ENGLISH QUIZ 22.05.2020

1.Who has been appointed as Chief Economist and Vice President of the World Bank?

A. Carmen Reinhart

B. Arvind Subramaniam

C. Michael Kramer

D. Abhijeet Banerjee

2.The Union Cabinet has extended Pradhan Mantri Vaya Vandana Yojana (PMVVY) till which year?

A. 2024

B. 2023

C. 2022

D. 2021

3.eCommerce major Flipkart has partnered with which General Insurance Company to offer a digital motor insurance policy to Flipkart’s customers?

A. Apollo Munich Health Insurance

B. Bharti AXA General Insurance Company

C. Bajaj Allianz General Insurance Company

D. HDFC Ergo General Insurance Company

4.Which state/UTs Department of Information and Public Relations has started an initiative “SUKOON – COVID-19 Beat the Stress” programme?

A. Punjab

B. Himachal Pradesh

C. Uttarakhand

D. Jammu and Kashmir

5.Who has been appointed as the President of Indian Steel Association (ISA)?

A. Dilip Ummen

B. Narendran

C. Sudhanshu Saraf

D. Nilesh Narvekar

6.The National Anti-Terrorism Day is celebrated every year on which date in India?

A. 20 May

B. 21 May

C. 22 May

D. 23 May

7.The United Nations observes International Tea Day every year on which date?

A. 22 May

B. 23 May

C. 21 May

D. 24 May

8.Consider the following statements :

1.Earth’s magnetic field is WEAKENING between Africa and South America.

2.According to the European Space Agency, this area is spread in about 20 thousand km from Africa           to South America.

Which of the above statement/statements are correct?

A. 1 only

B. 2 only

C. Both 1 and 2

D. Neither 1 nor 2

9.Consider the following statements:

1.Cabinet approves Special Liquidity Scheme for NBFCs/HFCs to address their Liquidity Stress.

2.It has been announced in the Budget Speech of 2019-20 that a mechanism would be devised to                    provide additional liquidity facility to NBFCs/HFCs over that provided through the Partial Credit              Guarantee Scheme (PCGS).

3.The Scheme will be administered by the Department of Financial Services, which will issue the                    detailed guidelines.

Which of the statements given above is/are correct?

A. 1 and 2 are correct

B. 1 and 3 are correct

C. 2 and 3 are correct

D. All of the above

10.Consider the following statements:

1.Coir Geotextiles gets the nod for Rural Road Construction.

2.It is a permeable fabric, natural, strong, highly durable, resistant to rots, moulds and moisture, free           from any microbial attack.

Which of the above statement/statements are correct?

A. 1 only

B. 2 only

C. Both 1 and 2

D. Neither 1 nor 2

ANSWERS:-

Answer: 1)A

Explanation

The World Bank named Carmen Reinhart (former Bear Stearns executive) as its chief economist. She is currently serving on advisory boards of the IMF and the New York Federal Reserve. Reinhart is an expert in international capital flows and sovereign debt crises. She replaced Pinelopi Goldberg who left the position on March 15. She is also the author of book “This Time is Different: Eight Centuries of Financial Folly”.

World Bank

• The World Bank is an international financial institution that provides loans and grants to the governments of poorer countries for the purpose of pursuing capital projects.
• It comprises two institutions: the International Bank for Reconstruction and Development (IBRD), and the International Development Association (IDA).
• The World Bank is a component of the World Bank Group.
• The World Bank’s most recent stated goal is the reduction of poverty.

Answer: 2)B

Explanation

The Union Cabinet has extended the PMVVY or Pradhan Mantri Vaya Vandana Yojana, till March 31, 2023. It is a social security scheme for senior citizens for those who are above 60. The government has fixed its annual rate of return at 7.4% for financial year 2020-21. Now, Senior citizens will have time till March 31, 2023 to invest in Pradhan Mantri Vaya Vandana Yojana which provides higher return than any bank.

Guarantee of minimum pension

• In this, Minimum Pension Guarantee has been given to senior citizens of 60 years and above on joining the scheme.
• According to the official release, for the year 2020-21, a guarantee of 7.4 percent yield per annum is fixed.
• After that the guarantee of return on this will be reviewed on an annual basis.
• Earlier, the scheme had fixed 8 per cent return.

Answer: 3)C

Explanation

An e-commerce major, Flipkart and Bajaj Allianz General Insurance Company have tied-up to offer a digital motor insurance policy to Flipkart’s customers. This partnership between the insurance company and an e-commerce major, will provide seamless, accessible as well as flexible insurance solution to the customers of Flipkart in order to safeguard their vehicles. Flipkart Consumers can subscribe to this motor-insurance policy using their Flipkart app. With this partnership, the Bajaj Allianz General Insurance Company will have a wider distribution base on the e-commerce platform, hence enabling it to offer best in class services to the customers of Flipkart by offering them suitable solutions.

Answer: 4)D

Explanation

Jammu & Kashmir’s Department of Information and Public Relations has launched programme ‘SUKOON’: COVID-19 Beat the Stress. The programme is launched to spread awareness about psychological impact of lockdown and its measures. It will be telecasted on Doordarshan Kashmir Channel at 9 PM every Tuesday. Eminent doctors, psychiatrists and scientists will be chairing the show sharing their knowledge of stress management.

Answer: 5)A

Explanation

Dilip Ummen will be the new president of the Indian Steel Association. He is currently the CEO of ArcelorMittal Nippon Steel India. He was unanimously elected chairman for the next two years. He will replace Tata Steel CEO TV Narendran, who has decided to step down as chairman from May 1. Ummen, having more than 37 years of experience, is an alumnus of Indian Institute of Technology, Kharagpur as well as a professional veteran of the steel industry.

Answer: 6)B

Explanation

Anti Terrorism Day 2020 is observed on 21st May every year in India. The day marks the death anniversary of India’s seventh Prime Minister Rajiv Gandhi on 21 May 1991. He was killed in Tamil Nadu in a campaign by the Tamil Tigers Eelam (LTTE) a terrorist group. After this assassination, V.P. Singh government has decided to observe 21st May as Anti Terrorism Day.The day spread awareness about the violence caused by the terrorists. Anti Terrorism Day is observed to provide knowledge to the youth about terrorism, its impact on human suffering and lives. This day also makes people aware of an anti-social act of terrorism.

Answer: 7)C

Explanation

International Tea Day is observed annually on May 21. The concerning resolution was adopted on December 21, 2019 and calls on the United Nations Food and Agriculture Organization (FAO) to lead the observance of the Day. The move could provide the much-needed push to create awareness for tea consumption. The International Tea Day aims to raise awareness of the long history and the deep cultural and economic significance of tea around the world. Also, December 15 is celebrated as International Tea Day in tea producing nations such as Bangladesh, Sri Lanka, Nepal, Vietnam, Indonesia, Kenya, Malawi, Malaysia, Uganda, India and Tanzania. However, this was not really official and was done by an NGO.

Answer: 8)A      

Explanation

Scientists have made a shocking discovery – the Earth’s magnetic field is weakening.The magnetic field is vital for life on our planet, as it shields us from cosmic radiation and charged particles emitted from the sun. A large region of reduced magnetic intensity has been observed between Africa and South America, called the South Atlantic Anomaly, and it has formed a center of minimum intensity in just five years.

Area spread from Africa to America

• According to the European Space Agency, this area is spread in about 10 thousand km from Africa to South America.
• In this area, the strength of the magnetic field inside the earth has reduced. In general it should have been 32 thousand nanotesla.
• It was 24 thousand in 1970, but in 2020 it has reduced to 22 thousand nanotesla.

How is the Earth’s magnetic field produced?

• In such a situation, you must be wondering what the earth has to do with the magnetic power. So tell us that due to the magnetic power of the Earth, we are protected from radiation coming from space.
• With the help of this power, all types of communication systems like satellite, mobile, channel etc. are working. About 3 thousand km below the surface of the earth is a flowing sea of ​​hot iron.
• It keeps moving. Its rotation creates electrical current from inside the earth, which turns up into an electromagnetic field.

South Atlantic Anomaly

• In this connection, scientists said that the magnetic power of the earth has decreased by 9 percent in the last 200
• But a considerable decrease in magnetic strength is being observed from Africa to South America.
• Scientists call it the South Atlantic Anomaly.
• In such a situation, you must be wondering what we have to do with the magnetic power of the earth.
• But do not tell you that only due to the magnetic power of the earth, we are protected from radiation coming from space. All types of communication systems like satellite, mobile, channel etc. are working on the strength of this magnetic force.

Magnetic protection layer weak

• But there is a lack of magnetic field in the area from Africa to South America.
• This has weakened our magnetic protection layer over that area. Meaning that the radiation coming from space in this area can have more effect.
• In this episode, the German Research Center researcher Jurgen Matzka said that the European Space Agency’s Swarm Satellite was created so that it can accurately assess the magnetic power of the Earth. In the last few decades, the magnetic force in the area from Africa to South America is decreasing rapidly.
• Further researcher Jorgen stated that the biggest issue now is that we have to find out how big changes will be caused by the changes happening in the center of the Earth. Will it cause any major disaster on the earth. Usually the magnetic force of the Earth varies in 50 lakh years.

Answer: 9)B

Explanation

The Union Cabinet has given its approval to the proposal of the Ministry of Finance to launch a new Special Liquidity Scheme for Non-Banking Financial Companies (NBFCs) and Housing Finance Companies (HFCs) to improve the liquidity position of the NBFCs/HFCs.

Details of the Scheme

• The Government has proposed a framework for addressing the liquidity constraints of Non-Banking Financial Companies (NBFCs) and Housing Finance Companies (HFCs) through a Special Liquidity Scheme.
• A Special Purpose Vehicle would be set up to manage a Stressed Asset Fund (SAF) whose special securities would be guaranteed by the Government of India and purchased by the Reserve Bank of India (RBI) only.
• The proceeds of the sale of such securities would be used by the SPV to acquire short-term debt of NBFCs/HFCs.
• The Scheme will be administered by the Department of Financial Services, which will issue the detailed guidelines.

Impact

• The proposed Scheme would be a one-stop arrangement between the SPV and the NBFCs without having to liquidate their current asset portfolio.
• The Scheme would also act as an enabler for the NBFC to get investment grade or better rating for bonds issued.
• The Scheme is likely to be easier to operate and also augment the flow of funds from the non-bank sector.

Benefits

• This facility would supplement the liquidity measures taken so far by the Government and RBI.
• The Scheme would benefit the real economy by augmenting the lending resources of NBFCs/HFCs/MFls.

Background

• It has been announced in the Budget Speech of 2020-21 that a mechanism would be devised to provide additional liquidity facility to NBFCs/HFCs over that provided through the Partial Credit Guarantee Scheme (PCGS).
• There is an urgency to implement the above Budget announcement to strengthen financial stability on account of the emerging situation of Covid-

Answer: 10)C      

Explanation

Recently National Rural Infrastructure Development Agency has said that Coir Geotextiles will be used for the construction of rural roads under the Pradhan Mantri Gram Sadak Yojana-III (PMGSY-III)

Coir Geotextiles

• It is a permeable fabric, natural, strong, highly durable, resistant to rots, moulds and moisture, free from any microbial attack.
• As per the PMGSY new technology guidelines for road construction, 15% length in each batch of proposals is to be constructed using new technologies.
• Out of this 5% of roads are to be constructed using IRC accredited technology.
• The Indian Roads Congress (IRC) has now accredited coir Geotextiles for construction of rural roads.
• As per these instructions, 5% length of the rural roads under PMGSY-III will be constructed using Coir Geotextiles.

Pradhan Mantri Gram Sadak Yojana-lll

• The Scheme was announced by the Finance Minister in Budget Speech for the year 2018-19.

Features of Pradhan Mantri Gram Sadak Yojana-lll (PMGSY-III):

• Under the PMGSY-III Scheme, it is proposed to consolidate 1, 25, 000 Km road length in the States.
• It involves the consolidation of Through Routes and Major Rural Links connecting habitations to Gramin Agricultural Markets (GrAMs), Higher Secondary Schools and Hospitals.
• The funds would be shared in the ratio of 60:40 between the Centre and State for all States except for 8 North-Eastern states and Himachal Pradesh & Uttarakhand for which it is 90:10.

Pradhan Mantri Gram Sadak Yojana-I

• It was launched in December

Objective

• To provide single all-weather road connectivity to eligible unconnected habitation of designated population size (500+ in plain areas and 250+ in North-East, hill, tribal and desert areas as per Census, 2001) for overall socio-economic development of the areas.

Road Connectivity Project for Left Wing Extremism Area (RCPLWEA)

• The government had also launched Road Connectivity Project for Left Wing Extremism affected Areas in the year 2016 as a separate vertical under PMGSY.
• It helps to provide all-weather road connectivity with necessary culverts and cross-drainage structures in 44 districts (35 are worst LWE affected districts, and 09 are adjoining districts), which are critical from security and communication point of view.
• Under the Scheme, 5,066 Km road length has been sanctioned.

Indian Roads Congress

• The Indian Roads Congress (IRC) is the Apex Body of Highway Engineers in the country.
• It was set up in December 1934 on the recommendations of the Indian Road Development Committee best known as Jayakar Committee set up by the Govt. of India with the objective of Road Development in India.