Weekly Current Affairs (15th to 21st March 2022) Part - 1 - UPSC PDF Download

Banking & Financial Awareness

Q.1. Name the private sector bank that has announced a tie-up with Emirates Skywards, a loyalty programme of Emirates and flydubai, to launch a range of co-branded credit cards?

Correct Answer is ICICI Bank.

• Named, ‘Emirates Skywards ICICI Bank Credit Card’, the cards will enable customers to earn reward points, called Skywards Miles, on travel, lifestyle and everyday spends.
• The bank is the first Indian bank to partner with Emirates Skywards, to offer an exclusive range of credit cards in the country.

Q.2. Which health insurance company has announced a customized group plan for comprehensive coverage of cancer treatment at an annual premium of just ₹1499, plus taxes?

Correct Answer is Niva Bupa Health Insurance.

• This product has been developed by Niva Bupa in consultation with the Indian Cancer Society (ICS).
• This group insurance plan is designed for low and middle-income families and not only covers hospitalisation but also day-care expenses like radiation, chemotherapy, etc.
• This family floater plan offers ₹5 lakh coverage for up to two adults and three children (for families that do not have cancer).

Q.3. Which bank has announced the launch of its Green Deposit Programme for corporate clients providing a simple way for companies to support environmentally friendly projects or avenues?

Correct Answer is DBS Bank.

• "DBS Bank is one of the few banks globally to integrate Sustainable Development Goals by offering lending & trade credit solutions to sustainable and environmentally friendly green sectors and now offering a Green Deposit product.
• Under the Bank's sustainability programme, Green Deposits will fund green industries and initiatives such as green building sustainable water initiatives that include wastewater management, renewable energy and clean transportation.
• The Green Deposits proposition combines all the benefits of a regular fixed deposit with a commitment from DBS to support green and sustainable loans disbursed by the bank.

Q.4. SoftBank-backed Quick Commerce start-up Blinkit, earlier known as Grofers, has signed a merger deal with which food delivery company?

Correct Answer is Zomato.

• Reportedly, it will be an all-stock deal where Blinkit's investors will gain proportionate shares in Zomato.
• The deal is likely to be completed in 60 days time.
• The companies have signed a term sheet about two-three weeks ago and are preparing to file an application with the Competition Commission of India for approval of the transaction.

Q.5. Which small finance bank launched Industry’s first digital onboarding facility for its micro banking customers through its app?

Correct Answer is Ujjivan Small Finance Bank.

• The Ujjivan SFB Assisted app provides the facility to update mobile numbers for individual banking transactions through paperless and secured manner.
• It is an OTP and biometric authentication based process.
• Customers can update their mobile number once every six months through the platform and at any point in time by visiting any branch of the small finance bank.

Q.6. Which bank has been awarded IFR Asia's Asian Bank of The Year, for its breadth of coverage and depth of expertise in the Asian investment banking space?

Correct Answer is Axis Bank.

• The award acknowledges the bank's outstanding performance in equity and debt issuance, across all major products and segments.
• Axis Bank was the only local house to serve as a global coordinator for the record Rs. 183 Bn Paytm IPO, and was also the global coordinator for Macrotech Developers' Rs. 25 Bn IPO.

Q.7. The RBI Innovation Hub (RBIH), a wholly owned subsidiary of Reserve Bank of India join hands with which IIT to work together in developing the ecosystem necessary to support and scale fintech startups in India?

Correct Answer is IIT Madras.

• Through this strategic collaboration, the two organizations will jointly provide incubation support and nurture early-stage startups with innovative and disruptive solutions and accelerate their scale-up journey.
• In addition, IITM Incubation Cell and RBIH may collaborate on projects including policy whitepapers, research papers under this partnership.

Q.8. Moody's Investors Service has revised India's economic growth projection in the calendar year 2022 to?

Correct Answer is 9.1 percent.

• For 2023, the global rating firm expects India's gross domestic product to expand 5.4%, marginally lower than its previous projection of 5.5%.
• India's GDP grew 8.2% in 2021, after a 6.7% contraction the year before.

Q.9. Which bank has won the “Best MSME Bank of the year – Winner” award among private sector Banks at the 8th MSMEs Excellence Awards Ceremony and Summit?

Correct Answer is Karnataka Bank.

• Karnataka Bank has bagged 'Best MSME Bank of the year - Winner' award among private sector Banks at 8th edition of Micro, Small, and Medium Enterprises's Excellence Awards Ceremony and Summit instituted by ASSOCHAM at New Delhi.
• Associated Chambers of Commerce and Industry of India (ASSOCHAM): non-governmental trade association and advocacy group based in New Delhi.

Q.10. What is the increased timeline for startups to convert debt investments (convertible note) made in the company into equity shares?

Correct Answer is 10 years.

• This decision is likely to give a relief to budding entrepreneurs to deal with the impact of Covid-19 pandemic.
• Earlier the option of changing convertible notes into equity shares was allowed for up to five years from the day when initial convertible note was issued.
• An investor can invest in a startup through convertible notes, which is a kind of debt/loan instrument.

Q.11. State Bank of India (SBI) plans to set up an Innovation, Incubation and Acceleration Centre (IIAC) at?

Correct Answer is Hyderabad.

• This will build in-house capability to bolster its current performance and drive higher top-line growth through innovation.
• The center will be operational in six to nine months of on-boarding a consultant.
• It will help the bank to develop a set of technologies, knowledge, and skills for the introduction of new products and services.

Q.12. Which Bank has decided to launch an application 'AutoFirst' that will offer fully automated auto loans?

Correct Answer is HDFC Bank.

• The 'AutoFirst' application will provide completely automated loans as the bank looks to triple its monthly merchant loan output.
• HDFC Bank is also likely to initiate a dedicated platform for vehicle loan customers.

Q.13. Which bank set to launch set the SmartHub Vyapar program for merchants that will handle all payment platforms like cards, UPI, SMS-based payments, QR Code and tap pay?

Correct Answer is HDFC Bank.

• The bank set to launch the SmartHub Vyapar program for merchants that will handle all payment platforms like cards, UPI, SMS-based payments, QR Code and tap pay.
• HDFC Bank has planned to on-board 20 million merchants within the next three years.

Q.14. Government has extended Credit Guarantee Scheme for Subordinate Debt for Stressed Micro, Small and Medium Enterprises, MSMEs upto?

Correct Answer is 31st March 2023.

• The scheme was launched on 24th June, 2020 to provide credit facility through lending institutions to the promoters of stressed MSMEs.
• The scheme has been further extended on the basis of the requests received from the stakeholders of the scheme.

Q.15. Electronics and smartphone maker Samsung will invest Rs 1,588 crore in India to set up a new compressor manufacturing plant in?

Correct Answer is Tamil Nadu.

• Leading South Korean consumer electronics and smartphone maker Samsung will invest Rs 1,588 crore in India to set up a new compressor manufacturing plant at its existing facility at Sriperumbudur in Tamil Nadu.
• The new facility will spread over 22 acres and have a capacity to roll out 8 million compressor units per annum and this will be expanded in the future also, Samsung said in a statement.

Q.16. Which card service provider and Transcorp have teamed up with Mahila Money to launch the Mahila Money Prepaid Card, a product created for women entrepreneurs to use digital payments more effectively?

Correct Answer is VISA.

• The partnership leverages the deep expertise of Visa, the global leader in payments, Transcorp PPI, and the highly engaged community of Mahila Money.
• The Mahila Money Prepaid Card, in partnership with Visa, is designed with the needs of digital entrepreneurs, small business owners and women in mind.

Q.17. The National Payments Corporation of India (NPCI) has come out with the ‘on-device’ wallet feature for Unified Payments Interface (UPI) users, which will be known as?

Correct Answer is “UPI Lite”.

• This is aimed at reducing stress on the banking system and making the transaction process even simpler.
• UPI Lite will process transactions in near offline mode i.e., debit offline and credit online, and at a later point, UPI Lite will process transactions in complete offline mode i.e., debit and credit both offline.

Q.18. According to the ministry of finance which bank will provide $1 billion credit facility to Sri Lanka for procurement of food, medicines and other essential items?

Correct Answer is State Bank of India.

• The finance ministry said State Bank of India (SBI) will provide $1 billion credit facility to Sri Lanka for procurement of food, medicines and other essential items.
• Earlier, the Export-Import Bank of India (Exim Bank) had extended a line of credit of $500 million for financing the purchase of petroleum products to Sri Lanka which is facing a financial crisis.

Q.19. Which bank has entered into an MoU with Business France, the French national agency in charge of the development of exports and international investments in France, to support companies in the Indo-French corridor?

Correct Answer is Kotak Mahindra Bank.

• The MoU will try to promote business and start-up ecosystem cooperation and identify business and investment opportunities in India and France

Q.20. According to a Mercom India report, India added how much new solar open access capacity in 2021, marking a growth of 222% year-over-year (YoY)?

Correct Answer is 1.2 GW.

• The cumulative installed solar capacity in the open access market crossed 5 GW.
• The country added 298 MW of new solar open access capacity in the fourth quarter (Q4) of calendar year 2021, a 75% increase compared to the same period in 2020.

Obituaries

Q.1. Renowned personality V Ravi Rama Krishna passed away recently, he was a veteran?

Correct Answer is Bureaucrats.

• Senior Indian Information Service officer and former Prasar Bharati Kabul Correspondent V Ravi Rama Krishna passed away.
• He was working as Additional Director General in PIB, Vijayawada.

Q.2. Renowned personality Eugene Parker passed away recently he was a veteran ?

Correct Answer is Astrophysicist.

• Parker was hailed as a visionary who laid the foundations for the field of heliophysics, the science of understanding the Sun and its interactions with Earth and the Solar System, including space weather.
• In 2018, he became the first person to witness the launch of a spacecraft bearing his name, NASA’s Parker Solar Probe.

Important Days

Q.1. United Nations General Assembly has proclaimed which day as the International Day to Combat Islamophobia?

Correct Answer is 15th March.

• The 193-member UN General Assembly adopted a resolution, introduced by Pakistan's ambassador Munir Akram under agenda item Culture of peace, to proclaim March 15 as the International Day to Combat Islamophobia.

Q.2. What is the theme of the World Sleep Day 2022 that is observed on the Friday before the March equinox every year to highlight the importance of quality sleep?

Correct Answer is Quality Sleep, Sound Mind, Happy World.

• The World Sleep Day is observed on the Friday before the March equinox every year to highlight the importance of quality sleep.
• In 2022, World Sleep Day falls on 18th March 2022.

Q.3. The Global Recycling Day is observed every year on which date?

Correct Answer is 18th March.

• Theme - 2022: “recycling fraternity”.
• The theme recognises the people who put themselves on the frontline to collect waste and recycle during the multiple lockdowns.
• The Global Recycling Day was created in 2018 by the London-based Global Recycling Foundation to promote the concept and practice of recycling.

Q.4. For the first time the 83rd Raising Day program of the Central Reserve Police Force (CRPF) was celebrated outside the national capital in which city on 19th March 2022?

Correct Answer is Jammu.

• This is the first time, CRPF is celebrating its Raising Day outside the national capital
• The CRPF Raising Day is held on March 19 after India's first HM Sardar Vallabhbhai Patel presented colors to the CRPF following the enactment of the CRPF Act by the Parliament in 1950

Q.5. The International Day of Happiness is celebrated every year on which date?

Correct Answer is 20th March.

• The United Nations started celebrating this day in 2013, but the resolution for the same was passed on July 12, 2012.
• The resolution was initiated by Bhutan which shed the light on the importance of National Happiness.
• The theme for the 2022 International Day of Happiness campaign is "Build Back Happier".

Q.6. World Sparrow Day is observed every year on which date to raise awareness about the importance of House Sparrow and other common birds to urban environments, and of threats to their populations?

Correct Answer is 20th March.

• Theme of 2022 World Sparrow Day: I LOVE Sparrows
• World Sparrow Day was first celebrated in 2010.
• Sparrow is native to most of Europe, Mediterranean Basin, and Asia.
• International Union for Conservation of Nature (IUCN) included house sparrow under Endangered species in 2002.

Q.7. World Oral Health Day is observed every year on which date?

Correct Answer is 20th March.

• To raise global awareness of the issues around oral health and the importance of oral hygiene so that governments, health associations and the general public can work together to achieve healthier mouths and happier lives
• The theme for World Oral Health Day 2021-2023 is: Be Proud of Your Mouth.

Q.8. The International Day of Forests was celebrated every year on which date?

Correct Answer is 21st March.

• The day was founded by the Food and Agriculture Organization (FAO) and United Nations in 2012.
• The aim behind observing the International Day of Forests is to ‘celebrate and raise awareness of the importance of all types of forests.’

New Appointments

Q.1. Who has been sworn in as the 18th Chief Minister of Punjab?

Correct Answer is Bhagwant Mann.

• Delhi Chief Minister Arvind Kejriwal and other senior party leaders participated in the swearing-in ceremony.
• The Aam Aadmi Party romped home winning 92 seats in the 117-member Punjab Assembly, decimating the Congress and the SAD-BSP combine.

Q.2. Katalin Novak has been elected as the first female president of which country?

Correct Answer is Hungary.

• Novak, who most recently served as a minister for family policy, portrayed her election as a victory for women.
• She was elected to the mostly ceremonial role by 137 votes to 51 in the parliament dominated by Orban's right-wing Fidesz party ahead of opposition challenger Peter Rona, an economist.

Q.3. Ramesh Murthy has been appointed as the new Chief Financial Officer (CFO) of which small finance bank?

Correct Answer is Ujjivan Small Finance Bank.

• As a CFO, he will be responsible for formulating and guiding bank’s strategy for growth, while also leading the Finance and Accounts functions.
• MD and CEO of Ujjivan Small Finance Bank: Ittira Davis
• Headquarters of Ujjivan Small Finance Bank Limited: Bangalore.

Q.4. Who took oath as the Chief Minister of Manipur?

Correct Answer is N Biren Singh.

• The Bharatiya Janata Party (BJP) came back to power with a landslide victory in the recently concluded assembly election.
• Singh was unanimously elected as leader of the legislature party of the BJP during a meeting.
• Prior to entering politics, Singh was a footballer and also had a career in journalism.

Q.5. Name the Indian American who has been appointed as the new White House Covid-19 Response Coordinator?

Correct Answer is Ashish Jha.

• Dr Jha who replaces Jeff Zeints is a physician of Indian origin who lives in the US.
• He is an infectious disease expert and the Dean of Brown University’s School of Public Health.
• He has worked on the ebola virus and served as co-chair of a panel to combat the disease’s breakout in West Africa in 2014.

Q.6. Who has been appointed as the Managing Director and Chief Executive Officer of the Tata Consultancy Services for five years?

Correct Answer is Rajesh Gopinathan.

• The company has also re-appointed N Ganapathy Subramaniam as the Chief Operating Officer and Executive Director from February 21, 2022, to May 19, 2024, as per the retirement age policy of the Company.

Q.7. Who has been reappointed as the President of Asian Cricket Council (ACC) for a period of 1 year?

Correct Answer is Jai Shah.

• He has been unanimously given an extension of the tenure during the annual general meeting of ACC.
• He was appointed as the President of ACC in January 2021, replacing Nazmul Hassan, (President of Bangladesh Cricket Board (BCB))
• Jay Shah is also the Secretary of the Board of Control for Cricket in India (BCCI) since 2019.

Q.8. Name the Indian economist who has been appointed by UN Secretary-General Antonio Guterres to a new high-level advisory board on effective multilateralism?

Correct Answer is Jayati Ghosh.

• She is a Prof. at the University of Massachusetts Amherst.
• She was previously a professor of economics and chairperson of the Centre for Economic Studies and Planning, School of Social Sciences, Jawaharlal Nehru University.
• She is also a member of the UN's high-level Advisory Board on Economic and Social Affairs.

Q.9. Serdar Berdymukhamedov has been elected as the President of which country?

Correct Answer is Turkmenistan.

• He is son of Central Asian country's acting President Gurbanguly Berdymukhamedov.
• Serdar Berdymukhamedov secured 72.97 percent of votes in election to lead the gas-rich country and succeed his father.