Current Affairs Quiz 7th and 8th December 2024 Quiz

Exp. SEBI imposes Rs. 9 lakh fine on Reliance Securities for ‘flouting market norms’

The Securities and Exchange Board of India (SEBI) has imposed a Rs.9 lakh monetary penalty on Reliance Securities for “flouting market norms” and stock broker rules.

The market regulator’s order came after National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) carried out a thematic onsite inspection of the books of accounts, records and other documents of authorised persons (APs) of Reliance Securities Ltd (RSL).

The inspection was conducted to ascertain whether the same are being maintained in the manner required by RSL, concerning provisions of stock brokers rules, NSEIL Capital Market (CM) regulations and NSE Future & Options (FO) trading norms.

Exp. UPI rule changes: UPI Lite transaction, wallet limit hiked

The Reserve Bank of India (RBI) has increased the transaction limit for offline digital payments through UPI Lite. The move can benefit many people, especially those who live in places with poor internet connectivity. UPI Lite transactions are offline in the sense that there is no need to enter a UPI PIN while making payments.

The RBI has hiked the per-transaction limits on UPI Lite from Rs 500 to Rs 1,000. The overall wallet limit of UPI Lite has also been raised from Rs 2,000 to Rs 5,000.

What is UPI Lite?

• UPI Lite is designed to enable instant, low-value offline payments which form the bulk of retail payments made across India.
• Customers can use the replenishable balance to make cashless payments for any low-value item from Kirana stores, pharmacies, restaurants, shops, fuel retail outlets, and more.
• Moreover, customers will have an uncluttered passbook, as LITE transactions will not be captured in the bank passbook.
• The initial framework, which was unveiled in January 2022 and revised in August 2023, was designed to make small-value digital payments easier to make offline payments.

Exp. U.S. approves $1.17 billion deal for support systems for MH-60R helicopters

The United States has approved a possible $1.17 billion deal to sell India support equipment for MH-60R multi-role helicopters under its Foreign Military Sales programme.

Nine of the 24 choppers contracted under a $2.2 billion deal with Lockheed Martin in February 2020 have been inducted into India’s armed services so far.

The Indian Navy has already received six MH-60R helicopters which are deployed in Kochi with the same configuration used by the US Navy. The remaining 18 helicopters will include customised configurations to meet Indian requirements.

The MH-60R helicopters have emerged as a major force multiplier for the Indian Navy amidst the growing challenges from China and Pakistan in the Indian Ocean Region (IOR).

Exp. 4 December – Indian Navy Day

Indian Navy Day is celebrated every year on 4th December to honor the achievements and dedicated service of the Indian Navy.

The day celebrates the success of Operation Trident conducted during the 1971 Indo-Pak war.

On this day, the Navy launched a successful attack on Pakistan’s key port city, Karachi. This operation not only marked a major military victory but also showcased India’s growing naval power and influence.

The theme for Indian Navy Day 2024, “Strength and Power through Innovation and Indigenisation,” reflects the Navy’s ongoing focus on enhancing its defense capabilities through cutting-edge technology and self-reliance.  

Exp. 5 December – International Volunteer Day

International Volunteer Day, commonly known as IVD, is celebrated on 5 December every year.

 It is a day where volunteers are acknowledged and the spirit of volunteerism is promoted at the local, national and international levels.

Theme 2024 – Volunteer Now for Our Future

It started as an international observance mandated by the United Nations General Assembly in 1985.

United Nations Volunteers joins IVD celebrations with UN Volunteers and all volunteers around the world—amplifying the importance of people-led solutions to our common challenges.

Exp. International Gita Mahotsav 2024 inaugurated in Kurukshetra

The Haryana Chief Minister Nayab Singh Saini has inaugurated the International Gita Mahotsav at Kurukshetra, Haryana.

The International Gita Mahotsav commemorates the birth of ‘Srimad Bhagwat Gita’, the sacred scripture containing advice of Lord Krishna that he gave to Arjuna in Kurukshetra on the first day of the famous 18-day battle in the Mahabharata.

The annual International Gita Mahotsav is organised by the Kurukshetra Development Board of Haryana Tourism in collaboration with the Government of Haryana.

This year, Tanzania, an African country, is the foreign partner country, and Odisha is the State partner.

About the History of the Gita Mahotsav

• The Haryana government started the Gita Mahotsav in 1989 as a state-wide cultural and religious event. Gradually, it became popular, attracting thousands of people from all parts of India.
• In 2016, the Haryana Government rebranded the event as International Gita Mahotsav, which attracted more than 20 lakh people.
• To popularise the event, a state is chosen as the partner state for the Mahotsav every year.

Exp. World Bank approves $188 million loan to Maharashtra to stimulate growth in backward districts

The World Bank has approved a $188.28-million loan to stimulate economic growth in Maharashtra, especially in the lagging districts.

The $188.28 million Maharashtra Strengthening Institutional Capabilities in districts for enabling growth operation will support district planning and growth strategies.

Investments under the operation will equip districts with the necessary data, funds and expertise to maximise the value of public money employed for driving growth and job creation. It will also enhance private sector participation by improving e-government services for businesses in districts, especially in the tourism sector.

The $188.28-million loan from the International Bank for Reconstruction and Development (IBRD) has a final maturity of 15 years, including a grace period of 5 years.

About World Bank

• Founded – 1944
• Headquarters – Washington Dc
• President – Ajay Banga
• MD & CFO – Anshula Kant
• Chief Economist – Indermit Gill
• Executive Director – Rajesh Khullar
• Member Countries -189
• World Bank Group – 5 (IBRD, IDA, IFC, MIGA and ICSID)

1. International Bank for Reconstruction and Development (IBRD)
2. International Development Association (IDA)
3. International Finance Corporation (IFC)
4. Multilateral Investment Guarantee Agency (MIGA)
5. International Centre for Settlement of Investment Disputes (ICSID

Exp. BharatPe launches ‘Shield’ to protect users from digital transaction frauds

Fintech firm BharatPe has launched a fraud protection plan ‘Shield’ to offer coverage against digital frauds, including protection against fraudulent Unified Payments Interface (UPI) transactions.

The new offering extends protection to users from fraudulent digital transactions up to Rs 5,000. Users will have to pay Rs 19 per month to avail this protection.

Users making their first UPI transaction with the fintech app will receive 30 days of complementary fraud protection service.

BharatPe Shield covers risks such as computer fraud, phishing attacks, and unauthorised transactions caused by phone loss. It enables claims for losses incurred up to 10 days prior to reporting such frauds.

Recent Facilities Launched in Banking & Insurance Sector

• Paytm launches UPI Lite Auto Top-Up for Hassle-Free Recurring Daily Payment
• PNB MetLife introduces Smart Communications App to transform Agent-Customer Interactions
• Shriram Mutual Fund launches industry-first multi-sector rotation fund
• IDFC FIRST Bank launches real-time tracking for international money in partnership with Swift
• Indian Overseas Bank Unveils Online Re-KYC Service for Hassle-Free Updates

Exp. Axis Bank launches ‘ARISE Women’s Savings Account’ with Benefits

Axis Bank has launched the ARISE Women’s Savings Account, a specialized solution designed to cater to the financial needs of women.

The account, introduced by Ms. Arundhati Bhattacharya, Chairperson of Salesforce India, offers a range of benefits, including access to women financial experts, personalized investment options, healthcare discounts, and more.

This newly launched savings account will offer a bouquet of services tailored to meet the unique needs of women which includes – dedicated women financial experts, customized basket of stocks and suite of benefits designed to support their health, lifestyle and family

About Axis Bank

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

Exp. SECI wins 3rd PSU transformation award for “Innovative Product Development”

Solar Energy Corporation of India (SECI) Ltd under Ministry of New and Renewable Energy bagged the 3rd PSU Transformation Award under the “Innovative Product Development” category for ‘Firm and Dispatchable RE (FDRE) Supply to DISCOMs on a Demand Following Basis’.

The award was received by Shri Sanjay Sharma, Director (Solar) along with Shri Joshit Ranjan Sikidar, Director (Finance) and Shri Sivakumar V Vepakomma, Director (Power System) in the presence of Shri Ajay Kumar Sinha, General Manager (Corporate Planning) and other officials of SECI.

SECI has introduced the innovative power supply model of Firm and Dispatchable RE (FDRE) working with several DISCOMs and States to understand their energy demands and design models that cater to their renewable power requirement.

Recent Award

• Aster Guardians Global Nursing Award 2024 – Nurse Maria Victoria Juan (from Philippines)
• IGBC Green Champion award 2024 – Bhrat Forge Ltd
• OPCW The Hague Award 2024 – Indian Chemical Council
• JCB Prize 2024 – Upamanyu Chatterjee (for Lorenzo Searches for the Meaning of Life book)
• Global Peace Award For Indian-American Minority Welfare – Narendra Modi
• FABA Lifetime Achievement Award 2024 – Dr. Soumya Swaminathan

Exp. Nafithromycin: Country’s First Indigenous Antibiotic

India has led the way with the creation of Nafithromycin, the country’s first indigenous Macrolide antibiotic. This remarkable achievement marks a pivotal moment in the fight against antimicrobial resistance, showcasing India’s growing capabilities in pharmaceutical innovation.

Developed by Wockhardt with support from the Biotechnology Industry Research Assistance Council (BIRAC), Nafithromycin (marketed as “Miqnaf,”) targets Community-Acquired Bacterial Pneumonia (CABP) caused by drug-resistant bacteria, which disproportionately affects vulnerable populations such as children, the elderly, and those with compromised immune system.

Nafithromycin’s development marks a historic milestone as the first new antibiotic in its class to be introduced globally in over 30 years. It was developed with an investment of Rs 500 crore.  

Exp. EPFO services win India international award

India has bagged the International Social Security Association’s (ISSA) ‘Good Practice Award’ for Asia and Pacific for this year for five services provided by the Employees’ Provident Fund Organisation (EPFO).

ISSA president Dr Mohammed Azman presented the award to the EPFO at the Regional Social Security Forum held in Riyadh, Saudi Arabia.

The Employees’ Provident Fund Organization (EPFO) received five certificates of merit for communication channels, E-proceedings: A case on the use of information and communication technology in justice delivery, district outreach programme (Nidhi Aapke Nikat), multilingual call centres, and Prayaas —

The EPFO received five ‘Certificates of Merit’ for running ‘efficient’ communication channels, conduct of E-proceedings, outreach programme Nidhi Aapke Nikat, running multilingual call centres, and pension order delivery initiative Prayaas.

The EPFO uses webinars, short message services (SMS) and e-mails, social media, information education communication (IEC) videos and camps under Nidhi Aapke Nikat to educate and communicate with stakeholders.

Exp. MS Dhoni joins Eurogrip Tyres as Brand Ambassador

Eurogrip Tyres, a leading brand specialising in two-wheeler, three-wheeler, and off-highway tyres, has appointed cricket legend Mahendra Singh Dhoni as its brand ambassador.

As part of this collaboration, Dhoni will endorse the Eurogrip brand and its entire product portfolio.

TVS Srichakra Ltd, the manufacturer of Eurogrip, TVS Eurogrip, and TVS Tyres, was established in 1982 and operates as a key vertical of the USD 3 billion TVS Mobility.

Recent Brand Ambassador

• Rashmika Mandanna – Chennai-based real estate developer, DRA
• Sonu Sood – Brand Ambassador and Honourary Tourism Advisor for Thailand
• Harbhajan Singh & Sania Mirza – Dubai Sports Council brand ambassador
• Shreyanka Patil – BOBCARD Limited
• Rashmika Mandanna – National Ambassador for Promoting Cyber Safety
• Rahul Dravid – Shriram Finance Ltd,
• Manu Bhaker – Ministry of Ports, Shipping and Waterways (MoPSW)

Exp. India’s IndiGo ranked among ‘world’s worst airlines’ in survey

According to the report, IndiGo has been ranked among the “world’s worst airlines” in the 2024 AirHelp Score report, securing 103rd place out of 109 with a score of 4.80. The low rating is attributed to underwhelming customer satisfaction and poor handling of flight disruption claims.

Meanwhile, Tata’s Air India fares slightly better, standing at 61st. At the top of the list, Brussels Airlines has been named the best airline, followed by Qatar Airways.

Conducted by AirHelp, an EU-based claim processing agency, the survey evaluates airlines globally on punctuality, quality of service, and handling of compensation claims. These criteria weighed equally, form the overall score.

The analysis covers data from January to October, incorporating on-time performance, customer claims processing, and feedback from passengers across 54 countries on food, comfort, and service.

Brussels Airlines topped the list with a score of 8.12, followed by Qatar Airways (8.11) and United Airlines (8.04). Air India, the only other Indian airline ranked, placed 61st with a score of 6.15.

Tunisair ranked last, placing 109th, as the report highlighted the highs and lows of air travel this year.

Top 10 airlines in the world

1. Brussels Airlines
2. Qatar Airways
3. United Airlines
4. American Airlines
5. Play (Iceland)
6. Austrian Airlines
7. LOT Polish Airlines
8. Air Arabia
9. Widerøe
10. Air Serbia

Bottom 10 airlines in the world

100. Sky Express
101. Air Mauritius
102. Tarom
103. IndiGo
104. Pegasus Airlines
105. El Al Israel Airlines
106. Bulgaria Air
107. Nouvelair
108. Buzz

Exp. NeGD and ISB launch “Digital Transformation for Senior Leaders” Training Program to empower government officials

The National e-Governance Division (NeGD) under the Ministry of Electronics and Information Technology (MeitY), in collaboration with the Indian School of Business (ISB), Mohali, inaugurated a five-day training program titled “Digital Transformation for Senior Leaders”.

This program is a pivotal initiative under the Digital India mission aimed at equipping senior government officials with critical knowledge and skills to lead digital transformation across various governance domains.

This initiative focuses on fostering leadership capable of spearheading citizen-centric digital governance. Key areas covered include strengthening digital frameworks to deliver quality public services, enhancing cybersecurity to protect digital ecosystems, and building digital leadership skills for transformational project management.

Director of NeGD – Dinesh Didel