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Dear Readers, Daily Current Affairs Questions Quiz for SBI, IBPS, RBI, RRB, SSC Exam 2024 of 26th & 27th May 2024. Daily GK quiz online for bank & competitive exam. Here we have given the Daily Current Affairs Quiz based on the previous days Daily Current Affairs updates. Candidates preparing for IBPS, SBI, RBI, RRB, SSC Exam 2024 & other competitive exams can make use of these Current Affairs Quiz.

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1) The Reserve Bank of India (RBI) conducted a Rs 1.25 trillion variable rate repo (VRR) auction, bringing the total liquidity pumped over 9 VRR auctions in May 2024 to Rs 7.75 trillion. Banks bid Rs 11.4 trillion, which is almost how much percent greater than the RBI’s declared amount?

(a) 45%

(b) 47%

(d) 49%

(e) 43%

2) During the epidemic, unclaimed bank deposits more than doubled, reaching more than Rs 39,000 crore. Which bank holds Rs 8,069 crore in 2.16 crore unclaimed accounts?

(a) Punjab National Bank

(b) ICICI bank

(d) State Bank of India

(e) Canara bank

3) How much penalty has the Reserve Bank of India imposed on Hero FinCorp for violating the Fair Practices Code provisions?

(a) Rs.3.2lakh

(b) Rs.3.1lakh

(d) Rs.3.4lakh

(e) Rs.3.5lakh

4) The National Payments Corporation of India has released the Merchant Acquisition Guidelines for BHIM Aadhar Pay. What is the normal cash withdrawal limits for a month set by banks for AEPS transactions and BHIM Aadhaar pay?

(a) 4

(b) 3

(d) 6

(e) 10

5) The Reserve Bank of India (RBI) announced that Fincare Small Finance Bank Limited will be removed from the Second Schedule to the Reserve Bank of India Act, 1934, with effect from April 1, 2024. The RBI has authorized the merger of Fincare Small Finance Bank Ltd and which other Small Finance Bank Ltd?

(a) Jana SFB

(b) Ujjivan SFB

(d) Utkarsh SFB

(e) Capital SFB

6) The United Nations forecasts a 6.9% growth for the Indian economy in 2024 (January-December). According to the UN’s January 2024 projection, India is expected to grow at what percentage rate in 2024?

(a) 6.6%

(b) 6.2%

(d) 6.4%

(e) 6.5%

7) In which year does the expert projection for India’s internet economy indicate that it will exceed $1 trillion and see significant growth?

(a) 2025

(b) 2026

(d) 2030

(e) 2032

8) In an effort to deter tax cheating, the GST system has made machine registration available to manufacturers of tobacco and pan masala.The GST law has been revised by the Finance Act 2024 to include penalties for firms who fail to register their packing machinery. How much is the maximum fine that offenders could face, even though the specific penalty details are yet unknown?

(a) Rs.2lakh

(b) Rs.1lakh

(d) Rs.2.5lakh

(e) Rs.3lakh

9) In FY 25, India’s merchandise exports are expected to reach $500–510 billion, according to the Federation of Indian Export Organizations (FIEO), following what percentage decline in the previous fiscal period?

(a) 2%

(b) 1%

(d) 4%

(e) 5%

10) The largest free trade warehousing zone in the world was unveiled by DP World, a major player in global logistics, in Chennai. The chairman of DP World emphasizes the strategic significance of Chennai by pointing out its robust maritime ties to important international markets in South Asia, Africa, and which nation?

(a) Switzerland

(b) Russia

(d) Germany

(e) Singapore

11) The Open Network for Digital Commerce (ONDC), launched in 2021, has seen substantial development, with transactions exceeding 70 lakh in April 2024.Which section of the Companies Act 2013 governs the management and operation of the ONDC Network?

(a) Section 7

(b) Section 8

(d) Section 6

(e) Section 10

12) According to the Reserve Bank of India (RBI), India’s foreign exchange reserves increased to how much(in billion dollars)in the week ending on May 10?

(a) $644.15 billion

(b) $645.15 billion

(d) $643.15 billion

(e) $641.15 billion

13) Which organization’s GDP growth rate is predicted to reach 6.7% for the March quarter and about 6.9-7% for the entire fiscal year?

(a) Moody’s

(b) IMF

(d) Ind-RA

(e) OECD

14) Fusion Micro Finance has obtained a $25 million loan from the US International Development Finance Corporation (DFC). How many million dollars was the initial disbursement of an eight-year loan?

(a) $10million

(b) $20million

(d) $15million

(e) $5million

15) Sri Sri Ravi Shankar, a renowned spiritual teacher, received the inaugural stamp commemorating the 200th anniversary of Indian Origin Tamils (IOT) in which country?

(a) US

(b) Srilanka

(d) Spain

(e) Singapore

16) Vice Admiral Gurcharan Singh was appointed Commandant of the National Defence Academy. When did he win the Nao Sena Medal for outstanding service?

(a) 2002

(b) 2005

(d) 2020

(e) 2024

17) Sanjay Sharma has been appointed as Air India’s Chief Financial Officer.Whom will Sharma succeed?

(a) Sanjay Hejmadi

(b) Vinod Hejmadi

(d) Deena Hejmadi

(e) Rishi Hejmadi

18) Klaus Schwab, the founder of the World Economic Forum, will step down from his executive role and become Chairman of the Board of Trustees by when?

(a) October 2025

(b) May 2025

(d) December 2024

(e) April 2025

19) In which state does Google partner with Foxconn to manufacture Pixel smartphones?

(a) Kerala

(b) TamilNadu

(d) Odisha

(e) Rajasthan

20) A new American intelligence network includes functioning spy satellites, the first of which was launched by SpaceX. Which rocket was operated by SpaceX?

(a) Falcon 8

(b) Falcon 4

(d) Falcon 7

(e) Falcon 9

21) Vicco Laboratories, a major manufacturer of ayurvedic cosmetics, lost chairman Yashwant Pendharkar to death. When did he take over as Chairman of the Vico Company?

(a) 2012

(b) 2014

(d) 2015

(e) 2018

22) Which nation has lost its beloved Shiba Inu puppy, Kabosu, who was the inspiration behind Dogecoin and other meme tokens?

(a) Mexico

(b) Japan

(d) Hong Kong

(e) South Korea

23) Where was the Vallanadu Sanctuary located?

(a) Kerala

(b) TamilNadu

(d) Bihar

(e) Andhra Pradesh

24) Fincare Small Finance Bank Limited is headquartered in which state?

(a) Kerala

(b) TamilNadu

(d) Bihar

(e) Andhra Pradesh

25) According to the UN World Economic Situation and Prospects report, which nation’s GDP is expected to expand by 4.8 percent in 2024?

(a) US

(b) Japan

(d) Hong Kong

(e) Russia

Answers :

1) Answer: B

Short Explanation:

The Reserve Bank of India (RBI) conducted a variable rate repo (VRR) auction of Rs 1.25 trillion, bringing the total liquidity infused through 9 VRR auctions in May, 2024 to Rs 7.75 trillion.
Banks placed bids worth Rs 11.4 trillion, which is nearly 47% higher than the RBI’s notified amount.
Auction Details: During the latest VRR auction, the RBI received bids worth Rs 1.39 trillion against the notified amount of Rs 1.25 trillion.
Banks borrowed the amount at a weighted average rate of 6.56%.
Liquidity Deficit: The liquidity deficit increased significantly in May, 2024:
May 19: Rs 1.3 trillion
May 20: Rs 1.48 trillion
May 22: Rs 2.37 trillion

Detailed Explanation:

The Reserve Bank of India (RBI) conducted a variable rate repo (VRR) auction of Rs 1.25 trillion, bringing the total liquidity infused through 9 VRR auctions in May, 2024 to Rs 7.75 trillion.
Banks placed bids worth Rs 11.4 trillion, which is nearly 47% higher than the RBI’s notified amount.
Auction Details: During the latest VRR auction, the RBI received bids worth Rs 1.39 trillion against the notified amount of Rs 1.25 trillion.
Banks borrowed the amount at a weighted average rate of 6.56%.
Liquidity Deficit: The liquidity deficit increased significantly in May, 2024:
May 19: Rs 1.3 trillion
May 20: Rs 1.48 trillion
May 22: Rs 2.37 trillion
Average System Liquidity: The average system liquidity for the first 15 days of May was a deficit of Rs 1.2 trillion, compared to a surplus of Rs 20,240 crore in April, 2024.

Purpose of Repo Auctions: A repo auction is conducted by the central bank to inject liquidity into the system, allowing banks to obtain liquidity overnight through RBI’s marginal standing facility when interbank liquidity is insufficient.

What is a Liquidity Adjustment Facility?

A liquidity adjustment facility (LAF) is a tool used in monetary policy, mainly by the Reserve Bank of India (RBI), which enables banks to borrow money through repurchase agreements (reposals) or banks to lend to the RBI using reverse repo contracts.
It was introduced as a part of the outcome of the Narasimham Committee on Banking Sector Reforms of 1998.

2) Answer: D

Short Explanation:

According to the data released by the Reserve Bank of India (RBI), As of December 2022, unclaimed balances across various accounts, including current, savings, and fixed deposits (FDs), reached Rs 39,900 crore, marking a substantial increase from Rs 18,379 crore recorded in December 2019.
Both public and private sector banks are grappling with the issue of unclaimed deposits
By March 2023, unclaimed monies held solely by these banks amounted to Rs 42,270 crore, despite concerted efforts through technological initiatives and public awareness campaigns.
State Bank of India (SBI) holds Rs 8,069 crore across 2.16 crore unclaimed accounts.
Similarly, Punjab National Bank (PNB) has seen its unclaimed deposits surge almost fivefold from 2019, reaching Rs 5,298 crore.

Detailed Explanation:

According to the data released by the Reserve Bank of India (RBI), As of December 2022, unclaimed balances across various accounts, including current, savings, and fixed deposits (FDs), reached Rs 39,900 crore, marking a substantial increase from Rs 18,379 crore recorded in December 2019.
Both public and private sector banks are grappling with the issue of unclaimed deposits
By March 2023, unclaimed monies held solely by these banks amounted to Rs 42,270 crore, despite concerted efforts through technological initiatives and public awareness campaigns.

What are Unclaimed Deposits?

Balances in savings / current accounts which are not operated for 10 years, or term deposits not claimed within 10 years from date of maturity are classified as “Unclaimed Deposits”.
These amounts are transferred by banks to the “Depositor Education and Awareness” (DEA) Fund maintained by the Reserve Bank of India.
Public sector banks hold the majority share of unclaimed deposits at Rs 33,303 crore, representing 83% of the total unclaimed funds as of December 2022.
State Bank of India (SBI) holds Rs 8,069 crore across 2.16 crore unclaimed accounts.
Similarly, Punjab National Bank (PNB) has seen its unclaimed deposits surge almost fivefold from 2019, reaching Rs 5,298 crore.
Among private banks, ICICI Bank holds 8 lakh accounts amounting to Rs 1,074 crore in unclaimed deposits, while HDFC Bank’s unclaimed deposits have doubled since 2019, reaching ₹447 crore.
To tackle this, RBI also launched an online portal UDGAM (Unclaimed Deposits-Gateway to Access Information) last year to help users search for unclaimed deposits across multiple banks in a centralised manner.
As of March 2024, 30 banks are part of UDGAM, hosting information on unclaimed monies.
RBI has also instructed banks to undertake regular reviews of large unclaimed amounts and reach out to such customers.

3) Answer: B

Short Explanation:

The Reserve Bank of India (RBI) has levied a penalty of Rs 3.1 lakh on Hero FinCorp Limited for non-compliance with specific provisions concerning fair practices code.
This penalty has been imposed in exercise of powers conferred on RBI under the provisions of section 58B of the Reserve Bank of India Act, 1934.

Detailed Explanation:

The Reserve Bank of India (RBI) has levied a penalty of Rs 3.1 lakh on Hero FinCorp Limited for non-compliance with specific provisions concerning fair practices code.
RBI clarified that the penalty is not a judgement on the validity of transactions or agreements made by the company with its customers.
It is solely based on regulatory compliance deficiencies.
Hero FinCorp did not convey the terms and conditions of loans in writing to borrowers in the vernacular language understood by them.
This penalty has been imposed in exercise of powers conferred on RBI under the provisions of section 58B of the Reserve Bank of India Act, 1934.

4) Answer: C

Short Explanation:

The National Payments Corporation of India (NPCI) has published guidelines for acquiring banks to validate merchant details for BHIM Aadhaar Pay.
BHIM Aadhaar Pay was launched by the Government of India (GoI) on April 14, 2017, as a merchant-based mobile application for accepting payments from customers.
Transaction Limits:For AEPS transactions and BHIM Aadhaar pay banks have put a standardised limit of 5 cash withdrawal per month.
There is a cap of INR 50,000 on total transactions per month for everyone.
The maximum withdrawal limit for AEPS cash withdrawals is 10,000 per transaction.

Detailed Explanation:

The National Payments Corporation of India (NPCI) has published guidelines for acquiring banks to validate merchant details for BHIM Aadhaar Pay.

BHIM Aadhaar Pay Functionality:BHIM Aadhaar Pay allows merchants to receive digital payments from customers through Aadhaar Authentication over the counter.
Acquiring Member Bank Responsibilities:The guidelines specify key responsibilities and accountabilities for acquiring member banks in managing merchants.
Merchant Monitoring:An Acquiring Member Bank must monitor its Merchant activity (viz., on-boarding criteria, transaction monitoring & control, training, assessment of the portfolio metrics, etc.) periodically.
Due Diligence Methods:Acquiring banks can use both manual and digital modes for merchant due diligence.
Interbank Payments:Merchants associated with any acquiring bank on BHIM Aadhaar Pay can accept payments from customers of any bank using biometric authentication.

About BHIM Aadhaar Pay :

BHIM Aadhaar Pay was launched by the Government of India (GoI) on April 14, 2017, as a merchant-based mobile application for accepting payments from customers.
Service Availability:The BHIM Aadhaar Pay service is currently available only in India and operates 24×7 through merchants.
Transaction Fees:NPCI does not charge any fees to merchants or customers for transactions made on BHIM Aadhaar Pay.
Bank Compatibility:BHIM Aadhaar Pay functions only with banks that are live on the BHIM Aadhaar Pay service.
Transaction Limits:For AEPS transactions and BHIM Aadhaar pay banks have put a standardised limit of 5 cash withdrawal per month.
There is a cap of INR 50,000 on total transactions per month for everyone.
The maximum withdrawal limit for AEPS cash withdrawals is 10,000 per transaction.
Uniformity and Security:While some banks may allow transactions totaling up to INR 50,000 in a day, the limit of Rs. 10,000 per AEPS cash withdrawal ensures uniformity and security across different banks.

5) Answer: C

Short Explanation:

The Reserve Bank of India (RBI) informed that “Fincare Small Finance Bank Limited” has been excluded from the Second Schedule to the Reserve Bank of India Act, 1934 with effect from April 01, 2024, as the bank has ceased to carry on banking business with effect from April 01, 2024.
The RBI approved the merger of Fincare Small Finance Bank Ltd with AU Small Finance Bank Ltd.

Detailed Explanation:

The Reserve Bank of India (RBI) informed that “Fincare Small Finance Bank Limited” has been excluded from the Second Schedule to the Reserve Bank of India Act, 1934 with effect from April 01, 2024, as the bank has ceased to carry on banking business with effect from April 01, 2024.
The RBI approved the merger of Fincare Small Finance Bank Ltd with AU Small Finance Bank Ltd.
All branches of Fincare Small Finance Bank started functioning as branches of AU Small Finance Bank Ltd. from April 1, 2024.
Scheduled banks are listed in the second schedule of the RBI Act, 1934.
These banks are required to have a minimum paid-up capital of at least Rs 5 lakhs.
Scheduled banks include both scheduled cooperative banks and scheduled commercial banks.
Scheduled commercial banks encompass urban cooperative banks and state cooperative banks among other non-similar groups

6) Answer: B

Short Explanation:

The United Nations has updated its growth rate forecast for the Indian economy in 2024 (January-December) to 6.9 percen
This report is published by the United Nations Economic Analysis and Policy Division.
In its January 2024 report, the UN had predicted a 6.2 percent growth rate for India in 2024.
The UN World Economic Situation and Prospects report forecasts the global economy to grow by 2.7 percent in 2024 and 2.8 percent in 2025.

Detailed Explanation:

The United Nations has updated its growth rate forecast for the Indian economy in 2024 (January-December) to 6.9 percen
This new forecast was included in the World Economic Situation and Prospects mid-2024 report, released on May 16, 2024.
This report is published by the United Nations Economic Analysis and Policy Division.
In its January 2024 report, the UN had predicted a 6.2 percent growth rate for India in 2024.
The January 2024 UN World Economic Situation and Prospects (WESP) report had predicted a 6.2 percent growth rate, now revised to 6.9 percent. However, the forecast for 2025 remains unchanged at 6.6 percent.
The report anticipates inflation in India to decline from 5.6 percent in 2023 to 4.5 percent in 2024. The Reserve Bank of India’s medium-term inflation target is between two and six percent.
Due to robust economic growth, the labor market in India is expected to remain strong. Additionally, Indian pharmaceutical and chemical exports are predicted to grow significantly, although merchandise exports may face challenges due to ongoing tensions in West Asia and the Red Sea.
Below are the GDP growth forecasts from various global and Indian financial agencies as of May 18, 2024:

Agency / Organisation	GDP Growth Forecast for 2023-24	GDP Growth Forecast for 2024-25	GDP Growth Forecast for 2025-26
Reserve Bank of India	8%	7%	–
World Bank	7.5%	6.6%	6.5%
International Monetary Fund	6.7%	6.5%	6.5%
Asian Development Bank	7.6%	7%	7.2%
Moody’s	6.8% (Jan-Dec 2024)	6.4% (Jan-Dec 2025)	–
Morgan Stanley	7.9%	6.8%	–
S&P Global	7.4%	6.8%	7%
United Nations	6.9% (Jan-Dec 2024)	6.6% (Jan-Dec 2025)	–
OECD	6.3%	6.2%	6.5%
Fitch Rating	7.8%	7.0%	–
CRISIL	7.6%	6.8%	–
Citi Bank	–	6.8%	–
Standard Chartered Bank	–	7.0%	–

7) Answer: D

Short Explanation:

India’s internet economy is on track for substantial expansion, with experts forecasting it to reach $1 trillion by 2030.
This surge is chiefly steered by the e-commerce sector, projected to grow at a robust annual rate of 25% from $60 billion in FY2023 to $325 billion, positioning it as the third-largest globally.

Detailed Explanation:

India’s internet economy is on track for substantial expansion, with experts forecasting it to reach $1 trillion by 2030.
This surge is chiefly steered by the e-commerce sector, projected to grow at a robust annual rate of 25% from $60 billion in FY2023 to $325 billion, positioning it as the third-largest globally.

The primary factors contributing to the growth of e-commerce are:

Mobile and Internet Penetration: The proliferation of mobile phones and Internet access significantly fortifies the e-commerce landscape in India. Aspirations among the populace are rising, alongside increased disposable incomes and urbanization, further propelling this growth trajectory. The adoption of the Unified Payments Interface (UPI) serves as a crucial facilitator.
2. Tier-II and Tier-III City Demand: A noteworthy portion of this growth emanates from the demand surge in Tier-II and Tier-III cities. Previously lacking in diverse brand access, these regions now benefit from e-commerce platforms that cater to their needs, bridging the gap and meeting consumer aspirations.
Infrastructure and Government Support
Digital and Financial Infrastructure: The Indian government’s proactive role in fostering digital and financial infrastructure has been pivotal in driving this digital transformation. This solid foundation underpins the e-commerce sector’s rapid expansion while ensuring consumer protection, a paramount concern for the government.
Support for SMEs: E-commerce platforms serve not only consumers but also empower small and medium enterprises (SMEs). By providing avenues for domestic and global sales through specialized global selling programs, these platforms generate significant momentum for e-commerce growth.

8) Answer: B

Short Explanation:

In a bid to counter tax evasion within the pan masala and tobacco industries, the GST portal has introduced new protocols and procedures for manufacturers to register their machinery and report their monthly inputs and outputs.
The Finance Act 2024 has amended the GST law to incorporate penalties for manufacturers who neglect to register their packing machinery. Offenders may incur fines of up to ₹1 lakh, although the precise penalty provisions have yet to be notified.

Detailed Explanation:

In a bid to counter tax evasion within the pan masala and tobacco industries, the GST portal has introduced new protocols and procedures for manufacturers to register their machinery and report their monthly inputs and outputs.
This initiative, stemming from recommendations by the GST Council, seeks to bolster compliance efforts and curb illicit trade.

New Forms for Machine Registration and Reporting

To address evasion concerns, the GST portal has devised two forms specifically tailored for pan masala and tobacco product manufacturers:

Form GST SRM-I: Facilitating the registration and disposal of manufacturing machinery.
Form GST SRM-II: Enabling the monthly reporting of inputs and outputs.

These forms were introduced via a notification in January, in alignment with GST Council directives.
Originally slated for implementation on April 1, the launch of this system was postponed to May 15.

Implementation and Compliance Obligations

Manufacturers dealing with specified goods, including pan masala, gutka, and various tobacco products, are now mandated to:

Register Machinery: Furnish details of all packing machines within 30 days of the updated regulations’ commencement on May 15, 2024. Any subsequent machine installations must be reported within 24 hours.

Monthly Reporting: Submit a specialized statement on inputs and outputs for each month by the 10th day of the subsequent month.

While Form GST SRM-I for machine registration is already accessible on the GST portal, Form GST SRM-II is anticipated to be available shortly.

Penalties for Non-Compliance

The Finance Act 2024 has amended the GST law to incorporate penalties for manufacturers who neglect to register their packing machinery. Offenders may incur fines of up to ₹1 lakh, although the precise penalty provisions have yet to be notified.

Targeted Goods and Brand Name Definition

This updated procedure applies to manufacturers of an array of tobacco-related products, encompassing:

Pan masala
Unmanufactured tobacco (without lime tube)
Hookah or gudaku tobacco
Smoking mixtures for pipes and cigarettes
Chewing tobacco (without lime tube)
Filter khaini
Jarda-scented tobacco
Snuff
Branded or unbranded gutkha

The notification specifies that the term “brand name” encompasses any trade name, symbol, monogram, label, signature, or coined word associated with the specified goods, regardless of its registration status.

9) Answer: C

Short Explanation:

The Federation of Indian Export Organisations (FIEO) anticipates that India’s merchandise exports will rebound to $500-510 billion in FY25, following a 3% decline in the preceding fiscal period.
Services exports are projected to add $390-400 billion, resulting in a total export figure of around $890-910 billion.

Detailed Explanation:

The Federation of Indian Export Organisations (FIEO) anticipates that India’s merchandise exports will rebound to $500-510 billion in FY25, following a 3% decline in the preceding fiscal period.
Services exports are projected to add $390-400 billion, resulting in a total export figure of around $890-910 billion.
Notable sectors propelling this growth encompass engineering, advertising services, and the expansion of global capability centers.
The expansion in exports is being driven by established markets such as the United States and Europe, alongside robust demand for technology-centric sectors like electronics, machinery, pharmaceuticals, and medical equipment.
Labor-intensive industries including apparel, footwear, and gems & jewelry are expected to bounce back after experiencing substantial declines in the previous fiscal year.
FIEO underscores challenges in credit accessibility due to inflation, elevated commodity prices, and delays in remitting export proceeds.
Prolonged voyage durations and sluggish product off-take exacerbate extended credit periods.
To tackle the declining credit trend for exporters and promote export-driven growth, FIEO proposes a sub-target for export credit within the existing priority sector lending framework, similar to the sub-target for MSMEs

10) Answer: C

Short Explanation:

DP World, a dominant force in global logistics, has unveiled its largest free trade warehouse zone in Chennai, India, cementing Tamil Nadu’s position as a leading center for economic advancement.
Ranjit Ray highlights Chennai’s strategic importance, citing its strong connections to key global markets in South Asia, Africa, and Australia through maritime routes. With its proximity to major ports such as Kattupalli, Ennore, and Chennai, the city emerges as a hub for logistics, enabling smooth cargo transportation and trade facilitation.

Detailed Explanation:

DP World, a dominant force in global logistics, has unveiled its largest free trade warehouse zone in Chennai, India, cementing Tamil Nadu’s position as a leading center for economic advancement.
Ranjit Ray, DP World’s Vice President of Economic Zones for India Subcontinent and MENA, has underscored Tamil Nadu’s industrial strength and strategic geographic advantages, emphasizing its pivotal role in nurturing economic progress.
The inauguration of the Chennai facility marks a significant milestone, demonstrating DP World’s dedication to India’s burgeoning economic landscape.
Ranjit Ray highlights Chennai’s strategic importance, citing its strong connections to key global markets in South Asia, Africa, and Australia through maritime routes. With its proximity to major ports such as Kattupalli, Ennore, and Chennai, the city emerges as a hub for logistics, enabling smooth cargo transportation and trade facilitation.
The Integrated Chennai Business Park (ICBP), covering over 6 lakh sq ft with potential for further expansion, epitomizes DP World’s strategic vision to utilize Chennai’s infrastructure for fostering economic prosperity.

11) Answer: B

Short Explanation:

The Open Network for Digital Commerce (ONDC), initiated in 2021, has experienced significant growth, with transactions surpassing 70 lakh in April of 2024.
Led by the Department for Promotion of Industry and Internal Trade (DPIIT), ONDC strives to democratize digital commerce and establish an equitable environment for businesses of all scales.
The ONDC entity, constituted as a not-for-profit organization under Section 8 of the Companies Act 2013, oversees the management and operation of the ONDC Network.

Detailed Explanation:

The Open Network for Digital Commerce (ONDC), initiated in 2021, has experienced significant growth, with transactions surpassing 70 lakh in April of 2024.
Led by the Department for Promotion of Industry and Internal Trade (DPIIT), ONDC strives to democratize digital commerce and establish an equitable environment for businesses of all scales.
ONDC stands as a pioneering digital infrastructure aimed at democratizing digital commerce across India.
By furnishing a platform that diminishes entry barriers and encourages competition, ONDC creates fresh avenues for businesses, particularly small and medium-sized enterprises (SMEs), to engage in the digital marketplace.
The Department for Promotion of Industry and Internal Trade (DPIIT) disclosed that over 5 lakh sellers have been integrated into the ONDC platform, with more than 70% representing small or medium-sized enterprises.
Furthermore, more than 125 ecosystem stakeholders, including startups, unicorns, and enterprises, have committed to joining ONDC through signed Letters of Intent (LoI), underscoring the platform’s expanding influence and allure.
The ONDC entity, constituted as a not-for-profit organization under Section 8 of the Companies Act 2013, oversees the management and operation of the ONDC Network.
Tasked with developing and upholding the foundational infrastructure, the entity delineates the regulations and ethical standards for network participants via the ONDC Network Policy and the ONDC Network Participant Agreement.

12) Answer: A

Short Explanation:

According to the Reserve Bank of India (RBI), India’s foreign exchange reserves witnessed a rise of $2.56 billion, reaching a total of $644.15 billion by the week ending on May 10.
This uptick follows a previous increase of $3.668 billion following three consecutive weeks of decline.

Detailed Explanation:

According to the Reserve Bank of India (RBI), India’s foreign exchange reserves witnessed a rise of $2.56 billion, reaching a total of $644.15 billion by the week ending on May 10.
This uptick follows a previous increase of $3.668 billion following three consecutive weeks of decline.

Foreign Currency Assets

The reserves’ foreign currency assets, which constitute a substantial portion, escalated by $1.488 billion to $565.648 billion.
These assets are influenced by fluctuations in non-US currencies such as the euro, pound, and yen.

Gold Reserves

There was a notable increase in gold reserves, surging by $1.072 billion to $55.952 billion during the mentioned week.

Special Drawing Rights (SDRs)

India’s Special Drawing Rights with the International Monetary Fund (IMF) rose by $5 million, reaching a total of $18.056 billion.

IMF Reserve Position

India’s reserve position with the IMF experienced a slight decline of $4 million, totalling $4.495 billion for the reporting week.

13) Answer: D

Short Explanation:

The Indian economy demonstrated robust growth throughout the first three quarters of the 2023-24 fiscal year, with GDP expanding by 8.2% in the June quarter, 8.1% in the September quarter, and 8.4% in the December quarter.
According to Sunil Kumar Sinha, principal economist at India Ratings and Research (Ind-RA), the GDP growth rate is expected to reach 6.7% for the March quarter and approximately 6.9-7% for the entire fiscal year.

Detailed Explanation:

The Indian economy demonstrated robust growth throughout the first three quarters of the 2023-24 fiscal year, with GDP expanding by 8.2% in the June quarter, 8.1% in the September quarter, and 8.4% in the December quarter.
According to Sunil Kumar Sinha, principal economist at India Ratings and Research (Ind-RA), the GDP growth rate is expected to reach 6.7% for the March quarter and approximately 6.9-7% for the entire fiscal year.
Official GDP figures for Q4 and provisional estimates for FY24 are scheduled for release on May 31.

Quarterly Performance

June Quarter: GDP growth at 8.2%
September Quarter: GDP growth at 8.1%
December Quarter: GDP growth at 8.4%

Factors Influencing Growth

The initial two quarters’ growth rates benefited from a low base effect.
The remarkable 8.4% expansion in the third quarter was notably influenced by higher tax collections, resulting in a significant disparity between GDP and Gross Value Added (GVA).
While GVA stood at 6.5% in Q3, GDP reached 8.4% due to this tax collection surge.
This trend is not expected to repeat in Q4, which is projected to grow by 6.7%.

Reserve Bank and Fiscal Projections

In its April monetary policy review, the Reserve Bank of India forecasted a GDP growth rate of 7% for 2023-24.
Sinha anticipates GDP to expand by 7.1% in the current fiscal year, maintaining the momentum observed in the first half.

14) Answer: B

Short Explanation:

Fusion Micro Finance has secured a $25 million loan from the United States International Development Finance Corporation (DFC) to support its expansion initiatives, with a primary focus on empowering rural women entrepreneurs.
The initial disbursement of $20 million, part of an eight-year loan, is intended to bolster business operations and advance efforts towards financial inclusion.

Detailed Explanation:

Fusion Micro Finance has secured a $25 million loan from the United States International Development Finance Corporation (DFC) to support its expansion initiatives, with a primary focus on empowering rural women entrepreneurs.
The initial disbursement of $20 million, part of an eight-year loan, is intended to bolster business operations and advance efforts towards financial inclusion.

Expansion Strategy and Loan Utilization

The loan obtained by Fusion Micro Finance will be deployed to expand its business operations and stimulate loan growth, with a specific emphasis on reaching rural women entrepreneurs.
This strategic borrowing aligns with the company’s objective to diversify its liability mix and access diverse funding sources, ultimately strengthening its asset-liability profile.

Partnership Impact and Future Growth

This collaboration significantly enhances Fusion Micro Finance’s financial position, reinforcing its credibility within the global development finance domain. Leveraging the loan facility, the microfinance institution aims to broaden its outreach, catalyze positive social change, and drive economic development in underserved communities.

15) Answer: B

Short Explanation:

Renowned spiritual leader Sri Sri Ravi Shankar received the inaugural stamp commemorating the 200-year anniversary of Indian Origin Tamils (IOT) in Sri Lanka.
This momentous event took place with the esteemed presence of Governor Senthil Thondaman of the Eastern Province of Sri Lanka
Governor Thondaman expressed profound gratitude to both the Indian and Sri Lankan governments for their steadfast support to the IOT community, emphasizing the pivotal role of this assistance in achieving long-overdue recognition and progress for the community.

Detailed Explanation:

Renowned spiritual leader Sri Sri Ravi Shankar received the inaugural stamp commemorating the 200-year anniversary of Indian Origin Tamils (IOT) in Sri Lanka.
This momentous event took place with the esteemed presence of Governor Senthil Thondaman of the Eastern Province of Sri Lanka.
The event was dedicated to recognizing and honoring the IOT community, which has endured decades of neglect.
Governor Thondaman expressed profound gratitude to both the Indian and Sri Lankan governments for their steadfast support to the IOT community, emphasizing the pivotal role of this assistance in achieving long-overdue recognition and progress for the community.
Governor Thondaman highlighted the symbolic significance of the stamp, representing a milestone in acknowledging the contributions and existence of Indian Origin Tamils in Sri Lanka.
Its presentation to Sri Sri Ravi Shankar not only celebrates his esteemed stature but also acknowledges his advocacy for the rights and recognition of the IOT community in Sri Lanka.

16) Answer: D

Short Explanation:

Vice Admiral Gurcharan Singh assumed the appointment of Commandant, National Defence Academy (NDA) from Vice Admiral Ajay Kocchar.
An alumnus of the National Defence Academy (Khadakwasla), he was commissioned into the Indian Navy on 01 July 1990.

Awards and Honors:

Chief of Naval Staff ‘Unit Citation’: For INS Khukri in December 2011.
FOC-in-C Commendation (2002): For distinguished service.
Nao Sena Medal (2020): For meritorious service.
Ati Vishisht Seva Medal (2024): For distinguished service of a high order.
Admiral Katari Trophy: For standing first in overall order of merit in his batch during initial training.

Detailed Explanation:

Vice Admiral Gurcharan Singh assumed the appointment of Commandant, National Defence Academy (NDA) from Vice Admiral Ajay Kocchar.
An alumnus of the National Defence Academy (Khadakwasla), he was commissioned into the Indian Navy on 01 July 1990.
As a specialist in Gunnery and Missiles, he has served onboard Indian Naval Ships Ranjit and
He holds the distinction of being part of the commissioning crew of 3 Indian constructed warships, viz, INS Brahmaputra/ as Gunnery Officer, INS Shivalik/ as Executive Officer, and INS Kochi/ as Commanding Officer.
He has also commanded INS Vidyut & INS Khukri.
On 29 Nov 2022, he took over as the Flag Officer Commanding Eastern Fleet.
On elevation to the rank of Vice Admiral on 15 Jan 2024, the flag Officer was appointed as Controller Personnel Service wherein various initiatives were undertaken to improve working conditions of personnel and naval community.

Awards and Honors:

Chief of Naval Staff ‘Unit Citation’: For INS Khukri in December 2011.
FOC-in-C Commendation (2002): For distinguished service.
Nao Sena Medal (2020): For meritorious service.
Ati Vishisht Seva Medal (2024): For distinguished service of a high order.
Admiral Katari Trophy: For standing first in overall order of merit in his batch during initial training.

17) Answer: B

Short Explanation:

Air India announced the appointment of Sanjay Sharma as the Chief Financial Officer (CFO) with effect from June 10, 2024.
Sharma will succeed Vinod Hejmadi, who is retiring after more than three decades with Air India.
Sanjay Sharma will report directly to Air India’s CEO and MD, Campbell Wilson.
Sharma brings over three decades of experience in corporate finance, investment banking, and real estate sectors.

Detailed Explanation:

Air India announced the appointment of Sanjay Sharma as the Chief Financial Officer (CFO) with effect from June 10, 2024.
Sharma will succeed Vinod Hejmadi, who is retiring after more than three decades with Air India.
Sanjay Sharma will report directly to Air India’s CEO and MD, Campbell Wilson.
Sharma brings over three decades of experience in corporate finance, investment banking, and real estate sectors.
He joins Air India from Tata Projects, where he served as the CFO.
Prior to his role at Tata Projects, he held positions such as CFO at Tata Realty Infrastructure Ltd and Managing Director, Head of Equity Capital Markets, at Deutsche Bank Group.
He also worked in various capacities at DSP Merrill Lynch in Mumbai and Merrill Lynch Asia Pacific in Hong Kong.

18) Answer: C

Short Explanation:

Klaus Schwab, Founder and Executive Chairman of the World Economic Forum (WEF), will step down from day-to-day management and take up the role of Chairman of the Board of Trustees by January 2025 after over 50 years of leadership.
The leadership transition will be completed before the next Davos gathering in January 2025.
Purpose of Transition: This move is part of a planned “governance evolution” aimed at transitioning the WEF from a founder-managed organization to one where the president and the managing board assume full executive responsibility.

Detailed Explanation:

Klaus Schwab, Founder and Executive Chairman of the World Economic Forum (WEF), will step down from day-to-day management and take up the role of Chairman of the Board of Trustees by January 2025 after over 50 years of leadership.
The leadership transition will be completed before the next Davos gathering in January 2025.
Purpose of Transition: This move is part of a planned “governance evolution” aimed at transitioning the WEF from a founder-managed organization to one where the president and the managing board assume full executive responsibility.

About World Economic Forum :

Headquarters :Cologny, Canton of Geneva, Switzerland
President : Børge Brende
Origins: Founded in 1971 by Klaus Schwab as the European Management Forum.
The WEF is an international advocacy non-governmental organization and think tank.
The forum is best known for its annual gathering of political and business leaders in Davos, Switzerland.
It was initially designed as a place for European business leaders and government officials to gather and discuss increasing their competitiveness with the UUS.
WEF’s Recent Themes and Initiatives:WEF’s theme for 2023 annual conference was “Cooperation in a Fragmented World,” emphasizing the need for global leaders to address economic, energy, and food crises while fostering sustainability.

19) Answer: B

Short Explanation:

Internet major Google will partner with iPhone manufacturer Foxconn to produce its ultra-premium Pixel smartphones for the first time in Tamil Nadu (TN).
Production Targets:Dixon aims to produce 1 lakh Pixel units monthly, intending to export 25-30% as it endeavors to expand its market presence in India, the second-largest smartphone market globally.
Tamil Nadu’s Electronics Export Leadership:Tamil Nadu leads India in electronics exports, contributing $9.56 billion, almost a third of the national exports.

Detailed Explanation:

Internet major Google will partner with iPhone manufacturer Foxconn to produce its ultra-premium Pixel smartphones for the first time in Tamil Nadu (TN).
The move aims to scale up Google’s Pixel smartphone business in India to tap into the growing demand for premium smartphones in the world’s second-largest smartphone market.
Additional Manufacturing Plans:Google’s partnership with Foxconn is in addition to its plan to manufacture Pixel smartphones at the Dixon facility.
Dixon will produce Pixel smartphones under an arrangement with Compal Electronics, which already manufactures Google’s devices.
Export Plans:Google will also export smartphones produced in India.
Production Targets:Dixon aims to produce 1 lakh Pixel units monthly, intending to export 25-30% as it endeavors to expand its market presence in India, the second-largest smartphone market globally.
Drone Assembly and Delivery:Google’s subsidiary, Wing LLC, may commence drone assembly in Tamil Nadu.
Wing LLC offers a drone delivery service in the US, Europe, and Australia with a fleet of lightweight, autonomous drones.
Announcement and Production Start:In 2023, Google announced plans to start manufacturing Pixel 8 smartphones in India.
Tamil Nadu’s Electronics Export Leadership:Tamil Nadu leads India in electronics exports, contributing $9.56 billion, almost a third of the national exports.

20) Answer: E

Short Explanation:

SpaceX has launched the first batch of operational spy satellites as part of a new American intelligence network.
The Falcon 9 rocket, operated by SpaceX, lifted off from Vandenberg Space Force Base in Southern California for this launch.
It marks the first deployment of the NRO’s comprehensive system featuring responsive collection and rapid data delivery.

Detailed Explanation:

SpaceX has launched the first batch of operational spy satellites as part of a new American intelligence network.
The Falcon 9 rocket, operated by SpaceX, lifted off from Vandenberg Space Force Base in Southern California for this launch.
It marks the first deployment of the NRO’s comprehensive system featuring responsive collection and rapid data delivery.
It is designed to significantly upgrade the country’s space-based surveillance powers, with the first deployment of several more planned this year.
Northrop Grumman NOC.N, a long time space and defence contractor, is also involved in the project.
Hundreds of satellites are being built by SpaceX for the US National Reconnaissance Office (NRO) for a massive system in orbit.
It will be capable of rapidly identifying ground targets almost anywhere in the world.
Around half a dozen launches supporting the NRO’s massive system are scheduled for 2024, with additional launches anticipated through 2028.

21) Answer: C

Short Explanation:

Yashwant Pendharkar, chairman of ayurvedic cosmetics giant Vicco Laboratories, passed away at the age of 85 in Nagpur.
He became the Chairman of the Vico Company in 2016.
Under his leadership, the company has changed with time and reached new stages of progress.
During his tenure, the company received many export-related awards including the prestigious ‘Brand of the Year 2023’ award.

Detailed Explanation:

Yashwant Pendharkar, chairman of ayurvedic cosmetics giant Vicco Laboratories, passed away at the age of 85 in Nagpur.
He became the Chairman of the Vico Company in 2016.
Under his leadership, the company has changed with time and reached new stages of progress.
During his tenure, the company received many export-related awards including the prestigious ‘Brand of the Year 2023’ award.

About ViccoGroup :

Founded : 1952
Headquarters : Mumbai, Maharashtra, India
Vicco Laboratories, initially known as Vishnu Industrial Chemical Company, is renowned for manufacturing Indian Ayurvedic herbal hygiene, healthcare, and other products such as herbal toothpaste and herbal tooth powder.

22) Answer: B

Short Explanation:

Japanese’s Kabosu, the famous Shiba Inu dog behind Dogecoin and various meme tokens, has passed away.Doge is an Internet meme that gained popularity in 2013, featuring a Shiba Inu dog with multicoloured text in Comic Sans font.
Kabosu’s image is the most frequently used in the meme, though variations with other Shiba Inus are also popular.
The Doge meme, based on a 2010 photograph of Kabosu, was named Know Your Meme’s “top meme” of 2013 due to its widespread popularity.

Detailed Explanation:

Japanese’s Kabosu, the famous Shiba Inu dog behind Dogecoin and various meme tokens, has passed away.
Atsuko Sato, the owner, announced the death of the 18-year-old dog, who gained internet fame as the inspiration for the “Doge” meme.
Kabosu, a Shiba Inu dog, became widely known due to a viral photograph, which originated the Doge meme.
This photograph also influenced the creation of cryptocurrencies like Dogecoin, Shiba Inu, and FLOKI, causing ripples in the cryptocurrency market.
Kabosu’s image eventually became synonymous with Dogecoin, a cryptocurrency initially created as a joke in 2013.
Doge is an Internet meme that gained popularity in 2013, featuring a Shiba Inu dog with multicoloured text in Comic Sans font.
Kabosu’s image is the most frequently used in the meme, though variations with other Shiba Inus are also popular.
The Doge meme, based on a 2010 photograph of Kabosu, was named Know Your Meme’s “top meme” of 2013 due to its widespread popularity.

23) Answer: B

About Tamil Nadu :

Governor : R. N. Ravi
Chief Minister : M. K. Stalin
Capital : Chennai
National Parks :Mukurthi National Park, Gulf Of Mannar Marine National Park
Wildlife Sanctuaries :Mudumalai Wildlife Sanctuary, Vallanadu Sanctuary, Mundanthurai Sanctuary

24) Answer: C

About Fincare Small Finance Bank Limited :

Established : 2017
Headquarters : Bangalore, Karnataka
MD &CEO : Rajeev Yadav

25) Answer: C

Short Explanation:

The UN World Economic Situation and Prospects report forecasts the global economy to grow by 2.7 percent in 2024 and 2.8 percent in 2025.
The United States, the world’s largest economy, is expected to grow by 2.3 percent in 2024, while China, the second-largest economy, is projected to grow by 4.8 percent in 2024.

Detailed Explanation:

The UN World Economic Situation and Prospects report forecasts the global economy to grow by 2.7 percent in 2024 and 2.8 percent in 2025.
The United States, the world’s largest economy, is expected to grow by 2.3 percent in 2024, while China, the second-largest economy, is projected to grow by 4.8 percent in 2024.
The South Asia region is expected to grow by 5.8 percent in 2024, driven mainly by India’s strong performance and a slight recovery in the Sri Lankan and Pakistani economies. In 2025, the South Asian economy as a whole is projected to grow by 5.7 percent.

Daily Current Affairs Quiz – 26th & 27th May 2024

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