Daily Current Affairs August 28

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 28. 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 28 | Daily Current Affairs 2024

Banking and Finance – Daily Current Affairs August 28

1. Which bank has launched the Inori RuPay Platinum Credit Card in collaboration with the National Payments Corporation of India (NPCI)?
A) Ujjivan Small Finance Bank
B) AU Small Finance Bank
C) ESAF Small Finance Bank
D) Suryoday Small Finance Bank
E) Jana Small Finance Bank
Answer: C) ESAF Small Finance Bank

Event and Location:

• Event: Launch of the Inori RuPay Platinum Credit Card.
• Location: India.
• Date: August 28, 2024.

Mandates and Objectives:

• Objective: ESAF Small Finance Bank has launched the Inori RuPay Platinum Credit Card, aimed at offering exclusive benefits and privileges to its cardholders. This product is developed in collaboration with the National Payments Corporation of India (NPCI).

Important Terms Explained:

• RuPay Platinum Credit Card: A premium credit card issued under the RuPay brand by NPCI, offering various benefits including discounts, rewards, and special privileges.
• National Payments Corporation of India (NPCI): An umbrella organization for operating retail payments and settlement systems in India, which developed the RuPay card payment scheme.

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Business and Economy – Daily Current Affairs August 28

2. What is the expected GDP growth rate for India in Q1 of 2024-25, according to the SBI Research report?
A) 6.8%
B) 7.0%
C) 7.1%
D) 7.3%
E) 7.5%
Answer: C) 7.1%

Event and Location:

• Event: SBI Research anticipates India’s Q1 GDP growth at 7.1%.
• Location: India.

Mandates and Objectives:

• SBI Research Report: Predicts GDP growth for Q1 of 2024-25 at 7.0-7.1%, aligning closely with the Reserve Bank of India (RBI) projection.
• RBI Forecast: RBI has projected an overall GDP growth of 7.2% for the fiscal year 2024-25, with 7.1% growth expected for Q1.

Important Terms Explained:

• Gross Domestic Product (GDP): The total value of goods produced and services provided in a country during one year.
• Downward Bias: Indicates that there is a higher likelihood of the actual growth rate being lower than the forecast.

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3. Which company received the Finance Ministry’s approval for downstream investment into its payment services arm, Paytm Payment Services Ltd (PPSL)?
A) PhonePe
B) One97 Communications Ltd
C) Google Pay
D) Razorpay
E) BharatPe
Answer: B) One97 Communications Ltd

Event and Location:

• Event: One97 Communications Ltd (OCL) received the Finance Ministry’s approval for downstream investment into its payment services arm, Paytm Payment Services Ltd (PPSL).
• Location: New Delhi, India.
• Date: August 28, 2024.

Mandates and Objectives:

• Objective: This approval from the Finance Ministry ensures that One97 Communications Ltd is in compliance with Foreign Direct Investment (FDI) rules, allowing PPSL to continue offering online payment aggregation services to its partners.
• Next Steps: With this approval, PPSL will resubmit its application to the Reserve Bank of India (RBI) for a Payment Aggregator licence.

Important Terms Explained:

• Downstream Investment: Investment by an Indian company in another Indian company or enterprise, generally within the same corporate structure.
• Payment Aggregator Licence: A licence required by companies to provide payment services, allowing them to process online payments on behalf of merchants.

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Appointments – Daily Current Affairs August 28

4. Who has been appointed as the new Director General of the National Security Guard (NSG)?
A) Nalin Prabhat
B) Anish Dayal Singh
C) B Srinivasan
D) RR Swain
E) TV Somanathan
Answer: C) B Srinivasan

Event and Location:

• Event: Appointment of B Srinivasan as the new Director General of NSG.
• Location: India.

Mandates and Objectives:

• New Appointment: The Centre has appointed B Srinivasan, a 1992 batch IPS officer from the Bihar cadre, as the new Director General of the National Security Guard (NSG).
• Tenure: B Srinivasan will serve as NSG Director General until August 31, 2027, the date of his superannuation.
• Previous Incumbent: B Srinivasan replaces Nalin Prabhat, who has been deputed as the Special Director General of Police for Jammu and Kashmir.

Important Terms Explained:

• National Security Guard (NSG): A counter-terrorism unit under the Indian Ministry of Home Affairs, which primarily handles tasks related to counter-terrorism, hostage rescue, and special operations.

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5. Who has taken over as the Director General of Project Seabird in August 2024?
A) Vice Admiral Tarun Sobti
B) Vice Admiral Rajesh Dhankhar
C) Vice Admiral R Hari Kumar
D) Vice Admiral Ajendra Bahadur Singh
E) Vice Admiral Karambir Singh
Answer: B) Vice Admiral Rajesh Dhankhar

Event and Location:

• Event: Vice Admiral Rajesh Dhankhar takes over as Director General of Project Seabird.
• Location: Headquarters, Project Seabird, New Delhi.
• Date: August 28, 2024.

Mandates and Objectives:

• Objective: Vice Admiral Rajesh Dhankhar has been appointed to oversee Project Seabird, which is the largest defence infrastructure project in India, located at the Karwar Naval Base.
• Role: The role involves supervising the ongoing development and infrastructure expansion of the Karwar Naval Base, a critical strategic project for the Indian Navy.

Important Terms Explained:

• Project Seabird: A major naval infrastructure project aimed at expanding and modernizing the Karwar Naval Base to enhance India’s maritime capabilities.
• Nao Sena Medal (Gallantry): An Indian military decoration awarded for acts of exceptional courage and devotion to duty.

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6. Who has been appointed as the Managing Director and CEO of Shriram Capital Pvt Ltd, effective September 1, 2024?
A) R. Thyagarajan
B) Subhasri
C) Umesh Revankar
D) Ajay Piramal
E) J. K. Saraf
Answer: B) Subhasri

Event and Location:

• Event: Appointment of Subhasri as the Managing Director and CEO of Shriram Capital Pvt Ltd.
• Location: Chennai, India.
• Effective Date: September 1, 2024.

Mandates and Objectives:

• Objective: Subhasri has been appointed as the Managing Director (MD) and Chief Executive Officer (CEO) of Shriram Capital Pvt Ltd, the holding company of the Shriram Group. Her appointment marks a significant leadership change in the company.

Important Terms Explained:

• Shriram Capital Pvt Ltd: The holding company of the Shriram Group, which is a leading financial services conglomerate in India with interests in various sectors such as insurance, consumer finance, and asset management.
• NBFC (Non-Banking Financial Company): A financial institution that offers various banking services but does not have a banking license.

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Awards – Daily Current Affairs August 28

7. Which bank won four awards at the 2nd ICC Emerging Asia Banking Conclave & Awards?
A) AU Small Finance Bank
B) Ujjivan Small Finance Bank
C) Equitas Small Finance Bank
D) Jana Small Finance Bank
E) Suryoday Small Finance Bank
Answer: D) Jana Small Finance Bank

Event and Location:

• Event: Jana Small Finance Bank wins four awards at the 2nd ICC Emerging Asia Banking Conclave & Awards.
• Location: Mumbai, Maharashtra, India.

Mandates and Objectives:

• Awards Won:
  • Best Small Finance Bank, India
  • Best Performance on Profitability (Runners-up)
  • Best Performance on Asset Quality
  • Best Performance on Risk Management
• Objective: These awards recognize Jana Small Finance Bank’s excellence in profitability, asset quality, risk management, and overall performance.

Important Terms Explained:

• Small Finance Bank (SFB): A type of bank in India that provides basic banking services such as accepting deposits and lending to unserved and underserved sections, including small businesses, small and marginal farmers, micro and small industries, and unorganized sector entities.

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International Affairs – Daily Current Affairs August 28

8. Which two new pillars were added to the India-Singapore Strategic Partnership during the 2nd India-Singapore Ministerial Roundtable in August 2024?
A) Digitalization and Healthcare
B) Advanced Manufacturing and Connectivity
C) Skills Development and Sustainability
D) Transport and Finance
E) Trade and Law
Answer: B) Advanced Manufacturing and Connectivity

Event and Location:

• Event: 2nd round of India-Singapore Ministerial Roundtable (ISMR).
• Location: Singapore.
• Date: August 26, 2024.

Mandates and Objectives:

• Objective: Review and strengthen the India-Singapore Strategic Partnership.
• Key Focus: The Ministers discussed progress under existing pillars such as Digitalization, Skills Development, Sustainability, Healthcare & Medicine.
• New Pillars Added:
  • Advanced Manufacturing
  • Connectivity

Important Terms Explained:

• India-Singapore Strategic Partnership: A collaboration aimed at enhancing cooperation between India and Singapore across various sectors, such as digitalization, skills development, and now, advanced manufacturing and connectivity.

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9. What was the primary focus of the 2nd Meeting of the Joint Russian-Indian Commission on the Cooperation in the Field of Emergency Management held in Moscow?
A) Promoting space exploration
B) Enhancing trade relations
C) Cooperation in disaster management
D) Strengthening defense ties
E) Developing infrastructure projects
Answer: C) Cooperation in disaster management

Event and Location:

• Event: 2nd Meeting of the Joint Russian-Indian Commission on the Cooperation in the Field of Emergency Management.
• Location: Moscow, Russia.
• Date: August 28, 2024.

Mandates and Objectives:

• Objective: The meeting focused on enhancing cooperation between India and Russia in the field of emergency management, specifically disaster management.
• Key Issues Discussed:
  • Use of Space Monitoring Technologies: For risks forecasting and emergency response.
  • Exchange of Experiences: On responding to large-scale disasters.
  • Training Cooperation: For fire and rescue specialists.

Important Terms Explained:

• Disaster Management: The process of preparation, response, and recovery from natural or man-made disasters. It includes activities such as risk forecasting, emergency response, and capacity building.
• Sendai Framework: An international agreement adopted in 2015 to reduce disaster risk and enhance resilience against disasters globally.

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National Affairs – Daily Current Affairs August 28

10. What is the main objective of the Voluntary Vehicle Modernization Program (Vehicle Scrapping Policy) launched by the Ministry of Road Transport and Highways?
A) To increase vehicle sales
B) To reduce traffic congestion
C) To phase out unfit polluting vehicles
D) To promote electric vehicles
E) To improve road infrastructure
Answer: C) To phase out unfit polluting vehicles

Event and Location:

• Event: Launch of the Voluntary Vehicle Modernization Program (Vehicle Scrapping Policy).
• Location: India.

Mandates and Objectives:

• Objective: The primary aim of the Vehicle Scrapping Policy is to phase out unfit and polluting vehicles across the country, creating a cleaner and more efficient vehicle ecosystem.
• Implementation: The policy will be executed through a network of Registered Vehicle Scrapping Facilities (RVSFs) and Automated Testing Stations (ATSs).
• Incentives: Commercial and Passenger Vehicle manufacturers are offering discounts for scrapping old vehicles, encouraging owners to replace them with safer, cleaner, and more efficient vehicles.

Important Terms Explained:

• Vehicle Scrapping Policy: A government initiative aimed at removing old, unfit vehicles from the roads to reduce pollution and improve road safety.
• Certificate of Deposit (Scrappage Certificate): A document provided to vehicle owners when they scrap their vehicles, which can be used to avail discounts on the purchase of new vehicles.

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11. What is the total number of beneficiaries banked under the Pradhan Mantri Jan Dhan Yojana (PMJDY) as of August 2024?
A) 36.14 crore
B) 53.14 crore
C) 29.56 crore
D) 35.37 crore
E) 2.31 crore
Answer: B) 53.14 crore

Event and Location:

• Event: Pradhan Mantri Jan Dhan Yojana (PMJDY) completes a decade of successful implementation.
• Location: India.
• Date: August 28, 2024.

Mandates and Objectives:

• Objective: PMJDY was launched to provide universal access to banking services, particularly for the poor and marginalized, as part of a broader financial inclusion agenda.
• Key Features:
  • Account Numbers: Over 53.14 crore bank accounts have been opened under PMJDY as of August 2024.
  • Deposits: Total deposit balances under PMJDY accounts stand at ₹2.31 lakh crore.
  • Gender Inclusion: Approximately 55.6% of PMJDY account holders are women.
  • Rural and Semi-Urban Focus: About 66.6% of PMJDY accounts are in rural and semi-urban areas.
  • RuPay Cards: 36.14 crore RuPay debit cards have been issued to account holders.

Important Terms Explained:

• Pradhan Mantri Jan Dhan Yojana (PMJDY): A national mission for financial inclusion to ensure access to banking services for all households in India.
• RuPay Card: A debit card issued to PMJDY account holders, providing benefits like accident insurance.

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12. How many industrial nodes/cities have been approved under the National Industrial Corridor Development Programme (NICDP) by the Cabinet Committee on Economic Affairs?
A) 10
B) 12
C) 15
D) 8
E) 14
Answer: B) 12

Event and Location:

• Event: Approval of 12 industrial nodes/cities under the National Industrial Corridor Development Programme (NICDP).
• Location: India.
• Date: August 28, 2024.

Mandates and Objectives:

• Objective: The NICDP aims to develop world-class greenfield industrial smart cities across India to enhance manufacturing capabilities, boost economic growth, and position India as a key player in Global Value Chains (GVCs).
• Investment: The projects involve an estimated investment of ₹28,602 crore.
• Key Concepts:
  • Plug-n-Play: Infrastructure will be ready ahead of demand, allowing businesses to start operations immediately.
  • Walk-to-Work: Cities will be designed to reduce commute times and promote a balanced work-life environment.

Important Terms Explained:

• National Industrial Corridor Development Programme (NICDP): A government initiative aimed at creating industrial corridors across India to foster economic growth and enhance global competitiveness.
• Viksit Bharat: A vision for a developed India, focusing on self-reliance (Atmanirbhar Bharat) and global economic leadership.

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13. What is the outlay of the scheme approved by the Union Cabinet for Central Financial Assistance towards equity participation by State Governments of the North Eastern Region for hydroelectric projects?
A) ₹1500 crore
B) ₹750 crore
C) ₹4136 crore
D) ₹5000 crore
E) ₹3000 crore
Answer: C) ₹4136 crore

Event and Location:

• Event: Cabinet approval of Central Financial Assistance (CFA) towards equity participation by State Governments of the North Eastern Region (NER) for developing hydroelectric projects.
• Location: India.

Mandates and Objectives:

• Objective: The scheme aims to support the development of hydroelectric projects in the North Eastern Region by providing Central Financial Assistance to State Governments for their equity participation in Joint Ventures (JVs) with Central Public Sector Undertakings (CPSUs).
• Outlay: The scheme has an outlay of ₹4136 crore and will be implemented from FY 2024-25 to FY 2031-32.
• Capacity: It is expected to support a cumulative hydro capacity of about 15,000 MW.

Important Terms Explained:

• Central Financial Assistance (CFA): Financial support provided by the central government to assist state governments in participating in large-scale projects.
• Joint Venture (JV): A business arrangement where two or more parties agree to pool their resources for the purpose of accomplishing a specific task, in this case, developing hydroelectric projects.

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14. How many new cities/towns are set to receive Private FM Radio channels as per the Union Cabinet’s approval?
A) 200
B) 180
C) 234
D) 210
E) 250
Answer: C) 234

Event and Location:

• Event: Cabinet approval for rolling out Private FM Radio to 234 new cities/towns.
• Location: India.
• Date: August 28, 2024.

Mandates and Objectives:

• Objective: The Cabinet has approved the proposal to conduct the 3rd batch of ascending e-auctions for 730 FM radio channels in 234 new cities/towns, expanding the reach of Private FM Radio broadcasting across India.
• Strategic Focus: Many of these new locations include Aspirational districts, Left-Wing Extremism (LWE) affected areas, and border regions, ensuring balanced regional development and government outreach.

Important Terms Explained:

• Ascending E-Auctions: A type of auction where the price increases until only one bidder remains, ensuring the best price for available FM channels.
• Aspirational Districts: These are districts in India identified by the government for rapid transformation by focusing on key development sectors such as education, health, and infrastructure.

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15. What was the total worth of the seven key projects reviewed during the 44th PRAGATI Interaction chaired by Prime Minister Modi?
A) ₹50,000 crore
B) ₹76,500 crore
C) ₹90,000 crore
D) ₹18.12 lakh crore
E) ₹1 lakh crore
Answer: B) ₹76,500 crore

Event and Location:

• Event: 44th PRAGATI Interaction chaired by Prime Minister Narendra Modi.
• Location: India.
• Date: August 28, 2024.

Mandates and Objectives:

• Objective: The PRAGATI platform is used for Pro-Active Governance and Timely Implementation of government projects, involving both the Centre and State governments. During this interaction, seven significant projects worth more than ₹76,500 crore were reviewed.
• Key Focus Areas:
  • Reviewed Projects: The projects spanned across road connectivity, railways, coal, power, and water resources sectors in 11 States and Union Territories.
  • Environmental Initiative: The “Ek ped Maa ke Naam” campaign was emphasized to safeguard the environment during project development.
  • Water and Urban Planning: The Prime Minister reviewed the AMRUT 2.0 scheme, focusing on urban water management, and stressed the importance of urban governance reforms and comprehensive urban planning.

Important Terms Explained:

• PRAGATI (Pro-Active Governance and Timely Implementation): An ICT-based multi-modal platform for coordination among various government agencies to ensure timely implementation of projects.
• AMRUT 2.0 (Atal Mission for Rejuvenation and Urban Transformation 2.0): A government initiative aimed at ensuring universal coverage of water supply and improving sewerage infrastructure in urban areas.

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16. What is the total approved investment for the new railway projects across West Bengal, Jharkhand, Odisha, and Chhattisgarh?
A) ₹5,000 crore
B) ₹6,000 crore
C) ₹6,456 crore
D) ₹7,000 crore
E) ₹8,000 crore
Answer: C) ₹6,456 crore

Event and Location:

• Event: Cabinet approval for new rail projects.
• Location: Across West Bengal, Jharkhand, Odisha, and Chhattisgarh.
• Date: August 28, 2024.

Mandates and Objectives:

• Objective: The Cabinet has approved three major railway projects with a total investment of ₹6,456 crore. These projects include the construction of two new railway lines and one multi-tracking project across Indian Railways.
• Expected Completion: The projects are expected to be completed by 2028-29.

Important Terms Explained:

• Multi-Tracking Project: Refers to the construction of additional tracks on existing railway lines to increase capacity and reduce congestion.
• New Railway Lines: Refers to the construction of entirely new railway routes to expand the railway network.

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17. What is the total approved credit scheme amount under the expanded Agriculture Infrastructure Fund (AIF) to support farm-related infrastructure facilities?
A) ₹50,000 crore
B) ₹75,000 crore
C) ₹1 lakh crore
D) ₹1.5 lakh crore
E) ₹2 lakh crore
Answer: C) ₹1 lakh crore

Event and Location:

• Event: Cabinet approval for the expansion of the Agriculture Infrastructure Fund (AIF).
• Location: New Delhi, India.
• Date: August 28, 2024.

Mandates and Objectives:

• Objective: The Cabinet approved the expansion of the Agriculture Infrastructure Fund (AIF) to further develop farm-related infrastructure such as warehouses, cold storage, and silos across the country. The scheme aims to provide credit at subsidized interest rates under the AIF.
• Funding: The AIF was initially set up with a corpus of ₹1 lakh crore to support the creation of agricultural infrastructure facilities.

Important Terms Explained:

• Agriculture Infrastructure Fund (AIF): A government initiative launched in 2020 to provide credit for building agricultural infrastructure, such as warehouses, cold storage, and other facilities, with the goal of improving farm productivity and reducing post-harvest losses.

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