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Weekly Current Affairs (8th to 14th March 2022) Part - 1 | Current Affairs & Hindu Analysis: Daily, Weekly & Monthly - UPSC PDF Download

Banking & Financial Awareness

Q.1. ‘DigiSaathi’, a 24×7 Helpline for Digital Payments has been launched by?

Correct Answer is RBI.

  • The Reserve Bank of India along with National Payment Corporation India launched the DigiSaathi, which will help customers of payments systems including cards.
  • This initiative will help customers address queries in the digital payments umbrella including cards.
  • Right now it is available in two languages – English and Hindi


Q.2. BE(A)WARE, a booklet featuring modus operandi of financial frauds has been released by which institution?

Correct Answer is RBI.

  • The booklet aims to enhance public awareness about various types of financial frauds perpetrated on gullible customers while carrying out digital payments and other financial transactions.


Q.3. What is the name of the UPI facility launched by RBI for feature phones?

Correct Answer is UPI123pay.

  • One is UPI123pay- which provides a UPI payment facility on feature phones and the second
  • is “DigiSaathi” which is a 24×7 Helpline for Digital Payments.
  • The UPI123pay will provide the users of feature phones the option to use Unified Interface Payments (UPI) for making payments.


Q.4. The Securities and Exchange Board of India (SEBI) has increased the investment limit for retail investors applying in public issues of debt securities with the facility to block funds through Unified Payments Interface (UPI) mechanism to?

Correct Answer is Rs 5 lakh.

  • The market watchdog Securities and Exchange Board of India (SEBI) increased the limit for investment through Unified Payments Interface (UPI) mechanism to ₹5 lakh for investors applying in public issues of debt securities based on discussions with market
  • The increased limit of ₹5 lakh via UPI mode will be effective on public issues of debt securities which will open on or after May 1, 2022.


Q.5. In partnership with which bank and NPCI, software company ToneTag has recently rolled out its VoiceSe UPI digital payments for feature phone users?

Correct Answer is NSDL Payments Bank.

  • The announcement comes in the wake of the Reserve Bank of India launching UPI 123Pay facility that enables UPI payments for feature phone users.


Q.6. Which life insurance company has signed a bancassurance partnership agreement with Bharat Co-operative Bank (Mumbai) Ltd ?

Correct Answer is Aditya Birla Sun Life Insurance.

  • This collaboration facilitates a common platform to reach out to the bank’s five lakh plus customers with relevant life insurance solutions.
  • The agreement will provide life insurance support to more than 5 lakh customers of the bank.


Q.7. What will be the initial authorized share capital of National Land Monetization Corporation (NLMC)?

Correct Answer is Rs 5,000 crore.

  • For setting up NLMC, the Centre allocated an initial authorised share capital of Rs 5,000 crore and paid-up share capital of Rs 150 crore. 
  • National Land Monetisation Corporation will undertake monetisation of surplus land and building assets of Central Public Sector Enterprises (CPSEs) and other Government agencies.


Q.8. Under which act the Reserve Bank of India (RBI) will regulate and supervise the National Bank for Financing Infrastructure and Development (NaBFID)?

Correct Answer is Reserve Bank of India Act, 1934.

  • It will now be guided under Sections 45L and 45N of the Reserve Bank of India Act, 1934.
  • Currently RBI has four AIFIs: EXIM Bank, NABARD, NHB and SIDBI.
  • NaBFID: Development Financial Institution (DFI) to support the development of long-term infrastructure financing in India.


Q.9. Which bank has kicked off the 'HouseWorkIsWork' initiative, offering opportunities to those who want to rejoin the professional space?

Correct Answer is Axis Bank.

  • It has been launched as the bank feels that the participation of urban educated women in the workforce is still not at desired levels.
  • Through this initiative, bank aims to get these women back to work, by giving them confidence that they are employable, they have skills and they can fit in various job roles.


Q.10. Which becomes the first Prepaid Payment Instrument (PPI) issuer to have achieved full interoperability as mandated by the Reserve Bank of India (RBI) for their PPIs?

Correct Answer is LivQuik.

  • RBI, in exercise of the powers conferred under Section 18 read with Section 10(2) of the Payment and Settlement Systems Act, 2007 (PSS Act) mandated all PPI Issuers to facilitate interoperability for full-KYC (Know Your Customers) wallets by March 31, 2022.
  • The interoperability provides choice to customers for optimizing their payments and spending across wallets by attaching a card on Visa and RuPay networks and can also enable UPI (Unified Payments Interface).


Q.11. Employees Provident Fund Organisation (EPFO) has slashed the interest rate on provident fund deposits what percent for 2021-22?

Correct Answer is 8.10%.

  • Interest rate on PF deposit was 8.5% in 2020-21 and 2019-20.
  • This decision was taken at the 230th meeting of the Central Board of Trustees, EPF under the Chairmanship of Bhupendra Yadav (Union Minister for Labour & Employment)
  • EPFO: Statutory body responsible for the regulation and management of provident funds in India.


Q.12. Which financial company has launched India’s first primary markets investment platform, ‘OneUp’ for investing in initial public offerings (IPOs), non-convertible debentures (NCDs) and sovereign gold bonds (SGBs), among  others?

Correct Answer is IIFL Securities Limited.

  • It enables buyers to analyse, transact and handle new investment alternatives, all on one single platform.
  • The benefits of the platforms can be utilized by IIFL Securities and non-IIFL Securities clients with none signup necessities.


Q.13. Which bank has entered into a co-lending partnership with Vijayawada-based IKF Finance to offer commercial vehicle loans?

Correct Answer is Bank of India (BOI).

  • The public sector bank will leverage the reach of the NBFC to build its MSMEs portfolio.
  • The disbursement under the Co-Lending arrangement has commenced on 9th March 2022.


Q.14. Which cellular company has a gamming portal in in partnership with Nazara Technologies Ltd?

Correct Answer is Vodafone Idea.

  • Nazara is an India-based diversified gaming and sports media company.
  • Its games offering will initially offer casual games and gradually expand to host social games and esports in the future.


Q.15. Which digital payments company expanded its partnership with IRCTC to provide digital ticketing services to consumers through Automatic Ticket Vending Machines (ATVM) installed at railway stations across the country?

Correct Answer is Paytm.

  • This is the first time Indian Railways is providing an option to pay digitally for ticketing services through UPI on ATVMs to promote cashless commuting among railway passengers.
  • The ATVMs placed at the railway stations are touch-screen based ticketing kiosks that will allow passengers to pay digitally, without requiring smart cards.


Q.16. Which bank has launched Corporate Liquidity Management Solution (C-LMS) and Government Liquidity Management Solution (G-LMS) to meet the liquidity management needs of institutional customers?

Correct Answer is IDBI Bank.

  • LMS and G-LMS provide real-time, web-based and formula driven liquidity management solution,” said the private sector in a statement.
  • These solutions provide tools to institutions for enhanced visibility of liquidity position across the organisation, helping them in forecasting and projecting the cash positions at a glance.


Q.17. Which housing finance company has announced a strategic co-lending partnership with Standard Chartered Bank, for extending loans against property (LAP) to prospective customers, especially MSMEs?

Correct Answer is Edelweiss Housing Finance.

  • Under this partnership, EHFL will originate, process, service the loans and retain 20 per cent of the loan on its books, while the remaining 80 per cent will be on the books of Standard Chartered Bank.
  • The co-lending partnership will help the bank grow its loan portfolio, it would provide an alternate model for loan disbursals that is asset-light and creates a sound revenue model for sustainable business for EHFL.


Q.18. Which bank has entered into a strategic partnership with Airtel to strengthen the growth of the digital ecosystem in India, through a range of financial solutions?

Correct Answer is Axis Bank.

  • The partnership would enable access to credit and various digital financial offerings from Axis Bank to Airtel’s 340 million-plus customers.
  • These will include first-of-its-kind co-branded credit card ‘Airtel Axis Bank Credit Card’ with industry-leading benefits, pre-approved instant loans, Buy Now Pay Later offerings and many more.


Q.19. Which e-commerce company has entered into a multi-year strategic partnership with Google Cloud to help fast-track its innovation and cloud strategy?

Correct Answer is Flipkart.

  • The 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 companies didn’t reveal the value of this deal.


Q.20. Bombay Stock Exchange (BSE) has collaborated with which state government to promote awareness among micro, small and medium enterprises (MSMEs) of the state about the benefits of listing?

Correct Answer is Tamil Nadu.

  • To facilitate this, BSE will partner with MSME Trade and Investment Promotion Bureau (M-TIPB). As part of the collaboration, BSE will provide the capacity building and soft support to small and medium enterprises (SMEs) in Tamil Nadu for fulfilling listing requirements.
  • Further, the BSE will also provide all intellectual and manpower support to create awareness among SMEs across Tamil Nadu, about benefits of listing.


Q.21. The Insolvency regulator IBBI has signed a Memorandum of Understanding (MoU) with which association to collaborate on capacity building for financial creditors on topics related to insolvency, bankruptcy and related subjects?

Correct Answer is Indian Banks Association (IBA).

  • To improve the processes under the Insolvency and Bankruptcy Code (IBC), Ravi Mital urged bankers to share their suggestions and feedback regarding the IBC ecosystem with the IBBI.

Obituaries

Q.1. 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.


Q.2. Renowned personality Rafiq Tarar passed away recently, he was former President of which country?

Correct Answer is Pakistan

  • Muhammad Rafiq Tarar was born on 2 November 1929 in Peer Kot, Pakistan. He served as a Supreme Court judge from 1991 to 1994.
  • He also served as the Chief Justice of the Lahore High Court from 1989 to 1991. Later, he became Pakistan’s President for the period of 1997 to 2001.


Q.3. Renowned personality Rupiah Banda who passed away recently was former President of which country?

Correct Answer is Zambia.

  • The former president, who ruled the country from 2008 to 2011, passed away.
  • He was diagnosed with colon cancer in 2020 and since then his health has been failing.
  • He received treatment in Dubai on several occasions.

Important Days

Q.1. International Women’s Day (IWD) is celebrated globally every year on?

Correct Answer is 8th March.

  • The day recognises the social, economic, cultural and political achievements of women.
  • The event celebrates women’s achievements and raises awareness about women’s equality and lobbies for accelerated gender parity.


Q.2. On which date every year the No Smoking Day is celebrated across the world?

Correct Answer is Second Wednesday of March.

  • This year No Smoking Day will be celebrated on 9th March.
  • The day is celebrated to help those who wish to quit smoking as well as to raise awareness about the implications of smoking on an individual’s health.


Q.3. World Kidney day is celebrated every year on which date?

Correct Answer is Second Thursday of March.

  • This year, it is being observed on March 10.
  • World Kidney Day is a global campaign aimed at raising awareness of the importance of our kidneys.
  • World Kidney Day aims to raise awareness of the importance of our kidneys to our overall health and to reduce the frequency and impact of kidney disease and its associated health problems worldwide.


Q.4. The CISF Raising Day is celebrated every year on which date?

Correct Answer is 10th March.

  • In the year 1969, the CISF was set up on March 10 and three battalions were formed under the CISF act 1968, which was passed by the Parliament of India.
  • Since then, the day is celebrated as CISF Raising Day every year.
  • Central Industrial Security Force, is for the central armed police force in India. It is one of the six paramilitary forces in India functioning under the Union Home Ministry.


Q.5. International Day of Women Judges is observed every year on which date ?

Correct Answer is 10th March.

  • On this day, the United National reaffirms its commitment to develop and implement appropriate and effective strategies and plans for the advancement of women in the judicial system and institution at the managerial and leadership level.


Q.6. World Rotaract Day is celebrated every year on which date to acknowledge the services provided by the rotaractors across the world?

Correct Answer is 13th March.

  • The theme of World Rotaract Day 2022 is “Rotary Making a Difference”. World Rotaract Week will be held from 11 March 2022 to 18 March 2022.
  • Rotary Club is the community service organization for young men and women.


Q.7. International Day of Mathematics (IDM) is observed globally every year on?

Correct Answer is 14th March.

  • It is also known as the Pi Day because the mathematical constant π (pi) can be rounded down to 3.14.
  • It aims to educate people about the essential role of mathematics in science and technology, improve quality of life, empower women and girls, and contribute to sustainable development.
  • This is a relatively new event that was created just a couple of years back. The theme for 2022 IDM is “Mathematics Unites!“.

New Appointments

Q.1. Who took over charges as Commandant of Air Force Academy, Indian Air Force?

Correct Answer is B Chandra Sekhar.

  • He is an alumnus of Defence Services Staff College Wellington, College of Defence Management, Flying Instructors School and National Defence College New Delhi
  • He has more than 5400 hrs of incident-free flying on various aircraft
  • He also holds the distinction of landing first MLH class of helicopter in the Siachen Glacier


Q.2. 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.


Q.3. 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.


Q.4. 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.5. T Raja Kumar belongs to which country who been elected as the new President of Financial Action Task Force (FATF)?

Correct Answer is Singapore.

  • T. Raja Kumar of Singapore has been appointed as the next President of Financial Action Task Force (FATF).
  • He will assume office with effect from July 01, 2022. for a fixed period of two-year term.
  • Mr. Kumar will replace Dr. Marcus Pleyer of Germany.


Q.6. Who has been elected as the new president of South Korea?

Correct Answer is Yoon Suk Yeol.

  • He defeated his ruling liberal party opponent Lee Jae-myung.
  • With more than 99 percent of the ballots counted, Yoon won 48.6 percent of the votes, narrowly edging his rival Lee Jae-myung of Democratic Party, who garnered 47.8 percent.


Q.7. Who has been appointed as brand ambassador of Lupin Ltd for its Shakti campaign?

Correct Answer is MC Mary Kom.

  • The campaign is aimed at increasing awareness about heart diseases among women through interactive social media sessions, sharing informative videos from doctors, and in-clinic awareness activities for patients.


Q.8. Who has been appointed as the CEO and MD of Colgate-Palmolive (India) Limited?

Correct Answer is Prabha Narasimhan.

  • She succeeded Ram Raghavan, who has been promoted to the role of President, Enterprise Oral Care, at Colgate Palmolive Company.
  • Prior to this, she was working as executive director of Hindustan Unilever (HUL).


Q.9. Ashwani Bhatia is Managing Director of which bank who has been appointed as whole-time member (WTM) of the Securities and Exchange Board of India (SEBI)?

Correct Answer is State Bank of India.

  • According to some sources, the Appointments Committee of the Cabinet (ACC) has also approved Ashwani Bhatia’s appointment as a whole-time member of SEBI for three years from the date of his assumption of the command.


Q.10. Who has been appointed as the chairman of the National Financial Reporting Authority (NFRA) for a period of three years?

Correct Answer is Ajay Bhushan Pandey.

  • Pandey, a 1984-batch Maharashtra cadre IAS officer, retired as revenue secretary in February last year.
  • Prior to becoming revenue secretary, he was chief executive of the Unique Identification Authority of India (UIDAI).
  • Post retirement, Pandey headed a committee to revisit the criteria for determining the economically weaker sections to provide them reservation.


Q.11. Who has been appointed as the head of the high-powered committee constituted by it to “consider the cumulative and independent impact of the Char Dham Mahamarg Vikas Pariyojana?

Correct Answer is Justice AK Sikri.

  • A Bench of Justices DY Chandrachud and Surya Kant requested Justice Sikri to accept the assignment.
  • The current head of the committee, Ravi Chopra had opted to quit.
  • The project will provide all-weather connectivity to Yamunotri, Gangotri, Kedarnath and Badrinath.


Q.12. Who has been appointed as the Chairperson of the Insurance Regulatory and Development Authority of India (IRDAI), the regulator of the insurance sector?

Correct Answer is  Debasish Panda.

  • The appointment of IRDAI chairman comes nearly 9 months after the vacancy was created following Subhash Chandra Khuntia completing his term.
  • He retired as financial services secretary in January this year after a 2-year stint.
  • He was also on the board of the RBI.


Q.13. Tapan Singhel is Managing Director and Chief Executive Officer of which insurance company whose term has been extended by five years?

Correct Answer is Bajaj Allianz General Insurance.

  • Under Singhel's leadership, the company has emerged as one of the largest and most profitable private general insurers in the country ensuring growth, profitability, and customer-centricity.
  • In his decade-long stint as the MD and CEO, the company has achieved a cumulative underwriting profit of more than Rs 350 crore.


Q.14. Who has been appointed as the chairman of Air India?

Correct Answer is N Chandrasekaran.

  • AI founder J R D Tata remained the airline’s chief for decades after its nationalisation.
  • He was chairman till February 1978 when the Morarji Desai government moved him from the post.
  • In 1982, the Indira Gandhi government reappointed JRD to the board of Air-India (as it was written then with the hyphen).


Q.15. Who has been appointed as the Chairman and Managing Director of Oil India Limited (OIL)?

Correct Answer is Ranjit Rath.

  • He is currently chairman and managing director of Mineral Exploration Corporation Ltd (MECL).
  • Oil India's current chairman and managing director Sushil Chandra Mishra will superannuate on June 30 this year.
The document Weekly Current Affairs (8th to 14th March 2022) Part - 1 | Current Affairs & Hindu Analysis: Daily, Weekly & Monthly - UPSC is a part of the UPSC Course Current Affairs & Hindu Analysis: Daily, Weekly & Monthly.
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FAQs on Weekly Current Affairs (8th to 14th March 2022) Part - 1 - Current Affairs & Hindu Analysis: Daily, Weekly & Monthly - UPSC

1. What is banking and financial awareness?
Ans. Banking and financial awareness refers to the knowledge and understanding of various banking and financial concepts, practices, and developments. It includes topics such as banking operations, financial markets, monetary policies, financial instruments, and banking regulations. Having awareness in this field is important for individuals, especially those involved in the banking and finance sectors, as it helps them make informed decisions and stay updated with the latest trends and developments in the industry.
2. Why is banking and financial awareness important?
Ans. Banking and financial awareness is important for several reasons. Firstly, it helps individuals understand and manage their personal finances more effectively. By being aware of various banking products, investment options, and financial planning strategies, individuals can make better financial decisions and achieve their financial goals. Secondly, banking and financial awareness is essential for professionals working in the banking and finance sectors. It enables them to stay updated with the latest industry trends, regulations, and financial instruments, allowing them to provide better services to their clients and make informed decisions in their roles.
3. What are some important topics covered in banking and financial awareness?
Ans. Banking and financial awareness covers a wide range of topics. Some important ones include: 1. Banking operations: Understanding different types of bank accounts, banking services, and banking procedures. 2. Financial markets: Knowledge of various financial markets such as stock markets, bond markets, and currency markets, and understanding how they function. 3. Monetary policies: Awareness of central bank policies, interest rates, and their impact on the economy and financial markets. 4. Financial instruments: Understanding different types of financial instruments such as stocks, bonds, mutual funds, derivatives, and their features. 5. Banking regulations: Knowledge of banking regulations and compliance requirements to ensure ethical and legal practices in the banking industry.
4. How can one improve their banking and financial awareness?
Ans. There are several ways to improve banking and financial awareness: 1. Read financial news and publications: Stay updated with the latest news and developments in the banking and finance industry by reading financial newspapers, magazines, and online publications. 2. Take courses or certifications: Enroll in banking and finance courses or certifications to gain a deeper understanding of the subject matter and enhance your knowledge and skills. 3. Follow financial experts and influencers: Follow renowned financial experts, economists, and influencers on social media platforms or subscribe to their newsletters to receive valuable insights and analysis. 4. Attend seminars and webinars: Participate in seminars, webinars, and workshops conducted by industry professionals to learn about current trends and practices. 5. Practice financial planning: Apply financial planning techniques in your personal life, such as budgeting, saving, and investing, to gain practical experience and improve your understanding of financial concepts.
5. How can banking and financial awareness benefit individuals in their careers?
Ans. Banking and financial awareness can benefit individuals in their careers in various ways: 1. Job opportunities: Having a good understanding of banking and finance concepts opens up job opportunities in banking institutions, financial companies, and other related industries. Many job roles require candidates to have knowledge and awareness in this field. 2. Career growth: Banking and financial awareness can contribute to career growth by enabling individuals to take on more challenging roles and responsibilities. It enhances their decision-making abilities and makes them valuable assets to their organizations. 3. Client satisfaction: Professionals with good banking and financial awareness can provide better services to their clients by offering appropriate financial solutions and advice. This leads to higher client satisfaction and loyalty. 4. Professional credibility: Being knowledgeable in banking and finance enhances professional credibility. It demonstrates expertise and competence, which can lead to better recognition and opportunities for professional growth. 5. Personal financial management: Banking and financial awareness not only benefits individuals in their careers but also in their personal lives. It equips them with the knowledge and skills to manage their personal finances effectively, make informed investment decisions, and achieve their financial goals.
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