NHAI, Paytm - Current Affairs Questions and Answers

ANSWER: Both a and b

Explanation:
National Highways Authority of India launched two mobile Apps - MyFASTag and FASTag Partner in New Delhi.

This is to facilitate the availability of FASTags for Electronic Toll Collection.

The cumbersome method of purchase and recharge of FASTags has been one of the major challenges with the ETC project.

The mobile Apps launched today will ease the process, making it possible to buy or recharge FASTags at the click of a mobile button.

MyFASTag is a consumer App that can be downloaded from the App Store for both Android and iOS systems.

A consumer can purchase or recharge FASTags on this App.

The App also helps to keep track of transactions and provides for online grievance redressal.

FASTag Partner is a merchant App.

Agencies like Common Services Centre, banking partners and vehicle dealers can sell and enrol FASTag through this App.

In addition to this, the App can also be used to activate the RFID tags that came built in with around 74 lakh cars in the country.

These RFID tags are already fixed on the cars but are dormant.

This App will convert these RFID tags into ETC Tag (FASTag).

Also dedicated FASTag lanes will become operational on all 371 NHAI toll plazas from 1st September 2017, he said.

Online sale of FASTags and offline sale through Common Services Centre (CSC) near toll plazas are also carried out.

FASTag can now be purchased online from Issuer Banks websites / NHAI website / IHMCL website and will be delivered by courier at the door step of the purchaser.

More than 6 lakh FASTags have been sold so far.

ANSWER: Gold

Explanation:
Payments app Paytm on 27 April 2017 launched Digital Gold on its platform to allow customers to buy and sell gold through electronic platform.

This first wealth management product was launched in partnership with gold refiner MMTC-PAMP.

It offers a real-time international pricing mechanism for the customers.

Using Paytm mobile wallets, consumers can purchase 24K 999.9 purity gold online and store it in MMTC - PAMP’s secure vaults free of charge.

Customers can buy and sell gold either by money (starting Re 1) or by weight (starting 0.1 gram).

Customers can even request for their gold to be delivered at their homes in the form of minted coins.

Moreover, if the consumer wants to sell the gold, MMTC-PAMP will buy the gold back from them and the money will be transferred to the user’s bank account.

They can pay via multiple payment modes such as Paytm wallet, debit/credit cards, net banking and others.

Consumers transacting over INR 20000 through Paytm, need to provide KYC details to avail the benefit of the gold scheme.

India as Gold Consumer: Know More

• India is the world’s largest consumer of gold.
• An estimated 24000 tonnes worth USD 900 billion of gold is stocked in homes and bank lockers in India, as per World Gold Council estimates.
• Gold is the preferred form of investment for Indians. Through Digital Gold product, Paytm intends to target lower-middle and middle class Indians.
• This product will make it easier for customers to invest in gold digitally.

ANSWER: Paytm

Explanation:
The Digital wallet company Paytm in April 2017 announced the launch of new feature QR code on its Paytm Mall application.

This code will allow consumers to place online orders at physical stores.

With this launch, Paytm becomes the first company to invest in QR code-based payment solution.

The first product to be marketed or sold via this feature of Paytm Mall is handsets of Samsung.

This margin will be based on the product and may vary from 3 per cent to 20 per cent.

Over 95% of the population in the country still shops offline as there is a trust that exists between on offline retailer and customer.

Thus, the company wants to create an offline network as a platform for brands to reach out to millions of consumers, thereby, optimising the supply chain and marketing expenses on their behalf.

Paytm Mall was launched by Paytm in the last week of February 2017 with an aim to offer combination on the Mall and Bazaar concepts to Indian consumers.

Paytm: Know More

• Parent: One97
• CEO: Vijay Shekhar Sharma (Dec 2010)
• Founder: Vijay Shekhar Sharma
• Founded: 2010
• Headquarters: Noida, Uttar Pradesh, India

ANSWER: Its own Payment Bank

Explanation:
Alibaba backed digital payments and commerce platform Paytm is transferring its wallet business to its newly created payments bank.

This is a mandatory step being followed by the company to fulfil the rules laid out by the Reserve Bank of India.

Paytm , which is run by One 97 Communications, has two key businesses -

• payments business and
• commerce marketplace.

Paytm was founded by Vijay Shekhar Sharma

It has got an in-principle approval for the country’s central bank for launching the payment bank under the name of Sharma.

Commerce business is now associated with another entity Paytm e-commerce Private Limited.

Paytm allows fund transfer to bank accounts at 1% transaction fee.

Transfer will be complete once payment bank license is obtained.

Paytm

• Largest shareholder: Alibaba
• Holding company: One97 Communications
• 40% stake in parent company.
• Majority stake in payments bank: 51% (owned by Vijay Shekhar Sharma).
• Airtel launched the first payments bank in India, in Rajasthan.

ANSWER: Yudhvir Singh Malik

Explanation:
Yudhvir Singh Malik, the Special Secretary with NITI Aayog, has been appointed as new Chairman of National Highways Authority of India (NHAI).

He will replace Raghav Chandra. Senior IAS officer Chandra was Chairman since August 2015

Before joining the NITI Aayog he was CEO of FSSAI from 2014 Oct to 2015 Sept- which saw the Maggi Noodle Ban bring the food regulatory authority into news.

NHAI is entrusted with the task of implementing National Highways Development Project (NHDP), India’s largest-ever highways project.

It regulates 92,851 km of national highways across the country.

NHAI: Nodal Agency for Highways

• NHAI is an autonomous agency of the Government of India,
• It manages a network of over 70,000 km of National Highways in India.
• It is a nodal agency of the Ministry of Road Transport and Highways.
• National Highways Authority of India Act, 1988 led to its creation
• It signed an MoU with ISRO recently for satellite mapping of highways

ANSWER: National Highway Authority of India

Explanation:
Cabinet Committee on Economic Affairs chaired by PM Modi has authorised the National Highways Authority of India to monetise public funded NH projects which are operational and generating toll revenue for atlas two yeas after the Commercial Operations Date through the Toll Operate Transfer Model.

• Close to 75 operational NH projects have been identified for the monetisation.

ANSWER: FASTag

Explanation:
National Highways Authority of India has rolled out a cashless payment system FASTag at fee plazas on national highways.

• It offers near non stop movement of vehicles through fee plazas and convenience of cashless payment of toll fee with nationwide interoperable Electronic Fee Collection Service.
• As per the joint study report 2011-2012 carried out by Transport Corp of India and IIM Kolkata estimated annual cost of delay to Indian economy was INR 27000 crore each year.
• FASTag is operational on 335 fee plazas on national highways across the nation and saves time, cash and fuel.

ANSWER: Bhushan Patil

Explanation:
Mobile commerce firm Paytm has appointed ex head of the Alibaba group holding wholesale business, Bhushan Patil. Indian merchants will create a compelling commerce platform and bring incredible experience of building cross border commerce. Key areas at Paytm for Patil will be building cross border commerce of the country.

ANSWER: ISB

Explanation:
NHAI has tied up with Indian School of Business, Hyderabad for the development of competence of its technical and managerial manpower. The programme called Leadership Programme in Infrastructure Management relates to multiple disciplines namely economics, finance, law and social as well as environmental issues.

ANSWER: NHAI International

Explanation:
NHAI International will have offices in different countries and function like rail PSUs undertaking construction and consultancy projects internationally. It will be outside the ambit of NHAI. Iran, Nepal, Sri Lanka and Bhutan are some of the nations planning to award contracts to India in coming years. GoI has also made the decision to increase India’s national highways network to 1.5 lakh km in a year through addition of 50,000 km more than the existing/current network. Target is 30 km of road construction every day by March 2016. A separate body is also being planned for carrying out the expressways project. Mass transit projects are also on the anvil.
Panel for preparing the reorganisation of NHAI has been formed.