IASbaba Daily Prelims Quiz
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The Current Affairs questions are based on sources like ‘The Hindu’, ‘Indian Express’ and ‘PIB’, which are very important sources for UPSC Prelims Exam. The questions are focused on both the concepts and facts. The topics covered here are generally different from what is being covered under ‘Daily Current Affairs/Daily News Analysis (DNA) and Daily Static Quiz’ to avoid duplication. The questions would be published from Monday to Saturday before 2 PM. One should not spend more than 10 minutes on this initiative.
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Question 1 of 5
1. Question
‘Social Hostilities Index (SHI)’ report is published by
Correct
Solution(b)
The report was released by the Washington-based think tank Pew Research Centre The SHI measures acts of religious hostility by private individuals, organizations or groups. The index comprises 13 metrics, including religion-related armed conflict or terrorism and mob or sectarian violence. At 9.4 out of a maximum possible score of 10, India’s Social Hostilities Index (SHI) in 2020 was worse than neighbouring Pakistan and Afghanistan.
Context – India topped the Social Hostilities Index (SHI)
Incorrect
Solution(b)
The report was released by the Washington-based think tank Pew Research Centre The SHI measures acts of religious hostility by private individuals, organizations or groups. The index comprises 13 metrics, including religion-related armed conflict or terrorism and mob or sectarian violence. At 9.4 out of a maximum possible score of 10, India’s Social Hostilities Index (SHI) in 2020 was worse than neighbouring Pakistan and Afghanistan.
Context – India topped the Social Hostilities Index (SHI)
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Question 2 of 5
2. Question
Consider the following statements with respect to ‘First Loss Default Guarantee (FLDG) system’
- FLDG is a lending model between digital lending fintechs and their partner banks and non-banking finance companies
- The bank/NBFC partners lend through fintech but from their own books and the first default by a customer is completely paid back by the fintech company
Select the correct statement(s)
Correct
Solution(a)
Statement Analysis:
Statement 1 Statement 2 Correct Incorrect FLDG is a lending model between digital lending fintechs and their partner banks and non-banking finance companies. Under these agreements, the fintech promises to compensate the partners up to a pre-decided percentage in case customers fail to repay the loans. The bank/NBFC partners lend through fintech but from their own books. FLDG helps expand the customer base of traditional lenders but relies on the fintech’s underwriting capabilities. There is no concept of first default by the customer being repaid. Context – Two months after the Reserve Bank issued guidelines on digital lending, banks, non-banking financial companies and fintech players are still awaiting clarity on many aspects including the First Loss Default Guarantee(FLDG) system.
Incorrect
Solution(a)
Statement Analysis:
Statement 1 Statement 2 Correct Incorrect FLDG is a lending model between digital lending fintechs and their partner banks and non-banking finance companies. Under these agreements, the fintech promises to compensate the partners up to a pre-decided percentage in case customers fail to repay the loans. The bank/NBFC partners lend through fintech but from their own books. FLDG helps expand the customer base of traditional lenders but relies on the fintech’s underwriting capabilities. There is no concept of first default by the customer being repaid. Context – Two months after the Reserve Bank issued guidelines on digital lending, banks, non-banking financial companies and fintech players are still awaiting clarity on many aspects including the First Loss Default Guarantee(FLDG) system.
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Question 3 of 5
3. Question
With reference to ‘Tanpura, consider the following statements
- It is a long-necked plucked string instrument which sustains and supports the melody of another instrument or singer
- It is played in rhythm with the soloist or percussionist and used by both Hindustani and Carnatic musicians
Select the correct statement(s)
Correct
Solution(a)
Statement Analysis:
Statement 1 Statement 2 Correct Incorrect Tanpura is a long-necked plucked string instrument, originating in India, found in various forms in Indian music. It does not play melody, but rather supports and sustains the melody of another instrument or singer by providing a continuous harmonic bourdon or drone. A tanpura is not played in rhythm with the soloist or percussionist: as the precise timing of plucking a cycle of four strings in a continuous loop is a determinant factor in the resultant sound, it is played unchangingly during the complete performance. Hindustani musicians favour the term tanpura whereas Carnatic musicians say tambura; tanpuri is a smaller variant sometimes used for accompanying instrumental soloists. Context – Beleaguered tanpura makers get some support from the Indian Council for Cultural Relations
Incorrect
Solution(a)
Statement Analysis:
Statement 1 Statement 2 Correct Incorrect Tanpura is a long-necked plucked string instrument, originating in India, found in various forms in Indian music. It does not play melody, but rather supports and sustains the melody of another instrument or singer by providing a continuous harmonic bourdon or drone. A tanpura is not played in rhythm with the soloist or percussionist: as the precise timing of plucking a cycle of four strings in a continuous loop is a determinant factor in the resultant sound, it is played unchangingly during the complete performance. Hindustani musicians favour the term tanpura whereas Carnatic musicians say tambura; tanpuri is a smaller variant sometimes used for accompanying instrumental soloists. Context – Beleaguered tanpura makers get some support from the Indian Council for Cultural Relations
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Question 4 of 5
4. Question
Consider the following statements with respect to ‘Unified Payments Interface’
- It is an instant real-time payment system that facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions
- It runs as an open source application programming interface (API) on top of Immediate Payment Service (IMPS) and is regulated by the National Payments Corporation of India (NPCI)
- UPI provides for a single click three factor authentication for ensuring safe transactions between the merchant, customer and the banks
Choose the correct answer using the code given below
Correct
Solution(d)
Statement Analysis:
Statement 1 Statement 2 Statement 3 Correct Incorrect Incorrect Unified Payments Interface (UPI) is an instant real-time payment system developed by National Payments Corporation of India (NPCI). The interface facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions. The UPI ID of the recipient can be used to transfer money. It runs as an open source application programming interface (API) on top of Immediate Payment Service (IMPS) and is regulated by the Reserve Bank of India (RBI). UPI provides for a Single Click 2 Factor Authentication – aligned with the Regulatory guidelines, yet provides for a very strong feature of seamless single click payment. Context – The National Payments Corporation of India (NPCI) has extended the deadline for platforms using UPI to meet its 30% market share cap by two years.
Incorrect
Solution(d)
Statement Analysis:
Statement 1 Statement 2 Statement 3 Correct Incorrect Incorrect Unified Payments Interface (UPI) is an instant real-time payment system developed by National Payments Corporation of India (NPCI). The interface facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions. The UPI ID of the recipient can be used to transfer money. It runs as an open source application programming interface (API) on top of Immediate Payment Service (IMPS) and is regulated by the Reserve Bank of India (RBI). UPI provides for a Single Click 2 Factor Authentication – aligned with the Regulatory guidelines, yet provides for a very strong feature of seamless single click payment. Context – The National Payments Corporation of India (NPCI) has extended the deadline for platforms using UPI to meet its 30% market share cap by two years.
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Question 5 of 5
5. Question
Consider the following statements with respect to ‘National Financial Reporting Authority’
- It is the country’s sole independent audit regulator established under Companies Act of 2013
- It consists of a chairperson who shall be a person of eminence and having expertise in accountancy, auditing, finance or corporate affairs and such other members not exceeding 10
- The account of NFRA is monitored by the Comptroller and Auditor-General of India
Choose the correct answer using the code given below
Correct
Solution(c)
Statement Analysis:
Statement 1 Statement 2 Statement 3 Correct Incorrect Correct NFRA was constituted in 2018 by the Government of India under section 132 (1) of the Companies Act, 2013. It is an audit regulator. As per Sub Section (2) of Section 132 of the Companies Act, 2013, the duties of the NFRA are to: Recommend accounting and auditing policies and standards to be adopted by companies for approval by the Central Government; Monitor and enforce compliance with accounting standards and auditing standards; Oversee the quality of service of the professions associated with ensuring compliance with such standards and suggest measures for improvement in the quality of service; Perform such other functions and duties as may be necessary or incidental to the aforesaid functions and duties. It consists of a chairperson, who shall be a person of eminence and having expertise in accountancy, auditing, finance or law, appointed by the Central Government and such other members not exceeding 15. The account of NFRA is monitored by the Comptroller and Auditor-General of India. Context – The National Financial Reporting Authority (NFRA), the country’s sole independent audit regulator, has started inspections of five audit firms.
Incorrect
Solution(c)
Statement Analysis:
Statement 1 Statement 2 Statement 3 Correct Incorrect Correct NFRA was constituted in 2018 by the Government of India under section 132 (1) of the Companies Act, 2013. It is an audit regulator. As per Sub Section (2) of Section 132 of the Companies Act, 2013, the duties of the NFRA are to: Recommend accounting and auditing policies and standards to be adopted by companies for approval by the Central Government; Monitor and enforce compliance with accounting standards and auditing standards; Oversee the quality of service of the professions associated with ensuring compliance with such standards and suggest measures for improvement in the quality of service; Perform such other functions and duties as may be necessary or incidental to the aforesaid functions and duties. It consists of a chairperson, who shall be a person of eminence and having expertise in accountancy, auditing, finance or law, appointed by the Central Government and such other members not exceeding 15. The account of NFRA is monitored by the Comptroller and Auditor-General of India. Context – The National Financial Reporting Authority (NFRA), the country’s sole independent audit regulator, has started inspections of five audit firms.
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