10 PM Current Affairs Quiz : February 7, 2018

Statements 1 and 2 are correct. mAadhaar is official mobile application developed by Unique Identification Authority of India (UIDAI) to provide an interface to Aadhaar Number Holders to carry their demographic information viz. Name, Date of Birth, Gender and Address along with photograph as linked with their Aadhaar Number in smart phones.

Statement 3 is incorrect. One Aadhaar profile can be active on only one device at a time. If you create profile on another device by inserting the sim in another device, the previous profile would become inactive and would be deleted from older device whenever any operation is attempted from that device. A user can add maximum 3 profiles in his device, all having same mobile number registered in their Aadhaar.

Key Features:

• Aadhaar Number Holder profile download – A convenient way to carry Aadhaar number with demographic details anytime, anywhere.
• Biometric locking/unlocking – To secure biometric authentication by locking biometrics data. Once resident enables Biometric Locking system their biometric remains locked till the Aadhaar Holder chose to either Unlock it (which is temporary) or Disable the Locking system.
• TOTP generation – Time-based One-Time Password is an automatically generated temporary password which can be used instead of SMS based OTP.
• Update of profile – An updated view of Aadhaar profile data after successful completion of update request.
• Sharing of QR code and eKYC data by Aadhaar Number holder – Share QR code and password protected eKYC data to retrieve accurate demographic information from it instead of manual entry.

statement (d) is incorrect. Agni-1 missile has already been inducted into the armed forces and has proved its performance in terms of range, accuracy and lethality. The recent trials reconfirms the Army’s readiness to fire it at short notice.

Important facts about Agni-1 missile:

1. The short-range nuclear capable ballistic missile Agni-1 has a strike range of over 700 km.
2. Agni-1 is an indigenously developed surface-to-surface, single-stage missile which was inducted into service in 2004.
3. The state-of-the-art missile is propelled by a solid rocket propellant system. It was launched as part of a regular training exercise by the armed forces.
4. The sophisticated Agni-1 missile is equipped with a specialised navigation system that ensures it reaches the target with a high degree of precision.
5. The missile, capable of carrying nuclear warheads
6. Agni-1 missile was developed by the Advanced Systems Laboratory or ASL in collaboration with the Defence Research Development Laboratory (DRDL) and the Research Centre Imarat (RCI). The Advanced Systems Laboratory is the premier missile development laboratory of the Defence Research and Development Organisation (DRDO).

Statement 1 is correct. European Economic Area provides for the free movement of persons, goods, services and capital within the internal market of the European Union (EU). The EEA was established on 1 January 1994 upon entry into force of the EEA Agreement.

Statement 2 is incorrect. The EEA includes EU countries and also Iceland, Liechtenstein and Norway. It allows them to be part of the EU’s single market.

Statement 3 is incorrect. Switzerland is neither an EU nor EEA member.

All the statements are correct.

The World Economic Forum was established in 1971 as a not-for-profit foundation. It is headquartered in Geneva, Switzerland.

The World Economic Forum, committed to improving the state of the world, is the International Organization for Public-Private Cooperation. The Forum strives in all its efforts to demonstrate entrepreneurship in the global public interest while upholding the highest standards of governance. Moral and intellectual integrity is at the heart of everything it does.

The World Economic Forum publishes a comprehensive series of reports which examine in detail the broad range of global issues it seeks to address with stakeholders as part of its mission of improving the state of the world. It publishes the Global Competitiveness Report, the Global Risks Report and the Global Gender Gap Report.

Statement 1 is incorrect. Repo rate is the rate at which the central bank of a country (Reserve Bank of India in case of India) lends money to commercial banks in the event of any shortfall of funds. Repo rate is used by monetary authorities to control inflation. Reverse repo rate is the rate at which the central bank of a country, i.e. RBI in case of India borrows money from commercial banks within the country.

Statement 2 is correct. The securities transacted under Repo Rate can be either government securities or corporate securities or any other securities which the Central bank permits for transaction. Non-sovereign securities are used in many global markets for repo operations. Unlike them, Indian repo market predominantly uses sovereign securities, though repo is allowed on corporate bonds and debentures.

A Goldilocks Economy describes an economy that is not so hot that it causes inflation, and not so cold that it causes a recession. The term describes an economy that is operating in an optimal state by providing full employment and economic stability.

Statement 1 is correct. Twin Balance Sheet Problem (TBS) deals with two balance sheet problems. One with Indian companies and the other with Indian Banks.

Thus, TBS is two two-fold problem for Indian economy which deals with:

Overleveraged companies – Debt accumulation on companies is very high and thus they are unable to pay interest payments on loans. Note: 40% of corporate debt is owed by companies who are not earning enough to pay back their interest payments. In technical terms, this means that they have an interest coverage ratio less than 1.

Bad-loan-encumbered-banks – Non Performing Assets (NPA) of the banks is 9% for the total banking system of India. It is as high as 12.1% for Public Sector Banks. As companies fail to pay back principal or interest, banks are also in trouble. Hence, statement 2 is incorrect.