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

Banking & Financial Awareness

Q.1. Which power company to acquire 5 per cent equity stake in Power Exchange of India Ltd (PXIL) that provides various electricity trading options?

Correct Answer is NTPC Ltd.

• The PXIL is India's first institutionally promoted power exchange, which has been providing various electricity trading solutions and connecting buyers as well sellers since 2008.
• The authorised share capital of the PXIL is Rs 120 crore and paid-up capital is Rs 58.47 crore.

Q.2. As per the framework issued by the Reserve Bank of India (RBI) for allowing offline digital payments what will be the total limit for offline digital transactions on a payment instrument at any point of time?

Correct Answer is Rs 2,000.

• An offline digital payment means a transaction which does not require internet or telecom connectivity.
• Under this new framework, which is applicable with immediate effect, offline payments can be made in faceto-face (proximity) mode only.
• Such transactions will not require an Additional Factor of Authentication (AFA).
• The upper limit of an offline payment transaction will be ₹200.

Q.3. The government has kept the interest rate on Public Provident Fund (PPF) unchanged at what percent for 4th quarter of FY 2021-22?

Correct Answer is 7.1%.

• The central government has kept the interest rates on small savings schemes, including NSC and PPF, unchanged for the fourth quarter of 2021-22 amid the COVID-19 pandemic.
• Public Provident Fund (PPF) and National Savings Certificate (NSC) will continue to carry an annual interest rate of 7.1 percent and 6.8 percent, respectively.

Q.4. Digital marketplace for consumer credit, paisabazaar.com has partnered with which bank to launch a pre-qualified program for unsecured loans on its platform?

Correct Answer is Axis Bank.

• Axis Bank customers, both salaried and self-employed, who are eligible for pre-qualified personal loans from the bank, will now be able to view and apply for the same offers through the Paisabazaar platform as well.
• This integration would lead to instant access to credit for these select customers through an end-to-end digital process.

Q.5. Which payments bank has received the Reserve Bank of India’s approval for commencing international remittance business?

Correct Answer is Fino Payments Bank.

• It received approval from central bank under the Money Transfer Service Scheme (MTSS).
• It will be undertaking inward cross-border money transfer activities in association with an overseas principal, the details of which are being worked out.
• It also has plans to commence outward remittance services soon.

Q.6. NPCI Bharat BillPay Ltd. (NBBL), the wholly-owned subsidiary of National Payments Corporation of India has introduced a unique functionality called ‘UPMS’. What does ‘M’ stands for in the UPMS?

Correct Answer is Management.

• Through UPMS, NBBL will enable the customers to set up standing instructions – from any channel and for any mode on their recurring bill payments.
• The bills will be automatically fetched from the billers and presented to customers for their action, in terms of auto-debit and bill payment management.
• UPMS will help in democratizing recurring bill payments and making them further convenient for customers.

Q.7. Which general insurance company has launched #BahaneChhodoTaxBachao campaign to increase awareness of Indians around the need to buy health insurance to save tax?

Correct Answer is SBI General Insurance.

• The campaign #BahaneChhodoTaxBachao will also underline other benefits of opting for health insurance.
• The campaign has a humorous tone to bring out the barriers people have for not buying or procrastinating to buy health insurance.

Q.8.  In January 2022, which payments bank has has been categorised as a scheduled bank by the Reserve Bank of India (RBI)?

Correct Answer is Airtel Payments Bank.

• With this, Airtel Payments Bank can now pitch for government-issued Requests for Proposals (RFPs) and primary auctions and undertake both central and state government business, besides participating in government-operated welfare schemes.
• Airtel Payments Bank is among the fastest-growing digital banks in the country, with a base of 115 million users.

Q.9. Which group of banks were identified as Domestic Systemically Important Banks (D-SIBs) by the Reserve Bank of India for 2021?

Correct Answer is State Bank of India (SBI), ICICI Bank and HDFC Bank.

• RBI places D-SIBs in appropriate buckets depending upon their Systemic Importance Scores (SISs).
• The central bank’s current update on D-SIBs is based on the data collected from banks as on March 31, 2021.
• Based on the bucket in which a D-SIB is placed, an additional common equity requirement is applied to it.

Q.10. Which bank has won the Ui Path Automation Excellence Awards 2021 for Best Automation under Crisis for Business Continuity?

Correct Answer is South Indian Bank.

• The award was bestowed upon the Bank for its exceptional use of Robotic Process Automation capabilities under difficult times for solving severe operational constraints, thereby ensuring business continuity.
• The UiPath Automation Excellence Awards aim to recognise the change-makers of automation.

Q.11. Which became first company with stock-market value above $3 trillion?

Correct Answer is Apple.

• Its share price has climbed steadily for years, leaving it up more than 200% since Covid lockdown in early 2020 and underlined centrality of technology for work, education, entertainment, etc
• Apple shared $2 trillion market value club with Microsoft Corp, which is now worth $2.5 trillion

Q.12. Which crypto app has launched India’s first crypto index titled ‘IC15’, which will track the market capitalization and liquidity of top 15 global digital currencies?

Correct Answer is CryptoWire.

• Crypto assets like Bitcoin, Ethereum, Binance coin, Solana, Cardano, Ripple, Terra, Dogecoin and Shiba inu will be monitored by this platform
• CryptoWire’s index governance committee will maintain, monitor and administer the index
• Base value of the index is set at 10,000 and base date is 1 April 2018.

Q.13. India exported goods worth $37.29 billion in December 2021, the highest ever in a month, what is the annual export target of India, for the year 2021-22 ?

Correct Answer is $400 billion.

• India’s merchandise exports in April-December were nearly $300 billion, up 48.85 per cent year-on-year and 26 per cent against the same period in 2019.
• This translates into India achieving three-fourths of its annual export target of $400 billion in the first nine months of FY22.

Q.14. Which telecom company has announced a joint venture with Hughes Communications India Private Limited (HCIPL) to provide satellite broadband services in India ?

Correct Answer is Bharti Airtel Limited.

• HCIPL will hold a 67 percent stake in the joint venture, while Airtel will hold a 33 percent
• HCIPL will combine the Very Small Aperture Terminal (VSAT) business of both companies.

Q.15. Which payments bank announced a collaboration with Park+ to offer FASTag-based smart parking solutions to marquee commercial and residential properties across the country?

Correct Answer is Airtel Payments Bank.

• The collaboration aims to leverage the deep distribution reach and digital payments stack of Airtel Payments Bank to digitize the parking ecosystem using FASTag associated with the vehicle. 
• Park+ will offer its entire suite of FASTag services including issuance, acquiring, recharge, and technology support to Airtel Payments Bank.

Q.16. Reserve Bank of India (RBI) has cancelled the authorisation certificates of which entities for non-compliance with regulatory requirements?

Correct Answer is Muthoot Vehicle and Asset Finance Ltd and Eko India Financial Services

Private Ltd.

• Both the Payment System Operators (PSOs) had authorisation for issuance and operation of prepaid payment instruments.
• However , customers or merchants having a valid claim, if any, on these companies as PSOs, can approach them for settlement of their claims within three years from the date of cancellation.

Obituaries

Q.1. Renowned personality Richard Leakey passed away recently, he was a veteran?

Correct Answer is Conservationist.

• He spearheaded campaigns against the ivory trade to save the dwindling African elephant population.
• For years, Mr. Leakey served in various roles in the government, including as director of the state-run National Museums of Kenya and twice as board chairman at the Kenya Wildlife Service.

Q.2. Renowned personality Sindhutai Sapkal passed away recently, he was a veteran?

Correct Answer is Social Worker.

• He is fondly known as 'orphan children's mother'.
• She raised over 1,050 orphan children and could boast of having 207 sons-in-law and 36 daughters-in-law.
• Marathi biopic on her ‘Mee Sindhutai Sapkal’ was released in 2010.

Q.3. Lawrence N. Brooks, the oldest World War II veteran and believed to be the oldest man in the country passed away in January 2022 at the age of 112. He belonged to which of the following countries?

Correct Answer is USA.

• His death was announced by the National World War II Museum and confirmed by his daughter.
• Brooks, born on Sept. 12, 1909, was known for his good-natured sense of humor, positivity and kindness.
• Brooks was working at a sawmill when he was drafted into the U.S. Army in 1940.

Important Days

Q.1. The Defence Research and Development Organisation (DRDO) has observed the 64th Foundation Day of its establishment on?

Correct Answer is 1st January 2022.

• DRDO was established in 1958 with just 10 laboratories to enhance the research work in the Defence sector.
• At that time, it was tasked with designing and developing cutting edge defence technologies for the Indian Armed Forces.

Q.2. World Braille Day is observed globally every year on ?

Correct Answer is 4th January.

• The day aims to recognize the right of access to braille by blind people and raise awareness of the importance of braille as a means of communication in the full realization of the human rights for blind and partially sighted people.

Q.3. World Day of War Orphans is observed every year on which date to create awareness about the plight of children who have lost their parents due to conflict?

Correct Answer is 6th January.

• In any conflict, children are one of the most disadvantaged and vulnerable groups present.
• Children who have been injured in a gunfight or separated from their families require particular care in order to heal the mental wounds of war, begin school, and restart normal life.

Q.4. What is the theme of the National Science Day 2022 as announced by the Science and Technology Minister, Jitendra Singh?

Correct Answer is Integrated Approach in Science and Technology for Sustainable Future.

• Theme of National Science Day 2022: Integrated Approach in Science and Technology for Sustainable Future.
• National Science Day is observed every year on 28th February to mark the discovery of the Raman effect.

Q.5. The Bureau of Indian Standards (BIS) has celebrated its which Establishment Day on 6th January, 2022?

Correct Answer is 75th.

• Addressing on the occasion Minister of Consumer Affairs, Food & Public Distribution Piyush Goyal said that Quality is not expensive it is cost-effective.
• He highlighted that For BIS to grow it should work as a facilitator not an obstructer.
• He said that BIS should develop as a global organisation, learn from global experiences and integrate global standards.

New Appointments

Q.1. Who will lead the Parliamentary Standing Committee that will examine the bill that seeks to raise the legal age of marriage for women from 18 years to 21 years?

Correct Answer is Vinay Sahasrabuddhe.

• It was referred to the Parliamentary Standing Committee on Education, Women, Children, Youth and Sports.
• The bill seeks to increase the legal age of marriage of women from 18 to 21.
• The parliamentary standing committee will be led by senior BJP leader Vinay Sahasrabuddhe.
• TMC MP Sushmita Dev is the only woman among the 31 members.

Q.2. Who took over as the Chief Executive Officer (CEO) of the Vistara airline?

Correct Answer is Vinod Kannan.

• He replaced Leslie Thing, who was the CEO from July 16, 2017 to December 31, 2021.
• He started his stint with Vistara as Chief Strategy Officer in June 2019 and took over as Chief Commercial Officer in January 2020
• Deepak Rajawat has been elevated to the role of Vistara’s chief commercial officer

Q.3. Who has been appointed as the chairman of Commission for Agricultural Costs & Prices (CACP)?

Correct Answer is Vijay Paul Sharma.

• The role of CACP chairman will be crucial in the proposed committee on the minimum support price (MSP) and other reforms.
• Currently, he is a Professor at the Indian Institute of Management, Ahmedabad.

Q.4. Under whose chairmanship the SEBI has re restructured its advisory committee on market data that recommends policy measures pertaining to areas like securities market data access and privacy?

Correct Answer is S Sahoo.

• Rejigging its market data advisory committee, Sebi has said the panel will now be chaired by S Sahoo, Professor at National Law University, Delhi and former chairperson, Insolvency and Bankruptcy Board of India (IBBI), as per the latest information with the regulator.
• The 20-member committee was earlier headed by Madhabi Puri Buch, ex-whole time member of Sebi.

Q.5. Who will head the Energy Transition Advisory Committee formed by the Ministry of Petroleum and Natural Gas?

Correct Answer is Tarun Kapoor.

• The panel will include representatives of all public-sector oil and gas companies and will reach out to other stakeholders in the sector.
• The committee has until the middle of 2022 to recommend a roadmap for the sector's transition.

Q.6. Who has been appointed as the chairman-cum-CEO of Railway Board with immediate effect?

Correct Answer is Vinay Kumar Tripathi.

• Vinay Kumar Tripathi, prior to be appointed as new chairman of railway board was working as General Manager of North Eastern Railway in Gorakhpur in Uttar Pradesh.
• The Appointments Committee of the Cabinet has not only approved the appointment of Tripathi for six month from Janaury 1 but also further granted extension of his tenure till 31 December in 2022.

Q.7. Which public sector bank has signed cricketer Shafali Verma as its brand endorser?

Correct Answer is  Bank of Baroda.

• In a welcome result of her consistent outstanding performance in the Women’s cricket for India, the Bank has signed contract with the ace Cricketer.
• Shafali has created various records, one of which is when she became the youngest woman cricketer to play for India in her debut game against South Africa.
• Shafali brings in a natural connect with today’s youth, especially women and she exuberates sportsman spirit and qualities on and off-field.

Q.8. Who becomes the first women chairman and managing director of Oil and Natural Gas Corporation (ONGC)?

Correct Answer is Alka Mittal.

• She is the first woman to head the country’s largest oil and gas producer.
• She replaced Subhash Kumar, who retired on December 31.
• She has been appointed for a period of six months.

Q.9. The survey is titled as 'Mera Gaon, Meri Dharohar' is being conducted by which ministry?

Correct Answer is Ministry of Culture.

• The survey is titled as 'Mera Gaon, Meri Dharohar'
• It will document the cultural identity at village level by involving citizens to share what makes their village, block, or district unique.

Q.10. Who has been appointed as the president of the US-India Business Council (USIBC)?

Correct Answer is Atul Keshap.

• He will replace Nisha Biswal, who has been appointed the U.S. Chamber of Commerce’s Senior Vice President of International Strategy and Global Initiatives and South Asia.
• Mr. Kehsap was also previously the U.S. Ambassador to Sri Lanka and the Maldives. He was posted to India in the 2005-2008 period and more recently in 2021 as Chargé d’Affaires.

Q.11. Who has been named as the new Chair of the UN Counter-Terrorism Committee (CTC)?

Correct Answer is TS Tirumurti.

• Prior to taking up his current position as Permanent Representative of India to the United Nations, in May 2020, Tirumurti served as Secretary in the Ministry of External Affairs, handling the Economic Relations portfolio.

Q.12. Who has taken charge as the new Secretary-General of the Shanghai Cooperation Organisation (SCO)?

Correct Answer is Zhang Ming.

• He succeeded Vladimir Norov, former diplomat from Uzbekistan.
• Before joining SCO, he served as the head of the Chinese mission to the European Union.
• SCO comprises: India, Kazakhstan, China, Kyrgyz Republic, Pakistan, Russia, Tajikistan, Uzbekistan.