Current Affairs Quiz 2nd September 2024 Quiz

Exp. Railtel, SJVN, NHPC bag ‘Navratna’ status from FinMin,

• The Ministry of Finance upgraded four public-sector enterprises, SJVN, Solar Energy Corporation, NHPC and RailTel Corporation of India, to the ‘Navratna’ status on August 30.
• PSUs are given a status, from Maharatna companies, to Navratna companies and Miniratna companies. Navratna status is awarded to government-owned companies that were previously classified under ‘miniratna’ category I, recognizing their strong financial and market performance.
• Navratna companies can invest up to Rs 1,000 crore without prior government approval. Navratna PSUs also can allocate around 15 percent to a specific project or 30 percent of their net worth over an entire year, as long as it is under the Rs 1,000 crore limit.

About NHPC Limited

• Founded- 7 November 1975
• Headquarters- Faridabad
• Chairman & Managing Director – Raj Kumar Chaudhary

Benefits of being Navratna Company

• Invest up to Rs 1,000 crore or 15% of their net worth in a single project without needing prior approval of the central government.
• Enter into technology joint ventures or strategic alliances without the permission of the central government,
• To establish financial joint ventures and wholly owned subsidiaries in India or abroad with certain conditions.

About NHPC Limited

• Founded- 7 November 1975
• Headquarters- Faridabad
• Chairman & Managing Director – Raj Kumar Chaudhary
• Owner- Government of India (70.95%)

Exp. 5th Global Fintech Fest held in Mumbai

The 5th Global Fintech Fest was held in Mumbai, Maharashtra.

The festival, which started in 2021, aims to establish itself as the premier global conference for the global fintech ecosystem, promote collaboration, and influence the future of the Fintech industry.

PM Narendra Modi addressed the 5th Global Fintech Festival.

Reserve Bank Governor Shaktikanta Das and Chairman of Global Fintech Fest (GFF) Kris Gopalakrishnan were also present at the occasion.

The Global Fintech Fest is organized by the National Payment Corporation of India (NPCI), the Payment Council of India and the Fintech Convergence Council.

The Fintech Convergence Council was established in 2018 and represents the various regulated financial service providers and fintech companies.

Exp. Indian Army launches Project NAMAN to Support Veterans & Families

The Indian Army launched the first phase of Project NAMAN, which is designed to provide dedicated support and services to Defence pensioners, veterans, and their families.

The importance of the project in ensuring that veterans and their families receive the care and support they deserve.

In the first phase of Project NAMAN, 14 Common Services Centres have been established at key locations across India, including New Delhi, Jalandhar, Leh, Dehradun, Lucknow, Jodhpur, Bengdubi, Gorakhpur, Jhansi, Secunderabad, Saugor, Guntur, Ahmedabad, and Bangalore.

The project is set to expand significantly and aims to establish approximately 200 centres nationwide over the next 2 to 3 years.

Exp. PM inaugurates National Conference of District Judiciary in New Delhi

The Prime Minister, Narendra Modi has inaugurated the National Conference of District Judiciary at Bharat Mandapam in New Delhi.

The Prime Minister also unveiled the stamp and coin commemorating 75 years of the establishment of the Supreme Court of India.

The two-day Conference, organized by the Supreme Court of India, hosts five working sessions to deliberate and discuss the issues related to the District Judiciary such as Infrastructure and Human Resources, Inclusive Courtrooms for all, Judicial Security and Judicial Wellness, Case Management and Judicial Training.

India on the occasion and also conveyed his best wishes to those taking part in the National Conference of District Judiciary.

Exp. PM Modi lays foundation stone of Vadhvan Port in Palghar

PM Narendra Modi laid the foundation stone of Vadhvan Port in the Palghar district of Maharashtra.

He also inaugurated various fisheries projects and distributed transponders and Kisan Credit Cards to fishermen.

The cost of this project is around 76,000 crore rupees. It aims to establish a world-class maritime gateway that will boost the country’s trade and economic growth by catering to large container vessels, offering deeper drafts, and accommodating ultra-large cargo ships.

Vadhvan Port, located near Dahanu town in Palghar district, will be one of India’s largest deep-water ports and will provide direct connectivity to international shipping routes, reducing transit times and costs.

The Prime Minister also inaugurated and laid the foundation stone for 218 fisheries projects worth around 1,560 crore rupees, aimed at bolstering the sector’s infrastructure and productivity across the nation.

Additionally, the Prime Minister launched the National Rollout of the Vessel Communication and Support System at a cost of around ₹364 crore. Under this project, one lakh transponders will be installed in a phased manner on mechanized and motorized fishing vessels in 13 coastal states and Union Territories.

Exp. Visa and the Tourism & Hospitality Skill Council inked a 3-year partnership of up to $1 million USD

The Tourism & Hospitality Skill Council (THSC) under the aegis of Ministry of Skill Development and Entrepreneurship, has signed a Memorandum of Understanding with Visa (NYSE: V), a global leader in digital payments, for a three-year partnership valued at up to $1 million USD.

This initiative, designed to up skill at least 20,000 Indian youth in tourism-relevant skills, was formalized in the presence of Shri Jayant Chaudhary, Minister of State (Independent Charge), Ministry of Skill Development & Entrepreneurship (MSDE) and Minister of State, Ministry of Education Government of India.

The partnership, which builds upon Visa’s ongoing collaboration with the Ministry of Tourism, aims to train youth across 10 States, including Assam, Gujarat, Himachal Pradesh, and West Bengal to elevate the tourism service experience for tourists.

Exp. TV Somanathan takes over as Cabinet Secretary

T V Somanathan took over as Cabinet Secretary following the superannuation of Rajiv Gauba.

TV Somanathan is the 33rd cabinet secretary of the government of India.

Gauba had been Cabinet Secretary since 2019 and completed an unprecedented five-year term. Until recently the Finance Secretary, Somanathan was named Cabinet Secretary on August 10 with a two-year tenure.

A 1987-batch IAS officer of the Tamil Nadu cadre, Somanathan is a qualified chartered accountant, cost accountant and company secretary.

He has held important assignments at the Centre, including as Joint Secretary and later as Additional Secretary in the Prime Minister’s Office.

About Cabinet Secretary

• The Cabinet Secretary heads the Cabinet Secretariat, which is headed by the Prime Minister.
• The Cabinet Secretary heads the Cabinet Secretariat, is the head of the bureaucracy in India, and is the ex-officio Chairman of the Civil Services Board.
• The Cabinet Secretariat is the key administrative body of the Government of India and facilitates smooth transaction of business in Ministries/ Departments.
• The Cabinet Secretariat coordinates the activities of the various ministries of the Government of India.

Other Important Secretaries

• Ministry of Corporate Affairs Secretary – Deepti Gaur Mukherjee (replace Manoj Govil)
• Foreign Secretary – Vikram Misri (replace Vinay Mohan Kwatra)
• Expenditure Secretary – Manoj Govil (replace T. V. Somanathan)
• Home Secretary – Govind Mohan (replace Ajay Kumar Bhalla)
• Secretary of DPIIT – Amardeep Singh Bhatia
• Revenue Secretary – Sanjay Malhotra
• Defence Secretary – Giridhar Aramane
• Economic Affairs Secretary – Ajay Seth
• MoSPI Secretary – G. P. Samanta

Exp. Mastercard launches Global Payment Passkey Service in India

US-based multinational payment card services corporation Mastercard has launched its Payment Passkey Service, with plans to first introduce it to India. It Payment Passkey Service, marking a significant step forward in secure online transactions.

Unveiled at the Global Fintech Fest in Mumbai, this innovative service aims to make online shopping more secure and convenient, with India chosen as the debut market for its pilot program.

The pilot will involve some of the nation’s leading payment players, including aggregators like Juspay, Razorpay, and PayU, major online merchants like BigBasket, and top financial institutions like Axis Bank.

The Payment Passkey Service is designed to address the growing threat of online fraud, which has seen a nearly 300% increase in India over the past two years, according to the Reserve Bank of India. By leveraging device-based biometric authentication methods—such as fingerprints or facial scans—the service eliminates the need for traditional passwords and, one-time passwords (OTPs), which have become increasingly vulnerable to scams like phishing and SIM swapping.

The service enhances security by utilizing passkeys and tokenization to ensure that no financial account data is shared with third parties, thereby rendering it useless to fraudsters.

Exp. Kerala tourism presented PATA gold award 2024

Kerala Tourism was presented the globally acclaimed Pacific Asia Travel Association (PATA) Gold Award 2024 for its online contest ‘Holiday Heist’ in the Digital Marketing Campaign category, at a function in Bangkok.

ourism Director Sikha Surendran received the award at a function held during PATA Travel Mart 2024, at Queen Sirikit National Convention Centre (QSNCC) in the Thailand capital.

The award was presented by Peter Semone, PATA Chair in the presence of Maria Helena de Senna Fernandes, Director, Macao Government Tourism Office and Noor Ahmad Hamid, PATA CEO.

Kerala Tourism was the only destination from India to bag the PATA Gold award this year. ‘Holiday Heist’, the month-long ground-breaking campaign was launched in July 2023 to woo tourists through an engaging and thrilling bidding game on the Tourism department’s WhatsApp chatbot Maya.

It became a phenomenal hit with travellers making uniquely lowest bids for visiting Kerala’s spectacular destinations. The campaign has witnessed over 80,000 bids, 5.2 lakh conversations, 45 million impressions, and 13 million video views.

Exp. Razorpay unveils Groundbreaking Payment Solutions at GFF 2024

A leader in the fintech industry, Razorpay has launched as series of innovative products and enhancements at the Global Fintech Fest (GFF) 2024 aimed at transforming the payments ecosystem. With a focus on accessibility, inclusivity, and the future of financial transactions, Razorpay continues pushing the boundaries of what’s possible in fintech.

Razorpay, in collaboration with Mastercard, has launched India’s first Biometric Authentication system, revolutionizing the checkout process by eliminating the need for OTPs. This advanced system leverages passkey protocols to enhance security and convenience, resulting in a 4% increase in transaction success rates and a 35% reduction in OTP-related errors.

This innovation is poised to boost conversion rates for merchants, providing a seamless payment experience for customers.

Razorpay has also introduced Razorpay A1, an all-in-one QR-centric device designed to enhance UPI payments, reflecting the growing preference for QR codes over traditional payment methods.

Exp. RBI imposes Rs 2.68 crore penalty on UCO Bank

Reserve Bank of India (RBI) has imposed a penalty of Rs 2.68 crore on UCO Bank for contravention of certain provisions, including on opening of current accounts, interest rate on deposits and frauds classification.

The RBI has also imposed a penalty of Rs 2.1 lakh on Cent Bank Home Finance Ltd for non-compliance with certain provisions of KYC directions.

In both cases, penalties are based on regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers.

Recent Penalties imposed on Banks by RBI

• Muthoot Finance Limited (1.9 lakh) – for non-compliance with certain provision of KYC Directions, 2016’ issued by RBI.
• Bank of Maharashtra (1.27 crore) – for violating its directions, including on KYC
• Poonawalla Fincorp Limited, Pune (10 lakh) – for non-compliance with certain provisions of the NBFC – Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016.
• Hinduja Leyland Finance Ltd (4.90 lakh) – for non-compliance with certain provisions of the KYC Directions, 2016.
• CSB Bank Limited (₹1.86 crore) – For violations, including paying commissions to employees for Non-Performing Assets’ recovery
• Union Bank of India (₹1.06 crore)- For non-compliance with RBI guidelines on creating a central repository for large exposures and KYC norms.

Exp. Indian Oil and RBL Bank launch co-branded credit card

India’s energy major, Indian Oil Corporation Limited (IOCL) has launched a co-branded credit card XTRA in partnership with RBL Bank in Global Fintech Fest (GFF), Mumbai

This strategic collaboration aims to provide cardholders with attractive rewards and benefits, enabling them to earn upto 250 litres of free petrol annually.

RBL Bank is one of India’s leading private sector banks with an expanding presence across the country. The Bank offers specialized services under five business verticals namely: Corporate Banking, Commercial Banking, Branch Banking & Retail Liabilities, Retail Assets and Treasury & Financial Markets Operations.

Recent Facilities Launched in Banking & Insurance Sector

• ESAF Small Finance Bank launches Inori RuPay Platinum Credit Card
• Tata AIA Life launches ‘Sampoorna Raksha Promise’ product with ₹3 lakh instant payout feature
• Bandhan Bank launches Avni Saving Account for Women Customer
• Karnataka Bank unveils credit line on UPI in partnership with Navi Technologies
• RBL Bank launched Vijay Fixed Deposits to honor 78th Independence Day
• Axis Bank launches PRIMUS super-premium credit card with VISA

Exp. ESAF Small Finance Bank to expand Dabba Savings Accounts campaign

ESAF Small Finance Bank is planning to expand its newly introduced Dabba Savings Accounts campaign across the country.

The campaign aims to promote financial inclusion as part of the UN Sustainable Development Goals and the government’s push to bring the unbanked into the formal banking fold.

The campaign caters to women in economically backward areas who do not have bank accounts due to fear of banking procedures or lack of accessibility. It is designed to address the financial needs of micro banking customers to promote micro savings accounts, which play a crucial role in fostering a culture of savings among the micro banking community.

This scheme is a powerful tool to bring women from economically weaker sections and backward areas into the formal banking system.

The Dabba Savings Account Campaign won bronze in the Sustainable Development Goals category at the Cannes Lions International Festival of Creativity recently, and it garnered multiple accolades at the MAD Stars awards in Busan, South Korea.

About ESAF Small Finance Bank

• Founded- 10 March 2017
• Founders- Paul Thomas, Mereena Paul, Jacob Samuel
• Headquarters– Thrissur, Kerala
• MD & CEO – Paul Thomas K
• Chairperson – P R Ravi Mohan

Exp. NSO Reports 6.7% Real GDP Growth for April-June 2024 Quarter

The Indian economy has clocked a GDP growth of 6.7 per cent in the first quarter of the financial year 2024-25. Figures released by the Ministry of Statistics showed that the crucial manufacturing sector that provides quality jobs to the young workforce posted a 7 per cent growth, while the construction and electricity sectors posted double-digit growth during the quarter.

Private Final Consumption Expenditure and Gross Fixed Capital Formation have witnessed growth rates of 7.4 per cent and 7.5 per cent, respectively, during this period.

Aggregate demand conditions are gathering momentum with a revival in rural consumption on the back of growing incomes.

Exp. Indian shooter Rubina Francis won bronze in women’s 10-meter air pistol SH1 final at Paralympic Games

In the Paris Paralympic Games, Indian shooter Rubina Francis won bronze in the women’s 10-meter air pistol SH1 final qualification round.

Rubina secured India’s fourth medal in shooting at the 17th Summer Paralympic Games. The 25-year-old shooter from Madhya Pradesh scored a total of 211.1 to finish third in the final.

On the other hand, Manish Narwal secured a silver medal in the men’s 10-meter air pistol SH1 with a score of 234.9.