Business, Economy & Banking Current Affairs MCQs
1. As per OECD’s recent Economic Outlook, what is India’s real gross domestic product (GDP) growth, estimated for FY24?
Correct Answer: B [5.5%]
The Organization for Economic Cooperation and Development (OECD) retained the estimate of India’s real gross domestic product (GDP) at 5.5% in FY24.
This is lower than 8.1% in 2022-23. In its Economic Outlook for Southeast Asia, China and India, the GDP of emerging Asia – China, India and ASEAN Member Countries- is projected to grow 5.8% this year.
2. Which milestone has been achieved by India’s agricultural products export in the year 2021-22?
[A] USD 10 billion
[B] USD 20 billion
[C] USD 50 billion
[D] USD 100 billion
Correct Answer: C [USD 50 billion]
India’s agricultural products export touched a new milestone by crossing USD 50 billion in the year 2021-22.
This is also the highest level ever achieved for agriculture exports from India. The agricultural exports have grown by 19.92% during 2021-22 to touch USD 50.21 billion. As per the data, the highest ever exports have been achieved for staples like rice (USD 9.65 billion), wheat (USD 2.19 billion), sugar (USD 4.6 billion).
3. Which bank signed partial guarantee pact with Asian Development Bank (ADB) to support supply chain financing?
[A] State Bank of India
[B] Axis Bank
[C] Yes Bank
[D] HDFC Bank
Correct Answer: B [Axis Bank]
Axis Bank has collaborated with Asian Development Bank (ADB) for a partial guarantee programme with initial outlay of USD 150 million
The programme aims at supporting supply chain financing for impact sectors. Under the agreement, special focus will be towards ESG (environmental, social and governance) and other priority sectors.
4. As per recent guidelines of RBI, Commercial Banks can open digital banking units (DBUs) in which category of places?
[A] Tier 1 to Tier 3 centres
[B] Tier 3 to Tier 6 centres
[C] Tier 1 to Tier 6 centres
[D] Tier 4 to Tier 6 centres
Correct Answer: C [Tier 1 to Tier 6 centres]
The Reserve Bank of India (RBI) released the guidelines on setting up of digital banking units (DBUs). Commercial banks (other than RRBs, payment banks and LABs) with past digital banking experience are permitted to open DBUs in tier 1 to tier 6 centres
The Budget speech for 2022-2023 announced setting up of 75 DBUs in 75 districts to commemorate 75 years of independence of the country.
5. What is the real Gross Domestic Product (GDP) growth projection for 2022-23, as per RBI’s Monetary Policy April 2022?
[A] 9.5 per cent
[B] 8.1 per cent
[C] 7.2 per cent
[D] 6.9 per cent
Correct Answer: C [7.2 per cent]
The Reserve Bank of India (RBI) maintained an accommodative stance and cut the real Gross Domestic Product (GDP) growth projection for the 2022-23 to 7.2 per cent, against the earlier projection of 7.8 per cent.
The inflation forecast has also been hiked from 4.5 per cent to 5.7 per cent for the FY 2022-23. The reasons are excessive volatility in global crude oil prices and extreme uncertainty over the evolving geopolitical tensions.
6. What is India’s retail inflation rate in March, as per the data released by NSO?
[A] 5.20 %
[B] 5.85 %
[C] 6.95 %
[D] 7.20 %
Correct Answer: C [6.95 %]
The data released by the National Statistical Office (NSO) showed that the retail inflation rate in India rose to 6.95 per cent in March from a year ago.
The rate stands above the tolerance limit of the Reserve Bank of India (RBI) for the third straight month. The Index of Industrial Production (IIP) grew 1.7 per cent in February on annual basis but contracted 4.7 per cent month on month.
7. The Monetary Policy Committee (MPC) has how many members?
Correct Answer: B [Six]
The Monetary Policy Committee (MPC) has six members, out of which three are external, and the other three members are RBI governor who is the Chairperson of MPC, the Deputy Governor in charge of monetary policy, and one officer of RBI nominated by the central board.
Recently, the Reserve Bank of India’s central board approved the nomination of Rajiv Ranjan as an ex-officio member of the Monetary Policy Committee. He replaces Mridul Saggar, who retired last month.
8. The Jalan-Kalrock consortium is the promoter of which airways operated in India?
[A] Spice Jet
[B] Go Indigo
[C] Go First
[D] Jet Airways
Correct Answer: D [Jet Airways]
The Ministry of Home Affairs (MHA) recently gave security clearance to the new promoters of Jet Airways to resume commercial operations in the country.
The Jalan-Kalrock consortium is currently the promoter of Jet Airways, which was owned and run by Naresh Goyal for over 20 years before it became bankrupt.
9. Which is the first Indian company to cross USD 100 billion annual revenue?
[A] Adani Industries
[B] Reliance Industries
[C] Tata Industries
[D] Future Enterprises
Correct Answer: B [Reliance Industries]
Mukesh Ambani’s Reliance Industries Ltd first became the first Indian company to cross USD 100 billion annual revenue.
For the fiscal 2021-22, Reliance reported a net profit of ₹60,705 crore on a revenue of ₹7.92 lakh crore (USD 102 billion). The earnings rose due to the high oil refining margins, growth in telecom and digital services and strong retail business. Rise in broadband subscribers, online retail and new energy investment are also the reasons for rise in earnings.
10. Bangalore International Airport Ltd (BIAL) has partnered with which bank for a one-stop payment solution?
[A] HDFC Bank
[B] Canara Bank
[C] Kotak Mahindra Bank
[D] ICICI Bank
Correct Answer: C [Kotak Mahindra Bank]
Bangalore International Airport Ltd (BIAL) has partnered with Kotak Mahindra Bank and digital payment firm Phi Commerce to facilitate a one-stop payment solution at Kempegowda International Airport.
The solution has been designed specifically for the airport and will enable a secure and unified payment experience. All enterprises would run their businesses with point of sale (PoS) terminals and payment gateways for quick processing of payments.
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. Download Now