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Dear Readers, Daily Current Affairs Questions Quiz for SBI, IBPS, RBI, RRB, SSC Exam 2024 of 07th & 08th April 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) In an effort to stabilize its economy, Zimbabwe introduced a new coin known as “Zimbabwe Gold,” or ZiG in short. The denominations of the new ZiG banknotes range between 1 and ________.

(a) 50

(b) 100

(d) 500

(e) 20

2) Which type of bank is authorized to use legal rupee interest derivative instruments, according to the Reserve Bank of India’s (RBI) recent announcement in April 2024?

(a) Private

(b) Public

(d) Small Finance

(e) Cooperative

3) The Unified Payments Interface is used by the Reserve Bank of India to introduce the Cash Deposit Facility. How many currency notes may a user deposit at an ADWM in a single transaction?

(a) 100

(b) 50

(d) 200

(e) 250

4) Which organization works with Fintech Onion Life Private Limited on a pilot project that uses the Karma Life platform to provide microloans to gig workers?

(a) SEBI

(b) SIDBI

(d) NABARD

(e) IRDAI

5) The Reserve Bank of India grants accessto Sovereign Green Bonds to foreign investors in the International Financial Services Center. What is the estimated amount of gross market borrowing that the government plans to borrow for 2024–2025 as part of the budget?

(a) Rs 14.13 lakh crore

(b) Rs 15.13 lakh crore

(d) Rs 18.13 lakh crore

(e) Rs 12.13 lakh crore

6) Which Section of the Payment and Settlement Systems Act, 2007 (PSS Act) grants the Reserve Bank of India, the authority to permit third-party applications for prepaid payment instruments and wallets used for unified payments?

(a) Section 12

(b) Section 10

(d) Section 16

(e) Section 18

7) The Reserve Bank of India will improve the liquidity coverage ratio(LCR) framework to help banks manage liquidity risk better. From which year are the banks expected to maintain a 100% LCR, guaranteeing they have enough liquid assets to satisfy their obligations?

(a) 2017

(b) 2015

(d) 2019

(e) 2016

8) The Reserve Bank of India will improve the liquidity coverage ratio(LCR) framework to help banks manage liquidity risk better.The LCR is computed by dividing a bank’s high-quality liquid assets (HQLA) by total net cash flows over a stress period of how many days?

(a) 25days

(b) 10days

(d) 30days

(e) 45days

9) The Reserve Bank of India plans to make Central Bank Digital Currency (CBDC) retail accessible to non-bank payment operators. The CBDC pilot is currently running across how many banks?

(a) 11banks

(b) 10banks

(d) 13banks

(e) 15banks

10) The Reserve Bank of India is developing a mobile app for the Retail Direct Portal to help retail investors gain access to the government securities market. In which year was the RBI Retail Direct Scheme launched?

(a) 2019

(b) 2014

(d) 2018

(e) 2015

11) IDFC First Bank and LIC Housing Finance would face monetary penalties in April 2024, according to the Reserve Bank of India. How much has the RBI fined IDFC First Bank Limited?

(a) Rs.2crore

(b) Rs.1crore

(d) Rs.4crore

(e) Rs.5crore

12) Manmohan Singh, who served as Finance Minister in the Narasimha Rao government from 1991 to 1996 and Prime Minister from 2004 to 2014, has completed how many years in the Rajya Sabha?

(a) 32

(b) 31

(d) 34

(e) 35

13) India’s bilateral trade agreement with which country limits the export of basic products including eggs, potatoes, onions, rice, wheat flour, sugar, dal, stone aggregate, and river sand during the fiscal year 2024-25?

(a) Srilanka

(b) Myanmar

(d) Nepal

(e) UAE

14) By the end of which year will India stop importing urea, due to a strong push for domestic manufacturing that has helped bridge the supply-demand gap?

(a) 2024

(b) 2025

(d) 2028

(e) 2030

15) Private equity investments fell for the second straight year in 2023. Which year had recorded high PE investments?

(a) 2019

(b) 2016

(d) 2021

(e) 2020

16) The DGGI has ranked online gaming and casinos as the top GST evasion cases. This sector alone contributed to more than what percentage of GST evasion detection?

(a) 10%

(b) 15%

(d) 40%

(e) 30%

17) Which bank’s Chief Executive Officer, Chandra Shekhar Ghosh, will resign at the end of his term?

(a) HDFC bank

(b) ICICI bank

(d) Bandhan bank

(e) IDBI bank

18) Bilquis Mir of J-K becomes the first woman to represent India as a jury member at the Paris Olympics in 2024. When did she become a jury member for her outstanding conduct and performance at major athletic events?

(a) 2005

(b) 2008

(d) 2012

(e) 2004

19) Singapore has decided not to host the 2026 Commonwealth Games, putting the event’s future in jeopardy. Which country hosted the final Games in 2022?

(a) Australia

(b) France

(d) England

(e) Thailand

20) Anupama and Tharun have won the International Badminton Championship in Kazakhstan. In the men’s singles final, M. Tharun of Telangana defeated Soon Joo Ven of which country to win his maiden international title?

(a) Australia

(b) France

(d) England

(e) China

21) Prarthana Thombare and Valentina Grammatikopoulou win the doubles title in Croatia. Prarthana will join the Indian team for the Billie Jean King Cup, which will be held in which country?

(a) Australia

(b) France

(d) England

(e) China

22) When was World Health Day honoured worldwide?

(a) April 4

(b) April 5

(d) April 7

(e) April 8

23) Which bank was the first microfinance organization to become a universal bank in India, as well as the first private sector bank to be established in eastern India following Independence?

(a) HDFC bank

(b) ICICI bank

(d) Bandhan bank

(e) IDBI bank

24) Small Finance Banks (SFBs) must maintain a minimum capital-to-risk-weighted assets ratio (CRAR) of what percentage?

(a) 10%

(b) 12%

(d) 18%

(e) 20%

25) When was LIC Housing Finance Limited established?

(a) 1986

(b) 1988

(d) 1990

(e) 1987

Answers :

1) Answer: C

Zimbabwe has launched a new gold-backed currency called ZiG, short for “Zimbabwe Gold”, to stabilize its economy.
Initial Value and Denominations : The ZiG, which stands for Zimbabwe Gold, will have an initial value of 13.56 to the US dollar
The new ZiG banknotes come in denominations of between 1 and 200.

Detailed Explanation:

Zimbabwe has launched a new gold-backed currency called ZiG, short for “Zimbabwe Gold”, to stabilize its economy.
This introduction marks the latest attempt by Zimbabwe to bring stability to its economy, which has faced significant challenges over the past 25 years.
Market-Determined Exchange Rate : The central bank governor, John Mushayavanhu, announced that the ZiG would be structured and set at a market-determined exchange rate, aiming to bring transparency to currency valuation.
Replacement of RTGS Dollar : ZiG replaces the Zimbabwean dollar, known as the RTGS, which had experienced a significant depreciation, losing three-quarters of its value in the current year.
Initial Value and Denominations : The ZiG, which stands for Zimbabwe Gold, will have an initial value of 56 to the US dollar
The new ZiG banknotes come in denominations of between 1 and 200.
Introduction of Coins: In addition to banknotes, coins will also be introduced to address the shortage of US coins.
This shortage has led to people receiving change in items like sweets, small chocolates, and pens.
Gold Reserves: The Reserve Bank of Zimbabwe holds just over one tonne of gold in its own vaults and 1.5 tonnes held offshore, along with other foreign currency reserves.
This gold backing is intended to provide stability and confidence in the new currency.

2) Answer: D

The Reserve Bank of India (RBI) has announced its decision to permit Small Finance Banks (SFBs) to utilize permissible rupee interest derivative products.
As per the current establishment, the SFBs are permitted to use only Interest Rate Futures (IRFs) for proprietary hedging.
An interest rate derivative is a financial instrument with a value that is linked to the movements of an interest rate or rates.
These may include futures, options, or swaps contracts.

Detailed Explanation:

The Reserve Bank of India (RBI) has announced its decision to permit Small Finance Banks (SFBs) to utilize permissible rupee interest derivative products.
As per the current establishment, the SFBs are permitted to use only Interest Rate Futures (IRFs) for proprietary hedging.
An interest rate derivative is a financial instrument with a value that is linked to the movements of an interest rate or rates.
These may include futures, options, or swaps contracts.
The RBI has rejected the request from Small Finance Banks (SFBs) to remove the “small finance” tag from their name.
The central bank argues that SFBs are specialized banks with distinct objectives, particularly focused on financial inclusion.
The primary objective of Small Finance Banks is to promote financial inclusion among underserved and unserved segments of the population through the implementation of advanced technology and cost-effective operations.

3) Answer: D

The Reserve Bank of India (RBI) has proposed allowing cash deposit facility at Cash Deposit Machines (CDMs) through Unified Payments Interface (UPI), which is currently accessible only through the use of debit cards.
CDMs, also known as Automated Deposit cum Withdrawal Machines (ADWMs), function similarly to ATMs but specifically allow users to deposit cash directly into their accounts using their ATM cum debit cards.
Individuals may deposit up to 49,900 per account per day if their PAN is not updated with the bank. The per transaction limit is Rs. 49,900 for cardless deposits and Rs. 2.00 lakhs for deposits made through debit cards (subject to the account being linked with a PAN number).
Currency Note Acceptance: ADWMs only accept currency notes in denominations of 100, Rs. 200, Rs. 500, and Rs. 2000.
Transaction Limit: Users can deposit up to 200 currency notes in a single transaction at ADWMs.

Detailed Explanation:

The Reserve Bank of India (RBI) has proposed allowing cash deposit facility at Cash Deposit Machines (CDMs) through Unified Payments Interface (UPI), which is currently accessible only through the use of debit cards.
This announcement came during the unveiling of the first monetary policy statement for the fiscal year 2024-25.
Reason for the Initiative: This initiative is driven by the widespread popularity and acceptance of UPI, along with the observed benefits from the availability of UPI for card-less cash withdrawal at automatic teller machines (ATMs).
Current Procedure: Currently, to access the cash deposit facility, the user must insert his/her debit card, enter the PIN and select ‘deposit’ to complete the cash deposition process at the ATM or CDM.
Enhanced Customer Convenience: CDMs deployed by banks aim to enhance customer convenience while reducing the cash-handling load on bank branches.
Functionality of Cash Deposit Machines (CDMs): CDMs, also known as Automated Deposit cum Withdrawal Machines (ADWMs), function similarly to ATMs but specifically allow users to deposit cash directly into their accounts using their ATM cum debit cards.
Deposit Limits : As per RBI guidelines, cash deposits using CDMs are subject to limits.
Individuals may deposit up to 49,900 per account per day if their PAN is not updated with the bank.
The per transaction limit is 49,900 for cardless deposits and Rs. 2.00 lakhs for deposits made through debit cards (subject to the account being linked with a PAN number).
Currency Note Acceptance: ADWMs only accept currency notes in denominations of 100, Rs. 200, Rs. 500, and Rs. 2000.
Transaction Limit: Users can deposit up to 200 currency notes in a single transaction at ADWMs.

4) Answer: B

Small Industries Development Bank of India (SIDBI) has agreed with a fintech Onion Life Private Limited to use the latter’s technology platform KarmaLife for a pilot to provide micro loans to gig workers.

Detailed Explanation:

Small Industries Development Bank of India (SIDBI) has agreed with a fintech Onion Life Private Limited to use the latter’s technology platform KarmaLife for a pilot to provide micro loans to gig workers.
This is expected to support the gig workers’ financial inclusion to formal institutional credit.
KarmaLife will help gig workers access micro-loans through a mobile app and eliminate the hassle of extensive paperwork or physical documentation.
This streamlined process will make it easier for gig workers to manage liquidity needs of their enterprise activities.
Co-founder and CEO of Onion Life : Rohit Rathi

5) Answer: A

The Reserve Bank of India (RBI) has decided to allow eligible foreign investors in the International Financial Services Centre (IFSC) to invest in Sovereign Green Bonds (SGrBs), aiming to broaden non-resident participation in these bonds.
Government Borrowing Plans: In the current financial year, the government plans to borrow 12,000 crore through the issuance of Sovereign Green Bonds.
As part of the Budget estimate, the government is planning for gross market borrowing of Rs 14.13 lakh crore for 2024-25.

Detailed Explanation:

The Reserve Bank of India (RBI) has decided to allow eligible foreign investors in the International Financial Services Centre (IFSC) to invest in Sovereign Green Bonds (SGrBs), aiming to broaden non-resident participation in these bonds.
Presently, foreign portfolio investors (FPIs) registered with the Securities and Exchange Board of India (SEBI) are permitted to invest in SGrBs through various routes available for investment in government securities.
Separate Scheme Notification: A separate scheme for investment and trading in SGrBs by eligible foreign investors in IFSC will be notified in consultation with the Government and the IFSC Authority.
Background on SGrBs Issuance: SGrBs were issued by the Government of India (GoI) in January 2023, following an announcement in the Union Budget for FY23.
Additionally, SGrBs were included in the Government’s borrowing calendar for FY24.
Purpose of SGrBs Issuance: The issuance of Sovereign Green Bonds by the GoI aims to raise finance from potential investors for investment in public sector projects and to decrease the carbon intensity of the economy.
Government Borrowing Plans: In the current financial year, the government plans to borrow 12,000 crore through the issuance of Sovereign Green Bonds.
As part of the Budget estimate, the government is planning for gross market borrowing of Rs 14.13 lakh crore for 2024-25.
Out of this, Rs 7.5 lakh crore, or 53%, is scheduled to be borrowed in the first half.

6) Answer: E

The Reserve Bank of India (RBI) has proposed allowing the linking of Prepaid Payment Instruments (PPIs) through third-party Unified Payments Interface (UPI) applications, enhancing flexibility for Prepaid Payment Instruments (PPI) wallet holders to make UPI payments.
RBI’s Regulatory Framework for PPIs: RBI has issued Master Directions (MD) on Prepaid Payment Instruments (PPIs) under the powers conferred by Section 18 of the Payment and Settlement Systems Act, 2007 (PSS Act).

Detailed Explanation:

The Reserve Bank of India (RBI) has proposed allowing the linking of Prepaid Payment Instruments (PPIs) through third-party Unified Payments Interface (UPI) applications, enhancing flexibility for Prepaid Payment Instruments (PPI) wallet holders to make UPI payments.
Current UPI Payment System:At present, UPI payments from bank accounts can be made only by linking a bank account through the UPI application of the bank or using any third-party UPI application.
However, the same facility is not available for PPIs, and wallet holders can make UPI transactions only by using the web or mobile application provided by the PPI issuer.

What are PPIs?

PPIs are instruments that can be used for making payments against the value stored in them.
RBI’s Regulatory Framework for PPIs: RBI has issued Master Directions (MD) on Prepaid Payment Instruments (PPIs) under the powers conferred by Section 18 of the Payment and Settlement Systems Act, 2007 (PSS Act).
Types of PPIs: PPIs can be issued by banks and non-banks.
Banks can issue PPIs after obtaining approval from RBI.
Categories of PPIs: PPIs that require RBI approval / authorisation prior to issuance are classified under two types: Small PPIs (or minimum-detail PPIs), Full-KYC PPIs.
A Small PPI (with cash loading facility) can be held for a maximum period of 24 months only.
Loading and Usage Limits : PPIs can be loaded / reloaded by cash (not permitted in one type of Small PPI), debit to a bank account, credit and debit cards, PPIs (as permitted from time to time) and other payment instruments issued by entities regulated in India and in Indian Rupees (INR) only.
The cash loading of PPIs is limited to ₹50,000/- per month subject to overall limit of the PPI (not permitted in one type of Small PPI).
However, cash withdrawal at PoS devices is subject to a limit of ₹2,000/- per transaction within an overall monthly limit of ₹10,000/- across all locations (Tier 1 to 6 centres).
No interest is payable on PPI balances.

7) Answer: D

The Reserve Bank of India (RBI) is planning to make certain modifications to the Liquidity Coverage Ratio (LCR) framework to facilitate better management of liquidity risk by banks.
Objective of LCR Framework: Banks covered under the LCR framework are mandated to maintain a reserve of high-quality liquid assets (HQLA) to cover their net outflows for 30 days under stressed conditions.
LCR Requirement: Since January 1, 2019, banks are required to maintain an LCR of 100%, ensuring they have sufficient liquid assets to meet their obligations.

Detailed Explanation:

The Reserve Bank of India (RBI) is planning to make certain modifications to the Liquidity Coverage Ratio (LCR) framework to facilitate better management of liquidity risk by banks.
Objective of LCR Framework: Banks covered under the LCR framework are mandated to maintain a reserve of high-quality liquid assets (HQLA) to cover their net outflows for a period of 30 days under stressed conditions.
LCR Requirement: Since January 1, 2019, banks are required to maintain an LCR of 100%, ensuring they have sufficient liquid assets to meet their obligations.
Assets Eligible as HQLA: At present, the assets allowed as Level 1 High Quality Liquid Assets (HQLAs), inter alia, included among others within the mandatory SLR (statutory liquidity ratio) requirement, Government securities to the extent allowed by RBI under (i) Marginal Standing Facility (MSF) and (ii) Facility to Avail Liquidity for Liquidity Coverage Ratio (FALLCR) [15 percent of the bank’s deposits with effect from April 1, 2020].
Comfortable LCR Levels: Scheduled Commercial Banks have maintained a comfortable LCR level of 4%, well above the minimum requirement of 100%.
Utilization of SLR-eligible Assets: Banks can utilize their entire portfolio of SLR-eligible assets as HQLAs to meet LCR requirements.
LCR Framework Post Financial Crisis : Under the liquidity coverage ratio (LCR) introduced post the global financial crisis, banks are currently required to maintain a stock of high quality liquid assets (HQLA) to cover the expected net cash outflows in the next 30 calendar days.
HQLA are primarily made up of government securities, which can be easily liquidated to meet banks’ cash requirements.

8) Answer: D

The Reserve Bank of India (RBI) is planning to make certain modifications to the Liquidity Coverage Ratio (LCR) framework to facilitate better management of liquidity risk by banks.
LCR = High-Quality Liquid Asset Amount (HQLA) / Total Net Cash Flow Amount
The LCR is calculated by dividing a bank’s high-quality liquid assets (HQLA) by its total net cash flows, over a 30-day stress period.

Detailed Explanation:

LCR = High-Quality Liquid Asset Amount (HQLA) / Total Net Cash Flow Amount
The LCR is calculated by dividing a bank’s high-quality liquid assets (HQLA) by its total net cash flows, over a 30-day stress period.
HQLAs are assets with the potential to be converted into cash quickly and easily.
Under the Basel Accord, there are 3 categories of liquid assets – level 1, level 2A, and level 2B:
Level 1 – These assets include coins and banknotes, central bank reserves, and marketable securities.
These aren’t discounted when you calculate the LCR ratio.
Level 2A – These assets include securities issued/guaranteed by specific sovereign entities or multilateral development banks, as well as securities issued by US government-sponsored enterprises.
Level 2A assets have a 15% discount.
Level 2B – These assets include investment-grade corporate debt and publicly-traded common stock.
Level 2B assets have a 25-50% discount.

9) Answer: D

The Reserve Bank of India (RBI) has proposed allowing non-bank payment system operators (PSOs) to offer CBDC (Central Bank Digital Currency) wallets in order to make CBDC-R (Retail) more accessible to a broader segment of users.
At present, the CBDC pilot is operational across 13 banks including State Bank of India (SBI), ICICI Bank, Yes Bank, and IDFC First Bank.

Detailed Explanation:

The Reserve Bank of India (RBI) has proposed allowing non-bank payment system operators (PSOs) to offer CBDC (Central Bank Digital Currency) wallets to make CBDC-R (Retail) more accessible to a broader segment of users.
RBI launched the CBDC pilot programme in 2022.
The Indian CBDC, also known as the Digital Rupee, is a tokenized digital version of the Rupee issued by RBI.
It is regulated by RBI, and thus, carries sovereign status as a legal tender for transactions.
It is the sovereign currency in an electronic form and it would appear as a liability (currency in circulation) on a central bank’s balance sheet.
e-RUPI can be issued only by banks authorized by RBI to issue Prepaid Payment Instruments (PPI) and who are participating as Payment Service Providers (PSP) in the UPI ecosystem (referred hereunder as the “Issuer”).
There is no charge applicable on e-RUPI Beneficiary for using e –RUPI.
Currently only banks are allowed to issue CBDC wallets under the pilot.
At present, the CBDC pilot is operational across 13 banks including State Bank of India (SBI), ICICI Bank, Yes Bank, and IDFC First Bank.
Later Bank of Baroda (BoB), Union Bank of India (UBI), HDFC Bank, and Kotak Mahindra Bank (KMB) were included.

10) Answer: C

The Reserve Bank of India (RBI) announced that a mobile application of the Retail Direct portal is being developed to improve further ease of access by retail investors to the government securities market.
The app will enable investors to buy and sell instruments/government securities (Government Dated Securities, State Development Loans, Treasury Bills and Sovereign Gold Bonds,) on the go, at their convenience.
RBI Retail Direct Scheme, launched in November 2021, gives access to individual investors to maintain gilt accounts with RBI and invest in government securities.

Detailed Explanation:

The Reserve Bank of India (RBI) announced that a mobile application of the Retail Direct portal is being developed to improve further ease of access by retail investors to the government securities market.
The app will enable investors to buy and sell instruments/government securities (Government Dated Securities, State Development Loans, Treasury Bills and Sovereign Gold Bonds,) on the go, at their convenience.
RBI Retail Direct Scheme, launched in November 2021, gives access to individual investors to maintain gilt accounts with RBI and invest in government securities.
The Scheme enables investors to buy securities in primary auctions as well as buy/sell securities through the Negotiated Dealing System – Order Matching system (NDS-OM).
As per the guidelines of the Retail Direct Scheme, a retail investor is eligible to open an account with the RBI by meeting the following criteria:
Having a savings bank account
Possessing a PAN
A valid document for KYC (know your customer) such as Aadhaar, passport, voter identity card.
Account Opening :The RBI Retail Direct Gilt Account can be opened either in single or joint holding mode.
Even the non-resident retail investors are eligible to invest in government securities under Foreign Exchange Management Act, 1999.
There are no fees or charges for opening and maintaining a Retail Direct Gilt Account with the RBI.
Investment Amount : Investors can start with a minimum investment of Rs. 10,000, with the flexibility to invest up to 2 crores per security.
Interest Rate: The interest rate associated with the RBI Retail Direct Scheme is determined through an auction process, where investors bid for the securities.
The scheme covers a broad range of tenures, spanning from 1 year to 40 years, providing investors with flexibility in aligning their investments with their financial objectives.

11) Answer: B

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1 crore on IDFC First Bank Limited for non-compliance with certain directions issued by the central bank on ‘Loans and Advances – Statutory and Other Restrictions’.
In Another regulatory action, RBI imposed a monetary penalty of Rs 49.70 lakh on LIC Housing Finance Limited for non-compliance with certain provisions of Fair Practices Code.

Detailed Explanation:

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1 crore on IDFC First Bank Limited for non-compliance with certain directions issued by the central bank on ‘Loans and Advances – Statutory and Other Restrictions’.
This penalty has been imposed in the exercise of powers vested in RBI conferred under the provisions of section 47 of the Banking Regulation Act, 1949.
In Another regulatory action, RBI imposed a monetary penalty of Rs 49.70 lakh on LIC Housing Finance Limited for non-compliance with certain provisions of Fair Practices Code.
This penalty has been imposed in exercise of powers vested in RBI conferred under section 52A of the National Housing Bank Act, 1987.
Meanwhile, the RBI has cancelled the certificate of registration (CoR) of 4 Non-Banking financial companies (NBFCs) — Kundles Motor Finance, Nithya Finance, Bhatia Hire Purchase, and Jiwanjyoti Deposits and Advances.
The 4 companies now cannot transact the business of a non-banking financial institution.
Another 5 NBFCs have surrendered their CoR & these are — Growing Opportunity Finance (India), Invel Commercial, Mohan Finance, Saraswati Properties, and Quicker Marketing.

12) Answer: C

Former Prime Minister Manmohan Singh ends his 33-year-long parliamentary innings in the Rajya Sabha, just as former party chief Sonia Gandhi will enter the Upper House of Parliament for the first time.
He was the Finance Minister in the Narasimha Rao government from 1991 to 1996 and the Prime Minister from 2004 to 2014.

Detailed Explanation:

Former Prime Minister Manmohan Singh ends his 33-year-long parliamentary innings in the Rajya Sabha, just as former party chief Sonia Gandhi will enter the Upper House of Parliament for the first time.
Singh, who is known for ushering in several bold reforms in the economy, became a member of the House for the first time in October 1991.
He was the Finance Minister in the Narasimha Rao government from 1991 to 1996 and the Prime Minister from 2004 to 2014.
Sonia Gandhi will enter the Upper House for the first time from Rajasthan, filling the seat that will fall vacant after 91-year-old Singh completes his tenure on April 3.
Under the two terms as PM, Manmohan Singh is credited with introducing social welfare initiatives such as guaranteed job schemes—the Mahatma Gandhi National Rural Employment Guarantee (MNREGA) and the Right to Education for Every Child.
During Manmohan Singh’s term as PM, reforms, including Direct Benefit Transfer (DBT) and the national identification number, Aadhaar, were also introduced.

13) Answer: C

India allowed the export of essential items such as eggs, potatoes, onions, rice, wheat flour (atta and maida), sugar, dal (processed pulses), stone aggregate and river sand to Maldives, prescribing a quantitative limit for each item during the 2024-25 fiscal under the bilateral trade agreement between both the countries.
Currently, India has either banned or allowed export through permits for rice, wheat flour, onion, pulses and sugar to any country.

Detailed Explanation:

India allowed the export of essential items such as eggs, potatoes, onions, rice, wheat flour (atta and maida), sugar, dal (processed pulses), stone aggregate and river sand to Maldives, prescribing a quantitative limit for each item during the 2024-25 fiscal under the bilateral trade agreement between both the countries.
Currently, India has either banned or allowed export through permits for rice, wheat flour, onion, pulses and sugar to any country.
In the case of stone aggregate and river sand, the Government has decided to allow 10 lakh tonnes, each this fiscal.

14) Answer: B

India will by the end of 2025 stop importing urea as a massive push for domestic manufacturing has helped bridge the gap between supply and demand, Chemicals and Fertilisers Minister Mansukh Mandaviya.
The country has been using chemical fertilisers for the last 60-65 years to enhance crop production.

Detailed Explanation:

India will by the end of 2025 stop importing urea as a massive push for domestic manufacturing has helped bridge the gap between supply and demand, Chemicals and Fertilisers Minister Mansukh Mandaviya.
The minister noted that the availability of fertilisers is very important for Indian agriculture.
the country has been using chemical fertilisers for the last 60-65 years to enhance crop production.
The government is making efforts to promote alternate fertilisers like nano liquid urea and nanoliquid di-ammonium phosphate (DAP)
For 2024-25, the government has allocated a fertiliser subsidy of Rs 1.64 lakh crore as against the revised estimates of Rs 1.89 lakh crore for the 2023-24 fiscal

15) Answer: D

Private equity (PE) investors are feeling the pinch of the funding winter and taking a cautious approach to investments as geopolitical uncertainties, tough macro environment and tighter credit markets play spoilsport.
The investment tally for 2023 is yet to reach the pre-Covid levels of 2018 and 2019 after PE investments hit record highs in 2021 riding on the post-pandemic frenzy

Detailed Explanation:

Private equity (PE) investors are feeling the pinch of the funding winter and taking a cautious approach to investments as geopolitical uncertainties, tough macro environment and tighter credit markets play spoil sport.
The investment tally for 2023 is yet to reach the pre-Covid levels of 2018 and 2019 after PE investments hit record highs in 2021 riding on the post-pandemic frenzy
Private equity (PE) investors are feeling the pinch of the funding winter and taking a cautious approach to investments as geopolitical uncertainties, tough macro environment and tighter credit markets play spoilsport.
PE firms invested $29.8 billion across 315 deals in India, as per data sourced from private markets research firm Venture Intelligence, and this was a 33 per cent year-on-year decline in terms of value and a 35 per cent fall in deal count from 2022.
From 2021 to 2022, PE investments fell 28 per cent.
In the first three months of 2024 (Jan-March), PEs have closed 71 deals aggregating to $5.6 billion compared with 85 deals worth over $6 billion they signed in Jan-March 2023.
Infrastructure, information technology (IT) and internet companies and banking and financial services and insurance (BFSI) emerge as top sectoral picks for PE firms.

16) Answer: D

Online Gaming & Casinos emerged at the top in terms of detection of GST evasion during Fiscal Year 2023-24, annual data compiled by the Directorate General of GST Intelligence (DGGI) showed.
This sector alone accounted for more than 40 per cent of the amount involved in GST evasion detection.

Detailed Explanation:

Online Gaming & Casinos emerged at the top in terms of detection of GST evasion during Fiscal Year 2023-24, annual data compiled by the Directorate General of GST Intelligence (DGGI) showed.
This sector alone accounted for more than 40 per cent of the amount involved in GST evasion detection
DGGI detected over 6,074 cases involving evasion of duty of over ₹2.01 lakh crore.
It is approximately 10 per cent of total GST collection in the current FY with a voluntary payment of ₹26,598 crore which has contributed about 1.4 per cent of total GST Collections for FY 2023-24.
Further 147 masterminds and other offenders involved in GST evasion were arrested.
Among the sectors, a considerable amount of tax evasion has been detected in major sectors like Online Gaming & Casino (₹83,588 crore), Co-insurance/ Re-insurance (₹16,305 crore), and Secondment (₹1,064 crore)

17) Answer: D

Chandra Shekhar Ghosh, Bandhan Bank’s Managing Director (MD) and Chief Executive Officer (CEO), is to step down from his current term, ending on July 9, 2024.

Detailed Explanation:

Chandra Shekhar Ghosh, Bandhan Bank’s Managing Director (MD) and Chief Executive Officer (CEO), is to step down from his current term, ending on July 9, 2024.
Previously, on November 24, 2023, the bank’s board of directors accepted Chandra Shekhar Ghosh’s reappointment as MD and CEO for a three-year term.
Ghosh, who also founded Bandhan Bank, has been a leading proponent of financial inclusion in India. He has almost 30 years of expertise in the microfinance and development sector.

18) Answer: B

Jammu and Kashmir’s Bilquis Mir is all set to make history as the first woman from India to serve as a jury member at the upcoming Summer Olympics in Paris, which is scheduled from July 26 to August 11 this year in Paris.
In 2008, she qualified as a jury member for her exemplary conduct and performance at top sporting events, including the Hangzhou Asian Games last year.

Detailed Explanation:

Jammu and Kashmir’s Bilquis Mir is all set to make history as the first woman from India to serve as a jury member at the upcoming Summer Olympics in Paris, which is scheduled from July 26 to August 11 this year in Paris.
Her appointment as a jury member for the Paris Games was officially communicated through a letter from the Indian Olympic Association (IOA) to the Jammu and Kashmir administration.
In 2008, she qualified as a jury member for her exemplary conduct and performance at top sporting events, including the Hangzhou Asian Games last year.

19) Answer: D

Singapore reportedly ruled out hosting the 2026 Commonwealth Games, putting the future of the multi-sport event in doubt.
The feasibility of hosting the 2026 Commonwealth Games has been studied by Commonwealth Games Singapore and Sport Singapore has decided not to place any bid to host the Games.
The Games were last hosted by the city of Birmingham, England in 2022.

Detailed Explanation:

Singapore reportedly ruled out hosting the 2026 Commonwealth Games, putting the future of the multi-sport event in doubt.
The feasibility of hosting the 2026 Commonwealth Games has been studied by Commonwealth Games Singapore and Sport Singapore has decided not to place any bid to host the Games.
The Commonwealth Games Federation is struggling to find a new host after the Australian state of Victoria pulled out last year due to rising costs.
Last month, despite a £100 million ($126 million) sweetener offer from the CGF, Malaysia declined to host due to cost.
Victoria’s sudden move and the lack of an obvious alternative has cast doubt on the future of the Games, which take place every four years.
The Games were last hosted by the city of Birmingham, England in 2022.

20) Answer: C

Anupama Upadhyaya and M. Tharun, two promising young Indian badminton players, won the women’s and men’s singles titles, respectively, at the 2024 Kazakhstan International Challenge tournament held in Uralsk, Kazakhstan.
In the men’s singles final, 22-year-old M. Tharun from Telangana won his first international title by defeating Soon Joo Ven of Malaysia 21-10, 21-19. M. Tharun was the runner-up in the 2023 National Badminton Championship, where he lost to Chirag Sen in the final.
Nineteen-year-old Anupama Upadhyaya, born in Almora, Uttarakhand, defeated fellow Indian Isharani Baruah 21-15, 21-16 in the final. For the World No. 70 ranked Anupama Upadhyaya, the Kazakhstan International Title was her second consecutive international win of 2024, after her victory at the Polish International Challenge 2024.

Detailed Explanation:

Anupama Upadhyaya and M. Tharun, two promising young Indian badminton players, won the women’s and men’s singles titles, respectively, at the 2024 Kazakhstan International Challenge tournament held in Uralsk, Kazakhstan.
In the men’s singles final, 22-year-old M. Tharun from Telangana won his first international title by defeating Soon Joo Ven of Malaysia 21-10, 21-19. M. Tharun was the runner-up in the 2023 National Badminton Championship, where he lost to Chirag Sen in the final.
Nineteen-year-old Anupama Upadhyaya, born in Almora, Uttarakhand, defeated fellow Indian Isharani Baruah 21-15, 21-16 in the final. For the World No. 70 ranked Anupama Upadhyaya, the Kazakhstan International Title was her second consecutive international win of 2024, after her victory at the Polish International Challenge 2024.

21) Answer: E

Prarthana Thombare in partnership with Valentina Grammatikopoulou beat Veronika Erjavec and Justina Mikulskyte 6-4, 6-1 in the doubles final of the $60,000 ITF women’s tennis tournament in Split, Croatia.
It was the 27th doubles title in the professional circuit for the 29-year-old Prarthana who will join the Indian team for the Billie Jean King Cup in China.

22) Answer: D

World Health Day 2024 is observed worldwide on 7th April.
The theme for World Health Day 2024 is ‘My health, my right’.
On April 7, 1948 the constitution of the World Health Organisation came into being.

Detailed Explanation:

World Health Day 2024 is observed worldwide on 7th April.
The theme for World Health Day 2024 is ‘My health, my right’.
On April 7, 1948 the constitution of the World Health Organisation came into being.
The World Health Assembly (WHA) was formed to overlook the work for the WHO.
The World Health Organisation was formed by merging the Health Organisation of the League of Nations and the office International d’Hygiene Publique and the International Classification of Diseases (ICD).
However, it began functioning in 1951, after acquiring sufficient capital resources. India was added to the WHO constitution on January 12, 1948.

23) Answer: D

About Bandhan Bank :

Founded : 2015
Headquarters : Kolkata, West Bengal, India
Founder, MD and CEO : Chandra Shekhar Ghosh.
It started with 501 branches and 50 ATMs spread across 24 states.
It became the first ever microfinance institution to be a universal bank in India and the first private sector bank to be set up from eastern India after Independence.

24) Answer: C

Small Finance Banks are registered as public limited companies under Companies Act 2013, and are licensed under section 22 of the Banking Regulation,1949.
Financial Inclusion Mandate: SFBs are mandated to focus primarily on providing financial services to unbanked and underbanked segments of the population.
Capital Requirements: SFBs must maintain a minimum Capital to Risk-Weighted Assets Ratio (CRAR) of 15%.
Priority Sector Lending: SFBs are required to extend 75% of their Adjusted Net Bank Credit to Priority Sector Lending.
Branch Expansion: SFBs must open at least 25% of their total branches in unbanked rural areas.
Minimum Capital Requirements: The minimum paid-up voting equity capital for SFBs is set at 200 crore.

25) Answer: C

About LIC Housing Finance Ltd :

Founded : 19 June 1989
Headquarters : Mumbai, Maharashtra, India
MD & CEO : Tribhuwan Adhikary
LIC HFL is a subsidiary company of LIC.

Daily Current Affairs Quiz – 07th & 08th April 2024

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