Business, Economy & Banking Current Affairs MCQs
1. The Government has approved guidelines for interest waiver on loans up to what amount, ahead of festive season?
[A] Rs 25 lakh
[B] Rs 50 lakh
[C] Rs 1 crore
[D] Rs 2 crore
Show Answer
Correct Answer: D [Rs 2 crore]
Notes:
The Finance Ministry has approved guidelines for a scheme to grant ex-gratia payment of the difference between compound interest and simple interest for six months of loans up to Rs 2 crore.
The scheme can be availed by borrowers in specified loan accounts for a period from March 1 to August 31, 2020. Earlier, the Supreme Court directed the Centre to implement the interest waiver as soon as possible.
2. Public Investment Fund (PIF) of which country has acquired over 2 per cent stake in Reliance Retail Ventures?
[A] Israel
[B] Saudi Arabia
[C] United States
[D] Australia
Show Answer
Correct Answer: B [Saudi Arabia]
Notes:
Saudi Arabia’s Public Investment Fund (PIF) is set to invest Rs 9,555 crore (USD 1.29 billion) for 2.04 per cent equity stake in Reliance Retail Ventures (RRVL).
Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud is the chairman of PIF. It had previously invested in several giant companies including Facebook, Boeing, and Disney.
3. What is the name of the new platform launched by Paytm, for instant pay-out by businesses?
[A] Paytm Biz
[B] Paytm Links
[C] Paytm Elite
[D] Paytm Corporate
Show Answer
Correct Answer: B [Paytm Links]
Notes:
Fintech major Paytm has recently launched ‘Pay-out Links’, to enable the businesspersons instantly process pay-outs to customers, employees and vendors.
Using this platform, the businesses can send incentives and refunds to customers using just a link. It also eliminates the need to collect and store thousands of bank details.
4. What is the revised GDP growth projection of India for calendar year 2020 by Moody’s?
[A] -10.1%
[B] -8.9%
[C] -7.3%
[D] -5.0%
Show Answer
Correct Answer: B [-8.9%]
Notes:
The international rating agency, Moody’s Investors Service has recently revised India’s Gross Domestic Product (GDP) forecast to -8.9% contraction from -9.6% projected earlier, for calendar year 2020.
The agency has projected the GDP of India for 2021 as 8.6%, an upward revision from the earlier projection of 8.1%.
5. The Union Government has decided to forego interest on eight categories of loans up to what amount, on account of Covid-19?
[A] Rs 25 lakh
[B] Rs 50 lakh
[C] Rs 1 crore
[D] Rs 2 crore
Show Answer
Correct Answer: D [Rs 2 crore]
Notes:
The Central Government has decided to forego interest on eight specified categories of loans paid up to Rs two crore, on account of Covid-19 pandemic.
The Supreme Court of India has directed the government again to take steps to forego the interest in eight categories of loans, namely MSME, Education, Housing, Consumer durable, Credit card, Automobile, Personal and Consumption.
6. The Asian Development Bank (ADB) is to finance a USD 132.8 million loan to improve the power distribution in which state?
[A] West Bengal
[B] Assam
[C] Meghalaya
[D] Odisha
Show Answer
Correct Answer: C [Meghalaya]
Notes:
The Asian Development Bank (ADB) and the Government of India has recently signed a USD132.8 million loan to modernize the distribution network and improve the quality of power supplied in Meghalaya.
This project supports the state government’s initiative “24×7 Power for All” initiative. This will also help the state reduce its high technical and commercial losses. Meghalaya has achieved 100 per cent electrification while there were incidents of frequent power interruptions.
7. The Supreme court has upheld that GST shall be imposed on which type of goods, referring as ‘Actionable claims’?
[A] Lottery
[B] Medicine
[C] Vaccine
[D] Two-wheelers
Show Answer
Correct Answer: A [Lottery]
Notes:
The Supreme court on Thursday upheld that the Goods and Service Tax (GST) shall be imposed on the sale of lotteries, betting and gambling.
The Bench also highlighted that the GST Act, 2017 defines the goods to include ‘actionable claims’ and included only three categories of such claims namely lottery, betting and gambling, to levy GST. Actionable claim is the claim for a debt related to any benefit from unpossessed movable property and for which relief can be claimed in civil court.
8. What would be the GDP growth of India in the current fiscal year FY21, as per the Fitch ratings in December 2020?
[A] -4.4
[B] -6.4
[C] -9.4
[D] -11.4
Show Answer
Correct Answer: C [-9.4]
Notes:
In its Global Economic Outlook, the Fitch ratings has raised India’s GDP forecast to -9.4 per cent in the current fiscal year.
Earlier, Fitch had estimated that Indian economy would contract by 10.5 per cent in current fiscal 2020-21. Now, the firm says that the outlook is brighter due to an expected rollout of vaccines in 2021.
9. Which payment system is set to be made available round the clock from December 2020?
[A] NEFT
[B] RTGS
[C] Bharat Bill Payment System
[D] Aadhar Enabled Payment System
Show Answer
Correct Answer: B [RTGS]
Notes:
The Reserve Bank has announced that the Real Time Gross Settlement System or the RTGS facility will be available round the clock, from December 14.
Last December, the RBI had made the NEFT service available 24×7. As per the RBI, RTGS can be used for both domestic payments in Indian financial markets and cross-border payments.
10. Which e-commerce site has partnered with National Payments Corporation of India (NPCI), to enable doorstep digital payments?
[A] Amazon
[B] Flipkart
[C] Snapdeal
[D] Jiomart
Show Answer
Correct Answer: C [Snapdeal]
Notes:
E-commerce platform Snapdeal has partnered with National Payments Corporation of India (NPCI) to allow buyers to make digital payments at the time delivery.
This QR-based facility aims to assist new or first-time users who are not comfortable in pre-paying for the goods. The delivery executive will generate a UPI-linked QR code, which will be scanned by the customer for payment.
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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