Daily GK and Current Affairs Quiz – 14th April 2023

Correct Answer:  C. Loan Defaults

Explanation:  The RBI has proposed to prohibit the capitalization of penal charges and additional interest levied by banks on customers for loan defaults. To streamline divergent practices followed by lenders.  As per the draft circular on ‘Fair Lending Practice – Penal Charges in Loan Accounts’, the quantum of penal charges should be proportional to the defaults/non-compliance of material terms and conditions of loan contracts up to a threshold.

Correct Answer:  B. USD 300 million

Explanation:  HDFC Bank, the leading private sector bank in India, has signed a Master Inter Bank Credit Agreement with the Export-Import Bank of Korea, with a total value of US $300 million. The signing ceremony took place in GIFT City, Gujarat, and aims to help HDFC Bank raise foreign currency funds, which will be used to support Korea-related businesses. The credit line will be utilized by HDFC Bank for the funding requirements of companies with equity participation by Korean firms, companies having business relationships with Korean companies, and consumers who wish to purchase cars manufactured by Korea-related companies. HDFC Bank is planning to make its first drawdown under the program by May, and the agreement is expected to increase the bank’s business with Korean entities and products.

Correct Answer:  B. 49

Explanation:  National Mission for Clean Ganga has signed an agreement with 49 Universities to inspire youth towards water conservation and river rejuvenation. The MoU aims to bring the student community to the forefront of the mass movement for creating a sustainable ecosystem of rivers. Speaking on the occasion, Jal Shakti Minister Gajendra Singh Shekhawat said that ensuring the cleanliness and purity of River Ganga with the rejuvenation of rivers are the prime objectives of the Namami Gange Mission. He said, water is a crucial factor to sustain life. He suggested organizing debates and other competitions in the universities to spread awareness of the importance of water conservation and river rejuvenation.

Correct Answer:  B. Raman Research Institute (RRI)

Explanation:  Indian Navy Partners With Raman Research Institute To Develop Secure Maritime Communications Using Quantum Technology. The Bengaluru-based Raman Research Institute (RRI), which is an autonomous institute of the Department of Science and Technology (DST), and the Weapons and Electronics Systems Engineering Establishment (WESEE), the R&D establishment of the Indian Navy, recently signed a Memorandum of Understanding (MoU) for a period of five years to work together on this project. Under this agreement, RRI’s Quantum Information and Computing (QuIC) lab will lead the research efforts towards developing quantum key distribution techniques that the Indian Navy could leverage in the nation’s efforts towards securing free space communications.

Correct Answer:  C. IIT Kanpur

Explanation:  The Startup Incubation and Innovation Centre (SIIC) at IIT Kanpur has entered into a Corporate Social Responsibility (CSR) agreement with Advanced Weapons and Equipment India Limited. Advanced Weapons and Equipment India Limited is one of the seven new Defence Public Sector Undertakings (PSUs) that were created by converting the Ordnance Factory Board into fully government-owned enterprises. The agreement was signed in the presence of dignitaries from IIT Kanpur, SIIC, and Advanced Weapons and Equipment India Limited (AW&EIL) at the Ordnance Factory Kanpur.

The SIIC and AW&EIL have joined hands with the aim of providing financial assistance to the startup ecosystem and supporting the incubation of new technology and innovation-based startups at IIT Kanpur, in line with the CSR Policy of AW&EIL. The expected result of this partnership is the overall advancement and growth of the country, as the startups that emerge from this collaboration are expected to make a significant contribution to the economy and society as a whole. The partnership aims to establish a vibrant startup ecosystem that fosters ground-breaking research and development, generates employment opportunities, and positions India as a leading global innovator.

Correct Answer:  B. Solar Energy Corporation of India (SECI)

Explanation:  The Ministry of New and Renewable Energy has granted Miniratna Category-I Central Public Sector Enterprise (CPSE) status to the state-owned Solar Energy Corporation of India Ltd (SECI), according to a statement. SECI, which was established in 2011, is the primary implementing agency for renewable energy schemes/projects of the Ministry of New and Renewable Energy aimed at fulfilling India’s international commitments. SECI has played a Central role in the rapid increase of RE generation capacity in the country and has contributed towards the nation’s climate commitments, carbon emission reduction strategies and sustainable energy transition.

SECI has awarded more than 56 GW of Renewable Energy (RE) project capacities to date. It also plays an active role in establishing projects through its own investments and as a Project Management Consultant (PMC) for other public sector entities. SECI has received a top credit rating of AAA from the domestic rating agency ICRA.

Correct Answer:  B. 5th

Explanation:  Stanford University’s AI Index report states that India is ranked fifth in terms of investments received by startups offering AI-based products and services in 2022. AI startups in India received a total investment of $3.24 billion, surpassing countries such as South Korea, Germany, Canada, and Australia. However, India is still behind the US, China, the UK, and Israel in terms of AI investments received. According to the same report, AI startups in India received a cumulative funding of $7.73 billion from 2013 to 2022, which places it sixth among the countries with the highest AI investments during that period. However, nearly 40% of this funding was received in the year 2022 alone.

Correct Answer:  C. 16.5%

Explanation:  India’s imports in FY23 rose 16.5 per cent to $714 billion as against $613 billion in FY22. Exports saw a rise of 6% to $447 billion in FY23, up from $442 billion in FY22. India’s services exports too have increased by 27.16 per cent to USD 323 billion in 2022-23 as compared to USD 254 billion in 2021-22. This was informed by Commerce Minister Piyush Goyal on 13 April 2023. India recently came out with a “dynamic and responsive” foreign trade policy aiming to push rupee trade, increase outward shipments to USD 2 trillion by 2030, and promote e-commerce exports, amid global uncertainties. The approach of the Foreign Trade Policy (FTP) 2023 is to move from ‘incentive to remission’ based regime, encourage collaboration between exporters, states, districts and Indian Missions, reduce transaction cost, etc.

Correct Answer:  D. State Bank of India

Explanation:  Agri-tech company “Fasal” has partnered with the State Bank of India (SBI) to provide farmers with easy access to capital in the form of quick, easy, and collateral-free loans at competitive rates. The loans will be deployed under the Kisan Credit Card scheme and be initially offered in four Indian states, expanding to more regions in the future. The move coincides with the Indian government’s increased agriculture credit target of INR20 lakh crore ($267bn) for FY24. The aim is to enable farmers to use Fasal’s precision farming technology to manage agri-input needs, says Shailendra Tiwari, founder of Fasal.

Through this financing solution, farmers can access collateral-free loans up to three lakhs. The goal is to enable farmers to effectively fund and manage urgent and immediate agri-input needs and adopt Fasal’s technology solution to make their farming precise and predictable. These loans will be disbursed under the Kisan Credit Card (KCC) scheme, well known for its lowest interest.

Correct Answer:  C. 132nd

Explanation:  India is commemorating the 132nd birth anniversary of Dr. Bhimrao Ramji Ambedkar on April 14, 2023, as Ambedkar Jayanti. This day has been declared a public holiday by the central government, underscoring the importance of Ambedkar’s contributions to Indian society. The occasion is an opportunity to remember and celebrate Ambedkar’s life and legacy, and to renew our commitment to the principles of social justice and equality that he championed throughout his career.

Ambedkar Jayanti is the birthday of Dr. Bhimrao Ramji Ambedkar is widely recognized as the “father of the Indian Constitution,” but his influence extended far beyond that role. He was a versatile individual who made noteworthy contributions in the fields of economics, law, and politics, and was also a prolific writer, delving deeply into subjects such as history, economics, political science, and sociology. As a social reformer, Ambedkar dedicated himself to promoting the betterment of the oppressed classes in India. He was an ardent supporter of women’s rights and gender equality, advocating for these issues throughout his career.

Correct Answer:  C. 5.66%

Explanation:  India’s Annual Retail Inflation for March Eases Below Central Bank’s Tolerance Level for the First Time in 2023. According to the NSO data, India’s annual retail inflation for March eased to 5.66% from 6.44% in February. This is a positive development for the economy, as it indicates that inflationary pressures may be easing. The central bank’s upper tolerance level for inflation is 6%, so the current rate is below this level, which is a welcome change.

The central bank has raised the benchmark repurchase rate by a total of 250 basis points since May 2022 in an attempt to control rising prices. The RBI had previously estimated the average annual retail inflation for the last fiscal year to be 6.5%. Despite concerns about core inflation, which remains above 6% when excluding volatile food and fuel prices, the Monetary Policy Committee, led by Governor Shaktikanta Das, surprised many by announcing that they would maintain the policy rate at 6.5%. Additionally, the MPC revised down their forecast for CPI inflation from 5.3% to 5.2%.

Correct Answer:  D. Public Health Activist

Explanation:  Dr. Zafrullah Chowdhury, a renowned public health activist and veteran fighter of the Liberation War, passed away in Dhaka, Bangladesh at the age of 81. He had been admitted to Gonoshasthaya Nagar Hospital the previous week, and had been on life support since Monday due to kidney-related ailments and other age-related health problems. Dr. Zafrullah Chowdhury, who was also a vascular surgeon, was a trailblazer in public health. In 1972, he established the Gonoshasthaya Kendra with the goal of providing low-cost and high-quality medical care to disadvantaged communities. Over time, the organization has grown to encompass a network of seven hospitals and 50 sub-centres, which offer reasonably priced healthcare services to the citizens of Bangladesh.

• Dr. Zafrullah Chowdhury was widely recognized on the global stage for his contributions to the public health field. He was the recipient of the Ramon Magsaysay Award in the category of Community Leadership in 1985, as well as the Right Livelihood Prize in 1992, for his remarkable accomplishments in public health. He earned the moniker of “doctor of the poor” for his exceptional work in delivering healthcare services to the impoverished.
• During the liberation war of Bangladesh in 1971, Dr. Zafrullah Chowdhury, a veteran freedom fighter, halted his medical studies in the UK and joined the liberation movement. He established a large field hospital near Melaghar in Tripura to provide medical care to the wounded freedom fighters and refugees.
• The highest civilian award in Bangladesh, the Independence Award, was conferred upon Dr. Zafrullah Chowdhury in 1977.

Correct Answer:  D. 14th April

Explanation:  Every year on April 14th, World Chagas Disease Day is observed to raise awareness about a life-threatening illness that can cause severe heart and digestive problems. The disease, also known as American trypanosomiasis, silent disease, or silenced disease, is caused by the Trypanosoma cruzi parasite, which is transmitted to humans by the triatomine bug, commonly known as the kissing bug. The disease primarily affects individuals living in rural areas with poor hygiene conditions, particularly those who are impoverished. It is more common in regions like Central America, Mexico, and South America.

The theme for 2023 is Time to integrate Chagas disease into primary health care, so that universal care and surveillance start at the most decentralized level of the health system. Chagas disease, also known as “silent or silenced disease”, affects mainly poor people without access to health care or people without a political voice. The disease progresses slowly and often shows an asymptomatic clinical course. Without treatment, Chagas disease can lead to severe cardiac and digestive alterations and become fatal. Raising awareness of the disease is essential to improve the rates of early treatment and cure, together with the interruption of its transmission.

Correct Answer:  B. Sanjay Agarwal

Explanation:  The Reserve Bank of India (RBI) on 12 April 2023 approved the reappointment of Sanjay Agarwal as Managing Director & CEO and Uttam Tibrewal as Whole Time Director of AU Small Finance Bank (SFB) for a period of three years. AU Small Finance Bank Limited is an Indian Small finance bank, based in Jaipur, India. It was founded as vehicle finance company AU Financiers (India) Ltd, converted to a small finance bank on 19 April 2017. AU Small Finance Bank serves low and middle income individuals and micro and small businesses that have limited or no access to formal banking and finance channels. The Bank offers loans, deposits and payment products and services. AU Small Finance Bank ranked 355 in the list of Fortune India 500 (2019) companies.