3 January 2019 Current Affairs

UPI-based transactions | Axis Bank MD-CEO | NALSA | RBI Retail Survey | Ramakant Achrekar |

Posted on Jan 03, 2019 01:15 IST in Current Affairs.

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1) What new record in UPI-based transactions was created during December 2018, as was disclosed by the data released by the National Payments Corporation of India (NPCI) on 2 January 2019? – For the first-time ever over 600 million UPI transactions were recorded in a calendar month

Explanation: In a record of sorts, 620.17 million Unified Payments Interface (UPI) transactions worth Rs. 102,594.82 crore were conducted in December 2018, as compared to 524.94 million transactions valued at Rs. 82,232.21 crore in November 2018. This meant an increase of 18% in transaction amount.

- Thus December 2018 was the first month when over 600 million UPI transactions were recorded. UPI transactions had crossed the 500 million-mark for the first time in November 2018.

- UPI is a payments system launched by the NPCI, the umbrella organization for all retail payments in India. It facilitates instant fund transfer between two bank accounts on a mobile platform, without requiring any detail of the beneficiary’s bank account.

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2) Who took as the new Managing Director and CEO of Axis Bank from 1 January 2019? – Amitabh Chaudhry

Explanation: On 1 January 2019 Amitabh Chaudhry took over as the new Managing Director and CEO of Axis Bank, the third largest private sector bank of the country. He is a former MD and CEO of HDFC Standard Life Insurance Company, was in September 2018 named the MD and CEO of Axis Bank for a period of three years.

- Chaudhry replaced Shikha Sharma who retired from the post earlier on 31 December 2018.

- Shikha Sharma was at Axis Bank’s helm since 2009 and she had completed three full terms of three years in May 2018. Axis Bank’s revenue during 2018 was over Rs. 58,000 crore while bank’s assets stood at Rs. 6.91 trillion.

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3) Who was nominated as the new Executive Chairman of National Legal Services Authority (NALSA) as was announced on 1 January 2019? – Justice A.K. Sikri

Explanation: President Ram Nath Kovind nominated Justice Sikri as Executive Chairman of National Legal Services Authority (NALSA) with effect from 31 December 2018. The post got vacant after the retirement of Justice Madan B Lokur. This announcement was made on 1 January 2019.

- The NALSA was constituted under the Legal Services Authorities Act, 1987 to provide free legal services to the weaker sections of the society and to organise Lok Adalats for amicable settlement of disputes.

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4) The Reserve Bank of India (RBI) on 2 January 2019 launched the ‘Survey on Retail Payment Habits of Individuals (SRPHi)’ that is expected to provide some idea about awareness and usage habits of digital payment products. Which agency has been engaged to conduct the fieldwork of the survey from 6 cities? - Sigma Research & Consulting Pvt. Ltd.

Explanation: The Reserve Bank of India (RBI) will capture payment habits of individuals in six cities, including four metropolitan towns. For the purpose, the central bank has launched a ‘Survey on Retail Payment Habits of Individuals (SRPHi)’.

- The RBI has engaged Sigma Research & Consulting Pvt Ltd. to conduct the fieldwork of the survey on behalf of the RBI.

- The survey will cover a sample of 6,000 individuals from various socio-economic backgrounds across six cities - Delhi, Mumbai, Kolkata, Chennai, Bengaluru and Guwahati. This was announced by the RBI on 2 January 2019.

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5) Ramakant Achrekar, who passed away on 2 January 2019, was an iconic coach associated with which sports? – Cricket

Explanation: Ramakant Achrekar, the legendary coach known to have shaped the career of master-blaster Sachin Tendulkar, passed away at his Mumbai residence on 2 January 2019. He was 87.

- Besides Tendulkar, he also coached some prominent players in Vinod Kambli, Pravin Amre, Sameer Dighe, Ramesh Powar, Chandrakant Pandit, Ajit Agarkar and Balwinder Singh Sandhu.

- Achrekar was bestowed with country's fourth highest civilian award - Padma Shri in 2010 and Dronacharya Award (for Outstanding Coaches in Sports and Games) in 1990.

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