Business, Economy & Banking Current Affairs MCQs

Notes:
State-run SJVN achieved commercial electricity supply from its 50 MW Gujrai solar power station in Kanpur Dehat, Uttar Pradesh. The project, executed by SJVN through its renewable arm SGEL at a cost of Rs 281 crore, is now operational. SJVN’s total installed power capacity is 2,277 MW across 10 power stations. The Gujrai station is expected to generate 107 million units in the first year, with a cumulative energy generation of 2,477 million units over 25 years, generating annual revenue of about Rs 32 crore.

Notes:
The Ministry of Statistics and Programme Implementation (MoSPI) has partnered with ISRO for the Urban Frame Survey (UFS) using Bhuvan. UFS, managed by the Field Operations Division (FOD) of NSSO, utilizes compact units in urban areas with 120-150 households. Executed in five-year phases, it acts as a sampling frame for large-scale socio-economic surveys. The digital implementation of UFS occurred for the first time during Phase 2017-22, employing the Bhuvan platform for data collection.

Notes:
The Department for Promotion of Industry and Internal Trade (DPIIT) and the World Bank Group organized the National Workshop on Logistics Efficiency Enhancement in New Delhi. The workshop brought together the logistics sector community to brainstorm. The DPIIT is under the Ministry of Commerce and Industry (MoCI).

Notes:
The Reserve Bank of India (RBI) has introduced the UDGAM portal, facilitating users to search unclaimed deposits in 30 banks, covering 90% of Depositor Education and Awareness Fund deposits. UDGAM, meaning Unclaimed Deposits-Gateway to Access inforMation, allows centralized searches for both individual and non-individual categories. Users provide specific details like account holder’s name, bank name, and relevant identification for the search. This initiative aims to enhance transparency and awareness regarding unclaimed deposits in the RBI’s DEA Fund.

Notes:
30 banks are part of the RBI’s UDGAM portal for unclaimed deposits. The remaining banks are also in the process of joining. The UDGAM portal, which stands for Unclaimed Deposits-Gateway to Access Information, is an online portal developed by the Reserve Bank of India (RBI). The portal allows individuals to search for their unclaimed deposits and accounts.

Notes:
NPCI International Payments Ltd (NIPL) has collaborated with Fonepay Payment Service Ltd in Nepal, facilitating cross-border Unified Payment Interface (UPI) transactions between India and Nepal. Catering to around 30% of Nepal’s Indian tourists, this alliance aims to enhance payment convenience for Indian travelers and streamline financial interactions, benefiting both tourists and the Nepalese economy.

Notes:
Union Minister Narayan Rane inaugurated the MSME-Technology Centre in Sindhudurg, Maharashtra, laying the foundation for its estimated Rs 182 Crore project. The event included the launch of Sindhudurg Audyogik Mahotsav and Self Employment Conclave. The Government of India plans to establish 20 new Technology Centres and 100 Extension Centres nationwide, enhancing technology access for Micro, Small, and Medium Enterprises. The Sindhudurg center will prioritize General Engineering and Food Processing, fostering growth opportunities in the region.

Notes:
India and the European Free Trade Association (EFTA) inked the Trade and Economic Partnership Agreement (TEPA). EFTA, founded in 1960, promotes trade and integration for its four member states. TEPA with Switzerland, Iceland, Norway, and Liechtenstein marks India’s first FTA with a major European economic bloc. The historic pact commits to a $100 billion investment and 1 million jobs in 15 years, boosting Make in India and providing Indian exporters access to expansive European and global markets.

Notes:
The Union Minister of Science & Technology inaugurated India’s first National Speed Breeding Crop Facility at the National Agri-Food Biotechnology Institute (NABI) in Mohali, Punjab. The facility will revolutionize crop improvement programs by rapidly developing advanced crop varieties through speed breeding methods. Established in 2010, NABI is India’s first Agri-Food Biotechnology Institute, dedicated to catalyzing transformations in the agri-food sector. NABI has actively contributed to initiatives like ‘Atal Jai Anusandhan Biotech (UNaTI) Mission’ and Biotech Kisan Hubs for various regions.

Notes:
The Reserve Bank of India (RBI) imposed a monetary penalty of Rs 1, 40, 76,000 on Bank of India (BoI) for non-compliance with certain RBI directions on interest rates on deposits, customer service, and other areas. The penalty is for deficiencies in regulatory compliance, not to pronounce on the validity of any transactions or agreements between the bank and its customers.