Current Affairs Quiz:4 & 5 August 2024

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1. Which ministry has recently (in August ‘24) launched the Version 4.0 Price Monitoring System (PMS) Mobile Application?
   1) Ministry of Cooperation
   2) Ministry of Commerce and Industry
   3) Ministry of Food Processing Industries
   4) Ministry of Consumer Affairs, Food & Public Distribution
   5) Ministry of Chemicals and Fertilizers
   
   Answer & Explanation

   Answer-4) Ministry of Consumer Affairs, Food & Public Distribution
   Explanation:
   Union Minister Pralhad Venkatesh Joshi, Ministry of Consumer Affairs, Food & Public Distribution (MoCAF&PD) launched the Version 4.0 Price Monitoring System (PMS) Mobile Application (App) in New Delhi, Delhi. From August 1, 2024, the Department of Consumer Affairs (DCA), MoCAF&PD, has expanded its PMS to include 16 additional commodities.
    The newly added 16 items include Bajra, Jowar, Ragi, Suji (wheat), Maida (wheat), Besan, Ghee, Butter, Brinjal, Egg, Black Pepper, Coriander, Cumin, Red Chillies, Turmeric Powder, and Banana.
    The monitoring now covers a total of 38 commodities, up from the previous 22 commodities.
    The 38 commodities represent approximately 31% of the CPI weights, an increase from the previous 26.5%.
    The government has allocated Rs 10,000 crore under the price stabilisation fund (PSF) in the Union Budget 2024-25 to maintain stable prices and ensure affordability of pulses.
   
   
   
2. Union Communications Minister Jyotiraditya M Scindia recently (in August ‘24) inaugurated the Network Operations Centre (NOC) at _______________ in New Delhi, Delhi.
   1) Centre for Development of Advanced Computing(C-DAC)
   2) National Informatics Centre (NIC)
   3) Centre for Development of Telematics (C-DOT)
   4) National Remote Sensing Centre (NRSC)
   5) Bharat Electronics Limited (BEL)
   
   Answer & Explanation

   Answer-3) Centre for Development of Telematics (C-DOT)
   Explanation:
   Union Minister Jyotiraditya M Scindia, Ministry of Communications (MoC) and Ministry of Development of North Eastern Region (MDoNER) along with the Union Minister of State(MoS)Dr Pemmasani Chandra Sekhar, MoC and Ministry of Rural Development (MoRD) has inaugurated the Network Operations Centre (NOC) at the Centre for Development of Telematics (C-DOT), New Delhi, Delhi.
    The NOC hosts indigenously developed security infrastructure for the purpose of identifying and tracking cyber threats in the telecom network in India.
    M Scindia also made a pilot 5G(the fifth-generation technology) call on the Bharat Sanchar Nigam Limited (BSNL) live network, where this 5G call was made using the indigenously designed 5G radio and 5G core Non-Stand Alone(NSA).
   
   
   
3. Which country has recently (in August 2024) joined the United Nations Command (UNC) in South Korea as its 18th Member State?
   1) India
   2) Philippines
   3) Germany
   4) Canada
   5) Poland
   
   Answer & Explanation

   Answer-3) Germany
   Explanation:
   On 2nd August 2024, the Federal Republic of Germany (FRG) officially joined the United States of America (USA) led-United Nations Command (UNC) at Pyeongtaek, south of Seoul in South Korea.
    Germany became the 18th member state of UNC, a group that helps police the heavily fortified border with North Korea and has committed to defend the South in the event of war.
    This marks the 1st UNC expansion since Italy was reinstated in 2013.
    UNC was established on 7th July, 1950, after UN recognised the aggression of North Korea against South Korea.
   
   
   
4. The Government of India (GoI) and the World Bank (WB) has recently (in August ‘24) signed a __________ agreement to construct the Green National Highway Corridors Project (GNHCP).
   1) USD 60 million
   2) USD 500 million
   3) USD 200 million
   4) USD 50 million
   5) USD 100 million
   
   Answer & Explanation

   Answer-2) USD 500 million
   Explanation:
   On 1st August 2024, Union Minister Nitin Gadkari, Ministry of Road Transport and Highways (MoRTH) announced that the Government of India (GoI) and the World Bank (WB) have signed a USD 500 million agreement to construct the Green National Highway Corridors Project (GNHCP).
    The project aims to deploy a safe and green highway using green technologies and climate resilience methodology.
    MoRTH also informed that the scheduled date for the final completion of the GNHCP project is May 2026.
    The World Bank will support the project by providing a loan assistance of USD 500 million, contributing to the total project cost of USD 1288.24 million (which is equivalent to Rs 7,662.47 crore).
   
   
   
5. Which of the following entities has recently (in  August ‘24) received ‘Fit & Proper’ certificate from Reserve Bank of India (RBI) for the acquisition of the Industrial Development Bank of India (IDBI) Limited?
   A)  Emirates NBD Bank
   B)  State Bank of India
   C) Kotak Mahindra Bank Limited
   1) Only A & B
   2) Only B & C
   3) Only A & C
   4) Only B
   5) All A, B & C
   
   Answer & Explanation

   Answer-3) Only A & C
   Explanation:
   The Reserve Bank of India (RBI) has issued ‘Fit & Proper’ certificates to 3 potential suitors for Industrial Development Bank of India (IDBI) Limited, thus paving the way for possible acquisition of the bank.
    The potential suitors are Fairfax Financial Holdings Limited, Toronto(Canada); Emirates NBD Bank, Dubai(the United Arab Emirates(UAE)) and Kotak Mahindra Bank Limited (KMBL), Mumbai(Maharashtra).
    IDBI has received final approval from RBI for the ‘Fit & Proper’ criteria for privatization, and potential bidders for the strategic sale are expected to begin the process of due diligence early August, 2024.
    The Government of India (GoI) and the Life Insurance Corporation of India (LIC) jointly holds around 94% stake in IDBI Bank. LIC as a promoter of IDBI Bank holds 49.24% while, the GoI as co-promoter holds 45.48% stake in IDBI Bank.
   
   
   
6. Which Indian firm has recently (in  August ‘24) partnered with Vested Finance Inc. to offer access to global investing for Indians and Non-Resident Indians (NRIs)?
   1) Edelweiss Asset Reconstruction Company Limited
   2) Axis Securities Limited
   3) ECL Finance Company Limited
   4) Motilal Oswal Asset Management Company Limited
   5) HDFC Securities Limited
   
   Answer & Explanation

   Answer-5) HDFC Securities Limited
   Explanation:
   HDFC Securities Limited, a wholly-owned subsidiary of HDFC Bank Limited has partnered with Vested Finance Inc., a United States of America (USA)-based investment platform, to democratize global investing for Indians and Non-Resident Indians (NRIs) through Global Investing 2.0.
    With Global Investing 2.0, HDFC securities will empower investors with the tools and access needed to expand their investments.
    This partnership will provide investors with augmented protection, innovative features, and deep portfolio diversification.
    Adherence to the USA regulations and Reserve Bank of India’s(RBI’s)Liberalized Remittance Scheme, enabling Indian residents to invest up to USD 250,000 annually.
   
   
   
7. In July 2024, Reserve Bank of India (RBI) granted ________  license to 3 merchant payment companies namely IndiaIdeas.com Limited (BillDesk), Amazon Pay (India) Private Limited, and global payments major Adyen India Technology Services Private Limited.
   1)  Prepaid Payment Instruments (PPIs)
   2) Third-Party App Provider (TPAP)
   3) Certificate of Registration(CoR)
   4)  Payment Aggregator- Cross Border(PA-CB)
   5) Corporate Agent(CR)
   
   Answer & Explanation

   Answer-4)  Payment Aggregator- Cross Border(PA-CB)
   Explanation:
   Reserve Bank of India (RBI) has granted Payment- Aggregator- Cross Border (PA-CB) license to 3 merchant payment companies namely IndiaIdeas.com Limited (BillDesk), Amazon Pay (India) Private Limited, and global payments major Adyen India Technology Services Private Limited (Adyen).
    BillDesk received the licence for both exports and imports (PA-CB-E&I) and Amazon Pay and Adyen received the licence for only import(PA-CB-I).
    This PA-CB license allows these companies to offer payment services for international trade and domestic merchant payment services.
    The PA-CB license enables payment companies to offer payment services in the export-import space, particularly for international remittances and payments for freelancers working with global companies from India.Click here to read more
   
   
   
8. Who has been recently  (in  August ‘24) re-appointed as the Managing Director(MD) and Chief Executive Officer(CEO) of the Unity Small Finance Bank?
   1) Anuj Tyagi
   2) Nemkumar H
   3) Rakesh Singh
   4) Inderjit Camotra
   5) Vasudevan
   
   Answer & Explanation

   Answer- 4) Inderjit Camotra
   Explanation:
   The Reserve Bank of India (RBI) has approved the re-appointment of Inderjit Camotra as Managing Director(MD) and Chief Executive Officer(CEO) of Unity Small Finance Bank Limited (Unity Bank) for another 2 years.
    He has been serving as the MD & CEO of Unity Small Finance Bank since 2022.
   
   
   
9. Who has been recently (in August ‘24) elected as the 67th President of the Institute of Cost Accountants of India (ICMAI) for the 2024-2025 period?
   1) Ranjeet Kumar Agarwal
   2) Bibhuti Bhusan Nayak
   3) Tapan Kumar Deka
   4) Sanjaya Kumar Mishra
   5) Rakesh Singh
   
   Answer & Explanation

   Answer-2) Bibhuti Bhusan Nayak
   Explanation:
   Bibhuti Bhusan Nayak, a Certified Management Accountant (CMA) has been elected as the 67th President of the Institute of Cost Accountants of India (ICMAI) for the 2024-2025 period.
    He succeeds Ashwin Dalwadi, who was the president for the 2023-24 period.
    TCA Srinivasa Prasad has been elected as the Vice President (VP) of the ICMAI for 2024-25. He will succeed Bibhuti Bhusan Nayak.
    Nayak is also elected as the member of Council of the Institute for the term 2023-27. He is a Fellow Member of the ICMAI.
    The ICMAI was set up as a statutory body on 28 May 1959 under the provisions of the Cost and Works Accountants Act, 1959, headquartered at Kolkata, West Bengal (WB).
   
   
   
10. Which country is set to host the 2025 Men’s Asia Cup cricket tournament in the Twenty20 (T20) format?
    1) India
    2) Uzbekistan
    3) Brazil
    4) Bangladesh
    5) Sri Lanka
    
    Answer & Explanation

    Answer-1) India
    Explanation:
    The Asian Cricket Council (ACC) has officially declared India as the host of the 2025 Men’s Asia Cup cricket tournament in the Twenty20 (T20) format and Bangladesh as the host of the 2027 Asia Cup tournament in the One Day International (ODI) format.
     This announcement was made by the ACC in its Invitation for Expression of Interest (IEOI).
     According to the IEOI for the sponsorship rights document issued by the ACC, both the Asia Cup tournaments in India and Bangladesh will feature 13 games each, totaling 26 matches.