Dear Readers, Daily Current Affairs Questions Quiz for SBI, IBPS, RBI, RRB, SSC Exam 2024 of 10th July 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) According to the Reserve Bank of India's (RBI's) KLEMS [Capital (K), Labour (L), Energy (E), Material (M), and Services (S)] database, the employment growth rate increased to 6% in FY24 from what percentage in FY23?

(a) 3.2%

(b) 3.1%

(c) 3.0%

(d) 3.3%

(e) 3.6%

2) As per the July 2024 report, the State Bank of India (SBI) Research has encouraged the government to achieve the correct balance between fiscal reduction and growth, recommending that the budget deficit be reduced to at most what percentage for FY25?

(a) 4.9%

(b) 4.8%

(c) 4.7%

(d) 4.6%

(e) 4.0%

3) As of July 2024, a USD___________ million line of credit has been made available by Exim Bank in collaboration with the Government of the Co-operative Republic of Guyana (GO-GUY) to support the development of a solar photovoltaic power plant at the Cheddi Jagan International Airport in Guyana.

(a) USD 2.50 million

(b) USD 1.50 million

(c) USD 2.75 million

(d) USD 3.50 million

(e) USD 2.55 million

4) Recently, Due to irregular lending practices, the Reserve Bank of India cancels the registration of two nonbanking finance companies: Polytex India and Star Finserv India. Which city-based company, Star Finserv India, was run by Desiderata Impact Ventures Private Limited under the "Progcap" umbrella?

(a) Kolkata

(b) Patna

(c) Mumbai

(d) Hyderabad

(e) Chennai

5) The "Golden Years Pension Plan" is a brand-new pension plan offered by Ageas Federal Life Insurance. Which kind of pension plan distributes risk among several industries and seeks to provide high returns?

(a) Blue chip

(b) Brown chip

(c) Penny chip

(d) White chip

(e) Red chip

6) As of July 2024, What was the previous restriction imposed by SEBI on mutual fund schemes regarding investment in group companies of the sponsor?

(a) Mutual fund schemes were restricted from investing more than 10% of their NAV in group companies of the sponsor.

(b) Mutual fund schemes were restricted from investing more than 15% of their NAV in group companies of the sponsor.

(c) Mutual fund schemes were restricted from investing more than 20% of their NAV in group companies of the sponsor.

(d) Mutual fund schemes were restricted from investing more than 25% of their NAV in group companies of the sponsor.

(e) Mutual fund schemes were restricted from investing more than 30% of their NAV in group companies of the sponsor.

7) Which public sector bank has made a number of upgrades available to its clients on savings plans like "SB Max" and "SB HNI" that provide better features?

(a) Canara bank

(b) Indian bank

(c) Bank of India

(d) Indian Overseas bank

(e) Union bank of India

8) The Tata Nifty India tourist Index Fund, India's first-ever tourist index fund, was introduced by Tata Asset Management. In the context of the New Fund Offer (NFO) period, what is the minimum investment amount?

(a) Rs.1000

(b) Rs.2000

(c) Rs.3000

(d) Rs.10000

(e) Rs.5000

9) Which health insurance company works with the Himachal Pradesh State Cooperative Bank to increase the state's health insurance coverage?

(a) Bajaj AllianzInsurance Company

(b) StarHealth & Allied Insurance Company

(c) Care Health Insurance Company

(d) Niva BupaHealthInsurance Company

(e) AckoHealthInsurance Company

10) The Life Insurance Corporation of India has made a Rs. 14 crore investment in its Sri Lankan subsidiary. What percentage of LIC's subsidiary shares did it own before the share allocation?

(a) 90.91%

(b) 91.91%

(c) 92.91%

(d) 93.91%

(e) 95.91%

11) According to elevated industry interest and investment possibilities, the Production Linked Incentive (PLI) Scheme for White Goods (ACs and LED Lights) application window is being reopened. How much crores would be spent throughout the implementation period, which runs from FY 2021–2022 to FY 2028–2029?

(a) Rs. 6,238 crore

(b) Rs. 6,248 crore

(c) Rs. 6,258 crore

(d) Rs. 6,268 crore

(e) Rs. 6,228 crore

12) As per the report, the Digital Bharat Nidhi is the government's latest endeavor to improve rural telecom access. The previously existing USOF would be replaced with Digital Bharat Nidhi. What exactly does "O" stand for in USOF?

(a) Objective

(b) Occasionally

(c) Operation

(d) Obligation

(e) Originated

13) A Godrej Agrovet plans to extend its oil palm acreage in Tamil Nadu, after Andhra and Telangana. In which district has the business opened "Samadhan," a one-stop solution center, to empower and assist oil palm farmers?

(a) Madurai

(b) Trichy

(c) Coimbatore

(d) Salem

(e) Thanjavur

14) How many spice manufacturers nationwide have had their production licenses withdrawn by the Food Safety and Standards Authority of India (FSSAI)?

(a) 110

(b) 111

(c) 112

(d) 115

(e) 222

15) A one-man committee headed by Tamil Nadu (TN) Chief Minister MK Stalin was tasked with reviewing three criminal laws that the Indian government had released and making recommendations for state-level modifications. Which district's court senior judge, M Satyanarayan, a retired judge, will head the committee that would look into and recommend the changes, which include renaming the laws in Hindi?

(a) Madurai

(b) Trichy

(c) Coimbatore

(d) Madras

(e) Villupuram

16) In April and May 2024, India's coal imports increase by 5.3% to 52.29 MT. Which business collaborated with SAIL to develop mjunction services ltd, a B2B e-commerce platform, to generate this data?

(a) Jindal

(b) Tata Steel

(c) ESSAR

(d) TISCO

(e) Welspun

17) To better track business performance and identify fraud in India, the Ministry of Electronics and Information Technology (MeitY) and the Institute of Chartered Accountants of India (ICAI) are working together to develop an AI Audit Tool. How many crores was initially set aside by ICAI to develop AI tools for its members and students?

(a) Rs.25 crore

(b) Rs.15 crore

(c) Rs.35 crore

(d) Rs.20 crore

(e) Rs.10 crore

18) The Tourism Finance Corporation of India (TFCI) Limited has named Mahabaleshwara MS as an Independent Director. Which bank did Mahabaleshwara previously work for as its managing director (MD) and CEO?

(a) Federal bank

(b) Dhanlaxmi bank

(c) Karnataka bank

(d) South Indian bank

(e) ICICI bank

19) For what duration does the Reserve Bank of India approve Govind Singh's reappointment as Utkarsh Small Finance Bank's managing director and chief executive officer?

(a) 3years

(b) 6months

(c) 2years

(d) 3months

(e) 1year

20) In July 2024, Roshni Nadar Malhotra, the chairman of HCLTech, was bestowed with the highest civilian honor in France, the Knight of the Legion of Honour, or Chevalier de la Légion d'Honneur. In India's $250 billion IT export market, HCLTech was the _____ biggest participant.

(a) 2nd

(b) 3rd

(c) 4th

(d) 5th

(e) 6th

21) According to the research, Uttar Pradesh, West Bengal, and Maharashtra had the highest proportion of informal sector companies in both rural and urban regions in 2022-23. Which of the following states does not have the lowest proportion of informal sector enterprises?

(a) Assam

(b) Uttarakhand

(c) Jammu & Kashmir

(d) Delhi

(e) Odisha

22) According to the research, the market values of eight of the top ten most valuable firms in India increased significantly, adding a total of Rs 1,83,290.36 crore. Out of the top 10 firms, which industry gains the greatest amount of revenue?

(a) Reliance

(b) Infosys

(c) TCS

(d) ICICI bank

(e) LIC

23) According to a July 2024 report, India comes in fifth place internationally in terms of advancements related to Generative AI (GenAI), behind the US, China, Korea, and Japan. Famous Indian patents contain two categories: GenAI tool for contract lifecycle management from which company, and Retail AI assistant solution from RN Chidakashi Technologies (Miko Robotics)?

(a) Wipro

(b) HCL tech

(c) TCS

(d) Accenture

(e) Infosys

24) As per the report, Gagan Narang, the bronze winner in the men's 10m air rifle at the ____________ Summer Olympics, will take over as the chef-de-mission of the Indian team for the 2024 Summer Olympics in Paris, starting on July 26, 2024, succeeding M.C. Mary Kom.

(a) 2004

(b) 2022

(c) 2012

(d) 2016

(e) 2020

25) Jon Landau, the Oscar-winning producer of Titanic and Avatar, has passed away. His career peaked with "Titanic," which became the first picture to earn more than $1 billion in global box office and also won how many Oscars, including Best Picture?

(a) 10

(b) 11

(c) 12

(d) 8

(e) 9

Answers :

1) Answer: A

Short Explanation:

• According to the Reserve Bank of India’s (RBI’s) KLEMS [Capital (K), Labour (L), Energy (E), Material (M) and Services (S)] database, Employment growth rate rose to 6% in FY24 against 3.2% in FY23.
• This increase coincided with India's real Gross domestic product (GDP) growth rate rising to 8.2% in FY24, compared to 7% in the previous fiscal year.

Detailed Explanation:

• According to the Reserve Bank of India’s (RBI’s) KLEMS [Capital (K), Labour (L), Energy (E), Material (M) and Services (S)] database, Employment growth rate rose to 6% in FY24 against 3.2% in FY23.
• This increase coincided with India's real Gross domestic product (GDP) growth rate rising to 8.2% in FY24, compared to 7% in the previous fiscal year.
• RBI's Data Release:RBI released an update on "Measuring Productivity at the Industry Level - The India KLEMS Database," including a Data Manual 2024 and time-series data on productivity for 27 industries from 1980-81 to 2022-23.
• MGNREGA Employment:Demand for household work under Mahatma Gandhi National Rural Employment Guarantee Act, 2005 (MGNREGA) increased by 26.4% month-on-month in May 2024, reflecting seasonal patterns in agricultural production.

2) Answer: A

Short Explanation:

• State Bank of India (SBI) Research has urged the Government to strike the right balance between fiscal consolidation and promoting growth and recommended that fiscal deficit be brought down at the most to 4.9% for FY25.
• Comparison with Interim Budget:The Interim Budget had set a fiscal deficit target of 5.1%, which SBI Research views as higher than ideal for fiscal consolidation.

Detailed Explanation:

• State Bank of India (SBI) Research has urged the Government to strike the right balance between fiscal consolidation and promoting growth and recommended that fiscal deficit be brought down at the most to 4.9% for FY25.
• Comparison with Interim Budget:The Interim Budget had set a fiscal deficit target of 5.1%, which SBI Research views as higher than ideal for fiscal consolidation.
• Economic Assumptions: The nominal GDP growth rate is expected to be around 11%.
• Previous Fiscal Targets:For FY 2023-24, the initial fiscal deficit target was 5.9% of GDP, later revised downward to 5.8%.

3) Answer: A

Short Explanation:

• Export-Import Bank of India (Exim Bank) has entered into an agreement with the Government of the Co-operative Republic of Guyana (GO-GUY), for making available to the latter, Government of India (GoI) supported Line of Credit (LoC) of USD 2.50 million for installation of Solar PhotoVoltaic Power Plant at Cheddi Jagan International Airport in
• Regulatory Directions:Directions have been issued under section 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999.

Detailed Explanation:

• Export-Import Bank of India (Exim Bank) has entered into an agreement with the Government of the Co-operative Republic of Guyana (GO-GUY), for making available to the latter, Government of India (GoI) supported Line of Credit (LoC) of USD 2.50 million for installation of Solar PhotoVoltaic Power Plant at Cheddi Jagan International Airport in
• Procurement Conditions:At least 75% of the contract price must be supplied by the seller from India.
• The remaining 25% of goods and services may be procured from outside India for the eligible contract.
• Agreement Effectiveness and Disbursement:The agreement under the LoC became effective on June 24, 2024.
• Regulatory Directions:Directions have been issued under section 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999.

4) Answer: D

Short Explanation:

• The Reserve Bank of India (RBI) has cancelled the certificates of registration (CoR) of 2 Non Banking Finance Companies (NBFCs), Star Finserv India and Polytex India, due to irregular lending practices.
• Star Finserv India, based in Hyderabad, operated under 'Progcap' by Desiderata Impact Ventures Private Limited.
• Polytex India, headquartered in Mumbai, operated under the 'Z2P' mobile application by Zaitech Technologies Private Limited.

Detailed Explanation:

• The Reserve Bank of India (RBI) has cancelled the certificates of registration (CoR) of 2 Non Banking Finance Companies (NBFCs), Star Finserv India and Polytex India, due to irregular lending practices.
• Star Finserv India, based in Hyderabad, operated under 'Progcap' by Desiderata Impact Ventures Private Limited.
• Polytex India, headquartered in Mumbai, operated under the 'Z2P' mobile application by Zaitech Technologies Private Limited.
• Star Finserv:Violated RBI guidelines on outsourcing core decision-making functions in digital lending operations.
• Polytex India:Violated norms on outsourcing core functions related to client sourcing, Know Your Customer (KYC) verification, credit appraisal, loan disbursal, loan recovery, and customer complaint resolution.
• Earned a fixed fee from the service provider while the service provider charged interest to borrowers, sometimes at exorbitant rates, violating Fair Practice Code (FPC) guidelines.

5) Answer: A

Short Explanation:

• Ageas Federal Life Insurance has launched a new pension plan named ‘Golden Years Pension Plan’ that aims to provide a comprehensive solution for securing the financial futures of policyholders during their retirement years.
• The plan is a Unit Linked, Non-Participating, Individual Pension Plan specifically designed to provide financial stability during retirement.
• Early Investment Booster: Additional allocations to encourage early retirement planning (ages 18-35).
• Bluechip is aims to generate high returns and diversifies risk across multiple sectors.

Detailed Explanation:

• Ageas Federal Life Insurance has launched a new pension plan named ‘Golden Years Pension Plan’ that aims to provide a comprehensive solution for securing the financial futures of policyholders during their retirement years.
• The plan is a Unit Linked, Non-Participating, Individual Pension Plan specifically designed to provide financial stability during retirement.
• Early Investment Booster: Additional allocations to encourage early retirement planning (ages 18-35).
• Entry Ages: 18-70 years for Classic Option; up to 60 years for Golden Waiver of Premium Option.
• Premium Payment Options: Flexible options available.
• Guaranteed Loyalty Booster: Boosts investments over time.
• Limited Time Offer: Flat NAV of Rs 10 per unit on Bluechip Pension Fund.
• Investment Strategy:Bluechip Pension Fund: Invests in listed equities, focusing on established and emerging blue-chip stocks with a strong track record.
• Bluechip is aims to generate high returns and diversifies risk across multiple sectors.

6) Answer: D

Short Explanation:

• Market regulator Securities and Exchange Board of India (SEBI) has streamlined norms for passive funds, including index funds and Exchange Traded Funds (ETFs).
• Aim : To create a level playing field for mutual funds concerning their exposure to securities of group companies of the sponsor.
• Previously, mutual fund schemes were restricted from investing more than 25% of their net asset value (NAV) in group companies of the sponsor.
• This placed asset management companies (AMCs) with sponsor group companies comprising over 25% in the underlying index at a disadvantage compared to other AMCs.

Detailed Explanation:

• Market regulator Securities and Exchange Board of India (SEBI) has streamlined norms for passive funds, including index funds and Exchange Traded Funds (ETFs).
• Aim : To create a level playing field for mutual funds concerning their exposure to securities of group companies of the sponsor.
• Previously, mutual fund schemes were restricted from investing more than 25% of their net asset value (NAV) in group companies of the sponsor.
• This placed asset management companies (AMCs) with sponsor group companies comprising over 25% in the underlying index at a disadvantage compared to other AMCs.
• New Exposure Limits:To address this issue and ensure a level playing field for all AMCs, SEBI approved an amendment allowing equity passive schemes to take exposure up to the weightage of the constituents in the underlying index.

7) Answer: D

Short Explanation:

• Public sector Indian Overseas Bank (IOB) has unveiled a slew of upgradation facilities on savings schemes that offer enhanced features to its customers.
• The facility is to be available through the bank's website, the higher variants of savings accounts like "SB Max" and "SB HNI" offer a host of enhanced facilities and features which includes concessions and waiver of various charges providing more value and flexibility solutions to customers.

Detailed Explanation:

• Public sector Indian Overseas Bank (IOB) has unveiled a slew of upgradation facilities on savings schemes that offer enhanced features to its customers.
• The facility is to be available through the bank's website, the higher variants of savings accounts like "SB Max" and "SB HNI" offer a host of enhanced facilities and features which includes concessions and waiver of various charges providing more value and flexibility solutions to customers.
• In addition to this service, IOB has launched a new service enabling customers to access their loan account statements directly through the Digilocker application or website under its move to expand the service.

8) Answer: E

Short Explanation:

• Tata Asset Management has launched India's first-ever tourism index fund – the Tata Nifty India Tourism Index Fund.
• Fund Management:Kapil Menon is responsible for managing the fund's investments, ensuring alignment with the index's performance and objectives.
• Investment Details:During the New Fund Offer (NFO) period, the minimum investment amount is 5,000, with further investments possible in multiples of Rs. 1.

Detailed Explanation:

• Tata Asset Management has launched India's first-ever tourism index fund – the Tata Nifty India Tourism Index Fund.
• The Tata Nifty India Tourism Index Fund will track the Nifty India Tourism Index (TRI, i.e., total returns index).
• Index Composition:The Nifty India Tourism Index currently comprises 17 companies (as of June 21st, 2024) but can include up to 30 companies from the broader Nifty 500 index.
• The weightings within the index showcase the current focus: Hotels and resorts (32%), Airlines (19%), Restaurants (19%), Tour & Travel related services (16%), Airports & airport services (10%),Luggage (3%).
• Fund Management:Kapil Menon is responsible for managing the fund's investments, ensuring alignment with the index's performance and objectives.
• Investment Details:During the New Fund Offer (NFO) period, the minimum investment amount is 5,000, with further investments possible in multiples of Rs. 1.
• There are no entry loads for investing in this NFO, making it accessible to investors without additional fees.

9) Answer: B

Short Explanation:

• Star Health and Allied Insurance Company Limited, India's largest retail health insurance company announced a strategic corporate agency agreement with Himachal Pradesh State Cooperative Bank (HPSCB), the leading bank of Himachal Pradesh.
• The partnership seeks to increase insurance penetration in rural and Tier 3 regions, aligning with IRDAI's goal of 'Insurance for all by 2047'.

Detailed Explanation:

• Star Health and Allied Insurance Company Limited, India's largest retail health insurance company announced a strategic corporate agency agreement with Himachal Pradesh State Cooperative Bank (HPSCB), the leading bank of Himachal Pradesh.
• Through this partnership, Star Health Insurance aims to enhance access to health insurance across the region, particularly in rural areas where the bank holds a significant presence.
• The partnership will enable Star Health Insurance to offer its comprehensive range of health insurance products to the bank's vast customer base by leveraging HPSCB's robust and extensive branch network of 262 branches.
• The partnership seeks to increase insurance penetration in rural and Tier 3 regions, aligning with IRDAI's goal of 'Insurance for all by 2047'.

10) Answer: A

Short Explanation:

• Life Insurance Corporation of India (LIC) has infused additional capital amounting to Sri Lankan Rupee (LKR) 500 million (approximately Rs 14 crore) into its subsidiary, Life Insurance Corporation (Lanka).
• Shareholding Increase:Before the allotment of shares, LIC's shareholding in the subsidiary was 90.91%.
• Post allotment, LIC's shareholding will increase to 93.75% in the company.

Detailed Explanation:

• Life Insurance Corporation of India (LIC) has infused additional capital amounting to Sri Lankan Rupee (LKR) 500 million (approximately Rs 14 crore) into its subsidiary, Life Insurance Corporation (Lanka).
• Shareholding Increase:Before the allotment of shares, LIC's shareholding in the subsidiary was 90.91%.
• Post allotment, LIC's shareholding will increase to 93.75% in the company.
• Purpose of Infusion:The capital infusion was made to comply with the statutory requirement of maintaining minimum total available capital as per regulations of the Insurance Regulatory Commission of Sri Lanka.

11) Answer: A

Short Explanation:

• The Production Linked Incentive (PLI) Scheme for White Goods (ACs and LED Lights) application windowis being reopened due to increased industry interest and investment potential.
• The application window is open from 15th July 2024 to 12th October 2024 on the online portal: https://pliwhitegoods.ifciltd.com/.

• Implementation spans from FY 2021-22 to FY 2028-29 with an outlay of Rs. 6,238 crore.

Detailed Explanation:

• The Production Linked Incentive (PLI) Scheme for White Goods (ACs and LED Lights) application windowis being reopened due to increased industry interest and investment potential.
• The application window is open from 15th July 2024 to 12th October 2024 on the online portal: https://pliwhitegoods.ifciltd.com/.

Eligibility for New and Existing Applicants:

• Both new applicants and existing beneficiaries proposing to invest more (switching to a higher target segment or applying under different target segments) can apply.

Investment and Beneficiaries:

• So far, 66 applicants with a committed investment of Rs 6,962 crore have been selected.
• Companies like DAIKIN, VOLTAS, HINDALCO, and others have invested in manufacturing AC components.
• Companies like DIXON, R K LIGHTING, SURYA, and others have invested in manufacturing LED light components.

Background and Objectives:

• The PLI Scheme for White Goods was approved by the Union Cabinet on 7.04.2021 as part of the ‘Atmanirbhar Bharat’ initiative.
• The Scheme aims to boost manufacturing, drive India's growth, and create jobs.
• Implementation spans from FY 2021-22 to FY 2028-29 with an outlay of Rs. 6,238 crore.

12) Answer: D

Short Explanation:

• The Department of Telecommunications (DoT) released draft rules to operationalise the Digital Bharat Nidhi, in a fresh attempt by the central government to increase telecom connectivity in rural areas.
• Digital Bharat Nidhi would replace the erstwhile Universal Service Obligation Fund (USOF), a pool of funds generated by a 5 per cent Universal Service Levy charged upon all the telecom fund operators on their Adjusted Gross Revenue (AGR).

Detailed Explanation:

• The Department of Telecommunications (DoT) released draft rules to operationalise the Digital Bharat Nidhi, in a fresh attempt by the central government to increase telecom connectivity in rural areas.
• Digital Bharat Nidhi would replace the erstwhile Universal Service Obligation Fund (USOF), a pool of funds generated by a 5 per cent Universal Service Levy charged upon all the telecom fund operators on their Adjusted Gross Revenue (AGR).

Introduction of Digital Bharat Nidhi (DBN):

1. • DBN replaces the Universal Service Obligation Fund (USOF) to improve telecom connectivity in rural areas.
   • DBN has a broader scope than USOF, focusing on various aspects of telecommunications.

DBN Objectives:

1. • Enhance rural telecom connectivity.
   • Support research and development in telecommunication technologies.
   • Fund pilot projects and consulting services to improve connectivity.
   • Finance telecom services for underserved groups like women and people with disabilities.
   • Foster innovation and the introduction of new technologies in the telecom sector.

13) Answer: E

Short Explanation:

• Godrej Agrovet Ltd (GAVL) is aiming to revive oil palm cultivation in Tamil Nadu, where many farmers have switched to other crops like sugarcane or faced crop destruction due to cyclones over the past decade.
• The company has inaugurated "Samadhan", a one-stop solution centre, in Echankottai hamlet, Orathanadu Taluk, Thanjavur district, to support and empower oil palm farmers.

Detailed Explanation:

• Godrej Agrovet Ltd (GAVL) is aiming to revive oil palm cultivation in Tamil Nadu, where many farmers had switched to other crops like sugarcane or faced crop destruction due to cyclones over the past decade.
• The company has inaugurated "Samadhan", a one-stop solution centre, in Echankottai hamlet, Orathanadu Taluk, Thanjavur district, to support and empower oil palm farmers.
• Aims to triple area in TN to 6,000 hectares in three years; to attract farmers back to oil palm cultivation with improved variety, package of practices
• Oil palm cultivation in Tamil Nadu has reduced from over 12,000 hectares to around 5,000 hectares over the past decade.
• Farmers had shifted to competing crops like sugarcane, and cyclones in 2019 destroyed about 1,500 hectares of oil palm plantations.
• GAVL currently operates a processing unit at Ariyalur and has around 2,000 hectares under oil palm.

14) Answer: B

Short Explanation:

• The Food Safety and Standards Authority of India (FSSAI) has revoked the manufacturing licenses of 111 spice producers across the nation.

Detailed Explanation:

• The Food Safety and Standards Authority of India (FSSAI) has revoked the manufacturing licenses of 111 spice producers across the nation.
• The action follows the collection of spice samples by FSSAI since April.
• The sampling was prompted by bans on Indian spice brands MDH Pvt. Ltd and Everest Food Products Pvt in Singapore and Hong Kong due to the detection of the carcinogenic pesticide ethylene oxide.
• Sampling and Testing:
• So far, 4,000 samples have been collected, with nearly 2,200 samples tested.
• FSSAI continues to test more samples, indicating the possibility of further license cancellations.
• Brands and Regions Affected:
• Samples were collected from major brands including Everest, MDH, Catch, and Badshah.
• The majority of affected producers are from Kerala and Tamil Nadu, with additional scrutiny on companies in Gujarat, Maharashtra, and Madhya Pradesh.
• Adulteration Issues:
• Common spices like turmeric, chili powder, black pepper, cinnamon, and coriander powder are susceptible to adulteration.
• Adulterants such as starch, sawdust, artificial colors, and chemical dyes are used to increase volume and reduce production costs, compromising safety and quality.

15) Answer: D

Short Explanation:

• Tamil Nadu (TN) Chief Minister (CM) MK Stalin formed a one-man committee to study and recommend the amendments to be made at the state level in three criminal laws enacted by the Government of India.
• The Committee will be headed by Madras High Court judge M Satyanarayan (retired) to study and recommend the amendments, which will also include a change of the name of the laws in Hindi.
• The three new criminal laws – the Bharatiya Nyaya Sanhita, 2023, the Bharatiya Sakshya Adhiniyam, 2023 and the Bharatiya Nagarik Suraksha Sanhita, 2023 – came into effect from July 1.

Detailed Explanation:

• Tamil Nadu (TN) Chief Minister (CM) MK Stalin formed a one-man committee to study and recommend the amendments to be made at the state level in three criminal laws enacted by the Government of India.
• The Committee will be headed by Madras High Court judge M Satyanarayan (retired) to study and recommend the amendments, which will also include a change of the name of the laws in Hindi.
• The three new criminal laws – the Bharatiya Nyaya Sanhita, 2023, the Bharatiya Sakshya Adhiniyam, 2023 and the Bharatiya Nagarik Suraksha Sanhita, 2023 – came into effect from July 1.
• They have replaced the Indian Penal Code, 1860, the Indian Evidence Act, 1872 and the Code of Criminal Procedure, 1973.
• The committee would examine, among other issues, the “change in nomenclature” of the new laws at the State level, and submit its recommendations to the State government.

16) Answer: B

Short Explanation:

• India's coal imports rose by 5.3% to 52.29 million tonnes (MT) during the first two months of the current fiscal year compared to the same period last year, which saw imports of 49.62 MT.
• This data was compiled by mjunction services ltd, a B2B e-commerce platform from a joint venture between Tata Steel and SAIL.

Detailed Explanation:

• India's coal imports rose by 5.3% to 52.29 million tonnes (MT) during the first two months of the current fiscal year compared to the same period last year, which saw imports of 49.62 MT.
• This data was compiled by mjunction services ltd, a B2B e-commerce platform from a joint venture between Tata Steel and SAIL.

Monthly Import Figures:

April-May FY25: 52.29 MT

April-May FY24: 49.62 MT

May FY25: 26.19 MT

May FY24: 26.57 MT (a decrease of 1.43% year-over-year)

Types of Coal Imports in May:

Non-coking Coal: 17.53 MT (down from 18.10 MT in May FY24)

1. • Coking Coal: 5.03 MT (slightly down from 5.10 MT in May FY24)

Market Trends and Predictions:

• Demand Outlook: According to Vinaya Varma, MD and CEO of mjunction, the demand for coal imports is expected to remain subdued in the coming weeks due to the onset of the monsoon season.
• Production: Domestic coal production is anticipated to grow healthily.
• Coking Coal Prices: Expected to increase in the seaborne market due to supply tightness, potentially impacting buyer interest in India.

Domestic Market:

• Coal India: Accounts for over 80% of the domestic coal output, playing a critical role in meeting the country’s coal needs.

17) Answer: A

Short Explanation:

• The Institute of Chartered Accountants of India (ICAI) has initiated discussions with the Ministry of Electronics and Information Technology (MeitY) to jointly develop an AI Audit Tool aimed at enhancing corporate performance tracking and fraud detection in corporate India.

Budget and Investment:

1. • ICAI has initially allocated Rs.25 crore for building AI tools for its students and members.
   • Plans are in place to increase the AI budget to ₹100 crore, reflecting the commitment to leveraging AI for professional development and corporate governance.

Detailed Explanation:

• The Institute of Chartered Accountants of India (ICAI) has initiated discussions with the Ministry of Electronics and Information Technology (MeitY) to jointly develop an AI Audit Tool aimed at enhancing corporate performance tracking and fraud detection in corporate India.

Budget and Investment:

1. • ICAI has initially allocated Rs.25 crore for building AI tools for its students and members.
   • Plans are in place to increase the AI budget to ₹100 crore, reflecting the commitment to leveraging AI for professional development and corporate governance.

Scope and Reach:

1. • India has over 6,000 listed companies and approximately 17 lakh unlisted entities that can benefit from these AI tools.
   • The AI Audit Tool will serve to enhance transparency and performance tracking across a wide range of companies.

18) Answer: C

Short Explanation:

• Mahabaleshwara MS, has been appointed as Independent Director of Tourism Finance Corporation of India (TFCI) Limited.
• His appointment is effective from July 6, 2024, for a term of 5 years, pending approval from shareholders.
• Mahabaleshwara was the Managing Director (MD) and Chief Executive Officer (CEO) of Karnataka Bank for two consecutive terms of total six years from April 15, 2017 to April 14, 2023.
• Presently he is the Chairman of the Special Advisory Committee to the PoornaPrajna Educational Institution run by USAMEC (Udupi Sree Adamaru Matha Education Council) in Udupi.

Detailed Explanation:

• Mahabaleshwara MS, has been appointed as Independent Director of Tourism Finance Corporation of India (TFCI) Limited.
• His appointment is effective from July 6, 2024, for a term of 5 years, pending approval from shareholders.
• Mahabaleshwara was the Managing Director (MD) and Chief Executive Officer (CEO) of Karnataka Bank for two consecutive terms of total six years from April 15, 2017 to April 14, 2023.
• He has four decades of experience in all facets of banking and finance, payment and settlements, HR management, IT and digital banking, treasury and forex operations, life and general insurance, agriculture and rural economy etc.
• Presently he is the Chairman of the Special Advisory Committee to the PoornaPrajna Educational Institution run by USAMEC (Udupi Sree Adamaru Matha Education Council) in Udupi.

19) Answer: A

Short Explanation:

• The Reserve Bank of India (RBI) has approved thereappointment of Govind Singh as the Managing Director (MD) and Chief Executive Officer (CEO) of Utkarsh Small Finance Bank (Utkarsh SFB).
• The re-appointment is effective from September 21, 2024, for a period of 3 years.

Detailed Explanation:

• The Reserve Bank of India (RBI) has approved thereappointment of Govind Singh as the Managing Director (MD) and Chief Executive Officer (CEO) of Utkarsh Small Finance Bank (Utkarsh SFB).
• The re-appointment is effective from September 21, 2024, for a period of 3 years.
• Govind Singh's current term as MD and CEO ends on September 20, 2024.
• The re-appointment was approved by the board of Utkarsh SFB during a meeting on January 27, 2024.

20) Answer: C

Short Explanation:

• HCLTech chairperson Roshni Nadar Malhotra has been awarded France's highest civilian honour, the Chevalier de la Légion d'Honneur (Knight of the Legion of Honour).
• This prestigious award, given for outstanding service to France, acknowledges her significant contributions to business and sustainability, as well as her efforts to enhance economic ties between France and India.

• HCLTech's Role: As the fourth largest player in India's $250 billion IT export industry, HCLTech serves numerous French companies in sectors including aerospace, manufacturing, financial services, and pharmaceuticals.

Detailed Explanation:

• HCLTech chairperson Roshni Nadar Malhotra has been awarded France's highest civilian honour, the Chevalier de la Légion d'Honneur (Knight of the Legion of Honour).
• This prestigious award, given for outstanding service to France, acknowledges her significant contributions to business and sustainability, as well as her efforts to enhance economic ties between France and India.

• HCLTech's Role: As the fourth largest player in India's $250 billion IT export industry, HCLTech serves numerous French companies in sectors including aerospace, manufacturing, financial services, and pharmaceuticals.
• Award Ceremony: The honor was presented at a special ceremony held at the French Ambassador's residence in Delhi.

Roshni Nadar Malhotra's Achievements:

• Roshni Nadar Malhotra has been a prominent figure in the global business landscape, leading HCLTech to new heights and fostering international collaborations.
• This award adds to her numerous accolades and highlights the impact of her leadership in enhancing bilateral ties and contributing to the global economy

21) Answer: E

Short Explanation:

• Uttar Pradesh, West Bengal, and Maharashtra had the highest share of informal sector enterprises in both rural and urban areas in 2022-23.

• The share of informal sector enterprises decreased in some states such as Gujarat, Haryana, Karnataka, Kerala, Madhya Pradesh, Tamil Nadu, and West Bengal in 2022-23.

• Uttarakhand, Assam, Chhattisgarh, Delhi, and Jammu & Kashmir had the lowest shares of informal sector enterprises.

Detailed Explanation:

• Uttar Pradesh, West Bengal, and Maharashtra had the highest share of informal sector enterprises in both rural and urban areas in 2022-23.
• Uttar Pradesh led with a 13.83% share, up from 12.99% the previous year.
• West Bengal was second with a 12.04% share, a slight decrease from 12.31% in 2021-22.
• Maharashtra’s share increased to 9.37% from 8.81% during the same period.

• The share of informal sector enterprises decreased in some states such as Gujarat, Haryana, Karnataka, Kerala, Madhya Pradesh, Tamil Nadu, and West Bengal in 2022-23.

States with Lowest Share of Informal Sector Enterprises:

• Uttarakhand, Assam, Chhattisgarh, Delhi, and Jammu & Kashmir had the lowest shares of informal sector enterprises.
• Notably, Delhi saw a significant increase, rising to 1.43% in 2022-23 from 0.64% in 2021-22.

22) Answer: C

Short Explanation:

• Eight of India's top-10 most valued companies saw a significant increase in their market valuations, collectively adding Rs 1,83,290.36 crore.
• This surge aligned with a notable rally in equities, where the BSE benchmark index climbed 963.87 points or 1.21%.

1. Tata Consultancy Services (TCS)
   • Added Rs 38,894.44 crore
   • New Valuation: Rs 14,51,739.53 crore

Detailed Explanation:

• Eight of India's top-10 most valued companies saw a significant increase in their market valuations, collectively adding Rs 1,83,290.36 crore.
• This surge aligned with a notable rally in equities, where the BSE benchmark index climbed 963.87 points or 1.21%.

1. Tata Consultancy Services (TCS)
   • Added Rs 38,894.44 crore
   • New Valuation: Rs 14,51,739.53 crore
2. Infosys

1. Reliance Industries
2. ICICI Bank
3. Life Insurance Corporation of India (LIC)
4. Hindustan Unilever
5. ITC
6. State Bank of India (SBI)

Declines:

1. HDFC Bank
2. Bharti Airtel

23) Answer: C

Short Explanation:

• India ranks fifth globally in Generative AI (GenAI) innovations, behind China, the US, the Republic of Korea, and Japan.
• India has surpassed the UK (714 patents) and Germany (708 patents). Notable patents from India include:

• Retail AI assistant solution: RN Chidakashi Technologies (Miko Robotics)
• GenAI tool for contract lifecycle management: Tata Consultancy Services

Detailed Explanation:

• India ranks fifth globally in Generative AI (GenAI) innovations, behind China, the US, the Republic of Korea, and Japan.
• Despite its position, India has shown the highest annual growth rate in GenAI patent publications, highlighting significant potential for economic impact.

Global Rankings and Patent Data:

1. China: 38,210 patents
2. United States: 6,276 patents
3. Republic of Korea: 4,155 patents
4. Japan: 3,409 patents
5. India: 1,350 patents (2014-2023)

India has surpassed the UK (714 patents) and Germany (708 patents). Notable patents from India include:

• Retail AI assistant solution: RN Chidakashi Technologies (Miko Robotics)
• GenAI tool for contract lifecycle management: Tata Consultancy Services

• Annual Growth Rate: India leads with a 56% annual growth rate in GenAI patent publications.
• Share of Total GenAI Patents: India holds a 3% share globally.

• EY Report (May 2024):GenAI could boost India’s GDP by $359-438 billion by 2030, with a cumulative impact of $1.2-1.5 trillion over the next seven years.

24) Answer: C

Short Explanation:

• Shooter Gagan Narang, the 2012 Olympic Games men’s 10m air rifle bronze medallist, has been chosen to replace M.C. Mary Kom as the chef-de-mission of the Indian contingent for the 2024 Paris Olympic Games, beginning on July 26, 2024.

Flag-Bearers for India:

• PV Sindhu: Two-time Olympic medallist in badminton.
• Sharath Kamal: 13-time Commonwealth Games medallist in table tennis.

Detailed Explanation:

• Shooter Gagan Narang, the 2012 Olympic Games men’s 10m air rifle bronze medallist, has been chosen to replace M.C. Mary Kom as the chef-de-mission of the Indian contingent for the 2024 Paris Olympic Games, beginning on July 26, 2024.
• Narang steps into this crucial administrative role following Mary Kom's decision to step down due to personal reasons.

Flag-Bearers for India:

• PV Sindhu: Two-time Olympic medallist in badminton.
• Sharath Kamal: 13-time Commonwealth Games medallist in table tennis.
• Significance: Following the tradition of gender equality, the Paris 2024 Olympics will be the second successive Summer Games where India will have two flag-bearers. At Tokyo 2020, Mary Kom and Manpreet Singh were the flag-bearers.

Event Details:

• Dates: The Paris 2024 Olympics will commence on July 26 and conclude on August 11.

25) Answer: B

Short Explanation:

• Jon Landau, an Oscar-winning producer who worked closely with director James Cameron on three of the biggest blockbusters of all time, Titanic and two Avatar films, has Passed away at the age of 63.
• Jon was born on July 23, 1960,in New York City, United States (US).
• Achievements : Landau won an Academy Award for Best Picture for producing James Cameron's disaster film Titanic (1997)
• His career peaked with "Titanic," which not only became the first film to surpass $1 billion in global box office but also won 11 Oscars, including Best Picture

Detailed Explanation:

• Jon Landau, an Oscar-winning producer who worked closely with director James Cameron on three of the biggest blockbusters of all time, Titanic and two Avatar films, has Passed away at the age of 63.
• Jon was born on July 23, 1960,in New York City, United States (US).
• He began his career in the 1980s as a production manager in the film industry.
• His notable collaboration with James Cameron began with "True Lies" and extended to blockbuster films like "Titanic" (1997) and the "Avatar" series, starting in 2009 with sequels continuing, including "Avatar: The Way of Water" released in 2022.
• Achievements : Landau won an Academy Award for Best Picture for producing James Cameron's disaster film Titanic (1997)
• His career peaked with "Titanic," which not only became the first film to surpass $1 billion in global box office but also won 11 Oscars, including Best Picture.