Daily Quiz

Solution (c)
Explanation:
• Sleep deprivation has become a critical issue in modern work culture, especially in high-pressure environments, leading to serious health problems such as cardiovascular diseases and mental stress.
• “Hikikomori” is a phenomenon in Japan where individuals withdraw from society and live in isolation, often due to social pressures and failure to meet expectations. Hikikomori is a psychological issue where people choose isolation, mainly among Japanese youth, as a response to social pressure and stress.
• Karoshi is a Japanese term that translates to “death from overwork.” It refers to sudden death (often due to heart attack or stroke) caused by the excessive demands of modern-day work culture. This has become a rising concern in various parts of the world, especially in East Asian countries like Japan and South Korea, where long working hours and job-related stress have led to increased fatal incidents. (Option (c) is correct)
• Burnout involves emotional, mental, and physical exhaustion but is not as fatal as Karoshi. Burnout is a widespread phenomenon in modern work culture, characterized by exhaustion and disengagement, often leading to decreased productivity and mental health issues.

Source: https://www.thehindu.com/opinion/op-ed/transform-workplaces-into-supportive-spaces/article68737624.ece#:~:text=Focus%20on%20work%20quality&text=A%20culture%20where%20mental%20health,time%20spent%20or%20deadlines%20met.

Solution (d)

Explanation:

• The Monetary Policy Committee (MPC) is tasked with setting the benchmark policy rate (Repo Rate) to achieve the inflation target. It is a crucial body in deciding India’s monetary policy and ensuring that inflation remains within the target range set by the government. Repo Rate is the rate at which the Reserve Bank of India (RBI) lends money to commercial banks. The MPC sets this rate to influence inflation and growth. (Option (a) is correct)
• The MPC consists of six members—three members from the Reserve Bank of India (RBI), including the Governor, and three external members nominated by the Government of India. These external members are experts in the field of economics, banking, or finance. (Option (b) is correct)
• The MPC makes decisions through majority voting, and in case of a tie, the Governor of the RBI (who also chairs the MPC) has the casting vote. This structure ensures that the final authority on crucial monetary decisions remains with the central bank. (Option (c) is correct)
• Open market operations (OMO) are conducted by the Reserve Bank of India (RBI), but they are not the direct responsibility of the Monetary Policy Committee (MPC). OMOs are used by the RBI to manage liquidity in the system by buying or selling government securities. The MPC’s primary function is to decide the policy interest rates like the Repo Rate to control inflation, while OMOs are an operational tool for liquidity management. (Option (d) is incorrect)

Source: https://www.thehindu.com/business/das-says-elevated-rates-not-impinging-growth-points-to-high-growth-in-recent-quarters/article68736136.ece#:~:text=The%20Reserve%20Bank%20of%20India,policy%20stance%20to%20'neutral‘.

Solution (b)

Explanation:

• Nuclear Power Plants are used for electricity generation through nuclear reactions, and Satellite Launch Systems are related to placing satellites into orbit.
• HALE (High Altitude Long Endurance) refers to unmanned aerial vehicles (UAVs) capable of long-duration flights at high altitudes. The recent deal for 31 MQ-9B HALE drones from the U.S. was approved by the Indian government.
• SSN (Nuclear Attack Submarines) are submarines powered by nuclear reactors but armed with conventional weapons, which are also part of recent defense acquisitions by India. This option correctly identifies the two terms. (Option (b) is correct)
• Space exploration refers to the exploration of outer space, often associated with space agencies like NASA or ISRO. Missiles are self-propelled weapons systems used for targeted attacks.
• Anti-Submarine Warfare is the use of weapons and tactics to counter submarines, and Ballistic Missiles are missile systems designed to deliver nuclear or conventional payloads over long distances.
• The recent news highlighted the Indian government’s approval to acquire 31 MQ-9B High Altitude Long Endurance (HALE) UAVs from the U.S. and indigenous construction of two Nuclear Attack Submarines (SSNs). These acquisitions aim to bolster India’s surveillance and defense capabilities.

Source: https://www.thehindu.com/news/national/ccs-clears-deals-for-2-indigenous-nuclear-attack-subs-31-mq-9b-drones-from-us/article68737991.ece

Solution (a)

Explanation:

• Non-Banking Financial Companies (NBFCs) are registered under the Companies Act, 1956 (now the Companies Act, 2013). NBFCs are financial institutions that provide banking services without meeting the legal definition of a bank, operating under RBI regulations. (Statement 1 is correct)
• NBFCs do not form part of the payment and settlement system. This function is primarily managed by banks and authorized institutions like the National Payments Corporation of India (NPCI). NBFCs are involved in lending and investment activities, but they are not allowed to offer transaction services that are part of payment and settlement. (Statement 2 is incorrect)
• NBFCs cannot accept demand deposits. Demand deposits, which can be withdrawn on demand (e.g., savings or current accounts), are a feature of banking institutions. NBFCs can raise funds via other methods like term deposits or bonds but are not allowed to provide deposit accounts similar to banks. (Statement 3 is incorrect)

Source: https://www.thehindu.com/business/rbis-das-warns-nbfcs-against-growing-aggressively-at-any-cost/article68736766.ece & https://www.rbi.org.in/commonperson/English/Scripts/FAQs.aspx?Id=1167#:~:text=A%20Non%2DBanking%20Financial%20Company%20(NBFC)%20is%20a%20company,leasing%2C%20hire%2Dpurchase%2C%20insurance

Solution (d)

Explanation:

• The Carbon Border Adjustment Mechanism (CBAM) is designed with the intention of being compatible with WTO rules. The European Union (EU) has worked to ensure that CBAM aligns with international trade regulations to avoid accusations of unfair trade practices or protectionism. The goal is to address carbon leakage while adhering to global trade rules. (Statement 1 is correct)
• CBAM will be fully implemented in 2026. The mechanism will begin with a transitional phase starting in 2023, during which reporting obligations will be introduced. However, financial obligations and the complete implementation will occur by 2026. (Statement 2 is correct)
• CBAM is a climate policy tool introduced by the European Union (EU) as part of its broader European Green Deal. It is designed to impose carbon costs on imports of certain goods from countries with less stringent climate policies to ensure that EU industries are not put at a disadvantage due to the EU’s strict carbon reduction targets. (Statement 3 is correct)

Source: https://www.thehindu.com/business/eus-cbam-deforestation-norms-unilateral-arbitrary-fm/article68737455.ece