Weekly Current Affairs (1st to 7th January 2021) Part - 1 Notes | EduRev

Weekly Current Affairs

UPSC : Weekly Current Affairs (1st to 7th January 2021) Part - 1 Notes | EduRev

The document Weekly Current Affairs (1st to 7th January 2021) Part - 1 Notes | EduRev is a part of the UPSC Course Weekly Current Affairs.
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Banking & Financial Awareness

Q1. Which Bank has sold 23% of its stake in IDBI Federal Life Insurance Company Limited (IFLI) to Ageas Insurance International NV for a consideration of Rs 507 crore? 

Correct Answer is IDBI Bank

  • IFLI is a three-way joint venture of IDBI Bank, Belgium’s Ageas and Federal Bank.
  • On purchasing the stake, Ageas Insurance International NV will hold 49% stake in IFLI earlier from 26%.
  • While IDBI Bank’s stake in IFLI will be reduced to 25% from 48%.
  • Federal Bank continues to hold 26 per cent stake in IFLI.

Q2. The RoDTEP scheme has replaced the popular Merchandise Exports from India Scheme from January 1, 2021. What does ‘R’ stand for in RoDTEP? 

Correct Answer is Remission

  • As per the finance ministry the benefit of Remission of Duties and Taxes on Exported Products (RoDTEP) scheme will be extended to all export goods from January 1, 2021.
  • Under the scheme, the embedded central, state and local duties or taxes will get refunded and credited in an exporter’s ledger account with customs.

Q3. The Securities and Exchange Board of India (SEBI) has imposed a fine of rupees Rs 25 crore on which Indian company for carrying out manipulative trade?

Correct Answer is Reliance Industries Ltd.

  • Two more entities, Navi Mumbai SEZ Pvt Ltd and Mumbai SEZ Ltd have been fined Rs 20 crore and Rs 10 crore, respectively.
  • The fine was imposed on Reliance India Limited because the company violated the Prohibition of Fraudulent and Unfair Trade Practices (PFUTP).

Q4. International card payment service RuPay partnered partnered with which bank to launch an innovative payment solution for Indian merchants “RuPay PoS” in association with PayNearby? 

Correct Answer is RBL Bank

  • The announcement for the same was made by National Payments Corporation of India (NPCI).
  • This collaboration will transform smartphones into merchant Point of Sale (PoS) terminals for the retailers enabling the latter to accept contactless payments of up to Rs 5,000 through a simple tap and pay mechanism on his Near Field Communication (NFC) enabled mobile phones.

Q5. Which general insurance company has launched health insurance coverage under Ayushman Bharat – Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) Social, Endeavour for Health, and Telemedicine (SEHAT) in association with Jammu & Kashmir Government? 

Correct Answer is Bajaj Allianz General Insurance

  • This extended scheme was launched by Prime Minister of India, Mr. Narendra Modi.
  • The scheme will provide universal health insurance cover to all the citizens of J&K, thus ensuring financial security during any medical emergency.
  • This is the first time in India that any scheme is implemented to such huge masses.
  • The scheme will operate on insurance mode in convergence with PM-JAY.

Q6. To recapitalize which public sector bank, in a first of kind move the central government has issued Rs 5,500 crore in zero-coupon bonds? 

Correct Answer is Punjab and Sindh Bank

  • This move of capital infusion was approved by the Ministry of Finance on November 10, 2020.
  • It should be noted that Zero-coupon bonds are debt security that does not pay interest but instead trades at a deep discount, rendering a profit at maturity, when the bond is redeemed for its full-face value.

Q7. Under whose chairmanship the Reserve Bank of India (RBI) has constituted an advisory council to manage the Payments Infrastructure Development Fund (PIDF) scheme, aimed at encouraging the deployment of more digital payments infrastructure across tier-3 to tier-6 centers? 

Correct Answer is BP Kanungo

  • The fund will be used to subsidize banks and non-banks for deploying payment infrastructure, which will be contingent upon specific targets being achieved.
  • The central bank has also constituted an advisory council under the chairmanship of B.P. Kanungo, a deputy governor, to manage the fund.
  • The PIDF will be operational for three years from 1 January 2021, and may be extended for two more years based on progress.

Q8. With which bank the government of India has signed loan agreements worth USD 646 million for two road projects in Andhra Pradesh? 

Correct Answer is New Development Bank

  • The first project is the Andhra Pradesh Roads and Bridges Reconstruction Project comprising the widening of 1,600 kilometres of State Highways to double lanes and reconstructing dilapidated bridges on the State Highway network.
  • The second project is the Andhra Pradesh Mandal Connectivity and Rural Connectivity Improvement Project comprising the widening of 1,400 kilometres of district roads to double lanes and reconstructing dilapidated bridges on the district road network.

Q9. Which has become the first urban cooperative bank (UCB) in India to receive a license from RBI to operate as a Small Finance Bank (SFB)? 

Correct Answer is Shivalik Mercantile Co-operative Bank

  • The RBI had given an 18-month timeline to commence business.
  • SMCB received the commercial banking license from banking regulator Reserve Bank of India (RBI) on January 06, 2021, to transition to an SFB, under the voluntary transition scheme.
  • The Shivalik Small Finance Bank (SSFB) will start its banking operations from April 2021.

Q10. Which power company has partnered with the Small Industries Development Bank of India (SIDBI) to provide an easy financing scheme for MSME customers in the rooftop solar segment? 

Correct Answer is Tata Power

  • Tata Power and SIDBI have joined hands to design a solar financing solution to help MSME players with financial aid without any collateral at an interest of less than 10 percent.
  • The scheme will also be complemented with a sanctioned time of seven days and a disbursal of money in four days.

Q11. Which mutual fund has acquired an additional 86,993 shares in CSB Bank Ltd which consequently raised its stake in the bank to 5.01% from 4.96% earlier? 

Correct Answer is SBI Mutual Fund

  • The acquisition was made through an open market purchase.
  • The Reserve Bank of India (RBI) has given approval to SBI funds management to acquire stake up to 10 % of the paid-up capital of the CSB Bank through various schemes of ‘SBI Mutual Fund.’
  • This approval is valid for one year till July 21, 2021.

Q12. Which bank has signed a Memorandum of Understanding with the Indian Army for the ‘Shaurya’ salary account? 

Correct Answer is Bandhan Bank

  • The serving personnel of the Indian Army will be provided the services of the account through the Bank’s network of banking outlets.
  • It is a zero balance salary account with 6% interest on a balance above Rs.1 lakh.

Q13. Which became the 1st Group of States to complete three out of the Four citizen schemes stipulated by Department of Expenditure, Ministry of Finance viz. One Nation One Ration Card Reforms, Ease of Doing Business Reforms, & Urban Local Bodies Reforms? 

Correct Answer is Madhya Pradesh and Andhra Pradesh

  • As they have completed the reforms, the Department of Expenditure, Ministry of Finance will provide them an additional Financial Assistance of INR 1004 Crore under the newly launched “Special Assistance to States for Capital Expenditure” scheme.
  • The 4 reforms are One Nation One Ration Card, Ease of doing Business Reform, Urban Local Body/Utility Reform & Power Sector Reform.

Q14. The Reserve Bank of India announced the operationalization of the Payment Investment Development Fund (PIDF) with an initial corpus of? 

Correct Answer is Rs 345 crore

  • The objective of PIDF is to increase the number of acceptance devices multi-fold in the country.
  • The Scheme is expected to benefit the acquiring banks / non-banks and merchants by lowering overall acceptance infrastructure cost.


Q1. John Fulton Reid passed away recently, he was a former cricketer of which country? 

Correct Answer is New Zealand

  • The Left-handed batsman was born on March 3, 1956, in Auckland, City in the North Island, New Zealand.
  • He served as the New Zealand Test captain.
  • He played 25 ODIs, 19 tests from 1979 to 1986, where he scored 633 runs in ODIs and 1296 runs in Tests. The test runs of him came at an average of 46.28, along with 6 centuries and 2 half-centuries.

Q2. Renowned personality Brian Urquhart, who played a central role in developing the U.N. practice of peacekeeping, passed away recently, he was a diplomat of which country? 

Correct Answer is UK

  • He was an early leader of the United Nations who played a central role in developing the U.N. practice of peacekeeping.
  • Mr Urquhart, born in Bridport, England in 1919, served in British military and intelligence during World War II before becoming the second official hired by the U.N. after its formation in 1945.

Q3. Olympic Medalist Michael Kindo Passed Away recently, he was associated with which sports? 

Correct Answer is Hockey

  • He was born on 20th June 1947 in Odisha.
  • Michael Kindo was a part of the Indian Hockey Team which won the Olympic bronze medal in the Munich Olympic 1972.
  • He was also a part of the Indian team that won the 1975 Hockey World Cup held in Kuala Lumpur, Malaysia.

Q4. Padma Shri awardee, Colonel Narendra ‘Bull’ Kumar passed away recently, also he was iconic? 

Correct Answer is Mountaineer

  • He was born on 8th December 1933 in Rawalpindi, now in Pakistan.
  • In 1964, he was the first Indian to climb Mount Nanda Devi. He climbed Mount Everest in 1965, Mount Blanc (highest peak in the Alps), and later Mount Kangchenchanga.

Q5. Renowned personality Anil Panachooran passed away recently, he was a poet and lyricist of which language? 

Correct Answer is Malayalam

  • He is a lawyer by profession. He was born on November 20, 1969, at Kayamkulam, Alappuzha, Kerala.
  • His last lyrics were penned for the movie Within Seconds (2021)
  • He made his debut in the Malayalam industry through the film Makalkku(2005).

Q6. Renowned personality Vilas Patil Undalkar passed away recently, he was a veteran? 

Correct Answer is Politician

  • He was born on 15th July 1938.
  • He was elected has as the MLA for 7 times from the Karad South Assembly constituency for a record 35 consecutive years, i.e., from 1980 to 2014

Important Days

Q1. The Defence Research and Development Organisation (DRDO) observed the 63rd Foundation Day on? 

Correct Answer is 1st January 2021

  • DRDO was established in 1958 with just 10 laboratories to enhance the research work in the Defence sector.
  • At that time, it was tasked with designing and developing cutting-edge defense technologies for the Indian Armed Forces.

Q2. World Braille Day is observed globally every year on? 

Correct Answer is 4th January

  • The day is celebrated to raise awareness of the importance of Braille as a means of communication in the full realization of the human rights for blind and partially sighted people.
  • The day is marked remembering the birth anniversary of Louis Braille, the inventor of Braille – for people with visual disabilities.
  • Louis Braille was born on 4th January 1809 in the town of Coupvray in northern France.

Q3. The World Day of War Orphans is observed every year on?

Correct Answer is 6th January

  • The day aims to raise awareness about children who have been orphaned due to wars.
  • The objective of the day is to spread awareness about the predicament of war orphans and highlight the emotional, social, and physical challenges they face while growing up.

New Appointments

Q1. Who has been appointed as the 38th Chief Secretary of Karnataka? 

Correct Answer is P Ravi Kumar

  • P Ravi Kumar will hold this post until May 2022, i.e., till he attains the age of 60.
  • Prior to his appointment, P Ravi Kumar was the Additional Chief Secretary(ACS) of Karnataka govt and was ACS of Karnataka CM, BS Yediyurappa.
  • T.M. Vijay Bhaskar, a 1981-batch IAS officer was appointed as CS of Karnataka govt in 2018.

Q2. Whose term has been extended for one year as Secretary of Department of Space, Govt of India and Chairman of space commission? 

Correct Answer is K Sivan

  • The Appointments Committee of the Cabinet has approved the extension of tenure of K Sivan, secretary, Department of Space and Chairman, Space Commission, for a period of one year beyond January 14, 2021, that is up to January 14, 2022
  • He is currently the chairman of the Indian Space Research Organisation(ISRO).
  • He took charge in January 2018, succeeding, AK Kiran Kumar.

Q3. Who has been appointed as the New Chairman and Chief Executive Officer (CEO) of the Railway Board under the Ministry of Railways? 

Correct Answer is Suneet Sharma

  • He takes over the charge from the incumbent VK Yadav upon the completion of his term as the Chairman and CEO of the board on 31st December 2020.
  • Previously Suneet Sharma served as the General Manager of the Eastern Railway.
  • He is also appointed as the ex-officio Principal Secretary to the Government of India.

Q4. Who has been appointed as the deputy election commissioner in the Election Commission of India? 

Correct Answer is Umesh Sinha

  • The Appointments Committee of the Cabinet has approved an extension in the term of reemployment of Sinha as deputy election commissioner on a contract basis for a period of six months beyond December 31, 2020.
  • Sinha is a part of a committee set up by the Election Commission to look into the issue of revising the election expenditure of candidates during campaigning.

Q5. Who has taken over as first-ever woman head of Steel Authority of India Limited (SAIL)?

Correct Answer is Soma Mondal

  • Before joining SAIL as a Director, Mondal was the Director (Commercial) at fellow Central public sector enterprise, National Aluminium Company Limited (NALCO).
  • In a company statement, Mondal said that the first target is to improve the financial performance of SAIL.

Q6. Who has been elected as the speaker of US House of Representatives for the 117th Congress? 

Correct Answer is Nancy Pelosi

  • The House voted 216-209 to reinstate Pelosi after Democrats lost 11 seats in the November elections to command a narrower 222-212 majority.
  • Five Democrats chose not to support her - two voted for Democratic lawmakers who were not running, while three others simply voted “present.”

Q7. Who has been appointed as the first Additional Director General-ADG (Human Rights-HR) in the newly created Human Rights cell in the Indian Army? 

Correct Answer is Major General Gautam Chauhan

  • He will function under the Indian Army Vice Chief Lieutenant General SK Saini.
  • This is the 1st time, the Indian army has appointed a major general rank officer to examine the human rights issue and suggest means to better the track record of the force.
  • This appointment is part of the ongoing restructuring of the Indian Army headquarters.

Q8. Who will head the high-level group named “South Asia Group for Energy (SAGE)” for the development of South Asia energy security architecture set up by the Government of India? 

Correct Answer is Ram Vinay Shahi

  • It has been set up under the Ministry of External Affairs (MEA)-run think tank Research and Information System for Developing Countries (RIS).
  • The development of South Asia-focused energy security architecture is on the lines of India’s neighborhood-first policy under which Cross-border energy trade is a key part.
  • The energy architect by India includes cross-border electricity trade, supplying petroleum products, and setting up liquefied natural gas terminals.

Q9. Who has been appointed as the leader of Google Cloud for the Asia-Pacific region?

Correct Answer is Karan Bajwa

  • Presently, Bajwa leads Google Cloud in India.
  • He will lead all regional revenue and go-to-market operations for Google Cloud, including on Google Cloud Platform (GCP) and Google Workspace.

Q10. According to the Global Economic Prospects (GEP-January 2021) report released by the World Bank (WB), India is expected to grow at what percent in the Financial Year (FY) 2021-22? 

Correct Answer is 5.4%

  • Global Economy is expected to expand by 4% in 2021.
  • The major causes of India’s contraction are sharp declines in household spending & private investment.
  • The report also states that Vaccine Deployment & Investments as the need to sustain the Global recovery.

Q11. Who has been appointed as the chairman of the All India Gem and Jewellery Domestic Council (GJC)? 

Correct Answer is Ashish Pethe

Pethe has been closely associated with GJC and was the Zonal Chairman West, which he will continue even after this new position.

Q12. Who has been appointed as the president of the All India Chess Federation (AICF)? 

Correct Answer is Sanjay Kapoor

  • Kapoor, representing Uttar Pradesh Chess Association, defeated incumbent P R Venketrama Raja in a close contest. Kapoor received 33 votes as against 31 of Raja.
  • Naresh Sharma, belonging to the Chauhan faction, was elected as treasurer, beating Kishore Bandekar 34-30.
  • The AICF has been split into two factions, one led by Raja and the other by Chauhan.
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