General Awareness PYQs

The correct answer is 1 and 3 only.

In News

• The 26^th anniversary of the Kudumbashree mission, a successful Self-Help Group (SHG), was celebrated in Kerala.
• SHGs have significantly empowered women by enhancing their access to microfinance, entrepreneurship opportunities, and leadership roles in local governance.

Key Points

• SHGs were supported by government schemes like the Deen Dayal Antyodaya Yojana and SHG-Bank Linkage Programme to promote financial inclusion and empower women.
• SHGs have faced challenges such as sustainability, dependency on external aid, and issues related to political interference and lack of access to modern technology.

Additional Information

• Origins of SHGs in India
• Self-Help Groups in India originated with informal community support groups for collective action, later formalized by organizations like SEWA and MYRADA.
• Challenges Faced by SHGs
• SHGs struggle with sustainability, over-reliance on external aid, and the lack of access to technology and larger markets for their products.

The correct answer is 200 nautical miles.

In News

• The Exclusive Economic Zone (EEZ) under the United Nations Convention on the Law of the Sea (UNCLOS) extends up to 200 nautical miles from a coastal state's baseline.
• This zone grants coastal states special rights for exploring, exploiting, conserving, and managing natural resources within the zone.

Key Points

• The EEZ is a maritime zone where the coastal state holds sovereign rights for resource exploration, but it must also cooperate internationally in the conservation and management of resources.
• While coastal states have special rights in their EEZ, they must also respect the rights of other states, such as freedom of navigation and overflight.

Additional Information

• UNCLOS
• The United Nations Convention on the Law of the Sea (UNCLOS) defines the EEZ and provides the legal framework for maritime activities, including the rights and responsibilities of coastal states.
• Rights and Responsibilities
• The coastal state has the responsibility to manage and conserve resources within the EEZ, ensuring sustainable use and protecting marine environments.

The correct answer is 1 and 3 only.

In News

• Pradhan Mantri Kisan Samman Nidhi (PMKISAN) is a government initiative that provides farmers with ₹6,000 per year as minimum income support.
• The scheme was announced by Piyush Goyal during the 2019 Interim Union Budget and was implemented in December 2018.

Key Points

• PMKISAN has a cost of ₹75,000 crore per annum and was launched by Prime Minister Narendra Modi in Gorakhpur on 24 February 2019.
• PMKISAN was inspired by Telangana's Rythu Bandhu scheme, which provided direct financial assistance to farmers and was praised for its success.

Additional Information

• PMKISAN Implementation
• The scheme aims to provide financial assistance to farmers, reducing the dependency on farm loan waivers and promoting direct investment in agriculture.
• Award Recognition
• The Ministry of Agriculture and Farmers Welfare recognizes top-performing states and districts based on criteria like data correction, addressing grievances, and timely verification exercises.

The correct answer is Rs. 20 lakh.

In News

• The minimum amount for filing a case before a Debt Recovery Tribunal (DRT) in India is Rs. 20 lakh, which was raised by the Indian Government in 2020.
• If the disputed amount is below this threshold, the DRT may not have jurisdiction to hear the case.

Key Points

• Appeals against DRT decisions can be made to the Debt Recovery Appellate Tribunal (DRAT) within 30 days of the DRT order.
• DRTs are governed under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act).

Additional Information

• SARFAESI Act
• The SARFAESI Act, 2002, allows banks and financial institutions to take possession of defaulting borrowers' properties for recovering loans and provides the legal framework for DRTs and DRATs.
• Jurisdiction
• The DRT's jurisdiction is based on the pecuniary limit of Rs. 20 lakh, and it can adjudicate cases only above this threshold.

The correct answer is 1 and 3 only.

In News

• PM Gati Shakti is a National Master Plan aimed at enhancing multi-modal connectivity by integrating infrastructure initiatives from 16 Ministries, including railways and roadways, into a single digital platform.
• The plan's focus is on improving efficiency, reducing delays, and ensuring seamless connectivity between different modes of transport and infrastructure sectors.

Key Points

• The PM Gati Shakti plan includes six key pillars: Comprehensiveness, Prioritization, Optimization, Synchronization, Analytical, and Dynamic.
• It leverages ISRO's spatial planning tools, which provide real-time satellite imagery for monitoring project progress and facilitating data-driven decision-making.
• The plan ensures that infrastructure projects are executed with a common vision and reduces inefficiencies caused by departments working in silos.

Additional Information

• Vision of PM Gati Shakti
• PM Gati Shakti will create a unified digital platform for planning and executing infrastructure projects across different ministries, facilitating better coordination and improved connectivity.
• Pillars of PM Gati Shakti
• The six pillars include synchronization of activities, optimization of transport routes, and comprehensive integration of all existing and planned projects for efficient delivery and execution.

The correct answer is Ireland.

In News

• TCS has signed a 15-year contract with Ireland’s Department of Social Protection to implement and support the "My Future Fund" auto-enrolment retirement savings scheme.
• The contract involves managing the pensions of approximately 800,000 workers and providing a digital solution for automatic enrolment, record management, and disbursing benefits.

Key Points

• TCS will deliver these services through its Global Delivery Centre in Letterkenny, Ireland.
• The "My Future Fund" scheme is part of Ireland’s efforts to enhance retirement savings through automatic enrolment for workers.

Additional Information

• TCS
• Tata Consultancy Services (TCS) is a global IT services and consulting company, known for its expertise in delivering digital solutions and managing large-scale projects.
• My Future Fund
• "My Future Fund" is Ireland's auto-enrolment retirement savings scheme, designed to help workers save for retirement through automatic enrolment in pension schemes.

The correct answer is 1 and 3 are correct.

In News

• The National Pension System (NPS) is a defined-contribution pension scheme in India, regulated by the Pension Fund Regulatory and Development Authority (PFRDA).
• Initially designed for government employees, NPS was later opened to all Indian citizens aged 18 to 70, including NRIs and OCI holders.
• NPS provides tax exemptions under Sections 80C, 80CCC, and 80CCD(1) of the Income Tax Act, along with an additional deduction of ₹50,000 under Section 80CCD(1B).

Key Points

• In 2018, NPS became a tax-free instrument in India, with the entire corpus being exempt from tax at maturity, and 40% of the annuity becoming tax-free as well.
• The scheme allows up to ₹1.5 lakh exemption under Section 80C, with an additional ₹50,000 deduction for NPS contributions in the Tier I account.
• The changes to the tax rules were implemented through amendments in The Income-tax Act, 1961, in the 2019 Union Budget of India.

Additional Information

• NPS Trust
• The NPS Trust is responsible for overseeing the assets and funds under NPS and ensuring the best interests of the subscribers.
• Tax Exemptions
• The tax benefits under NPS contribute to its popularity as a tax-saving instrument, making it one of the top choices after Equity Linked Savings Schemes (ELSS).
• Private Fund Managers
• Private fund managers play an essential role in the NPS, managing the investments and ensuring optimal returns for the subscribers.

The correct answer is Amortization.

In News

• Premium, underwriting, claim, and dividend are all terms directly related to the insurance industry.
• Amortization refers to the gradual repayment of a debt over time, which is not specifically related to insurance.

Key Points

• Premium is the amount paid by policyholders to maintain their insurance coverage.
• Underwriting is the process used by insurers to assess the risk and determine policy terms.
• A claim is a request made by a policyholder for compensation from the insurance company following a loss.
• Dividend is the distribution of a portion of an insurer’s profit to policyholders in some types of insurance plans.

Additional Information

• Insurance Terms
• Insurance terminology includes terms like premium, underwriting, claims, and dividends, which are essential for understanding policies and insurance processes.
• Amortization
• Amortization is more commonly used in finance and accounting, related to loan repayments or the gradual reduction of an asset's value, not specifically insurance.

The correct answer is 1 and 3 only.

In News

• CERSAI is a central online security interest registry created to check frauds in lending against equitable mortgages, where people could take multiple loans on the same asset from different banks.
• CERSAI was established on 11^th March 2011 under the provisions of Chapter IV of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act).
• It is a public sector company owned by the Government of India, the National Housing Bank, and other stakeholders.

Key Points

• CERSAI provides an online registry service for recording and tracking security interests in financial assets to enhance transparency in the lending process.
• The system helps prevent fraud by ensuring that multiple loans cannot be secured against the same asset without proper documentation.
• The registered office of CERSAI is located in New Delhi, India, and it serves the entire country.

Additional Information

• CERSAI's Role
• CERSAI plays a crucial role in the financial infrastructure sector by providing an online platform for financial institutions to register and track security interests.
• SARFAESI Act
• CERSAI operates under the SARFAESI Act, 2002, which governs the enforcement of security interests and the regulation of asset reconstruction in India.

Correct option is an option (4) i.e 20 lakh

• Banking Ombudsman is a senior official appointed by RBI to redress complaints of customers in certain banking services.
• It comes under section 35 of the Banking Regulation Act 1949.
• If you have made written complain to the bank and bank has not responded to the complaint in 30 days then you can go to Ombudsman. And the maximum 20 lakhs can be given as a compensation to the customer.
• At present, there are 21 Banking Ombudsman.
• All scheduled commercial banks including RRBs come under it.

The correct answer is 1 and 3 are only.

In News

• The National Critical Mineral Mission (NCMM) focuses on securing domestic and foreign critical mineral supply chains, with the goal of increasing self-reliance in mineral resources.
• India will explore 1,200 projects to identify and assess reserves of critical minerals, with the Geological Survey of India (GSI) leading the efforts from 2024 to 2030.

Key Points

• The NCMM mission includes the establishment of 4 Mineral Processing Parks and 3 Centres of Excellence to foster research and innovation in the critical mineral sector.
• The mission supports the expansion of India's clean energy sector, including the utilization of critical minerals for solar, wind, EVs, and energy storage technologies.
• India is investing in international critical mineral assets through collaborations with countries like Argentina, Australia, and other resource-rich nations.

Additional Information

• Critical Minerals in Clean Energy
• Critical minerals like lithium, cobalt, nickel, and rare earth elements are essential for clean energy technologies like solar panels, wind turbines, and electric vehicles.
• India’s Climate Goals
• India aims to reduce emissions intensity by 45% by 2030 and achieve 50% of electric power capacity from non-fossil sources by 2030, with a focus on the role of the NCMM in ensuring a stable supply of critical minerals for these goals.

The correct answer is William Dalrymple.

In News

• "The Golden Road: How Ancient India Transformed the World" is a 2024 history book written by Scottish historian William Dalrymple.
• The book explores how India's ideas and influences shaped Eurasia in ancient times.

Key Points

• The book highlights India's historical contributions to Eurasian civilizations and the spread of Indian ideas.
• William Dalrymple is a renowned Scottish historian and author known for his works on history and South Asian culture.

Additional Information

• William Dalrymple
• Dalrymple is a prominent historian and author, best known for his books on Indian history, including "The Last Mughal" and "City of Djinns."
• The Golden Road
• This book discusses India's historical role in the exchange of ideas and trade, emphasizing its influence on Eurasian civilizations.

The correct answer is 1 and 3 are only.

In News

• TReDS is an electronic platform for facilitating the financing and discounting of trade receivables, specifically designed for Micro, Small, and Medium Enterprises (MSMEs).
• The TReDS platform allows MSMEs to participate as sellers, and corporates, Government Departments, and PSUs can participate as buyers.

Key Points

• TReDS allows for both receivables factoring and reverse factoring, which are essential for facilitating financial transactions.
• MSMEs can create Factoring Units (FUs) which are used for invoice or bill discounting, and buyers can also create reverse factoring FUs.
• The transactions processed under TReDS are "without recourse" to the MSMEs, meaning MSMEs are not responsible if the buyer defaults in repayment.
• The platform is regulated by the Reserve Bank of India (RBI), and participation requires the submission of KYC (Know Your Customer) documents.

Additional Information

• Factoring Unit (FU)
• FU is a standardized document used to represent invoices or bills of exchange in TReDS, allowing for trade receivables to be discounted or financed.
• TReDS Participants
• Participants in TReDS include MSME sellers, buyers (corporates, government, PSUs), and financiers (banks, NBFCs, and other financial institutions).
• Settlement File
• The TReDS platform generates a settlement file, which contains details of amounts to be debited or credited from participants' accounts based on the transaction outcome.

The correct answer is 4 years.

In News

• India was elected to the UN Statistical Commission for a four-year term, beginning January 1, 2024.
• India secured 46 out of 53 votes in a competitive election to gain this prestigious position.

Key Points

• India's seat on the UN Statistical Commission will begin on January 1, 2024, and last for four years.
• The election process was competitive, with China and South Korea still vying for the remaining Asia-Pacific seat.
• India's expertise in statistics, diversity, and demography contributed to its overwhelming success in securing the seat.

Additional Information

• UN Statistical Commission
• Established in 1947, it is the highest body in the global statistical system, responsible for setting statistical standards and methods.

The correct answer is AAA+.

In News

• Amul has been recognized as the strongest food and dairy brand globally, earning a prestigious AAA+ rating in the Brand Finance Food & Drink 2024 report.
• The brand strength of Amul was evaluated with a Brand Strength Index (BSI) score of 91.0 out of 100.

Key Points

• Amul earned the AAA+ rating in Brand Finance's global ranking of the strongest food and dairy brands.
• The company’s strong performance in familiarity, consideration, and recommendation metrics contributed to its global leadership in the food and dairy sectors.

Additional Information

• Amul's Brand Strength
• Amul's brand strength has been built through consistent innovation, effective marketing strategies, and strong consumer trust.
• Amul's Market Share
• Amul has an 85% share in the Indian butter market and a 66% share in the cheese market.

The correct answer is Niva Bupa Health Insurance.

In News

• Niva Bupa Health Insurance launched its IPO in November 2024.
• The IPO was open for subscription from November 7^th to 11^th, and the shares listed on BSE and NSE on November 14^th.

Key Points

• Issue Price: ₹74 per share.
• Lot Size: 200 shares.
• Total Issue Size: ₹2,200 crore, with a fresh issue of ₹800 crore and an offer for sale of ₹1,400 crore.
• The shares were listed on the BSE and NSE on November 14, 2024.

Additional Information

• Niva Bupa Health Insurance
• Niva Bupa Health Insurance is a prominent health insurance company in India, providing a wide range of health insurance products and services.

The correct answer is National Quantum Mission (NQM).

In News

• The four Thematic Hubs (T-Hubs) were launched under the National Quantum Mission (NQM) to advance research and innovation in quantum technologies.
• The T-Hubs aim to bring together 152 researchers from 43 institutions across 17 states and 2 Union Territories to drive quantum advancements.

Key Points

• The National Quantum Mission (NQM) is designed to make India a leader in quantum technologies like quantum computing, communication, and precision sensing.
• Thematic Hubs are part of India's effort to build a vibrant ecosystem for quantum-driven innovations and foster collaborations among academia, industry, and government.

Additional Information

• National Quantum Mission (NQM)
• NQM aims to leverage scientific research to position India as a global leader in quantum technology, aligning with the vision of Atmanirbhar Bharat and Viksit Bharat 2047.
• Thematic Hubs
• The T-Hubs will drive multi-disciplinary research in quantum technology, combining expertise from fields like physics, computer science, and engineering.

The correct answer is INR 50,000.

In News

• For walk-in customers (non-customers), the maximum remittance limit under the Indo-Nepal Remittance Facility (INRF) is INR 50,000 per transaction.
• For customers with accounts, the maximum remittance limit is INR 2,00,000 per transaction.

Key Points

• Walk-in customers can remit up to INR 50,000 per transaction through the Indo-Nepal Remittance Facility.
• Account-holding customers can remit up to INR 2,00,000 per transaction.
• The remittance facility is managed by State Bank of India (SBI) for the Indian side and Nepal SBI Bank Limited (NSBL) for disbursal in Nepal.

Additional Information

• Documents for Remittance
• Walk-in customers must provide proof of identity (e.g., passport, PAN card, etc.) and the beneficiary's address and phone number in Nepal.
• Charges for Remittances
• For transactions up to INR 50,000, charges are INR 5 by the originating bank, INR 20 by SBI, and additional charges if the beneficiary does not have an NSBL account.

The correct answer is Project Kuiper.

In News

• Project Kuiper is Amazon's initiative to build a global satellite broadband network aimed at providing high-speed internet to underserved areas.
• The project involves launching 3,236 low Earth orbit (LEO) satellites to create a global broadband network.

Key Points

• Project Kuiper aims to offer varying internet speeds, including 100 Mbps, 400 Mbps, and up to 1 Gbps.
• The first batch of 27 production satellites is scheduled for launch in April 2025.
• Project Kuiper is exploring opportunities to enter the Indian market and provide satellite internet services in the country.

Additional Information

• Global Satellite Network
• Project Kuiper plans to deploy over 3,000 satellites to provide reliable and high-speed internet worldwide, especially in unserved and underserved regions.
• Indian Market
• Amazon's Project Kuiper is exploring entering the Indian market, where there is a significant need for better internet connectivity in remote areas.

The correct answer is 40%.

In News

• The maximum limit for the Statutory Liquidity Ratio (SLR) in India is 40%.
• SLR is the minimum percentage of a bank's total deposits that must be maintained in the form of liquid assets like gold, cash, or government securities.

Key Points

• SLR is used by the Reserve Bank of India (RBI) to regulate credit growth and manage liquidity in the economy.
• The SLR percentage can be adjusted by RBI to influence inflation, credit growth, and overall economic stability.
• Currently, most banks maintain an SLR higher than the minimum required due to a lack of credible lending options.

Additional Information

• Purpose of SLR
• SLR helps ensure the solvency of commercial banks by requiring them to hold a portion of their deposits in safe and liquid assets like gold and government bonds.
• It also controls inflation by reducing liquidity in the market when needed and fosters growth by increasing liquidity when necessary.
• Penalties for Non-Compliance
• If a bank fails to maintain the required SLR, it has to pay a penalty to the RBI, which could be up to 5% per annum above the bank rate.