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

Banking & Financial Awareness

Q.1. e-voucher-based digital payment solution, e-RUPI has been developed by which institution that was launched by the prime minister Narendra Modi

Correct Answer is National Payments Corporation of India (NPCI).

• The e-RUPI initiative will be one of the programmes launched over the years to limit touch points between the government and the beneficiary and "ensure that the benefits reach its intended beneficiaries in a targeted and leak-proof manner".

• e-RUPI is a cashless and contactless instrument for digital payments.
• It acts as an e-voucher based on a QR Code or SMS string, which is delivered to the mobile phones of the beneficiaries.
• e-RUPI connects the sponsors of the services with the beneficiaries and service providers in a digital manner without any physical interface.

Q.2. Which company ranked first in the 2021 Fortune Global 500 list released recently.

Correct Answer is Walmart.

• China National Petroleum was ranked fourth and Sinopec Group fifth.
• Billionaire Mukesh Ambani's oil-to-telecom conglomerate Reliance Industries Ltd slipped 59 places to rank 155th on the 2021 Fortune Global 500 list.
• Reliance took a beating on the rankings as revenues dropped owing to the COVID-19 pandemic.

Q.3. Which companies are not included in the 2021 Fortune Global 500 list released recently.

Correct Answer is Steel Authority of India Limited (SAIL).

• China National Petroleum was ranked fourth and Sinopec Group fifth.
• Billionaire Mukesh Ambani's oil-to-telecom conglomerate Reliance Industries Ltd slipped 59 places to rank 155th on the 2021 Fortune Global 500 list.
• Reliance took a beating on the rankings as revenues dropped owing to the COVID-19 pandemic.

Q.4. Which bank has launched a ‘SIM Binding’ feature in its digital banking platforms to protect customers from various frauds.

Correct Answer is State Bank of India.

• Under this, YONO and YONO Lite apps will work only on those devices which have SIM of mobile numbers registered with the Bank.
• Aim: To provide enhanced security to customers and help them with convenient and safe online banking experience.

Q.5. Which bank has been awarded as the global winner for Most Innovative in Digital Banking by Financial Times publication, The Banker in its 2021 Innovation in Digital Banking Awards.

Correct Answer is DBS Bank.

• He was also recognised as Asia-Pacific winner and won in the Cyber Security category for its Secure Access and Remote Working Solution.
• Banker’s Innovation in Digital Banking Awards: It recognise the most innovative banks across the world for their digital banking initiatives, strategy, and overall commitment to digital transformation.

Q.6. Which bank has been empanelled by the Reserve Bank of India (RBI) to act as an 'Agency Bank' to facilitate transactions related to government businesses.

Correct Answer is IndusInd Bank.

• After being an agency bank, IndusInd becomes eligible to carry out transactions related to all kinds of government led businesses
• The Bank can carry out general banking business on behalf of the central and state government, apart from its normal banking business.
• It can handle transactions pertaining to revenue receipts under CBDT, CCBIC and GST on behalf of the state/central government.

Q.7. Which bank has launched an overdraft facility for small retailers titled as ‘Dukandar Overdraft Scheme’ to help shopkeepers and merchants in easing their cash crunch.

Correct Answer is HDFC Bank.

• It has been launched in partnership with Common Service Centres Special Purpose Vehicle (CSC SPV)
• Eligiblity: Retailers operating for a minimum of 3 years.
• Beneficiaries need to provide six months bank statement from any bank.

Q.8. What amount has been approved by the Board of Governors of International Monetary Fund (IMF) to help boost global liquidity.

Correct Answer is $650 billion.

• Aim: To support member countries, especially emerging and developing nations, battling the coronavirus pandemic and the economic downturn it has caused.
• The allocation will become effective from August 23, 2021.
• The newly created SDRs will be credited to member countries in proportion to their existing quotas shareholding in the Fund.

Q.9. As per the Insolvency and Bankruptcy Code (Amendment Bill), 2021 – The minimum threshold for initiating pre-packaged insolvency resolution has been increased to.

Correct Answer is Rs 1 crore.

• The bill seeks to replace the IBC Amendment Ordinance, 2021 promulgated in April which introduced pre-packs as an insolvency resolution mechanism for micro, small and medium enterprises (MSMEs) with defaults up to Rs 1 crore.
• As per the Statement of Objects and Reasons of the bill, it seeks to specify a minimum threshold of not more than Rs 1 crore for initiating the pre-packaged insolvency resolution process as well as provisions for disposal of simultaneous applications for initiation of the insolvency resolution process and pre-packaged insolvency resolution process, pending against the same corporate debtor.

Q.10. Which bank has approved USD 250 million project in India titled as Second Dam Rehabilitation and Improvement Project (DRIP-2) agreement for long-term dam safety program and performance of existing dams of India.

Correct Answer is World Bank.

• The agreement was inked between World Bank, Govt of India, Central Water Commission (CWC), and government representatives from 10 participating states.
• Implementing agency: CWC
• At state level, approximately 120 dams will be undertaken across the states.

Q.11. The Securities and Exchange Board of India has allowed which bank to carry out the activities of investment bankers to provide easy access to investors to participate in public and rights issues by using various payment avenues, markets regulator.

Correct Answer is Payments Banks.

• Non-scheduled payments banks, which have prior approval from the Reserve Bank of India (RBI), will be eligible to act as a banker to an issue (BTI).
• This is subject to fulfilment of the conditions stipulated in the BTI rules. Further, payments banks registered as a BTI will also be permitted to act as self-certified syndicate banks, subject to the fulfilment of the criteria laid down by the Sebi in this regard from time to time.”

Q.12. According to the bi-monthly monetary policy released by the RBI in August 2021 what is the GDP growth forecast for FY22.

Correct Answer is 9.5%.

• RBI keeps the GDP growth forecast for FY22 unchanged at 9.5%.
• RBI to conduct two more auctions of ₹25,000 crores each on August 12 and August 26 under the G-sec Acquisition Programme (GSAP).
• CPI inflation is projected at 5.7 % during 2021-22 – this consists of 5.9% in Q2, 5.3% in Q3 and 5.8% in Q4 of 2021- 22 with risks broadly balanced.

Q.13. The government has inked a USD 250 million loan pact with which bank to make the existing dam infrastructure safe in the country.

Correct Answer is World Bank.

• The Central Water Commission as well as the government representatives from 10 participating states are also part of the loan agreement.
• The USD 250 million project for the long-term is for dam safety programme and improving the safety and performance of existing dams across various states of India.

Q.14. Which general insurance announced a partnership with Manipal Business Solutions, the promoter of SahiPay to increase non-life insurance penetration in the rural market.

Correct Answer is SBI General Insurance.

• Through this partnership, SBI General will provide a bouquet of non-life insurance solutions to SahiPay customers, the insurer said in a release.
• The tie-up is a right fit to support the company”s endeavour to maximise its reach to rural segments.

Q.15. Multilateral funding agency Asian Development Bank (ADB) has okayed an over Rs 831 crore (USD 112 million) loan to finance water supply infrastructure in.

Correct Answer is Jharkhand.

• The project will cover four towns in the state, ADB said in a release.
• The project supports the Jharkhand Vision and Action Plan 2021 to improve the quality of life of its urban residents through better quality urban infrastructure.

Q.16. Which Small Finance Bank has launched ‘Health and Wellness Savings Account’ to help customers grow their wealth and also take care of their family’s health amid the covid-19 pandemic.

Correct Answer is Suryoday Small Finance Bank (SSFB).

• The account offers an attractive interest rate and comes with three major benefits for a family of four — topup health insurance of ₹25 lakh, annual healthcare package and on-call emergency ambulance medical care services.
• Top-up health insurance and healthcare package are free of charge for one year after opening the account. Free ambulance service up to a distance of 20 km will be available at 102 locations across the country till March-end 2022.

Q.17. National Fisheries Development Board (NFDB) has entered into an MoU with which bank to extend financial assistance through the Bank.

Correct Answer is Punjab National Bank.

• The government created the Fisheries and Aquaculture Infrastructure Development Fund (FIDF) in 2018-19 and is being implemented with a total fund size of Rs 7,522.48 crore comprising Rs 5,266.40 crore to be raised by Nodal Lending Entities (NLE), like NABARD, NCDC & all scheduled banks.

Obituaries

Q.1. Renowned personality Man Kaur passed away recently she was a veteran.

Correct Answer is Athlete.

• She was diagnosed with cancer some months back.
• She was referred to as ‘Miracle from Chandigarh’.
• She belongs to Patiala, Punjab and started as an athlete at the age of 93.

Q.2. Classical exponent Nelliyodu Vasudevan Namboothiri associated with which dance form who passed away recently.

Correct Answer is Kathakali.

• He was 81 and was battling cancer for some time,
• Known for the portrayal of the negative ‘chuvanna thadi’ (red beard) characters in the classical dance drama, he also excelled in enacting the roles of “vattamudi” and “penkari.”

Q.3. Padma Shri awardee Padma Sachdev passed away recently, she was first modern woman poet of which language.

Correct Answer is Dogri.

• Sachdev (81), who was born in Purmandal area of Jammu in 1940 in the house of Sanskrit Scholar Prof Jai Dev Badu.
• She authored many books in Dogri and Hindi, and her poetry collections, including ‘Meri Kavita Mere Geet’, won her the Sahitya Akademi Award in 1971.

Q.4. Renowned personality Rashid Irani passed away recently, he was a veteran.

Correct Answer is film critic.

• Irani, who had contributed several articles in national dailies like Times of India, Hindustan Times and the website Scroll.in, was “one of the pillars of the Mumbai Press Club Film Society.

Important Days

Q.1. Muslim Women’s Rights Day in India is being observed every year on.

Correct Answer is 1st August.

• It was first observed in 2020
• Govt enacted law against Triple Talaq making it a criminal offence on August 1, 2019.
• Law is formally called Muslim Women (Protection of Rights on Marriage) Act 2019

Q.2. What is the theme of the World Breastfeeding Week 2021 observing every year in the first week from 1 August to 7 August.

Correct Answer is Protect Breastfeeding: A Shared Responsibility.

• World Breastfeeding Week (WBW) is observed every year in the first week from 1 August to 7 August to raise awareness on the importance of breastfeeding for mothers and infants.
• This week is organized by WABA, World Health Organisation (WHO) and United Nations Children’s Emergency Fund (UNICEF).
• It was introduced in 1991.

Q.3. World Lung Cancer Day is observed every year on which date.

Correct Answer is 1st August.

• It was first organized in 2012 by Forum of International Respiratory Societies, in collaboration with International Association for the Study of Lung Cancer and American College of Chest Physicians
• IASLC: largest organization that only deals with lung cancer.

Q.4. Hiroshima Day is observed every year on which date.

Correct Answer is 6th August.

• The horrific incident took place on August 6, 1945, when the United States dropped an atomic bomb named “Little Boy”, on the town of Hiroshima in Japan.
• This bomb attack was done with the motive to end the Second World War in 1945.
• This day is remembered to promote peace and spread awareness about the danger of nuclear energy and nuclear weapons.

Q.5. National Handloom Day is observed every year on which date.

Correct Answer is 7th August.

• The day is to commemorate the Swadeshi Movement and to celebrate our country’s rich fabrics and colourful weaves. The whole nation will mark the day to showcase the legacy of the Indian handloom industry and to honour the weavers across the country.
• It was first observed in 2015 by the Govt of India.
• National Handloom Day seeks to focus on the contribution of handloom to the socio-economic development of the country and also increase the income of weavers.

New Appointments

Q.1. The caretaker govt of Myanmar headed by the Chief of the military Senior General Min Aung Hlaing announced to hold elections by.

Correct Answer is 2023.

• Gen. Hlaing also pledged to hold elections by 2023.
• General Hlaing took over power in Myanmar in February after removing the government headed by the State Counsellor Aung San Suu Kyi on February 1
• Myanmar has witnessed regular protests since February against the military govt.

Q.2. Who has been appointed as the global brand ambassador of the Italian luxury brand Bvlgari.

Correct Answer is Priyanka Chopra.

• In her new role, the company Priyanka will support the Roman high jewellery house in amplifying the brand around the world, with a particular focus on themes of women empowerment, diversity and inclusion.
• Bvlgari is known for its gemstone jewellery, watches, fragrances, accessories and leather goods.
• Chopra Jonas is also a global UNICEF Goodwill Ambassador, and recipient of the prestigious Danny Kaye Humanitarian award, serving as a symbol of power and strength for millions of young women.

Q.3. Who has been appointed as the 25th Controller General of Accounts (CGA)

Correct Answer is Deepak Das.

• He succeeded Soma Roy Burman.
• He has held various important positions at different levels in Ministries.
• He has also been Director of Institute of Government Accounts and Finance.
• He served as the Principal Chief Controller of Accounts in CBDT.

Q.4. Nikol Pashinyan has been re-appointed as the Prime Minister of which country

Correct Answer is Armenia.

• Nikol Pashinyan (46 years) has been re-appointed officially as the Prime Minister of Armenia by the President Armen Sarkissian with effect from August 2, 2021.
• He is the leader of the Civil Contract Party and won majority of seats around 71 in parliamentary elections in June 2021.
• He was first appointed as the Prime Minister of Armenia in 2018.

Q.5. Who has taken over as eighth president of Iran.

Correct Answer is Ebrahim Raisi.

• He replaced moderate President Hassan Rouhani who was not allowed run for a third consecutive term by Iranian constitution.
• He won Iranian presidential elections in June with 61.95% of the vote.
• Ebrahim Raisi has also become the first Iranian president to be sanctioned by US even before assuming office as he was designated in 2019.

Q.6. Who has taken charge as Managing Director of the IPO-bound Life Insurance Corporation of India (LIC).

Correct Answer is Mini Ipe.

• Ipe is a post-graduate in commerce and joined LIC in 1986 as a direct recruit officer.
• She has a diverse experience in LIC having worked in various capacities.
• LIC is India’s 2nd-largest financial services institution with a Rs 31 lakh crore balance sheet, next to the country’s largest bank, State Bank of India (SBI), with assets of Rs 39.51 lakh crore.

Q.7. Who has been appointed as director of the 105-year-old Zoological Survey of India (ZSI).

Correct Answer is Dhriti Banerjee.

• The appointments committee of the Cabinet approved the proposal for appointment of Dr Dhriti Banerjee, scientist E, Zoological Survey of India (ZSI) as director.
• The 51-year-old has had an illustrious career as a scientist, conducting research in taxonomy, zoogeography, morphology and molecular systematics.