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Banking and Economy Current Affairs Quiz - July 2017

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

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1. 36th Foundation Day of ______________ and Silver Jubilee of SHG Bank Linkage Programme held in New Delhi ?

National Bank For Agriculture & Rural Development (NABARD)
SEBI
NHB
SBI
None of These


2. According to 2nd National Council of Applied Economic Research (NCAER) State Investment Potential Index (N-SIPI 2017) report -

  1. __________ retained top position in list of 21 states and UTs with most investment potential, followed by Delhi and Andhra Pradesh..
Maharashtra
Goa
Gujarat
Rajasthan
None of These


3. According to Asian Development Bank, India will achieve GDP growth rate of _____________ in 2017-18 and 7.6 % in 2018-19 ?

8.4 %
7.6 %
7.8 %
7.4 %
None of These


4. According to BMI Research, India is expected to register a growth of ______________ in financial year 2017-18. While RBI predicted 7.3 % GDP Growth Rate for current fiscal year (2017-18). BMI Research was founded in 1984 by Business Monitor International and was acquired by Fitch Group later in 2014.

7.4 %
7.9 %
8.9 %
5.9 %
6.9 %


5. Aiming to eliminate all subsidies by March 2018, Government ordered oil companies to raise subsidised cooking gas, LPG prices by ________ rupees per cylinder every month. ?

8
6
4
2
None of These


6. _____________ Bank acquired digital payment platform FreeCharge in an all-cash deal valued at INR 385 Crores.

  1. Freecharge was founded in 2010 and was sold to Snapdeal in 2015 for USD 400 Million.
Axis
HDFC
ICICI
YES
None of These


7. _______________ has entered into a collaboration with Inter-American Investment Corporation (IIC) to facilitate trade with Latin America and Caribbean. It became first Indian bank to participate in Trade Finance Facilitation Programme as a confirming bank ?

ICICI Bank
Axis Bank
HDFC Bank
SBI
None of These


8. _________________ introduced a special loan product, offering to fund up to 95 % of Bikes with engine displacement of over 500 cubic centimetres (cc). ?

Axis Bank
HDFC Bank
ICICI Bank
Bank of Baroda
None of These


9. ___________________ signed agreement with Directorate General of Supplies & Disposal (DGS&D) for extending various banking services to Government e-Marketplace (GeM). e-GeM is an initiative intended to bring transparency and efficiency in public procurements. ?

Bank of Baroda
SBI
HDFC Bank
ICICI Bank
None of These


10. Banking Digital Innovation firm Aurionpro Solutions launched its __________________ product, the Virtual Teller Machine (VTM) as a fully integrated self-service kiosk for automating 90% of banking transactions at branch level ?

Branch-Summary
Branch-in-a-Device
Branch-in-a-Nutshell
Branch-in-a-Box
None of These


11. Banking Regulation (Amendment) Bill 2017 presented in Lok Sabha, seeking to amend Banking Regulation Act __________ and replace Banking Regulation (Amendment) Ordinance 2017. It authorises RBI to -

  1. Direct banking companies to resolve the problem of stressed assets and Initiate insolvency resolution process on specific stressed assets.
  2. Issue other directions for resolution, appoint or approve authorities or committees to advise banking companies for stressed asset resolution. Recovery proceedings will be carried out under Insolvency and Bankruptcy Code 2016.
1979
1969
1959
1949
None of These


12. _________ launched its first ‘Digital Banking Branch’ named ‘CANDI’ in Bengaluru, to provide end-to-end digital experience to customers ?

Bank of Baroda
Canara Bank
State Bank of India
Punjab National Bank
None of These


13. ______________ government will merge all district cooperative central banks (DCCBs) of state into a single State Cooperative Bank, to serve farmers with better and efficient banking facilities ?

Jharkhand
Bihar
West Bengal
Odisha
Chhattisgarh


14. China based Asian Infrastructure Investment Bank (AIIB) approved USD 329 million loan to build access roads to 4,000 villages in _________ ?

Gujarat
Rajasthan
Maharashtra
Goa
None of These


15. Consumer Affairs Ministry amended Legal Metrology (Packaged Commodities) Rules 2011 (PCR), To benefit consumers and protect them from paying different prices at different locations. Rules will be known as Legal Metrology (Packaged Commodities) Amendment Rules 2017.

  1. In accordance with new rules to come into effect from 1 ______________, 2018, price of packed goods would no longer depend on where the product is purchased - A mall / five-star hotel / airport or a local Kirana store.
  2. Retail sale price of any packed product will be Maximum Retail Price (MRP) inclusive of all taxes, with provision to round off price to nearest rupee or 50 paise.
  3. New legal provision will make sure that no person is able to declare different MRPs on an identical pre-packed commodity, curbing possibility of any vendor charging differential prices for same product.
April
March
February
January
None of These


16. Digital payments company ___________ partnered with Samsung Pay, under which consumers will be able to make payments with a single tap using select Samsung handsets. ?

Freecharge
Paytm
MobiKwik
Oxigen
None of These


17. Domestic android-based mobile operating system Indus OS partnered with _______ to launch OS-integrated UPI (Unified Payment Interface) payment platform in India. It will enable users to use UPI payment platform on SMS, dialler interface, and on third party apps like WhatsApp. It means P2P transactions, as well as utility payments, can be made via SMS or messaging.

ICICI Bank
YES Bank
HDFC Bank
AXIS Bank
None of These


18. Employees’ Provident Fund Organisation (EPFO) signed agreement with 4 private banks (ICICI Bank, HDFC Bank, Axis Bank and Kotak Mahindra Bank) and Government Owned _____________ collecting provident fund dues from employers and payments to its subscribers. This is the first time that EPFO has joined hands with private banks for this purpose. It will save INR 300 crores annually for EPFO as these five banks have agreed up on zero transaction charges.

Punjab National Bank
Bank of Baroda
SBI
Bank of Maharashtra
None of These


19. FINO Payments Bank commenced operations as a payments bank. FINO Payments Bank is 4th entity to start functioning as a Payments Bank in India, after Airtel, India Post and ____________.

Mobikwik
Freecharge
Tata
Paytm
None of These


20. Finance Minister ________________ released National Trade Facilitation Action Plan that gives a time bound map for implementing WTO-Trade Facilitation Agreement (TFA) and also includes India’s initiatives for trade facilitation and ease of doing business which goes beyond TFA ?

Arun Jaitley
Rajnath Singh
Radha Mohan Singh
Nitin Gadkari
None of These


21. GMR Goa International Airports Ltd signed a INR 1330 Crore Loan Agreement with ___________, for development of Greenfield airport at Mopa ?

Axis Bank
Yes Bank
ICICI Bank
HDFC Bank
None of These


22. Goods and Services Tax (GST) Came into Effect, bringing in One Nation, One Indirect Tax.

  1. GST simplifed Indirect Taxes by abolishing set of Different Indirect Taxes at State and Central Level. Tax Slabs are - 0 %, 5%, 12 %, 18% AND _____________.
  2. We Created a Summary file for All recent events and Updates related to GST. It can be accessed Here.
38 %
28 %
25 %
30 %
None of These


23. _________ acquired Bengaluru-based artificial intelligence startup Halli Labs for an undisclosed sum, founded by Pankaj Gupta in 2017 (4 months into operations) ?

Microsoft
Yahoo
Facebook
Google
None of These


24. Government Launched _________ as a new tax payer service module, To enhance mobile access experience for Taxpayers.

  1. It is aimed at reducing physical interface between assesses and tax assessing authorities and thereby minimizing chances of any tax harassment.
  2. The module compiles various tax tools, live chat, dynamic updates, and important links to various processes within Income Tax Department in a single module.
Aaykar Sahaj
Aaykar Mitra
Aaykar Path
Aaykar Sahayak
Aaykar Setu


25. Government Stated that Gifts up to a value of INR ___________ per year by an employer to his employee are outside ambit of GST ?

100000
25000
50000
10000
None of These


26. Government approved Labour Code on Wages Bill which will ensure a minimum wage across all sectors by integrating existing labour related laws. The Labour Code on Wages Bill consolidates Minimum Wages Act 1948, Payment of Bonus Act 1965, Payment of Wages Act 1936 and Equal Remuneration Act _______ ?

1976
1986
1996
2006
None of These


27. Government approved revision of guidelines of Sovereign Gold Bonds (SGB) Scheme, which is aimed at converting part of 300 tons of physical bars and coins purchased every year for Investment into ‘demat’ gold bonds. Mobilisation target was 15,000 crore in 2015-16 and at Rs.10,000 crore in 2016-17. But, amount credited so far in scheme's account is approx 4700 crores, triggering need for changes in guidelines.

  1. Specific changes in attributes of scheme to make it more attractive, mobilise more and reduce economic strains caused by imports of gold and reduce Current Account Deficit (CAD).
  2. Flexibility to design and introduce variants of SGBs has been given to Ministry of Finance.
  3. Investment limit per fiscal year has been increased to 4 kg for individuals and Hindu Undivided Family (HUF) and ______ for Trusts and similar entities.
10 Kg
20 Kg
8 Kg
25 Kg
None of These


28. Government approved selling government’s entire 51.11% stake in Hindustan Petroleum Corp Ltd to Oil and Natural Gas Corp.

  1. Government is 51% owner of HPCL and __________ owner of ONGC. HPCL's addition will make ONGC third-largest refiner in country after IOC and Reliance Industries.
78%
88%
68%
98 %
None of These


29. Government has set up DGARM (_____________________) as a new wing to provide intelligence inputs taking action against tax evaders. It has been has been set up will be under the Central Board of Excise and Customs (CBEC). DGARM was set up on 1 July 2017, coinciding with rollout of Goods and Services Tax (GST). ?

Directorate General of Accreditation and Rear Management
Directorate General of Accreditation and Real Management
Directorate General of Accreditation and Risk Management
Directorate General of Access and Risk Management
Directorate General of Analytics and Risk Management


30. Government imposed __________ basic customs duty (BCD) on Cellular mobile phones and specified parts of cellular mobile phones like charger, battery, wire headset, Microphone and Receiver, Key Pad, USB Cable etc ?

15 %
20 %
10 %
35 %
None of These


31. Government launched __________  app to verify accurate tax rate on commodity and services under Goods and Services Tax (GST) regime ?

GST Rates Path
GST Rates Manual
GST Rates Guide
GST Rates Finder
None of These


32. Government lowered interest rate on small saving schemes by ___________ for July- September quarter. However, Interest on savings deposits has been retained at 4 % annually. New Rates are -

  1. PPF - 7.8%
  2. KVP (Kisan Vikas Patra) - 7.5% (mature in 115 months)
  3. Sukanya Samriddhi - 8.3%
  4. Five-year Senior Citizens Savings Scheme - 8.3%
0.2 %
0.1 %
0.3 %
0.4 %
None of These


33. Government saved around INR ____________ in 2016-17 through Direct Benefit Transfer (DBT) scheme under which subsidies are given directly to beneficiaries.

  1. In 2017-18, beneficiary base rose from 10.71 crore in 2013-14 to 35.62 crore. Total of 485 schemes have been identified for DBT.
  2. LPG subsidy scheme ‘Pahal’ alone accounted for Rs 29,769 crore savings, followed by 14,000 crores savings in Public Distribution System (PDS).
57,000 crores
67,000 crores
77,000 crore
47,000 crore
None of These


34. Home Ministry will examine Structure and Operations of GSTN (____________________) before giving it security clearance.

  1. GSTN is IT backbone of Goods and Service Tax (GST). It is a not for profit and private limited company incorporated in 2013.
  2. Government holds 24.5% equity in GSTN. It has been set up primarily to provide IT infrastructure and services to the Central and State Governments, tax payers and other stakeholders for implementation of Goods and Services Tax (GST).
Goods and Service Tax Node
Goods and Service Tax Native
Goods and Service Tax Neutral
Goods and Service Tax Nodal
Goods and Service Tax Network


35. ___________ will be selling personal loans of up to Rs 15 lakh through its ATMs. Using data from credit information companies, to qualified ?

Axis Bank
ICICI Bank
Yes Bank
HDFC Bank
None of These


36. India signed $220 million loan agreement with Asian Development Bank (ADB) for improving connectivity as well as transport efficiency and safety on State Highways of ________ ?

Rajasthan
Uttarakhand
Haryana
Himachal Pradesh
None of These


37. India's ____________ received $150 million funding from USA government and Wells Fargo to increase lending to support women entrepreneurs and small and medium-sized enterprises in India.?

HDFC Bank
ICICI Bank
AXIS Bank
Kotak Mahindra Bank
YES Bank


38. India's ___________ signed MoU with British Bank Santander to promote India-UK trade and business opportunities. ?

Yes Bank
Axis Bank
HDFC Bank
ICICI Bank
None of These


39. ____________ started offering Bharat Bill Payment System (BBPS) services introduced by National Payments Corporation of India. BBPS is an integrated bill payment system that offers inter-operable online bill payments to customers. IOB is among 4 government banks (apart from Bank of Baroda and Union Bank of India) to get approval from RBI for providing BBPS services.

  1. National Payments Corporation of India (NPCI) recebntly received final nod from Reserve Bank of India (RBI) to function as Bharat Bill Payment Central Unit and operate Bharat Bill Payment System (BBPS).
  2. BBPS pilot project started on 31 August, 2016 with 8 BBPS operating units, which now stands at 24 certified units.
SBI
IOB
BOB
PNB
None of These


40. Infosys co-founder Nandan Nilekani along with venture capitalist Sanjeev Aggarwal has launched a _______ million venture fund called Fundamentum to back mid-stage startups that solve unique Indian problems in consumer technology space ?

$50
$400
$300
$200
$100


41. International Monetary Fund (IMF)', World Economic Outlook (July 2017 Update) -

  1. India - GDP growth rate will be 7.2% for 2017-18 (up from 7.1% in 2016-17). India’s growth would accelerate to 7.7% in 2018-19. India’s economy will still be the fastest growing among large economies. Worls bank also predicted 7.2 % GDP Growth rate for India in current Year and also stated that India will remain World's 4th Fastest Growing Economy.
  2. Global economic growth rate will be ______________ in 2017 and 3.6% in 2018.
  3. China’s - projected to grow by 6.7% in 2017 and 6.4% in 2018.
2.5%
3.5%
4.5%
5.5%
None of These


42. Janalakshmi Financial Services (largest microfinance company) appointed Ajay Kanwal as its New CEO. JFS has been gearing up for launch of their ________ ?

Payments Bank
Small finance bank
Scheduled Bank
NBFC
None of These


43. _________ in association with PNB MetLife launched Met Loan and Life Suraksha (MLLS) as a single premium plan covering loan liability of a customer ?

Karnataka Bank
Lakhsmi Vilas Bank
SBI
HDFC Bank
None of These


44. ________ launched Image Debit Card, that will enable its cardholders to personalise their Debit card with an image of his/her choice ?

AXIS Bank
SBI
OBC
PNB
Karnataka Bank


45. Kolkata based Srei Infrastructure Finance signed MoU with Russia’s Vnesheconom bank to create a __________ IT and Innovation Fund ?

$100 million
$200 million
$120 million
$150 million
None of These


46. Lok Sabha passed Companies (Amendment) Bill 2016 to amend Companies Act 2013, to strengthen corporate governance standards, initiate strict action against defaulting companies and help improve the ease of doing business in India. Threshold for easy compliance scheme has been raised to Rs _______ crore from Rs 20 crore, making more companies eligible for simple compliance regime ?

100
40
60
80
None of These


47. Private life insurance company Canara HSBC Oriental Bank of Commerce Life Insurance signed bancassurance agreement with Kerala-based ______________ , for marketing its various life insurance products to Bank's customers.

Axis Bank
SBI
Kotak Mahindra Bank
Lakhsmi Vilas Bank
Dhanlaxmi Bank


48. ____________ and Bajaj Allianz General Insurance have signed an agreement for the distribution of insurance products through the branches (Bancassurance) ?

Punjab National Bank
Bank of Baroda
Oriental Bank of Commerce
Axis Bank
None of These


49. __________ will block all Maestro debit cards from 31st of July 2017 if card holders do not replace it with a more secure EMV chip based card by end of July ?

Bank of Baroda
Punjab National Bank
Bank of Maharashtra
Oeriental Bank of Commerce
None of These


50. RBI imposed penalty of INR 3 crore on ____________ for non-compliance with directions on Know Your Customer (KYC) norms ?

United Bank of India
Bank of Maharashtra
Bank of Baroda
Bank of India
Union Bank of India


51. RBI issued revised directions on Customer Protection in case of authorised / failed online Transactions -

  1. In cases of negligence caused by the customer by sharing of payment credentials, the customer is liable to bear the entire loss.
  2. Customers will be entitled to zero liability when authorised transaction occurs due to contributory fraud/negligence/deficiency on part of bank irrespective of whether or not unauthorised transaction has been reported by customer.
  3. If Fault is at Third Party End -
    1. If customer reports to bank within 3 days - All amount involved will be credited to their accounts within 10 days by bank.
    2. If customer reports to bank within 3 - 7 days - All Amount or INR ___________ (whicheever is less) within 10 days by bank.
    3. If customer reports to bank after 7 days - as per bank's policy.
25000
15000
35000
45000
None of These


52. Reliance Industries Limited (RIL) for the first time crossed Rs 5 lakh crore in market capitalisation. RIL is second firm to cross Rs 5 lakh crore in market capitalisation and is also currently most valued company in India. ____________ was first company to hit Rs 5 lakh crore in market capitalisation milestone in July 2014 ?

Adani Group
Aditya Birla Group
TCS
BAJAJ Group
None of These


53. Reserve Bank of India (RBI) allowed non-banking finance companies (NBFCs) to sell and market new pension scheme (NPS). Profit Making NBFCs with asset size of Min _________ are now permitted to sell NPS after registration with pension regulator ?

100 crores
150 crores
250 crores
500 crores
None of These


54. Reserve Bank of India (RBI) has set up Supervisory Colleges for __________ Scheduled Commercial Banks which have sizeable international presence - State Bank of India, ICICI Bank., Bank of India, Bank of Baroda, Axis Bank and Punjab National Bank ?

9
8
5
4
6


55. Reserve Bank of India will shortly issue bank notes of denomination Rs ________ in Mahatma Gandhi series 2005 with inset letter ‘S’ ?

30
10
20
40
None of These


56. SBI (State Bank of India) slashed interest rates given on savings bank accounts from 4 % to __________ on deposits below Rs. 1 crore ?

3.5 %
3.0 %
2.5 %
2.0 %
None of These


57. _________________ started merchant banking operation to benefit expanding number of growth-oriented micro, small and medium enterprises (MSMEs), especially those with a strong technology and innovation quotient ?

NABARD
SIDBI
NHB
SEBI
None of These


58. South Indian Bank tied up with Peregrine Financial Group (PFG) Forex for remittance facility for Indian expatriates from ___________. Under this, NRIs can enjoy fast remittance services using SIB’s Express facility ?

Australia
USA
UK
Russia
None of These


59. State Bank of India (SBI) and Carlyle Group acquired _________stake of American Financial major GE Capital in SBI Card. SBI Card is operated through two joint-ventures - SBI Cards & Payment Services (SBICPSL) and GE Capital Business Process Management Services (GECBPMSL) ?

26 % stake
62 % stake
16 % stake
36 % stake
None of These


60. launched Realty portal as a dedicated portal to help home buyers to choose flats from its 3,000 approved projects across country (over 9.5 Lakh Home Units) ?

Yes Bank
ICICI Bank
AXIS Bank
SBI
None of These


61. State Bank of India Online Funds Transfer Fee Rates Reduced -

  1. IMPS -
    1. INR 0 for fund transfer up to INR ____________.
    2. For More Funds, charge will be Rs 5 for fund transfer in range 1,000 to 1 lakh and Rs 15 for transactions of Rs 1-2 lakh. 
  2. NEFT / RTGS -
    1. 75 % Reduction in Fees attached with all NEFT / RTGS Fund Transfers.
  3. GST of 18 per cent on Processing fee is applicable on all financial transactions.
500
2,000
5,000
1,000
None of These


62. United Forum of Bank Unions observed ________ (48th anniversary of nationalization of major banks) as ‘Save public sector banks’ day ?

July 29
July 19
July 9
July 10
None of These


63. ___________ launched  program for MSMEs (Micro, Small and Medium Enterprises) to help them get familiar with GST taxation system ?

Kotak Mahindra Bank
HDFC Bank
ICICI Bank
Axis Bank
YES Bank




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