The Daily Current Affairs Quiz questions are based on various national and regional newspapers, including government news sources.
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Question 1 of 5
1. Question
With respect to Open Network for Digital Commerce (ONDC), consider the following statements:
1. ONDC maintains a protocol similar to UPI, HTTP and SMTP.
2. It aims to move digital commerce from a platform-centric model to an open network.
Which of the statements given above are correct?
Correct
(c) Both 1 and 2
Explanation:
The Open Network for Digital Commerce (ONDC) is a Section 8 company, under the initiative of Department for Promotion of Industry and Internal Trade (DPIIT), with a mission to democratize digital commerce.
• Statement 1 is correct: ONDC develops and maintains the ONDC Protocol, an open technical standard similar to UPI, HTTP and SMTP. ONDC Network is based on open specifications namely the ONDC Protocol. Any two platforms that are compliant with the ONDC Protocol can interoperate without specifically integrating with each other’s systems. The ONDC Protocol compliant applications together constitute the ONDC Network. The ONDC Protocol allows buyers and sellers to trade goods or services no matter which /platform they use, as long as the platforms are part of the ONDC Network.
• Statement 2 is correct: Open Network for Digital Commerce (ONDC) is a globally first-of-its-kind initiative that aims to democratise Digital Commerce, moving it from a platform-centric model to an opennetwork. ONDC will enable buyers and sellers to be digitally visible and transact through an open network no matter what platform/application they use.
Incorrect
(c) Both 1 and 2
Explanation:
The Open Network for Digital Commerce (ONDC) is a Section 8 company, under the initiative of Department for Promotion of Industry and Internal Trade (DPIIT), with a mission to democratize digital commerce.
• Statement 1 is correct: ONDC develops and maintains the ONDC Protocol, an open technical standard similar to UPI, HTTP and SMTP. ONDC Network is based on open specifications namely the ONDC Protocol. Any two platforms that are compliant with the ONDC Protocol can interoperate without specifically integrating with each other’s systems. The ONDC Protocol compliant applications together constitute the ONDC Network. The ONDC Protocol allows buyers and sellers to trade goods or services no matter which /platform they use, as long as the platforms are part of the ONDC Network.
• Statement 2 is correct: Open Network for Digital Commerce (ONDC) is a globally first-of-its-kind initiative that aims to democratise Digital Commerce, moving it from a platform-centric model to an opennetwork. ONDC will enable buyers and sellers to be digitally visible and transact through an open network no matter what platform/application they use.
Question 2 of 5
2. Question
Consider the following statements with regard to the Revamped Distribution Sector Scheme (RDSS):
1. The Scheme was launched to improve the financial position of state Agriculture Produce Market Committees (APMCs).
2. The release of funds under the scheme has been linked to Results and Reforms.
3. There is no sunset clause in the scheme.
Which of the statements given above are incorrect?
Correct
(b) 1 and 3 only
Explanation:
• Revamped Distribution Sector Scheme (RDSS) was launched in July 2021 with the objective of improving the quality and reliability of power supply to consumers through a financially sustainable and operationally efficient distribution Sector. Hence, statement 1 is incorrect.
The salient features of the scheme are
• The scheme aims to reduce the AT&C losses to pan-India levelsof 12-15% and the ACS-ARR (Average Cost of Supply – Average Realizable Revenue) gap to zero by 2024-25.
• The Scheme has two major components: Part ‘A’ – Financial support for Prepaid Smart Metering and System Metering and upgradation of the Distribution Infrastructure, and Part ‘B’ – Training and Capacity Building and other Enabling and supporting Activities.
• The release of funds under the scheme has been linked to Results and Reforms. The prequalifying criteria need to be mandatorily met by the DISCOMs before they can be evaluated for release of funds under the scheme. Hence, statement 2 is correct.
• The scheme has a duration of 5 years (FY 2021-22 to FY 2025-26). The sunset date of the scheme will be 31.03.2026. Hence,
statement 3 is incorrect. REC Limited and Power Finance Corporation Limited (PFC) have been appointed as the Nodal Agencies for the scheme and have been made responsible for facilitating the implementation of the scheme in the entire country.
Incorrect
(b) 1 and 3 only
Explanation:
• Revamped Distribution Sector Scheme (RDSS) was launched in July 2021 with the objective of improving the quality and reliability of power supply to consumers through a financially sustainable and operationally efficient distribution Sector. Hence, statement 1 is incorrect.
The salient features of the scheme are
• The scheme aims to reduce the AT&C losses to pan-India levelsof 12-15% and the ACS-ARR (Average Cost of Supply – Average Realizable Revenue) gap to zero by 2024-25.
• The Scheme has two major components: Part ‘A’ – Financial support for Prepaid Smart Metering and System Metering and upgradation of the Distribution Infrastructure, and Part ‘B’ – Training and Capacity Building and other Enabling and supporting Activities.
• The release of funds under the scheme has been linked to Results and Reforms. The prequalifying criteria need to be mandatorily met by the DISCOMs before they can be evaluated for release of funds under the scheme. Hence, statement 2 is correct.
• The scheme has a duration of 5 years (FY 2021-22 to FY 2025-26). The sunset date of the scheme will be 31.03.2026. Hence,
statement 3 is incorrect. REC Limited and Power Finance Corporation Limited (PFC) have been appointed as the Nodal Agencies for the scheme and have been made responsible for facilitating the implementation of the scheme in the entire country.
Question 3 of 5
3. Question
Consider the following with respect to Global Financial Innovation Network (GFIN)
1. GFIN is committed to supporting financial innovation in the interests of consumers.
2. GFIN Greenwashing tech-sprint aims to address a GFIN priority on Environmental, Social, and Governance
3. ‘greenwashing’ is marketing that portrays an organization’s products, activities or policies as producing positive environmental or social outcomes.
Which of the statements given above are correct?
Correct
(d) 1, 2 and 3
Explanation:
Global Financial Innovation Network (GFIN)
• Launched in: 2019
• GFIN is a network of over 70 organisations committed to supporting financial innovation in the interests of consumers.
• It seeks to provide a more efficient way for innovative firms to interact with regulators, helping them navigate between countries as they look to scale new ideas.
• The GFIN also aims to create a new framework for co-operation between financial services regulators on innovation related topics, sharing different experiences and approaches.
GFIN Greenwashing tech-sprint
• The aim is to address a GFIN priority on Environmental, Social, and Governance (ESG) by developing a tool or solution that could help regulators or the market more effectively tackle or mitigate the risks of greenwashing in financial services.
• To create the tool, businesses will have the chance to collaborate with regulatory experts, a wide range of stakeholders, and specialists worldwide.
Incorrect
(d) 1, 2 and 3
Explanation:
Global Financial Innovation Network (GFIN)
• Launched in: 2019
• GFIN is a network of over 70 organisations committed to supporting financial innovation in the interests of consumers.
• It seeks to provide a more efficient way for innovative firms to interact with regulators, helping them navigate between countries as they look to scale new ideas.
• The GFIN also aims to create a new framework for co-operation between financial services regulators on innovation related topics, sharing different experiences and approaches.
GFIN Greenwashing tech-sprint
• The aim is to address a GFIN priority on Environmental, Social, and Governance (ESG) by developing a tool or solution that could help regulators or the market more effectively tackle or mitigate the risks of greenwashing in financial services.
• To create the tool, businesses will have the chance to collaborate with regulatory experts, a wide range of stakeholders, and specialists worldwide.
Question 4 of 5
4. Question
Consider the following about Nano DI-AMMONIA PHOSPHATE (DAP)
1. It is a source of nitrogen and phosphorus – 2 key primary nutrients essential for the growth of crops.
2. Unlike conventional DAP, which comes in granular form, IFFCO’s Nano DAP is in granular form.
3. It contains 8% Nitrogen and 16% Phosphorus by volume.
Which of the statements given above are correct?
Correct
(b) 1 and 3 only
Explanation:
About Nano DAP:
• It is a unique liquid fertilizer product that contains nanoparticles of Diammonium Phosphate (DAP).
• It is a source of nitrogen and phosphorus – 2 key primary nutrients essential for the growth of crops.
• It contains 8% Nitrogen and 16% Phosphorus by volume.
• Unlike conventional DAP, which comes in granular form, IFFCO’s Nano DAP is in liquid form.
• It has an advantage in terms of surface area to volume, as its particle size is less than 100 Nanometre (nm).”
Advantages of NANO DAP
• Higher Crop Yield: Due to small size and more surface area to volume ratio; seed treatment and foliar application of Nano DAP at critical growth stages enhances nutrient availability to crops. Hence, Crop yield increases due to increase in leaf chlorophyll, photosynthesis, root biomass, number of effective tillers and branches.
• Quality Food: Nutritional quality of harvested food produce was found to be better in terms of protein and nutrient content.
• Reduction in Chemical Fertilizer Usage: Enhanced use efficiency of one bottle (500 ml) of Nano DAP can potentially replace the phosphorus requirement met by conventional DAP by 50%.
• Environment Friendly: Production of Nano DAP is energy and resource friendly. Precision and targeted application of this to crops therefore leads to agriculture sustainability and safety of the environment by reducing soil, air and water pollution.
• It is more pocket-friendly than its conventional counterpart. A 500 ml bottle of Nano DAP, equivalent to a 50-kg bag of conventional DAP
• It is set to significantly reduce this import burden.
Incorrect
(b) 1 and 3 only
Explanation:
About Nano DAP:
• It is a unique liquid fertilizer product that contains nanoparticles of Diammonium Phosphate (DAP).
• It is a source of nitrogen and phosphorus – 2 key primary nutrients essential for the growth of crops.
• It contains 8% Nitrogen and 16% Phosphorus by volume.
• Unlike conventional DAP, which comes in granular form, IFFCO’s Nano DAP is in liquid form.
• It has an advantage in terms of surface area to volume, as its particle size is less than 100 Nanometre (nm).”
Advantages of NANO DAP
• Higher Crop Yield: Due to small size and more surface area to volume ratio; seed treatment and foliar application of Nano DAP at critical growth stages enhances nutrient availability to crops. Hence, Crop yield increases due to increase in leaf chlorophyll, photosynthesis, root biomass, number of effective tillers and branches.
• Quality Food: Nutritional quality of harvested food produce was found to be better in terms of protein and nutrient content.
• Reduction in Chemical Fertilizer Usage: Enhanced use efficiency of one bottle (500 ml) of Nano DAP can potentially replace the phosphorus requirement met by conventional DAP by 50%.
• Environment Friendly: Production of Nano DAP is energy and resource friendly. Precision and targeted application of this to crops therefore leads to agriculture sustainability and safety of the environment by reducing soil, air and water pollution.
• It is more pocket-friendly than its conventional counterpart. A 500 ml bottle of Nano DAP, equivalent to a 50-kg bag of conventional DAP
• It is set to significantly reduce this import burden.
Question 5 of 5
5. Question
With respect to SOFR consider the following statements.
1. Secured Overnight Financing Rate (SOFR) is a secured interbank overnight interest rate.
2. It is a replacement for USD LIBOR (London Inter-Bank Offered Rate)
3. LIBOR is calculated differently from SOFR and is considered a less risky rate.
Which of the statements given above are correct?
Correct
(a) 1 and 2 only
Explanation:
Secured Overnight Financing Rate (SOFR)
• Secured Overnight Financing Rate (SOFR) is a secured overnight interest rate.
• SOFR is a reference rate (that is, a rate used by parties in commercial contracts that is outside their direct control) established as an alternative to LIBOR.
• LIBOR has been published in a number of currencies and underpins financial contracts all over the world.
• Because LIBOR is derived from banks’ daily quotes of borrowing costs, banks were able to manipulate the rates through lying in the surveys. Deeming it prone to manipulation, UK regulators decided to discontinue LIBOR in 2021.
• SOFR uses actual costs of transactions in the overnight repo market, calculated by the New York Federal Reserve.
• SOFR is calculated differently from LIBOR and is considered a less risky rate.
• The less risky nature of SOFR may result in lower borrowing costs for companies.
• In addition, unlike the forward-looking LIBOR (which can be calculated for 3, 6 or 12 months into the future), SOFR is calculated based on past transactions, which limits the rate’s predictive value on future interest rates.
• In addition, SOFR is overnight, whereas LIBOR can have longer tenors.
Incorrect
(a) 1 and 2 only
Explanation:
Secured Overnight Financing Rate (SOFR)
• Secured Overnight Financing Rate (SOFR) is a secured overnight interest rate.
• SOFR is a reference rate (that is, a rate used by parties in commercial contracts that is outside their direct control) established as an alternative to LIBOR.
• LIBOR has been published in a number of currencies and underpins financial contracts all over the world.
• Because LIBOR is derived from banks’ daily quotes of borrowing costs, banks were able to manipulate the rates through lying in the surveys. Deeming it prone to manipulation, UK regulators decided to discontinue LIBOR in 2021.
• SOFR uses actual costs of transactions in the overnight repo market, calculated by the New York Federal Reserve.
• SOFR is calculated differently from LIBOR and is considered a less risky rate.
• The less risky nature of SOFR may result in lower borrowing costs for companies.
• In addition, unlike the forward-looking LIBOR (which can be calculated for 3, 6 or 12 months into the future), SOFR is calculated based on past transactions, which limits the rate’s predictive value on future interest rates.
• In addition, SOFR is overnight, whereas LIBOR can have longer tenors.
