Daily Current Affairs August 17 & 18

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 August 17 & 18. 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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August 17 & 18 | Daily Current Affairs 2024

Banking and Finance – Daily Current Affairs August 17 & 18

1. What recent achievement has fintech startup Jai Kisan secured that will allow it to focus on loan distribution and co-lending?
A) Acquired a major bank
B) Received a government grant
C) Secured an NBFC licence
D) Launched a new mobile app
E) Merged with another fintech company
Answer: C) Secured an NBFC licence

Event and Location:

• Event: Jai Kisan secures NBFC (Non-Banking Finance Company) licence.
• Location: India.

Mandates and Objectives:

• NBFC Licence:
  • Enables Jai Kisan to offer customized financial products, including loans from its own portfolio.
  • Allows the company to enter into co-lending partnerships with financial institutions, including public sector banks.
• Focus: Jai Kisan will now cater to the credit needs of farmers and rural businesses with tailored financial solutions.
• Expansion Plans: The company plans a fundraise in the next two to three quarters to support the operationalisation of the NBFC.

Important Terms Explained:

• NBFC (Non-Banking Finance Company): A financial institution that offers banking services like loans and credit but does not hold a banking license.
• Co-lending: A partnership where a non-banking entity and a bank jointly lend to a borrower, sharing the risk and returns.

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Appointments – Daily Current Affairs August 17 & 18

2. Who has been appointed as the new Director of the Enforcement Directorate (ED)?
A) Sanjay Kumar Mishra
B) Alok Verma
C) Rahul Navin
D) Rakesh Asthana
E) Rajesh Kumar
Answer: C) Rahul Navin

Event and Location:

• Event: Appointment of the new Director of the Enforcement Directorate (ED).
• Location: India.

Mandates and Objectives:

• Appointment:
  • Senior IRS officer Rahul Navin has been appointed as the Director of the Enforcement Directorate (ED).
  • His appointment was approved by the Appointments Committee of the Cabinet.
• Current Role:
  • Rahul Navin is currently serving as the Special Director in the ED.
  • His tenure as the Director will be for two years.

Important Terms Explained:

• Enforcement Directorate (ED): A law enforcement agency responsible for investigating financial crimes, including money laundering and foreign exchange violations in India.
• Appointments Committee of the Cabinet: The body responsible for approving appointments to senior positions in the Indian government.

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3. Who has been approved by the RBI as the new Managing Director and Chief Executive Officer of Tamilnad Mercantile Bank?
A) Rakesh Sharma
B) Dinesh Kumar Khara
C) Salee Sukumaran Nair
D) Arundhati Bhattacharya
E) Rajnish Kumar
Answer: C) Salee Sukumaran Nair

Event and Location:

• Event: Appointment of Salee Sukumaran Nair as MD and CEO of Tamilnad Mercantile Bank.
• Location: India.

Mandates and Objectives:

• Appointment Details:
  • The Reserve Bank of India (RBI) has approved the appointment of Salee Sukumaran Nair as the Managing Director and Chief Executive Officer of Tamilnad Mercantile Bank.
  • Nair’s tenure as MD and CEO will span three years from the date he assumes charge, subject to approval by the bank’s shareholders.
• Professional Background:
  • Nair has over 35 years of experience in banking, primarily with the State Bank of India (SBI), where he handled various roles, including corporate account management, international banking, and stressed asset resolution.
  • He has served in key positions, including Deputy Managing Director in charge of the SME, Agriculture & Financial Inclusion vertical, and Chief Credit Officer at SBI.

Important Terms Explained:

• Tamilnad Mercantile Bank (TMB): A private sector bank headquartered in Tamil Nadu, India, known for its banking services, particularly in the southern part of the country.
• Reserve Bank of India (RBI): The central bank of India, responsible for regulating the Indian banking system and approving key appointments in banks.

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Defence – Daily Current Affairs August 17 & 18

4. What is one of the facilities inaugurated by Raksha Mantri Shri Rajnath Singh on August 18, 2024?
A) Naval Training Centre in Mumbai
B) Maritime Rescue Coordination Centre in Chennai
C) Indian Coast Guard Headquarters in Delhi
D) Marine Research Centre in Kochi
E) Air Surveillance Facility in Goa
Answer: B) Maritime Rescue Coordination Centre in Chennai

Event and Location:

• Event: Inauguration of new Indian Coast Guard (ICG) facilities.
• Location: Chennai, Tamil Nadu.
• Date: August 18, 2024.

Mandates and Objectives:

• Maritime Rescue Coordination Centre:
  • Aim: To enhance maritime rescue operations for mariners and fishermen.
  • Features: Equipped with advanced communication systems and distress monitoring via terrestrial and satellite systems.
• Regional Marine Pollution Response Centre:
  • Aim: To coordinate response against marine pollution, particularly oil and chemical spills.
  • Location: Chennai Port premises.
  • Features: 24×7 Emergency Response Centre and training in pollution response techniques.
• Coast Guard Air Enclave:
  • Location: Puducherry.
  • Purpose: To bolster maritime security along the Puducherry and south Tamil Nadu coast with indigenously built helicopters for patrol and rescue missions.

Important Terms Explained:

• Maritime Rescue Coordination Centre: A facility designed to improve the coordination and efficiency of search and rescue operations at sea.
• Regional Marine Pollution Response Centre: A specialized facility to handle marine pollution incidents, focusing on oil and chemical spills.
• Coast Guard Air Enclave: An airbase equipped with helicopters for maritime patrol, search, and rescue missions.

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International Affairs – Daily Current Affairs August 17 & 18

5. What is the primary objective of the new water technology centre being established at IIT Madras through the India-Israel collaboration?
A) To develop new desalination plants
B) To promote agricultural innovations
C) To address urban water supply challenges
D) To create new irrigation techniques
E) To manage flood control systems
Answer: C) To address urban water supply challenges

Event and Location:

• Event: Establishment of a new water technology centre.
• Location: IIT Madras, Chennai, Tamil Nadu, India.

Mandates and Objectives:

• Objective:
  • The centre will focus on developing sustainable solutions for urban water supply.
  • It aims to become a hub for innovation, research, and capacity-building in water technologies.
• Collaboration Partners:
  • The Embassy of Israel, IIT Madras, and the AMRUT mission of the Ministry of Housing and Urban Affairs, India.
• Significance:
  • Reflects the ongoing collaboration between India and Israel in integrated water resource management.
  • The centre will contribute significantly to India’s efforts to achieve a sustainable water supply for all.

Important Terms Explained:

• AMRUT (Atal Mission for Rejuvenation and Urban Transformation): A government initiative focused on improving infrastructure, including water supply, in urban areas.
• IIT Madras: A premier engineering institute in India, known for its research and innovation capabilities.
• Water Technology Centre: A specialized research hub focused on developing innovative water management solutions.

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National Affairs – Daily Current Affairs August 17 & 18

6. What was one of the main projects inaugurated by Union Home Minister Shri Amit Shah during his visit to Ahmedabad, Gujarat, on August 18, 2024?
A) A new railway station
B) A sports complex
C) ‘Oxygen Park’ in Thaltej
D) A shopping mall
E) A digital library
Answer: C) ‘Oxygen Park’ in Thaltej

Event and Location:

• Event: Inauguration and foundation stone laying of various development projects.
• Location: Ahmedabad, Gujarat.
• Date: August 18, 2024.

Mandates and Objectives:

• Development Projects: Union Home Minister Shri Amit Shah inaugurated and laid the foundation stone for projects worth ₹1003 crore.
• Future Development: These projects aim to make Ahmedabad a fully developed, future-ready city.
• Environmental Initiatives: Launching the Mission 3 Million Tree Scheme to plant 3 million trees in 100 days.

Important Terms Explained:

• Oxygen Park: A park dedicated to environmental conservation, emphasizing oxygen production and tree plantation.
• Mission 3 Million Tree Scheme: An initiative by the Ahmedabad Municipal Corporation to plant 3 million trees within 100 days.
• ‘Ek Ped Maa Ke Naam’: A movement inspired by Prime Minister Narendra Modi’s call to plant trees in honor of one’s mother.

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7. What is the primary objective of the new FSSAI project launched on August 18, 2024?
A) To reduce the use of plastics in food packaging
B) To develop detection methods for microplastics in food
C) To create biodegradable alternatives to plastics
D) To promote recycling of plastic waste
E) To ban the use of plastics in food production
Answer: B) To develop detection methods for microplastics in food

Event and Location:

• Event: Launch of a project addressing microplastic contamination in food.
• Location: New Delhi, India.
• Date: August 18, 2024.

Mandates and Objectives:

• Objective: The project aims to develop and validate methods for detecting micro and nano-plastics in various food products.
• Project Start: The initiative began in March 2024.
• Collaborating Institutions: The project is in collaboration with CSIR-Indian Institute of Toxicology Research (Lucknow), ICAR-Central Institute of Fisheries Technology (Kochi), and Birla Institute of Technology and Science (Pilani).
• Broader Aim: To understand the prevalence and exposure levels of microplastics in Indian food and generate critical data for regulatory purposes.

Important Terms Explained:

• Microplastics: Tiny plastic particles, often less than 5mm in size, that have found their way into food products and pose potential health risks.
• FSSAI: The Food Safety and Standards Authority of India, responsible for ensuring the safety and standards of food in India.

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8. What was the occasion for which Raksha Mantri Shri Rajnath Singh released a commemorative coin in Chennai on August 18, 2024?
A) To mark India’s Independence Day
B) To celebrate Tamil Nadu’s statehood
C) To honor the birth centenary of M Karunanidhi
D) To commemorate the Kashi-Tamil Sangamam
E) To launch a new cultural initiative
Answer: C) To honor the birth centenary of M Karunanidhi

Event and Location:

• Event: Release of a commemorative coin.
• Location: Chennai, Tamil Nadu.
• Date: August 18, 2024.

Mandates and Objectives:

• Commemorative Coin: Released to mark the birth centenary of Kalaignar M Karunanidhi, a former five-time Chief Minister of Tamil Nadu.
• Significance of Karunanidhi:
  • Political Legacy: Recognized as a revered leader, advocate for social justice, and an able administrator.
  • Contributions: Promoted gender equality, empowered marginalized communities, and supported cooperative federalism.
  • Cultural Influence: His works enriched Tamil literature and cinema, emphasizing the importance of preserving cultural identity.

Important Terms Explained:

• Kalaignar M Karunanidhi: A prominent Indian politician, prolific writer, and former Chief Minister of Tamil Nadu.
• Cooperative Federalism: A governance principle where state and central governments work together to achieve national goals, as advocated by Karunanidhi.

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9. What is the main purpose of the collaboration between EEPC India and ISSDA?
A) To develop new stainless steel products
B) To promote MSME exports and global trade
C) To organize local trade fairs
D) To launch a new investment fund
E) To build new manufacturing plants
Answer: B) To promote MSME exports and global trade

Event and Location:

• Event: Collaboration between EEPC India and ISSDA.
• Location: New Delhi, India.

Mandates and Objectives:

• Purpose of Collaboration:
  • Promote exports by MSME members, particularly in the stainless steel and engineered goods sectors.
  • Organize trade shows, buyer-seller meetings, and economic summits.
  • Encourage foreign investment through joint ventures and technological cooperation.
  • Facilitate the sharing of trade information between the organizations.
• Capacity Building: Conduct workshops in various locations to support the expansion of the stainless steel and engineered goods industries.

Important Terms Explained:

• MSME (Micro, Small, and Medium Enterprises): Businesses that operate on a small scale, playing a significant role in the economy, particularly in exports and employment generation.
• EEPC India (Engineering Export Promotion Council): A trade and investment promotion organization sponsored by the Ministry of Commerce & Industry, Government of India, focusing on promoting the export of engineering goods, projects, and services.
• ISSDA (Indian Stainless Steel Development Association): The apex organization representing the stainless steel industry in India, focusing on increasing the use of stainless steel in various sectors.

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10. What is the main purpose of the newly launched Jiyo Parsi scheme portal by the Union Minority Affairs Minister?
A) To promote Parsi cultural events
B) To provide financial assistance to Parsi students
C) To support Parsi couples in reversing population decline
D) To offer online courses in Parsi heritage
E) To manage Parsi community housing
Answer: C) To support Parsi couples in reversing population decline

Event and Location:

• Event: Launch of the Jiyo Parsi scheme portal.
• Location: New Delhi, India.
• Date: August 13, 2024.

Mandates and Objectives:

• Objective of Jiyo Parsi Scheme:
  • The scheme aims to reverse the declining population of the Parsi community by providing financial assistance to eligible Parsi couples.
  • Support is given for medical treatments under standard protocols, childcare, and assistance to dependent elderly.
• Web Portal:
  • The portal enables Parsi couples to apply online, check the status of their application, and receive financial assistance through Direct Benefit Transfer (DBT).
  • It aims to make the scheme more accessible and efficient for Parsi couples.

Important Terms Explained:

• Jiyo Parsi Scheme: A Central Sector Scheme by the Ministry of Minority Affairs focusing on stabilizing the Parsi population through financial assistance for medical treatment and childcare.
• Direct Benefit Transfer (DBT): A mechanism for transferring subsidies and financial benefits directly to the bank accounts of beneficiaries, reducing delays and leakages.

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11. Which Indian state now has the highest number of Ramsar sites following the addition of the Nanjarayan and Kaliveli bird sanctuaries?
A) Kerala
B) West Bengal
C) Gujarat
D) Tamil Nadu
E) Maharashtra
Answer: D) Tamil Nadu

Event and Location:

• Event: Designation of Nanjarayan and Kaliveli Bird Sanctuaries as Ramsar sites.
• Location: Tiruppur and Villupuram districts, Tamil Nadu, India.

Mandates and Objectives:

• Ramsar Sites:
  • Ramsar sites are wetlands of international importance designated under the Ramsar Convention.
  • Tamil Nadu’s Nanjarayan and Kaliveli Bird Sanctuaries have been newly recognized as Ramsar sites, elevating the state’s status in wetland conservation.
• Tamil Nadu’s Achievement:
  • With these new additions, Tamil Nadu now has the highest number of Ramsar sites in India, reflecting its commitment to conserving critical wetland ecosystems.

Important Terms Explained:

• Ramsar Convention: An international treaty for the conservation and sustainable use of wetlands, named after the city of Ramsar in Iran where it was signed in 1971.
• Ramsar Site: A wetland site designated of international importance under the Ramsar Convention.

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12. What recent change did the Indian government make regarding the windfall tax on crude oil as of August 17, 2024?
A) Increased the windfall tax on crude oil
B) Removed the windfall tax on crude oil
C) Reduced the windfall tax on crude oil to Rs 2,100 per metric tonne
D) Imposed a new tax on crude oil
E) Increased the export levy on diesel and aviation turbine fuel
Answer: C) Reduced the windfall tax on crude oil to Rs 2,100 per metric tonne

Event and Location:

• Event: Adjustment of the windfall tax on crude oil.
• Location: India.

Mandates and Objectives:

• Recent Changes:
  • The Indian government reduced the windfall tax on petroleum crude from Rs 4,600 per metric tonne to Rs 2,100 per metric tonne, effective August 17, 2024.
  • The government also scrapped the windfall tax on the export of diesel and aviation turbine fuel (ATF).
• Reason for Adjustment:
  • The windfall tax is adjusted biweekly to reflect changes in international crude oil and product prices.
  • Windfall taxes are imposed when an industry experiences unusually high profits due to unforeseen circumstances, such as sudden price surges.

Important Terms Explained:

• Windfall Tax: A tax imposed by governments on companies that have benefited from unexpected or sudden financial gains.
• Crude Oil: Unrefined petroleum that is processed to produce fuels like gasoline, diesel, and ATF.

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