Daily Current Affairs July 04

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 July 04. 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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July 04 | Daily Current Affairs 2024

Sports – Daily Current Affairs July 04

1. Who was named the Driver of the Day at the Austrian Grand Prix 2024?
A) George Russell
B) Max Verstappen
C) Oscar Piastri
D) Lando Norris
E) Carlos Sainz
Answer: D) Lando Norris

Event and Location:

• Event: Austrian Grand Prix 2024
• Location: Red Bull Ring, Austria
• Date: June 29, 2024

Mandates and Objectives:

• Objective: To secure victory in the Austrian Grand Prix and gain points for the championship.
• Mandate: Overcoming competition and managing tire degradation on a high-overtake track.

Important Terms Explained:

• Capital Infusion:
  • The process of providing additional capital to a company to support its growth and financial health.
• Driver of the Day:
  • An accolade awarded to the most impressive driver during the race, as voted by fans.
• Track Limits:
  • The boundaries within which a driver must keep their car during a race; exceeding these limits can result in penalties.

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Banking and Finance – Daily Current Affairs July 04

2. Which organization issued a circular requiring stock brokers to establish a mechanism for the prevention and detection of fraud or market abuse?
A) Reserve Bank of India (RBI)
B) Ministry of Finance
C) Securities and Exchange Board of India (SEBI)
D) Insurance Regulatory and Development Authority of India (IRDAI)
E) National Stock Exchange (NSE)
Answer: C) Securities and Exchange Board of India (SEBI)

Event and Location:

• Event: SEBI mandates for stock brokers to establish mechanisms for fraud and market abuse prevention
• Location: New Delhi, India
• Date: July 4, 2024

Mandates and Objectives:

• Objective: To ensure higher standards of market integrity and investor protection.
• Mandate: Stock brokers must implement surveillance systems, internal controls, and whistle-blower policies.

Important Terms Explained:

• SEBI (Stock Brokers) (Amendment) Regulations, 2024:
  • Regulations aimed at preventing fraud and market abuse in the securities market.
  • Include requirements for surveillance, internal controls, and whistle-blower policies.
• Unique Client Codes (UCCs):
  • Codes used to uniquely identify each client in the securities market.
• Whistle-blower Policy:
  • A policy encouraging employees to report unethical practices without fear of retaliation.
• Industry Standards Forum (ISF):
  • A forum responsible for formulating operational standards in consultation with SEBI.

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3. What new feature did the State Bank of India launch on the BHIM SBI PAY app on its 69th Foundation Day?
A) UPI Lite for all transactions
B) Corporate Internet Banking for large businesses
C) UPI tap-and-pay
D) Automated loan disbursement alerts for all customers
E) New Agricultural Centralised Processing Cells
Answer: C) UPI tap-and-pay

Event and Location:

• Event: Launch of UPI tap-and-pay on the BHIM SBI PAY app
• Location: Mumbai, India
• Date: July 4, 2024

Mandates and Objectives:

• Objective: To provide a fully digital and convenient banking experience for various customer profiles.
• Mandate: Introduction of UPI tap-and-pay and several other initiatives for diversified banking needs.

Important Terms Explained:

• UPI tap-and-pay:
  • A feature allowing contactless payment using UPI by tapping the device on a terminal.
  • Transactions under ₹500 use UPI Lite for a pin-less experience; transactions over ₹500 require a UPI PIN.
• YONO Business / Corporate Internet Banking:
  • Simplified role management for start-ups and small businesses.
  • No mandatory admin or regulator, facilitating transactions with limits of ₹50 lakh per transaction and quick transfers up to ₹25,000 with a daily limit of ₹5 lakh.
• Surya Ghar Loan:
  • A home loan product with a fully digital process from registration to disbursement.
• Agricultural Centralised Processing Cells (Agri CPCs):
  • Specialised cells to manage and mitigate risks in the agricultural loan portfolio and expand commercial agricultural loans.

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4. What is the CRAR of Non-Banking Financial Companies (NBFCs) as reported in the 29th Financial Stability Report?
A) 13.9%
B) 16.8%
C) 26.6%
D) 4.0%
E) 3.3%
Answer: C) 26.6%

Event and Location:

• Event: Release of the 29th Financial Stability Report (FSR) by the Reserve Bank of India
• Location: New Delhi, India
• Date: July 3, 2024

Mandates and Objectives:

• Objective: To provide an assessment of risks to financial stability and the resilience of the financial system.
• Mandate: Biannual publication reflecting the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) headed by the RBI Governor.

Important Terms Explained:

• Financial Stability Report (FSR):
  • Published biannually by the RBI.
  • Assesses risks to financial stability and discusses the development and regulation of the financial sector.
• Sub-Committee of the Financial Stability and Development Council (FSDC):
  • Chaired by the RBI Governor.
  • Provides collective assessments on financial stability.
• Capital to Risk-Weighted Assets Ratio (CRAR):
  • Measures a bank’s financial strength.
• Common Equity Tier 1 (CET1) Ratio:
  • A stricter measure of a bank’s core capital.
• Gross Non-Performing Assets (GNPA) Ratio:
  • Percentage of loans that are not being repaid.
• Net Non-Performing Assets (NNPA) Ratio:
  • GNPA ratio minus provisions already set aside for bad loans.
• Macro Stress Tests:
  • Hypothetical scenarios to test banks’ resilience under different stress conditions.

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Business and Economy – Daily Current Affairs July 04

5. What is the interest rate for the Special Deposit Scheme (SDS) for non-government provident, superannuation, and gratuity funds from July 1 to September 30, 2024?
A) 6.5%
B) 7.1%
C) 7.5%
D) 7.0%
E) 6.8%
Answer: B) 7.1%

Event and Location:

• Event: Notification of interest rate for Special Deposit Scheme
• Location: New Delhi, India
• Date: July 4, 2024

Mandates and Objectives:

• Objective: To inform the public about the interest rate applicable to deposits made under the Special Deposit Scheme (SDS) for the July-September quarter of 2024.
• Mandate: The Finance Ministry maintains transparency and consistency in the interest rates for non-government provident, superannuation, and gratuity funds.

Important Terms Explained:

• Special Deposit Scheme (SDS):
  • A scheme for non-government provident, superannuation, and gratuity funds.
  • Provides a guaranteed interest rate for a specified period.
• Provident Fund:
  • A government-managed retirement savings scheme for employees.
• Superannuation Fund:
  • A pension program created by a company for the benefit of its employees.
• Gratuity Fund:
  • A retirement benefit paid to employees based on the duration of their service.

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6. What is the new name of Indiabulls Housing Finance Ltd following its transformation into a board-run and diversely-held financial institution?
A) Reliance Capital
B) Sammaan Capital
C) Tata Capital
D) Aditya Birla Finance
E) Bajaj Finserv
Answer: B) Sammaan Capital

Event and Location:

• Event: Name change of Indiabulls Housing Finance Ltd to Sammaan Capital Ltd
• Location: New Delhi, India
• Date: July 4, 2024

Mandates and Objectives:

• Objective: To reflect the company’s transformation from a promoter-led lender to a board-run and diversely-held financial institution.
• Mandate: New regulatory compliance and corporate governance structure.

Important Terms Explained:

• Certificate of Incorporation (CoI):
  • An official document issued by the Registrar of Companies (RoC) confirming the company’s registration.
• Certificate of Registration (CoR):
  • Issued by the Reserve Bank of India (RBI) as a Non-Banking Financial Company – Investment and Credit Company (NBFC-ICC).
• De-promoterisation:
  • The process by which a promoter reduces their stake in a company, leading to a shift in control and management.
• Memorandum of Association (MoA):
  • A legal document describing the company’s structure and purpose.

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Appointments – Daily Current Affairs July 04

7. Who has been appointed as the new Managing Director and Chief Executive Officer of SBI General Insurance Company?
A) Kishore Kumar Poludasu
B) Shaktikanta Das
C) Naveen Chandra Jha
D) Muktesh Pardeshi
E) Rajnath Singh
Answer: C) Naveen Chandra Jha

Event and Location:

• Event: Appointment of Naveen Chandra Jha as MD & CEO of SBI General Insurance
• Location: Mumbai, India
• Date: July 3, 2024

Mandates and Objectives:

• Objective: To appoint a new Managing Director and Chief Executive Officer for SBI General Insurance.
• Mandate: Transition of leadership to ensure continued growth and stability.

Important Terms Explained:

• Employee Stock Ownership Plan (ESOP):
  • A program that provides employees with an ownership interest in the company through stock allocation.
• Capital Infusion:
  • The process of providing additional capital to a company to support its growth and financial health.

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8. Who was sworn in as the new Prime Minister of the Netherlands with a mission to implement the “strictest-ever” immigration policy?
A) Mark Rutte
B) Geert Wilders
C) Dick Schoof
D) Sarah de Lange
E) Frans Timmermans
Answer: C) Dick Schoof

Event and Location:

• Event: Swearing-in of Dick Schoof as the new Prime Minister of the Netherlands
• Location: The Hague, Netherlands
• Date: June 29, 2024

Mandates and Objectives:

• Objective: To implement the “strictest-ever” immigration policy in the Netherlands.
• Mandate: Transition from a promoter-led to a board-run and diversely-held financial institution.

Important Terms Explained:

• Colombo Process:
  • A Regional Consultative Process involving 12 member states from Asia.
  • Facilitates the exchange of best practices on managing overseas employment.
• Global Compact for Safe, Orderly, and Regular Migration (GCM):
  • An intergovernmental agreement designed to cover all dimensions of international migration in a holistic and comprehensive manner.
• Abu Dhabi Dialogue (ADD):
  • A forum for dialogue and cooperation between Asian countries of labor origin and destination.

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9. Who was appointed as the new deputy National Security Adviser (NSA) of India?
A) Rajinder Khanna
B) Ajit Doval
C) T.V. Ravichandran
D) Vikram Misri
E) Pankaj Singh
Answer: C) T.V. Ravichandran

Event and Location:

• Event: Appointments in the National Security Council Secretariat (NSCS)
• Location: New Delhi, India
• Date: July 4, 2024

Mandates and Objectives:

• Objective: To ensure continuity and strengthen the national security structure.
• Mandate: Appointment of an additional NSA and a new deputy NSA.

Important Terms Explained:

• National Security Adviser (NSA):
  • A senior official advising the Prime Minister on national security issues.
• Additional NSA:
  • A newly filled position to support the NSA and ensure continuity in the national security framework.
• Deputy NSA:
  • Assists the NSA in managing internal and external security-related matters.

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Awards – Daily Current Affairs July 04

10. Who was the first recipient of the K. Saraswathi Amma Award?
A) M.T. Vasudevan Nair
B) Sarah Joseph
C) P. Geetha
D) K. Saraswathi Amma
E) Thrissur
Answer: C) P. Geetha

Event and Location:

• Event: Presentation of the first K. Saraswathi Amma Award
• Location: Thrissur, Kerala, India
• Date: June 29, 2024

Mandates and Objectives:

• Objective: To recognize and honor contributions to feminist literature and gender studies.
• Mandate: Instituted by WINGS (Women’s Integration and Growth Through Sports) Kerala.

Important Terms Explained:

• K. Saraswathi Amma Award:
  • An award recognizing contributions to feminist literature and gender studies.
  • Named after K. Saraswathi Amma, a pioneer of feminist literature.
• WINGS Kerala:
  • An organization focused on women’s integration and growth through sports and other activities.
• Aan Thachukal (Male Creations):
  • A work by P. Geetha about the scripts of M.T. Vasudevan Nair, which won her the award.

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International Affairs – Daily Current Affairs July 04

11. Which key priority is part of India’s action plan for the Colombo Process for 2024-26?
A) Establishing a new financial system for member states
B) Implementing a structured rotation for the chairmanship
C) Increasing the number of regional offices
D) Developing a new migration policy
E) Reducing the number of member states
Answer: B) Implementing a structured rotation for the chairmanship

Event and Location:

• Event: India chaired its first meeting as Chair of the Colombo Process
• Location: Geneva, Switzerland
• Date: June 28, 2024

Mandates and Objectives:

• Objective: To advance the objectives of the Colombo Process and enhance collaboration among member states.
• Mandate: India aims to implement key priorities and initiatives for the 2024-26 term.

Important Terms Explained:

• Colombo Process:
  • A Regional Consultative Process involving 12 member states from Asia.
  • Facilitates the exchange of best practices on managing overseas employment.
• Global Compact for Safe, Orderly, and Regular Migration (GCM):
  • An intergovernmental agreement designed to cover all dimensions of international migration in a holistic and comprehensive manner.
• Abu Dhabi Dialogue (ADD):
  • A forum for dialogue and cooperation between Asian countries of labor origin and destination.

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National Affairs – Daily Current Affairs July 04

12. Where will the 46th session of the UNESCO World Heritage Committee be held?
A) Mumbai
B) Kolkata
C) New Delhi
D) Chennai
E) Hyderabad
Answer: C) New Delhi

Event and Location:

• Event: 46th session of the UNESCO World Heritage Committee
• Location: Bharat Mandapam, New Delhi, India
• Date: July 21-31, 2024

Mandates and Objectives:

• Objective: To discuss and decide on matters related to World Heritage sites.
• Mandate: Bringing together delegates from 195 countries to deliberate on heritage conservation and management.

Important Terms Explained:

• UNESCO World Heritage Committee:
  • A body responsible for the implementation of the World Heritage Convention.
  • Identifies and inscribes new World Heritage sites.
• State Parties:
  • Countries that have adhered to the World Heritage Convention.
• Bharat Mandapam:
  • The venue for the 46th session in New Delhi.

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13. What is the total budgetary outlay for the scheme under the National Green Hydrogen Mission for funding testing facilities until FY26?
A) ₹100 crore
B) ₹150 crore
C) ₹200 crore
D) ₹250 crore
E) ₹300 crore
Answer: C) ₹200 crore

Event and Location:

• Event: Announcement of guidelines for funding testing facilities under the National Green Hydrogen Mission
• Location: New Delhi, India
• Date: July 4, 2024

Mandates and Objectives:

• Objective: To develop standards and regulatory frameworks in the Green Hydrogen sector.
• Mandate: To support the creation and upgradation of testing facilities ensuring safe and secure Green Hydrogen production and trade.

Important Terms Explained:

• National Green Hydrogen Mission:
  • Launched on January 4, 2023, with an outlay of ₹19,744 crore up to FY30.
  • Aims to make India self-reliant in clean energy and lead the global clean energy transition.
• National Institute of Solar Energy (NISE):
  • The Scheme Implementation Agency (SIA) for this initiative.
  • Responsible for overseeing the implementation, issuing Calls for Proposals, and monitoring the projects.
• Project Appraisal Committee (PAC):
  • Recommends projects for administrative sanctions under the scheme.

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14. Which Cabinet Committee is headed by the Defence Minister in the newly reconstituted structure?
A) Appointment Committee of the Cabinet
B) Cabinet Committee on Economic Affairs
C) Cabinet Committee on Political Affairs
D) Cabinet Committee on Parliamentary Affairs
E) Cabinet Committee on Security
Answer: D) Cabinet Committee on Parliamentary Affairs

Event and Location:

• Event: Reconstitution of 8 Cabinet Committees by the Government
• Location: New Delhi, India
• Date: July 3, 2024

Mandates and Objectives:

• Objective: To streamline the decision-making process and assign clear leadership to various key committees.
• Mandate: Prime Minister heading six of the committees, Home Minister and Defence Minister each heading one.

Important Terms Explained:

• Appointment Committee of the Cabinet (ACC):
  • Headed by the Prime Minister.
  • Responsible for the appointment of bureaucrats.
• Cabinet Committee on Economic Affairs (CCEA):
  • Responsible for key economic decisions.
  • 10-member committee including ministers of Defence, Home, Finance, Surface Transport, Agriculture, Commerce & Industry, Education, Heavy Industries, and Panchayati Raj.
• Cabinet Committee on Parliamentary Affairs:
  • Headed by Defence Minister Rajnath Singh.
  • Recommends calling of Parliamentary Sessions.
• Cabinet Committee on Political Affairs:
  • Largest committee with 14 members including the Prime Minister as Chairman.
• Cabinet Committee on Security:
  • All-BJP-ministers-as-members committee.
  • Includes the Prime Minister, Home, Defence, Finance, and External Affairs Ministers.

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