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Weekly Current Affairs (8th to 14th November 2021) Part - 1 | Weekly Current Affairs - UPSC PDF Download

Banking & Financial Awareness

Q.1. Liberty General Insurance Limited has collaborated with which digital payment company to provide motor insurance services digitally?

Correct answer is PhonePe.

  • Under this, Liberty General Insurance will provide a variety of Motor Insurance policies to the customers, digitally through PhonePe app.
  • In 2020, PhonePe ventured into distribution of insurance and has become one of India’s fastest growing digital distributors with sale of over 5 lakh policies in 5 months.
  • The users of PhonePe can choose from multiple motor insurance products on the platform.
  • It will work as a one stop destination for all insurance needs.


Q.2. 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.3. Under what theme the Reserve Bank of India (RBI) going to organize its first global hackathon “HARBINGER 2021– Innovation for Transformation”?

Correct answer is ‘Smarter Digital Payments’.

  • The participants in the hackathon will get the opportunity to be mentored by industry experts, exhibit their innovative solutions before an eminent jury, and win prizes in each category.
  • The winner will get Rs 40 lakh, and the runner-up will be awarded Rs 20 lakh.


Q.4. Which social media giant has announced the launch of 'Grow Your Business Hub', a one-stop destination for the micro, small, and medium businesses to find relevant information, tools, and resources curated to cater to their business goals based on their growth journey?

Correct answer is Meta.

  • It is a localised business hub for the micro, small and medium business to find relevant information, tools, and resources curated to provide their business goals based on their growth.
  • Grow Your Business Playbook to inspire and equip early-stage businesses to start their journeys on Meta’s apps was also launched during the event.
  • This playbook aims to assist the business to set up an offline to online journey and accelerating online sales for small businesses during the COVID-19 era and beyond.


Q.5. Which Life insurance company has entered into a strategic partnership with Department of Posts and India Post Payments Bank to offer two Point of Sale (PoS) products — a term product and an annuity product — through the postal department’s network of 1,36,000 banking access points and the payments bank’s 650 branches ?

Correct answer is Bajaj Allianz Life Insurance Company.

  • Through this alliance, BALIC has become the first private life insurer in the country to enter into a tie up with the Department of Posts for sale of PoS products.
  • This alliance will enable the lakhs of Gramieen Dak Sevaks to offer financial solutions in rural areas.


Q.6. NPCI Bharat BillPay has tied up with which life insurance company to provide ClickPay to the insurer’s customers?

Correct answer is ICICI Prudential Life Insurance Company.

  • ICICI Prudential Life Insurance is the first insurance company to offer this facility of ClickPay to its customers empowering them to make renewal premium payments with ease.
  • To offer an automated and valuable insurance premium payment experience, ICICI Prudential Life Insurance will generate the ClickPay link and share it with customers which will redirect them to the payment page comprising payment details.


Q.7. Which bank has entered into a co-lending agreement with Aadhar Housing Finance company to offer home loans at competitive interest rates?

Correct answer is UCO Bank.

  • The aim is to reach out to a large section of society to provide easy, convenient, and efficient home finance solutions to customers from the economically weaker, lower and middle-income groups.


Q.8. The Reserve Bank of India has decided to permit banks to offer interest rates on FCNR (B) deposits using widelyaccepted overnight ‘ARR’ for the respective currency’ with an upward revision in the interest rates ceiling by 50 basis points (bps). What does ‘A’ stands for in ARR?

Correct answer is Alternative.

  • The Reserve Bank of India has decided to permit banks to offer interest rates on FCNR (B) deposits using widely-accepted ‘Overnight Alternative Reference Rate (ARR) for the respective currency’ with an upward revision in the interest rates ceiling by 50 basis points (bps).
  • This comes in view of the impending discontinuance of LIBOR (London Inter-Bank Offered Rate) as a benchmark rate.


Q.9. Which bank has signed an MoU with the Army Insurance Group (AGI) to offer retail mortgage loans to the Indian Army?

Correct answer is Axis Bank.

  • The bank will offer best-in-class products and services to defence personnel to cater to their home loan requirements.
  • Through this partnership, it will exclusively offer higher loan amounts as well as the facility to transfer the balance of their loans from AGI to Axis Bank.


Q.10. Who launched RBI Integrated Ombudsman Scheme based on “One Nation-One Ombudsman” by integrating which of the following schemes?

Correct answer is Narendra Modi.

  • The Reserve Bank of India will provide a multi-lingual toll-free phone number for all the relevant information on grievance redress.
  • It will also provide assistance for filing complaints.
  • Earlier, there were three Ombudsman schemes in India (i) Banking Ombudsman Scheme (ii) Ombudsman Scheme for Non-Banking Financial Companies and (iii) Ombudsman Scheme for Digital Transactions.


Q.11. According to the Reserve Bank of India what will be the Consumer Price Index or CPI inflation for 2021-22?

Correct answer is 5.3 per cent.

  • The inflation was 7.61% in October last year.
  • The RBI has projected the CPI inflation at 5.3 per cent for 2021-22.
  • According to MoSPI data, inflation in the food basket rose to 0.85 per cent in October, compared to 0.68 per cent in the preceding month.


Q.12. With which oil company the NTPC Limited signed an MoU to collaborate in the field of Renewable Energy (RE) and mutually explore opportunities for supply of low carbon/RE RTC (round the clock) captive power?

Correct answer is Indian Oil Corporation Limited.

  • This is a first-of-its-kind novel initiative by two leading national energy majors of India, to support the country’s commitment to achieving renewable energy targets and reduce greenhouse gas emissions.
  • NTPC, India’s largest integrated energy company, has an installed capacity of 67,657.5 MW (including 13,425 MW through JVs/Subsidiaries) comprising 47 NTPC stations.


Q.13. Which IIT will collaborate with Oil India Limited (OIL) on the development and introduction of new technologies energy, and related sectors?

Correct answer is IIT Guwahati.

  • The partnership will also focus on cooperation in Transfer of existing technologies, Knowledge up-gradation and innovation partnership, Training and skill development, and other areas of mutual agreement.
  • This MoU will facilitate a new path for exploring various opportunities in applied and translational research for the sustainable energy sector with OIL.
  • According to MoU, this collaboration is equally beneficial for both parties.


Q.14. Which Bank has integrated with the government’s National Agriculture Market (eNAM) to enable digital collections and settlement of funds to various e-NAM beneficiaries?

Correct answer is HDFC Bank.

  • HDFC Bank has partnered with the SFAC to further improve the ease of doing business on e-NAM platform by offering collection modes like multi-net banking, debit card, NEFT/RTGS and UPI/IMPS
  • This integration helps not only farmers but also Farmer Producer Organisations (FPOs), commission agents, institutional buyers and other Mandi level service providers etc. who form part of the entire agriculture value chain.


Q.15. Which Indian infra company has received an order for a 400kV double circuit transmission line project valued at around $120 million from the Power Grid Company of Bangladesh Limited (PGCB)?

Correct answer is Tata Projects.

  • This is a 120-km project from Barapukuria to Bogura in Bangladesh to be executed in 30 months.
  • The funding for the same will be provided by EXIM Bank under Indian Line of Credit.
  • This project is on the line of South Aisa power pool comprising Bangladesh, Bhutan, India and Nepal.

Obituaries

Q.1. Renowned personality Koneru Ramakrishna Rao passed away due to age-related illness, he was a veteran?

Correct answer is Educationist.

  • Ramakrishna Rao was a former Chairman of Andhra Pradesh State Council of Higher Education (AP-SCHE).
  • He served as the Vice-Chancellor of Andhra University and Chancellor of GITAM (Gandhi Institute of Technology and Management) deemed-to-be university.
  • He has also served as President of the US-based Parapsychological Association and as the President of Indian Academy of Applied Psychology.


Q.2. Renowned personality and Padma Vibhushan awardee Balwant Moreshwar Purandare (Babasaheb Purandare) passed away recently, he was a noted?

Correct answer is Historian.

  • Purandare (99), an authority on the Maratha warrior king Chhatrapati Shivaji Maharaj.
  • Raja Shivchhatrapati, Purandare’s popular two-part, 900-page magnum opus on Shivaji Maharaj in Marathi, was first published in the late 1950s and has since been a staple in Marathi households, going through numerous reprints over decades.


Q.3. Renowned personality Wilbur Smith (88) passed away at his home in South Africa, he was a noted?

Correct answer is Author.

  • Smith was born in today's Zambia in 1933 to a British family.
  • He grew up experiencing the forest, hills and savannah of Africa on his parents' ranch.
  • He credited his mother with teaching him to love nature and reading.
  • In 1964, the author published his first novel, "When the Lion Feeds," which narrates the tale of a young man growing up on a South African cattle ranch.

Important Days

Q.1. World Urbanism Day, also known as “World Town Planning Day”, is annually observed across the globe on which date?

Correct answer is 8th November.

  • The day aims to focus on the aims, objectives and progress of urban and regional planning across the globe.
  • The celebration of World Urbanism Day is promoted by the International Society of City and Regional Planners (ISOCARP).


Q.2. International Day of Radiology is observed globally every year on?

Correct answer is 8th November.

  • The day is celebrated to promote the awareness of the value that radiology contributes to safe patient care, and improve public understanding of the vital role radiologists and radiographers play in the healthcare continuum.
  • The theme for 2021 is ‘Interventional Radiology – Active care for the patient’.
  • Radiology is the medical discipline that uses medical imaging to diagnose and treat diseases within the bodies of animals and humans.


Q.3. In India, the “National Legal Services Day” is observed every year on which date by all Legal Services Authorities?

Correct answer is 09 November.

  • The Day is celebrated to make people aware of the various provisions under the Legal Services Authorities Act and the right of the litigants.
  • On 11 October 1987, the Legal Services Authorities Act 1987 was enacted, while the act took effect on 9 November 1995.


Q.4. World Science Day for Peace and Development is celebrated each year on?

Correct answer is 10th November.

  • This day is celebrated to highlight the important role that science play in society and the need to engage the wider public in debates on emerging scientific issues.
  • The year 2021 marks the 20th edition of World Science Day for Peace and Development.


Q.5. In India, the National Education Day is celebrated every year on?

Correct answer is 11th November.

  • The day was announced by the Ministry of Human Resource Development on 11 September 2008.
  • Maulana Abul Kalam Azad served as education minister from 15 August 1947 to 2 February 1958.


Q.6. The World Pneumonia Day is observed every year on which date across the world to raise awareness, promote prevention and treatment and produce action to combat the disease?

Correct answer is 12th November.

  • It was first celebrated in 2009.
  • Pneumonia: Any infection causing an inflammatory response in the lung.


Q.7. World Diabetes Day (WDD) is observed every year on which date to growing concerns about the escalating health threat posed by diabetes?

Correct answer is 14th November.

  • The day also birthday of Sir Frederick Banting, who co-discovered insulin along with Charles Best in 1922.
  • The day was launched in 1991 by the IDF and World Health Organization (WHO) and became an official UN Day in 2006.
  • Theme for WDD 2021-23: Access to Diabetes Car – If Not Now, When?


Q.8. On which date, Children’s Day is celebrated every year to mark the birth anniversary of India’s first Prime Minister Pt. Jawaharlal Nehru?

Correct answer is 14th November.

  • Children’s Day is popularly known as ‘Baal Diwas’ in India.
  • The day aims at increasing the awareness of the rights, care and education of children.
  • On this day, many educational and motivational programs are organised across the country, by and for children.

New Appointments

Q.1. Who has been appointed as the next Chief of the Naval Staff (CNS)?

Correct answer is R. Hari Kumar.

  • Presently, he is Flag Officer Commanding-in-Chief (FOC-in-C) Western Naval Command.
  • He will take over on November 30 when incumbent Admiral Karambir Singh retires from service.
  • Vice Admiral Kumar graduated from J-squadron, 61 Course National Defence Academy in December 1981 and was commissioned into the Executive Branch of the Navy on January 1, 1983.


Q.2. Who has been appointed as the Chief Executive Officer (CEO) of Barclays with immediate effect?

Correct answer is CS Venkatakrishnan.

  • CS Venkatakrishnan was head of global markets, co-president of Barclays Bank PLC, and a member of the Group Executive Committee of Barclays, based in New York.
  • Prior to his appointment as head of global markets and co-president of BBPLC, Venkat served as chief risk officer at Barclays.


Q.3. Who has been appointed as the brand ambassador of Novo Nordisk India to create awareness on better diabetes management and early insulin adoption?

Correct answer is Kapil Dev.

  • Novo Nordisk is a company that provides diabetes innovative solutions for diabetes care. It also focuses on educating people about management of diabetes.
  • World Diabetes Day observed on 14th November, it marks the birthday of Sir Frederick Banting who codiscovered Insulin.


Q.4. Who has been appointed as the Director-General of Narcotics Control Bureau (NCB)?

Correct answer is Satya Narayan Pradhan.

  • Mr Pradhan, a Jharkhand cadre 1988-batch IPS officer, was currently holding additional charge of NCB chief despite holding the responsibility of Director General of National Disaster Response Force (NDRF).
  • He was given additional charge of NCB Director-General after Rakesh Asthana was appointed as Delhi Police Commissioner.


Q.5. Morinari Watanabe belong to which country who has been re-elected as the President of the International Gymnastics Federation (FIG) for a period of three year?

Correct answer is Japan.

  • He was first elected as the President of FIG in 2016 for a four-year term beginning January 2017.
  • His term was then extended by one year.
  • He will now continue to hold the position till 2024.
  • Headquarters of International Gymnastics Federation: Lausanne, Switzerland


Q.6. Who has been appointed as the Director General of National Disaster Response Force (NDRF)?

Correct answer is Atul Karwal.

  • He is an IPS Officer of 1988-batch Gujarat cadre.
  • He will replace Satya Narayan Pradhan who has been appointed as Director-General of Narcotics Control Bureau (NCB).


Q.7. Who has been appointed as the Director General of Central Industrial Security Force (CISF)?

Correct answer is Sheel Vardhan Singh.

  • The Appointments Committee of the Cabinet has approved the proposal of the Ministry of Home Affairs for appointments.
  • Singh, a 1986 batch Indian Police Service officer of Bihar cadre, is currently Special Director in the IntelligenceBureau. Singh has been appointed as the Director-General, CISF up to 31.08.2023.


Q.8. Who has been appointed as the chief executive officer (CEO) of the Standard Chartered Securities (India)?

Correct answer is Rajeev Srivastava.

  • His appointment is currently subject to regulatory approvals
  • Prior to this, he worked at HDFC Securities where he headed the products and business development functions of the organization.
  • SCSI: It is a leading broking company and is registered as a trading and clearing member with BSE and NSE.


Q.9. Who has been named the Goodwill Ambassador for the United Nations (UN) World Food Programme (WFP)?

Correct answer is Daniel Brühl.

  • He will support raising awareness for the millions of hungry people and engage his supporters in advocacy for a Zero Hunger world.
  • As the goodwill ambassador, he will inform about the main drivers of hunger and showcase the efforts of UN WFP to tackle both immediate needs and root causes of hunger.


Q.10. Who has been elected to the International Law Commission for a five-year term, in a hard-fought election at the United Nation?

Correct answer is Bimal Patel.

  • He will serve a five-year term starting January 1, 2023.
  • Prof. Patel has served in various roles such as the Director at the Gujarat National Law University and member of the 21st Law Commission of India.
  • Prof. Patel garnered 163 votes in the UN General Assembly out of 192 members present and voting.


Q.11. Who has been appointed as the Chief Executive Officer (CEO) of the fashion and lifestyle e-commerce platform Myntra?

Correct answer is Nandita Sinha.

  • Ms. Sinha succeeds Amar Nagaram,
  • Before joining Flipkart, she was the co-founder at MyBabyCart.com, an e-commerce site.
  • Myntra is a major Indian fashion e-commerce company headquartered in Bengaluru, Karnataka, India.


Q.12. Who has been appointed as Team India's T20 International captain?

Correct answer is Rohit Sharma.

  • He has replaced Virat Kohli.
  • Board of Control for Cricket in India (BCCI) announced the decision, while also naming India's 16-man squad for the upcoming home series against New Zealand.
  • Rohit Sharma was the frontrunner to replace Kohli as the T20I captain ever since Kohli made the announcement.


Q.13. Who has been appointed as the new Secretary General of Rajya Sabha?

Correct answer is PC Mody.

  • He was formerly working as the chairman of the Central Board of Direct Taxes (CBDT).
  • He replaced P.P.K. Ramacharyulu, who was appointed to the post on 1st September, 2021 and has now been appointed as an adviser to the Rajya Sabha chairman.
The document Weekly Current Affairs (8th to 14th November 2021) Part - 1 | Weekly Current Affairs - UPSC is a part of the UPSC Course Weekly Current Affairs.
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FAQs on Weekly Current Affairs (8th to 14th November 2021) Part - 1 - Weekly Current Affairs - UPSC

1. What is the importance of banking and financial awareness in competitive exams?
Ans. Banking and financial awareness is an important topic in competitive exams, especially in the banking and finance sector. It tests the candidate's knowledge and understanding of various banking and financial concepts, terms, and current affairs related to the industry. It helps in assessing the candidate's ability to analyze financial data, understand banking processes, and stay updated with the latest developments in the field. A good understanding of banking and financial awareness can give candidates an edge in scoring well in these exams.
2. What are some key areas covered in banking and financial awareness questions?
Ans. Banking and financial awareness questions generally cover a wide range of topics including banking terms and definitions, financial institutions and their functions, monetary policies, banking regulations, various types of accounts, banking products and services, financial markets, insurance, mutual funds, government schemes related to banking and finance, current affairs related to the banking and finance industry, and more. It is important for candidates to have a comprehensive knowledge of these areas to excel in banking and financial awareness exams.
3. How can one prepare for banking and financial awareness exams?
Ans. To prepare for banking and financial awareness exams, candidates can follow these steps: 1. Read newspapers, financial magazines, and online articles to stay updated with current affairs related to the banking and finance industry. 2. Refer to standard banking and finance books and study materials to understand the basic concepts and terminologies. 3. Take online mock tests and practice previous year question papers to get familiar with the exam pattern and types of questions asked. 4. Join coaching classes or online courses specifically designed for banking and financial awareness preparation. 5. Participate in group discussions and quizzes related to banking and finance to enhance your understanding and retention of the topics.
4. What are some common banking and financial awareness terms that candidates should be familiar with?
Ans. Candidates appearing for banking and financial awareness exams should be familiar with the following terms: 1. NPA (Non-Performing Asset): A loan or advance for which the principal or interest payment remains overdue for a certain period of time. 2. CRR (Cash Reserve Ratio): The percentage of a bank's total deposits that it is required to keep with the central bank. 3. SLR (Statutory Liquidity Ratio): The percentage of a bank's total deposits that it is required to maintain in the form of liquid assets like cash, gold, or government securities. 4. Repo Rate: The rate at which the central bank lends money to commercial banks in case of a shortage of funds. 5. KYC (Know Your Customer): The process by which banks verify and authenticate the identity of their customers to prevent fraud and illegal activities.
5. How does banking and financial awareness contribute to the overall selection process in banking exams?
Ans. Banking and financial awareness is an integral part of the selection process in banking exams. It is usually included as a separate section or as part of the general awareness section. Scoring well in this section can significantly improve the candidate's overall score and increase their chances of selection. It demonstrates the candidate's knowledge and understanding of the banking and finance industry, which is crucial for a career in the banking sector. Additionally, it also reflects the candidate's awareness of current affairs and their ability to analyze financial data, both of which are important skills for a banking professional.
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