Business, Economy & Banking Current Affairs MCQs
1. What is the name of the mandatory standard individual health insurance policy launched by IRDAI?
[A] Arogya Raksha
[B] Arogya Suraksha
[C] Arogya Sanjeevani
[D] Arogya Samriddhi
Show Answer
Correct Answer: C [Arogya Sanjeevani]
Notes:
The Insurance Regulatory and Development Authority of India (IRDAI) recently directed the health and general insurance companies to offer a standard individual health insurance policy. The policy is named as ‘Arogya Sanjeevani policy’.
It will cover minimum health requirements of the insurers and would be offered from April 1, 2020. IRDAI also stipulated that there will be no exit age for the scheme, so that the insurance will be continued till the person’s last breath. The minimum and maximum age limit to enroll are 18 years and 65 years respectively. The sum assured will be between Rs.1 Lakh and Rs. 5 Lakhs.
2. HDFC has completed the acquisition of majority stake in which private Insurance company recently?
[A] Star Health and Allied insurance
[B] Apollo Munich Health Insurance
[C] Bajaj Allianz General Insurance
[D] IFFCO Tokio General Insurance
Show Answer
Correct Answer: B [Apollo Munich Health Insurance ]
Notes:
HDFC and its subsidiary HDFC ERGO has got approvals the Competition Commission of India (CCI) , the Reserve Bank of India (RBI) and the Insurance Regulatory and Development Authority of India (IRDAI) for acquiring a majority stake in Apollo Munich. HDFC acquired 50.80 % stake of Apollo Hospitals Group in Apollo Munich for ₹1485 crore
It was also announced that after the acquisition, Apollo Munich Health Insurance Co Ltd has been renamed as HDFC ERGO Health Insurance Ltd and will operate as a subsidiary of HDFC.
3. Who is the head of the High level expert group on farm exports, recently set up by the 15th Finance Commission?
[A] N K Singh
[B] U K Sinha
[C] Tapan Ray
[D] Sanjiv Puri
Show Answer
Correct Answer: D [Sanjiv Puri]
Notes:
The 15th Finance Commission (FFC) recently set up a High level expert group on farm exports. The group is to be headed by the Chairman and Managing director of ITC, Sanjiv Puri.
The committee comprises various members including Former agriculture secretary- Radha Singh and chairman of APEDA- Paban K. Borthakur. The committee will suggest performance-based incentives to the state governments for 2021-22 to 2025-26, to accelerate agricultural reforms and exports in the sector.
4. Project Vector is associated with which major automotive company?
[A] Jaguar Land Rover
[B] BMW
[C] Tesla
[D] Mercedes Benz
Show Answer
Correct Answer: A [Jaguar Land Rover]
Notes:
Prince Charles has recently launched a new £150-million Tata Motors’ Jaguar Land Rover (JLR) innovation centre in London. The centre called the National Automotive Innovation Centre (NAIC), is created along with the Warwick Manufacturing Group (WMG)
It is the largest such automotive research and development facility in Europe. Project Vector, which is an advanced and multi-use electric vehicle, has been developed at the new NAIC. The project showcased electric driver-less car concept.
5. Which is the first Indian airline to partner with a Special Economic Zone (SEZ) for setting up warehousing facility?
[A] IndiGo
[B] SpiceJet
[C] Vistara
[D] Jet Airways
Show Answer
Correct Answer: B [SpiceJet]
Notes:
Gurgaon-based India’s air carrier SpiceJet recently announced its partnership with GMR Hyderabad Aviation SEZ Limited (GHASL) for setting up a warehousing, distribution and trading facility. GAHSL is a fully-owned subsidiary of GMR Hyderabad International Airport Ltd (GHIAL).
The facility is to be set up in the airport operator’s aerospace and industrial park. This pact is expected to improve the operations of cargo industry in the country.
6. As per the recent report of SBI Research’s Ecowrap, what will be the economic growth of India in 2020-21?
[A] 3.6 per cent
[B] 3.2 per cent
[C] 3.0 per cent
[D] 2.6 per cent
Show Answer
Correct Answer: D [2.6 per cent]
Notes:
According to a recent report by SBI Research’s Ecowrap, the economic growth of India is estimated to fall to 2.6 per cent in 2020-21.
The dip in the growth estimate is mainly due to the lockdown amid the coronavirus pandemic. The organisation also revised its GDP growth of the country for 2019-20 to 4.5 per cent from its earlier estimate of 5 per cent.
7. What is the limit of the short-term crop loan, for which a subvention of two per cent per annum is provided under the Interest Subvention scheme?
[A] Rs 1 lakh
[B] Rs 2 lakh
[C] Rs 3 lakh
[D] Rs 5 lakh
Show Answer
Correct Answer: C [Rs 3 lakh]
Notes:
Under the Interest Subvention Scheme, a subvention of two per cent per annum is provided for short-term crop loan of up to Rs 3 lakh per farmer.
As per the recent notification from the Ministry of Agriculture, as the government has extended the subsidy to banks till May 31, the farmers will be given a subvention of 2 % for short term crop loans up to Rs. 3 lakhs. The farmers who repay the loans promptly will continue to get the loans at 4 per cent.
8. In the recent economic stimulus package, it was announced that India is to become a global MRO hub. In this context, MRO is associated with which sector?
[A] Education Sector
[B] Aviation Sector
[C] Power Sector
[D] Mineral Sector
Show Answer
Correct Answer: B [Aviation Sector]
Notes:
In the recent economic stimulus package, the Finance Minister announced that the government is taking steps to make India a global Maintenance, Repair and Overhaul (MRO) hub of aircraft.
As the aircraft component repairs and airframe maintenance is set to increase from Rs 800 crore to Rs 2,000 crore in three years, India can make use of the opportunity. Major engine manufacturers in the world are expected to set up engine repair facilities in India in future. The Minister also announced auctioning of six more airports on public-private partnership (PPP) basis.
9. What is the minimum threshold to initiate insolvency proceedings under the IBC (Insolvency and Bankruptcy Code), as proposed in the economic package?
[A] Rs. 15 lakh
[B] Rs. 25 lakh
[C] Rs. 50 lakh
[D] Rs. 1 Crore
Show Answer
Correct Answer: D [Rs. 1 Crore]
Notes:
The Union Finance Minister recently announced to raise the minimum threshold to initiate insolvency proceeding to Rs 1 crore from the present limit Rs 1 lakh to benefit MSMEs.
This move will give relief to the companies that default on loans due to the Covid-19 stress. It was also announced that no fresh insolvency will be initiated for one year under the Insolvency and Bankruptcy Code and the Covid-19 related debt will be excluded from the definition of default. She also proposed decriminalisation of the Companies Act for violations involving minor technical and procedural defaults.
10. As per the recent data of the Reserve Bank of India, which type of banks made highest credit disbursement for the last three years?
[A] Public Sector banks
[B] Private Sector banks
[C] Foreign Banks
[D] Regional Rural Banks
Show Answer
Correct Answer: B [Private Sector banks]
Notes:
As per the recent data of the Reserve Bank of India, the Bank credit increased 6.52 per cent year-on-year to Rs 102.52 trillion and Bank deposits grew 10.64 per cent to Rs 138.50 trillion in the fortnight ended May 8.
The data also highlighted that Private sector banks made the highest credit expansion and their share in total credit expanded to 35.7 per cent, 32 per cent and 30 per cent in 2019, 2018 and 2017 respectively. The data also revealed that bank credit growth (y-o-y) decelerated for the fourth successive quarter in December 2019.
The above questions are part of Daily Current Affairs 20 MCQs Series in GKToday's Academy Android Application. This series can be subscribed in the app only for Rs. 750/- for entire year.
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