UPSC Current Affairs Quiz : 25 May 2024

Ans: (b)

Explanation:

• Context: The Reserve Bank of India (RBI) approved a record transfer of ₹2,10,874 crore to the Union government for 2023-24, more than double the ₹87,416 crore transferred last year. The RBI also increased the Contingent Risk Buffer (CRB) to 6.50% from 6%. This surplus is based on the Economic Capital Framework (ECF) adopted in 2019.
• What is Economic capital?
  • Economic capital is the amount of capital that a firm (in this case RBI), usually in financial services, needs to ensure that it stays solvent given its risk profile. It includes both realized and unrealized reserves.
  • Economic Capital Framework Objective: The framework aims to balance the RBI’s autonomy with the Government’s development goals.

Refer: https://www.insightsonindia.com/2024/05/24/economic-capital-framework-ecf-of-rbi-and-its-implications/

Ans: (b)

Explanation:

• About Economic Capital Framework (ECF)
  • The ECF provides a method for determining risk provisions and profit distribution under Section 47 of the RBI Act, 1934, requiring the central bank to pay profits to the government after provisions for debts, asset depreciation, and staff contributions. It was recommended by the Expert Committee (headed by Bimal Jalan) to Review the Extant Economic Capital Framework of the RBI.
• The Bimal Jalan-led panel recommended:
  • S1: The total economic capital should be maintained between 20.8% to 25.4% of the RBI’s balance sheet.
    • The panel did not suggest that the RBI maintain a much higher capital reserve than international standards; rather, it recommended an optimal level of reserves based on global best practices
  • S3: Risk Capital Frameworks: Assess the adequacy of RBI reserves.
    • Contingency Risk Buffer (CRB): Maintain within 5.5%-6.5% of the RBI’s balance sheet.
  • The CRB is the country’s savings for a financial stability crisis, which has been consciously maintained with the RBI in view of its role as Lender of Last Resort.
  • Review Frequency: Review ECF every five years, or sooner if risks change significantly.
  • Accounting Year Alignment: Sync RBI’s fiscal year (April-March) with the government’s from 2020-21 for better policy cohesiveness.
  • Interim Dividend: Remove the interim payout structure, restricting it to extraordinary circumstances.

Refer: https://www.insightsonindia.com/2024/05/24/economic-capital-framework-ecf-of-rbi-and-its-implications/

Ans: (b)

Explanation:

• Statement 1 is true. The International Booker Prize is awarded annually to a single book that has been translated into English and published in the UK or Ireland.
• Statement 2 is true. The prize money for the International Booker Prize is indeed split equally between the author and the translator, recognizing the contribution of both in bringing the work to an English-speaking audience.
• Statement 3 is false. The International Booker Prize used to be awarded for an author’s body of work when it was first established, but since 2016, it has been awarded for a single book.
• Statement 4 is false. The International Booker Prize and the Booker Prize for Fiction are distinct awards. The Booker Prize for Fiction is awarded to an original novel written in English, whereas the International Booker Prize is awarded for a translated work.

Refer: https://www.insightsonindia.com/2024/05/24/2024-international-booker-prize/

Ans: (c)

Explanation:

• When an aircraft experiences turbulence, it encounters irregular motion caused by changes in the air flow, such as wind shear, jet streams, or atmospheric pressure changes.

Refer: https://www.insightsonindia.com/2024/05/24/turbulence/

Ans: (b)

Explanation:

• Context: India is discussing with Sri Lanka to acquire graphite mines, aiming to meet the rising demand for graphite, crucial for battery anodes, especially lithium-ion batteries.
• China is the world’s largest producer of natural graphite, accounting for two-thirds of global supply.
• While Mozambique, Madagascar, and Brazil are significant non-Chinese producers, China also refines over 90% of the world’s graphite for use in EV battery anodes.
• It is among 30 critical minerals declared by India.

Refer:https://www.insightsonindia.com/2024/05/24/graphite/

Ans: (a)

Explanation:

• Context: Telangana is implementing Shallow Aquifer Management (SAM) pilot models in Habsiguda and Sainikpuri to address groundwater depletion and flooding.
• Option A is Correct: One of the main objectives of AMRUT is to ensure that all households have access to basic services such as water supply, sewerage, urban transport, and parks, focusing primarily on urban areas.
• Option B is Incorrect: AMRUT is specifically designed for urban areas and does not target rural regions.
• Option C is Incorrect: Through AMRUT, selected cities receive financial assistance from the central government to improve urban amenities and infrastructure, promoting sustainable urban development.
• Option D is Incorrect: AMRUT is a scheme initiated by the Government of India and is not directly linked with UNESCO or cultural heritage preservation initiatives.

Refer: https://www.insightsonindia.com/2024/05/24/shallow-aquifer-management-sam/

Ans: (d)

Explanation:

• Context: Spain has become the 99th member of the International Solar Alliance (ISA). Spain handed over the ISA Instrument of Ratification during a meeting between Spain’s Ambassador to India

Refer: https://www.insightsonindia.com/2024/05/24/international-solar-alliance-7/

Ans: (a)

Explanation:

• Context: Australia’s first human case of bird flu has been confirmed in a child who contracted the H5N1 virus while in India. The child returned from India in March and fell ill with the flu virus. Although avian influenza rarely infects humans, it can cause severe illness and has a high mortality rate.
• About Avian influenza:
  • It is commonly known as bird flu, is a highly contagious viral infection that primarily affects birds, including wild and domestic poultry. The H5N1 strain, first identified in 1996, has a mortality rate of about 60% in humans. Symptoms range from mild flu-like symptoms to severe respiratory issues and neurological problems. In India, outbreaks of avian influenza have occurred since 2006, with millions of birds culled to control its spread. India’s strategy involves detecting and culling infected birds. Antiviral treatments are available for human cases.

Refer: https://www.insightsonindia.com/2024/05/24/avian-influenza/

Ans: (a)

Explanation: About  Himalayan Ibex:

• The Himalayan ibex, a subspecies of the Siberian ibex, is native to the Himalayan region spanning India, Pakistan, Tibet, and Nepal. Scientifically known as Capra sibirica hemalayanus, it thrives in high-altitude areas between 3,000 and 5,800 meters. In India, it’s primarily found in Jammu and Kashmir, Himachal Pradesh, and Uttarakhand. These sturdy wild goats weigh about 90 kg, stand 40 inches tall, and sport large curved horns with notches. Their coat ranges from light brown to reddish-brown, with a woolly texture in winter. Typically found in small herds, they can reach speeds of up to 50 km/h. The Himalayan ibex is classified as Near Threatened on the IUCN Red List.
• Additionally, the Himalayan Ibex is primarily herbivorous, feeding on grasses, herbs, and shrubs, and not carnivorous.

Refer: https://www.insightsonindia.com/2024/05/24/census-to-estimate-blue-sheep-and-himalayan-ibex/

Ans: (b)

Explanation:

• S1 is Correct: The Bharal, or blue sheep, is a Himalayan caprine species with the scientific name Pseudois nayaur, the sole member of its genus. Found in the high Himalayas, it inhabits regions across India, Bhutan, China, Myanmar, Nepal, and Pakistan.
• S2 is Incorrect: Despite their name, Blue Sheep do not have a blue coat. Their coat is typically a bluish-grey, which may have contributed to their name, but it is not distinctly blue.

• S3 is Correct: Blue Sheep are known for their remarkable ability to navigate steep and rocky terrain with ease, which helps them evade predators and survive in their harsh mountainous habitats.

Refer: https://www.insightsonindia.com/2024/05/24/census-to-estimate-blue-sheep-and-himalayan-ibex/