Current Affairs Quiz 10th October 2024 Quiz

Exp. DAE inaugurates MACE, Asia’s Largest and World’s Highest Imaging Cherenkov Observatory, at Hanle Ladakh

The Major Atmospheric Cherenkov Experiment (MACE) Observatory was inaugurated by Dr. Ajit Kumar Mohanty, Secretary DAE & Chairman of the Atomic Energy Commission, at Hanle, Ladakh

MACE is the largest imaging Cherenkov telescope in Asia. Located at an altitude of ~4,300 m, it is also the highest of its kind in the world.

The telescope is indigenously built by BARC with support from ECIL and other Indian industry partners.

The inaugural of MACE Observatory was a part of the Platinum Jubilee year celebrations of the DAE.

The MACE Observatory is a monumental achievement for India, placing our nation globally at the forefront of cosmic-ray research. This telescope will allow us to study high-energy gamma rays, paving the way for deeper understanding of the universe’s most energetic events.

Exp. Nitin Gadkari unveils ‘Humsafar Policy’ for Onboarding Service Providers

Union Minister of Road Transport & Highways Nitin Gadkari launched the ‘Humsafar Policy’ in New Delhi to enhance convenience of travelling on National Highways and accelerate development of the Wayside Amenities in presence of Shri Ajay Tamta, Minister of State for Road Transport and Highways.

This scheme will help in facilitation of a smooth, safe, and pleasant journey for users. It will be environment friendly and has been prepared to keep the ecology and cleanliness in perspective.

The policy aims to provide a comprehensive framework to ensure that commuters have access to standardized, well-maintained, and hygienic facilities by onboarding both existing and upcoming service providers along National Highways and Expressways. Existing and upcoming service providers under the categories of Eateries, Fuel Station and Trauma Centres will be eligible, to register under the Humsafar Policy.

The policy aims to benefit all stakeholders. Registered service providers will benefit from waiver of fees for renewal for existing access permission and will be provided space on National Highways to put up signages of their establishment to increase visibility.

In addition, the service providers will be featured on NHAI ‘Rajmarg Yatra’, mobile app to boost their online visibility.

The ‘Humsafar’ policy will also benefit commuters by enabling access to standardized, well maintained and hygienic facilities. Commuters will be able to find details of relevant service providers near their location instantly on the ‘Rajmarg Yatra’ app.

The app will also empower commuters to report issues and rate the service provided and facilities. Registered service providers will be able to avail a waiver of renewal fees for access permissions, if they maintain an average rating of 3 or higher.

Exp. GRSE delivers second survey vessel INS Nirdeshak to Indian Navy

Defence PSU Garden Reach Shipbuilders and Engineers (GRSE) Ltd delivered survey vessel INS Nirdeshak to the Indian Navy.

INS Nirdeshak is the second in a series of four such vessels being constructed by GRSE, with the first delivered to the Navy 10 months ago in December 2023.

These are the largest survey vessels for the Indian Navy to be built in the country.

At 110 metres long, INS Nirdeshak will join INS Sandhayak, the first Survey Vessel Large (SVL) delivered by GRSE, to keep the country’s naval forces equipped with the latest survey data, which is essential for operations.

The Sandhayak-class SVLs can undertake surveys of maritime limits and collect oceanographic and geographical data for defence applications, which adds muscle to India’s maritime capabilities.

Exp. John Hopfield, Geoffrey Hinton awarded for Nobel Prize in Physics 2024

The Royal Swedish Academy of Science, Stockholm, Sweden, has chosen John J. Hopfield and Geoffrey E. Hinton for the Nobel Prize in Physics for the year 2024.

American John Hopfield and British-Canadian Geoffrey Hinton were chosen for their pioneering work in the development of artificial intelligence (AI). They have been honoured for their discoveries and inventions that enable machine learning with artificial neural networks.

Hopfield, a professor at Princeton University in the U.S., is credited with developing the Hopfield network, a type of recurrent neural network. Its neurons learn and process information based on Hebbian learning — an idea in neuropsychology that, if one neuron repeatedly triggers a second, the connection between the two becomes stronger.

The rules of a Hopfield network are based on the physics of a group of atoms, each producing its small magnetic field. The processes the network performs to complete an incomplete pattern or to denoise an image are the same ones that, by analogy, would reduce the total energy of the magnetic atoms.

Hinton, a professor at the University of Toronto, and his peers adapted another network called the Boltzmann machine to perform cognitive tasks, building on the principles of the Hopfield network among others.

He made a breakthrough in the 2000s by developing a learning algorithm for a modified ANN called a restricted Boltzmann machine (RBM). A layer of neurons could be trained as an RBM and multiple layers could be stacked, creating the first ANNs capable of deep learning.

Both the winners will share the prize money of 11 million Swedish kroner, and they will be conferred the prize on 10 December 2024 in Stockholm.

About Machine learning

• Machine learning is a branch of computer science that uses data and algorithms to enable artificial intelligence to mimic the way humans learn and continuously improve its accuracy.

About Artificial intelligence

• Artificial intelligence is a technology that enables computers and machines to simulate human learning, comprehension, problem-solving, decision-making, creativity, and autonomy.

Indian/Indian origin scientists to win Physics Nobel Prize

• The first Indian who won the Nobel Prize in Physics was Sir Chandrashekhara Venkata Raman (C.V. Raman) in 1930.
• In 1983, Indian -American Subhramanayam Chandrashekhar got the Nobel Prize for Physics.

Exp. BoB to sell Oman operation to Bank Dhofar as part of rationalisation

State-owned Bank of Baroda (BoB) has proposed to sell its Oman operation to Bank Dhofar as part of rationalisation of foreign operation.

The bank has accorded approval for accepting the offer for acquisition of the banking business of Bank’s Oman territory operations by Bank Dhofar on a going concern basis.

The total business of BoB operation in the country was 113.35 million Omani Rial while the net worth stood at 25.54 million Omani Rial.

About Bank of Baroda (BOB)

• Founded – 1908
• Headquarters – Vadodara, Gujarat
• MD & CEO – Debadatta Chand
• Chairman – Hasmukh Adhia
• Tagline – India’s International Bank
• Dena Bank and Vijaya Bank merger came into effect on 1 April 2019

Exp. IFC partners with Axis Bank to provide $500 million climate loan in India

The International Finance Corporation (IFC) has partnered with Axis Bank to provide a $500 million loan to help develop a blue finance market and scale up financing of green projects in India.

This is IFC’s first blue investment in India and the first blue transaction by a financial institution in the country.

Blue loans are financing instruments that raise and earmark funds for investments such as water and wastewater management, reduction of marine plastic pollution, restoration of marine ecosystems, sustainable shipping, eco-friendly tourism, and offshore renewable energy.

This transaction is also the largest green financing by IFC in the country. The funding will enable Axis Bank to expand its climate finance portfolio.

Recent MoUs Signed in Banking Sector

• NCRTC and Airtel Payments Bank Launch Co-Branded National Common Mobility Cards to Enhance Commuter Convenience
• Federal Bank join hands with Bhashini to boost Chatbot Feddy with Vernacular Language Support
• Bandhan Life partners with Bandhan Bank to Strengthen Insurance Business
• SBI General Insurance joins hand with BLS E-Services to Streamline Access to Insurance Across India
• ICICI Bank partners with PFRDA to launch NPS Vatsalya, a pension account for minors

Exp. India’s Prasanth Kumar re-elected as president of AAAI

GroupM Media India, the Indian arm of the US-based media investment group’s chief executive officer (CEO) – South Asia, Prasanth Kumar, has been re-elected as the president of the Advertising Agencies Association of India (AAAI) for the year 2024-25.

The AAAI is a not-for-profit, industry-led and industry-managed trade association of advertising agencies, formed in 1945.

Prasanth Kumar is a GroupM veteran with over two decades of experience in advertising, having worked in other organisations as well.

He has previously worked at Pepsi, The Hindu, The Media Edge, and McCann Erickson before joining GroupM. He also served as vice-president of AAAI during 2020-22.

Recent Appointment

• Head of BCCI’s Anti-Corruption Unit – Sharad Kumar (replace KK Mishra)
• First woman DG of Armed Forces Medical Services – Arti Sarin
• CMD of Rashtriya Ispat Nigam Limited (RINL) – Ajit Kumar Saxena (additional charge)
• Chief of National Crime Records Bureau (NCRB) –Alok Ranjan

Exp. Air Marshal SP Dharkar appointed as the next IAF Vice Chief

Air Marshal SP Dharkar, a distinguished fighter pilot, has been appointed as the next Vice Chief of Air Staff.

He will succeed Air Marshal AP Singh, who is set to become the Chief of Air Staff.

With more than 3,600 flying hours, Air Marshal Dharkar brings extensive experience to the position.

He is an alumnus of the Rashtriya Indian Military College in Dehradun, the National Defence Academy in Pune, the Defence Services Staff College in Wellington, and the Air War College in the United States.

Recent Appointment in Defence Sector

• First woman DG of Armed Forces Medical Services – Arti Sarin
• Chief of Indian Air Force – Amar Preet Singh (replace V.R. Chaudhari)
• DG of Sashastra Seema Bal (SSB) -Amrit Mohan Prasad
• DG of Central Industrial Security Force (CISF) – Rajwinder Singh Bhatti
• Air Officer Commanding-in-Chief of Central Air Command – Air Marshal Ashutosh Dixit

Exp. Ravindra Kundu takes charge as Cholamandalam MD

Ravindra Kumar Kundu has been appointed as the Managing Director of Cholamandalam Investment and Finance Company for a five-year term.

Kundu’s journey at Cholamandalam began in 2000 when he joined as a Senior Executive in Marketing. Over the years, he progressed through various leadership roles, overseeing critical functions such as credit, collections, and business operations.

With over 36 years of experience in the automobile and financial services sectors, Kundu has been a key figure in the company, serving as Executive Director since January 2020.

Recent Appointment in Banking & Insurance Sector

• Deputy Governor of RBI – M. Rajeshwar Rao (reappointment for 1 year)
• Executive Director of RBI – Aviral Jain
• New Members of Monetary Policy Committee – Ram Singh, Saugata Bhattacharya, Nagesh Kumar (replace Ashima Goyal, Shashanka Bhide, Jayanth Varma)
• MD & CEO for IndusInd Bank – Sumant Kathpalia (reappointment for 3 years)
• Chairman of Utkarsh Small Finance Bank – Parveen Kumar Gupta

Exp. CCI approves acquisition of paid up share capital of JM Financial Credit Solutions Limited by JM Financial Limited

The Competition Commission of India (CCI) has granted approval for transactions including the acquisition of 42.99 per cent of the total paid-up share capital of JM Financial Credit Solutions Limited (JMFCSL) by JM Financial Limited (JMFL).

And the acquisition of 71.79 per cent of the total paid-up share capital of JM Financial Asset Reconstruction Company Limited (JMFARC) by JMFCSL.

According to CCI, this proposed combination involves simultaneous acquisitions aimed at strengthening JM Financial’s foothold in the financial sector.

JM Financial Limited, as the operating and holding company of the JM Financial Group, plays a crucial role in providing integrated and diversified financial services.

JM Financial Credit Solutions Limited, a subsidiary of JMFL, is classified as a systemically important non-deposit-taking Non-Banking Finance Company (NBFC).

Registered with the Reserve Bank of India (RBI), JMFCSL is categorised as a middle-layer NBFC, primarily engaged in wholesale lending activities, with a focus on real estate and corporate financing.

Exp. PM Modi laid foundation stone for various development projects in Maharashtra worth over Rs 7600 crore

The Prime Minister, Narendra Modi laid the foundation stone for various development projects in Maharashtra worth over Rs 7600 crore via video conference.

The projects include the foundation stone laying of the upgradation of Dr Babasaheb Ambedkar International Airport, Nagpur with a total estimated project cost of around Rs 7000 crore.

The Prime Minister laid the foundation stone for the New Integrated Terminal Building at Shirdi Airport worth over Rs 645 crore. It will provide world-class facilities and amenities for the religious tourists coming to Shirdi.

In line with his commitment to ensuring affordable and accessible healthcare for all, the Prime Minister launched the operationalization of 10 Government Medical Colleges, in Maharashtra located at Mumbai, Nashik, Jalna, Amravati, Gadchiroli, Buldhana, Washim, Bhandara, Hingoli and Ambernath (Thane). While enhancing the undergraduate and postgraduate seats, the colleges will also offer specialized tertiary healthcare to the people.

In line with his vision to position India as the ‘Skill Capital of the World’, PM also inaugurated the Indian Institute of Skills (IIS) Mumbai, with an aim to create an industry-ready workforce with cutting-edge technology and hands-on training. Established under a Public-Private Partnership model, it is a collaboration between the Tata Education and Development Trust and GoI.

Further, the Prime Minister inaugurated the Vidya Samiksha Kendra (VSK) of Maharashtra. VSK will provide students, teachers, and administrators with access to crucial academic and administrative data through live chatbots such as Smart Upasthiti, Swadhyay among others. It will offer high-quality insights to schools to manage resources effectively, strengthen ties between, parents and the state, and deliver responsive support. It will also supply curated  instructional resources to enhance teaching practices and student learning.

Exp. Cabinet Approves National Maritime Heritage Complex and Border Roads

The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved two major infrastructure projects that highlight the government’s focus on both heritage preservation and border area development.

The first project is the National Maritime Heritage Complex (NMHC) at Lothal, Gujarat, while the second focuses on improving road infrastructure in the border areas of Rajasthan and Punjab.

Development of National Maritime Heritage Complex, Lothal, Gujarat

• The Cabinet has given the nod for the development of the National Maritime Heritage Complex (NMHC) at Lothal, Gujarat.
• The project, designed to celebrate India’s rich maritime history, will be executed in phases.
• The first phase, which is already under construction with over 60 per cent progress, is expected to be completed by 2025.
• The total development of the NMHC will include world-class facilities, including multiple galleries showcasing naval artifacts and a replica of the ancient Lothal township, a major Indus Valley port city.
• The NMHC aims to highlight India’s 4,500-year-old maritime heritage, drawing in tourists, researchers, and cultural organisations. The complex will be one of the world’s largest maritime museums, reinforcing India’s historical significance in naval trade and exploration.

Road Infrastructure in Rajasthan and Punjab Border Areas

• The Cabinet has sanctioned the construction of 2,280 kilometres of roads in the border areas of Rajasthan and Punjab, with an investment of Rs 4,406 crore. This project is part of a broader strategy to improve infrastructure in the nation’s border areas.
• The new roads will not only enhance road and telecom connectivity but also improve access to essential services like water supply, healthcare, and education.

Exp. Repo rate remains unchanged at 6.50% for tenth time in a row

The Reserve Bank of India decided to keep the policy repo rate unchanged at 6.50 per cent for the tenth time in a row.

Consequently, the standing deposit facility (SDF) rate remains at 6.25 percent and the marginal standing facility (MSF) rate and the Bank Rate at 6.75 per cent. The RBI has maintained status quo on benchmark interest rate since February 2023.

The Monetary Policy Committee (MPC) also decided to change the monetary policy stance to ‘neutral’ and to remain unambiguously focused on a durable alignment of inflation with the target, while supporting growth.

These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of plus or minus 2 per cent, while supporting growth.

The RBI statement issued also mentioned that the real gross domestic product (GDP) registered a growth of 6.7 per cent in the first quarter of financial year 2024-25, driven by private consumption and investment.

The next meeting of the MPC is scheduled for 4th to 6th of December 2024.

RBI Current Policy Rate are as under

• Policy Repo Rate – 6.50%
• Standing Deposit Facility (SDF) – 6.25%
• Marginal Standing Facility (MSF) – 6.75%
• Bank Rate – 6.75%
• Reverse Repo Rate – 3.35%
• Cash Reserve Ratio (CRR) – 4.50%
• Statutory Liquidity Ratio (SLR) – 18%

Exp. Doyen of Indian industry Ratan Tata passes away

Renowned industrialist and philanthropist Ratan Tata passed away at the age of 86.

In 2008, he received the Padma Vibhushan, the second highest civilian honour in India, after receiving the Padma Bhushan, the third highest civilian honour in 2000.

He joined Tata in 1961, where he worked on the shop floor of Tata Steel. He later succeeded J R D Tata as chairman of Tata Sons upon the latter’s retirement in 1991.

Under his tenure the Tata Group acquired Tetley, Jaguar Land Rover, and Corus, in an attempt to turn Tata from a largely India-centric group into a global business.

Exp. 10 October – World Mental Health Day

World Mental Health Day is observed every year on October 10.

This day aims to increase understanding, dispel misconceptions, and encourage mental wellness support.

Theme 2024 – Mental Health At Work

World Mental Health Day was founded in 1992 by the World Federation for Mental Health (WFMH), led by Deputy Secretary General Richard Hunter.

This was first observed on October 10th when 12 countries participated. The goal of this day is to spread awareness, reduce stigma related to mental health and mobilise global suppors