Banking Awareness PYQs

The correct answer is Responsible Consumption and Production.

In News

• PM Modi initiated the LIFE (Lifestyle for Environment) initiative at COP 26, focusing on Responsible Consumption and Production.

Key Points

• The LIFE initiative emphasizes sustainable lifestyles and mindful consumption patterns to combat climate change.
• It aims to encourage individuals and communities to adopt eco-friendly practices that reduce carbon footprints and promote environmental sustainability.
• The initiative aligns with the United Nations Sustainable Development Goal (SDG) of Responsible Consumption and Production, which seeks to ensure sustainable consumption and production patterns.
• LIFE is part of India's broader commitment to global environmental efforts and sustainable development.

Additional Information

• LIFE Initiative
• LIFE stands for Lifestyle for Environment, an initiative aimed at promoting sustainable living and eco-friendly practices.
• The initiative encourages individuals, communities, and organizations to make conscious choices that contribute to environmental conservation.
• It includes actions such as reducing waste, conserving water and energy, and using renewable resources.
• By promoting sustainable lifestyles, LIFE aims to create a global movement towards environmental sustainability and resilience against climate change.

The correct answer is It mandates companies to reduce their carbon footprint by 50% within five years.

In News

• In October 2023, MoEF&CC launched the Green Credit Program & Ecomark Scheme to encourage eco-friendly actions.

Key Points

• The scheme aims to promote sustainable development through eco-friendly practices.
• It provides financial incentives for green projects in various sectors.
• The program includes a certification for eco-friendly products known as Ecomark.
• There is no mandate for companies to reduce their carbon footprint by 50% within five years; this statement is incorrect.

Additional Information

• Green Credit Program & Ecomark Scheme
• The Green Credit Program provides financial incentives to individuals and organizations for adopting eco-friendly practices.
• The Ecomark Scheme is a certification program for products that meet specified environmental criteria.
• These initiatives aim to encourage the use of environmentally sustainable products and practices.
• The scheme covers various sectors including agriculture, manufacturing, and services, promoting a comprehensive approach to sustainability.

The correct answer is Banking Regulation Act.

In News

• The RBI has issued guidelines related to the release of property documents after the closure of loans, under the Banking Regulation Act.

Key Points

• The guidelines ensure timely release of property documents to borrowers after loan closure.
• They aim to improve customer satisfaction and reduce disputes related to document release.
• Banks are required to release documents within 15 days of loan closure.
• The guidelines also specify penalties for delays in releasing documents.

Additional Information

• Banking Regulation Act
• The Banking Regulation Act, 1949, regulates the operations and activities of banking companies in India.
• It empowers the RBI to supervise and regulate the banking sector to ensure financial stability.
• The Act covers various aspects of banking, including licensing, management, audits, and mergers.
• The guidelines for property document release aim to enhance transparency and efficiency in banking operations.

The correct answer is All of the above.

In News

• The windfall tax for domestically produced crude oil has been increased, affecting companies like ONGC, Reliance Industries, Oil India, and BPCL.

Key Points

• The windfall tax is imposed on companies that benefit from sudden large profits, particularly due to geopolitical or market changes.
• ONGC, Reliance Industries, Oil India, and BPCL are major players in India's oil and gas sector and will be directly impacted by this tax increase.
• The tax aims to capture a portion of the extraordinary profits generated by these companies due to the surge in crude oil prices.
• This measure is intended to balance the fiscal impact of high oil prices on the economy and ensure fair revenue distribution.

Additional Information

• Windfall Tax
• A windfall tax is a higher tax rate on profits that result from a sudden windfall gain to a particular company or industry.
• It is typically applied to sectors like oil and gas, where geopolitical events or sudden market shifts can lead to substantial, unexpected profits.
• The goal of the windfall tax is to ensure that companies benefiting from such gains contribute a fair share to the economy.
• The tax revenue generated is often used to fund public services or to provide economic relief to consumers affected by high prices.

The correct answer is All of the Above.

Key Points

• Statement 1: Renault will transfer 28.4% of its Nissan shares into a trust estate.
• This is correct as per the information provided in the paragraph. Renault will transfer 28.4% of its Nissan shares into a trust estate administered by a trustee governed by French law.
• Statement 2: Nissan Finance Co. Ltd. (NFC) will retain its 15% shareholding in Renault.
• This is correct as per the paragraph. Nissan, through Nissan Finance Co. Ltd. (NFC), will retain its 15% shareholding in Renault.
• Statement 3: Renault and Nissan will both hold 15% shareholding in each other.
• This is correct as per the paragraph. Renault and Nissan will have a cross-shareholding of 15% of the total issued share capital and freely exercisable voting rights in each other.
• Statement 4: RNTBCI supports Renault and Nissan’s activities in research and development.
• This is correct as per the paragraph. RNTBCI is a captive automotive technology and business centre supporting Renault and Nissan’s activities in research and development, engineering, manufacturing, technology, product planning, process, and information technology.

The correct answer is IndiaFirst Life Insurance.

In News

• IndiaFirst Life Insurance gets GIFT City IFSC Registration.

Key Points

• IndiaFirst Life Insurance Company Ltd (IndiaFirst Life), one of the fastest-growing private life insurers in the country, became the first Indian life insurance company to get the Gujarat International Finance Tec (GIFT) City’s International Financial Services Centre (IFSC) Registration.
• This registration, which was granted following approvals from the Insurance Regulatory and Development Authority of India (IRDAI) in August 2023 and subsequent registration from the International Financial Services Centre Authority (IFSCA) in September 2023, positions IndiaFirst Life to expand its services beyond the borders of India.
• Gujarat International Finance Tec (GIFT) City serves as the sole entity in India operating as an International Financial Services Centre functioning akin to a special economic zone tailored for financial services.
• This strategic location opens up new possibilities for IndiaFirst Life in the international financial landscape.
• India First Life Insurance
• Founded in - 2009
• HQ - Mumbai
• CEO - R.M. Vishaka

Additional Information

• Max Life Insurance:
• Founded in - 2000
• HQ - Delhi
• CEO - Prashant Tripathy
• HDFC Life Insurance
• Founded in - 2000
• HQ - Mumbai
• CEO - Vibha Padalkar
• SBI Life Insurance
• ​Founded in - 2000
• CEO - Mahesh Kumar Sharma
• HQ - Mumbai
• ICICI Prudential Life Insurance
• Founded in - 2001
• CEO - Anup Bagchi
• HQ - Mumbai

The correct answer is Singapore.

In News

• Temasek Holding is a company based in Singapore.

Key Points

• Temasek Holding is an investment company owned by the Government of Singapore.
• It was established in 1974 to manage the government's investments in various industries and sectors.
• The company operates globally, investing in sectors such as financial services, telecommunications, media, technology, transportation, industrials, consumer, real estate, and life sciences.
• Temasek aims to create sustainable value over the long term as a global investment company.

Additional Information

• Temasek Holdings
• Temasek Holdings has a diversified portfolio valued at hundreds of billions of dollars.
• The company's investments span various sectors, reflecting its strategy to be a long-term investor in businesses with sustainable competitive advantages.
• Temasek is also known for its commitment to sustainability and responsible investment practices.
• The company's governance structure is designed to ensure accountability and transparency in its operations and investments.

The correct answer is the National Aeronautics and Space Administration.

In News

• NASA, SpaceX Launch New Science, Hardware to Space Station.

Key Points

• National Aeronautics and Space Administration (NASA) and SpaceX jointly launched Dragon's 29^th Commercial Resupply Services mission (CRS-29) to the International Space Station (ISS).
• CRS-29 Dragon spacecraft was launched atop a Falcon 9 Rocket from Complex 39A at NASA's Kennedy Space Center(KSC) in Florida, the United States of America(USA).
• This is the 9^th SpaceX launch under the Commercial Resupply Services-2 (CRS) contract.
• The spacecraft carried cargo weighing about 6,500 pounds (2948 kg) of scientific research, crew supplies, and hardware to ISS.
• The Falcon's first stage made a successful landing at Cape Canaveral Space Force Station's Landing Zone 1 (LZ-1).
• The launch marked the second flight for the stage, which previously launched Crew-7.
• NASA
• It is an Independent agency of the US federal government responsible for the civil space program, aeronautics research, and space research.
• Established in 1958.

Additional Information

• Roscosmos
• ​The State Space Corporation "Roscosmos" is a state corporation of the Russian Federation responsible for space flights cosmonautics programs, and aerospace research.
• Founded in 1940s
• Headquartered in Moscow.
• Japan Exploration Space Agency 
• ​JAXA is the Japanese national air and space agency.
• Founded in 2003
• Its motto is One JAXA and its corporate slogan is Explore to Realize.
• China National Space Administration
• ​The China National Space Administration is a government agency of the People's Republic of China.
• Headquartered in Haidian, Beijing.
• European Space Agency
• ​The ESA is an intergovernmental organization of 22 member states dedicated to the exploration of space.
• Established in 1975
• Headquartered in Paris.

The correct answer is Singapore.

In News

• GE-BIZ, or Government Electronic Business, is an online platform based in Singapore.

Key Points

• GE-BIZ serves as the Singapore government's one-stop e-procurement portal where suppliers can search for government procurement opportunities and submit bids.
• The platform streamlines the procurement process for both government agencies and suppliers, promoting efficiency and transparency.
• GE-BIZ plays a crucial role in facilitating public procurement and ensuring competitive and fair procurement practices.
• It is part of Singapore's efforts to leverage technology in enhancing public sector procurement and service delivery.

Additional Information

• GE-BIZ
• GE-BIZ is managed by the Ministry of Finance of Singapore and provides a unified platform for all government procurement activities.
• The platform helps in reducing administrative costs and improving procurement processes.
• Suppliers can use GE-BIZ to access a wide range of government contracts and business opportunities.
• GE-BIZ supports the principles of open competition, transparency, and value for money in public procurement.

The correct answer is WhatsApp Flows.

In News

• WhatsApp Business has launched a new feature called WhatsApp Flows to book tickets, cabs, and other services.

Key Points

• WhatsApp Flows is designed to facilitate seamless transactions through the WhatsApp platform.
• It allows users to book tickets, cabs, and other services directly from their WhatsApp chat.
• This feature aims to enhance the convenience and user experience for WhatsApp Business users.
• Businesses can integrate WhatsApp Flows to streamline their service offerings and improve customer engagement.

Additional Information

• WhatsApp Business
• WhatsApp Business is a free app designed specifically for small and medium businesses.
• It allows businesses to connect with customers, showcase products and services, and automate messages.
• WhatsApp Business provides tools for customer support, sales, and marketing, making it easier for businesses to operate.
• The introduction of features like WhatsApp Flows enhances the functionality and user experience of the platform.

The correct answer is 2002.

Key Points

• India's first ETF was listed in 2002.
• It was the Nifty BeES ETF, which tracks the Nifty 50 index.
• The ETF was listed on the National Stock Exchange (NSE) on January 8, 2002.
• The Nifty BeES ETF was launched by Benchmark Asset Management Company (now Nippon Life India Asset Management Company).
• Today, there are over 150 ETFs listed on the NSE. ETFs are a popular investment option for Indian investors, as they offer a number of advantages, such as low costs, diversification, and liquidity.

The correct answer is Clinic.

Key Points

• Agri-Clinics:  
• The setting up of Agri-Clinics is to provide expert advice to farmers on various aspects like soil health, cropping practices, plant protection, crop insurance, post-harvest technology, feed and fodder management, etc.
• Agri-business centers:
• These are commercial agri-ventures for income generation & entrepreneurship development e.g. farm equipment, sale of agro-inputs, value-addition activities, livestock enterprises, etc.

Important Points 

• Agri-clinic and Agribusiness Centres Scheme
• The scheme aims to establish Agri-Clinics and Agri-Business Centres (ACABC) all over the country.
• Objectives of the scheme
• To supplement efforts of public extension by necessarily providing extension and other services to the farmers on a payment basis or free of cost as per the business model of agripreneur, local needs, and affordability of target group of farmers
• To support agricultural development.
• To create gainful self-employment opportunities for unemployed agricultural graduates, agricultural diploma holders, and intermediate in agriculture and biological science graduates with Post Graduation in agri-related courses.

The correct answer is SoftBank.

Key Points

• SoftBank divested a 4.5% stake in One97 Communications, the parent company of Paytm, for about $200 million.
• SVF India Holdings (Cayman) Ltd. sold a total of 2,93,50,000 shares, amounting to a 4.5% stake in the company.
• SVF India Holdings (Cayman) Ltd is a subsidiary of Softbank$.

The correct answer is Parsi.

Key Points

• The smallest minority community in India is the Parsis, also known as Zoroastrians.
• They make up only about 0.006% of the Indian population or about 69,000 people.
• The Parsis are a very ancient religious community, and they first arrived in India from Persia (modern-day Iran) in the 7^th century CE.

Additional Information

• The other minority communities in India are:
• Muslims: The largest minority community in India, Muslims make up about 14.2% of the population. They are concentrated in the northern and western parts of the country.
• Christians: The second-largest minority community, Christians make up about 2.3% of the population. They are concentrated in the southern and northeastern parts of the country.
• Sikhs: The third-largest minority community, Sikhs make up about 1.7% of the population. They are concentrated in the northern part of the country, especially in the state of Punjab.
• Buddhists: The fourth-largest minority community, Buddhists make up about 0.7% of the population. They are concentrated in the northeastern part of the country, especially in the state of Sikkim.
• Jains: The fifth-largest minority community, Jains make up about 0.4% of the population. They are concentrated in the western part of the country, especially in the state of Gujarat.

The correct answer is Sahyadri Farmers Producer Co Ltd.

Key Points

• Sahyadri Farmers Producer Company (FPC) launched the first-ever private market for grapes in India.
• The market, which is called the Sahyadri Grape Exchange, was launched in 2022.
• The exchange is a digital platform that allows grape growers and buyers to connect and trade grapes directly.
• This is expected to help grape growers get better prices for their produce and to improve the efficiency of the grape market in India.

The correct answer is Khalid Jawed.

Key Points

• The author of the book "The Paradise of Food" is Khalid Jawed.
• He is a leading Urdu novelist and short story writer.
• His work has been translated into English, French, German, and Arabic.
• He is the recipient of the Katha Award, the Upendranath Ashk Award, and the UP Urdu Academy Award.
• He is a professor at Jamia Millia Islamia University in Delhi.

The correct answer is SEBI.

Key Points

• The Securities and Exchange Board of India (SEBI) is reportedly working on a framework to regulate financial influencers.
• The framework is expected to include the following provisions:
• Registration and licensing: Financial influencers would need to register with SEBI and obtain a license to operate in India.
• Education and training: Financial influencers would need to undergo education and training on financial markets and products.
• Disclosure requirements: Financial influencers would need to disclose their conflicts of interest and any remuneration they receive for promoting financial products or services.
• Complaints mechanism: Investors would have a mechanism to lodge complaints against financial influencers who violate the regulations.

Additional Information

• In addition to SEBI, the Advertising Standards Council of India (ASCI) also has some guidelines for influencers who promote products or services on social media. These guidelines include the following:
• Influencers must disclose if they are being paid to promote a product or service.
• Influencers must not make any false or misleading claims about a product or service.
• Influencers must not target children with their promotions.

The correct answer is France.

Key Points

• Lafarge Cement is a French multinational building materials company headquartered in Paris, France.
• It was founded in 1833 by Joseph-Auguste Pavin de Lafarge.
• The company has operations in over 70 countries, including Syria.
• In 2016, Lafarge Cement was fined €30 million by French authorities for violating sanctions against Syria.
• The company admitted to paying millions of dollars to ISIS in order to keep its cement plant operating in Syria.
• The plant was located in the town of Jalabiya, which was controlled by ISIS at the time.

The correct answer is CK Mishra.

Key Points

• C.K. Mishra chaired the ‘Committee of Experts on Sustainable Finance’, constituted by International Financial Services Centres Authority (IFSCA).
• He was the former Secretary to Government of India, Ministry of Environment, Forest & Climate Change.
• The committee was constituted in September 2021 to provide recommendations on the development of a sustainable finance ecosystem in the International Financial Services Centre (IFSC) in Gujarat. The committee submitted its report in October 2022.

Additional Information

• The report of the committee made a number of recommendations, including:
• The establishment of a Sustainable Finance Framework in the IFSC.
• The development of a Sustainable Finance Index for the IFSC.
• The promotion of sustainable finance products and services in the IFSC.
• The creation of a Sustainable Finance Centre of Excellence in the IFSC.

The correct answer is 10% of the net asset value.

Key Points

• The Securities and Exchange Board of India (SEBI) has issued new issuer limits for Mutual Funds schemes.
• The new limits are based on the credit rating of the issuer.
• For debt securities issued by AAA-rated companies, the new limit is 10% of the net asset value (NAV) of the scheme.
• For AA-rated companies, the limit is 8%, and for A-rated companies, the limit is 6%.
• For securities issued by companies with lower credit ratings, the limit is 4%.
• The new limits are effective from July 19, 2023.