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

Banking & Financial Awareness

Q.1. According to the government data, India's trade deficit rose by how much percentage to USD 192.41 billion in 2021-22?

Correct Answer is 87.5%.

• The total exports in the last fiscal year have increased to USD 417.81 billion and imports also increased to USD 610.22 billion which leaves a trade gap of USD 192.41 billion.
• The trade deficit in March 2022 was USD 18.69 billion.

Q.2. The World Bank and Asian Infrastructure Investment Bank (AIIB) will grant how much loans for the Gujarat government's Mission School of Excellence project?

Correct Answer is Rs 7,500 crore.

• The project aims to improve the quality of education in the state.
• The state government will spend Rs 10,000 crore in the coming 5 years.
• The funds will be spent on building new classrooms, smart classrooms, new computer labs and tinkering labs.

Q.3. Which securities company has its partnership with Cover Stack to offer insurance that will be powered by Cover Stack?

Correct Answer is ICICI direct.

• CoverStack operates Coverfox Insurance (coverfox.com) which follows a plug-and-play model.
• It provides technological solutions and insurance infrastructure to banking, financial services, and Insurance players.
• ICICI direct offers insurance products from several insurance companies.

Q.4. Exports of Indian agricultural products have crossed a mark of how much billion dollar for 2021-22 with an increase of 20 per cent?

Correct Answer is $50 billion.

• The export of wheat is almost quadrupled from $568 million in 2020-21 to $2.12 billion in 2021-22.
• The growth in exports has been mostly achieved on account of an increase in shipments of rice, marine products, sugar, buffalo meat, raw cotton, and wheat.

Q.5. What would be the GDP forecast by RBI for FY23?

Correct Answer is 7.2%.

• Indian Monetary Policy Committee headed by RBI Governor Shaktikanta Das has released Monetary Policy 2022. The committee keeps the rate unchanged.
• RBI also extended the Rationalisation of risk weights for individual housing loans till March 31, 2023.
• Forex reserves: $606.5 billion
• Reverse Repo Rate: 3.35%
• Marginal Standing Facility Rate: 4.25%
• Bank Rate: 4.25%
• CRR: 4%
• SLR: 18.00%

Q.6. Reserve Bank of India (RBI) has imposed how much monetary penalty on Axis Bank for non-compliance on loans and advances, KYC guidelines, and non-maintenance of minimum balances in savings accounts?

Correct Answer is Rs 93 lakh.

• On IDBI Bank, Rs 90 lakh has been imposed for various violations of regulatory compliance.
• Penalties have been imposed under the provisions of section 47 A (1) (c) read with section 46 (4) (i) of the Banking Regulation Act, 1949 (the Act).

Q.7. Which type of banks can open Digital Banking Units (DBUs)?

Correct Answer is Only Scheduled commercial banks.

• The Reserve Bank of India (RBI) has released the guidelines for Scheduled Commercial Banks to establish digital banking units (DBUs).
• An announcement was made in the Union Budget 2022-23, regarding the setting up of 75 DBUs in 75 districts.
• Scheduled commercial banks that have past digital banking experience can set up DBU.

Q.8. What is the name of the new deposit scheme which was launched by P Gopi Krishna, Chairman of Karnataka Vikas Grameena Bank?

Correct Answer is Vikas Siri Sampat-1111.

• The tenure of this scheme is of 1,111 days with an interest rate of 5.70% for the general public and 6.20 % for senior citizens.
• It also offers the highest rate of annualized return of 6.03% for the general public and 6.60% for senior citizens.
• Under the scheme, the account holder can deposit ₹10,000 to ₹2 crores.

Q.9. Which bank has signed a USD 150 million Partial Guarantee Facility Agreement (PGFA) with the Asian Development Bank (ADB) to support supply chain financing for impact sectors?

Correct Answer is Axis Bank.

• The programme will have a special focus on ESG (environmental, social and governance).
• The deal will help Axis Bank to boost its support of SMEs, contribute to economic growth, and create jobs that improve people’s lives.

Q.10. Which regulatory body has formed two separate expert panels to examine the eligibility criteria, roles, and functions of trustees and sponsors at asset management companies (AMCs)?

Correct Answer is Securities and Exchange Board of India (SEBI).

• Sponsor task: promoter who provides funds for setting up an AMC.
• Trustee task: supervisory role and protects investor interests.
• Sponsors group chaired by: Balasubramanian, CEO of Aditya Birla Sun Life AMC
• MF trustees: Manoj Vaish, Independent Trustee, Mirae MF

Q.11. According to the official data, the import of gold in India has been rose by how much percentage to ₹46.14 billion on account of higher demand in 2021-22?

Correct Answer is 33.34%.

• The increase in gold imports has contributed to the widening of the trade deficit to $192.41 billion, against $102.62 billion in 2020-21.
• The export of gems and jewellery grew by about 50% to about $39 billion during 2021-22.

Q.12. The government of India has signed USD 2 mn Project Readiness Financing Loan with the Asian Development Bank (ADB) for which state of India?

Correct Answer is Nagaland.

• Focus area: Designing climate-resilient urban infrastructure; Strengthening institutional capacity; and improving municipal resource mobilization in 16 districts.
• Towns and cities of Nagaland are facing long-term challenges of lack of basic amenities, climate change, and poor connectivity.

Q.13. On 8th April 2022, how many years have been completed of Pradhan Mantri Mudra Yojana (PMMY)?

Correct Answer is seven years.

• The scheme was launched in 2015 by PM Modi for providing financial support of up to 10 Lakh rupees to non-corporate, non-farm small, or micro-enterprises.
• More than 34 crores 42 lakh loans for an amount of 18.60 lakh crore rupees have been sanctioned since the launch of the scheme.
• 68% of the total number of loans have been sanctioned to Women Entrepreneurs.

Q.14. World Trade Organisation (WTO) has cut the world merchandise trade volume expected growth in 2022 to which percent?

Correct Answer is  3%.

• Due to the ongoing war between Russia and Ukraine.
• WTO also forecasted that trade volume is expected to grow to 3.4% in 2023.
• World GDP at market exchange rates is expected to increase by 2.8% in 2022 after rising 5.7% in 2021.

Obituaries

Q.1. Recently, Shiv Kumar Subramaniam has passed away, belongs to which fields?

Correct Answer is Actor-screenwriter.

• He was known for his roles in serial Mukti Bandhan and Meenakshi Sundareshwar.
• He started his career by writing a screenplay for 1989 film Parinda which was directed by Vidhu Vinod Chopra.

Q.2. Name the author of Eagle Has Landed book who recently passed away?

Correct Answer is Jack Higgins.

• The Eagle Has Landed was his best-selling book. He was 92.

Important Days

Q.1. The Central Reserve Police Force (CRPF) Valour Day is observed on which date?

Correct Answer is 9 April.

• The day is also known as “CRPF ShauryaDiwas”.
• On April 9, 1965, a small contingent of CRPF fought against Pakistan in Rann of Kutch and eliminated 34 Pakistani soldiers.
• During this war, CRPF lost six personnel who had attained martyrdom.

Q.2. World Homeopathy Day is observed on which date?

Correct Answer is 10th April.

• The Ministry of Ayush has organized a two-day scientific convention on World Homeopathy Day on 9th& 10th April 2022 at Bharat Ratna C. Subramanium Auditorium, New Delhi.
• Theme 2022: People’s Choice For Wellness.
• The day is celebrated to commemorate the 267th birth anniversary of Dr. Christian Friedrich Samuel Hahnemann.

Q.3. World Parkinson's Day is observed on which date?

Correct Answer is April 11.

• To raise awareness of Parkinson's disease, which is described as a movement disorder that impacts the nervous system.
• The theme for World Parkinson's Day 2022 is "integrated health care".
• This day also marks the birth anniversary of Dr. James Parkinson, who first described the features of the disease in his article - An Essay on the Shaking Palsy in 1817.

Q.4. International Day of Human Space Flight is being observed on which date?

Correct Answer is April 12.

• On 12 April 1961, the first human space flight was carried out by a Soviet citizen Yuri Gagarin.
• On 7th April 2011, United Nations General Assembly (UNGA) declared April 12 as the International Day of Human Space Flight, recognising the 50th anniversary of the first-ever human spaceflight.He is also known as the 'first man in space'.

Q.5. Which edition of Siachen Day has been observed by the Indian Army on April 13 2022?

Correct Answer is 38th edition.

• This day has been observed to celebrate the bravery of the Indian Army under "Operation Meghdoot".
• On April 13, 1984, Operation Meghdoot was launched which was led by the Lieutenant-General Prem Nath Hoon.

Q.6. International Turban Day celebrates is observed on which date?

Correct Answer is April 13.

• International Turban Day is celebrated every year on April 13 since 2004 to bring awareness of the strict requirement on Sikhs to put the turban as a mandatory part of their religion.
• The 2022 Turban Day marks the 553rd birth anniversary of Guru Nanak Dev and the festival of Baisakhi.

New Appointments

Q.1. Who has been re-appointment as the Managing Director and CEO of DCB Bank for two years from April 29, 2022, to April 28, 2024 by the Reserve Bank of India (RBI)?

Correct Answer is Murali M Natrajan.

• He was appointed as the DCB Bank MD and CEO in May 2009.
• RBI has fixed the tenure of bank chief executives at 15 years. In 2024, Natarajan will complete his 15 years as MD and CEO of the bank.

Q.2. Who has become the first black woman in US Supreme Court?

Correct Answer is Ketanji Brown Jackson.

• Jackson is the third black judge after Thurgood Marshall and Clarence Thomas, and the sixth woman.
• She is the second-youngest member of the court after Judge Barrett.

Q.3. Who has been succeeded Pradip Kumar Joshi to become the chairman of the Union Public Service Commission (UPSC)?

Correct Answer is Dr. Manoj Soni.

• He served as the nation's youngest university vice-chancellor of MS University in 2005.
• He was associated with the Swaminarayan sect's Anoopam Mission at Mogri in Anand district.

Q.4. Who has become the 23rd prime minister of Pakistan?

Correct Answer is Mian Muhammad ShehbazSharif.

• He has served three times (1997, 2008, and 2013) as Pakistan Punjab's chief minister-
• He is the younger brother of former Pakistan PM Nawaz Sharif.
• In 2018 he contested Pakistan PM election, in which Imran got 176 votes and he bagged only 96 votes at the time.

Q.5. Who has been re-appointed as the chairperson of the National Commission for Minorities?

Correct Answer is Iqbal Singh Lalpura.

• He was first appointed as chairman in September 2021 but resigned from the post in December to contest as the BJP candidate from the Ropar assembly constituency.
• He served as the senior superintendent of police of Amritsar Rural, Kapurthala, and Tarn Taran districts.