Daily Current Affairs Quiz – 1 & 2 September 2024

Correct Answer:  (c) Saudi Arabia

Explanation:  The Comptroller and Auditor General of India (CAG) has signed Memorandum of Understanding (MoU) with the General Court of Audit, Kingdom of Saudi Arabia (Saudi Arabia) to enhance bilateral cooperation and exchange expertise in the filed of public sector auditing. The MoU was signed by Girish Chandra Murmu, the CAG of India and Hussam Al-Angari, President of the Saudi General Court of Audit during a bilateral meeting in Riyadh, Saudi Arabia.

Suhel Khan, India’s ambassador to Saudi Arabia, also attended the signing event. The key areas of cooperation include joint training programs for financial, performance, and compliance audits, as well as the exchange of audit manuals and methodology. The cooperation between the two Audit Institutions will boost their capacity development initiatives and also encourage the exchange of expertise and information. It is expected to further strengthen the working relationship between the CAG and the Saudi General Court of Audit.

Correct Answer:  (b) HDFC Bank

Explanation:  HDFC Bank Limited has introduced GIGA, a comprehensive financial suite tailored for gig workers and freelancers in India. This program addresses the unique financial needs of the rapidly expanding gig economy, which includes a wide range of workers from various sectors. GIGA offers a specialised savings account, current account, debit and credit cards, flexible investment products, health insurance, and custom retail asset products. Flexible Savings Account: Gig workers can maintain a quarterly balance (Rs 10,000 in metro/urban areas and Rs 5,000 in semi-urban/rural areas) and access options like Systematic Investment Plans(SIPs), Fixed Deposits (FDs) , and Recurring Deposits(RDs). The GIGA Business Debit Card provides accelerated cashback and personal accidental death cover up to Rs 10 lakh.

• GIGA Business Credit Card: Offers a 55-day interest-free credit period, accelerated rewards, and curated offers for co-working spaces, upskilling, health & wellness, and gig platform memberships.
• Health Insurance: HDFC Ergo provides health insurance for gig workers and their families, with premiums starting at Rs 20 per day.
• Retail Asset Products: Includes collateral-free business loans, car loans financing up to 100% of on-road value, two-wheeler loans, and gold loans with quick disbursement.
• Flexible Investment Options: Through HDFC Asset Management Company Limited (HDFC AMC) freelancers can use a flexible investment scheduler to invest as per their available funds.
• SmartHub Vyapaar Solution: This digital payment solution offers a full range of payment modes with instant onboarding, catering to freelancers’ payment management needs.
• Partnerships: Collaborations with Razorpay and Payoneer enable freelancers to collect payments from domestic and international clients in 11 currencies across 190+ countries.

Correct Answer:  (c) 7.2%

Explanation: Global Rating Agency, Moody’s Ratings announced that it has raised India’s Gross Domestic Product (GDP) growth forecast to 7.2% for Calendar Year (CY) 2024 from its previous estimate of 6.8% and to 6.6% for CY25, against its previous estimates of 6.5%. This estimation was part of their August update for the ‘Global Macro Outlook for 2024-25’. It has cited these projections reflect strong, broad-based growth, which is mainly attributed by resilient private consumption and improved business conditions. According to Moody’s Ratings, the Indian economy showed a Year-over-Year (Y-o-Y) growth of 7.8% in the 1st Quarter (Q1:April-June) of 2024, despite the challenges posed by strict monetary policies and ongoing efforts towards fiscal consolidation.

Moody’s projected that global growth is likely to decrease to 2.7% in 2024 and 2.5% in 2025, from 3.0% in 2023, though trends may vary from country to country. Moody’s has lowered India’s Consumer Price Index (CPI) inflation in 2024 by 20 basis points (bps) from 5.2% to 5.0%.

Correct Answer:  (b) Lawyer

Explanation:  Abdul Ghafoor Majeed Noorani, (popularly known as A. G. Noorani) a renowned Constitutional expert, a distinguished lawyer, and author passed away at the age of 94 in Mumbai, Maharashtra. He was born on 16th September 1930 in Bombay (now Mumbai), British India. He began his career in 1953 as an advocate and practiced for over 4 decades in the Bombay High Court (BHC) and the Supreme Court of India (SCI).

He started writing in the 1960s and authored several books, including “The Rashtriya Swayamsevak Sangh (RSS): A Menace to India” (2019); “The Kashmir Dispute 1947-2012” (2014); “Article 370: A Constitutional History of Jammu and Kashmir” (2011), among others. He has also authored the biographies of Badruddin Tyabji, the 1st Indian barrister Judge of the BHC, and Dr Zakir Husain Khan, the 3rd President of India (1967-1969). He was a regular columnist for various national and regional newspapers including, Hindustan Times, The Hindu, Frontline, etc.

Correct Answer:  (b) 2nd September

Explanation:  World Coconut Day was established in 2009 by the Asian and Pacific Coconut Community (APCC), an intergovernmental organization under the United Nations Economic and Social Commission for Asia and the Pacific. The APCC, representing 19 coconut-producing countries in the Asia-Pacific region, chose September 2 to commemorate the organization’s founding in 1969.

Objectives of World Coconut Day:

• Raise awareness: To increase public awareness about the numerous health benefits of coconuts and their versatility as a food and industrial product.
• Promote sustainable practices: To encourage sustainable coconut farming and processing methods to protect the environment and ensure the long-term viability of the industry.
• Support coconut-producing communities: To support the livelihoods of millions of people who depend on coconut cultivation and related industries.

Correct Answer:  (d) Bangladesh

Explanation:  Bangladesh has emerged as the new champion of the SAFF (South Asian Football Federation) U-20 Championship football tournament. This victory marks a significant milestone in Bangladesh’s football history, as it is the first time the nation has claimed this prestigious title. The tournament, which showcased the talent of young South Asian footballers, concluded with a thrilling final match that saw Bangladesh defeat the host nation, Nepal.

The SAFF U-20 Championship 2024 featured six nations from the South Asian region:

1. Bangladesh (Champions)
2. Nepal (Runners-up)
3. Sri Lanka
4. India
5. Maldives
6. Bhutan

Each team brought their unique playing style and football culture to the tournament, making it a diverse and exciting competition.

Correct Answer:  (b) Tonga

Explanation:  The annual meeting of the Pacific Islands Forum (PIF) started in Nuku’alofa, Tonga. It was established in 1971. PIF is an intergovernmental organization with 18 member states in the Pacific region. Member countries include Australia, Cook Islands, Fiji, French Polynesia, Kiribati, Nauru, New Caledonia, New Zealand, Niue, Palau, Papua New Guinea, Marshall Islands, Samoa, Solomon Islands, Tonga, Tuvalu, and Vanuatu. The forum aims to boost economic growth, improve political governance, and enhance regional cooperation. Its vision is for a peaceful, secure, and prosperous Pacific region where all people can lead healthy lives. Decisions are made by consensus and implemented by the Pacific Islands Forum Secretariat. PIF members are working to raise funds for climate action, with the Pacific Resilience Facility currently $380 million short of its $500 million goal.

Correct Answer:  (c) Project Naman

Explanation:  The Indian Army has launched the first phase of Project NAMAN, aimed at providing dedicated support and services to Defence pensioners, veterans, and their families. The project, inaugurated by Chief of the Army Staff General Upendra Dwivedi and the President of the Army Wives Welfare Association, Mrs. Sunita Dwivedi, is a significant step toward enhancing the care and support for the Defence community. Project NAMAN is centered around the SPARSH (System for Pension Administration Raksha) digital pension system, designed to streamline pension-related processes for Defence Pensioners. The initiative addresses the need for accessible facilitation points for veterans and their Next of Kin (NOK) across the country, with the goal of expanding these services nationwide.

• The project is enabled by a tripartite Memorandum of Understanding (MoU) between the Indian Army’s Directorate of Indian Army Veterans, Common Service Centre (CSC) e-Governance India Limited, and HDFC Bank Limited, signed in September 2023. HDFC Bank has provided the necessary IT infrastructure, while local military stations have contributed essential physical infrastructure and facilities.
• Project NAMAN is set to expand significantly, with plans to establish approximately 200 centres nationwideover the next 2-3 years. This initiative not only provides essential services to veterans but also extends to the entire resident population of military stations and surrounding localities. It stands as a testament to the Indian Army’s commitment to the welfare of its veterans and their families, fostering camaraderie among serving and retired Armed Forces personnel.

Correct Answer:  (d) Nepal Tourism Board

Explanation:  Nepal Tourism Board has received the Pacific Asia Travel Association (PATA) Gold Award in the category of Sustainable Tourism for Livelihood Recovery Project (STLRP) at the PATA Gold Awards Presentation in Bangkok, Thailand.

• This is the third time NTB has received a PATA award in community-based tourism.
• The award recognizes the project’s efforts in creating tourism employment opportunities and enhancing sustainable tourism development in all seven provinces of Nepal.
• Kerala Tourism of India has won the PATA Gold Award 2024 in the Digital Marketing category. Kerala’s Department of Tourism online contest of Holiday Heist was a winning entry in this category.

Correct Answer:  (c) MasterCard

Explanation:  Mastercard has announced the global launch of its Payment Passkey Service, marking a significant step forward in secure online transactions. Unveiled at the Global Fintech Fest in Mumbai, this innovative service aims to make online shopping more secure and convenient, with India chosen as the debut market for its pilot program. India’s rapidly growing digital payment ecosystem and advanced tokenization market make it the ideal starting point for this groundbreaking initiative.The pilot will involve some of the nation’s leading payment players, including aggregators like Juspay, Razorpay, and PayU, major online merchants like BigBasket, and top financial institutions like Axis Bank.

The Payment Passkey Service is designed to address the growing threat of online fraud, which has seen a nearly 300% increase in India over the past two years, according to the Reserve Bank of India. By leveraging device-based biometric authentication methods—such as fingerprints or facial scans—the service eliminates the need for traditional passwords and, one-time passwords (OTPs), which have become increasingly vulnerable to scams like phishing and SIM swapping. The service enhances security by utilizing passkeys and tokenization to ensure that no financial account data is shared with third parties, thereby rendering it useless to fraudsters.

Correct Answer:  (b) Visa

Explanation:   The Tourism & Hospitality Skill Council (THSC) under the aegis of Ministry of Skill Development and Entrepreneurship, has signed a Memorandum of Understanding with Visa (NYSE: V), a global leader in digital payments, for a three-year partnership valued at up to $1 million USD. This initiative, designed to up skill at least 20,000 Indian youth in tourism-relevant skills, was formalized in the presence of Shri Jayant Chaudhary, Minister of State (Independent Charge), Ministry of Skill Development & Entrepreneurship (MSDE) and Minister of State, Ministry of Education Government of India. The partnership, which builds upon Visa’s ongoing collaboration with the Ministry of Tourism, aims to train youth across 10 States, including Assam, Gujarat, Himachal Pradesh, and West Bengal to elevate the tourism service experience for tourists.

Correct Answer:  (a) UCO Bank

Explanation:  The Reserve Bank of India (RBI) has levied penalties on two financial entities for regulatory non-compliance. UCO Bank has been fined Rs 2.68 crore for violating provisions related to current account openings, deposit interest rates, and fraud classification. Meanwhile, Cent Bank Home Finance Ltd faces a Rs 2.1 lakh penalty for failing to adhere to Know Your Customer (KYC) regulations. The RBI clarified that these penalties are imposed for regulatory compliance issues and do not impact the validity of transactions or agreements between the banks and their customers.

Correct Answer:  (d) Zhuoma Baima

Explanation:  In the World U20 Athletics Championships, Aarti won a Bronze medal in the Women’s 10000m race walk event with the National U20 record time to open India’s medal account at Lima in Peru yesterday. She clocked 44 minutes 39.39 seconds to finish third in the gruelling event on the penultimate day of competitions. The 17-year-old Aarti broke her own earlier national record of 47 minutes 21.04 seconds which she had clocked in March this year in the National Federation Cup U20 Championships in Lucknow. Chinese race walkers Zhuoma Baima won the gold while and Meiling Chen clinched silver.

Correct Answer:  (b) 1st September

Explanation:  National Mountain Climbing Day, observed annually on September 1st, is a day dedicated to honouring the spirit of adventure and the remarkable achievements of mountaineers. This special day was established to commemorate the accomplishments of Bobby Matthews and Josh Madigan, who successfully scaled all 46 peaks of the Adirondack Mountains in Northeastern New York. Their final ascent of Whiteface Mountain on September 1, 2015, marked the completion of this impressive feat and inspired the creation of this national day of recognition.

Correct Answer:  (c) Hayao Miyazaki

Explanation: In a momentous recognition of his contributions to the world of animation and storytelling, Hayao Miyazaki, the renowned Japanese film director and co-founder of Studio Ghibli, has been awarded the esteemed Ramon Magsaysay Award for 2024. This honor, often referred to as “Asia’s Nobel Prize,” underscores Miyazaki’s profound impact on both the art of animation and global cultural discourse. Miyazaki’s illustrious career spans decades, during which he has created a pantheon of beloved animated films that have captivated audiences worldwide. His works, including:

• “My Neighbor Totoro”
• “Spirited Away”
• “Princess Mononoke”
• “Howl’s Moving Castle”
• “Ponyo”
• “The Boy and the Heron”

These films have not only pushed the boundaries of animation as an art form but have also addressed complex themes such as environmental conservation and social harmony. Miyazaki’s unique ability to make these challenging topics accessible and engaging for young audiences has set his work apart in the realm of animation.