Banking and Economy Current Affairs Quiz - April 2017

1. 2 phased Budget session of Parliament ended with approval of landmark Goods and Services Tax (GST) Bill and passage of Union Budget 2017-18. It has been a successful session as _____________ Bills were passed by both Houses during the session, including some key bills ?

18 22 26 14 None of These

2. According to Randstad survey, _______________ industry named as highest paying industry‚ in India with average annual cost to company (CTC) of Rs. 11.3 lakh ?

Steel IT Fast-moving consumer goods Textile None of These

3. Aditya Birla Idea Payments Bank Ltd‚ became _____________ entity‚ to receive final‚ licence‚ from Reserve Bank of India (RBI)‚ to set up a payments bank ?

2nd 9th 11th 7th None of These

4. ____________ tied up with American Bank‚ Wells Fargo‚ to offer real-time remittances from Indian diaspora in USA to their relatives in India. Similar pact has been signed between South Indian Bank‚ and Flyworld Money, for Inward remittances by Indians in‚ Australia. ?

SBI ICICI Bank HDFC Bank Kotak Mahindra Bank Axis Bank

5. __________ (BBB) recommended to bring reforms in compensation process in public sector banks (PSBs), on lines of Central Public Sector Enterprises (CPSEs). It will be important in attracting high-quality talent in PSBs ?

Best Banks Bureau Bureau of Best Banks Bank Board Bureau Broad Bank Bureau None of These

6. Bank Boards Bureau (BBB)‚ evolved a‚ GRAF (__________) for public sector banks to ensure that they have the ability to compete with other banks and non-banking finance companies. ?

Governance, Reward and Accountability Framework Global, Reward and Accountability Framework Governance, Reward and Acceptance Framework Governance, Reward and Accountability Fuel None of These

7. Cabinet Committee on Economic Affairs‚ approved listing __________ Central Public Sector Enterprises (CPSEs)‚ on stock exchanges, for public offer of shares‚ up to 25 per cent‚ of Government's shareholding ?

22 11 25 15 None of These

8. ______________ signed agreement with BSNL, for upgrading bandwidth at all its branches to 2 Mbps for faster customer services ?

Canara Bank HDFC Bank Axis Bank ICICI Bank None of These

9. Department of Posts signed pact with __________ to promote Bank's 'buddy e-wallet' and Point of Sale (POS) machines for cashless transactions at post office counters ?

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

10. Finance Ministry approved ____________ interest proposed In December 2016, on employee provident fund (EPF) for 2016-17 fiscal ?

7.65 % 8.25 % 9.65 % 8.65 % None of These

11. Fiscal Responsibility and Budget Management (FRBM) committee Heady by N K Singh has recommended a fiscal deficit target of ____________ by 2020 ?

7 % 5 % 4 % 3 % None of These

12. Flipkart-owned online fashion retailer __________ acquired Bengaluru-based logistics start-up‚ InLogg ?

Jabong Myntra PayTm Snapdeal None of These

13. Government decided to keep education, healthcare and pilgrimages out of service tax under GST regime. GST is targeted to be rolled out from July 2017. It is also to be noted that Max INR ____________ will be deposited on One challan, Under GST ?

50000 25000 20000 5000 10000

14. Government raised 1200 crores by divesting 9.2% of its Stake in ______________, bringing Government’s shareholding in Company down to 65.37%.

NALCO SAIL BHEL GAIL None of These

15. Government will now issue PAN (Permanent Account Number) and TAN (Tax Deduction Account Number) in electronic format in __________ to new corporations ?

3 Days 1 Month 1 Week 1 Day None of These

16. Hyderabad based Microfinance institution‚ Bharat Financial Inclusion Ltd‚ launched instant loan approval Bassi in ______________, to help rural areas embrace cashless transactions ?

Telangana Andhra Pradesh Rajasthan Bihar None of These

17. ICICI Bank and ___________ sold loans worth 1,800 crores to Asset Reconstruction Company Edelweiss. Loans were given to paper maker Ballarpur Industries Ltd ?

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

18. ___________ reduced interest rates on retail term deposits (RTD), bringing highest interest rate to 6.40% (earlier 6.90%) ?

SBI IDBI‚ Bank HDFC Bank ICICI Bank None of These

19. Mukesh Ambani-led Reliance Industries became most-valued Indian company with market cap of Rs 4.60 Lakh crores. It has put IT major Tata Consultancy Services (TCS) on second spot, that has Market cap of 4.59 Lakh Crore. In Government Sector, __________________ became most valued Company with market cap of 2.35 Lakh Crores, surpassing Oil & Natural Gas Corporation (ONGC).

GAIL SAIL BHEL State Bank of India None of These

20. Income Tax department launched second phase of‚ Operation _____________‚ to investigate over 60,000 individuals with an aim to detect black money generation post demonetisation ?

Clean Money Pure Momey No Black Money Black Money None of These

21. Income tax department asked Banks to get self-certification from account holders by 30 April, 2017 to comply with FATCA (__________________) provision and‚ avoid blocking of accounts. It is applicable for accounts opened between July 1, 2014 and August 31, 2015 ?

Foreign Account Tax Compliance Act Fuel Account Tax Compliance Act Foreign Account Tax Complaints Act Foreign Acclaimed Tax Compliance Act None of These

22. India signed ___________ million loan agreement with Asian Development Bank (ADB), to help improve Solar Transmission System‚ in Country. ?

$275 $175 $75 $375 None of These

23. Indian Railways will Issue Global tender for procurement of steel for First time in 30 years. SAIL's _____________ Plant has been Primary supplier of steel for Railways so far. Demand for Steel by Railways in 2017-18 is 1.35 million tonnes, against SAIL's supply of Only 1.1 million tonnes. ?

Durgapur Rourkela Bokaro Bhilai None of These

24. Insurance Regulatory and Development Authority of India (IRDAI) launched web portal‚ ____________________‚ for insurers, to will allow them to register and sell policies online ?

insp.irda.gov.in insurer.irda.gov.in indins.irda.gov.in insure.irda.gov.in isnp.irda.gov.in

25. Kerala-based NBFC‚ Manappuram Finance‚ launched co-branded prepaid card with‚ _____________, that can be pre-loaded up to maximum amount of Rs. 50,000 ?

ICICI Bank SBI YES Bank HDFC Bank None of These

26. ______________ launched‚ 811 banking app‚ as part of Bank's vision to double customer base in 18 months. Customers will be able to open an account on 811 banking app with zero balance ?

Kotak Mahindra Bank HDFC Bank ICICI Bank SBI None of These

27. Loans disbursed under Pradhan Mantri Mudra Yojana (PMMY) crossed target of INR 1.8 lakh crore in 2016-17. In 2017-18’s budget, Rs _________________ has been set as target for Mudra loans ?

1.44 lakh crore 2.44 lakh crore 3.44 lakh crore 2.84 lakh crore None of These

28. Ministry of Micro, Small and Medium Enterprises (MSME) launched‚ MSEFC (______________________) portal‚ (http://msefc.msme.gov.in/) and‚ MyMSME‚ Mobile App.

1. MSEFC portal would facilitate implementation of the delayed payment provisions of the MSMED Act 2006 and also assist in monitoring of delayed payment cases.
2. MyMSME mobile app will provides information on all schemes implemented by Ministry of MSME at one place.

Micro and Small Enterprises Federation Council Micro and Small Enterprises Fragmentation Council Micro and Small Enterprises Facilitation Council Micro and Small Enterprises Fuel Council None of These

29. NITI Aayog unveiled vision document ____________ with several features -

1. Every Indian will have houses with toilets, two-wheelers or cars, air-conditioners, power and digital connectivity.
2. Per capita income would go up by three fold to Rs 3.14 lakh, up from Rs 1.06 lakh in 2015-16.
3. Gross domestic product would rise from Rs 137 lakh crore level in 2015-16 to Rs 469 lakh crore.
4. Expenditure would rise from Rs 38 lakh crore in 2015-16 to Rs 130 lakh crore.

2020 - 21 2025 - 26 2035 - 36 2041 - 42 2031 - 32

30. Non Agriculture Credit Given by Banks in 2016-17 has been Lowest in last several decades, with Growth of Just ______________. It has been due to banks restraining from lending amid Increase in NPAs ?

7.12 % 6.12 % 5.12 % 8.12 % None of These

31. Non-banking finance company (NBFC) AU Financiers India has converted itself into a _____________ ?

Scheduled Bank Housing Finance Company Payment Bank Small Finance Bank None of These

32. PM Narendra Modi launched ______________ cashless / less cash townships across 12 states, Including 56 in Gujarat and 25 in 11 other states. Model has been developed by Gujarat Narmada Valley Fertilizers and Chemicals Ltd (GNFC) and GNFC’s Bharuch (Gujarat) township is India’s first 100% cashless township ?

91 81 71 61 None of These

33. PM Narendra Modi launched BHIM-Aadhaar platform from Nagpur, as merchant interface of BHIM App that has been launched for making digital payments using the Aadhaar platform. BHIM-Aadhaar platform enables citizens to make digital transactions, without access to smart phones / internet / debit/credit cards. BHIM Stands for _______________ ?

Bharat Interface for Money Broad Interface for Money Bharat Institution for Money Broad Internal Money None of These

34. Private Bank‚ ___________ won ‘Golden Peacock Innovative Product/Service Award 2017’ (in Financial sector), for its innovative mobile technology product - SIMsePAY. It also Partnered with‚ Paisabazaar.com, to offer conditionally approved loans to Paisabazaar’s existing customers ?

HDFC Bank ICICI Bank Kotak Mahindra Bank SBI Yes Bank‚

35. RBI allowed Aditya Birla Group's Grasim Industries‚ to raise foreign shareholding to ________ from existing‚ limit of 30%. ?

59 % 49% 51 % 75 % None of These

36. RBI issued‚ Revised PCA (________________) framework for banks from April 2017 Onwards, applicable to all banks operating in India. It was required as bad loans reached USD 80 billion or 15% of system. NPAs of Govt. banks reached Rs 6.3 lakh crore as of September compared to Rs 5.5 lakh crore in June 2016. Revised framework will be again reviewed after three years.

Prompt Corrective Action Pure Corrective Action Prompt Combined Action Prompt Corrective Action None of These

37. Reserve Bank of India (RBI) approved introduce banknotes of _________ denomination, from July 2017 Onwards. ?

800 600 300 150 200

38. Reserve Bank of India (RBI) asked all existing asset reconstruction companies (ARCs) to have minimum net owned fund (NOF) of Rs ________ by March 2019 ?

100 crore 200 crore 300 crore 400 crore None of These

39. Reserve Bank of India (RBI) kept key policy rates unchaged, in its first bimonthly monetary policy review of 2017-18. It however increased the reverse repo rate to 6% (from 5.75%). RBI Monetary Policy Rates as on 05-04-2017 -

1. Repo Rate - 6.25 %
2. Reverse Repo - 6.00 %
3. Bank Rate - _____________
4. Marginal Standing Facility (MSF) Rate - 6.50 %
5. CRR (Cash Reserve Ratio) - 4 %
6. SLR(Statutory Liquidity ratio) - 20.50 %

6.75 % 6.50 % 6.25 % 7.00 % None of These

40. Reserve Bank of India (RBI) slashed clearance time for National Electronic Funds Transfer (NEFT) to 30 minutes (from an hour), as part of Vision 2018 for Payment and Settlement Systems. 11 additional settlement batches will be introduced at 8.30 am onwards, taking total number of half hourly settlement batches during day to ___________ ?

11 18 13 33 23

41. Reserve Bank of India has allowed banks to invest (upto __________ of Net Owned Fund) in Real Estate Investment Trust (REITs) and Infrastructure Investment Trusts (InvITs), to help revive infrastructure sector.

1. RBI‚ permitted banks to invest up to‚ 10%‚ of unit capital of a‚ Real Estate Investment Trust (REITs) or Infrastructure Investment Trusts (InvITs).

10 % 20 % 30 % 40 % None of These

42. Reserve Bank of India has set up 2 new Offices of Banking Ombudsman for States of Jammu and Kashmir (in Jammu) and Chhattisgarh (in Raipur), Taking Total Number of Offices of Banking Ombudsman in India to ___________ ?

30 20 15 25 None of These

43. State Bank of India reduced its benchmark lending rate from 9.25% to ____________ ?

9.1% 8.1% 9.0% 8.5% None of These

44. To digitally empower Atal Pension Yojana (APY) and improve quality of service, statement of transaction(e-SOT) and e-PRAN card have been launched by Government. These facilities are available at‚ www.npscra.nsdl.co.in‚ and‚ www.npstrust.org.in. This online tool enables viewing Subscribers' Transaction and pension related details of APY account.

1. Atal Pension Yojana (APY) is an old age pension scheme for _______________ that promises pension between 1 to 5 Thousand after age of 60.
2. APY Scheme is being implemented through 235 APY Service Providers (Mainly Banks) all over country and has 45 lac subscribers currently.

Central Government Employees Armed Forces Private Sector Employees Self Employed Persons Unorganized Sector Workers

45. Under Central GST (CGST) Act, tax evasion of over Rs ___________ under GST regime will be cognizable and non-bailable offence with police having authority to make an arrest without warrant ?

15 crore 5 crore 10 crore 20 crore None of These

46. World Bank approved __________ loan for India’s first inland water transport fairway National Waterway 1 (NW1) project on a 1,360 km stretch of the Ganga river between Varanasi and seaport of Haldia.

1. This amount will be utilized for capacity augmentation of National Waterway-1 (NW-1) between Haldia in West Bengal and Varanasi in Uttar Pradesh on river Ganga. It will enable commercial navigation of vessels of 1,500-2,000 tonnes capacity along the stretch.

$375 million $275 million $175 million $475 million None of These

47. World Bank report‚ Globalization Backlash‚ stated that India’s gross domestic product will rise to _____________ in 2017-18, from 6.8% the in 2016-17. It expects that India'a GDP growth will rise to 7.7% by 2019 - 20 ?

7.0% 7.3% 7.5% 7.6% 7.2%

48. e-Commerce Firm ____________ raised total fund USD 1.4 billion from China‚„s Tencent, US-based e-commerce firm eBay and Microsoft. It also acquired eBay‚„s Indian operations, to counter Amazon. ?

Flipkart Paytm Snapdeal Shopclues None of These

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