ALL EXAM QUIZ 12.08.2024

Explanation:

• The two-child policy for individuals contesting local body elections abolished by Andhra Pradesh.
• On August 7, the Andhra Pradesh government decided to do away with the rule barring persons with more than two children from contesting local body elections, amid concerns over the low fertility rate in the state.
• The decision to do away with the two-child norm for people contesting local body elections was taken by Chief Minister N Chandrababu Naidu during a state Cabinet meeting.
• As per the reports, the fertility rate in Andhra Pradesh is 1.5.
• In 1994, the two-child policy was first implemented in united Andhra Pradesh under which persons with more than two children were barred from contesting urban local body elections.
• Under the two-child norm, persons with more than two children were also barred from holding government jobs or availing certain government benefits in some states.

Explanation:

• Chhattisgarh government approved India’s third-largest tiger reserve.
• Chhattisgarh notified a Guru Ghasidas-Tamor Pingla Tiger Reserve with a focus on the 'save tiger' mission, which is the third largest in India.
• Guru Ghasidas-Tamor Pingla Tiger Reserve is spread over an area of 2829.38 sq km.
• The new Tiger Reserve has been formed by integrating the regions of Guru Ghasidas National Park and Tamor Pingla Sanctuary.
• It covers the districts of Manendragarh-Chirmiri-Bharatpur, Koriya, Surajpur and Balrampur.
• Nagarjunasagar Srisailam Tiger Reserve of Andhra Pradesh is India’s largest tiger reserve with an area of 3296.31 sq km followed by Assam's Manas Tiger Reserve with an area of 2837.15 sq km.
• The creation of the Tiger Reserve will promote eco-tourism, and generate new employment opportunities.
• As per the latest tiger census report, Chhattisgarh has only 17 tigers left.
• Chhattisgarh has not performed on expected lines in saving the big cat population in the state.

Explanation:

• Challa Sreenivasulu Setty has been appointed Chairman of the State Bank of India (SBI).
• The proposal to appoint Challa Sreenivasulu Setty as Chairman of SBI has been approved by the Appointments Committee of the Cabinet (ACC).
• His appointment will be effective for a three year period from the date of his assumption of charge of the office, on or after August 28, or until further orders, whichever is earlier.
• He was serving as the SBI Managing Director, heading Global Markets & Technology.

Explanation:

• RBI raised the maximum amount that can be paid with UPI from Rs 1 lakh to Rs 5 lakh.
• The Monetary Policy Committee (MPC) has raised the maximum limit for using UPI to make payments to Rs 5 lakh, according to RBI Governor Shaktikanta Das.
• The current Unified Payments Interface (UPI) payment limit is one lakh rupees.
• According to the governor of the RBI, UPI's convenient features have made it the most popular payment method.
• According to the RBI, there are 42.4 crore UPI users.
• Data from the National Payment Corporation of India (NPCI) shows that payments made through the Unified Payments Interface (UPI) grew by 45% annually.
• Additionally, the value of transactions increased by more than 35% to reach Rs 20.64 trillion.
• For the third month in a row, the total amount of transactions has surpassed Rs 20 trillion.
• The overall amount of UPI transactions in June 2024 was Rs 20.07 trillion, compared to Rs 20.44 trillion in May of the same year.
• The average daily transaction value using UPI in July 2024 was Rs 466 million, or around Rs 66,590 crore, according to NPCI data.
• In July, there was a 3.95 percent increase in UPI transaction volume compared to June and a 2.84 percent increase in transaction value.

Explanation:

• Government amended a provision of the Rules of the Citizenship (Amendment) Act, 2019 (CAA).
• Union Ministry of Home Affairs (MHA) has amended a provision of the Rules of the Citizenship (Amendment) Act, 2019 (CAA) that requires applicants seeking citizenship to submit a document by any government authority.
• As per the new rule, Schedule 1A of the act has been expanded to include any document issued by the State or the Central government or any quasi-judicial authority in India.
• Under Schedule 1A of the CAA, applicants from Afghanistan, Bangladesh or Pakistan have to submit the document to prove their nationality.
• The CAA Rules also enabled local priests or a “locally reputed community institution” to issue the mandatory certificates certifying the faith of an applicant.
• CAA has a provision to provide citizenship of India to six non-Muslim communities from the three countries who entered India before December 31, 2014.

Explanation:

• RBI reduced the frequency of bank reports to credit information companies.
• Now, the Reserve Bank of India (RBI) has reduced the frequency of reporting by banks to Credit Information Companies (CICs) from one month to a fortnight.
• It will be beneficial for both borrowers and lenders (CIs).
• Borrowers will get the benefit of faster updation of information, especially when they have repaid the loans.
• Lenders will be able to make better risk assessments of borrowers and also reduce the risk of over-leveraging by borrowers.
• It is a progressive step that will bring more transparency and promote a healthy credit culture.

Explanation:

• SEBI has approved the name of Praveena Rai as Managing Director and Chief Executive Officer of Multi Commodity Exchange of India Limited (MCX).
• She was the COO of the National Payment Corporation of India (NPCI).
• She was responsible for formulating and deploying the marketing, business development, product management, and operations strategy.
• She has 20 years of extensive experience in various fields including payments, cards, retail, transaction, wholesale and commercial banking.

Multi Commodity Exchange of India Limited

• It is India's largest commodity derivatives exchange.
• It was established in 2003 by the Government of India.
• It is currently based in Mumbai.

Explanation:

• Announcing the third bi-monthly monetary policy of the financial year 2024-25 on 8 August 2024 in Mumbai, Reserve Bank of India (RBI) Governor Shaktikanta Das said that the Monetary Policy Committee (MPC) has voted by a 4:2 majority to keep the policy repo rate unchanged at 6.5% for the ninth consecutive times.
• The RBI’s Monetary Policy Committee met on August 6, 7, and 8, 2024. The next meeting will be held on October 7 to 9, 2024.
• According to the RBI Act 1934, the Monetary Policy Committee has to meet at least four times in a financial year.

There have been no changes in the Policy rates and Ratios. They are as follows:

Policy Repo Rate  6.5%

Fixed Reverse Repo Rate 3.35%

Bank Rate  6.5%

Standing Deposit Facility(SDF) 6.25%

Marginal Standing Facility(MSF) 6.75%

Cash Reserve Ratio(CRR) 4.50%

Statutory Liquidity Ratio(SLR) 18%

Explanation:

• Mukesh Ambani's Reliance Industries Limited (RIL) maintained its status as the top-ranked Indian company in the 2024 Fortune Global 500 list.
• Nine Indian companies were included in the 2024 list, with RIL improving its rank from 86 to 88.
• Only eight Indian companies were included in the list in 2023, and HDFC Bank was included for the first time this year.
• Companies are ranked on the Fortune Global 500 by total revenues for their respective fiscal years ending on or before March 31, 2024.

Explanation:

• Neeraj Chopra won silver medal in Paris Olympics 2024. He tried his best to win the Olympic gold medal, but he failed to achieve it and got the silver medal with a best throw of 89.45 meters.
• At the same time, Arshad Nadeem of Pakistan won the gold medal, which is his country's first gold medal in the Games. Nadeem achieved this historic victory with an amazing throw of 92.97 meters. This throw of Arshad also became a new record in the Olympics.
• Neeraj Chopra has become the fourth athlete from India to win two medals at the Olympics. Earlier, Sushil Kumar, PV Sindhu and Manu Bhaker have done wonders of winning two medals at the Olympics.