Daily Quiz on Current Affairs by Gkseries – 14 September 2023

Daily Quiz on Current Affairs 14 September 2023 is very important for Competitive Exams like SSC, Railway, RRB, Banking, IBPS, PSC, UPSC, etc. Our Gkseries team have composed these Current Affairs Quizzes from Newspapers like The Hindu and other competitive magazines.

Daily Quiz on Current Affairs

1. __________ is the inflation target set by the RBI for the current financial year?
(a) 2%
(b) 3%
(c) 4%
(d) 5%

Sol. The inflation target set by the RBI for the current financial year (2023-24) is 4% with a tolerance band of +/- 2%. This means that the RBI will aim to keep inflation between 2% and 6%.

2. ___________ was India’s retail inflation rate in August 2023?
(a) 5.4%
(b) 6.83%
(c) 7.44%
(d) 6.0%

Sol. In August 2023, India’s retail inflation, as measured by the Consumer Price Index (CPI), stood at 6.83%. This figure represents the percentage increase in the general price level of consumer goods and services compared to the previous year. It indicates the overall rise in the cost of living for consumers during that period.

3. The New Development Bank (NDB) was established by which of the following group of countries?
(a) G7

Sol. The New Development Bank (NDB) is a multilateral development institution established by Brazil, Russia, India, China, and South Africa (BRICS) to finance sustainable development projects in emerging economies.

4. Which is not a feature of Cashfree Payments’ ‘AutoPay on QR’?
(a) It simplifies the process of mandate creation for subscription services.
(b) It can be integrated across marketing channels.
(c) It eliminates the need to download an app or register on a website.
(d) It is a payment gateway solution.

Sol. Cashfree Payments’ ‘AutoPay on QR’ is a subscription management solution, not a payment gateway solution. It helps businesses to automate the subscription process for their customers.

5. Which is not a key finding of the Gender Snapshot 2023 report?
(a) Progress towards achieving gender equality is significantly on track.
(b) Deeply entrenched biases against women threaten to derail this ambitious goal.
(c) Active resistance to gender equality and chronic underinvestment are pivotal roadblocks.
(d) The report estimates the need for $6.4 trillion annually in 48 developing countries to achieve gender equality across various key areas by 2030.

Sol. The Gender Snapshot 2023 report clearly states that progress towards achieving gender equality is significantly off track.

6. Which organizations is not involved in the development of the OTG Ring?
(a) NPCI
(b) LivQuik
(c) National Common Mobility Card (NCMC)
(d) State Bank of India (SBI)

Sol. The OTG Ring has been developed by NPCI in collaboration with LivQuik. NCMC is a critical component of India’s digital payments ecosystem and will be compatible with the OTG Ring. IHMCL is a strategic partner of NPCI and has partnered with NPCI to introduce EV charging payments on the National Electronic Toll Collection (NETC) FASTag platform. However, SBI is not involved in the development of the OTG Ring.

7. How did India’s industrial output (IIP) perform in July 2023?
(a) It declined by 3.8%
(b) It remained unchanged
(c) It grew at 5.7%
(d) It grew at 5.0%

Sol. India’s industrial output, as measured by the Index of Industrial Production (IIP), showed positive growth of 5.7% in July 2023. This indicates that the country’s industrial sector expanded during that month, which can be a sign of economic activity and production picking up.

8. What did the Reserve Bank of India (RBI) state in response to the rising inflation?
(a) It will lower interest rates immediately.
(b) It will take no action.
(c) It will raise interest rates if conditions require.
(d) It will introduce new currency notes.

Sol. The RBI stated that it would be ready to take action, including raising interest rates, if conditions warrant such measures in response to the rising inflation.

9. Which is not a key feature of the OTG Ring, launched by NPCI?
(a) It is a contactless payment wearable ring.
(b) It is designed and made in India.
(c) It is compatible with various open-loop transit programs.
(d) It can be used to withdraw cash from ATMs.

Sol. The OTG Ring is a contactless payment wearable ring. It can be used to make payments at merchant outlets and to access open-loop transit programs. However, it cannot be used to withdraw cash from ATMs.

10. According to the Fiscal Health Report, which of the following states are identified as most vulnerable to debt sustainability risks?
(a) Punjab, Bihar, and Rajasthan
(b) Kerala, Tamil Nadu, and Maharashtra
(c) Gujarat, Uttar Pradesh, and Madhya Pradesh
(d) Karnataka, Haryana, and Odisha

Sol. Punjab, Bihar, and Rajasthan. These states are highlighted as vulnerable due to weak fiscal and debt metrics even before the pandemic, as mentioned in the report.

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