Current Affairs Quiz 11 January 2023
6. Consider the following statements :
- Primary Agricultural Credit Societies (PACS) is the lowest tier of three-tier Short-Term Credit cooperatives with around 13 crores members.
- PACS are registered under the Cooperative Society Act.
- PACS are regulated by RBI under Banking Regulation Act 1949.
Which of the statements given above is/are correct:
(A) 1 and 2 only
(B) 1 and 3 only
(C) 2 and 3 only
(D) 1, 2 and 3
Show Answer
Correct Answer: (A)
Explanation:
Public Agricultural Credit Societies (PACS) is the lowest tier of three-tier Short Term Credit Cooperative. And other two tiers are State Cooperative Banks at the State level and District Central Cooperative Banks at the District level.
They are outside the purview of the Banking Regulation Act 1949, hence not regulated by RBI.
7. Consider the following statements regarding Model Bylaws for Uniform Adoption by Agri Societies:
- It allows Public Agricultural Credit Societies (PACS) to diversify their activities into different segments like hospitals, education, etc.
- It allows PACS acts as a Common Service Centre (CSC) in the area of operation.
- Designate PACS as a procurement agency on behalf of the Food Corporation of India (FCI).
Which of the statements given above is/are correct:
(A) 1 and 2 only
(B) 1 and 3 only
(C) 2 and 3 only
(D) 1, 2 and 3
Show Answer
Correct Answer: (D)
Explanation:
- Recently, the Ministry of Cooperation has prepared New Bylaws for Agricultural Credit Societies.
- The objective of Model Bylaw is to streamline the functioning of Public Agricultural Credit Societies (PACS) (PACS) and allow them to perform multiple activities to improve their financial health.
- Key Provisions:
- Open up 25 broad sectors for PACS like education, hospitals, Common Service Centres, etc.
- Offer land to PACS for infrastructure development, Fair Price Shop license, and designate PACS as a procurement agency on behalf of Food Corporation of India.
- Allow them to participate in Payment Services through Direct Benefits Transfer (DBT).
8. Consider the following statements regarding Future Contract:
1. It is a legal agreement between buyer and seller where the buyer agrees to buy and seller agrees to sell an underlying asset of a specific quantity, at a predetermined date and price.
2. It allows investors to speculate in the security and commodity market, either long or short, using leverage.
3. Future Contracts are regulated by RBI in India to ensure stability in the Indian economy.
Which of the statements given above is/are correct?
(A) 1 and 2 only
(B) 2 and 3 only
(C) 1 and 3 only
(D) 1, 2 and 3
Show Answer
Correct Answer: (A)
Explanation:
Why this question?
- Recently, SEBI has approved the future contracts on corporate bonds rated AA+ and above.
What is Future Contract?
- A future Contract is a legal agreement between two parties to buy or sell a particular commodity at a predetermined date and price.
- In India, it is regulated by SEBI.
- It allows investors to speculate in security, commodity, and other financial instruments, either long or short, using leverage.
9. “Levels and Trends in Child Mortality: Report 2022” is released by:
(A) World Health Organisation (WHO)
(B) United Nations Children’s Fund (UNICEF)
(C) United Nations Inter-Agency Group for Child Mortality Estimation (UN IGME)
(D) Global Health Council
Show Answer
Correct Answer: (C)
Explanation:
About Levels and Trends in Child mortality Report 2022
- It is released by UN IGME.
- Key findings:
- At the global level, the under-five mortality rate fell by 50%.
- Nearly five million children died before their first birthday.
10. Which of the following statements is wrong about Prithvi-II Missile:
(A) It is a surface-to-surface short-range ballistic missile.
(B) It has a range of around 1000 km.
(C) It is a single-stage liquid fuel missile.
(D) It is developed by DRDO.
Show Answer
Correct Answer: (B)
Explanation:
Why this question?
- Recently, DRDO carried out a successful test launch of the Prithvi-II missile.
About Prithvi-II missile
- It is a surface-to-surface Missile Short Range Ballistic Missile (SRBM), with a range of around 350 km.
- It is capable to carry 500-1000 kg of warhead.
- It is developed by DRDO under Integrated Guided Missile Development Programme (IGMDP).
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