Weekly Current Affairs (22nd to 31st May 2022) - 1 - UPSC PDF Download

Banking & Financial Awareness

Q.1. Which bank has issued an RMB-denominated bond of CNY 7 billion ($1.04 billion) in China's interbank bond market with a maturity of three years?

Correct Answer is New Development Bank (NDB).

• The transaction is the largest ever Panda Bond issue by a Multilateral Development Bank (MDB).
• Upon the completion of the issuance, the NDB would have a cumulative total of RMB 30 bln bonds issued under its RMB bond programs in the China Interbank Bond Market.

Q.2. How much amount has been announced by the World Bank as financial aid in response to the ongoing food security crisis in the world?

Correct Answer is $30 billion.

• Areas: Agriculture, nutrition, social protection, water, and irrigation will be available for implementation to address food insecurity over the next 15 months.
• The World Bank is working with countries on the preparation of $12 billion of new projects for the next 15 months.

Q.3. Which bank will open its first regional office in India at the Gujarat International Finance Tec-City (GIFT City) to cater to infrastructure and sustainable development needs of the country?

Correct Answer is New Development Bank (NDB).

• The Indian Regional Office (IRO) will be instrumental in enhancing NDB’s engagement with borrowers and stakeholders.
• IRO expands our on-the-ground presence, contributing to preparing and implementing projects

Q.4. What is the name of the credit card which is recently announced by the State Bank of India (SBI) on its Yono platform which allows eligible customers to get personal loans of up to ₹35 lakh?

Correct Answer is Real-Time Xpress Credit.

• It is a flagship personal loan product for salaried customers (Xpress Credit), now has a digital avatar, and customers can now avail of it through Yono.
• It would be a 100% paperless and digital experience and an end-to-end eight-step journey.

Q.5. Which financial service provider has launched ‘Loan Against Shares’ an end-to-end integrated digital financial offering?

Correct Answer is Tata Capital Ltd.

• Aims: To provide customers with an easy and seamless experience
• Through this facility, the customers can avail of loans up to ₹5 crores by simply pledging their dematerialized shares online, facilitated by NSDL.

Q.6. Which private bank has joined hands with Retailio to launch of a new range of co-branded credit cards primarily targeted at chemists and pharmacies in the merchant segment?

Correct Answer is  HDFC Bank.

• Retailio is the country's largest B2B pharma marketplace.
• The co-branded credit card offers cashback on tax payments, reward points, and 5% Cashback on all Business essentials.
• The card also offers no-cost and low-cost EMI options for all customers on their credit cards.

Q.7. Under the chairmanship of whom, the Reserve Bank of India has set up a committee to review the efficacy, adequacy, and quality of customer service in banks, NBFCs, and other entities regulated by it?

Correct Answer is Former RBI deputy governor BP Kanungo.

• The six-member committee will submit a report within three months from the date of its first meeting.
• It will also review the evolving needs of the customer service landscape ( evolving digital/ electronic financial products and distribution landscape).

Q.8. Which start-up of rural NEO bank has signed a partnership with the IndusInd Bank to digitize the nation's payment ecosystem and provide a wider scope to transact for its customers in rural India?

Correct Answer is Mahagram.

• Aim: To boost financial inclusion, encourage socio-economic development, mitigate the risks of a shadow economy, and accelerate the growth of a cashless society.
• Mahagram was founded in 2015 to enable rural women to save money at the local Kirana stores.

Q.9. Which bank has signed a co-lending agreement with NBFC Paisalo Digital Limited for agriculture business to capitalize on the underbanked and under-serviced population?

Correct Answer is UCO Bank.

• The tie-up will give a boost to the agriculture advance of the bank and it is a win-win situation for the bank as well as the NBFC.
• The Government of India aims to help agriculture and other small borrowers who are the backbone of the Indian economy.

Q.10. How much stakes have been acquired by the GIC (sovereign wealth fund) in Aditya Birla Fashion and Retail (ABFRL) for Rs 2,195 crore?

Correct Answer is 7.5% equity stake.

• The investment will be made by way of preferential equity and warrants. In the first tranche, the GIC will invest Rs 770 crore, while the rest amount of Rs 1,425 crore would be infused within 18 months.
• After the investment, Aditya Birla Group will hold a controlling stake of 51.9% in the company.

Q.11. Which financial digital payment company will acquire wealth management firms WealthDesk for about $50 million and OpenQ for around $20 million?

Correct Answer is PhonePe (Walmart-owned digital payments firm).

• PhonePe confirmed the deal related to WealthDesk and OpenQ, but didn’t reveal the value of the transaction.
• PhonePe has applied to the Securities and Exchange Board of India (Sebi) for a mutual fund (MF) license in 2021, joining rivals in the race to set up an asset management company (AMC)

Q.12. Which bank becomes the first Japanese bank to open a branch at Gujarat International Financial Tech City (GIFT City)?

Correct Answer is MUFG Bank.

• MUFG Bank has already taken all necessary approvals from the International Financial Services Centre Authority (India) and the Financial Services Agency (Japan) to set up a branch at GIFT City.
• MUFG had opened its first branch in Mumbai in 1953.

Q.13. The Ministry of Road Transport and Highways has increased the third-party (TP) motor insurance premium for various categories of vehicles with effect from?

Correct Answer is June 1.

• The premium for new private cars is hiked between 1% and 23%.

Q.14. Which NBFC has announced a joint venture (JV) with Indian Bank, to help both institutions leverage synergies and offer customer-centric financial solutions to borrowers in the retail segment?

Correct Answer is Northern Arc (NBFC).

• This move will help Indian Bank by gaining access to Northen Arc's n-POS platform which helps fintech, NBFCs and investors co-lend to retail loan borrowers.

Q.15. The Reserve Bank of India (RBI) has relaxed the norms for non-bank entities to set up Bharat Bill Payment operating units (BBPOU) by reducing the net-worth requirement to?

Correct Answer is Rs 25 crores.

• Presently, the minimum net worth of Rs 100 crore is required to obtain authorization for a non-bank BBPOU.
• Bharat Bill Payment System (BBPS) is an interoperable platform for bill payments and the scope and coverage of BBPS extend to all categories of billers who raise recurring bills.

Q.16. The Cabinet Committee on Economic Affairs (CCEA) has cleared how much percent of stake to sale in Hindustan Zinc Ltd (HZL) to fetch around Rs 38,000 crore to the exchequer?

Correct Answer is 29.5%.

• The government has budgeted Rs. 65,000 crore from PSU disinvestment and strategic sale.
• In 2002, the government offloaded a 26% stake in HZL to Sterlite Opportunities and Ventures Ltd (SOVL).

Q.17. Bank of Baroda Financial in partnership with National Payments Corporation of India (NPCI) and _______, have launched HPCL BoB co-branded contactless RuPay Credit Card?

Correct Answer is Hindustan Petroleum (HPCL).

• This card can be used across merchants and ATMs globally through the JCB network.
• BOB Financial is a wholly-owned subsidiary of the Bank of Baroda (BoB).

Q.18. What is the name of Robo advisory platform launched HDFC Securities?

Correct Answer is HDFC Money.

• This also manages other aspects of finances such as accessing, managing, and tracking portfolios, starting goal planning, insurance planning, and managing/filing taxes.

Q.19. SEBI has withdrawn the recognition of which exchange?

Correct Answer is Indian Commodity Exchange Limited (ICEX).

• The withdrawal of recognition follows an order passed by SEBI on May 10 after finding the bourse noncompliant on several grounds like net worth and infrastructural requirements.

Q.20. What would be India's growth has been projected by the Moody’s Investors Service for the calendar year 2022 (CY22)?

Correct Answer is 8.8%.

• It projected inflation to be around 6.8% and 5.2% for 2022 and 2023, respectively.

Q.21. Which organization has issued norms for facilitating the physical import of gold through India International Bullion Exchange IFSC (IIBX) or similar authorised exchange by Qualified Jewellers in India?

Correct Answer is RBI.

• Banks may allow Qualified Jewellers to remit advance payments for 11 days for import of gold through IIBX in compliance to the extant Foreign Trade Policy and regulations issued under IFSC Act.

Q.22. RBI has red-flagged which bank in its annual report, observing that balance sheets of shadow banks expanded even as the asset quality deteriorated?

Correct Answer is non-banking financial companies (NBFCs).

• Some of NBFCs pose potential threat to financial stability as their size increased due to higher risk appetite
• Shadow banking: bank-like activities that take place outside traditional banking sector

Q.23. According to the RBI’s Banknote Survey of Consumers findings, which note has revealed as the most preferred banknote?

Correct Answer is ₹100.

• ₹2,000 was the least preferred denomination.
• Among coins, ₹5 denomination was the most preferred whereas ₹1 was the least preferred.

Q.24. Ecowrap is a research report of which bank?

Correct Answer is SBI.

• According to the State Bank of India’s research report Ecowrap, the growth rate of India’s Gross Domestic Product (GDP) is expected to be in the range of 8.2 to 8.5% in the FY22.

Obituaries

Q.1. Former parliamentarian Shivaji Patnaik. passed away at 92 who was related to which political party?

Correct Answer is CPI (M).

• Patnaik joined the undivided Community Party of India (CPI) in 1947 and was the architect of the formation of CPI(M) in Odisha in 1961. He was elected from the Lok Sabha seat (Bhubaneswar) thrice in 1977, 1989 and 1991.
• He was the CPM secretary of the State Committee from 1972 to 1991 and also a member of the central committee of the CPM for a long period.

Q.2. Lester Piggott passed away and was related to which sports?

Correct Answer is Jockey.

• Piggott was partially deaf, and has won the Derby at Epsom for the first time in 1954 and the ninth win came on Teenoso in 1983.

Q.3. Bujar Nishani, has passed away and was related to which field?

Correct Answer is Politics.

• He was a former president of Albania.
• Nishani was elected as president in June 2012 at the age of 45, and becomes the country’s youngest-ever president.

Important Days

Q.1. The International Day for Biological Diversity commemorates every year on which date?

Correct Answer is May 22.

• The theme for International Day for Biological Diversity 2022 is "Building a shared future for all life".
• Purpose: To raise awareness about the environment and all species that live on this planet. The United Nations General Assembly has designated May 22 as International Day for Biological Diversity in December 2000.

Q.2. International Missing Children’s Day is observed every year on which date?

Correct Answer is 25th of May.

• Aims of the day are to place a spotlight on the issue of child abduction, educate parents on safeguarding measures to protect their children and also honour those who have never been found and celebrate those who have.

Q.3. World Thyroid Day is observed on which date to promote awareness and understanding of thyroid diseases, their symptoms, prevention, and treatments?

Correct Answer is May 25.

• Thyroid Federation international has announced the theme, “It’s not you. It’s your thyroid.”

Q.4. Which day is observed by the United Nations from May 25 to 31?

Correct Answer is International Week of Solidarity with the Peoples of Non-Self-Governing Territories.

• On December 06, 1999, the UN General Assembly called for the annual observance of the Week of Solidarity with the Peoples of Non-Self-Governing Territories.

Q.5. Which date is observed as World Turtle Day by American Tortoise Rescue, a nonprofit organization?

Correct Answer is May 23.

• This year’s theme for World Turtle Day is “Shellebrate”. The theme asks “everyone to Love and Save Turtles”.

Q.6. Which date is observed as a Commonwealth Day?

Correct Answer is Second Monday of March.

• However, India and a few other countries celebrate it on May 24. The theme for Commonwealth Day 2022 is ‘Delivering a Common Future’

Q.7. United Nations (UN) International Day to End Obstetric Fistula is marked on which date to promote action towards treating and preventing obstetric fistula?

Correct Answer is 23rd May.

• In 2003 the United Nations Population Fund (UNFPA) and its partners launched the global Campaign to End Fistula, a collaborative initiative to prevent fistula and restore the health of those affected by the condition.
• The day was officially recognized in 2012.

Q.8. World Metrology Day(WMD) is annually observed across the globe on which date?

Correct Answer is 20th May.

• To create awareness about the Metrology, the science of measurement and its application.
• The theme for World Metrology Day 2022 is Metrology in the Digital Era.

Q.9. What is the theme of International Day of UN Peacekeepers 2022 which is observed annually on May 29?

Correct Answer is People Peace Progress: The Power of Partnerships.

• Captain Abdelrazakh Hamit Bahar of Chad has received posthumously the highest award in UN peacekeeping, the ‘Captain Mbaye Diagne Medal for Exceptional Courage.

Q.10. World No Tobacco Day is observed on which date every year to raise awareness about the destruction caused by consuming tobacco?

Correct Answer is May 31.

• The United Nations has adopted sustainable development agenda by 2030 with an aim to reduce tobaccorelated deaths by one-third by that time.
• Theme 2022: Tobacco: Threat to our environment.

New Appointments

Q.1. Who has been appointed as a CEO of Infosys for the period of five years on the recommendation of the Board of Directors from July 1, 2022, to March 31, 2027,?

Correct Answer is  Salil Parekh.

• He will be the only non-founder CEO to have managed to be at the helm of the company for a second term. He has been leading the role at Infosys since January 2018.
• He took over the role from then-interim CEO and MD and company veteran UB Pravin Rao.

Q.2. Who has been appointed as the new commissioner of the unified Municipal Corporation of Delhi?

Correct Answer is  Gyanesh  Bharti.

• The Centre has appointed 1992 batch IAS officer Ashwani Kumar as the special officer in the unified MCD. He will take over the role of elected councilors and municipal committees till the fresh civic polls are held.
• The unified Municipal Corporation of Delhi comes into effect on May 22, 2022.

Q.3. Who was sworn in as Australia's 31st Prime Minister?

Correct Answer is  Labour Party leader Anthony Albanese.

• Four key Cabinet members, including new Foreign Minister Penny Wong, Richard Marles is the new Deputy Prime Minister and Employment Minister, Jim Chalmers is Treasurer, and Katy Gallagher is Attorney General and Finance Minister.
• It is Australia's first Labour Government in almost a decade.

Q.4. Who was sworn in as president of East Timor?

Correct Answer is  Jose Ramos-Horta (Former independence fighter and Nobel

Peace Prize laureate).

• He defeated incumbent Francisco “Lu Olo” Guterres (his fellow independence fighter) in election. Ramos-Horta was prime minister from 2006 to 2007 and president from 2007 to 2012.
• East Timor is marking the 20th anniversary of independence for Asia’s youngest country.

Q.5. Who has been appointed as the PS to Prime Minister Narendra Modi at joint secretary level ?

Correct Answer is  Vivek Kumar.

• He will take over as PM Modi’s private secretary from Sanjeev Kumar Singla. Kumar has joined the PMO as a deputy secretary in 2014.
• He is a BTech in chemical engineering from IIT Bombay and has served in diplomatic positions in Russia and Australia.

Q.6. Who has been appointed as the new Lieutenant Governor (L-G) of Delhi?

Correct Answer is  Vinai Kumar Saxena.

• He was appointed as the chairman of KVIC in October 2015. He has worked on various schemes and products: ‘Honey Mission’, ‘Kumhar Sashaktikaran Yojana’, ‘Leather Artisans’ Empowerment’, Khadi Prakritik Paint, and many more.
• He has replaced former LG Anil Baijal, who headed Delhi’s government for five years.

Q.7. Who has been reelected as Director-General of WHO for the second term with effect from 16th August 2022?

Correct Answer is  Dr. Tedros Adhanom Ghebreyesus.

• His re-election was confirmed during the 75th World Health Assembly in Geneva. He was the sole candidate. Dr Tedros was first elected in 2017.
• Before joining the WHO, Dr Tedros served as Minister of Foreign Affairs and as Minister of Health in Ethiopia.

Q.8. Who becomes the first woman officer to join the Army Aviation Corps as a combat aviator after successfully completing her training?

Correct Answer is  Captain Abhilasha Barak.

• She is from Haryana and was awarded the coveted wings along with 36 other army pilots by the DG and Colonel Commandant of Army Aviation in Nashik. She was commissioned into the Indian Army from the Officers Training Academy, Chennai in 2018.
• She has been assigned to the second flight of the 2072 Army Aviation Squadron.

Q.9. Who has been appointed as the CEO of the e-commerce venture of the group JSW One Platforms?

Correct Answer is  Gaurav Sachdeva.

• He will be responsible for creating a strong and healthy transparent platform that will ease buying and selling of steel and other products for manufacturing and construction MSMEs in the country.
• Prior to joining JSW Ventures, he worked in leading institutions like Citibank, Bank of America and Infosys.

Q.10. Who has been made the chair of the WTO's Committee on Technical Barriers on Trade(TBT)?

Correct Answer is  Anwar Hussain Shaik.

•  He replaced Elisa Maria Olmeda de Alejandro from Mexico.

Q.11. Who has been appointed as the acting Chairperson of Lokpal by President Ram Nath Kovind, after Pinaki Chandra Ghose completed his tenure as the Lokpal Chief?

Correct Answer is  Justice Pradip Kumar Mohanty.

• His tenure is effective from 28th May, till the appointment of a new Chairperson.

Q.12. Who has been elected as the voting member and chair on the Board of Directors for the Athletes’ Committee, the International Boxing Association (IBA)?

Correct Answer is  Lovlina Borgohain.

• She has received the highest number of votes at the 2022 Women’s World Championships election.