Current Affairs Quiz 2nd July 2024 Quiz

Exp. Bangladesh Navy signs contract for ‘Made in India’ 800 tons Ocean Going Tug with India’s GRSE

The Bangladesh Navy has signed a deal with the Indian Garden Reach Shipbuilders and Engineers (GRSE) for an 800-tonne ocean-going tug—a major contract to be signed under a $500-million line of credit.

The deal was inked in Dhaka in the presence of representatives of GRSE and the Bangladesh Navy’s directorate general of defence purchases.

It coincided with a four-day visit to Bangladesh by Indian Navy Chief Admiral Dinesh K Tripathi, aimed at strengthening bilateral defence relations.

As per GRSE, the ship worth approximately USD 21 million will be delivered to Bangladesh within 24 months. As per officials, the platform would help tow ships at sea, and will also be capable of rescue operations.

Exp. Rajasthan CM launches Mukhya Mantri Kisan Samman Nidhi

Chief Minister of Rajasthan Bhajan Lal Sharma has launched the state government’s Mukhya Mantri Kisan Samman Nidhi at the Krishi Upaj Mandi in Tonk.

The chief minister released Rs 650 crore as the first installment to around 65 lakh farmers of the state.

The eligible farmers of the state will receive the benefits under the state scheme along with the Rs 6000 per year paid by the central government under the PM-KISAN scheme.

The Cooperative Department, government of Rajasthan has been designated as the nodal department for the effective implementation of the Mukhya Mantri Kisan Samman Nidhi scheme.

About Mukhya Mantri Kisan Samman Nidhi

• It is an income support scheme launched by the state government to boost the income of the eligible farmers of the state.
• Under the Mukhya Mantri Kisan Samman Nidhi the eligible farmers will receive Rs 2000 per year.
• They will receive money in three installments – Rs 1000, Rs 500 and Rs 500.
• The amount will be directly transferred into the bank account of the eligible farmers.
• Around 65 lakh farmers of the state are eligible under the Mukhya Mantri Kisan Samman Nidhi scheme.

Exp. GST collection hits ₹1.74 lakh crore in June 2024

The gross goods and services tax (GST) collection for June 2024 stood at Rs 1.74 trillion, marking 7.7 per cent year-on-year (Y-o-Y) growth.

This Y-o-Y growth is notably less than the 12.4 per cent and 10 per cent increases recorded in April and May, respectively. Month-on-month figures, too, were flat.

In May this year, the gross GST collection amounted to Rs 1.73 trillion, while April witnessed a record-high GST collection of Rs 2.1 trillion. The June revenue brought the financial year-to-date total to Rs 5.57 trillion.

GST Collection of Previous Months

• January 2024 – 1,72,129 crore
• February 2024 – 1,68,337 crore
• March 2024 – 1,78,484 crore
• April 2024 – 2,10,267 crore
• May 2024 –73 lakh crore

Exp. Bhupender Yadav launches portal documenting Indian fauna

According to the Union Minister of Environment, Forest and Climate Change, Bhupender Yadav, India has become the first country in the world to prepare a checklist of its entire fauna population. -covering 104,561 species.

This makes India the global leader in biodiversity documentation and conservations.

The minister gave this information at a ceremony held in Kolkata to observe the 109th anniversary of the Zoological Survey of India in Kolkata, West Bengal on 30 June 2024.

He also formally launched the Fauna of India Checklist Portal maintained by the Zoological Survey of India which contains the check list of India’s entire known -104,561 fauna species.

The minister also inaugurated the 2nd Animal Taxonomy Summit-2024 organized by Zoological Survey of India at Kolkata.

About Zoological Survey of India

• Founded – 1 July 1916
• Headquarters – Kolkata
• Director – Dr Dhriti Banerjee
• It was set up to study and document the fauna of the country.
• It is under the administrative control of the Union Ministry of Environment, Forest and Climate Change.
• It has 16 regional centers

Exp. Axis Bank join hands with Piramal Finance under co-lending business

Axis Bank, India’s third-largest private sector bank, has partnered with Piramal Capital and Housing Finance Limited under the co-lending business.

Through this partnership, both the lenders will offer loans to the middle and low-income segment borrowers with focus on rural and semi-urban regions.

The partnership will leverage the financial expertise of Axis Bank, and loan processing technology of Piramal Finance, to assess the credit profile of borrowers and provide them loans at competitive interest rates through a network of 490 branches of Piramal Finance.

This partnership will cater to potential customers who are either new to credit or untapped by larger institutions and build a multi-product loan book.

About Axis Bank

• Founded – 1993
• Headquarters – Mumbai, Maharashtra
• Chairman – Rakesh Makhija
• MD & CEO – Amitabh Chaudhary
• Tagline – Badhti Ka naam Zindagi

Exp. Truecaller join hands with HDFC ERGO to unveils Fraud Insurance

Truecaller,the world’s leading global communications platform, has partnered with HDFC ERGO, India’s leading general insurance company to launch Fraud Insurance.

This initiative aims to provide enhanced protection to consumers against digital communication fraud in India.

The Fraud Insurance product will provide coverage up to Rs 10,000 to Android and iOS users across India.

The product is available to yearly premium subscribers of Truecaller and all existing customers can avail this protection for free under their existing plan.

To ensure a smooth and hassle-free experience for all users, the fraud coverage is seamlessly integrated into the Truecaller app, and is activated once the user opts in for the insurance option.

Recent MoUs Signed in Banking Sector

• ADB & Aadhar housing partners to give housing loans to low-income women
• ACE partners with Bank of Baroda for construction equipment financing
• IPPB partners with Ria Money Transfer to enhance doorstep financial services nationwide
• Namdev Finvest partnered with Bajaj Allianz General Insurance to offer comprehensive financial solutions, including insurance and NBFC services, to its customers.
• MEA signed MoU with SBI to enhance digital payment services for eMigrate portal users

Exp. Union Bank of India introduces “Union Premier” branches for high-value customers in rural and semi-urban markets

Union Bank of India has launched “Union Premier” branches for high-value customers in rural and semi-urban (RUSU) markets.

Designed to provide personalized banking services, these branches will offer a wide range of products and services under one roof for high-value customers in RUSU markets.

Each Union Premier customer will have access to a personal Relationship Manager to address all their banking needs.

These exclusive branches are equipped with the latest digital technologies, ensuring seamless and efficient banking.

About Union Bank of India (UBI)

• Founded- 11 November 1919
• Headquarters- Mumbai
• CEO- A. Manimekhalai

Exp. Ravi Agrawal appointed as Chairman of CBDT

Ravi Agrawal, a 1988-batch IRS officer, has been appointed as the new chairman of the Central Board of Direct Taxes (CBDT), the administrative body for the Income Tax Department.

He takes over from Nitin Gupta, a 1986-batch Indian Revenue Service officer, whose extended tenure as the chairman ended on June 30.

Agrawal’s appointment extends till June 2025, with a reappointment on a contract basis to ensure continuity in CBDT’s policy framework.

Gupta was appointed as the CBDT chief in June, 2022. He was scheduled to retire in September last year but was given a nine-month extension till June.

The new CBDT chief is currently working as member (administration) in the board.

Recent Appointment

• Director in Department of Consumer Affairs – Mrinal Kumar Das
• President of the Professional Golf Tour of India – Kapil Dev
• VP of India Bullion Jewellers Association – Aksha Mohit Kamboj
• Director in the Department of Consumer Affairs – Mrinal Kumar Das
• Secretary of TRAI – Atul Kumar Chaudhary (replace V Raghunandan)

Exp. FSIB appoints C S Setty as SBI’s 27th chairman

Financial Services Institution Bureau (FSIB) has selected Challa Sreenivasulu Setty as the next chairman of State Bank of India (SBI).

Ashwini Tiwari and Vinay Tonse were two other contenders to the post.

Setty will succeed the current chairman, Dinesh Khara, when he turns 63, the upper age limit for the position of SBI Chairman. His term is scheduled to end in August 2024.

Currently, Setty is the senior most Managing Director, and has worked for 35 years at the bank. He had been appointed as the MD in 2020, and heads international banking, global markets and technology, at SBI.

Challa Sreenivasalu Setty has a Bachelor’s degree in Agricultural Science, and has received his certification from the Indian Institute of Bankers.

About State Bank of India (SBI)  

• Founded – 1 July 1955
• Headquarters – Mumbai, Maharashtra
• Chairman – Dinesh Kumar Khara)
• Tagline – (1) Pure Banking Nothing Else

(2) With you all the way

(3) A bank of the common man

(4) The banker to every Indian

(5) The Nation banks on us  

Exp. Rushabh Gandhi appointed as MD & CEO of IndiaFirst Life Insurance

IndiaFirst Life Insurance Company Limited has named Rushabh Gandhi as its new Managing Director (MD) and Chief Executive Officer (CEO) effective 1 July.

Gandhi, previously the Deputy CEO, succeeds Vishakha R.M. who superannuated on June 30, 2024, after nine years of service.

Gandhi, with nearly three decades of experience in the BFSI industry, expressed his honor to lead the organization and committed to achieving the vision of making IndiaFirst Life the most preferred insurer for every Indian.

Recent Appointment in Banking & Insurance Sector

• MD & CEO of SBI General Insurance – Naveen Chandra Jha (replace Kishore Kumar Poludasu)
• MD & CEO for Aditya Birla Sun Life Asset Mgmt Company – A Balasubramanian (reappointment for 3 years)
• Chairperson of Sa-Dhan – Paul Thomas
• CMD of New India Assurance Company – Girija Subramanian
• Non-executive Independent Director of Paytm – Neeraj Arora

Exp. PM Modi releases three books on Life and Journey of Venkaiah Naidu

Prime Minister Narendra Modi has released three books on the life and journey of former Vice President M. Venkaiah Naidu on his 75th birthday via video conferencing.

The prime minister expressed his happiness in releasing the biography “Venkaiah Naidu – Life in Service” authored by S Nagesh Kumar, former Resident Editor of The Hindu, Hyderabad edition.

The two other books released by PM Modi include “Celebrating Bharat – The Mission and Message of M Venkaiah Naidu as 13th Vice-President of India”, a Photo chronicle compiled by I.V. Subba Rao, former secretary to the Vice-President of India, and a pictorial biography in Telugu titled “Mahaneta – Life and Journey of M. Venkaiah Naidu” authored by Sanjay Kishore.

These books will become a source of inspiration for the people while also illuminating the correct path to serving the nation.  

Exp. Former world chess champion V Anand wins Leon Masters for 10th time

Former world chess champion Viswanathan Anand of India has won the Leon Master chess championship for the 10th time.

He defeated Jaime Santos Latasa of Spain in the final 3-1 played at Leon in Spain to win the 2024 Leon Masters.

Five-time world champion Viswanathan Anand has previously won the Leon Masters in 1996, 1999, 2000, 2001, 2005, 2006, 2007, 2011, 2016, and 2024.

The Leon Masters chess tournament is held in the Leon city of Spain. The tournament features four players.

Apart from Viswanathan Anand, other players participating in the tournament were world number four ranked Arjun Erigaise of India, Veselin Topalov of Bulgaria and Jaime Santos Latasa of Spain.

Exp. 1 July – National Postal Worker Day

National Postal Worker Day is observed every year on 1 July.

It is commemorated to recognize the contributions of all individuals within the postal service, from clerks and drivers transporting letters to distant locations, to delivery partners.

National Postal Worker Day originated in 1997 when a postal carrier in the Seattle area initiated a tribute to colleagues. Since then, July 1 has been set aside each year to celebrate and express gratitude for postal workers in the postal services.

In the United States, nearly 490,000 postal workers cover an average of 4–8 miles daily to deliver letters and packages. They persevere regardless of weather or conditions to ensure efficient mail delivery

Exp. 1 July – Chartered Accountants Day

Every year, India celebrates Chartered Accountants Day (CA Day) on July 1 to mark the establishment of the Institute of Chartered Accountants of India (ICAI).

This day is observed to signify the role of chartered accountants in shaping the financial and economic sectors of India.

This year, ICAI is celebrated the 76th year of its existence as it is India’s one of the oldest and most respected financial and accounting organizations.

The Institutes of Chartered Accountants of India came into existence on July 1, 1949, when the parliament passed The Chartered Accountants Act, 1949 to develop the profession of Chartered Accountants.

Before the establishment of ICAI, the accounting profession in the country was unregulated. The ICAI introduced a framework that governs education qualification, and professional conduct of Chartered Accountants nationwide.

Exp. 1 July – GST Day

GST Day is observed on July 1 each year.

This comprehensive indirect tax was introduced to simplify the complex web of taxes previously levied by central and state governments.

The first GST Day was celebrated on 1st July 2018 to mark the first anniversary of the new indirect tax regime i.e. Goods and Services Tax (GST).

GST was implemented on the intervening night of 30 June and 1 July 2017 in a function held in the Central Hall of Parliament.

On 29 March 2017, the Goods and Services Tax Act was passed in the Parliament and the Act came into force on 1 July 2017.

GST was enacted as the 101st Constitutional Amendment Act, 2016.

Exp. Former Indian midfielder Bhupinder Singh Rawat passes away

Former India midfielder Bhupinder Singh Rawat passed away at the age of 85.

A darling of the crowd for his speed and ability to cut through the rival defence despite his diminutive figure, Rawat was nicknamed “Scooter” by the fans.

Bhupinder Singh Rawat was a classy winger and also a prolific scorer, who served the game with distinction.

A speedy winger of the 1960s and 1970s, Rawat was part of the Indian team that finished seventh in the Merdeka Cup with a win over Western Australia in a classification match.

Exp. Japan introduces new 3D Holographic Banknotes

Japan will start issuing new banknotes on the 3rd of July. It is the world’s first use of cutting-edge holography that makes the portraits of historic figures appear to rotate in 3D.

This new technology will allow visually impaired people to feel and discern which banknote they are holding.

Tactile marks for the visually impaired will also make them recognizable to touch. By the end of March next year, nearly 7.5 billion new banknotes will have been printed. Existing banknotes will remain valid after the introduction of the new banknotes

About Japan

• Capital – Tokyo
• Currency – Yen
• Prime Minister – Fumio Kishida