Correct Answer :   90 Years

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The Reserve Bank of India (RBI), the nation’s central banking institution, is entering its 90th year on April 1st, 2024. To mark this significant occasion, Prime Minister Narendra Modi is attending the event at Mumbai’s National Centre for the Performing Arts.

Establishment and History

* The RBI was established on April 1, 1934, following recommendations from the Royal Commission on Indian Currency and Finance to maintain the country’s monetary stability. Its operations commenced on April 1, 1935, with Sir Osborne Smith as the first Governor.

* Over the years, the RBI has seen 26 Governors, with the current Governor being Shaktikanta Das, who assumed office in October 2021. The Central Office of the RBI was initially in Kolkata but was shifted to Mumbai in 1937.

Expanding Roles and Responsibilities

* Initially responsible for currency issuance, banking services, and agricultural credit, the RBI’s role has expanded over the decades to include:

Significant Achievements

Balance Sheet and Liquidity Support : The RBI’s balance sheet currently stands at a staggering Rs 63 lakh crore as of March 31, 2023, larger than the annual budget of the government. This strong balance sheet enabled the RBI to provide liquidity support of close to 9% of GDP (US$ 227 billion) post-COVID-19.

Foreign Exchange Reserves : India’s foreign exchange reserves currently stand at a substantial USD 642 billion, the fourth-highest in the world. These reserves play a crucial role in maintaining the stability of the rupee’s value and have helped India weather global crises, such as the 1997 East Asian currency crisis and the 2008 financial crisis.

Inflation Management : The RBI’s role in inflation management or price stability has evolved over the years. A flexible inflation targeting framework was established in 2016, with a six-member Monetary Policy Committee (MPC) responsible for setting interest rates to maintain inflation within a target range of 2-6%, with 4% being the target.

Financial Sector Regulation : The RBI has implemented initiatives to reduce non-performing assets (NPAs) in banks’ books and maintain a comfortable capital adequacy ratio of 15-16%. It has also served as a lender of last resort, rescuing failing banks like Yes Bank and Lakshmi Vilas Bank.

Promoting Digital Payments : In the last decade, the RBI has played a crucial role in promoting digital payments. The Unified Payments Interface (UPI), an instant account-to-account transfer system, currently handles a staggering 12 billion transactions per month, with a total value reaching Rs 18.23 lakh crore in December 2022 alone.

Future Outlook :

* Over the next five years, UPI is poised to further erode the shares of NEFT and paper-based cheque transactions. Within the next 2-3 years, India’s UPI transaction volume is expected to surpass the combined transaction volume of global payment networks like Visa and Mastercard.

* As the RBI celebrates its 90th anniversary, it continues to play a vital role in maintaining the country’s economic stability, regulating the financial sector, and promoting digital innovations in the payments ecosystem.

Correct Answer :   HDFC Bank

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HDFC Bank, a leading private sector lender in India, is pursuing the sale of its entire stake in HDFC Education and Development Services. This move comes as the bank seeks to maintain transparency and regulatory compliance while selecting a buyer through the Swiss challenge method.

Regulatory Filing Details :

RBI Approval and Timeline :

Future Steps :

Correct Answer :   Mozambique

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* The India-Mozambique-Tanzania Trilateral Exercise concluded in Mozambique, specifically at Nacala.

* The closing ceremony was held onboard INS Tir and INS Sujata, and it included representatives from all three navies.

* This exercise focused on various training aspects such as Visit, Board, Search and Seizure (VBSS), Damage Control, Firefighting Drills, communication procedures, and medical lectures including CPR demonstration and casualty evacuation (CASEVAC).

* This was the second edition of the exercise, emphasizing the importance of maritime cooperation and security among the participating countries.

Correct Answer :   Axis Bank

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Axis Bank has announced (26th Mar 2024) the introduction of digital US dollar fixed deposits (FDs) for NRI customers at the IFSC Banking Unit (IBU) at GIFT City, Gujarat. The bank has become the first to offer a digital journey for opening deposits at GIFT City.

Digital, Paperless Process through Mobile Banking App :

* NRI customers of Axis Bank can now open US dollar fixed deposits at GIFT City through the bank’s mobile banking application, ‘Open by Axis Bank’. This offering provides an end-to-end digital paperless solution, eliminating the need for physical documentation.

Seamless Experience and Attractive Interest Rates

The digital process allows customers to :


Axis Bank provides NRIs with attractive interest rates and a wide range of investment tenures from seven days up to ten years, making it one of the best investment opportunities.

Simplifying the Process for NRI Customers :

According to the bank, this offering simplifies the process of booking US dollar fixed deposits for NRI customers, providing them with a convenient and hassle-free experience.

By introducing digital US dollar fixed deposits at GIFT City, Axis Bank aims to cater to the growing demand for digital banking services among NRI customers, while also leveraging the opportunities presented by the IFSC Banking Unit at GIFT City.

Correct Answer :   Kotak Mahindra Bank

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Kotak Mahindra Bank has successfully acquired Sonata Finance Private Limited (Sonata) for a total consideration of approximately Rs. 537 crore. This acquisition grants Kotak Mahindra Bank full ownership of Sonata, bolstering its presence in the microfinance sector.

Sonata Finance: A Microfinance Powerhouse :

* Sonata Finance is a Non-Banking Finance Company – Micro Finance Institution (NBFC-MFI) registered with the Reserve Bank of India (RBI).
* As of December 31, 2023, Sonata boasted an impressive Asset Under Management (AUM) of approximately Rs. 2,620 crore.
* Sonata operates across 10 states through a network of 549 branches, providing microfinance services to underserved communities.

Kotak’s Microfinance Expansion Strategy :

* The acquisition of Sonata was previously announced by Kotak Mahindra Bank in February 2023 and October 2023, signaling the bank’s intention to expand its microfinance operations.
* With the acquisition now finalized, Sonata’s extensive microfinance network becomes part of the Kotak Mahindra Bank umbrella, strengthening the bank’s presence in the microfinance sector.

Reshuffling Insurance Business :

* In a separate development, earlier in February 2024, Kotak Mahindra Bank decided to give up its majority stake in the general insurance business. The private sector lender announced that Zurich Insurance will acquire a 70% stake in the bank’s general insurance arm, Kotak Mahindra General Insurance, for ?5,560 crore in a single tranche.

* This move follows the bank’s November 2023 announcement of selling a 51% stake in Kotak Mahindra General Insurance to Zurich Insurance for ?4,051 crore through a combination of fresh capital infusion and share purchase. The remaining 19% stake was supposed to be sold within a period of three years.

* Kotak Mahindra Bank’s acquisition of Sonata Finance and the reshuffling of its insurance business demonstrate the bank’s strategic efforts to expand its microfinance operations while realigning its focus in the insurance sector.

Correct Answer :   Sunrisers Hyderabad

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Sunriser Hyderabad managed to post 277 for three against Mumbai Indians in their Indian Premier League 2024 match in Hyderabad on Wednesday (27th Mar 2024) to break the record for the highest score in the competition.

Heinrich Klaasen’s unbeaten 80 and quickfire fifties from Abhishek Sharma and Travis Head ensured their side’s onslaught never seized against the five-time champion.

Royal Challengers Bengaluru held the record before SRH when it posted 263 runs against Pune Warriors India in Bengaluru in 2013. Lucknow Super Giants follows closely behind which managed 257 runs against Punjab Kings last season.

Here is the list of highest scores in the IPL :

* SRH 277/3 vs MI in 2024*
* RCB 263/5 vs PWI in 2013
* LSG 256/5 vs PBKS in 2023
* RCB 248/3 vs GL in 2016
* CSK 246/5 vs RR in 2010
* MI 246/5 vs SRH in 2024*
* KKR 245/6 vs KXIP in 2018
* CSK 240/5 vs KXIP in 2008
* CSK 235/4 vs KKR in 2023.

Correct Answer :   Sreeja Akula

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Indian paddler Sreeja Akula clinched the women’s singles title at the WTT Feeder Beirut II 2024 in Beirut, Lebanon. The world no. 47 Indian came from behind to secure a 6-11, 12-10, 11-5, 11-9 victory over the lower-ranked Sarah D Nutte of Luxembourg in the final.

The 25-year-old Commonwealth Games mixed doubles gold medalist had previously defeated top seed world no. 36 Suh Hyo Won of South Korea earlier in the tournament. This is Sreeja’s second WTT singles career title, having won the Feeder Corpus Christi in January.

Indian Success in Men’s and Mixed Doubles Events

* In the men’s doubles final, the all-Indian pair of Manav Thakar and Manush Shah emerged victorious, defeating compatriots Mudit Dani and Akash Pal with a score of 11-7, 11-5, 9-11, 11-6.

* The mixed doubles event saw another Indian triumph, with Poymantee Baisya and Akash Pal clinching their maiden mixed doubles crown. They upset the experienced duo of Sathiyan Gnanasekaran and Manika Batra with a scoreline of 11-9, 7-11, 11-9, 11-0.

Sathiyan’s Winning Streak Ends :

* Sathiyan Gnanasekaran, who had lifted his first-ever men’s singles WTT title in Beirut last week, saw his 10-match winning streak come to an end. He lost in the men’s singles semifinal to world no. 43 Kirill Gerassimenko of Kazakhstan, with a score of 11-9, 13-11, 11-9.

* The WTT Feeder Beirut II 2024 witnessed remarkable performances from Indian paddlers, with Sreeja Akula leading the way with her women’s singles title triumph. The tournament also highlighted the prowess of Indian players in the doubles events, showcasing their talent on the international stage.

Correct Answer :   6.8%

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Morgan Stanley has increased its GDP growth forecast for India for the financial year 2024-25 (FY25) to 6.8%, up from the previous estimate of 6.5%. This revision reflects a positive outlook on India’s economic trajectory, emphasizing its strength and stability in the current cycle. The firm also revised its growth forecast for the ongoing financial year, FY24, to 7.9%.

Economic Outlook and Monetary Policy :

Optimistic Trajectory : Morgan Stanley anticipates a shallow easing cycle in monetary policy, driven by continued traction in industrial and capital expenditure activities.

Growth Projection :

Robust Growth Momentum : India’s GDP growth is expected to track around 7% in the fourth quarter of FY23-24 (QE Mar-24), with broad-based growth across rural-urban consumption and private-public capital expenditure.

Inflation Trends :

Favorable Inflation Trajectory : Recent trends indicate a softening in headline inflation, with moderation in food inflation and core inflation. The firm expects headline inflation to average 4.5% in FY25 and core inflation to remain muted at 4.1%.

Factors Affecting Growth :

Global and Domestic Risks : Morgan Stanley highlights potential risks from slower-than-expected global growth, higher commodity prices, and tighter global financial conditions. Domestically, factors such as central elections and changes in policy mix warrant close monitoring.

Supply Chain and Commodity Prices :

Disinflation Trend: Supply-chain normalization and easing commodity price pressures are expected to contribute to a disinflation trend in the coming period.

Correct Answer :   Vinay

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Vinay has secured victory at the Para Powerlifting World Cup held in Egypt 2024. The 18-year-old athlete showcased his prowess by claiming the gold medal in the 59kg youth category, lifting an impressive 120kg weight on the third day of the competition. Hailing from Gorakhpur, Uttar Pradesh, Vinay has etched his name in history as the first para powerlifter from the state to achieve such a feat on the international stage, a release said. His dedication and talent have not only brought glory to his hometown and the country.

In a fiercely competitive event, Ahmed Abdelkadar of Egypt secured the silver medal, while Mohammed Abdelkadar, also representing Egypt, faced disqualification due to technical reasons. "Vinay's victory is a testament to his hard work, determination, and the expert guidance provided by his coach, JP Singh. In a humble gesture, Vinay credited coach Singh for his invaluable support and mentorship," the release said.

"This triumph not only signifies Vinay's individual success but also underscores the potential and talent present in the para powerlifting arena in Uttar Pradesh. Vinay's victory serves as an inspiration for aspiring athletes and a reminder of the power of perseverance and dedication in overcoming challenges," the release said. (ANI)

Correct Answer :   Virat Kohli

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Indian cricket captain Virat Kohli has etched his name in history by becoming the first Indian cricketer to score 12,000 runs in the T20 format. Kohli accomplished this remarkable feat during the opening match of the 2024 Indian Premier League (IPL) between Chennai Super Kings (CSK) and Royal Challengers Bangalore (RCB) at the MA Chidambaram Stadium.

Breaking Down the Numbers :

* Kohli’s 12,000 runs include his scores for RCB in the IPL and the now-defunct Champions League, for Delhi in domestic Twenty-over cricket, and for India in T20 Internationals. Rohit Sharma is the second-highest Indian run-scorer in T20 cricket with a total of 11,156 runs.

Global T20 Run-Scorers :

* The leading position in the list of highest T20 run-scorers is held by former West Indies opener Chris Gayle, who has scored a massive 14,562 runs. Following him is former Pakistan captain Shoaib Malik with 13,360 runs, and third is West Indian player Kieron Pollard with 12,900 runs.

Milestone Moment :

* Kohli crossed the 12,000-run milestone in the seventh over of the CSK vs RCB IPL match, swiping a full ball from Ravindra Jadeja behind square on the leg side for a single. He has scored eight centuries and 91 fifties so far in T20 cricket.

IPL Records :

* Virat Kohli also holds the record for the highest runs in IPL of all time. He has scored 7,284 runs in 239 matches and 230 innings at an average of 37.24 and a strike rate of 130.02. His best score in the IPL is 113, and he has scored seven centuries and 50 fifties.

T20I Exploits :

* Kohli, an Indian cricket player, has scored 4037 runs in T20 international matches while playing for India. He has also scored runs for his state team Delhi, Indians, and Royal Challengers Bengaluru. He has scored one century in T20 international matches.

Another Milestone against CSK :

* In the same match against CSK, Kohli achieved another milestone by completing 1,000 runs against the team. He has scored 1,006 runs in 32 matches against CSK at an average of 37.25, including nine half-centuries in 31 innings.

* However, the most runs by a batter against an opposition in the IPL belongs to David Warner, who has scored 1,075 runs against Kolkata Knight Riders (KKR) at an average of 44.79 and a strike rate of over 145.

* Virat Kohli’s remarkable achievement of becoming the first Indian to score 12,000 T20 runs is a testament to his consistency, skill, and longevity in the shortest format of the game. With many more milestones in sight, the Indian captain continues to inspire and captivate cricket fans worldwide.