Daily GK & Current Affairs Quiz – 24th & 25th May 2020

Correct Answer: D. Confederation of Indian Industry

Explanation: The Union Defence Minister Rajnath Singh chaired the E-Conclave of Defence MSME (Micro Small and Medium Enterprises). The E-conclave was organized by CII (Confederation of Indian Industry), SIDM (Society of Indian Defence Manufacturers) and Department of Defence Production. Around 800 Defence MSMEs participated in the conclave that was held through video conferencing. The Conclave identified the fact that the US Defence industry developed within a short span of two years during World War II.

Correct Answer – C. IBM

Explanation: International Business Machines (IBM) ties up with the Intellect Design Arena Limited, a full spectrum banking and insurance products company, to launch iTurmeric FinCloud platform through IBM public cloud targeting financial institutions which are looking to switch to the latest tools and technologies. The cloud-ready, API(Application Programming Interface)- first, microservices-based platform will help new digital banks systems to be tested and run in isolation or in parallel with core legacy systems, which can, in turn, continue to run without interruption or compromise.

Correct Answer – A. 22nd May

Explanation: The International Day for Biological Diversity’ (IDB) is observed every year on 22 May. The International Day for Biological Diversity is marked by the United Nations. The day highlights the biodiversity issues. This year, the day is being celebrated under the theme is “Our Solutions are in nature”. The theme emphasizes on solidarity, hope and importance of working together to build future of life in harmony with nature.

Correct Answer – D. Konark

Explanation:  The Ministry of New and Renewable Energy launched a scheme to solarize the Konark town and Konark sun temple completely. The scheme has been launched to develop the historic Sun Temple in the town of Konark. Also, the scheme will develop the town into Surya Nagri. The development will be to deliver the message of synergy between the sun temple and the modern use of solar energy. The scheme mainly aims at promoting solar energy.

Correct Answer – C. Uttar Pradesh

Explanation: Uttar Pradesh government has set up ‘UP Start-up Fund’ under the UP Information Technology and Start-up Policy 2017. An MoU has been signed between the Uttar Pradesh government and the Small Industries Development Bank of India (SIDBI) and the fund will be managed by SIDBI. Initial contribution of Rs 15 crore has been made to the fund. The fund aims to support the registered start-up ventures present across different verticals in Uttar Pradesh.

Correct Answer – D. Chhattisgarh

Explanation: Chhattisgarh government has launched “Rajiv Gandhi Kisan Nyay Yojana” on the occasion of death anniversary of former Prime Minister Rajiv Gandhi. The farmer centered scheme aims to stimulate the rural economy in the state, amid the COVID-19 pandemic. The provision of the scheme was made in the Budget 2020-21. The scheme is expected to benefit over 1.87 million farmers.

Correct Answer – C. 4.00

Explanation: The Reserve Bank of India has cut key repo lending rate by 40 basis points to 4%. This is expected to bring down lending rates and deposit rates as well. RBI’s monetary policy committee in an off-cycle meeting voted 5-1 for a 40 bps repo rate cut, while maintaining an accommodative stance.

Correct Answer – B. Bangladesh

Explanation: India & Bangladesh signed the 2nd Addendum to the Protocol on Inland Water Transit and Trade in Dhaka. Under this pact- Increased 5 more ports of call from earlier 6(Total- 11) & extended 2 ports of call in each country; 2 new Indo Bangladesh Protocol(IBP) routes(from 8 to 10) & new locations are also added to the existing routes to facilitate the trade between two countries.

Correct Answer – B. United Nations Children’s Fund (UNICEF)

Explanation:  United Nations Children’s Fund (UNICEF) partnered with Bharti Airtel’s Africa Arm to support the school children in the coronavirus affected areas and provide them access to remote learning and financial assistance to their families through mobile cash transfer.

Correct Answer – C. Harsh Vardhan

Explanation: Union Health Minister Dr Harsh Vardhan is set to take charge as the chairman of the World Health Organization (WHO) Executive Board at its 147th session, as the proposal regarding his appointment was signed at WHA73. He is the Indian incumbent minister at the Ministry of Science & Technology, Ministry of Health and Family Welfare and Ministry of Earth Sciences. He will succeed Dr Hiroki Nakatani of Japan.

Correct Answer: C. Kotak Mahindra bank

Explanation: Franklin Templeton Trustee Services Pvt. Ltd. has appointed an independent advisor Kotak Mahindra Bank to work together with Franklin Templeton Asset Management (India) Pvt. Ltd (the AMC), to assist the Trustees in monetizing portfolios of the 6 schemes that are being wound up & make payouts to the affected investors. The 6 schemes are- Franklin India Low Duration Fund, Franklin India Dynamic Accrual Fund, Franklin India Credit Risk Fund, Franklin India Short Term Income Plan, Franklin India Ultra Short Bond Fund and Franklin India Income Opportunities Fund of Franklin Templeton Mutual Fund.

Correct Answer – B. -5%

Explanation: ICRA Limited (formerly Investment Information and Credit Rating Agency) has sharply reduced the India’s FY21 (Fiscal Year 2020-21) growth forecast to minus 5 % from 1%-2% growth predicted earlier, due to the multiple extension of lockdown and labour mismatches results in further delays in supply chain resumption.

Correct Answer – B. 20%

Explanation: The Federation of Indian Export Organisations(FIEO), apex body of exporters informed that Indian exports are expected to fall by 20% in the current fiscal, in value terms it will be around USD 50 to 60 billion & also imports due to COVID-19 pandemic.

Correct Answer – A. Bharat Biotech

Explanation:  Vaccine manufacturer Bharat Biotech and Thomas Jefferson University of Philadelphia have signed an exclusive deal to develop a new vaccine candidate for COVID-19 at Jefferson with the support from the Department of Biotechnology, Bharat Biotech aims for human trials in early December 2020. The vaccine is developed from the existing deactivated rabies vaccine as a vehicle for coronavirus proteins.

Correct Answer – D. Indira Gandhi National Open University

Explanation: Union HRD (Human Resource Development Minister) Shri Ramesh PokhriyalNishank launched IGNOU’S (Indira Gandhi National Open University) Online Programme for Master of Arts (MA) in Hindi, through facebook live session. The launch was done keeping in mind the prevailing situation and adherence to the partial-lockdown as per the Government’s directives.

Correct Answer – C. Indigenous Renewable Energy Development Agency

Explanation: The Ministry of New and Renewable Energy (MNRE) on its behalf in the amended clause has appointed the Indian Renewable Energy Development Agency Limited (IREDA) as the implementing agency to handle the Central Public Sector Undertaking (CPSU) Scheme Phase-II & all issues regarding the time-extension and dispute resolution on inevitable events. IREDA will conduct bidding for solar power projects allocation in the Scheme with Viability Gap Funding (VGF) amount as a bid parameter to select project proponents. MNRE will timely review the maximum permissible VGF amount & will reduce if the cost difference comes down. In Case of the existing clause, the Solar Energy Corporation of India (SECI) handled the scheme on behalf of the ministry.

Correct Answer – A. 3.35 %

Explanation: The Reserve Bank of India has cut key repo lending rate by 40 basis points to 4%. RBI’s monetary policy committee in an off-cycle meeting voted 5-1 for a 40 bps repo rate cut, while maintaining an accommodative stance. Reverse repo gets automatically gets adjusted to 3.35% from 3.75%.

Correct Answer – B. ONGC

Explanation: India’s top oil and gas producer ONGC and country’s biggest electricity generator NTPC have signed a preliminary agreement to set up a joint venture company for renewable energy projects. The MoU will enable both companies to achieve their respective targets in renewable energy business. As per the MoU, NTPC and ONGC will explore and set up renewable power assets including offshore wind, in India and overseas, and explore opportunities in the fields of sustainability, storage, e-mobility and ESG (Environmental, Social and Governance) compliant projects Through this collaboration with NTPC, ONGC envisages significant growth in its presence in the renewable power sector.

Correct Answer – C. 6

Explanation:  Hardeep Singh Puri, Minister of State (Independent/Charge) of Ministry Of Housing and Urban Affairs(MOHUA) announced the results of the Star Rating of Garbage Free Cities, for the assessment year 2019-2020. In rating Ambikapur, Rajkot, Surat, Mysuru, Indore and Navi Mumbai were rated 5 Star (6 cities). 65 other Cities rated 3 Star and 70 Cities rated 1 Star out of 141 cities.

Correct Answer – D. Indus

Explanation: China has recently teamed up with Pakistan to build the Diamer-Bhasha dam in Gilgit-Baltistan region. It has created some tension between India and China since India has laid claims over this region. Power China, one of the biggest Chinese power companies, received a contract to build the Diamer-Bhasha dam. Once completed, the dam will allow Pakistan to use the waters of the Indus for irrigation. It is a concrete-filled gravity dam, in the initial stages of construction, on the River Indus between Kohistan district in Khyber Pakhtunkhwa and Diamer district in Gilgit Baltistan. The dam site is situated near a place called “Bhasha”, hence the name.