Home » Daily Current Affairs Quiz – 05th January 2024

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Dear Readers, Daily Current Affairs Questions Quiz for SBI, IBPS, RBI, RRB, SSC Exam 2024 of 05th January 2024. Daily GK quiz online for bank & competitive exam. Here we have given the Daily Current Affairs Quiz based on the previous days Daily Current Affairs updates. Candidates preparing for IBPS, SBI, RBI, RRB, SSC Exam 2024 & other competitive exams can make use of these Current Affairs Quiz.

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1) Under which year’s Foreign Exchange Management Act (FEMA) is the proposed category of Forex Correspondents intended to simplify and streamline the licensing system for Authorized Persons (APs)?

(a) 1998

(b) 1999

(d) 1997

(e) 1994

2) Which hue of ATM saw the biggest increase in 2022–2023 in terms of the overall number of Automated Teller Machines (ATMs)—both on-site and off?

(a) Orange

(b) Green

(d) White

(e) Pink

3) Which Bank Launches Online Savings Account Portability Program?

(a) HDFC bank

(b) ICICI bank

(d) Indian Bank

(e) Canara bank

4) How many methods does Karnataka Bank offer its customers to pay their taxes directly?

(a) 2

(b) 1

(d) 4

(e) 5

5) What percentage of Karur Vysya Bank is allowed to be acquired by ICICI Pru Mutual Fund with permission from RBI?

(a) 9.75%

(b) 9.65%

(d) 9.95%

(e) 9.55%

6) In New Delhi, which ministry opened the registration, purchase, and payment site for tur dal farmers created by NAFED and NCCF?

(a) Ministry of Agriculture

(b) Ministry of Rural development

(d) Ministry of Home Affairs

(e) Ministry of Consumer affairs

7) Which section of the Competition Act, 2002 allows the CCI to penalize businesses or people for participating in agreements that hinder competition or abusing their dominant position?

(a) Section 25

(b) Section 26

(d) Section 29

(e) Section 24

8) How many years has the qualifying age for old-age pension for tribal and Dalit people been lowered to 50 years, as declared by Jharkhand Chief Minister Shri Hemant Soren?

(a) 55years

(b) 65years

(d) 58years

(e) 62years

9) Ajio is expected to be the company’s first successful internet endeavor. Reliance had launched Ajio in which year?

(a) 2015

(b) 2014

(d) 2019

(e) 2016

10) Which Electric business was the first to file for an IPO among Indian EV makers?

(a) Ather

(b) Tata motors

(d) Pure EV

(e) Ampere

11) What is the minimal percentage of public shareholding that is required by Sebi regulations?

(a) 25%

(b) 20%

(d) 10%

(e) 30%

12) Which city’s Jain Deemed to be University has won an award for spotting and developing new, promising talent?

(a) Jaipur

(b) Kolkata

(d) Bengaluru

(e) Mumbai

13) Gwanggu Lee has been appointed as the new Chief Executive Officer and Managing Director of Kia India. Where is Kia India’s headquarters located?

(a) Karnataka

(b) Andhra Pradesh

(d) Madhya Pradesh

(e) Delhi

14) What percentage of the project’s overall investment is made up of the $3.2 billion grant approved by Israel?

(a) 12.2%

(b) 12.4%

(d) 12.8%

(e) 12.5%

15) ‘FEAST’ Analysis Software for Indian Academia and Industries is Unveiled by ISRO’s Vikram Sarabhai Space Centre. In FEAST, what does E stand for?

(a) Element

(b) Expand

(d) Educate

(e) Ellaborate

16) AstroSat Discovers High Magnetic Field Neutron Star Rapid X-ray Bursts. Out of the following statements, which one is false?

(a) X-ray bursts occur in low-mass X-ray binary systems where a neutron star and low-mass main sequence star are in orbit around one another.

(b) Due to their close proximity and the extreme gravity of the neutron star, the companion star overflows its roche-lobe and hydrogen is drawn into an accretion disk around the neutron star.

(c) The field is about 1,000 times stronger than a normal neutron star and about a trillion times stronger than the Earth’s.

(d) Magnetars are neutron stars having an ultrahigh magnetic field that are much stronger than the terrestrial magnetic field.

(e) A thick surface layer of helium is built up, and once a critical mass of helium is reached, it ignites explosively, heating the entire surface of the neutron star to several tens of millions of degrees, releasing a sudden burst of X-rays.

17) For how many years will REC Limited and Bank of Baroda collaborate to fund projects related to power, infrastructure, and logistics?

(a) 2years

(b) 3years

(d) 5years

(e) 1year

18) How many crores of contracts does the Ministry of Defence sign to buy military hardware?

(a) Rs.800crores

(b) Rs.802crores

(d) Rs.805crores

(e) Rs.808crores

19) Disney will own the remaining _________ in the combined firm, whereas Reliance is vying to be the biggest stakeholder with at least __________.

(a) 45%,55%

(b) 49%,51%

(d) 50%,50%

(e) 51%,49%

20) In which state is the Udhwa Lake Bird Wildlife Sanctuary located?

(a) Sikkim

(b) Mizoram

(d) Jharkhand

(e) Haryana

Answers :

1) Answer: B

In a move aimed at enhancing the ease of doing business and adapting to the evolving economic landscape, the Reserve Bank of India (RBI) has proposed the introduction of a new category of money changers. This new category, known as Forex Correspondents (FxCs), would operate through an agency model, conducting money-changing business on behalf of Category-I and Category-II Authorised Dealers. The proposed category of Forex Correspondents seeks to streamline and simplify the licensing framework for Authorised Persons (APs) under the Foreign Exchange Management Act, 1999 (FEMA). The current framework, last reviewed in March 2006, is undergoing changes to align with the progressive liberalisation under FEMA, the increased integration of the Indian economy globally, and the digitization of payment systems. The new category, Forex Correspondents, will operate under a principal-agency model. In this model, AD Category-I or AD Category-II will act as the principal entity, overseeing the operations of the FxCs. One notable aspect is that such entities will not be required to seek authorisation from the Reserve Bank separately. The central bank has invited comments and feedback from stakeholders on the draft Licensing Framework for Authorised Persons (APs) under FEMA till January 31, 2024.

2) Answer: D

During 2022-23, the total number of Automated Teller Machines (ATMs) (on-site and off-site) grew by 3.5%, primarily driven by an increase in the number of white-label. Among the ATMs operated by SCBs at end-March 2023, the share of PSBs and PVBs was 63% and 35%, respectively, according to the Reserve Bank of India’s Trends and Progress in Banking report. Public Sector Banks (PSBs) continue to dominate the ATM landscape, with a notable increase from 75,653 in 2022 to 78,777 in 2023 for on-site ATMs. The total number of PSB ATMs, combining on-site and off-site, stands at 1,38,423, highlighting their crucial role in providing widespread banking access. Public Sector Banks (PSBs) maintain a strong presence in rural India, with 80.2% of their ATMs strategically located in these areas. Private Sector Banks (PVBs) witnessed a growth in on-site ATMs from 38,254 to 41,426, but off-site ATMs experienced a slight decline from 37,289 to 35,549. Despite this, PVBs maintain a substantial presence, contributing to a total of 76,975 ATMs. Foreign Banks (FBs) showcase a shift towards technology-driven banking, with a decrease in the total number of ATMs from 1,783 to 1,231. Small Finance Banks (SFBs) experienced growth in both on-site and off-site ATMs, highlighting their expansion and commitment to enhancing banking accessibility. The total number of SFB ATMs increased from 2,207 to 2,821. State Bank of India (65,627), Punjab National Bank (12,898), Canara Bank(12,130), Bank of Baroda(11,401) and Union Bank of India(11,232) are in the top 5 among Public Sector Banks.

3) Answer: C

Public sector bank Indian Overseas Bank (IOB) has introduced ‘Savings Account Portability Online’, a scheme that is aimed at offering an easier savings account portability process for customers who move to different locations. For individuals, who have to shift from one location to another due to career shifts, educational pursuits, or various life transitions, the new scheme will help avoid the cumbersome process of relocating bank accounts. With the new online scheme, customers don’t have to fill out those endless forms and wait for days and weeks for the account transfer to materialise.To initiate an account transfer, customers need to log in to the IOB website (www.iob.in) and access the ‘Transfer of Savings Accounts’ section.

4) Answer: A

Customers of Karnataka Bank can make direct tax payments through two channels – by visiting any branch of the bank or utilizing the internet banking services. Karnataka Bank has enhanced its service portfolio by enabling users to pay various direct taxes, including income taxes and advance taxes. Online Payment for Indirect Taxes : In addition to direct taxes, Karnataka Bank had already been facilitating online payments for goods and services taxes, as well as customs duties. Regulatory Authorization : The Reserve Bank of India (RBI) authorized Karnataka Bank to offer this service, following a recommendation from the Ministry of Finance’s Controller General of Accounts. Both the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC) have given their approval for Karnataka Bank to collect both direct and indirect taxes.

5) Answer: D

Karur Vysya Bank (KVB) announces that the Reserve Bank of India (RBI) has given approval to ICICI Prudential Asset Management Company Ltd (ICICI AMC) for acquiring an aggregate holding of up to 9.95% of the paid-up share capital or voting rights of The Karur Vysya Bank Ltd. The approval is in reference to the application submitted by ICICI AMC to the RBI. The approval granted by the RBI is subject to compliance with relevant provisions of the Banking Regulation Act, 1949. It also adheres to RBI’s Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies dated January 16, 2023.

6) Answer: D

Union Home Minister and Minister of Cooperation Shri Amit Shah launched the portal developed by the National Agricultural Cooperative Marketing Federation of India Ltd. (NAFED)and National Cooperative Consumers’ Federation of India Limited (NCCF) for registration, procurement and payment of tur dal producing farmers in New Delhi. Shri Amit Shah addressed the national symposium organized on ‘Self-reliance in Pulses’. Union Minister of Agriculture and Farmers Welfare Shri Arjun Munda, Minister of State for Consumer Affairs Shri Ashwini Choubey, Minister of State for Cooperation Shri B. L. Verma and many other dignitaries were present on the occasion. The portal will be launched at a national symposium on ‘self-reliance in pulses’ to be held here in the capital. Currently, the government procures various kinds of pulses including tur dal through agencies such as Nafed and NCCF for maintaining a buffer stock Under this initiative, pulses will be purchased for buffer stock from the farmers registered on the portal and minimum support price (MSP) or market price, whichever is higher, will be paid to the farmers According to the cooperation ministry, the process of registration, purchase and payment on the portal will be available on a single medium. Farmers can register on the portal directly or through Primary Agriculture Credit Societies (PACS) and Farmers Producer Organisation (FPO). The payment to the farmers will be made by NAFED directly into their mapped bank account and no agency will be involved in between.

7) Answer: C

The Competition Commission of India has proposed that indirect taxes, trade discounts, and intra-group sales will not be considered while computing the turnover of an entity for imposing a penalty for any violation of the rules.The Competition (Amendment) Act, 2023, inter alia, amended Section 27, 48 and Section 64 of the Act empowers the CCI to frame regulations for imposition of penalty on enterprise and/or person based on turnover or income of such enterprise and/or person. Under Section 27 of the Competition Act, 2002, the CCI can impose penalties on enterprises or individuals for participating in anti-competitive agreements or abusing a dominant position.The rules, at present, allow CCI to levy 10% penalty on the firm’s total turnover, but there is ambiguity on what the term turnover entails.The Supreme Court, in its ruling in the Excel Crop case, had curbed the power of the authority by defining that a penalty could be imposed only on the “relevant turnover” and not on the entire turnover of the firm.The proposed rules now specify that the term turnover or income “includes the total value of sales or revenue or receipts, by whatever name called, and other operating income, as per the audited financial statements maintained by such enterprise”, excluding indirect taxes, trade discounts, and intra-group sales.

8) Answer: C

Jharkhand Chief Minister Shri Hemant Soren announced that the qualifying age for old-age pension for tribals and Dalits has been reduced from 60 years to 50 years. The government has taken this decision because the death rate among tribals is high and they do not get jobs after 60 years. When Jharkhand was formed in 2000, only 16 lakh people were getting pension benefits. Now, around 36 lakh people above the age of 60 receive the benefit of the pension. This shift reflects a commitment to address the financial needs of the elderly population and recognize their contributions to society. Meanwhile, in September,2023 the Jharkhand government decided to add the transgender community under its universal pension scheme in a move to provide social security and bring them into the mainstream of society. According to the department of women, child development and social security (WCDSS), transgenders would need to get a certificate from the deputy commissioner’s office to avail the benefits of the pension scheme.

9) Answer: C

Reliance Retail’s online fashion business, Ajio, is set to turn profitable this month, becoming the first online venture of the country’s largest retail group to achieve the mark. Ajio is expected to post ‘6-8 crore in earnings before interest, tax, depreciation and amortisation (EBITDA) in December. Reliance had started Ajio in 2017. AJIO recently unveiled plans to invest in and boost the growth of 100 direct-to-customer fashion startups, aiming to showcase their products on a new Direct-to-Consumer (D2C)-focused digital platform called AJIOGRAM, hosted on the AJIO platform

10) Answer: C

Ola Electric Mobility,the Bhavish Aggarwal-led electric vehicle company, filed papers with Sebi to go public via an IPO that is estimated to be worth about Rs 10,000 crore. Ola Electric is the first EV company in India planning to go public. It would also be the first automobile company to go for IPO in over 20 years, since Maruti Suzuki (then Maruti Udyog) went public in mid-2003.

11) Answer: A

Listed Indian companies could be allowed to launch qualified institutional placement (QIP) of shares through exchanges at International Financial Service Centres (IFSCs) using an abridged prospectus, according to a working group report. Earlier this month, Ifsca Chairperson K Rajaraman had indicated a timeline of April 2024 to facilitate direct listing at the maiden IFSC, GIFT City in Gujarat. The group has submitted a few tax-related suggestions to incentivise non-resident entities to participate in direct listing The working group has recommended a direct depository connect model between depositories in India and at the IFSCs to enable the issuance of new equity shares directly by the IFSC depository and to enable the transfer of existing shares. For mutual funds, the working group has recommended a separate overseas limit over and above the current limit of $7 billion, earmarked specifically for investing in IFSC-listed firms. On minimum public shareholding, the group has recommended that a company listed in both jurisdictions be required to comply with the requirement separately to ensure free float in both markets. Sebi regulations mandate a 25 per cent minimum public shareholding. V Balasubramaniam, managing director and chief executive officer, NSE International Exchange (IX), and a member of the working group.

12) Answer: D

The Ministry of Youth Affairs and Sports announced Rashtriya Khel Protsahan Puruskar 2023. Odisha Mining Corporate Limited has been awarded in the category of Encouragement to Sports through Corporate Social Responsibility. Jain Deemed to be University, Bengaluru has been awarded for identifying and nurturing budding and young talent. The awardees will receive their awards from President Droupadi Murmu at a specially organised function at Rashtrapati Bhavan on the 9th of this month. Rashtriya Khel Protsahan Puruskar is given to corporate entities, Sports Control Boards, NGOs, including sports bodies at the State and National level, who have played a visible role in the area of sports promotion and development.

13) Answer: B

Kia India, a leading car manufacturer in India, has announced the appointment of Gwanggu Lee as its new Managing Director (MD) and Chief Executive Officer (CEO). Gwanggu Lee succeeds Kook Hyun Shim and Tae Jin Park, becoming the 3rd Managing Director and CEO of Kia India. Tae Jin Park, the former MD & CEO, is set to retire after a commendable 36-year tenure with Kia Corporation, including 4 years with Kia India. Mr. Gwanggu Lee brings over 30 years of experience in the automotive industry, having held leadership roles in various global markets, including the US, Canada, Italy, Mexico, Central and South America, and Germany. His most recent role was as President at Kia Mexico, where he contributed significantly to the company’s growth and establishment as a production and export hub. Kia India headquarters at Anantapur, Andhra Pradesh, India.

14) Answer: D

Israel’s government agreed to give Intel Corp a $3.2 billion grant for a new $25 billion chip plant it plans to build in southern Israel. The chip plant will be an expansion of Intel’s existing Kiryat Gat site. The $3.2 billion grant constitutes 12.8% of the total investment in the new chip plant. Intel has committed to purchasing $16.6 billion (60 billion shekels) worth of goods and services from Israeli suppliers over the next decade. The new facility is expected to generate several thousand jobs in the region. The new plant is due to open in 2027 and operate through 2035.

15) Answer: A

The Vikram Sarabhai Space Centre (VSSC) of the Indian space agency Indian Space Research Organisation (ISRO) has developed an analysis software ‘FEAST’ for Indian academia and industries. Purpose of FEAST Software : FEAST is designed for use in performing Finite Element Analysis (FEA) of various structures, including rockets, aircraft, satellites, buildings, etc. Functionality of FEAST : The software predicts how a component or structure reacts to real-world forces such as structural loads, thermal conditions, and other physical effects. Alternate Name – FEA Software : FEAST stands for Finite Element Analysis of Structures, serving as an acronym for the type of analysis it performs. Free Trial Availability : A free trial of the FEAST software is offered and can be accessed on the ISRO/VSSC website. Categories of Users : FEAST will be available for three broad categories of users. Academic: Aimed at students and educational institutions. Premium: Designed for small and medium-scale industries. Professional: Tailored for general large-scale applications.

16) Answer: E

Magnetars are neutron stars having an ultrahigh magnetic field that are much stronger than the terrestrial magnetic field. The field is about 1,000 times stronger than a normal neutron star and about a trillion times stronger than the Earth’s. Apart from ultra-powerful magnetic fields, magnetars also release vast amounts of energy in the form of flares, X-rays, and gamma-ray bursts. X-ray bursts occur in low-mass X-ray binary systems where a neutron star and low-mass main sequence star are in orbit around one another. Due to their close proximity and the extreme gravity of the neutron star, the companion star overflows its roche-lobe and hydrogen is drawn into an accretion disk around the neutron star. This hydrogen is eventually deposited on the surface of the neutron star and immediately is converted into helium due to the extreme temperatures and pressures that exist there.A thin surface layer of helium is built up, and once a critical mass of helium is reached, it ignites explosively, heating the entire surface of the neutron star to several tens of millions of degrees, releasing a sudden burst of X-rays.

17) Answer: B

REC Limited has signed a Memorandum of Understanding (MoU) with Bank of Baroda in order to facilitate joint sanctions of loans to fund power, infrastructure and logistics projects in the country over the next three years. Recognizing the pressing need to fortify these critical domains, REC Limited and Bank of Baroda unite with a shared vision of advancing sustainable growth and bolstering the nation’s infrastructural backbone. By pooling resources and expertise, both entities endeavor to champion initiatives that will invigorate economic development and enhance accessibility to essential services nationwide.Founded on 20th July, 1908 by Sir Maharaja Sayajirao Gaekwad III, Bank of Baroda is one of the leading commercial banks in India. At 63.97% stake, it is majorly owned by the Government of India. The Bank serves its global customer base of ~165 million through over 70,000 touch points spread across 17 countries in five continents and through its various digital banking platforms, which provide all banking products and services in a seamless and hassle-free manner. The Bank’s vision matches the aspirations of its diverse clientele base and seeks to instill a sense of trust and security in all their dealings with the Bank.

18) Answer: B

Ministry of Defence signs contracts worth Rs 802 Crores for procurement of military equipment. It contains two contracts for procurement of Qty-697 Bogie Open Military (BOM) Wagons for 473 Cr with M/s Jupiter Wagons Limited and procurement of Qty-56 Mechanical Minefield Marking Equipment (MMME) Mark II at 329 Cr with M/s BEML Ltd, under Buy (Indian-IDDM) category in New Delhi. The BOM Wagons and MMME will be produced with equipment and sub-systems sourced from indigenous manufacturers, giving a boost to the indigenous manufacturing and participation of the private sector in defence production, realizing the vision of Atmanirbhar Bharat. Bogie Open Military (BOM) wagons, designed by Research Design and Standard Organization (RDSO) are specialist wagons used by the Indian Army for mobilization of the Army units. BOM wagons are used to transport light vehicles, Artillery Guns, BMPs, Engineering Equipment etc. from their peacetime locations to operational areas. This Critical Rolling Stock will ensure speedy and simultaneous induction of units and equipment into operational areas during any conflict situation besides, facilitating their peacetime movement for Military exercise and movement of units from one station to another. Marking of all minefields is a mandatory requirement as per amended Protocol-II on Convention in certain Conventional Weapons to which India is a signatory. MMME has been designed to operate cross country with a complete load of stores and carry out marking of minefields with minimal time and manpower employment. The equipment is based on an in-service High Mobility Vehicle having advanced mechanical and electrical systems which will reduce the timings for minefield marking during operations and will enhance the operational capability of Indian Army.

19) Answer: B

Reliance Industries Ltd (RIL) and Walt Disney Co signed a non-binding term sheet in London to move ahead with plans to create India’s largest media and entertainment business, said people with knowledge of the matter. The 51:49 stock-and-cash merger in favour of the Mukesh Ambani-led group is expected to get finalised to complete all commercial ratifications and regulatory approvals by February, even though RIL is keen to wrap it up by January end. The plan, as of now, is to create a step-down subsidiary of RIL’s Viacom18, which will absorb Star India via a stock swap, said the people cited above.Reliance is pitching to be the larger shareholder with at least 51% in the merged company with Disney owning the residual 49%.

20) Answer: D

About Jharkhand :

Governor : C. P. Radhakrishnan
Chief Minister : Hemant Soren
Capital : Ranchi
Tiger Reserve : Palamu Tiger Reserve
Wildlife Sanctuary : Dalma Wildlife Sanctuary, Gautam Budha Wildlife Sanctuary, Udhwa Lake Bird Wildlife Sanctuary

Daily Current Affairs Quiz – 05th January 2024

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