Banking Awareness PYQs

The correct answer is Nagara.

Key Points

• The Ram Temple at Ayodhya will be constructed in Nagara style of architecture and on the lines of North Indian temple architecture.
• The temple will have a height of 161 feet.
• The temple will have five domes instead of two planned earlier.
• Chandrakant Sompura is the chief architect of the Ram Temple.

The correct answer is 60%.

In News

• NPS Rules: PFRDA to allow users to withdraw up to 60 percent pension fund.

Key Points

• The Pension Fund Regulatory and Development Authority (PFRDA) is going to make some changes to the National Pension Scheme (NPS) Rules.
• PFRDA has started the implementation process, and the addition of new rules aims to make it easy and beneficial for the employees under these new rules to withdraw money.
• The circulation was issued on October 27, 2023, by the PFRDA to alter Rule 3 and Rule 4 and will start Systematic Lump Sum Withdrawal (SLW) for withdrawal of money after the stipulated time.
• These new rules will allow the NPS account holder to withdraw up to 60 percent of the money from the deposited pension fund. Under SLW, the user can withdraw the deposited money on a monthly, quarterly, half-yearly or even yearly basis till the age of 75 years as per their convenience.
• SLW for NPS will work as a Systematic Withdrawal Plan (SWP) for mutual fund users.
• This scheme will allow pensioners to continuously receive money.
• This scheme will ensure that the NPS account holder will not be burdened with expenses and will receive a fixed income post-retirement.

Additional Information

• PFRDA
• ​It is the regulatory body for the overall supervision and regulation of pensions in India.
• It operates under the jurisdiction of the Ministry of Finance in the Government of India.
• Established in 2003.

The Correct Answer is Accenture.

In News

• Accenture, TCS, Infosys rise in brand value among IT firms, Wipro dips.

Key Points

• IT services firms Accenture, Tata Consultancy Services (TCS) and Infosys continued to boost their brand value despite tepid growth environment and the disruption owing to newer technologies.
• The three IT giants topped the charts of IT brands according to the Brand Finance 2024 report.
• Accenture maintained its position as the world's most valuable IT services brand, with a brand value of $40.5 billion increasing by 1.6% from last year.
• Homegrown IT bellwether TCS took the second spot with a 11% rise in its brand value to $19.2 billion.
• In absolute terms, the incremental brand value was the highest among global IT majors at nearly $2 billion, up from $17.2 billion last year.

The correct answer is Singapore. 

In News

• UPI Apps enabled to receive remittances from Singapore via UPI-PayNow linkage.

Key Points

• The National Payments Corporation of India (NPCI) has announced a major UPI-PayNow linkage, facilitating real-time remittances from Singapore to India.
• Indians can seamlessly receive funds directly into their bank accounts through popular UPI and bank apps, including SBI, Axis Bank, ICICI Bank, BHIM, PhonePe, and Paytm.
• The cross-border linkage between Unified Payments Interface (UPI) and Singapore's PayNow ensures instant, secure, and cost-effective remittances, providing a game-changing solution for the Indian diaspora.
• Banks such as Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India are already offering this functionality, with more banks expected to join soon.
• This achievement, resulting from collaboration between the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS), enhances financial inclusion, convenience, and fosters the growth of India's digital payment ecosystem.

The correct answer is 4.5%

In News

• Indian banks’ NPAs to drop to 3.5%, net interest margin to 2.9% by FY25: S&P Global.

Key Points 

• S & P Global projects a decrease in Indian banks' non-performing assets (NPAs) to 4.5% by the end of Fiscal Year 2023-24 and a further reduction to 3.5% by the end of Fiscal Year 2024-25.
• S&P Global does not anticipate a significant rise in interest rates in the near future.
• Non-performing assets (NPAs) are loan accounts where the principal or interest is due for a period of three months or more.
• S&P Global Ratings' report is titled 'Forewarned is Forearmed' and is part of the Global Banks’ Country-By-Country Outlook 2024.
• The report suggests that slower global growth and external demand may impact economic activity, potentially contributing to inflation.
• Notes that corporate borrowing is gaining momentum, but the uncertain environment may delay capital expenditure-related growth.

Additional Information

• S & P Global
• S & P Global Inc. is an American publicly traded corporation headquartered in Manhattan, New York City.
• Its primary areas of business are financial information and analytics.

The correct answer is Bangladesh, South Africa.

Key Points

• In the 2023 Men's Cricket World Cup, the Netherlands defeated Bangladesh and South Africa.
• The Netherlands defeated Bangladesh by 87 runs.
• It defeated South Africa by 38 runs.
• The 2023 Men's Cricket World Cup was hosted by India.
• Australia was the winner of the 2023 Men's Cricket World Cup.

The correct answer is Google Pay.

In News

• Google Pay signs agreement to expand UPI for international payments.

Key Points

• Google Pay and NPCI International Payments signed an agreement to expand the scope of Unified Payments Interface ( UPI) payments outside India.
• It will enable Indian travelers to transact digitally abroad while establishing systems similar to UPI in other countries.
• The memorandum of understanding (MoU) was signed at a time when India was simplifying cross-border digital payments by using UPI’s rails to enable remittances between countries.
• Google Pay: the move will enable foreign merchants to access Indian customers. Such customers will be able to make payments using UPI-powered apps from India without requiring them to rely on foreign currency, credit, or forex cards.
• Google Pay has been a proud and willing collaborator to NPCI and the financial ecosystem, under the regulator’s guidance, and this collaboration is another step toward our commitment to making payments simple, safe and convenient
• Google Pay
• It is a mobile payment service developed by Google to power in-app online and in-person contactless purchases on mobile devices, enabling users to make payments with Android phones, tablets, or watches.
• Users can authenticate via a PIN, passcode, or biometrics such as 3D face scanning or fingerprint recognition.

Additional Information

• PhonePe
• ​It is an Indian digital payment and financial services company.
• HQ - Bengaluru, Karnataka
• Paytm
• ​It is an Indian multinational financial technology company, that specializes in digital payments and financial services.
• HQ - Noida
• MobiKwik
• ​It is an Indian payment service provider founded in 2009.
• Customers can add money to an online wallet that can be used for payments.
• BharatPe
• ​It is an Indian fintech company that sells digital payment and financial services to small merchants and Grocery stores.

The correct answer is 75.

In News

• PM Modi releases the first instalment of PM-JANMAN to 1 lakh beneficiaries.

Key Points

• Prime Minister Narendra Modi released the first instalment of the rural housing scheme Pradhan Mantri Awas Yojana-Gramin (PMAY-G) to one lakh beneficiaries under the Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan (PM-JANMAN) via video conferencing.
• Releasing the first instalment of ₹540 crore, the prime minister announced that the 10 years of the Bharatiya Janata Party-led central government have been dedicated to the welfare of the poor.
• The last decade saw the budget for welfare schemes dedicated to Scheduled Tribes increase by five times and scholarships for tribal students grew by two-and-a-half times.
• Work is underway to construct more than 500 Eklavya model schools for tribal students as compared to 90 earlier.
• The PM-JANMAN, with a budget of approximately ₹24,000 crore, focuses on 11 critical interventions through nine ministries and is aimed at improving socio-economic conditions of Particularly Vulnerable Tribal Groups (PVTGs) by providing them with basic facilities such as safe housing, clean drinking water and sanitation, improved access to education, health and nutrition, electricity, road and telecom connectivity, and sustainable livelihood opportunities.

Additional Information

• PM-JANMAN scheme
• Launched in 2023
• Total outlay - Rs 24,104 crore (Central Share- Rs 15,336 crore and State Share- Rs 8,768 crore)
• Focus area - 11 important areas of critical interventions across 9 line Ministries.

The correct answer is option 1

In News

• The Hindu: After a viral video, IT Ministry issues warning to social media sites on deepfakes.

Key PointsDeepfakes:

• Deepfakes are synthetic media that have been digitally manipulated to replace one person's likeness convincingly with that of another.
• They are created by using deep learning, a branch of artificial intelligence that involves training neural networks with large amounts of data to perform tasks such as image recognition, natural language processing, and computer vision.
• Deepfakes can be used for various purposes, such as entertainment, satire, political propaganda, misinformation, identity theft, and cybercrime.
• For example, deepfakes can be used to create realistic videos of celebrities, politicians, or other public figures saying or doing things that they never did or said.
• They can also be used to generate fake voices, faces, or body movements for actors, singers, or impersonators.
• Deepfake technology involves the use of advanced information technology tools, such as generative adversarial networks (GANs), face detection and alignment algorithms, and video editing software.
• GANs are a type of neural network that consist of two competing models: a generator and a discriminator.
• The generator tries to create fake images or videos that look real, while the discriminator tries to distinguish between real and fake ones. The generator and the discriminator learn from each other and improve their performance over time.
• Hence statement 4 is correct
• Deepfakes are not traditional media that are edited solely by professional artists, as they require sophisticated artificial intelligence techniques and large amounts of data to produce realistic results. Hence statement 1 is incorrect.
• They are also not naturally occurring geological formations, as they are artificially created by humans using digital tools.Hence statement 1 is incorrect.
• They are not basic information technology tools that enhance the quality of pixelated images, as they involve creating new content that may not match the original source.Hence statement 3 is incorrect.
• Therefore the correct answer is option 4.

The correct answer is 9^th.

In News

• Farsi is one of India's nine classical languages: S Jaishankar.

Key Points

• In a significant move to deepen cultural ties, External Affairs Minister S Jaishankar announced that the Government of India has decided to include Farsi (Persian) as one of the nine classical languages in India under the New Education Policy.
• This recognition reflects a commitment to fostering greater understanding and appreciation of Farsi's rich heritage within the Indian educational framework.
• Tamil was the first language in India to be accorded classical language status in 2004. Sanskrit, Kannada, Malayalam, and Odia are the other languages that have been declared classical languages in India by the central government.
• In addition to these classical languages Pali, Persian, Telugu and Prakrit; and their works of literature too must be preserved for their richness and for the pleasure and enrichment of posterity

Additional Information

• New Education Policy
• It was started by the Union Cabinet of India on 29 July 2020 and outlines the vision of the new education system of India.
• The policy aims to transform India's education system by 2030.
• It aims to increase state expenditure on education from around 3% to 6% of the GDP as soon as possible

The correct answer is REC Limited.

In News

• REC wins Best Green Bond

Key Points

• REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power and a leading NBFC has been bestowed with the prestigious Best Green Bond - Corporate Award at The Asset Triple A Awards for Sustainable Finance 2024.
• REC received the award for the issuance of USD 750 million Green Bonds in April 2023 which was also the first USD Green Bond issuance from India post India’s assumption of G20 Presidency and the largest ever Senior Green Bond Tranche by a South or Southeast Asian issuer.
• The bond issue was priced at a minimum new issue premium of 7.5 bps, which was tighter than the most recent high-rated issuances from the region.
• The issue was well received by the investors and demonstrates REC’s significant contribution to financing projects aimed at mitigating climate change and promoting environmental sustainability.

Additional Information

• REC Limited
• REC is a 'Maharatna' Central Public Sector Enterprise under the Ministry of Power and is registered with RBI as a Non-Banking Finance Company (NBFC), and Infrastructure Financing Company (IFC).
• Asset Triple A Awards
• ​The Asset Triple A Awards are a pre-eminent recognition for those organizations that have excelled in their respective industry.
• With over two decades of experience conducting awards programmes, The Asset Triple A Awards reflect unparalleled industry understanding to be able to distinguish best-in-class organizations.
• The Asset Triple A Awards programmes are built upon a stringent methodology that is combined with a rigorous approach in selecting the best institutions and deals.
• The awards are adjudicated by The Asset’s board of editors who are regarded as the most experienced and collectively have several decades’ worth of evaluating industry awards.

The correct answer is ₹3,00,000.

Key Points

• A microfinance loan is defined as a collateral-free loan given to a household having annual household income up to ₹3,00,000.
• According to the RBI, all collateral-free loans, irrespective of end use and mode of application/ processing/ disbursal (either through physical or digital channels), provided to low-income households, i.e., households having annual income up to ₹3,00,000, shall be considered as microfinance loans.
• To ensure the collateral-free nature of the microfinance loan, the loan is not linked with a lien on the deposit account of the borrower.

The Correct Answer is UDGAM.

In News

• RBI unveils UDGAM portal to track unclaimed deposits.

Key Points

• The Reserve Bank of India has launched a centralised web portal called UDGAM to help track unclaimed deposits across multiple banks.
• UDGAM stands for 'Unclaimed Deposits – Gateway to Access inforMation.'
• The portal has been developed by Reserve Bank Information Technology Pvt Ltd.c
• Users can access the details of their unclaimed deposits in seven banks presently available on the portal.

The correct answer is All of the Above.

In News

• Mint: Maharashtra Pench Tiger Reserve becomes India's first Dark Sky Park.

All you need to know.

Key PointsDark Sky Park:

• An International Dark-Sky Park (IDSP) is a land possessing an exceptional or distinguished quality of starry nights and a nocturnal environment, that is specifically protected for its scientific, natural, educational, and/or cultural heritage resource, and/or for public enjoyment. Hence, statement 1 is correct.
• A dark-sky preserve is an area, usually surrounding a park or observatory, that restricts artificial light pollution. The purpose of the dark-sky movement is generally to promote astronomy.
• Achieving Dark Sky Park accreditation takes years of careful monitoring of the darkness of the night sky, in all seasons, all phases of the moon, and all weather conditions.
• The International Dark-Sky Association works to protect the night skies for present and future generations.
• The Pench Tiger Reserve (PTR) in Maharashtra has been marked as India's first Dark Sky Park and the fifth such park in Asia for protecting the night sky and preventing light pollution, making the facility ideal for astronomy enthusiasts. Hence, statement 3 is correct.
• The Dark and Quiet Skies for Science and Society Working Group, led by the International Astronomical Union, has recommended the establishment of 'Dark Sky Oases' by national and local governments.
• Dark Sky Place certification focuses on lighting policy, dark sky-friendly retrofits, outreach and education, and monitoring the night sky.  Hence, statement 2 is correct.

Additional InformationPench Tiger Reserve or Pench National Park:

• Pench Tiger Reserve or Pench National Park is one of the premier tiger reserves of India and the first one to straddle across two states - Madhya Pradesh and Maharashtra.
• The fictional works of Rudyard Kipling, The Jungle Book, and The Second Jungle Book, are set in the region. Kipling himself never visited the area, instead basing his descriptions on other locations in India.
• It is named after the Pench River, which flows from north to south through the Reserve.
• Vegetation: The undulating topography supports a mosaic of vegetation ranging from a moist sheltered valley to an open, dry deciduous forest.
• Flora: The reserve boasts a diverse range of flora, including teak, saag, mahua, and various grasses and shrubs.
• Fauna:
• The area is especially famous for large herds of Chital, Sambar, Nilgai, Gaur (Indian Bison), and wild boar.
• The key predator is the tiger, followed by leopards, wild dogs, and wolves.
• There are over 325 species of resident and migratory birds, including the Malabar Pied Hornbill, Indian Pitta, Osprey, Grey Headed Fishing Eagle, White Eyed Buzzard, etc.

The correct answer is 2,800 crore.

In News

• Defence ministry approves Rs 2,800 crore rockets for Pinaka weapon system.

Key Points

• In a major boost for the Indian Army, the defence ministry has approved a Rs 2,800 crore proposal for buying around 6,400 rockets for Pinaka multi-barrel rocket launcher systems.
• MoD's Defence Acquisition Council approved the proposal for the acquisition of 2 variants of these rockets, known as Area Denial Munition Type 2 and Type 3.
• The Indian Army will only purchase the rockets from domestic suppliers and the 2 main contenders are Munitions India Limited and Econoic Explosives Limited of Solar Industries.
• It is named after the bow of the Hindu deity Shiva; the Indian-made Pinaka weapon system was developed by the Defence Research and Development Organisation (DRDO) of India.
• It stands as a battle-proven all-weather artillery weapon system, strategically designed for indirect area fire.

Additional Information

• The Pinaka system is one of the first few military technologies to be exported from India to foreign countries like Armenia.
• The development of the Pinaka was started by the DRDO in the late 1980s as an alternative to the Multi Barrel Rocket Launcher systems of Russian make called the ‘Grad’, which are still in use by some regiments.

The correct answer is 2030-31.

In News

• The Union Cabinet on 19 April, 2023 approved the National Quantum Mission (NQM) at a total cost of Rs.6003.65 crore from 2023-24 to 2030-31, aiming to seed, nurture and scale up scientific and industrial R&D and create a vibrant & innovative ecosystem in Quantum Technology (QT).

Key Points

• This will accelerate QT led economic growth, nurture the ecosystem in the country and make India one of the leading nations in the development of Quantum Technologies & Applications (QTA).
• The new mission targets developing intermediate scale quantum computers with 50-1000 physical qubits in 8 years in various platforms like superconducting and photonic technology.
• Satellite based secure quantum communications between ground stations over a range of 2000 kilometres within India, long distance secure quantum communications with other countries, inter-city quantum key distribution over 2000 km as well as multi-node Quantum network with quantum memories are also some of the deliverables of the Mission.
• The mission will help develop magnetometers with high sensitivity in atomic systems and Atomic Clocks for precision timing, communications and navigation.

Additional Information

• NQM will also support design and synthesis of quantum materials such as superconductors, novel semiconductor structures and topological materials for fabrication of quantum devices.
• Single photon sources/detectors, entangled photon sources will also be developed for quantum communications, sensing and metrological applications.
• Four Thematic Hubs (T-Hubs) will be set up in top academic and National R&D institutes on the domains - Quantum Computing, Quantum Communication, Quantum Sensing & Metrology and Quantum Materials & Devices.
• The hubs which will focus on generation of new knowledge through basic and applied research as well as promote R&D in areas that are mandated to them.

The correct answer is Ganviz Enterprises.

In News

• Federal Bank's arm Fedfina, IREDA gets the nod from Sebi to float IPOs.

Key Points

• The Securities and Exchange Board of India has given approval to four companies viz. Fredbank Financial Services Limited, Indian Renewable Energy Development Agency (IREDA), EPACK Durable, and Suraj Estate Developers to raise funds through initial public offerings.
• These companies filed preliminary IPO papers with SEBI between July and September 2023.
• The equity shares of these companies will be listed on the BSE and NSE.
• Ganviz Enterprises
• ​Established in the year 2005
• It is a service provider of airconditioner ductable repair service, air conditioner repairing service & refrigerator repair service in Pondicherry.

Additional Information

• Indian Renewable Energy Development Agency
• ​Established in 1987
• HQ - New Delhi
• CMD - Pradip Kumar Das
• Fedbank Financial Services Limited
• ​Established in 1995
• HQ - Mumbai
• CEO - Anil Kuthori
• Suraj Estate Developers
• ​Established in - 1986
• HQ - Mumbai
• CMD - Rajan Meenathakonil Thomas

The correct answer is South Indian Bank.

In News

• South Indian Bank gets the Best Technology Bank of the Year award.

Key Points

• South Indian Bank has been honored with the title of Best Technology Bank of the Year Award at the 19^th IBA Annual Banking Technology Conference, Expo, & Citations.
• The bank’s outstanding performance was recognized with a total of six prestigious awards. In three categories, the bank emerged as the winner, secured the runner-up position in one, and received special mentions in two others.
• The awards were presented to PR Seshadri, MD & CEO of South Indian Bank, by T Rabi Sankar, Deputy Governor of the Reserve Bank of India, in Mumbai.
• The IBA Annual Banking Technology Conference, Expo & Citations has been an annual event since its inception in 2005.
• IBA Annual Banking Awards Instituted by the Indian Banks’ Association (IBA), it recognizes organizations that have brought transformational changes in their businesses by adopting modern digital solutions.
• South Indian Bank excelled across various categories, including winner in Best Technology Bank of the Year; winner in Best Tech Talent and Organisation; winner in Best IT Risk and Management.

Additional Information

• South Indian Bank
• ​Established in - 1929
• HQ - Thrissur
• CEO - PR Seshadri
• City Union Bank
• ​Established in - 1904
• HQ - Kumbakonam, Tamil Nadu
• CEO - Dr. N. Kamakodi
• Indian Bank​
• Established in - 1907
• HQ - Chennai
• CEO - Shanti Lal Jain
• State Bank of India
• ​Established in - 1955
• HQ - Mumbai
• Chairman - Dinesh Kumar Khara
• Punjab National Bank
• ​Established in 1894
• HQ - New Delhi
• CEO - Atul Kumar Goel

The correct answer is USD 2,50,000.

Key Points

• ​Under the Liberalised Remittance Scheme, all resident individuals, including minors, are allowed to freely remit up to USD 2,50,000 per financial year (April – March) for any permissible current or capital account transaction or a combination of both.
• Further, resident individuals can avail of foreign exchange facilities for the purposes mentioned in Para 1 of Schedule III of FEM (CAT) Amendment Rules 2015, dated May 26, 2015, within the limit of USD 2,50,000 only.
• The Scheme was introduced on February 4, 2004, with a limit of USD 25,000.
• The LRS limit has been revised in stages consistent with prevailing macro and micro economic conditions.

• An E-Way Bill needs to be generated in case of inter-state shipping of goods under the GST regime.
• It is basically an electronic permit for such transactions.
• An e-way bill needs to be generated if the distance of travel is more than 10 kilometres or the value of the consignment exceeds Rs. 50000 or both.