.
Detailed Explanation:
Bima Sugam, a digital insurance platform, is ready for launch as confirmed by Debasish Panda, the chairperson of the Insurance Regulatory and Development Authority of India (IRDAI).
Simplification of Insurance: Debasish Panda emphasized the need to simplify the insurance process, covering everything from product sales to claim settlements, aiming for universal coverage by 2047.
Bima Trinity Initiative: Bima Sugam is part of the Bima Trinity initiative by IRDAI, aimed at improving the insurance sector in India.
Bima Vistaar: An insurance product that encompasses life, health, and property coverage.
Bima Vahak: A system focused on women-centric insurance distribution channels.
Health Insurance Summit: The announcement was made during the 17th Health Insurance Summit 2024, organized by the Confederation of Indian Industry (CII).
5) Answer: A
Short Explanation:
Union Bank of India has a robust credit pipeline of ₹75,000 crore, with ₹39,000 crore pending sanction and ₹36,000 crore awaiting disbursement.
Credit Growth Target: The bank maintains its credit growth target of 11%-13% for FY24, despite a lower-than-expected growth in the second quarter. Advances grew by 9.63% YoY to ₹9.28 lakh crore.
Detailed Explanation:
Union Bank of India has a robust credit pipeline of ₹75,000 crore, with ₹39,000 crore pending sanction and ₹36,000 crore awaiting disbursement.
Credit Growth Target: The bank maintains its credit growth target of 11%-13% for FY24, despite a lower-than-expected growth in the second quarter. Advances grew by 9.63% YoY to ₹9.28 lakh crore.
RAM Lending: Retail, Agriculture, and MSME (RAM) lending grew by 12.3%, while corporate lending showed moderate growth of 6.3%.
Net Interest Margin (NIM): NIM declined to 2.9% in Q2 FY24, compared to 3.18% in the same quarter last year. However, the bank expects to maintain NIM within its guidance range of 2.8%-3%.
Asset Quality: The bank improved its asset quality:
Gross Non-Performing Assets (GNPA) ratio fell to 4.36% as of September 30, from 6.38% a year earlier.
6) Answer: B
Short Explanation:
Nearly two years after issuing a notification, the Securities and Exchange Board of India (SEBI) decided to implement amendments to insider trading norms for asset management companies (AMCs), designated persons, trustees or their immediate relatives from November 1, 2024.
The first disclosure, showing holdings as of October 31, 2024, must be reported on the stock exchange platform by November 1, 2024.
Detailed Explanation:
Nearly two years after issuing a notification, the Securities and Exchange Board of India (SEBI) decided to implement amendments to insider trading norms for asset management companies (AMCs), designated persons, trustees or their immediate relatives from November 1, 2024.
The first disclosure, showing holdings as of October 31, 2024, must be reported on the stock exchange platform by November 1, 2024.
For subsequent quarters, the information must be provided within 10 calendar days from the end of the quarter.
Transaction Reporting:Any transactions involving mutual fund units exceeding ₹15 lakh (either in one transaction or over a series of transactions during a calendar quarter) must be reported by the designated persons, trustees, and their immediate relatives to the AMC compliance officer within two business days of the transaction.
30-Day Trading Restriction:Employees must avoid profiting from trading in the same security within a 30-day period.
SEBI’s Framework on Unauthorized Advisors:SEBI issued a framework to regulate associations between market intermediaries (e.g., stock exchanges, depositories) and unauthorized financial advisors, especially through digital platforms.
7) Answer: A
Short Explanation:
The Securities and Exchange Board of India (SEBI) is preparing proposals to tighten the norms around the listing of small and medium enterprises (SMEs) amidst a surge of investor interest and multiple instances of gross violations and fraudulent practices in the segment.
Light-Touch Regulation:SEBI intends to attract high-quality SMEs to SME platforms by maintaining “light-touch” regulations, which involve lower compliance costs and requirements compared to mainboard listings.
Detailed Explanation:
The Securities and Exchange Board of India (SEBI) is preparing proposals to tighten the norms around the listing of small and medium enterprises (SMEs) amidst a surge of investor interest and multiple instances of gross violations and fraudulent practices in the segment.
A consultation paper on new proposals is expected to be released within a few months, as stated by Ashwani Bhatia, SEBI’s whole-time member.
Areas of Focus:
New regulations may cover:
Disclosure requirements.
Eligibility conditions for SME listings.
Portions reserved for Qualified Institutional Buyers (QIBs) and anchor investors.
Enhanced audit-related scrutiny.
Removal of Quotas:There have been calls from market participants to remove quotas for QIBs and anchor investors in SME subscriptions, highlighting the increasing participation of institutional investors in this space.
Light-Touch Regulation:SEBI intends to attract high-quality SMEs to SME platforms by maintaining “light-touch” regulations, which involve lower compliance costs and requirements compared to mainboard listings.
Recent Violations:Instances of manipulation by SME promoters, such as fictitious sales and inflating revenue, have raised concerns, prompting SEBI to take action.
8) Answer: B
Short Explanation:
The Reserve Bank of India (RBI) updated the ‘Alert List’ of unauthorised forex trading platforms by adding 13 more entities, including TDFX and Inefex, taking the total to 88.
Some entities in the list are Ranger Capital, TDFX, Inefex, YorkerFX, Growline, Think Markets, Smart Prop Trader, FundedNext, Weltrade, FreshForex, FX Road, DBG Markets, and Plusonetrade.
Detailed Explanation:
The Reserve Bank of India (RBI) updated the ‘Alert List’ of unauthorised forex trading platforms by adding 13 more entities, including TDFX and Inefex, taking the total to 88.
The Alert List contains names of entities which are neither authorised to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor authorised to operate electronic trading platforms (ETP) for forex transactions under the Electronic Trading Platforms (Reserve Bank) Directions, 2018.
Some entities in the list are Ranger Capital, TDFX, Inefex, YorkerFX, Growline, Think Markets, Smart Prop Trader, FundedNext, Weltrade, FreshForex, FX Road, DBG Markets, and Plusonetrade.
The Alert List also contains names of entities/platforms/websites which appear to be promoting unauthorised entities/ETPs, including through advertisements of such unauthorised entities or claiming to be providing training/advisory services.
The RBI clarifies that the Alert List is not exhaustive, meaning there could be more unauthorized entities not listed.
9) Answer: C
Short Explanation:
India’s Gross domestic product (GDP) is projected to grow at 7.2% in the fiscal year 2024-25.
The country is projected to become the third-largest economy by 2030.
Inflation Outlook:Inflation is projected to average 4.5% in 2024-25 and 4.1% in 2025-26.
Detailed Explanation:
India’s Gross domestic product (GDP) is projected to grow at 7.2% in the fiscal year 2024-25.
Growth is expected to stabilize around 7% in the following fiscal year, with a potential return to an 8% growth trend thereafter.
Economic Trends:India’s growth path has experienced three structural shifts since independence in 1947, with a notable trend growth of 7% between 2002-2019.
The country is projected to become the third largest economy by 2030.
Inflation Outlook:Inflation is projected to average 4.5% in 2024-25 and 4.1% in 2025-26.
The Consumer Price Index (CPI) based inflation rose to 5.5% in September 2024, following a decline in July-August, driven by increased prices in certain food items and adverse base effects.
The insights were shared by Michael Debabrata Patra, Deputy Governor of the Reserve Bank of India, at the New York Fed Central Banking Seminar organized by the Federal Reserve Bank.
10) Answer: B
Short Explanation:
HDFC Bank surpassed its gender diversity goal of 25% women in its workforce, achieving this one year ahead of the FY25 target.
Women now represent 26% of HDFC Bank’s 2 lakh employees, with many in the workforce being under 30 years old.
Detailed Explanation:
HDFC Bank surpassed its gender diversity goal of 25% women in its workforce, achieving this one year ahead of the FY25 target.
Women now represent 26% of HDFC Bank’s 2 lakh employees, with many in the workforce being under 30 years old.
The bank aims to increase female representation to 27% by FY27.
In FY24 alone, HDFC Bank hired 17,410 women employees, reflecting its focus on diversity.
11) Answer: D
Short Explanation:
Federal Bank has signed a Memorandum of Understanding (MoU) with Bhashini, an AI-powered language translation platform, to add vernacular language support to its AI virtual assistant, Feddy.
Supported Languages: With the integration of Bhashini’s language translation capabilities, Feddy is now able to respond to user queries in 14 different Indian languages, including Hindi, Bengali, Tamil, Telugu, Marathi, Gujarati, Kannada, Malayalam, Odia, Assamese, Punjabi, Urdu, Manipuri, and Bodo.
Detailed Explanation:
Federal Bank has signed a Memorandum of Understanding (MoU) with Bhashini, an AI-powered language translation platform, to add vernacular language support to its AI virtual assistant, Feddy.
Supported Languages: With the integration of Bhashini’s language translation capabilities, Feddy is now able to respond to user queries in 14 different Indian languages, including Hindi, Bengali, Tamil, Telugu, Marathi, Gujarati, Kannada, Malayalam, Odia, Assamese, Punjabi, Urdu, Manipuri, and Bodo.
Customer Benefits: The integration of Bhashini’s language capabilities makes banking services more convenient and user-friendly for customers across diverse linguistic backgrounds.
12) Answer: C
Short Explanation:
India has decided to pause all new Free Trade Agreements (FTAs) as part of an initiative to overhaul its strategy for maximizing trade and investment benefits.
India is conducting a thorough review of previous trade agreements, such as those with the UAE and Australia, to identify potential shortcomings and areas for enhancement.
Detailed Explanation:
India has decided to pause all new Free Trade Agreements (FTAs) as part of an initiative to overhaul its strategy for maximizing trade and investment benefits.
The Department of Commerce is developing new Standard Operating Procedures (SOPs) for FTA negotiations.
The Prime Minister’s Office has discussed SOPs addressing emerging issues, including labour, environment, digital trade, gender, and indigenous peoples.
The updated procedures are designed to build institutional memory for more effective future negotiations.
India is conducting a thorough review of previous trade agreements, such as those with the UAE and Australia, to identify potential shortcomings and areas for enhancement.
13) Answer: A
Short Explanation:
The 2nd National Lighthouse Festival was observed on October 19 and 20, 2024, across 75 historic lighthouses in India.
The Lighthouse Tourism Conclave 2024 was inaugurated by Union Minister of State for Ports, Shipping & Waterways, Shantanu Thakur, on October 19, 2024.
Detailed Explanation:
The 2nd National Lighthouse Festival was observed on October 19 and 20, 2024, across 75 historic lighthouses in India.
The Lighthouse Tourism Conclave 2024 was inaugurated by Union Minister of State for Ports, Shipping & Waterways, Shantanu Thakur, on October 19, 2024.
The National Lighthouse Festival is organized by the Union Ministry of Ports, Shipping & Waterways.
Approximately Rs 65 crore has been invested in 75 iconic lighthouses across 9 coastal states and 1 Union Territory, according to the Directorate General of Lighthouses and Lightships.
14) Answer: B
Short Explanation:
Union Minister for Communications, Jyotiraditya Scindia, launched the International Incoming Spoofed Calls Prevention System on October 22, 2024, at BSNL Bhawan, Delhi.
Many of the flagged SIMs were reportedly sold in states like Telangana, Andhra Pradesh, Kerala, Tamil Nadu, and Punjab, being used to scam individuals in India through various deceptive tactics.
Detailed Explanation:
Union Minister for Communications, Jyotiraditya Scindia, launched the International Incoming Spoofed Calls Prevention System on October 22, 2024, at BSNL Bhawan, Delhi.
The Finance Ministry allocated ₹38.76 crore to the Department of Telecommunications (DoT) for the establishment of this system, initially referred to as the Centralised International Out Roamer (CIOR).
Additionally, funding for the Digital Intelligence Unit (DIU) was increased from ₹50 crore to ₹85 crore to enhance investigations into fraudulent telecom activities.
Out of the flagged SIMs, 295,000 were blocked for failing re-verification, with information about their point of sale shared with state police units and the Indian Cyber Crime Coordination Centre (I4C) for further action.
Many of the flagged SIMs were reportedly sold in states like Telangana, Andhra Pradesh, Kerala, Tamil Nadu, and Punjab, being used to scam individuals in India through various deceptive tactics.
15) Answer: D
Short Explanation:
India’s retail inflation saw a significant increase in September 2024, reaching a nine-month high due to rising food prices.
Annual Retail Inflation (CPI): Rose to 5.49% in September, up from 3.65% in August, marking the highest level since December 2023 (5.69%).
Despite the rise, inflation remained within the Reserve Bank of India’s (RBI) medium-term target range of 2-6%.
13 out of 22 states reported inflation rates above 5% in September, reflecting widespread price pressure.
Detailed Explanation:
India’s retail inflation saw a significant increase in September 2024, reaching a nine-month high due to rising food prices.
Annual Retail Inflation (CPI): Rose to 5.49% in September, up from 3.65% in August, marking the highest level since December 2023 (5.69%).
Despite the rise, inflation remained within the Reserve Bank of India’s (RBI) medium-term target range of 2-6%.
Food prices remain a persistent issue, with 9.24% inflation in September compared to 5.66% in August.
Key food items contributing to inflation include:
Cereals: 6.8%
Vegetables: 36%
Pulses: 9.8%
Fruits: 7.7%
Eggs: 6.3%
Vegetable prices saw a 3.49% rise, while edible oils increased by 2.91% on a month-on-month basis.
Cereal and pulses inflation largely depends on the kharif crop yield, with satisfactory output potentially easing prices.
Core inflation, which excludes volatile food and energy prices, remained steady at 3.5%.
Segments such as clothing, housing, and light showed moderate inflation around 3%.
Personal care products reported inflation levels as high as food inflation, at 9%.
Food prices have been elevated due to uneven monsoon rains last year.
Excess rainfall in certain areas has further contributed to rising food inflation in recent months.
13 out of 22 states reported inflation rates above 5% in September, reflecting widespread price pressure.
16) Answer: C
Short Explanation:
India’s wholesale price index (WPI)-based inflation increased to 1.84% in September 2024, driven primarily by rising food prices, according to recent government data.
September 2024: Wholesale inflation rose to 1.84%, up from 1.31% in August.
Compared to September 2023, when WPI inflation was at -0.07%, the rate has seen a sharp increase.
Food item inflation surged to 11.53% in September, up from 3.11% in August.
Detailed Explanation:
India’s wholesale price index (WPI)-based inflation increased to 1.84% in September 2024, driven primarily by rising food prices, according to recent government data.
September 2024: Wholesale inflation rose to 1.84%, up from 1.31% in August.
Compared to September 2023, when WPI inflation was at -0.07%, the rate has seen a sharp increase.
Food item inflation surged to 11.53% in September, up from 3.11% in August.
Vegetable inflation saw a significant jump to 48.73% in September, compared to -10.01% in August.
Prices of key vegetables:
Potato: Inflation at 78.13%
Onion: Inflation at 78.82%
The fuel and power category witnessed deflation of 4.05% in September, compared to a smaller deflation of 0.67% in August.
The Reserve Bank of India (RBI), which focuses on retail inflation when setting monetary policy, kept the benchmark repo rate unchanged at 6.5% earlier in October.
17) Answer: B
Short Explanation:
The Group of Ministers (GoM) has proposed significant changes to the Goods and Services Tax (GST) on term life insurance and health insurance premiums.
The GoM recommends exempting GST on health insurance premiums for policies with coverage up to ₹5 lakh, except for senior citizens.
Policies exceeding this coverage limit would continue to attract an 18% GST.
Detailed Explanation:
The Group of Ministers (GoM) has proposed significant changes to the Goods and Services Tax (GST) on term life insurance and health insurance premiums.
The GoM recommends exempting GST on health insurance premiums for policies with coverage up to ₹5 lakh, except for senior citizens.
Policies exceeding this coverage limit would continue to attract an 18% GST.
A potential complete waiver of GST is being discussed for all health insurance premiums paid by senior citizens, irrespective of the coverage amount.
Currently, term life insurance premiums, including family floater policies, attract 18% GST. The GoM is exploring avenues to reduce these rates to provide relief, particularly to senior citizens.
Senior Citizens: If the GST exemption on health insurance premiums is approved, senior citizens could experience significant savings on their insurance costs, making healthcare more affordable.
18) Answer: B
Short Explanation:
Recent data released by the Central Board of Direct Taxes (CBDT) indicates a notable improvement in India’s direct tax to GDP ratio, which has risen to 6.11% in FY23, the highest level recorded since 2007-08.
Delhi recorded the highest direct tax to GDP ratio at 21.22%.
Other leading states include Maharashtra at 16.6% and Karnataka at 9.29%. The high income levels in these regions contribute to their elevated direct tax payments.
Detailed Explanation:
Recent data released by the Central Board of Direct Taxes (CBDT) indicates a notable improvement in India’s direct tax to GDP ratio, which has risen to 6.11% in FY23, the highest level recorded since 2007-08.
An analysis of the top 15 States and Union Territories shows significant disparities in this ratio across different regions.
The direct tax to GDP ratio measures tax compliance, as direct taxes are paid by individuals, companies, and partnerships that file returns or have tax deducted at source (TDS) by employers.
In contrast, indirect taxes are collected automatically through consumption of goods and services.
Delhi recorded the highest direct tax to GDP ratio at 21.22%.
Other leading states include Maharashtra at 16.6% and Karnataka at 9.29%. The high income levels in these regions contribute to their elevated direct tax payments.
Conversely, states with lower ratios include:
Bihar: 0.91%
Uttar Pradesh: 1.68%
Madhya Pradesh: 1.47%
Rajasthan: 2.17%
19) Answer: B
Short Explanation:
Exports to eight out of India’s top 10 destinations, including the Netherlands, the United States (US), and the United Kingdom (UK), showed positive growth in the first half of FY25.
Overall Export Growth: Despite geopolitical challenges and muted global demand, India’s overall exports increasedmarginally by 1%, reaching $213.2 billion during April-September.
Detailed Explanation:
Exports to eight out of India’s top 10 destinations, including the Netherlands, the United States (US), and the United Kingdom (UK), showed positive growth in the first half of FY25.
Overall Export Growth: Despite geopolitical challenges and muted global demand, India’s overall exports increasedmarginally by 1%, reaching $213.2 billion during April-September.
Decline in Exports to Specific Countries: Exports to China and South Africa contracted by 9.4% and 2.3%, respectively, highlighting challenges in these markets.
20) Answer: A
Short Explanation:
Pension regulator Pension Fund Regulatory and Development Authority (PFRDA) has appointed Chitra Jayasimha as the Chairperson of the Board of National Pension System (NPS) Trust with effect from October 17, 2024.
Jayasimha took over from Venkata Rao Yadagani, who was appointed as Chairman in December 2023.
Detailed Explanation:
Pension regulator Pension Fund Regulatory and Development Authority (PFRDA) has appointed Chitra Jayasimha as the Chairperson of the Board of National Pension System (NPS) Trust with effect from October 17, 2024.
She has been serving as a Trustee of the NPS Trust since December 2020.
Jayasimha took over from Venkata Rao Yadagani, who was appointed as Chairman in December 2023.
Chitra Jayasimha has over 34 years of extensive experience in Life Insurance, General Insurance, Reinsurance, Employee Benefits, and the Pension sector.
She has 17 years of senior-level experience at the Life Insurance Corporation of India (LIC) in various functions.
21) Answer: B
Short Explanation:
Hindustan Aeronautics Limited (HAL) has appointed Barenya Senapati as the Finance Director.
Detailed Explanation:
Hindustan Aeronautics Limited (HAL) has appointed Barenya Senapati as the Finance Director.
Senapati is a fellow member of the Institute of Chartered Accountants of India (ICAI).
He has extensive experience in various financial domains, including accounting, financial planning, treasury management, pricing, and taxation.
Prior to his appointment as Finance Director, Senapati served as Finance Executive Director at HAL’s corporate office.
22) Answer: D
Short Explanation:
Vietnam has elected Luong Cuong, a military general, as its new president, marking the fourth official to hold the position in 18 months.
He replaced To Lam, who remained president even after being appointed as the general secretary of the ruling Communist Party in August.
Detailed Explanation:
Vietnam has elected Luong Cuong, a military general, as its new president, marking the fourth official to hold the position in 18 months.
Cuong was unanimously elected by 440 deputies in the National Assembly.
In his acceptance, Cuong pledged to enhance Vietnam’s national security and pursue an independent and multilateral foreign policy.
He replaced To Lam, who remained president even after being appointed as the general secretary of the ruling Communist Party in August.
Under Trong’s leadership, a vigorous anti-corruption campaign, known as the “blazing furnace,” targeted business and political elites, including former presidents and other high-ranking officials.
23) Answer: B
Short Explanation:
The Competition Commission of India (CCI) has approved the proposed acquisition of Aavas Financiers Limited by Aquilo House Private. Limited.
A mandatory open offer in compliance with the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
Detailed Explanation:
The Competition Commission of India (CCI) has approved the proposed acquisition of Aavas Financiers Limited by Aquilo House Private. Limited.
Acquirer: Aquilo House Pte. Ltd., the acquiring entity, is wholly and indirectly held by Relevant CVC Funds, which are investment vehicles managed or advised by the CVC Network (CVC Capital Partners plc and subsidiaries).
Target: Aavas Financiers Limited, a non-deposit taking housing finance company registered with the National Housing Bank, provides:
Home loans
MSME business loans
Loan against property
Distribution of life, health, and general insurance products.
A mandatory open offer in compliance with the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
24) Answer: C
Short Explanation:
India’s fourth nuclear-powered ballistic missile submarine (SSBN), referred to as S4*, was launched into the water at the Ship Building Centre in Visakhapatnam.
This submarine is bigger and more capable than the first, INS Arihant (S2), which is essentially a technology demonstrator developed under the Advanced Technology Vessel programme.
Detailed Explanation:
India’s fourth nuclear-powered ballistic missile submarine (SSBN), referred to as S4*, was launched into water at the Ship Building Centre in Visakhapatnam.
This submarine is bigger and more capable than the first, INS Arihant (S2), which is essentially a technology demonstrator developed under the Advanced Technology Vessel programme.
The S4* features significant indigenous content, showcasing extensive involvement from the Indian industry.
Current Status of SSBNs:India currently has two operational SSBNs:
INS Arihant (S2) (commissioned in August 2016, 6,000 tonnes, 83 MW pressurized light-water reactor).
INS Arighaat (S3) (commissioned in August 2024, similar specifications to INS Arihant).
INS Aridhman (S4), is undergoing sea trials and is expected to be commissioned in 2025.
Technological Advancements:The S4* is equipped with an improved reactor and the capability to carry K-4 submarine-launched ballistic missiles (SLBMs), with a range of 3,500 km.
Strategic Significance:The SSBN program enhances India’s nuclear deterrence capabilities and aligns with its policy of “Credible Minimum Deterrence” and “No First Use” (NFU).
The K-4 missile will be central to India’s undersea nuclear deterrence strategy until a 5,000 km range SLBM is developed.
25) Answer: E
Short Explanation:
India and Pakistan have renewed their agreement to operate the Kartarpur Corridor for an additional five years, extending its validity untilOctober 24, 2029.
This follows the original agreement established in 2019, which was set to expire on October 24, 2024.
Detailed Explanation:
India and Pakistan have renewed their agreement to operate the Kartarpur Corridor for an additional five years, extending its validity untilOctober 24, 2029.
This follows the original agreement established in 2019, which was set to expire on October 24, 2024.
The corridor enables Indian pilgrims to visit Gurdwara Sri Kartarpur Sahib in Pakistan without a visa, requiring only a nominal fee of $20 per person.
The Kartarpur Corridor spans 4.1 km, commencing from Dera Baba Nanak in Punjab, India, and leading to the sacred Gurdwara Sri Kartarpur Sahib, where Guru Nanak Dev Ji, the founder of Sikhism, spent the final years of his life.
26) Answer: C
Short Explanation:
A recent World Bank report, “Poverty, Prosperity and Planet: Pathways out of the Polycrisis,” provides insights into poverty trends in India and worldwide.
In 2024, around 129 million Indians are living in extreme poverty, surviving on less than $2.15 (approximately Rs 181) per day. This marks a substantial decrease from 431 million in 1990.
Detailed Explanation:
A recent World Bank report, “Poverty, Prosperity and Planet: Pathways out of the Polycrisis,” provides insights into poverty trends in India and worldwide.
In 2024, around 129 million Indians are living in extreme poverty, surviving on less than $2.15 (approximately Rs 181) per day. This marks a substantial decrease from 431 million in 1990.
The report indicates a reduction of 38 million in the extreme poverty population from 2021, when there were 167.49 million people living in extreme poverty.
When using a higher poverty standard of $6.85 (approximately Rs 576) per day — a threshold for middle-income countries — the report indicates that more Indians are currently living below the poverty line compared to 1990, primarily due to population growth.
27) Answer: B
Short Explanation:
India’s imports of Russian crude rose by 2.5% from April to September compared to the same period last year, solidifying Russia’s status as the largest seaborne crude export destination for India.
Russia commands a 39% share of India’s crude supply, followed by Iraq at 18% and Saudi Arabia at 13%.
Detailed Explanation:
India’s imports of Russian crude rose by 2.5% from April to September compared to the same period last year, solidifying Russia’s status as the largest seaborne crude export destination for India.
Russia commands a 39% share of India’s crude supply, followed by Iraq at 18% and Saudi Arabia at 13%.
The United Arab Emirates (UAE) increased its share to 8% (up from 5%), and the United States raised its share to 5.5% during the same period.
Total oil imports to India have grown by 4% this year, reflecting a broader increase in demand.
Reports indicate that Russian oil supplies to India grew by 6.4% month-on-month in September, reaching 1.88 million barrels per day.
28) Answer: B
Short Explanation:
International Snow Leopard Day is celebrated on October 23 each year to raise awareness about the conservation of snow leopards and their endangered status.
The theme for International Snow Leopard Day 2024 is “Safeguarding Snow Leopard Habitats for Future Generations.”
Detailed Explanation:
International Snow Leopard Day is celebrated on October 23 each year to raise awareness about the conservation of snow leopards and their endangered status.
The theme for International Snow Leopard Day 2024 is “Safeguarding Snow Leopard Habitats for Future Generations.”
This day highlights the importance of protecting this elusive and majestic big cat, native to the high mountain ranges of Central and South Asia.
Snow leopards face threats from:
Habitat loss
Poaching
Retaliatory killings
29) Answer: D
Short Explanation:
United Nations Day 2024 is observed on the 24th of October 2024.
United Nations Day is celebrated annually on October 24, commemorating the entry into force of the UN Charter in 1945.
Detailed Explanation:
United Nations Day 2024 is observed on the 24th of October 2024.
United Nations Day is celebrated annually on October 24, commemorating the entry into force of the UN Charter in 1945.
The day serves as a global celebration of the UN’s mission to promote peace, security, human rights, and development worldwide.
In 2024, it will highlight the organization’s crucial role in addressing global challenges and fostering international cooperation.
The United Nations was officially established on October 24, 1945, after the UN Charter was ratified by a majority of signatories, including the five permanent members of the Security Council:
United States
United Kingdom
Soviet Union
China
France
30) Answer: A
World Polio Day 2024 is observed on the 24th of October 2024.
World Polio Day was first initiated and Celebrated by Rotary International for the birthday of Jonas Salk, the Medical Researcher who led the first team to develop a vaccine against polio.
He developed the Inactivated Poliovirus Vaccine in 1955.
Later Albert Sabin developed the Oral Polio Vaccine in 1962.
Rotary International and WHO established the Global Polio Eradication Initiative (GPEI) in 1988.
This post was last modified on October 26, 2024 3:32 pm