Banking Awareness PYQs

• The recurve bow is the modern evolution of traditional bows that have existed for 1000s of years. The limbs positioned at the top and bottom of the bow curve back away from the archer at each tip. This is what gives the ‘re-curve’ its name.
• Recurve has been the bowstyle used at the Olympic Games since archery’s reintroduction to the programme in 1972. The rules for the recurve bow have evolved with technology and competitive standards but have remained largely unchanged since World Archery was founded in 1931.
• Some important terminologies related to Badminton :

Shuttlecock, Service court, Double fault, Fore-hand, Back Hand, Smash, Hit, Drop, Net, Love, etc.

Some important terminologies related to Athletics :

Relay, Track, Lane, Photo Finish, Hurdles, Shot Put, Discuss Throw, Hammer Throw, High Jump, Triple Jump Cross Country, etc.

The correct answer is Jupiter.

• Astronomers have found the first evidence of water vapour in the atmosphere of Jupiter's moon Ganymede by using new and archival datasets from NASA's Hubble Space Telescope.
• According to the study published in the journal Nature Astronomy, water vapour forms when ice from the moon's surface turns from solid to gas.
• Temperatures there are so cold that water on the surface is frozen solid.
• Ganymede's ocean would reside roughly 160 kilometres below the crust, therefore, the water vapour would not represent the evaporation of this ocean.
• In 1998, Hubble's Space Telescope Imaging Spectrograph took the first ultraviolet (UV) images of Ganymede, which revealed colourful ribbons of electrified gas called auroral bands.
• It provided further evidence that Ganymede has a weak magnetic field.

The correct answer is 43.3%.

• Tata Sons' subsidiary, Panatone Finvest Limited has signed a definitive agreement to pick 43.3% stake in Tejas Networks, for ₹1,850 crores.
• Tejas Networks designs, develops, and sells networking products to telecommunications service providers, internet service providers, etc.
• The agreement also included the acquisition of up to 13 lakh equity shares of the Tejas Networks.

The correct answer is He Bing Jiao.

• Indian star shuttler PV Sindhu has secured a bronze medal at the Tokyo Olympics, defeating China’s He Bing Jiao in Women’s Singles.
• PV Sindhu also created history by becoming the first Indian woman to win two consecutive individual Olympic medals.
• She had won silver at Rio Olympics in 2016.
• Sushil Kumar is the only other Indian athlete to win two individual medals at the Olympic Games.

The correct answer is ​Intel.

• Intel has collaborated with the Central Board of Secondary Education (CBSE) to launch the 'AI For All' initiative.
• It is aimed at creating a basic understanding of artificial intelligence (AI) for people in India.
• The four-hour open content resource, which is available in 11 vernacular languages, is divided into two sections – AI Awareness (1.5 hours) and AI Appreciation (2.5 hours).

The Correct Answer is ICICI Bank.

Key Points

• The ICICI Bank has launched a digital and contactless banking platform designed specifically for retail merchants.
• The ‘Merchant Stack' service is aimed at the country's over 2 crore retail merchants, including grocers, supermarkets, major retail store chains, online businesses, and large e-commerce companies.
• On InstaBIZ, ICICI Bank's mobile banking app for companies, retail merchants can use the "Merchant Stack" services.
• Merchants will be able to fulfill their banking needs seamlessly thanks to the broad variety of banking and value-added services available, allowing them to continue to serve their customers during the pandemic's difficult times.
• Merchant Stack would offer zero-balance current accounts, instant credit, a "digital store management" facility, a loyalty programme, and value-added services such as partnerships with e-commerce and digital marketing channels, among other banking services.

Important Points

• ICICI Bank: 
• CEO: Sandeep Bakhshi(as of April 2021)
• Headquarters: Mumbai
• Founder: Industrial Credit and Investment Corporation of India
• Founded: June 1994, Vadodara

The correct answer is Rs. 5 lakh​.

Key Points

• The government has notified the amendment to the DICGC Act on 30 August 2021.
• Parliament passed the Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021 ensuring that account holders get up to Rs. 5 lakh within 90 days of the RBI imposing a moratorium on the banks.
• The amount of Rs. 5 lakh would be provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC).​

Important Points

• The government has notified September 1, 2021 as the date on which the provisions of the Act shall come into force, according to a gazette notification dated August 27, 2021.
• Consequently, 90 days from the effective date is November 30, 2021 for depositors to get their funds back.​

Additional Information

• ​The first 45 days are meant for the bank, which has come under stress, to collect all the details of the accounts where the claims will have to be made.
• This will then be forwarded to the insurance company, which in real-time will check it all up, and nearer the 90^th day, depositors will get the money,
• The benefit will also accrue to the depositors of 23 cooperative banks which are in financial stress and on which the Reserve Bank of India.
• DICGC, a wholly-owned subsidiary of the RBI, provides insurance cover on bank deposits.

The correct answer is NABARD.

Key Points

• In 1995-96, the Government of India set up the Rural Infrastructure Development Fund (RIDF) for financing ongoing rural infrastructure projects.
• The funds released under RIDF are maintained by the National Bank for Agriculture and Rural Development (NABARD).
• The main objective of the fund is to provide loans to State Governments and State-owned corporations to enable them to complete ongoing rural infrastructure projects.
• These funds are provided on a year-to-year basis by the Government of India.
• Under the RIDF scheme Rs. 51,283 crore have been sanctioned for 2,44,651 projects covering irrigation, rural roads, and bridges, health and education, soil conservation, water schemes, etc.

Additional Information

• NABARD:-
• It is a statutory body established in 1982.
• Its headquarters is located in Mumbai.
• It is an apex regulatory body for the overall regulation and licensing of regional rural banks and apex cooperative banks in India.
• It is formed with the mission to promote sustainable and equitable agriculture and rural development through participative financial and non-financial interventions, innovations, technology, and institutional development for securing prosperity.
• It is under the jurisdiction of the Ministry of Finance, Government of India.

The correct answer is Aadhimalai Pazhangudiyinar Producer Company Limited and Snehakunja Trust:

• Aadhimalai Pazhangudiyinar Producer Company Limited and Snehakunja Trust won UNDP Equator Prize 2021.
• They are among the 10 awardees of the prestigious Equator Prize for their work in the field of conservation and biodiversity.
• The UNDP gives a biennial award to recognize community efforts to reduce poverty through the conservation and sustainable use of biodiversity.
• The winners received a prize of US$10,000 and the opportunity to join a series of special virtual events associated with the UN General Assembly, the Nature for Life Hub, and the UN Food Systems Summit later this year.
• Aadhimalai Pazhangudiyinar Producer Company Limited is a 1,700-member cooperative, managed and run entirely by indigenous people from the Nilgiri Biosphere Reserve in Tamil Nadu.
• Snehakunja Trust has protected sensitive wetland and coastal ecosystems in the Western Ghats and the Karnataka coast for 45 years with a focus on community-based restoration and conservation$.

The correct answer is N Rengasamy.

• The NR Congress Chief N Rengasamy was sworn in as the Chief Minister of the Union Territory of Puducherry in a simple function arranged at Raj Nivas on 7 May 2021.
• Lieutenant Governor Dr Tamilisai Soundararajan will administer the oath of office and secrecy to Rengasamy.
• The three-time Chief Minister Rangasamy returns to power for the 4^th time to lead the NDA government.

The statutory base for the Depositor Education and Awareness Fund (DEAF) constituted by the Reserve Bank of India is provided by Section 26 A of the Banking Regulation Act, 1949. In March 2014, section 26A was inserted in the Banking Regulation Act, 1949, empowering the central bank to establish the Fund under the Depositor Education and Awareness Fund Scheme, 2014. Under this fund, all the banks are required to transfer money lying in accounts that have been inoperative for at least 10 years to the Fund according to specific guidelines. Banks will also have to list out inoperative accounts every month and transfer funds lying in these, along with interest accrued, by the end of the subsequent month.

The correct answer is RBI.

Key Points

• The Reserve Bank of India has announced the opening of the third cohort of regulatory sandbox with its theme as MSME lending.
• The application for the third cohort may be submitted from 1 Oct - 14 Nov 2021.

Important Points

• The first cohort for regulatory sandbox was under the theme of retail payments where RBI had received 32 applicants and only six had been selected for the test phase.
• The entities whose products have been found meeting the norms set by the RBI in the First Cohort are:
• Nucleus Software Exports (PaySe).
• Tap Smart Data Information Services (Citycash).
• Natural Support Consultancy Services (IND-e-Cash).
• Naffa Innovations (ToneTag).
• Ubona Technologies (BHIM Voice).
• Eroute Technologies (offline payment using SIM).
• In its second cohort under regulatory sandbox, the RBI had announced 'Cross-border Payments' as its theme.

Additional Information

• Regulatory sandbox refers to live testing of new products or services in a controlled/regulatory environment for which regulators may or may not pertain to certain regulatory relaxations.
• The sandbox allows regulators, innovators, financial services providers, and customers to conduct field tests to collect evidence on the benefits and risks of new financial innovations while carefully monitoring and containing risks.
• RBI:
• Governor - Shaktikanta Das.
• Headquarters - Mumbai.
• Founded: 1 April 1935, Kolkata.

The correct answer is 13.3%.

• Unemployment rate (UR) rose to 13.3 per cent in July-September 2020 as compared to 8.4 per cent in the year-ago period.
• The UR was 20.9 percent in April-June 2020, according to the eighth Periodic Labour Force Survey (PLFS).
• The National Statistical Office launched PLFS in April 2017.
• On the basis of PLFS, a quarterly bulletin is brought out giving estimates of labour force indicators.​

The Correct Answer is 86^th.

Key Points

• India was ranked 86^th out of 98 countries in the new Coronavirus Performance Index published by the Lowy Institute, based in Australia.
• Countries have been ranked on the basis of publicly accessible and comparable Covid-19 response results.
• The Lowy Institute, based in Sydney, is an independent foreign policy think tank.
• The top three countries in the index are New Zealand, Vietnam, and Taiwan, respectively.
• Brazil was placed at the bottom of the pandemic's worst handling list compared to any other country. Due to a lack of publicly accessible data, China was omitted from the list.

Important Points

• The Lowy Institute is an independent think tank founded by Frank Lowy in April 2003 to conduct, from an Australian perspective, original, policy-relevant research on international political, strategic, and economic issues.

The correct answer is Bank of Baroda.

• Ola Electric and Bank of Baroda have signed the largest long-term debt financing agreement in the Indian EV industry.
• This 10-year debt of US$100 million is towards the funding and financial closure of Phase 1 of the Ola Future factory, Ola’s global manufacturing hub for its electric two-wheelers.
• The Ola Futurefactory is coming up on a 500-acre site in Tamil Nadu, India.$

The correct answer is Ramesh Pokhriyal.

Key Points

• The then Education Minister Ramesh Pokhriyal ‘Nishank’ has approved the release of the Performance Grading Index 2019-20 for states and UTs.
• The PGI for states and UTs was first published in 2019 with the reference year 2017-18.
• Punjab, Chandigarh, Tamil Nadu, Andaman & Nicobar Islands and Kerala occupy the highest grade (Grade A++) for 2019-20.

Important Points

• The current Union Education Minister as of May 2022 is Dharmendra Pradhan.

The correct answer is ​Miraitowa.

Key Points

• The Tokyo 2020 Olympic Games mascot is styled with the Ai (indigo blue) Ichimatsu pattern from the Tokyo 2020 Games emblem, a tribute to both the respected tradition and modern innovation of Japanese culture.
• MIRAITOWA has a personality inspired by the Japanese proverb, “learn from the past and develop new ideas”.
• MIRAITOWA is cheerful and remarkably athletic, with a very strong sense of integrity.
• It has a special power to instantly teleport anywhere it wants.
• It was created by Ryo Taniguchi.

Important Points

Tokyo 2020 Olympics:

• Host: Tokyo Japan
• Motto: United by Emotion
• Events: 339 in 33 sports

Additional Information

Tokyo 2020 Olympics:

• The 2020 summer Olympics is an international sports event that will be held from 23 July to 8 August 2021, in the city of Tokyo, Japan.
• As the name suggests, this summer Olympics were originally intended to be held from 24 July to 9 August 2020, but due to the ongoing Covid-19 Pandemic, Tokyo 2020 Olympics was postponed.

The correct answer is Oman.

Key Points 

• Oman has been named as the host of the inaugural International Hockey Federation (FIH) Hockey5s World Cup.
• The FIH said the men’s and women’s events will take place in Oman’s capital city Muscat in January 2024. The governing body said its Executive Board named Oman as host, after a recommendation from the organisation’s Events Bidding Task Force.
• The FIH Executive Board announced the launch of the Hockey5s World Cup in 2019. The launch comes as Hockey 5s becomes an increasingly popular format of the sport, played on a smaller pitch and which has featured at the last two Summer Youth Olympic Games.
• Oman Capital: Muscat;
• Oman Currency: Omani rial.

The correct answer is ​Akasa Air.

Key Points

• Investor and billionaire Rakesh Jhunjhunwala is considering investing $35 million to launch 70 aircraft within the next four years, as a part of his ultra-low-cost airline Akasa Air.
• Akasa Air is expected to get a no-objection certificate from the aviation ministry within the next 15 days and will include a fleet of planes that can carry around 180 passengers.
• Jhunjhunwala is foraying into an industry that has suffered significant losses due to the ongoing coronavirus pandemic. Even before the pandemic, domestic airlines like Kingfisher and Jet Airways were struggling and had to close shop. InterGlobe Aviation, the parent of the country's largest airline IndiGo, reported a net loss of ₹3,174 crore on Tuesday, for the three months to June, primarily due to a sharp decline in revenues amid the second wave of the coronavirus pandemic. The airline, which had a fleet of 277 planes at the end of June 2021, incurred a net loss of ₹2,844 crore in the year-ago period$.

The correct answer is World Food Programme:

• The World Food Programme (WFP) has been awarded the 2020 Nobel Peace Prize for its efforts to combat hunger by the Norwegian Nobel Committee.
• The World Food Programme, a United Nations body, is the world’s largest humanitarian organisation addressing hunger and promoting food security.
• In 2019, WFP provided assistance to close to 100 million people in 88 countries.
• In 2019, WFP provided school meals to more than 17.3 million children in 50 countries, often in the hardest-to-reach areas.
• The World Food Programme has taken the lead in combining humanitarian work with peace efforts through pioneering projects in South America, Africa and Asia.
• The Nobel Peace Prize 2019 was awarded to Ethiopian Prime Minister Abiy Ahmed Ali “for his efforts to achieve peace and international cooperation, and in particular for his decisive initiative to resolve the border conflict with neighbouring Eritrea”.