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- Which organisation has recently (in August ‘24) released an annual report stating that India’s overall tele-density increased from 84.51% at the end of March 2023 to 85.69% at the end of March 2024?
1) Telecommunications Industry Association
2) Telecom Regulatory Authority of India
3) Centre for Development of Telematics
4) Tata Communications Limited
5) Cellular Operators Association of IndiaAnswer-2) Telecom Regulatory Authority of India
Explanation:
The Telecom Regulatory Authority of India (TRAI)’s annual report for the Financial Year 2023-24 (FY24) revealed that the teledensity of India grew from 84.51% in March 2023 to 85.69% in March 2024, marking a 1.39% annual growth.
The report is backed by data from service providers and the Ministry of Telecommunications.
Internet Subscribers: Increased from 88.1 crore in March 2023 to 95.4 crore by March 2024, a growth of 8.30%, adding 7.3 crore subscribers.
Broadband Subscribers: Grew from 84.6 crore March 2023 to 92.4 crore in March 2024, marking a 9.15% growth and adding 7.8 crore subscribers.
Adjusted Gross Revenue (AGR): Increased from Rs 2,49,908 crore in FY23 to Rs 2,70,504 crore in FY24, showing an 8.24% growth. - According to the Reserve Bank of India (RBI), overseas Indians have deposited nearly ________ into Non-Resident India (NRI) deposit schemes in the 1st Quarter (Q1) of the Financial Year 2024–25 (FY25).
1) USD 2 billion
2) USD 4 billion
3) USD 6 billion
4) USD 3 billion
5) USD 5 billionAnswer-2) USD 4 billion
Explanation:
According to the Reserve Bank of India (RBI) data released on 19th August 2024, overseas Indians has deposited nearly USD 4 billion (USD 3.95 billion) into Non-Resident India (NRI) deposit schemes in 1st Quarter (Q1)(April to June) of Financial Year 2024-25 (FY25), with a significant increase of 79% compared to USD 2.21 billion during the same period of FY24.
However, this surge in NRI deposits is in contrast with a 24.39% drop in outward remittances under the Liberalised Remittance Scheme (LRS) of RBI, which totaled USD 6.9 billion in Q1 of FY25, from USD 9.1 billion in Q1 of FY24.
As per the RBI data, Foreign Currency Non-Resident (FCNR) deposits has increased from USD 1.12 billion (in Q1of FY24) to USD 1.68 billion (in Q1of FY25), taking the total outstanding amount in such accounts to USD 27.41 billion.
Non-resident External (NRE) deposits saw a significant increase of inflows from USD 489 million (in Q1of FY24) to USD 1.53 billion (in Q1of FY25), with the total outstanding NRE deposits now stand close to USD 100 billio
As per the RBI data, overall remittances decreased around 44% Year-on-Year (Y-o-Y) basis to USD 2.18 billion amid decline across most categories.
Remittances under the ‘gift’ category declined by approximately 41% Y-o-Y basis, to USD 811.9 million.Click here to read more - Which bank has recently (in August ‘24) received RBI’s approval to set up a wholly owned subsidiary to undertake the asset management business of Mutual Funds(MF)?
1) IndusInd Bank
2) Bank of Baroda
3) HDFC Bank
4) Bank of Maharashtra
5) RBL BankAnswer-1) IndusInd Bank
Explanation:
The Reserve Bank of India (RBI) granted approval to IndusInd Bank Limited to set up a wholly owned subsidiary to undertake the asset management business of Mutual Funds(MF).
The RBI’s approval is subject to additional conditions that the bank must meet, though the specifics of which have not been disclosed.
The new Asset Management Company (AMC) will handle MF operations and benefit from an equity infusion by the bank. - Which bank has recently (in August 2024) partnered with Aditya Birla Finance Limited (ABFL) to launch a co-branded credit card powered by Visa and RuPay?
1) Axis Bank
2) Federal Bank
3) Punjab National Bank
4) AU Small Finance Bank
5) Equitas Small Finance BankAnswer-4) AU Small Finance Bank
Explanation:
Aditya Birla Finance Limited (ABFL), a wholly-owned subsidiary of Aditya Birla Capital Limited (ABCL), and AU Small Finance Bank (SFB) Limited , India’s largest SFB, has partnered to launch Aditya Birla Finance AU credit cards, a new range of co-branded credit cards.
These co-branded credit cards are powered by Visa and RuPay networks.
These cards are available in 4 variants, customized to offer comprehensive reward benefits to cater the financial needs of wide spectrum of customers.
ABC AU Flex: This card offers an affordable option designed to cover the mass market in India.
ABC AU Nxt: This card is designed specifically for millennials, includes specialized features customized for younger customers.
ABC AU Pro: This high-end card is targeted at affluent individuals and offers premium benefits.
ABC AU Biz: This card is designed for entrepreneurs and business owners and includes features which are beneficial for business-related expenses. - Which company has recently (in August ‘24) launched its ITFS (International Trade Financing Services) platform ‘M1NXT’ in GIFT (Gujarat International Finance Tec) City?
1) BranchX India Private Limited
2) Mynd IFSC Private Limited
3) NEC Corporation India Private Limited
4) India International Bullion Exchange IFSC Limited
5) Edelweiss Financial Services LimitedAnswer-2) Mynd IFSC Private Limited
Explanation:
Mynd IFSC Private Limited, a subsidiary of Mynd Solutions Private Limited, has secured approval from the International Financial Services Centres Authority(IFSCA) to launch its ITFS (International Trade Financing Services) platform ‘M1NXT’at International Financial Services Centre (IFSC) at GIFT (Gujarat International Finance Tec) City, Gandhinagar in Gujarat.
This platform allows Indian Micro, Small, and Medium Enterprises (MSMEs) to access global factoring services, bringing international liquidity to the sector.
Indian MSMEs can now obtain financing from foreign banks registered under M1NXT ITFS at lower costs.
IndusInd Bank Limited is to be the first Bank to participate in export financing transactions on the M1NXT ITFS platform. - Which housing finance firm has recently (in August ‘24) launched ‘Griha Rakshak’ home loan scheme for the Indian armed forces?
1) Piramal Capital and Housing Finance Limited
2) Aadhar Housing Finance Limited
3) Shriram Housing Finance Limited
4) Hero Housing Finance Limited
5) LIC Housing Finance LimitedAnswer-5) LIC Housing Finance Limited
Explanation:
Life Insurance Corporation of India (LIC) Housing Finance Limited (LIC HFL) has launched ‘Griha Rakshak’, a special home loan scheme dedicated for the Indian armed forces.
It provides discounted interest rates and benefits to both serving and retired personnel.
The eligible candidates with a Credit Information Bureau India Limited (CIBIL) score of 750 or above can apply for home loans under the Griha Rakshak scheme, which offers up to Rs 2 crore in loans at an affordable 8.4% annual interest rate.
The offer is open to all active and retired personnel from the Indian Army (IA), Indian Navy (IN), Indian Air Force (IAF), Indian Coast Guard (ICG), and paramilitary forces. - Which bank has recently (in August ‘24) secured a Rs 5,000 crore loan deal with Steel Authority of India Limited (SAIL) at a 7.49% interest rate for a five-year period?
1) ICICI Bank
2) Central Bank of India
3) Bank of Baroda
4) State Bank of India
5) Punjab National BankAnswer-3) Bank of Baroda
Explanation:
Bank of Baroda (BoB) has secured a Rs 5,000 crore loan deal with Steel Authority of India Limited (SAIL), offering 7.49% interest rate for a five-year period which was linked to the 364-day treasury bill.
The loan would be utilised to fund SAIL’s capital expenditure and working capital requirements.
The interest rate offered by BoB is significantly lower than its average yield on advances, implying a strategic decision to prioritise market share and relationship building with SAIL. - Which country received approval from India in August 2024 for an additional export of 251 megawatts (MW) of power from 12 hydropower projects?
1) Singapore
2) Bangladesh
3) Nepal
4) Sri Lanka
5) BhutanAnswer-3) Nepal
Explanation:
India’s Designated Authority(DA) for Cross-Border Trade (CBT) has approved an additional 251 MegaWatt (MW) of power exports from 12 hydropower projects in Nepal to India.
Following this approval, Nepal will now be exporting 941 MW of hydropower from 28 projects. This is a substantial increase from the previous export level of 690 MW from 16 projects.
The decision was made during bilateral talks held between Nepalese Foreign Minister Arzu Rana Deuba and India’s External Affairs Minister S Jaishankar on 20th August 2024.
In January 2024, Nepal and India signed an agreement to export 10,000 MW of electricity to India in the next decade. - Which company has recently (in August ‘24) become the 5th Indian startup to achieve unicorn status in 2024?
1) Gaana
2) Paper Boat
3) Dunzo
4) Ather
5) PhysicsWallahAnswer-4) Ather
Explanation:
Bengaluru (Karnataka)-based electric scooter manufacturer Ather Energy Private Limited, has achieved unicorn status after raising Rs 600 crore (USD 71 million) in a fresh round of funding from the National Investment and Infrastructure Fund (NIIF), India’s infrastructure-focused Sovereign Wealth Fund (SWF).
Post-funding, Ather’s valuation stands at USD 1.3 billion, making it the 5th startup to reach unicorn status in 2024 after Perfios, Krutrim, Porter and Rapido, and the 2nd in the mobility sector, following Rapido. - When was the “United Nations (UN) International Day Commemorating the Victims of Acts of Violence Based on Religion or Belief” annually observed across the globe?
1) August 22
2) May 22
3) July 22
4) June 21
5) April 21Answer-1) August 22
Explanation:
The United Nation (UN)’s International Day Commemorating the Victims of Acts of Violence Based on Religion or Belief is annually observed across the globe on August 22 to condemn the violence and act of terrorism against the individuals of religious minorities on the basis of or in the name of belief or religion.
22nd August 2024 marks the observance of 6th International Day Commemorating the Victims of Acts of Violence Based on Religion or Belief.
The first ever International Day Commemorating the Victims of Acts of Violence Based on Religion or Belief was observed on August 22, 2019.Click here to read more
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