Daily Current Affairs Quiz – 28th June 2024

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Dear Readers, Daily Current Affairs Questions Quiz for SBI, IBPS, RBI, RRB, SSC Exam 2024 of 28th 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) In June 2024, which bank issued Rs 10,000 crore in 15-year infrastructure bonds to fund energy, transportation, and other projects?

(a) Canara bank

(b) State Bank of India

(d) Bank of India

(e) Indian Overseas bank

2) The Securities and Exchange Board of India (Sebi) has made it much easier for insiders to trade in their firms’ shares by revising the Prohibition of Insider Trading (PIT) regulations. Insiders can now specify price restrictions based on how much percentage (both upper and lower) of the closing price on the day they submit their trading plan?

(a) 10%

(b) 20%

(d) 40%

(e) 50%

3) As per the report, DBS Group predicts India’s GDP growth to be resilient at what percentage in the April-June 2024 quarter?

(a) 7.2%

(b) 7.1%

(d) 7.3%

(e) 7.8%

4) For fintechs interested in visiting the RBI’s FinTech section in Mumbai, Maharashtra, the Reserve Bank of India (RBI) has introduced an exclusive 2-hour window named “Finquiry.” Effective on June 26th, RBI will be open for business from 3 to 5 p.m. on the last working day of _________ each month.

(a) Monday

(b) Tuesday

(d) Thursday

(e) Friday

5) Which bank launched the RuPay Wave Credit Card in partnership with the National Payments Corporation of India (NPCI), allowing customers to perform transactions on the RuPay network via the Unified Payments Interface (UPI)?

(a) DBS bank

(b) Federal bank

(d) ICICI bank

(e) HDFC bank

6) Which bank has inked a Memorandum of Understanding (MoU) with Action Construction Equipment Limited (ACE), a major player in India’s construction equipment manufacturing industry, to provide financing options for construction equipment businesses?

(a) Canara bank

(b) State Bank of India

(d) Bank of Baroda

(e) Indian Overseas bank

7) To strengthen investor protection and risk management, the Securities and Exchange Board of India (Sebi) has established a working group to examine derivatives trading regulations. Which former executive director of the Reserve Bank of India (RBI) will lead the fifteen-member panel?

(a) Arjun Kumar

(b) G Padmanabhan

(d) Lakshmi Kanth Rao

(e) Jagannathan

8) In June 2024, During its winter session, the Parliament passed three new laws. Out of the following pairs, which one is correct?

(a) Bharatiya Nyaya Sanhita (BNS) 2023 – Indian Evidence Act

(b) Bharatiya Nagarik Suraksha Sanhita 2023 – Code of Criminal Procedure

(d) Only B

(e) Both A & C

9) In the current fiscal year (2024–2025), the National Highways Authority of India (NHAI) plans to build 5,000 km of highways. What percentage of this goal is less than the 6,444 km built the previous year?

(a) 21%

(b) 20%

(d) 22%

(e) 25%

10) Which Ministry is responding to concerns expressed by trade associations about the requirement that ads
have a self-declaration certificate (SDC)?

(a) Ministry of Home Affairs

(b) Ministry of Cooperation

(d) Ministry of Urban Affairs

(e) Ministry of MSME

11) Which nation is the first to begin providing antenatal bird flu vaccinations to workers who may have been in contact with animals?

(a) Spain

(b) Finland

(d) Singapore

(e) China

12) Which corporation is the first to face penalties for violating the DMA, a law passed in 2022 that gives EU authorities the right to require major online platforms to change their business practices?

(a) Redmi

(b) Apple

(d) Nokia

(e) One plus

13) In June 2024,Veteran S N Subrahmanyan, a vice chairman of global technology consulting and digital solutions company LTIMindtree, was named chairman. He replaces ___________, who declared his intention to retire during the 28th Annual General Meeting of the Company.

(a) Vignesh Iyer

(b) A.M Naik

(d) Suresh Kumar

(e) Karthikraj

14) The National Democratic Alliance (NDA) member and Kota MP Om Birla has been re-elected to the Lok Sabha Speakership. After holding the position of Speaker of the Lok Sabha, he was re-elected as an MP to the lower chamber in 2024, making history as the first in _______ years.

(a) 15

(b) 20

(d) 10

(e) 12

15) In June 2024, Aditya Birla Sun Life Asset Management Company reappoints Balasubramanian as Managing Director for how many years?

(a) 5years

(b) 4years

(d) 2years

(e) 1year

16) The Ministry of Home Affairs has nominated Manish Kumar Gupta as Principal Secretary (Home). Whom does he succeed?

(a) Suresh Kumar

(b) Ashwin Kumar

(d) Ashwani Kumar

(e) Pradeep Kumar

17) The Indian Navy received the Medium Range-Microwave Obscurant Chaff Rocket (MR-MOCR) from the Defence Research and Development Organization (DRDO) during a ceremony in New Delhi. In which state did the Defence Laboratory of the DRDO develop the specialized technology known as MOC?

(a) Karnataka

(b) West Bengal

(d) Rajasthan

(e) TamilNadu

18) The Department of Public Enterprises has awarded “Navratna” status to Mazagon Dock Shipbuilders. It has evolved into the nation’s ____________PSU to receive this designation.

(a) 17th

(b) 18th

(d) 16th

(e) 20th

19) SpacePixxel Technologies Private Limited was awarded the 350th contract under the Ministry of Defence (MoD)’s flagship initiative, Innovations for Defence Excellence (iDEX), to design and develop a “miniaturised satellite capable of carrying electro-optical, infrared, synthetic aperture radar, and hyperspectral payloads up to how many kgs?”

(a) 120kgs

(b) 150kgs

(d) 180kgs

(e) 100kgs

20) In June 2024, Union Minister Dr. Jitendra Singh announced that Central Electronics Limited (CEL) has been accorded “Mini RATNA” status (Category 1). CEL celebrated its 50th anniversary with a net profit of almost how many crores, a noteworthy achievement?

(a) Rs 58 crore

(b) Rs 56 crore

(d) Rs 54 crore

(e) Rs 52 crore

21) The World Bank predicts a dramatic slowdown in India-bound remittance growth from 7.5% last year to what percentage in 2024?

(a) 3.6%

(b) 3.5%

(d) 3.8%

(e) 3.9%

22) Flipkart has released a beta version of their financial software, Super Money, on the Play Store. Aside from UPI payments, Super. Money offers credit, deposits, and credit cards. Which company dominates UPI transaction volumes, with a 49.2% market share as of May 2024?

(a) Paytm

(b) PhonePe

(d) Razorpay

(e) Amazon pay

23) As per the report, Sanjana Thakur has been announced as the overall winner of the 2024 Commonwealth Short Story Prize. Which of the following Thakur story first won the Asia category before being chosen as the overall winner?

(a) Dying Summer

(b) Deepika Padukone

(d) Yellow Wallpaper

(e) Rainbow Umbrella

24) As per the report., Tata Group and Infosys have topped Brand Finance’s yearly study on the most valuable Indian brands for the past 15 years. In the banking sector, which bank is at the top?

(a) HDFC bank

(b) ICICI bank

(d) Canara bank

(e) Indian bank

25) In June 2024, Adani Defence & Aerospace struck a deal with which group to produce rockets in India?

(a) Boeing

(b) Leonardo

(d) Thales

(e) Sierra space

26) In June 2024, Travis Head, the Australian opener, is now atop the ICC T20I Men’s Batting rankings. Which country’s player previously took up the top spot before Head?

(a) India

(b) England

(d) Zimbabwe

(e) Srilanka

27) As per the report, Muchkund Dubey, the former Foreign Secretary who led at the end of the Cold War, has died. When did Mr. Dubey receive a D.Litt (Honoris Causa) from Calcutta University in recognition of his intellectual contributions?

(a) 2012

(b) 2014

(d) 2013

(e) 2016

28) The Finland’s capital city is Helsinki. What is Finland’s currency?

(a) Peso

(b) Euro

(d) Pound

(e) Rial

29) Which bank’s tagline was “India’s International Bank”?

(a) Canara bank

(b) State Bank of India

(d) Bank of Baroda

(e) Indian Overseas bank

30) Which bank’s tagline was “Your Perfect Banking Partner”?

(a) DBS bank

(b) Federal bank

(d) ICICI bank

(e) HDFC bank

Answers :

1) Answer: B

Short Explanation:

The State Bank of India (SBI) has raised Rs 10,000 crore through 15-year infrastructure bonds to fund projects in sectors like power, roads etc.
The coupon rate for bonds is 7.36%.
With the current issuance, the total outstanding Long-Term Bonds issued by the country’s largest bank is at Rs 49,718 crore.

Detailed Explanation:

The State Bank of India (SBI) has raised Rs 10,000 crore through 15-year infrastructure bonds to fund projects in sectors like power, roads etc.
The coupon rate for bonds is 7.36%.
With the current issuance, the total outstanding Long-Term Bonds issued by the country’s largest bank is at Rs 49,718 crore.
Interest Rate Spread : The coupon of 7.36 represents a spread of 21 bps over the corresponding government bond yield curve.
Ratings and Previous Issuance:The instrument is rated AAA with a stable outlook.
In September 2023, SBI placed a 15-year infrastructure bond at a coupon of 7.49%.
Oversubscription and Investor Interest:The bond issue was oversubscribed by around 4 times the base issue size of ₹5,000 crore, attracting bids in excess of ₹19,884 crore.
Regulatory Exemptions:The funds raised through infrastructure bonds are exempt from regulatory reserve requirements such as Statutory Liquidity Ratio (SLR) and Cash Reserve Ratio (CRR).

2) Answer: B

Short Explanation:

The Securities and Exchange Board of India (Sebi) has made it significantly easier for insiders to trade in shares of their companies by amending the Prohibition of Insider Trading (PIT) regulations.
Insiders are individuals within a company who have access to Unpublished Price-Sensitive Information (UPSI), typically senior management and officials.
Price Limits: Insiders can now set price limits within a range of 20% (both upper and lower) from the closing price on the day they submit the trading plan.

Detailed Explanation:

The Securities and Exchange Board of India (Sebi) has made it significantly easier for insiders to trade in shares of their companies by amending the Prohibition of Insider Trading (PIT) regulations.
The amended norms provide flexibility in the ‘trading plan’ of a company’s key managerial personnel and will come into effect after 3 months.
Insiders are individuals within a company who have access to Unpublished Price-Sensitive Information (UPSI), typically senior management and officials.
Reduction in Cooling-Off Period: The time required for insiders to inform the board about their buy/sell decision has been reduced from six months to four months.
Price Limits: Insiders can now set price limits within a range of 20% (both upper and lower) from the closing price on the day they submit the trading plan.
Cancellation of Trading Plan: Insiders have the flexibility to cancel the trading plan.
Execution Flexibility: They can choose not to execute trades if the execution price falls outside the predetermined limits set in the trading plan.
Compliance Requirements: According to Sebi guidelines, these insiders have to get approval for the ‘trading plan’, which specifies the share price, amount and transaction date in advance so as to not coincide with any news leaks.

3) Answer: C

Short Explanation:

DBS Group expects India’s Gross Domestic Product (GDP) growth to be resilient at 7.4% for the April-June 2024 quarter.
This forecast is higher than the RBI’s projection of 7.3% for the same period.
For the entire calendar year 2024, DBS Group forecasts India’s GDP growth at 7.1%.
Factors Influencing Moderate Growth (April-June 2024):The expected slight slowdown in GDP growth is attributed to deterioration in industrial production, credit, freight traffic, and government capital expenditure.

Detailed Explanation:

DBS Group expects India’s Gross Domestic Product (GDP) growth to be resilient at 7.4% for the April-June 2024 quarter.
This forecast is higher than the RBI’s projection of 7.3% for the same period.
For the entire calendar year 2024, DBS Group forecasts India’s GDP growth at 7.1%.
Factors Influencing Moderate Growth (April-June 2024):The expected slight slowdown in GDP growth is attributed to deterioration in industrial production, credit, freight traffic, and government capital expenditure.
Current Account Trends : Narrowing Deficit (FY23 vs. FY24): DBS Group notes India’s current account deficit narrowed to -0.7% of GDP (approximately $23 billion) in FY24, an improvement from -2.0% of GDP (around $67 billion) in FY23.
Recent performance: A current account surplus of $5.7 billion (+0.6% of GDP) was recorded in Q4 FY24 (Jan-Mar 2024), driven by improvements in the goods trade balance and services trade surplus.
Forecast for FY25:For FY25, DBS Group expects the current account deficit to widen to approximately -1 to -1.2% of GDP.

4) Answer: C

Short Explanation:

The Reserve Bank of India (RBI) has launched an exclusive 2-hour window called ‘Finquiry’ for fintechs to visit the FinTech department of the RBI in Mumbai, Maharashtra.
Aim : To provide a platform for fintechs to seek clarity and discuss fintech-related queries directly with RBI officials.
RBI has opened the window from 26th June and this will be available on the last working Wednesday of every month from 3 to 5 pm.

Detailed Explanation:

The Reserve Bank of India (RBI) has launched an exclusive 2-hour window called ‘Finquiry’ for fintechs to visit the FinTech department of the RBI in Mumbai, Maharashtra.
Aim : To provide a platform for fintechs to seek clarity and discuss fintech-related queries directly with RBI officials.
RBI has opened the window from 26th June and this will be available on the last working Wednesday of every month from 3 to 5 pm.
Foster better communication and understanding between RBI and fintech companies.
It will help fintechs navigate the regulatory landscape, clarify compliance queries and further discuss innovation related concerns.

5) Answer: B

Short Explanation:

Federal Bank, in partnership with the National Payments Corporation of India (NPCI), has launched the RuPay Wave Credit Card, which will allow customers to utilise Unified Payments Interface (UPI)-powered transactions on the RuPay network.
This card combines the features of RuPay credit cards with the functionality of UPI payments.

Detailed Explanation:

Federal Bank, in partnership with the National Payments Corporation of India (NPCI), has launched the RuPay Wave Credit Card, which will allow customers to utilise Unified Payments Interface (UPI)-powered transactions on the RuPay network.
This card combines the features of RuPay credit cards with the functionality of UPI payments.
Cardholders can link the RuPay Wave Credit Card to their UPI applications, enabling transactions via mobile devices.
Fed Mobile Application: Offers a simple 2-click journey for transactions via mobile banking.
Fees: No Annual Maintenance Charges (AMC) or joining fees.
Cashback: Provides 10% cashback on the first five UPI transactions made using the Wave Credit Card.
Reward Points: Earns 1,000 bonus reward points upon quarterly spends of Rs 50,000 as a milestone benefit.
In August 2023, SBI Card announced linking its credit cards on the RuPay platform with UPI, in collaboration with NPCI.

6) Answer: D

Short Explanation:

Action Construction Equipment Limited. (ACE), a prominent player in India’s construction equipment manufacturing sector, has entered into a Memorandum of Understanding (MoU) with the Bank of Baroda (BoB) to facilitate financing solutions for construction equipment businesses.
Objective: To facilitate financing solutions for construction equipment businesses.
Customer Access: ACE customers will have access to tailored financing options provided by Bank of Baroda.

Detailed Explanation:

Action Construction Equipment Limited. (ACE), a prominent player in India’s construction equipment manufacturing sector, has entered into a Memorandum of Understanding (MoU) with Bank of Baroda (BoB) to facilitate financing solutions for construction equipment businesses.
Objective: To facilitate financing solutions for construction equipment businesses.
Customer Access: ACE customers will have access to tailored financing options provided by Bank of Baroda.
Support for Businesses: The agreement aims to support construction equipment businesses, local entrepreneurs, and startups by offering seamless access to financing.

What is meant by Equipment Financing?

Definition: Equipment financing is a credit facility that helps businesses finance equipment and machinery needs.
Uses: Funds can be used to buy, lease, upgrade, or repair equipment quickly.

7) Answer: B

Short Explanation:

The Securities and Exchange Board of India (Sebi) has formed a working group to review derivatives trading norms with an aim of enhancing investor protection and risk management.

The 15-member panel will be headed by G Padmanabhan, former executive director of the Reserve Bank of India (RBI).

Detailed Explanation:

The Securities and Exchange Board of India (Sebi) has formed a working group to review derivatives trading norms with an aim of enhancing investor protection and risk management.
The 15-member panel will be headed by G Padmanabhan, former executive director of the Reserve Bank of India (RBI).
Tasks Assigned : It will be tasked with market development and regulation to enhance risk architecture of exchange-traded derivatives and investor protection.
Composition of the Working Group : The working group has representatives from the market ecosystem like the exchanges, brokers and academicians.

8) Answer: D

Short Explanation:

Parliament passed three new laws in its winter session: Bharatiya Nyaya Sanhita (BNS) 2023, Bharatiya Nagarik Suraksha Sanhita 2023, and Bharatiya Sakshya Adhiniyam 2023.
These laws, replacing the Indian Penal Code, the Code of Criminal Procedure, and the Indian Evidence Act respectively, are set to be implemented from July 1, 2024.

Detailed Explanation:

Parliament passed three new laws in its winter session: Bharatiya Nyaya Sanhita (BNS) 2023, Bharatiya Nagarik Suraksha Sanhita 2023, and Bharatiya Sakshya Adhiniyam 2023.
These laws, replacing the Indian Penal Code, the Code of Criminal Procedure, and the Indian Evidence Act respectively, are set to be implemented from July 1, 2024.

Technology Integration

The laws emphasize the use of technology in the criminal justice system.
The National Informatics Centre (NIC) has developed three apps — eSakshya, NyayShruti, and eSummon — to facilitate electronic videography, photography of crime scenes, judicial hearings, and delivery of court summons.

9) Answer: D

Short Explanation:

The National Highways Authority of India (NHAI) aims to construct 5,000 km of highways in the current financial year(2024).
This target is 22% lower than the 6,444 km constructed last year.

Previous Performance

In the previous financial year, NHAI constructed 6,444 km of highways, a 20% increase from the 5,544 km built in 2022-23.
So far, NHAI has completed 762.3 km of highways, with a total of 1,288 km constructed in April-May 2024, compared to 1,465 km in the same period last year.

Detailed Explanation:

The National Highways Authority of India (NHAI) aims to construct 5,000 km of highways in the current financial year(2024).
This target is 22% lower than the 6,444 km constructed last year.

Previous Performance

In the previous financial year, NHAI constructed 6,444 km of highways, a 20% increase from the 5,544 km built in 2022-23.
So far, NHAI has completed 762.3 km of highways, with a total of 1,288 km constructed in April-May 2024, compared to 1,465 km in the same period last year.

Budget and Project Award Restrictions

The Finance Ministry directed the Ministry of Road Transport and Highways (MoRTH) in October to halt new works and contracts under the Bharatmala programme due to budget overruns and missed deadlines.
NHAI has not yet finalized the target for awarding new projects, though bids for eight highway stretches totalling 297 km have been invited.
To attract private developers, MoRTH has introduced a new Model Concession Agreement (MCA).

Road Construction Outlook

Future Projections

Analysts predict that India’s road construction will grow by 5%-8% to 12,500 km-13,000 km in fiscal 2025, following a 20% expansion in fiscal 2024.
This growth will be supported by a healthy pipeline of projects, increased government capital outlay, and a focus on project completion by MoRTH.
As of March 2024, MoRTH’s project award pipeline remains strong, exceeding 45,000 km despite the FY 24 slowdown.

10) Answer: C

Short Explanation:

The Information & Broadcasting Ministry is addressing challenges raised by industry bodies regarding the mandatory self-declaration certificate (SDC) for advertisements.

Proposed Actions

Formation of Committee: The Ministry is likely to establish a committee to gather industry feedback, which will inform submissions to the Supreme Court.
Consultation with Solicitor General: Views from the Solicitor General of India may be sought to address legal aspects of the issue.

Detailed Explanation:

The Information & Broadcasting Ministry is addressing challenges raised by industry bodies regarding the mandatory self-declaration certificate (SDC) for advertisements.

Proposed Actions

Formation of Committee: The Ministry is likely to establish a committee to gather industry feedback, which will inform submissions to the Supreme Court.
Consultation with Solicitor General: Views from the Solicitor General of India may be sought to address legal aspects of the issue.

Industry Challenges

Implementation Issues: Self-declaration norms, effective since June 18, have faced implementation hurdles, hindering the release of new advertisements.
Portal Glitches: Technical issues on the SDC generation portals have been cited as major impediments.
Confidentiality Concerns: Industry stakeholders have expressed concerns about confidentiality and ambiguities in certain procedural aspects.

Way Forward

The Ministry aims to streamline the SDC process to facilitate smoother compliance for advertisers.
By incorporating industry feedback and legal perspectives, efforts are underway to resolve operational challenges and ensure clarity in regulatory requirements.

11) Answer: B

Short Explanation:

Finland is the first country to start offering preemptive bird flu vaccinations to certain workers exposed to animals.
Age Group: The vaccine is available to those aged 18 and over who are at higher risk of contracting avian influenza.
Number of Vaccines Secured: Finland has secured vaccines for 10,000 people through a joint EU procurement effort.
Source of Vaccines: The joint EU procurement effort included up to 40 million doses for 15 nations from CSL Seqirus.

Detailed Explanation:

Finland is the first country to start offering preemptive bird flu vaccinations to certain workers exposed to animals.
Age Group: The vaccine is available to those aged 18 and over who are at higher risk of contracting avian influenza.
Number of Vaccines Secured: Finland has secured vaccines for 10,000 people through a joint EU procurement effort.
Source of Vaccines: The joint EU procurement effort included up to 40 million doses for 15 nations from CSL Seqirus.
Start Date: Vaccinations will begin next week in some parts of Finland.
Past Outbreaks: Significant bird flu outbreaks occurred last year among mink and foxes at Finland’s fur farms, leading to the culling of about 485,000 animals.

About Bird Flu (Avian Influenza) :

Bird flu is widespread globally.
Among the many strains of bird flu, H5N1 is a significant one, circulating among birds.
The viruses have caused outbreaks in poultry flocks and mammals.
The disease causes influenza A virus.

12) Answer: B

Short Explanation:

The European Union (EU) has initiated a new investigation into Apple’s support for alternative iOS marketplaces in Europe under the Digital Markets Act (DMA).
The investigation focuses on Apple’s App Store “steering” policies, which allegedly violate the DMA aimed at promoting competition.
Apple is the first company to be charged with violating the DMA, a law enacted in 2022 to empower EU regulators to mandate changes in business practices of major online platforms.

Detailed Explanation:

The European Union (EU) has initiated a new investigation into Apple’s support for alternative iOS marketplaces in Europe under the Digital Markets Act (DMA).
The investigation focuses on Apple’s App Store “steering” policies, which allegedly violate the DMA aimed at promoting competition.
Apple is the first company to be charged with violating the DMA, a law enacted in 2022 to empower EU regulators to mandate changes in business practices of major online platforms.
The European Commission is expected to open a separate investigation regarding Apple’s support for alternative iOS marketplaces in Europe.
Previous Fine: Apple was fined €1.84 billion (approximately $2 billion) by the EU’s antitrust regulators in a previous case related to the App Store’s anti-steering practices.
This case predates the DMA.
Potential Fine: Under the DMA, Apple could face fines of up to 10% of its annual global revenue for infringement. Based on last year’s figures, this could amount to $38 billion.
Repeat infringements may lead to fines up to 20% of annual global revenue.

13) Answer: B

Short Explanation:

Global technology consulting and digital solutions company LTIMindtree has appointed veteran S N Subrahmanyan, (Vice-Chairman) as Chairman with eﬀect from June 27,2024.
He succeeds A M Naik, who announced his decision to step down at the company’s 28th Annual General Meeting.

Detailed Explanation:

Global technology consulting and digital solutions company LTIMindtree has appointed veteran S N Subrahmanyan, (Vice-Chairman) as Chairman with eﬀect from June 27,2024.
He succeeds A M Naik, who announced his decision to step down at the company’s 28th Annual General Meeting.
Subrahmanyan joined the board of L&T Infotech in 2015 and became Vice Chairman in 2017.
He played a crucial role in the acquisition of Mindtree in 2019 and the subsequent merger of L&T Infotech and Mindtre.
Naik served as Chairman of the National Skill Development Corporation from November 2018 to April 2022.
He was also Chairman of the board of governors at the Indian Institute of Management – Ahmedabad from 2012 to 2016.
His contributions to society were honoured with the Padma Vibhushan, one of India’s highest civilian awards, in 2019.

14) Answer: B

Short Explanation:

Om Birla, a member of the National Democratic Alliance (NDA) and MP from Kota, has been re-elected as the Speaker of the Lok Sabha.
He previously served as the Speaker in the previous Lok Sabha term.
Om Birla’s re-election makes him the first person in 20 years to hold the position for a second term.

Detailed Explanation:

Om Birla, a member of the National Democratic Alliance (NDA) and MP from Kota, has been re-elected as the Speaker of the Lok Sabha.
He previously served as the Speaker in the previous Lok Sabha term.
Om Birla’s re-election makes him the first person in 20 years to hold the position for a second term.
B Mahtab, serving as the Pro-tem Speaker, made the official announcement after the Opposition, which had put forward Congress MP Kodikunnil Suresh as its candidate, chose not to press for votes.
In 2024, he became the first person in 20 years to be re-elected as an MP to the lower house, after serving as the Speaker of the Lok Sabha, and also the one of the only two MPs to be appointed the speaker twice.

15) Answer: C

Short Explanation:

A Balasubramanian has been reappointed as Managing Director (MD) and Chief Executive Officer (CEO) of Aditya Birla Sun Life Asset Management Company (ABSL AMC) for three years, starting from 25th July, 2024.

Detailed Explanation:

A Balasubramanian has been reappointed as Managing Director (MD) and Chief Executive Officer (CEO) of Aditya Birla Sun Life Asset Management Company (ABSL AMC) for three years, starting from 25th July, 2024.
He has over three decades of experience and has been associated with ABSL AMC since 1995.
Before becoming CEO in 2009, he served as Chief Investment Officer from 2006 to 2009.
As MD & CEO, he oversees assets worth over Rs 3.20 lakh crore at ABSL AMC.

16) Answer: D

Short Explanation:

Manish Kumar Gupta, a senior IAS officer of the 1991-batch AGMUT cadre, has been appointed as Principal Secretary (Home) by the Ministry of Home Affairs (MHA).
He succeeds Ashwani Kumar, another AGMUT cadre officer, who has been appointed as the Commissioner of the Municipal Corporation of Delhi (MCD).

Detailed Explanation:

Manish Kumar Gupta, a senior IAS officer of the 1991-batch AGMUT cadre, has been appointed as Principal Secretary (Home) by the Ministry of Home Affairs (MHA).
He succeeds Ashwani Kumar, another AGMUT cadre officer, who has been appointed as the Commissioner of the Municipal Corporation of Delhi (MCD).
Principal Secretary (Home) is one of the two posts in addition to the Chief Secretary of Delhi reserved for Centre-appointed bureaucrats on the three-member National Capital Civil Services Authority that was created following the enactment of the Government of National Capital Territory of Delhi (Amendment) Act, 2023.

17) Answer: D

Short Explanation:

The Defence Research and Development Organisation (DRDO) handed over the Medium Range-Microwave Obscurant Chaff Rocket (MR-MOCR) to the Indian Navy at a ceremony held in New Delhi.
MOC, a niche technology developed by DRDO’s Defence Laboratory in Jodhpur, Rajasthan obscures radar signals and creates a microwave shield around platforms and assets, thus reducing radar detection.

Detailed Explanation:

The Defence Research and Development Organisation (DRDO) handed over the Medium Range-Microwave Obscurant Chaff Rocket (MR-MOCR) to the Indian Navy at a ceremony held in New Delhi.
MOC, a niche technology developed by DRDO’s Defence Laboratory in Jodhpur, Rajasthan obscures radar signals and creates a microwave shield around platforms and assets, thus reducing radar detection.
Rocket Functionality : Special types of fibres, with a diameter of a few microns and unique microwave obscuration properties, have been assembled in the medium-range chaff rocket.
Trials and Demonstrations : The Phase-I trials of MR-MOCR were successfully conducted on Indian Navy ships, demonstrating the MOC cloud blooming and being persistent in space.
In Phase-II trials, the Radar Cross-Section (RCS) reduction of an aerial target to the extent of 90% has been demonstrated and cleared by the Indian Navy.
Handover Details : The number of MR-MOCR, meeting all the qualification requirements, have been successfully handed over to the Indian Navy.

18) Answer: B

Short Explanation:

Mazagon Dock Shipbuilders has been granted “Navratna” status by the Department of Public Enterprises.
It has become the country’s 18th PSU to have been accorded this status.

Privileges of Navratna Status:

Investment Capacity: Authorized to undertake investments up to ₹1,000 crore without requiring approval from the central government.
Investment Limitations: Allowed to invest up to 30% of their net worth within a year, provided it does not exceed ₹1,000 crore.
Expansion Opportunities: Permitted to establish Joint Ventures, alliances, and subsidiaries abroad.

Detailed Explanation:

Mazagon Dock Shipbuilders has been granted “Navratna” status by the Department of Public Enterprises.
It has become the country’s 18th PSU to have been accorded this status.

Privileges of Navratna Status:

Investment Capacity: Authorized to undertake investments up to ₹1,000 crore without requiring approval from the central government.
Investment Limitations: Allowed to invest up to 30% of their net worth within a year, provided it does not exceed ₹1,000 crore.
Expansion Opportunities: Permitted to establish Joint Ventures, alliances, and subsidiaries abroad.

Criteria for Navratna Status :

A Navratna company is also allowed to form Joint Ventures, alliances and establish subsidiaries abroad.
In order to become a Navratna company, the PSU should first be a Miniratna company.

Performance Criteria:

Rating Requirement: Must have consistently received an outstanding rating under the Memorandum of Understanding System for at least three out of the last five years.
Composite Score: Needs to achieve a composite score of 60 or above across 6 key performance areas:

PBDIT to Capital Employed (15%)
Manpower Cost to Cost of Production or Services (15%)
Earnings per Share (10%)
Net Profit to Net Worth (25%)
PBIT to Turnover (15%)
Inter-Sectoral Performance (20%)

19) Answer: B

Short Explanation:

The 350th contract under the Innovations for Defence Excellence (iDEX), the flagship initiative of the Ministry of Defence (MoD) was signed with SpacePixxel Technologies Private Limited for the design and development of a ‘miniaturised satellite capable of carrying electro-optical, infrared, synthetic aperture radar, and hyperspectral payloads up to 150
This challenge is being led by the Indian Air Force (IAF).
The 150th iDEX contract was signed in December 2022.

Detailed Explanation:

The 350th contract under the Innovations for Defence Excellence (iDEX), the flagship initiative of the Ministry of Defence (MoD) was signed with SpacePixxel Technologies Private Limited for the design and development of a ‘miniaturised satellite capable of carrying electro-optical, infrared, synthetic aperture radar, and hyperspectral payloads up to 150
This challenge is being led by the Indian Air Force (IAF).
The 150th iDEX contract was signed in December 2022.

Satellite Features

Miniaturized Satellite: The small modular satellite will integrate multiple miniaturized payloads as per requirements.
Advantages: Benefits include faster and economical deployment, ease of manufacturing, scalability, adaptability, and reduced environmental impact.

About iDEX Initiative :

iDEX is the flagship initiative of the Ministry of Defence, launched in
Aim of the Initiative : To cultivate an innovation ecosystem in the Defence and Aerospace sector by collaborating with startups, innovators, MSMEs, incubators, and academia.
Funding and Management: Funded and managed by the Defence Innovation Organization (DIO), a ‘not for profit’ company established under the Companies Act 2013 by Defence Public Sector Undertakings (DPSUs) – HAL & BEL.
Defence India Start-up Challenge : Established by the DIO under the Department of Defence Production, iDEX has launched 11 editions of the Defence India Start-up Challenge and recently unveiled the Acing Development of Innovative Technologies with iDEX (ADITI) scheme to promote innovations in critical and strategic defence technologies.

20) Answer: A

Short Explanation:

Union Minister Jitendra Singh announced that Central Electronics Limited (CEL) has been granted “Mini RATNA” status (Category-1).
The announcement was made during CEL’s Golden Jubilee celebration at its Ghaziabad campus.
CEL celebrated its 50th year with a net profit of approximately Rs 58 crore, a significant achievement.

Detailed Explanation:

Union Minister Jitendra Singh announced that Central Electronics Limited (CEL) has been granted “Mini RATNA” status (Category-1).
The announcement was made during CEL’s Golden Jubilee celebration at its Ghaziabad campus.

Recognition of Achievements

Dr Jitendra Singh, Union Minister of State (Independent Charge) for Science and Technology and Earth Sciences, congratulated CEL on its 50th anniversary.
He highlighted CEL’s transformation from a loss-making PSU to a dividend-paying one, paying dividends for three consecutive years at an increasing rate.

Financial Success

CEL celebrated its 50th year with a net profit of approximately Rs 58 crore, a significant achievement.

Key Points

Transformation: CEL’s journey from financial losses to profitability.
Dividend Payment: Consistent dividends to the Government of India for three years.
Golden Jubilee: Marking 50 years of service with notable financial success.

21) Answer: C

Short Explanation:

The World Bank forecasts a significant slowdown in India-bound remittance growth, from 7.5% last year to 3.7% in 2024.
This decline is attributed to reduced inflows from Gulf Cooperation Council (GCC) countries, impacted by declining oil prices and production.
India remains the top global recipient of remittances, surpassing countries like Mexico, China, the Philippines, and Pakistan.

Detailed Explanation:

The World Bank forecasts a significant slowdown in India-bound remittance growth, from 7.5% last year to 3.7% in 2024.
This decline is attributed to reduced inflows from Gulf Cooperation Council (GCC) countries, impacted by declining oil prices and production.

Financial Inflows and Projections

In 2023, India received a robust $120 billion in remittances, driven by strong labour markets in the US and Europe.
For 2024, the World Bank estimates $124 billion, with a slight increase to $129 billion in 2025.

Importance of Remittances

Remittances are crucial for India’s economy, contributing to household incomes and foreign exchange reserves.

Global Remittance Leader

India remains the top global recipient of remittances, surpassing countries like Mexico, China, the Philippines, and Pakistan.
The country hosts 18.7 million emigrants, reflecting its significant diaspora worldwide.

22) Answer: B

Short Explanation:

Flipkart has introduced a beta version of its fintech app,super. money, available on the Play Store.
The platform aims to capitalize on India’s growing digital financial services sector.
Apart from Unified Payments Interface (UPI) payments, money offers services such as credit, deposits, and credit cards.
Bengaluru-based PhonePe leads the UPI transaction volumes, holding a substantial 49.2% market share as of May 2024.

Detailed Explanation:

Flipkart has introduced a beta version of its fintech app,super. money, available on the Play Store.
The platform aims to capitalize on India’s growing digital financial services sector.
Apart from Unified Payments Interface (UPI) payments, money offers services such as credit, deposits, and credit cards.

Beta Phase and Future Plans

The super. money team plans to gather customer feedback over the coming weeks to enhance the app further.
This launch marks Flipkart’s entry into the fintech space, following the separation of PhonePe from the company.

PhonePe Dominance in UPI

Bengaluru-based PhonePe leads the UPI transaction volumes, holding a substantial 49.2% market share as of May 2024.
Google Pay follows with 37.5%, while Paytm holds an 8.21% share, reflecting the concentrated nature of India’s UPI market.
The launch of super money addresses concerns about duopoly in India’s UPI space, where PhonePe and Google Pay dominate with an 87% combined market share.

23) Answer: C

Short Explanation:

Sanjana Thakur has been named the overall winner of the 2024 Commonwealth Short Story Prize.
The prize, valued at £5,000 (approx. $8,664.38 Cdn), recognises the best piece of unpublished short fiction from the Commonwealth’s 56 member states.

Winning Story: Aishwarya Rai

Thakur’s story, Aishwarya Rai, initially won the Asia category before being selected as the overall winner.
This prestigious recognition underscores Thakur’s exceptional storytelling skills.

Detailed Explanation:

Sanjana Thakur has been named the overall winner of the 2024 Commonwealth Short Story Prize.
The prize, valued at £5,000 (approx. $8,664.38 Cdn), recognises the best piece of unpublished short fiction from the Commonwealth’s 56 member states.

Winning Story: Aishwarya Rai

Thakur’s story, Aishwarya Rai, initially won the Asia category before being selected as the overall winner.
This prestigious recognition underscores Thakur’s exceptional storytelling skills.

About the Prize

The Commonwealth Short Story Prize is awarded annually.
It selects the best short fiction from five regional winners: Africa, Asia, Canada and Europe, Caribbean, and Pacific.

About Sanjana Thakur

Thakur is originally from Mumbai, India.
She is currently based in the S. and pursuing an MFA in Fiction at UT Austin’s New Writers Project.

24) Answer: A

Short Explanation:

Tata Group and Infosys have topped Brand Finance’s annual report on the most valuable Indian brands for 15 consecutive years.
Its brand value increased by 9% over 2023, reaching $28.6 billion, nearing the $30-billion benchmark for the first time.
Banking Sector: HDFC Group’s significant growth due to merger, followed by SBI Group as the second most valuable bank.
Telecom Sector: Airtel maintained a strong presence.
Engineering and Automotives: Larsen & Toubro and Mahindra showcased notable brand values

Detailed Explanation:

Tata Group and Infosys have topped Brand Finance’s annual report on the most valuable Indian brands for 15 consecutive years.
Its brand value increased by 9% over 2023, reaching $28.6 billion, nearing the $30-billion benchmark for the first time.

Top Three Brands

Tata Group: Maintained the top position with a brand value of $28.6 billion, reflecting a 9% growth.
Infosys: Retained the second spot with a brand value of $14.2 billion, also showing a 9% growth.
HDFC Group: Climbed to the third spot due to its merger with HDFC Ltd., with a brand value surge of 38%.

Overall Rankings

The India 100 report by Brand Finance evaluated over 250 Indian brands across various sectors, including IT, hospitality, automotives, and retail.

Top 10 Most Valuable Indian Brands

Tata Group: $28.6 billion
Infosys: $14.2 billion
HDFC Group: Notable 38% increase in brand value
LIC Group
Reliance
SBI Group: Second most valuable bank in India
Airtel
HCL Tech: Jumped from 10th to 8th place
Larsen & Toubro: New entrant on the list
Mahindra

Sectoral Highlights

IT Sector: Dominated by Tata Group and Infosys, showing strong growth and retaining top positions.
Banking Sector: HDFC Group’s significant growth due to merger, followed by SBI Group as the second most valuable bank.
Telecom Sector: Airtel maintained a strong presence.
Engineering and Automotives: Larsen & Toubro and Mahindra showcased notable brand values

25) Answer: D

Short Explanation:

Adani Defence & Aerospace has signed an agreement with Thales Group to manufacture rockets in India.
This partnership supports the Indian government’s “Make in India” initiative.

Significance of the Partnership

Thales Group highlights the partnership’s importance for their commitment to India and their global partner network.
The collaboration is expected to contribute significantly to India’s defence sector growth.

Detailed Explanation:

Adani Defence & Aerospace has signed an agreement with Thales Group to manufacture rockets in India.
This partnership supports the Indian government’s “Make in India” initiative.

Significance of the Partnership

Thales Group highlights the partnership’s importance for their commitment to India and their global partner network.
The collaboration is expected to contribute significantly to India’s defence sector growth.

Recent Collaboration with EDGE Group

Earlier this month, Adani Defence & Aerospace also signed an agreement with EDGE Group from the UAE.
The partnership aims to create a global platform combining the defence and aerospace capabilities of both companies.
The agreement includes exploring R&D facilities in India and the UAE.
Development, production, and maintenance facilities will serve local, Southeast Asian, and global markets.

Adani Defence & Aerospace Overview

Part of the Adani Group, Adani Defence & Aerospace is a leader in designing, developing, and manufacturing advanced defence products.
The company is committed to advancing India’s defence and aerospace capabilities through strategic global partnerships.

26) Answer: A

Short Explanation:

Travis Head, the Australian opener, has ascended to the 1 spot in the ICC T20I Men’s Batting Rankings.
Head moved up four places following his stellar T20 World Cup 2024 performance.

Replacing Suryakumar Yadav

Head replaced India’s Suryakumar Yadav, who previously held the top position.
This marks a significant achievement for Head, who is now recognized as the top batter in T20 cricket.

Detailed Explanation:

Travis Head, the Australian opener, has ascended to the 1 spot in the ICC T20I Men’s Batting Rankings.
Head moved up four places following his stellar T20 World Cup 2024 performance.

Replacing Suryakumar Yadav

Head replacedIndia’s Suryakumar Yadav, who previously held the top position.
This marks a significant achievement for Head, who is now recognized as the top batter in T20 cricket.

Top Five Batters

Travis Head (Australia)
Suryakumar Yadav (India)
Phil Salt (England)
Babar Azam (Pakistan)
Mohammad Rizwan (Pakistan)

World Cup Performance

Head was among the top run-scorers in the T20 World Cup 2024.
He scored 255 runs at an average of 42.50 from seven matches, significantly boosting his rankings.

Key Statistics

Runs Scored: 255
Average: 42.50
Matches Played: 7

27) Answer: C

Short Explanation:

Former Foreign Secretary Muchkund Dubey, who steered India’s foreign affairs establishment towards the end of the Cold War and the post-Cold War phase in the early 1990s, passed away.
Notably, he held the prestigious position of India’s 17th Foreign Secretary from 1990 to 1991.
He also served as the president of the New Delhi-based Council for Social Development (CSD).
Because of his scholarly contributions, Mr. Dubey was honoured with a D.Litt (Honoris Causa) by the Calcutta University in 2015.

Detailed Explanation:

Former Foreign Secretary Muchkund Dubey, who steered India’s foreign affairs establishment towards the end of the Cold War and the post-Cold War phase in the early 1990s, passed away.
Dubey born in 1933 in Jasidih (then part of Santhal Pargana, Bihar, now Jharkhand), joined the Indian Foreign Service (IFS) in 1957.
He served under Prime Ministers Jawaharlal Nehru, Rajiv Gandhi, Vishwanath Pratap Singh, and P.V. Narasimha Rao during his career.
Notably, he held the prestigious position of India’s 17th Foreign Secretary from 1990 to 1991.
He also served as the president of the New Delhi-based Council for Social Development (CSD).
Because of his scholarly contributions, Mr. Dubey was honoured with a D.Litt (Honoris Causa) by the Calcutta University in 2015.

28) Answer: B

About Finland :

President : Alexander Stubb
Prime Minister : Petteri Orpo
Capital : Helsinki
Currency : Euro

29) Answer: D

About Bank of Baroda :

Established : 20 July 1908
Headquarters : Vadodara, Gujarat, India
MD & CEO : Debadatta Chand
Tagline : India’s International Bank

30) Answer: B

About Federal Bank :

Established : 23 April 1931
Headquarters : Aluva, Kochi, Kerala, India
MD & CEO : Shyam Srinivasan
Tagline : Your Perfect Banking Partner

This post was last modified on June 29, 2024 3:26 pm

5 months ago

Daily Current Affairs Quiz – 28th June 2024

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