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Banking and Economy Current Affairs Quiz - November 2018

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1. India signed a Loan Agreement with Japan International Cooperation Agency (JICA) for Japanese Official Development Assistance loan for construction of Turga Pumped Storage (I) of Yen 29.442 Billion (INR 1817 crores). It aims to improve stability of power supply in _________________.

West Bengal
Odisha
Goa
Gujarat
None of These


2. A Special RBI board meeting discussed over several contentious issues including - 

  1. No change in BASEL norms, deadline pushed back by a year for last tranche. RBI agreed to extend transition period for implementing last tranche of 0.625 % under Capital Conservation Buffer (CCB) by 1 year (up to March 31, 2020).
  2. Restructuring of stressed standard assets of MSME borrowers with aggregate credit facilities of up to Rs 25 crore, subject to conditions of ensuring financial stability.
  3. ______________________ (PCA) framework on banks will be examined by RBI's Board for Financial Supervision.
  4. RBI will set up a high-powered committee to examine issues related to surplus capital of 9.69 lakh crores with RBI.
Preemptive Corrective Action
Prompt Collective Action
Prompt Corrective Action
Polar Corrective Action
None of These


3. Bombay Stock Exchange decided to discontinue ties with _______________, that manages benchmark Sensex, amid plans to develop inhouse indices.

  1. Joint venture among two called Asia Index was launched in 2013, to provide array of indices enabling global and domestic investors to participate in South Asia economies.
  2. BSE will not renew its agreement with _______________ which expires on December 31, 2018 and it is looking to develop indices through its own team.
Barclays
Moody's
Fitch
S&P Dow Jones
None of These


4. CSIR-Institute of Microbial Technology (CSIR-IMTECH) partnered with __________________ science and technology firm Merck, to establish a ‘High End Skill Development Centre’ in CSIR-IMTECH Chandigarh. Equipped It will help accelerate healthcare research and train Indian students and researchers in latest life science technologies and make them industry ready.

Polish
Spanish
Russian
French
German


5. Chola MS General Insurance and _________________ renewed their decade old corporate agency arrangement for a period of 5 years.

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


6. Credit Rating Agency Fitch affirmed India’s “Long term Foreign-currency Issuer Default Rating (IDR)” at ‘BBB-‘with a stable outlook, keeping India’s Credit rating unchanged for ______________ year in a row.

  1. Fitch Ratings is one of big three credit agencies, Other two being Moody’s and Standard & Poor’s.Fitch last upgraded India’s Sovereign rating from ‘BB+’ to ‘BBB-‘with stable outlook in 2006.
  2. Fitch expects India’s economy to grow with a growth rate of 7.8 in fiscal year ending on 31 March 2019 and 7.3 in FY20 and FY21.
  3. Fitch expected current-account deficit to widen to 3 % in FY2018-19 and 3.1 % in FY2019-20 from 1.9 % in FY2017-18.
12th
14th
16th
10th
None of These


7. __________________ mobile maker Nokia and Indian IT services firm Infosys partnered to work in AI and machine learning driven solutions, to drive digital transformation in various sectors.

American
Finnish
Polish
Russian
None of These


8. Governemnt Launched a centralized electronic platform for processing interest subvention on bank loans to beneficiaries under Deendayal Antyodaya Yojana – National Urban Livelihoods Mission (DAY-NULM) named PAiSA – ________________________, developed by Allahabad Bank as Nodal bank.

  1. It is centralised electronic platform for quicker processing of loans under DAY-NULM. It aims to connect directly with beneficiaries and ensure there is greater efficiency in delivery of services.
Portal for Affordable Credit and Interest Subvention Access
Portal for Affordable Credit and Internal Subvention Access
Portal for Acceptable Credit and Interest Subvention Access
Portal for Affordable Care and Interest Subvention Access
None of These


9. Government and RBI opened Sovereign Gold Bonds 2018-19 (Series III) for subscription, with issue price 3183 per gram. There is also discount of 50 per gram for online payment.

  1. Earlier in October 2018, Goveremnt had issued schedule for issuing Sovereign Gold Bonds every month from October 2018 to February 2019, through banks, Stock Holding Corporation of India Limited (SHCIL), designated post offices, NSE and BSE.
    S.No. Tranche Period of Subscription Date of Issuance
    1 2018-19 Series II October 15-19, 2018 October 23, 2018
    2 2018-19 Series III November 05-09, 2018 November 13, 2018
    3 2018-19 Series IV December 24-28, 2018 January 01, 2019
    4 2018-19 Series V January 14–18, 2019 January 22, 2019
    5 2018-19 Series VI February 04-08, 2019 February 12, 2019
    1. Features of Bond - 
      Item Details
      Eligibility Bonds will be restricted for sale to resident individuals, HUFs, Trusts, Universities and Charitable Institutions.
      Denomination Bonds will be denominated in multiples of gram(s) of gold with a basic unit of 1 gram.
      Tenor Tenor will be for 8 years with exit option in 5th, 6th and 7th year to be exercised on the interest payment dates.
      Minimum size Minimum permissible investment will be 1 gram of gold.
      Maximum limit 4 KG for individual, 4 Kg for HUF and 20 Kg for trusts and similar entities per fiscal (April-March).
      Issue / Redemption price Price will be fixed in INR on basis of simple average of closing price of gold of 999 purity, published by India Bullion and Jewellers Association Limited for last 3 working days of week preceding subscription period (50 per gram less for online payments)
      Payment option Cash payment (upto a maximum of `20,000) or demand draft or cheque or electronic banking.
      Interest rate The investors will be compensated at a fixed rate of ___________________________ per annum, payable semi-annually on the nominal value.
      Collateral Can be used as collateral for loans. Loan-to-value (LTV) ratio is to be set equal to ordinary gold loan mandated by RBI.
      Tax treatment Interest on Gold Bonds shall be taxable as per provision of Income Tax Act 1961. Capital gains tax arising on redemption of SGB to an individual has been exempted.
      SLR eligibility Bonds acquired by banks shall be counted towards Statutory Liquidity Ratio.
      Commission Commission for distribution of bond shall be paid at rate of 1 Rupee per 100 Rupees of total subscription received. Receiving offices shall share at least paise 50 per hundred Rupees of commission so received with agents.

2.50%
1.50%
3.50%
5.50%
None of These


10. Government approved selling __________________________ stake in Air India's ground-handling company Air India Air Transport Services Limited (AIATSL), the only Profitable Subsidiary of Air India. AIATSL posted profit of over 33 crores INR last year.

25 %
75 %
50 %
100 %
None of These


11. Government conferred status of Miniratna : Category - I on PSU _________________________ (NPCC), a schedule ‘B’ CPSE under Ministry of Water Resources. It is making continuous profit since 2009-10.

National Polymer Construction Corporation Limited
National Projects Care Corporation Limited
National Polymer Care Corporation Limited
National Projects Construction Corporation Limited
None of These


12. Various Loan Agreements signed by India in November 2018 -

  1. India signed $105 million loan agreement with Asian Development Bank (ADB), for transmission system upgrades in Himachal Pradesh for increased supply of hydropower to the state and the national grid. The tranche 3 loan is part of the $350 million multi-tranche financing facility (MFF) for Himachal Pradesh Clean Energy Transmission Investment Program approved by ADB Board in September 2011.
  2. India signed $169 million loan loan agreement with Asian Development Bank (ADB), as First Tranche of a $500 million multi-tranche financing to develop climate-resilient water supply, sewerage, and drainage infrastructure in at least 10 cities in Tamil Nadu.
  3. India signed $200 million loan agreement with Asian Developmemt Bank (ADB) to finance widening and upgrading of about 230 Kilometers State Highways in Bihar to all-weather standards with road safety features. 
  4. India signed $300 million Loan Agreement with Asian Development Bank (ADB), to support lending by India Infrastructure Finance Company Limited (IIFCL).
  5. India signed $75 million loan with Asian Development Bank to provide 24 x7 water supply in Karnataka’s four coastal towns of Kundapura, Mangalore Puttur and Udupi and improve sanitation infrastructure for Mangalore town, as tranche 2 loan agreement of Karnataka Integrated Urban Water Management Investment Program.
  6. India signed World Bank loan agreement of $172.20 million, for enhancing agricultural productivity, and climate resilience of marginalized farmers in Andhra Pradesh, named Andhra Pradesh Integrated Irrigation and Agriculture Transformation Project (APIIATP).
  7. Government of India signed __________________ million World Bank Loan Agreement for Jharkhand Power System Improvement Project to provide reliable, quality, and affordable 24x7 electricity to the citizens of Jharkhand. Project is part of India’s Power for All program launched in 2014. It envisages addition of over 4.5 GW generation capacities by 2022 (including a significant share of 1.5 GW from solar energy).
$130
$310
$210
$110
None of These


13. __________________ Bank partnered with ‘Amazon Pay’ to launch a co-branded credit card. This will make online shopping more affordable and provide the best value to Amazon Pay customers.

SBI
RBL
Axis
HDFC
ICICI


14. India's Gross Domestic Product(GDP) Growth Data released by Central Statistics Office (CSO) for 2nd quarter (July-September) of 2018-19 -

  1. At Constant Prices (2011-2012), GDP rose to 33.98 lakh crores, from 31.72 lakh crores in Q2 of 2017-18, showing a growth rate of ___________________________ . in Q2 2018-19. It is less as compared to 8.2 % Growth of GDP in Q1 of 2018-19.
7.1 %
6.1 %
8.1 %
5.1 %
None of These


15. Indian GDP Growth Forecasts (Nov 2018) -

  1. As per Moody's - Indian economy will expand ________________________ in 2018-19, but the growth will slow down to 7.3 % in 2019-20.
  2. Organization for Economic Cooperation & Development (OECD) released its Economic Outlook 2018 report, which predicted GDP growth to decline marginally to 7.3% in 2019 and 7.4% in 2020 from 7.5% in 2018.
5.4 %
7.9 %
6.4 %
7.4 %
None of These


16. __________________ Bank launched first interactive Credit Card in India with buttons called Nexxt Credit Card, created in partnership with Pittsburgh USA headquartered Dynamics Inc. This interactive Credit Card provides customers with flexibility of three payment options at Point of Sale (POS) terminal – Credit, Converting Transactions into EMIs with 4 tenure options (6, 12, 18 & 24 months) or using accumulated Reward Points.

ICICI
Axis
IndusInd
HDFC
None of These


17. State Govt. of ____________ bought ____________ bank under purview of Right to Information (RTI) act, to strengthen better corporate governance. It will now be treated as a Public Sector Undertaking (PSU). It is only state government promoted bank in country, with state government holding 59.3 %.

Haryana
J & K
Punjab
Rajasthan
None of These


18. _______________ electronics company ‘CASIO’ launched world’s first Goods and Services Tax (GST) calculator in India for simplify GST calculations for tax payers, with 2 variants MJ-120GST and MJ-12GST.

Chinese
Japanese
Myanmar
Cambodian
None of These


19. ___________ has launched a special campaign for opening current account and savings accounts (CASA), named KBL SB - TASC, a specialized product for Trusts/Associates/Societies/Clubs.

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


20. _____________ State Govt. -

  1. Launched Badavara Bandhu scheme, which includes mobile banks to disburse interest-free loans to street vendors and small traders. Under this, small traders will get loans of up to Rs.10,000 without any interest and collateral.
  2. Launched an initiative called ‘DataCity’ inBengaluru, jointly organised by Bangalore Water Supply and Sewerage Board (BWSSB) and French utility company Suez. It will be a 7-month innovative programme that will enable corporates to identify the relevant innovative start-ups.
Karnataka
Kerala
Andhra Pradesh
Telangana
None of These


21. _________________group received licence from RBI to launch non-banking finance company (NBFC) business with name ___________ Capital, headed by Vimal Bhandari. Company will invest Rs 1,000 crore in proposed NBFC.

Kirloskar
Samsung
Fitch
S & P
None of These


22. Ministry of Finance clarified that autonomy for Central Bank, within framework of RBI Act, is an essential and accepted governance requirement. This clarification came after rumours about government’s decision to invoke never-before-used powers by invoking __________________________ of the Reserve Bank of India (RBI) Act, 1934, allowing Govt. to issue directions to RBI Governor on matters of public interest such as liquidity for NBFCs, capital requirement for weak banks and lending to SMEs.

  1. Finance Minister Arun Jaitley recently during meeting of Financial Stability and Development Council (FSDC), blamed RBI for failing to stop a lending spree during 2008-2014 that left banks with USD 150 billion of bad debt.
  2. Rift between Central Government and RBI grew after RBI Deputy Governor Viral Acharya said that undermining a central bank’s independence could be “potentially catastrophic”.
Section 17
Section 7
Section 27
Section 37
None of These


23. Ministry of Finance increased outlay for first phase of the FAME India (_________________________) scheme, to 895 crores (Up by 100 Crores). It aims to promote mass adoption of electric vehicles. Implementation of first phase has been extended four times by 6 months each, latest being till March 2019.

Faster Adoption and Maintenance of Hybrid and Electric Vehicles
Faster Adoption and Manufacturing of Hybrid and Electronic Vehicles
Fewer Adoption and Manufacturing of Hybrid and Electric Vehicles
Faster Adoption and Manufacturing of Hybrid and Electric Vehicles
None of These


24. ____________________________ (NIIF) acquired IDFC Infrastructure Finance (IDFC-IFL), an infrastructure debt fund. This acquisition is first investment from NIIF strategic fund. IDFs are investment vehicles for channelling investment into India's infrastructure sector.

Native Investment and Infrastructure Fund
Nodal Investment and Infrastructure Fund
National Investment and Internal Fund
Nodal Internal and Infrastructure Fund
National Investment and Infrastructure Fund


25. National Stock Exchange of India (NSE) launched a mobile app _____________________ and web based platform for retail investors to buy government securities. It will allow investors to invest in treasury bills (T-Bills) of 91, 182 and 364 days and government bonds from one year to almost 40 years.

NSE myBID
NSE inBID
NSE goBID
NSE hiBID
None of These


26. Online fashion retailers Myntra and ____________ will merge as one, with Myntra CEO Ananth Narayanan as Head of Merged Unit. They will however, continue to operate as separate brands. Flipkart acquired Myntra in 2014 and Myntra acquired ____________ in 2016.

Jabong
Cliq
Abof
Flipkart
None of These


27. PSU NBCC (India) Limited signed agreement with Health Ministry to acquire Govt stake in other PSU Hospital Services Consultancy Corporation (HSCC), for INR _______________ crores. HSCC provides consultancy services in healthcare and other social sectors in India and abroad.

2850
285
25
28500
None of These


28. Prime Minister Narendra Modi launched unveiled 12 key initiatives for Development of Micro, Small and Medium Enterprises (MSME) sector -

  1. Launched _______________________________ minute loan portal to enable easy access to credit for MSMEs, for availing pre approved loans upto 1 crores.
  2. 2 % interest subvention for all GST registered MSMEs, on fresh or incremental loans. For exporters who receive loans in pre-shipment and post-shipment period, increase in interest rebate from 3 to 5 % was announced.
  3. Companies with turnover over 500 crores must compulsorily be brought on Trade Receivables e-Discounting System (TReDS). It will enable entrepreneurs to access credit from banks, based on their upcoming receivables, to resolve problems of cash cycle.
  4. Public sector companies have now been asked to compulsorily procure 25 % (up from 20 %) of their total purchases, from MSMEs. 
  5. Out of 25 % procurement mandated from MSMEs, 3 % must now be reserved for women entrepreneurs.
  6. PSUs of Government must now compulsorily be a part of Public produrement platform GeM (Government e-Marketplace).
  7. Stating that Tool rooms across country are a vital part of product design. 20 hubs will be formed across country, and 100 spokes in form of tool rooms will be established.
  8. 8th announcement is related to pharma companies. Clusters will be formed of pharma MSMEs. 70 % cost of establishing these clusters will be borne by the Union Government.
  9. 9th announcement is on simplification of government procedures. Return under 8 labour laws and 10 Union regulations must now be filed only once a year.
  10. 10th announcement is that now establishments to be visited by an Inspector will be decided through a computerised random allotment.
  11. 11th announcement is that under air pollution and water pollution laws, now both these have been merged as a single consent. Return will be accepted through self-certification.
  12. As 12th announcement, An Ordinance has been brought, under which, for minor violations under Companies Act, entrepreneur will no longer have to approach the Courts, but can correct them through simple procedures.
99
19
59
159
None of These


29. ______________ Updates -

  1. Fined Fino Payments Bank with 1 Crore INR, for violating Norms for Payments Banks. Fino PB was asked to stop all account opening activities after RBI found out that there were few accounts with the bank with deposits in excess of Rs 1 lakh, which is against criteria of a payments bank.
  2. Allowed banks to provide partial credit enhancement (PCE) to bonds issued by systemically important non-deposittaking non-banking financial companies (NBFC-ND-SIs) registered with RBI and Housing Finance Companies (HFCs) registered with National Housing Bank.
    1. This shall be done by maintaining exposure limit of the bank within the aggregate PCE exposure limit of 20 %. This will help for affordable housing finance and lower rated retail NBFCs by easing fund-raising by the NBFCs from the debt market.
  3. Canceled certificate of registrations of 31 NBFCs for unspecified reasons. It also canceled the certificate of registrations of 17 NBFCs following a request by them for it. 27 of 31 companies which lost licenses are from Bengal.
  4. Imposed fine of 6.1 crores fine on Deutsche Bank (3.1 Crores) and Jammu and Kashmir Bank (3 Crores), for non-compliance with the directions on Income Recognition and Asset Classification (IRAC) norms, KYC/AML norms etc.
  5. Initiated setting up wide-based digital Public Credit Registry (PCR) to capture loan information of individuals and corporate borrowers, by inviting expression of interest (EOI) for developing PSC from companies with turnover of over 100 crore in last three years.
    1. PCR is digital registry of authenticated granular credit information. It will work as financial information infrastructure providing access to various stakeholders and enrich the existing credit information ecosystem.
  6. Launched a Survey on India’s startup sector (SISS) to create a profile of the startup sector in India consisting of dimensions relating to turnover, profitability and workforce, To understand problems faced by startup sector.
  7. Liberalised norms governing external commercial borrowings (ECBs) for infrastructure creation.
    1. Reduced minimum average maturity required for the ECBs in the infrastructure space raised by eligible borrowers to three years from earlier five years.
    2. It also has reduced average maturity requirement for mandatory hedging to five years from earlier ten years.
  8. Reduce mandatory hedge coverage from 100 to 70 % for external commercial borrowings (ECBs) by eligible borrowers for a maturity period between 3 and 5 years.
  9. Will establish an ombudsman for digital payments by March 2019, to take load off the increasing number of complaints currently being handled by banking ombudsman.
NABARD
IRDAI
SBI
SEBI
RBI


30. _____________ Updates -

  1. Released updated rules for re-classification of a promoter as a public investor, as suggested by panel on corporate governance led by ________________________ . An outgoing promoter will have to give up special rights as well as control over affairs of listed firm and He cannot hold over 10 % stake. Only compliant listed entities are eligible to apply for re-classification, those who have 25 % minimum public shareholding requirement.
  2. Tightened disclosure standards for credit rating agencies (CRAs) while assigning ratings to debt instruments, asking to analyse deterioration in liquidity conditions of issuer, while monitoring its repayment schedules and taking into account any asset-liability mismatches.
    1. Currently there are 6 credit rating agencies in India which are registered under SEBI - CRISIL, ICRA, CARE, SMERA, Fitch India, ONICRA.
Arvind Mayaram
Raghuram Rajan
Uday Kotak
Sekhar Basu
None of These


31. _______________ based Mapletree Investments acquired Chennai's SP Infocity for 2500 crores, which is jointly owned by Canada Pension Plan Investment Board and Shapoorji Pallonji Investment Advisors.

USA
UK
Russia
Singapore
None of These


32. Sunil Mehta, the chairman of a bankers' panel working on the faster resolution of stressed assets in public sector banks, announced that an asset management company (AMC) for resolving large bad loans has been formed and will be called as _________________ .

Sahaj India Asset Management
Sashakt India Asset Management
Sajag India Asset Management
Swatch India Asset Management
None of These


33. ______________________ Govt. received SEBI approval to launch its State Shelter Fund for attracting investments in the affordable housing segment.

Tamil Nadu
Telangana
Kerala
Andhra Pradesh
None of These


34. ___________________ Small Finance Bank became first small finance bank in India to offer personal loan facility for salaried professionals.

ESAF
Equitas
Utkarsh
AU
Ujjivan




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