Test : June 2019 Weekly Current Affair - 3" - Current Affairs MCQ

The Reserve Bank of India (RBI) has issued new NPA guidelines “Prudential framework for resolution of stressed assets” to deal with bad loans, as the previous circular that was issued by RBI on Feb 12, 2019 rejected by Supreme Court. The new framework will replace the all the previous models. RBI has mandated the lenders to review the accounts within 30 days of default and initiate a resolution plan or Insolvency and Bankruptcy Code (IBC) process before the default, in comparison to the Feb 12 circular which stated to initiate resolution or restructuring of loans even if the default was recorded for a single day.

Fincare Small Finance Bank and Kookmin Bank have been included in the second schedule of the Reserve Bank of India Act, 1934. Both banks can now broad-base its lines of funding and liquidity facilities.They can issue certificates of deposits and get access to interbank borrowings at competitive interest rates.They can also get deposits from new sources such as governments, public sector undertakings, corporates, mutual funds, insurance companies and other market participants. Fincare SFB, earlier Disha Microfin, was one of the 10 entities to receive the Small Finance Bank licence from the RBI in September 2015 and commenced banking operations in July 2017.

Yes Bank has conducted the first e-auction of forest produce in Dhanora Mahasangh in Maharashtra under its Tech for Change initiative where the bank work with the government and corporate to create technology-based solutions which have a social impact. It is a joint effort of Yes Bank with its fintech partner, Sparsh Technologies.The expected throughput is about Rs 40 crore per annum.Taluka Gramsabha Mahasangh Dhanora is a federation formed by 32 villages and 80 gram panchayats have come together as part of this initiative.

According to American multinational banking firm, Goldman Sachs , India’s economic growth is estimated to rise to 7.2 per cent in 2019-20.It will be driven by lower oil prices, political stability and removal of infrastructure bottlenecks. The report came a day after the policy review by RBI, in which policy rates were cut by 0.25 per cent to increase growth. This is higher than the RBI’s projection for a 7 per cent growth, on the “downside” because of non-bank lenders.Lending by non-banking entities grew at 26 per cent in third quarter of 2018 , which has slipped to 20 per cent in the succeeding quarter.

On June6, 2019, American multinational technology company ,Google’s India-born CEO Sundar Pichai (46) and NASDAQ ‘s (National Association of Securities Dealers Automated Quotations) President Adena Friedman (50) were chosen for the prestigious Global Leadership Awards 2019. They were chosen by business advocacy group US-India Business Council (USIBC) for “catalyzing growth in the US-India commercial corridor”.

Thailand Parliament, elected Prayuth Chan-ocha of Palang Pracharat party as Prime Minister for a second term.He defeated Thanathorn Juangroongruangkit, leader of Future Forward party by a margin of 500 to 244 votes. His appointment will be announced official when crowned King Maha Vajiralongkorn of Thailand endorse it.Prayuth Chan-ocha was a chief of staff of the Royal Thai Army from 2008 to 2009 and in 2009 he was appointed honorary adjutant to the king.In 2010, he succeeded Anupong Paochinda as commander in chief and also headed the National Council for Peace and Order (NCPO).

Asian Football Confederation (AFC), confirmed that China will host the 2023 Asia Cup.This will be the second time china is hosting the quadrennial continental tournament, after the 2004 edition. Earlier Korea was competing with china for hosting rights but it took back to concentrate on securing the hosting rights for the 2023 FIFA Women’s World Cup.China ranked 74th in the FIFA’s rankings and once qualified for the World Cup in 2002.

DG Rajendra Singh conferred ‘Uttam Jeevan Raksha Padak ’to Navik Vinod. The award was bestowed in recognition of his exceptional courage, expert use of lifesaving techniques and selfless attitude displayed in saving a precious life of a woman drowning into the rough sea due to monsoonal weather conditions in pitch dark hours near Gateway of India, Mumbai in 2018.On this occasion, A Coast Guard Benevolent Association App was launched. Through this app, the Coast Guard Personnel can log on the site and apply for the required financial assistance online.

On June 7, 2019, Estonia, Niger, St. Vincent, and the Grenadines, Tunisia, and Vietnam were elected to United Nations Security Council (UNSC) as Non-permanent Members for a 2-year term beginning January 1, 2020. The United Nations General Assembly (UNGA) had held elections for 5 non-permanent members of the Security Council in the General Assembly hall. UNGA has 193 members. In the African and Asia Pacific category, Vietnam secured192 out of 193 votes while Niger and Tunisia got 191 votes each. In the Latin America and Caribbean category, St. Vincent and the Grenadines were elected as it had secured 185 votes. El Salvador, which was in the group, got only 6 votes. In the Eastern European States category, Estonia got 111 votes whereas Romania secured 78 votes. Georgia and Latvia secured only one vote each.

On June 6, 2019, Tata Mutual Fund launched the side-pocketing (segregated portfolio) option to set aside its troubled investment in Dewan Housing Finance Limited (DHFL). They were created for 3 schemes namely Tata Corporate Bond Fund, Tata Medium Term Fund, and Tata Treasury Advantage Fund.

India was next to Japan and the US in 2017 with respect to e-Money transactions of Rs 3,459 million.

On June 8, 2019, The government of Jammu and Kashmir (J&K) has removed Parvez Ahmed as chairman cum managing director of the Jammu and Kashmir Bank. The government also appointed executive president R K Chibber as interim chief. The decision has come after the state vigilance department raided J&K Bank’s headquarters in Srinagar.In November 2018 State Accountability Commission headed by J&K Governor Satyapal Malik took a decision that the J&K Bank will be treated as a Public Sector Undertaking (PSU) after the disagreement with the bank, which was accused of appointing employees on political recommendations.

To recognise the contributions made by media in spreading awareness about Yoga and for promotion and commemoration of International Yoga Day which is held every year on June 21, The Ministry of Information and Broadcasting (I&B) headed by the Minister Prakash Javadekar instituted a new award called Antarashtriya Yoga Diwas Media Samman (AYDMS) from year 2019. It will be awarded to Media Houses engaged in Print Media and Electronic Media including Television & Radio.

On June 8, 2019, Gujarat Chief Minister Vijay Rupani inaugurated the new Dinosaur Museum-cum-Park at Raiyoli village in Balasinor town of Mahisagar district. This is the first such park in the country and also the world’s third park which exhibits remains of various dinosaurs and fossil records.3D projection, 360 degrees virtual reality presentations, interactive kiosks, gaming consoles are the facilities equipped with the museum.The ten galleries of the museum exhibit the history of dinosaurs, which existed 65 million years ago, from origin to extinction.The Tourism Corporation of Gujarat Ltd created the whole infrastructure of the museum.

The G20 Ministerial meeting on Trade and Digital Economy was held on June 8 and 9, 2019 in Tsukuba city, Ibaraki Prefecture, Japan. It is one of the eight Ministerial Meetings. Trade and Economy Ministers of the Group of 20 major economies discussed the ways to reorder trade rules and finances in an era of technological change and protectionism. The Indian delegation for G20 Ministerial Meeting was led by the Union Minister of Commerce and Industry & Railways,Piyush Goyal. He participated in the discussions related to increasing trade and cooperation to harness the potential of digital economy.

On June 7, 2019, State Bank of India (SBI) announced to introduce repo-linked home loan product from July 1, 2019. It has become the first bank to offer this facility.The home loans up to Rs 75 lakh will be priced at 2.65% over the repo rate of 5.75% resulting in the interest rate of 8.40%. At present, it offers home loanslinked to its marginal cost of funds at 8.55%.SBI also reduced the interest rate on Cash Credit Account (CC) and Overdraft (OD) customers with limits above Rs 1 lakh, after the RBI reduced the repo rate by 25 basis points to 5.75%.At present, the effective Repo-Linked Lending Rate (RLLR) for CC/ OD customers is 8%whereas for savings deposits above Rs 1 lakh the new rate is be 3%.

Rafael Nadal became the first tennis player to win a single event 12 times. He registered the win with 6-3, 5-7, 6-1, 6-1 over Dominic Thiem. This was his 18th Grand Slam Title.

On June 10, 2019 , Archaeological Survey of India (ASI) has declared Chaukhandi Stupa as a “Monument of national importance”. Construction: It is said that Chaukhandi stupa was a terraced temple constructed between 4th to 6th century of the Gupta period.Stupa’s Significance: It was built to mark the site where Lord Buddha and his first disciples met when traveling from Bodh Gaya to Sarnath.Shape of Stupa: It was given by the Govardhan, the son of Raja Todarmal.Excavations site: During excavations Some Buddha and other statues were founded at Chaukhandi Stupa.

The Election Commission of India granted the National party status to National People’s Party(NPP) led by Meghalaya Chief Minister Conrad K. Sangma. It becomes the first Party from North East region to get this tag. With this tag, it becomes the eighth national party in the country among All India Trinamool Congress, Bharatiya Janata Party (BJP), BSP, CPI, Communist Party of India (Marxist), Indian National Congress (INC) and NCP parties.It has fulfilled eligibility criteria as laid down in paragraph 6B (iii) (the party is recognized as State party in at least four States) to become a national party.It is getting status of the state party in four states such as Arunachal Pradesh, Manipur, Meghalaya and Nagaland.

Prime Minister Narendra Modi was conferred with the Maldives’ highest honour “Rule of Nishan Izzuddeen” by the President of Maldives. “The Most Honourable Order of the Distinguished Rule of Nishan Izzuddeen” is the Maldives’ highest honour accorded to foreign dignitaries.He called on Maldives Vice President Faisal Naseemduring his visit to the country. He also met the Maldives’ former presidents Maumoon Abdul Gayoom and Mohamed Nasheed, and held fruitful discussions to strengthen the friendship between the two countries.

Sashakt Committee headed by Punjab National Bank non-executive Chairman Sunil Mehta has stated that the new guidelines of RBI regarding the mandation of Inter-Creditor Agreement (ICA) framework is a right move to resolve non-performing assets (NPAs or bad loans).In the first week of June 2019, RBI has issued revised guidelines for resolution of stressed assets named “Prudential framework for resolution of stressed assets”, which has mandated the lenders to review the accounts within 30 days of default and initiate a resolution plan or Insolvency and Bankruptcy Code (IBC) process before the default, among others.The mandation of ICA enables the lenders to have a resolution framework outside of the IBC (Insolvency and Bankruptcy Code, 2016).

Nation’s apex bank Reserve Bank of India (RBI) has relaxed the regulations for Basic Savings Bank Deposit (BSBD) Accounts aka “no-frills” accounts as a part of the financial inclusion drive. Now, the BSBD account holders will get a cheque book and certain minimum facilities, free of charge by the bank. Also, there will be no requirement of maintaining a minimum balance in lieu of such additional facilities. Previously additional facilities for these accounts attract the requirement of maintaining a minimum balance and other charges.

Hadestown, a musical about a young couple’s dark trip to the Underworld, was the most winning production of the season by winning eight awards, including Best Musical.

On June 11, 2019, The minister of Jal Shakti, Gajendra Singh Shekhawat announced that central Government committed to provide clean drinking water to all citizens by 2024, which is one of the polls promises given by the Prime Minister Narendra Modi.The ministry assured that there are over14 crore households will be benefitted by the plan.Present Status: Now only 18 per cent of rural households have accessed drinking water.

Bancha in Betul district of Madhya Pradesh became the first village in India to have zero wooden stoves. There was no use for Liquified Petroleum Gas (LPG) cylinders as all 75 houses relied on solar-powered stoves to meet their cooking needs. The solar-powered stoves were developed by Indian Institute of Technology (IIT) Mumbai. The project of installing plates, solar-powered batteries and stoves in all the houses was started in September 2017 and was completed by December 2018.