April to June Flashcards
What were the changes in effect under the CGTMSE scheme After 1st April 2024?
After 1st April 2023,
- the limit on the ceiling for guarantees has been enhanced from Rs. 2 crores to Rs. 5 crores.
- The Annual Guarantee fees reduced from 0.75% to 0.37%.
- Increase in the threshold limit from Rs. 5 Lakh to Rs. 10 Lakhs for waiver of legal action.
_____wins SKOCH ESG Award 2024 in Renewable Energy Financing Category?
REC Ltd. The SKOCH ESG Awards recognize organizations that demonstrate outstanding performance in Environmental, Social, and Governance (ESG) practices. The SKOCH ESG Award and Assessment serve as an important benchmark for evaluating organizations’ commitment to India 2047.
The first Doc Film Bazar was organised in which place and why?
The Documentary (Doc) Film Bazaar was organised alongside the 18th Mumbai International Film Festival (MIFF) in Mumbai to promote and support documentaries, short films and animation content showcasing talent in filmmaking, production and distribution.
A certified ESG (Environmental Social Governance) programme was launched by which entities in April and why?
The Indian Institute of Corporate Affairs (IICA) joined hands with HP India to launch this programme.
- Under this programme, HP India in collaboration with IICA, will offer 100% scholarships to 75 candidates, enabling them to pursue advanced education in ESG without financial barriers.
- This initiative is designed as a comprehensive course on ESG, giving a holistic understanding of the philosophy of ESG, its principles, its relevance, and its implications in the current scenario
What was the GST collection in FY2023-24?
Which States/UTs witnessed the highest and lowest growth rate in GST collection in the FY2023-24?
Ans-
* FY 2023-24 marks a milestone with a total gross GST collection of Rs 20.14 lakh crore exceeding ₹20 lakh crore, an 11.7% increase compared to the previous year.
- Ladakh witnessed the highest growth in GST Revenue i.e. 82%.
- Mizoram Witnessed the lowest/negative growth in GST Revenue i.e. -29%.
The 2nd Leadership Development in Science & Technology (LEADS) Programme was organised by which entities?
The Indian National Science Academy (INSA) and the National Centre for Good Governance (NCGG) jointly organized the 2nd INSA-NCGG Leadership Development Program in Science and Technology (LEADS) in New Delhi. The programme seeks to create a robust science ecosystem to nurture and empower future leaders in the field of Science and Technology.
The Technology Development Board -Department of Science & Technology signs an agreement with which entity to set up a commercial plant for recycling of Li-ion Battery and E-Waste using indigenous technology?
M/s Remine India Private Limited, Uttarakhand. It will leverage indigenous technology developed by the Centre for Materials for Electronics Technology (CMET), Hyderabad.
Which port reached new heights with the recent record-breaking achievement of clocking an incredible 145.38 MMT cargo throughput in FY 2023-24?
Paradip Port. This port has now emerged as the highest cargo handling port in the country, bypassing Deendayal Port, Kandla.
A) The report titled “Synchronizing energy transitions towards Possible Net-Zero for India: Affordable and Clean Energy for All” was prepared by which entity?
B) What is India’s average annual energy consumption per capita, according to the report?
C) The electricity consumption will increase gradually to ___% of Total Final Electricity Consumption (TFEC) for India by 2070?
D) What would be India’s emission range in 2070?
E) What will be the widespread electrification percentage of the end-user sectors in the Total Final Electricity Consumption (TFEC)?
F) What will be the financial requirements between 2020 and 2070?
G) The average per capita electricity consumption is lowest and highest in which states respectively?
Ans-
* A) It was prepared by IIM Ahmedabad as part of a study project which was sanctioned in November 2021 by the Office of the Principal Scientific Adviser to the Government of India, for which One-third of the funding was provided by the Nuclear Power Corporation of India Ltd. (NPCIL).
- B) In terms of the energy profile, India’s average annual energy consumption per capita is one-third of the world’s average. India’s energy demand is expected to double by 2040
C) Our modelling indicates that electricity consumption will increase gradually to 29–32% of Total Final Electricity Consumption (TFEC) for India by 2070 under the Nationally Determined Contributions (NDC) scenarios
D) India’s emissions would range between 0.56 billion tonnes of CO2 and 1.0 billion tonnes of CO2 in 2070. It is expected that the remaining gap in emissions will be offset through sequestration in forestry and tree cover as envisaged in our (NDCs).
E) Widespread electrification of end-use sectors i.e. up to 47-52% electricity share in Total Final Electricity Consumption (TFEC) compared to 18% at present.
F) Financial requirements during 2020-2070 would be to the tune of Rs 150-200 lakh Crore (about US$ 2-2.5 trillion, or US$ 40-50 billion/year). Considerable financial flows must be international.
G) The average per-capita electricity consumption is the Lowest in Bihar and the Highest in Goa. Among all Indian states and UTs, Bihar, Assam, Manipur, Tripura, Uttar Pradesh, Madhya Pradesh, Jharkhand, West Bengal, Mizoram, and Orissa have per-capita energy consumption in the bottom one-third.
The SJVN Limited has signed a Memorandum of Understanding (MoU) with which entity to use advanced geological models in SJVN’s tunnelling projects, to improve tunnel performance?
IIT Patna
The Ministry of Health & Family Welfare gave an explanation of the Ayushman Bharat Health Accounts (ABHA), what is ABHA and what are its features?
What are the components of the ABHA?
Ans-
* The ABHA is an Integral component of the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (ABPMJAY), designed to facilitate cashless transactions and manage financial aspects related to healthcare services under the Ayushman Bharat scheme. It is a 14-digit Unique Health Identification (UHID) number or ABHA provided to any individual enrolled under the Ayushman Bharat Digital Mission (ABDM).
Features:
- Cashless Transactions: It enables cashless transactions for eligible beneficiaries seeking treatment at empanelled healthcare facilities.
- Electronic Health Records (HER): It integrates electronic health records, facilitating the storage and retrieval of patient information.
- Portability: The accounts are designed to be portable across various healthcare providers empanelled under the Ayushman Bharat scheme, allowing beneficiaries to access services seamlessly, regardless of their location.
- Real-time Monitoring: It incorporates real-time monitoring mechanisms to track the utilization of funds and ensure that resources are allocated efficiently. This helps in preventing misuse and optimizing the distribution of healthcare resources.
- Transparency and Accountability: By promoting digital transactions and maintaining electronic records, ABHA enhances transparency and accountability in the healthcare system.
Components - Beneficiary Identification, Funds Management, Claim Settlement, Audit & Oversight
The President of India, Smt Droupadi Murmu launched India’s first Car-T cell therapy at which place?
It was developed by which entities?
Ans
* IIT Bombay
- It was developed by IIT, Bombay and Tata Memorial Hospital in association with industry partner ImmunoACT. It is the world’s most affordable CAR-T cell therapy
CAR-T cell therapy, or Chimeric Antigen Receptor T-cell therapy, is an innovative form of immunotherapy used in the treatment of certain types of cancer. It involves genetically modifying a patient’s own T cells (a type of immune cell) to recognize and attack cancer cells more effectively.
The Workshop on ‘Integration of Economic/User Ministries/Departments on PM Gatishakti National Master Plan’ was organised by which entity in New Delhi?
It was organised by the Department of Promotion of Industry and Internal Trade (DPIIT) to sensitise the Economic/User Ministries/ Departments about the onboarding of GIS Data Layers on the PM GatiShakti National Master Plan (NMP), benefits of using the platform for planning and to review the progress made in this respect.
The “Experimental Licence Module for 100 5G Labs” was launched at which place by the Telecom Secretary?
IIT Madras
Department of Telecommunications (DoT) has awarded ‘100 5G Use Case Labs’ to educational institutions across the country.
- The primary objective behind this initiative is to cultivate competencies and engagement in 5G technologies among students and start-up communities.
- They need to obtain an Experimental (Non-Radiating) category of license from the Department of Telecommunication, that’s why DoT launched one of the Experimental Licence Module that aims to simplify the experimental licence requirements for these institutions, facilitating smoother operations and fostering innovation in the 5G domain.
An experimental (non-radiating) licence typically refers to regulatory permission granted by a government authority or regulatory body to an individual or organization to conduct experiments or tests involving electronic devices or equipment that do not emit radiofrequency radiation.
In April 2024, India and the EU launched an Expression of Interest (EOI) for ________under the India-EU Trade & Technology Council (TTC) Working Group 2?
What are the 3 working groups under the India-EU Trade & Technology Council (TTC)?
Ans-
* It was launched for startups working in Battery Recycling technologies for Electric Vehicles (EVs)
- The India-EU Trade and Technology Council (TTC) was announced in 2022 and established in 2023. The TTC consists of three Working Groups:
(1) Working Group 1 on Strategic Technologies, Digital Governance and Digital Connectivity.
(2) Working Group 2 on Green and Clean Energy Technologies - It is being co-chaired from the Indian side by the Office of the Principal Scientific Adviser to the Government of India and from the EU side by the Directorate-General for Research and Innovation of the European Commission.
(3) Working Group 3 on Trade, Investment and Resilient Value Chains
As of 7 April, Over 73,000 applications received on the Suvidha Portal since the announcement of General Elections 2024. What is the Suvidha Portal?
What are the various campaigns runned by the government for the elections?
Ans-
** It was launched and developed by the Election Commission of India (ECI). The Suvidha Portal caters to a diverse range of permission requests by political parties transparently on the First in First Out principle. It caters to permissions for organising rallies, opening temporary party offices, door-to-door canvassing, video vans, helicopters, obtaining vehicle permits, and distributing pamphlets.
** Turning 18 Campaign - It specifically targets young and first-time voters. The primary objective is to galvanize youngsters to participate in the upcoming elections and address the critical issues of urban and youth apathy noticed in previous elections.
You are the One Campaign - This initiative aims to recognize and celebrate the invaluable contributions of various stakeholders involved in the electoral process, from voters and political parties to Booth Level Officers (BLOs), ground staff, polling parties, administrative personnel, media professionals, central forces, and security personnel, each stakeholder plays a vital role in ensuring the integrity and efficiency of the electoral process.
‘VerifyBeforeYouAmplify’ initiative - It aims to tackle fake news and urges individuals to exercise caution and diligence before sharing information on social media platforms.
Which entity will organise the Clean Economy Investor Forum in Singapore?
The Clean Economy Investor Forum will have which two tracks for the Indian Industries?
Ans-
* IPEF (Indo-Pacific Economic Framework)
- Climate Tech Track: Under this track, the IPEF Clean Economy Investor Forum is holding an open call that aims to recognise the top climate tech companies and start-ups among the member countries and present them to global investors.
- Infrastructure Track: Under this track, India will showcase selected investible sustainable infrastructure projects at the 2024 Forum.
- The sectors of focus are energy transition (e.g electric gird; renewable energy, including solar, and onshore wind; sustainable aviation fuel; battery storage; hydrogen; green data centres), transport and logistics (e.g. Electric Vehicle, EV charging points), waste management/waste to energy.
- The IPEF Clean Economy Investor Forum is managed by Invest India, India’s National Investment Promotion Agency.
A) The Scheme Guidelines for the implementation of the R&D scheme under the National Green Hydrogen Mission were released. What is the outlay and tenure of the R&D component of the National Green Hydrogen Mission?
B) Support to R&D will be provided for which type of projects?
C) What percentage of the project cost will be provided under the R&D component?
D) What will be the pattern for the disbursement of funds?
E) What will be the overhead charges provided to institutions under the scheme?
Ans-
A) Outlay- ₹400 crore, Tenure- till FY2025-26
B) Support will be provided under the Mission for the following types of projects:
- Mission Mode Projects with short-term (0-5 years) horizon.
- Grand Challenge Projects with a mid-term (0-8 years) impact horizon.
- Blue Sky Projects have a long-term (0-15 years) horizon.
- Centers of Excellence
C) - Upto 100% of the total project cost will be provided to Academic Institutions, Universities, Government/Non-profit research organizations, and Academia/National R&D lab partners.
- Upto 80% of the total project cost will be provided to Private institutes/research organizations and industries.
D) The Pattern of release of Central Financial Assistance (CFA) will be on a milestone basis:
- up to 30% of the total assistance excluding the institutional overheads would be released along with the sanction depending on the requirement of equipment in the project.
- The balance assistance excluding the institutional overheads would be sanctioned as per the annual allocation based on the progress/milestone achieved in the project.
E) - Overhead charges are restricted up to 8% of the project cost for the projects costing up to Rs. 1 Crore.
- In case of the project cost of Rs. 1 to 5 Crore, the overhead charges will be 8% of the project cost or Rs. 15 lakh whichever is less.
- In case of the project cost of more than Rs. 5 Crore, the quantum and overhead charges will be decided/approved by the MNRE on a case-to-case basis
The Khanij Bidesh India Limited (KABIL) signed an MoU with which entity in April for technical & knowledge cooperation for critical minerals?
Council of Scientific and Industrial Research - Institute of Minerals and Materials Technology (CSIR-IMMT)
Which hospital became the first government hospital across the country to procure and conduct successful piezoelectric bone conduction hearing implants?
Department of Ear, Nose & Throat (ENT) Command Hospital, Pune
The “Prerana” program was launched by which ministry, at which place and why?
The pilot phase of the “Prerana” programme was launched in which states and UTs?
**
- It was launched by the Department of School Education and Literacy (DoSEL), Ministry of Education To inspire the youth of the country to become “catalysts of change”.
- Prime Minister Narendra Modi’s first school in his hometown Vadnagar in the Mehsana district of Gujarat is being developed as a model school called “PRERANA”.
- The Prerna School will offer a 5-day programme of Experiential and immersive learning to Students of Grades IX to XII. The week-long camp/programme at Prerana School is a journey of inspiration to invoke the 3 following fundamental themes:
a) Who am I?
b) What is our history and Cultural Heritage?
c) What can I do for my country?
** It held for five batches of 20 participants each from five states and one Union Territory:
Haryana, Rajasthan, Madhya Pradesh, Maharashtra, Gujarat and UT of Daman and Diu
The ___edition of the “Raisina Dialogue 2024” was held in New Delhi, hosted by the Observer Research Foundation and the Ministry of External Affairs?
What was the theme of the conference?
What are the 6 thematic pillars of the Raisina Dialogue?
** 9th edition. The chief guest of the conference was Mr. Kyriakos Mitsotakis, Prime Minister of Greece.
** “Chaturanga: Conflict, Contest, Cooperate, Create”
** (i) Tech Frontiers: Regulations & Realities
(ii) Peace with the Planet: Invest & Innovate
(iii) War & Peace: Armouries & Asymmetries
(iv) Decolonising Multilateralism: Institutions & Inclusion;
(v) The Post 2030 Agenda: People & Progress;
(vi) Defending Democracy: Society & Sovereignty.
- Raisina Dialogue is India’s flagship annual conference on geopolitics and geo-economics, committed to addressing the most challenging issues facing the international community.
- Every year, leaders in politics, business, media, and civil society converge in New Delhi to discuss the state of the world and explore opportunities for cooperation on a wide range of contemporary matters
The Election Commission of India (ECI), for the first time in a Lok Sabha Election, provided the facility of home voting for the elderly and Persons with Disabilities in the 2024 Lok Sabha elections. What are the age and benchmark disability criteria for this?
It is Applicable to:
- Voters above 85 years of age.
- Persons with Disabilities (PwDs) with 40% benchmark disability
The World Quantum Day is observed annually on 14 April, What is the tenure and outlay of the National Quantum Mission?
What are the objectives of the National Quantum Mission?
** Tenure- It will be implemented for a period of eight years from FY2023-2024 to FY2030-2031 by the Department of Science and Technology, Ministry of Science and Technology.
Outlay- ₹6003 crore, Tenure- 2023-24 to 30-31
** - The Mission aims to seed, nurture and scale up scientific and industrial R&D and create a vibrant & innovative ecosystem in Quantum Technology (QT).
- The Mission objectives include developing intermediate-scale quantum computers with 50-1000 physical qubits in 8 years in various platforms like superconducting and photonic technology.
- Mission Implementation includes setting up four Thematic Hubs (T-Hubs) in top academic and National R&D institutes in the domains of quantum Computing, Quantum Communication, Quantum Sensing & Metrology and Quantum Materials & Devices. The hubs will focus on the generation of new knowledge through basic and applied research as well as promote R&D in areas that are mandated to them.
India and Myanmar’s rupee kyat settlement mechanism has been operationalised from 25th January 2024 to simplify trade transactions and to make them more efficient. The Rupee/Kyat direct payment system will be utilized using a Special Rupee Vostro Account of which bank?
Punjab National Bank
As of April 2024, around _____workers are registered on the e-shram portal?
295 million workers
A) Central Board of Direct Taxes (CBDT) signed a record number of ____ Advance Pricing Agreements (APAs) in FY 2023-24?
B) ____Uniletaral APAs and _____Bilateral APAs (BAPAs) were signed in FY2024?
C) Since the inception of the APA Programme a total of ____APAs has been signed, comprising ____UAPAs and ____BAPAs?
D) What is the maximum and minimum duration of APA?
E) When are APAs and when were they introduced?
A) 125, which also represents a 31% increase compared to the 95 APAs signed during the preceding financial year.
B) - 125 APAs include 86 Unilateral APAs and 39 Bilateral APAs
- During FY 2023-24, CBDT also signed the maximum number of BAPAs in any financial year to date. The BAPAs were signed as a consequence of entering into Mutual Agreements with India’s treaty partners namely Australia, Canada, Denmark, Japan, Singapore, the UK and the US
C) Since the inception of the APA Programme, a total of 641 APAs have been signed, comprising 506 UAPAs and 135 BAPAs.
D) - The term of APA can be a maximum of 5 years. Further, the taxpayer has the option to rollback the APA for four preceding years, as a result of which, tax certainty is provided for nine years.
- There is no minimum period, However looking into the time, money and efforts that are expected to be spent before entering into APA, it is likely that the application for APA would normally be for a term which is not less than at least 3 years
E) - Advance Pricing Agreement (APA) provisions were introduced in the Income-tax Act, 1961 (Act) w.e.f. 2012. It is an agreement between a taxpayer and one or more tax authorities (CBDT for India) regarding the transfer pricing methodology/Arm Length Price applied to transactions between related entities.
- Transfer pricing/Arm-length price refers to the pricing of goods, services, and intellectual property transferred between related entities within multinational corporations.
- The primary objective of APAs is to provide certainty and clarity to taxpayers regarding their transfer pricing practices, thereby reducing the risk of disputes and double taxation for multinational corporations engaged in cross-border transactions. APAs minimize ambiguity and reduce the likelihood of misunderstanding between taxpayers and tax authorities by establishing agreed-upon transfer pricing methodologies.
- APAs help mitigate the risk of double taxation by providing assurance to tax authorities that transfer pricing practices comply with the arm’s length principle. Thus, tax authorities are less likely to impose adjustments that could lead to double taxation of the same income in multiple jurisdictions.
There are 3 types of APAs
Unilateral APA- Involves an agreement between the taxpayer and the tax authority of a single jurisdiction.
Bilateral APA- Involves agreements between the taxpayer, the tax authority of the taxpayer’s country, and the tax authority of another country where related entities are located. This ensures consistency and mutual agreement on transfer pricing practices across jurisdictions.
Multilateral APA- Involves agreements between the taxpayer, the tax authorities of multiple countries, and possibly other relevant parties. This is used when transactions involve entities in more than two jurisdictions.
The annual rate of inflation based on the Wholesale Price Index for the month of March 2024 was ___% (Provisional)?
What are the components of WPI?
** 0.53%
** The Wholesale Price Index (WPI) is released by the DPIIT, Ministry of Commerce & Industry. Its components are
- Primary Articles (22.62%)
- Fuel & Power (13.15%)
- Manufactured Products (64.23%)
Its base year is 2011-12 with a base value of 100
The 1st international workshop on ‘Emerging Technologies & Challenges for Exoskeleton’ was organised at which place and by which entity?
It was organised in Bengaluru by the DRDO
What is the name of the premier testing & evaluation hub for sonar systems, inaugurated in April for the Indian Navy and it was inaugurated at which place?
The Submersible Platform for Acoustic Characterisation and Evaluation (SPACE) was inaugurated at the Underwater Acoustic Research Facility, Kulamavu in Idukki, Kerala.
It will consist of two distinct assemblages:
- A platform which floats on the water’s surface
- A submersible platform which can be lowered to any depth upto 100 m using winch systems.
The 16th “World Future Energy Summit 2024: Driving Sustainable Energy Solutions” was held at which place?
IREDA director Pradip Kumar Das highlighted that Indian Renewable Energy Development Agency Ltd. (IREDA) has opened an office in _____place which will specialize in providing debt options denominated in foreign currencies?
** Abu Dhabi, UAE
** GIFT City, Gandhinagar. This will facilitate natural hedging and significantly reduce the financing costs for Green Hydrogen and Renewable Energy Manufacturing projects.
A Conference titled ‘India’s Progressive Path in the Administration of Criminal Justice System’ was organised in New Delhi. The conference was set against the backdrop of the enactment of which 3 criminal laws?
What does the criminal law BNSS stipulate?
- Bharatiya Nyaya Sanhita 2023, Bharatiya Nagarik Suraksha Sanhita (BNSS) 2023 and Bharatiya Sakshya Adhiniyam 2023 given their being brought into effect from 1st July 2024.
- These new laws replaced the earlier criminal laws namely, the Indian Penal Code 1860, the Code of Criminal Procedure, 1973 and the Indian Evidence Act, 1872.
** - The BNSS stipulates that criminal trials must be completed in three years, and judgments must be pronounced within 45 days of being reserved.
- Section 530 of the BNSS allows all trials, inquiries, and proceedings may be conducted in electronic mode, which is in keeping with the needs of the present time.
The Ministry of Heavy Industries receives Seven bids against Global Tender for the selection of bidders to set up giga-scale Advanced Chemistry Cell (ACC) manufacturing facilities of cumulative ___GWh capacity under the PLI ACC scheme?
When was the PLI-ACC Scheme (PLI Scheme on National Programme on ACC Battery Storage) launched and at what outlay?
What are the targets of the beneficiary firms?
** 10 GWh
** It was launched in 2021 by the Ministry of Heavy Industries with an outlay of ₹18100 crore. It aims to achieve the manufacturing capacity of Fifty (50) giga-watt hours (GWh) of the ACC.
** The beneficiary firm has to ensure achieving a domestic value addition of at least 25% and raise it to 60% within 5 Years while also making the mandatory investment of Rupee 225 crore /GWh for committed capacity within 2 Years.
Answer the following based on the “Indian Telecom Services Performance Indicator Report” for the Quarter October-December 2023-
A) The report was released by?
B) Total number of Internet subscribers increased from ____ at the end of Sep-23 to _____ at the end of Dec 23, registering a quarterly rate of growth ___%?
C) Urban Internet Subscribers were ____and Rural Internet Subscribers were_____?
D) The number of telephone/Telecom subscribers in India increased from ______ at the end of Sep-23 to _____ at the end of Dec23, registering a rate of growth of ___% over the previous quarter?
E) What is the market share in the Telecom sector?
A) Telecom Regulatory Authority of India (TRAI)
B) From 918.19 million at the end of Sep-23 to 936.16 million at the end of Dec23, registering a quarterly growth rate of 1.96%
C) Urban Internet Subscribers: 548.12 million, Rural Internet Subscribers: 388.05 million
D) It increased from 1,181.13 million at the end of Sep-23 to 1,190.33 million at the end of Dec 23, registering a rate of growth of 0.78% over the previous quarter.
E) Private Operators: 91.36%, PSU Operators: 8.64%
The Department of Administrative Reforms and Public Grievances (DARPG) signed an MoU with which country in April, in the field of Human Resource Development?
It was signed with Cambodia for the next 5 years
Where was the “26th World Energy Congress” held in April and What was the theme of the event?
Location: Rotterdam, Netherlands.
Theme: ‘Redesigning Energy for People and Planet’
The Reserve Bank of India (RBI) in April came out with guidelines for the voluntary conversion of small finance banks (SFBs) into universal banks. What are the eligibility criteria for the same?
What are the conditions regarding shareholding pattern?
** – minimum net worth of ₹1000 crore
- Gross NPA of 3% or less and Net NPA of 1% or less in the past 2 financial years
- SFBs must have reported a net profit in the past 2 financial years and must have met the prescribed capital adequacy norms
- Should have a scheduled status with a satisfactory track record of performance for a minimum period of five years
- meeting the prescribed CRAR requirements for SFBs
- shares of the bank should have been listed on a recognised stock exchange
** 1. There is no mandatory requirement for an eligible SFB to have an identified promoter. However, the existing promoters of the eligible SFB, if any, shall continue as the promoters on transition to Universal Bank.
- Addition of new promoters or change in promoters shall not be permitted for an eligible SFB while transitioning to Universal Bank.
- There shall be no new mandatory lock-in requirement of minimum shareholding for existing promoters in the transitioned Universal Bank.
- There shall be no change to the promoter shareholding dilution plan already approved by the Reserve Bank.
- The eligible SFBs having diversified loan portfolio will be preferred.
-
The prime minister of India addressed the 6th edition of the “International Conference on Disaster Resilient Infrastructure (ICDRI) 2024” in New Delhi. What was the theme of the event?
ICDRI is the flagship annual conference of the Coalition for Disaster Resilient Infrastructure (CDRI). When was the CDRI established and it has how many members?
** “Investing Today for a more resilient tomorrow”
**- Established: 2019 during the United Nations Climate Action Summit in New York.
- Members: 39 countries and 7 organizations.
The 7 organizations are:
- Asian Development Bank
- World Bank Group
- UNDP
- United Nations Office for Disaster Risk Reduction (UNDRR)
- The Private Sector Alliance for Disaster
Resilient Societies - European Union
- European Investment Bank
- Secretariat: New Delhi, India.
The SCO (Shanghai Cooperation Organisation) Defence Ministers’ Meeting 2024 was held in which place?
When was the SCO established and where is its headquarters?
** Astana, Kazakhstan
** - It was Established in 2001, The SCO charter was signed in 2002 and entered into force in 2023.
- Headquarter: Beijing, China
- SCO is a permanent intergovernmental international organisation. It’s a Eurasian political, economic and military organisation aiming to maintain peace, security and stability in the region. The SCO’s official languages are Russian and Chinese. It has 8-members (India and Pakistan joined this group in 2017)
Khanij Bidesh India Limited (KABIL) signed an MoU with which entity to foster a long-term collaboration in the field of geophysical investigations to bolster its ongoing projects and activities in critical and strategic minerals?
Council of Scientific and Industrial Research - National Geophysical Research Institute (CSIR-NGRI)
At the 3rd Biennial Pan-“Commonwealth Heads of Public Services/Secretaries to Cabinet Meeting”, the Commonwealth Secretariat recognized CPGRAMS as a state-of-the-art grievance redressal system for SMART Government. What was the theme of the 3-day conference?
The government has approved an allocation of ₹_____for CPGRAMS 8.0 with an upgraded technology platform to be implemented over the next 2 years?
** “Institutionalization of SMART Government for Improving Service Delivery,”
** ₹128 crore
About Centralised Public Grievance Redress and Monitoring System (CPGRAMS)
- It is an online platform available to the citizens 24x7 to lodge their grievances to the public authorities on any subject related to service delivery.
- It is a single portal connected to all the Ministries/Departments of Government of India and States.
- It was launched by the Department of Administrative Reforms and Public Grievances (DAPRG).
- Every Ministry and States have role-based access to this system.
- CPGRAMS is also accessible to the citizens through a standalone mobile application downloadable through the Google Play store and a mobile application integrated with UMANG.
The First Multi-purpose (Combined Heat and Power) Green Hydrogen Pilot Project was inaugurated at which place and by which company?
It was inaugurated by the SJVN at the Nathpa Jhakri Hydro Power Station in Jhakri, Himachal Pradesh. It has a production capacity of 1500Mw.
The REC Ltd in April availed a Green Loan of ____Japanese yen to finance green projects in India?
The green loan facility benefits from an 80% guarantee by which export credit agency?
** 60.536 billion Japanese Yen
** Italian Export Credit Agency, SACE. It is the first Yen-denominated loan transaction in India and the first Green Loan Transaction in India, for SACE.
According to the Ministry of Commerce & Industry, The total merchandise exports figures went up from USD____ in 2003-04 to ____USD in 2013-14, and in FY2023-24 stand at ____USD?
FY 2003-04: USD billion 63.84
FY 2013-14: USD billion 314.40
FY 2023-24: USD billion 437
Answer the following according to the RBI circular released in Jan 2021 “Corporate Governance in Banks - Appointment of Directors and Constitution of Committees of the Board”-
a) What is the eligibility for the chair of the board?
b) What is the quorum requirement of the board?
c) What are the directions for the Audit Committee of the Board (ACB)?
d) What are the directions for the Risk Management Committee of the Boards (RMCB)?
e) What are the directions for the Nominations and Remuneration Committee (NRC)?
f) What is the age limit and job tenure of Non-Executive Directors (NED) in the chair of the board of Banks?
g) Remuneration up to ₹_____lakh per annum will be provided to NEDs for their sitting fees and expenses?
h) The post of the MD & CEO and WTD (Whole Time Directors) cannot be held by the same incumbent for more than ____years?
i) What is the age limit for MD & CEO and WTDs?
Ans-
a) - The Chair of the board shall be an independent director and In the absence of the Chair of the board, the meetings of the board shall be chaired by an independent director.
- At least half of the directors attending the meetings of the board shall be independent directors.
b) The quorum for the board meetings shall be one-third of the total strength of the board or three directors, whichever is higher.
c) - The ACB shall be constituted with only non-executive directors (NEDs) and at least two-thirds of the members attending the meeting of the ACB shall be independent directors. The meetings of the ACB shall be chaired by an independent director who shall not chair any other committee of the Board.
- The Chair of the Board shall not be a member of the ACB.
- The ACB shall meet at least once a quarter with a quorum of three members.
- The Chair of the ACB shall not be a member of any committee of the board which has a mandate of sanctioning credit exposures.
D) - The board shall constitute an RMCB with a majority of NEDs (Non-Executive Directors).
- The RMCB shall meet with a quorum of three members.
- At least half of the members attending the meeting of the RMCB shall be independent directors of which at least one member shall have professional expertise/ qualification in risk management.
- Meetings of RMCB shall be chaired by an independent director who shall not be a Chair of the board or any other committee of the board.
- The Chair of the board may be a member of the RMCB only if he/she has the requisite risk management expertise.
- The RMCB shall meet at least once in each quarter.
E) - The board shall constitute an NRC made up of only NEDs.
- The NRC shall meet with a quorum of three members.
- At least half of the members attending the meeting of the NRC shall be independent directors, of which one shall be a member of the RMCB (Risk Management Committee of the Board).
- The meetings of the NRC shall be chaired by an independent director.
- The Chair of the Board shall not chair the NRC.
F) Age Limit- 75 years
Tenure- 8 years. After completing eight years on the board of a bank the person may be considered for re-appointment only after a minimum gap of three years.
G) Up to ₹30 lakh per annum will be provided to NEDs as their sitting fees and expenses
H) 15 years. The individual will be eligible for reappointment for a minimum gap of 3 years. MD&CEO or WTD who is also a promoter/ major shareholder, cannot hold these posts for more than 12 years. However, in extraordinary circumstances, at the sole discretion of the Reserve Bank such MD&CEO or WTDs may be allowed to continue up to 15 years
I) The overall age limit is 70 years and Within the overall limit of 70 years, as part of their internal policy, individual bank Boards are free to prescribe a lower retirement age for the WTDs, including the MD&CEO.
Answer the following based on the “Master Circular on Board of Directors –UCBs”, released by the RBI in April 2024-
a) What is the minimum number of directors required in the board and what should be their experience and education?
b) UCBs other than those having deposit size less than ₹_____and salary earners’ banks are also required to constitute a Board of Management (BoM) to facilitate professional management and focused attention to their banking-related activities, by making suitable amendments to their bye-laws?
c) What is the asset size requirement for UCBs to set up a risk management committee?
d) What are the eligibility criteria for the Director’s post in UCBs, according to the Madhav Das Committee?
e) What is the minimum membership duration required for voting on the board for UCBs, according to the Madhav Das Committee?
f) What is the minimum number of directors requirement concerning state government representatives, according to the Madhav Das Committee?
a) - Banks should, at all times, have at least two professional directors on the board
- They should have suitable banking experience (at the middle/senior management level) or relevant professional qualifications in the fields of law, accountancy or finance.
b) less than ₹100 crore
c)- UCBs having asset size of ₹5000 crore or above (as of March 31 of the previous year) are advised to set up a Risk Management Committee (of the Board).
- The Board shall decide the membership, scope of work and frequency of meetings of the Risk Management Committee.
d) - Those contesting for directorship in urban banks should have been members for a minimum period of two years.
- Similarly, members contesting for election to the Board should have had a minimum deposit of any type of Rs. 500 in the urban bank concerned for a minimum period of two years continuously.
e) members of a primary (urban) cooperative bank should be permitted to participate in the election of its Board of Management only after being members for a minimum period of 12 months from the date of enrollment.
f) The number of such representatives should not exceed one-third of the total number of directors or three, whichever is less.
Which entity signed an MoU with MeitY in April to leverage Digi Locker’s secure and accessible document repository services?
Indian Air Force (IAF). Authorized IAF departments and divisions will now be able to seamlessly upload digital records, certificates, and vital documents to the national DigiLocker repository, ensuring secure storage and easy accessibility.
Pension Portals of all Pension Disbursing Banks to be integrated into the “Integrated Pensioners Portal”. What is the name of the portal that provides online tracking of pension sanctions and payment processes by individuals?
- The “Bhavishya” platform was launched by the Department of Pension & Pensioners’ Welfare and made mandatory for all central government departments w.e.f from 1, Jan 2017
- The Department of Pension & Pensioners’ Welfare was awarded the 3rd Rank for BHAVISHYA as per the NeSDA Assessment 2021 among all the Central Government e-Governance Service Delivery Portals.
- The task of integrating of Pension Portal of SBI, Bank of Baroda, Punjab National Bank and Canara Bank with the Bhavishya portal has been completed.
- At present, it is being successfully implemented in 98 Ministries/ Departments including 870 Attached Offices and 8,174 DDOs on board
A conference was organised on ‘Challenges and Prospective Solutions in Inland Waterways and Shipbuilding’, to delve deeper into the pressing issues within the maritime sector. It was organised by which entities and at which place?
_______ has been selected as the pilot location for the deployment of green hydrogen fuel cell inland vessels on National Waterways-I, aligning with the government’s Harit Nauka guidelines?
** Organizer:
- Ministry of Ports, Shipping and Waterways (MoPSW), Government of India
- Cochin Shipyard Limited (CSL)
- Inland Waterways Authority of India (IWAI)
It was organised in Kochi, Kerala
** Varanasi
The “Critical Minerals Summit: Enhancing Beneficiation and Processing Capabilities” was hosted by the Ministry of Mines in collaboration with which entities in New Delhi to provide knowledge support in the field of Critical Minerals which are crucial for India’s economic development, national security, and low-carbon energy transition.?
- Shakti Sustainable Energy Foundation
- Council on Energy, Environment and Water (CEEW)
- TERI
- Indian Institute of Sustainable Development (IISD)
Which two entities collaborated in April to implement floating solar energy technology in India?
NHPC collaborated with the Norweigan company “M/S Ocean Sun”
The Citizen Financial Cyber Frauds Reporting and Management System (CFCFRMS) was developed by which entity?
- It was developed by the Indian Cybercrime Coordination Centre (I4C), Ministry of Home Affairs as a part of the National Cybercrime Reporting Portal (NCRP).
- It has been developed for quick reporting of financial cyber frauds and monetary losses suffered due to the use of digital banking/credit/debit cards, payment intermediaries, UPI etc.
- It has created a common integrated platform where all concerned stakeholders i.e., Law Enforcement Agencies, banks, RBI, financial intermediaries, payment wallets, NPCI, etc., work in tandem.
- Complaints can be reported through helpline number 1930 or on the National Cybercrime Reporting Portal.
Who was appointed as the 26th Chief of Naval Staff?
Admiral Dinesh K Tripathi
A) What will be the penalties imposed on bank branches and currency chests for deficiency in notes and coins remittances to the RBI, as per the Master Circular released in April?
B) What will be the penalty imposed for Non-compliance with operational guidelines by currency chests detected by RBI officials?
C) What penalty will be levied for Violation of any of the terms of the agreement with RBI (for opening and maintaining currency chests) or deficiency in service in providing exchange facilities, as detected by RBI officials?
D) A flat penalty of ₹_____per ATM would be imposed on an ATM operator if an ATM is cash-out (Out of Cash) for more than 10 hours in a month?
A) 1) Shortages of notes in soiled note remittances and shortages of notes and coins in currency chest balances:
- For notes in denomination up to ₹50: ₹50/- per piece in addition to the loss.
- For notes in denomination of ₹100 & above: Equal to the value of the denomination per piece in addition to the loss.
- For coins in all denominations: Equal to the value of the denomination per piece in addition to the loss.
The recovery of loss and imposition of penalty shall be done immediately on detection of shortage, irrespective of the number of pieces.
2) Counterfeit notes detected in soiled note remittances and currency chest balances:
- Penalty at 100% of the notional value of Counterfeit Notes, in addition to the recovery of loss to the extent of the notional value of such notes, will be imposed
3) Mutilated notes (including deliberately cut notes and built-up notes) detected in soiled note remittances and currency chest balances:
₹50/- per piece irrespective of the denomination in addition to the loss. The recovery of loss and imposition of penalty shall be done immediately on detection, irrespective of the number of pieces.
B) - Penalty of ₹5,000/- for each instance of irregularity.
- Penalty shall be enhanced to ₹10,000/- in case of repetition/recurrence of irregularity in consecutive inspection cycles or earlier
Penalties in this domain pertain to:
1) Non-functioning of CCTV, non-compliance with rules/guidelines pertaining to CCTV, recording preservation period and related issues
2) Branch cash/documents kept in the strong room (CC’s vault)
3) Non-utilisation of Note Sorting Machines (NSMs) for sorting of notes (NSMs not used for sorting of high denomination notes, i.e. notes of denomination ₹100 and above, received over the counter or not used for sorting notes remitted to chest / RBI)
4) Non-conduct of surprise verification of currency chest balances - at (i) bimonthly intervals by officials unconnected with the operations of currency chest, and (ii) six-monthly intervals by officials from the Controlling Office
Penalty
C) - ₹10,000/- for any violation of the agreement or deficiency of service.
- ₹5 lakh in case there are more than 5 instances of violation of agreement/deficiency in service by the currency chest/branch in consecutive inspection cycles or earlier. The levy of such penalty shall be placed in the public domain.
Penalties in this domain pertain to:
1) Non-issue of coins over the counter to any member of the public despite having stock.
2) Refusal by any bank branch to exchange soiled notes/refusal by any currency chest branch to adjudicate mutilated notes tendered by any member of the public.
3) Denial of facilities/services to linked branches / linked CCs of other banks.
4) Non-acceptance of lower denomination notes (i.e. denomination of ₹50 and below) tendered by members of the public and linked bank branches for exchange/deposit.
5) Detection by RBI of mutilated, built-up, counterfeit notes in reissuable packets prepared by the currency chest branches.
D) ₹10000 per ATM
Answer the following based on the Master Direction on the Framework of incentives for the Currency Distribution & Exchange Scheme for bank branches including currency chests, released by the RBI in April 2024-
A) What is the incentive structure for Opening and maintaining CCs at centres having a population of less than 1 lakh, in underbanked states?
B) What is the incentive structure for the Exchange of soiled notes/adjudication of mutilated notes over the counter at bank branches?
C) What is the incentive structure for the Distribution of coins?
D) What will be the service charge levied by the currency chests on the non-chest branches?
E) What are the eligibility criteria for large modern Currency Chests (CCs)?
A)
- Capital Cost reimbursement of 50% of capital expenditure (inclusive of all taxes) subject to a ceiling of ₹50 lakh per CC. In the North Eastern region, up to 100% of capital expenditure is eligible for reimbursement subject to the ceiling of ₹50 lakh (inclusive of all taxes).
- Revenue cost Reimbursement of 50% of revenue expenditure (inclusive of all taxes) for the first 3 years. In the North Eastern region, 50% of revenue expenditure (inclusive of all taxes) is eligible for reimbursement for the first 5 years.
B)
- Exchange of soiled notes – ₹2/- per packet for exchange of soiled notes in denominations up to ₹50/- and below.
- Adjudication of mutilated notes – ₹2/- per piece.
C)
- ₹65/- per bag for distribution of coins.
- An additional incentive of ₹10/- per bag shall be paid for coin distribution in rural and semi-urban areas on the submission of a Concurrent Auditor (CA) certificate to this effect
D) Service charge to be levied by the CC on the non-chest branches
- Large modern CCs – ₹8/- per 100 pieces.
- Other CCs – ₹5/- per 100 pieces.
E) - Chest Balance Limit of at least ₹10 billion
- Area of the strong room/ vault of at least 1500 sq ft and the Area of the strong room/vault should be at least 600 sq ft for those situated in hilly/inaccessible places states.
- Processing capacity of 6,60,000 pieces of banknotes per day. For those situated in the hilly/ inaccessible places, capacity of 2,10,000 pieces of banknotes per day.
- Amenability to the adoption of automation and adaptability to implement IT solutions.
The minimum amount of deposit or withdrawal from the currency chest shall be ₹_____and in the multiples of ₹_______thereafter?
A penalty of ₹_____ and penal interest at the rate of __% will be charged for wrong reporting of soiled notes, delayed reporting and diversions reported as deposit or withdrawal?
In which portal should the currency chest report such transactions?
** ₹1 lakh and thereafter, in the multiples of ₹50000
** Penalty- ₹50000
Penal interest- 2% over the prevailing bank rate
** The currency chests shall invariably report all transactions through the CyM-CC portal on the same day by 7 pm
Answer the following based on the Master circular on the “disbursement of government pensions by the agency banks “ released by the RBI in April-
A) All agency banks adhere to the recommendations of which committee related to the disbursement of pensions?
B) What interest rate will be provided to pensioners for delay in crediting pension/arrears?
A) Prabhakar Rao Committee
B) Pension-paying banks should compensate the pensioner for delay in crediting pension/ arrears thereof at a fixed interest rate of 8% per annum for the delay after the due date of payment and the compensation shall be credited to the pensioner’s account automatically without any claim from the pensioner on the same day
Answer the following based on the master circular on the “Conduct of Government Business by Agency Banks-Payment of Agency Commission” released by the RBI-
A) The Reserve Bank of India carries out the general banking business of the Central and State Governments through its own offices and through the offices of the agency banks under which section of the RBI act?
B) What are the different agency commissions paid by the RBI with respect to different transactions?
C) If the work is shared between two banks, the agency commission is shared between the banks in the proportion of _____?
A) Section 45 of the RBI Act, 1934
B) Receipts- Physical Mode: ₹40 per transaction
Receipts- e-Mode: ₹9 per transaction
Pension payments: ₹75 per transaction
Payments other than Pension: 6.5 paise per ₹100 turnover
- The number of transactions eligible for payment of agency commission should not exceed 14 per pensioner per year.
- Agency banks are advised to furnish their claim on agency commission to the Reserve Bank within 60 calendar days from the end of the quarter in which the transactions have been conducted
- Agency banks will be liable to pay penal interest at the Bank Rate as notified by the Reserve Bank of India plus 2% for any wrong claims of agency commission settled
Resident entities were allowed to hedge against the price risk of ______using OTC (Over the Counter) derivatives in the IFSC recognized by the IFSCA?
Against the price risk of Gold.
What will be the validity periods for the Key Fact Statements (KFS) of loans and advances provided to the borrowers by regulated entities?
- Validity period of at least 3 working days for loans having a tenor of 7 days or more
- Validity period of 1 working day for loans having a tenor of less than 7 days
The validity period refers to the period available to the borrower, after being provided the KFS by the RE, to agree to the terms of the loan.
Under the Differential Rate of Interest (DRI) scheme, the banks provide what finances to the weaker sections of the community and SC/STs engaged in productive and gainful activities?
What are the eligibility criteria under the DRI scheme?
** - Banks provide finance up to ₹15,000/- at a concessional rate of interest of 4% per annum to the weaker sections of the community for engaging in productive and gainful activities.
- Banks are advised to grant at least 2/5th of the total advances under the DRI scheme to SC/STs
- Members of SCs/STs satisfying the income criteria of the scheme can also avail of housing loans up to ₹20,000/- per beneficiary over and above the individual loan of ₹15,000/- available under the scheme.
** The size of land holding should not exceed 1 acre of irrigated land and 2.5 acres of unirrigated land, these do not apply to SCs/STs
The Differential Rate of Interest (DRI) scheme is a social banking initiative aimed at providing financial assistance to the economically weaker sections of society at a concessional rate of interest. Launched in 1972, the scheme’s primary objective is to ensure access to credit for marginalized individuals who might otherwise be excluded from the formal financial system. The scheme primarily focuses on economically disadvantaged groups, including Scheduled Castes (SC), Scheduled Tribes (ST), and other backward classes (OBC)
Answer the following based on the RBI’s Master Circular on the DAY-NRLM released in April-
a) What credit facilities are provided by banks to SHG members in order to facilitate women SHG members to graduate into entrepreneurs?
b) Credit guarantee up to what amount will be provided under the “Women Enterprise Acceleration Fund” under DAY-NRLM?
c) What interest subvention will be provided to women SHGs for prompt repayment?
d) Which bank has been nominated as the nodal bank for the Ministry of Rural Development (MoRD) for 2024-25?
A) – Loans up to ₹10 lakh to individual SHG members.
Eligibility: SHGs which are more than 2 years old and have accessed 1 dose of a bank loan with timely repayment.
- One woman in every SHG under DAY-NRLM may be provided a loan up to ₹1 lakh under the MUDRA Scheme if she is otherwise eligible.
- minimum Overdraft Facility of ₹5000 to every woman SHG member having a PMJDY account in accordance with the guidelines issued by the Indian Banks’ Association (IBA)
B) For loans outstanding up to ₹5 lakh, for a maximum period of 5 years. In case of a loan amount exceeding ₹5 lakh, reimbursement of credit guarantee fees will be done in proportion to the loan amount.
c) - Women entrepreneurs making prompt repayment of credit to financial institutions will be provided 2% interest subvention up to ₹1.5 lakh for a maximum duration of 3 years.
- All banks extending credit for enterprises fully or partially owned by women Self Help Group members under DAY-NRLM at an interest rate equivalent to (1-year MCLR + max 3% spread) or a maximum of 14% per annum will be eligible to claim interest subvention under this scheme
d) Indian Bank
The Gross Goods and Services Tax (GST) collections hit a record high in April 2024 at ₹____. This represents a significant _____ % year-on-year growth?
Net GST revenue collection for April 2024 was?
** The Gross Goods and Services Tax (GST) collections hit a record high in April 2024 at ₹2.10 lakh crore. This represents a significant 12.4% year-on-year growth, driven by a strong increase in domestic transactions (up 13.4%) and imports (up 8.3%).
** After accounting for refunds, the net GST revenue for April 2024 stands at ₹1.92 lakh crore, reflecting an impressive 15.5% growth compared to the same period last year.
The event “Localizing the SDGs: Women in Local Governance in India Lead the Way” held in New York, US was organised by which entities?
- The Permanent Mission of India to the United Nations and the Ministry of Panchayati Raj, in collaboration with the United Nations Population Fund (UNFPA), is organizing the side event during the 57th Session of the Commission on Population and Development (CPD57)
- It aimed to shed light on the key role of Indian women in grassroots political leadership, emphasizing their significant contributions to sustainable development at the grassroots level.
The MeITY unveiled its Intelligent Transportation System (ITS) technology and product booklet under which program?
A technology transfer was also done for C-DAC’s Thermal Camera. It was transferred to which company?
** InTRanSE program. The ITS technology includes innovations in Traffic control, Public Transit, Road Safety, and Sensors for traffic applications, aimed at enhancing the efficiency and safety of transportation systems across the country,
** M/S Aditya Infotech
As per the RBI, After recording double-digit growth for two consecutive years, India’s services exports decelerated in FY24 to a three-year low, with a modest increase of ___% to _____?
Services imports decreased by ___% to _____USD in FY2023-24?
** Increase by 4.9% to USD 341 billion. However, net services exports grew at a robust pace of 13.6% to USD 162.8 billion
** Decreased by 2% to USD 178.3 billion USD
The first Joint Committee Meeting under the “Economic Cooperation and Trade Agreement” was held with which nation in May?
Australia. The JCM also adopted the Rules of Procedure for the Joint Committee and established an institutional mechanism, the first of its kind for FTAs, for the regular exchange of preferential import data on a monthly basis.
The Capacity Building on Design and Entrepreneurship Program was launched by which ministry and why?
Where will be the nodal centre of the program?
** - Secretary, Department of Higher Education, Ministry of Education, Shri K. Sanjay Murthy virtually launched the program.
- It is designed to equip identified Higher Education Institutions (HEIs) and faculty members to focus on Design and Entrepreneurship development in their institution with the support of mentors from industry.
** - IIITDM, Kancheepuram, a Malaviya Mission Teacher Training Center (MMTTC) in Tamil Nadu will be the nodal centre for the program
- At this stage, 30 HEIs have been selected through a process anchored by the IIITDM, Kancheepuram.
What is the name of the campaign launched by the Ministry of Tourism at the “Arabian Travel Mart 2024” held in Dubai?
“Cool Summers of India” campaign
This digital campaign challenges the notion of India being too hot for summer travel, emphasizing its offerings in hill resorts, including the Himalayas. The campaign seeks to promote India as a holistic destination throughout the year.
Who was appointed as the first president of the GST Appellate Tribunal (GSTAT)?
- “Sanjay Kumar Mishra”, former chief justice of the Jharkhand High Court
- GSTAT:
The GSTAT is the Appellate Authority established under the Central Goods and Services Tax Act, 2017. It was established to hear various appeals under the said Act and the respective State/Union Territories GST Acts against the orders of the first appellate authority.
Benefits: To ensure swift, fair, judicious and effective resolution to GST disputes, besides significantly reducing the burden on higher courts. It will enhance the effectiveness of the GST system in India and foster a more transparent and efficient tax environment in the country.
Principal bench: New Delhi
State Benches: 31 state benches at various locations across the country.
India in May agreed to operationalise UPI in which country in the next 6 months?
India and Ghana agreed to operationalise UPI on Ghana Interbank Payment and Settlement Systems (GHIPSS) in six months.
India presently has social security agreements with how many countries?
With 21 countries. These agreements aim to guarantee the uninterrupted social security coverage of employees during international employment
The Indian Coast Guard (ICG) signed an MoU with which company in May for the supply of indigenous marine grade steel to enhance the indigenous content in shipbuilding?
Jindal Steel & Power (JSP)
As per the RBI, India’s domestic gold reserves increased by ____% from 2019 to 2024?
According to the half-yearly report on foreign exchange management, the share of gold in foreign exchange reserves increased from ___% in Sept end 2023 to ___% in March end 2024?
Forex reserve of India by March end 2024 was _____?
** increased by 40% from 408 mt in 2019 to 612 mt in March end 2024
** From 7.37% to 8.15%
**USD 641 billion
The RBI has increased the positional limit in ETCD (Exchange Traded Currency Derivatives) from _____USD to _____USD, without providing documentary evidence to establish the underlying exposure?
from 10 million USD to 100 million USD
Answer the following based on the “Primary Urban Cooperative Banks Outlook 2022-23”, released in April 2024:
a) As on March 31, there were _____ UCBs in India, with _____ branches across the country with a total deposits of ₹_____ and total advances of ₹____?
b) Which state has the highest number of UCBs?
c) What was the increment of advances of UCBs to the priority sector from FY2022 to FY2023?
d) What is the priority sector lending target set by the RBI for UCBs?
a) Total UCBs- 1502
Total Branches- 10117
Total Deposits- ₹5.3 trillion
Total Advances- ₹3.3 trillion
b) Maharashtra has the highest number of UCBs with a total of 475
c) increased by more than 25% from ₹1.73 trillion in FY2022 to ₹2.2 trillion in FY2023
d) - The target is 65% for FY2024-25 and 75% for FY2025-26. However, UCBs had already achieved 66.88% in FY23.
What is the net worth criterion requirement for Non-banks providing physical Payment Aggregators services?
What is the new definition for Payment Aggregators?
What is the new definition of Merchants?
** - Non-banks providing Physical-PA services as of the date of this circular, shall have a minimum net worth of ₹15 crores at the time of submitting the application to the RBI for authorisation and a minimum net worth of ₹25 crores by March 31, 2028. The net worth of ₹25 crore shall be maintained at all times thereafter.
- New non-bank Physical-PA (i.e. entities which have not commenced operations before the date of this circular) shall have a minimum net worth of ₹15 crores at the time of submitting the application to the RBI for authorisation and shall attain a minimum net worth of ₹25 crores by end of the third financial year of grant of authorisation
** “Entities which onboard merchants and facilitate aggregation of payments made by customers to such merchants, for purchase of goods and services, using one or more payment channels, in online or physical Point of Sale payment modes through a merchant’s interface (physical or virtual), and subsequently settle the collected funds to such merchants.”
Simple Definition: Payment Aggregators (PAs) are third-party platforms that facilitate transactions between merchants and customers by providing a unified interface to process payments through various mechanisms such as card payments, UPI, Bank transfer and digital wallets in a physical Point-of-Sale (PoS) or online in an e-commerce platform.
a. Online PAs (PA – O): PAs which facilitate e-commerce transactions in non-delivery versus Payment mode.
b. PA – physical Point-of-Sale (PA – P): PAs which facilitate face-to-face/proximity payment for Delivery vs Payment transactions.
** Merchant: Entities which sell/provide goods and services purchased by the customer. They include a marketplace also.
a. Small merchants: Physical merchants (those undertaking only proximity/face-to-face transactions) with business turnover less than the threshold limit of Rs. 5 lacks per annum and not registered under Goods and Services Tax.
b. Medium merchants: Merchants (physical / online), excluding small merchants, with business turnover less than the threshold limit of Rs. 40 lahks per annum or from ₹5 lakhs to less than ₹40 lakh per annum. Such merchants are not registered under Goods and Services Tax.
What are the limits for FPI investments in Government Securities (G-SEC), State Government Securities (SGSs), Corporate Bonds and Credit Default Swaps (CDS) respectively for FY2024-25?
G-Sec- 6% of the total outstanding securities in 2024-25
State Government Securities- 2% of the total outstanding securities in 2024-25
Corporate Bonds- 15% of the total outstanding securities in 2024-25
Credit Default Swap- 5% of the outstanding securities in corporate bonds.
As per the guidance note on “Operational Risk Management and Operational Resilience” for regulated entities released by the RBI, what are the 3 pillars and how many indicators for the same?
What are the line of defence for the management of operational risk?
** The three pillars are:
a) Prepare and Protect
b) Build Resilience
c) Learn and Adapt
These three pillars include 17 indicators
** 1st line of defence- Business Unit Management
2nd Line of defence- Organisational Operational Risk Management function including compliance function
3rd Line of defence- Audit function
A RE should set at least one impact tolerance metric for each of its critical operations. At a minimum, there should be a
(a) time-based metric (e.g., maximum acceptable duration a critical operation can withstand a disruption),
(b) quantity-based metric (e.g., maximum extent of data loss that an RE would accept as a result of disruption) and
(c) service level metric (e.g., minimum level of service that an RE would maintain while operating under alternative arrangements.)
a) A report on “Green Hydrogen Standards and Approval Systems in India” was launched. Standards related to the Green hydrogen value chain are divided into which 4 categories and how many standards are adopted in India?
b) Setting up a Green Hydrogen project requires ____ approvals from the Central Government, State Governments, and local bodies?
c) According to the report “India’s Green Hydrogen Revolution: An Ambitious Approach”, what is India’s rank globally in total renewable power capacity additions?
d) According to the report “India’s Green Hydrogen Revolution: An Ambitious Approach”, what is India’s progress in Renewable Energy?
a) Standards related to the Green Hydrogen value chain are broadly split into four categories:
- Production
- Storage and transportation
- End-use applications
- General safety.
Across these categories, 87 standards are already adopted or developed in India, and 59 are under development. Further, there are 52 standards that exist globally, which could be considered for adoption in India. For the three components, there are no Indian or international standards available for reference.
b) 73 approvals are required for Green Hydrogen projects:
- State Government entities hold jurisdiction for 43.
- Central Government entities hold jurisdiction for 23 approvals.
- Seven approvals fall under local government bodies
c) India’s Progress in RE:
- 4th globally for total Renewable Power capacity additions.
- 4th in Wind Power Capacity and
- 5th in Solar Power Capacity globally.
- India assumed the presidency of the 13th Assembly of the International Renewable Energy Agency (IRENA)
d) - India saw the highest year-on-year growth in Renewable Energy additions of 9.83% in 2022.
- The installed Renewable Energy capacity (including large hydro) has increased by around 128% since 2014.
Solar:
- The installed solar energy capacity has increased by more than 30 times in the last 9 years and stands at 88 GW as of 31 March 2024.
- India’s solar energy potential is estimated to be 748 GWp as estimated by the National Institute of Solar Energy (NISE).
Wind:
- The potential now assessed for onshore projects is 1,163 GW. However, the potential sites having a high-capacity Utilization Factor (CUF) of 36% and above (which is necessary for the financial viability of the project) is 163 GW.
- India has already utilized sites with a total capacity of 42 GW and now a balance of 120 GW would be available for new development
IREDA (Indian Renewable Energy Development Agency) incorporated its new subsidiary at which place in May?
It was incorporated at the International Financial Services Centre (IFSC) located in GIFT City, Gujarat. It was named “IREDA Global Green Energy Finance IFSC Limited”
The Index of Industrial Production (IIP) growth slowed to ___% in March 2024 and stands at _____?
Growth slowed to 4.9% and stand at 159.2
The Ministry of Skill Development & Entrepreneurship (MoSDE) signed an MoU with which company in May to conduct two pilot projects under the “Drone Didi Yojana”?
The pilot projects will be conducted in which places and why?
What is the “Namo Drone Didi” scheme?
- ** - Under the initiative, rural women are trained to become drone pilots for agricultural purposes.
- The initiative aims to enhance economic empowerment and financial autonomy among women, especially in rural areas.
- The initiative aims to equip 15,000 women-led Self-Help Groups (SHGs) with agricultural drones to assist in tasks such as crop monitoring, spraying fertilisers and sowing seeds. This will also provide additional income opportunities for many women.
The combined profit of OMCs (Oil Marketing Companies) for FY 2023-24 stood at ₹_____?
It stood at ₹ 86,000 crore, over 25 times higher than the extraordinarily difficult previous fiscal year
India participated in the ___th Session of the United Nations Forum on Forests (UNFF) in May in New York, US?
Globally, India ranks \_\_\_ in the net gain, in average annual forest area, between 2010 and 2020?
** 19th session
** 3rd
The annual inflation rate based on all India Consumer Price Index (CPI) numbers is ___% (Provisional) for the month of April, 2024 (over April, 2023)?
Corresponding inflation rates for rural and urban areas are ___%
and ___% respectively?
What is the base year of the CPI inflation is?
- 4.83% (Provisional)
**Annual CPI Inflation rate for the month of April in
:
Rural India: 5.43%
Urban India: 4.11%
** 2012 is the base year for CPI Inflation
About CPI (Combined):
- Base Year: 2012
- Released by: NSO, Ministry of Statistics and Programme Implementation.
- All-India General Group for CPI (Combined):
1) Food and Beverages (45.86% weightage)
2) Miscellaneous (28.32% weightage)
3) Housing (10.07% weightage)
4) Fuel and Light (6.84% weightage)
5) Clothing and Footwear (6.53% weightage)
6) Pan, Tobacco and intoxicants (2.38% weightage)
