Daily Current Affairs July 12

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July 12| Daily Current Affairs 2022

Important Days – Daily Current Affairs July 12

1. International Malala Day is observed on?
A) July 10
B) July 08
C) July 12
D) July 09
E) July 11
Answer: C) July 12

• July 12 is observed as International Malala Day to salute the Nobel Laureate Malala Yousafzai, who works for women’s right to education across the globe.
• 1st celebrated on July 12, 2013, by the United Nations.

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Banking and Finance – Daily Current Affairs July 12

2. RBI penalisedhow many co-op banks?
A) 1
B) 4
C) 2
D) 5
E) 3
Answer: E) 3

• The Reserve Bank has imposed penalty on three cooperatives banks, including Maharashtra-based The Nasik Merchant’s Co-operative Bank, for deficiencies in regulatory compliance.
• In a statement, the RBI said a penalty of Rs 37.50 lakh has been imposed on The Maharashtra State Co-operative Bank, Mumbai for non-compliance with the directions issued by Nabard on ‘Frauds – Guidelines for Classification, Reporting and Monitoring’.
• In another release, it said a Rs 50 lakh fine has been slapped on The Nasik Merchant’s Co-operative Bank for contravention of directions issued by the RBI on ‘Placement of deposits with other banks’ and ‘Interest Rate on Deposits’.
• A penalty of Rs 2 lakh has been imposed on The National Central Cooperative Bank Limited, Bettiah for non-compliance with provisions of the Depositor Education and Awareness Fund and Know Your Customer (KYC) norms.
• In each case, the RBI added, the penalty is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers.

Announces measures for international trade settlement in rupees:

• The Reserve Bank asked banks to put in place additional arrangements for export and import transactions in Indian rupees in view of increasing interest of the global trading community in the domestic currency.
• Before putting in place this mechanism, banks will require prior approval from the Foreign Exchange Department of the Reserve Bank of India (RBI), the central bank said in a circular.
• Exporters, undertaking overseas shipments of goods and services through this mechanism, will be paid the export proceeds in Indian rupees from the balances in the designated Special Vostro account.
• This mechanism may enable Indian exporters to receive advance payment against exports from overseas importers in rupees.
• As per the circular, the rupee surplus balance held can be used for permissible capital and current account transactions in accordance with mutual agreement.
• The balance in special vostro accounts can be used for payments for projects and investments; export/import advance flow management; and investment in government bonds.
• The instructions, the RBI said, will come into force with immediate effect.

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3. Bajaj Allianz Life Insurance inked strategic partnership with which of the following bank?
A) City Union Bank
B) Karur Vysya Bank
C) Bank of Baroda
D) Axis Bank
E) SBI
Answer: A) City Union Bank

• Private life insurer Bajaj Allianz Life Insurance has entered into a strategic partnership with City Union Bank to offer its life insurance solutions to the customers of the Tamil Nadu-based bank.
• Bajaj Allianz Life Insurance Managing Director and CEO Tarun Chugh exchanged documents with City Union Bank Managing Director and CEO N Kamakodi at an event in Chennai.

TATA AIA Life Insurance & City Union Bank Announce Partnership:

• Tata AIA Life Insurance Co. Ltd, announced a strategic alliance with City Union Bank (CUB) to offer life and health insurance solutions to the Bank’s consumers.
• This partnership brings together two respected consumer centric brands that have been a part of India’s consumer landscape for more than a century.
• This partnership will help City Union Bank consumers (existing and new) to benefit from Tata AIA Life’s diverse and innovative products and services spanning term insurance, savings and investment, retirement, and health.
• It will enable Tata AIA Life to expand its distribution through CUB’s 700+ branches and contribute significantly towards increasing life insurance penetration in the country.

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4. Banks may incur how many crore MTM losses in Q1 on rising bond yields: Icra?
A) 25,000
B) 13,000
C) 30,000
D) 15,000
E) 20,000
Answer: B) 13,000

• Rising bond yields may cause Indian banks to incur mark-to-market (MTM) losses of Rs 10,000-13,000 crore in their bond portfolios in the quarter ended June 2022 (Q1FY23), according to Icra.
• The adverse impact of hardening of yields is expected to be felt most by public sector banks, given their higher holding of Government securities (G-Secs) of longer tenure.
• MTM losses on bond portfolios for them could be Rs 8,000-10,000 crore.
• For private banks such losses could be Rs 2,400-3,000 crore in Q1 FY2023.
• The yield on 10-year government of India benchmark bonds rose sharply to 7.43 per cent on June 30, 2022 from 6.86 per cent on March 31, 2022.
• While the recent rise in bond yields would pose challenges for banks in the current fiscal, banks enjoyed bumper gains on bond portfolios during the past two years.
• The public and private banks reported trading profits of Rs 83,200 crore in the last two years (Rs Rs 55,900 crore by public banks).
• Hence, the MTM losses could now be seen in conjunction with the profits made by the banks in the last two years.
• While profitability may moderate in Q1 FY2023, overall profits for banks are likely to remain steady in FY2023 driven by improved loan growth and core operating profits.
• Referring to credit offtake till date in FY23, Icra said contrary to usual trends of negative incremental credit during first quarter of a financial year, the incremental credit growth for banks remained significantly positive in Q1 FY2023.
• With rising bond yields and reducing investor appetite for corporate bonds, corporate bond issuances stood at the lowest level in four years in Q1 FY2023.
• To meet the funding requirements, large borrowers have shifted from debt capital market to banks, which also is aiding the improvement in the credit offtake.
• While rising interest rates may moderate credit demand in the coming quarters, we expect incremental bank credit offtake of Rs 12.0-13.0 trillion (+10.1-11.0 per cent year on year).
• This is well above the incremental bank credit offtake of Rs 10.5 trillion (+9.7 per cent year on year) in FY2022, it added.
• Headline credit growth for the system (+13 per cent YoY as of June 17, 2022) is also driven by low base though sequential growth of 2.2 per cent till date in FY23.

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Business and Economy – Daily Current Affairs July 12

5. Govt dept. earned how many crore by selling off scrap: MoS Jitendra Singh?
A) 37
B) 48
C) 49
D) 62
E) 67
Answer: D) 62

• Union Minister of State Jitendra Singh said the Department of Administrative Reforms and Public Grievances has contributed over Rs 62 crore to the exchequer by selling off scrap, mostly electronics, as he noted that it might be a new avenue for startups to consider.
• The Minister of State for Personnel, Public Grievances and Pensions was addressing the valedictory session of a two-day regional conference ”Bringing Citizens, Entrepreneurs and Government Closer For Good Governance” here.
• ”The Department of Administrative Reforms did not only confine itself to sermonising governance reforms, we took up the initiative of ‘Swachhata’ (cleanliness) We have earned Rs 62 crore only by selling off the scrap.

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6. Debt mutual funds see how many crores outflow in June on uncertain macro environment?
A) 92248
B) 94822
C) 92482
D) 98242
E) 98422
Answer: A) 92248

• Mutual funds focused on investing in fixed-income securities witnessed a heavy outflow of Rs 92,248 crore in June on uncertain macro environment, driven by expectations around an increasing rate cycle, higher commodity prices and slowdown in growth.
• This comes following a net outflow of Rs 32,722 crore in May and an inflow of Rs 54,756 crore in April, data available with Association of Mutual Funds in India (Amfi) showed.
• Out of the 16 fixed-income or debt fund categories, 14 witnessed net outflows during the month under review.
• The heavy withdrawal was seen from segments, such as overnight, liquid and ultrashort-term duration funds.

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7. Which bank subsidiary signed MoU with MEA for Trilateral Development Cooperation Fund?
A) ICICI Bank
B) HDFC Bank
C) SBI
D) Bank of Baroda
E) Axis Bank
Answer: C) SBI

• SBICAP Ventures Limited (SVL), a subsidiary of the State Bank of India signed a MoU with the Ministry of External Affairs for establishing the Trilateral Development Cooperation Fund (TDC Fund) for joint projects with global partners.
• The TDC Fund will route India’s commitment of approx. Rs.175 cr. (£17.5 million) to the Global Innovation Development Fund (GIP Fund) – proposed to be established in partnership with the Foreign, Commonwealth and Development Office (FCDO) under the India – UK Global Innovation Partnership (GIP).

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Appointments – Daily Current Affairs July 12

8. How many new Insurance Ombudsmen selected?
A) 15
B) 6
C) 10
D) 4
E) 8
Answer: E) 8

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Science and Technology – Daily Current Affairs July 12

9. Nearly how many start-ups registered with ISRO since opening of space sector: Union Minister?
A) 40
B) 60
C) 20
D) 50
E) 30
Answer: B) 60

• Around 60 start-ups have registered with ISRO since ”unlocking” of the Indian space sector by Prime Minister Narendra Modi and quite a few of them are dealing with projects related to space debris management, Union Minister Jitendra Singh.
• The other start-up proposals vary from nano-satellite, launch vehicle, ground systems and research, the Minister of State for Science, Technology and Space.

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International Affairs – Daily Current Affairs July 12

10. Which Digital Bank to use BUSINESSNEXT to empower staff and delight customers?
A) UFO
B) UDO
C) UEO
D) UNO
E) UBO
Answer: D) UNO

• UNO Digital Bank will power up its CRM with BUSINESSNEXT’s AI-powered solutions, the World’s leading responsive composable banking platform by Acidaes Solutions Pvt. Ltd, announced that UNObank Inc. will use its solutions to power UNO Digital Bank’s customer relationship management (CRM) systems.
• The artificial intelligence (AI) driven solutions, CRMNEXT and COLLECTIONSNEXT, will equip the Bank’s relationship managers with timely insights to quickly authorize transactions, resolve issues, and delight customers; as a result, customers will experience a concierge-like, smooth, fast, and secure onboarding process.

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11. PM Modi to participate in ____ I2U2 Leaders’ Summit virtually on July 14?
A) 1st
B) 4th
C) 2nd
D) 5th
E) 3rd
Answer: A) 1st

• Prime Minister Narendra Modi will be participating in the first Leaders’ Summit of I2U2, along with leaders of Israel, UAE and the US on July 14 virtually.
• I2U2 is aimed to encourage joint investments in six mutually identified areas such as water, energy, transportation, space, health, and food security.

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National Affairs – Daily Current Affairs July 12

12. PM unveiledhow many crore projects in Jharkhand?
A) 15600
B) 19800
C) 16800
D) 14800
E) 18600
Answer: C) 16800

• Prime Minister Narendra Modi laid foundation stones for various development initiatives and inaugurated projects, including an airport, with a total value of over Rs 16,800 crore.
• The prime minister laid the foundation and inaugurated projects worth Rs 16,800 crore, including a 657-acre Deoghar airport built for Rs 401 crore.
• He flagged off a Kolkata-bound IndiGo flight from the Deoghar airport to mark the inauguration of Jharkhand’s second airport after Ranchi.
• Civil Aviation Minister Jyotiraditya Scindia announced that Jharkhand is set to get three more airports.
• He also said that 14 new air routes will be made available in the state to increase connectivity.
• Jharkhand will soon have five airports.
• After Ranchi and Deoghar, we will set up airports in Bokaro, Jamshedpur and Dumka.

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13. Which of the following state to rejoin Pradhan Mantri Fasal Bima Yojana?
A) Himachal Pradesh
B) Telangana
C) Arunachal Pradesh
D) Madhya Pradesh
E) Andhra Pradesh
Answer: E) Andhra Pradesh

• The Andhra Pradesh government has decided to rejoin the ambitious Pradhan Mantri Fasal Bima Yojana (PMFBY) following talks between the Union Minister of Agriculture and Farmers Welfare, Shri Narendra Singh Tomar, and the Chief Minister of Andhra Pradesh, Shri Y.S. Jagan Mohan Reddy.
• Shri Tomar appreciated this step of the state government.
• With this important decision, crops of more than 40 lakh farmers of the state will get insurance cover in case of natural calamity.
• Andhra Pradesh has decided to implement the PMFBY from Kharif-2022 season.

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14. GX Group to invest how many crore to set up R&D centre in Chennai, hire 150 people?
A) 220
B) 150
C) 360
D) 110
E) 200
Answer: D) 110

• Telecom equipment maker GX Group has earmarked Rs 110-crore investment to set up a research and development centre in Chennai and hire 150 people for the new facility, a senior company official.
• GX Group already has a manufacturing facility operational in Manesar.

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15. Union Minister Anurag Thakur inaugurates PSA Oxygen Plant at ______ Civil Hospital Taunidevi in Hamirpur district?
A) Himachal Pradesh
B) Telangana
C) Arunachal Pradesh
D) Madhya Pradesh
E) Andhra Pradesh
Answer: A) Himachal Pradesh

• In Himachal Pradesh, Union Minister for Information and Broadcasting, Youth Affairs and Sports Anurag Singh Thakur inaugurated a PSA Oxygen Plant at Civil Hospital Taunidevi in Hamirpur district with an investment of about one crore rupees.
• The Union Minister also launched state-of-the-art ultrasound machines, portable X-rays and other medical modern machines at a cost of around 70 lakh rupees.
• Speaking on the occasion, the Minister called for a campaign to create awareness about breast cancer with the help of Mahila Mandals and Panchayati Raj Institutions.
• He further stated that the TB-free campaign should also be intensified to make the state TB-free.

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