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Weekly Current Affairs (1st to 7th May 2022) - 1 - UPSC PDF Download

Banking & Financial Awareness

Q. 1. On which bank the Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1.12 crore for non-compliance?

Correct Answer is Bank of Maharashtra.

  • The RBI has also imposed a monetary penalty of Rs 25 lakh on Haryana State Co-operative Apex Bank Limited for non-compliance with its directions on Housing Finance.
  • RBI has also imposed a monetary penalty of Rs 12 lakh on Rajkot Nagarik Sahakari Bank Limited for noncompliance with ‘Interest Rate on Deposits.


Q.2. Which regulatory body is planning to prepare a farmer distress index to identify, track, and support distressed farmers?

Correct Answer is National Bank for Agriculture and Rural Development (NABARD).

  • Under this, the government and the financial institutions can decide on an appropriate package of support instead of a distress package for all the farmers across the board.
  • This index will not be uniform across the nation, as it will depend upon the place’s stress levels.


Q.3. Which bank has unveiled a pre-approved personal loan (PAPL) product under Project World of Advance Virtual Experience (WAVE)?

Correct Answer is Indian Bank.

  • Aims: To provide customers with instant loan disbursements.
  • The loan would carry an interest rate of 10% p.a. with no foreclosure charges.
  • The service is available for existing customers (regular income and pension accounts) and can be availed of through a mobile application, website, and internet banking facility.


Q.4. Which life insurance company has signed up for the UN-supported Principles for Responsible Investment (PRI) with the objective of sustainable growth and long term value creation?

Correct Answer is HDFC Life.

  • The Company currently has Assets Under Management of over Rs. 2 lakh crores.
  • The company focuses on better understanding the investment implications of environmental, social, and governance (ESG) factors.


Q.5. Which General Insurance Company has announced to launch of its ‘Pay as you Drive’ program, this insurance offers distance-based insurance to reduce upfront costs of premium?

Correct Answer is HDFC ERGO.

  • The program will be available for owners of new Maruti Suzuki cars in selected cities up to May 14, 2022.
  • This program is applicable for 10,000 policies or ₹50 lacs of premium whichever happens earlier.
  • The driving distance will be measured with the help of a telematics device in the vehicle.


Q.6. Which bank has partnered with Anthill Ventures (startup venture capital fund) and Headstart Network Foundation (evangelist network) to launch DBS Business Class foundED?

Correct Answer is DBS Bank.

  • This forum will help modern-day founders, innovators, and game-changers to foster co-innovation and collaboration in the startup ecosystem.
  • The first event of DBS BusinessClass foundED was held in Hyderabad with actor Rana Daggubati.


Q.7. Which fintech API platform has joined hands with Yes Bank to expand the digital facility to a wide range of enterprises, including SMEs, fintech companies, and start-ups?

Correct Answer is FidyPay.

  • The fintech platform will provide Yes Bank customers with a smooth connected banking experience as part of the partnership.
  • FidyPay will also serve as UPI services solution provider.
  • FidyPay is backed by Mr. Pratekk Agarwal (the former CBO of BharatPe) and Mr. Ram Pathade (CEO of Mahagram).


Q.8. What is the maximum investment ceiling for insurance companies in the banking, financial services, and insurance (BFSI) sector has been set by The Insurance Regulatory and Development Authority of India (Irdai)?

Correct Answer is 30%.

  • The existing sectoral investment cap of 25% has been fully utilised by most insurance firms.
  • This will help insurance companies to take a higher exposure in the BFSI sector.


Q.9. Which financial guarantee provider has signed an MoU with the Federation of Indian Micro and Small & Medium Enterprises (FISME) to set up a digital lending platform for MSMEs in the country?

Correct Answer is Eqaro Surety.

  • The platform will provide collateral-free capital up to Rs 25 lakh to fulfil MSMEs need for urgent funds post due diligence of their businesses.
  • The credit for MSMEs would be backed by guarantees from Eqaro.


Q.10. What is the current repo rate?

Correct Answer is 4.40%.

  • The Reserve Bank of India (RBI) has raised the Repo rate by 40 basis points to 4.40% and the cash reserve ratio (CRR) by 50 basis points to 4.50%.
  • To bring down the raised inflation to the desired level and tackle the impact of geopolitical tensions.
  • The hike in CRR by 50 bps will suck out Rs 87,000 crore from the banking system.


Q.11. Which bank in association with the Additional Skill Acquisition Programme (ASAP) has launched ‘skill loans’ ?

Correct Answer is Canara Bank.

  • Under this facility, the loan is ranging from ₹5,000 to ₹1.5 lakh.
  • This loan can be availed of by students who are pursuing skill training programmes which are offered by ASAP Kerala or any other Central or State government-recognised agencies.
  • Collateral free loans will be provided to students and have a repayment period of three to seven years.

Obituaries

Q.1. Salim Ghouse has passed away, was belong to which field?

Correct Answer is Actor.

  • He made his debut with the film Swarg Narak in 1978 and acted in films like Charkha, Saransh, Manthan, Kalyug, Trikal, Aghaat, Drohi, Thiruda, Sardari Begum, Koyla, Soldier, Aks and several others.
  • He also played the roles of Rama, Krishna, and Tipu Sultan in Shyam Benegal’s TV Series Bharat Ek Khoj.
  • He has also worked in Malayalam and Tamil films.


Q.2. Tony Brooks has passed away, was belong to which sports?

Correct Answer is Formula One.

  • He won six Formula One Grand Prix in the 1950s died at 90. He was known as a “Racing Dentist".
  • He won his F1 debut at the non-championship 1955 Syracuse Grand Prix.

Important Days

Q.1. International Labour Day is observed on which date?

Correct Answer is 1st of May.

  • Aim: To spread awareness about Labour’s rights and mark their achievements.
  • In India, the first Labour Day was celebrated by the Labour Kisan Party of Hindustan on May 1, 1923, in then Madras (now Chennai).
  • May Day is also celebrated as the foundation day of Maharashtra Day and Gujarat Day.


Q.2. World Tuna Day is being observed on which date every year globally?

Correct Answer is 2nd May.

  • Aim: Promoting the importance of sustainable fishing practices and educating people on how Tuna become endangered species due to high demand. UNGA has declared this day as World Tuna Day to create awareness to preserve species in 2016.
  • Tuna is an important source of Omega-3 and it also contains minerals, proteins, and vitamin B12, among other advantages.


Q.3. World Asthma Day is observed every year on which date to spread awareness and care about asthma in the world?

Correct Answer is first Tuesday of May.

  • This year the theme is ‘Closing Gaps in Asthma Care’.


Q.4. World Press Freedom Day is observed globally on which date every year?

Correct Answer is 3rd May.

  • It is also known as World Press Day.
  • This year’s World Press Freedom Day theme “Journalism under digital siege”.


Q.5. Coal Miners Day is observed on which date every year to honour the coal miners?

Correct Answer is 4th May.

  • The day is celebrated to highlight the contributions of coal miners in meeting our energy demands.


Q.6. International Firefighter’s Day is observed every year on which date to pay respect to those firefighting experts who have lost their lives in the line of duty?

Correct Answer is May 4.

  • A tragic incident in Australia’s Linton led to the establishment of International Firefighters Day.
  • This historical accident happened on December 02, 1998, which led to the taking of the lives of 5 firefighters.
  • Therefore, a proposal was passed on January 04, 1999, to honour the firefighters who lost their lives on duty.


Q.7. World Hand Hygiene Day (WHHD) is annually observed across the globe on which date to maintain global promotion, visibility, and sustainability of hand hygiene in health care?

Correct Answer is May 5.

  • Theme – “health care quality and safety climate or culture
  • The slogan is “Unite for safety: clean your hands”.


Q.8. International No Diet Day 2022 is celebrated all over the world on which date?

Correct Answer is 6 May.

  • On this day, people are made aware of body acceptance, leaving aside behaviour like body shaming, which includes people of all shapes and sizes
  • In the year 1992, International No Diet Day was celebrated for the first time in the UK by British lady Mary Evans.

New Appointments

Q.1. Who has been appointed as managing director and chief executive officer Shivalik Small Finance Bank?

Correct Answer is Anshul Swami.

  • The appointment of Swami has already been approved by the Reserve Bank of India (RBI).
  • He has replaced Suveer Kumar Gupta, who is a co-founder of the bank. Prior to Shivalik SFB, he was worked with RBL Bank as Head – Retail & Inclusion, Products.


Q.2. Who has been appointed as the chief national rifle coach by National Rifle Association of India (NRAI)?

Correct Answer is Joydeep Karmakar.

  • He will oversee Indian continent till 2025, including the Paris Olympics 2024. He had missed a bronze medal by a whisker in men’s 50-metre rifle prone event at 2012 London Olympics.
  • He has been running his own shooting academy in Kolkata since 2015. NRAI was founded in 1951 to promote and popularize the shooting sports in India.


Q.3. Who has been appointed as the first-ever Chief Technology Officer (CTO) of Central Intelligence Agency (CIA), first line of defense for the United States?

Correct Answer is Nand Mulchandani.

  • Prior to this, he served as the CTO and acting director of the Joint Artificial Intelligence Centre under US Department of Defence.
  • He served as the CEO of multiple successful startups like Oblix (acquired by Oracle), Determina, OpenDNS and ScaleXtreme .


Q.4. Who has been appointed as the advisor to Prime Minister Narendra Modi?

Correct Answer is Tarun Kapoor (Retired Indian Administrative Service (IAS) officer and former Petroleum Secretary).

  • He will superannuate as the secretary of the Ministry of Petroleum and Natural Gas on November 30, 2021.
  • Apart from him, Senior bureaucrats Hari Ranjan Rao and Atish Chandra have been appointed as the additional secretaries in the Prime Minister's Office (PMO).


Q.5. Who has been appointed as the ex-officio member of the monetary policy committee by RBI’s central board?

Correct Answer is Rajiv Ranjan.

  • He replaced Mridul Saggar, who retired last month.
  • Prior to this, he was an advisor in-charge in the monetary policy department, before he was elevated as an executive director.
  • MPC is a 6-member body and is headed by RBI governor. There are 3 members from RBI and 3 members nominated by Govt.


Q.6. Who has been given additional charge of Chairman, Central Board of Direct Taxes (CBDT) for a period of three months or till a regular Chairman is appointed?

Correct Answer is Sangeeta Singh.

  • She has replaced JB Mohapatra who retired as the head of the direct taxes administration body on April 30.
  • She is currently holding charge of Audit and Judicial and an additional charge of Income Tax and Revenue and Tax Payers services.


Q.7. Who has been elected to the Board of Directors as a Class B director of the Federal Reserve Bank of New York?

Correct Answer is Arvind Krishna (IBM Chairman and CEO).

  • He will remain in the office for the remaining portion of a three-year term ending December 31, 2023.
  • He has been an undergraduate from the Indian Institute of Technology, Kanpur and a PhD from the University of Illinois at Urbana-Champaign.
  • He was senior VP of Cloud and Cognitive Software and also headed IBM Research.


Q.8. Who has assumed charge as Secretary of Ministry of Electronics & Information Technology (MeitY)?

Correct Answer is Alkesh Kumar Sharma.

  • Prior to this, he served as the Additional Secretary and Secretary in Cabinet Secretariat.
  • He was also chairman of Indian Highways Management Company and implemented FASTAG system of toll collection. Minister of Ministry of Electronics & Information Technology (MeitY): Ashwini Vaishnaw.


Q.9. Who has taken over as the Managing Director of TVS Motor Company?

Correct Answer is Sudarshan Venu.

  • Prior to this, he was the Joint Managing Director of the company. His elevation coincides with the appointment of Prof Sir Ralf Dieter Speth as the Chairman of the company.
  • He succeeded Venu Srinivasan, who has become the Chairman Emeritus of the company. TVS Motor Company: Indian motorcycle manufacturer headquartered in Chennai, Tamil Nadu. It is the 3rd largest motorcycle company in India
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FAQs on Weekly Current Affairs (1st to 7th May 2022) - 1 - UPSC

1. What is banking and financial awareness?
Ans. Banking and financial awareness refers to the knowledge and understanding of various concepts, terms, and activities related to banking and finance. It includes knowing about banking products and services, financial institutions, government policies, economic indicators, and financial markets.
2. Why is banking and financial awareness important?
Ans. Banking and financial awareness is important because it helps individuals make informed financial decisions. It enables them to understand the functioning of banking systems, manage their personal finances effectively, and stay updated with the latest developments in the financial sector. It also helps in improving financial literacy and promotes financial inclusion.
3. What are some key topics covered under banking and financial awareness?
Ans. Some key topics covered under banking and financial awareness include banking terms and definitions, types of bank accounts, banking products and services, banking regulations and acts, government schemes related to finance and banking, financial markets, investment options, insurance, and basic knowledge of financial statements.
4. How can one improve their banking and financial awareness?
Ans. There are several ways to improve banking and financial awareness. One can start by reading books, articles, and newspapers related to banking and finance. Following financial news and updates, participating in online courses or workshops, attending seminars, and joining financial awareness programs can also enhance knowledge in this area. Additionally, regularly reviewing personal finances, understanding banking statements, and seeking advice from financial experts can contribute to improving awareness.
5. How does banking and financial awareness benefit individuals in competitive exams?
Ans. Banking and financial awareness is an important topic in many competitive exams, especially those related to banking, finance, and government job recruitment. Having a good understanding of this subject can help individuals score better in these exams, as it covers a significant portion of the syllabus. It also enhances their overall knowledge and analytical skills, which are crucial for success in such exams.
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