Weekly Current Affairs (1st to 7th November 2021) Part - 1 - UPSC PDF Download

Banking & Financial Awareness

Q.1. Which become the world's most valuable public company ?

Correct Answer is Microsoft.

• Microsoft surged 2.2 percent to a market value of $2.49 trillion, surpassing Apple.
• For the first time since 2010, Microsoft passed Apple's market cap in 2018 and later in July 2020
• When market was coming to a close, Microsoft's market cap stood at $2.49 trillion while Apple's market capitalisation stood at $2.46 trillion.

Q.2. Which institutions has released report titled ‘Health Insurance for India’s Missing Middle' highlighting the gaps in the health insurance coverage with solutions ?

Correct Answer is NITI Aayog.

• The report highlights the need for designing a low-cost comprehensive health insurance product for the missing middle.
• As per the report, AB-PMJAY provides comprehensive hospitalization cover to the bottom 50% of population, 20% is covered through social health insurance and private voluntary health insurance and other 30% are devoid of health insurance, and has termed them as the missing middle

Q.3. Government of Meghalaya has signed $40 million Meghalaya Health Systems Strengthening Project with which of the international organization ?

Correct Answer is World Bank.

• Government of India, Government of Meghalaya and World Bank has signed a $40 million Meghalaya Health Systems Strengthening Project to improve the quality of health services and strengthen the state’s capacity to handle future health emergencies, including the COVID-19 pandemic.

Q.4. The RBI issued a revised Prompt Corrective Action (PCA) framework for banks to enable supervisory intervention at "appropriate time" and also act as a tool for effective market discipline. The revised PCA framework will be effective from ?

Correct Answer is January 1, 2022.

• Capital, asset quality and leverage will be the key areas for monitoring in the revised framework.
• The revised PCA framework will be effective from January 1, 2022.
• The PCA framework is also intended to act as a tool for effective market discipline.

Q.5. Which committee of the Reserve Bank of India has recommended that the scope of Section 5 of the SARFAESI Act be expanded to permit ARCs to acquire financial assets from all regulated entities, including AIFs, FPIs, AMCs making investment on behalf of MFs and all NBFCs including HFCs ?

Correct Answer is Sudarshan Sen Committee.

• It suggested that the scope of Section 5 of the SARFAESI Act be expanded to permit ARCs to acquire financial assets from all regulated entities, including AIFs, FPIs, AMCs making investment on behalf of MFs and all NBFCs including HFCs.
• The committee has recommended that for all accounts above Rs 500 crore, two bank-approved external valuers should carry out a valuation to determine the liquidation value and fair market value.
• In case of accounts between Rs 100 crore and Rs 500 crore, one valuer may be engaged.

Q.6. Which oil company will set up India’s first mega-scale Maleic Anhydride Plant to manufacture value-added chemical products at its Panipat Refinery and Petroleum Complex (PRPC) ?

Correct Answer is Indian Oil Corporation.

• The project — with a capex of ₹3,681 crore will be commissioned in 54 months from stage 1 investment approval.
• The project is proposed to have a capacity of 120 KTA of Maleic Anhydride (MAH)

Q.7. With which institution the NITI Aayog has partnered to facilitate a program for faster and easier financing of electric vehicles (EV) and they will up a $300-million ‘first loss risk sharing instrument’ ?

Correct Answer is World Bank.

• The two entities are setting up a $300-million ‘first loss risk sharing instrument’, with State Bank of India (SBI) as its program manager.
• This facility would seek to garner around $1.5 billion in financing for EVs.
• The instrument would act as a hedging mechanism, for banks to access in case of defaults of loans on purchase of EVs.

Q.8. Which Bank will the program manager of the $300-million ‘first loss risk sharing instrument’ being set up by NITI Aayog and the World Bank to facilitate a program for faster and easier financing of electric vehicles (EV) ?

Correct Answer is State Bank of India.

• The two entities are setting up a $300-million ‘first loss risk sharing instrument’, with State Bank of India (SBI) as its program manager.
• This facility would seek to garner around $1.5 billion in financing for EVs.
• The instrument would act as a hedging mechanism, for banks to access in case of defaults of loans on purchase of EVs.

Q.9. Which bank has launched a pre-approved 2-wheeler loan scheme ‘Easy Ride’ through its Mobile !pplication platform ?

Correct Answer is State Bank of India.

• Eligible SBI customers can avail of end-to-end digital two-wheeler loans through the YONO app without visiting the bank branch.
• Customers can apply for the Easy Ride loan for an amount up to Rs 3 lakh at a competitive interest rate of 10.5% per annum onwards for a maximum tenure of 4 years.

Q.10. Which General Insurance company has partnered with Vega to offer personal accident insurance cover on every online purchase of Vega helmet ?

Correct Answer is ICICI Lombard General Insurance.

• The personal accident insurance policy will provide individuals with the benefit of accidental death with sum insured of ₹1 lakh.
• The cover is applicable on a worldwide basis.
• The tie-up aims to give the customer dual safety and protection, through the helmet and the personal accident insurance cover.

Q.11. Which bank has signed a Memorandum of Understanding (MoU) with NCDEX e Markets Ltd (NEML) to become a “clearing bank” for handling financial transactions in the NeML market place and procurement/auction platform ?

Correct Answer is Bank of Baroda.

• NEML, a wholly-owned subsidiary of agricultural commodity exchange, NCDEX, is an online commodities spot market and services company.
• This tie-up opens up multiple opportunities for both institutions.

Q.12. Which international internet company has registered its business in India and planning to launch internet services in the country ?

Correct Answer is Starlink.

• It is planning to launch internet services in the country, as per the company documents filed with the government.
• Starlink is the satellite internet division of billionaire Elon Musk's rocket company SpaceX.

Q.13. Which Bank has signed a memorandum of understanding (MoU) with the Indian Navy, offering a defence service salary package, ‘Power Salute’ ?

Correct Answer is Axis Bank.

• Through the exclusive defence service salary package--Power Salute--Axis Bank will offer numerous benefits to all ranks of the Indian Navy, veterans and cadets.
• The benefits include a personal accidental cover of up to ₹56 lakh to all navy personnel, veterans and cadets; additional up to ₹8 lakh children education grant; total permanent disability cover benefit up to ₹46 lakh; partial permanent disability cover of up to ₹46 lakh; air accident cover of ₹1 crore.

Q.14. Which oil company has decided to set up 10,000 electric vehicle charging stations across the country in three years ?

Correct Answer is Indian Oil Corporation.

• This step will boost the EV ecosystem in the country.
• PM Modi announced India’s pledge to achieve net-zero emissions by 2070, as part of the global drive to fight climate change during COP26 summit in Glasgow.
• Indian Oil will soon unveil its net-zero emission target.

Q.15. Which bank has launched the first ‘Video life certificate service’ for pensioners ?

Correct Answer is State Bank of India.

• Pensioners from the comfort of their homes can schedule a video call with SBI staff at their convenience and complete the process of life certificate submission without having to visit the bank branch.
• State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees.
• It is also the largest mortgage lender in the country which has so far fulfilled the home buying dreams of 30 lakh Indian families.

Q.16. Which Small Finance Bank has joined hands with NABARD for its Local Sustainable Economic Development Training Program ?

Correct Answer is ESAF Small Finance Bank.

• K. Rajan, the State Revenue Minister inaugurated the state-level Local Sustainable Economic Development Training Program organized by the bank in this regard.
• ESAF Small Finance Bank's state wide initiative on Local Sustainable Economic Development Training Program in collaboration with Nabard is a step towards building financial literacy at grass root levels.

Q.17. Which digital payment company has launched tokenization solution named as ‘SafeCard’ for online debit and credit card transactions ?

Correct Answer is PhonePe.

• RBI had made device-based tokenization framework applicable to Card-on-File Tokenisation (CoFT) services as well i.e Card-on-File (CoF) in September 2021.
• Tokenisation provides users an added layer of security by converting sensitive card information like card name, card number, CVV, etc.

Q.18. Which technology company has launched a new company in London titled as Isomorphic Labs, that will aim to use artificial intelligence for drug discovery and medicine to find cures for some of humanity’s most devastating diseases in the field of biological and medical research ?

Correct Answer is Alphabet.

• This company will aim to use AI (artificial intelligence) for drug discovery and medicine to find cures for some of humanity’s most devastating diseases in the field of biological and medical research.
• CEO of Isomorphic Labs: Demis Hassabis (Current CEO and co-founder of DeepMind)
• It is a commercial venture with the mission to reimagine the entire drug discovery process.

Q.19. Which intergovernmental bank has approved a $61 million (~INR 453 Crore) loan under ‘!gartala City Urban Development Project’ to improve livability, harness technology, and promote new developments to accommodate the expanding population in the city of Agartala, Tripura ?

Correct Answer is Asian Development Bank.

• The Agartala City Urban Development Project will build and upgrade 48 kilometers (km) of new or existing stormwater drainage and construct 23 km of climate-resilient urban roads.
• The !DB’s support is aligned with the Government of India’s national Smart Cities Mission program, which aims to drive economic growth through local area development.
• ADB will also provide a $1 million technical assistance (TA) grant from its Technical Assistance Special Fund to support the project’s capacity building and awareness-raising activities.

Q.20. Bombay stock exchange (BSE) in collaboration with which bank to promote and encourage the Small and Medium Enterprises (SME) and also listing of Start-ups ?

Correct Answer is HDFC Bank.

• The collaboration helps the SMEs and Startups to get-in touch with accountants, Lawyers and Bankers in the list of BSE.
• The collaboration resolves financial constraints for the startups and SMEs and creates sustainability.
• Through this MoU, HDFC and BSE shall evaluate banking and lending solutions for startups and SMEs.

Obituaries

Q.1. Cricket all-rounder Alan Davidson passed away recently. He belongs to which country ?

Correct Answer is Australia.

• Australian and New South Wales cricket all-rounder Alan Davidson (92 years) passed away.
• He was the first player to achieve the feat of scoring 100 runs as well as take 10 wickets in a single Test match.

Q.2. Renowned personality and Dronacharya Awardee Tarak Sinha passed away recently, he was associated with which sports ?

Correct Answer is Cricket.

• He was felicitated with the Dronacharya Award in 2018.
• He is known for training India’s finest cricketers like Manoj Prabhakar, Raman Lamba, !jay Sharma, !tul Wassan, Surinder Khanna, Sanjiv Sharma, Aakash Chopra, Anjum Chopra, Rumeli Dhar, Ashish Nehra, Shikhar Dhawan and Rishabh Pant.

Important Days

Q.1. World Vegan Day is celebrated every year on which date to promotes vegan diet ?

Correct Answer is 1st November.

• The day is celebrated to promotes vegan diet.
• Vegan diet bars the consumption of animal-based food products.
• The event was started in 1994 by then Chair of The Vegan Society, Louise Wallis, in the United Kingdom.

Q.2. The United Nations declared 2021 as the year of ?

Correct Answer is International Year of Fruits and Vegetables.

• The Minister also released operational guidelines for the Horticulture Cluster Development Programme and QR code of the guidelines.
• The conference was organized as part of the celebration of the “International Year of Fruits and Vegetables, 2021” declared by United Nations Organization.

Q.3. United Nations(UN)’s International Day to End Impunity for Crimes against Journalists(IDEI) is annually observed across the globe on ?

Correct Answer is 2nd November.

• The day aims to create awareness and to formulate ways to counter the threats of violence and crimes against journalists to protect the freedom of expression for all.

Q.4. The International One Health Day is annually observed across the globe on ?

Correct Answer is 3rd November.

• The day is observed to create awareness about the need for a One Health approach to address the shared health threats at the human-animal-environment interface.
• 3rd November 2021 marks the 6th One Health Day, a global campaign that highlights the importance of one health approach.

Q.5. World Tsunami Awareness Day was observed across the world on ?

Correct Answer is 5th November.

• The day is celebrated to spread awareness among people across the world in matters related to the dangers of tsunami.
• In 2021, World Tsunami Awareness Day promotes “Sendai Seven Campaign,” target (f), which aims to ‘substantially enhance international cooperation to developing countries through adequate and sustainable support to complement their national actions for implementation of the present Framework by 2030.’

Q.6. The National Cancer Awareness Day is observed annually in India on ?

Correct Answer is 7th November.

• In 2018, approximately 18 million cases were there globally, of which, 1.5 million were in India alone. In 2018, there were around 0.8 million cancer deaths in India against 9.5 million globally.

Q.7. The International Day for Preventing the Exploitation of the Environment in War and Armed Conflict observed annually on ?

Correct Answer is 6th November.

• On 5 November 2001, the UN General Assembly declared 6 November of each year as the International Day for Preventing the Exploitation of the Environment in War and Armed Conflict.

New Appointments

Q.1. Who has been appointed as the new chief executive of KPMG India for a four-year term ?

Correct Answer is Yezdi Nagporewalla.

• His term will commence on February 7, 2022, and end on December 31, 2026 ➢ Nagporewalla was nominated by the KPMG India Board and approved by the India Partners.
• He will be replacing Arun M Kumar, the current Chairman and CEO whose five-year term concludes on February 6, 2022.

Q.2. Who has been appointed as the Chairperson of National Company Law Appellate Tribunal (NCLAT) ?

Correct Answer is Ashok Bhushan.

• He has been appointed for four years or until he attains the age of 70 years, whichever is the earliest.
• Justice Bhushan was the former Chief Justice of Kerala High Court.
• NCLAT was formed under Section 410 of the Companies Act, 2013.

Q.3. Who has been appointed as the chairperson of the 20-member Empowered Group of Secretaries to review and monitor PM Gati Shakti National Master Plan (NMP) ?

Correct Answer is Cabinet Secretary.

• Centre has constituted 20-member Empowered Group of Secretaries (EGoS) to review and monitor the mechanism for the development and implementation of PM Gati Shakti National Master Plan (NMP).
• Chairperson of the EGoS is Cabinet Secretary (Present Office Holder – Rajiv Gauba)

Q.4. Who has been appointed as the Chief Executive Officer (CEO) of Barclays with immediate effect ?

Correct Answer is CS Venkatakrishnan.

• Prior to his appointment as head of global markets and co-president of BBPLC, Venkat served as chief risk officer at Barclays.
• Venkat holds S.B., S.M. and Ph.D. degrees from the Massachusetts Institute of Technology.