Business, Economy & Banking Current Affairs MCQs
1. India has extended USD 400 million currency swap facility to which country?
[A] Bangladesh
[B] Sri Lanka
[C] Thailand
[D] Philippines
Show Answer
Correct Answer: B [Sri Lanka]
Notes:
The Reserve Bank of India has signed necessary documents for extending USD 400 million currency swap facility to the Central Bank of Sri Lanka.
Sri Lanka had earlier requested for a currency swap facility under the SAARC Currency Swap Framework. This swap arrangement will remain available till November 2022 and is expected to assist Sri Lank to address the economic crisis caused by the Covid-19 pandemic.
2. As per the recent amendments made in FDI norms, what is the percentage of stake that can be acquired by NRIs in Air India?
[A] 49%
[B] 51%
[C] 75%
[D] 100%
Show Answer
Correct Answer: D [100%]
Notes:
The government has recently notified changes in the Foreign Direct Investment (FDI) norms on civil aviation.
As per the amendments, it will permit Non-resident Indian (NRI) nationals to own 100 per cent stake of Air India. The divestment process for the national carrier, Air India was initiated in the month of January and the deadline to bid has been for three times. Recently, the deadline was extended till August 31.
3. Which mode of payment clocked its highest monthly transactions since its inception in July, at 1.49 billion?
[A] UPI
[B] FASTag
[C] BBPS
[D] IMPS
Show Answer
Correct Answer: A [UPI]
Notes:
The Unified Payments Interface (UPI) has touched a record high transaction of 1.49 billion in the month of July.
This is its highest count of transactions since its inception and a 11% growth over that of the previous month. The monthly transactions were worth Rs 2.9 trillion. IMPS recorded 222.1 million transactions in July while Bharat Bill Payment Services hit 20.16 million transactions.
4. Which Indian bank is set to launch an Artificial-Intelligence powered multilingual voice bot ‘AXAA’?
[A] HDFC Bank
[B] ICICI Bank
[C] Yes Bank
[D] Axis Bank
Show Answer
Correct Answer: D [Axis Bank]
Notes:
India’s leading private sector bank Axis Bank is set to launch a an Artificial-Intelligence powered multilingual voice bot ‘AXAA’.
The bank has entered into a partnership with a Bengaluru start-up Vernacular.ai in this regard. The partnership aims to optimise AI-based voice solutions and automate customer interactions through human-like dialogues.
5. For the FY 2019-20, which sea food was the largest product to be exported from India?
[A] Prawn
[B] Shrimp
[C] Tuna
[D] Crab
Show Answer
Correct Answer: B [Shrimp]
Notes:
Frozen shrimp was the major export product among the sea food followed by frozen fish in FY 2010-20. India has shipped 12.89 lakh tones of seafood during the last financial year amounting USD 6.68 billion.
The USA and China were the largest importers of Indian seafood. The Marine Products Export Development Authority (MPEDA) is aiming to increase the country’s sea food exports to Rs 1 trillion by 2030.
6. ICICI Lombard General Insurance is set to acquire which insurance company?
[A] Digit Insurance
[B] Bharti AXA General Insurance
[C] Sundaram Insurance
[D] ERGO Life Insurance
Show Answer
Correct Answer: B [Bharti AXA General Insurance]
Notes:
India’s leading private non-life insurer, ICICI Lombard General Insurance is set to acquire Bharti AXA General Insurance.
The merger of Bharti AXA with ICICI Lombard is to be made by means of a share swap deal. Once completed, the combined entity would become the third largest general insurance entity of the country, as of today.
7. ‘Rules of origin’, that was seen in news recently, is associated with which Ministry?
[A] Ministry of Commerce
[B] Ministry of Finance
[C] Ministry of Agriculture
[D] Ministry of MSME
Show Answer
Correct Answer: B [Ministry of Finance]
Notes:
The Department of Revenue, Ministry of Finance has notified the ‘Customs (Administration of Rules of Origin under Trade Agreements) Rules, 2020’.
The norms for enforcing the ‘rules of origin’ provisions has been released by the Government recently. These rules will come into effect from September 21, 2020 and will apply where preferential rate of duty is claimed by importer. The ”Rules of origin” provision mandates minimal processing in the FTA country.
8. As per the recent data from NPCI, which mode of payment clocked 1.62 billion transactions in August 2020?
[A] UPI
[B] IMPS
[C] AePS
[D] FASTag
Show Answer
Correct Answer: A [UPI]
Notes:
As per the recent data released by National Payments Corporation of India (NPCI), the Unified Payments Interface (UPI)-based payments clocked 1.62 billion transactions in August.
This mode of payment has been rising around 8 per cent and during the same month last year, there were 918 million transactions. The transaction recorded last month was worth Rs 2.98 trillion which is also greater than Rs 1.54 trillion a year ago.
9. Harley Davidson announced to stop manufacturing and sales in which Asian country?
[A] China
[B] India
[C] Pakistan
[D] Sri Lanka
Show Answer
Correct Answer: B [India]
Notes:
Global automobile manufacturer Harley-Davidson Inc has recently announced that it would discontinue its sales and manufacturing operations in India.
Harley-Davidson has been recently trying to move its dealerships in the country to other cheaper locations. It has also closed its Bawal plant and will incur USD 75 million in restructuring costs. The company made about 17 million bike and scooter sales a year in India.
10. As per the recent statement from the RBI, Finance companies cannot be set up with FDI from which country?
[A] Maldives
[B] Mauritius
[C] Seychelles
[D] Cayman Islands
Show Answer
Correct Answer: B [Mauritius]
Notes:
The Reserve Bank of India (RBI) has recently announced that Finance companies cannot be set up with foreign direct investment (FDI) from Mauritius or other domains that do not meet the benchmarks laid down by Financial Action Task Force (FATF).
This move of the Reserve Bank is expected to impact the huge annual inflows in the Non-Banking Financial Companies (NBFC) space.
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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