General Awareness PYQs

The correct answer is Phi-3-mini.

The correct answer is 2004

In News

• EVMs were fully implemented in the 2004 Lok Sabha elections, replacing ballot papers nationwide.

Key Points

• The 2004 Lok Sabha elections were the first to use EVMs across all 543 parliamentary constituencies in India.
• EVMs were introduced to enhance voting efficiency, reduce errors, and prevent electoral fraud.
• The Election Commission of India (ECI) spearheaded the transition from ballot papers to EVMs.
• EVMs were piloted in select constituencies as early as 1982 but achieved nationwide deployment in 2004.

Additional Information

• Electronic Voting Machine (EVM)
• Developed by the Election Commission of India in collaboration with Bharat Electronics Limited (BEL) and Electronics Corporation of India Limited (ECIL).
• Comprises a Control Unit (managed by polling officers) and a Balloting Unit (used by voters).
• Voter Verifiable Paper Audit Trail (VVPAT)
• Introduced in 2013 to provide a paper trail for EVM votes, enhancing transparency.
• First EVM Use
• Tested in the 1982 Kerala Assembly elections (by-election in Paravur constituency).

The correct answer is ₹19.58 lakh crore; 17.70% growth

In News

• The provisional figures for Direct Tax collections for FY 2023–24 have been released.
• The net direct tax collections stood at ₹19.58 lakh crore, up from ₹16.64 lakh crore in FY 2022–23.

Key Points

• Net Direct Tax Collection: ₹19.58 lakh crore
• Growth: 17.70% compared to ₹16.64 lakh crore in FY 2022–23
• Gross Collection (before refunds): ₹23.37 lakh crore (18.48% growth)
• Refunds: ₹3.79 lakh crore (22.74% higher than previous year)
• Budget Estimates (BE): ₹18.23 lakh crore
• Revised Estimates (RE): ₹19.45 lakh crore
• Net collection exceeded BE by: 7.40%
• Net collection exceeded RE by: 0.67%

Additional Information

• Corporate Tax (Net): ₹9.11 lakh crore (10.26% growth)
• Personal Income Tax (Net, incl. STT): ₹10.44 lakh crore (25.23% growth)
• Gross Corporate Tax: ₹11.32 lakh crore
• Gross Personal Income Tax (incl. STT): ₹12.01 lakh crore

The correct answer is Finance Minister, Union Minister of State for Finance.

In News

• The 54^th GST Council Meeting was held to discuss major changes in GST rates and compliance measures.

Key Points

• The GST Council is a constitutional body established under Article 279A of the Indian Constitution.
• The Council is chaired by the Union Finance Minister.
• It includes the Union Minister of State for Finance as a member.
• All state Finance Ministers or any other minister nominated by each state government are also members.

Additional Information

• GST Council
• Established under Article 279A by the 101^st Constitutional Amendment Act, 2016.
• Recommends GST rates, exemptions, model laws, etc.
• Ensures uniformity in tax structure across the country.
• Union Finance Minister
• Chairs the GST Council.
• Currently: Nirmala Sitharaman (as of 2024).
• State Representation
• Each state nominates a minister to represent them in the Council.
• Ensures cooperative federalism in tax governance.
• Decision Making
• Decisions require a 75% majority of weighted votes.
• Central Government has one-third weightage; States together have two-thirds.

The correct answer is Grandmaster, International Master, Candidate Master.

In News

• 45^th FIDE Chess Olympiad 2024 was held at Budapest, Hungary.

Key Points

• FIDE awards international titles to chess players based on their performance and rating thresholds.
• The major titles awarded by FIDE include Grandmaster (GM), International Master (IM), and Candidate Master (CM).
• These titles are recognized globally and are lifetime achievements once awarded.
• The 45^th Chess Olympiad is a major international chess tournament featuring national teams from across the world.

Additional Information

• Grandmaster (GM)
• Highest title awarded by FIDE.
• Requires a FIDE rating of 2500+ and GM norms.
• International Master (IM)
• Second-highest title after GM.
• Requires a FIDE rating of 2400+ and IM norms.
• Candidate Master (CM)
• Entry-level title awarded by FIDE.
• Requires a FIDE rating of 2200+.
• FIDE (Fédération Internationale des Échecs)
• International Chess Federation based in Lausanne, Switzerland.
• Founded in 1924 and governs global chess competitions.

The correct answer is  1, 2 and 3 only

In News

• The Jeevan Raksha Padak series of awards are presented annually on the occasion of Republic Day to recognize acts of courage in saving lives.

Key Points

• The awards include: Sarvottam Jeevan Raksha Padak, Uttam Jeevan Raksha Padak, and Jeevan Raksha Padak.
• They are given for meritorious acts of human nature in saving the life of a person.
• Eligible acts include those in the face of drowning, fire, or electrocution.
• The awards are presented by the President of India.

Additional Information

• A medal, a certificate signed by the President, and a cash award accompany the honor.
• Posthumous awards can also be conferred.

The correct answer is God's Particle.

In News

• Peter Higgs, a Nobel Prize-winning physicist, is widely recognized for his theoretical work on the Higgs boson, commonly referred to as the “God Particle.”

Key Points

• The Higgs boson is an elementary particle in the Standard Model of particle physics.
• Its discovery helps explain how other particles acquire mass.
• The nickname “God Particle” was popularized due to its fundamental role in the creation of matter, though the term is not scientifically favored.

Additional Information

• The Higgs boson was confirmed experimentally by CERN’s Large Hadron Collider in 2012.
• Peter Higgs received the Nobel Prize in Physics in 2013 for this groundbreaking work.

The correct answer is Surat.

In News

• Surat is widely known as the "Diamond City of India" due to its flourishing diamond cutting and polishing industry.

Key Points

• Over 90% of the world’s diamonds are cut and polished in Surat.
• The city plays a significant role in India's diamond export economy.

Additional Information

• State: Gujarat
• Industry: Diamond cutting, polishing, and textile manufacturing
• Recognition: Major global hub for diamond processing

The correct answer is HAL.

In News

• In April 2024, Hindustan Aeronautics Limited (HAL) was conferred the Outstanding Public Sector Undertaking (PSU) of the Year award.
• The award was presented at the All India Management Association (AIMA) Managing India Awards ceremony.

Key Points

• HAL is a prominent aerospace and defense company under the Ministry of Defence, Government of India.
• The award highlights its excellence in innovation, production, and contribution to national defense.

Additional Information

• Event: AIMA Managing India Awards 2024
• Category: Outstanding PSU of the Year
• Awardee: Hindustan Aeronautics Limited (HAL)

The correct answer is Ruturaj Gaikwad – CSK.

In News

• IPL 2024 is the latest edition of the franchise Twenty20 cricket league organized by the BCCI.
• Kolkata Knight Riders won the 2024 championship defeating Sunrisers Hyderabad.

Key Points

• Ruturaj Gaikwad is correctly matched with Chennai Super Kings (CSK).
• He is known for his consistent performance as an opener for CSK.

Additional Information

• League: Indian Premier League (IPL) 2024
• Organizer: Board of Control for Cricket in India (BCCI)
• Winner: Kolkata Knight Riders
• Runner-up: Sunrisers Hyderabad

The correct answer is 65 years.

In News

• IRDAI has revised the maximum age limit for purchasing new health insurance policies to 65 years effective from April 2024.

Key Points

• IRDAI introduced revised health insurance rules in April 2024.
• The maximum age limit for new health insurance policy buyers is now 65 years.
• This change provides clarity and standardization in health insurance eligibility across providers.
• The revision aims to improve access to healthcare for senior citizens and encourage more people to opt for health coverage.

Additional Information

• IRDAI
• Full Form - Insurance Regulatory and Development Authority of India
• Established - 1999
• Headquarters - Hyderabad, Telangana
• Other Health Insurance Reforms (2024)
• Reduced PED waiting period from 4 to 3 years.
• Moratorium period reduced from 8 to 5 years.
• Customized plans for senior citizens and specific demographics introduced.
• Multiple insurers now allowed under benefit-based plans.

The correct answer is Smart.

In News

• In 2024, the World Health Organization (WHO) launched 'SARAH'.
• SARAH stands for Smart AI Resource Assistant for Health.
• It is a digital health initiative using AI to improve access to health information.

Key Points

• 'SARAH' is part of WHO’s efforts to integrate technology into global healthcare delivery.
• It helps users find trusted health information quickly and accurately.
• Uses AI to act as a virtual assistant for health-related queries.

Additional Information

• SARAH – Smart AI Resource Assistant for Health
• Launched by – World Health Organization (WHO)
• Year – 2024
• Purpose – To leverage AI for global health education and awareness

The correct answer is A, B and D only.

In News

• This is a static general knowledge question about the constitutional post of the Attorney General of India.

Key Points

• The AGI is appointed by the President of India under Article 76 of the Constitution.
• To be eligible, a person must be qualified to be appointed as a judge of the Supreme Court.
• The AGI advises the Government of India on legal matters.
• The AGI is not a member of the Cabinet and does not have the right to vote in Parliament, though they may be invited to speak in parliamentary proceedings.

Additional Information

• First AGI: M.C. Setalvad
• Current AGI (as of 2024): R. Venkataramani
• Tenure: No fixed term; serves at the pleasure of the President

The correct answer is Only 1 and 2 are correct.

In News

• The "Financial Inclusion Index (FI-Index)" improved to 64.2 in March 2024, up from 60.1 in March 2023, mainly due to growth in the 'Usage' parameter.
• The FI-Index consists of three broad parameters: ‘Access’ (35%), ‘Usage’ (45%), and ‘Quality’ (20%).

Key Points

• Statement 3 is incorrect because the FI-Index is constructed without a base year, making it a comprehensive tool for capturing financial inclusion progress across various sectors without historical comparison.
• The FI-Index is published annually in July and captures data across banking, investments, insurance, postal, and pension sectors.

Additional Information

• FI-Index: An index developed by the Reserve Bank of India to track financial inclusion across India, ranging from 0 (complete exclusion) to 100 (full inclusion).
• Usage Parameter: A significant component of the index, with a 45% weightage, indicating how actively financial services are being used.

The correct answer is Rs. 1000 crores.

In News

• In April 2024, the Indian Renewable Energy Development Agency (IREDA) was granted Navratna status.
• This status enables IREDA to invest up to Rs. 1000 crores without seeking prior approval from the Government of India.

Key Points

• IREDA was conferred with Navratna status in April 2024.
• This enhances its financial autonomy and operational efficiency.
• With Navratna status, IREDA joins a select group of central public sector enterprises (CPSEs).

Additional Information

• IREDA
• Full Form – Indian Renewable Energy Development Agency
• Established – 1987
• Ministry – Ministry of New and Renewable Energy
• Navratna Status
• Granted to CPSEs with financial and operational autonomy.
• Allows higher investment thresholds and decision-making freedom.

The correct answer is 7.75%.

In News

• The State Bank of India (SBI) has launched the ‘Amrit Vrishti’ scheme offering 7.25% interest on deposits for 444 days, with an additional 0.50% interest rate for senior citizens.

Key Points

• The ‘Amrit Vrishti’ scheme offers a 7.25% interest rate for a term of 444 days.
• Senior citizens receive an additional 0.50% interest, making the total rate 7.75% per annum.
• The scheme is available for investment until March 31, 2025, for domestic retail term deposits, including NRI rupee term deposits.
• SBI's previous scheme, ‘Amrit Kalash’, had a 400-day tenor and offered 7.10% interest.

Additional Information

• Amrit Vrishti Scheme
• A special fixed deposit scheme by SBI offering 7.25% interest on deposits for 444 days.
• Senior Citizen Benefit
• Senior citizens enjoy an additional benefit under this scheme, typically receiving an extra interest rate of 0.50% above the regular rate, which would make the total interest for them around 7.75% for the 444-day tenure.

The correct answer is Asian Development Bank (ADB).

In News

• India signed a loan package of $500 million with the Asian Development Bank (ADB) for the ‘Maharashtra Tertiary Care and Medical Education Sector Development Program’.

Key Points

• The loan agreement was signed by Juhi Mukherjee, Joint Secretary of the Department of Economic Affairs, Ministry of Finance; Mio Oka, Country Director of ADB’s India Resident Mission; and Dinesh Waghmare, Principal Secretary, Medical Education and Drugs Department, Government of Maharashtra.
• The Program will establish 4 medical colleges attached to tertiary care teaching hospitals in under-served districts of Maharashtra.
• The initiative aims to increase bed capacity in government tertiary care hospitals and hire at least 500 new doctors for the new medical colleges.
• The Program incorporates climate- and disaster-resilient, gender-responsive, and socially inclusive features.

Additional Information

• Asian Development Bank (ADB)
• The ADB is a regional development bank established in 1966 to promote social and economic development in Asia.
• ADB provides loans, technical assistance, grants, and equity investments to promote social and economic development$.

The correct answer is All statements are correct.

In News

• The Reserve Bank of India (RBI) announced that five entities were selected for the test phase of the regulatory sandbox’s 5^th cohort, which has a "neutral" theme and was announced in October 2023.

Key Points

• The selected entities for the 5^th cohort include ‘Connectingdot Consultancy’, ‘Epifi Technologies’, ‘Finagg Technologies’, ‘Indian Banks’ Digital Infrastructure Company (IBDIC)’, and ‘Signzy Technologies’.
• The previous cohorts of the RBI regulatory sandbox included themes such as ‘retail payments’, ‘cross-border transactions’, ‘MSME lending’, and ‘prevention and migration of financial frauds’.

Additional Information

• RBI Regulatory Sandbox
• A regulatory sandbox is a controlled environment where new financial products or services can be tested under regulatory supervision.
• The RBI introduced its first regulatory sandbox program in 2019 and operates on a thematic cohort basis to address specific areas of financial services.
• Themes of Previous Cohorts
• The first four themes of the RBI regulatory sandbox were focused on ‘retail payments’, ‘cross-border transactions’, ‘MSME lending’, and ‘prevention and migration of financial frauds’.
• These themes target key areas of the financial sector that can benefit from innovation and technology.

The correct answer is Sunil Mehta.

In News

• The Reserve Bank of India (RBI) has set up a review committee led by Indian Banks’ Association (IBA) CEO, Sunil Mehta, to revise the fee structure for white-label ATMs (WLAs).

Key Points

• The committee aims to propose a fair and sustainable model for WLAs, assessing current policies and global best practices.
• Sunil Mehta, the CEO of the Indian Banks’ Association, is leading the committee, which will report to RBI Deputy Governor T Rabi Sankar.
• The ATM market in India is projected to grow at a compound annual growth rate (CAGR) of 9.2% from 2024 to 2032.
• The primary issue under review is the interchange fee, currently Rs 17 for financial transactions and Rs 6 for non-financial transactions, which is the same for both bank-operated and white-label ATMs.

Additional Information

• White-Label ATMs (WLAs): ATMs owned and operated by non-bank entities, providing ATM services to customers of different banks under a commercial agreement.
• Interchange Fee: The fee paid by the bank whose cardholder uses another bank’s or entity's ATM, which is currently Rs 17 for financial and Rs 6 for non-financial transactions in India.
• Indian Banks’ Association (IBA): An industry body representing the banking sector in India, which includes public sector banks, private sector banks, and foreign banks.
• Compound Annual Growth Rate (CAGR): A measure of growth over multiple periods, used here to forecast the growth of India’s ATM market between 2024 and 2032.

The correct answer is Jio Financial Services.

In News

• The Reserve Bank of India (RBI) approved the conversion of Jio Financial Services (JFSL) from a Non-Banking Financial Company (NBFC) to a Core Investment Company (CIC).

Key Points

• Jio Financial Services (JFSL) is the financial services arm of Reliance Industries Ltd (RIL), which applied for conversion to a CIC in November 2023.
• The RBI directed this conversion after the demerger of JFSL from RIL, marking a significant shift in the company's structure.
• JFSL was listed on stock exchanges in August 2023, adding further momentum to its growth.
• The conversion signifies that JFSL will now hold most of its assets in group companies’ shares or debt instruments, rather than functioning like a typical NBFC.

Additional Information

• Core Investment Company (CIC): CICs are non-deposit-taking NBFCs that primarily invest in group companies, with at least 90% of their net assets held in shares, bonds, or loans of such companies. These firms are subject to RBI regulation if their asset size exceeds Rs 100 crore.
• Non-Banking Financial Company (NBFC): NBFCs provide financial services like loans and credit, but unlike banks, they cannot accept demand deposits.
• Demergers: This refers to the process of splitting a company into two or more entities. In this case, JFSL was demerged from Reliance Industries Ltd (RIL).
• Listing on Stock Exchanges: JFSL was listed on stock exchanges in August 2023, allowing its shares to be traded publicly.