11. Who is the head of the committee formed by the RBI to study the consolidation of urban cooperative banks?
[A] Michael D Patra
[B] N S Vishvanathan
[C] B P Kanungo
[D] Usha Thorat
Hide Answer
Correct Answer: B [N S Vishvanathan]
Notes:
The Reserve Bank of India (RBI) has constituted an eight-member expert panel to lay down a regulatory road map for urban co-operative banks (UCBs).
The committee will be headed by former deputy governor of RBI, N. S. Vishwanathan. The group will also study the consolidation prospects in the sector. The expert committee has been asked to submit its report within three months.
12.Which bank has launched a dedicated app to provide low-cost digital payments infrastructure to merchants?
[A] Bank of Baroda
[B] Indian Bank
[C] Indian Overseas Bank
[D] State Bank of India
Hide Answer
Correct Answer: D [State Bank of India]
Notes:
The country’s largest lender – The State Bank of India has recently launched a dedicated app named YONO MERCHANT to provide low-cost digital payments infrastructure to merchants. The app has been launched by the Bank’s subsidiary SBI Payments.
This is a part of SBI’s plan to employ low-cost digital payments infrastructure to 20 million merchants in the country for next 2 year.
13.Where is the headquarters of the Fino Payment Bank located?
[A] Mumbai
[B] Ahmedabad
[C] Cochin
[D] Chennai
Hide Answer
Correct Answer: A [Mumbai]
Notes:
Mumbai-headquartered Fino Payment bank has been included in the category of a scheduled commercial bank, by the Reserve Bank of India.
The country’s central bank said that it has included Fino Payments Bank in the Second Schedule of the Reserve Bank of India Act, 1934. With this, the payment bank will have more exposure in treasury and participation in liquidity adjustment facility (LAF) window.
14.In the ‘Saral Suraksha Bima’ policy proposed by the IRDAI, what is the maximum sum assured?
[A] Rs 25 lakhs
[B] Rs 50 lakhs
[C] Rs 75 lakhs
[D] Rs 1 crore
Hide Answer
Correct Answer: D [Rs 1 crore]
Notes:
The insurance regulator IRDAI has proposed a standard personal accident cover, named Saral Suraksha Bima.
All general and standalone health insurers have to mandatorily offer the policy from April 1 this year. The product will have a maximum sum assured of Rs 1 crore and minimum of Rs 2.5 lakh. The sum insured will also increase by 5 per cent each year for each claim-free policy year.
15.Which organisation has released the Report on Currency and Finance (RCF)?
[A] IMF
[B] Word Bank
[C] RBI
[D] New Development Bank
Hide Answer
Correct Answer: C [RBI]
Notes:
The Reserve Bank of India has recently released a report titled Report on Currency and Finance (RCF) for the year 2020-21.
This theme for this year’s report is “Reviewing the Monetary Policy Framework”. The report critically analyses the trends in inflation and inflation target for March 2021 against the prevailing uncertain economic atmosphere.
16.The surge in India’s retail inflation to a three-month high of 5.03 per cent in February, is attributed to rise in which prices?
[A] Food
[B] Fuel
[C] Fertiliser
[D] Gold
Hide Answer
Correct Answer: B [Fuel]
Notes:
India’s retail inflation rose to a three-month high of 5.03 per cent in February, as against 4.06 per cent in the previous month.
The surge in retail inflation is attributed to the sharp rise in petrol and diesel prices. Food inflation also rose marginally to 3.87 per cent from 3.11 per cent over this period. Though CPI-based fuel and light inflation declined, petrol and diesel saw surge in inflation rate.
17.As per the recent UN Trade and Development Report 2020 update, what is the projected growth rate of India in 2021?
[A] 3 per cent
[B] 4 per cent
[C] 5 per cent
[D] 6 per cent
Hide Answer
Correct Answer: C [5 per cent]
Notes:
UN Conference on Trade and Development (UNCTAD) released the ‘Out of the frying pan into the fire?’ report, as an update to the Trade and Development Report 2020.
As per the report, the global economy is set to grow by 4.7 per cent this year, faster than the 4.3 per cent predicted earlier. India’s economy is projected to grow stronger in 2021 by 5 per cent showing a stronger recovery. It is estimated to contract by 6.9 per cent in 2021.
18.What is the new limit of EPF contribution up to which interest would be tax exempt, as per the amendments made in the Finance Bill 2021?
[A] Rs 3 lakhs
[B] Rs 5 lakhs
[C] Rs 7.5 lakhs
[D] Rs 10 lakhs
Hide Answer
Correct Answer: B [Rs 5 lakhs]
Notes:
Finance minister Nirmala Sitharaman has recently increased the deposit threshold limit to ₹5 lakh per annum in Employee provident fund (EPF), for which interest would be tax-exempt, if there is no employer contribution.
During the Budget 2021, the Minister announced that interest earned on the EPF contributions above ₹2.5 lakh will be taxable from 1 April.
19.What is S&P Global Ratings’ revised growth forecast for India in FY 2021-22?
[A] – 0.7%
[B] – 1.5%
[C] 5%
[D] 11%
Hide Answer
Correct Answer: D [11%]
Notes:
The rating major S&P Global Ratings has recently revised India’s growth forecast to 11% for FY 2021-22. Earlier the agency had forecasted India’s growth for FY 2021-22 as 10%.
This upward revision is primarily on account of expansionary fiscal policy pursued by the central bank aimed at boosting domestic private spending.
20.What is the new inflation target band fixed for the next five years (2021-26)?
[A] 2.0 to 6.0 per cent
[B] 1.5 to 5.5 per cent
[C] 2.5 to 6.5 per cent
[D] 3.0 to 7.0 per cent
Hide Answer
Correct Answer: A [2.0 to 6.0 per cent]
Notes:
The Economic Affairs Secretary announced that the inflation target for the period April 1, 2021 to March 31, 2026 under the Reserve Bank of India Act 1934 has been kept at 4 per cent with a margin of 2 per cent on either side.
This is the same target mandated to the RBI by the Government in the previous five years (2016-21). RBI was to maintain annual inflation at 4 per cent until March 31, 2021 with an upper tolerance of 6 per cent and a lower tolerance of 2 per cent.’