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Banking and Economy Current Affairs Quiz - June 2017

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1. According to Code Compliance Rating of banks done by‚ Banking Codes and Standards Board of India (BCSBI)

  1. ____________ is Only Bank out of 26 public sector banks to Get‚ High Rating.
  2. 8 out of 17 private sector banks got‚ high‚ rating and 3 foreign banks (Citibank, HSBC and Standard Chartered Bank) Received High Rating.
  3. Code compliance rating is based on 5 parameters -‚ information dissemination, transparency, grievance redressal, customer-centricity, and customer feedback.
State Bank of India
Bank of Baroda
Central Bank of India
None of These

2. According to Reserve Bank of India (RBI),‚ India’s current account deficit (net difference between inflows and outflows of foreign currencies) narrowed during 2016-17 to ______________ of the GDP, from 1.1% in 2015-16.

  1. CAD came down due to India's trade deficit narrowing down to‚ $112.4 billion in 2016-17 from $130.1 billion in 2015-16.
  2. Net‚ FDI inflows in 2016-17‚ also got narrowed to‚ $35.6 billion from $36 billion during 2015-16 ?
None of These

3. According to UNCTAD’s World Investment‚ Report 2017, US, China and India are top 3 FDI Receiving Destinations.‚  FDI inflows into India remained USD ___________ ?

55 billion
33 billion
22 billion
44 billion
None of These

4. Asian Infrastructure Investment Bank (AIIB) approved ____________ equity investment loan for India Infrastructure Fund as AIIB’s‚ first equity investment‚ to fund private projects. IIIF will invest this amount in mid-cap infrastructure companies in India ?

$300 million
$100 million
$50 million
$250 million
$150 million

5. ____________ in association with Kochi Metro Rail Corporation (KMRL) has launched KMRL Axis Bank‚ Kochi1 Card‚ as India's first open loop EMV contactless metro card to make travel a convenient and hassle free ?

Axis Bank
None of These

6. _____________ conducted a mass-contact programme‚ Star Mahotsav,‚ to contacting every customer at their doorstep for several activities including recovery of bad loans, disbursement of loans such as housing and vehicle loan, disbursement under MSME and agriculture etc. ?

Bank of India‚ 
Bank of Baroda‚ 
Bank of Maharahstra
Vijaya Bank
None of These

7. Cabinet Committee on Economic Affairs approved strategic disinvestment of ________ and five of its subsidiaries ?

Coal India
Air India
None of These

8. ____________ inked Bancassurance pact with the‚ The New India Assurance Company Ltd, to sell NIACL policies through its branches. ?

Canara Bank
None of These

9. EPFO (__________________) signed MoU with Housing and Urban Development Corporation (HUDCO) to enable members of its housing scheme to avail subsidy and interest subvention under Pradhan Mantri Awas Yojana (PMAY). Under housing scheme, EPFO allows its subscribers for withdrawing up to 90 % of their EPF accumulations to buy homes ?

Employees Provident Fund Organisation
Employers Provident Fund Organisation
Employees Protective Fund Organisation
Employees Provincial Fund Organisation
None of These

10. European Union (EU) released final tranche of Euro ____________ of its euro 80 million grant to the Indian government’s Sarva Shiksha Abhiyan and Rashtriya Madhyamik Shiksha Abhiyan (RMSA). ?

15 million
45 million
55 million
25 million
None of These

11. Finance Ministry asked all ministries tasked with clearing foreign‚ direct investment proposals in the 12 sectors that require government’s nod to take a decision on such proposals within ___________. It is being done to speed up the FDI Process ?

80 days
20 days
40 days
60 days
None of These

12. GST Council constituted ______________ Sectoral Groups representing various sectors of economy to ensure smooth implementation of GST by timely responding to the issues and problems of the respective Sector. GST Council also reduced the GST Rates of 66 items ?

None of These

13. Government approved Initial Public Offer of __________________________, for issuing 139000000 fresh equity shares of Rs.10 each to The public ?


14. Government approved Securities and Exchange Board of India (SEBI) to enter into 2 separate MoUs with Securities market regulators of the European Union and _________ ?

None of These

15. Government approved introducing‚ _____________‚ that will provide resolution framework for financial sector entities to deal with bankruptcy situation in banks, insurance companies, and other entities.

  1. It will also result in repealing of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 to transfer the deposit insurance powers and responsibilities to the Resolution Corporation.
Financial Recursion and Deposit Insurance Bill 2017
Financial Resolution and Deposit Institutions Bill 2017
Financial Resolution and Dual Insurance Bill 2017
Financial Resolution and Deposit Insurance Bill 2017
None of These

16. Government approved recommendations of 7th Central Pay Commission (CPC) on allowances -

  1. After examining total _____________ allowances, 7th CPC recommended that 53 allowances be abolished and 37 be subsumed in an existing or a newly proposed allowance. Government decided not to abolish 12 of 53 allowances which were recommended to be abolished by 7th CPC. It has also been decided that 3 of 37 allowances recommended to be subsumed by 7th CPC will continue as separate identities.
  2. House Rent Allowance‚ - Currently paid @ 30% for X (population of Over 50 lakh), 20% for Y (5 - 50 lakh) and 10% for Z (below 5 lakh) category of cities. 7th CPC recommended reduction in existing rates to 24% for X, 16% for Y and 8% for Z category of cities.
None of These

17. Government has cut interest rates on farmers' loans by 5 % (now ______________), on loan up to Rs 3 lakh. Farmers who do not pay interest in time, will have to pay interest at rate of 7 %. ?

3 %
4 %
5 %
7 %
None of These

18. Government has made Aadhaar card mandatory for government subsidy on purchase of Kerosene and benefits of ______________ ?

Post Office Savibgs Schemes
Atal Pension Yojana
Bank Fixed Deposits
None of These

19. Government made Aadhaar mandatory for Opening bank accounts and Carrying out financial transactions above of Rs ______________. All existing Bank accounts are to be linked‚ to Aadhaar numbers by December 31, 2017 ?

None of These

20. ______________ will impose new transaction charges on all outward UPI transactions from July 10, 2017. Transactions from Rs 1 - 25000 will be charged Rs 3 and transactions above Rs 25,000 to 1 lakh will be charged Rs 5 ?

Axis Bank
Yes Bank
None of These

21. HSBC (Hongkong and Shanghai Banking Corporation) Predicted India's GDP Growth To Remain ___________ In 2017-18. As per Official Data, India's GDP grew 6.1 % during January-March Quarter (Q4 2017) and GDP growth rate for full year (2016-17 ) remained 7.1 % ?

7.1 %
7.3 %
7.5 %
7.7 %
None of These

22. India signed ____________Million Loan agreement with Manila (Philippines) based Asian Development Bank (ADB) for improving urban services in 64 small towns in State of Madhya Pradesh ?

None of These

23. India signed loan agreement of USD ____________ with World Bank for Assam State Public Financial Institutional Reforms (ASPIRe) Project ?

95 million
65 million
135 million
35 million
None of These

24. Indian Overseas Bank (Lead Bank for Thiruvananthapuram district of ______________) has launched‚ Retail Mart‚ as a retail lending concept in Thiruvananthapuram. ?


25. Insurance Regulatory and Development Authority of India (IRDAI) took over management of Sahara India Life Insurance Company as it was not acting in customer friendly manner. IRDAI appointed ________ as administrator of Sahara India Life Insurance Company. ?

H R Khan
Raghura Rajan
RK Sharma
Ajay Tyagi
None of These

26. Kerala Passed State State Goods and Services Tax (SGST) Act, leaving ____________ as only remaining state to not have passed State GST, which is to be implemented from July 01, 2017.

  1. Telangana was first state to Pass State GST (on 9th April 2017).
J & K
None of These

27. Largest Indian Bank State Bank of India has cut interest rate on home loans above Rs 75 lakh by 10 basis points (bps) to _________ (.05 % less For salaried women borrowers) ?

9.60 %
8.60 %
7.60 %
10.60 %
None of These

28. Markets regulator SEBI has barred __________ Firm Cypress Money from acting as Investment Advisor as it was found guilty of providing unauthorized trading tips to investors. ?

None of These

29. __________ approved merger of Wadhawan Family Owned Entities Aadhar Housing Finance and DHFL Vysya Housing Finance ?


30. National Sample Survey Office (NSSO) under Union Ministry of Statistics and Programme Implementation released report‚ Key Indicators of Unincorporated Non-Agricultural Enterprises (Excluding Construction) in India‚ -

  1. Survey coveres non-agricultural enterprises which are not incorporated or not registered under Companies Act, 1956. It Includes, proprietary and partnership enterprises (excluding limited liability partnerships), Self Help Groups (SHGs), Non-Profit Institutions (NPIs) and Trusts etc.
  2. Results are based on sample consisting of 8484 villages and 7839 urban blocks spread over all States and Union Territories.
  3. During 2015-16, __________ crore unincorporated non-agricultural enterprises (excluding construction) were estimated at all India level with 11.13 crore workers ?
None of These

31. Pension Fund Regulatory and Development Authority (PFRDA) introduced “_________________” as a digital enrolment processfor Atal Pension Yojana (APY). ?

None of These

32. Private‚ Bank DCB launched new services ‚œ India’s first Aadhaar based iris eye scan customer verification and fingerprint operated ATM in _______ ?

Andhra Pradesh
Arunachal Pradesh
None of These

33. Private sector's Yes Bank partnered with mobile payments switch‚ TerraPay‚ to enable real-time money transfer to bank accounts in India. Yes Bank also tied up with messaging app ________________ for Launching In-app Wallet ?

None of These

34. RBI extended scope of Banking Ombudsman Scheme by enabling customers to lodge a complaint against defaulting bank for its non-adherence to RBI instructions with regard to mobile banking/ electronic banking services. Pecuniary jurisdiction of Banking Ombudsman to pass an award has been also doubled to ________ rupees ?

1 crore
50 lakh
5 lakh
10 lakh
20 lakh

35. RBI identified‚ ______________ bank accounts constituting nearly‚ 25% of gross bad loans for immediate referral and resolution under the bankruptcy law. Each of these identified accounts was having more than 5,000 crore rupees of outstanding loans. ?

None of These

36. RBI second bi-monthly monetary policy review of 2017 -

  1. Only change in Monetary Policy is that RBI has cut Statutory Liquidity Ratio (SLR) by‚ 50 basis points to ______________ (To be applicable from June 24, 2017). RBI reduced growth projection for the current fiscal to 7.3% from 7.4%.
  2. Monetary policy decision has been taken by the‚ 6 member monetary policy committee headed by RBI Governor (Currently Urjit Patel).
20 %
15 %
25 %
22 %
None of These

37. Reliance Communications (RCom) and Aircel's Merged entity will be called ______________, ro be one of India’s largest private sector companies with asset base of 65000 crores and net worth of 35000 crores ?


38. Reserve Bank of India will release new batch of Rs 500 currency notes whose design will be similar to Rs 500 rupee banknotes of the Mahatma Gandhi (New) Series which were released post demonetisation. New batch of Rs 500 banknotes will have‚ inset letter “_____________” in both the number panels ?

None of These

39. SEBI asked Commodity derivatives exchanges to compulsorily set up investor protection and service funds, along with separate bank accounts for maintaining corpus of IPF and‚ the ISF.

  1. ISF (_______________) - It is aimed at providing minimum facilities at various investor service centres. Initially, commodity exchange has to contribute at least Rs 10 lakh towards ISF. Subsequently, commodity exchanges will be required to transfer 1% of turnover fees‚ charged from its members on monthly basis towards the‚ ISF.
  2. Investor Protection Fund (IPF) - It must have maximum 5 trustees. IPF will comprise of all penalties levied and collected by the commodity exchanges except for the settlement related penalties
Investor Safety Fund
Investor Service Fund
Institutional Service Fund
Internal Service Fund
None of These

40. Securities and Exchange Board of India (SEBI) approved Telenor India's Merger with ___________. The deal is now pending final approval by other authorities such as CCI (Competition Commission of India) ?

Bharti Airtel

41. Software Firm ______________ launched‚ BaNCS App Development Kit‚ (ADK), to enable banks to fast design and build their own apps and install it across devices and desktops. Vision for ‘BaNCS ADK’ is to transfer flexibility and increase speed of development in Banking ?

None of These

42. ________ announced financing of solar rooftop projects worth 400 crores, adding over 100 MW of solar rooftop capacity. It is a significant step towards meeting India’s target for 40 GW of solar rooftop installations.

  1. ________had earlier availed loan of USD 625 million from World Bank for lending to Grid-Connected Rooftop Solar PV (GRPV) projects.
Axis Bank
None of These

43. ________ Government signed agreement with Asian Development Bank (ADB) for loan of 1950 crore rupees for strengthening of roads in different districts ?

Uttar Pradesh
Himachal Pradesh
None of These

44. ____________ developed 5 villages into Digital Villages and plans to develop as many as 100 digital villages in various States. ?

Bank of Baroda
Oriental Bank of Commerce
Bank of India
Vijaya bank

45. World Bank approved USD __________ loan for Skill India mission, aimed at making‚ Indian youth more employable through reskilling. SIMO is a 6 year programme in support of National Policy for Skill Development and Entrepreneurship (2017-23). Under this, persons in age group of 15-59 will acquire skill training irrespective of their employment status ?

150 million
250 million
350 million
450 million
None of These

46. World Bank's Global Economic Prospects (GEP) projected GDP growth rate of ______________ for India in 2017-18 as against 6.8% growth in 2016-2017. World bank also expects India’s growth rate to remain at 7.5% in 2018 and 7.7%‚ in 2019. Global growth forecast in 2017 and 2018 at 2.7% and 2.9% respectively. ?

None of These

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