Current Affairs Quiz 14th August 2024 Quiz

Exp. PMJDY reaches 53 crore beneficiaries and ₹2.28 lakh crore in deposits

The flagship financial inclusion scheme of the Centre, Pradhan Mantri Jan Dhan Yojana (PMJDY), which will be completing a decade on August 15, has 52.99 crore total beneficiaries (account-holders) across the States with total balance in PMJDY accounts at ₹2,28,362 crore, as on 31 July 2024.

The scheme, launched by Prime MinisterNarendra Modi on August 15, 2014, now has become the largest financial inclusion scheme in the world.

It has largely been women-centric with 29.48 crore women beneficiaries while 35.27 crore of total accounts are from rural and semi-urban branches, as per the latest data. Nearly 36 crore RuPay Debit cards have been issued.

PMJDY has accelerated account ownership in the country and its contribution in onboarding the financially excluded to the mainstream in creating an egalitarian society has been enormous as more than 56 per cent of the PMJDY account holders are women and 67 per cent of the total account holders are from rural and semi urban areas.

Exp. Amazon India partners with Gentari to increase EV delivery fleet to 10,000 by 2025

Gentari Green Mobility India (Gentari) has partnered with Amazon India to boost the e-commerce major’s electric vehicle (EV) fleet for last mile deliveries as the US-headquartered company targets to increase its fleet strength to 10,000 units by 2025.

The partnership comes at a time when the e-commerce firm aims to scale up its EV adoption across more than 400 cities in India.

Amazon India has already deployed over 7,200 EVs last year and targets to have 10,000 EVs in its India delivery fleet by 2025.

Gentari Green Mobility India offers electric mobility solutions including vehicle leasing and charging points (CPs).

CEO of Gentari Green Mobility India – Nikhil Thomas  

Exp. ‘One India-One Ticket’ initiative: Indian Railways, NCRTC collaborate to simplify ticket booking

Indian Railways and the National Capital Region Transport Corporation (NCRTC) have joined forces to advance the ‘One India – One Ticket’ initiative, aimed at enhancing the passenger experience for those traveling on mainline railways and Namo Bharat trains.

This partnership seeks to streamline travel by allowing passengers to book and travel seamlessly using both Indian Railways and RRTS services.

How does One India-One Ticket initiative work?

• After purchasing an IRCTC train e-ticket, users can now also book Namo Bharat train tickets for up to eight travellers in a single transaction.
• The option to book RRTS tickets will be available on the PNR confirmation page and through the user’s booking history.

How to book One India-One Ticket?

• Tickets can be booked up to 120 days in advance, in line with the current railway reservation window. After successfully booking Namo Bharat tickets, users will receive confirmation via SMS and email, with QR code details sent to their registered contact points.
• The fare for Namo Bharat tickets will be collected alongside the IRCTC convenience fee (Rs 5 + taxes) via online payment methods on the IRCTC platform.

Exp. PNB launches PNB ANTAH DRISHTI Braille Debit Card for visually impaired customers

Punjab National Bank (PNB) has launched the PNB ANTAH DRISHTI Braille Debit Card,a new debit card specifically designed for visually impaired customers.

This contactless NCMC (National Common Mobility Card) Debit Card is available on the RuPay network. Visually impaired individuals with savings or current accounts in PNB are eligible to obtain this debit card from PNB branch.

The ATM limit (cash withdrawal) per day is Rs 25,000, and the PoS and eCom limits (combined) per day are Rs 60,000. Contactless transactions are accessible for individual transactions up to Rs. 5000/- without a PIN at NFC capable POS Terminals, with a daily overall limit of Rs. 5000.

This initiative also aims to enhance financial independence and convenience for visually impaired individuals, empowering them to manage their finances with greater ease and confidence.

Recent Facilities Launched in Banking & Insurance Sector

• DBS Bank India launched “DBS Golden Circle,” a priority banking program for senior citizens.
• LIC launched LIC’s Yuva Term, LIC’s Digi Term, LIC’s Yuva Credit Life, LIC’s Digi Credit Life term life insurance plans for providing term insurance and safety net against loan repayments
• SEBI launched SEBI’s Virtual Assistant (SEVA) chatbot to help investors of the securities market.
• BoB launches Generative AI-powered virtual relationship manager and credit line on UPI

Exp. Consumer price inflation eases to five-year low of 3.54% in July

Retail inflation fell to the lowest in nearly five years in July, according to data released by the All-India Consumer Price Index (CPI).

This was the first time in nearly five years that overall retail inflation fell below the Reserve Bank of India’s 4% inflation target.

Urban inflation declined to 2.98% in July 2024, compared to 7.20% in July 2023.

Rural inflation declined to 4.10%, compared to 7.63% in July 2023.

Food inflation in July 2024 was the lowest since June 2023.

The combined Consumer Food Price Index (CFPI), which shows food inflation also saw a sharp decline. It was 5.42% in July 2024, compared to 11.51% in July 2023.

Previous Months CPI-based Retail inflation

• January 2024 – 10%
• February 2024 – 09%
• March 2024 –85%
• April 2024 – 4.83%
• May 2024 –75%
• June 2024 –08%
• July 2024 –54%

Exp. Jakson Engineers Limited signs MoU with SBI to promote solar projects

Jakson Engineering Limited has signed an MoU with the State Bank of India (SBI) to set up solar projects to a wide range of consumers across commercial, industrial, and institutional sectors.

This partnership comes under the Surya Shakti Solar Finance initiative. It will combine SBI’s banking experience and Jakson’s solar technology expertise.

This initiative will promote energy sustainability and lower power costs.

The Surya Shakti Solar Finance initiative aims to provide financial assistance to consumers and help them adopt solar energy. SBI is offering loans worth Rs 100 million to commercial and industrial users for the same.

Recent MoUs Signed in Banking Sector

• Pine Labs-owned Setu partners Axis Bank for UPI-focused payments platform
• Chola MS General Insurance forges strategic partnership with Mahindra Finance
• Capital SFB and Edelweiss Life Insurance enter into bancassurance tie-up
• Nagaland govt, SBI General Insurance ink MoU on disaster risk management solution
• HDFC securities partners with Vested Finance to Offer Access to Global Investing for Indians and NRI
• IIT Madras Partners with IDBI Bank to Launch Cybersecurity Lab

Exp. RBI penalises CSB Bank, Union Bank of India, and Muthoot Housing Finance for non-compliance

The Reserve Bank of India (RBI) has imposed monetary penalties on five financial institutions—CSB Bank, Union Bank of India, Muthoot Housing Finance, Nido Home Finance and Ashoka Viniyoga—for various regulatory non-compliances.

Private sector lender CSB Bank Limited was fined ₹1.86 crore for violations, including paying commissions to employees for Non-Performing Assets’ recovery, failure to inform the Indian Banks’ Association (IBA) about terminated service providers, and improper payment structures for business correspondents.

Union Bank of India received a penalty of ₹1.06 crore due to non-compliance with RBI guidelines on creating a central repository for large exposures and Know Your Customer (KYC) norms.

Muthoot Housing Finance Company Limited was fined ₹5 lakh for governance-related violations, specifically failing to secure RBI’s prior approval before changing more than 30% of its directors.

Nido Home Finance Limited, formerly Edelweiss Housing Finance Limited, also faced a ₹5 lakh penalty for not ensuring that loan agreements under co-lending arrangements with banks clearly outlined the roles and responsibilities, nor were they disclosed to customers with explicit consent.

New Delhi-based NBFC Ashoka Viniyoga Limited was penalised ₹3.1 lakh for governance issues, specifically for making changes to its management without prior RBI approval, resulting in a significant change in its board of directors.

Recent Penalties imposed on Banks by RBI

• Muthoot Finance Limited (1.9 lakh) – for non-compliance with certain provision of KYC Directions, 2016
• Punjab National Bank (1.31 crore) – for non-compliance with certain directions related to KYC and ‘loans and advances

• FIU imposes over Rs 1.66 crore fine on Axis Bank for failing to detect fraud NSG account
• SBM Bank India (88.70 lakh) – for non-compliance with certain regulatory norms
• HSBC (36.38 lakh) – for violating Fema regulations
• ICICI Bank (1 crore) – For non-compliance with certain directions on ‘Loans and Advances – Statutory and Other Restrictions’

Exp. Madhya Pradesh govt gives cash to girl students to buy sanitary napkins

Madhya Pradesh has become the first state in the country to give money to girl students to buy sanitary napkins.

In some states like Karnataka, Rajasthan and Delhi, free sanitary napkins are given to students but cash is being given only in Madhya Pradesh.

Under the Sanitation and Hygiene Scheme, an amount of three hundred rupees has been transferred in each girl student’s account for one year.

This amount has been given to around 19 lakh students from class seventh to twelfth.

About Madhya Pradesh

• Capital – Bhopal
• Chief Minister – Dr Mohan Yadav (replace Shivraj Singh Chauhan)
• Deputy CM – Jagdish Devda & Rajendra Shukla
• Speaker of Madhya Pradesh Assembly – Narendra Singh Tomar
• Governor – Mangubhai C. Patel
• Lok Shaba Seats – 29
• Rajya Sabha Seats – 11
• Legislative Assembly Seats – 230

Exp. Dhruva Space join hands with Zero-Error Systems to enhance satellite OBC subsystems

An Indian space engineering solutions provider, Dhruva Space has collaborated with Singaporean space semiconductor maker Zero-Error Systems (ZES) to improve its onboard computer (OBC) subsystem.

The collaboration will deploy ZES’ highly efficient LDAP-IC-ZES100 in Dhruva Space’s OBC for future flights to safeguard commercial-off-the-shelf (COTS) electronics from radiation, induced micro-SEL/SEL.

This strategic partnership entails the incorporation of semiconductor technology advancement into the OBC subsystem of Dhruva Space that oversees the running of satellites as well as controls the payload.

Exp. National Institute for MSME (NI-MSME), Hyderabad awarded Accreditation Certification as “UTKRISHT”

The National Institute for MSME (NI-MSME), an Organisation of the Ministry of MSME GoI, has been awarded with Accreditation Certificate on the successful completion of the National Standards for Civil Services Training Institutions (NSCSTI) process in recognition of excellent services in the field of promotion and development of MSMEs.

The assessment was made based on the inspection of all Standard Operating Procedures and Methodologies followed by the Institute at different levels.

The team from Capacity Building Commission (CBC) & ICARE conducted On-site assessment and awarded the Certificate of Accreditation with the grading of UTKRISHT, a 3 Star Rating.

For providing a pro-business environment to foster the progress of MSMEs towards success and prosperity. The Institute is associated with prestigious world bodies such as UNIDO, UNDP, DCAC, UNESCO, ILO, CFTC, UNICEF, AARDO, and GIZ.

NRCD has intervened in the development of more than 150 clusters. The institute has recently established two new Centers of Excellence namely FinRISE (Financial Research & Innovation for Sustainable Enterprises) and Biochar Unit.

Exp. Bihar government mandates Registration of Temples, Mutts, And Trusts

The Bihar government mandated registration of temples, mutts and trusts, and directed all District Magistrates in the State to ensure that the bodies are registered and details of their immovable assets are submitted to the Bihar State Board of Religious Trusts (BSBRT) soon.

The BSBRT operates under the State’s Law Department and its records say there are about 2,512 unregistered temples and mutts across the State owning 4,321.64 acres of land.

According to the Bihar Hindu Religious Trusts Act, 1950 all public temples, mutts, Dharmashalas and trusts must be registered with the BSBRT”.

According to BSBRT records, Bihar has 2,512 unregistered temples and mutts owning 4,321.64 acres of land and 2,499 registered temples with 18,456 acres of land.

About Bihar

• Capital – Patna
• Chief Minister – Nitish Kumar (9^th time)
• Deputy CM – Samrat Choudhary and Vijay Kumar Sinha
• Governor – Rajendra Vishwanath Arlekar
• Rajya Sabha – 16 seats
• Lok Sabha – 40 seats

Exp. India’s Pramod Bhagat suspended from Paris Paralympics Over Breach of Anti-Doping Regulations

India’s Tokyo 2020 Paralympic gold medal winner Pramod Bhagat, Badminton, has been suspended for a period of 18 months for breaching the anti-doping regulations.

As a result of the suspension, Pramod will miss the Paris 2024 Paralympic Games.

On 1 March 2024, the Court of Arbitration of Sport (CAS) Anti-Doping Division found Bhagat in breach of the BWF anti-doping regulations for committing three whereabouts failures within 12 months.

Exp. GoI declared August 23rd as National Space Day

The Government of India has declared August 23rd as “National Space Day” to celebrate the remarkable success of the Chandrayaan-3 Mission, which accomplished safe and soft landing of the Vikram Lander and deployed the Pragyaan rover on the lunar surface near the South Pole.

This historic achievement places India among an elite group of space faring nations, making India the fourth country to land on the Moon and the first to do so near the south pole of the Moon.

This achievement is being celebrated across the country during July and August 2024, with the goal of engaging and inspiring the younger generation in the field of Space Science and Technology.

To commemorate the remarkable success of the Chandrayaan-3 Mission, the Department of Fisheries is organizing a series of seminars and demonstrations on,“Application of Space Technologies in Fisheries Sector” in coastal States and UTs under the guidance of Dr. Abhilaskh Likhi.

These seminars and demonstrations are being organized across 18 locations, covering topics such as Space Technology in Fisheries – An overview, the Communication & Navigation System for the marine domain, space-based observation.

Exp. NPCI hives off Bhim as separate arm; Lalitha Nataraj to be CEO

National Payments Corporation of India (NPCI) has hived off the UPI-based payment application Bharat Interface for Money (Bhim) as a separate subsidiary to address the growing demand for digital transactions in the country and to promote financial inclusion.

Lalitha Nataraj, a former senior executive at IDFC First Bank, has been appointed as the chief executive officer of the new subsidiary named NPCI Bhim Services Ltd (NBSL).

The spin-off of Bhim is an interesting development, given the UPI ecosystem is dominated by Google Pay and Walmart-backed PhonePe. Paytm, the third-largest UPI app, has seen its market share drop after the Reserve Bank of India’s crackdown on its payments bank early this year.

Industry insiders expect NPCI to attempt to grab a significant chunk of the UPI payments market with a focused push through the Bhim arm. It could also look to build new UPI-based payments and credit-based use cases for consumers via the app.

Exp. Rana Ashutosh appointed as MD of SBI

Rana Ashutosh Kumar Singh has taken over as Managing Director in charge of State Bank of India’s (SBI) risk compliance and stressed assets resolution group (SARG) departments.

Gajendra Singh Rana, former chief general manager of the Mumbai circle has taken over from Singh as the deputy managing director (DMD) retail and real estate for the nation’s largest lender.

For now he has taken over the departments which were handled by former MD Alok Choudhary.

Recent Appointment in Banking & Insurance Sector

• MD & CEO of MCX – Praveena Rai’s
• Chairman of SBI – Challa Sreenivasulu Setty (replace Dinesh Khara for 3 years)
• MD & CEO of Unity Small Finance Bank – Inderjit Camotra’s
• MD of National Housing Bank – Sanjay Shukla
• CMD of Small Industries Development Bank of India (SIDBI) – Manoj Mittal (replace S Ramann)