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19th August 2023 Current Affairs | Today GK Quiz
1. What is the main purpose of the “FloodWatch” mobile application?
A) To provide real-time flood monitoring using satellite technology.
B) To offer forecasts for weather conditions up to 7 days in advance.
C) To disseminate flood-related information and forecasts to the public.
D) To enhance communication between government agencies during floods.
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Answer: C) To disseminate flood-related information and forecasts to the public.
Explanation: The “FloodWatch” mobile application is designed to provide real-time flood-related information and forecasts to the public, up to 7 days in advance. It harnesses the power of mobile phones to keep users informed about flood situations and potential threats.
2. Which of the following features is NOT offered by the “FloodWatch” app?
A) Flood forecasting for nearby locations.
B) Real-time river flow data from various sources.
C) Interactive map for earthquake tracking.
D) Flood advisories for up to 7 days.
Answer: C) Interactive map for earthquake tracking.
Explanation: The “FloodWatch” app does not offer an interactive map for earthquake tracking. Instead, it provides an interactive map for accessing flood forecasts and advisories, allowing users to view information about flood situations and threats based on their chosen locations.
3. What is the main objective of the partnership between Axis Bank and the Reserve Bank Innovation Hub (RBIH)?
A) To provide free financial advice to small businesses.
B) To introduce innovative lending products powered by PTPFC.
C) To promote paper-based application processes for loans.
D) To establish a branch of Axis Bank within RBI premises.
Answer: B) To introduce innovative lending products powered by PTPFC.
Explanation: The partnership aims to introduce two innovative lending products powered by the Public Tech Platform for Frictionless Credit (PTPFC), a pioneering initiative launched by RBIH. These products are the Kisan Credit Card (KCC) for agricultural growth and unsecured MSME loans for business growth.
4. What distinguishes the Kisan Credit Card (KCC) and unsecured MSME loans introduced through the partnership?
A) KCC offers loans up to Rs 10 lakh, while MSME loans offer up to Rs 1.6 lakh.
B) KCC is accessible nationwide, while MSME loans are region-specific.
C) KCC requires physical document submission, while MSME loans are entirely digital.
D) KCC is focused on agricultural growth, while MSME loans support large businesses.
Answer: C) KCC requires physical document submission, while MSME loans are entirely digital.
Explanation: The Kisan Credit Card (KCC) application process will be conducted digitally, eliminating the need for customers to submit physical documents. On the other hand, the unsecured MSME loans’ application process will also be entirely digital, ensuring a hassle-free experience for applicants.
5. What is the primary purpose of the UDGAM (Unclaimed Deposits – Gateway to Access Information) portal introduced by the Reserve Bank of India (RBI)?
A) To streamline the process of opening new bank accounts.
B) To provide information about current interest rates in various banks.
C) To simplify the process of locating and claiming unclaimed deposits.
D) To offer online courses for financial literacy.
Answer: C) To simplify the process of locating and claiming unclaimed deposits.
Explanation: The UDGAM portal is designed to serve as a user-friendly tool for individuals to track down their unclaimed deposits seamlessly, consolidating information from multiple banks into a single accessible location. It simplifies the process of identifying and claiming unclaimed deposits by streamlining the steps involved.
6. Which organizations collaborated with the Reserve Bank of India (RBI) to develop the UDGAM portal?
A) World Bank and International Monetary Fund (IMF)
B) Indian Financial Technology & Allied Services (IFTAS) and select banks
C) United Nations and World Trade Organization (WTO)
D) Central Bank of India and Reserve Bank Information Technology Pvt Ltd (ReBIT)
Answer: B) Indian Financial Technology & Allied Services (IFTAS) and select banks
Explanation: The UDGAM portal was developed through collaboration between RBI, Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and select banks. This platform simplifies the process of locating and claiming unclaimed deposits by providing access to information from multiple banks in one place.
7. What is the growth projection for India’s gross domestic product (GDP) in the fiscal year 2024 according to Crisil?
A) 7%
B) 6.8%
C) 6%
D) 5.5%
Answer: C) 6%
Explanation: Crisil anticipates India’s GDP growth to reach 6% in the fiscal year 2024.
8. What factor does Crisil identify as a potential risk to inflation in the upcoming fiscal year?
A) Increase in capital investment
B) Reduction in crude oil prices
C) Positive rabi harvest
D) El Niño warming event
Answer: D) El Niño warming event
Explanation: Crisil highlights the potential risk of an El Niño warming event, along with a heat wave, as factors that could contribute to upward pressure on inflation.
9. Who has been appointed as the Chairman and Managing Director (CMD) of Power Finance Corporation (PFC)?
A) Dharminder Chopra
B) Parineeta Chawla
C) Parminder Chopra
D) Prakash Choudhary
Answer: C) Parminder Chopra
Explanation: Parminder Chopra has been appointed as the Chairman and Managing Director (CMD) of Power Finance Corporation (PFC), making her the first woman to lead India’s largest NBFC.
10. What role did Parminder Chopra play in the power sector’s Liquidity Infusion Scheme (LIS)?
A) She designed the scheme’s logo.
B) She headed the implementation team of the scheme.
C) She played a key role in its successful implementation.
D) She proposed the scheme to the government.
Answer: C) She played a key role in its successful implementation.
Explanation: Parminder Chopra played a key role in the successful implementation of a Rs 1.12 lakh crore Liquidity Infusion Scheme (LIS) for the power distribution sector, as part of the Atmanirbhar Bharat initiative.
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