Daily Current Affairs April 06 & 07

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 April 06 & 07. 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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April 06 & 07 | Daily Current Affairs 2024

Important Days – Daily Current Affairs April 06 & 07

1. What is the theme for the International Day of Sport for Development and Peace 2024?
A) Sports and Health for All
B) Uniting the World Through Sports
C) Sport for the Promotion of Peaceful and Inclusive Societies
D) Sports for Economic Development
E) Strengthening Community through Sports
Answer: C) Sport for the Promotion of Peaceful and Inclusive Societies

Event and Location:

• Event: International Day of Sport for Development and Peace 2024
• Location: Celebrations at United Nations Headquarters in New York

Mandates and Objectives:

• To recognize the importance of sports in personal lives and communities globally.
• To use sports as a tool for peace, development, and inclusion.
• To promote physical and mental development, better health, social integration, gender equality, economic progress, and peace through sports.
• To encourage international collaboration and brotherhood via sports.

Important Terms Explained:

• International Day of Sport for Development and Peace (IDSDP): A day designated by the United Nations to highlight the role of sports in making society more inclusive, peaceful, and developed.
• United Nations Football for the Goals: An initiative aimed at using the universal popularity of football to promote sustainable development and peace.

Static GK Information:

Tabular Summary:

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2. When is National Library Day celebrated in India, and what is its primary objective?
A) January 1st – To celebrate the new year with educational resolutions
B) March 24th – To honor the contributions of libraries to knowledge and culture
C) July 15th – To focus on the digitization of archives
D) September 8th – To emphasize the importance of digital literacy
E) November 14th – To promote children’s literature
Answer: B) March 24th – To honor the contributions of libraries to knowledge and culture

Event and Location:

• Event: National Library Day 2024
• Location: India

Mandates and Objectives:

• To commemorate the role of libraries in fostering knowledge, literacy, and cultural heritage.
• To highlight the pivotal role that libraries play in the intellectual and educational development of society.
• To ensure equal access to information and learning opportunities for all citizens.
• To encourage the promotion of reading habits and the preservation of cultural heritage through libraries.

Important Terms Explained:

• National Library Day: An annual celebration in India on March 24th that acknowledges the significance of libraries in promoting education, literacy, and cultural preservation.
• National Library of India: The largest library in India, established in 1948 in Kolkata, serving as the repository of the country’s printed and written cultural heritage.

Historical Context:

• Establishment of National Library of India: In 1948, marking the inception of National Library Day.
• Official Declaration: In 2018, the Government of India officially declared March 24th as National Library Day to honor libraries’ contributions to national progress.

Tabular Summary:

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Ranking – Daily Current Affairs April 06 & 07

3. Which bank topped the list of India’s top 10 banks by market cap in 2024?
A) SBI
B) ICICI Bank
C) HDFC Bank
D) Axis Bank
E) Kotak Mahindra Bank
Answer: C) HDFC Bank

Event and Location:

• Event: Ranking of the top 10 banks in India by market capitalization in 2024
• Location: India

Mandates and Objectives:

• To highlight the leading banks in India by market cap and their global standing.
• To emphasize the importance of the banking sector in economic growth and financial accessibility.

Important Terms Explained:

• Market Capitalization (Market Cap): The total market value of a company’s outstanding shares of stock.
• HDFC Bank: As of 2024, the largest bank in India by market cap and ranked among the top 10 globally.

Static GK Information:

Tabular Summary:

Explanation: 

• HDFC Bank’s position at the top of this list underscores its significant role and impact within both the Indian and global banking sectors, reflecting its financial stability, innovation in banking solutions, and comprehensive service offerings to various customer segments.

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4. What significant milestone did Indian Overseas Bank achieve in FY24?
A) Net profit of over ₹1,000 crore
B) Total business crossed the ₹5 lakh crore mark
C) Reduction of Gross NPA ratio to below 1%
D) Launch of new digital banking services
E) Expansion into international markets
Answer: B) Total business crossed the ₹5 lakh crore mark

Event and Location:

• Event: Indian Overseas Bank’s total business surpassing ₹5 lakh crore in FY24
• Location: Chennai, India

Mandates and Objectives:

• To achieve substantial financial growth and mark a new era in the bank’s operations.
• To continue improving asset quality and maintain profitability through low credit costs.
• To maintain net NPA below 1% in the coming quarters.

Important Terms Explained:

• Total Business: The combined amount of deposits and loans extended by a bank.
• Prompt Corrective Action (PCA): A framework under which banks with weak financial metrics are placed under watch by the Reserve Bank of India.
• Net Non-Performing Assets (NPA): The ratio of the net amount of non-performing assets to the total loans given by the bank.

Static GK Information:

Tabular Summary:

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Banking and Finance – Daily Current Affairs April 06 & 07

5. What is the primary goal of J&K Bank’s partnership with Paymart India?
A) To introduce a new credit card service
B) To offer higher interest rates on savings accounts
C) To facilitate cardless cash withdrawals through merchants
D) To launch a new digital currency
E) To increase the number of physical ATM machines in Jammu and Kashmir
Answer: C) To facilitate cardless cash withdrawals through merchants

Event and Location:

• Event: J&K Bank’s partnership with Paymart India to introduce a Virtual ATM facility
• Location: Jammu and Kashmir region

Mandates and Objectives:

• To enable cardless cash withdrawals for J&K Bank’s customers through local merchants.
• Enhance banking convenience and accessibility for customers in Jammu, Kashmir, and Ladakh.
• Leverage technology to improve banking services and financial inclusion.
• Expand services beyond cash withdrawals to potentially include digital lending.

Important Terms Explained:

• Virtual ATM (VATM): A service allowing bank customers to withdraw cash without using a physical card or visiting an ATM, utilizing a mobile banking app instead.
• Financial Inclusion: The goal to make financial services accessible at affordable costs to all individuals and businesses, regardless of net worth and size.

Static GK Information:

Tabular Summary:

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6. What were the main reasons for the RBI penalizing IDFC First Bank and LIC Housing Finance?
A) Incorrect reporting of financial statements
B) Non-compliance with loan and advance restrictions and breach of Fair Practices Code
C) Unauthorized foreign transactions
D) Mismanagement of customer data and privacy breaches
E) Failure to maintain minimum capital requirements
Answer: B) Non-compliance with loan and advance restrictions and breach of Fair Practices Code

Event and Location:

• Event: RBI imposes penalties on IDFC First Bank and LIC Housing Finance
• Location: India

Mandates and Objectives:

• To ensure compliance with regulatory directions and guidelines.
• To uphold banking and financial sector integrity by enforcing standards on loans and advances.
• To promote fair banking and financing practices among financial institutions.

Important Terms Explained:

• Loans and Advances – Statutory and Other Restrictions: RBI directions that financial institutions must follow regarding the sanctioning of loans and advances.
• Fair Practices Code: A set of guidelines issued by the RBI to ensure fair treatment of consumers by financial institutions.

Static GK Information:

Tabular Summary:

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Business and Economy – Daily Current Affairs April 06 & 07

7. What is the main reason behind RBI’s deferment of the new rules on exchange-traded currency derivatives?
A) To encourage more speculative trading in the market
B) To provide traders additional time to adjust to the new regulations
C) To align with international standards on currency trading
D) To immediately enhance the rupee’s influence globally
E) To promote the use of cryptocurrency in currency trading
Answer: B) To provide traders additional time to adjust to the new regulations

Event and Location:

• Event: RBI’s deferment of new rules on exchange-traded currency derivatives
• Location: India

Mandates and Objectives:

• To limit exchange-traded currency derivatives trading to those with underlying forex exposure.
• Enhance the safety and integrity of the currency trading market by reducing speculative trading.
• Support companies in hedging against currency risk effectively.

Important Terms Explained:

• Exchange-Traded Currency Derivatives: Financial instruments that allow traders to hedge against or speculate on changes in currency exchange rates.
• Forex Exposure: The risk associated with changes in exchange rates that can affect an individual’s or company’s financial position.
• Futures Contracts: Agreements to buy or sell a particular currency at a predetermined price at a specific time in the future.

Static GK Information:

Tabular Summary:

Explanation: 

• The RBI’s move to defer the implementation of new rules on exchange-traded currency derivatives aims to provide traders with additional time to comply with the regulations, ensuring that only those with an actual need to hedge currency risks are participating.
• This approach seeks to maintain the market’s integrity and prevent speculative trading that could destabilize the financial system.

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8. What is the impact of the new IRDAI norms on life insurance policies if surrendered before maturity?
A) Increased premiums for all policyholders
B) Enhanced benefits for early surrender
C) Reduced surrender value for early policy termination
D) Extended maturity periods for existing policies
E) Mandatory health check-ups for policy continuation
Answer: C) Reduced surrender value for early policy termination

Event and Location:

• Event: Implementation of new IRDAI norms regarding the surrender of life insurance policies before maturity
• Location: India

Mandates and Objectives:

• To ensure policyholders are aware of the financial implications of surrendering life insurance policies before maturity.
• To discourage premature termination of life insurance policies by setting a reduced surrender value.

Important Terms Explained:

• IRDAI (Insurance Regulatory and Development Authority of India): The regulatory body overseeing the insurance and re-insurance industries in India.
• Surrender Value: The amount that a policyholder receives from the insurer upon cancellation of the policy before its maturity date.

Static GK Information:

Tabular Summary:

Explanation: 

• These norms aim to safeguard the interests of both the insurance sector and policyholders by ensuring that life insurance policies are viewed as long-term commitments rather than short-term financial instruments.

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9. What is the primary objective of SIDBI’s partnership with KarmaLife?
A) To provide insurance services to gig workers
B) To offer financial literacy courses online
C) To facilitate access to micro loans for gig workers
D) To create a job portal for gig workers
E) To conduct market research on the gig economy
Answer: C) To facilitate access to micro loans for gig workers

Event and Location:

• Event: SIDBI’s partnership with Onion Life Private Limited’s KarmaLife
• Location: India

Mandates and Objectives:

• To support financial inclusion of gig workers into formal institutional credit.
• To eliminate extensive paperwork and physical documentation for loan access.
• To use digital technology to provide affordable credit to micro-enterprises and fuel entrepreneurial aspirations.

Important Terms Explained:

• Gig Workers: Individuals who work temporary positions or freelance jobs, often through digital platforms.
• Micro Loans: Small loans aimed at supporting entrepreneurs or individuals who do not have access to conventional banking services.
• KarmaLife: A technology platform designed to facilitate easy access to micro loans for gig workers through a mobile application.

Static GK Information:

Tabular Summary:

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Appointments – Daily Current Affairs April 06 & 07

10. Who was unanimously elected as the Chairman of the National Cooperative Dairy Federation of India Ltd. (NCDFI) in its recent board elections?
A) Jharkhand Milk Federation
B) Dr. Meenesh Shah
C) Gujarat Milk Federation
D) Haryana Milk Federation
E) Kerala Milk Federation
Answer: B) Dr. Meenesh Shah

Event and Location:

• Event: Board elections of the National Cooperative Dairy Federation of India Ltd. (NCDFI)
• Location: Anand, Gujarat

Mandates and Objectives:

• To oversee and guide the functioning of NCDFI as a national-level apex dairy cooperative.
• Enhance the cooperation among dairy federations across India.
• Promote sustainable development in the dairy sector through innovative practices and leadership.

Important Terms Explained:

• National Cooperative Dairy Federation of India Ltd. (NCDFI): A national-level apex body representing the cooperative dairy sector in India, aiming to facilitate collaboration and development within the industry.
• Multi State Cooperative Societies (Amendment) Act, 2023: Legislation governing the operations of cooperative societies that operate across multiple states in India.

Static GK Information:

Tabular Summary:

Explanation: 

• Dr. Meenesh Shah’s election as the chairman of NCDFI highlights his extensive experience and leadership roles in various esteemed institutions within the dairy and cooperative sector, indicating a strong and visionary leadership for the federation’s future endeavors.

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11. Who succeeded Thierry Delaporte as the CEO and MD of Wipro?
A) Rishad Premji
B) Srinivas Pallia
C) Ray Wang
D) Baldev Prakash
E) Praveen Chaudhary
Answer: B) Srinivas Pallia

Event and Location:

• Event: Resignation of Thierry Delaporte and appointment of Srinivas Pallia as CEO and MD of Wipro
• Location: India

Mandates and Objectives:

• Leadership Transition: To ensure a smooth transition of leadership to maintain Wipro’s growth trajectory and address future challenges.
• Sustainable Growth and Profitability: To guide Wipro into the next chapter of growth and profitability under the new leadership.
• Cultural Alignment: To promote a leader with a deep understanding of Wipro’s culture and values, capable of driving the company forward.

Important Terms Explained:

• CEO and MD (Chief Executive Officer and Managing Director): The highest-ranking executive in a company, responsible for making major corporate decisions, managing the overall operations and resources of a company.
• Wipro: One of India’s leading technology services companies, offering IT consulting and business process services globally.

Static GK Information:

Tabular Summary:

Explanation: 

• This transition signifies Wipro’s commitment to continuing its growth and transformation journey, leveraging Pallia’s extensive experience within the company to navigate future challenges and opportunities in the technology sector.

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Defence – Daily Current Affairs April 06 & 07

12. What significant capability does the ‘Akashteer Command and Control Systems’ project aim to enhance in the Indian Army’s air defense?
A) Mobile communication systems
B) Satellite imagery analysis
C) Digital camouflage technology
D) Automation of air defense operations
E) Advanced missile technology
Answer: D) Automation of air defense operations

Event and Location:

• Event: Initiation of ‘Project Akashteer’ for the Indian Army
• Location: Flagging off from BEL-Ghaziabad

Mandates and Objectives:

• To enhance situational awareness and control within India’s air defense system.
• Ensure the safety of friendly aircraft and effectively engage hostile ones in contested airspace.
• Achieve complete automation of air defense control and reporting processes.

Important Terms Explained:

• Project Akashteer: A project aimed at automating and digitizing the Indian Army’s air defense control and reporting systems, developed under the ‘Atmanirbhar Bharat’ initiative by Bharat Electronics Limited (BEL).
• Atmanirbhar Bharat: A government initiative to promote self-reliance in various sectors, including defense.
• Fratricide: Accidental killing of friendly forces or destruction of friendly equipment.

Static GK Information:

Tabular Summary:

Explanation: 

• By focusing on mobility, resilience, and the integration of advanced radar and communication systems into a unified network, ‘Project Akashteer’ promises to significantly upgrade the operational efficiency, situational awareness, and overall defense posture of the Indian Army.
• This initiative not only underscores the commitment to leveraging technology in defense but also aligns with India’s broader objective of achieving self-reliance in defense capabilities.

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International Affairs – Daily Current Affairs April 06 & 07

13. What is the name of Zimbabwe’s new gold-backed currency?
A) Zimbabwe Dollar
B) RTGS
C) ZiG
D) Bond Note
E) US Dollar
Answer: C) ZiG

Event and Location:

• Event: Launch of Zimbabwe’s new gold-backed currency, ZiG
• Location: Zimbabwe

Mandates and Objectives:

• To stabilize the economy that has faced crises over the past 25 years.
• To introduce a currency backed by gold to ensure value stability.
• To transition from the inflation-impacted RTGS to the new ZiG currency.
• To maintain discipline in currency printing and management to avoid past mistakes.

Important Terms Explained:

• ZiG (Zimbabwe Gold): Zimbabwe’s new gold-backed currency aimed at stabilizing the national economy.
• RTGS (Real Time Gross Settlement): The previous currency of Zimbabwe, which significantly lost its value.
• Annual Inflation: The rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling.

Static GK Information:

Tabular Summary:

Explanation: 

• This introduction of ZiG represents a significant step in Zimbabwe’s efforts to overcome its economic challenges by anchoring the national currency in gold to ensure stability and regain public trust in the country’s financial system.

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Over All Review

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