Banking Awareness PYQs

• India ranked 105^th  in Economic Freedom Index 2020.
• India's total score in this index is 56.5 and its overall score is increased by 1.3 points.
• Singapore tops the Economic Freedom Index 2020
• Hong Kong for the 1^st time secured 2^nd rank since the 1^st publication in 1995.
• North Korea ranked last this year, securing 180^th rank.
• Heritage Foundation published the Economic Freedom Index. It is the 26^th edition published by Heritage Foundation. This index cover 186 countries.
• It's headquartered is in Washington D.C
• This index is based on 12 factors that have 4 pillars. The World Index of Economic Freedom covers 12 freedoms including Rule of Law- property rights, government integrity, judicial effectiveness; Government Size- government spending, tax burden, fiscal health; Regulatory Efficiency- business freedom, labor freedom, monetary freedom; Open Markets- trade freedom, investment freedom, financial freedom
• Because of the lack of sufficient reliable data, six countries (Iraq, Libya, Liechtenstein, Somalia, Syria, and Yemen) are evaluated and partially graded but not ranked.

The correct answer is New York.

Key Points

• The UNDP was founded on 22 November 1965.
• UNDP is headquartered in New York.
• The administrator of UNDP is Head Achim Steiner.
• The motto of UNDP is "moving upstream".
• UNDP aims to help countries eliminate poverty and achieve sustainable human development, an approach to economic growth that emphasizes improving the quality of life of all citizens while conserving the environment and natural resources for future generations.

The correct answer is 500 crore rupees.

• On 18^th August 2020, the Reserve Bank of India has unveiled the framework for setting up of pan-India Umbrella Entity for Retail Payments.
• As per the framework, the companies with a net worth of over 500 crore rupees will be eligible to set up an umbrella entity.
• These entities will be permitted to set up, manage, and operate new payment systems in the retail space comprising ATMs, White Label PoS, Aadhaar-based payments, and remittance services.
• It will manage clearing and settlement systems for participating banks and non-banks, and also monitor developments in the retail payment system and related issues, both in India and abroad.
• The entity will reduce the monopoly of NPCI.

Eligibility, terms, and other requirements for setting up the entity:

• The company must have a minimum paid-up capital of ₹500 crores and strive for interoperability with NPCI systems.
• Applicants must also have at least three years of experience in the payments ecosystem.
• The entity formed shall be a company incorporated in India under the Companies Act, 2013, and maybe a ‘for-profit’ or a Section 8 Company.
• No single promoter or promoter group should have more than 40% investment in the capital of this entity.
• Initially, the promoter should have a minimum of Rs 50 crore at the time of submitting the application.
• The promoter/promoter group shareholding may be diluted to a minimum of 25% after 5 years of commencement of business of the umbrella entity, and a minimum net worth of Rs 300 crore be maintained at all times.

About NPCI:

• NPCI (National Payments Corporation of India) was incorporated as a not-for-profit company under the provisions of the Companies Act to provide infrastructure to the entire banking system in India.
• The 10 core promoter banks are SBI, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank, and HSBC.
• Headquarters: Mumbai
• Founded: 2008

The correct answer is Elon Musk.

• Tesla Inc. co-founder and chief executive Elon Musk said that the California-based electric vehicle (EV) and clean energy company will enter the Indian market in 2021.
• Tesla is in talks with the Karnataka government to build an R&D centre in Bengaluru.
• Tesla, Inc. is an American electric vehicle and clean energy company based in Palo Alto, California.
• It specializes in making electric cars.

The correct answer is option 2 i.e. Bill & Melinda Gates Foundation.

• Serum Institute of India (SII) and the Bill & Melinda Gates Foundation have signed a deal.
• The foundation will provide at-risk funding of $150 million to SII to manufacture 100 million doses of COVID-19 vaccines for India and low-and-middle-income countries.
• SII had earlier joined hands with Astra Zeneca and Novavax to develop their COVID-19 candidates$.

The correct answer is United Kingdom.

Key Points

• Amnesty International is headquartered in London, UK.
• It was founded in 1961.
• It is a non-governmental organization focused on human rights that claims to have over 7 million members and supporters around the world.
• The stated objective of the organization is "to conduct research and generate action to prevent and end grave abuses of human rights, and to demand justice for those whose rights have been violated."

The correct answer is PD Vaghela.

• PD Vaghela has been appointed as the new Chairman of TRAI.
• The Appointments Committee of the Cabinet approved the appointment.
• He has replaced RS Sharma who completed his tenure.
• Please note that PD Vaghela is a 1986-batch IAS officer of Gujarat cadre. He was serving as a Secretary, Department of Pharmaceuticals.
• He has been appointed as the TRAI chief for three years or till he attains the age of 65.
• He was the Commissioner of Commercial Tax in Gujarat prior to the post of Secretary.
• He is also considered as one of the key officials in the roll out of Goods and Services Tax (GST) in 2017.

Additional Information

• TRAI-Telecom Regulatory Authority of India.
• It is the regulator of the telecommunications sector in India.
• Its mission is to create and nurture conditions for the growth of telecommunications in India to enable the country to have a leading role in the emerging global information society.

The correct answer is Kerala.

Key Points

• Federal Bank Limited is a major Indian commercial bank in the private sector headquartered at Aluva Kerala.
• The Bank operates in four segments: treasury operations wholesale banking retail banking and other banking operations. Treasury operations include investment and trading in securities shares and debentures.
• The Bank's products and services include working capital term finance trade finance specialized corporate finance products structured finance foreign exchange syndication services and electronic banking requirements.
• Federal Bank Ltd was incorporated on April 28 1931 with the name Travancore Federal Bank Ltd.
• The company was established with an authorized capital of rupees five thousand at Nedumpuram a place near Tiruvalla in Central Travancore under the Travancore Company's Act.
• The Bank was founded by K.P.Hormis.

The correct answer is four.

• RBI is served by 4 Deputy Governors at any point in time.
• Currently, those 4 Deputy Governors are BP Kanungo, Dr. M.D. Patra, M Rajeshwar Rao, and MK Jain. While the recent Governor of RBI is Mr. Shaktikanta Das.
• Total of 32 various kinds of departments allotted to these four Deputy Governors.
• Two of the deputy governors are traditionally from RBI ranks and selected from the bank's executive directors.
• The highest number of departments is under Bibhu Kanungo.

The correct answer is option 1, i.e. ​Won.

• The currency of South Korea is the Won.
• South Korea is an East Asian nation on the southern half of the Korean Peninsula.
• South Korea is known for its green, hilly countryside dotted with cherry trees and centuries-old Buddhist temples.
• Seoul is the capital of South Korea.
• Yoon Suk-yeol is the current (2022) president of South Korea.
• Han Duck-soo is the current prime minister of South Korea.

The correct answer is option 2, i.e Pension Fund Regulatory Development Authority.

• The Nodal Agency for implementing Atal Pension Yojana is the Pension Fund Regulatory Development Authority (PFRDA).
• It is introduced by the Ministry of Finance. It is a Centrally Sponsored Scheme.
• Under the APY, subscribers would receive a fixed minimum pension of Rs. 1000 per month, Rs. 2000 per month, Rs. 3000 per month, Rs. 4000 per month, Rs. 5000 per month, at the age of 60 years, depending on their contributions, which itself would vary on the age of joining the APY.
• The Central Government would also co-contribute 50% of the total contribution or Rs. 1000 per annum, whichever is lower, to each eligible subscriber account, for a period of 5 years, that is, from 2015-16 to 2019-20, to those who join the NPS before 31^st December 2015 and who are not members of any statutory social security scheme and who are not Income Taxpayers.
• The minimum age of joining APY is 18 years and maximum age is 40 years.
• The benefit of a fixed minimum pension would be guaranteed by the Government.
• To further incentivize people’s participation in the scheme, the age criterion for participation has been revised.
• Earlier, people of age 18 to 60 years were entitled to enroll in this scheme. But now it has been relaxed further to 65 years, taking into consideration the rise in average age-expectancy.
• Now the scheme will expand its focus to target individuals, instead of households.
• Besides, all accounts opened after August 2018 will have an accident insurance limit of Rs 2 lakh, double than earlier Rs 1 lakh limit. The overdraft facility of the scheme has also been increased from Rs 5,000 to Rs 10,000.

The correct answer is 4%.

• The RBI has kept the retail inflation target of 4% with a bias of plus/minus 2%.
• Inflation refers to the rise in the prices of most goods and services of daily or common use. Inflation measures the average price change in a basket of commodities and services over time.
• Inflation can be controlled by controlling the flow of money in the economy.
• This can be done by increasing the Repo Rate by the RBI. When the repo rate is increased by the RBI, the borrowing capacity of the commercial banks will be reduced. When banks will not have enough funds, money flowing into the system will be controlled.
• When people won't have enough money demand will go down and prices will also fall. In this way, inflation is controlled by controlling the flow of money.
• Basic Information about Reserve Bank of India (RBI):
• It is the regulator of the entire banking system in India.
• Governor: Shaktikanta Das (25^th governor).
• Founded: 1 April 1935 in Kolkata.
• Headquarter: Mumbai.

The correct answer is 5 September.

Key Points

• The International Day of Charity is observed annually on 5 September to commemorate the death anniversary of Mother Teresa.
• The International Day of Charity was established with the objective of sensitizing and mobilizing people, NGOs, and stakeholders all around the world to help others through volunteer and philanthropic activities.
• The General Assembly of the United Nations designated the 5^th of September as the International Day of Charity in 2012.
• 5^th September is the selected date as it commemorates the anniversary of the passing away of Mother Teresa who worked tirelessly to overcome poverty, distress, and suffering of the poorest in the world.
• Mother Teresa, the renowned nun, and missionary were born Agnes Gonxha Bojaxhiu in 1910. In 1928 she went to India, where she devoted herself to helping the destitute.
• In 1948 she became an Indian citizen and founded the order of Missionaries of Charity in Kolkota (Calcutta) in 1950, which became noted for its work among the poor and the dying in that city.
• Mother Teresa’s work has been recognized and acclaimed throughout the world and she has received a number of awards and distinctions, including the Nobel Peace Prize in 1979.

The correct answer is ​Yoshihide Suga.

Key Points

• Japan's parliament has elected Yoshihide Suga as the country's new prime minister, following the surprise resignation of Shinzo Abe.
• After winning the leadership of the governing party earlier this week, Wednesday's vote confirms the former chief cabinet secretary's new position.
• A close ally of Mr. Abe, the new prime minister is expected to continue his predecessor's policies.
• Shinzo Abe announced his resignation last month citing ill health.

Additional Information

• Japan:
• Capital - Tokyo.
• Currency - Japanese yen.
• National Sport - Sumo wrestling.

The correct answer is option 3.

Shagun Portal has been launched by the Ministry of Human Resource Development.

• The union HRD Minister Ramesh Pokhriyal 'Nishank' launched 'Shagun,' an online integrated junction of various education portals to make the education system more transparent in India.
• This app along with improved transparency and accountability will provide vital information related to the availability of nearby schools, navigable distance and aerial distance between schools.
• Hardeep Singh Puri is the Minister of State (independent charge) of the Ministry of Housing and Urban Affairs.

The correct answer is 88.

• Air Force is celebrating its 88^th Anniversary on 8 October 2020.
• The IAF was founded on 8^th of October in 1932.
• An air display by various aircraft will be the hallmark of the Air Force Day Parade-cum-Investiture Ceremony at Air Force Station Hindan, Ghaziabad.
• The air display will commence with flag bearing skydivers of the famous AKASH GANGA Team dropping out of an AN-32 aircraft.

The correct answer is Harley-Davidson.

• Harley-Davidson discontinues its sales and manufacturing operations in India after a decade of unsuccessful efforts to gain a foothold.
• The move involves $75 million in restructuring costs, some 70 redundancies and the closure of its Bawal plant in Haryana.
• The departure is also the latest setback for Prime Minister Narendra Modi’s strategy to encourage domestic manufacturing$.

The correct answer is Karnataka:

• JSW Energy Limited has decided to invest ₹9,000 crore in two wind power projects in Karnataka.
• JSW Energy Limited has sought 3,150 acre of land from the Karnataka government to set up two wind energy power projects, at an estimated investment of ₹8,860 crore.
• One project will be set up on 1,350 acres, spread across Ballari and Davangere, at a cost of ₹3,900 crores and will have the capacity to produce 600 MW captive wind electric power generation.
• While the other will be set up over 1,800 acres in Ballari, Dharwad, Gadag, and Davangere at an investment of ₹4,900 crore and will be able to produce 800 MW captive wind electric power.
• The investments in renewable energy also lends to Karnataka’s long-term plans to reduce its dependence on conventional power generation.

The correct answer is option i.e ICICI Bank.

About Insta FlexiCash app:

• The Insta FlexiCash app has recently developed by the ICICI Bank on 16^th June 2020. This app is mainly launched for Salary Account Customers.
• The ICICI Bank has introduced an online Overdraft(OD) facility "Insta FlexiCash" for its Salary Account Customers. The end-to-end fully digital facility is often accessed with No Documentation required, it will use the Bank’s online internet Banking platform without visiting a bank branch like a doorstep service.
• This app facility is very helpful for those who have an ICICI Bank Salary Account customers against missing their Equated Monthly Instalments (EMIs) or Cheque Bounces thanks to insufficient funds by providing Short-term Instant Credit. Customers can easily use this facility by initiating their application online.
• The Insta Flexi Cash facility is often sanctioned immediately while customers can start using the approved Overdraft(OD)limit within 48 hours of time.
• Customers can enjoy the app service with instant approval for Overdraft(OD) facility.
• While using this app they can enjoy the Extensive credit limit of Overdraft(OD) facility. They can get a credit limit worth up to 3 times their net salary amount.
• There will be No Foreclosure Charges for this app.
• With the Insta FlexiCash app, you can enjoy the service of Convenience of Auto-Renewal.
• The app comes with the Flexibility of repayment mode.

Notes:

• The ICICI(Industrial Credit and Investment Corporation of India) was founded in June 1994 at Vadodara(Gujarat). Its headquarters is located at Mumbai(Maharastra).
• The Managing Director & CEO of ICICI is Mr. Sandeep Bakshi(August 2020).
• The current Non-Executive part-time Chairman of ICICI is Mr. Girish Chandra Chaturvedi(August 2020).

The correct answer is State Bank of India.

Titan watch company along with India's largest commercial bank State Bank of India launched a contactless payment watch "Titan Pay" powered by YONO SBI.

• Titan company limited is the world's 5^th largest watch manufacturers.
• Titan is associated with TATA Group.
• Titan and SBI are launching a stylish range of watches having a contactless payment function through this partnership.

YONO- It is an initiative by SBI to bring all of its joint venture’s customers through digital technology “YONO Mobile App” and “YONO website”. YONO stands for “You Only Need One”.

• Customers can incorporate all their goods & services from the SBI bank account, SBI Card, SBI Mutual Fund, SBI Life Insurance, SBI General Insurance, SBI Securities, using the YONO App & website.

State Bank of India-

• It is founded in 1806 as Bank of Calcutta and was the first Bank established in India, and over a period of time, evolved into the State Bank of India (SBI).
• It is the oldest commercial bank in the Indian subcontinent.
• It is also India's largest commercial bank in terms of assets, deposits, branches, number of customers, and employees.
• SBI is headquartered in Mumbai.

Union Bank of India- 

• It is one of the leading public sector banks in the country.
• The Bank, having its headquarters at Mumbai (India), was registered on November 11, 1919, as a limited company.
• Managing Director & CEO is  Rajkiran Rai G.