Weekly Current Affairs (8th to 14th January 2022) Part - 1 - UPSC PDF Download

Banking & Financial Awareness

Q.1. Which bank has collaborated with Google to fuel the Bank’s customer experience strategy and expand its value proposition to serve its rapidly growing customer base through its digital platform, Abacus 2.0?

Correct Answer is RBL Bank.

• This collaboration will enable better customer data management, and analytics, enabling effective crossselling within the Bank’s large customer base and subsequently reducing the cost of customer acquisition.
• Through Abacus 2.0, the Bank aims to provide a superior and holistic one-stop solution to its existing and new customers, to seamlessly deliver its different product offerings across channels.

Q.2. The Vodafone Idea has offered what percent of stake to the Government against outstanding payments related to spectrum auction instalments and AGR dues?

Correct Answer is 30%.

• It is now informed that the Board of Directors, at its meeting held on 1 January 10, 2022, has approved the conversion of the full amount of such interest related to spectrum auction instalments and AGR Dues into equity.
• The Net Present Value (NPV) of this interest is expected to be about ₹16,000 crore as per the company’s best estimates, subject to confirmation by the DoT,” Vodafone Idea said in a stock exchange filing.

Q.3. In January 2022, which state-owned power company has been given the category 'I' licence for the inter-state trading of power in the entire country by the Central Electricity Regulatory Commission?

Correct Answer is SJVN Ltd.

• If the licensee fails to undertake trading in electricity within one year from the date of licence, the licence will be liable for revocation in accordance with the provisions of the Act and Trading Licence Regulations.

Q.4. AIC STPINEXT Initiatives, a special purpose vehicle of Software Technology Parks of India (STPI) has signed two MoUs with which bank to enhance the tech startup ecosystem in India?

Correct Answer is HDFC Bank.

• These partners would play critical role in supporting and handholding the startups in the growth journey through technical guidance & assistance, mentoring, pitching to investors, funding support, and market connect & access etc.

Q.5. Edelweiss Housing Finance Ltd (EHFL) and ECL Finance Ltd (ECLF) have entered into co-lending partnership with which bank for lending to priority sector areas?

Correct Answer is Indian Bank.

• Agriculture, micro enterprises and advances to weaker sections of the society are amongst the categories that form the priority sector in lending space.
• The lenders recently signed a (Memorandum of Understanding) MoU under RBI's Co-Lending Model (CLM), thus significantly expanding their portfolio of lending products available to the target customers, increasing their access to credit.

Q.6. Which bank has launched an online lending platform to facilitate quick and hassle-free credit approvals of up to ₹50 lakh for MSMEs across India?

Correct Answer is Federal Bank.

• The platform enables borrowers to avail loans in less than 30 minutes digitally by uploading their income tax returns, bank account statement and online verification of GST details, per the private sector bank’s statement.
• The platform also uses algorithms to read and analyse data points from various sources such as I-T returns, GST data, bank statements, Credit Bureau, capturing the borrower’s basic details using analytics.

Q.7. Which bank has entered into a partnership with MinkasuPay to offer biometric authentication solution for its customers, whereby thetransaction timeto execute net banking payment will be reduced from about 50-60 seconds currently, to just 2-3 seconds?

Correct Answer is Axis Bank.

• India’s third largest private sector banksaid customers’ biometric authentication will be done with Fingerprint or Face ID authentication.
• This willalso increasetransaction success rates significantly.

Q.8. Partnering with which bank Lazypay, a Buy Now Pay Later solution by PayU Finance has launched LazyCard, a payment instrument backed by a credit line, thus foraying into the card segment?

Correct Answer is SBM Bank.

• The card aims at empowering financially underserved Indians, who struggle with limited credit options, with easy access to credit.
• Available to the 62 million pre-approved users of LazyPay, LazyCard will empower customers with a credit limit of up to ₹ 5 lakh.

Q.9. Which Indian conglomerate has and South Korean steel major POSCO have signed an agreement to explore opportunities, including setting up of an integrated steel mill at the western state of Gujarat?

Correct Answer is Adani Group.

• POSCO and Adani intend to utilize renewable energy resources and green hydrogen to make it an environmentally friendly integrated steel mill.
• The company also runs POSCO-Maharashtra, a 1.8-million-ton cold-rolled and galvanized mill, and four processing centres in Pune, Delhi, Chennai and Ahmedabad.

Q.10. India and South Korea set a bilateral trade target of?

Correct Answer is $50 billion.

• India and South Korea set a bilateral trade target of $50 billion before 2030, as South Korea's Trade Minister Yeo Han-Koo held talks with Indian Commerce and Industry Minister Piyush Goyal in New Delhi.
• The two mnisters held wide-ranging discussions covering the whole gamut of bilateral trade and investmentrelated aspects.

Q.11. According to the World Bank’s Global Economic Prospects Report 2022, released in January 2022, what will be India’s annual growth rate in the current fiscal year (2021-22?

Correct Answer is  8.3%.

• As per the report Global economic growth will dip sharply from 5.5% in 2021 to 4.1% in 2022 and 3.2% in 2023.
• The report also flagged the risks posed by growing inequality and rising inflation.

Q.12. The Indian Institute of Management Kozhikode’s Business incubator Laboratory for Innovation Venturing and Entrepreneurship (LIVE) has signed an MoU with which bank to launched a startup funding scheme?

Correct Answer is Indian Bank.

• The inked agreement launched a startup funding scheme, ‘IndSpring Board’ to support early-stage startups by providing loans up to ₹50 crore.
• The loan amount disbursed to startups under the IndSpring Board scheme from IIMK LIVE and Indian Bank will be used to meet a startup operational expenditure and capital expenditure which includes working capital, purchase of fixed assets and other expenses.

Q.13. In partnership with the NPCI which bank has launched a ‘RuPay Select Contactless Debit Card’ with a host of benefits for its premium/HNI (High Networth Individuals) customers?

Correct Answer is UCO Bank.

• This launch was made on the occasion of the 79th Inauguration Day of the bank i.e. January 6, 2022.
• The card offers an ATM (Automated Teller Machine) withdrawal limit of Rs 50000 along with a purchase of up to Rs 2 lakh at POS (Point of Sale) or E-Commerce.
• All RuPay Select Contactless Debit cardholders are eligible for the Insurance cover of up to Rs 10 lakhs (Death  due to personal accident and permanent disability).

Q.14. NABARD has forged a partnership with which fintech firm for providing end-to-end fintech solution including skilling, micro financial services and forward linkage support to self-help group members?

Correct Answer is Arthimpact Digital Loans.

• ARTH will provide credit, payments and insurance solutions support to micro-MSME enterprises.
• Both organisations will work to provide micro financial services and forward linkage support to SHGs.
• The specialized entities across occupations to 500 enterprises across Uttar Pradesh impacting 2500 households

Q.15. Which bank has been adjudged Best Private Bank in India at the Global Private Banking Awards 2021, organised by Professional Wealth Management (PWM)?

Correct Answer is HDFC Bank.

• Professional Wealth Management (PWM) specialises in analysing the growth strategies of private banks and the regional financial centres in which they operate.
• The award was given for contributing to accelerate key trends, including digitalisation, communication and investment in environmental, social and governance (ESG) strategies.

Q.16. Which becomes the largest and fastest growing UPI beneficiary bank in India?

Correct Answer is  Paytm Payments Bank.

• It becomes the first beneficiary bank in the country to achieve the landmark of over 926 million UPI transactions in a single month.
• Beneficiary banks are the banks of the account holder who is receiving money.
• Paytm Payments Bank has also gained rapid traction as a remitter bank for UPI payments.

Q.17. Which E-Commerce company has joined hands with BOB Financial and NPCI to launch a co-branded contactless RuPay credit card?

Correct Answer is Snapdeal.

• This co-branded credit card aims to popularise the adoption and usage of credit cards among the growing number of online buyers from India’s smaller cities and towns.
• The Snapdeal-BoB co-branded contactless card will be rolled out by March 2022.
• BOB Financial Solutions Limited (BFSL) is a wholly-owned subsidiary of Bank of Baroda (BoB), one of India’s largest public sector banks. Established in 1994, BFSL issues Bank of Baroda credit cards.

Q.18. Which Regional Rural Bank (RRBs) has signed a memorandum of understanding (MoU) with the Mecwin Technologies Ltd to introduce farmer-friendly solar-powered pump-sets using bank finance?

Correct Answer is Karnataka Vikas Grameena Bank (KVGB).

• The MoU will benefit farmers since Mecwin Technologies Ltd is specialised in the production and management of solar irrigation pump-sets.
• Apart from this, the bank has the largest branch network in rural areas.
• KVGB was the first bank to introduce solar loan schemes.

Obituaries

Q.1. Renowned personality, Marilyn Bergman (93) passed away recently, she was a veteran?

Correct Answer is lyricist.

• Bergman and her collaborator husband Alan, was nominated for 16 Academy Awards over the course of her career, winning three.
• The song “The Way We Were” from the Barbara Streisand movie of the same name was one of those Oscar wins, which also won two Grammys.

Q.2. Renowned personality Bob Saget passed away recently, he was a veteran?

Correct Answer is Actor.

• Saget was in Florida as part of his “I Don't Do Negative Comedy Tour.”
• Following his first round of sitcom fame, Saget worked steadily in film and television roles but became known to a new generation of sitcom fans on CBS's "How I Met Your Mother," acting as narrator and the voice of future Ted Mosby

Q.3. Noted writer Professor Chandrashekhar Patil passed away recently, he used to write in which language?

Correct Answer is Kannada.

• He was one of the prominent ‘Bandaya sahithi’ in Kannada literary school of thought and was an important voice in public discourse of Karnataka for over half a century.
• His street play Jagadambeya was against the imposition of Emergency by then PM Indira Gandhi.

Q.4. Renowned personality Mihir Das passed away recently, he was a veteran?

Correct Answer is actor.

• The popular actor was suffering from renal ailments for years.
• The versatile actor had won the State government's best actor award for his performance in 'Laxmi Pratima' (1998), and 'Pheria Mo Suna Bhauni' (2005).

Q.5. David Sassoli, the President of European Parliament held from which country who passed away recently?

Correct Answer is Italy.

• Sassoli, 65, was first elected at the European Parliament in 2009.
• He won another term in 2014 and served as the Parliament's vice president.

Q.6. Renowned personality Kamal Khan passed away recently he was veteran?

Correct Answer is  Journalist.

• Kamal’s reportage over the last decades stood out for its perceptiveness, integrity & the way he delivered hard truths with poetic dexterity.
• Khan was working as Executive Editor with NDTV.
• He was a recipient of Ramnath Goenka Award, and Ganesh Shanker Vidyarthi Award from the President of India.

Q.7. Renowned personality Sidney Poitier passed away recently, he was veteran?

Correct Answer is actor.

• Apart from his successful acting career, Sidney was also a tireless civil rights activist.
• He was awarded the US Presidential Medal of Freedom in 2009 by President Obama for his work.
• A dual citizen of the US and the Bahamas, he served from 1997-2007 as Bahamian Ambassador to Japan.

Important Days

Q.1. As per the announcement made by the union ministry of home affairs on which date every year will be the 'Veer Baal Diwas' observed as a tribute to guru Gobind Singh's four sons who were executed by the Mughals?

Correct Answer is 26th December.

• This was announced by PM Modi on the occasion of the 365th birth anniversary of the 10th Sikh guru.
• Veer Baal Diwas will be on the same day Sahibzada Zorawar Singh Ji and Sahibzada Fateh Singh Ji attained martyrdom after being sealed alive in a wall.

Q.2. The Non-Resident Indian Day or Pravasi Bhartiya Divas is celebrated every year on?

Correct Answer is  9th January.

• The aim of the event is to strengthen the engagement of the overseas Indian community with the Government of India and reconnect them with their roots.
• On 9 January 1915, Mahatma Gandhi came to India from South Africa and became the greatest Pravasi who led India’s Freedom Struggle and made India free from British or colonial rule.
• As a Non-Resident Indian or Pravasi, he is presented as a symbol of a change and development that could bring into India.

Q.3. World Hindi Day or Vishwa Hindi Divas is celebrated every year on which date?

Correct Answer is 10 January.

• It is celebrated across the world to promote the use of the Hindi language.
• The first World Hindi Conference was held in Nagpur on January 10 in 1975.
• First World Hindi Day was celebrated in the year 2006.

4. National Youth Day is celebrated every year on which date?

Correct Answer is 12th January.

• The main aim behind this is to make sure that the students across the country can be encouraged to learn about the life, the ideas and philosophy of Swami Vivekananda and apply them in their lives.
• The theme for National Youth Day 2022 is The Theme of 2022 is “It’s all in the mind.”
• In 2022, we are observing the 159th birth anniversary of Swami Vivekanand.

Q.5. Armed Forces Veterans Day is observed every year on?

Correct Answer is 14th January.

• The day aims to acknowledge and honour the selfless devotion and sacrifice of our veterans in the service of the nation. 2022 marks the 6th Armed Forces Veterans Day.
• It is observed as a mark of respect and recognition of the services rendered by Field Marshal KM Cariappa OBE, the first Indian Commander-in-Chief of the Indian Armed Forces who retired on 14 January 1953.

New Appointments

Q.1. Who has been appointed as the head of the newly formed ‘fintech department’ for financial technology by the RBI to facilitate innovation, and help identify and address challenges & opportunities in the new-age sector?

Correct Answer is Ajay Kumar Choudhary.

• The central bank has appointed Ajay Kumar Choudhary, executive director, to head the department.
• All matters related to inter-regulatory and international coordination on fintech shall also be dealt with by the department, which will report to the RBI’s centralised administration division.

Q.2. Who has been appointed as the Vice President of the Asian Infrastructure Investment Bank (AIIB) for a three-year tenure?

Correct Answer is Urjit Patel.

• He will succeed D J Pandian, who is in charge of sovereign, non-sovereign lending of AIIB in South Asia, Pacific Islands and South-East Asia.
• He will be one of the five Vice Presidents of the AIIB, which is headed by the President and Chair of the Board of Directors Jin Liqun (China).

Q.3. Who has been appointed as the Secretary General of the Organization of the Petroleum Exporting Countries (OPEC)?

Correct Answer is Haitham Al Ghais.

• He is appointed for a three year tenure (2022-2025) and will take the charge as the SG from 1st August 2022.
• Haitham Al Ghais, previously served as the Governor of OPEC between 2017 to June 2021, then as the Director of Kuwait Petroleum Corporation (KPU).

Q.4. Who has been appointed as the Director General of Punjab Police?

Correct Answer is Viresh Kumar Bhawra.

• He replaced officiating DGP Siddharth Chattopadhyaya.
• He was the DGP of Punjab Home Guards.
• After assuming the charge, Punjab Police will ensure smooth conduct of elections, and will be eradicating drug menace and terrorism from the state.

Q.5. Who has been appointed as the chairman of the Indian Council of Historical Research (ICHR)?

Correct Answer is Raghuvendra Tanwar.

• Prof Tanwar who joined KU as a lecturer in August 1977 has an outstanding academic record, with two gold medals in MA History.
• He was appointed an open selection professor in 1997 and has also worked as the KU's dean of academic affairs and dean of social sciences.

Q.6. In January 2022, who has been appointed as the chief economist of the International Monetary Fund (IMF)?

Correct Answer is Pierre-Olivier Gourinchas.

• He will replace Gita Gopinath, who is joining the IMF management team this month.
• As Economic Counsellor, he will serve as director of the IMF's Research Department.
• In December, Georgieva appointed Gopinath as the Fund's second-ranking official, putting her in a wideranging policy role overseeing IMF surveillance activities, research and flagship publications.

Q.7. Who has been appointed as the chairperson of the three-member inquiry committee by the Supreme Court to look into the alleged security breach of Prime Minister’s Punjab visit?

Correct Answer is  Indu Malhotra.

• Former Justice Indu Malhotra was the first woman judge to be appointed to the Supreme Court Bench directly from the Bar, joining the ranks of six other women who have been appointed as SC judges in India since Independence.
• She served as judge in SC for close to three years from April 2018 to March 2021.

Q.8. Who has been appointed as the 10th chairman of the Indian Space Research Organisation (ISRO)?

Correct Answer is S Somnath.

• He replaces Kailasavadivoo Sivan.
• K Sivan, the outgoing chairperson, will be completing his extended term on 14th January 2022.
• Before his appointment as the ISRO chief, he was serving as the director of Vikram Sarabhai Space Centre.

Q.9. Anup Bagchi has been re-appointed as the Executive Director of which bank for a period of 3 years?

Correct Answer is ICICI Bank.

• The shareholders of the bank at its Annual General Meeting in August last year had approved Bagchi’s reappointment for five years effective February 1, 2022.
• ICICI Bank has two more executive directors — Sandeep Batra and Vishakha Mulye.

Q.10. Navrang Saini has been assigned the additional charge of the chairperson of which regulatory body?

Correct Answer is Insolvency and Bankruptcy Board of India.

• The Centre had in Oct last year assigned additional charge of chairperson of IBBI Saini for a period of three months.
• The IBBI Chairperson is appointed by the center on the recommendations of the selection committee headed by the Cabinet Secretary.
• M S Sahoo, who was the first Chairperson of IBBI since October 1, 2016.