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- In April 2023, the Department of Economic Affairs (DEA) raised the interest rate on various small savings schemes for the first quarter (Q1) of FY24.
Which of the following points is ‘Incorrect’ with respect to Small Saving Schemes (SSS) & their interest rates as of April 2023?
1) The interest rate for Senior Citizen Savings Schemes has been increased from 8% to 8.2%.
2) The National Savings Certificates (NCS) witnessed the highest increase in rate, which increased from 6.9 % to 7.5% from January to June.
3) Kisan Vikas Patra (KVP) has changed to 115 months of maturity period with an interest rate of 7.5% from 120 months of maturity period with an interest rate of 7.2% .
4) The Public Provident Fund (PPF) has remained unchanged with the interest rate of 7.1% over Q1 FY24.
5) The Interest Rate of 1 Year Time Deposit at the post office has increase from 6.6% to 6.8%Answer-2) The National Savings Certificates (NCS) witnessed the highest increase in rate, which increased from 6.9 % to 7.5% from January to June.
Explanation:
The Department of Economic Affairs (DEA), Ministry of Finance (MoF) has announced an interest rate hike on various Small Savings Schemes for the first quarter of the financial year 2023-24 ( Q1 FY24) (i.e. April 1, 2023 to June 30, 2023), marking the third consecutive quarter of rate hikes.
• The interest rate for Senior Citizen Savings Schemes has been increased from 8% to 8.2%.
• The National Savings Certificates (NCS) witnessed the highest increase in rate, which increased from 7% to 7.7% from January to June.
• The interest rate on these savings instruments has been raised by 10-70 basis points (bps) [one percentage point is equivalent to 100 bps].
• However, the interest rate for PPF scheme has been kept unchanged at 7.1% over Q1 FY24, and its returns have remained constant at 7.1% for the last three years.
• The rate for Kisan Vikas Patras was hiked from 7.2% to 7.5%. The scheme will now mature in 115 months, rather than 120 months previously.
• The interest rate on a one-year term deposit at the post office would increase from 6.6% to 6.8%. List of Various Small Savings Schemes with Interest Rates as of April 2023 . - Which American state recently (in April ’23) passed a resolution condemning “Hinduphobia” and “anti-Hindu bigotry” for the first time?
1) California
2) Florida
3) Texas
4) Georgia
5) ArizonaAnswer-4) Georgia
Explanation:
Georgia, United States of America(USA) passed a resolution condemning “Hinduphobia” and “anti-Hindu bigotry”- becoming the first state in the country to do so.
i. The resolution was introduced by Representatives Lauren McDonald and Todd Jones from Forsyth County in the suburbs of Atlanta, home to one of the largest Hindu and Indian-American diaspora communities in Georgia.
ii. The resolution observed that the American-Hindu community has been a major contributor to diverse sectors such as medicine, science and engineering, information technology, hospitality, finance, academia, manufacturing, energy, retail trade, among others - Which of the following companies was/were recently (in March’ 23) identified as Domestic Systemically Important Insurers (D-SIIs) for the financial year 2022–23 by the Insurance Regulator and Development Authority of India (IRDAI)?
1) General Insurance Corporation of India Limited
2) Life Insurance Corporation of India
3) New India Assurance
4) Both 1 & 2
5) All 1, 2 & 3Answer-5) All 1, 2 & 3
Explanation:
On March 31, 2023, the Life Insurance Corporation of India (LIC), General Insurance Corporation of India Limited (GIC Re), and New India Assurance continued to be identified by the Insurance Regulator and Development Authority of India (IRDAI) as Domestic Systemically Important Insurers (D-SIIs) for the Financial year 2022-23.
• IRDAI annually identifies D-SIIs and publishes the name of the insurers for public information.
• In line with the Reserve Bank of India’s benchmarking, D-SIIs are perceived to be ‘too big (or too important) to fail’.
• LIC, GIC, and New India Assurance were the D-SIIs from 2020-21. - Name the bank that has recently (in March ‘23) launched an investment solution ‘digiPortfolio’ to offer Morningstar-curated investments based on risk preferences.
1) CSB Bank (India)
2) HSBC Bank (India)
3) DBS Bank (India)
4) SBM Bank (India)
5) Standard Chartered Bank (India)Answer-3) DBS Bank (India)
Explanation:
DBS Bank India launched an investment solution ‘digiPortfolio’ on its digibank platform, to create a set of investment options curated by Morningstar that match the risk preferences of different investors
i. The platform which uses both technology and human expertise is an easy, one-stop solution for users to invest money with ready-made baskets of mutual funds.
ii. The ‘digiPortfolio’ provides instant access to investors with two plans starting at a minimum investment of Rs 10,000 up to Rs 50,000.
iii. The plans include features such as portfolio construction, monitoring, and rebalancing services, powered by Morningstar. There are no extra charges, like sales or transaction fees. - Which insurance company has recently (in March ‘23) received a certificate of registration by Insurance Regulatory and Development Authority of India (IRDAI) to Commence Life Insurance Business ?
1) Acko Life Insurance Limited
2) Credit Access Life Insurance Limited
3) Star Union Dai-ichi Life Insurance Limited
4) Both 1 & 2
5) Both 2 & 3Answer-4) Both 1 & 2
Explanation:
On March 25 2023, in its 121st meeting, the Insurance Regulatory and Development Authority of India (IRDAI), granted a certificate of registration to two new entities namely Acko Life Insurance Limited and Credit Access Life Insurance Limited to commence the life insurance business.
• With the entry of the two firms into the insurance business, the number of life insurers operating in India increased to 25 which was remaining unchanged since 2011 (after Edelweiss Tokio’s registration). - Name the payment bank that has recently (in March ‘23) partnered with Bharti Airtel to launch banking services through WhatsApp for its customers.
1) NSDL Payments Bank
2) Fino Payments Bank
3) Jio Payments Bank
4) India Post Payments Bank
5) Paytm Payments BankAnswer-4) India Post Payments Bank
Explanation:
On 31st March 2023, India Post Payments Bank (IPPB), under the ownership of the Department of Post, the Ministry of Communications, partnered with New Delhi (Delhi)-based Bharti Airtel Limited to launch banking services through WhatsApp for its customers.
• With this new IPPB WhatsApp Banking channel, users of the bank will be able to easily connect with the bank on WhatsApp and access a variety of banking services.
i. Customers will receive the WhatsApp messaging service from Airtel IQ, a cloud-based communications platform as a service (CPaaS) company that offers customer engagement across voice, SMS, and WhatsApp channels. - Which company has recently (in March ‘23) partnered with the Women Entrepreneurship Platform (WEP) to support women entrepreneurs across India?
1) Razorpay
2) BharatPe
3) Paytm
4) Bill Desk
5) PolicyBazaarAnswer-2) BharatPe
Explanation:
Bharatpe Group, one of the leading fintech companies in India, has partnered with the Women Entrepreneurship Platform (WEP) to support women entrepreneurs across India in their journeys of self-reliance and business growth.
• The partnership, launched under the ‘BharatPe Cares’, a Corporate Social Responsibility (CSR) initiative by BharatPe Group, is in line with the brand purpose of BharatPe “To empower lives through inclusive fintech solutions”.
• This specific initiative is under BharatPe’s CSR program of PAYBACK. - In March 2023, Scientists from India and the___________(country) developed the SMART Early Warning Flood Alert System to help reduce the destructive effects of flooding on people, property and mountainous areas.
1) United Kingdom
2) France
3) Japan
4) Singapore
5) IndonesiaAnswer-1) United Kingdom
Explanation:
Scientists from India and the United Kingdom (UK) have developed a real-time Early Warning System to help reduce the destructive effects of flooding on people and property, particularly in mountainous areas where extreme water events are a major problem. The team worked on integrating science, policy and local community-led approaches to create a so-called SMART approach that better fits the local context.
• The SMART approach covers: Shared understanding of risks ensuring every group of people in a community is represented and a wide range of data collection methods are used; Monitoring risks and establishing warning systems that build trust and exchange critical risk information helping to maintain the forecasting system. - What was the theme of Earth Hour 2023 that was observed across the globe on 25th March 2023?
1) Let Nature Shine
2) Reduce, Reuse, Change the Way We Live
3) The Biggest Hour for Earth
4) Shape Our Future
5) Climate Change to Save EarthAnswer-3) The Biggest Hour for Earth
Explanation:
Earth Hour 2023 was observed across the globe on 25th March 2023 under the theme “The Biggest Hour for Earth”.
The day is observed annually on the last Saturday of March by turning out the lights from 8:00 p.m. to 9:00 p.m. (local time) as a symbolic act of support for the action taken on environmental issues and protecting the planet.
i. “Goodwill Ambassadors for Earth Hour India 2023” are Padma Shri Awardee Sudarsan Pattnaik, a world-renowned Indian sand artist; Ranveer Brar, celebrity chef and MasterChef India Judge; and Nakash Aziz, a renowned composer and singer.
ii. Three-time Grammy Award winner Ricky Kej will be the ‘Face of Earth Hour India 2023.’ Amir Khan was the 1st Earth Hour brand ambassador for Earth Hour India. - Which company has recently (in March ‘23) bagged Rs 4,400 crore Sea Water Reverse Osmosis (SWRO) project in Tamil Nadu?
1) GE Water & Process Technologies Limited
2) Thermax India Limited
3) Aqua Innovative Solutions Limited
4) VA Tech Wabag Limited
5) Siemens Water Technologies LimitedAnswer-4) VA Tech Wabag Limited
Explanation:
Chennai (Tamil Nadu)-based VA Tech Wabag Ltd (WABAG) has bagged Rs 4,400 crore Sea Water(salt water) Reverse Osmosis (SWRO) project in Tamil Nadu (TN) which after completion would be the largest sea-water desalination project in the South East Asia region.
• The project has been bagged in a joint venture (JV) with Metito Overseas Limited and will be implemented on a design, build, operate (DBO) model
i. WABAG with Metito Overseas wins an SWRO project from Chennai Metropolitan Water Supply and Sewerage Board (CMWSSB).
ii. The largest seawater desalination plant in South East Asia, worth Rs 4,400 crore, with a 400 Minimal Liquid Discharge (MLD) capacity, was funded by the Japan International Cooperation Agency (JICA).
- In April 2023, the Department of Economic Affairs (DEA) raised the interest rate on various small savings schemes for the first quarter (Q1) of FY24.
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