Current Affairs Quiz:10 October 2024

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1. Which state’s traditional products have recently (in October ‘24) received the Geographical Indications (GI) Tag by the GI Registry?
   1) Kerala
   2) Odisha
   3) Assam
   4) Andhra Pradesh
   5) Gujarat
   
   Answer & Explanation

   Answer-3) Assam
   Explanation:
   The Geographical Indications (GI) Registry (Chennai, Tamil Nadu-TN) under the Department for Promotion of Industry and Internal Trade(DPIIT), Ministry of Commerce & Industry(MoCI) has granted the GI tag to 8 products from Assam.
    The 8 new GI products include traditional food items and several unique varieties of rice beer reflecting the practices of the Bodo Tribe of Assam.
    The application for the GI tag for Jou Gwran; Maibra Jou Bidwi and Jou Gishi, the rice beer variants, were filed by the Bodo Traditional Brewers Association.
    Jou Gwran– This boasts the highest alcohol content at around 16.11% among rice beers by Bodo community.
    Maibra Jou Bidwi also called ‘Maibra Jwu Bidwi’ or ‘Maibra Zwu Bidwi’, this drink is cherished as a welcome beverage.
    Jou Gishi– It is another traditionally fermented rice-based alcoholic drink.
    Napham– It is a fermented fish dish made anaerobically in a sealed container in a process that requires about two-three months.
    Ondla– It is a rice powder curry flavoured with garlic, ginger, salt, and lkali.
    Gwkha also known as ‘Gwka Gwkhi,’ is a dish prepared for the Bwisagu festival.
    Narzi– It is a semi-fermented dish made with jute leaves (Corchorus capsularis).
    The Association of Traditional Bodo Weavers has secured a GI tag for the Bodo Aronai, a small, beautiful cloth. Click here to read more.
   
   
   
2. Which organisation/ministry has recently (in September ‘24) launched ‘ANNA DARPAN’, a new digital platform that will replace the Depot Online System?
   1) Food Corporation of India
   2) Food Safety and Standards Authority of India
   3) Food and Agriculture Organization
   4) Ministry of Consumer Affairs, Food and Public Distribution
   5) Ministry of Food Processing Industries
   
   Answer & Explanation

   Answer-1) Food Corporation of India
   Explanation:
   The Food Corporation of India (FCI) under the Department of Food & Public Distribution, Ministry of Consumer Affairs, Food, and Public Distribution, has launched a comprehensive digital transformation initiative to modernize its existing supply chain management system ‘Depot Online System’, with the implementation of a new, microservices-based integrated supply chain management system named ‘Anna Darpan’.
    The system is being developed to streamline and improve supply chain operations and services at all levels, including Mandis, Mills, Depots (both owned and hired), divisional, regional, zonal, and headquarters operations.
    M/s Coforge Limited has been selected as the System Integrator (SI) by FCI. This selection was finalized with the signing of the contract on 14th June 2024.
    ANNA DARPAN system’s end-to-end design, development, implementation, and maintenance is under the responsibility of M/s Coforge Limited.
   
   
   
3. In which state, a new artillery firing range was recently(in September’ 24) opened by the Indian Army?
   1) Rajasthan
   2) Telangana
   3) Arunachal Pradesh
   4) Ladakh
   5) Odisha
   
   Answer & Explanation

   Answer-3) Arunachal Pradesh
   Explanation:
   The Indian Army (IA) has opened a new artillery firing range in the Tawang sector of Arunachal Pradesh (AR), which  falls under the Eastern Command of the IA. This is the first artillery firing range in a high-altitude area.
    This range will allow the IA to practise firing howitzers and other weapon systems.
    The IA has identified 2 firing ranges in AR – one in Tawang (operationalised) and the other is in the process of getting notified.
   
   
   
4. Which country’s Bilateral Investment Treaty (BIT) with India has been enforced from August 31, 2024?
   1) Germany
   2) Azerbaijan
   3) South Korea
   4) United Arab Emirates
   5) United States of America
   
   Answer & Explanation

   Answer-4) United Arab Emirates
   Explanation:
   The Bilateral Investment Treaty (BIT) between India and the United Arab Emirates (UAE) came into effect on August 31, 2024. BIT was signed in Abu Dhabi, UAE on 13th February 2024.
    The treaty replaces the earlier Bilateral Investment Promotion and Protection Agreement (BIPPA) between India and UAE which expired on 12th September 2024, ensuring ongoing investment protection for both nations’ investors. BIPPA was signed in December 2013.
    India’s Overseas Direct Investment (ODI) in the UAE stands at USD 15.26 billion from April 2000 to August 2024.
   
   
   
5. Name a new savings bank account that was recently (in October ‘24) launched by the Bank of Baroda (BoB) for high-end customers desiring premium services.
   1) Avni
   2) Masterstroke
   3) WISE
   4) Savings+
   5) Golden Circle
   
   Answer & Explanation

   Answer-2) Masterstroke
   Explanation:
   On 7th October 2024, Bank of Baroda (BoB) launched  ‘BoB Masterstroke Savings Account’, a new savings bank account, designed especially for high-end customers desiring premium services.
    BoB also named Cricketer Sachin Tendulkar as its global brand ambassador.
    He will be featured in all branding campaigns, starting with “Play The Masterstroke”.
    This account provides higher interest rates via the Flexi Fixed Deposit facility, catering to premium customers.
    It offers 0.25% concessional interest rates on retail loans, making borrowing more accessible.
    Daily withdrawal limits are set at Rs 5 lakh for ATMs (Automatic Teller Machine) and Rs 10 lakh for Point of Sale (POS) transactions.
   
   
   
6. Which bank has recently (in October ‘24) partnered with PhonePe to offer instant credit on UPI to its pre-approved customers through the PhonePe app?
   1) Yes Bank
   2) SBI Bank
   3) Federal Bank
   4) HDFC Bank
   5) ICICI Bank
   
   Answer & Explanation

   Answer- 5) ICICI Bank
   Explanation:
   On 8th October 2024, ICICI Bank Limited, India’s leading Private Sector Bank, announced that it has partnered with PhonePe, India’s largest digital platform, to offer instant credit on Unified Payments Interface (UPI) to its pre-approved customers through the PhonePe application (app).
    This strategic partnership enables the pre-approved customers of ICICI Bank to use this credit line facility for UPI transactions in a seamless and secure manner.
    Under this instant credit offer, eligible customers can access up to Rs 2 lakh credit with a 45-day repayment period.
    This credit line facility is interoperable across different UP payment apps, offering flexibility and convenience.
   
   
   
7. Which organisation has recently(in September’ 24)secured its largest-ever foreign currency term loan of USD 1.265 billion?
   1) Power Finance Corporation Limited
   2) Bank of Baroda
   3) Small Industries Development Bank of India
   4) State Bank of India
   5) Steel Authority of India Limited
   
   Answer & Explanation

   Answer-1) Power Finance Corporation Limited
   Explanation:
   Power Finance Corporation Limited (PFC), a Maharatna public sector company and one of India’s top non-banking financial companies (NBFC), operating under the Ministry of Power(MoP), secured its largest ever foreign currency loan  of USD 1.265 billion.
    PFC plans to use this fund to finance projects not related to thermal power (coal based), promoting green and sustainable energy initiatives. This supports India’s goals of reducing carbon emissions and increasing renewable energy capacity.
    The USD 1.265 billion loan sets a record for Indian Public Sector Units (PSUs). It is structured as a floating-rate loan with an average interest rate of 4.21% per annum.
    It is issued in three major Currencies-United States Dollar (USD), Euro (EUR), and Japanese Yen (JPY). The loan’s interest rates are linked to global benchmarks- Secured Overnight Financing Rate (SOFR) for USD, the Euro Interbank Offered Rate (EURIBOR) for EUR, and the Tokyo Overnight Average Rate (TONA) for JPY.
   
   
   
8. Which Non-Banking Financial Company (NBFC) has recently(in October’ 24) received the in-principle approval from the Securities and Exchange Board of India (SEBI) to establish a Mutual Fund (MF) business?
   1) Jio Financial Services Limited
   2) Shriram Finance Limited
   3) UGRO Capital Limited
   4) HDFC Credila Financial Services Limited
   5) Piramal Capital and Housing Finance Limited
   
   Answer & Explanation

   Answer-1) Jio Financial Services Limited
   Explanation:
   On 3rd October 2024, Jio Financial Services Limited (JFSL), a Non-Banking Financial Company (NBFC) backed by Reliance Industries Limited (RIL) has received the in-principle approval from the Securities and Exchange Board of India (SEBI), to establish a Mutual Fund (MF) business, in partnership with New York (the United States of America (USA))-based BlackRock Financial Management Inc., the world’s largest asset manager.
    The final approval for registration will be granted by SEBI subject to the fulfilment of the requirements by JFSL and BlackRock laid out by SEBI in its official notification.
    JFSL will invest an amount of Rs 3 crore towards initial subscription of 30 lakh equity shares of face value Rs 10 each.
    Also, both the companies had announced an investment of USD 150 million each for the MF business in India.
   
   
   
9. Who was jointly awarded the Nobel Prize in Physics 2024 with British-Canadian Computer scientist Geoffrey E. Hinton for foundational discoveries and inventions that enable machine learning with artificial neural networks?
   1) Muhammad Yunus
   2) Tsung-Dao Lee
   3) Claudia Sheinbaum Pardo
   4) John J. Hopfield
   5) Henri Becquerel
   
   Answer & Explanation

   Answer-4) John J. Hopfield
   Explanation:
   American physicist John J. Hopfield and British-Canadian Computer scientist Geoffrey E. Hinton were jointly awarded the Nobel Prize in Physics 2024 by the Royal Swedish Academy of Sciences in Stockholm, Sweden on 8th October 2024.
    They were awarded “for foundational discoveries and inventions that enable machine learning with artificial neural networks”.
    Prize amount: 11 million Swedish kronor will be shared equally between the laureates.
    John J. Hopfield created a structure that can store and reconstruct information.
    Geoffrey E. Hinton invented a method that can independently discover properties in data which has become important for the large neural networks now in use. Click here to read more.
   
   
   
10. Padma Shri Awardee Pappammal alias Rangammal, an Indian organic farmer from Tamil Nadu(TN), passed away in September 2024.
    In which year, Pappammal was honoured with the Padma Shri (Others) Award?
    1) 2021
    2) 2000
    3) 2016
    4) 2019
    5) 2020
    
    Answer & Explanation

    Answer-1) 2021
    Explanation:
    Padma Shri Awardee Pappammal alias Rangammal, an Indian organic farmer from Tamil Nadu(TN), has passed away at the age of 109. She was born in 1914 and resides in Thekampatti near Mettupalayam, Coimbatore, TN.
     The Government of India (GoI) honoured her with Padma Shri(Others) in 2021.
     She has been associated with the Tamil Nadu Agricultural University(TNAU) and has organised various discussion forums of TNAU’s extension department. She has also apprised thousands of farmers about the TNAU’s farming technologies and practices.