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Banking and Economy Current Affairs Quiz - April 2018

Home > Current Affairs > Banking and Economy Current Affairs Quiz - April 2018

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1. ____________ Small Finance Bank launched mobile app named ‘Kamao’ (earn), looking to improve its business through crowd-sourcing, involving employees, customers and non-customers. Bank will encourage stakeholders to refer prospective customers, who want to open deposit accounts or get loans, on app and win rewards.

AU
Ujjivan 
ESAF
Jana
None of These


2. As per Commerce Ministry, India’s global trade in 2017-18 stood at _____________ billion, 16.32 % up from $660.2 billion in 2016-17. Trade with Latin American Countries (LAC) recorded healthy growth of 19.63 % in 2017-18, most with Bolivia ($253 million in 2016-17 to $772.44 million in 2017-18).

$867.9
$667.9
$767.9
$967.9
None of These


3. ______________ is most trusted Internet brand in India as per TRA Brand Trust Report 2018, With 1.2 trillion searches per year. It is followed by Facebook, Amazon and eBay. Biggest falls was seen by Snapdeal(fell by 142 ranks) and best trust gainer is Netflix (up 506 ranks). Also, State Bank of India is most-trusted bank (both public and private sector) and ICICI topped among private ones.

Microsoft
Patanjali
Alibaba
Google
None of These


4. As per World Bank Global Findex Report 2017 -

  1. _______________ of new bank accounts opened globally between 2014-17 are from India. India witnessed a great jump in account ownership during 2014-2017 as 80 % Indians owned a bank account in 2017, compared to only 35 % bank account holders in 2011.
85 %
25 %
35 %
45 %
55 %


5. Asian Development Bank (ADB) agreed to give an aid of 1,700 crore rupees to _____________ for infrastructure development and creation of sewerage treatment facilities in urban areas.

Punjab
Haryana
Uttarakhand
Himachal Pradesh
None of These


6. Asian Inrastructure Investment Bank (AIIB) approved $140 Million Loan to improve Rural Connectivity in __________________, aimed at benefitting 1.5 Million Rural residents of 5640 Villages in state.

Madhya pradesh
Haryana
Punjab
Uttarakhand
None of These


7. Cab Aggregator ____________ introduced in-trip insurance programme for all its customers, starting at just Re 1 and covering up to 500000, in partnership with Acko General Insurance and ICICI Lombard General Insurance. _______also acquired Mumbai-based end transport ticketing and commuting app Ridlr.

Uber
Ola
Zoomcar
Meru
None of These


8. Cabinet Approvals on Apr 21, 2018 -

  1. CCEA (Cabinet Committee on Economic Affairs) Approvals -
    1. Approved Restructured Centrally Sponsored Scheme RGSA (___________________) for period 01-04-2018 to 31-03-2022 at cost of INR 7255.50 crores with Central Share of 4500 crore and States' Share of INR 2755.50 crores.
      1. National Level activities will include National Plan of Technical Assistance, Mission Mode project on e-Panchayat, Incentivization of Panchayats and State component will be Capacity Building of Panchayati Raj Institutions (PRIs).
      2. State funding pattern for State Component will be 60:40 for all States, except North East and Hill States where Centre:State funding pattern will be 90:10 and For UTs, Central share will be 100%.
      3. Sunset date for RGSA will be 31-03-2030.
      4. RGSA will help over 2.55 lakh Panchayati Raj Institutions (PRIs) to develop governance capabilities to deliver on SDGs through inclusive local governance with focus on optimum utilisation of available resources.
      5. RGSA will strengthen Gram Sabhas to function as effective institutions with social inclusion of citizens particularly the vulnerable groups. It will establish institutional structure for capacity building of PRIs with adequate human resources and infrastructure.
      6. PM Narendra Modi will Launch RGSA from Mandla (Madhya Pradesh), on 24th April (National Panchayati Raj Day).
Rashtriya Gram Swaraj Abhiyan
Rashtriya Gau Suraksha Abhiyan
Rashtriya Gram Swayatta Abhiyan
Rashtriya Gau Swayatta Abhiyan
None of These


9. Central Government, Government of Maharashtra and World Bank signed today US$ ______________ million project to help Small and Marginal farmers in Marathwada and Vidarbha regions of Maharashtra, to help increase climate resilient practices in agriculture.

It will benefit over 7 million people spread over an area of 3.0 million ha and cover 5,142 villages across 15 most climate vulnerable districts of region. This loan from International Bank for Reconstruction and Development (IBRD) has 6-year grace period, and a maturity of 24 years.

420
220
450
820
None of These


10. Credit rating agency Fitch kept India’s sovereign rating unchanged at ‘_______________‘ with stable outlook. This rating is at junk bond or lowest investment grade with stable outlook. This rating balances India’s medium-term growth outlook and favourable external balances with weak fiscal finances and some lagging structural factors.

AAA-
AA-
A-
BBB-
None of These


11. Department of Biotechnology (DBT) under Ministry of Science & Technology initiated National Biopharma Mission which is implemented by Biotechnology Industry Research Assistance Council (BIRAC), to strengthen emerging biotechnology sector in India.

  1. Mission has been approved at a total cost of US ____________ million for five years with 50% funding through World Bank Loan. Legal agreement between BIRAC and IBRD (World Bank) has been signed.
$450
$350
$150
$250
None of These


12. Digital Wallet Firm Paytm launched its offline payments solution - Paytm Tap Card, to provide seamless payments solutions for non-internet customers. This card uses NFC (__________________) technology to enable safe and convenient digital payments.

Native Field Communication
Near Field Communication
Nodal Field Communication
Near Fuel Communication
None of These


13. Export-Import Bank of India (Exim Bank) will provide loans worth about US $4.5 billion to _______________ for financing of various social and infrastructure projects. In this regard, Exim Bank signed agreement with ____________ Government in October 2017 to extend this LoC facility.

Myanmar
Nepal
Sri lanka
Bhutan
Bangladesh


14. Fashion e-retailer _____________ acquired Witworks, a Bengaluru based technology startup, involved in developing smart wearable devices and their underlying software.

Myntra
Flipkart
Jabong
Google
None of These


15. Finance Ministry in consultation with RBI launched first tranche of sovereign gold bonds (SGBs) for current fiscal (FY 2018-19), to be sold through banks, designated post offices and recognised stock exchanges. Features are-

  1. Sl. No.

    Item

    Details

    1

    Denomination

    In multiples of gram(s) of gold with a basic unit of 1 gram. Minimum permissible investment will be 1 gram of gold.

    2

    Tenor

    8 years with exit option in 5th, 6th and 7th year, to be exercised on interest payment dates.

    3

    Maximum limit

    Maximum limit shall be 4 KG for individual, 4 Kg for HUF and 20 Kg for trusts and similar entities per fisca.

    4

    Payment option

    Online / Offline (upto 20000) . Issue price of Gold Bonds will be INR 50 per gram less for those who subscribe online and pay digitally.

    5

    Interest rate

    The investors will be compensated at a fixed rate of ______________ % per annum payable semi-annually on the nominal value.

    6

    Tax treatment

    The interest on Gold Bonds shall be taxable as per the provision of Income Tax Act, 1961 (43 of 1961). Capital gains tax arising on redemption of SGB to an individual has been exempted

    7

    Commission

    Commission for distribution of bond shall be paid at the rate of 1% of the total subscription and receiving offices shall share at least 50% of commission so received with agents for the business procured through them.

4.50
3.50
1.50
2.50
None of These


16. Fugitive Economic Offenders Ordinance 2018 came into force as President Ram Nath Kovind gave his assent to Cabinet’s decision to promulgate the said Ordinance.

  1. It empowers authorities to attach and confiscate (ज़ब्त करना) properties of economic offenders and deter them from evading Indian law by remaining outside India.
  2. A Fugitive Economic Offender is a person against whom an arrest warrant has been issued in respect of a scheduled offence and who has left India so as to avoid criminal prosecution.
  3. To ensure that Courts are not over-burdened with such cases, only those cases where total value involved in such offences is _____________ rupees or more, is within purview of this Ordinance.
  4. President Ram Nath Kovind also promulgated an ordinance that provides for stringent punishment, including death penalty, for those convicted of raping girls aged below 12 years. Jammu and Kashmir state Govt. also approved Criminal Law (Amendment) Ordinance 2018 that provides death penalty to rapists of children below age of 12 years.
50 crore
200 crore
100 crore
500 crore
None of These


17. Global Findex Report released by World Bank said that about 19 Crore Indian adults still don’t have a bank account, second only to China, despite account ownership more than doubling from 35 % in 2011 to _____________ in 2017.

60 %
80 %
50 %
90 %
None of These


18. ______________ launched IRA (Interactive Robotic Assistant) 2.0, interactive humanoid at Koramangala Branch in Bengaluru, in tech partnership with Invento Makerspaces and Senseforth Technologies. It aims to enhance user experience for customers.

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


19. ______________ became first Indian bank to go live on SWIFT’s Global Payment Innovation, an improved cross-border payments service. It enables real-time payments tracking across correspondent banks & has a facility to track payments instructions across correspondent banks globally.

PNB
HDFC Bank
Axis Bank
ICICI Bank
None of These


20. IT Firm __________ acquired C3i Solutions for USD 60 million, to enhance its growth in life sciences and consumer services. C3i Solutions is a wholly owned, independently operated subsidiary of Merck & Co, which is known as MSD outside US and Canada.

HCL
TCS
Wipro
Microsoft
None of These


21. IT Firm ______________ became first Indian company to reach $100 billion market capitalisation (m-cap) milestone. It joined world’s 100 most valued organizations and now ranks 97th.

TCS
Wipro
HCL
Microsoft
None of These


22. India signed __________ million loan agreement with World Bank for Madhya Pradesh Rural Connectivity Project. The Project will cover 10,510 km stretch of rural roads in Madhya Pradesh that fall under Chief Minister’s Gram Sadak Yojana (CMGSY) program.

$110
$210
$310
$410
None of These


23. India signed a Loan Agreement of _________ Million with World bank for IBRD credit for Innovate in India for Inclusiveness Project.

$425
$325
$225
$125
None of These


24. India signed a Loan Agreement of USD ___________ with World Bank's IBRD (nternational Bank for Reconstruction and Development) for Meghalaya Community - Led Landscapes Management Project (MCLLMP).

448 million
98 million
248 million
148 million
48 million


25. Indian GDP Forecasts (April 2018) -

  1. Asian Development Bank (ADB) projected India’s GDP Growth Rate to rise to 7.3% in FY 2018 - 19 and 7.6% in 2019-20.
  2. As per World Bank’s South Asia Economic Focus Spring 2018 report, Indian economy has recovered from impact of demonetisation and the introduction of Goods and Services Tax regime and is projected to grow by __________ in 2018 and 7.5 percent in 2019. India’s growth is expected to drive South Asia’s growth rate to 6.9 % in 2018 and 7.1 % in 2019. South Asia includes Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka.
    1. As Per world Bank, India’s GDP clocked in $2.6 trillion, becoming 6th in World, after USA, China, Japan, Germany and UK.
  3. Confederation of Indian Industry (CII) Predicted India’s GDP to grow at 7.3-7.7% during 2018-19.
  4. International Monetary Fund (IMF) in its World Economic Outlook (WEO) projected India to grow at 7.4% in 2018 and 7.8% in 2019.
  5. Japanese financial services Firm Nomura stated that India’s GDP growth will be 7.8 % in first half of 2018-19.
  6. Germany's Deutsche Bank Predicted GDP growth of 7.5% for India this financial year.
6.3 %
7.8 %
7.3 %
8.3 %
None of These


26. ____________ (IOB) launched three ‘Internet of Things’ (IoT)-based customer service initiatives in Chennai (Tamil Nadu), Including a sound pressure level meter and Missed Call Feedback system.

Indian Overseas Bank
PNB
BOB
SBI
None of These


27. Indus Towers and Bharti Infratel Ltd announced their Merger, that will create world’s second-largest mobile masts company by numbers of towers, 2nd only to China Tower. It will have presence throughout India with more than 163,000 towers, worth over 14.6 Billion USD. _____________ will have a stake of 33.8 % to 37.2 % in combined entity.

TATA Sons
Bharti Airtel
Reliance Infocomm
Vodafone
None of These


28. ____________ launched a pilot project to use WhatsApp for customer service, wherein customers can save official WhatsApp number of bank and initiate conversation. Customers can avail several services including checking balance, obtain mini statements through WhatsApp. It also received RBI's approval to buy securities services arm of IL&FS (Infrastructure Leasing and Financial Services), for which agreemenent was signed In March 2017.

ICICI Bank
Axis Bank
IndusInd Bank
HDFC Bank
None of These


29. ______________ launched Add on Working Capital GST as a special financing scheme to help state industry cope with delay in reimbursement of GST under special tax relief. Under this, revolving credit facility will be extended at most competitive rate of 9 % and with minimum documentation.

ICICI Bank
HDFC Bank
Axis Bank
SBI
Jammu & Kashmir (J&K) Bank


30. NABARD (National Bank for Agriculture and Rural Development) will raise its long-term on-lending or refinance portfolio to INR 80,000 crore (from 65000 Crores) in current fiscal year, to improve rural economy. Government has also raised authorised capital of NABARD by 6 times to INR ____________ Crores, to increase its lending to the rural economy.

National Bank for Agriculture and Rural Development (NABARD) also extended credit support of INR 14,690 crore to Rajasthan for 2017-18, under Rural Infrastructure Development Fund (RIDF) of NABARD.

20000
10000
30000
50000
None of These


31. National Stock Exchange (NSE) launched its _______ platform which will allow retail investors to invest in government securities. Government Securities are offered to investors through competitive and non-competitive auctions held by RBI on weekly basis.

myGov
my-Gsec
e-Gov
e-Gsec
None of These


32. Private sector's _____________ introduced a ‘digital form’ which will help open current accounts in a few hours, to provide a faster and smoother account opening experience to customers by doing away with the hassle of arranging lengthy paper-work.

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


33. ___________ launched several products to mark its 124th foundation day. It also partnered with expense management app WALNUT.

PNB
SBI
HDFC Bank
ICICI Bank
None of These


34. RBI imposed restrictions on Mumbai-based City Co-operative Bank, limiting per account withdrawls to INR __________. Bank will also not be able to accept fresh deposits, disburse loans or borrow funds without RBI approval.

500
15000
10000
2000
1000


35. RBI increased bond investment limit for foreign portfolio investors (FPI) by a percentage point in two phases, to will allow foreigners about Rs 1.4 trillion of extra play in Indian bonds by FY20.

  1. Limit for FPI investment in central government securities (G-secs) would be increased by 0.5 % to __________ % of outstanding stock of securities in 2018-19 and 6 % of outstanding stock of securities in 2019-20.
  2. Also, general and long-term investors would have equal share in government bond investment limit for 2018-19. Earlier, they had an investment ratio of 25:75.
2.5
5.5
3.5
4.5
None of These


36. RBI switched back to gross domestic product (GDP)-based measure to offer its growth estimates from the GVA (___________) methodology, citing global best practices.

  1. Government had started analysing growth estimates using GVA methodology from January 2015 and had also changed the base year to 2018 from January.
  2. GVA gives a picture of economic activity from producers' side, GDP model gives picture from consumers' / demand perspective.
  3. In recent first bi-monthly policy of new fiscal year 2018-19, RBI left key rates unchanged, citing rising inflation worries in first half. RBI said GDP is projected to strengthen from 6.6 % in FY18 to 7.4 % in FY19. Key Policy Rates -
    1. Repo rate - 6%. It is rate at which RBI lends to its clients generally against government securities.
    2. Reverse Repo Rate - 5.75%. It is rate at which banks lend funds to RBI.
    3. Marginal Standing Facility (MSF) Rate - 6.25%. It is rate at which scheduled banks can borrow funds overnight from RBI against government securities.
    4. Bank Rate - 6.25%. It is rate charged by central bank for lending funds to commercial banks.
    5. Cash Reserve Ratio (CRR) - 4%. It is amount of funds that banks have to keep with RBI.
    6. Statutory Liquidity Ratio (SLR) - 19.5%. It is amount that banks have to maintain a stipulated proportion of their net demand and time liabilities (NDTL) in form of liquid assets like cash, gold and unencumbered securities etc.
Gross Value Added
Global Value Added
Grown Value Added
Gross Vault Added
None of These


37. Randstad Employer Brand Research (REBR) 2018 stated that ___________ is most attractive employer brand in India this year, followed by Amazon India.

Wipro
TCS
Facebook
Google
Microsoft


38. Reliance Industries owned Jio Payments Bank commenced operations as India's 6th payments bank. No details relaed to interest rates and other terms have been disclosed so far. Other Payments banks in India -

  1. Paytm Payments Bank - Interest Rate of 4 %.
  2. Airtel Payments Bank - Interest rate of 5.5% in its saving account. Initially, Airtel Payment Bank was giving 7.5%s.
  3. Fino Payments Bank - Interest Rate of 4 %.
  4. India Post Payments Bank - Different interest rate according to deposited amount -
    1. Deposit upto 25,000 – 4.5%
    2. Deposit upto 50,000 – 5 %
    3. Upto 1,00,000 – ___________
  5. Idea Payments Bank
5.5%
6.5%
7.5%
8.5%
None of These


39. Reliance Jio signed agreement to raise nearly INR 3250 crores as samurai term loan from ____________-based banks, with 7 year bullet maturity. This is said to be largest samurai loan for an Asian corporate company.

China
Japan
Vietnam
Myanmar
None of These


40. Reserve Bank of India (RBI) deferred adoption of Indian Accounting Standards (Ind AS) by commercial banks for year (till April 2019) due to unpreparedness of banks to migrate to the new accounting system.

  1. RBI requested Government to amend Banking Regulation Act, 1949 as format of financial statements as prescribed under Schedule 3 of Act is not amenable to reporting financial statements under Ind-AS.
  2. Ind AS is global accounting practice that lenders are mandated to adopt, on par with International Financial Reporting Standard 9.
  3. Financial Entities follow GAAP (________________) standards. Corporate entities started complying with IndAS with effect from 1 April 2016. In February 2016, RBI mandated commercial banks, barring regional rural banks to implement Ind AS from April 1, 2018.
  4. RBI was asking banks to submit half-yearly returns based in Ind-AS format. Key change was need to provision accounts based on expected loss, instead of when account turns into a non-performing asset (NPA).
  5. Commercial banks may need up to INR 89000s crores while transiting to Ind-AS regime.
Generally accepted acceptance principles
Generally appreciated accounting principles
Generally accelerated accounting principles
Generally accepted accounting prospects
Generally accepted accounting principles


41. Reserve Bank of India (RBI) imposed INR 3 crore penalty on _____________ for not following RBI’s rules on classification of loans.

ICICI Bank
IDBI Bank
Yes Bank
HDFC Bank
None of These


42. Reserve Bank of India (RBI) liberalised _________________ (ECB) Policy by including more sectors, to facilitate cheaper access of overseas funds to Indian companies.

  1. RBI has stipulated uniform, all-in cost ceiling of 450 basis points (bps) over benchmark rate, which, in most cases, is six-month London Interbank Offered Rate (LIBOR).
  2. RBI increased ECB Liability to Equity Ratio for ECB raised from direct foreign equity holder under automatic route to 7:1, up from 4:1 earlier. This ratio will not be applicable if total of all ECBs raised by entity is up to $5 million or equivalent.
  3. RBI also has allowed duly regulated housing finance companies to raise ECB under all tracks.
Economical Commercial Borrowings
External Commercial Borrowings
External Corporate Borrowings
Economical Corporate Borrowings
None of These


43. Reserve Bank of India (RBI) tightened reporting norms for Liberalised Remittance Scheme (LRS), under which individual can transfer up to US _______________ abroad in a year.

  1. Currently, LRS transactions are permitted by banks based on declaration made by remitter, without any verification or reliable source of information. Now, daily reporting system by Authorised Dealer (AD) banks of transactions undertaken by individuals under LRS has been placed. Banks will mandatorily report daily transactions undertaken by them under LRS.
$2,50,000
$1,50,000
$5,50,000
$10,00,000
None of These


44. ___________ launched its UK subsidiary, with initial capital commitment of 225 million pounds. It became he first foreign bank in UK to ringfence (separate) its retail division from its wholesale business.

HDFC Bank
Axis Bank
ICICI
PNB
SBI


45. Securities Exchange Board of India (SEBI) relaxed algorithm trading norms at commodity derivatives exchanges, raising limit of trading using algorithm trading process up to ______________ orders per second by user from the existing limit of 20 orders per second. SEBI also decided to do away with requirement of empanelment of system auditors by exchanges for system audit of algorithmic trading.

50
100
80
60
None of These


46. Several Budget proposals Implemented from April 1, 2018 -

  1. Reintroduction of tax on long-term capital gains (LTCG) exceeding Rs _________ from sale of shares.
  2. Reduced corporate tax of 25 % on businesses on a turnover of up to INR 250 crores.
  3. Standard deduction of Rs 40,000 in lieu of transport allowance and medical reimbursement.
  4. e-Way Bill system became mandatory from April 1, 2018 for all inter-state movement of goods in India, being implemented under GST regime by GST Network (GSTN) at Portal https://ewaybillgst.gov.in
    1. EWay Bill is an electronic way bill for movement of goods which can be generated on the eWay Bill Portal. Transport of goods of more than Rs. 50,000 (Single Invoice/bill/delivery challan) in value in a vehicle cannot be made by a registered person without an eway bill.
    2. GST Council had decided to roll-out of the e-way bill starting with inter-state from April 1 and intra-state from April 15, 2018.
    3. E-way bill is an electric document generated on GST Portal, which is a shared information technology (IT) infrastructure between Centre and States; and acts as evidence for movement of goods.
    4. e-way can be cancelled within 24 hours of creation. The recipient can also reject the e-way Bill within validity period of e-way bill or within 72 hours of creation of e-way bill by consignor, whichever is earlier.
1 lakh
10 lakh
5 lakh
7 lakh
None of These


47. Small Industries and Development Bank of India (SIDBI) tied up with Common Service Centre (CSC) to promote micro-enterprises in __________ aspirational districts across country.

72
108
334
225
115


48. ________ launched an alternate method of cash withdrawal for its customers, known as Cash@POS initiative. Under it, debit card holders any bank can withdraw cash from PoS machines installed by bank across various merchant locations. INR 1000 can be withdrwan in Tier I and Tier II cities and INR 2000 in Tier 3 to Tier 6 cities per day per card.

SBI
PNB
BOB
ICICI Bank
None of These


49. __________ will issue and encash Electoral Bonds through its 11 Authorised Branches between May 1 - 10, 2018.

  1. Electoral Bonds can be purchased by any Indian Citizen / Organization to give donations to Political Parties.
  2. Political arties that secured over 1 % of votes in last General Elections, are eligible to receive Electoral Bonds.
ICICI Bank
SBI
Axis Bank
HDFC Bank
None of These


50. State Bank of India Tied up with Satluj Vidyut Nigam Limited (SJVN) to invest INR 80 billion in Arun III hydropower project of ____________, with 900 megawatts (MW) capacity.

Vietnam
Bhutan
Bangladesh
Myanmar
Nepal


51. Telecom Regulatory Authority of India (TRAI) unveiled beta version of portal (____________) to enable consumers see tariffs of different telecom service providers at single place. It aims to provide more transparency and information on multiple tariff offerings by telcos and help consumers.

tariff.trai.gov.in
checktariff.trai.gov.in
rates.trai.gov.in
telerates.trai.gov.in
None of These


52. Yes Bank launched Yes GST, an OD (over draft) facility for Micro, Small and Medium Enterprises (MSMEs). Through this, an MSME can avail OD up to Rs _____________, based on annual turnover, backed by GST returns. Bank also received RBI approval to open 2 representative offices in London and Singapore.

10 crore
5 crore
1 crore
20 crore
None of These


53. e-commerce Firm ______________ partnered online travel company MakeMyTrip to offer travel services on its platform. Services of MakeMyTrip's other brands, Goibibo and redBus, will be available to its consumers as part of deal.

Myntra
Paytm
Snapdeal
Flipkart
None of These




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