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Banking and Economy Current Affairs Quiz - January 2017

Home > Current Affairs > Banking and Economy Current Affairs Quiz - January 2017

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1. ‚ Future Generali India Insurance Company (FGII) announced bancassurance tie-up with ______________ ?

Bank of Maharashtra
Bank of India
State Bank of India
HDFC Bank
None of These


2. In Cashless India Scorecard prepared by Walnut app, ________, Telangana and Haryana emerged as the top three states with the highest growth in going cashless ?

Goa
Sikkim
Gujarat
Nagaland
None of These


3. Online Travel Portal _____________ accquired Competitor IBIBO for Approx $1.8 (12000 Crores Approx) ?

TripAdvisor
PayTm
Yatra
MakeMyTrip
None of These


4. ____________ and India Post Payments Bank signed MOU to enable IPPB to receive support for pilot launch of IPPB ?

HDFC Bank
SBI
BOB
Axis Bank
Punjab National Bank


5. Vodafone India signed MoU with ______________ government to invest 3,000 crore for capacity augmentation, during State's Global Business Summit 2017 ?

Mizoram
Manipur
West Bengal
Nagaland
None of These


6. _____________ launched unique Customizable Savings Account to enable customers to design an account as per their convenience, becoming First bank in India to launch such type of account that enables customer to choose features of that suits one’s own lifestyle ?

YES Bank
ICICI Bank
HDFC Bank
Axis Bank
None of These


7. According to Central Statistics Office (CSO), India’s Gross Domestic Product (GDP) will grow at a slower pace at ______________ in 2016-17 as compared to 7.6% in 2015-16.

  1. Per capita net national income in 2016-17 is estimated to be Rs. 1,03,007, rise of 10.4% as compared to Rs. 93,293 during 2015-16.
  2. Agriculture, forestry and fishing - likely to grow at 4.1% during 2016-17, as against previous year’s growth rate of 1.2%.
  3. Manufacturing sector - It is estimated to grow by 7.4% in 2016-17 as compared to growth of 9.3% in 2015-16
6.1%
7.1%
6.5%
7.4%
None of These


8. According to United Nations World Economic Situation and Prospects (WESP), India’s economy will grow by 7.7% in fiscal 2017 and _____________ in 2018. India will remain the fastest growing large developing economy in world ?

7.6%
6.6%
8.6%
7.0%
None of These


9. According to data by Finance Ministry, over ________ accounts have been opened under Pradhan Mantri Jan Dhan Yojana (PMJDY) as of now., with Over 71500 crore rupees deposited in these accounts ?

26 crore
36 crore
30 crore
40 crore
None of These


10. According to research firm Counterpoint, Chinese mobile brands have taken control of ______________ of India’s $10-billion smartphone market in 2016, up from 19% in 2015 ?

40%
30%
25%
50%
None of These


11. As part of alternative mechanism to decide how to use funds raised after stake sales in PSUs, Government transferred role of Advising on utilisation of proceeds from disinvestment from Department of Investment and Public Asset Management (DIPAM) to ____________ ?

Department of Commerce
Department of AYUSH
Department of Administrative Reforms & PG
Department of Economic Affairs
None of These


12. Bureau of Indian Standards (BIS) revised Indian Standard on gold hallmarking, making gold jewellery available in 3 grades - __________ , 18 carat and 22 carat. Caratage will now also be marked on jewellery in addition to fineness for convenience of consumers. Caratage for 22 carat jewellery 22K will be marked as 22K916, 18 carat be marked as 18K750 and _________ will be marked as 14K585.

15 carat
14 carat
12 carat
10 carat
None of These


13.Cabinet Committee on Economic Affairs (CCEA) approved listing 5 government owned General Insurance Companies in stock exchanges - National Insurance Company, New India Assurance Company, Oriental Insurance Company, United India Insurance Company and General Insurance Corporation of India. Shareholding of these Companies will be divested from 100 to _____________ ?

50 %
85 %
65 %
55 %
75 %


14. Central Board for Direct Taxes (CBDT) announced that GAAR (_____________) will start from April 1, 2017 to check tax evasion and avoidance. GAAR was announced as part of the 2012-13 Budget speech. But its implementation was repeatedly postponed because opposition by foreign investors

General Anti-Avoidance Rule
Global Anti-Avoidance Rule
Global Anti-Acceptance Rule
Genuine Anti-Avoidance Rule
None of These


15. __________ introduced voice biometrics authentication system for its phone banking clients, replacing current practice of interactive voice response. ?

HDFC Bank
ICICI Bank
Axis Bank
Citi Bank
None of These


16. Finance Minister Arun Jaitley Presented Economic Survey 2016-17, One day before presenting Union Budget 2017 - 18 (Feb 1, 2017) -

  1. Survey is prepared by chief economic adviser Arvind Subramanian.
  2. Growth Forecast‚ - Gross domestic product (GDP) growth in 2016-17 pegged at _________________________________, down from 7.6% in 2015-16. It will stay between 6.75 % to 7.5% in 2017-18.
  3. Sectoral Growth‚ - Agriculture‚ sector to grow at 4.1% in 2016-17, up from 1.2% in 2015-16.‚ Industrial‚ sector Growth came down to 5.2% in 2016-17, compared to 7.4% in 2015-16.‚ Service‚ sector has grown at 8.9% in 2016-17 (same as 2015-16).
  4. Inflation‚ : Consumer Price Index (CPI) based Inflation declined to 4.9 % in 2015-16 from 5.9 % in 2014-15 and stood at 4.8 % during April-December 2016.
  5. Trade‚ - Exports grew 0.7 % to US$ 198.8 billion and During 2016-17 (April-December) imports declined by 7.4 % to US$ 275.4 billion. Trade deficit (Imports - Exports) declined to US$ 76.5 billion in 2016-17 (April-December) as compared to US$ 100.1 billion in corresponding period last year. Current account deficit (CAD) narrowed in the first half (H1) of 2016-17 to 0.3 % of GDP from 1.5 % in H1 of 2015-16 and 1.1 % in 2015-16 full year.
  6. External Debt‚ stood at US$ 484.3 billion at end of Dec 2016.
  7. Banking: Suggests setting up public sector asset rehabilitation agency (PSARA) to take charge of large bad loans in banks.
  8. Universal Basic Income (UBI): It is preferred as an alternative to various social welfare schemes in an effort to reduce poverty. UBI would cost between 4 and 5% of GDP.
7.5%
6.9%
7.1%
6.1%
None of These


17. Finance Ministry granted approval to 12 proposals of Public Sector Banks to raise Approx 2900 crores through preferential allotment. It also allowed _________________ to raise INR 200 crores through QIP (Qualified institutional placement) mode ?

Union Bank of India
United Bank of India
Dena Bank of India
Central Bank of India
None of These


18. Goods and Services Tax (GST) Council decided to rollout GST (Goods and Services Tax) nationwide on ____________, deferred from 1 April 2017 Earlier ?

1 June 2017
1 July 2017
1 August 2017
1 September 2017
None of These


19. Government approved amendment in MSIPS (_________________) for electronics manufacturing, aiming‚ Net Zero imports‚ in electronics by 2020.‚  Key Amendments are -

  1. Applications will be received under M-SIPS scheme till December 2018 or till such time that an incentive commitment of Rs 10,000 crore is reached, whichever is earlier. On Reaching 10000 crores, review will be held to decide further financial commitments
Mutual Special Incentive Package Scheme
Mainstream Special Incentive Package Scheme
Modified Special Internal Package Scheme
Modified Special Incentive Package Scheme
None of These


20. Government approved excluding States (except Arunachal Pradesh, Delhi, Kerala and Madhya Pradesh) from National Small Savings Fund (NSSF) investments with effect from 1 April 2016. Cabinet also approved one-time loan of Rs ____________ crore from NSSF to Food Corporation of India (FCI) to meet its food subsidy requirements.

  1. Arunachal Pradesh will be given loans to the tune of 100 % of NSSF collections within its territory, while Delhi, Kerala and Madhya Pradesh will be provided with 50 percent of collections.
45000
25000
35000
15000
None of These

 

21. Government approved new scheme for promotion of Rural Housing. It will provide interest subsidy to every rural household not covered under Pradhan Mantri Aawas Yojana (Grameen). Beneficiary who takes a loan under the scheme would be provided interest subsidy for loan amount upto Rs. 2 Lakhs. ___________________ would implement the scheme ?

National Housing Bank
NABARD
SBI
SEBI
None of These


22. Government approved package for augmentation of Corpus of Credit Guarantee Trust Fund for Micro and Small Enterprises (CGTMSE) for supporting Micro and Small Enterprises (MSEs).

  1. Corpus of Trust increased from 2500 crore to _______________ crores.
  2. Increase coverage of the loans covered under the credit guarantee scheme from Rs. 1 crore to Rs. 2 crore.
  3. Increase coverage of credit guarantee scheme for loans extended to MSEs by NBFCs also
500
7500
5000
10000
None of These


23. Government approved short term borrowings of approx ________________ Crores by National Bank for Agriculture & Rural Development (NABARD), lending to Cooperative Banks at 4.5% rate of interest. Additional capital of 2,000 crore to be provided to NABARD for through Union Budget. This will ensure increased availability of short term crop loans to farmers through Cooperative banks at reduced rate of interest ?

10000
25000
15000
20000
None of These


24. Government launched Varishtha Pension Bima Yojana 2017, to be implemented through Life Insurance Corporation of India (LIC).

  1. Meant to provide social security during old to and protect elderly persons aged 60 years and above.
  2. It will provide an assured pension based on a guaranteed rate of return of _____________ per annum for 10 years, with an option to opt for pension on a monthly / quarterly / halfyearly and annual basis
8.5%
10%
7%
9%
8%


25. Government made‚ ______________ mandatory for workers in rural areas enrolled under Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGA) ?

Voter ID
PAN Card
Aadhaar Card‚ 
Qualification Certificate
None of These


26. Government notified that ____________ are not authorised to accept deposits under the Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS). ?

Co-operative Banks
PSBs
Regional Rural Banks
Payment Banks
None of These


27. Government will roll out TIES (__________________) to boost export infrastructure by tying up with States. It will help states to develop their own export strategy in alignment with National Foreign Trade Policy ?

Total Infrastructure for Export Scheme
Trade Infrastructure for Export Scheme
Trade Internal for Export Scheme
Trade Institution for Export Scheme
None of These


28. HDFC Bank launched IRA (________________), a ‘humanoid’ at its Mumbai branch. It will provide smoother customer service, employee assistance, marketing and automate the banking process. Earlier in November 2016, City Union Bank introduced India’s first banking robot named‚ Lakshmi.

Internal Robotic Assistant
Intelligent Robotic Agreement
Intelligent Robotic Assistant
Internal Robotic Agreement
None of These


29. __________ launched chatbot service‚ OnChat‚ to allow users to make payments through Facebook Messenger ?

AXIS Bank
ICICI Bank
Kotak Mahindra Bank
Yes Bank
HDFC Bank


30. Hindustan Zinc Ltd of Vedanta Group received environment clearance for its Rs. 1,200 crore Zawar Mines expansion project in _______________, aimed at expaning production capacity of lead-zinc and ore beneficiation from 1.5 million tonnes per annum (MTPA) to 4 MTPA at its Zawar underground mines ?

Uttar Pradesh
Himachal Pradesh
Rajasthan
Mizoram
None of These


31. Income‚ Tax‚ Department‚ (ITD) initiated‚ Operation _____________ to Identify Persons whose Tax Profile does not match with deposits made by them between 9th November to 30th December 2016. It uses complex Data Analytics to accomplish the task ?

Dhan Wapsi
Pure Money
Tax Wapsi
Clean Money
None of These


32. ____________ received final payments bank licence from Reserve Bank of India (RBI), being third entity after Bharti Airtel and Paytm to receive final payments bank licence to roll-out Payment banking Operations ?

Tech Mahindra
India Post
Vodafone m-Pesa
Reliance Industries
None of These


33. India Signed US$ 48 million Loan agreement with World bank for‚ __________ Health Project ?

Nagaland
Sikkim
Meghalaya
Mizoram
None of These


34. Indian Navy’s largest warship - INS Vikramditya became first warship to be equipped with its own dedicated ATM (Automated Teller Machine), installed by __________ ?

HDFC Bank
ICICI Bank
Axis Bank
Yes Bank
SBI


35. India’s factory output, measured by Index of Industrial Production (IIP) registered ____________ growth in November 2016, fastest growth recorded in over past four years ?

6.7%
5.7%
7.7%
8.7%
None of These


36. _________ Gramin Bank launched‚ FI@School‚ Program to propagate financial literacy among school children ?

Kerala
Karnataka
Gujarat
Telangana
None of These


37. _____________ Based insurance Firm Lloyd received final approval from the Insurance Regulatory and Development Authority (IRDA) to set up first branch in India ?

New York City
Paris
Beijing
Tokyo
London


38. Ministry of AYUSH and ASCI (_________________) signed MoUs to co-regulate malpractices in advertisement of AYUSH sector ?

Advertising Standards Council of India
Affirmations Standards Council of India
Advertising Situation Council of India
Affirmations Situation Council of India
None of These


39. Ministry of Commerce and Industry (MOCI) launched mobile application named‚ _____________. This app has four sections - SEZ Information, Trade Information, Contact Details and SEZ online Transaction ?

SEZ United
SEZ India
SEZ Cover
SEZ Explained
None of These


40. Munich Reinsurance Company (__________________ Based) opened branch office in Mumbai to service property-casualty, life, health reinsurance markets across India ?

Poland
Switzerland
France
Russia
Germany


41. Not Residing Indians (NRI) citizens have been allowed to exchange their old 500 and 1,000 rupees notes at Reserve Bank of India (RBII) offices till the ___________ ?

30 July 2017
30 June 2017
30 September 2017
30 December 2017
None of These


42. PM Narendra Modi inaugurated India’s first international stock exchange at International Financial Services Centre (IFSC) in 4 Gujarat International Financial Tech City (GIFT) in Gandhinagar. It is named as ____________________ (INX) and is subsidiary of Bombay Stock Exchange (BSE) ?

Internal exchange - India
International exchange - India
Institutional exchange - India
International exchange - India
None of These


43. Petroleum and Natural Gas Ministry announced discount of ____________ to LPG customers on every LPG refill through online payment ?

5 rupees
50 rupees
15 rupees
10 rupees
None of These


44. Punjab National Bank (PNB) launched Contactless Credit Card -‚ Wave N Pay‚ (on Visa Platinum platform), for transactions up to INR _____________ ?

25000
20000
15000
5000
2000


45. RBI Note Mudran printing press located in Mysuru (__________________) made record of printing highest number of currency notes. It printed 1.09 Crore notes on a single day, breaking previous world record of 87 Lakh notes printed in an American currency printing press. The press printed 1350 million currency notes in December 2016 by nearly 650 workers ?

Kerala
Karnataka
Telengana
Andhra Pradesh
None of These


46. Railways launched _____________ - a new ticketing App to facilitate booking of train tickets in a faster and easier way ?

IRCTC Rail Connect
IRCTC Rail Parivahan
IRCTC Rail Yatra
IRCTC Rail Planner
None of These


47. Railways unveiled ‘Mission 41K’ to save Rs. __________ crore on Indian Railways’ expenditure on energy consumption over next 10 years ?

1000
4100
31000
51000
41000


48. Real estate portals ____________ and Housing.com merged to form India’s largest online real estate services company ?

PropTiger.com
99Acres.com
MagicBricks.com
OLX
None of These


49. Reserve Bank of India (RBI) prohibited Indian entities from making direct investments in any entity located in NCCT (_____________) as identified by Financial Action Task Force (FATF) ?

Non Cooperative Currencies and Territories
Non Cooperative Countries and Territories
Non Cooperative Companies and Territories
New Cooperative Countries and Territories
None of These


50. Reserve Bank of India imposed penalty of __________ on Bombay Mercantile Co-operative Bank for violations of norms related to KYC‚ and anti-money laundering ?

30 lakhs
60 lakhs
50 lakhs
5 lakhs
75 lakhs


51. Securities and Exchange Board of India (SEBI) amended SEBI (Portfolio Managers) Regulations, 1993 to provide an enabling framework for registration of EFMs (____________), aimed to develop fund management industry in India. It make easier for foreign fund managers keen to enter India.

Eligible Fund Managers
Efficieient Fund Managers
Eligible Fuel Managers
Eligible Fund Mutuals
None of These


52. Securities and Exchange Board of India (SEBI) tightened rules for mergers and amalgamations by Indian companies in a bid to safeguard interests of the public shareholders.

  1. New rules will ensure that all classes of shareholders get an equitable treatment during mergers and acquisitions. Holding of public shareholders post the merger cannot be less than ___________________.
  2. e-voting will be mandatory in cases wherein the stake of public shareholders reduces by more than 5% in the merged entity.
5%
2%
25%
20%
None of These


53. Securities and Exchange Board of India lowered broker fees by 25 % to __________ per transaction of one crore rupees as part of calibration of various other fees collected by SEBI from different market intermediaries, aimed at reducing overall cost of transactions ?

5 rupees
10 rupees
25 rupees
15 rupees
None of These


54. Small Industries Development Bank of India (SIDBI) tied up with _____________ for providing capital support to MSME enterprises in India ?

NABARD
NHB
SBI
HDFC Bank
LIC


55. State General Reserve Fund of ____________ (SGRF) and State Bank of India (SBI) have signed pact to infuse $150 million and $50 million respectively in second _________ India Joint Investment Fund , a private equity fund ?

Kuwait
Russia
Oman
UAE
None of These


56. Steel Ministry released new draft National Steel Policy 2017, aiming to double India’s domestic steel production capacity to _________ by 2030-31. It mentions requirement of INR 10 lakh crore investments to meet production goal and expects creation of 11 lakh new jobs in steel sector ?

300 million tonnes
200 million tonnes
100 million tonnes
200 million tonnes
None of These


57. Telecom Regulatory Authority of India (TRAI) recommended use of ________ - based e - KYC for verification of existing mobile subscribers and for outstation customers ?

PAN
Aadhaar
Voter ID
Qualification Certificate
None of These


58. World Bank in its‚ Global Economic Prospects‚ report reduced India’s growth for 2016-17 fiscal to ___________ from its previous estimate of 7.6%. Note that India's NITI Aayog estimated growth rate of 8% for 2016-17. World Bank projected a global growth of 2.7% in 2017 ?

7 %
6 %
5 %
7.3 %
None of These


59. World Economic Outlook (WEO) by International Monetary Fund (IMF) has cut India’s growth rate for the fiscal year 2016‚œ17 to _________ from its previous estimate of 7.6%, due to temporary negative consumption shock of demonetisation.

  1. Global growth is forecast at 3.4% in FY17 against 3.1% in FY16.
  2. For China, the growth forecast for FY 2017 was revised upwards, to 6.5%. In 2018, China’s growth rate is projected to be 6% against India’s 7.7%.
6.6%
7.0%
7.3%
6.0%
None of These


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