Daily Current Affairs Quiz - 09th February 2024

Dear Readers, Daily Current Affairs Questions Quiz for SBI, IBPS, RBI, RRB, SSC Exam 2024 of 09th February 2024. Daily GK quiz online for bank & competitive exam. Here we have given the Daily Current Affairs Quiz based on the previous days Daily Current Affairs updates. Candidates preparing for IBPS, SBI, RBI, RRB, SSC Exam 2024 & other competitive exams can make use of these Current Affairs Quiz.

 

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1) HDFC Bank and ICICI Bank make strategic investments in RDCL, a residential mortgage-backed securities firm.In total, how many crores have both HDFC Bank and ICICI Bank invested in RDCL?

(a) Rs.80crores

(b) Rs.70crores

(c) Rs.60crores

(d) Rs.50crores

(e) Rs.90crores


2) HDFC Bank Introduces Four SME Credit Cards for Entrepreneurs and Freelancers. The key selling point of the cards is that they will grant how many days of interest-free credit, the most days offered by any bank?

(a) 45days

(b) 55days

(c) 35days

(d) 25days

(e) 65days


3) State Bank of India issues electoral bonds of Rs 16,518 crore across 30 tranches. How many days are electoral bonds available for purchase at the beginning of each quarter?

(a) 5days

(b) 10days

(c) 20days

(d) 15days

(e) 25days


4) How much fine has the Reserve Bank of India imposed on Power Finance Corporation for
violating norms?

(a) Rs.7.80lakh

(b) Rs.8.80lakh

(c) Rs.6.80lakh

(d) Rs.5.80lakh

(e) Rs.9.80lakh


5) Which bank collaborates with LeRemitt to provide seamless cross-border transactions for micro, small, and medium-sized businesses?

(a) TMB bank

(b) YES bank

(c) DBS bank

(d) KVB bank

(e) HDFC bank


6) The government has approved 64 applicants who have committed to investments totaling more than 6,700 crore rupees under the PLI Scheme for White Goods.How many total PLI schemes does the Government of India have?

(a) 12

(b) 13

(c) 14

(d) 15

(e) 11


7) The Ministry of Traffic Transport has completed a proposal to provide free cashless treatment to all traffic crash victims.This effort aims to provide medical aid to road crash victims within how many minutes, often known as the 'golden hour'?

(a) 15minutes

(b) 30minutes

(c) 45minutes

(d) 60minutes

(e) 90minutes


8) In December 2023, the coal sector rose by 10.6% among how many primary industries?

(a) 5

(b) 6

(c) 7

(d) 8

(e) 9


9) Tata Group becomes the first Indian conglomerate with a market capitalization of more than Rs 30 lakh crore.TCS saw a significant increase of over what percentage in 2024?

(a) 5%

(b) 7%

(c) 9%

(d) 8%

(e) 6%


10) ONGC and NTPC Green Energy Limited have struck a joint venture agreement to
concentrate on offshore wind energy projects.In which state was the agreement inked during India Energy Week?

(a) Gujarat

(b) Delhi

(c) Goa

(d) Karnataka

(e) Madhya Pradesh


11) IIT Madras will create India's first indigenously designed 155mm smart ammunition.How many meters is the current CEP of ammunition created in India?

(a) 500m

(b) 200m

(c) 300m

(d) 400m

(e) 600m


12) The Defence Research and Development Organisation (DRDO) completed four successful flight trials of the High-speed Expendable Aerial Target (HEAT) - ABHYAS. ABHYAS is powered by a gas turbine engine and has a range of how many kilometers?

(a) 200km

(b) 300km

(c) 400km

(d) 500km

(e) 600km


13) HDFC Bank, India's largest private sector bank, has received approval from the Reserve Bank of India (RBI) to acquire an aggregate stake of approximately 9.5% of the paid-up share capital or voting rights in how many banks?

(a) 4

(b) 5

(c) 6

(d) 7

(e) 8


14) Which organization has named Mio Oka as its new Country Director in India, succeeding Takeo Konishi?

(a) AIIB

(b) WHO

(c) ADB

(d) FAO

(e) WB


15) Arunachal Pradesh will host the Tawangchu Tides International Kayaking Championship 2024.How many kayakers from various countries, like the United Kingdom, Russia, and Australia, as well as different states in the country, are taking part?

(a) 49

(b) 51

(c) 50

(d) 52

(e) 53


Answers :

1) Answer: B

Two of India's biggest lenders HDFC Bank and ICICI Bank have invested in a company called RMBS Development Company Limited to promote the residential mortgage-backed securities market. The two lenders have acquired a 7% stake each in a newly formed company, they informed in separate regulatory filings on February 2. Formation of RDCL: RMBS Development Company (RDCL) will have 10 banks and financial institutions as its shareholders, the lenders informed exchanges. However, they have not named other shareholders of the proposed company. Financial Details: Both HDFC Bank and ICICI Bank have invested Rs 35 croreeach in RDCL, which is expected to be operational by the end of March. Objectives of RDCL: The primary objective of RDCL is to promote and develop the RMBS market by investing in them, facilitating investment, issuance, and trade of RMBS, extending credit enhancement (including second loss credit enhancement) for RMBS transactions, and providing liquidity support in the secondary market for RMBS transactions. LIC's Involvement: Earlier on January 8,2024, Life Insurance Corporation of India (LIC) announced its intention to acquire a 10% equity stake in a similar initiative promoted by the National Housing Bank, showcasing growing interest and investment in the RMBS sector from various financial institutions.


2) Answer: B

India's largest private sector bank, HDFC Bank, launched 4 new small and medium enterprises (SME)-focused credit cards to cater to the specific needs of entrepreneurs, freelancers, and professionals. 55-Day Interest-Free Credit Period: The main highlight of the cards is that they will provide 55 days of interest-free credit, the highest number of days offered by any bank. Variants: The four variants include BizFirst, BizGrow, BizPower, and BizBlack, each designed to cater to different business requirements. Cost-Efficiency Benefits: These SME-focused credit cards also offer savings on essential business expenses such as utility bills, GST, income tax, vendor payments, business travel, and business productivity tools.  This feature enables SMEs to streamline their expenditure while maximising cost-efficiency. Unified Digital Platform: Tailored to address both the payable and receivable needs of businesses, HDFC Bank has introduced a unified digital platform that consolidates all payables such as vendor payments, utility bills, and statutory payments, etc. On the receivable side of payments, the platform is designed to manage and optimize end-to-end supply-chain arrangements and reconciliation.  The platform provides a detailed dashboard with one view of payments made and accepted, for better cash-flow management.  Key features of the business credit cards:

  • Up to 55 days free credit period (industry best)
  • Up to 10X* Reward Points on Business Spends
  • Bill Payments | Tax Payments | Vendor Payments | Business Travel | Business Productivity Tools
  • Specially Curated Business Insurance Package
  • Fire & Burglary | Cash in Safe & Transit | Electronic Equipment
  • Exclusive Business focused Redemption Catalogue
  • Travel & Hotels | Microsoft Office 365 | Clear Tax | Amazon for Business | Google Ads
  • EMI and Loan on card facility

HDFC Bank has about 5 million SME customers who could be tapped for these customised credit cards.Bank will soon be launching GIGA business cards catering to freelancers and gig workers HDFC Bank achieved the milestone of having 2 crore credit cards in force on January 24, 2024, making it the first lender to do so.


3) Answer: B

The State Bank of India (SBI) has issued Electoral Bonds totaling Rs 16,518 crore in 30 tranches since the inception of the scheme in 2018.The objective of the Electoral Bond Scheme: To ensure clean tax-paid money is coming into the system of political funding through proper banking channels. Launch and Nature of Scheme: The Electoral Bond Scheme was introduced by the Union government in 2018. It functions as a bearer instrument, similar to a promissory note, purchasable by Indian citizens or companies incorporated in India. Donation Process: Citizens or corporations can purchase electoral bonds and donate them to any eligible political party of their choice. Denominations and Purchase Options: Electoral bonds are available in denominations of Rs 1,000, Rs 10,000, Rs 1,00,000, Rs 10,00,000, and Rs 1,00,00,000. SBI is the solelyauthorised bank for selling these bonds. Purchase Availability and Duration: Electoral bonds are open for purchase for 10 days at the beginning of each quarter Limitations and Regulations: Anonymous cash donations are capped at Rs 2,000. Electoral bonds have a limited lifespan of 15 days during which they can be used for making donations to political parties. Authorised Recipients: Only political parties registered under Section 29A of the Representation of the People Act, 1951, securing at least 1% of votes polled in the last general election, are eligible to receive electoral bonds Anonymity of Donors: Electoral bonds do not disclose the name of the donor, ensuring donor anonymity.


4) Answer: B

The Reserve Bank of India (RBI) has imposed a fine of Rs 8.80 lakh on Power Finance Corporation Limited for violating normsabout the 'Liquidity Risk Management Framework for Non-Banking Financial Companies and Core Investment Companies'. During the statutory inspection conducted by the RBI, it was discovered that Power Finance Corporation had failed to maintain the mandated Liquidity Coverage Ratio (LCR) of 60 percent as of March 31, 2022. The breach occurred due to the inclusion of ineligible assets as High-Quality Liquid Assets (HQLA) for computing the LCR. This penalty has been imposed in the exercise of powers conferred on RBI under the provisions of clause (b) of sub-section (1) of section 58G read with clause (aa) of sub-section (5) of section 58B of the Reserve Bank of India Act, 1934 (RBI Act). In Jan 2024, The Reserve Bank of India (RBI) imposed a monetary penalty of ₹1 crore on Punjab and Sind Bank for non-compliance with certain directions issued by RBI on ‘Loans and Advances – Statutory and Other Restrictions’.

In Jan 2024, The Reserve Bank of India (RBI) imposed a monetary penalty of ₹120.47 lakh on Dhanlaxmi Bank Ltd.for non-compliance with certain directions issued by RBI on ‘Loans and Advances – Statutory and Other Restrictions’, ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016’ and ‘Reserve Bank of India (Interest Rate on Deposits) Directions, 2016’.


5) Answer: B

Fintech startup LeRemittand Yes Bank have partnered to introduce a cross-border platform that enables micro, small and medium enterprises (MSMEs) to conduct international transactions in key currencies, including US dollars and euros. In addition to multi-currency support, the platform offers transparency, efficiency, and cost benefits for small businesses involved in global trade, making it more accessible for MSMEs.


6) Answer: C

The government has approved a committed investment of 6 thousand 766 crore rupees to the 64 Applicants under the Production Linked Incentive Scheme (PLI) for White Goods containing Air Conditioners and LED lights. The Ministry of Commerce and Industry has informed us that all those companies who opted for the Gestation Period 2021-22 have been commissioned. It added they have achieved 234% of their total threshold investment. The Department for Promotion of Industry and Internal Trade is currently implementing the PLI Scheme for White Goods as one of the PLI Schemes out of the 14 PLI Schemes of the Government of India.  The Scheme is leading to the development of a robust component ecosystem in India and a step forward for Atmanirbhar Bharat in important sectors of the economy.


7) Answer: D

Under this scheme, road crash victims will receive medical care at Ayushman Bharat-empanelled hospitals across the country. The upper limit for the treatment will be Rs 1.5 lakh, covering up to 10 days of hospitalization.  The cost of the treatment will be borne by insurance companies This initiative aims to ensure timely medical assistance to road crash victims within the first 60 minutes, also known as the 'golden hour'. Studies have shown that providing prompt medical care within this critical hour can prevent around 50 percent of road deaths.  In 2022, India reported a record high of 1.68 lakh road fatalities. The proposal for this scheme underwent inter-ministerial consultation and was included in the amended Central Motor Vehicle Act of 2019.  Insurance companies will cover the expenses, which will be a fraction of the third-party insurance premiums they collect.  According to assessments conducted by the Ministry, the average medical expenses for around 97% of road crash cases amount to approximately Rs 60,000.


8) Answer: D

The coal sector has showcased highest growth of 10.6 % (provisional) among the eight core industries for December 2023 as per the Index of Eight Core Industries (ICI)) (Base Year 2011-12) released by the Ministry of Commerce & Industries.  The index of the coal industry has reached 204.0 points during Dec’23 as compared to 184.4 points during the same period of last year and its cumulative index has increased by 12.5% during April to December 2023-24 over the corresponding period of the previous year. The latest data indicates that the Combined Index of Eight Core Industries has shown an increase of 3.8% in December 2023, compared to the same period of the previous year. The ICI measures the combined and individual production performance of eight core industries, viz. cement, coal, crude oil, electricity, fertilizers, natural gas, refinery products, and steel. The coal sector (Weight 10.33% in ICI) has played a crucial role in the overall growth of eight core industries representing double-digit growth in the last six months and substantially higher growth than the overall growth of eight core industries in the last two financial years. The impressive growth in the Index of Coal Industry can be attributed to a substantial surge in coal production during December 2023, reaching 92.92 MillionTonne (MT), surpassing the figures of 83.91 MT of the corresponding month of the previous year, representing a remarkable increase of 10.74%.


9) Answer: C

Tata Group achieved a historic milestone as its combined market capitalization surpassed Rs 30 lakh crore on February 6, making it the first Indian business house to reach this valuation. The overall valuation of Tata Group now stands at Rs 30.6 lakh crore, making it the most valued conglomerate in the country, surpassing Reliance Group and Adani Group in market cap rankings. TCS, the flagship company, witnessed a notable surge of over 9% in 2024, reaching a market cap of Rs 15 lakh crore on February 5. The surge in market value is attributed to increased investor interest in shares of Tata Consultancy Services (TCS), Tata Motors, Tata Power, and Indian Hotels since the beginning of the year. However, amidst this upward trajectory, Tejas Network, Tata Elxsi, and Tata Chemicals have experienced declines of over 10 percent so far this year.


10) Answer: C

ONGC and NTPC Green Energy Limited (NGEL) have signed a Joint Venture Agreement (JVA) to focus on offshore wind energy projects. The agreement signed at India Energy Week in Goa, was witnessed by Minister of Petroleum and Natural Gas and Minister of Housing and Urban Affairs Hardeep Singh Puri. This collaboration aims to lead renewable energy initiatives, both domestically and internationally. Besides offshore wind projects, the agreement extends to ventures in storage, e-mobility, carbon credits, and green hydrogen business, including derivatives like Green Ammonia and Green Methanol Earlier, ONGC entered into a Memorandum of Understanding (MoU) with NGEL in September last year, emphasizing the advancement of renewable energy objectives across sectors. The focus of the MoU was feasibility assessments and establishing renewable energy projects.


11) Answer: A

IIT Madras will develop it in partnership with Defense Public Sector Enterprise Munitions India Limited to achieve indigenization in the defence sector. Its objective is to increase the accuracy of the 155 mm shell to within a Circular Error Probable (CEP) of 10 meters.At present, the ammunition developed in India has a CEP of 500 meters.  Its second goal is to increase lethality at the terminal impact point. Munitions India is India’s largest manufacturer and market leader engaged in the production, testing, research & development, and marketing of a wide range of ammunition and explosives for the Army, Navy, Air Force, and Paramilitary Forces.Over a period of two years, the faculty of the Department of Aerospace Engineering, IIT Madras, G. Rajesh, and his team of researchers will develop smart ammunition.


12) Answer: C

The configuration used was revised and robust, featuring a single booster designed by the Advanced Systems Laboratory in Hyderabad, aimed at providing reduced launch acceleration. Realistic Threat Scenario: ABHYAS serves as a realistic threat scenario for practicing weapon systems, offering an effective platform for weapon system firing practice. Autonomous Flying: Designed for autonomous flying, ABHYAS is equipped with an auto-pilot system developed by DRDO's Aeronautical Development Establishment (ADE), ensuring precise control during flights. Target for Weapon Trials: ABHYAS is specifically designed to be targeted by missiles and other payloads during trials and practice sessions, providing a valuable testing platform for evaluating weapon systems. Integrated Systems: The system features Radar Cross Section, Visual, and Infrared augmentation systems necessary for weapon practice, enhancing its effectiveness in simulating real-world scenarios. Ground Control System: ABHYAS utilizes a laptop-based Ground Control System for integration, pre-flight checks, data recording, replay, and post-flight analysis, ensuring efficient operation and comprehensive monitoring. Logistics and Cost-effectiveness: ABHYAS requires minimum logistics and is cost-effective compared to imported equivalents, emphasizing its value proposition for the defense sector. Production Agencies: The systems tested were realized through Production Agencies - Hindustan Aeronautics Limited (HAL) and Larsen & Toubro (L&T) Defence, highlighting collaboration between different entities in the defense sector. Propulsion System: ABHYAS is powered by a gas-turbine engine weighing 19 kg, delivering a thrust of 25 kg, and offering an endurance of 30-45 minutes, capable of covering a distance of 400 km, showcasing its capabilities in surface-to-air missile (SAM) systems.


13) Answer: C

India's biggest private sector bank, HDFC Bank, received the Reserve Bank of India (RBI) approval to acquire aggregate holding of about 9.5% of the paid-up share capital or voting rights in six banks. The six banks in which HDFC Bank has received approval to acquire stakes include Axis Bank, Suryoday Small Finance Bank, ICICI Bank, Bandhan Bank, YES Bank, and IndusInd Bank. HDFC Bank submitted applications to the RBI, as a promoter/sponsor of the Group, on December 18, 2023, seeking approval for the stake acquisitions. Validity of Approval: The approval granted by the RBI is valid for one year from the date of RBI's letter, until February 4, 2025, indicating the timeline within which the acquisitions must be completed. Investment Entities: The approvals are intended for investments by HDFC Asset Management Company (AMC), HDFC Ergo, and HDFC Life Insurance, as mentioned in the exchange filing by HDFC Bank. Limitation on IndusInd Bank: HDFC Bank is required to ensure that its "aggregate holding" in IndusInd Bank does not exceed 9.5% of the paid-up share capital or voting rights of IndusInd Bank, at all times. RBI Approval for Changes in Holdings: If the aggregate holding in IndusInd Bank and YES Bank falls below 5%, prior approval from the RBI will be necessary to increase it to 5% or more of the paid-up share capital or voting rights of these banks.


14) Answer: C

The Asian Development Bank (ADB) has appointed Mio Oka as its new Country Director for India, succeeding Takeo Konishi, who has been promoted to the position of ADB Director General for South Asia at the Manila headquarters.  Responsibilities of the Country Director: Mio Oka will be responsible for steering ADB operations in India and nurturing relationships with the government and other development partners in the country. Oka will lead the implementation of ADB's country partnership strategy for India spanning from 2023 to 2027. The strategy aims to catalyze robust, climate-resilient, and inclusive private sector-led growth in India through accelerated structural transformation, job creation, promotion of climate-resilient green growth, and enhanced social and economic inclusiveness. Before her tenure at ADB, Oka worked with the Ministry of Foreign Affairs of Japan, the Japan Bank for International Cooperation, and the Japan International Cooperation Agency Bangladesh Office.


15) Answer: B

The three-day Tawangchu Tides International Kayaking Championship-2024 kick started in Tawang District, Arunachal Pradesh. District Deputy Commissioner inaugurated the championship at Dongshengmang in Bongleng village near the Indo-Bhutan border. A total of 51 Kayakers from different countries including Britain, Russia and Australia and different states of the country are participating in it.  The event is being organized by an organization called “SWYTCH”. The race director Charanjeev Kala, the goal of this initiative is to position Arunachal Pradesh as a global hub for kayaking, with the aspirations to host future World Championships.  The race will continue for three days, from 7 to 9 Feb, and culminate with the declaration of the Champion Kayakers, the one who has done best in all the races.

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