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Current Affairs Quiz: 13 June 2023

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    1. According to the Centre for Monitoring Indian Economy (CMIE) data released in June 2023, the Unemployment rate in India for individuals aged 15 years and above was decreased to _____________in May 2023 from 8.5% in April 2023.
      1) 7.0%
      2) 7.7%
      3) 6.9%
      4) 7.2%
      5) 6.7%
      Answer & Explanation
      Answer-2) 7.7%
      Explanation:
      Centre for Monitoring Indian Economy Pvt.Ltd.(CMIE) has recently released the data about the current unemployment rate in India for May 2023. According to its statistics, Unemployment rate decreased to 7.7% due to a decline in the labour participation at 441.9 million.
      i. In May 2023, the unemployment rate in India for individuals aged 15 years and above declined to 7.7%, marking a decrease from 8.5% in April 2023.Meanwhile labour participation rate fell by 1.1 % to 39.6% in May when compared to April 2023.

    2. Which of the following policy rates is ‘wrongly matched’ with respect to the 2nd Bi-Monthly Monetary Policy statement for FY24 released by RBI in June 2023?
      1) Policy Repo Rate – 6.50%
      2) Reverse Repo Rate – 3.35%
      3) Standing Deposit Facility (SDF) Rate – 6.25%
      4) Bank Rate – 6.25%
      5) Marginal Standing Facility (MSF) Rate – 6.75%
      Answer & Explanation
      Answer-4) Bank Rate – 6.25%
      Explanation:
      The Reserve Bank of India’s (RBI) 6-members Monetary Policy Committee (MPC) met on 6th, 7th and 8th June 2023 and released its second bi-monthly monetary policy statement for FY24 (Financial year 2023-2024).
      • The MPC meeting was headed by RBI Governor Shaktikanta Das the other 5 members of the committee include, Shashanka Bhide, Ashima Goyal, Prof. Jayanth R. Varma, Michael Debabrata Patra, and Dr. Rajiv Ranjan.
      i. The MPC has decided to keep the policy rates under the liquidity adjustment facility (LAF) unchanged (maintains status quo) with the stance remaining focused on the withdrawal of accommodation.
      ii. The Unchanged Policy rates are as follows:
      Category Rates
      Policy Repo Rate 6.50%
      Reverse Repo Rate 3.35%
      Marginal Standing Facility (MSF) Rate 6.75%
      Standing Deposit Facility (SDF) Rate 6.25%
      Bank Rate 6.75%
      Cash Reserve Ratio (CRR) 4.50%
      Statutory Liquidity Ratio (SLR) 18%


    3. Which of the following points is/are ‘correct’ with respect to the RBI’s 2nd Bi-Monthly Monetary Policy of FY2’ & recent initiative by RBI in June 2023?
      A) India’s real gross domestic product (GDP) growth for FY24 was projected at 6.5% and Consumer Price Index (CPI) inflation was projected at 5.1 percent in FY24.
      B) RBI has extended the phase-in time for achievement of the Priority Sector Lending (PSL) Targets for Primary (Urban) Cooperative Banks (UCBs) from March 31, 2024 to March 31, 2026.
      C) RBI has conducted a four-day variable rate reverse repo (VRRR) auction for Rs 1 lakh crore (USD 12.12 billion) on June 12, 2023.

      1) All A, B & C
      2) Only A & B
      3) Only B & C
      4) Only A & C
      5) Only A
      Answer & Explanation
      Answer-1) All A, B & C
      Explanation:
      The Reserve Bank of India’s (RBI) 6-members Monetary Policy Committee (MPC) met on 6th, 7th and 8th June 2023 and released its second bi-monthly monetary policy statement for FY24 (Financial year 2023-2024).
      • India’s real gross domestic product (GDP) growth for FY24 was projected at 6.5% with 8 percent in Q1, 6.5 percent in Q2, 6 percent in Q3, and 5.7 percent in Q4.
      • Consumer Price Index (CPI) inflation was projected at 5.1 percent in FY24, with 4.6 percent in Q1, 5.2 percent in Q2, 5.4 percent in Q3, and 5.2 percent in Q4.
      • RBI has examined the arrangements between Regulated Entities (REs) and Lending Service Providers (LSPs) or between two REs involving default loss guarantee (DLG), commonly known as First Loss Default Guarantee (FLDG) and approved the regulatory framework for permitting DLG arrangements in Digital Lending.
      • RBI has extended the phase-in time for achievement of the Priority Sector Lending (PSL) Targets for Primary (Urban) Cooperative Banks (UCBs) by two years, i.e. from March 31, 2024 to March 31, 2026.
      • Scheduled commercial banks (excluding Small Finance Banks) are allowed to set their own limits for borrowing in Call and Notice Money Markets within the prescribed prudential limits for inter-bank liabilities.
      • RBI has conducted a four-day variable rate reverse repo (VRRR) auction for Rs 1 lakh crore (USD 12.12 billion) on June 12, 2023.
      Note – The next meeting of the MPC is scheduled during August 8-10, 2023.

    4. Name the bank that has recently (in June ‘23) launched World Elite Metal Debit Card for the Uber-affluent Indian.
      1) CSB Bank (India)
      2) HSBC Bank (India)
      3) DBS Bank (India)
      4) Standard Chartered Bank (India)
      5) SBM Bank (India)
      Answer & Explanation
      Answer-5) SBM Bank (India)
      Explanation:
      SBM Bank (India) Limited (SBM Bank India) launched SBM World Elite Metal Debit Card, Powered by Mastercard, for exclusive, on-invitation access to the world of luxury for the Uber-affluent Indian.
      • This is an International Debit Card and can be used for international transactions.
      • It is valid for a period of 5 years from the date of issue of the card.
      i. It is designed and being offered exclusively to SBM Private customers and will target growing segment of affluent Indians with a global outlook.

    5. In June 2023, the World Bank approved a USD 148 million loan to support _________ (state) in India to improve irrigation practices in rural areas.
      1) Telangana
      2) Andhra Pradesh
      3) Odisha
      4) West Bengal
      5) Uttar Pradesh
      Answer & Explanation
      Answer-4) West Bengal
      Explanation:
      On June 9th, 2023, The World Bank’s Board of Executive Directors approved a USD 148 million loan to support West Bengal, India, in improving irrigation practices in rural areas. The loan will help the region harness(utilize) the surface and groundwater resources more effectively for agricultural purposes.
      i. West Bengal aims to increase farmers’ incomes through production of a range of pulses, fruits, and vegetables which requires water for irrigation.
      ii. The West Bengal Accelerated Development of Minor Irrigation Project – Phase II will support the state’s Department of Water Resources Investigation and Development and water-user associations (WUAs) to plan and operate new irrigation structures such as check dams, small-scale storage structures, creek rehabilitation, tube wells, and pump dug wells.

    6. Which organisation/bank has recently (in June ‘23) signed a USD 130 million loan agreement with the Government of India to promote Horticulture in Himachal Pradesh?
      1) Asian Infrastructure Investment Bank
      2) World Bank
      3) Asian Development Bank
      4) United Nations Environment Programme
      5) International Fund for Agricultural Development
      Answer & Explanation
      Answer-3) Asian Development Bank
      Explanation:
      On 8th June 2023, the Asian Development Bank (ADB) and The Government of India signed a USD 130 million loan for the Himachal Pradesh Subtropical Horticulture, Irrigation, and Value Addition Project to increase agricultural productivity, improve access to irrigation and promote horticulture agribusinesses to raise farmers’ income in Himachal Pradesh, India.
      i. This agreement is based on the outcome of ADB’s project readiness facility which demonstrated the subtropical horticulture production over 200 hectares and prepared the draft water user association (WUA) act and the draft state horticulture development strategy.
      ii. This project will improve on-farm irrigation and water management in about 6,000 hectares of farmland by rehabilitating or building new irrigation schemes strengthening the capacity of water user association (WUA).

    7. In June 2023, the Appointments Committee of the Cabinet (ACC) appointed _______ as the Director-General (DG) of the National Testing Agency (NTA) and Amit Agrawal as Chief Executive Officer (CEO) of _________.
      1) Saurabh Garg; Employees’ Provident Fund Organisation
      2) Rupinder Singh; Unique Identification Authority of India
      3) Subodh Kumar Singh; Employees’ Provident Fund Organisation
      4) Rupinder Singh; Life Insurance Corporation;
      5) Subodh Kumar Singh; Unique Identification Authority of India
      Answer & Explanation
      Answer-5) Subodh Kumar Singh; Unique Identification Authority of India
      Explanation:
      The Appointments Committee of the Cabinet (ACC) as part of a bureaucratic reshuffle effected by the Centre appointed Senior Indian Administrative Service (IAS) officers namely Amit Agrawal as Chief Executive Officer (CEO) of Unique Identification Authority of India (UIADI) and Subodh Kumar Singh as the Director-General (DG) of the National Testing Agency (NTA).
      • Amit Agrawal succeeds Saurabh Garg, whose two year term has ended and was also appointed as Secretary, Department of Social Justice and Empowerment.
      • Subodh Kumar Singh will be replacing Vineet Joshi, who was appointed as the DG of NTA in 2018 and in 2022, he was re-appointed as the Chairman of the Central Board of Secondary Education (CBSE).
      • Along with the new position as the CEO of UIADI in the rank, Amit Agrawal will also serve as the Additional Secretary in the Ministry of Electronics and Information Technology (MeitY).

    8. Who was recently (in June ‘23) appointed as the new Director General (DG) of the Border Security Force (BSF)?
      1) Nitin Agarwal
      2) Anurag Garg
      3) Sonali Mishra
      4) B.K Mehta
      5) Susanta Kumar Nath
      Answer & Explanation
      Answer-1) Nitin Agarwal
      Explanation:
      Appointments Committee of the Cabinet (ACC) has appointed Nitin Agarwal, an Indian Police Service (IPS) officer of the 1989 Batch Kerala cadre, was appointed as the new Director General (DG) of the Border Security Force (BSF) from the date of joining the post and up to 31st July 2026, his date of superannuation, or till further orders whichever is earlier”.
      i. Nitin Agarwal will succeed Sujoy Lal Thaosen, who has been holding the additional charge of BSF since December 2022.
      ii. Nitin Agarwal is currently serving as the Additional DG(ADG) (Operations), Central Reserve Police Force (CRPF) headquarters in Delhi.
      Note: Sujoy Lal Thaosen, DG of CRPF, was given an additional charge as DG of BSF following the retirement of Pankaj Kumar Singh incumbent DG of BSF.

    9. Which of the following points is ‘Incorrect’ with respect to the International Cricket Council (ICC) World Test Championship (WTC) 2021-23 held from August 2021 to June 2023?
      1) The Australia men’s cricket team captained by Pat Cummins defeated Indian men’s cricket team captained by Rohit Sharma by 209 runs in the finals to win the 2nd edition of ICC WTC 2021-23.
      2) Australia became the first and only team to win all three major ICC events after England. This is the 7th time Australia have taken an ICC Trophy.
      3) Australian left-hander Travis Head becomes the first batsman to score a century (163 runs in 174) in the World Test Championship (WTC) final.
      4) Indian batsman Ajinkya Rahane becomes first Indian to score a half-century in ICC World Test Championship final and became the 13th Indian batter to surpass 5000 runs in Tests.
      5) Virat Kohli becomes India’s highest run-scorer in the World Test Championship (WTC) 2021-23 cycle with 932 runs in 17 matches.
      Answer & Explanation
      Answer-2) Australia became the first and only team to win all three major ICC events after England. This is the 7th time Australia have taken an ICC Trophy.
      Explanation:
      The Australia men’s cricket team captained by Pat Cummins defeated Indian men’s cricket team captained by Rohit Sharma by 209 runs in the finals to win the 2nd edition of International Cricket Council (ICC) World Test Championship (WTC) 2021-23 held at The Oval, London, the United Kingdom. ICC WTC 2021-2023 started on 4th August 2021 and finished with the Final on 7–11 June 2023.
      • Australia became the first and only team to win all four major ICC events. This is the 9th time Australia have taken an ICC Trophy.
      • ICC One Day International (ODI) World Cup -1987, 1999, 2003, 2007, and 2015
      • ICC Champions trophy – 2006 and 2009.
      • T20 International World Cup – 2021
      • ICC World Test Championship 2021-23
      • Australian left-hander Travis Head becomes the first batsman to score a century (163 runs in 174) in the World Test Championship (WTC) final.
      • Indian batsman Ajinkya Rahane becomes first Indian to score a half-century in ICC World Test Championship final.He scored 89 runs in 129 balls. He became the 13th Indian batter to surpass 5000 runs in Tests.
      • Indian all-rounder Ravindra Jadeja surpassed Bishan Singh Bedi to become India’s most successful left-arm spinner in Test cricket.
      • Indian captain Rohit Sharma became the third-fastest opening batter to record 13,000 international runs across all formats in his 307th innings. He is behind Matthew Hayden (293 innings) and Sachin Tendulkar (295).
      • Virat Kohli becomes India’s highest run-scorer in the World Test Championship (WTC) 2021-23 cycle with 932 runs in 17 matches.

    10. What was the theme of United Nations (UN) World Day Against Child Labour 2023 that was observed across the world on 12th June 2023?
      1) Children shouldn’t work in fields, but on dreams
      2) COVID-19 – Protect children from child labour now
      3) Universal Social Protection to End Child Labour
      4) Stop the unconditional worst forms of child labour
      5) Social Justice for All. End Child Labour!
      Answer & Explanation
      Answer-5) Social Justice for All. End Child Labour!
      Explanation:
      The United Nations (UN) World Day Against Child Labour 2023 was observed across the world on 12th June 2023 with the theme of “Social Justice for All. End Child Labour!“.
      i. The year 2023 marks the 21st year of observance of the World Day Against Child Labour
      ii. The World Day Against Child Labour was launched by the International Labour Organization (ILO), an UN agency in 2002 to focus attention on the global extent of child labour and the action and efforts needed to eliminate it.
      iii. The first-ever World Day Against Child Labour was observed on 12th June 2002.





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