April 2023

• Maharashtra Governor Ramesh Bais inaugurated the Merchant Navy Week in Mumbai on 31 March 2023.
• The Director General of Shipping and Chairman of NMDC, Rajiv Jalota, pinned the miniature flag of Merchant Navy Day on the Governor’s apparel to mark the beginning of the Diamond Jubilee of Merchant Navy Week.
• The Governor stated that the ocean around Mumbai can be explored for the development of passenger transport services.
• He emphasized the need to increase the number of Maritime Training Institutes in India and further strengthen them.
• The Governor stressed the importance of the merchant navy for India’s economic development, citing its vast maritime history.
• The DG of Shipping highlighted the importance of National Maritime Day and the developments made by the Directorate General of Shipping and other organizations in the maritime field.
• Merchant Navy Week celebrations showcase the Shipping Industry’s role in all its aspects through various events like meetings, seminars, symposiums, workshops, exhibitions, and competitions.

Question : What is the purpose of the Merchant Navy Week celebrations?
a) To highlight the role of the Shipping Industry in all its aspects.
b) To focus only on the developments made by the Directorate General of Shipping.
c) To promote the fishing industry in India.
d) None of the above.

Answer: a) To highlight the role of the Shipping Industry in all its aspects.

1. The Government has raised interest rates on most post office saving schemes for the April-June 2023 quarter.
2. The National Savings Certificate (NSC) interest rate has been increased to 7.7%.
3. Sukanya Samriddhi interest rate has been increased to 8%.
4. PPF and savings deposits interest rates have been retained at 7.1% and 4% respectively.
5. Senior citizen savings scheme interest rate increased to 8.2%.
6. Kisan Vikas Patra (KVP) interest rate has been increased to 7.5%, and its maturity period reduced from 120 to 115 months.
7. One-year term deposit interest rate has been increased to 6.8%.
8. Two-year term deposit interest rate has been increased to 6.9%.
9. Three-year term deposit interest rate has been increased to 7%.
10. Five-year term deposit interest rate has been increased to 7.5%.
11. Five-year recurring deposit interest rate increased to 6.2%.
12. Interest rates on Monthly Income Scheme have been increased to 7.4%.
13. Interest rates for small savings schemes are notified quarterly.

What is the new interest rate for the National Savings Certificate (NSC) for the April-June 2023 quarter?
A) 6.8%
B) 7%
C) 7.7%
D) 8%
Answer: C) 7.7%