Daily Current Affairs MCQs for UPSC IAS Prelims - 18 May 2023

Welcome to the RAYACADEMY Daily Current Affairs MCQs! Our focus is to provide you with engaging and informative questions that primarily revolve around current affairs, derived from reliable sources such as 'The Hindu', 'Indian Express', and 'PIB'. Our MCQs test your understanding of factual and conceptual knowledge, which is essential for cracking the UPSC IAS and State PCS prelim exams. Below are some of Today's Current Affairs MCQs. We hope you make the most of this initiative and wish you all the best in your preparation.

---

Q1. Which of the following statements is/are correct about LIBOR (London Interbank Offered Rate)?

1. LIBOR is a global benchmark interest rate that reflects the average rate at which banks estimate they can borrow from each other in the London interbank market for a specific time period.

2. LIBOR is primarily used as a benchmark to settle trades in futures, options, swaps, and other derivative financial instruments in over-the-counter markets and exchanges worldwide.

3. Consumer lending products, such as mortgages, credit cards, and student loans, often utilize LIBOR as a benchmark rate.

4. LIBOR is solely based on the opinions of individual banks without any regulatory oversight.

Select the correct answer using the code given below:

a) 1, 2, and 3 only

b) 1, 2, 3, and 4

c) 1, 2, and 4 only

d) 1, 3, and 4 only

Answer: a

Explanation:

Statement 1 is correct: LIBOR is a global benchmark interest rate that represents the average rate at which banks estimate they can borrow from each other in the London interbank market for a specific time period.

Statement 2 is correct: LIBOR is primarily used as a benchmark to settle trades in futures, options, swaps, and other derivative financial instruments in over-the-counter markets (participants engaging directly without using an exchange) and on exchanges globally.

Statement 3 is correct: Consumer lending products, including mortgages, credit cards, and student loans, often utilize LIBOR as a benchmark rate.

Statement 4 is incorrect: While LIBOR has faced regulatory scrutiny and reforms, it is not solely based on the opinions of individual banks without any regulatory oversight.

Q2. Consider the following statements:

1. The- motion to impeach a Judge of the Supreme Court of India cannot be rejected by the Speaker of the Lok Sabha as per the Judges (Inquiry) Act, 1968.

2. The Constitution of India defines and gives details of what Constitutes ‘incapacity and proved misbehaviour’ of the Judges of the Supreme Court of India.

3. The details of the process of impeachment of the Judges of the Supreme Court of India are given in the Judges (Inquiry) Act 1968.

4. If the motion for the impeachment of a Judge is taken up for voting, the law requires the motion to be backed by each House of the Parliament and supported by a majority of the total membership of that House and by not less than two-thirds of total members of that House present and voting.

Which of the statements given above is/are correct?

(a) 1 and 2

(b) 3 only

(c) 3 and 4 only

(d) 1, 3 and 4

Answer: c

Explanation: The Speaker/Chairman may admit the motion or refuse to admit the motion for the impeachment of SC Judges. Hence statement 1 is wrong.

The address to remove SC Judge must be supported by a special majority of each House of Parliament (ie, a majority of the total membership of that House and a majority of not less than two-thirds of the members of that House present and voting). Hence statement 4 is correct.

Q3. The seasonal reversal of winds is the typical characteristic of

(a) Equatorial climate

(b)Mediterranean climate

(c) Monsoon climate

(d) All of the above climates

Answer: c

Explanation: Monsoon is the only climate which is having a reversal of wind between seasons.

Q4. With reference to the Department of Telecommunications (DoT) artificial intelligence-based facial recognition tool, consider the following statements:

1. ASTR is designed to detect and block possible fraudulent mobile connections by running checks on subscriber databases of telecom operators to identify multiple connections associated with the same person.

2. The use of ASTR by the DoT aims to reduce cyber fraud in the telecommunications sector.

Which of the statements given above is/are correct?

a) 1 only

b) 2 only

c) Both

d) None

Answer: c

Explanation:

Statement 1 is correct: ASTR is specifically designed to run checks on subscriber databases of telecom operators to identify multiple connections associated with the same person. By doing so, it aims to detect and block possible fraudulent mobile connections. This aligns with the information provided.

Statement 2 is correct: The primary objective of using ASTR by the DoT is to bring down cyber fraud in the telecommunications sector. Therefore, statement 3 is also correct.

Q5. With reference to RuPay's CVV-free payment experience and tokenization, consider the following statements:

1. RuPay has introduced the CVV (Card Verification Value) free payment experience for its debit, credit, and prepaid cardholders who have tokenized their cards on the merchant application or webpage.

2. Tokenization is a technology that enhances the security of card transactions by replacing actual card details with unique tokens.

3. The Reserve Bank of India (RBI) has mandated the replacement of actual card details with tokens for all credit and debit card data used in online, point-of-sale, and in-app transactions.

4. Tokenization eliminates the need for two-factor authentication during the transaction process.

Which of the statements given above is/are correct?

a) 1 and 2 only

b) 2 and 4 only

c) 1, 2 and 3 only

d) All

Answer: b

Explanation:

Statement 1 is correct: RuPay has introduced the CVV-free payment experience for its cardholders who have tokenized their cards on the merchant application or webpage.

Statement 2 is correct: Tokenization is a technology that enhances the security of card transactions by replacing actual card details with unique tokens.

Statement 3 is correct: The Reserve Bank of India (RBI) has indeed made it mandatory for all credit and debit card data used in online, point-of-sale, and in-app transactions to be replaced with unique tokens. This adds an extra layer of security.

Statement 4 is incorrect: Tokenization does not eliminate the need for two-factor authentication during the transaction process. The authentication process, including OTP (two-factor authentication), is still required even when using tokenization.