General Awareness PYQs

The correct answer is Contributing to Aatmanirbhar Bharat.

Key Points

• About NRI day: Pravasi Bharatiya Divas is celebrated in India on January 9 to mark the contribution of the overseas Indian community.
• It is also known as the NRI day which commemorates the return of Mahatma Gandhi to India from South Africa in 1915.
• The Pravasi Bhartiya Divas was observed for the first time in 2003.
• The concept of Overseas Citizens of India (OCI) came in 2006 at the Pravasi Bharatiya Divas Convention held at Hyderabad on 9^th January.
• Theme 2021: Contributing to Aatmanirbhar Bharat.
• The Pravasi Bharatiya Divas event was held virtually amid the coronavirus pandemic.

Additional Information

• Theme 2018: Redefining engagement with the Indian diaspora.
• Theme 2019: Role of Indian Diaspora in building New India.

The correct answer is Bank of India.

• Bank of India (BoI) has launched “Signature Visa Debit Card” for the affluent/high net worth individuals maintaining an average quarterly balance of ₹10 lakhs and above.
• This international contactless debit card will be available in metal and plastic variants.
• This card will have a spending limit of up to ₹5 lakhs on POS & e-commerce and ₹1 lakh on ATM.

The correct answer is Japan.

In news

• Japan’s Sumitomo Forestry company and Kyoto University have decided to collaborate to develop the world’s first wooden satellite by 2023.

Key Points

• The team is also working towards developing wooden materials extremely resistant to temperature changes and sunlight.
• According to the European Space Agency (ESA) statistical model, there are more than 130 million pieces of anthropogenic space debris—waste residue due to human activities—smaller than a millimetre around our planet.
• Most of the “space junk” can reach a speed of 18,000 miles per hour, almost seven times faster than a bullet.
• According to a Professor at Kyoto University and a Japanese Astronaut, Takao Doi, the satellites create tiny alumina particles after coming into contact with Earth's atmosphere.
• These alumina particles will float in the upper atmosphere for many years and eventually will affect the Earth’s environment.
• The wooden satellites will help in the cutting of space junk as it will burn up without releasing any form of harmful substances into the atmosphere.

The Correct answer is ICICI.

Key Points

• iMOBILE PAY:  Mobile Banking application launched by ICICI Bank.
• Using iMobile Pay, Transfer money instantly to anyone registered on any of the major UPI apps at zero cost.
• iMobile Pay allows you to transfer funds to anyone’s mobile number seamlessly. All you have to do is enter the mobile number from your address book and transfer funds right away**.**
• There is no need for card details, or even a card, to make payments.
• The Industry-first cash withdrawal solution without using ICICI Card and ICICI ATM machine.

Additional Information

• ICICI: Stands for Industrial Credit and Investment Corporation of India.
• It was founded on January 5, 1994.
• It is an Indian financial institution that wide range of banking products and financial services.
• Headquarters:  Vadodara, Gujarat.
• Corporate Office: Mumbai, Maharashtra
• ICICI is one of the BIG FOUR banks in India.( SBI, HDFC, PUNJAB NATIONAL BANK, ICICI)
• ICICI  was the first bank that introduced internet banking to its customers in 1998.
• Chairman: Girish Chandra Chaturvedi

The correct answer is ​India Post Payments Bank.

Key Points

• India Post Payments Bank launches its digital payments services ‘DakPay’.
• ​Aims to Transform Banking Experience at the last mile.
• DakPay is not just a digital payment app but a suite of digital financial and assisted banking services provided by India Post & IPPB.
• Launched under: Ministry of Communication and Information Technology
• Minister: Ravi Shankar Prasad

Additional Information 

• Fifteen films representing 20 Countries will compete for the Golden Peacock Award at the 50^th International Film Festival of India (IFFI).
• This will be the golden Jublee edition of the festival.
• The selection of the films has been made from over 700 entries.
• Mr. John Bailey will chair the International Jury of 50^th International Film Festival of India.

The Correct Answer is ​Canara Bank.

Key Points

• Canara Bank has introduced FX 4 U which allows all its Internet Banking users to deal without hassle with forex transactions.
• FX 4 U is used for online banking transactions of forex. In compliance with the Foreign Exchange Management Act (FEMA) 1999 rules, qualifying customers will be able to carry out sending services. Once the LC module is allowed, the company can make and send LC applications through internet banking with documents.
• Transactions submitted via Internet banks flow smoothly via the Centralized Process Center – Forex Transactions (CPCFT), where enforcement and accounting are carried out and transmitted via the Society for Worldwide Interbank Financial Telecommunication (SWIFT).

Additional Information

• Canara Bank Founded: July 1906 by Shri Ammembal Subba Rao Pai
• Canara Bank MD & CEO: L V Prabhakar (as of Dec-2020)
• Canara Bank Headquarters: Bangalore, Karnataka

The correct answer is Madhya Pradesh.

Key Points

• The world's largest floating solar energy project of 600 MW is started in Khandwa district of Madhya Pradesh.
• ​To be constructed at Omkareshwar dam on Narmada river
• Will begin power generation by the year 2022-23.
• The International Finance Corporation, World Bank, and Power Grid have granted in-principle consent for providing aid for the project development.
• It is estimated that in 2 years, the project will start providing cheap and good quality power.
• Electricity will be produced in about a 2000-hectare water areas by installing solar panels in the dam.

Additional Information

• India's first solar power plant: Punjab.
• India's first solar power island: Daman and Diu
• India's first solar tree: West Bengal
• About Madhya Pradesh:
• hief Minister - Shivraj Singh Chouhan.
• Governor - Mangubhai Chhaganbhai Patel.
• National Park: Bandhavgarh NP, Panna NP, Madhav NP, Pench NP
• Tiger Reserve: Kanha Tiger Reserve, Satpura TR.
• State Bird: Asian Paradise Flycatcher
• State Animal: Swamp Deer

The correct answer is Gandhinagar.

Key Points

• International Financial Services Centres Authority (banking) Regulations 2020 were approved at a meeting in November 2020.
• These regulations are related to the banking regulations aspects of the International Financial Services Centres.
• Key areas:
• Requirements for setting up the banking Units in IFSC (IBU).
• Allowing foreigners to open foreign currency accounts in the banks.
• Permitting the resident Indians to open foreign currency accounts in the banks.
• Permissible activities that can be taken up in these IBUs.

Additional Information

International Financial Services Centre:

• International Financial Services Centre caters to the foreign currency needs of the customers that are out of the jurisdiction of the domestic economy.
• International exchange of finance, financial products, and services takes place at these centres.
• Singapore and Newyork can be regarded as IFSCs.
• In India GIFT City (Gujarat International Finance Tec-city) is the first IFSC.
• In India, regulatory bodies like RBI, IRDA, and SEBI can setup operational entities in this IFSC.

International Financial Services Centre Authority (IFSCA):

• International Financial Services Centre Authority is a statutory body that was established through IFSCA Act 2019.
• It was established on April 27, 2020, and is headquartered in Gandhinagar Gujarat.
• It is headed by a chairperson and Injeti Srinivas is the current chairperson.
• It consists of a total of 9 members appointed for a term of three years.
• There will be one member nominated by RBI, IRDA, SEBI, and PFRDA each.
• It also consists of two members from the central government and the other two members are nominated by a selection committee.

The correct answer is ​ Marginal Standing Facility Rate.

Key Points

• Marginal Standing Facility (MSF) rate is the rate at which the scheduled banks borrow funds overnight from RBI against the Government securities.
• Marginal Standing Facility is well known as a very short term borrowing scheme to help the scheduled commercial banks.
• If the banks have excess government bonds over and above the SLR, they can borrow from the Reserve Bank of India under the repo window.
• But in case any bank that doesn’t have excess SLR securities, they can still draw down on their holding of SLR securities and borrow from the Reserve Bank of India at the marginal standing facility rate.

The correct answer is Paytm.

Key Points

• Paytm has launched Payout Links, for businesses to process payout transactions easily.
• Payout Links will allow businesses to send ‘incentives’ or refunds to the customers’ bank accounts or wallet accounts.
• It is aimed at helping small businesses in sectors like gaming, retail, export, manufacturing and e-commerce.
• It can be used for salary payments, vendor payments, commissions and incentive transfers to be done instantly.
• Paytm Payout Links can be easily created and shared with customers, vendors and employees in one go. The receiver needs to simply open the link and is automatically provided with a list of saved accounts such as Paytm Wallet, Paytm UPI and connected bank accounts, which can be chosen to receive money instantly.
• This feature is a new addition on the Paytm Payout feature which is meant for bulk payments to bank accounts, UPI handles and Paytm wallets instantly.
• The service already processes payments upwards of Rs 1660 crore per month. Major companies like Pidilite Industries, Schneider Electric and Havmor Icecreams use these services extensively.

The correct answer is 100% digital banking.

Key Points

• Neo bank is a virtual bank. A bank without any branches. A bank that is entirely online rather than being physical. Neo banking provides complete digital banking experience through mobile applications.

Advantages of neobanks 

• Customer experience: neobanks don’t offer novel banking services. Their services are similar to those of traditional banks, but with a hyper-enhanced and personalised customer experience. Neobanks have significantly leaner business models and superior technologies at their disposal compared to traditional banks, providing ease and efficacy in services, such as seamless account creation, round-the-clock customer service supported by chatbots, near real-time cross-border payments, and artificial intelligence (AI) and machine learning (ML)-enabled automated accounting, budgeting and treasury services.
• Automated services: Apart from providing primary banking services, neobanks offer automated and near real-time accounting and reconciliation services for bookkeeping, balance sheets, profit and loss statements and taxation services such as GST-compliant invoicing, tax payments record keeping and reconciliation, on mobile platforms for affordable costs..
• Transparency: Neobanks are transparent and strive to provide real-time notifications and explanations of any charges and penalties incurred by the customer.
• Easy-to-use APIs: Most neobanks provide easy-to-deploy and operate APIs to integrate banking into the accounting and payment infrastructure.
• Deep insights: Most neobanks provide dashboard solutions with highly enhanced interfaces and easy to understand and valuable insights for services such as payments, payables and receivables, and bank statements. It’s beneficial for businesses with significant expenditure and appropriate number of employees, to be provided with such insights, reduce expenditure and boost productivity and revenue.

The correct answer is Tamil Nadu.

Why in news?

• Ola has signed an investment MoU of Rs 2,400 crore with the Tamil Nadu government to set up its first factory in Tamil Nadu.
• The factory will produce almost 10,000 jobs and, upon completion, will be the largest scooter manufacturing facility in the world. Initially, the plant would have an annual capacity of 2 million units.
• In a year, the new production plant is expected to be operational. India is well-positioned as a global hub for cutting-edge electric vehicle manufacturing (EVs).
• The facility will serve consumers in markets across the globe, including Europe, Asia, and Latin America.
• Ola Chairman and Group CEO - Bhavish Aggarwal(as of Jan-2021).

The correct answer is Singapore.

• Singapore-based startup StashFin and SBM Bank India have announced the launch of their co-branded contactless prepaid cards.
• Designed through collaboration, these cards will boost access to credit for underbanked consumers.
• The Visa powered card comes with a contactless EMV chip, offering the cardholders 24x7 access to funds.
• The card allows the customer to take loans up to Rs 5 lakh.
• Singapore: 
• Capital - Singapore City.
• Currency - Singapore dollar.
• President - Halimah Yacob.
• National Sport - Football.

The correct answer is 22,810.

• The Union Cabinet, chaired by Prime Minister Narendra Modi, has given its approval for Atmanirbhar Bharat Rojgar Yojana.
• With this scheme, the government aims to incentivise the creation of new employment opportunities.
• Cabinet has approved an expenditure of Rs 1,584 crore for the current financial year and Rs 22,810 crore for the entire Scheme period i.e. 2020-2023.

The correct answer is Melbourne.

Major Tennis tournaments:

Key Points

• Japan's Naomi Osaka defeated Victoria Azarenka of Belarus in the Women's Singles final to win the US Open.
• With this 22-year old Osaka has acquired three major trophies of Tennis.
• She was also the winner of the 2018 US Open and the 2019 Australian Open.
• With this, Naomi has become the first Asian player to win three Grand Slam singles titles and also moved up to number 3 in the world rankings.

The correct answer is Companies Act 2013

• A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956 or Companies Act, 2013.
• They are mainly engaged in the business of loans and advances, acquisition of shares/stocks/bonds/debentures/securities issued by Government.
• NBFCs are not engaged in agricultural activities or industrial activities.
• NBFC cannot accept demand deposits
• NBFCs do not form part of the payment and settlement system and cannot issue cheques drawn on itself;
• The deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation is not available to depositors of NBFCs.
• The minimum net owned funds of the Company should be Rs. 2 Crore.
• NBFCs whose asset size is of ₹ 500 cr or more are considered as systemically important NBFCs.
• NBFCs are not required to maintain CRR and SLR

Regulation of NBFC:

1. RBI is the regulator of those NBFC which deal in lending, accepting deposits, financial leasing.
2. Nidhi and Chitfund companies are regulated by the Department of Company Affairs.
3. Housing Finance Companies are regulated by RBI
4. Stockbroking, merchant banking NBFCs are regulated by SEBI.

The following NBFC’s are not required to obtain any registration with the Reserve Bank of India:

• Core Investment Companies – (assets are less than 100 crore or public funds not taken)
• Merchant Banking Companies
• Companies which are engaged in the business of stock-broking
• Housing Finance Companies
• Companies engaged in the business of Venture Capital.
• Insurance companies holding a certificate of registration issued by IRDA.
• Chit Fund Companies as defined in the Sec 2 clause (b) of the Chit Fund Act, 1982
• Nidhi Companies

The correct answer is Leon Mendonca:

• Goa’s 14-year-old Leon Mendonca has become India’s 67^th chess Grandmaster by winning the third and final norm at a tournament in Italy.
• Leon Mendonca achieved his first Grandmaster norm at the Rigo Chess GM Round Robin in October while the second came in Budapest in November and the final one at the Vergani Cup in Italy.
• Chennai player G Akash, had in July 2020, become the country’s 66^th Grandmaster.

The correct answer is Amritsar.

• Sri Guru Ram Das Jee International Airport is named after Guru Ram Das, the fourth Sikh Guru and the founder of Amritsar city.
• It is an international airport about 11 kilometers northwest of the city of Amritsar, India.

Additional Information

• Amritsar Airport (IATA: ATQ, ICAO: VIAR), officially known as Sri Guru Ram Dass Jee International Airport, serves the Indian city of Amritsar. It is located 11 kilometers (7 miles) northwest of Amritsar city centre, nearby the village of Rajasansi.
• Not only it serves the Amritsar district, but also Punjab areas, the western districts of Himachal Pradesh, and the southern districts of Jammu and Kashmir.
• Amritsar Airport is also known as Sri Guru Ram Das Ji Airport, the fourth Sikh Guru and the founder of Amritsar city.
• Sri Guru Ram Dass Jee International Airport handled 2,523,794 passengers between April 2018 and March 2019.
• https://www.amritsarairport.com/

The correct answer is Gulmarg.

Key Points

• The second edition of the Khelo India Winter Games is set to be held in Gulmarg, Jammu and Kashmir this year.
• The winter sports festival will be held from February 11, 2021, and is expected to last for five days in the resort town of Gulmarg.
• The Winter Games will be organised by the Winter Games Association of J&K under the support of J&K Sports Council and Ministry of Youth Services and Sports.
• Gulmarg, a world-renowned ski town, is an ideal venue to host the Khelo India Winter Games. The games will see various sports including skiing, snowboarding, snowshoe, ice stock, ice hockey, ice skating and ski mountaineering.