Banking Awareness PYQs

The correct answer is Private banks & Wholly Owned subsidiaries of Foreign Banks.

In News

• The RBI has mandated private banks to have at least two Whole Time Directors (WTDs), including the MD & CEO, on their boards.

Key Points

• This directive is aimed at strengthening corporate governance in private sector banks.
• The presence of at least two WTDs ensures better management oversight and decision-making.
• It is part of the RBI's broader efforts to enhance the stability and efficiency of the banking sector.
• Private banks need to comply with this directive to ensure continuous improvement in governance standards.

Additional Information

• RBI Governance Guidelines
• The Reserve Bank of India (RBI) regularly updates its guidelines to improve the governance framework of banks.
• These guidelines are aimed at ensuring transparency, accountability, and better risk management in the banking sector.
• Private banks are expected to follow these guidelines strictly to avoid penalties and maintain their operational integrity.
• The appointment of WTDs helps in segregating the roles and responsibilities at the board level, thereby enhancing the effectiveness of the board.

The correct answer is 10 years.

In News

• The validity of the Airline Transport Pilot License (ATPL) and Commercial Pilot License (CPL) holders has been increased from 5 years to 10 years.

Key Points

• This extension aims to reduce the administrative burden on pilots and aviation authorities.
• The longer validity period allows pilots to focus more on their professional duties rather than frequent renewals.
• The change aligns with international best practices and helps in maintaining a consistent standard in the aviation industry.
• The decision to extend the validity was taken considering the advancements in pilot training and safety measures.

Additional Information

• Pilot Licensing in India
• The Directorate General of Civil Aviation (DGCA) is the regulatory body responsible for pilot licensing in India.
• The ATPL is the highest level of aircraft pilot certification, allowing the holder to act as a pilot in command of an aircraft.
• The CPL allows the holder to act as a pilot of an aircraft and be paid for their work.
• The increased validity of these licenses helps streamline the certification process and supports the growing aviation industry in India.

The correct answer is 10%.

In News

• Under the notified changes in the Prevention of Money Laundering (Maintenance of Records) Rules, 2005, a person holding 10% of share will be considered the beneficial owner.

Key Points

• The change in the definition of beneficial owner aims to enhance transparency in financial transactions.
• It aligns with global standards to combat money laundering and terrorism financing.
• The new rule mandates financial institutions to maintain records of beneficial owners.
• It helps in identifying individuals who have significant control or influence over a company.

Additional Information

• Prevention of Money Laundering Act (PMLA)
• The PMLA, enacted in 2002, aims to prevent money laundering and combat terrorism financing.
• It requires financial institutions to maintain records of transactions and report suspicious activities.
• The Act empowers authorities to seize property and assets derived from illegal activities.
• It also provides for the establishment of the Financial Intelligence Unit (FIU) to monitor and analyze financial transactions.

The correct answer is Rs. 40 lakh.

In News

• The Golden Peacock Award at the International Film Festival of India comes with a prize money of Rs. 40 lakh along with a citation.

Key Points

• The Golden Peacock Award is one of the most prestigious awards given at the International Film Festival of India.
• It recognizes excellence in filmmaking and is awarded to the best film selected by the jury.
• The award aims to promote the art of cinema by encouraging filmmakers to create high-quality films.
• In addition to the prize money, the winning film gains international recognition and visibility.

Additional Information

• International Film Festival of India (IFFI)
• IFFI is one of the most significant film festivals in Asia, held annually in Goa, India.
• The festival aims to provide a common platform for the cinemas of the world to project the excellence of the film art.
• It also aims to contribute to the understanding and appreciation of film cultures of different nations in the context of their social and cultural ethos.
• IFFI has been instrumental in bringing together filmmakers, artists, and audiences from around the world to celebrate the art of cinema.

The correct answer is All A, B & C.

In News

• India To Host World’s Largest Textiles Event, Bharat Tex 2024.

Key Points

• The upcoming Bharat Tex 2024 Expo, scheduled to take place from February 26-29, next year, promises to be a groundbreaking event that will significantly impact India's position in the global textile industry.
• Bharat Tex 2024 Expo has been conceived as the largest textile fair in the world in terms of exhibition area.
• The event will be organized by a consortium of Textile Export Promotion Councils (EPCS) with the support of the Ministry of Textiles.
• It is set to showcase India's capabilities as a reliable supplier of textile products, spanning the entire value chain, all under one roof.
• The event will be hosted in the newly inaugurated Bharat Mandapam and Yashobhoomi complexes, which themselves represent a leap forward in India's textile infrastructure.
• During the ceremony, Minister Goyal unveiled the fair logo, website, and video, emphasizing the significance of showcasing India's strengths across the textile value chain and in sustainability initiatives.

Additional Information

• Ministry of Textiles
• ​The Ministry of Textiles is an Indian government national agency responsible for the formulation of policy, planning, development, export portion, and regulation of the textile industry in India.
• The current Minister of Textiles is Piyush Goyal.

The correct answer is 46.3%.

In News

• With regards to the Deposit Insurance and Credit Guarantee Corporation (DICGC), 98.1% of deposit insurance coverage is provided in terms of number, while in terms of amount, only 46.3% of assessable deposits are protected.

Key Points

• DICGC provides insurance coverage to depositors in case of bank failure.
• The coverage in terms of the number of accounts is extensive, with 98.1% of all accounts being covered.
• However, in terms of the total amount of deposits, only 46.3% of the assessable deposits are protected.
• This highlights the disparity between the number of accounts covered and the actual amount of money insured.

Additional Information

• Deposit Insurance and Credit Guarantee Corporation (DICGC)
• The DICGC is a subsidiary of the Reserve Bank of India (RBI) and provides insurance cover to depositors in Indian banks.
• It was established in 1978 to protect depositors and ensure public confidence in the banking system.
• The insurance coverage is up to Rs. 5 lakh per depositor per bank.
• The DICGC ensures that even in the event of a bank failure, depositors receive their insured amount, up to the coverage limit.

The correct answer is Caracal.

In News

• India has launched the International Big Cat Alliance (IBCA) to conserve seven major big cat species, and Caracal is not included in the list.

Key Points

• The seven major big cat species included in IBCA are the Snow Leopard, Puma, Jaguar, Cheetah, Lion, Tiger, and Leopard.
• The alliance aims to promote collaborative conservation efforts among countries that host these big cat species.
• It focuses on addressing threats such as habitat loss, poaching, and human-wildlife conflict.
• The initiative also seeks to enhance scientific research, community involvement, and policy support for big cat conservation.

Additional Information

• International Big Cat Alliance (IBCA)
• The IBCA is a global initiative launched by India to conserve and protect big cat species worldwide.
• It aims to bring together countries, organizations, and experts to collaborate on conservation strategies and actions.
• The alliance focuses on key areas such as habitat restoration, anti-poaching measures, and community engagement.
• By sharing knowledge and resources, the IBCA seeks to ensure the long-term survival of big cat populations and their ecosystems.

The correct answer is Only C.

In News

• Private bank bad loan write-offs are more than double that of PSBs in percentage terms.

Key Points

• According to the RBI's Financial Stability Report**,** the write-offs to gross Non-Performing Assets ratio of private sector banks stood at 47.9% in FY23.
• A write-off is an accounting term that signifies the recognition in financial statements that a borrower's asset no longer holds value.
• The write-offs to gross non-performing assets (GNPAs) ratio of public sector banks was 22.2%.
• Both categories of banks have increased their write-offs in comparison to the preceding two years.
• The write-offs to GNPAs ratio for PVBs in FY22 and FY21 stood at 26.2% and 31% respectively, while for PSBs it was 17.7% and 17.3% according to RBI's Financial Stability Report.
• In write-off, loans are transferred to the off-balance sheet records.

Additional Information

• RBI
• Establishment in - 1935
• HQ - Mumbai
• Governor - Shaktikanta Das

The correct answer is INS Beas.

In News

• Indian Navy's INS Beas to be ‘re-powered’ as MoD signs mid-life upgrade and re-powering.

Key Points

• The Ministry of Defence signed a Rs 313.42 cr contract with Cochin Shipyard for INS Beas upgrade, involving over 50 MSMEs and benefiting over 3,500 personnel.
• The transformative maiden re-powering project marks a significant stride in the maintenance philosophy of the Indian Navy and the repair capabilities of M/s CSL.
• The project will be a proud flag bearer of Atmanirbhar Bharat in consonance with the Make-in-India initiative of the Government of India.
• After completing a mid-life upgrade and re-powering in 2026, INS Beas will join the Indian Navy's active fleet with a modernized weapon suite and enhanced combat capability.
• INS Beas
• ​It was the first ship of the Brahmaputra Class guided missile frigate which was commissioned into the Indian Navy in 2005.
• It was originally built by Garden Reach Shipbuilders and Engineers Ltd in Kolkata.
• It can reach speeds of more than 30 knots and go more than 4,500 nautical miles without refuelling.

Additional Information

• INS Betwa
• ​It is a Brahmaputra class-guided missile frigate currently in service with the Indian Navy.
• The ship is named for the Betwa River.
• INS Talwar
• ​It is the lead ship of the Talwar class frigates of the Indian Navy.
• She was built in Russia and commissioned into the Indian Navy on 18 June 2003.
• INS Trikand
• ​It is a Talwar class frigate of the Indian Navy.
• She is the third and final ship of the second batch of Talwar class frigates ordered by the Indian Navy.
• INS Tarkash
• ​It is the second Talwar class frigate constructed for the Indian Navy.
• She is part of the second batch of Talwar Class frigates ordered by the Indian Navy.

The correct answer is Both A and C.

In News

• YES Bank Becomes The First Lender To Offer ‘ONDC Network Gift Card’.

Key Points

• YES Bank, a prominent financial institution in India, has taken a significant leap forward in the digital commerce space by introducing the ONDC Network Gift Card.
• This move makes YES Bank the first bank in the country to issue such a card.
• The card is powered by the RuPay Network and can be loaded with a maximum amount of INR 10,000.
• The network will be reaching out to corporate companies to encourage them to use the gift cards.
• OmniCard is the first fintech company to issue ONDC Network Gift Cards.

Additional Information

• YES Bank
• Founded in - 2004
• HQ - Mumbai
• CEO - Prashant Kumar

The correct answer is Bharat Petroleum Corporation Limited.

In News

• GAIL, BPCL signed ₹63,000 cr propane supply agreement.

Key Points

• State-run GAIL (India) Ltd., has inked a 15-year agreement with Bharat Petroleum Corp. Ltd. (BPCL) to supply propane for its upcoming petrochemical facility in Usar, Maharashtra.
• The deal, worth over ₹63,000 crore, will see GAIL source 600 KTPA of propane from BPCL’s LPG import unit at Uran.
• This facility, currently with a 1 million metric tonne per annum (MMTPA) capacity, is expanding to handle 3 MMTPA of propane and butane imports.
• GAIL’s upcoming Usar-based propane dehydrogenation unit, the nation’s first, is likely to launch operations in 2025.
• The unit will have a nameplate capacity of 500 KTPA, with propylene production seamlessly integrated into a polypropylene plant of equal capacity.
• The project coincides with rising polypropylene demand, anticipated to hit 6.3 million tonnes by 2025, according to a statement by GAIL.
• Bharat Petroleum Corporation Limited
• ​Founded in - 1952
• HQ - Mumbai
• CEO - G Krishna Kumar

Additional Information

• Indian Oil Corporation Limited
• Founded in - 1959
• HQ - New Delhi
• Chairman - Shrikant Madhav Vaidya
• Mangalore Refinery and Petrochemicals Limited
• ​Founded in - 1988
• HQ - Mangaluru
• CEO - Sanjay Varma
• Hindustan Petroleum Corporation Limited
• ​Founded in - 1974
• HQ - Mumbai
• CEO - Pushp Kumar Joshi
• Oil India Limited
• ​Founded in - 1959
• HQ - Noida
• CEO - Ranjit Rath

The correct answer is InCred and Zepto.

In News

• In the July-September quarter, InCred and Zepto received significant investment funding.

Key Points

• InCred, a financial services platform, secured substantial investment to expand its operations and offerings.
• Zepto, a fast-growing grocery delivery startup, also attracted significant funding to scale its business and enhance its delivery infrastructure.
• These investments reflect the strong investor interest in India's fintech and e-commerce sectors.
• The funding will be used to drive growth, innovation, and market penetration for both companies.

Additional Information

• InCred
• InCred is a leading non-banking financial company (NBFC) in India, offering a wide range of financial products and services.
• The company focuses on using technology and data analytics to provide customized financial solutions.
• InCred aims to bridge the credit gap in the Indian market by offering loans to individuals and businesses that are underserved by traditional banks.
• The recent funding will help InCred expand its product offerings and enhance its digital capabilities.
• Zepto
• Zepto is an innovative grocery delivery startup in India that promises ultra-fast delivery services.
• The company leverages a network of micro-warehouses to ensure rapid delivery of groceries and other essentials.
• Zepto's unique business model has gained popularity, leading to increased investor interest and funding.
• The latest investment will be used to expand Zepto's footprint and improve its logistics infrastructure.

The correct answer is Rs. 50,000.

In News

• Walk-in / Non-customers can remit up to Rs. 50,000 per transaction to a Nepal residing beneficiary.

Key Points

• This remittance facility aims to provide an easy and accessible way for people to send money to Nepal.
• The limit of Rs. 50,000 ensures that significant amounts can be transferred while maintaining regulatory compliance.
• The remittance service helps in supporting the financial needs of families and individuals residing in Nepal.
• It also facilitates the flow of funds for various purposes, including education, healthcare, and general living expenses.

Additional Information

• Remittance Services to Nepal
• India has a significant population of Nepalese residents who frequently send money to their families in Nepal.
• Remittance services are essential for ensuring that these funds reach the intended beneficiaries safely and efficiently.
• The Rs. 50,000 limit per transaction provides a balance between flexibility for the sender and control for regulatory bodies.
• Such services are usually provided by banks and other financial institutions, ensuring reliability and security in transactions.

The correct answer is Rs 50,000 crore.

In News

• The disinvestment target for the fiscal year 2023 is Rs 50,000 crore.

Key Points

• Disinvestment refers to the process of selling or liquidating an asset or subsidiary.
• The Government of India sets disinvestment targets annually to generate revenue from the sale of its stakes in public sector enterprises.
• The target for the fiscal year 2023 has been set at Rs 50,000 crore, reflecting the government's aim to reduce its fiscal deficit.
• Disinvestment is part of the government's broader strategy to enhance efficiency and promote private sector participation in various sectors.

Additional Information

• Disinvestment in India
• Disinvestment is a strategy adopted by the government to raise funds by selling its stakes in public sector enterprises (PSEs).
• The proceeds from disinvestment are used to finance fiscal deficit and invest in social and economic infrastructure.
• The Department of Investment and Public Asset Management (DIPAM) is responsible for managing the disinvestment process.
• Disinvestment helps in reducing the government's direct involvement in business operations and promotes greater efficiency and competitiveness in the market.

The correct answer is Article 112.

In News

• Article 112 of the Indian Constitution refers to the Union Budget as the Annual Financial Statement (AFS).

Key Points

• The Annual Financial Statement is a statement of the estimated receipts and expenditures of the government for a financial year.
• The Union Budget is presented by the Finance Minister in the Parliament every year.
• The budget process involves various stages, including the preparation, presentation, and approval of the budget by the Parliament.
• Article 112 ensures transparency and accountability in the financial management of the country.

Additional Information

• Union Budget of India
• The Union Budget is a comprehensive statement of the government's finances, including its revenue and expenditure.
• It outlines the government's financial plans and policies for the upcoming financial year.
• The budget is divided into two parts: the Revenue Budget and the Capital Budget.
• The Revenue Budget includes the government's revenue receipts and expenditure, while the Capital Budget includes its capital receipts and payments.

The correct answer is Fourth.

In News

• The Yom Kippur War is known as the Fourth Arab-Israeli War.

Key Points

• The Yom Kippur War took place in October 1973 between Israel and a coalition of Arab states led by Egypt and Syria.
• It is called the Yom Kippur War because it began on Yom Kippur, the holiest day in Judaism.
• The war was part of the larger Arab-Israeli conflict, which has been ongoing since the mid-20^th century.
• The conflict resulted in significant casualties and had a major impact on the geopolitical landscape of the Middle East.

Additional Information

• Yom Kippur War
• The Yom Kippur War began on October 6, 1973, and ended on October 25, 1973.
• The war was initiated by Egypt and Syria to regain territories lost to Israel during the Six-Day War in 1967.
• Despite initial successes, the Arab forces were ultimately repelled by Israeli counterattacks.
• The war led to a reevaluation of military strategies and had lasting implications for Middle Eastern politics and diplomacy.

The correct answer is USD 7 billion.

In News

• The current limit for mutual funds' overall industry limit on overseas equity investment is USD 7 billion.

Key Points

• Mutual funds in India have approached the RBI to increase the current industry limit for overseas equity investments.
• The current limit is set at USD 7 billion, which allows mutual funds to invest in foreign equities within this cap.
• This limit is crucial for diversifying investment portfolios and accessing global markets.
• The enhancement request reflects the growing demand for overseas investments and the need for broader investment horizons.

Additional Information

• Mutual Funds and Overseas Investment
• Mutual funds are investment vehicles that pool money from multiple investors to purchase securities like stocks, bonds, and other assets.
• Overseas investments by mutual funds allow investors to gain exposure to international markets and diversify their portfolios.
• The USD 7 billion limits ensures that mutual funds can participate in global investment opportunities while adhering to regulatory caps.
• Increasing this limit could provide mutual funds with greater flexibility and enhance their ability to offer diversified investment products.

The correct answer is Tata Group.

In News

• The Tata Group will manufacture India’s first homegrown iPhone after buying the Wistron plant.

Key Points

• This move marks a significant milestone in India's manufacturing sector, particularly in high-tech electronics.
• The Wistron plant acquisition by Tata Group is expected to boost local production capabilities and reduce dependency on imports.
• The initiative aligns with the government's Make in India campaign, promoting domestic manufacturing and job creation.
• It also enhances India's position as a global hub for electronics manufacturing.

Additional Information

• Tata Group
• The Tata Group is one of India's largest and oldest conglomerates, with a presence in various industries, including automotive, steel, IT, and consumer goods.
• The group is known for its commitment to quality and innovation, and it has been expanding its footprint in the technology and electronics sectors.
• Acquiring the Wistron plant is part of Tata's strategy to enhance its manufacturing capabilities and support the government's initiatives for self-reliance.
• The Tata Group's entry into iPhone manufacturing signifies a new era for India's electronics industry, fostering growth and development in the sector.

The correct answer is 2023.

In News

• The government has set the target of USD 2 trillion export for the year 2023.

Key Points

• The target aims to boost India's economic growth by increasing the export of goods and services.
• The export target is part of the government's broader strategy to make India a global manufacturing and trading hub.
• Efforts are being made to enhance the competitiveness of Indian products in the international market.
• The government is implementing various policies and incentives to support exporters and achieve this ambitious target.

Additional Information

• Export Promotion in India
• The Ministry of Commerce and Industry oversees export promotion activities in India.
• Various schemes and initiatives, such as the Merchandise Exports from India Scheme (MEIS) and the Service Exports from India Scheme (SEIS), provide incentives to exporters.
• The government also focuses on improving infrastructure, reducing logistics costs, and enhancing ease of doing business to support exporters.
• Achieving the export target is crucial for India's economic growth and job creation in the export-oriented sectors.

The correct answer is 1^st April 2023.

In News

• The maximum deposit limit for Senior Citizens Savings Scheme (SCSS) has been enhanced to Rs 30 lakh from Rs 15 lakh effective from 1^st April 2023.

Key Points

• The increase in the deposit limit is aimed at providing better returns to senior citizens.
• SCSS is a government-backed savings scheme specifically for senior citizens aged 60 years and above.
• The scheme offers a regular income and tax benefits under Section 80C of the Income Tax Act.
• The new deposit limit enhances the financial security and investment options for senior citizens.

Additional Information

• Senior Citizens Savings Scheme (SCSS)
• The SCSS is a government-backed savings scheme aimed at senior citizens of India.
• It offers a safe and regular income with attractive interest rates.
• The scheme can be availed by individuals aged 60 years and above.
• The interest earned on SCSS is taxable but eligible for deduction under Section 80C of the Income Tax Act.