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

Weekly Current Affairs

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

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

Q1. Which public sector bank has signed a corporate agency agreement with the SBI General Insurance to retail its insurance products to the customers of the bank?

Correct Answer is Indian Overseas Bank

  • IOB has signed a Bancassurance for the distribution of the non-life offerings with SBI General Insurance to offer a wide range of general insurance solutions and innovative products to the customers of the bank.
  • This partnership will improve the reach of insurance products in urban, tier II and III markets.
  • This will also create awareness to the customers about the personal lines of insurance.


Q2. Which health insurance company has announced India’s first initiatives of up to 100% health insurance premium returns under the new version of its Flagship product ‘Activ Health Policy’?

Correct Answer is Aditya Birla Health Insurance

  • With this ABHICL became the only insurance company to offer up to 100% premium returns(HealthReturnTM), offers upto 100% reload of sum insured through its upgraded Activ Health Policy.
  • ‘Activ Health’ is Asia’s first plan to offer mental illness counselling coverage and Industries first to cover unlimited homeopathy telemedicine.


Q3. The government of India has decided to infuse what amount into state-owned Export-Import Bank of India (Exim Bank) in the next financial year? 

Correct Answer is Rs. 1,500 crores

  • The amount is Rs 200 crore higher than the provision made by the government for the current fiscal. The government has earmarked Rs 1,300 crore capital infusion for the bank.
  • The (Rs 1,500 crore) provision is for Exim Bank as equity support/ subscription to increase the paid up capital of the bank to the level of its authorised capital.


Q.4. The Reserve Bank of India came out with a slew of directions related to maintenance of liquidity coverage ratio, risk management, asset classification and loan-to-value ratio, among others, for? 

Correct Answer is Housing Finance Companies

These directions, which shall come into force with an immediate effect and it will be applicable to all the housing finance companies registered under section 29A of the National Housing Bank Act 1987.

HFCs are mandated to maintain a liquidity buffer in terms of liquidity coverage ratio (LCR). This will help to have sufficient high-quality liquid asset (HQLA) to survive an acute liquidity stress scenario lasting for 30 days.


Q5. As per the new guidelines for Housing Finance Companies released by the Reserve Bank of India (RBI), by which year all HFCs irrespective of their asset size will have to maintain 100% liquidity coverage ratio (LCR)? 

Correct Answer is 1st Dec 2025

  • HFCs are mandated to maintain a liquidity buffer in terms of liquidity coverage ratio (LCR). This will help to have sufficient high-quality liquid asset (HQLA) to survive an acute liquidity stress scenario lasting for 30 days.
  • Therefore, the non-deposit taking HFCs with an asset size of Rs 10,000 crore and above, and all deposit-taking HFCs irrespective of their asset size will have to maintain a minimum LCR of 50% by 1st Dec 2021 and to 100% by 1st Dec 2025.


Q6. The Securities and Exchange Board of India (SEBI) has eased the listing norms for large companies by enabling them to divest a minimum what percent in the Initial public offering (IPO)? 

Correct Answer is 5%

  • The minimum public float for large firms with post-issue market capital exceeding Rs 1 trillion is reduced from 10% of post-issue market capital (existing provision) to Rs 10,000 crore. In addition to this, there will be 5% of the incremental amount beyond Rs 1 trillion.
  • A company with a post-issue market cap of Rs 2 trillion will have to divest a minimum of 7.5%, instead of 10%.


Q7. Along with which bank and Ministry of MSMEs, the World Bank is planning to launch a $100-million ($1 billion) credit guarantee scheme to boost India’s rooftop solar program? 

Correct Answer is State Bank of India

  • This scheme will enable micro, small, and medium enterprises (MSMEs) and those firms which do not meet the lending criteria of banks and other financial institutions to avail concessional debt financing for setting up rooftop solar units.
  • WB credit guarantee scheme will be provided as a Green finance i.e. financing for sustainable climate.


Q8. Telangana Grameena Bank and Andhra Pradesh Grameena Vikas Bank became India’s 1st RRBs to launch Digital Savings Account opening facility through Video-Know Your Customer (KYC) facility. These banks are sponsored by? 

Correct Answer is State Bank of India


Q9. Which payments and banking technology company has partnered with PayPal to enable International payments for its merchants?

Correct Answer is Cashfree

  • It will enable businesses using Cashfree’s payment gateway to show prices of all products in 28 + currencies.
  • It will enable Businesses to add a PayPal Express Checkout option to their order pages and accept payments from users across 200 markets.


Q10. Which IT company has joined the “Partnering for Racial Justice in Business initiative” launched by WEF that will help in promoting a culture of inclusion, diversity, justice and equity for the people coming from different racial backgrounds at the workplace?

Correct Answer is Wipro

The initiative is aimed towards driving action and accountability for companies to confront racism at a systemic level, set new global standards for racial justice in business and accomplish necessary policy changes for inclusion and advancement of professionals with under-represented racial and ethnic identities.


Q11. The Arya Collateral Warehousing Services Pvt. Ltd. (Arya) has partnered with which bank to offer collateral management and warehousing services to support the farmers with effective market linkage? 

Correct Answer is Canara Bank

  • Arya will support the farmers and FPOs to get financial assistance against their agricultural produce stored in warehouses managed by Arya.
  • Through the 450 FPO’s that work with Arya, Canara Bank will leverage the reach of Arya to more than 350000 farmers.


Q12. Which bank has joined ‘Liink’, a peer-to-peer Blockchain-based data network of US based Investment Banking Company JPMorgan chase? 

Correct Answer is State Bank of India

  • The partnership will help SBI to reduce transaction costs, speed up Consumer transactions (including International transactions).
  • SBI became the 1st bank in India to go live on the blockchain-based payment network of JPMorgan.


Q13. Which stock exchange signed an MoU with the SIDBI for cooperation in the various MSMEs initiatives? 

Correct Answer is National Stock Exchange

  • The various initiatives of the NSE and SIDBI for the betterment of MSME and the cooperation between them will impact the development of the MSMEs and increase the reach of these programs.
  • The major MSME initiatives to solve the working capital problems faced by small businesses were SME Exchange, NSE Emerge and TreDs platform of Receivable Exchange of India Ltd (RXIL).


Q14. Which Private sector bank has signed a memorandum of understanding (MoU) with the Indian Army for salary accounts of Indian army personnel? 

Correct Answer is Kotak Mahindra Bank

  • Private sector lender Kotak Mahindra Bank will handle the salary account of the Indian army personnel, the bank said.
  • The bank has signed a memorandum of understanding (MoU) with the Indian Army here for salary account.


Q15. `What is the initial capital likely to put the proposed bad bank that aims to help extract funds stuck in nonperforming loans by nine banks and 2 NBFCs including SBI, PNB, and Bank of Baroda? 

Correct Answer is Rs 7,000 crore

  • The entities include PSBs like State Bank of India, Punjab National Bank, Bank of Baroda, Canara Bank, Union Bank of India, Bank of India.Other than these, private sector lenders ICICI Bank, Axis Bank, IDBI bank are also a part of the combine.
  • Meanwhile, the non-bank entities include state-owned financiers of power projects- Power Finance Corporation (PFC) and Rural Electrification Corporation (REC).


Obituaries

Q1. Renowned personality Vernon Jordan passed away recently, he was a veteran  ______

Correct Answer is Social Activist

  • Vernon Jordan, who grew up in the segregated South to become an influential leader in the American civil rights movement, Washington politics and Wall Street passed away at age 85.
  • Jordan, who in 1980 was badly wounded by a white supremacist sniper in Indiana, died Monday night, according to the statement, journalist Andrew Ross Sorkin.


Q2. Veteran parliamentarian Nand Kumar Singh Chauhan passed away recently, he was Lok Sabha MP from which party ______ 

Correct Answer is BJP

  • He was suffering from COVID-19 and was airlifted to Medanta Hospital in Gurugram last month in a serious condition.
  • The leader started his political career in 1978 from the Shahpur Municipal Council and was later elected as member of the Madhya Pradesh Assembly.
  • He was an MLA from 1985 to 1996.


Q3. N.S. Lakshminarayana Bhatta passed away recently, he was a veteran poet of which language ______ 

Correct Answer is Kannada

  • Well-known Kannada poet, critic and translator N.S. Lakshminarayana Bhatta passed away in Bengaluru
  • The poet, many of whose bhavageetes (lyrical poems) were set to tune and popularised through cassettes in the 80s, was ailing for sometime. He is survived by his wife and two children.
  • Born in 1936 in Shivamogga district, he was a prolific writer, publishing several collections of poems besides critical works and translations.
  • He taught Kannada literature in Bengaluru university until he retired. Some of his best known songs are Thaye ninna madilali, Marege ninthu kayuthiruva karulu yaavudu, Baare nanna Deepika among others.


Important Days

Q1. Zero Discrimination Day is celebrated every year on which date ______ 

Correct Answer is 1st March

  • Zero Discrimination Day is celebrated to promote and celebrate everyone’s right, regardless of age, gender, sexuality, nationality, ethnicity, skin colour, etc.
  • Zero Discrimination Day aims to raise the voice for the right to live life with dignity, despite one’s choices, beliefs, profession, education, disability or even illness.
  • The theme of Zero Discrimination Day 2021: “End Inequalities”.


Q2. 45th Civil Accounts Day was celebrated on which date ______ 

Correct Answer is 1st March

The Indian Civil Accounts Service (ICAS) observes the “Civil Accounts Day” every year on March 01, 2021, since its inception in 1976. The year 2021 marks the 45th Civil Accounts Day celebrations. ICAS is one of the Civil Services of India, under the Department of Expenditure, Union Ministry of Finance.


Q3. World Hearing Day is celebrated every year on which date by the World Health Organisation (WHO) ______ 

Correct Answer is 3rd March

  • The theme of World Hearing Day 2021 is Hearing care for ALL!: Screen, Rehabilitate, Communicate.
  • World Hearing Day 2021 will mark the launch of the first-ever World Report on Hearing.


Q4. World Wildlife Day is observed globally every year on ______ 

Correct Answer is 3rd March

World Wildlife Day also raise awareness about the benefits that the conservation of wild fauna and flora provides to people living on earth. The day also reminds us of the need to fight against wildlife crime and human-induced reduction of species causing various wide-ranging economic, environmental and social impacts.


Q5. What is the theme of the National Safety Day 2021 ______ 

Correct Answer is Sadak Suraksha

  • The National Safety Day (NSD) is celebrated every year on 4 March by the National Safety Council (NSC) of India. In 2021, we are observing the 50th National Safety Day.
  • The purpose of the day Purpose is to instil a sense of safety awareness among people by providing them with safety, health and environment-related support services.


Q6. National Security Day (Rashtriya Suraksha Diwas) is celebrated every year on which date ______ 

Correct Answer is 4th March

  • The day aims to show gratitude to all the security forces, including policemen, para-military forces, commandos, guards, army officers, and other persons involved in security, who sacrifice their life in maintaining the peace and security of the people of the country.
  • 4 March also marks the day when the National Security Council (NSC) of India was established, in 1966 by the Ministry of Labour under the Government of India.
  • The first National Security Day (NSD) was held in 1972.


Q7. What was the theme of the Janaushadhi Week celebrated from March 1st to March 7th, 2021 to create more awareness about ''Janaushadhi''? 

Correct Answer is “Jan Aushadhi -- Seva Bhi, Rozgar Bhi"

  • On the occasion of Jan Aushadhi Divas 2021 Prime Minister Narendra Modi dedicated to the nation the 7,500th Janaushadhi Kendra at NEIGRIHMS in Shillong.
  • The Pradhan Mantri Bhartiya Janaushadhi Pariyojana aims to provide quality medicines at an affordable price.


New Appointments

1. Name the Indian Economist who has been appointed as the Assistant Secretary-General and Head of the New York Office of the United Nations Environment Programme (UNEP) ______ 

Correct Answer is Ligia Noronha

  • Ms Noronha will succeed fellow Indian and development economist Satya Tripathi to whom Secretary-General Guterres is "grateful for his leadership and dedicated service during his tenure.
  • She has worked since 2014 as Director of UNEP's Economy Division based in Nairobi, leading UNEP's work on climate mitigation and energy transitions; on inclusive green economies, sustainable consumption and production, as well as on trade and sustainable finance, and the nexus of environment, pollution and health.


Q2. Who was appointed as the Managing Director General of Asian Development Bank (ADB)? 

Correct Answer is Woochong Um

  • He will assume office immediately and report to ADB President Masatsugu Asakawa.
  • Um will support Asakawa to institute bank-wide coherence on key initiatives and issues. He will play a key role in enhancing ADB's internal and external communications across all activities that involve operations, knowledge, fund-raising and institutional reforms.
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