Correct Answer :   Grant Shapps

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UK Prime Minister Rishi Sunak on Thursday (31st August 2023) appointed Grant Shapps as the new Defence Minister.

* The development comes after former Defence Secretary Ben Wallace resigned due to personal reasons.

* Shapps has previously served as Transport Secretary,  energy secretary and Home Secretary.

* The new post of Defence Secretary marks his fifth ministerial portfolio. Grant Shapps has been a strong supporter of Sunak as Conservative Party leader..

Source : AIR

Correct Answer :   NPCI

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India has maintained a rather sceptic stance towards accepting cryptocurrencies as part of its financial systems, but is keeping an open approach towards exploring blockchain technology.

The National Payments Corporation of India (NPCI), on 29 August 2023, announced the launch of Falcon

Aim : An open-source project that aims to simplify the management and use of blockchains based on ‘Hyperledger Fabric' and supported on Kubernetes clusters. Essentially, Falcon is expected to help developers innovate on blockchain-based payment solutions.

“Whether you're a blockchain enthusiast, developer, or enterprise seeking to harness the power of distributed ledger technology using Hyperledger Fabric, Falcon is your go-to solution for efficient, reliable, and automated Fabric network deployment,” the NPCI wrote in its official statement.

This offering from the NPCI is expected to help blockchain developers to use the distributed ledger technology to facilitate efficient, reliable, and automated deployment of network as well as Web3 solutions.

What is Hyperledger?

Hyperledger Fabric was initiated by Digital Asset and IBM, as per Investopedia. Hyperledger fabric is an enterprise-level permission blockchain network. The framework serves as a foundation for creating blockchain-based products and solutions.


What are Kubernetes Clusters?

Developed by Google engineers Joe Beda, Brendan Burns, and Craig McLuckie in 2014, Kubernetes is an open-source platform that assists the management of packaged software codes, also called containerised applications. A Kubernetes cluster is a set of nodes that run containerised applications.

“Kubernetes automates operational tasks of container management and includes built-in commands for deploying applications, rolling out changes to your applications, scaling your applications up and down to fit changing needs, monitoring your applications, and more—making it easier to manage applications,” Google Cloud has explained in its blog post..

Source : Gadgets360

Correct Answer :   Savart

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Savart, one of India’s largest investment advisors, is all set to launch its unique Portfolio Management Service (PMS), The "Ad Astra Fund" on August 26 in Hyderabad.

Sankarsh Chanda, Founder & CEO of Savart briefed in detail about the launch event which is expected to be graced by the presence of eminent investors from across the country. This unique fund transforms the traditional human led investment research processes and increases the probability of achieving a superior return on investment.

The fund features end-to-end research automation, from investment opportunity discovery until exit i.e., the entire research and investment decision making is driven by their AI research system APART (Advanced Process Automation & Research Technology), which comprises of three engines:

Quant : This engine is responsible for all quantitative & mathematical analysis of securities including Profit & Loss, Balance Sheet, Cash Flow statements & over 2000 other parameters.

Iris : This engine interprets qualitative & abstract information like corporate governance, moat, sustainability, stakeholder relations, ethics and litigation pertaining to the promoters and the underlying asset, business from annual reports, con-call transcripts, social media & 4,000+ other sources.

Synapse : This engine functions similar to the nervous synapses of the human body, transmitting information between Quant & Iris, while making portfolio construction decisions including asset allocation, re-balancing & trade execution management..

Source : Telangana Today

Correct Answer :   India and United States

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India and the United States have taken a bold step towards fostering renewable energy technology innovation by launching the Renewable Energy Technology Action Platform (RETAP) under the umbrella of the Strategic Clean Energy Partnership.


Significance :

* This significant initiative, established following a meeting between the Ministry of New and Renewable Energy and the US Department of Energy (DOE) on 29th August 2023, is designed to elevate bilateral collaboration in the renewable energy sector with a focus on technology-driven, time-bound results.

* RETAP's initial focus will revolve around the development of green and clean hydrogen, wind energy, and long-duration energy storage solutions. However, the platform will also explore opportunities in geothermal energy, ocean/tidal energy, and other mutually identified emerging technologies, opening doors for diverse renewable energy avenues.

* The work plan for RETAP will be guided by five pivotal themes, including research and development, piloting and testing of innovative technologies, investment and incubation, advanced training and skill development, as well as policy frameworks for advancing renewable energy technology and enabling technologies.

* The core objective is to enhance collaboration and knowledge sharing between India and the US. This will be achieved through the establishment of a RETAP Steering Committee and the formation of joint working groups to explore, develop, and implement innovative renewable energy technologies.

* This initiative not only marks a significant stride towards achieving sustainable and clean energy objectives but also highlights the commitment of India and the US to combat climate change through meaningful technological advancements in the renewable energy sector..

Source : CNBC

Correct Answer :   Droupadi Murmu

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The President of India, Smt Droupadi Murmu graced the state level launch of the theme of the year “The Year of Positive Change” of Brahma Kumaris at Raipur, Chhattisgarh on August 31, 2023.

Speaking on the occasion, the President said that today we are living in the era of technology. But it is necessary to spend some time away from electronic gadgets.

This is very important for our physical as well as mental health. She urged all to develop their inner strength, keep doing positive work and stay with positive thoughts and good company. She advised to be in the company of such people who inspire to follow the right path. She said that if we live life in the right way, we can make every moment beautiful and memorable.

The President said that on one hand, our country is reaching new heights every day. Be it landing on the moon or writing new chapters in the field of sports at the world level, we are setting many records. On the other hand, there is a very serious issue. Just a few days ago, two students preparing for NEET ended their lives.

Many children studying for competitive exams have committed suicide in the past. She said that competition is a positive thing that improves life. Victory and defeat are part of life. There are many examples of the fact that momentary failure often paves the way to a big success in future.

She urged the family members, friends, teachers and society to understand the mentality of children and help them. She said if there is pressure of studies and competition on the children, all the stakeholders should remove that pressure with positive thinking and help them in moving ahead with confidence.

The President said that every individual has unique talent. It is good to take inspiration from others but one should understand one's own interests and abilities and choose the right direction.

For this, it is necessary to communicate with self. By awakening inner-self, one can increase one's own capabilities. With positive thinking and actions, not only our own lives but also the lives of people around us can be improved.

The President was happy to note that Brahma Kumaris are working tirelessly to spread love, harmony and peace in the world. She said that it is not easy to change someone's thinking, but it could be achieved with determination and continuous efforts. She appreciated the Brahma Kumaris organization for continuously working for making the world a better place..

Source : President of India

Correct Answer :   2.63 Km

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Assam Chief Minister Himanta Biswa Sarma on Wednesday (30 Aug 2023) inaugurated the State's longest flyover, named Nilachal Flyover after the Nilachal Hills near which it stands, measuring a total of 2.63 kilometres and starting from Maligaon Chariali to Kamakhya Gate in Guwahati.

Built at a cost of ₹420.75 crore, the State's longest flyover till date has been completed within a period of mere 35 months by Shree Gautam Construction Co Ltd and Anupam Nirman Pvt Ltd.

Tomorrow, we will be dedicating Assam's longest flyover to the people. pic.twitter.com/vUR86gvFWg

— Himanta Biswa Sarma (@himantabiswa) August 29, 2023

* Elevated along the Assam Trunk Road, it has four lanes on the bridge and the total length of the flyover is 2,630.00 metres. The width of the flyover along Assam Trunk Road is 16.60 metres.

* The extended arm of the flyover towards Pandu Ghat (the only commercial port of Assam) is of two lanes.

* The construction of the Maligaon flyover started in the 2020 during the first regime of BJP government.

* The flyover is also set to show Assam’s rich culture, along with numerous plants and flowers on its tall pillars and walls.

* Assamese attire, musical instruments, scenic forests, and flora and fauna are being painted underneath the flyover. We are trying to paint the flyover and present it like a newly-wed bride

* Samra further expressed displeasure at people staining the walls with chewing tobacco spits. Even though we are doing our best, I can’t say about people spitting and staining the walls..

Source : News18

Correct Answer :   Dr. Vasudha Gupta

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Senior Indian Information Service officer Dr. Vasudha Gupta has assumed charge as the Principal Director General of Akashvani and News Services Division.

She was serving as Director General in Akashvani. In the last one year, Dr Gupta has been instrumental in the revamping and reviving of Akashvani.

A 1989-batch officer, Dr. Gupta has served in various capacities in the Ministry of Information and Broadcasting in her over 33-year-long career. She has also served as Director General, Press Information Bureau (PIB).

During her stint in PIB, Dr. Vasudha Gupta played an instrumental role in devising and implementing information dissemination products during the challenging period of COVID pandemic.

She is credited for leading the important initiative of developing a feedback dashboard for the Government of India across various media platforms, as also, as establishing of Fact-Check system for the Government.

A Ph.D. in Finance from the Indian Institute of Technology, Delhi, Dr. Vasudha Gupta helped in the introduction of social media platforms in regional languages through Akashvani, while she was posted as Additional Director General in Akashvani.

Source : AIR

Correct Answer :   Jaya Verma Sinha

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The government of India appointed Jaya Verma Sinha as the first woman chairperson and CEO of the Railway Board, which is the top decision-making body for the Ministry of Railways.

The Ministry of Railways tweeted to confirm that Sinha has started her tenure 1st September 2023.

Smt. Jaya Varma Sinha assumes the position of Chairperson and CEO Railway Board, today.

She is the first woman head of the Railways.

She has vast administration and management experience of different fields of Railways. pic.twitter.com/arcBEpXTfE

— Ministry of Railways (@RailMinIndia) September 1, 2023

Jaya Sinha is the first woman to head the Railway Board in its 118-year history. For the unversed, the Railway Board came into effect in 1905. She assumes the office from today, i.e., 1 September 2023, and before this, she was the Member (Operations and Business Development).

She was at the forefront while handling the aftermath of the tragic Balasore accident, which killed 291 people.

"The Appointments Committee of the Cabinet (ACC) has approved the appointment of Jaya Verma Sinha, Indian Railway Management Services (IRMS), Member (Operations & Business Development), Railway Board, to the post of Chairman & Chief Executive Officer (CEO), Railway Board".


About Her Tenure & Career :

Sinha's tenure as Railway Board head will be until August 31, 2024. Sinha was earlier slated to retire on October 1, but she will be re-employed the same day until her tenure is over. She succeeds Anil Kumar Lahoti.

Sinha is an alumnus of Allahabad University. She joined the Indian Railway Traffic Service in 1988 and worked on the Northern Railway, South Eastern Railway, and Eastern Railway. She has also served at the Centre for Railway Electrification (CORE).

She also worked as a railway advisor at the High Commission of India in Dhaka, Bangladesh, for four years. The Maitree Express from Kolkata to Dhaka was inaugurated during her tenure in Bangladesh. She also worked as the Divisional Railway Manager, Eastern Railway, Sealdah Division..


Source : India Times

Correct Answer :   Russia

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Russia is set to embark on a historic journey by launching its first Islamic banking pilot program on 1st September 2023. With a considerable Muslim population of approximately 25 million, the move aims to tap into the potential of Islamic finance, which has already had a presence through institutions but lacked official recognition.

President Vladimir Putin’s recent endorsement of the initiative signifies a significant step towards embracing Islamic banking principles in the country.


Islamic Banking: Core Principles and Distinctive Features :

1. Shariah Compliance and Ethical Framework: Islamic banking operates on the principles of Shariah, the Islamic legal system that prohibits usurious transactions and interest charges due to their perceived injustice. This fundamental difference sets it apart from conventional banking practices.

2. Asset-based Model and Partnership Structure: Conventional finance relies on debt-based transactions, where clients bear the entire risk and liability. In contrast, Islamic banking is grounded in an asset-based approach, emphasizing shared profits and risks between financial institutions and clients through partnership arrangements.

3. Socially Responsible Investments: One of the significant distinctions is Islamic banking’s avoidance of sectors deemed harmful to society, such as alcohol, tobacco, and gambling. This ethical stance aligns with the principles of Shariah, promoting responsible financial practices.

4. Prohibition of Speculation and Risky Transactions: Unlike conventional finance, Islamic banking disallows financing speculation, financial derivatives, and deals lacking tangible assets. This prohibition aims to mitigate risks and prevent financial crises akin to the global economic downturn.

Motivations behind Russia’s Introduction of Islamic Banking :

1. Economic Growth Potential: Russia’s largest lender, Sberbank, highlights the rapid growth rate of the Islamic banking sector at around 40 percent annually. Experts project that this sector could reach a substantial value of $7.7 trillion by 2025, making it an attractive avenue for economic growth and investment.

2. Regulatory Framework and Client Protection: Acknowledging the expanding Islamic finance market, regulatory oversight becomes essential. The introduction of Islamic banking represents a step towards establishing a regulatory framework and ensuring investor and client protection.

3. Overcoming Limitations of Conventional Banking: While Russia offers state support programs for mortgage financing and small to medium enterprises, these initiatives rely on interest-bearing loans, which conflict with Shariah principles. The new law seeks to address these limitations and provide opportunities for Islamic finance to flourish.


Geopolitical and Economic Influences :

1. Preceding Economic Crises and Alternative Funding: The discussions around Islamic banking in Russia trace back to the 2008 financial crisis when banks faced liquidity shortages and sought alternative funding sources. This initiative, long-awaited, emerges as a solution to diversify funding options.

2. Western Sanctions and Eastern Alliances: Following the annexation of Crimea in 2014, Western sanctions intensified pressure on Russian banks. The idea of Islamic banking gained traction as a means to establish ties with economies in Muslim-majority countries, reducing reliance on Western financial systems.

3. Strengthening Economic Ties with the East: While energy revenues have shielded Russia from direct impacts of Western sanctions, the Islamic banking experiment symbolizes an effort to bolster the country’s economic ties with the East. The focus on making Russia appealing to foreign investments from regions with Shariah-based finance frameworks illustrates this shift.

Correct Answer :   Nagaland

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In a significant achievement, Nagaland has become the first State in the North Eastern Region to initiate Aadhaar Linked Birth Registration (ALBR).

* This pioneering initiative aims to streamline birth registration by integrating Aadhaar enrolment for children in the age group of 0 to 5 years.

* The initiative is anticipated to enable children's access to various social welfare schemes designed for their welfare.

* In an event 31st August 2023, Commissioner of Nagaland T. Mhabemo Yanthan urged the cooperation of State government officials to ensure the successful implementation of ALBR across all districts of Nagaland.

* Director of UIDAI, Col. Abhishek Koushik, commended the State government for leading the North Eastern Region in implementing ALBR. He lauded the consistent efforts of the Office of the Commissioner, Nagaland, in providing Aadhaar-linked services to the state's residents.
 
* To extend the reach of this service to residents across districts, the Directorate of Economics and Statistics, Nagaland, which serves as the Registrar for Birth and Death for the state, has collaborated with the Unique Identification Authority of India (UIDAI) as a Registrar cum Enrolment Agency for Child Enrolment via the ALBR process.

* UIDAI has been actively supporting States through workshops, door-to-door enrolments, and outreach to remote areas, assisting them in harnessing the benefits of the Aadhaar ecosystem..

Source : AIR