Current Affairs Quiz: 7 December 2023

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1. In December 2023, ___________ became the 1st state in the country to get the highest number of Geographical Indication (GI) tags (18) in a single day.
   1) Assam
   2) Jharkhand
   3) Uttar Pradesh
   4) Uttarakhand
   5) Madhya Pradesh
   
   Answer & Explanation

   Answer-4) Uttarakhand
   Explanation:
   18 products of Uttarakhand including 13 agricultural goods, 4 Handi-craft goods, 1 food-stuff and 1 manufactured goods received the Geographical Indication (GI) tag.
    Uttarakhand has become the 1st state in the country to get the highest number of 18 GI tags in a single day.
    Chief Minister (CM) of Uttarakhand, Pushkar Singh Dhami officially distributed GI certificates to 18 products.
   i. With these 18 new products, the total number of GI products in Uttarakhand has become 27.
   ii. The 9 products from Uttarakhand – Tejpat, Basmati Rice, Aipan Art, White Rajma of Munsiyari, Ringal craft, Thulma, Bhotiya, Chiura Oil and Copper products have already received GI tag
   
   
   
2. Name the Geographic Information System (GIS) application that has recently (in Dec ‘23) launched by Kapil Moreshwar Patil, Union Minister of Panchayati Raj to encourage technology driven spatial planning by the Gram Panchayat.
   1) Gram Manchitra
   2) Gram Pustika
   3) Gram Sanskaran
   4) Gram Dastaavez
   5) Gram Patrika
   
   Answer & Explanation

   Answer-1) Gram Manchitra
   Explanation:
   The Union Minister of State (MoS) of Panchayati Raj, Kapil Moreshwar Patil launched the Geographic Information System (GIS) application “Gram Manchitra” to encourage technology driven spatial planning by the Gram Panchayat.
   i. It utilizes geo-spatial technology to offer a dynamic, unified platform for Gram Panchayats to visualize and plan diverse developmental projects spanning natural resource management, water harvesting, sanitation, agriculture, and more.
   ii. Gram Manchitra will serve as a support system for the formulation of Gram Panchayat Development Plan (GPDP).
   iii. This newly launched app will be aided by MoPR’s previously launched mActionSoft application, which will enhance the platform by integrating geo-tagged data from assets, providing a detailed view of Gram Panchayat projects.
   
   
   
3. Name the country that has recently (in Dec ‘23) become a member of the Battery Energy Storage Systems (BESS) Consortium, led by the Global Leadership Council (GLC) of the Global Energy Alliance for People and Planet (GEAPP).
   1) Australia
   2) India
   3) Bangladesh
   4) Indonesia
   5) Pakistan
   
   Answer & Explanation

   Answer-2) India
   Explanation:
   On December 4, 2023, during the 2023 United Nations Climate Change Conference (COP28), India became a member of the Battery Energy Storage Systems (BESS) Consortium, led by the Global Leadership Council (GLC) of the Global Energy Alliance for People and Planet (GEAPP).
    A total of 11 countries (first-mover countries), including India, have joined the BESS consortium during the COP28.
   i. The BESS consortium is committed to achieving a combined commitment of 5 Gigawatts (GW) of BESS by the end of 2024.
   ii. The other first-mover countries are: Barbados, Belize, Egypt, Ghana, Kenya, Malawi, Mauritania, Mozambique, Nigeria, and Togo
   Note: COP28 is being held in Dubai, United Arab Emirates (UAE) from 30 November to 12 December 2023.
   
   
   
4. Which of the following points is/are “correct” with respect to the recent step taken by the World Bank (WB) in December 2023?
   A) The World Bank (WB) launched partnership platforms namely the Global Methane Reduction Platform for Development (CH4D), a hub for methane reduction in agriculture and waste.
   B) WB launched its Global Flaring and Methane Reduction Partnership (GFMR) with USD 255 million in new grant funding to catalyse oil and gas methane and flaring reduction in developing countries.
   C) WB also launched an 18-month “blueprint for methane reduction” to set up 15 national programs to reduce methane emissions.
   1) Only A
   2) Only A & B
   3) Only B & C
   4) Only A & C
   5) All A, B & C
   
   Answer & Explanation

   Answer-5) All A, B & C
   Explanation:
   The World Bank (WB) launched partnership platforms namely the Global Methane Reduction Platform for Development (CH4D), a hub for methane reduction in agriculture and waste.
    CH4D aims to help low- and middle-income countries realize the ‘methane triple-wins’ of reducing methane emissions, improving resilience, and strengthening livelihoods.
   i. WB launched its Global Flaring and Methane Reduction Partnership (GFMR) with USD 255 million in new grant funding to catalyse oil and gas methane and flaring reduction in developing countries.
    GFMR is financially supported by a coalition including the UAE, USA, Norway, BP, ENI, Equinor, Occidental, Shell, and TotalEnergies.
   ii. WB also launched an 18-month “blueprint for methane reduction” to set up 15 national programs to reduce methane emissions.
    The proposals were launched at the 28th Conference of the Parties (COP28) of the United Nations Framework Convention on Climate Change (UNFCCC), being held in Dubai, United Arab Emirates (UAE) from 30 November to 12 December 2023.
   
   
   
5. Name the bank that has recently (in Dec ‘23) launched the Parivar Account for Savings and Current Accounts.
   1) Bank of Baroda
   2) Union Bank of India
   3) Bank of India
   4) Bank of Maharashtra
   5) Indian Bank
   
   Answer & Explanation

   Answer-1) Bank of Baroda
   Explanation:
   Bank of Baroda (BOB), a leading public sector bank(PSB), has launched the BOB Parivar Account for Savings and Current Accounts which groups all the bank accounts belonging to members of a single family under One Family.
    The ‘My Family, My Bank’ segment was launched under the “BOB Ke Sang Tyohaar Ki Umang” festive campaign of BoB.
   i. The accounts under the BOB Parivar Account will be operated independently by the primary account holder.
   ii. This eliminates the need to maintain a quarterly average balance (QAB) in every single account. The QAB is recorded at the Group/Family level.
   iii. Eligibility:
    Savings account segment is open to a family of a minimum 2 members and a maximum of 6 members.
    Current account segment is open to proprietorship, partnership, LLP, and Pvt. Ltd. companies, which are group companies or sister concerns.
   
   
   
6. Which bank, along with Tata Neu has recently (in Dec ‘23) launched Tata Neu Infinity and plus Credit Card?
   1) YES Bank
   2) Axis Bank
   3) HDFC Bank
   4) ICICI Bank
   5) IndusInd Bank
   
   Answer & Explanation

   Answer-3) HDFC Bank
   Explanation:
   HDFC Bank Limited in partnership with Tata Neu launched the co-branded credit card “Tata Neu HDFC Bank credit card” powered by RuPay/Visa.
   i. The credit card is available in 2 variants:
    Tata Neu Infinity HDFC Bank Credit Card
    Tata Neu plus HDFC Bank Credit Card.
   ii. Eligibility:
    For salaried individuals: Age: Minimum 21 years & Maximum 60 Years Net Monthly Income should be more than Rs 25,000
    For Self-Employed Person: Age: Minimum 21 years & Maximum 65 Years Income Tax Return should be more than Rs 6 Lakhs per annum.
   Note: This collaboration will help Tata Neu to expand into financial services which aims to provide online payment services to its customers.
   
   
   
7. Name the bank that has recently (in Dec ‘23) partnered with Accenture to improve operational efficiency.
   1) Canara Bank
   2) Bank of India
   3) IndusInd Bank
   4) Union Bank of India
   5) Indian Bank
   
   Answer & Explanation

   Answer-4) Union Bank of India
   Explanation:
   The Union Bank of India (UBI) has partnered with Accenture, a leading global professional services company, to design and develop a scalable and secure enterprise data lake platform with advanced analytics and reporting capabilities.
   i. The partnership aims to improve operational efficiency, enhance customer-centric banking services, and manage the risk of Union Bank of India.
   ii. The platform generates business-relevant insights by using leverage structured and unstructured data from within the bank as well as from external sources.
   
   
   
8. According to ‘Global Credit Outlook 2024: New Risks, New Playbook’ released by S&P Global Market Intelligence in December 2023, India is set to become the third-largest economy in the world by ___________(year).
   1) 2027
   2) 2025
   3) 2030
   4) 2026
   5) 2028
   
   Answer & Explanation

   Answer-3) 2030
   Explanation:
   According to ‘Global Credit Outlook 2024: New Risks, New Playbook’ released by S&P Global Market Intelligence, India is set to become the third-largest economy in the world by 2030 and it is projected to be the fastest-growing major economy in the next 3 years.
   Largest Economy:
   i. At present, India is the fifth largest economy in the world.
   ii. The top five economy along with their Gross Domestic Product (GDP) are as follows (according to the ranking):
    United States Of America (USA) – USD 26,954 Billion
    China – USD 17,786 Billion
    Germany – USD 4,430 Billion
    Japan – USD 4,231 Billion
    India – USD 3,730 Billion
   
   
   
9. In December 2023, State Bank of India (SBI) is set to acquire an additional ___________ stake in SBI Pension Funds Private Limited (SBIPFPL) for a cash consideration of Rs. 229.52 crore.
   1) 10%
   2) 40%
   3) 20%
   4) 50%
   5) 30%
   
   Answer & Explanation

   Answer-3) 20%
   Explanation:
   The Executive Committee of the Central Board (ECCB) of State Bank of India (SBI) has approved SBI to acquire an additional 20% stake in SBI Pension Funds Private Limited (SBIPFPL) for a cash consideration of Rs. 229.52 crore.
    These stakes are currently held by SBI Capital Markets Limited (SBICAPS), a wholly-owned subsidiary of SBI.
   i. After the acquisition, SBI will own 80% of the stake in SBIPFPL whereas the remaining 20% of the stake will be owned by SBI Funds Management Limited. The acquisition will be completed by 15th December 2023.
   ii. The acquisition is based on the valuation report of Deloitte Touche Tohmatsu India Limited Liability Partnership (LLP).
   Note- SBI Funds Management Limited is a joint venture of SBI (62.53%) and Amundi (36.73%), a French asset management company.
   
   
   
10. The United Nations Conference on Trade and Development (UNCTAD) eWeek 2023 is being observed from ___________ with the theme of “Shaping the future of the digital economy.”
    1) 7th to 11th December 2023
    2) 6th to 10th December 2023
    3) 5th to 9th December 2023
    4) 4th to 8th December 2023
    5) 3rd to 7th December 2023
    
    Answer & Explanation

    Answer-4) 4th to 8th December 2023
    Explanation:
    The United Nations Conference on Trade and Development (UNCTAD) eWeek, previously known as UNCTAD eCommerce Week 2023 is being observed from 4th to 8th December 2023 at the International Conference Center of Geneva(CICG) in Geneva, Switzerland.
    i. The theme of UNCTAD eWeek 2023 is “Shaping the future of the digital economy.”
    ii. UNCTAD eWeek 2023 is organised by UNCTAD in collaboration with ‘eTrade for all’ partners with the support of the Swiss government.
    iii. eWeek 2023 is set to host a diverse array of events, spanning over 150 sessions, held in person, online, and in a hybrid format.
     The event combines high-level policy discussions with learning and experience-sharing sessions.