Current Affairs Quiz 26th May 2024
Directions for the quiz:
1. This quiz, that is the Current Affairs Quiz 26th May 2024, is meant to be a check for your learning and is meant to serve as a tool for assessment.
2. Current Affairs Quiz 26th May 2024 is designed to check your Current Affairs General Knowledge and provide you with an assessment of the same.
3. Each question in Current Affairs Quiz 26th May 2024 followed by 4 options. Select the most appropriate option for the question.
4. Before you take this quiz, we would recommend to you to go through the article, Daily Current Affairs Today 26th May, 2024
Question 1:
How much liquidity did the Reserve Bank of India (RBI) inject through VRR auctions in May 2024?
A) Rs 5.75 trillion
B) Rs 6.75 trillion
C) Rs 7.75 trillion
D) Rs 8.75 trillion
Answer and Explanation
- Explanation: The Reserve Bank of India (RBI) conducted a variable rate repo (VRR) auction of Rs 1.25 trillion, bringing the total liquidity infused through 9 VRR auctions in May 2024 to Rs 7.75 trillion.
Question 2:
By what percentage did banks’ bids exceed the RBI’s notified amount in the VRR auction?
A) 37%
B) 42%
C) 47%
D) 52%
Answer and Explanation
- Explanation: Banks placed bids worth Rs 11.4 trillion, which is nearly 47% higher than the RBI’s notified amount.
Question 3:
As of December 2022, what was the total amount of unclaimed bank deposits in India?
A) Rs 18,379 crore
B) Rs 39,900 crore
C) Rs 25,000 crore
D) Rs 42,270 crore
Answer and Explanation
- Explanation: According to the data released by the Reserve Bank of India (RBI), as of December 2022, unclaimed balances across various accounts reached Rs 39,900 crore.
Question 4:
What online portal did the RBI launch to help users search for unclaimed deposits?
A) UDGAM
B) UDAN
C) DIGI-CLAIM
D) CLAIMS
Answer and Explanation
- Explanation: The RBI launched an online portal UDGAM (Unclaimed Deposits-Gateway to Access Information) to help users search for unclaimed deposits across multiple banks in a centralised manner.
Question 5:
What is the UN’s updated economic growth rate forecast for India in 2024?
A) 6.5%
B) 6.9%
C) 7.2%
D) 7.5%
Answer and Explanation
- Explanation: The United Nations has updated its growth rate forecast for the Indian economy in 2024 to 6.9%.
Question 6:
What is the projected value of India’s internet economy by 2030?
A) $500 billion
B) $750 billion
C) $1 trillion
D) $1.5 trillion
Answer and Explanation
- Explanation: India’s internet economy is on track to reach $1 trillion by 2030, driven mainly by the e-commerce sector.
Question 7:
What new measure did the GST portal introduce for pan masala and tobacco manufacturers?
A) Tax reduction
B) Machinery registration
C) Export incentives
D) Subsidy for raw materials
Answer and Explanation
- Explanation: The GST portal introduced new protocols for manufacturers to register their machinery and report their monthly inputs and outputs to combat tax evasion.
Question 8:
What is the projected value of India’s merchandise exports by FY25 according to FIEO?
A) $400-450 billion
B) $500-510 billion
C) $550-600 billion
D) $600-650 billion
Answer and Explanation
- Explanation: The Federation of Indian Export Organisations (FIEO) anticipates that India’s merchandise exports will reach $500-510 billion in FY25.
Question 9:
Which sector is expected to contribute significantly to India’s export growth?
A) Textiles
B) Engineering
C) Agriculture
D) Pharmaceuticals
Answer and Explanation
- Explanation: Notable sectors propelling India’s export growth include engineering, advertising services, and the expansion of global capability centers.
Question 10:
Who was appointed as the Commandant of the National Defence Academy (NDA) in 2024?
A) Vice Admiral Ajay Kocchar
B) Vice Admiral Gurcharan Singh
C) Vice Admiral R. Hari Kumar
D) Vice Admiral Karambir Singh
Answer and Explanation
- Explanation: Vice Admiral Gurcharan Singh was appointed as the Commandant of the National Defence Academy, succeeding Vice Admiral Ajay Kocchar.
Question 11:
Which company partnered with Foxconn to manufacture Pixel smartphones in Tamil Nadu?
A) Apple
B) Samsung
C) Google
D) Microsoft
Answer and Explanation
- Explanation: Google has partnered with iPhone manufacturer Foxconn to produce its ultra-premium Pixel smartphones in Tamil Nadu.
Question 12:
What was Kabosu, the dog behind the ‘Doge’ meme, famous for?
A) Winning dog shows
B) Being a guide dog
C) Inspiring Dogecoin and various meme tokens
D) Acting in movies
Answer and Explanation
- Explanation: Kabosu, a Shiba Inu dog, became famous as the inspiration for the “Doge” meme and Dogecoin.
Question 13:
What age did Kabosu, the dog behind the ‘Doge’ meme, pass away at?
A) 16 years
B) 17 years
C) 18 years
D) 19 years
Answer and Explanation
- Explanation: Kabosu, the famous Shiba Inu dog, passed away at the age of 18.
Question 14:
What sector is expected to grow at an annual rate of 25% in India’s internet economy?
A) Fintech
B) E-commerce
C) Edtech
D) Healthcare
Answer and Explanation
- Explanation: The e-commerce sector in India is projected to grow at a robust annual rate of 25% from $60 billion in FY2023 to $325 billion by 2030.
Question 15:
What initiative did the GST Council recommend to improve compliance in the pan masala and tobacco industries?
A) Tax cuts
B) Increased tariffs
C) Machinery registration protocols
D) Export bans
Answer and Explanation
- Explanation: The GST Council recommended new protocols for manufacturers to register their machinery and report their monthly inputs and outputs to curb illicit trade and enhance compliance efforts in the pan masala and tobacco industries.
