UPSC Daily Quiz | 10 August 2024

Explanation:

Relevance: The Perseid meteor shower this year began around July and will last until late August, but their peak activity is going on now — between August 11 and 13. 

• Meteor showers are witnessed when Earth passes through the trail of debris left behind by a comet or an asteroid.
• When a meteor reaches the Earth, it is called a meteorite and a series of meteorites, when encountered at once, is termed as a meteor shower. 
• According to NASA, over 30 meteor showers occur annually and are observable from the Earth.
• As meteors fall towards the Earth, the resistance makes the space rocks extremely hot and, as meteorites pass through the atmosphere, they leave behind streaks of glowing gas that are visible to the observers and not the rock itself.

Major annual meteor showers

• The Perseids meteor shower peaks every year in mid-August. 

• The Perseids occur as the Earth runs into pieces of cosmic debris left behind by the comet Swift-Tuttle. 
• The cloud of debris is lit up a little less than 100 km above the Earth’s surface. 
• This usually occurs within the mesosphere, typically at a height of about 80km.

• The Geminids meteor shower, believed to be the strongest of the year, peaks every year in early-December.

• The Geminids meteor showers are unique because their origin does not lie in a comet, but what is believed to be an asteroid or an extinct comet. 
• The Geminids emerge from 3200 Phaethon, which meteor scientists consider to be an asteroid.
• According to NASA, the Geminids rate is better in the year when the shower’s peak overlaps with a nearly new moon, which means there will be darker skies and no moonlight to wash out the fainter meteors.

• Soon after the Geminids meteor shower, viewers in the northern hemisphere can expect to see the Ursids meteor shower, which peaks every year in mid-December. However, the rate of Ursids is much less than Geminids.

Therefore, option (d) is the correct answer.

Subject: Current Affairs | S&T

Level of Difficulty: Easy | Factual

References:

https://www.thehindu.com/sci-tech/science/perseids-meteor-shower-peaking-from-today/article68512052.ece

Explanation:

• For enforcement of auditing standards and ensuring the quality of audits, the Ministry of Corporate Affairs has established the non-statutory body - National Financial Reporting Authority - as an independent regulator. (Hence Statement 1 is not correct but Statement 3 is correct)

• The National Financial Reporting Authority (NFRA), Ministry of Corporate Affairs, has one post of Chairperson, three posts of full-time Members and one post of Secretary for NFRA. (Hence Statement 2 is not correct)

• The NFRA was one of the key changes brought in by the Companies Act, 2013. 
• In making any recommendations, NFRA attempts to keep in mind the implications of such recommendations on the Ease of Doing Business.

• The National Financial Reporting Authority (NFRA) issues the Financial Reporting Quality Review Reports (FRQRRs).

Therefore, option (c) is the correct answer.

Subject: Current Affairs | Economy

Level of Difficulty: Easy | Factual

Explanation:

• Prompt Corrective Action or PCA is a framework under which banks with weak financial metrics are put under watch by the RBI. 
• The objective of the PCA Framework is to enable supervisory intervention at appropriate time and require the Supervised Entity to initiate and implement remedial measures in a timely manner, so as to restore its financial health. 

Basis to Initiate PCA

• From 1st January 2022 onwards, while taking the decision on putting a bank under prompt corrective action (PCA) plan, the RBI assesses the financial institution on three counts, namely:

• Capital Adequacy Ratio (CRAR) (for Capital)
• Net Non-Performing Assets (NPAs) ratio (for asset quality), and 
• Tier I Leverage Ratio (for leverage). (Hence Options 1, 3 and 4 are correct)

• • Breach of any one condition/parameters is seen as sufficient to trigger PCA.

• Earlier, Return on Assets (ROA) was also used as an indicator for initiating PCAF.

• New notification by RBI has removed return on assets as an indicator to qualify for PCA from 1st January 2022 onwards. (Hence Option 2 is not correct)

Therefore, option (c) is the correct answer.

Subject: Current Affairs | Economy

Level of Difficulty: Moderate | Factual

Explanation:

• The Solar Energy Corporation of India ltd (SECI) is a CPSU under the administrative control of the Ministry of New and Renewable Energy (MNRE). (Hence Statement 1 is not correct)
• It has been set up to facilitate the implementation of Jawaharlal Nehru National Solar Mission and achievement of targets set therein. 
• The company is one of the nodal agencies for implementation of a number of schemes of MNRE such as National Solar Mission, Solar Parks Scheme, Canal Top/ Canal Bank Scheme etc. (Hence Statement 2 is correct)
• It is the only CPSU dedicated to the solar energy sector. The mandate of the company has been broadened to cover the entire renewable energy domain (solar, on-shore/off-shore wind, geo-thermal, tidal, bio-gas, biomass, small hydro and other renewable energy sources in India and abroad). (Hence Statement 3 is not correct)
• The company also has a Category 1 power trading license and is active in this domain through trading of solar power from projects set up under the schemes being implemented by it.

Therefore, option (b) is the correct answer.

Subject: Current Affairs | Environment

Level of Difficulty: Moderate | Factual

Explanation:

• The University Grants Commission implements the “Ishan Uday” Special Scholarship Scheme for the North Eastern Region to promote Higher Education in the North Eastern Region by providing financial assistance to students of the region. 

Therefore, option (c) is the correct answer.

Subject: Current Affairs | Scheme

Level of Difficulty: Easy | Factual