Current Affairs For 1st September 2023

“Financial growth begins with the seeds of wise investments and the roots of diligent savings.”

Q1. Which bank has introduced its ‘Bank on Wheels’ service in Gujarat?

1. SBI Bank
2. HDFC Bank
3. ICIC Bank
4. Bank of India

Ans:-2)HDFC Bank

HDFC Bank has launched ‘Bank on Wheels’ in Gujarat, aiming to bring banking services to unbanked areas. This initiative by the Rural Banking segment involves vans visiting villages 10-25 km from the nearest branch, serving three villages daily, and providing access to 21 banking products and services.

Q2. Which corporation has made India’s most significant acquisition in the infrastructure and materials sector by purchasing Ambuja Cements and ACC?

1. Adani Group
2. TATA Group
3. Ultra Tech Cement(Aditya Birla)
4. Vedanta

Ans:-1)Adani Group

Holcim, based in Switzerland, has finalized the sale of Ambuja Cement and its subsidiary ACC to the Adani Group for USD 6.4 billion, establishing Adani as the second-largest player in the sector. This marks Adani’s most substantial acquisition to date and the largest M&A transaction in India’s infrastructure and materials sector. Ultratech Cement remains India’s largest player, boasting a market valuation exceeding ₹1.87 lakh crore.

Q3. The Tata Group has revealed plans to merge which airline with Air India?

1. Vistara
2. Indigo
3. Spicejet
4. Akasa

Ans:-1)Vistara

The Tata Group, in collaboration with Singapore Airlines (SIA), has confirmed the merger of Vistara with Air India. Following this merger, the ‘Vistara’ brand will no longer exist, and Air India will emerge as India’s second-largest domestic and the largest international carrier. Previously, earlier this year, the Tata Group had initiated the merger of AirAsia India with Air India Express.

Q4. India intends to eliminate the use of the US dollar and the euro in its bilateral trade with which country?

1. Russia
2. Japan
3. UAE
4. China

Ans:-1)Russia

Russia and India have decided to exclusively use their national currencies, the rupee and the rouble, for all bilateral trade transactions, effectively eliminating the use of the US dollar and the euro. This move is aimed at rectifying trade imbalances between the two nations.

Q5. Which insurance company introduced an ‘Organ Donation Initiative’ and a relay marathon named ‘Zindagi Express’?

1. Max Life Insurance
2. Kotak Mahindra Life Insurance
3. Aditya Birla Life Insurance
4. Edelweiss Tokio Life Insurance

Ans:-4)Edelweiss Tokio Life Insurance

Edelweiss Tokio Life Insurance has launched a three-week organ donation initiative, featuring a relay marathon named ‘Zindagi Express.’ This marathon covers nearly 5,500 km throughout the nation, with the primary aim of promoting organ donation awareness. Additionally, for the fourth consecutive year, Edelweiss Tokio Life Insurance has collaborated with Mohan Foundation, an NGO dedicated to the cause of organ donation.

Q6. Ajay Kumar Srivastava has assumed the roles of Managing Director (MD) and Chief Executive Officer (CEO) at which bank?

1. PNB
2. SBI
3. Indian Bank
4. Indian Overseas Bank

Ans:-4)Indian Overseas Bank

Ajay Kumar Srivastava has been appointed as the Managing Director (MD) and Chief Executive Officer (CEO) of Indian Overseas Bank, succeeding Partha Pratim Sengupta, who retired. Additionally, Sanjay Vinayak Mudaliyar, formerly the Chief General Manager at Bank of Baroda, has been appointed as an executive director at IOB. As of September 30, 2022, the Government of India held a 96.38% stake in IOB.

Q7. India initiated an investigation into the dumping of which products by China and Hong Kong?

1. Plastic Toys
2. Phone Display Panels
3. Printed Circuit Boards
4. Power Banks

Ans:-3)Printed Circuit Boards

India’s Commerce Department has launched an investigation into claims of dumping regarding specific printed circuit boards (PCBs) originating from China and Hong Kong. The Directorate General of Trade Remedies (DGTR), a division of the Commerce and Industry Ministry, stated that the Indian Printed Circuit Association (IPCA) had asserted that the domestic PCB industry is suffering due to this alleged dumping.

Q8. Banks are required to finish the renewal of agreements for customers’ safe deposit lockers by a specific deadline.

1. December 2023
2. January 2024
3. March 2023
4. November 2023

Ans:-1)December 2023

Banks have been granted an extension by the Reserve Bank of India, allowing them until the end of December 2023 to renew agreements for customers’ existing safe deposit lockers. Initially, banks were instructed to complete this process by January 1, 2023. The central bank has now directed them to follow a phased approach, with the target of 50 percent completion by June 30 and 75 percent by September 30.

Q9. According to the most recent Global Economic Prospects Report from the World Bank, what is the projected growth rate for the global economy in 2023?

1. 2.5%
2. 2.4%
3. 2.1%
4. 3.5%

Ans:-3)2.1%

The latest Global Economic Prospects report from the World Bank foresees a 2.1% growth rate for the global economy in 2023, marking a decrease from the 3.1% growth observed in 2022. Additionally, the report emphasizes that trade in 2023 is anticipated to expand at a notably slower rate, equivalent to less than one-third of its pre-pandemic levels.

Q10. How is the procedure for delisting securities of a publicly traded company from a stock exchange carried out?

1. Delisting
2. White-listing
3. Black-Listing
4. Stock-listing

Ans:-1)Delisting

Delisting refers to the process of withdrawing a listed company’s securities from a stock exchange. Once delisted, these securities become ineligible for trading on the exchange. Presently, the Securities and Exchange Board of India (SEBI) is in the process of reviewing delisting regulations for listed companies. This review aims to address concerns related to share manipulation in companies opting for delisting from stock exchanges.