Daily Current Affairs MCQs : 29 June 2023 - CUET Commerce MCQ

International Day of the Tropics is observed annually on June 29. This day is dedicated to celebrating and recognizing the remarkable diversity and unique challenges faced by the tropical regions of the world, which are located between the Tropic of Cancer and the Tropic of Capricorn encircling the Earth's equator. It serves as an occasion to highlight the immense variety found in the tropics, share stories and expertise, evaluate advancements, and celebrate the diverse cultures and potential within tropical nations.

Statistics Day is celebrated in India on June 29 to mark the birth anniversary of the renowned statistician Prasanta Chandra Mahalanobis. He made significant contributions to the field of statistics and played a crucial role in the country's statistical planning and economic development.

The theme for Statistics Day 2023 is "Alignment of State Indicator Framework with National Indicator Framework for Monitoring Sustainable Development Goals." This theme highlights the importance of aligning state-level statistical indicators with the national indicator framework to monitor the progress towards achieving the Sustainable Development Goals (SDGs).

On International MSME Day (June 27), FaMe TN (Facilitating MSMEs of Tamil Nadu) and the Small Industries Development Bank of India (SIDBI) signed a Memorandum of Understanding (MoU) to attract investments totaling over ₹1,723 crore. The collaboration aims to create over 7,400 jobs in Tamil Nadu.

The Government of Assam, through the Assam Rural Infrastructure and Agricultural Services (ARIAS) Society, has signed an MoU with Caspian Impact Investment Adviser (Caspian Equity) to establish the Assam Agribusiness Investment Fund (AAIF). This fund aims to support the growth of agribusiness and related sectors in Assam by providing access to finance and technical expertise.

The Reserve Bank of India (RBI) has imposed a penalty of ₹30 lakh on Standard Chartered Bank for non-compliance with KYC (Know Your Customer) directions. This penalty highlights the importance of banks adhering to KYC regulations to prevent money laundering, fraud, and other financial crimes.

Four credit bureaus, namely Experian, TransUnion CIBIL, Equifax, and CRIF High Mark, have faced penalties totaling ₹1 crore for inadequate maintenance of accurate credit information. Credit bureaus play a crucial role in assessing the creditworthiness of individuals and businesses, and it is essential for them to maintain accurate and up-to-date credit information.

Seven cooperative banks, including UP Co-operative Bank, have been penalized for violating certain provisions. The specific provisions and violations were not mentioned in the given information, but this penalty underscores the need for banks, including cooperative banks, to comply with regulatory requirements and maintain transparency in their operations.

The penalties imposed on financial institutions are primarily based on deficiencies in regulatory compliance. These penalties serve as a way for regulatory authorities, such as the Reserve Bank of India (RBI), to enforce adherence to guidelines, regulations, and directives aimed at maintaining the integrity and stability of the banking sector.

The penalties imposed on financial institutions, as mentioned in the provided information, do not question the validity of any transactions or agreements between the banks and their customers. The penalties are primarily focused on deficiencies in regulatory compliance and serve as a means of enforcing adherence to regulations and guidelines. The penalties do not automatically invalidate transactions or agreements but emphasize the importance of regulatory compliance for the overall functioning of the banking system.