Weekly Current Affairs (8th to 14th July 2021) Part - 1 Current Affairs Notes | EduRev

Weekly Current Affairs

Current Affairs : Weekly Current Affairs (8th to 14th July 2021) Part - 1 Current Affairs Notes | EduRev

The document Weekly Current Affairs (8th to 14th July 2021) Part - 1 Current Affairs Notes | EduRev is a part of the Current Affairs Course Weekly Current Affairs.
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Banking & Financial Awareness

Q.1. Fitch Ratings has cut its projection for India’s real GDP growth in 2021-22 to what percent from 12.8%.

Correct Answer is 10%.

  • The ratings agency also warned that banks’ asset quality challenges have increased and will remain under threat due to mobility restrictions, medical exigencies and rising job losses, with MSME and retail loans to low- and moderate-income borrowers most likely at risk.
  • Indian economy contracted by 7.3 per cent in fiscal 2020-21 as the country battled the first wave of Covid, as against a 4 per cent growth in 2019-20.
  • RBI too earlier this month cut India's growth forecast to 9.5 per cent for this fiscal, from 10.5 per cent estimated earlier.


Q.2. The Department of Public Enterprises (DPE) has been brought under the administrative control of which ministry to facilitate govt’s ambitious disinvestment programme.

Correct Answer is Ministry of Finance.

  • Earlier, DPE was part of Ministry of Heavy Industries and Public Enterprises.
  • The other 5 departments under the Finance Ministry are Economic Affairs, Revenue, Expenditure, Investment & Public Asset Management and Financial Services.
  • The government has budgeted Rs 1.75 lakh crore from stake sale in public sector companies and financial institutions during 2021-22.


Q.3. Neobank FREO has partnered with which Non-Banking Financial Companies (NBFCs) to offer a credit line and high-ticket personal loans to customers across multiple cities in India.

Correct Answer is HDB Financial Services.

  • Through this association, FREO will be providing customers with two innovative credit products: a credit line and a high-ticket personal loan across multiple cities in India.
  • HDBFS in partnership with FREO will offer a credit line that enables consumers to get access to credit anywhere, anytime via a smartphone.An individual will get a personalized amount approved which they can start using immediately.
  • As they repay the borrowed amount, the credit limit is replenished and they can continue withdrawing as much as they need.


Q.4. With which public sector bank the Bajaj Allianz General Insurance has entered into a corporate agency agreement for the distribution of its insurance products through the bank’s network.

Correct Answer is Bank of India.

  • Under the agreement, Bajaj Allianz General Insurance will offer a number of personal lines of products such as – motor insurance, health insurance, home insurance, travel insurance to the bank’s customers.
  • It will also offer the commercial line of products such as – engineering insurance, marine insurance, etc.
  • The agreement will enhance the distribution of Bajaj Allianz’s products to remote areas of the country.


Q.5. Fintech Company, Drip Capital has collaborated with which bank to offer customised trade financing solutions to empower Micro, Small & Medium Enterprises (MSME) exporters in India.

Correct Answer is SBM Bank India.

  • Under the partnership, Drip Capital will provide collateral-free working capital to MSME exporters at competitive rates through its invoice discounting facility.
  • Unlike traditional financial institutions, Drip Capital leverages data analytics and technology to underwrite its transactions, allowing it to provide a seamless financing experience to MSME businesses.


Q.6. With which entity the payment technology company Mastercard has launched a recurring payment interface named ‘MandateHQ’, to support card-issuing banks that wish to enable recurring payments for its customers.

Correct Answer is Razorpay.

  • Mandate HQ is an API (Application Programming Interface)-based plug-n-play solution, which would reduce the golive time of card-issuing banks.
  • It will also help the banks to implement the Reserve Bank of India’s (RBI) new framework on automatic debit and recurring payments.
  • It would also support the banks to send a 24-hour pre debit notification (mandated by RBI) via electronic e-mail, SMS, and WhatsApp.


Q.7. In which city of India, the Amazon India has launched its first 'Digital Kendra', as part of its commitment to digitise 10 million Indian micro, small and medium enterprises by 2025.

Correct Answer is Surat.

  • Amazon Digital Kendras are brick and mortar resource centres that will provide MSMEs information about the benefits of e-commerce and help avail third-party services such as shipping and logistics support, cataloguing assistance, digital marketing services, GST and taxation support to start their digital journey.


Q.8. NIIT Institute of Finance Banking and Insurance (NIIT IFBI) and which bank have launched a fintech professional programme to build future-ready professionals for the private sector lender.

Correct Answer is Axis Bank.

  • The programme offers graduates with zero to three years of experience an opportunity to join Axis Bank as a deputy manager (IT).
  • NIIT the programme is immersive in nature where the learners perform tasks of similar complexity as they would face in their role.


Q.9. Which bank has signed a Memorandum of Understanding (MoU) with the Indian Army to offer a defence service salary package to the Indian Army under its ‘Power Salute’ initiative.

Correct Answer is Axis Bank.

  • The MoU will cover all ranks of army officers viz. serving Defence personnel as well Defence pensioners under its ambit.
  • During the signing ceremony Indian Army was represented by Lt Gen (Lieutenant General) Rana Pratap Kalita, and Axis Bank was represented by Reynold D’ Souza, Executive Vice President and Lt Col MK Sharma National Accounts Head, Axis Bank.


Q.10. Which bank has entered into a bancassurance partnership with Max Bupa Health Insurance to provide comprehensive health insurance solutions to its customers and employees.

Correct Answer is Axis Bank.

  • Under the partnership, Max Bupa will offer indemnity as well as fixed benefit products, and their customizable variants to the bank’s customers across the country.
  • The Axis Bank customers are also enabled to get access to quality healthcare solution products that are offered by Max Bupa through the tie-up.
  • The Health Insurance would cover medical emergencies in Tier 1, Tier 2 and Tier 3 cities.


Q.11. Which General Insurance company has launched a comprehensive health insurance plan named ‘Arogya Supreme’ with multiple benefits and coverages.

Correct Answer is SBI General Insurance.

  • Under the policy the insured persons will get a wide range of sum insured options up to Rs 5 crore for their medically necessary hospitalization due to illness or accident that occurred during the policy period.
  • Options: Based on the sum insured and coverage features, 3 different options viz Pro, Plus, and Premium were provided for the customers to choose under the plan.
  • Policy Term: Customers also have a facility to choose the policy tenure ranging from 1 to 3 years i.e.1year/2years/3years.


Q.12. Under the modified risk management guidelines of Reserve Bank of India (RBI), the bank staff working in sensitive positions like treasury operations and currency chests will get how many days mandatory leave in a single spell every year.

Correct Answer is 10 days.

  • RBI has given banks six months to comply with these directions.
  • It asked banks to ensure that employees, while on ‘mandatory leave’, do not have access to physical or virtual resources related to their work responsibilities, with the exception of internal/ corporate email which is usually available to all employees for general purposes.
  • Mandatory leave for staff was first introduced in May 2011 after the RBI saw a sharp increase in frauds in banks following forensic studies.


Q.13. Which Bank has launched unique Employee-funded program titled as ‘Ghar Ghar Ration’ for its low-income customers who were affected by Covid-19.

Correct Answer is IDFC First Bank.

  • Under this scheme, employees of the bank have contributed their personal income to help such customers who are affected by COVID.
  • It is a first such employee-led initiative by any bank.
  • Ghar Ghar Ration program will supply ration kits to 50,000 low-income customers whose livelihood have been impacted by COVID.


Q.14. To facilitate investment in which by individual investors the RBI has introduced RBI Retail Direct facility.

Correct Answer is Government Securities.

  • Under this facility, retail investors will have the facility to open and maintain the Retail Direct Gilt (RDG) Account with RBI.
  • RDG account can be opened through an Online portal provided for the scheme.
  • Saving Account holders in India with PAN, Valid KYC documents, email ID and Registered number are eligible to open this account.


Q.15. The Reserve Bank of India (RBI) approved which Small Finance Bank (SFB) to apply for the amalgamation of its promoter into itself.

Correct Answer is Equitas Small Finance Bank.

  • As per the RBI’s SFB licensing guidelines, the promoter of SFB should exit or cease to be a promoter after a lock-in period of 5 years.
  • In the case of Equitas SFB, the initial promoter lock-in period for Equitas Holdings expires on September 4, 2021, hence the Equitas SFB requested RBI for amalgamation of its promoter before completion of the lock-in period.
  • Now RBI has approved the bank to apply for amalgamation of its promoter into itself.


Q.16. International Financial Services Centres Authority (IFSCA) has issued framework for Setting up and operating International Trade Finance Services Platform (ITFS). The IFSCA is situated in which city of India.

Correct Answer is Gandhinagar.

  • It will enable Exporters and Importers to avail various types of trade finance facilities at competitive terms for their international trade transactions through a dedicated electronic platform.
  • This will help in their ability to convert their trade receivables into liquid funds and to obtain short-term funding.
  • ITFS will provide Trade Finance Services at IFSC


Q.17. Which bank has tied up with Mumbai Metro to launch ‘One Mumbai Metro Card’ powered by Mastercard, to ensure contactless and cashless travel for Mumbaikars.

Correct Answer is Axis Bank.

  • It is a prepaid, open loop contactless card which can be used as a part of the daily transit journey with just a tap. With this solution, Mastercard has continued to contribute in changing the way India commutes and helping the transit eco-system go completely digital.
  • This is a card that can be used for all daily purchases from food, groceries, medicines as well as tickets.


Q.18. Which bank has partnered with TP Central Odisha Distribution Limited (TPCODL), a joint venture between Tata Power and the Government of Odisha to launch a fully digital network for facilitating electricity bill payment across the state.

Correct Answer is IndusInd Bank.


Q.19. Which payments bank has launched ‘Pay to contacts’ which allows customers to initiate a UPI payment by selecting the receiver’s mobile number from their phonebook.

Correct Answer is Airtel Payments Bank.

  • ‘Pay to Contacts’ displays the valid UPI ID associated with the selected contact, irrespective of the UPI app used by the receiver.
  • This eliminates the need to enter the UPI ID or bank account details to process the payment and saves time.

Obituaries

Q.1. Renowned sportsperson Keshav Chandra Datt passed away recently, he was associated with which sports.

Correct Answer is Hockey.

  • Born in Lahore Datt was part of the 1948 London Olympics Indian Hockey team
  • Later as Vice-Captain of Indian team he won Gold in 1952 Helsinki Olympics.
  • In his autobiography Goal, Dhyan Chand rated Datt as one of the finest half-backs of that time.


Q.2. Recently, renowned sportsman Yashpal Sharma passed away, he was associated with which sports.

Correct Answer is Cricket.

  • He was also a member of the Kapil Dev-led World Cup-winning team.
  • He had got India off to a brilliant start in the 1983 World Cup as he scored a match-winning 89 against the West Indies in what was India’s first match of the showpiece event.
  • He scored 1606 runs at 33.45 in Test career and scored 883 runs at 28.48 in ODIs.


Q.3. Renowned personality Mahesh Kathi passed away recently, he was a veteran.

Correct Answer is Telugu film critic and actor.

  • He had last month met with an accident near Chandrasekharapuram village in Kodavalur Mandal of Nellore district.
  • He was known for films like Nene Raju Nene Mantri, Hrudaya Kaleyam, Amma Rajyam Lo Kadapa Biddalu, and most recently Krack, which released in January this year. He also directed a movie in 2015 called Pesaratu.

Important Days

Q.1. National Fish Farmers’ Day is celebrated every year on which date by the Department of Fisheries, Ministry of Fisheries, Animal Husbandry and Dairying in association with the National Fisheries Development Board (NFDB).

Correct Answer is 10th July.

  • The event aims to draw attention to changing the way the country manages fisheries resources to ensure sustainable stocks and healthy ecosystems.
  • This day is made to honour the fish farmers, aquapreneurs, fisherfolks, stakeholders and whoever else is associated in the fishery for their contribution in the fishery.


Q.2. World Population Day is observed globally every year on.

Correct Answer is 11th July.

  • This day is observed to raise awareness among people about the impact of a growing population and issues including gender equality, the importance of family planning, poverty, maternal health, human rights, etc.
  • This year theme of World Population Day 2021: “the impact of the Covid-19 pandemic on fertility”.


Q.3. World Malala Day is observed every year on which date by the United Nations.

Correct Answer is 12th July.

  • Malala Day is commemorated, the birthday of Malala Yousafzai to honour women and children’s rights around the world.
  • On October 9, 2012, Malala was shot in the head by Taliban gunmen after she publicly advocated for the education of girls.
  • Despite the attack, Malala soon returned to the public eye, fiercer in her views than earlier and continued her advocacy for gender rights.

New Appointments

Q.1. Who has been appointed as the Chairman and Managing Director (CMD) of North Eastern Development Finance Corporation Limited (NEDFi).

Correct Answer is PVSLN Murty.

  • He took charge as the new CMD on 1st July 2021 succeeding B. Paul Muktieh, who served as the CMD of NEDFi from 2010 to June 2021.
  • Prior to his appointment as the CMD of NEDFi, PVSLN Murty served as the Chief Strategy Officer(CSO) at State Bank of India (SBI), based at the Corporate Office, Mumbai.
  • He has served as the Chief General Manager (CGM) and CSO of the SBI.


Q.2. Stefan Lofven has been re-elected as the Prime Minister of which country within weeks after he was ousted in a noconfidence vote.

Correct Answer is Sweden.

  • Löfven won a majority of 117 IN 349 seats.
  • Head of the Social Democrat's Party, Löfven was supported by lawmakers to form a new government after leading the country in a caretaking capacity since late last month.


Q.3. Who has been appointed as the minister incharge of the newly formed formulated Ministry of Co-operation in Modi's new cabinet.

Correct Answer is Amit Shah.

  • This is in addition to the portfolio he already holds in the Narendra Modi government that is the Home Ministry.
  • Prime Minister Narendra Modi had created a new 'Ministry of Cooperation', looking to provide added impetus to the cooperative movement in the country.
  • The Ministry will work to streamline processes for 'ease of doing business' for cooperatives and enable the development of Multi-State Co-operatives (MSCS).


Q.4. Who has been appointed as the Union Minister of Law & Justice.

Correct Answer is Kiren Rijiju.

  • A prominent face from the northeast in the Modi government, Rijiju was elevated as a Cabinet minister in a major reshuffle and expansion of the Union Council of Ministers.
  • Rijiju takes over the key ministry from Ravi Shankar Prasad, who has resigned from the government.


Q.5. Who becomes the new Health Minister of India.

Correct Answer is Mansukh Mandaviya.

  • Mandaviya has replaced Dr Harsh Vardhan who was in charge of Ministry of Health & Family Welfare (MoHFW), Ministry of Science & Technology and Ministry of Earth Sciences since 2019.
  • Mandaviya will also be the in charge of Ministry of Chemicals and Fertilizers.


Q.6. Who becomes the new Minister of Railways.

Correct Answer is Ashwini Vaishnaw.

  • He also took charges as the Minister of Communications and Minister of Electronics and Information Technology.
  • The Jodhpur-born Mr. Vaishnaw was a brilliant student from the beginning. After graduating with a gold medal in electronics and communications engineering course from Rajasthan’s Jai Narayan Vyas University in 1992, he pursued his M.Tech programme from IIT Kanpur.
  • He immediately cracked the coveted civil service examination with an all-India rank of 27 in 1994.


Q.7. Who has been appointed as the Resident Grievance Officer of Twitter for India

Correct Answer is Vinay Prakash.

  • The appointment announcement was made on the official website of Twitter.
  • This appointment is mandatory for all social media companies under the new Information Technology (IT) Rules of the country.
  • Guidelines under the new IT Rules were issued in February and require all social media intermediaries to comply by May 26.


Q.8. Abiy Ahmed has been elected as the Prime Minister of which country for a second 5-year term, after his ruling ‘Prosperity Party’ won the country’s parliamentary election in landslide victory.

Correct Answer is Ethiopia.

  • Prosperity Party won 410 seats out of 436 parliamentary electoral constituencies at the general elections of Ethiopia.
  • Abiy Ahmed is serving as the 4th Prime Minister of the Federal Democratic Republic of Ethiopia since 2018.


Q.9. Shyam Srinivasan has been reappointed as the MD & CEO of which bank for three years with effect from September 23,2021.

Correct Answer is Federal Bank.

  • He will hold the office till September 22, 2024.
  • He has served three terms as CEO of the Federal Bank since September 23, 2010.
  • He is the longest-serving MD & CEO of the bank, after its founder, late K P Hormis.
  • Federal Bank's Headquarters: Kochi, Kerala.


Q.10. Who has been sworn in as the new Prime Minister of Nepal.

Correct Answer is Sher Bahadur Deuba.

  • He has been administered the oath of office by President of Nepal Bidya Devi Bhandari.
  • He has been appointed Prime Minister under Article 76(5) of the Constitution, which makes it mandatory for him to secure a vote of confidence in the House within 30 days of taking oath.
  • He succeeded K P Sharma Oli.
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