Banking Awareness PYQs

The correct answer is Rs 6,865 crore.

• Govt promoting Agri sector by reforming laws
• Agriculture Minister Narendra Singh Tomar told the government is promoting the agriculture sector through reforms in the laws which seek to bring revolutionary changes. The government is focusing on the growth and strengthening of India's farming and rural sector, the minister told at an event organized by Asia Pacific Rural and Agricultural Credit Association and NABARD.
• Tomar also highlighted various steps taken by his government during the last six-and-half years to boost the agriculture sector and enhance farmers' income, according to a release issued by his ministry.
• The government transferred Rs 1.15 lakh crore directly into the bank accounts of nearly 10.75 crore farmers under the flagship PM KISAN program.
• The government was setting up 10,000 farmer producer organizations (FPO) with an outlay of Rs 6,865 crore.
• The agricultural sector is being promoted through reforms in-laws. This is expected to bring revolutionary changes.
• He also stressed that the government was making continuous efforts for the progress of India's rural and agriculture sector, which forms the basis of the economy.

• Bajaj Finserv has launched its public awareness campaign, ‘Savdhan Rahein. Safe Rahein’, across digital and social media platforms, to educate customers and public at large on financial fraud risks and how to stay protected.
• Through this awareness initiative, Bajaj Finserv aims to convey a very important message to its customers and prospects to strictly avoid making any refundable advance payments in the name of loan processing fee, bank charges, GST, verifications etc., and verifying all loan offers at the Bajaj Finance’s official website, only. Also, it’s essential for customers opting for Life insurance or Health insurance or Motor insurance policies to check policy documents carefully and verify the details on the insurers' websites only.

• New York Road Runners, the nonprofit that operates marathon races, renewed its title sponsor slot for the New York Marathon with India-based tech company Tata Consultancy Services.
• The deal gives the race’s title rights to TCS through 2029. The company plans to spend up to $40 million per year on global race sponsorships in that time frame, according to a person familiar with the terms of this agreement who asked to remain anonymous because they were not authorized to speak on the record.
• TCS is a business-to-business IT firm owned by conglomerate Tata Group. Clients include firms like Microsoft and AstraZeneca. TCS is traded on the National Stock Exchange of India and has a market cap of roughly $159 billion.
• In an interview with CNBC on Tuesday, Michelle Taylor, TCS’ head of global sponsorships, said aligning with the races helps the firm “humanize our brand” and educate participants and spectators about its services.
• TCS also sponsors other top marathons, including in Boston, Chicago, Europe and events in Australia. In June, the firm also became the new title sponsor of the London Marathon, taking over rights from financial firm Virgin Money. The new agreement runs through 2027.

The correct answer is USA.

Key Points

• The US replaced Mauritius as the second-largest origin of foreign direct investment (FDI) in India during 2020-21.
• Singapore is the top source of foreign direct investment(FDI) in India.

Additional Information

• Foreign Direct Investment(FDI) is the investment by a non-resident person resident outside Indian the capital of an Indian company under Foreign Exchange Management.
• Foreign Direct Investment (FDI) is a long-term investment.
• It is also nondebt creating capital flow.
• Benefits of Foreign Direct Investment(FDI):
• ​Market diversification.
• Tax incentives.
• Lower Labour cost.
• Subsidies.
• Parental tariffs.

• ICICI Prudential Life Insurance Company Ltd., a life insurance company is based in India.
• INGVysya is a privately owned multinational bank also deals in the insurance sector.
• New India Assurance Company is a public sector insurance company in India and it is the largest general insurance company based on the gross premium in India.
• National Securities Depository Limited is an Indian central securities depository based in Mumbai.
• The first electronic securities depository in India with national coverage.

The correct answer is 1938.

• The Parliament has passed the Insurance (Amendment) Bill, 2021 with the Lok Sabha approving it on 22 March 2021.
• It seeks to amend the Insurance Act, 1938 which will increase the limit of foreign investment allowed in Indian insurance companies.
• The bill provides to increase of FDI limit from the existing 49% to 74%.
• It also removes restrictions on ownership & control of insurance companies.

• Goa Carnival is usually celebrated during the months of either February or March before the onset of Lent. Goa Carnival goes for four days and nights finishing on Shrove Tuesday, the day before Lent. Lent characterizes fasting or abstinence from meat for the 40 days prior to Easter and is a significant event for the Catholics.
• Goa Carnival Dates for 2021 begin on Saturday the Saturday 13^th February 2021 and finish on Shrove Tuesday which is 16^th February 2021.
• Carnival is the most anticipated event in Goa and all the preparations for the carnival celebrations begin early on in December when the streets are beautifully decorated with attractive lighting and luxurious grand balls are held

The correct answer is Uttarakhand.

• Uttarakhand Chief Minister Pushkar Singh Dhami has named Indian women's hockey team player Vandana Kataria as the state's Department of Women Empowerment and Child Development brand ambassador.
• Earlier, Pushkar Singh Dhami had announced a cash reward of Rs 25 lakh to Vandana Katariya.
• Vandana Katariya made history as she became the first Indian woman to score a hat-trick at Tokyo Olympics. ​
• Uttarakhand:
• Chief Minister - Pushkar Singh Dhami.
• Governor - Baby Rani Maurya.
• Registered GI - Uttarakhand Tejpat.

The correct answer is 5 km.

While targeting the delivery of financial services to so far inaccessible areas, the strategy makes the following goals:

• Accessibility in remote areas: The first objective is to provide accessibility to formal financial services to every village within a 5 km radius/hamlet of 500 households in hilly areas by March 2020.
• Less cash society: To create the necessary infrastructure in all Tier II to Tier VI centres to mover towards a less-cash society by March 2022.
• Every individual should use financial services through mobile devices: Encouraging financial service providers to provide virtual modes including mobile apps so that every adult can access financial service provider through a mobile device by March 2024.

The correct answer is 2032.

• Brisbane has been formally awarded hosting rights for the 2032 Olympic Games.
• The Olympic Games will be held in Australia for a third time, before this Melbourne held the Games in 1956 and Sydney hosted them in 2000.
• Paris will host the event in 2024 and Los Angeles will host the tournament in 2028.

• The West Central Railways has become the first fully electrified railway zone in India on March 30, 2021, after the CCRS inspection and the commissioning of electrification of the Kota-Chittaurgarh railway station (Srinagar-Jalindri) in Rajasthan.
• As per Railway Minister Piyush Goyal, trains that will be passing through this railway section can now be operated at a faster speed. The west zonal railway now boasts a 3012 route km electrified network.
• Earlier in 2021, with the electrification of the Nimmita-New Farakka railway section in West Bengal, the Eastern Railway Zone of India had also become a fully electrified rail network.

​The correct answer is General.

• The Union Cabinet has approved amendments to the General Insurance Business (Nationalisation) Act (GIBNA) to facilitate the privatization of public sector general insurance firms.
• The Bill seeks to enable greater private participation in the public sector insurance companies.
• The GIBNA Act provides for the acquisition and transfer of shares of Indian insurance companies.​

The correct answer is $250 million.

Key Points

• HDFC Ltd has received a $250 million loan from the International Finance Corporation (IFC), the World Bank Group's investment arm, to be used for green housing by India's largest housing finance firm.
• The greenhouse is considered a high-end sector in the country, yet it provides environmental benefits.
• Its collaboration with HDFC will assist to shift market perceptions. Green affordable housing receives at least 25% of the funds.

Important Points 

• HDFC Ltd will benefit from IFC's $250 million loans as it expands its affordable housing and growing green affordable housing portfolio, making such housing more accessible to those on lower incomes.
• The financing will also help create jobs, in line with the Indian government's goal of providing "Housing for All."
• Green affordable housing can assist India in meeting its Paris Agreement objectives to lower a third of its carbon emissions by 2030 from 2005 levels.
• Residential housing accounts for around 24% of the nation's electricity usage, therefore green and energy-efficient buildings can help reduce emissions$.

The correct answer is China.

Key Points

• China has unveiled a maglev train capable of a top speed of 600 kmph.
• The maximum speed would make the train, self-developed by China and manufactured in the coastal city of Qingdao, the fastest ground vehicle globally.
• Using electromagnetic force, the maglev train "levitates" above the track with no contact between body and rail.
• China has been using the technology for almost two decades on a very limited scale. Shanghai has a short maglev line running from one of its airports to town.
• At 600 kmph, it would only take 2.5 hours to travel from Beijing to Shanghai by train - a journey of more than 1,000 km (620 miles).

Additional Information

• In India, At present Mumbai-Ahmedabad High-Speed Rail (MAHSR) is the only sanctioned project of High-speed rail in the country which is under execution with financial and technical assistance from the government of Japan.
• A special Purpose Vehicle (SPV), namely National High-Speed Rail Corporation Limited (NHSRCL) has been formed to implement the project.

The correct answer is UGC:

• Prime Minister Narendra Modi unveiled several initiatives related to the education sector in India to mark the first anniversary of National Education Policy (NEP) 2020 on 29 July 2021.
• He launched the Academic Bank of Credit (ABC) for UG/PG Students under NEP 2020.
• Set-up by the University Grants Commission (UGC), it is one of the biggest and most awaited reforms suggested under the National Education Policy (NEP) 2020.
• The Academic Bank of Credit is an initiative to provide multiple entries and exit options to the students in higher education.
• This enables students to leave a degree or course and get a corresponding certification and rejoin studies after a certain time and be able to start from where they had left.
• Through this, Higher Educational Institutes would be able to award degrees, taking into account the credits earned by the students.
• Apart from the ABC reform, PM Modi also launched the first-year engineering curriculum in 11 regional languages.
• He also introduced guidelines for internationalization of higher education as well as launched the National Digital Education Architecture (NDEAR) and National Education Technology Forum (NETF).
• He also launched Vidya Pravesh, a three-month play based school preparation module for Class 1 students.
• Indian Sign language has also been designated as a subject now.

The correct answer is Kotak Mahindra Bank Ltd.

Key Points

• Kotak Mahindra Bank Ltd and the Indian Institute of Science have announced a partnership to set up an Artificial Intelligence and Machine Learning (AI-ML) centre at the IISc campus.
• Spread across approximately 1,40,000 square feet, the Kotak-IISc AI-ML centre will offer Bachelor’s, Master’s and short-term courses.
• The Centre has been established under Kotak's CSR project.

Important Points

• ​The Centre will also promote research and innovation in AI and ML and develop the talent pool from across the country to provide cutting-edge solutions to meet industry’s emerging and future requirements.
• Kotak Karma is the Corporate Social Responsibility (CSR) identity of Kotak Mahindra Group.

The correct answer is Mera Ration.

Key Points

• 'Mera Ration' is the name of the mobile application launched by the Department of Food and Public Distribution under the ONORC plan.
• ONORC- One Nation-One Ration Card.
• This app will benefit especially those ration card holders who move to new areas for livelihoods.
• The app is developed by the government in association with NIC "to facilitate various ONORC related services among National Food Security Act (NFSA) beneficiaries, particularly migrant beneficiaries, FPS dealers, and other relevant stakeholders.
• Implementation of the One Nation-One Ration Card system ensures availability of ration to beneficiaries under the National Food Security Act (NFSA) and other welfare schemes, especially the migrant workers and their families, at any fair price shop (FPS) across the country.
• The new mobile app aims to facilitate the ONORC-related services among beneficiaries of the NFSA, particularly migrant beneficiaries, fair price shop (FPS) or ration shop dealers, and other stakeholders.
• The system covers nearly 69 Crore NFSA beneficiaries (about 86% NFSA population) in the country and a monthly average of about 1.5~1.6 Crore portability transactions are being recorded under ONORC.

The correct answer is European Union Aviation Safety Agency.

Key Points

• Aviation regulators European Union Aviation Safety Agency (EASA) and the Directorate General of Civil Aviation of India (DGCA) have entered into a working arrangement to achieve common safety and environmental protection standards.
• Through the agreement, the aviation regulators of India and Europe hope to reduce the economic burden imposed on the aviation industry.
• Both DGCA and EASE intend to develop closer collaboration in rule-making cooperation, including through sharing of information and best practices, facilitate issuance or acceptance of certificates for products parts and appliances, and share safety information.

The correct answer is Punjab.

• With a view to further promote sports in the state, the Punjab government has increased the cash award money for the Olympic medalists.
• Neeraj Chopra would be honoured with an increased amount of ₹2.51 crore instead of ₹2 crore which was announced earlier.
• 11 state players, who were part of the Indian hockey team will get ₹2.51 crore each from the earlier Rs 1 crore.
• Punjab:
• Chief Minister - Bhagwant Mann
• Governor - Banwarilal Purohit
• Lok Sabha seats - 13.
• Rajya Sabha seats - 7.
• Number of Districts - 22.

• Finance minister Nirmala Sitharaman, on June 28, 2021, announced that the tenure of the Production-Linked Incentive (PLI) scheme for large scale electronics manufacturing had been extended by one year.
• Under this programme, eligible players in the air-conditioner and LED manufacturing space will be offered incentives worth Rs 6,238 crore over a period of five years.
• The scheme for laptops and IT hardware has a total size approximately Rs 7,350 crore.
• This scheme was to begin in 2020-21 and continue for a period of five years.
• This scheme will now continue till 2025-26.
• Participating companies will get any five years for meeting their production targets under the scheme.
• The incentives were applicable taking the base year of 2019-20.
• In November 2020, the Union Cabinet approved the PLI scheme for 10 sectors.