Daily Current Affairs October 08

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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 08 | Daily Current Affairs 2024

Important Days – Daily Current Affairs October 08

1. On which date is Indian Air Force Day celebrated, marking the establishment of the Indian Air Force?
A) October 15
B) October 8
C) November 1
D) October 2
E) November 10
Answer: B) October 8

Event and Location:

• Event: Indian Air Force Day 2024, celebrating the 92nd anniversary of the Indian Air Force (IAF).
• Date: October 8, 2024.
• Main Celebration Location: Marina Beach, Chennai.

Mandates and Objectives:

• Purpose: Indian Air Force Day commemorates the establishment of the IAF on October 8, 1932. It honours the bravery, discipline, and sacrifices of IAF personnel who safeguard India’s airspace and sovereignty.
• 2024 Theme: “Bhartiya Vayu Sena: Saksham, Sashakt, Atmanirbhar” (Potent, Powerful, and Self-Reliant). This theme underscores the modernization and self-reliance of the IAF, focusing on strengthening India’s defense capabilities.
• Key Highlights:
  • Air Show: Featuring fighter jets, helicopters, and transport aircraft.
  • Parade: Display of discipline and professionalism by IAF personnel.
  • Key Dignitaries: Defence Minister Rajnath Singh, Tamil Nadu Chief Minister MK Stalin, and Air Chief Marshal A.P. Singh.

Important Terms Explained:

• Atmanirbhar (Self-Reliant): Reflects India’s focus on domestic production and reduced reliance on foreign defence imports.
• IAF Modernization: The Indian Air Force’s efforts to upgrade technology and enhance operational capabilities with cutting-edge fighter jets and defence systems.

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Sports – Daily Current Affairs October 08

2. Which Indian gymnast recently announced her retirement from the sport after a 13-year-long career?
A) Dipa Karmakar
B) Deepa Malik
C) P.V. Sindhu
D) Sakshi Malik
E) Saina Nehwal
Answer: A) Dipa Karmakar

Event and Location:

• Event: Retirement of Dipa Karmakar, Indian gymnast.
• Location: Announced on social media platform X (formerly Twitter).

Mandates and Objectives:

• Reason for Retirement: After winning a gold medal at the 2024 Tashkent Asian Championships, Dipa hoped to extend her career but ultimately decided to retire due to personal reasons.
• Career Duration: 13 years, during which she became a trailblazer in Indian gymnastics.

Key Career Highlights:

• 2014 Commonwealth Games: Won the bronze medal in the vault event, becoming the first Indian female gymnast to win a medal at the Commonwealth Games.
• 2016 Rio Olympics: Narrowly missed a bronze medal by 0.15 points, finishing fourth in the vault final.
• Asian Artistic Gymnastics Championships: Won gold medals in 2017 and 2019 in the vault event.

Awards and Recognition:

• 2016 Padma Shri: Fourth-highest civilian award in India.
• 2016 Major Dhyan Chand Khel Ratna: India’s highest sporting honor.
• Arjuna Award (2016): Recognizing her excellence in gymnastics.

Important Terms Explained:

• Vault: A gymnastics event where athletes perform acrobatic feats after jumping over a vaulting table.
• Padma Shri: One of the highest civilian awards in India, given for distinguished contributions in various fields.

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3. Who won the Songhe Singapore Open Billiards title with a 5-1 victory?
A) Sourav Kothari
B) Jaden Ong
C) Pankaj Advani
D) Geet Sethi
E) Peter Gilchrist
Answer: C) Pankaj Advani

Event and Location:

• Event: Songhe Singapore Open Billiards title.
• Location: Singapore.

Mandates and Objectives:

• Winner: Indian cueist Pankaj Advani secured a 5-1 victory against local favorite Jaden Ong.
• Match Highlights:
  • Advani took the first two frames, and although Ong won the third, Advani regained control with a key snooker in the fourth.
  • He closed the match with a dominant 74-6 win in the final frame.
• Upcoming Event: Advani will defend his World Billiards title in Doha in November.

Important Terms Explained:

• Cueist: A player skilled in cue sports such as billiards, snooker, or pool.
• Snooker: A situation in billiards where a player makes it difficult for the opponent to hit the ball directly.

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Banking and Finance – Daily Current Affairs October 08

4. Which company has partnered with Punjab National Bank and Bandhan Bank to offer unified collateral management solutions?
A) Sohan Lal Commodity Management
B) NABARD
C) ICICI Bank
D) Food Corporation of India
E) NAFED
Answer: A) Sohan Lal Commodity Management

Event and Location:

• Event: Strategic partnership between Sohan Lal Commodity Management (SLCM), Punjab National Bank (PNB), and Bandhan Bank.
• Location: Nationwide initiative in India.

Mandates and Objectives:

• Partnership Objective: To offer ‘Unified Collateral Management Solutions’ that enhance post-harvest credit and storage services.
• Technology Utilized: SLCM will leverage its ‘Agri Reach’ technology for efficient post-harvest logistics and credit services.
• Target Beneficiaries: Farmers and agricultural stakeholders across India.
• Key Offering: The partnership aims to provide post-harvest credit at competitive rates, improving financial access for the agricultural sector.

Important Terms Explained:

• Agri Reach: A proprietary technology developed by SLCM, which focuses on optimizing post-harvest logistics and ensuring seamless storage and credit solutions for farmers.
• Unified Collateral Management Solutions: A system that helps secure loans for agricultural stakeholders by leveraging agricultural produce as collateral, thus ensuring better financial management and credit accessibility.

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5. Which company has expanded its strategic partnership with Old National Bank to enhance operations and process digitization?
A) TCS
B) Wipro
C) HCL Technologies
D) Infosys
E) Capgemini
Answer: D) Infosys

Event and Location:

• Event: Expansion of strategic partnership between Infosys and Old National Bank.
• Location: Midwest, USA (Old National Bank headquarters).

Mandates and Objectives:

• Partnership Objective: To help Old National Bank leverage Infosys’ services for operations transformation and process digitization.
• Technologies Used:
  • Automation: Implementing automation to streamline operational processes.
  • GenAI: Employing Generative Artificial Intelligence (GenAI) to transform key business areas.
• Infosys’ Role: Since 2020, Infosys has been modernizing Old National Bank’s digital landscape using a self-funding model that boosts efficiency.

Important Terms Explained:

• GenAI (Generative AI): A form of AI that can generate content or perform tasks based on learned patterns, improving business processes.
• Self-funding Model: A business model where cost savings from efficiencies are reinvested to fund future transformation initiatives, ensuring sustained modernization.

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6. Which two entities recently signed a $400 million currency swap agreement under the SAARC Currency Swap Framework?
A) Reserve Bank of India and State Bank of India
B) Reserve Bank of India and Maldives Monetary Authority
C) Maldives Monetary Authority and Asian Development Bank
D) Indian Government and World Bank
E) Reserve Bank of India and Nepal Rastra Bank
Answer: B) Reserve Bank of India and Maldives Monetary Authority

Event and Location:

• Event: Signing of a $400 million currency swap agreement between the Reserve Bank of India (RBI) and the Maldives Monetary Authority (MMA).
• Location: Signed in New Delhi, India.

Mandates and Objectives:

• Currency Swap Framework: Agreement is part of the SAARC Currency Swap Framework for 2024-2027, designed to provide short-term liquidity to SAARC member nations facing foreign currency shortages.
• Funding Access:
  • US Dollar/Euro Swap Window: Up to $400 million.
  • Indian Rupee Swap Window: Up to ₹3,000 crore.
• Validity: The agreement will remain in effect until June 18, 2027.
• SAARC Currency Swap Framework: Originally established in 2012, this framework helps SAARC members manage balance of payments difficulties.

Important Terms Explained:

• Currency Swap: A financial agreement where two parties exchange currencies for a specified period, aiding countries in managing liquidity crises.
• SAARC (South Asian Association for Regional Cooperation): An organization of South Asian nations aimed at promoting economic and regional integration.

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7. Which company has HDFC Bank sold its 100% stake in HDFC Education and Development Services Pvt. Ltd to?
A) Tata Sons
B) Vama Sundari Investments
C) Reliance Industries
D) ICICI Ventures
E) Infosys
Answer: B) Vama Sundari Investments

Event and Location:

• Event: HDFC Bank has approved the sale of its 100% stake in HDFC Education and Development Services Pvt. Ltd (HDFC Edu).
• Location: The deal was announced and will be completed in two phases, with the first phase by October 31, 2024, and full completion by June 30, 2025.

Mandates and Objectives:

• Deal Details:
  • Stake Sale Value: ₹192 crore in an all-cash transaction.
  • Buyer: Vama Sundari Investments (Delhi) Private Limited.
  • Divestment Phases:
    • 91% of the shares will be sold by October 31, 2024.
    • The remaining 9% by June 30, 2025.
  • Once 91% is sold, HDFC Edu will no longer be a subsidiary of HDFC Bank.
• Reason for Sale: Part of HDFC Bank’s strategy to meet RBI regulatory requirements and streamline its business following the HDFC Ltd merger.

Important Terms Explained:

• HDFC Education and Development Services Pvt. Ltd (HDFC Edu): Focuses on educational services, including K-12 school management, vocational training, and higher education consultancy.
• Related-Party Transaction: Since Vama Sundari Investments is linked to HDFC Asset Management Company, the deal qualifies as a related-party transaction, approved by HDFC Bank’s Audit Committee.

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8. Which bank is planning to acquire the Oman branch of Bank of Baroda?
A) Bank Muscat
B) HSBC Oman
C) National Bank of Oman
D) Bank Dhofar
E) Bank Nizwa
Answer: D) Bank Dhofar

Event and Location:

• Event: Bank Dhofar plans to acquire the Oman branch of Bank of Baroda.
• Location: Muscat, Oman.

Mandates and Objectives:

• Proposed Acquisition: The acquisition involves taking over all assets and liabilities of Bank of Baroda’s Oman branch.
• In-Principle Approval: Bank Dhofar’s Board of Directors approved the acquisition on October 3, 2024, with final negotiations and regulatory approvals still pending.
• Rationale: Bank of Baroda is rationalizing its foreign operations as part of a broader strategy to optimize its international presence.

Key Figures:

• As of March 31, 2024:
  • Bank of Baroda’s Oman branch total business: RO113.35 million.
  • Net worth: RO25.54 million.

Important Terms Explained:

• Assets and Liabilities: The acquisition includes both the assets (such as loans) and liabilities (such as deposits) of Bank of Baroda’s Oman operations.
• Going Concern Basis: The branch will be sold as an ongoing business, maintaining its operations post-acquisition.

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9. Which bank in India has partnered with the International Finance Corporation (IFC) to provide a $500 million climate loan?
A) State Bank of India
B) HDFC Bank
C) Axis Bank
D) ICICI Bank
E) Bank of Baroda
Answer: C) Axis Bank

Event and Location:

• Event: IFC (International Finance Corporation) has partnered with Axis Bank to provide a $500 million climate loan in India.
• Location: India.

Mandates and Objectives:

• Primary Objective: To help develop a blue finance market and scale up financing for green projects.
• Significance:
  • IFC’s First Blue Loan in India: Aimed at funding projects like water management, reduction of marine plastic pollution, eco-friendly tourism, offshore renewable energy, and green buildings.
  • Largest Green Financing by IFC in India: Expanding Axis Bank’s climate finance portfolio and supporting India’s rapid urbanization and economic growth.
  • Focus on sustainable infrastructure, with significant investment opportunities in sectors like water and wastewater treatment and green buildings.

Important Terms Explained:

• Blue Loan: A financing instrument that supports ocean-based projects or initiatives to protect marine environments.
• Green Buildings: Structures designed to be environmentally responsible and resource-efficient, reducing their carbon footprint.

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Appointments – Daily Current Affairs October 08

10. Who was recently appointed as the new head of the BCCI’s Anti-Corruption Unit?
A) KK Mishra
B) Sharad Kumar
C) Rakesh Asthana
D) Rajnish Seth
E) Ajit Doval
Answer: B) Sharad Kumar

Event and Location:

• Event: Appointment of retired IPS officer Sharad Kumar as the new head of the BCCI’s Anti-Corruption Unit.
• Location: Finalized at the BCCI’s Annual General Meeting on September 29, 2024.

Mandates and Objectives:

• Role: Sharad Kumar will tackle corruption in cricket, including match-fixing and betting scandals.
• Tenure: Appointed for a three-year term starting October 1, 2024.
• Predecessor: He replaces KK Mishra, who did not complete his term.
• Experience:
  • Led the National Investigation Agency (NIA) from 2013 to 2017.
  • Served as Vigilance Commissioner and interim Central Vigilance Commissioner in the Central Vigilance Commission.
  • Played key roles in counter-terrorism investigations, including the Pathankot airbase attack.

Important Terms Explained:

• BCCI Anti-Corruption Unit (ACU): A unit within the Board of Control for Cricket in India responsible for preventing and investigating corruption, including match-fixing, in cricket.

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11. Whose tenure as Deputy Governor of the Reserve Bank of India has been extended for one year?
A) Shaktikanta Das
B) BP Kanungo
C) M. Rajeshwar Rao
D) Viral Acharya
E) N.S. Vishwanathan
Answer: C) M. Rajeshwar Rao

Event and Location:

• Event: Extension of tenure for M. Rajeshwar Rao, Deputy Governor of the Reserve Bank of India (RBI).
• Location: Extension decision announced by the Central Government.

Mandates and Objectives:

• Original Appointment: M. Rajeshwar Rao was initially appointed as Deputy Governor in October 2020 for a three-year term.
• Extended Tenure: This is his second one-year extension, effective from October 9, 2024, or until further orders.
• Departments Overseen: Rao will continue overseeing the Department of Regulation, Department of Communication, Enforcement Department, Legal Department, and Risk Monitoring Department.

Important Terms Explained:

• RBI Deputy Governor: A senior executive in the Reserve Bank of India responsible for overseeing specific regulatory and operational functions.
• Tenure Extension: An official extension of service, often used to maintain continuity in crucial positions.

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12. Who recently assumed charge as the Vice Chief of Air Staff?
A) Air Marshal Amar Preet Singh
B) Air Marshal SP Dharkar
C) Air Chief Marshal Vivek Ram Chaudhari
D) Air Marshal RKS Bhadauria
E) Air Marshal Anil Khosla
Answer: B) Air Marshal SP Dharkar

Event and Location:

• Event: Air Marshal SP Dharkar assumed charge as the Vice Chief of Air Staff.
• Location: Indian Air Headquarters.

Mandates and Objectives:

• Predecessor: Air Marshal SP Dharkar succeeds Air Chief Marshal Amar Preet Singh, who became the Chief of Air Staff on September 30, 2024.
• Experience:
  • Commissioned in the fighter stream in 1985.
  • An accomplished fighter pilot with 3,600 hours of flying experience.
  • Commanded a MiG-27 squadron and served as the first Director General of the Defence Space Agency (DSA).
  • Previously, Air Marshal Dharkar served as Air Officer Commanding-in-Chief of the Eastern Air Command.

Important Terms Explained:

• Defence Space Agency (DSA): A tri-service organization responsible for space operations in the military domain.
• Vice Chief of Air Staff: The second-highest-ranking officer in the Indian Air Force, responsible for assisting the Chief of Air Staff in commanding the force.

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Awards – Daily Current Affairs October 08

13. Who won the 2024 Nobel Prize in Physics for their pioneering work in machine learning?
A) Pierre Agostini and Ferenc Krausz
B) Victor Ambros and Gary Ruvkun
C) Albert Einstein and Enrico Fermi
D) John Hopfield and Geoffrey Hinton
E) Anne L’Huillier and Niels Bohr
Answer: D) John Hopfield and Geoffrey Hinton

Event and Location:

• Event: The 2024 Nobel Prize in Physics was awarded to John Hopfield and Geoffrey Hinton for their pioneering work in machine learning.
• Location: Announced in Stockholm, Sweden.

Mandates and Objectives:

• Contribution:
  • John Hopfield: Created an associative memory model that can store and reconstruct images and patterns using tools from physics.
  • Geoffrey Hinton: Widely known as a godfather of AI, invented a method allowing machines to autonomously identify properties in data, such as recognizing elements in images.
• Impact: Their discoveries have laid the foundation for modern machine learning and are central to the current artificial intelligence (AI) boom, impacting science, engineering, and daily life.

Key Concerns:

• Both laureates raised concerns about the potential risks and limits of AI, with Hinton expressing his worry about systems becoming smarter than humans and potentially going out of control.

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International Affairs – Daily Current Affairs October 08

14. Which organization’s Director-General addressed the 77th Session of the Regional Committee for South-East Asia on 7 October 2024?
A) World Bank
B) United Nations
C) WHO
D) IMF
E) UNESCO
Answer: C) WHO

Event and Location:

• Event: WHO Director-General’s address at the 77th Session of the Regional Committee for South-East Asia.
• Location: Address delivered virtually, with representation by Dr. Razia Pendse, Chef de Cabinet, WHO.

Mandates and Objectives:

• Focus Areas:
  • Measles and Rubella Elimination: Progress in the Democratic People’s Republic of Korea, Timor Leste, and Bhutan.
  • Noncommunicable Diseases: Following the Dhaka Declaration, support for Member States to manage hypertension, cardiovascular diseases, diabetes, cancer, and mental health.
  • Universal Health Coverage: Service coverage increased but issues like catastrophic health spending persist.
  • Antimicrobial Resistance (AMR): All Member States have national action plans.
  • Neglected Tropical Diseases: Bangladesh eliminated kala-azar and lymphatic filariasis; India to eliminate trachoma.
  • Pandemic Preparedness: Adoption of amendments to the International Health Regulations and progress on the Pandemic Agreement.

Important Terms Explained:

• Dhaka Declaration: A commitment to combat noncommunicable diseases such as cardiovascular illnesses and diabetes.
• International Health Regulations (IHR): A global legal framework for strengthening public health capacities and responses to international health threats.
• Pandemic Agreement: A WHO-led initiative aiming to establish a global framework to better prevent and respond to pandemics.

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15. Which two systems are being interlinked to facilitate seamless cross-border transactions between India and the UAE?
A) UPI & PayPal
B) UPI & AANI
C) Paytm & AANI
D) RuPay & SWIFT
E) UPI & RuPay
Answer: B) UPI & AANI

Event and Location:

• Event: Interlinking of UPI (Unified Payments Interface) of India and AANI (UAE’s payment system) to enable seamless cross-border transactions.
• Location: Announced after the 12th meeting of the India-UAE High-Level Joint Task Force on Investment in Mumbai, co-chaired by Union Commerce Minister Piyush Goyal and HH Sheikh Hamed bin Zayed Al Nahyan.

Mandates and Objectives:

• Primary Objective: Facilitate seamless cross-border payments for the 3 million Indians residing in the UAE, enhancing financial accessibility and efficiency.
• Additional Collaboration: UAE’s commitment to investing $2 billion to set up food parks in India, boosting food security in the UAE and increasing Indian farmers’ incomes.
• Economic Trade Impact:
  • Post CEPA (Comprehensive Economic Partnership Agreement), bilateral trade between India and UAE reached $84 billion in 2023-24.
  • Trade deficit reduction: Decreased from $22 billion to $12 billion.
  • UAE is India’s fourth largest foreign investor, contributing $3.35 billion in 2023.

Important Terms Explained:

• UPI (Unified Payments Interface): A real-time payment system developed by the National Payments Corporation of India (NPCI) that facilitates inter-bank transactions.
• AANI: A payment system used in the UAE, now being linked with India’s UPI for cross-border transactions.
• CEPA (Comprehensive Economic Partnership Agreement): A trade agreement between India and the UAE aimed at boosting bilateral trade and investment.

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National Affairs – Daily Current Affairs October 08

16. Which state’s cabinet recently approved 14 projects with a combined investment of ₹38,699 crore, generating 46,931 jobs?
A) Karnataka
B) Maharashtra
C) Tamil Nadu
D) Gujarat
E) Andhra Pradesh
Answer: C) Tamil Nadu

Event and Location:

• Event: Approval of 14 new projects by the Tamil Nadu Cabinet.
• Location: Tamil Nadu, chaired by Chief Minister MK Stalin at the Secretariat, Chennai.

Mandates and Objectives:

• Investment Commitment: ₹38,699 crores.
• Job Creation: 46,931 jobs.
• Sectoral Focus:
  • Non-leather footwear manufacturing
  • Green hydrogen and ammonia production
  • Electric vehicles (EVs)
  • Mobile phone spare parts
• Key Projects:
  • Yuzhan Technology (India) Pvt Ltd (Foxconn unit): ₹13,180 crore investment in Kancheepuram, generating 14,000 jobs.
  • Leap Green Energy: ₹10,375 crore investment.
  • Tata Motors: ₹9,000 crore investment.
  • Kaynes Circuits: ₹1,395 crore investment.
  • Freetrend Industrial India: ₹1,000 crore investment.

Important Terms Explained:

• Green Hydrogen: A sustainable fuel produced using renewable energy, aimed at reducing carbon emissions.
• Green Ammonia: Ammonia created through eco-friendly processes, primarily used for fertilizers and as fuel.
• E-Vehicles: Electric vehicles designed to reduce fossil fuel reliance, supporting cleaner energy solutions.

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17. Which of the following groups is now eligible to participate in the National Anubhav Awards Scheme, 2025 for the first time?
A) State Government employees
B) Employees of Central Public Sector Undertakings (CPSUs)
C) Employees of private companies
D) Retired military personnel
E) Students of government schools
Answer: B) Employees of Central Public Sector Undertakings (CPSUs)

Event and Location:

• Event: Introduction of the National Anubhav Awards Scheme, 2025, marking the first time that employees of Central Public Sector Undertakings (CPSUs) and Public Sector Banks are eligible to participate.
• Location: Administered by the Department of Pension & Pensioners’ Welfare (DOPPW), Government of India.

Mandates and Objectives:

• Objective: Encourage retiring/retired government employees to share their experiences through the Anubhav Portal, contributing to nation-building by documenting best practices and insights.
• Eligibility Extension: For the first time, employees of CPSUs and Public Sector Banks can participate, adding their experiences to enrich the Anubhav Portal.
• Write-up Deadline: Submissions to be made by March 31, 2025.
• Award Categories:
  • 5 Anubhav Awards.
  • 10 Jury Certificates for selected outstanding write-ups.

Important Terms Explained:

• Anubhav Portal: An online platform created in 2015 where retiring or retired employees can share their experiences working in the government.
• CPSUs (Central Public Sector Undertakings): Government-owned corporations in India that are involved in various economic sectors.

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Over All Review

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