Daily Current Affairs Quiz – 30th Jun & 01st Jul 2024

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Dear Readers, Daily Current Affairs Questions Quiz for SBI, IBPS, RBI, RRB, SSC Exam 2024 of 30th Jun & 01st Jul 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) As per the report, at what percentage of the ₹47,010 crore (set in April 2022) was enhanced by the Reserve Bank of India (RBI) to ₹60,118 crore, the Ways and Means Advances (WMAs) limits (or financial accommodation) of State governments and Union territories (UTs)?

(a) 27%

(b) 26%

(d) 28%

(e) 25%

2) As per the report, What percentage of housing loans outstanding increased from 13.8% in May 2023 to Rs 23.49 lakh crore in May 2024?

(a) 16.8%

(b) 16.6%

(d) 16.9%

(e) 16.7%

3) In June 2024, What was the financial penalty levied by the Reserve Bank of India (RBI) on The Hongkong and Shanghai Banking Corporation Limited (HSBC) for failing to follow certain RBI directives?

(a) Rs.29.60 lakh

(b) Rs.28.60 lakh

(d) Rs.26.60 lakh

(e) Rs.25.60 lakh

4) As per the report, the Basic Services Demat Account (BSDA) threshold was raised by the Securities and Exchange Board of India (SEBI) to Rs 10 lakhs from the existing Rs 2 lakhs to encourage small investors to participate in the securities market. In which year did markets regulator Sebi launch the BSDA option to ease the financial burden of demat charges on investors with modest portfolios?

(a) 2011

(b) 2010

(d) 2013

(e) 2014

5) In June 2024, How many billions of dollars has the World Bank approved for a loan to help India expedite the development of low-carbon energy?

(a) $1.5-billion

(b) $2.5-billion

(d) $1.0-billion

(e) $2.0-billion

6) In June 2024, the Union Health Ministry established a dashboard to assist healthcare providers in quickly evaluating compliance with Indian Public Health Standards (IPHS) and taking relevant action. NQAS was developed for healthcare facilities and AAM-SC with the goal of achieving full compliance by what year to ensure that every citizen receives high-quality health care?

(a) 2025

(b) 2026

(d) 2029

(e) 2030

7) According to senior officials, the Indian Railways have launched a first-of-its-kind effort, a floating solar plant with a capacity of how many MWp, in the Igatpuri Lake situated in the Western Ghats?

(a) 10 MWp

(b) 20 MWp

(d) 40 MWp

(e) 50 MWp

8) ITC has expanded its “Climate Smart Agriculture” effort to cover almost two lakh women nationally. According to the company’s annual report for 2023-2024, how many states has it built a comprehensive “Climate Smart Agriculture” program to enable a transformation journey from “low yield low resilient” areas to “high yield and high resilient” villages?

(a) 15

(b) 16

(d) 18

(e) 19

9) The Centre changed the Employees’ Pension Scheme (EPS) to allow members who had served less than six months as contributors to withdraw money. When did the Employees’ Pension Scheme (EPS) take effect?

(a) 1994

(b) 1995

(d) 1993

(e) 1992

10) Which state’s deputy chief minister, Ajit Pawar, who is in charge of finance, proposed various policies benefiting women, youths, and farmers among other groups, requiring spending more than Rs 80,000 crore, while also presenting a budget with a revenue deficit of Rs 20,051 crore for the current fiscal year?

(a) Sikkim

(b) Rajasthan

(d) Haryana

(e) Maharashtra

11) Which state’s Cabinet approved the ‘Mukhya Mantri Bahan Beti Maiqui Swabalamban Protsahan Yojana,’ a financial assistance program for 45 lakh women in the state. Under the plan, each qualified womanwill receive Rs 1,000 every month?

(a) Tamil Nadu

(b) Karnataka

(d) Gujarat

(e) West Bengal

12) As per the report, European Union leaders have agreed to propose Ursula von der Leyen of _______________ for a second five-year term as European Commission president.

(a) Russia

(b) Germany

(d) Singapore

(e) Netherlands

13) As per the report, Which corporation has pushed its ambition for net zero carbon emissions to 2035, up five years from the original goal of 2040?

(a) ONGC

(b) GAIL

(d) IOCL

(e) BPCL

14) The growth rate of the eight critical infrastructure sectors improved by what percentage point in May 2024, owing to healthy rises in coal, natural gas, and electricity generation, but at a lesser rate than in April 2024?

(a) 6.2%

(b) 6.3%

(d) 6.5%

(e) 6.1%

15) As per the report, Reliance Industries (RIL), led by Mukesh Ambani, became the first Indian company to surpass Rs 8 lakh crore in market capitalization, outvaluing which firm by more than Rs 20,000 crore?

(a) TCS

(b) Wipro

(d) SBI

(e) Infosys

16) As of June 28, 2024, Indian government bonds was included in JPMorgan Chase & Co’s emerging markets bond index, marking a significant development for domestic fixed-income markets. Since its inception in June 2005, India has been the _______________ market to be included in the index.

(a) 24th

(b) 25th

(d) 26th

(e) 28th

17) According to a government notification, the interest equalisation scheme for exporters, which gives access to bank credit at a reduced rate, would be extended for two months until August 2024 for the MSME sector after June 30, 2024. According to the notice, the MSME sector plan would be extended for two months with a maximum spending of how much crore?

(a) Rs.550crore

(b) Rs.650crore

(d) Rs.850crore

(e) Rs.450crore

18) Which company and Vellore Institute of Technology (VIT) signed a memorandum of understanding (MoU) to undertake joint research with artificial intelligence (AI) and machine learning applications for 5G and next-generation technologies?

(a) BSNL

(b) Nokia

(d) Jio

(e) Vodafone

19) As per the report, Dr. Usha Thakur received the 12th Vishwa Hindi Samman during a Hindi Samvad event organized by the Embassy of India in which country, recognizing her contributions to the growth of Hindi literature?

(a) Bangladesh

(b) Nepal

(d) Myanmar

(e) China

20) The Indian multirole stealth frigate The Indian Navy Ship (INS) Shivalik, which is currently stationed in the South China Sea and North Pacific Ocean, has landed in Pearl Harbor, Hawaii, to take part in the Rim of the Pacific (RIMPAC) exercise, the world’s largest naval exercise. Which bilateral exercise concluded with the INS Shivalik steaming into Pearl Harbor?

(a) JIMEX 24

(b) Tiger Triumph-24

(d) Red Flag 24

(e) Poorvi Lehar 24

21) India won their second T20 World Cup title, defeating South Africa by seven runs in the final at the Kensington Oval in Bridgetown, Barbados. This is India’s second T20 World Cup title, having won it in which year?

(a) 2005

(b) 2007

(d) 2009

(e) 2010

22) World Asteroid Day, marked annually on ____________, is a global event dedicated to raising awareness about asteroids and the possible threats they represent to our planet.

(a) June 29

(b) June 30

(d) July 1

(e) July 2

23) In accordance with its credit policy, the Reserve Bank of India (RBI) employs the Ways and Means Advances (WMA) mechanism to provide States with access to banking services that allow them to bridge short-term gaps in their cash flow from collections and payments. When was the WMA system introduced?

(a) 1995

(b) 1997

(d) 1998

(e) 1996

24) The primary objective of the Employees’ Pension Scheme (EPS), which was first implemented in 1995, was to assist workers in the organized sector. Employees are guaranteed a pension upon reaching the age of __________, owing to the system’s administration by the Employees’ Provident Fund Organization (EPFO).

(a) 55 years

(b) 58 years

(d) 60 years

(e) 65 years

25) In which city is the Victorian and Art Deco Ensemble located?

(a) Kolkata

(b) Mumbai

(d) Hyderabad

(e) Bhopal

Answers :

1) Answer: D

Short Explanation:

The Reserve Bank of India (RBI) increased the Ways and Means Advances (WMAs) limits (or financial accommodation) of State governments and Union territories (UTs) by 28% to ₹60,118 crore from ₹47,010 crore (fixed in April 2022).

The revised WMA limit is effective from July 1, 2024.

Detailed Explanation:

The revised WMA limit is effective from July 1, 2024.

Reason for Revision:The limits have been revised based on the recommendations made by the group constituted by the RBI, consisting of select state finance secretaries to take account of the expenditure data of states for recent years.

The last review of WMA, Special Drawing Facility (SDF), and Overdraft (OD) schemes for state governments/UTs was announced on April 1, 2022.

SDF availed by state governments/UTs is linked to their investments in marketable securities issued by the government, including auction treasury bills (ATBs).

A State Government account can be in overdraft for a maximum of 14 consecutive working days with a limit of 36 days in a quarter.

2) Answer: D

Short Explanation:

Detailed Explanation:

Housing loan outstanding expanded at a faster pace even as the growth in the personal loan segment decelerated on a year-on-year basis in May 2024.

Accelerated Growth in Housing Loans:Housing loan outstanding grew by 16.9% (Rs 3.40 lakh crore) to Rs 23.49 lakh crore in May 2024, compared to 13.8% (Rs 20.09 lakh crore) in May 2023.

Moderation in Personal Loans:Growth in personal loans slowed to 17.8% (y-o-y) in May 2024 from 19.1% in May 2023, mainly due to decelerated growth in other personal loans.

Increase in Credit Card Outstanding:Credit card outstanding rose by 26.2% (around Rs 55,000 crore) to Rs 2.67 lakh crore in May 2024, compared to 31.5% (Rs 2.12 lakh crore) in May 2023.

Non-Food Bank Credit:Overall Growth:On a year-on-year (y-o-y) basis, non-food bank credit registered a growth of 16.2% to Rs 162.30 lakh crore in May 2024 as compared with 15.5% a year ago.

Industry-Specific Credit Growth:Growth in Bank Credit to Industry:Bank credit to industry grew by 8.9% (y-o-y) to Rs 36.87 lakh crore in May 2024, up from 6.0% in May 2023.

Credit to large industries grew by 7.1% (Rs 26.53 lakh crore) in May 2024 from 4.6% (Rs 24.77 lakh crore) in May 2023.

3) Answer: A

Short Explanation:

The Reserve Bank of India (RBI) imposed a monetary penalty of ₹29.60 lakh on The Hongkong and Shanghai Banking Corporation Limited (HSBC) for non-compliance with specific RBI directions.

Regulatory Provisions:The penalty was imposed under Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.

Detailed Explanation:

The Reserve Bank of India (RBI) imposed a monetary penalty of ₹29.60 lakh on The Hongkong and Shanghai Banking Corporation Limited (HSBC) for non-compliance with specific RBI directions.

Non-Compliance Details:HSBC failed to comply with RBI directions on ‘Credit Card, Debit Card, and Rupee Denominated Co-branded Prepaid Card operations of Banks’, reiterated in the ‘Reserve Bank of India (Credit Card and Debit Card – Issuance and Conduct) Directions, 2022’.

Specifically, HSBC did not ensure proper calculation methods to prevent negative amortisation while computing the Minimum Payment Due in certain credit card accounts.

Regulatory Provisions:The penalty was imposed under Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.

4) Answer: C

Short Explanation:

Securities and Exchange Board of India (SEBI) increased the threshold for the Basic Services Demat Account (BSDA) to Rs 10 lakhs from the current Rs 2 lakhs to boost participation of small investors in the securities market.

The new guidelines will come into force from September 1,2024.

A basic service demat account, or BSDA, is a more basic version of a regular demat account.

The facility was introduced by markets regulator Sebi in 2012 to reduce the burden of demat charges on investors with small portfolios.

Detailed Explanation:

The new guidelines will come into force from September 1,2024.

What is meant by BSDA?

A basic service demat account, or BSDA, is a more basic version of a regular demat account.

The facility was introduced by markets regulator Sebi in 2012 to reduce the burden of demat charges on investors with small portfolios.

The investor must have only one demat account as the sole or first holder.

The investor must have only one BSDA across all depositories.

The value of securities in the BSDA must not exceed Rs 10 lakh for debt and non-debt securities combined.

Previous Limits: Previously, an individual could hold up to Rs 2 lakh in debt securities and Rs 2 lakh in other securities to be eligible for a BSDA.

Annual Maintenance Charges:No annual maintenance charge for portfolio values up to Rs 4 lakh.

Rs 100 annual maintenance charge for portfolio values above Rs 4 lakh and up to Rs 10 lakh.

Conversion to Regular Account: If the portfolio value exceeds Rs 10 lakh, the BSDA will automatically be converted into a regular demat account.

Statements and Charges:Electronic statements will be provided free of cost.

Physical statements can be charged at Rs 25 per statement.

Account Opening and Review:As per the circular, Depository Participants (DPs) will open only BSDAs for eligible accounts unless the account holder opts for a regular demat account via email.

5) Answer: A

Short Explanation:

The World Bank has approved a $1.5-billion loan to help India accelerate its low-carbon energy development.

The funds will be used to promote a market for green hydrogen, electrolysers, and increased renewable energy penetration.

This is the second round of funding from the World Bank towards India’s green energy initiatives, following the $1.5 billion First Low-Carbon Energy Programmatic Development Policy Operation in June 2023.

Detailed Explanation:

The World Bank has approved a $1.5-billion loan to help India accelerate its low-carbon energy development.

The funds will be used to promote a market for green hydrogen, electrolysers, and increased renewable energy penetration.

Reforms and Targets: The Second Low-Carbon Energy Programmatic Development Policy Operation will support reforms to boost green hydrogen production and electrolysers.

Alignment with Initiatives: This operation aligns with the Government of India’s energy security and the World Bank’s Hydrogen for Development (H4D) partnership.

Partnership and Financing: The financing for this operation includes:

$1.46 billion loan from the International Bank for Reconstruction and Development (IBRD).

$31.5 million credit from the International Development Association (IDA).

6) Answer: B

Short Explanation:

The Union Health Ministry launched a dashboard that will aid the national, state and district health facilities in quickly monitoring compliance concerning Indian Public Health Standards (IPHS) and taking action accordingly.

It also rolled out a virtual National Quality Assurance Standards (NQAS) assessment for Ayushman Arogya Mandirs (AAM) and a spot food licence and registration initiative for food vendors.

To ensure that every citizen receives quality health services, NQAS was developed for district hospitals, community health centres, rural and urban primary healthcare centres and AAM-SC with the goal of full compliance by 2026.

Detailed Explanation:

It also rolled out a virtual National Quality Assurance Standards (NQAS) assessment for Ayushman Arogya Mandirs (AAM) and a spot food licence and registration initiative for food vendors.

Union ministers of state for health and family welfare, Prataprao Ganpatrao Jadhav and Anupriya Singh Patel, unveiled these three initiatives which will play a major role in improving the quality of healthcare services and promoting the ease of doing business in India.

The launch of the spot food licence initiative is a ground-breaking new functionality for the instant issuance of licenses and registrations through the Food Safety and Compliance System (FoSCoS).

FoSCoS is a state-of-the-art, pan-India IT platform designed to address all food safety regulatory needs.

The virtual certification of Ayushman Arogya Mandir Sub-centres (AAM-SC) represents a significant innovation in the quality assurance framework for public health facilities, the ministry said in a statement.

7) Answer: A

Short Explanation:

The Central Railway has installed a floating solar plant of 10 MWp capacity in the Igatpuri Lake located in the Western Ghats, a first-of-its-kind initiative by the Indian Railways, senior officials stated.

According to the Central Railway officials, the plant is committed to leveraging renewable energy sources, utilising solar power, installing wind-energy resources, providing adequate passenger amenities and contributing significantly towards the railways’ goal of a “green Earth”.

Detailed Explanation:

Besides, the officials stated moving towards its ultimate goal of zero carbon emission by 2030, the Central Railway has commissioned 12.05-MWp solar plants by utilising the rooftop of railway stations and buildings, out of which, 4-MWp solar plants were provided last year.

“MWp stands for Megawatt Peak, which is a measure of the maximum potential output of power. This has resulted in a saving of Rs 4.62 crore in 2023-24 and a saving of carbon footprints of 6,594.81 MT. There are further plans to install an additional 7-MWp solar plant in the current year,” a senior Central Railway official stated.

At present, 56.4 MW of wind energy and 61 MW of solar energy are being tapped,” he added.

According to the Central Railway, agreements have been signed for the utilisation of 325 MW of solar and wind energy, which will be on the “round-the-clock” basis.

Besides this, 180 MW of solar and 50 MW of wind power is also likely to flow in the current financial year, officials stated.

The Central Railway maintains that its present monthly power consumption is 236.92 million units for traction work and 9.7 million units for non-traction work.

8) Answer: E

Short Explanation:

ITC has extended its ‘Climate Smart Agriculture’ programme to nearly 2 lakh women in the country.

The annual report of the company for 2023-24 stated it has launched a comprehensive ‘Climate Smart Agriculture’ programme across 19 States to enable a transformation journey from ‘low yield low resilient’ areas to ‘high yield and high resilient’ villages through a package of agronomy practices, climate resilient varieties, precision farming, water management and appropriate mechanisation.

According to the report, 27.94 lakh acres and over 10.5 lakh farmers, including 1.95 lakh women farmers, have been covered under ITC’s ‘Climate Smart Agriculture’ programme till date.

Detailed Explanation:

ITC has extended its ‘Climate Smart Agriculture’ programme to nearly 2 lakh women in the country.

According to the report, 27.94 lakh acres and over 10.5 lakh farmers, including 1.95 lakh women farmers, have been covered under ITC’s ‘Climate Smart Agriculture’ programme till date.

In addition to promotion of ‘Climate Smart Agriculture’ practices at scale in core agricultural catchments, ITC also has a ‘Climate Smart Village’ (CSV) programme, it stated.

To provide additional support to farmers in dealing with climate risks, 15.24 lakh linkages were facilitated for farmers with six major government schemes.

Aimed at boosting agricultural and allied activities in 27 aspirational districts of eight States under the ‘Aspirational Districts’ programme, ITC’s collaboration with NITI Aayog is in its second phase.

The report stated ITC has scaled up ITCMAARS – a crop-agnostic full stack agritech digital platform, together with a physical ecosystem, across 10 States.

9) Answer: B

Short Explanation:

The Centre tweaked the Employees’ Pension Scheme (EPS),1995, to ensure that members with less than 6 months of contributory service can also withdraw funds.

Every year, lakhs of EPS members leave the scheme prior to rendering the requisite 10 years of contributory service for pension.

These members are given withdrawal benefit as per the provisions of the scheme.

The new amendment will benefit more than 7 lakh EPS members every year who leave the scheme with less than 6 months of contributory service.

Detailed Explanation:

The Centre tweaked the Employees’ Pension Scheme (EPS),1995, to ensure that members with less than 6 months of contributory service can also withdraw funds.

Every year, lakhs of EPS members leave the scheme prior to rendering the requisite 10 years of contributory service for pension.

These members are given withdrawal benefit as per the provisions of the scheme.

The new amendment will benefit more than 7 lakh EPS members every year who leave the scheme with less than 6 months of contributory service.

The amount of withdrawal benefit will henceforth depend upon the number of completed months of service rendered by the member and the wages on which EPS contribution was received.

Till now, the withdrawal benefit was being calculated on the basis of the period of contributory service in completed years and the wages on which EPS contribution has been paid.

Only after completing 6 months and above of contributory service, the members were entitled for such withdrawal benefits.

Consequently, the members leaving the scheme, before contributing for 6 months or more, used to get no withdrawal benefit.

Due to the old clause, many claims were rejected as many members were exiting without having less than 6 months of contributory service.

10) Answer: E

Short Explanation:

Maharashtra Deputy Chief Minister Ajit Pawar, who holds the finance portfolio, presented a Rs 20,051 crore revenue deficit budget for the current fiscal even as he announced several sops for women, youths and farmers, among other sections, entailing an expenditure of more than Rs 80,000 crore.

An outlay of Rs 1.92 lakh crore was proposed under the scheme expenditure in the annual plan 2024-25.

Detailed Explanation:

An outlay of Rs 1.92 lakh crore was proposed under the scheme expenditure in the annual plan 2024-25.

Schemes:

Mukhyamantri Majhi Ladki Bahin Yojana

Mukhyamantri Annapurna Yojana

Stipend for Youths

Punyashlok Ahilyadevi Holkar Mahila Startup Scheme

Reimbursement of Tuition and Examination Fees for Professional Courses

Magel Tyala Scheme

Mukhyamantri Yuva Karyaprashikshan Yojana

VAT Reduction on Diesel and Petrol

Financial Overview :

Scheme Expenditure Outlay: Rs 1.92 lakh crore proposed.

Scheduled Caste Plan: Rs 15,893 crore allocated.

Tribal Development Sub-plan: Rs 15,360 crore allocated.

Total Expenditure 2024-25: Rs 6,12,293 crore.

Revenue Receipts: Rs 4,99,463 crore.

Revenue Expenditure: Rs 5,19,514 crore.

Revenue Deficit: Estimated at Rs 20,051 crore.

Fiscal Deficit: Rs 1,10,355 crore.

Own Tax Revenue (2023-24): Rs 3,26,397 crore (revised estimate).

Projected Own Tax Revenue (2024-25): Rs 3,43,040 crore.

11) Answer: C

Short Explanation:

The Jharkhand Cabinet approved the ‘Mukhya Mantri Bahan Beti Maiqui Swabalamban Protsahan Yojana,‘ a financial assistance scheme for 45 lakh women in the state.

Under the scheme, each eligible woman will receive Rs 1,000 per month.

The state government will bear Rs 5,500 crore annually for this initiative.

Detailed Explanation:

The Jharkhand Cabinet approved the ‘Mukhya Mantri Bahan Beti Maiqui Swabalamban Protsahan Yojana,‘ a financial assistance scheme for 45 lakh women in the state.

Under the scheme, each eligible woman will receive Rs 1,000 per month.

The state government will bear Rs 5,500 crore annually for this initiative.

The approval was granted during the Cabinet meeting chaired by Chief Minister Champai Soren.

Aim of the Scheme : To empower women, make them self-reliant, and ensure better education and health improvement.

Eligibility Criteria: The scheme is applicable to women aged 21 to 50 years.

Exclusions include income tax payees, government employees,Employees Provident Fund (EPF) holders, and a few other categories.

12) Answer: B

Short Explanation:

European Union leaders agreed to nominate Ursula von der Leyen of Germany for a second five-year term as president of the European Commission.

At a summit in Brussels, the bloc’s 27 national leaders also picked former Portuguese premier Antonio Costa as the future chair of their European Council meetings and selected Estonian Prime Minister Kaja Kallas as the next EU foreign policy chief.

Detailed Explanation:

European Union leaders agreed to nominate Ursula von der Leyen of Germany for a second five-year term as president of the European Commission.

Von der Leyen was born in 1958 in Ixelles, Brussels, Belgium

She is a German politician, serving as the 13th president of the European Commission since 2019.

She served in the German federal government between 2005 and 2019, holding positions in Angela Merkel’s cabinet, most recently as federal minister of defence.

She is a member of the centre-right Christian Democratic Union (CDU) and its affiliated europarty, the European People’s Party (EPP).

On 7 March 2024, the EPP elected her as its Spitzenkandidat to lead the campaign for the 2024 European parliament elections.

13) Answer: B

Short Explanation:

GAIL (India) Ltd has revised its target to achieve net zero carbon emissions to 2035, advancing it by five years from the initially set goal of 2040. The board of directors of GAIL approved this advancement.

This decision follows an extensive study undertaken by GAIL to enhance its sustainability goals and align with India’s broader Net Zero commitments, the Maharatna company stated.

Detailed Explanation:

This decision follows an extensive study undertaken by GAIL to enhance its sustainability goals and align with India’s broader Net Zero commitments, the Maharatna company stated.

India’s largest gas utility plans to achieve this ambitious goal through a strategic approach involving electrification of NG-based equipment, renewable energy, battery energy storage systems (BESS), compressed biogas (CBG), green hydrogen, CO2 valorisation initiatives and afforestation, it added.

GAIL CMD Sandeep Kumar Gupta, the CPSU, is in the business of marketing and transmitting natural gas.

Natural gas is a cleaner fuel that aids in reducing emissions of various industries and end-consumers.

14) Answer: B

Short Explanation:

The eight key infrastructure sectors’ growth rose 6.3 per cent in May2024 on healthy expansion in the production of coal, natural gas, and electricity, though the growth rate is lower than in April 2024.

The production of the eight sectors grew 6.7 per cent in April.

The growth of these core sectors — coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity — was 5.2 per cent in May 2023.

The central government’s fiscal deficit was only at 3 per cent of the annual estimates at the end of May.

Detailed Explanation:

The production of the eight sectors grew 6.7 per cent in April.

The growth of these core sectors — coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity — was 5.2 per cent in May 2023.

The central government’s fiscal deficit was only at 3 per cent of the annual estimates at the end of May.

The fiscal deficit — the gap between the government’s expenditure and revenue — was 11.8 per cent of Budget Estimates (BE) of 2023-24 in the first two months of the previous financial year.

For the current financial year (2024-25), the government estimates the fiscal deficit at 5.1 per cent of the GDP, or ₹16,85,494 crore.

According to data released by the Controller General of Accounts (CGA), fiscal deficit during April-May 2024 was ₹50,615 crore or 3 per cent of the BE 2024-25.

In the corresponding period of the last fiscal, it was 11.8 per cent of that year’s BE.

15) Answer: A

Short Explanation:

Mukesh Ambani-led Reliance Industries (RIL) became the first Indian company to cross Rs. 21 trillion market capitalisation, racing ahead of Tata Sons’ crown jewel TCS by more than Rs 20,000 crore in valuation.

The market valuation of the oil-to-telecom conglomerate crossed the $100-billion mark last month.

A few days later, its m-cap surged past Rs 7 lakh crore, making it the second company after IT bellwether Tata Consultancy Services to achieve the coveted milestone.

TCS had crossed the $100 billion milestone on April 23.

Detailed Explanation:

The market valuation of the oil-to-telecom conglomerate crossed the $100-billion mark last month.

A few days later, its m-cap surged past Rs 7 lakh crore, making it the second company after IT bellwether Tata Consultancy Services to achieve the coveted milestone.

TCS had crossed the $100 billion milestone on April 23.

While RIL is the first homegrown major to achieve this feat, the aggregate market capitalisation of 15 Tata group companies comes to Rs 11.32 lakh crore.

Also, the collective valuation of Deepak Parekh-led financial services behemoth HDFC Group had recently crossed Rs 10 lakh crore.

This includes HDFC Ltd, HDFC Bank, HDFC Asset Management Company and HDFC Standard Life Insurance Company.

16) Answer: B

Short Explanation:

In a significant development for domestic fixed-income markets, Indian government bonds are now included in JPMorgan Chase & Co’s emerging markets bond index as of June 28, 2024.

This follows an announcement made in September 2023, paving the way for substantial inflows of foreign capital into the Indian economy.

IGBs issued by the Reserve Bank of India (RBI) under the Fully Accessible Route (FAR) will be included in the global indices.

India has become the 25th market to be included in the index since its launch in June 2005.

17) Answer: C

Short Explanation:

The interest equalisation scheme for exporters, which allows access to bank credit at a subsidised rate, will be extended only for the MSME sector beyond June 30, 2024 for two months till August, as per a government notification.

“Claims of non-MSME exporters are not to be entertained beyond June 30, 2024,” a trade notice issued by the Directorate General of Foreign Trade stated.

The two-month continuation of the scheme for the MSME sector comes with an outlay cap of ₹750 crore, the notice added. All other terms and conditions remain the same.

Non-MSME exporters are disappointed with the discontinuation of the popular scheme for the 410 products that were earlier eligible for the benefit as they had hoped for its extension by 3-5 years.

Detailed Explanation:

“Claims of non-MSME exporters are not to be entertained beyond June 30, 2024,” a trade notice issued by the Directorate General of Foreign Trade stated.

The two-month continuation of the scheme for the MSME sector comes with an outlay cap of ₹750 crore, the notice added. All other terms and conditions remain the same.

First implemented in April 2015 for five years, the scheme was extended several times with the last extension set to lapse on June 30 2024.

At present, the scheme provides a 2 percent interest subvention or subsidy on loans taken by exporters from 410 identified sectors and a 3 per cent subvention to exporters of all products from the MSME sector.

Interest Equalisation scheme was first implemented on 1st April 2015, to provide pre- and post-shipment export credit to exporters in rupees.

It was initially valid for 5 years, up to 31.3.2020. The scheme has been continued thereafter, including a one-year extension during COVID and further extensions and fund allocations.

18) Answer: B

Short Explanation:

Vellore Institute of Technology (VIT) signed a memorandum of understanding (MoU) with Nokia to pursue 5G and next-generation collaborative research with artificial intelligence (AI) and machine learning applications.

Through this MoU, VIT and Nokia will focus on key areas like new study areas in 5G, AI-enhanced communication, digital twin, radio-based sensing, connected aerial vehicles, eHealth, cloud technologies and automation, zero-touch mobile networks, etc.

Detailed Explanation:

VIT and Nokia will exchange information related to research practices in the form of corporate/academic training based on the expertise of both partners.

Nokia will provide hands-on learning opportunities for the students of VIT and jointly organise short-term continuing education programmes, the release stated.

19) Answer: B

Explanation:

Dr Usha Thakur was awarded the 12thVishwa Hindi Samman in a Hindi Samvad event organised by the Embassy of India in Nepal recognising her contribution in development of Hindi literature.

She has translated more than 40 literature in Hindi and Nepali and strengthened Hindi language.

This award is given by the Ministry of External Affairs, Government of India.

12th World Hindi Conference was held in Fiji in 2023.

As Dr Thakur could not attend the event in Fiji, she was given the award in an event organised in Tribhuvan University in Kathmandu.

She emphasised that Hindi is a widespread contact language for tourists and locals in Nepal.

20) Answer: A

Short Explanation:

Indian multi-role stealth frigate Indian Navy Ship (INS) Shivalik, mission deployed in the South China Sea and North Pacific Ocean, has reached Pearl Harbour in Hawaii to take part in the Rim of the Pacific (RIMPAC) exercise, which is the world’s largest naval exercise.

INS Shivalik sailed into Pearl Harbour on completion of JIMEX 24, a bilateral exercise between India and Japan.

Detailed Explanation:

INS Shivalik sailed into Pearl Harbour on completion of JIMEX 24, a bilateral exercise between India and Japan.

The harbour phase of the exercise from 27 June to 07 July 2024 will see participation in multiple symposiums, exercise planning discussions, sports competitions and reciprocal deck visits.

About RIMPAC-24 :

RIMPAC-24, spanning over six weeks of intense operations and training, is aimed at enhancing interoperability and building trust among the navies of friendly foreign countries.

Led by the US Navy, approx 29 countries are participating in the current edition of the multi-dimensional exercise.

The theme of RIMPAC 2024 is “Partners: Integrated and Prepared.

INS Shivalik’s participation in RIMPAC-24, 9000 Nautical Miles away from Indian coast Stands testimony to the Indian Navy’s capability to operate in any part of the world.

INS Shivalik is an indigenously designed and built 6000 tonnes guided missile stealth frigate.

Note : The first RIMPAC, held in 1971, involved forces from Australia, Canada, New Zealand, the United Kingdom (UK), and the United States (US).

21) Answer: B

Short Explanation:

India clinched its second T20 World Cup title after beating South Africa by seven runs in the final at the Kensington Oval, Bridgetown, Barbados.

The title triumph ended India’s 11-year ICC trophy drought, dating back to the ICC Champions Trophy in 2013.This is India’s second T20 World Cup victory after they had won it in 2007 and first since winning the Champions Trophy in 2013.

Virat Kohli was declared the Player of the Match award for his fabulous innings. Pacer Jaspreet Bumrah was awarded the Player of the Tournament.

Detailed Explanation:

India clinched its second T20 World Cup title after beating South Africa by seven runs in the final at the Kensington Oval, Bridgetown, Barbados.

India’s ICC trophy cabinet now contains six titles. It has won the ODI World Cup twice (1983, 2011), the T20 World Cup in 2007 and 2024, and the ICC Champions Trophy in 2002 and 2013.

Virat Kohli was declared the Player of the Match award for his fabulous innings. Pacer Jaspreet Bumrah was awarded the Player of the Tournament.

Virat Kohli and Rohit Sharma, two of India’s greatest cricketers, announced their retirement from T20 Internationals following the team’s second T20 World Cup victory.

22) Answer: B

Short Explanation:

World Asteroid Day, observed annually on June 30, is a global event aimed at raising awareness about asteroids and the potential hazards they pose to our planet.

This day serves as a reminder of the importance of scientific research and international collaboration in detecting and mitigating asteroid impacts.

World Asteroid Day commemorates the anniversary of the Tunguska event in 1908.

Detailed Explanation:

World Asteroid Day, observed annually on June 30, is a global event aimed at raising awareness about asteroids and the potential hazards they pose to our planet.

This day serves as a reminder of the importance of scientific research and international collaboration in detecting and mitigating asteroid impacts.

World Asteroid Day commemorates the anniversary of the Tunguska event in 1908.

This event was caused by an asteroid or comet fragment exploding over Siberia, Russia, flattening around 2,000 square kilometers of forest.

The United Nations officially declared World Asteroid Day in 2016 to raise awareness about the potential hazards of asteroid impacts.

The day was established through the efforts of astrophysicist Dr. Brian May, filmmaker Grig Richters, Apollo 9 astronaut Rusty Schweickart, and B612 Foundation president Danica Remy.

Their goal was to inform the public about the dangers of asteroids and encourage global efforts to study and mitigate these risks.

23) Answer: B

About Ways and Means Advances(WMAs ):

Definition and Purpose : WMA is a mechanism used by Reserve Bank of India (RBI) under its credit policy to provide to States, banking with it, to help them tide over temporary mismatches in the cash flow of their receipts and payments.

Introduction and Legal Framework:The WMA scheme was introduced in 1997.

Guided by Section 17(5) of the RBI Act, 1934.

Interest Rates:Interest is charged at the existing repo rate.

If the WMA exceeds 90 days, it is treated as an overdraft, with an interest rate 2 percentage points higher than the repo rate.

Eligibility and Objective:Section 17(5) of the RBI Act allows the RBI to make WMA to both the Central and State Governments.

Types of WMA:

Normal WMA: Clean advances without any collateral.

Special WMA (Special Drawing Facility (SDF)): Secured advances provided against the pledge of Government of India dated securities.

24) Answer: B

The Employee’s Pension Scheme (EPS) was introduced in the year 1995 with the main aim of helping employees in the organised sector.

All employees who are eligible for the Employees Provident Fund (EPF) scheme will also be eligible for EPS.

The Employees’ Provident Fund Organisation (EPFO) administers the system, which assures that employees receive a pension after they reach the age of 58.

The scheme’s benefits are available to both existing and new EPF members.

Both the employee and the employer contribute 12% of the employee’s basic salary and Dearness Allowance (DA) to the EPF.

25) Answer: B

About Maharashtra :

Governor: Ramesh Bais

Chief Minister: Eknath Shinde

Capital: Mumbai

National Park: Tadoba National Park, Navegaon National Park

Wildlife Sanctuaries: Bhimashankar Wildlife Sanctuary, Karnala Bird Sanctuary, Nagzira Wildlife Sanctuary

UNESCO Heritage Sites: Chhatrapati Shivaji Maharaj Terminus, The Victorian and Art Deco Ensembleof Mumbai, Ajanta Caves, Elephanta Caves, Ellora Caves

This post was last modified on July 2, 2024 1:33 pm

5 months ago

Daily Current Affairs Quiz – 30th Jun & 01st Jul 2024

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