Daily Current Affairs MCQ- February 22, 2023 - UPSC MCQ

Recently, the State Bank of India, Bank of Baroda and Indian Overseas Bank have raised their marginal cost of fund-based lending rates (MCLR) by up to 15 basis points. 

• It is the minimum interest rate below which no bank is permitted to lend money.
• It is determined by banks internally, depending upon the loan repayment time.
• The Reserve Bank of India introduced the MCLR methodology for fixing interest rates on 1 April 2016.
• It replaced the base rate structure, which had been in place since July 2010.
• The rate is determined internally by the bank depending on the period left for the repayment of a loan.
• MCLR is calculated based on four components Marginal cost of fund, Negative carry on account of cash reserve ratio, Operating costs, and Tenor premium.

Hence only statement 1 is correct.

Recently, the Cabinet Committee on Security (CCS) approved the raising of seven new battalions of the Indo-Tibetan Border Police (ITBP) force.

• Indo-Tibetan Border Police is one of the Central Armed Police Forces of India.
• It is a specialized mountain force and most of the officers and men are professionally trained mountaineers and skiers.
• Origin: It was raised in 1962, in the wake of the Sino-Indian War of 1962 for deployment along India's border with China's Tibet Autonomous Region.
• Status: ITBP was initially raised under the CRPF Act. However, in 1992, parliament enacted the ITBPF Act and the rules there under were framed in 1994.
• The motto of the Force: “Shaurya-Dridhata-Karma Nishtha” (Valour – Determination – Devotion to Duty).
• Nodal Ministry: Ministry of Home Affairs.

Hence only statement 1 is correct.

Ministry of Culture is organising the First G20 Culture Group (CWG) meeting in Khajuraho, Madhya Pradesh from 22nd to 25th February 2023.

• Khajuraho is an ancient city known for its majestic temples and elaborate sculptures.
• The Khajuraho Group of Monuments is a UNESCO World Heritage Site which was constructed by the Chandela Dynasty between 950-1050 AD.
• These monuments are built in Nagara-style architecture and ornamented with intricate and detailed sculptures.
• The monuments include Hindu and Jain temples.
• According to historical records, there were 85 temples in the temple site in Khajuraho, covering 20 square kilometres, in the 12th Century AD.

Hence only statement 2 is correct.

The Investor Education and Protection Fund Authority (IEPFA), will organise a State Level Conference on Financial Literacy in Amrit Kaal - Empowering Investors in association with the Department of Tourism in Aizawl.

• It was established in 2016 under the Companies Act, of 2013.
• The Authority is entrusted with;
  • The responsibility of administration of the Investor Education Protection Fund (IEPF).
  • Make refunds of shares, unclaimed dividends, matured deposits/debentures etc. to investors and promote awareness among investors.
• Nodal Ministry: Ministry of Corporate Affairs.

Hence both statements are correct.

A four-day bird survey conducted by the forest department has identified 231 species of birds in the Periyar Tiger Reserve, of which 11 species of birds were not recorded during the previous surveys.

About Periyar Tiger Reserve:

• Location: It is located in the Western Ghats of Kerala.
• It was declared a Tiger Reserve in 1978.
• It gets its name from the River Periyar which has its origin deep inside the reserve.
• Two main rivers, Pamba and Periyar drain the reserve.
• It is home to many tribal communities including the Mannans and the Palians.
• Terrain: Hilly and undulating with a maximum altitude of 2016 m.
• Vegetation: It consists of tropical evergreen, semi- evergreen and moist deciduous forests. 
• Flora:
• There are more than 171 species of grasses.
• Important flora includes teak, mangoes, rosewood, jamun, jacarandas, terminalias, tamarind, royal ponciana, bamboos etc.
• Fauna:
• Includes Elephants, Wild Pigs, Sambar, Gaur, Mouse Deer, Dole or Barking Deer, Indian Wild Dog and Tiger.
• The major four species of primates are also found at Periyar - the rare lion-tailed macaque, the Nilgiri Langur, Gee's Golden Langur, Common Langur and Bonnet Macaque.
• It Is also being considered as the habitat of the elusive Nilgiri Tahr.

Hence both statements are not correct.

The Central Government listed 7 priorities – called ‘Saptarishi’ in Budget 2023- inclusive development, Last mile delivery, Infrastructure, Green growth, Youth power, Unleashing potential, and Financial inclusion.

Key Initiatives under Financial Inclusion:

Credit Guarantee for MSMEs:

• The revamped Credit Guarantee scheme will take effect from 1st April 2023 through infusion of ` 9,000 crores in the corpus.
• This will enable additional collateral-free guaranteed credit of ` 2 lakh crore.
• The cost of the credit will be reduced by about 1 percent.
• What is the Credit Guarantee Scheme for Micro and Small Enterprises (CGS)?
• CGS was launched by the Government of India (GoI) to make available collateral-free credit to the micro and small enterprise sectors. 
• Both the existing and the new enterprises are eligible to be covered under the scheme.
• The Ministry of Micro, Small and Medium Enterprises, GoI, and Small Industries Development Bank of India (SIDBI), established a Trust named Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) to implement the CGS. 

Hence only statement 2 is correct.

The Central Government listed 7 priorities – called ‘Saptarishi’ in Budget 2023- inclusive development, Last mile delivery, Infrastructure and Investment, Green growth, Youth power, Unleashing potential, and Financial inclusion.

Key Initiatives under Unleashing the potential:

Simplification of Know Your Customer (KYC) process:

• The KYC process will be simplified by adopting a ‘risk-based’ instead of a ‘one size fits all’ approach.
• The financial sector regulators will also be encouraged to have a KYC system fully amenable to meet the needs of Digital India.
• What is KYC?
• KYC is an effective way for an institution to confirm and thereby verify the authenticity of a customer.
• All financial institutions are mandated by the RBI to do the KYC process for all customers before giving them the right to carry out any financial transactions.

Hence only statement 1 is correct.

The Reserve Bank of India (RBI) RECENTLY made changes in NEFT and RTGS systems for Foreign Contribution (Regulation) Act (FCRA) related transactions.

About NEFT:

• NEFT, which stands for National Electronic Funds Transfer, is an electronic method of transferring money online.
• Most Indian banks provide the NEFT feature on internet banking and mobile banking.
• It enables transferring funds from the account maintained with any bank to any other bank branch, provided the transaction is attempted between the banks that participate in the NEFT payment system.
• Transactions made through NEFT do not take place in real-time.
• As per Reserve Bank of India (RBI) guidelines, the payments made via NEFT are processed and settled half hourly batches.
• NEFT transactions can be performed 24*7.
• Minimum Transfer Value: Rs. 1
• Maximum transfer value: No limit
• Money transfer made through NEFT does not require any additional transaction costs.

Hence both statements are not correct.

Recently, a Geomagnetic Storm was caused by a solar wind that passed through a gap created in the Earth’s magnetic field.

About Geomagnetic Storms:

• A geomagnetic storm is a major disturbance of Earth's magnetosphere.
• These storms result from variations in the solar wind that produces significant changes in the currents, plasmas, and fields in Earth’s magnetosphere.
• The solar wind conditions that are effective for creating geomagnetic storms are sustained (for several hours) periods of the high-speed solar wind and a southward-directed solar wind magnetic field (opposite the direction of Earth’s field) at the dayside of the magnetosphere.
• The largest such storms are associated with solar coronal mass ejections (CMEs), where a billion tons or so of plasma from the sun, with its embedded magnetic field, arrives at Earth. 
• Effects:
• These storms can heat the ionosphere, causing beautiful auroras on Earth.
• Because the ionosphere is heated and distorted during storms, long-range radio communication that relies on sub-ionospheric reflection gets affected.
• Ionospheric expansion due to these storms can increase satellite drag and make their orbits difficult to control.
• Satellite electronics can be damaged through the build-up and discharge of static-electric charges.
• It can disrupt global navigation systems.
• It can create harmful geomagnetic-induced currents (GICs) in the power grid and pipelines.

Hence both statements are correct.

International non-profit organization TRAFFIC recently reported that 1,203 pangolins had been found in illegal wildlife trade in India from 2018 to 2022.

Key facts about Indian Pangolin:

• The Indian pangolin, also called thick-tailed pangolin and scaly anteater is native to the Indian subcontinent.
• It is one of the eight species of pangolins found.
• They are one of the most trafficked mammals in the world, despite an international ban on their trade.
• Scientific name: Manis crassicaudata
• Distribution: It lives in India (south of the Himalayas), Bangladesh, Southern Nepal, Sri Lanka, and small parts of Pakistan.
• Habitat: It occurs in tropical forests, open land, grasslands, and degraded habitat, including in close proximity to villages.
• Features:
• Like other pangolins, it has large, overlapping scales on its body, which act as armor.
• The Indian pangolin’s armor is amongst the most effective in the mammalian world. It has about 13 rows of moveable sharp scales covering its body, which are shed periodically.
• The colour of its scales varies depending on the colour of the earth in its surroundings. 
• It can also curl itself into a ball as self-defense against predators.
• It is an insectivore feeding on ants and termites.
• It is nocturnal and rests in deep burrows during the day.
• Conservation status:
• IUCN Red List: Endangered 
• Wildlife (Protection) Act, 1972: Schedule I
• CITES: Appendix I

Hence both statements are not correct.