Daily GK and Current Affairs Quiz – 25th May 2023

Correct Answer:  C. Bajaj Allianz Life Insurance

Explanation:  Bajaj Allianz Life Insurance Company Ltd launched India’s first small-cap fund in the ULIP (Unit Linked Insurance Plan) segment namely ‘Bajaj Allianz Life Small Cap Fund’ that offers customers the opportunity to achieve capital appreciation by investing in a diversified portfolio of small-cap stocks. The NFO (New Fund Offer) period for Bajaj Allianz Life’s small-cap fund ends on May 23, 2023. The benchmark index is the Nifty Small Cap 100 index. It will invest a minimum of 60% in small-cap stocks, and market-cap exposure is based on equity exposure re-scaled to 100%.

• Small-cap equity funds have done better than the benchmark Nifty Small Cap 100 index for a long time. This means that the funds, which invest in smaller companies, have performed better than the average performance of similar companies in the index.
• The Nifty Small Cap 100 index’s value has decreased from its highest point and is now lower than its average value over a long period of time. This makes a case for investment in small-caps from a valuation perspective.

Correct Answer:  A. Aditya Birla Capital

Explanation:  Aditya Birla Capital, the financial services business of the Aditya Birla Group, through its lending arm, Aditya Birla Finance, has announced the launch of “Udyog Plus”, an innovative one-stop business platform, designed for the Micro, Small & Medium Enterprise (MSME) customers.

• This new Business-to-business (B2B) digital platform offers solutions for MSMEs, including financing, protection, investments, advisory and value-added services for managing and growing their businesses.
• Both existing and new customers of Aditya Birla Finance can access Udyog Plus, an open market, through the financing portion of the Aditya Birla Capital website.
• The platform offers a completely paperless digital journey for business loans of up to Rs 10 lakh.
• Udyog Plus is integrated with government e-commerce websites via Open Credit Enablement Network (OCEN) and with private e-commerce websites to provide credit facilities to sellers on these platforms.

Note: In February 2023, Aditya Birla Capital Ltd (ABCL), the holding company for the financial services businesses of the Aditya Birla Group, announced its collaboration with the National Payments Corporation of India (NPCI) to develop and promote digital payment methods through subsidiaries to its customers.  

Correct Answer:  C. Ram Madhav

Explanation:  Gulab Chand Kataria, Governor of Assam, released a book titled “Partitioned Freedom”, which was authored by Ram Madhav and published by Prabhat Prakashan Pvt. Ltd, in Guwahati, Assam. The book “Partitioned Freedom” offers profound insights into the events that unfolded during 1905 and the pre-independence era. It explores and answers the questions raised because India which defeated the British designs to partition one province failed when the whole country was being partitioned 4 decades later. Ram Madhav is an Indian Politician, Author, and thinker. His other books are “Uneasy Neighbours: India and China After 50 Years of the War” and “Asahaj Padosi”.

Correct Answer:  C. 1.3 Lakh

Explanation:  According to the World Meteorological Organization (WMO), a specialized agency of the United Nations (UN), India has witnessed 573 disasters related to extreme weather, climate, and water events between 1970 and 2021. These disasters resulted in 1,38,377 death and caused economic losses amounting to USD 18.3 billion. According to the data from the Annual Statement on Climate of India, issued by the India Meteorological Department, India recorded 2,227 human casualties due to extreme weather events in 2022. These new findings were issued for the quadrennial World Meteorological Congress(19th session) held from 22 May to 2 June 2023 in Geneva, Switzerland.

World Meteorological Organization (WMO):

• WMO is a UN Agency dedicated to international cooperation and coordination on the state and behaviour of the Earth’s atmosphere.
• Secretary-General– Prof. Petteri Taalas
• Headquarters– Geneva, Switzerland

Correct Answer:  C. Bank of Maharashtra

Explanation:  The 12 Public Sector Banks’ (PSBs) cumulative profit crossed the Rs 1 lakh crore mark in FY23 by touching Rs 1,04,649 crore. They witnessed a 57% increase in total profit compared to Rs 66,539.98 crore earned in FY22. In the March 2023 quarter, the PSBs’ profit cumulatively increased more than 95% to Rs 34,483 crore as compared to Rs 17,666 crore in March 2022.

• In percentage terms, Bank of Maharashtra (BoM)had the highest net profit growth with 126% to Rs 2,602 crore. It is followed by UCO Bank with a 100% rise to Rs 1,862 crore, and Bank of Baroda (BoB) with a 94% increase to Rs 14,110 crore.
• In absolute terms, the State Bank of India (SBI)has reported an annual profit of Rs 50,232 crore in 2022-23, showing an increase of 59% over FY22.
• Except for the Punjab National Bank (PNB),other PSBs have reported impressive annual increases in their profit after tax.PNB posted a 27% decline in annual net profit from Rs 3,457 crore in 2021-22 to Rs 2,507 crore in March 2023.
• The PSBs which reported an annual profit in excess of Rs 10,000 crore are Bank of Baroda(Rs 14,110 crore) and Canara Bank (Rs 10,604 crore).
• Punjab & Sind Bankposted an annual profit growth 26% (Rs 1,313 crore), Central Bank of India 51% (Rs 1,582 crore), Indian Overseas Bank 23% (Rs 2,099 crore), Bank of India 18% (Rs 4,023 crore), Indian Bank 34% (Rs 5,282 crore) and Union Bank of India 61% ( Rs 8,433 crore)

Correct Answer:  B. Sania Mirza

Explanation:  Leading sports broadcaster Sony Sports Network (also known as Sony TEN), owned and operated by Sony Pictures Networks (SPN), has roped in Sania Mirza, an Indian former professional tennis player, as a Tennis ambassador for the broadcaster, who will be seen as an expert panellist on the network. Starting with 2023 Roland Garros, Sania Mirza will be a part of the panel on Sony Sports Network’s studio show, Extraaa Serve.

• Sony Sports Network has launched a special campaign called The Home of Tennis, which showcases Sania Mirza, Sony Sports Network, and the 3 Grand Slams as a perfect match and celebrated the journey of Sania Mirza.
• She is the recipient of the Arjuna Award (2004), Padma Shri (2006), Major Dhyan Chand Khel Ratna Award (2015) and Padma Bhushan (2016).

Correct Answer:  C. Georgi Gospodinov

Explanation:  Georgi Gospodinov’s captivating novel, “Time Shelter,” translated by Angela Rodel, has secured the prestigious 2023 International Booker Prize. This remarkable achievement marks the first time a Bulgarian novel has been awarded this renowned literary honor. Gospodinov’s “Time Shelter” presents readers with a profound narrative, skillfully addressing the contemporary question of the implications when our memories begin to fade. The novel seamlessly weaves together individual and collective destinies, offering a poignant reflection on the delicate balance between the intimate and the universal.

Gospodinov’s motivation to write “Time Shelter” stems from a sense of disarray in the fabric of time itself. Influenced by global events such as the rise of populism and the repercussions of Brexit, the author explores the manipulation of the past as a tool for political agendas. Through his narrative, Gospodinov examines the challenges of living in a world where meaning and a clear future seem elusive.

Correct Answer:  D. Both A & B

Explanation:  The World Health Organization (WHO) has appointed Renée Fleming and Pretty Yende as the Goodwill Ambassadors for Arts and Health. Renée Fleming is one of the most celebrated singers and Pretty Yende is an extraordinary soprano known for her dazzling performances. They would join other distinguished WHO Goodwill Ambassadors such as Alisson, Natalia Becker, Didier Drogba, Michael Bloomberg, Cynthia Germanotta, Gordon Brown, and James Chau, among others.

Correct Answer:  D. May 25 to 31

Explanation:  The United Nations has designated May 25 to 31 as the “International Week of Solidarity with the Peoples of Non-Self-Governing Territories.” This observance was established by the UN General Assembly on December 6, 1999. According to the UN Charter, a Non-Self-Governing Territory refers to a territory where its people have not yet achieved complete self-government. The International Week of Solidarity with the Peoples of Non-Self-Governing Territories holds significant importance in highlighting the ongoing struggles of these territories and promoting their right to self-determination.

Correct Answer:  C. Australia

Explanation:  In a significant development highlighting the strengthening ties between India and Australia, the two nations signed crucial agreements on migration and mobility partnership, as well as on the establishment of a Green Hydrogen task force. The Memorandum of Understandings (MoUs) were exchanged following a bilateral meeting between Indian Prime Minister Narendra Modi and his Australian counterpart Anthony Albanese in Sydney.

Prime Minister Modi emphasized that the India-Australia relationship is built upon mutual trust and confidence. During their constructive discussions, both leaders focused on enhancing strategic cooperation in the mining and critical minerals sector. The talks centered around taking the comprehensive strategic partnership between the two countries to new heights. In a friendly gesture, Prime Minister Modi extended an invitation to Prime Minister Albanese and all Australian cricket fans to visit India for the upcoming Cricket World Cup this year.

Correct Answer:  D. Industrialist

Explanation:  Karumuttu T Kannan, a prominent industrialist and philanthropist, who served as the Chairman & Managing Director of Thiagarajar Mills Ltd, located in Madurai, has sadly passed away at the age of 70. He was the son of Karumuttu Thiagarajan Chettiar, the renowned industrialist and philanthropist who established Thiagarajar Mills in 1936. Karumuttu T Kannan, born on May 9, 1953, graduated in business administration from Madurai University. Throughout his career, he had extensive involvement with various organizations in the fields of industry, education, and charity. With his profound knowledge of the textile industry, he held significant positions such as Chairman of CII, Southern Region, Textiles Committee in Mumbai, The Cotton Textile Export Promotion Council in Mumbai, and The South India Mills’ Association.

Correct Answer:  B. Zimbabwe

Explanation:  The Hanke’s Annual Misery Index (HAMI) 2022 list of the world’s most miserable countries is out. As per the index, Zimbabwe has topped the list of world’s most miserable country. The index was formed after analyzing 157 countries and the misery index is the sum of the year-end unemployment, inflation, and bank-lending rates, minus the annual percentage change in real GDP per capital. Apart from Zimbabwe, other countries like Venezuela, Syria, Lebanon, Sudan took the top 5 spots in the list of World’s most miserable counties in 2022. Apart from Syria, the major contributing factor to misery of the top 5 countries is inflation while Syria was impacted by unemployment.

• Other countries that made to Top 15 were Argentina, Yemen, Ukraine, Cuba, Turkey, Sri Lanka, Haiti, Angola, Tonga, and Ghana.
• As per the list,India ranked at number 103 with unemployment as the major contributing factor.
• It is important to note that World most happiest country Finland ranked at 109in the world’s most miserable countries list, again with unemployment as the most contributing factor.
• Pakistanwhich is currently grappling with economic and political crisis ranked at number 35 in the world’s most miserable countries list, with inflation as the most contributing factor.

Correct Answer:  C. Badminton

Explanation:  Sameer Verma wins gold; Rohan Kapoor-Sikki Reddy bag silver at the 2023 Slovenia Open. Indian shuttler Sameer Verma emerged victorious in men’s singles competition at the 2023 Slovenia Open beating Su Li Yang while the duo of Rohan Kapoor and Sikki Reddy bagged silver in the mixed doubles event in Maribor, Slovenia. Verma won 21-18 21-14 against his Taiwanese opponent. Kapoor and Reddy beat Denmark’s Mads Vestergaard and Christine Busch 21-15 21-19 in the semifinals but lost to Jesper Toft and Clara Gravesen, also from Denmark, 12-21 13-21 in the summit showdown.

Correct Answer:  B. Axis Bank

Explanation:  The Axis Bank Ltd has launched ‘Sarathi’, a first of its kind digital onboarding platform to enable easy installation of Electronic Data Capture (EDC) or Point of Sale (POS) for merchants. Sarathi provides a seamless and hassle-free experience for merchants unlike the traditional onboarding process that can take several days. Sarathi enables merchants to complete the onboarding process in four simple steps such as- The application process under Sarathi are streamlined through real-time database checks.

Merchant information will be authenticated through Live video verification at the customer’s convenience. Instant decision-making, as the solution eliminates the field verification process Instant installation of POS.  The paperless onboarding process of Sarathi eliminates the need for merchants to fill out forms or wait for extended periods to get their POS terminals installed. The solution ensures that all necessary documents are collected at one go, (avoiding multiple visits) and it provides quick installations of POS within 45 minutes of processing the application.