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

Banking & Financial Awareness

Q.1. According to the second advance estimates of national income released by the National Statistical Office (NSO), what would be India’s GDP growth rate in FY 2021-22?

Correct Answer is 8.9%.

• Gross Value-Added (GVA) is expected to grow by 8.3% this financial year, from 4.8% contraction in 2020-21.
• India’s GDP shrunk 6.6% in 2020-21, with the first half of the year recording a sharp contraction.

Q.2. The government of India has approved what percent of Foreign Direct Investment (FDI) under ‘automatic route’ in Life Insurance Corporation (LIC) of India ?

Correct Answer is up to 20 percent.

• It is aimed at attracting long-term foreign investors to the issue.
• IPO – An IPO is the selling of securities (shares of the company) to the public in the primary market (usually to institutional investors and retail investors).

Q.3. Recently Japan and India have renewed the Bilateral Swap Arrangement (BSA) of what size?

Correct Answer is $ 125 billion.

• The Bank of Japan, acting as an agent for the Minister of Finance Japan, and the RBI signed the amendment and restatement agreement of the bilateral swap agreement (BSA).
• Essentially, BSA is a two-way arrangement where both authorities can swap their local currencies in exchange for dollars.

Q.4. Bank of Maharashtra has partnered with Mahagram to roll out ‘Bank Sakhi’ project in which state of India?

Correct Answer is Odisha.

• As part of the tie-up, the company has onboarded more than 11,000 bank sakhis (women) on the BharatATM platform to help the rural citizens avail basic banking services at their doorstep or the next door Kirana stores

Q.5. In association with which bank the NSE International Exchange (NSE IFSC), a wholly-owned subsidiary of National Stock Exchange of India launched trading in India’s first Unsponsored Depository Receipts?

Correct Answer is HDFC Bank.

• This will offer Indian retail investors an opportunity to invest in the US stocks, listed on exchanges like NYSE and NASDAQ, in an easy and affordable way.
• NSE-IFSC kick-started trading in 8 prominent US stocks such as Alphabet, Amzon, Tesla, Meta Platforms (Facebook), Microsoft, Netflix, Apple and Walmart.

Q.6. Which industry group has announced a collaboration with Google Cloud to fuel the conglomerate’s digital transformation strategy and its next phase of business growth?

Correct Answer is Mahindra Group.

• Mahindra Group’s Digital, Data and Cloud Center of Excellence, referred to as Mahindra Digital Engine (MDE), will leverage Google Cloud’s “secure and reliable” infrastructure and advanced data analytics technology to drive innovation across the group’s multiple business units, including its core operations, its customer-facing channels, and its employee experience.

Q.7. Which industry group has announced invest Rs 1670 cr to create a joint venture (JV) with U.S.-listed Sanmina Corp for making electronic products in Chennai?

Correct Answer is Reliance Group.

• The JV aims to make hardware for 5G communications, cloud infrastructure, healthcare systems, and defense and aerospace, Reliance said in a regulatory filing.
• Reliance will hold a 50.1 per cent stake in the JV after the investment in Sanmina's existing Indian entity through a Reliance unit. Sanmina will contribute its existing contract manufacturing business to the JV. 

Q.8. Which automobile company has launched ‘Anubhav,’ showroom on wheels, a doorstep car buying experience for the rural customers?

Correct Answer is Tata Motors.

• Tata Motors' Anubhav showroom on wheels was developed with assistance from the company's Commercial Vehicles Fully Built Vehicles (FBV) Division.
• The showroom on wheels is based on the Tata Intra V10 and will be operated by dealerships under the company's guidance and supervision.

Q.9. Which payment wallet has partnered with IRCTC to provide digital ticketing services to consumers through Automatic Ticket Vending Machines (ATVM) installed at railway stations?

Correct Answer is Paytm.

• It is the first time that Indian Railways is providing a digital payment option for providing ticketing services through UPI on ATVMs
• QR codes can be scanned on ATVMs installed at railway stations
• Paytm Passengers have multiple payment options like Paytm UPI, Wallet, Postpaid (Buy Now, Pay Later), etc

Q.10. Which bank has committed a USD 150 million (about Rs 1,140 crore) loan for strengthening the healthcare infrastructure in the country in association with IPE Global?

Correct Answer is Axis Bank.

• The continued threat of new variants has reinforced the need to boost investments and partnerships in the health sector.
• Axis Bank has committed to strengthening India's healthcare infrastructure by signing an MoU with IPE Global for the SAMRIDH Healthcare Blended Finance Facility

Q.11. Which petroleum company has signed a pact with Solar Energy Corporation of India Ltd (SECI) for cooperation and collaboration in the field of renewable energy, electric mobility, and alternative fuels?

Correct Answer is HPCL.

• The MOU envisages cooperation and collaboration in the field of Renewable Energy, Electric Mobility, and alternative fuels including the development of ESG Projects.
• Hindustan Petroleum Corporation Ltd (HPCL) and Solar Energy Corporation of India Ltd (SECI) inked pact for renewable energy, electric mobility, alternative fuels.

Q.12. Which bank has sanctioned a loan of Rs 1,000 crore to Jammu and Kashmir Infrastructure Development Finance Corporation Ltd (JKIDFC)?

Correct Answer is Indian Overseas Bank.

• Indian Overseas Bank is one of the First Public Sector Banks to lend to Jammu and Kashmir Infrastructure Development Finance Corporation Limited, which is incorporated to complete various projects belonging to various departments like Agriculture Production, Animal Husbandry, Housing & Urban Development, Industries & Commerce Department, Jal Shakti Department, Public Works Department, School Education Department etc.

Q.13. Which Bank has chosen the Intellect Design Arena Limited to implement the upgraded version of the ‘Cloud-Native Intellect Quantum Core Banking solution’ to power the next stage of their digital transformation agenda ?

Correct Answer is Reserve Bank of India.

• The next generation Intellect Quantum solution is built on cutting edge API first, cloud-native and cloudagnostic microservices architecture supported by a rich set of packaged business components.
• It supports over 100 million transactions, over 250 commercial banks, 35 state government and union territories along with a number of Central Government ministries.

Q.14. Which technology company is establishing its largest data center in India in Hyderabad in collaboration with the Telangana govt?

Correct Answer is Microsoft.

• It will be one of the largest data centres in India (operational by 2025).
• Microsoft already has a data centre in three Indian regions across Pune, Mumbai, and Chennai.
• The new data centre will add to the growing demand for Microsoft’s cloud services from both the private enterprises as well as the govt sector.

Q.15. Which financial regulators has signed an MoU with Indian Banks Association (IBA) to collaborate on capacity building for financial creditors on topics related to insolvency, bankruptcy and related subjects?

Correct Answer is Insolvency and Bankruptcy Board of India (IBBI).

• The MoU was signed during the workshop on ‘Committee of Creditors: An Institution of Public Faith’ organised jointly by IBBI, SBI (State Bank of India) and IBA at New Delhi.
• The timely resolution of insolvency cases can be undertaken by the Committee of Creditors (CoC) and Resolution Professionals / Interim Resolution Professionals (IRPs).

Q.16. Bharti Airtel and which Bank has announced a strategic partnership to introduce a series of innovative financial offerings and digital services?

Correct Answer is Axis Bank.

• These include a co-branded credit card, pre-approved instant loans, and Buy Now Pay Later offerings.
• ‘Airtel Axis Bank Credit Card’ has been launched to offer a host of benefits such as cashback, special discounts, digital vouchers and complimentary services to Airtel customers.

Q.17. Which bank has launched a booklet named “BE(A)WARE” to enhance public awareness about financial frauds perpetrated on gullible customers ?

Correct Answer is Reserve Bank of India.

• The booklet gives information on the common modus operandi used by fraudsters and precautions.
• The booklet elaborates on safeguards against commonly used fraudulent techniques, such as SIM swaps, vishing/phishing links, lottery, etc., including fake loan websites and digital apps.

Q.18. Name the banking technology company that has announced a 5-year global partnership with Mastercard ?

Correct Answer is Zeta.

• As part of the agreement, the firms will go-to-market jointly to launch credit cards with issuers worldwide on Zeta’s modern, cloud-native, and fully API-ready credit processing stack.
• Mastercard has underscored the partnership by making a financial investment in Zeta.

Q.19. Google Cloud and which e-commerce company has have entered into a multi-year strategic partnership to help fasttrack its innovation and cloud strategy ?

Correct Answer is Flipkart.

• This partnership will propel Flipkart into its next phase of growth and advance its vision of onboarding India's next 200 million shoppers and lakhs of sellers, the company claims.
• By leveraging Google Cloud's secure and scalable global infrastructure and advanced networking technologies, Flipkart aims to deliver robust app access and performance even during peak purchase seasons with heightened traffic.

Q.20. Which Mutual fund has launched a women-led financial empowerment initiative ‘LaxmiForLaxmi’ which will connect women investors to a woman financial expert near them through a unique missed call service ?

Correct Answer is HDFC Mutual Fund.

• The female financial expert will guide and address queries of the woman investor.
• The initiative is based on the fact that it is very easy for a person to understand a concept when it is taught by someone who understands them and is like-minded.
• The #LaxmiForLaxmi initiative is a financial empowerment campaign for women, by women.

Obituaries

Q.1. Cricket Sonny Ramadhin who passed away recently represented which cricket playing nation ?

Correct Answer is West Indies.

• He was a part of the side that won its first away series in England in 1950.
• He made his Test debut against England at Old Trafford in 1950.
• Ramadhin ended up playing 43 Tests and taking 158 wickets at an average of 28.98.

Q.2. Renowned personality Jaiprakash Chouksey passed away recently, he was veteran?

Correct Answer is  Film critic.

• Chouksey has penned scripts and dialogues for several films including ‘Shayad’ (1979), ‘Qatl’ (1986) and ‘Bodyguard’ (2011), and was also involved in writing for television serials.

Q.3. Renowned cricketer Rod Marsh passed away recently, for which country did he played

Correct Answer is Australia.

• Marsh had been in an induced coma after suffering a heart attack when he attended a charity event.
• The 74-year old played 96 Tests for Australia and was the first wicket-keeper from his country to score a century

Q.4. Legendary spin bowler Shane Warne passed away recently, for which country did he played?

Correct Answer is Australia.

• He made his cricket debut in 1992, played 145 Tests for Australia, and picked up 708 wickets.
• He had retired from all formats of cricket in July 2013 and was regarded as one of the greatest bowlers in the history of cricket.
• He took 708 Test wickets (most ever for an Australian), and the second-most of all time behind Muttiah Muralitharan.

Important Days

Q.1. Ministry of Chemicals and Fertilizers is celebrating the Janaushadhi Diwas from?

Correct Answer is 1st March to 7th March 2022.

• The theme of 4th Janaushadhi Diwas: “Jan Aushadhi-Jan Upyogi”.
• The Government has set a target to increase the number of Pradhan Mantri Bhartiya Janaushadhi Kendras (PMBJKs) to 10,500 by the end of March 2025.

Q.2. What is the theme of the 4th Jan Aushadhi Diwas that will be celebrated on 7 March 2022?

Correct Answer is Jan Aushadhi-Jan Upyogi.

• Ministry of Chemicals and Fertilizers will organize the Janaushadhi Diwas from 1st March to 7th March 2022. On 7th March 2022, the 4th Jan Aushadhi Diwas will be celebrated.
• The Government has set a target to increase the number of Pradhan Mantri Bhartiya Janaushadhi Kendras (PMBJKs) to 10,500 by the end of March 2025.

Q.3. Zero Discrimination Day is celebrated every year on which date?

Correct Answer is 1st March.

• The observance is aimed at promoting equality and fairness, both before the law and in practice.
• "Remove laws that harm, create laws that empower," is the powerful theme under which UNAIDS aims to address the urgent need for action against discriminatory laws.

Q.4. World Civil Defence Day is annually observed across the globe on?

Correct Answer is 1st March.

• The day is celebrated to honour the significance of Civil Defence and the personnel who have sacrificed their lives for it.
• The theme of World Civil Defence Day 2022 is “Civil defence and management of displaced populations in face of disasters and crises; role of volunteers and the fight against pandemics”.

Q.5. When will the Ministry of Women and Child Development celebrate the International Women’s Day week in 2022?

Correct Answer is 1st to 8th March.

• As a part of the week-long celebration for International Women’s Day, the Ministry will organize various events and social media campaigns covering a variety of themes related to women’s safety and empowerment.

Q.6. The 46th Civil Accounts Day was celebrated on which date ?

Correct Answer is 2nd March.

• Nirmala Sitharaman is the Chief Guest of the occasion.
• Finance Minister has launched a major e-governance initiative – the Electronic Bill (e-Bill) processing system as part of ease of doing business and Digital India eco-system.
• A Budget 2022-23 announcement, the e- Bill system will be implemented across all Central Ministries and Departments.

Q.7. World Wildlife Day is observed every year on which date to raise awareness about the world’s wild fauna and flora?

Correct Answer is 3rd March.

• Theme 2022: Recovering key species for ecosystem restoration.
• The day was proposed by Thailand and recognized by United Nations General Assembly (UNGA) in 2013.
• March 3 has been chosen as it is the day of signature of Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES) in 1973.

Q.8. World Hearing Day is observed every year on?

Correct Answer is 3rd March.

• On World Hearing Day 2022, WHO will focus on the importance of safe listening as a means of maintaining good hearing across the life course.
• In 2021, WHO launched the World report on hearing that highlighted the increasing number of people living with and at risk of hearing loss.

Q.9. In India, National Security Day (Rashtriya Suraksha Diwas) is celebrated every year on which date ?

Correct Answer is 4th March.

• The day aims to show gratitude to all the security forces, including policemen, para-military forces, commandos, guards, army officers, and other persons involved in security, who sacrifice their life in maintaining the peace and security of the people of the country.
• Apart from this, National Security Week 2022 is being celebrated from March 4 to March 10, 2022.

Q.10. The National Safety Day is observed every year on which date?

Correct Answer is 4th March.

• The National Safety Council established the holiday to raise public awareness of all safety principles, including road safety, workplace safety, human health safety, and environmental safety.
• The holiday is also intended to reaffirm employees’ and the general public’s commitment to working safely throughout the year.

Q.11. In 2022, CISF observed its which edition of Raising Day celebrations?

Correct Answer is 53rd.

• CISF was set up under an Act of the Parliament of India on 10 March 1969, to provide security cover to industrial units, government infrastructure projects and facilities and establishments located all over India.
• Eventually, it was made an armed force of the Republic of India by another Act of Parliament passed on 15 June 1983.
• CISF is one of six paramilitary forces in India and functions under the Ministry of Home Affairs. Its headquarters is in New Delhi.

New Appointments

Q.1. Who has been nominated again as the chairman of state-owned Bank of Baroda (BoB)?

Correct Answer is Hasmukh Adhia.

• The Appointments Committee of the Cabinet has approved the proposal of the Department of Financial Services for re-nomination of Adhia as non-executive chairman of the BoB.
• His term has been extended by another two years as chairman with effect from March 1, 2022.
• BoB is the third biggest public sector lender after State Bank of India and Punjab National Bank.

Q.2. Who has been appointed as the new Chief Executive Officer (CEO) of Yash Raj Films?

Correct Answer is Akshaye Widhani.

• Prior to this, he was serving as senior vice-president, finance and business Affairs and head of operations at YRF Studios.
• He joined Yash Raj Films as a studio manager in 2005.

Q.3. Who has been appointed as the chief financial officer (CFO) of the Life Insurance Corporation (LIC)?

Correct Answer is Sunil Agrawal.

• Prior to this, LIC executive director Shubhangi Sanjay Soman was holding charge as CFO of the insurance behemoth.
• Agrawal was earlier the CFO of Reliance Nippon Life Insurance for over 12 years. He was also associated with ICICI Prudential Life Insurance for 5 years.

Q.4. Who has been appointed as the MD & CEO of LIC Mutual Fund ?

Correct Answer is T S Ramakrishnan.

• Ramakrishnan, as the MD and CEO, LIC Mutual Fund Asset Management, will succeed Dinesh Pangtey, its former Wholetime Director and CEO.
• Ramakrishnan is a Bachelor of Commerce (Hons.) and PGDIM and has been awarded Fellowship from the prestigious Insurance Institute of India.

Q.5. Vidya Balan has been appointed as the brand ambassador of which insurance company?

Correct Answer is Bharti AXA Life Insurance.

• She as the brand ambassador will help in promoting the #DoTheSmartThing champion of Bharti AXA Life Insurance.
• Bharti AXA Life Insurance is a joint venture of Bharti, India’s leading business group and AXA, one of the world’s leading organizations in financial protection and wealth management.

Q.6. Who has been appointed as the Deputy Managing Director (DMD) of State Bank of India?

Correct Answer is Nitin Chugh.

• Chugh would be responsible for driving growth of customer acquisition through digital channels, along with defining and implementing digital strategies.
• The seasoned banker and a digital banking expert, with an experience of nearly three decades, served Ujjivan Small Finance Bank as its MD and CEO.
• He also served 18 years at HDFC Bank in several leadership roles in retail banking.

Q.7. Who has been appointed as the Chairperson of Telecom Disputes Settlement and Appellate Tribunal (TDSAT)?

Correct Answer is DN Patel.

• He will succeed Justice Shiva Kirti Singh.
• His tenure shall be governed by Tribunals Reforms Act, 2021 and Tribunal (Conditions of Service) Rules, 2021

Q.8. Justice Manindra Mohan Shrivastava has been appointed as the Chief Justice of which high court?

Correct Answer is Rajasthan.

• President appointed senior-most Judge of the Rajasthan High Court, to perform the duties of the office of the Chief Justice under Article 223 of the Constitution of India.
• He will succeed Akil Abdulhamid Kureshi.
• Prior to Rajasthan, he was heading the Tripura High Court.

Q.9. Who has been appointed as the Chief Executive Officer (CEO) of Jet Airways?

Correct Answer is Sanjiv Kapoor.

• Prior to this, was the president of Oberoi Hotels and has also worked as chief operating officer at SpiceJet and chief strategy and commercial officer at Vistara
• Apart from him, former Sri Lankan Airlines CEO Vipula Gunatileka as the chief financial officer.
• Jalan Kalrock Consortium is the new promoter of Jet Airways.