Daily GK Update 07th July 2017

1. India ranks 23rd among 165 nations in cybersecurity index

i. India is ranked a high 23rd out of 165 nations in a global index that measures the commitment of nations across the world to cybersecurity. The second Global Cybersecurity Index (GCI) was released by the UN telecommunications agency International Telecommunication Union (ITU).

ii. The top 5 most committed countries to cybersecurity are-

1. Singapore,

2. The United States,

3. Malaysia,

4. Oman,

5. Estonia.

Important Takeaways from Above News-

• ITU currently has a membership of 193 countries.
• ITU is headquartered in Geneva, Switzerland.

2. India Rises to 96th in FIFA World ranking, Best in Two Decades

i. India has moved four places up to the 96th position in the FIFA World Ranking released recently. This is the country’s second-best ranking and its previous best was the 94th position in February 1996.

ii. India has moved 77 positions up from the 173rd rank on March 2015. 

Important Takeaways from Above News-

• Headquarter of FIFA is in Zurich, Switzerland.
• The President of FIFA is Gianni Infantino.

3. European Parliament approves first ever EU-Cuba pact

i. The European Parliament overwhelmingly approved a first-ever cooperation deal between the EU and Cuba. MEPs in the eastern French city of Strasbourg approved the Political Dialogue and Cooperation Agreement which was signed in December 2016.

ii. With the deal, Cuba joins other Latin American countries with similar agreements with the EU, whose relations with the island had previously been conducted in the so-called Common Position that linked ties to improvements in human rights.

Important Takeaways from Above News-

• The European Parliament is headquartered in Brussels, Belgium.

4. India declares itself free from H5N1 and H5N8 bird flu

i. India has declared itself free from highly pathogenic Avian Influenza (H5N1 and H5N8) after surveillance in the states showed no evidence of its presence. It has been notified to the World Organisation for Animal Health (OIE).

ii. India had reported outbreaks of influenza at various epicenters in different states across the country between October 2016 and February 2017.

Important Takeaways from Above News-

• Avian influenza refers to the disease caused by infection with avian (bird) influenza (flu) Type A viruses.

5. Odisha govt signs EOI with IAAF & AFI to establish High-Performance Academy

i. The Odisha government signed an Expression of Intent (EOI) with the International Association of Athletics Federations (IAAF) and Athletics Federation of India (AFI) to establish a High-Performance Academy in Bhubaneswar.

ii. The EOI was signed by Sports Secretary Vishal Kumar Dev and AFI president Adille Sumariwala and IAAF president Lord Sebastian Coe in the presence of Chief Minister Naveen Patnaik.
iii. An academy for athletes will be built in the Kalinga Stadium.

Important Takeaways from Above News-

• Chief Minister of Odisha is Mr. Naveen Patnaik.
• The Governor of Odisha is Mr. S C Jamir.

6. Indus OS partners with YES Bank to launch OS-integrated UPI platform

i. Indus OS has partnered with YES Bank to launch OS-integrated UPI (Unified Payment Interface) payment platform in India.

ii. Users with Indus OS will be able to use this UPI payment platform on SMS, dialer interface, and on third party apps like WhatsApp. This means P2P transactions, as well as utility payments, can be made via SMS or messaging. The platform is expected to launch in this quarter.

Banking Takeaways from Above News-

• Co-founder and CEO of Indus OS is Rakesh Deshmukh
• The CEO of YES Bank is Rana Kapoor.

7. EPFO ties up with 5 banks to collect PF dues

i. Retirement fund body EPFO (Employees' Provident Fund Organisation) has inked pacts with five banks for collections of provident dues and to make retirement payments.

ii. The tie-ups with Bank of Baroda, ICICI Bank, HDFC Bank, Axis Bank and Kotak Mahindra Bank will help EPFO save around Rs 125 crore a year and expedite its investments as well as payment of benefits to its members.

Important Takeaways from Above News-

• EPFO came into existence under the promulgation of the Employee's Provident Fund Ordinance on the 15th November 1951. 
• It was replaced by the Employee's Provident Fund Act, 1952.

8. Siemens opens its first digital factory in India

i. Siemens opened its first digital factory in India, also the third globally after one each in Germany and China, as the industrial conglomerate pitches smart facilities to small and medium scale enterprises in the country.

ii. The digital factory is one of the nine divisions at Siemens. It aims to provide a comprehensive portfolio of hardware and software products which enable comprehensive integration of data from development, production, and suppliers.

9. Pakistan successfully test fires short-range ballistic missile, Nasr

i. Pakistan has successfully test-fired short-range surface-to-surface ballistic missile 'Nasr'. NASR is a high-precision weapons system with the ability for quick deployment and a range of 70 kilometers.

ii. Pakistan Army has conducted a series of training launches and tests during the current week for validation of new technical parameters of 'NASR' with an enhanced range of 60-70 kilometers and flight maneuverability. 

Important Takeaways From Above News-

• Army chief of Pakistan is Gen Qamar Javed Bajwa.

10. Manpreet Kaur, Govindan Laxmanan win gold in Asian Athletics Championships

i. India’s Manpreet Kaur claimed the gold medal in the women’s shot put on the opening day of the Asian Athletics Championships 2017 at the Kalinga Stadium, Bhubaneswar, Odisha.

ii. Govindan Laxmanan emerged triumphant in the men’s 5,000 meters and has also won Gold Medal.

Important Takeaways from Above News-

• The last edition of Asian Athletics Championship was held in Wuhan, China in 2015.

11. Kewal Handa appointed as Non-executive Chairman of Union Bank

i. Kewal Handa was appointed as non-executive chairman of Union Bank of India.
ii. Handa will hold the post for a period of three years.

Banking Takeaways From Above News-

• Managing Director & CEO of Union Bank of India Shri Rajkiran Rai G. 
• Union Bank of India Headquarters in Mumbai

Banking Awareness

Q1. Loan and Advances of a bank come under which of the following category?

(a) Assets

(b) Liabilities

(c) Deposits

(d) All of the Above

(e) None of the given options is true

S1. Ans.(a)
Sol. anything tangible or intangible that can be owned or controlled to produce value and that is held to have positive economic value is considered an asset. Anything tangible or intangible that can be owned or controlled to produce value and that is held to have positive economic value is considered an asset.

Q2. RBI sold its stake in NABARD to the Government of India, which now holds _____ stake.

(a) Approx 65%

(b) Approx 70%

(c) Approx 95%

(d) Approx 99%

(e) Approx 24%

S2. Ans.(d)

Sol. RBI sold its stake in NABARD to the Government of India, which now holds approx 99% stake.

Q3. Which of the following is not available to depositors of NBFCs?

(a) Deposit Insurance facility

(b) Acquisition of Shares

(c) Loans and Advances

(d) All of the Above

(e) None of the given options is true

S3. Ans.(a)
Sol. Deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation is not available to depositors of NBFCs, unlike in the case of banks.

Q4. NBFCs include ______

(a) loan company

(b) investment company

(c) asset finance company

(d) All of the Above

(e) None of the given options is true

S4. Ans.(d)

Sol. NBFCs include a loan company, an investment company, asset finance company (i.e. a company conducting the business of equipment leasing or hire purchase finance) and Residuary Non-Banking Companies.

Q5. India Infrastructure Finance Company Ltd (IIFCL) is a wholly-owned ____________ company set up in 2006.

(a) NABARD

(b) SEBI

(c) RBI

(d) Finance Ministry

(e) Government of India

S5. Ans.(e)
Sol. IIFCL is a wholly-owned Government of India company set up in 2006 to provide long-term finance to viable infrastructure projects through the Scheme for Financing Viable Infrastructure Projects through a Special Purpose Vehicle called India Infrastructure Finance Company Ltd (IIFCL), broadly referred to as SIFTI.

Q6. Infrastructure Finance Company (IFC) is a non-banking finance company has a minimum Net Owned Funds of-

(a) Rs.100 Crore

(b) Rs.200 Crore

(c) Rs.500 Crore

(d) Rs.300 Crore

(e) Rs.800 Crore

S6. Ans.(d)
Sol. Infrastructure Finance Company (IFC) is a non-banking finance company has a minimum Net Owned Funds of Rs.300 Crore.

Q7. Under which act NBFCs are incorporated?

(a) Banking Regulation Act, 1949

(b) Companies Act, 1956

(c) RBI Act 1934

(d) SBI Act 1955

(e) None of the given options is true

S7. Ans.(b)
Sol. NBFCs are incorporated under the Companies Act, 1956.

Q8. An NBFC must be registered with the _____________ and have specific authorization to accept deposits from the public.

(a) RBI

(b) SEBI

(c) NABARD

(d) SBI

(e) Government of India

S8. Ans.(a)
Sol. An NBFC must be registered with the Reserve Bank of India (RBI) and have specific authorization to accept deposits from the public.

Q9. RNBCs cannot accept deposits for a period less than _____ months and more than ______ months.

(a) 12, 84

(b) 14, 86

(c) 17, 92

(d) 24, 36

(e) 54, 95

S9. Ans.(a)
Sol. RNBCs cannot accept deposits for a period less than 12 months and more than 84 months.

Q10. RNBC stands for-

(a) Residuary Non-Banking Companies

(b) Reserve Non-Banking Companies

(c) Reserve New Banking Companies

(d) Re-curing New Banking Companies

(e) None of the given options is true

S10. Ans.(a)
Sol. RNBCs stands for Residuary Non-Banking Companies.

Q11. According to accepting public deposits, NBFCs can be classified into ____ broad categories.

(a) Two

(b) Three

(c) Four

(d) One

(e) Five

S11. Ans.(a)
Sol. According to accepting public deposits, NBFCs can be classified into two broad categories, viz.,
(i) NBFCs accepting public deposit (NBFCs-D)
(ii) NBFCs not accepting/holding public deposit (NBFCs-ND).

Q12. Which of the following are the country’s largest custodian and depository participant?

(a) CIBIL

(b) SEBI

(c) NABARD

(d) SHCIL

(e) None of the given options is true

S12. Ans.(d)
Sol. Stock Holding Corporation of India Ltd (SHCIL), India’s largest custodian and depository participant.

Q13. StockHolding was incorporated as a Public Limited Company in- 

(a) 1995

(b) 1992

(c) 1986

(d) 1981

(e) 1979

S13. Ans.(c)
Sol. StockHolding was incorporated as a Public Limited Company in 1986. It has been jointly promoted by leading Banks and Financial Institutions. StockHolding is a subsidiary of IFCI Limited. The equity capital of StockHolding is presently held by LIC, GIC, IFCI Ltd., SU-UTI, NIA, NIC, UIC, and TOICL, all leaders in their respective fields of business.

Q14. StockHolding is a subsidiary of-

(a) IFCI Limited

(b) RBI

(c) Government of India

(d) SIDBI

(e) IDBI Limited

S14. Ans.(a)
Sol. StockHolding was incorporated as a Public Limited Company in 1986. It has been jointly promoted by leading Banks and Financial Institutions. StockHolding is a subsidiary of IFCI Limited.

Q15. Which of the following is the parent organisation of UPI?

(a) RBI

(b) GOI

(c) NPCI

(d) PMMY

(e) SEBI

S15. Ans.(c)
Sol. National Payments Corporation of India (NPCI) is the parent organisation of UPI (Unified Payment Interface).

Word Usage Questions for SBI PO

Directions (1-15): For each of the words given below, a contextual usage is provided. From the alternatives given, pick the word that is the most inappropriate as a substitute in the given context and mark its number as your answer.

Q1. Abjure: I have decided to abjure smoking.

(a) relinquish

(b) renounce

(c) abnegate

(d) discontinue

(e) abandon

Q2. Acquittal: His acquittal in spite of the incriminating evidence surprised all of us.

(a) dismissal

(b) vindication

(c) exoneration

(d) deliverance

(e) exculpation

Q3. Presage: The phenomenal growth of this chain of stores presaged globalization and was a glitzy part of it.

(a) supported

(b) signaled

(c) prophesised

(d) portended

(e) threatened

Q4. Unassailable: Its brand image is unassailable.

(a) impregnable

(b) invincible

(c) inviolable

(d) invisible

(e) secure

Q5. Venom: The venom in his voice was unmistakable.

(a) rancour

(b) abhorrence

(c) malice

(d) malevolence

(e) bitterness

Q6. Despondent: After their trauma, they were exhausted and despondent.

(a) doleful

(b) morose

(c) defiant

(d) crestfallen

(e) dismal

Q7. Fitfully: She felt groggy in the morning as she had slept fitfully the previous night.

(a) faintly

(b) intermittently

(c) irregularly

(d) discontinuously

(e) erratically

Q8. Incredulous: He was incredulous regarding the potential benefits of the tiny gadget.

(a) cynical

(b) disbelieving

(c) weary

(d) skeptical

(e) dubious

Q9. Misconstrue: His introverted behaviour is often misconstrued as haughtiness.

(a) erred

(b) misinterpreted

(c) misunderstood

(d) confused

(e) miscalculated

Q10. Embellish: On the occasion of the festival, the deity was embellished with jewels of many types.

(a) adorned

(b) beautified

(c) studded

(d) decorated

(e) beatified

Q11. Paean: The student leader ended his speech singing paeans about the initiatives adopted by the new principal.

(a) panegyric

(b) accolades

(c) eulogy

(d) anathema

(e) tribute

Q12. Sprightly: Her sprightly disposition camouflaged her illness.

(a) voracious

(b) vivacious

(c) jaunty

(d) perky

(e) frisky

Q13. Ubiquitous: The ubiquitous internet cafes have helped increase the level of its accessibility to the common man.

(a) pervasive

(b) dominating

(c) prevalent

(d) extensive

(e) rife

Q14. Tyro: His subtle discomfort in front of the camera reveals that he is a tyro in this field.

(a) novice

(b) veteran

(c) beginner

(d) neophyte

(e) trainee

Q15. Variegated: The variegated religions and the multitude of cultures contribute to the rich spiritual heritage of our country.

(a) kaleidoscopic

(b) psychedelic

(c) many-hued

(d) diversified

(e) colourful

Solutions

S1. Ans.(d)

Sol. ‘Abjure’ means to solemnly renounce. Hence, it can mean renounce, relinquish (give up) or abnegate (renounce or reject) or abandon but not discontinue (stop) discontinue is a common word by comparison.

S2. Ans.(a)

Sol. ‘Acquittal’ means declared not guilty. Hence it can mean vindication (shown to be right or justified), exoneration (officially absolve from blame), and deliverance (the process of being set free), and exculpation but not dismissal (order or allow to leave).

S3. Ans.(a)

Sol. ‘Presage’ means a sign or warning. It also means predict. Hence, in the context it can be replaced by signalled (indicate a state) or prophesied (predicted) or portended (sign or warning) or threatened but not supported (bear the weight or give assistance).

S4. Ans.(d)

Sol. ‘Unassailable’ means not liable to attack hence ‘impregnable’, (unconquerable) invincible’ or ‘secure’ or ‘inviolable’ but not ‘invisible’ (not seen).

S5. Ans.(b)

Sol. ‘Venom literally means poison and by extension hatred and bitterness. In this context it can mean rancor (bitterness) malice (hatred) malevolence (ill-will) and bitterness. It cannot mean abhorrence which is disgust.

S6. Ans.(c)

Sol. ‘Despondent’ means being in low spirits from loss of hope or courage. It can mean doleful (sorrowful), morose (sullen) or crestfallen (sad and disappointed) dismal, but not defiant (resistance or disobedient).

S7. Ans.(a)

Sol. ‘Fitfully’ means occurring intermittently, not regularly. Hence, it means erratically intermittently, irregularly discontinuously but it does not mean faintly which means ‘barely perceptible’.

S8. Ans.(c)

Sol. ‘Incredulous’ means unwilling to believe. Hence, it can be dubious, cynical meaning, sceptical (doubtful) and disbelieving but not weary (tired).

S9. Ans.(d)

Sol. ‘Misconstrued’ means ‘interpreted wrongly, hence it can mean miscalculated, misinterpreted or misunderstood (wrongly understood) or erred (mistaken) but not confused which means bewildered or lacking order.

S10. Ans.(e)

Sol. ‘Embellished’ means adorned or decorated or studded and hence beautified but not beatified (sanctified).

S11. Ans.(d)

Sol. ‘Paeans’ means a song of praise hence it can mean tribute, panegyric (in praise of someone) accolade (special honour), eulogy (praise someone highly) but not anathema (something that one vehemently dislikes).

S12. Ans.(a)

Sol. ‘Sprightly’ means lively, energetic, hence it can mean frisky, vivacious (attractively lively) jaunty (lively and self confident manner) perky (cheerful and lively) but not voracious which means greedy or insatiable.

S13. Ans.(b)

Sol. ‘Ubiquitous’ means found everywhere, hence it means rife, pervasive (widespread), prevalent (widespread or existing) and extensive (covering a large area) but not dominating which means have a commanding or controlling influence over.

S14. Ans.(b)

Sol. ‘Tyro’ means a beginner or novice hence it can mean trainee, beginner novice or neophyte (a person who is new to a subject) but not veteran (a person who has long experience in a field) which is the opposite.

S15. Ans.(d)

Sol. ‘Variegated’ means exhibiting different colours hence colourful, kaleidoscopical (changing patterns, psychedelic (vivid colours and swirling abstract patterns) and many hued (many colours) but not diversified (enlarge the range).

Daily GK Update 06th July 2017

1. India Signed 7 Agreements with Israel

i. A total of seven agreements were signed between India and Israel in sectors ranging from agriculture to water conservation and space as they sought to deepen ties beyond high-priced defence deals.

ii. The PM of India Mr. Narendra Modi and his counterpart Benjamin Netanyahu presented a series of agreements for cooperation on satellite technology, water and agriculture, as well as the creation of a $40 million innovation fund.

Important Takeaways From Above News-

• Benjamin Netanyahu is the PM of Israel.
• The Capital of Israel is Jerusalem.
• Israeli new shekel is the Currency of Israel.
• PM Modi's visit marks 25 years since India and Israel established diplomatic relations.

2. Sushma Swaraj inaugurated the 9th edition Delhi Dialogue

i. External Affairs Minister Sushma Swaraj has inaugurated the 9th edition of Delhi Dialogue.
ii. The theme for Delhi Dialogue 9 is 'India-ASEAN relations: Charting the Course for the Next 25 Years'.

Important Takeaways from Above News-

• ASEAN was established on 8 August 1967 in Bangkok, Thailand.

3. 5th Meeting of BRICS Education Ministers held in China

i. Meeting of BRICS Ministers of Education was held in Beijing, China. The Indian delegation was led by Shri Prakash Javadekar, Minister of Human Resource Development, India.

ii. Javadekar highlighted some of the initiatives of the Govt. of India in education. He specifically spoke about the National Institutional Ranking Framework (NIRF), SWAYAM platform which has already hosted over 480 courses online, research initiative IMPRINT and Smart India Hackathon.

Important Takeaways from Above News-

• Brazil, Russia, India, China, and South Africa are the five-member Nations of BRICS.
• It was established in 2009.

4. AIIB approves USD 329 mn loan to build roads in Gujarat

i. China-based Asian Infrastructure Investment Bank (AIIB) announced its approval to a $329 million loan to build access roads across 4,000 villages in Gujarat.
ii. The funds have been approved to construct road linkages for last-mile connectivity to schools and tribal areas in 33 districts of the state. 

Important Takeaways from the above News:

• Jin Liqun is present president of the Asian Infrastructure Investment Bank (AIIB).
• Beijing, China is headquarters of AIIB.

5. 10th Session of the India- Jordan Trade and Economic Joint Committee held in New Delhi

i. The 10TH India-Jordan Trade and Economic Joint Committee (TEJC) Meeting was held in New Delhi under the co-chairs of Smt. Nirmala Sitharaman, Minister of State (Independent Charge) for Commerce and Industry, (India) and Mr. Yarub Qudah, Minister of Industry, Trade and Supply (Jordan).

ii. The two leaders also inked the revised Economic and Trade Cooperation Agreement between India and Jordan, aiming at boosting and diversifying bilateral trade relations, in addition to promote economic, trade and investment cooperation based on the principle of equity, non-discrimination.

Important Takeaways from Above News-

• Amman is the Capital of Jordan.
• The currency of Jordan is Jordanian dinar.

6. Jammu & Kashmir Assembly passes resolution to implement GST in the state

i. Jammu and Kashmir Assembly adopted a resolution to implement the goods and services tax (GST), bringing the state’s indirect taxation into the new unified tax regime that the rest of the country adopted on 1 July at a landmark ceremony in Parliament.

ii. With this Jammu and Kashmir has become the last state to pass the GST bill in the state.

Important Takeaways from the above News-

• Mehbooba Mufti Sayeed is the present chief minister of Jammu and Kashmir.
• Narinder Nath Vohra is the present governor of Jammu and Kashmir.

7. Pradeep Kumar Rawat appointed as the next Ambassador of India to Indonesia

i. Pradeep Kumar Rawat presently a Joint Secretary in the Ministry of External Affairs (MEA), has been appointed as the next Ambassador of India to Indonesia.
ii. Rawat, an Indian ForeignService (IFS) officer of the 1990 batch, is expected to take up his assignment shortly.

Important Takeaways from Above News- 

• The capital of Indonesia is Jakarta.
• Joko Widodo is the current president of Indonesia.

8. N Chandrasekaran appointed as Chairman of Tata Global Beverages Limited

i. Tata Global Beverages Ltd. appointed Natarajan Chandrasekaran as the Chairman of its board with immediate effect. Chandrasekaran will succeed Harish Bhat.

ii. The Board has also appointed Siraj Azmat Chaudhry as Non-Executive Independent Director.

Important Takeaways from the above News-

• Natarajan Chandrasekaran is also head of  Tata Sons.
• Harish Bhat was appointed in place of former Tata Sons chairman Cyrus Mistry in November 2016.

9. Trilateral Malabar exercise to kick off on July 10

i. The Malabar naval exercise involving Indian, American and Japanese navies will kick start on July 10 in the Bay of Bengal.
ii. The aim of the Malabar exercise is to achieve deeper military ties and greater interoperability among the three navies in the strategically-important Indo-Pacific region. India and the US have regularly conducted the annual exercise since 1992.

Important Takeaways From Above News-

• Admiral Sunil Lanba is the Chief Naval Officer of Indian Navy. 
• Yutaka Murakawa is the Chief of Staff of Japan Maritime Self-Defense Force (JMSDF). 
• Chief of Naval Operations (CNO) of American Navy is Admiral John M. Richardson.

10. Pankaj Advani-led Indian team beat Pakistan to clinch Asian Snooker Championship

i. India’s leading cueist Pankaj Advani teamed up with Laxman Rawat to demolish Pakistan in the final of the Asian Team Snooker Championship in Bishkek, Kyrgyzstan. Advani pieced together a brilliant break of 83 to seal the first tie of the best-of-five final.

ii. Advani remained the only player not to lose a single individual match in the team event. This title brings up Advani’s second Asian title this season and 8th overall while it was a first major first international title for Rawat.

Important Takeaways from above News-

• Bishkek is the Capital of Kyrgyzstan.
• The Currency of Kyrgyzstan is Kyrgyzstani som.
• The President of Kyrgyzstan is Almazbek Atambayev.

11. South Indian Bank ties up with PFG Forex

i. South Indian Bank has tied up with PFG Forex for remittance facility for the benefit of Indian expatriates from Australia. The new facility will leverage the bank to reach the Indian diaspora.

ii. Under this arrangement, NRIs can enjoy cost-effective and fast remittance services using SIB's Express facility. NRIs can visit the PFG Forex outlets across Australia for remittances to India. SIB is already having correspondent banking arrangement with National Australia Bank and Fly World Money Exchange for remittances to India.

Important Takeaways from the above News:

• Headquarter of South Indian Bank is in Thrissur, Kerala.
• Current MD and CEO of South Indian Bank is Mr. V.G Mathew.