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

Banking & Financial Awareness

Q.1. Which Indian telecommunications company becomes the first to provide 4G voice and data services at Spangmik village near Pangong lake in the Ladakh region?

Correct Answer is Jio.

• Lok Sabha member from Ladakh, Jamyang Tsering Namgyal has inaugurated the Jio mobile tower at Spangmik village.
• This launch will help to boost the economy of the region besides providing seamless connectivity to the tourists and the troops in the area.

Q.2. According to the recent projection of the World Bank, what would be India's gross domestic product (GDP) forecast for the current fiscal year (2022-23)?

Correct Answer is 7.5%.

• The World Bank has revised its GDP forecast for the second time.
• In April 2022, The World Bank had reduced the forecast from 8.7% to 8%.
• In May 2022, Moody’s Investors Service has cut the GDP projection to 8.8% for the calendar year 2022 from 9.1% earlier.

Q.3. After the revision of the repo rate by the Reserve Bank of India (RBI) on June 8, 2022, what is the current repo rate?

Correct Answer is 4.90%.

• Earlier, the committee had raised rates by 40 basis points at an unscheduled meeting in May.
• RBI has also raised the inflation forecast to 6.7% for 2022-23 from an earlier estimate of 5.7%.

Q.4. Which financial services company will power the "Apple Pay Later" service that would be launched by Apple, to offer the users to split the cost of a purchase?

Correct Answer is Mastercard.

• Apple Pay Later will offer the users to split the cost of a purchase made over Apple Pay into four equal payments over six weeks without any interest or late fees.
• This service will be available everywhere, Apple Pay can be accepted online or in-app by using the Mastercard network.

Q.5. Along with Indian Oil Corporation Limited and the National Payments Corporation of India (NPCI) which of the following bank has launched co-branded contactless credit card?

Correct Answer is Axis Bank.

• The card offers: fuel surcharge waiver, cashback on fuel purchases, reward points, quick cinema ticket discounts etc.

Q.6. Which of the following regulatory body has launched the My Pad My Right programme in Leh?

Correct Answer is NABARD.

• This programme was launched by Nabard’s NabFoundation with machinery and materials of a cost of Seven and half Lakh rupees.
• NABARD also sanction One lakh (addition) to upgrade the machinery to make sanitary pads suitable to the demands of women of different age groups.

Q.7. Which of the following companies has won the bid to build the national capital region’s new airport at Jewar?

Correct Answer is Tata Project.

• It outbid the Shapoorji Pallinji Group and Larsen & Toubro for the contract.
• Tata Projects, the infrastructure and construction arm of the Tata group, will construct the terminal, runway, airside infrastructure, roads, utilities, landside facilities and other ancillary buildings at the Noida International Airport.

Q.8. According to the OECD, after the revision of the growth rates in June 2022, what would be India's economic growth has been projected by the OECD for 2022-23?

Correct Answer is 6.9%.

• OECD has also projected the growth for India is 6.2% in 2023.
• The Reserve Bank of India has also estimated the growth of the nation to 7.2%.
• The RBI has also raised the repo rate by 50 basis points (bps) to 4.9% in a bid to curb the soaring inflation in the country.

Q.9. After raising the limit for individual housing loans for Cooperative Banks by the RBI, what is the new limit for the Rural Cooperative Banks for individual housing loans with an assessed net worth less than ₹100 crores?

Correct Answer is Rs. 50 lakh.

• The limits for Tier I /Tier II UCBs have been revised from ₹30 lakh/ ₹70 lakh to ₹60 lakh/ ₹140 lakh, respectively.
• RCBs the limits have been increased:-
• From ₹20 lakh to ₹50 lakh for RCBs with an assessed net worth less than ₹100 crore
• From ₹30 lakh to ₹75 lakh for other RCBs.

Q.10. Nirmala Sitharaman has recently launched EASE 5.0 under EASENext program. EASE reforms are focused on?

Correct Answer is Public Sector Banks.

• EASE Agenda was launched in January 2018 jointly by government and PSBs.
• It was commissioned through Indian Banks’ Association and authored by Boston Consulting Group.
• EASE 1.0 report showed significant improvement in PSB performance in resolution of NPA transparently.

Q.11. Which bank has partnered with ZestMoney to expand its ‘Cardless EMI’ facility for purchases at retail and e-commerce platforms?

Correct Answer is ICICI Bank.

• The partnership enhances the affordability of millions of customers of the bank who can use pre-approved cardless credit to instantly buy products/ services using ZestMoney and take care of the cost into EMIs.
• Customers can convert transactions up to Rs 10 lakh into EMIs by simply putting their registered mobile number, PAN and OTP.

Q.12. Electric two-wheeler maker Ather Energy has partnered with which bank for vehicle financing for its customers?

Correct Answer is State Bank of India.

• The collaboration will enable Ather Energy's customers, having pre-approved loan offers from SBI, to avail instant loans at low interest rates starting from 9.55 per cent per annum, depending on customer credit profile.
• The vehicle loans can be availed through SBI's mobile app YONO as well as offline.

Q.13. Which bank has launched its KCC Digital Renewal scheme, enabling eligible customers to renew their Kisan Credit Card accounts via digital modes?

Correct Answer is Indian Bank.

• The initiative is part of the bank’s digital transformation under project ‘WAVE’ - World of Advanced Virtual Experience.
• The account renewals can be done using Indian Bank’s IndOASIS mobile app and internet banking.

Q.14. META4 group is a company based in which country that signed an MoU with the Telangana govt to set up an Electric Vehicle manufacturing plant with an investment of ₹250 crores in Zaheerabad, Telangana?

Correct Answer is UAE.

• As per the MoU, the Telangana govt will provide 15 acres of subsidized land in the National Investment and Manufacturing Zone, Zaheerabad.
• META4 has made this investment through Voltly Energy, which provides advanced EV 2-wheeler manufacturing and delivers energy-efficient EV charging solutions.

Q.15. Bharat FIH has received market regulator SEBI's approval for an Initial Public Offering (IPO) aggregating to?

Correct Answer is Rs. 5,000 crores.

• Bharat FIH is a subsidiary of FIH Mobile a leading manufacturing services provider for the mobile handset industry, which is a part of Foxconn Technology Group
• The company makes devices for Xiaomi and Nokia.

Q.16. Name the fintech startup that has launched its UPI services targeted at rural India?

Correct Answer is XPay.Life.

• aim: to make financial facilities accessible for people in rural areas.
• The launch of its UPI services is expected to benefit XPay.Life’s 4 mn consumers across more than 15 states and 1 lakh villages.
• XPay.Life along with NABARD, NPCI and the state govt working towards strengthening DB and payments by enabling the last mile link.

Q.17. Which became the became the 1st RBI licensed PPI to launch cash withdrawal using a RuPay-powered card from any ATMs across the country?

Correct Answer is OmniCard.

• The move came in after RBI permitted the non-bank licensed entities to enable cash withdrawals from the digital wallets.
• OmniCard users can withdraw cash from any ATM at their convenience with full security from frauds like card theft, card cloning, and PIN skimming.
• The company is working with NPCI to enable the facility.

Q.18. According to the Reserve Bank of India (RBI), how many PoS, mobile PoS and other physical devices were deployed across the country under the Payments Infrastructure Development Fund (PIDF) scheme as on April 30, 202?

Correct Answer is More than 4.11 lakh.

• Besides, 1,14,05,116 digital devices, including inter-operable QR code-based payments such as UPI QR, Bharat QR, were deployed under the scheme.
• The PIDF scheme, operationalised by the Reserve Bank from January 2021, subsidises deployment of Points of Sale (PoS) infrastructure (physical and digital modes) in tier-3 to tier-6 centres and northeastern states of the country.

Q.19. According to the report “Digital payments in India: A $10 trillion opportunity” unvield by PhonePe, India’s digital payments market is expected to increase more than threefold from the current US$3 trillion to US$10 trillion by?

Correct Answer is 2026.

• India’s leading digital payments company, PhonePe in collaboration with Boston Consulting Group (BCG), unveiled a report titled, “Digital payments in India: A $10 trillion opportunity”
• This would translate to digital payments (non-cash) constituting 2 out of 3 payment transactions by 2026.

Q.20. Which Payments bank has partnered with Muthoot Finance to offer gold loans through the bank’s app?

Correct Answer is Airtel Payments Bank.

• With this partnership, Airtel Payments Bank customers can get hassle-free gold loans with Zero processing fees from Muthoot Finance.
• There will be no-processing charge on the loan and Muthoot Finance will provide up to 75 percent of the pledged gold value as a loan.
• The partnership will give access to secured and affordable credit to customers looking for quick liquidity against their gold assets.

Obituaries

Q.1. Two-time Olympian and a double Asian Games gold medallist, Hari Chand passed away recently, he was a veteran?

Correct Answer is Long distance runner.

• Hari Chand won the 5000 and 10,000m gold at the 1978 Bangkok Asiad and also the 10,000m title at the 1975 Asian Championships in Seoul.

Q.2. Veteran business personality Nobuyuki Idei passed away recently, he was former CEO of which company?

Correct Answer is Sony.

• During his seven years as CEO from 1998, Mr Idei made an immense contribution to Sony’s evolution as a global company. Tokyo-based Sony is among Japan’s stellar brands, having brought the world the Walkman portable music player.

Important Days

Q.1. World Brain Tumour Day is observed every year on?

Correct Answer is 8th June.

• It is a mass or growth of abnormal cells in your brain. There are two types of brain tumors, noncancerous (benign), and cancerous (malignant).
• The day also pays tribute to brain tumour patients, their families and healthcare professionals.

Q.2. What is the theme of World Oceans Day 2022 which is observed annually on June 8?

Correct Answer is Revitalization: collective action for the ocean.

• World Oceans Day is observed on June 8 every year to raise the awareness among people of the importance of the oceans and the major role they play in everyday life.
• The World Oceans Day concept was first proposed by the UN in 1992 at the Earth Summit in Rio de Janeiro.

Q.3. World Accreditation Day (WAD) is celebrated every year on?

Correct Answer is 9th June.

• It aims to meet objectives such as increasing trade and addressing environmental, health and safety concerns. It also improves the general overall quality of output in an economy.
• This year the theme for World Accreditation Day 2022 is “Accreditation: Sustainability in Economic Growth and the Environment.”

Q.4. What is the theme of World Brain Tumour Day 2022 which is observed every year on June 8?

Correct Answer is Together We Are Stronger.

• World Brain Tumor Day was first observed on June 8, 2000, by the German Brain Tumor Association (Deutsche Hirntumorhilfe e.V.), a non-profit organisation for serving and offering support to brain tumour patients.
• The theme for World Brain Tumor Day 2022 is “Together We Are Stronger."

Q.5. What is the theme of International Albinism Awareness Day 2022?

Correct Answer is United in making our voice heard.

• International Albinism Awareness Day (IAAD) is annually observed on 13th June, representing the importance and celebration of human rights of people with albinism.

Q.6. What is the theme of World Day Against Child Labour’ 2022?

Correct Answer is Universal Social Protection to End Child Labour.

• The United Nations observes the 12th of June every year as the ‘World Day Against Child Labour’ to bring attention to the evil practices of child labour across the world.
• International Labour Organization (ILO) launched this day in 2002 to tackle this global issue against child labour.

Q.7. International Albinism Awareness Day is observed by the United Nations every year on?

Correct Answer is 13th June.

• The day represents the importance and celebration of human rights of people with albinism.
• The United Nations Human Rights Council adopted this resolution and put its firm foot down for the prevention of attacks and discrimination against people with albinism.
• This day is mandated to remind people of the perils of the past and the path to the future in the case of albinism and the people living with it.

Q.8. What is the theme of the World Blood Donor Day 2022?

Correct Answer is Donating blood is an act of solidarity.

• World Blood Donor Day is observed on 14 June every year to spread awareness regarding the need for “safe blood and blood products for transfusion”.
• The host nation for World Blood Donor Day 2022 is Mexico.
• The WHO initiated and declared June 14, the birth anniversary of Karl Landsteiner, as WBD in 2004.

New Appointments

Q.1. Who has been appointed as Managing Director of State Bank of India after replacing Ashwani Bhatia?

Correct Answer is Alok Kumar Choudhary.

• He has replaced Ashwani Bhatia, who was appointed as a whole-time member of the Securities and Exchange Board of India (SEBI).
• He is responsible for the Retail Business & Operations of the lender.

Q.2. Who has been elected as the new president of Albania?

Correct Answer is Bajram Begaj.

• Prior to this, he holds the position of Chief of General Staff of the Albanian Armed Forces (AAF).
• He is the 8th president of Albania and the 3rd from the military ranks.

Q.3. Who among the following has been appointed as the new chairperson of the International Aluminium Institute?

Correct Answer is Satish Pai.

• He succeeded Ben Kahrs, who is a chief innovation officer of Alcoa Corporation.
• He earlier worked with Schlumberger, where he was responsible for Schlumberger’s operations globally.

Q.4. Who among the following has been appointed as a Director of the Asia and Pacific Department (APD), International Monetary Fund?

Correct Answer is Krishna Srinivasan.

• He will succeed Changyong Rhee whose retirement from the IMF was announced on March 23.
• He has joined IMF in 1994 in the Economist Program.

Q.5. Who has been given additional charge as the Chief Executive Officer (CEO) of Prasar Bharati?

Correct Answer is Mayank Kumar Agrawal.

• He succeeded Shashi Shekhar Vempati, who was serving at this position since 2017.

Q.6. Who has been appointed as the ombudsman under Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGA)?

Correct Answer is N J Ojha.

• An ombudsman has the power to receive complaints from MGNREGA workers, consider such complaints, pass awards within 30 days from the date of receipt of the complaint, and issue directions for conducting a spot investigation.

Q.7. Who has been appointed as United Nations Secretary-General’s envoy on technology?

Correct Answer is Amandeep Singh Gill.

• Amandeep Singh Gill has been India's permanent representative to the Conference on Disarmament in Geneva from 2016-to 2018.
• He is now the chief executive officer of the International Digital Health and Artificial Intelligence Research Collaborative (I-DAIR) project at the Graduate Institute of International and Development Studies in Geneva.

Q.8. Who has been appointed as Managing Director and Chief Executive Officer of RBL Bank?

Correct Answer is R Subramaniakumar.

• Subramaniakumar is a former managing director and chief executive director of state-run Indian Overseas Bank.
• He was appointed the administrator of Dewan Housing Finance Co Ltd after the mortgage financier’s board was superseded.