Daily Current Affairs MCQ- June 16, 2022 - UPSC MCQ

S. President Joe Biden will travel to Saudi Arabia as part of a larger trip to West Asia in July.

During this visit, President Joe Biden will join a virtual summit with other leaders of the so-called I2-U2 diplomatic group.

• I2-U2 is a diplomatic group of the India, Israel, the UAE and the United States.
• US Secretary of State Antony Blinken has used the I2-U2 moniker for the four-member grouping.
• The grouping was launched in October 2021 when the first virtual meeting of the foreign ministers of India, Israel, the US and the UAE took place.
• The new grouping is described as an international forum for economic cooperation.
• This is being termed as a new QUAD for middle east.
• Objective – To generate synergies that go beyond government level cooperation.

Hence both statements are correct.

Pradhan Mantri National Apprenticeship Mela was organised across 200 locations across India on June 13th, 2022.

• The Ministry of Skill Development and Entrepreneurship will be organising the Pradhan Mantri National Apprenticeship Mela every month now on.
• It's objective is to connect the youth with more opportunities of on-ground training within corporates and further a chance to get employment.
• Individuals having a 5th–12th grade pass certificate, a skill training certificate, an ITI Diploma, or a graduate degree can apply for an interview across these trades/opportunities.
• The candidates will be given a choice of 500+ trades, including welders, electricians, housekeepers, beauticians, mechanics, and others.
• Candidates will also receive Apprenticeship certificates recognised by the National Council for Vocational Education and Training (NCVET) at the end of their training period, which will give them industry recognition.
• A credit bank concept will also be introduced soon, with a depositary of various credits accumulated by learners that can be used for future academic pathways.

Hence only statement 2 is correct.

Union Minister for Health launched the Intensified Diarrhoea Control Fortnight (IDCF)-2022. IDCF programme is being implemented from 13th June to 27th June, 2022 in the States/UTs.

• The Intensive Diarrhoea Control Fortnight (IDCF) is being organized since 2014 with an objective to 'bringing the number of deaths due to diarrhoea in childhood to zero'.
• This fortnight is organized especially during summer/monsoon so that preventive measures can be taken such as awareness generation and establishment of ORS-Zinc corners.
• According to the latest report of SRS-2019, child mortality rate in the country has come down from 45 per 1000 live births in 2014 to 35 per 1000 live births in 2019. But even today, diseases related to diarrhoea continue to be a major cause of death in children under the age of five.
• According to NFHS-5, only 60.6% children under the age of five with diarrhoea were given ORS and only 30.5% were given zinc. This means that there is lack of awareness among mothers.

Hence both statements are correct.

• Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a retirement and insurance policy-cum-pension scheme announced by the Indian Government. The plan is subsidized by the government and was launched in May 2017. Hence, statement 1 is correct.
• There is no Goods and Service Tax (GST) imposed on PMVVY. Hence, statement 2 is correct.
• The Scheme can be purchased offline as well as online by payment of a lump sum Purchase Price through Life Insurance Corporation (LIC) of India which has been given the sole privilege to operate this Scheme. Hence, statement 3 is correct.
• The applicant must be an Indian citizen. There are no specific eligibility criteria as such for the PMVVY scheme except that the subscriber must be a senior citizen, i.e. (above the age of 60 years). Hence, statement 4 is not correct.

• Both the President and the Governor have been vested with sovereign power of pardon by the Constitution. Hence, statement 2 is not correct.
• Under Article 72, the President can grant pardons, reprieves, respites or remissions of punishment or suspend, remit or commute the sentence of any person.
• The President can pardon a sentence imposed by a court-martial. However, the Governor cannot pardon a sentence inflicted by a court-martial. Hence, statement 3 is correct.
• The President can also Pardon if the sentence is for an offence under any law relating to the Union government’s executive power, and in all cases of death sentences.
  • Under Article 161, a Governor can grant pardons, reprieves, respites or remissions of punishment, or suspend, remit or commute the sentence.
  • This can be done for anyone convicted under any law on a matter which comes under the State’s executive power. Hence, statement 1 is not correct.

Agnipath Scheme:

• It allows patriotic and motivated youth to serve in the Armed Forces for a period of four years. Hence, statement 1 is not correct.
• Under this scheme, the youth joining the army will be called Agniveer. Youth will be able to be recruited into the army for a short duration.
• Under the new scheme, around 45,000 to 50,000 soldiers will be recruited annually, and most will leave the service in just four years.
  • However, after four years, only 25 % of the batch will be recruited back into their respective services, for a period of 15 years.
• Aspirants between the ages of 17.5 years and 21 years will be eligible to apply. Hence, statement 2 is correct.

Neobanks:

• A neobank is a kind of digital bank without any branches. Rather than being physically present at a specific location, neobanking is entirely online. Hence, statement 1 is correct.
  • Neobanks are financial institutions that give customers a cheaper alternative to traditional banks.
  • They leverage technology and artificial intelligence to offer personalised services to customers while minimising operating costs.
• Neobanks entered the financial system with the tag of 'challenger banks' because they challenged the complex infrastructure and client onboarding process of traditional banks.
• In India, these firms don't have a bank licence of their own but rely on bank partners to offer licensed services. Hence, statement 2 is correct.
  • That’s because the RBI doesn’t allow banks to be 100% digital yet.
  • The RBI remains resolute in prioritising banks’ physical presence and has spoken about the need for digital banking service providers to have some physical presence as well.
• Neobanks generally offer fewer services than traditional banks. Hence, statement 3 is not correct.

LaMDA is Google's modern conversational agent enabled with a neural network capable of deep learning.

The algorithm is trained using 1.56 trillion words of public dialogue data and web text on diverse topics.

The chatbot is not yet public, but users are permitted to interact with it.

Google claims that LaMDA can make sense of nuanced conversation and engage in a fluid and natural conversation.

Hence both statements are correct.

Defence Minister Rajnath Singh recently announced the “Agnipath” scheme, for recruitment of youth in the armed forces for four years.

• The process of recruitment has planned an intake of about 46,000 young men and women in 2022.
• Under the scheme, around 45,000 to 50,000 soldiers will be recruited annually, and most will leave the service in just four years.
• This will be the only form of recruitment of soldiers into the three defence services hereon and the soldiers recruited under the scheme will be called Agniveers.
• The aim of the scheme is to recruit young talent from the society who are more in tune with contemporary technological trends and plough back skilled, disciplined and motivated manpower into the society.

Hence both statements are correct.

Major U.S. cryptocurrency lending company Celsius Network froze withdrawals and transfers on June 13, 2022, citing “extreme” market conditions, sparking a sell-off across crypto markets.

• Celsius is a crypto lender, which essentially means it is a bank of the crypto world. Crypto lenders allow customers to deposit their coins with them for an interest, and then lend out cryptocurrencies to earn a return. Crypto lenders make money by lending – also for a fee, typically between 5%-10%.
• Who are the biggest players? New Jersey-based Celsius, New York-based Genesis, U.S. lender BlockFi and London-based Nexo.
• Present status: Crypto lending has boomed over the past two years, along as decentralised finance, or “DeFi,” platforms. DeFi and crypto lending both tout a vision of financial services where lenders and borrowers bypass the traditional financial firms that act as gatekeepers for loans or other products.
• Benefits: While savings at traditional banks offer paltry returns due to historically low interest rates, crypto lenders offer much higher returns – at the very top end as much as 20%, though rates depend on the tokens being deposited.
• Risks: Crypto lenders aren’t overseen by financial regulators. That means that customers who hold their crypto at the platforms could lose access to their funds – as happened with Celsius recently. Crypto lenders also face other risks, from volatility in crypto markets than can hit the value of savings to tech failures and hacks.

Hence both statements are correct.