Current Affairs Questions and Answers 28th March 2024

28th March Current Affairs 2024 Quiz

Q1. What is the percentage increase in brand value for NRMA Insurance, as per the Brand Finance Insurance 100, 2024 report?
(a) 50%
(b) 20%
(c) 82%
(d) 30%
(e) 10%

Q2. What was the monetary penalty imposed by the RBI on Navsarjan Industrial Co-operative Bank Ltd for non-compliance?
(a) 5 lakh
(b) 10 lakh
(c) 17 lakh
(d) 7 lakh
(e) 1 crore

Q3. How many entities received payment aggregator licences from the RBI in 2024, including Innoviti Payments and Concerto Software?
(a) 8
(b) 10
(c) 12
(d) 13
(e) 15

Q4 Where did the Francis Scott Key Bridge collapse occur?
(a) New York
(b) Baltimore
(c) Miami
(d) Los Angeles
(e) San Francisco

Q5. What are the RBI’s inflation projections for the first quarter of fiscal year 2024-25?
(a) 4.0 percent
(b) 4.5 percent
(c) 5.0 percent
(d) 5.2 percent
(e) 5.5 percent

Q6. What is the projected average consumer inflation rate for India in fiscal year 2025 according to S&P Global Ratings?
(a) 3.5 percent
(b) 4.0 percent
(c) 5.5 percent
(d) 5.0 percent
(e) 4.5 percent

Q7. Who has been authorized by RBI to implement the interoperable net banking payment system?
(a) NPCI Bharat BillPay Ltd.
(b) RBI Governor Shaktikanta Das
(c) Individual banks
(d) Payment aggregators
(e) None of the above

Q8. What was the current account deficit of India in Q3: 2023-24?
(a) US$ 11.4 billion
(b) US$ 10.5 billion
(c) US$ 16.8 billion
(d) US$ 12.0 billion
(e) US$ 9.7 billion

Q9. What was the net inflow of foreign direct investment (FDI) in India during Q3: 2023-24?
(a) US$ 4.6 billion
(b) US$ 2.0 billion
(c) US$ 3.5 billion
(d) US$ 4.2 billion
(e) US$ 5.0 billion

Q10. Who is the newly appointed Prime Minister of Portugal?
(a) Antonio Costa
(b) Andre Ventura
(c) Pedro Nuno Santos
(d) Marcelo Rebelo de Sousa
(e) Luis Montenegro

Solutions

S1. Ans.(c)
Sol. NRMA Insurance’s brand value has increased by 82 percent. This substantial growth underscores the company’s strengthening position in the insurance industry.
S2. Ans.(d)
Sol. The RBI imposed a penalty of ?7 lakh on Navsarjan Industrial Co-operative Bank Ltd for failing to comply with RBI directives on deposit placement, KYC norms, and provisions of the Banking Regulation Act, 1949.
S3. Ans.(d)
Sol. In 2024, a total of 13 entities received payment aggregator licences from the RBI, including Innoviti Payments and Concerto Software. This statistic reflects the regulatory support for fostering competition and innovation in the digital payments sector.
S4. Ans.(b)
Sol. The collapse occurred on the Francis Scott Key Bridge, located in Baltimore, Maryland. This incident took place early on March 26, leading to significant damage and casualties.
S5. Ans.(d)
Sol. The RBI projects a retail inflation rate of 5.2 percent for the first quarter of fiscal year 2024-25. These projections play a crucial role in the RBI’s policy decisions regarding interest rates and monetary policy measures.
S6. Ans.(e)
Sol. S&P Global Ratings anticipates a further decline in consumer inflation, projecting an average rate of 4.5 percent for fiscal year 2025. This projection aligns with expectations of a repo rate reduction by the Reserve Bank of India (RBI) to stimulate economic activity.
S7. Ans.(a)
Sol. The RBI has granted authorization to NPCI Bharat BillPay to implement the interoperable net banking payment system. This ensures a standardized approach and centralized implementation of the system.
S8. Ans.(b)
Sol. In Q3: 2023-24, India’s current account deficit was US$ 10.5 billion. This reflects a decrease from the previous quarter and the same period of the previous fiscal year, signifying a positive trend in managing the deficit.
S9. Ans.(d)
Sol. During Q3: 2023-24, India recorded a net inflow of US$ 4.2 billion in foreign direct investment (FDI), indicating an increase from the previous year. This suggests continued confidence of foreign investors in India’s economy.
S10. Ans.(e)
Sol. Luis Montenegro, leader of the centre-right Democratic Alliance (AD), has been appointed as Portugal’s new prime minister, succeeding Antonio Costa, who resigned over a corruption scandal. Montenegro’s appointment marks a shift from eight years of Socialist rule in Portugal.