Current Affairs Quiz 16th October 2024 Quiz

Exp. PhonePe launches new plan Firecracker Insurance for Diwali

Payments major PhonePe has tied up with Bajaj Allianz General Insurance to offer affordable insurance coverage against firecracker-related accidents during Diwali for a limited period.

The insurance cover entails a sum insured of Rs 25,000 for a premium of Rs 9, inclusive of goods and services tax (GST).

The coverage is for 10 days starting from October 25, 2024, to November 3, 2024.

The plan includes hospitalisation cover, day care treatment, and accidental death, limited only to the policyholder. The sale of these policies will end on November 3, 2024.

The plan can be purchased on the PhonePe app and provides coverage to families by insuring up to four family members, including the user, their spouse, and up to two children.

CEO of PhonePe Insurance Broking Services – Vishal Gupta

Recent Facilities Launched in Banking & Insurance Sector

• SBI Card launches KrisFlyer SBI Card in partnership with Singapore Airlines
• Reliance Nippon Life Insurance unveils ‘Nishchit Pension’ to help Indians secure guaranteed long-term retirement incom
• Arka Fincap launches ‘Uday’ to boost MSME Growth with Small Ticket Loans
• Magma HDI General Insurance unveiled a OneProtect, a contemporary personal accident insurance product
• ICICI Bank and MakeMyTrip unveils co-branded credit card for travel enthusiasts
• Axis Bank’s new economy group launches Corporate Credit Card Suite for startups

Exp. Bank of Baroda introduces 400-day ‘Utsav Deposit Scheme’ at 7.3%

Bank of Baroda (BoB) has introduced a 400-day ‘Utsav Deposit Scheme’ for the festive season, offering 7.30 per cent interest to general citizens, even as it has increased interest rates on term deposits (TDs) in the above 3 years to 5 years bucket from 6.50 per cent to 6.80 per cent.

The Utsav Deposit Scheme is applicable on fixed deposits below ₹3 crore, offers senior citizens 7.80 per cent interest, super senior citizens (aged 80 years & above) 7.90 per cent, and up to 7.95 per cent on Non-Callable Deposits.

The 30 basis points (bps) increase in interest rates on TDs in the above 3 years to 5 years bucket will also benefit the bank’s SDP (Systematic Deposit Plan) customers, who can lock-in higher interest rates on each monthly contribution made for a three- to five-year period.

SDP is a recurring deposit scheme that provides assured returns through regular savings every month.

Exp. Biz2X surpasses Rs 9,000 crore mark in loan disbursements

Biz2X, a digital lending SaaS platform and subsidiary of Biz2Credit, has surpassed Rs 9,000 crore mark in loan disbursements.

One of the company’s key growth drivers is its AI-integrated digital lending platform, DigiKred, which plays a pivotal role in optimizing lending functions for Indian lenders.

The platform is expected to facilitate an additional Rs 5,000 crore in loan disbursements by the end of FY2025, further scaling the platform’s reach and impact across the financial ecosystem.

Co-founder and CEO of Biz2Credit and Biz2X – Rohit Arora

Exp. DG Paramesh Sivamani takes over as 26th Director General of Indian Coast Guard

Paramesh Sivamani took over as the 26th Director General of the Indian Coast Guard (ICG).

He was elevated to the rank of Additional Director General in September 2022, and was subsequently posted at the Coast Guard Headquarters in the national capital.

He was given the additional charge of DG ICG in August 2024 after the untimely death of then Director General Rakesh Pal due to heart attack when in Chennai.

The Flag Officer was conferred with the Tatrakshak Medal in 2014 and the President Tatrakshak Medal in 2019 for his illustrious service.

He was also awarded the DG Coast Guard Commendation in 2012 and Flag Officer Commanding-in-Chief (East) Commendation in 2009.

Recent Appointment in Defence Sector

• Vice Chief of Air Staff – Air Marshal SP Dharkar (replace AP Singh)
• 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

Exp. Aryna Sabalenka wins the WTA Wuhan 1000 singles title

World No.2 Aryna Sabalenka of Belarus defeated World No.7 Zheng Qinwen of China to win her third consecutive women’s WTA Wuhan 1000 singles title.

The WTA Wuhan 1000 Tennis tournament was held in the Chinese city of Wuhan. Wuhan Open is played at the Hard Court.

Aryna Sabalenka defeated the local favourite Zheng Qinwen 6-3, 5-7, 6-3 in the final played at Wuhan. This was Aryna Sabalenka’s third title at Wuhan, having won it in 2018 and 2019.

This is the 17th WTA Tour title for Aryna Sabalenka and her fifth on Chinese soil.

The pair of Anna Danilina of Kazakhstan and Irina Khromacheva of Russia defeated the American pair of Asia Muhammad and Jessica Pegula 6-3, 7-6(6) in the final of the Wuhan Open. This was the first WTA 1000 title for the pair of Anna Danilina and Irina Khromacheva.

Exp. Jannik Sinner wins the ATP Shanghai Masters 1000 singles title

World Number One male tennis player Jannik Sinner of Italy defeated 24 Grand Slam winner Novak Djokovic of Serbia in the final to win the ATP Shanghai Masters 1000 singles title.

The ATP Shanghai Master 1000 was held in the Chinese city of Shanghai from 2 to 13 October 2024. The Shanghai Master is played on a hard court.

Jannik Sinner defeated Novak Djokovic 7-6 (7/4), 6-3. The defeat also ended Djokovic’s quest to win his 100 ATP titles.  

Exp. Tanya Hemanth wins 2024 Bendigo International Badminton Tournament

21-year-old Tanya Hemanth of India won the 2024 Bendigo International badminton tournament women’s singles final.

She defeated Tung Ciou-tong of Chinese Taipei in the final at Bendigo, Australia, in straight sets 21-17, 21-17.

This was Tanya’s third international title after the 2022 India International and the 2023 Iran Fajr International.

The  Bendigo International badminton tournament was held in Bendigo, Australia. It is a Grade 3 International Challenge tournament.

Exp. Ericsson wins multi-billion-dollar 5G equipment contract from Bharti Airtel

Swedish telecom gear maker Ericsson has received a new multi-billion-dollar contract for selling 5G equipment from India’s Bharti Airtel.

This comes after Ericsson got part of a $3.6 billion contract last month for selling 5G equipment to India’s Vodafone Idea. It shared the contract with Nokia and Samsung.

The new contracts are expected to boost Ericsson’s revenue next year after seeing a big fall in contracts from India in the first half of the year.

Demand from the Indian 5G market started to skyrocket in 2023, when sales from the region grew as much as five times, as Airtel and Jio, the telecoms unit of Indian conglomerate Reliance Industries, started to scale up 5G services.

Exp. Tata Capital, Tata Motors Finance merger receives RBI’s approval

The Reserve Bank of India (RBI) has approved the merger of Tata Capital, an unlisted entity, with Tata Motors Finance (TMFL), paving the way for the formation of India’s 12th largest non-banking finance company.

The RBI sent its “no-objection” to both companies earlier this month, according to the companies’ regulatory filings.

As consideration for the merger, Tata Capital will issue equity shares to the shareholders of TMFL, resulting in Tata Motors holding a 4.7 per cent stake in the merged entity.

As of March 31, 2024, Tata Sons, the holding company of Tata Group, directly owns 92.83 % of Tata Capital’s equity shares, with the majority of the remaining stake held by other Tata Group companies and trust.

Exp. Cashfree Payments unveils UPI Switch to enhance success rates for online businesses

India’s largest payment and API banking firm, Cashfree Payments has received certification from the National Payments Corporation of India for its UPI Switch service.

This will allow Cashfree to directly integrate with any bank’s core banking software and offer a higher transaction success rate for its merchants.

Cashfree can offer settlement of around 12,000 transactions per second with this certification. Cashfree has built this switch in partnership with NSDL Payments Bank as the sponsor bank.

This will help Cashfree achieve a 5% jump in its transaction success rates and help in faster merchant onboarding, instant access to new features on UPI, and better control over the entire payments journey.

CEO & Co-founder of Cashfree Payments – Akash Sinha

Exp. India, US sign Rs 32,000-crore deal for 31 Predator drones

India has signed a deal with the US for the procurement of 31 Predator MQ-9B High Altitude Long Endurance UAV manufactured by General Atomics.

The development comes less than a month after Prime Minister Narendra Modi and US President Joe Biden held talks about the acquisition of the drones on the sidelines of the Quad Leaders’ Summit held in Delaware.

This deal, aimed at enhancing the country’s operational readiness and military strength, includes tri-service procurement of the MQ-9B Sky Guardian and Sea Guardian drones.

The MQ-9B Predator is a next-generation remotely piloted aircraft capable of conducting a range of intelligence, surveillance, and reconnaissance missions.

The drone can fly as close to 250 metres from the ground without the target even having an inkling it is there unless spotted.

With a maximum speed of 442 km/h, the drone can soar at an altitude of around 50,000 feet, higher than that of a commercial airplane.

Exp. 75th International Astronautical Congress begins in Milan with focus on responsible space for sustainability

The 75th International Astronautical Congress (IAC) opened at the MiCo Convention Center in Milan, Italy.

The event has drawn more than 10,000 space experts, scholars, entrepreneurs, and professionals from around the world. Italian President Sergio Mattarella attended the opening ceremony.

This year’s congress, themed “Responsible Space for Sustainability,” focuses on promoting the sustainable development of space technologies globally, ensuring that future space exploration and utilization strike a balance between scientific advancement and environmental protection.

Throughout the week, over 200 technical sessions will be held, covering a wide range of topics, including the sustainable exploration of the Moon and Mars, space-based Earth observation for climate change, the role of private companies in space development, and applications of artificial intelligence.

Exp. Sonam Uttam Maskar wins Silver Medal in Women’s 10m Air Rifle event

Indian shooter Sonam Uttam Maskar won the silver medal in the Women’s 10m Air Rifle event at the ISSF World Cup 2024 final in Delhi.

The 22-year-old Maskar excelled with a score of 252.9 to secure a podium finish. China’s Yuting Huang won the gold medal in this event, while French shooter Oceanne Muller took home the bronze.

The Indian squad features nine athletes from the 2024 Paris Olympics, including Arjun Babuta (men’s 10m air rifle), Anish Bhanwala (men’s 25m rapid fire pistol. Olympic champion Huang Yuting of China won the gold while Oceanne Muller of France took bronze.

Exp. NASA launches Europa Clipper to examine Jupiter’s moon

NASA has launched a groundbreaking mission to investigate Jupiter and its moon, Europa, one of the prime locations in the search for life beyond Earth.

The spacecraft, named Europa Clipper, is designed to study the moon’s icy surface and the subsurface ocean believed to exist beneath.

It was launched aboard a SpaceX Falcon Heavy rocket from Nasa’s Kennedy Space Center, with the mission costing $5.2 billion.

Europa Clipper will not directly search for life, but will assess whether Europa’s environment could support it. The spacecraft will examine the moon’s ice-covered ocean, located relatively close to the surface. Although it won’t hunt for microorganisms, its findings may pave the way for future missions aimed at detecting life.

Why is Jupiter’s moon Europa a key target?

• Europa, one of Jupiter’s 95 known moons, is slightly smaller than Earth’s moon and is covered by an ice sheet estimated to be 10 to 15 miles (15 to 24 km) thick.
• Beneath this frozen surface, scientists believe a vast ocean exists, potentially up to 80 miles (120 km) deep.
• This ocean could be a rich environment for life due to the presence of water, organic compounds, and energy sources such as thermal vents on the ocean floor.
• Although Europa was discovered by Galileo in 1610, interest in its potential to support life has grown in recent decades, especially with evidence from the Hubble Space Telescope suggesting geysers erupting from its surface.

Exp. PM Modi inaugurates WTSA 2024 and 8th India Mobile Congress 2024

PM Narendra Modi has inaugurated the International Telecommunication Union (ITU) – World Telecommunication Standardization Assembly (WTSA) 2024 at New Delhi.

The Prime Minister also inaugurated the 8th edition of the India Mobile Congress 2024, which is being held along with the WTSA 2024 in New Delhi.

About the ITU- WTSA 2024

• ITU plays a major role in providing inputs and formulation of polices related to the Information and Communications Technologies (ICT)in the world.
• The work of the ITU in this regard has been divided into three sectors, the Radiocommunication Sector, the Telecommunication Standardization Sector, and the Telecommunication Development Sector.
• The Telecommunication Standardization Sector studies the technical, operating, and tariff questions related to the telecommunications sector and adopts recommendations to standardize telecommunications.
• The ITU-WTSA is held after every four years.
• For the first time the ITU-WTSA is being held in India and the Asia -Pacific region.

About the International Telecommunication Union (ITU)

• Founded -1865
• Members- 194 countries
• Headquarters- Geneva, Switzerland
• Secretary General- Doreen Bogdan-Martin

Exp. 15 October – World Students’ Day

World Students’ Day is observed every year on 15 October to honour the contributions of the former President Dr. APJ Abdul Kalam in the field of education.

Known as the Missile Man of India, India’s 11th president from (2002 -2007) was a distinguished administrator and scientist who spent more than forty years with the Defense Research and Development Organization (DRDO).

Theme 2024 – Empowering Students to be Agents of Change

To commemorate Kalam’s numerous achievements, particularly in the areas of academia and research, October 15 was chosen as World Students’ Day in 2010.