Daily Current Affairs MCQ: 31st August 2024 - UPSC MCQ

Fintech, short for financial technology, involves using technology to provide financial services more efficiently and accessibly. This field encompasses innovations aimed at automating and enhancing the delivery of financial services, often through digital platforms, as seen in the various applications like digital payments, lending and borrowing services, wealthtech, blockchain, and more. Its primary goal is to use technology to make financial services more accessible and efficient for users, often leveraging digital platforms to achieve this objective.

Statement 1 is correct. The Northern Bald Ibis breeds colonially on coastal or mountain cliff ledges, typically laying two to three eggs in a stick nest.

Statement 2 is incorrect. The majority of the remaining wild population of the Northern Bald Ibis is found in southern Morocco, not in Syria and Turkey.

Statement 3 is correct. The Northern Bald Ibis was downlisted from Critically Endangered to Endangered on the IUCN Red List in 2018 due to successful conservation efforts.

Therefore, the correct answer is Option C: 1 and 3 Only.

Statement-I is incorrect as the Northern Bald Ibis is not the largest bird species in Europe. The largest bird species in Europe is the Great Bustard (Otis tarda). Statement-II is correct regarding the breeding habits of the Northern Bald Ibis, which does breed colonially on coastal or mountain cliff ledges, typically laying two to three eggs in a stick nest.

1. INS Arighaat - Equipped with K-15 missiles

- Correct. INS Arighaat is equipped with K-15 missiles that have a range exceeding 700 km.

2. INS Arihant - First ballistic missile submarine outside the five permanent members of the UNSC

- Correct. INS Arihant is notable for being the first ballistic missile submarine constructed by a nation outside the five permanent members of the United Nations Security Council.

3. Payment Passkey Service - Uses device-based OTP

- Incorrect. The Payment Passkey Service uses device-based biometric authentication techniques like fingerprints and facial recognition, not OTPs.

4. Moral Rights - Right to be recognized as the creator and to protect the integrity of the work

- Correct. Moral rights include the right to be recognized as the creator and the right to protect the integrity of the work from harmful modifications.

So, pairs 1, 2, and 4 are correctly matched. Pair 3 is incorrectly matched.

Answer: Option B: Only two pairs

Statement-I correctly highlights the contribution of fintech companies to job creation and economic growth. However, Statement-II is accurate.While transaction volumes have surged, the rate of fraudulent transactions remains low, with UPI users affected by fraud at just 0.0189%, which is also correct. Therefore both are correct but are not related to each other.

Statement-I is correct because it accurately reflects the recent decision by the Tamil Nadu government to nationalize M. Karunanidhi's literary works, ensuring public access for various purposes. Statement-II is also correct as it highlights the key provisions of the Copyright Act of 1957 in India, which indeed grants exclusive rights to copyright owners, allowing them to exercise various rights over their creative works. Furthermore, Statement-II explains the legal framework within which the nationalization of literary works, as described in Statement-I, is made possible.

1. Historical Range: Middle East, Northern Africa, Southern and Central Europe - Correct. The Northern Bald Ibis was once widespread across these regions.

2. Current Range: Southern Morocco, Syria, Turkey - Correct. Today, the majority of the remaining wild population is found in these areas.

3. Breeding: Coastal or mountain cliff ledges, laying two to three eggs - Correct. The Northern Bald Ibis breeds colonially on coastal or mountain cliff ledges, typically laying two to three eggs in a stick nest.

4. Conservation Status: Critically Endangered on the IUCN Red List - Incorrect. The Northern Bald Ibis was downlisted from Critically Endangered to Endangered on the IUCN Red List in 2018.

Thus, three pairs are correctly matched.

The Northern Bald Ibis is a bird species that prefers open areas such as grasslands, rocky mountains, and semi-deserts, unlike many other ibises that typically wade in water. This unique habitat preference sets it apart and influences its behavior and breeding patterns.

Copyright protection, as defined in the Copyright Act of 1957 in India, primarily aims to safeguard the specific expression of ideas, such as literature, music, art, films, and recordings. It grants exclusive rights to the copyright owner, including the ability to adapt, reproduce, publish, translate, and share the work publicly. This protection extends for the lifetime of the author plus 60 years after their death for certain works, ensuring that creators have control over their creations.

All the statements provided are correct based on the context of nationalizing literary works in Tamil Nadu.

Statement 1: The Tamil Nadu government has indeed nationalized the works of 179 Tamil scholars, is true.

Statement 2: The Tamil Virtual Academy collaborates with the legal heirs of original copyright holders to transfer rights of specific works to the government. This cooperation ensures that the rights are legally and properly transferred, which is crucial for the nationalization process.

Statement 3: Once the works are nationalized, they are placed in the public domain and made available on the Tamil Virtual Academy’s free commons website. This allows for unrestricted copying, modification, distribution, and commercial use, making these works freely accessible to the public.

Thus, all three statements correctly describe the process and implications of nationalizing literary works in Tamil Nadu. Therefore, the correct answer is Option D: 1, 2 and 3.