Weekly Current Affairs: Quizzes, 29 April to 04 May 2024

EXPLANATION:

• Reserve Bank of India (RBI) recently issued a master direction for asset reconstruction companies (ARCs). This move aims to strengthen the regulatory framework governing ARCs in India.
• Asset Reconstruction Companies (ARCs) are specialised financial institutions that acquire non-performing assets (NPAs) or distressed assets from financial institutions and banks at a discounted price. These NPAs are typically loans that have defaulted or are at risk of defaulting. ARCs are crucial in resolving bad loans, helping banks clean up their balance sheets and recovering funds. 

• Asset Reconstruction Companies (ARCs) are officially registered with the Reserve Bank of India (RBI). They are governed by the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (also known as the SARFAESI Act, 2002). The RBI strictly oversees and regulates its operations. Hence, statement 1 is correct. 
• Asset Reconstruction Companies (ARCs) specialise in asset reconstruction and securitisation. They are permitted to receive 100% Foreign Direct Investment (FDI) through the automatic route in India. However, ARCs are not allowed to engage in lending operations. Their activities are strictly limited to securitisation and asset reconstruction. Hence, statement 2 is not correct, and statement 3 is correct.

EXPLANATION:

• The National Bank for Agriculture and Rural Development (NABARD) revealed its 'Climate Strategy 2030' document to address India's need for enhanced green financing. The strategy aims to mobilise resources for the country's climate change mitigation, adaptation, and resilience projects. Hence, option C is correct.
• This strategy addresses the financial gap between the required investment in sustainable initiatives and the current inflow of green finance. According to the report, India requires approximately $170 billion annually for green financing to reach a cumulative total of over $2.5 trillion by 2030. 
• The strategy is structured around four key pillars: accelerating green lending across sectors, playing a broader market-making role, internal green transformation of NABARD, and strategic resource mobilisation.

EXPLANATION:

• The Reserve Bank of India (RBI) drafted a rule for Payment Aggregators. Earlier this month, two consultants floated to seek better regulation of Payment aggregators. The first deals with offline PAs' activities, while the second proposes strengthening the ecosystem's safety by expanding instructions for Know Your Customer (KYC), due diligence of onboarded merchants, and operations in Escrow accounts.
• A Payment Aggregator is a third-party service that offers merchants a single platform to accept various payment methods. It is also a service provider that enables businesses to accept customer payments through multiple channels, such as credit/debit cards, digital wallets, bank transfers, and more. Popular payment aggregators include companies like Paytm, Razorpay and PayPal in India. Hence, statement 1 is correct.
• Under the payment aggregator framework, only RBI-approved companies can provide payment services to merchants. They must have a minimum net worth of Rs 15 crore in the first year of application. Hence, statement 2 is correct.

EXPLANATION:

• Recently, the Defence Research and Development Organisation (DRDO) requested USD 100 million in funding from the Ministry of Defence. The funding is intended to develop a high-powered laser weapon, the Directionally Unrestricted Ray-Gun Array (DURGA) II. This weapon is characterised as a lightweight directed energy weapon (DEW). 

• Durga-II laser weapon is a 100-kilowatt lightweight Directed Energy Weapon (DEW) designed for military use. Its purpose is to equip the Indian armed forces with advanced technology for effectively countering diverse threats such as drones, missiles, and artillery shells. 
• Directed-energy weapons (DEWs) are weapon systems that emit highly focused energy, typically lasers, microwaves, or particle beams, to hinder or destroy targets. Unlike traditional firearms or explosives, which rely on kinetic energy (physical impact), DEWs use directed energy to achieve their effects. 
• Hence, option C is correct. 

EXPLANATION:

• The latest ILO publication, 'Ensuring Safety and Health at Work in a Changing Climate,' underscores the pressing need to adapt work practices to climate change and enhance worldwide Occupational Safety and Health (OSH) protections. It stresses the importance of addressing the evolving risks associated with climate change to ensure workforce sustainability. 
• The International Labour Organization (ILO) has outlined six significant impacts of climate change: excessive heat, solar ultraviolet radiation, extreme weather events, workplace air pollution, vector-borne diseases, and agrochemicals. These factors can result in various health issues, such as stress, stroke, and exhaustion. 
• The ILO identifies explicitly agriculture workers, construction sector employees, city conservancy workers, and those in transport and tourism as the most affected by climate change. Globally, the informal farm labour sector is the most vulnerable to heat, especially in developing countries, where workers often lack adequate weather protection. Hence, statements 1 and 2 are correct.
• The rising global gig economy, particularly susceptible to heat, is significant. A Nasscom study highlights that gig workers comprise about 1.5% of India's workforce, which is expected to rise to 4.5% by 2030. Additionally, the MSME sector, employing roughly 21% of the workforce, suffers from inadequate State Occupational Safety and Health (OSH) oversight due to high informatisation, making workers significantly vulnerable to heat hazards. Hence, statement 3 is correct.

EXPLANATION: 

• Recently, AstraZeneca submitted a legal document to the High Court in London, where AstraZeneca admitted that the vaccine "can, in very rare cases, cause TTS." TTS typically presents with symptoms such as severe headaches, abdominal pain, leg swelling, shortness of breath, and neurological deficits. The consequences of TTS can be severe, including strokes, brain damage, heart attacks, pulmonary embolism, and even amputation. 
• AstraZeneca, the manufacturer of the AZD1222 vaccine, branded as Covishield in India, has recognised a possible connection between its vaccine and Thrombosis with Thrombocytopenia Syndrome (TTS), an uncommon condition marked by decreased platelet levels and the formation of blood clots. 
• Immunomodulatory therapies, a blood product containing antibodies pooled from thousands of donors, are used to treat vaccine-induced TTS. They are thought to modulate the immune response and have been used in treating various autoimmune and inflammatory conditions, including TTS. 

Hence, option C is correct.

EXPLANATION:

• Recently, the Ministry of Personnel, Public Grievances, and Pensions under the Department of Personnel & Training (Do & PT) has forwarded a letter from the Indian Railways Technical Supervisors’ Association to the Department of Expenditure regarding the formation of the 8th Central Pay Commission for the further action.

• The Central Pay Commission (CPC) is a governmental body in India responsible for recommending changes in the salary structure of central government employees, including civil and defence personnel. The commission evaluates and recommends pay, allowances, pensions, and other benefits for government employees. Hence, statement 1 is not correct. 
• The CPC is part of the Department of Expenditure (Ministry of Finance). The first central pay commission was established in 1946. Pay commissions are usually constituted every ten years. The last pay commission (7th) was established in 2014, and its recommendations took effect in 2016. The pay commission’s recommendations are not mandatory for the government; the government can accept or reject them. Hence, statement 2 is not correct, and statement 3 is correct.
• Dearness Allowance (DA) is a salary or pension component designed to offset inflation and maintain purchasing power. It benefits government employees, public sector workers, and pensioners and is adjusted based on the All-India Consumer Price Index over 12 months. Hence, statement 4 is correct. 

EXPLANATION:

• The World Health Organization (WHO) has warned that the H5N1 bird flu virus, detected in dairy cattle herds across nine US states and one human case in Texas since late March, could spread to cows in other countries via migratory birds.
• H5N1, commonly known as bird flu, is a strain of influenza virus that induces a highly contagious and severe respiratory illness termed avian influenza in birds. It belongs to the subtype of influenza A virus and is categorized based on the characteristics of its surface proteins. Hence, statement 1 is correct.
• H5N1 virus through direct contact with infected birds or contaminated surfaces, although there have been rare cases of human-to-human transmission. The symptoms in humans can range from typical flu-like symptoms such as fever, cough, sore throat, and muscle aches to more severe respiratory illness, pneumonia, and even death in some cases. However, when individuals contract the virus, the mortality rate is approximately 60%. Hence, statement 2 is not correct.

EXPLANATION:

• The Insurance Regulatory and Development Authority of India (IRDAI) has proposed to price Bima Vistaar, its ambitious all-in-one affordable insurance mass product aimed at the country's rural areas, at Rs 1,500 per policy. 
• Bima Vistar is part of the Bima Trinity. The first affordable all-in-one insurance product, Bima Vistaar, will offer life, Health, and property coverage. It has been designed to provide a basic social safety net with combined features of life, Health, personal accident, and property insurance. 
• The product includes a Life cover premium of Rs 820, Health cover of Rs 500, Personal accident cover of Rs 100, and Property cover of Rs 80. If taken on a floater basis for the entire family, the policy will cost Rs 2,420, with an additional Rs 900 charged for the other family members. The sum assured for life, personal accident, and property covers is Rs 2 lakh each. 
• In contrast, the health cover (hospital cash) offers a sum assured of Rs 500 for 10 days, with a maximum amount of Rs 5,000 available without producing bills or documents. Agents selling Bima Vistaar policies stand to earn a commission of 10%, incentivising wider distribution and adoption of the product. 

Hence, option B is correct. 

EXPLANATION:

• Recently, the Supreme Court said a Hindu marriage cannot be termed conclusive in the “absence of a valid ceremony” under the Hindu Marriage Act, 1955. The court contended that a Hindu marriage is not an event for “song and dance” and “wining and dining” as it holds profound significance beyond mere festivities.  
• The Hindu Marriage Act of 1955, enacted by the Indian Parliament, regulates Hindu marriages, addressing conditions, registration, rights and obligations of couples, and divorce grounds. It applies to Hindus, Jains, Sikhs, Buddhists, and followers of specific Hindu traditions. Hence, statement 1 is not correct.
• According to the act, the bridegroom must be at least 21 years old, and the bride must be at least 18  when they get married. Marriage among minors is punishable with imprisonment of up to 3 years and a fine of up to Rs 1 lakh. Hence, statement 2 is correct.
• Section 5 of the Act specifies that it is illegal to have two living wives at once, which is known as bigamy. If one spouse is alive and the person remarries, the marriage is not only void but also punishable under Sections 494 and 495 of the Indian Penal Code, 1860. Hence, statement 3 is correct.