Search Previous Year Questions

The correct answer is Telangana

In News

• Medaram Jathara 2024 was celebrated in Telangana with grand tribal traditions.

Key Points

• Medaram Jathara is celebrated in Telangana, primarily by the Koya tribe.
• It is held biennially in Medaram village (Mulugu district) to honor tribal goddesses Sammakka and Saralamma.
• Recognized as the largest tribal fair in Asia, attracting over 1 crore devotees.
• The festival was declared a State Festival in 1996.

Additional Information

• Cultural Significance:
• Commemorates the legend of a mother-daughter duo (Sammakka-Saralamma) who fought against Kakatiya rulers.
• Rituals:
• Devotees offer jaggery (equivalent to gold) to the deities.
• UNESCO Recognition:
• Proposed for inclusion in the Intangible Cultural Heritage list.
• Other Tribal Festivals:
• Hornbill Festival (Nagaland), Bhagoria Haat (Madhya Pradesh).

The correct answer is ₹7 lakh

In News

• EPFO celebrated its 71^st Foundation Day and announced the Bhavishya Nidhi Awards 2023.

Key Points

• The maximum insurance benefit under EDLI scheme is ₹7 lakh (effective from 2021).
• EDLI provides life insurance cover to private sector employees who are EPFO members.
• The benefit is calculated as 30 times the average monthly wages (capped at ₹7 lakh).
• Minimum assured benefit is ₹2.5 lakh, even if the calculated amount is lower.

Additional Information

• Eligibility:
• Available to all EPF members (employees earning ≤ ₹15,000/month are auto-enrolled).
• Premium:
• Employers contribute 0.5% of employee's basic wages (max ₹75/month).
• Recent Changes:
• Increased from ₹6 lakh to ₹7 lakh in 2021 to enhance social security.
• Claim Process:
• Nominees can claim through EPFO's unified portal with death certificate and Form 5IF.

The correct answer is Horticulture crops

In News

• CDP-SURAKSHA was launched in April 2024 to streamline subsidy disbursal for horticulture farmers.

Key Points

• CDP-SURAKSHA aims to promote horticulture crops under the Cluster Development Programme (CDP).
• It enables instant subsidy disbursal to farmers' bank accounts via e-RUPI vouchers.
• The platform integrates with National Horticulture Board (NHB) and other agencies for seamless implementation.
• Focuses on reducing delays and leakages in subsidy distribution for inputs like seeds, fertilizers, and equipment.

Additional Information

• Cluster Development Programme (CDP):
• Launched by the Ministry of Agriculture & Farmers' Welfare to boost horticulture productivity.
• Targets 10,000 clusters across India with financial support for infrastructure and inputs.
• e-RUPI Vouchers:
• Digital vouchers redeemable without bank accounts, ensuring transparency.
• India's Horticulture Sector:
• Contributes ~30% to agricultural GDP; top global producer of fruits like mango and banana.

The correct answer is Phi-3-Mini. 

In News

• Microsoft unveiled Phi-3-mini, its latest small language model, expanding options for AI applications.

Key Points

• The Phi-3-mini is part of Microsoft's Phi-3 family, described as capable and cost-effective small language models (SLMs).
• It has reportedly outperformed models of similar and larger sizes across various benchmarks including language, reasoning, coding, and math.
• Language models like Phi-3-mini are essential for AI applications like ChatGPT, Claude, and Gemini, solving language problems.
• Large Language Models (LLMs) have huge training data and parameter counts, defining the model's skill in problem-solving.
• Phi-3-mini offers more practical choices for generative AI applications, available on platforms like Microsoft Azure AI Studio and HuggingFace.
• It comes in two variants, one with a 4K context-length and another with 128K tokens.
• Microsoft claims Phi-3-mini's performance surpasses several models in its category and beyond.
• India’s ITC has also utilized Phi-3-mini, showcasing its effectiveness in real-world applications.
• This release showcases Microsoft's commitment to advancing AI technology with smaller, more efficient models.

Additional Information

• OpenAI: ChatGPT Mini
• Meta: Llama-3-Lite.
• There is no such thing as Agnatox-1-Ultra is in existance.

The correct answer is All of the above

In News

• IFFCO has expanded its global footprint through strategic partnerships and acquisitions.

Key Points

• IFFCO operates in Brazil, Canada, Australia, and Senegal through joint ventures and subsidiaries.
• In Canada, IFFCO owns a majority stake in Canada's Farmers Fertilizer Ltd..
• In Australia, IFFCO has a joint venture with Wesfarmers Chemicals.
• In Senegal, IFFCO established Indorama Senegal Fertilizer Company.
• In Brazil, IFFCO collaborates with local firms for fertilizer distribution.

Additional Information

• IFFCO's Global Presence:
• Also operates in the UAE, Oman, and Jordan through subsidiaries.
• Domestic Operations:
• India's largest fertilizer cooperative, headquartered in New Delhi.
• Key products: Urea, NPK fertilizers, and organic farming solutions.
• Recent Initiatives:
• Launched Nano Urea to reduce dependency on conventional urea.

The correct answer is 30%

In News

• The TREAD scheme provides financial support to women entrepreneurs in MSMEs.

Key Points

• The government grants up to 30% of the total project cost under the TREAD scheme.
• The scheme is implemented by the Ministry of Micro, Small & Medium Enterprises (MSME).
• It aims to empower women entrepreneurs through financial assistance and skill development.
• The remaining 70% of the project cost is financed by lending institutions.

Additional Information

• TREAD Scheme:
• Focuses on women entrepreneurs in rural and urban areas.
• Provides grants for project cost, skill development, and marketing support.
• Eligibility:
• Women entrepreneurs, self-help groups (SHGs), and NGOs are eligible.
• Other MSME Schemes:
• Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE).
• Prime Minister's Employment Generation Programme (PMEGP).

The correct answer is NRIs are eligible to open new PPF accounts.

In News

• DEA issued 6 new rules for PPF, Sukanya Samriddhi Yojana, and other small savings schemes, effective from 1^st October 2024.

Key Points

• NRIs are not eligible to open new PPF accounts (existing accounts opened before becoming NRI can continue until maturity).
• PPF has a 15-year lock-in period, extendable indefinitely in 5-year blocks.
• Partial withdrawals are permitted from the 7^th financial year onward.
• The current PPF interest rate is 7.1% (Q3 2024), revised quarterly by the government.

Additional Information

• New Rules (Effective 1^st Oct 2024):
• Mandatory Aadhaar linkage for all small savings schemes.
• Revised premature closure rules for PPF (allowed only after 5 years under specific conditions).
• PPF Features:
• Tax benefits under Section 80C; interest and maturity proceeds are tax-free.
• Minimum annual deposit: ₹500; maximum: ₹1.5 lakh.
• Other Small Savings Schemes:
• Sukanya Samriddhi Yojana (SSY), NSC, KVP, etc., also covered under the new rules.

The correct answer is Airtel Payments Bank.

In News

• Razorpay launches UPI switch in partnership with Airtel Payments Bank.

Key Points

• Digital payments platform Razorpay launched its own Unified Payments Interface (UPI) infrastructure, or UPI switch, in partnership with Airtel Payments Bank.
• The infrastructure is designed to handle up to 10,000 transactions per second, at any given time, and enable five times faster access to UPI innovations for businesses.
• The infrastructure must be hosted by a bank for businesses to use it.
• Airtel Payments Bank is Razorpay's banking partner for this.
• Razorpay's UPI switch solves all these challenges and enhances the experience of businesses, the company claimed.
• It also helps resolve disputes seven times faster — within 24 hours against the industry average of seven days — as well as processes refunds instantly compared with the standard of up to three days.

Additional Information

• Razorpay
• ​Founded in - 2013
• HQ - Bengaluru
• CEO - Harshil Mathur
• Airtel Payments Bank
• ​Founded in - 2017
• HQ - New Delhi
• CEO - Anubrata Biswas

The correct answer is Rs 10,000 crore

In News

• Prabhaav SIDBI unveiled a CRISIL study on the impact of the Fund of Funds for Startups (FFS) on the startup ecosystem.

Key Points

• The Fund of Funds for Startups (FFS) was launched in 2016 as part of the Startup India Action Plan with a corpus of Rs 10,000 crore.
• FFS is managed by the Small Industries Development Bank of India (SIDBI).
• The fund does not directly invest in startups but provides capital to SEBI-registered Alternative Investment Funds (AIFs), which in turn invest in startups.
• FFS aims to support innovation-driven enterprises and boost the startup ecosystem in India.

Additional Information

• Startup India Initiative
• Launched on January 16, 2016, to foster innovation and startups in India.
• Key components include tax exemptions, simplified compliance, and funding support.
• Alternative Investment Funds (AIFs)
• SEBI-regulated funds that pool capital from investors to invest in startups, SMEs, and other high-growth sectors.
• SIDBI
• Small Industries Development Bank of India (SIDBI) is the principal financial institution for MSME development in India.

The correct answer is 1, 2, 3 and 4.

In News

• Self-Help Groups (SHGs) are informal voluntary associations formed by people, typically from similar socio-economic backgrounds, to work together for mutual benefit, particularly in financial matters.

Key Points

• Sources of funds for SHGs include:
• Member savings
• Interest income earned on group loans
• Funds from federations or promoting institutions
• Bank loans or credit linkages from financial institutions
• SHGs play a significant role in financial inclusion, especially in rural and semi-urban areas.

Additional Information

• This topic is covered under the Static Banking Awareness section, specifically under the Classification of Indian Banks chapter.
• It is also frequently featured in Daily Current Affairs segments.