10 PM Current Affairs Quiz : December 6, 2018

Virschikotsavam is an annual eight-day long festival celebrated in the Sree Poornathrayeesa Temple, Tripunithura, Kerala. It is observed in Nov-Dec as a cultural and religious festival. The highlight of the festival is the royal procession of 15 elephants, ‘The Ezhunnallippu,’ with the figurine of the deity held on top of the center elephant. Another attraction is the “pancharimelam,” which is a traditional temple art form accompanying the procession, with instruments like Chenda, Kombu, Elathaalam etc.

Repo rate is the rate at which the central bank of a country lends money to commercial banks in the event of any shortfall of funds. In the event of inflation, central banks increase repo rate as this acts as a disincentive for banks to borrow from the central bank. This ultimately reduces the money supply in the economy and thus helps in arresting inflation.

Therefore, both statements 1 and 2 are correct

About Climate Risk Index

Index analyse number of deaths per 1,00,000 inhabitants, extent of financial losses and loss per unit of Gross Domestic Product (GDP) of countries.

In the present analysis, only weather related events – storms, floods and temperature extremes (heat and cold waves) – are incorporated

Geological incidents like earthquakes, volcanic eruptions or tsunamis, for which data is also available, are not relevant in this context as they do not depend on the weather

Limited liability guarantees users that they lose money through an unauthorized transaction such as a third-party hack, the extent of liability will be limited, even zero if they inform the bank immediately

Until now limited liability was only applicable on credit/debit cards however, now onwards prepaid Instruments such as digital wallets, smart cards, and online accounts will be covered.

However, according to the banks, the liability limits for e-wallets is likely to be lower, considering the smaller transaction size and lower balances.

Exercise Hand-in-Hand is conducted annually as part of military diplomacy and interaction between armies of India and China. The joint exercise for the year 2018 will be conducted from 10 to 23 December 2018 at Chengdu, China.  The aim of the exercise is to build and promote close relations between armies of both the countries and to enhance ability of joint exercise commander to take military contingents of both nations under command.

Like its predecessor, NCCF, the NDRF is financed through the levy of a cess on certain items, chargeable to excise and customs duty, and approved annually through the Finance Bill. The requirement for funds beyond what is available under the NDRF is met through general budgetary resources.

The National Executive Committee (NEC) of the National Disaster Management Authority takes decisions on the expenses from National Disaster Response Fund, in accordance with the guidelines laid down by the Central Government in consultation with the National Authority