Daily Current Affairs October 11

Dear Champions, as you all know that a lot of competitive exams have been notified consequently. Candidates have to prepare themselves according to the level of competition and expectation of the Recruitment board. Regarding that one of the most important topic is Daily Current Affairs October 11. Current Affairs in the form of contemporary events of national & international play a crucial role in almost every competitive exams like Banking, Insurance, SSC, UPSC, TNPSC, Railway etc.

Current affairs are the most dynamic yet scoring among all sections and need to be prepared from the right source. Here, we cafunsta team, providing  Daily GK Updates, Current Affairs Questions, and Monthly  current affairs pdf.

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October 11| Daily Current Affairs 2022

Banking and Finance – Daily Current Affairs October 11

1. RBI raises minimum capital requirement for setting up ARCs to how many crores?
A) Rs 500 crores
B) Rs 300 crores
C) Rs 600 crores
D) Rs 200 crores
E) Rs 400 crores
Answer: B) Rs 300 crores

• The Reserve Bank raised the minimum capital requirement for setting up an asset reconstruction company (ARC) to Rs 300 crore from the existing Rs 100 crore with an aim to strengthen the securitisation sector which plays a vital role in the management of distressed financial assets.
• The existing ARCs have been given a glide path to meet the minimum net owned fund (NOF) requirement till April 2026, the RBI said in a circular amending the existing regulatory framework for such entities.

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2. RBI cancelled Seva Vikas Co-operative Bank’s licence, its located in which of the following state?
A) Gujarat
B) Madhya Pradesh
C) West Bengal
D) Maharashtra
E) Assam
Answer: D) Maharashtra

• The Reserve Bank of India (RBI) cancelled the banking licence of Pune-based Seva Vikas Co-operative Bank as the lender does not have adequate capital and cannot pay its present depositors in full.
• The lender did not have adequate earning prospects and failed to comply with regulations under the Banking Regulation Act,1949.
• As per the data submitted by the bank, about 99 percent of the depositors are entitled to receive full amount of their deposits.

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3. Which of the following Bank tied up with Vay Network for digital supply chain financing?
A) IDBI Bank
B) Federal Bank
C) Axis Bank
D) HDFC Bank
E) ICICI Bank
Answer: A) IDBI Bank

• IDBI Bank has entered into a tie-up with Vay Network Services as its fintech partner to provide digital supply chain financing to MSMEs.
• Vay Network is a supply chain financing platform connecting the buyer, seller and a lending institution under one roof.
• Supply chain financing (SCF) is a quicker way of payment to a supplier in a business transaction under which buyers approve suppliers’ invoice which is to be financed by a third party like a bank or lending institution.
• IDBI Bank said it has signed a memorandum of understanding (MoU) with Vay Network Services as its first fintech partner for e-SCF (end-to-end digitalisation) services.
• The partnership aims to contribute to the growth of SCF penetration in India, which is less than 1 per cent of GDP.
• Besides, SCF contributes to only 5 per cent of the outstanding banking assets/loans.
• This platform is expected to reduce paperwork and transaction processing time while providing a smooth customer experience.

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Business and Economy – Daily Current Affairs October 11

4. India’s geospatial economy to cross Rs 63,000 crore by which year?
A) 2023
B) 2027
C) 2025
D) 2028
E) 2024
Answer: C) 2025

• India’s geospatial economy is expected to cross Rs 63,000 crore by 2025 at a growth rate of 12.8 per cent and to provide employment to more than 10 lakh people mainly through geospatial startups, Union Minister for Science and Technology Jitendra Singh.
• Singh was addressing the Second United Nations World Geospatial Information Congress (UN-WGIC) 2022 in Hyderabad.
• The 5-day conference is being attended by over 2,000 delegates including 700 plus international delegates & participants from about 150 countries.
• Moreover, National Mapping Agencies (NMAs) like the Survey of India, which has a glorious history of 255 years, senior officials, non-governmental organizations, academia, and industry, user, & private sector from across the globe are taking part in the Geospatial Congress.
• The current boom of technology-led start-ups, there are around 250 Geospatial StartUps in India and to give a further boost to this sector.
• He unveiled a Geospatial Incubator.

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5. With how many per cent GDP growth in 2022 India to remain fastest growing economy: IMF?
A) 6.3%
B) 6.7%
C) 6.5%
D) 6.2%
E) 6.8%
Answer: E) 6.8%

• The International Monetary Fund (IMF) has lowered India’s GDP growth forecast for the current year by 60 basis points to 6.8 per cent.
• However, despite the slowdown, India would maintain its position as the fastest-growing major economy in the world.
• In its July 2022 report, the IMF had pegged India’s GDP growth for 2022 at 7.4 per cent.
• The IMF latest projection on India’s GDP growth is lower than the 7 per cent growth pegged by the Reserve Bank of India (RBI) for the financial year 2022-23.
• However, despite the slowdown, India would remain the fastest-growing major economy.
• As per the latest IMF data, India’s GDP growth will slow to 6.8 per cent in 2022 from 8.7 per cent in 2021.
• The growth is projected to further slow to 6.1 per cent in 2023.

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Acquisitions and Mergers – Daily Current Affairs October 11

6. Adani Ports received NCLT approval to acquire how many percent stake in Gangavaram Port?
A) 88.1%
B) 58.1%
C) 68.1%
D) 48.1%
E) 78.1%
Answer: B) 58.1%

• Adani Ports and Special Economic Zone Ltd (APSEZ) has received approvals from the National Company Law Tribunals at Ahmedabad and Hyderabad for acquiring 58.1 per cent stake in Gangavaram Port Ltd (GPL) through the composite scheme of arrangement.
• With this stake purchase, GPL will become a fully-owned subsidiary of APSEZ.
• The acquisition of the stake from D V S Raju and family will be a share swap, with 47.7 million APSEZ shares being issued to the erstwhile GPL promoters.
• The acquisition of GPL is priced at around Rs 6,200 crore (517 million shares at Rs 120 each).

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Appointments – Daily Current Affairs October 11

7. Who among the following appointed as BCCI president?
A) Ananth Narayan Gopalkrishnan
B) Raj Vikash Verma
C) RV Verma
D) Roger Binny
E) Ravi Kumar
Answer: D) Roger Binny

• India’s 1983 World Cup-winning hero Roger Binny is likely to replace Sourav Ganguly as the BCCI President when the Board will hold its AGM on October 18.

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8. Who among the following appointed as Sebi’s whole-time member?
A) Ananth Narayan Gopalkrishnan
B) Raj Vikash Verma
C) RV Verma
D) Roger Binny
E) Ravi Kumar
Answer: A) Ananth Narayan Gopalkrishnan

• Ananth Narayan Gopalkrishnan, Associate Professor, SP Jain Institute of Management & Research, has officially taken charge as the Securities and Exchange Board of India (Sebi) ‘s fourth whole-time member (WTM) on October 10.
• The market regulator has been operating with at least one vacancy for the position of WTM since November 2021.
• Narayan will handle Market Intermediaries Regulation and Supervision Department (MIRSD), Alternative Investment Fund and Foreign Portfolio Investors Department (AFD), Integrated Surveillance Department (ISD), Department of Economic & Policy Analysis (DEPA) and Information Technology Department (ITD).
• Narayan has over two decades of experience in finance and banking, having worked at Citibank, Deutsche Bank, and Standard Chartered Bank.
• He served as the RBI-nominated additional director on the board of YES Bank and is an independent director on the boards of SBI Capital Markets, NSE Clearing Ltd, NSE IFSC Gift City, Care Ratings Ltd, Clearcorp Dealing Systems, Dvara Research, and BFIH (a Foxconn group company).

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9. Who among the following appointed as AU Small Finance Bank chairman?
A) Ananth Narayan Gopalkrishnan
B) Raj Vikash Verma
C) RV Verma
D) Roger Binny
E) Ravi Kumar
Answer: C) RV Verma

• AU Small Finance Bank re-appointed former head of National Housing Bank (NHB) R V Verma as its non-executive chairman.
• The board approved the re-appointment of Raj Vikash Verma as part-time chairman of the bank with effect from April 8, 2023 till January 29, 2024 (that is, till completion of his tenure as independent director).
• Verma, who also served as a whole-time member of Pension Fund Regulatory and Development Authority (PFRDA), took charge as part-time chairman of the bank on April 8, 2020.

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10. Who among the following resigned as Infosys President?
A) Ananth Narayan Gopalkrishnan
B) Raj Vikash Verma
C) RV Verma
D) Roger Binny
E) Ravi Kumar
Answer: E) Ravi Kumar

• IT services major Infosys said its president Ravi Kumar S has resigned from his post.
  Starting his career as a nuclear scientist at the Bhabha Atomic Research Center, he joined Infosys in 2002 and was appointed as its president in 2016.
• In 2017, he was named as the Deputy COO and was widely tipped to be the company’s COO, but Infosys later did away with the post of the COO after the retirement of incumbent UB Pravin Rao.

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Environment and Energy- Daily Current Affairs October 11

11. Suzlon securedhow many MW wind power order from Aditya Birla Group?
A) 111.0 MW
B) 144.9MW
C) 155.6MW
D) 177.3MW
E) 188.2MW
Answer: B) 144.9 MW

• Suzlon Group, a renewable energy solutions provider, has secured a new order for the development of a 144.9-Megawatt (MW) wind project from the Aditya Birla Group.
• The project, the company added, is located at sites in Gujarat and Madhya Pradesh and is expected to be commissioned in 2023.
• The value of the deal is not yet ascertained.
• Suzlon informed in a note to National Stock Exchange that it would install 69 units of wind turbine generators (wind turbines) with a hybrid lattice tubular (HLT) tower and a rated capacity of 2.1 MW each.

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National Affairs – Daily Current Affairs October 11

12. Who among the following launched Toyota’s Flexi-Fuel Strong Hybrid Electronic Vehicles?
A) Narendra Modi
B) Arjun Munda
C) Amit Shah
D) Nitin Gadkari
E) Jaishankar
Answer: D) Nitin Gadkari

• Union Minister for Road Transport and Highways Nitin Gadkari launched Toyota’s first of its kind pilot project on Flexi-Fuel Strong Hybrid Electric Vehicles (FFV-SHEV) in India.
• It would run on 100 per cent petrol as well as 20 to 100 per cent blended ethanol and electric power.

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13. Unicorn startups in India almost doubled since which year?
A) 2021
B) 2020
C) 2017
D) 2018
E) 2019
Answer: A) 2021

• India is a young nation with a great innovative spirit, adding that the number of unicorn startups has almost doubled since 2021.
• “India is a young nation with a great innovative spirit,” the Prime Minister said while addressing the United Nations World Geospatial International Congress virtually.
• The theme of the second UNWGIC is “Geo Enabling the Global Village–No one must be left behind.”

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14. Who among the following unveiled 14 feet high statue of Lok nayakJayprakash Narayan at Sitabdiara in Saran district, Bihar?
A) Narendra Modi
B) Arjun Munda
C) Amit Shah
D) Nitin Gadkari
E) Jaishankar
Answer: C) Amit Shah

• Union Home Minister Amit Shah paid floral tributes to socialist icon Jayaprakash Narayan on his birth anniversary at his ancestral village at Sitabdiara in the Saran district of Bihar.
• Mr. Shah also unveiled a 14 feet high statue of Lok nayakJayprakash Narayan at the JP memorial building at his birthplace, Lala Tola.

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15. PM Modi laid the foundation stone of various healthcare facilities worth how many crore rupees in Civil Hospital Asarwa, Ahmedabad?
A) Rs 1475 crores
B) Rs 1675 crores
C) Rs 1375 crores
D) Rs 1575 crores
E) Rs 1275 crores
Answer: E) Rs 1275 crores

• Prime Minister Narendra Modi has said if the heart and intention of the government are not filled with concern for the people’s problems, then the creation of suitable health infrastructure is not possible.
• After dedicating and laying the foundation stone of various healthcare facilities worth 1275 crore rupees in Civil Hospital Asarwa in Ahmedabad the Prime Minister pointed out that when efforts are made wholeheartedly with a holistic approach, their results are equally multifaceted and this is the success mantra of Gujarat.

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