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- In January 2023, the Department of Economic Affairs (DEA) raised the interest rate on a number of small savings schemes for the fourth quarter (Q4) of FY23.
Which of the following points is ‘Incorrect’ with respect to Small Saving Schemes (SSS) & their interest rates as of January 2023?
1) The Interest Rate of Senior Citizens Savings Scheme Account (SCSS) has changed to 8.0% from 7.6%.
2) The 5 Year Recurring Deposit has remained unchanged with an interest rate of 5.8 %.
3) Kisan Vikas Patra (KVP) has changed to 190 months of maturity period with an interest rate of 7.0% from 124 months of maturity period with an interest rate of 6.9%.
4) The Public Provident Fund (PPF) has remained unchanged with the interest rate of 7.10%.
5) The Interest Rate of 2 Year Time Deposit has changed to 6.8% from 5.7%.Answer-3) Kisan Vikas Patra (KVP) has changed to 190 months of maturity period with an interest rate of 7.0% from 124 months of maturity period with an interest rate of 6.9%.
Explanation:
The Department of Economic Affairs (DEA), a department of the Ministry of Finance (MoF), has raised the interest rate on a number of small savings schemes for the fourth quarter (Q4) of the current fiscal year 2022–23 (FY23), which runs from January 1, 2023 – March 31, 2023.
• The rates on the various instruments have increased by 20 to 110 basis points (bps), and they now range from 4.0 % to 7.6 %.
i. The 5 Year Recurring Deposit has remained unchanged with an interest rate of 5.8 %.
ii. The Public Provident Fund (PPF) has remained unchanged with the interest rate of 7.10%.
iii. The Interest Rate of Senior Citizens Savings Scheme Account (SCSS) has changed to 8.0% from 7.6%.
iv. Kisan Vikas Patra (KVP) has changed to 120 months of maturity period with an interest rate of 7.2% from 123 months of maturity period with an interest rate of 7.0%
v. The Interest Rate of 2 Year Time Deposit has changed to 6.8% from 5.7%.
List of Various Small Savings Schemes with Interest Rates as of January 2023 - Name the country that has recently (in Jan ‘23) adopted the ‘Euro’ currency, and became a part of Europe’s border-free Schengen zone.
1) Togo
2) Algeria
3) Burkina Faso
4) Croatia
5) MaliAnswer-4) Croatia
Explanation:
Croatia, the youngest member of the European Union (EU), adopted the ‘Euro’ currency, and it became a part of Europe’s border-free Schengen zone.
i. Croatia, a Balkan country, is now the 20th member of the Eurozone and the 27th country to join the passport-free Schengen zone. Croatia is a former Yugoslav republic that fought an independence war in the 1990s and joined the EU in 2013.
ii. The European Union (EU) member states that have adopted the “Euro” as their national currency collectively refer to themselves as the “Euro Area” or “Eurozone.”
iii. The euro will progressively replace the ‘Kuna’ as the official currency of Croatia starting on January 1, 2023. - Name the organisation that has recently (in Jan ‘23) signed an agreement of Rs 2, 275 crores with the Tripura government to improve the power distribution network.
1) World Bank
2) International Monetary Fund
3) Asian Infrastructure Investment Bank
4) Asian Development Bank
5) African Development BankAnswer-4) Asian Development Bank
Explanation:
The Tripura government has signed an agreement with Asian Development Bank (ADB) worth Rs 2,275 crore to strengthen and improve power distribution efficiency in Tripura.
• Under this, ADB will support the state government’s efforts to strengthen its power sector by replacing inefficient power plants and strengthening the distribution system. The project will be implemented in the next three years.
• Of the Rs 2,275 crore fund, the central government will repay Rs 1,820 crore while the state will provide Rs 455 crore.
i. The state government will undertake massive renovation of two power projects – Rukhia in Sepahijala district and Gumati Hydro project in Gomati district.
ii. Apart from the ADB funding, an additional amount of Rs 800 crore will be spent to improve the power distribution of the state. - Which Indian Institute of Technology (IIT) has recently (in Dec ‘22) partnered with the Defense Research and Development Organization (DRDO) to introduce the “DRDO Industry Academia-Ramanujan Centre of Excellence” (DIA-RCoE)?
1) IIT Madras
2) IIT Delhi
3) IIT Bombay
4) IIT Kanpur
5) IIT GuwahatiAnswer-1) IIT Madras
Explanation:
Indian Institute of Technology (IIT)-Madras has created a ‘centre of excellence’ named ‘DRDO Industry Academia-Ramanujan Centre of Excellence’ (DIA-RCoE) at a campus unit set up by the Defence Research and Development Organisation (DRDO) to develop advanced technologies for national defence and security.
i. The interdisciplinary research group will bring in faculty and researchers from multiple departments for translational research. - In January 2023, Luiz Inacio Lula da Silva was sworn in as 39th President of which country?
1) Argentina
2) Peru
3) Canada
4) Brazil
5) PortugalAnswer-4) Brazil
Explanation:
Luiz Inacio Lula da Silva, the veteran left-wing politician, known widely as Lula, was sworn in for the 3rd term as the President of the Republic of Brazil during the inauguration ceremony held at the National Congress, in Brasilia, Brazil.
i. He was sworn in as the 39th president of Brazil by winning the 2022 Brazilian general election against far-right leader Jair Bolsonaro (incumbent President of Brazil (from 2019 to 2022).
• Geraldo Alckmin was sworn in as Brazil’s Vice President during the event.
ii. Luiz Inacio Lula da Silva was first elected as the President in 2002 and was inaugurated as President on 1st January 2003. He was again re-elected as President in 2006 for a 2nd term which ended in 2011.
• He governed Brazil for 2 consecutive terms between 2003 and 2010. He won his 1st term in 2002 and 2nd term in 2006. - Who has been recently (in Jan ‘23) appointed as the Managing Director (MD) and Chief Executive Officer (CEO) of Indian Overseas Bank (IOB) for a period of 3 years?
1) Ajay Kumar Srivastava
2) Sanjay Vinayak Mudaliar
3) Partha Pratim Sengupta
4) S Srimathy
5) Vivek AggarwalAnswer-1) Ajay Kumar Srivastava
Explanation:
Ajay Kumar Srivastava has been appointed as Managing Director (MD) and Chief Executive Officer (CEO) of Indian Overseas Bank (IOB), a public sector bank (PSB), for a period of 3 years with effect from the date of assumption of office on or after 1st January 2023.
i. Prior to this appointment, Ajay Kumar Srivastava was serving as the Executive Director of IOB.
ii. He was appointed following the superannuation of Partha Pratim Sengupta, MD & CEO of IOB, on 31st December 2022. - Who has recently (in Dec ‘22) won India’s 1st ever Silver Medal in the World Blitz Championship by defeating Zhongyi Tan (China) in Women’s World Blitz Championship at the FIDE World Rapid and Blitz Championship 2022?
1) Priyanka Nutakki
2) Tania Sachdev
3) Koneru Humpy
4) Divya Deshmukh
5) Soumya SwaminathanAnswer-3) Koneru Humpy
Explanation:
Indian Grandmaster (GM) Koneru Humpy, a former world rapid champion, has won a silver medal in the Women’s World Blitz Championship at the FIDE (Fédération Internationale des Échecs) World Rapid and Blitz Championship 2022 held in Almaty, Kazakhstan from 25th to 30th December 2022.
i. Koneru Humpy has won India’s 1st ever silver medal in the World Blitz Chess Championships defeating Zhongyi Tan of China and she is the 2nd Indian to win a medal at World Blitz, after Viswanathan Anand.Rank
Name & Country
Open Blitz
1 Sven Magnus Øen Carlsen (Norway) 2 Christopher Hikaru Nakamura (United States of America) 3 Haik Mikaeli Martirosyan (Armenia) Women’s Blitz
1 Bibisara Assaubayeva (Kazakhstan) 2 Koneru Humpy (India) 3 Shuvalova Polina (Russia) - Name the personality who has recently (in Dec’ 22) became India’s 78th Grandmaster (GM) in MPL 59th National Senior Chess Championship 2022 held at New Delhi, Delhi.
1) V Pranav
2) Aditya Mittal
3) Hari Madhavan N B
4) Pranav Anand
5) Koustav ChatterjeeAnswer-5) Koustav Chatterjee
Explanation:
Kolkata, West Bengal (WB)-based chess player Koustav Chatterjee (19-year) became India’s 78th Grandmaster (GM) in MPL 59th National Senior Chess Championship 2022. He is also the 10th GM from West Bengal.
i. The Event was held at K.D Jadhav Indoor Sports Hall, IG Stadium, New Delhi organised by Delhi Chess Association Under the aegis of All India Chess Federation (AICF).
Note- Hari Madhavan N B (19 years old) from Tamil Nadu (TN) becomes the 1st International Master of India in 2023. - Former Director of Tata Sons and Padma Shri Awardee ‘Rayaroth Kuttambally Krishna Kumar’ passed away in January 2023.
In which year did he receive the Padma Shri Award in the field of Trade and Industry?
1) 2009
2) 2016
3) 2010
4) 2015
5) 2020Answer-1) 2009
Explanation:
Tata group veteran and Former Director of Tata Sons, Padma Shri Awardee Rayaroth Kuttambally Krishna Kumar (R.K. Krishna Kumar) passed away in Mumbai, Maharashtra at the age of 84.
i. He was a close confidant of Ratan Tata, well-known for his role in several Tata Group acquisitions, including the acquisition of Tetley in 2000.
ii. In 2009, R.K. Krishnakumar received the Padma Shri award, India’s 4th highest civilian honour, for his contributions to Indian Trade and Industry. - Who authored the book, “Breaking Barriers: the Story of a Dalit Chief Secretary”?
1) Maheshwar Prasad
2) Kaki Madhava Rao
3) Aditya Nath Das
4) C.R. Krishnaswamy
5) K Ratna PrabhaAnswer-2) Kaki Madhava Rao
Explanation:
Former IAS officer Kaki Madhava Rao has authored a new book titled “Breaking Barriers: the Story of a Dalit Chief Secretary” which addresses the details about the dynamics of civil services at the ground level and also fills the gap in the knowledge about micro policies and governance.
i. The book is published by Emesco Books Private Limited.
- In January 2023, the Department of Economic Affairs (DEA) raised the interest rate on a number of small savings schemes for the fourth quarter (Q4) of FY23.
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