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Banking and Economy Current Affairs Quiz - May 2017

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

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1. Cabinet Committee on Economic Affairs approved restructuring plan for ________________, a loss making and sick PSU under Department of Chemicals & Petrochemicals.
  1. Plan involves closing down operations of all non-viable plants at Rasayani unit except Di-Nitrogen Tetroxide (N2O4) plant which is to be transferred to ISRO. N2O4 plant is of strategic importance as it is the only indigenous source of N2O4 which is used as liquid rocket propellant by ISRO in space launch vehicles.
Hindustan Organic Chemicals Ltd
Bharat Electronics Limited
Bharat Heavy Electricals Limited
Steel Authority of India Limited
None of These


2. HDFC Life signed ________________ tie-up with Catholic Syrian Bank,to distribute its life insurance products to Bank’s customers. Karnataka Bank also has recently signed Similar tie-ups with Life Insurance Corporation (LIC) and HDFC Capital Asset Management Ltd.

Assurance
Insurance
Bancassurance‚ 
Policy
None of These


3. ________________ became first Indian state to switch to January-December Period Financial Year, breaking 150-year old British tradition of an April-March financial year. Jharkhand Became 2nd state to do so.

Odisha
Chhattisgarh
Assam
Madhya Pradesh
None of These


4. The Economic and Social Survey of Asia and the Pacific 2017‚ Report by UNESCAP (____________)-

  1. India will achieve 7.1 % economic growth in 2017 as re-monetisation restores consumption and infrastructure spending increases. India's growth would edge up to 7.5 % in 2018-19.
UN Experimental and Safety Commission for Asia and the Pacific
UN Ecological and Safety Commission for Asia and the Pacific
UN Economic and Safety Commission for Asia and the Pacific
UN Ecological and Social Commission for Asia and the Pacific
UN Economic and Social Commission for Asia and the Pacific


5. As a first of its kind transaction in India, ___________ enabled end to end trade financing for one of its clients by applying blockchain technology. With This, Time for processing letter of credit (LC) reduced from 20-30 days to few hours ?

HDFC Bank
ICICI Bank
Kotak Mahindra Bank
Yes Bank
None of These


6. As per‚ fDi Report 2017‚ by fDi intelligence (a division of the Financial Times) - ____________ retmained world’s top greenfield Foreign Direct Investment (FDI) destination for second consecutive year. Attracting $62.3 billion FDI inflows ?

India
USA
China
Russia
None of These


7. Asian Development Bank (ADB) and ___________ signed $100 million loan agreement, that will finance large solar rooftop systems on industrial and commercial buildings throughout India. This is first tranche loan of the $500 million multi tranche finance facility Solar Rooftop Investment Program (SRIP) approved by ADB in 2016.

SBI
Punjab National Bank
HDFC Bank
ICICI Bank
None of These


8. ______________ signed agreements with Facebook and MobiKwik to popularize internet and its value added services among its customers. It also signed MOU with Disneyland India to‚ offer premium online gaming services to its‚ mobile customers ?

BSNL
Airtel
Vodafone
Idea Cellular
None of These


9. Banking Regulation (Amendment) Ordinance 2017 has inserted 2 new Sections (________________) in Banking Regulation Act 1949, to enable Government to authorize Reserve Bank of India (RBI) to direct banking companies to resolve specific stressed assets by initiating insolvency resolution process, where required.

  1. Government is looking to expedite resolution of stressed assets in banking system. Examples Include Enactment of Insolvency and Bankruptcy Code 2016, SARFAESI and Debt Recovery Acts have been amended to facilitate recoveries.
35AA and 35AB
36AA and 36AB
37AA and 37AB
38AA and 38AB
None of These


10. Cash and ATM management companies will soon be allowed to attract |____________ foreign direct investment (FDI), as they are not required to comply with Private Security Agencies (Regulation) Act (PSARA) ?

50 %
70 %
80 %
100 %
None of These


11. China sponsored Asian Infrastructure Investment Bank (AIIB) approved ______________ MN loan for a Power Project in Andhra Pradesh ?

$ 60
$ 120
$ 100
$ 160
None of These


12. _____________ become first bank to classify Electronic Goods Maker Videocon Industries' loans as‚ Bad Loans. Total loans of lenders to Videocon is approx 40000 crores ?

State Bank of India
Dena Bank
ICICI Bank
HDFC Bank
None of These


13. Department of Industrial Policy and Promotion (DIPP) amended definition of start-ups. As per the new definition, an entity will be considered as a Start-Up if -

  1. Turn over is less than Rs 25 crore.
  2. Has not completed _____________ years from date of its incorporation / registration.
6
8
10
9
7


14. Department of Investment and Public Asset Management (DIPAM) achieved Disinvestment worth Over INR _______________ crores in last 3 years (2014-15 to 2016-2017), compared to INR 53670 crores Disinvestment in previous 3 year period ?

87700
77700
67700
97700
None of These


15. Department of Revenue opened a new Twitter Handle‚ ______________ to invite queries from all taxpayers on GST (Goods and Service Tax) ?

@GST_GoI
@indGST
@myGST
@askGST_GoI‚ 
None of These


16. Disha Microfin became ___________ Entity to receive RBI's approval to Start Operations as a Small Finance Bank.?

8th
10th
12th
14th
None of These


17. Edelweiss Tokio launched a simple life insurance product that can be bought at a point of sale (PoS), First of Its Kind Life Insurance Product in India. Product name is‚ ______________,‚ which is a non-linked, non-participating endowment life insurance plan that offers protection and saving ?

PoS Sahaj Nivesh
PoS Saral Nivesh
PoS Sulabh Nivesh
PoS Sarva Nivesh
None of These


18. Employees Provident Fund Organisation approved hike in investment limit in exchange traded funds (ETFs) to ____________, from the existing 10% ?

25 %
15 %
20 %
30 %
None of These


19. FICCI predicted India’s gross domestic product (GDP) to growth at ___________ for fiscal 2017-18. Sector wise expected Growth - Agricultural (3.5%), Industry (6.9%), Services (8.4%) ?

9.4%
8.4%
6.4%
7.4%
None of These


20. ______________ (in association with Geojit) launched a new trading platform for customers, called‚ Selfie.?

Federal Bank
SBI
HDFC Bank
ICICI Bank
None of These


21. Finance Minister ______________ launched Portal of Operation Clean Money‚ https://www.cleanmoney.gov.in,‚ aiming to tab citizens hiding their income to authorities and Government. There have been 18 lakh people who have been identified by Income Tax Department after demonetisation ?

Arun Jaitely
Nitin Gadkari
J P Nadda
Rajnath Singh
None of These


22. GST Council (headed by finance Minister Arun Jaitley)‚  finalised‚ tax rates and 7 rules‚ for GST regime scheduled to be implemented from July 1.

  1. This Crucial Meet of GST Council was held in Srinagar (J & K).
  2. 7 rules for GST regime pertaining to‚ composition, valuation, input tax credit, invoice, payment, refund and registration‚ are approved while remaining 2 rules (pertaining to‚ transition and return) are under purview of legal committee.
  3. Council has fixed rates of __________________________ items while rates for some other items and services‚ will be finalised in coming days.
    1. 4-slab‚ service tax structure at rates of 5, 12, 18 and 28 % has been finalised. In next GST Council meeting, tax rates on gold and other precious metals will be taken up for discussion.
    2. Out of These Items, 7 % of items fall under exempt list, hile 14 % Are in 5 % tax bracket , 17 % items are in 12 % tax bracket, 43 % items are in 18 % tax slab and 19 % of goods are in top tax bracket of 28 %.
    3. Cars will will be 28 % Tax Bracket with additional cess - 15 % on Luxury Cars, 1 % on Small Petrol Cars and 3 % on Small Diesel Cars.
    4. Bikes with engine capacity of over 350cc will see a new cess of 3 %.
    5. Tax on Coal will be reducted from 11.69 % to 5 %, helping lower the cost of power.
    6. Luxury hotels, gambling, race club betting and cinema services will attract‚ a‚ tax rate of 28%. Education, healthcare‚ and non-AC rail travel‚ will remain exempted from GST tax.‚ 
1111
1211
1311
1500
None of These


23. Global agency Fitch Ratings retained‚ BBB‚ sovereign rating (lowest investment grade) for India as weak public finances continue to constrain India’s ratings. Fitch forecasts India’s real gross domestic product (GDP) to grow at _____________ in FY17 and FY18 ?

5.7%
8.7%
6.7%
7.7%
None of These


24. Government exempted residents of‚ Jammu and Kashmir, Assam, ___________ and citizens above 80 years (all states) from quoting Aadhaar‚ Number to obtain PAN cards and file Income Tax Returns ?

Sikkim
Tripura
Manipur
Nagaland
Meghalaya‚ 


25. Government hiked price for sugarcane by Rs 25 / quintal to benefit 5 crore farmers across cane producing states. Fair and remunerative price (FRP - minimum price sugar mills have to pay to farmers) has been increased to INR __________ Per Quintal for 2017-18 seasons, that starts from October ?

155
355
255
455
None of These


26. Government released new-look index of industrial production (IIP) and wholesale price index (WPI) , built onnew series of data.

  1. Instead of‚ earlier 2004-05, base year for IIP and WPI will now be ______________. Consumer Price Index (CPI), Gross Domestic Product (GDP) etc already have the same as base year.
2011-12
2010-11
2012-13
2014-15
None of These


27. Government will sale ____________ of its stake in IOC (Indian Oil Corporation), which will fetch approx INR 6000 crores to Government ?

6 %
3 %
9 %
15 %
None of These


28.__________ launched artificial intelligence-based application 'SPOK' that can automatically read, understand, categorize, prioritize and respond to customer emails instantly ?

Axis Bank
SBI
HDFC Life
Yes Bank
None of These


29. _________________, Under its special project has made 100 villages as digitally enabled in 2017 so far. It plans to transform total 600 Villages Digitaly enabled by 2017 end ?

SBI
HDFC Bank
Yes Bank
Axis Bank
ICICI Bank


30. In report‚ World Economic Situation and Prospects, United Nations projected 7.3% growth for India‚ in 2017 and ___________ for 2018 ?

6.9%
5.9%
7.9%
8.9%
None of These


31. India Signed Loan Agreement of USD _________ with World Bank for‚ Himachal Pradesh Public Financial Management Capacity Building Program. Credit will be processed y World Bank's IBRD (International Bank for Reconstruction and Development) ?

16 Million
26 Million
46 Million
36 Million
None of These


32. India's GDP grew __________________ during January-March Quarter (Q4 2017). China's GDP grew 6.9 per cent during the same quarter, taking away India's fastest growing Economy Tag. GDP growth rate for full year (2016-17 ) remained 7.1 %. India's Quarter wise GDP Growth in 2016-17 -

7.1 %
6.1 %
8.1 %
10.1 %
None of These


33. India's Revenue from Exports in __________ sector remained at all time high of 2282 Crores by value and 9.57 Metric Tonnes in quantity in 2016-17 FY.

  1. _____________ or‚ coconut fibre‚ is a natural fibre extracted from husk of coconut and used in products such as floor mats, doormats, brushes and mattresses. Coir is the fibrous material found between the hard, internal shell and the outer coat of a coconut.
Coir
Jute
Rice
Sugarcane
None of These


34. Insolvency and Bankruptcy Board of India (IBBI) constituted Technical Committee Under ________________, to give recommendations for laying down Technical Standards for performance of core services and other services under TBBI (Information Utilities) Regulations 2017.?

Devendra Chaudhary
Radhakrishna Kini
C.K. Mishra
Pradeep Kumar Sinha
R B Barman


35. International Monetary Fund in its regional economic outlook has predicted growth rate of India as ______________ in the 2017-18 fiscal and 7.7%‚ in 2018-19 fiscal. Asian Development Bank estimated India's GDP to grow by 7.4 % in 2017-18 and 7.6 % in the 2018-19 ?

8.2%‚ 
7.2%‚ 
6.2%‚ 
9.2%‚ 
None of These


36. Japan’s Softbank invested 1.4 billion (over Rs.9,079 crores) in Indian Firm ___________, as largest ever investment by a single investor in an Indian Firm ?

Paytm
Flipkart
TCS
Snapdeal
None of These


37. LIC Housing Finance launched new product‚ ______________, That will offer loans for construction, house purchase or renovating existing properties. Borrowers will be offered interest rate of 8.40% up to Rs 25 lakh and for loans up to Rs 1 crore the interest rate will be 8.50%. For women, special interest rate of 8.35% for loans up to Rs 25 lakh is applicable. ?

Griha Wapsi
Griha Pravesh
Griha Prapti
Griha Shuddhi
Griha Siddhi


38. IT Firm ________ unveiled its new brand identity, aimed at signifying higher level of engagement with Clients and yield better outputs ?

Wipro
TCS
HCL
Infosys
None of These


39. Mobile Wallet Firm __________ acquired Another Mobile Wallet Firm‚ FreeCharge. Deal value is expected to be between 50 - 90 Million USD. Note that‚ FreeCharge‚ was bought by e-Commerce Firm Snapdeal in 2015 for 400 Million USD. ?

Flipkart
PayTm
Mobikwik
Oxigen
None of These


40. New Chiefs appointed for 7 public sector banks -

  1. Usha Ananthasubramanian - ___________.
  2. Melwyn Rego - Syndicate Bank.
  3. Rajkiran Rai G - Union Bank of India.
  4. R Subramaniakumar - Indian Overseas Bank.
  5. Sunil Mehta - Punjab National Bank.
  6. Dinabandhu Mohapatra - Bank of India.
  7. R A Sankara Narayanan - Vijaya Bank

?

Bank of Maharashtra
Dena Bank
United Bank of India
Bank of Baroda
Allahabad Bank


41. Noted ___________ Mountain Climber Ueli Steck passed away, in an Accident near Mount Everest in Nepal ?

Russian
Swiss
Spanish
French
None of These


42. Paytm Payments Bank Launched, as Third Payments Bank in India

  1. Renu Satti is of CEO Paytm Payments Bank.
  2. Paytm Founder Vijay Shekhar Sharma Holds 51 % Stake in Paytm Payments Bank, while Paytm Parent Company One97 Communications holds 49 %.
  3. It will offer ___________ interest per annum on deposits, less than Airtel and India Post who are Offering respectively 7.25 % and at 4.5 to 5.5 % in their Payments Banks.
  4. Payments Banks can accept Rs 1 lakh per account, as per RBI guidelines. Payments bank cannot give loans. It can issue cheque books and debit cards but not credit cards.
3 %
4 %
7 %
9 %
None of These


43. ___________ Government Updated Criteria for Pensioners, replacing Ration Card with Aadhaar Number. Pensioners will have to fill up new form by June End to continue getting pension ?

Punjab
Haryana
Rajasthan
Himachal Pradesh
None of These


44. RBI announced rate of interest on Floating Rate Bonds 2024 (FRB 2024) for half year May 7, 2017 to November 6, 2017 has been fixed at _____________ per annum. This rate is average of implicit yields at he cut-off prices of last 3 auctions of Government 182 day Treasury Bills held up to May 7, 2017 ?

5.80%
6.80%
7.30%
5.30%
6.30%


45. RBI will observe week ____________5 - 9, 2017 as Financial Literacy Week across the country, with focus on 4 themes - KYC, Exercising Credit Discipline, Grievance Redressal and Going Digital (UPI and *99#) ?

July
June
August
September
None of These


46. Reliance Corporate IT Park Ltd signed MoU with enterprise application software firm SAP SE to launch‚ '___________'‚ solution, enabling taxpayers to be GST compliant and smoothly access government's GST System ?

SARAL GST
SAHAJ GST
SULABH GST
UNDERSTAND GST
None of These


47. ____________ received approval from Group of Lending Banks (Led by IDBI Bank) to exit from corporate debt restructuring scheme. RDEL’s existing debt of Rs650 crore will be converted into equity shares at a price of 59.35 a piece ?

IRCON Limited
GAIL
BHEL
SAIL
Reliance Defence and Engineering Ltd


48. Reserve Bank of India (RBI) extended deadline for companies undertaking billing business under the Bharat Bill Payment System (BBPS) to __________ 31, 2017. Extension is for companies intending to become an agent of an authorised Bharat Bill Payment Operating Unit (BBPOU) or wants to exit business of bill payments ?

December
November
September
August
None of These


49. Reserve Bank of India (RBI) has tightened rules around making _________________ (JLF), To make them more effective.

  1. JLFs are meetings of Banks' held to revitalise stressed assets. In JLF, stressed assets are red-flagged early and a corrective action plan (CAP) is formed for tackling them.
  2. RBI has now lowered threshold needed for implementing corrective action plan (CAP). Now, decisions agreed to by a 60% of creditors by value and 50% of creditors would be valid to implement CAP.
Judicial Lenders’ Forum
Joint Lenders’ Forum
Joint Local Forum
Joint Lenders’ Fuel
None of These


50. Reserve Bank of India announced that new 1 rupee note will be soon put into circulation.

  1. The 1 rupee note was discontinued‚ in 1994, due to high cost of printing.
  2. New Re.1 one will be‚ predominantly pink-green on the obverse and reverse in combination with other colours.‚ It will be‚ 9.7 by 8.3 cm in dimension.
  3. It will have inset Letter ____________________.
P
K
M
R
L


51. Reserve Bank of India has put restriction on Kolkata based UCO Bank’s lending and branch expansion plans as UCO Bank made net losses for 2 successive years.

  1. RBI initiated‚ _____________________ (PCA) framework on UCO bank on account of negative return of assets. UCO Bank is second to face business restrictions after IDBI Bank.
Prompt Corrective Action‚ 
Pure Corrective Action
Pre-emptive Corrective Action
Prompt Collective Action
None of These


52. Reserve Bank of India permitted ___________ having their own ATM network to issue semi-closed prepaid payment instruments PPIs like mobile wallets, up to a limit of Rs INR 10,000 ?

Payment Banks
Small Finance Bank
Co-operative banks
Regional Rural Bank
None of These


53. Securities and Exchange Board of India(SEBI)‚ allowed investors to buy mutual fund schemes for up toINR ___________ through digital wallets ?

10000
20000
25000
50000‚ 
None of These


54. ____________________ - based fintech firm FinMomenta launched online platform Tachyloans that targets both individuals and SMEs that are not tapped by banks as they have poor credit score.

  1. Note that RBI's Final regulations about digital peer to peer (P2P) lending space are yet to be finalized. It is assumed Risky as Lenders and Borrowers Meet directly here.
Japan
China
Myanmar
Vietnam
Singapore


55. __________ launched a National Hackathon for developers, start-ups and students. Aims is to come up with innovative ideas and solutions for the banking sector ?

HDFC Bank
ICICI Bank
State Bank of India
Yes Bank
None of These


56. State Bank of India Revised Service Charges (To Take effect from June 1, 2017) -

  1. IMPS Fund Transfer Charges -
    1. Upto 1 Lac - INR 5
    2. 1 - 2 Lc - INR 15
    3. 2 - 5 Lac - INR 25
  2. Service Charges for exchange of Soiled/Imperfect Notes -
    1. Uptp 20 Pieces and Upto Value of INR 5000 - Nil
    2. Over 20 Pieces - Rs 2 Per Piece
    3. Value Above INR 5000 - Rs 2 Per Piece‚ OR‚ Rs 5 Per Rs 1000 Value (Whichever is Higher)
  3. ATM Cards - Only RuPay classic card will be issued free of cost
  4. Withdrawls -
    1. Four withdrawals in a month including ATM withdrawals free of charges.
    2. Beyond 4 withdrawals - At Branch - Rs 50 per transaction, At other bank ATMS - Rs 20 per transaction, SBI ATMs - Rs 10 per transaction
  5. STATE BANK BUDDY WALLET Service Charges -
    1. Cash withdrawal from Wallet Balance through ATM - Rs ________ Per Transaction (Not to be confused with ATM Card Transactions)
25
20
15
10
None of These


57. Tech Firm __________ launched its‚ cloud computing service‚ for‚ India, aiming to support government's GST rollout in July. Oracle's ERP solution will provide support for GST Network integration, statutory reporting and payment processing etc ?

Microsoft
Oracle‚ 
Google
Adobe
None of These


58. _____________ launched digital wallet‚ T-Wallet‚ for people to make financial transactions, as first such Initiative by any state government in India ?

Telangana
Tripura
Tamilnadu
Kerala
None of These


59. To promote financial inclusion, Reserve Bank of India (RBI) allowed opening mini branches / banking outlets without any prior permission from RBI, applicable to all domestic scheduled commercial banks except Regional Rural Banks. Banks need to open atleast __________ of banking outlets in a year in unbanked rural centres ?

25 %
35 %
10 %
50 %
None of These


60. US-based think tank Global Financial Integrity (GFI) in its report‚ Illicit Financial Flows to and from Developing Countries: 2005-2014, has stated that __________ billion worth of black money entered India during 2005-2014, while $165 billion Black money went out of country ?

$870
$670
$570
$770
None of These


61. ____________ tied up with Cashkaro.com , to launch India’s first Card Linked Offers (CLO) cash-back proposition. This customer loyalty platform will enable online and offline shoppers to avail cash-back offers with personalized merchant deals ?

Axis Bank
SBI
HDFC Bank
Yes Bank
None of These





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