Business, Economy & Banking Current Affairs MCQs
11. Which public sector enterprise announced financial support of Rs. 3,045 crores to Bangalore Metro?
[A] SAIL
[B] REC
[C] ONGC
[D] GAIL
Show Answer
Correct Answer: B [REC]
Notes:
REC Limited, a Maharatna Central Public Sector Enterprise affiliated with the Union Ministry of Power, has made the choice to provide financial support amounting to Rs. 3,045 crores to Bangalore Metro Rail Corporation Limited (BMRCL).
This assistance aims to facilitate the creation and advancement of Metro Lines as part of the Phase-II initiative for Bangalore Metro.
12. What is the GNPA ratio of Scheduled Commercial Banks in March 2023?
[A] 9.9 %
[B] 7.9 %
[C] 5.9 %
[D] 3.9 %
Show Answer
Correct Answer: D [3.9 %]
Notes:
The Gross Non-Performing Assets (GNPA) of the scheduled commercial banks, which declined to a 10-year low of 3.9 per cent in March 2023.
It is expected to fall further to 3.6 per cent by March 2024, as per the Reserve Bank of India. However, the report stated that nearly 10 per cent of retail borrowers are missing monthly payments.
13. As per RBI data, what is the total external debt of India at the end of March 2023?
[A] USD 24.7 billion
[B] USD 124.7 billion
[C] USD 224.7 billion
[D] USD 624.7 billion
Show Answer
Correct Answer: D [USD 624.7 billion]
Notes:
India’s external debt, at end-March 2023, increased by USD 5.6 billion to USD 624.7 billion from the year-earlier period.
The external debt to GDP ratio declined to 18.9% at end-March from 20% a year earlier, as per the data released by the Reserve Bank of India (RBI).
14. Which institution constituted a working group on implementing RBI’s recommendations on “working of the Asset Reconstruction Companies (ARCs)”?
[A] IRDAI
[B] IBA
[C] SBI
[D] SEBI
Show Answer
Correct Answer: B [IBA]
Notes:
The Indian Banks’ Association (IBA) has recently constituted a five-member working group for implementing the recommendations of the Reserve Bank of India’s on “working of the Asset Reconstruction Companies (ARCs)”.
The Group has been constituted at the aegis of the Reserve Bank of India.The Group comprises Ajit Kumar, MD and CEO, Secondary Loan Market Association (SLMA); Hari Hara Mishra, CEO, Association of ARCs in India; Mythili Balasubramanian, Executive Director, Edelweiss ARC; and senior officials from State Bank of India (Dharmendra Pali) and ICICI Bank (Anupama Ranade).
15. Which entity has been recently brought under Prevention of Money Laundering Act (PMLA)?
[A] Central Vigilance Commission
[B] Goods and Services Tax Network
[C] NITI Aayog
[D] Central Bureau of Investigation
Show Answer
Correct Answer: B [Goods and Services Tax Network]
Notes:
The government has updated the Prevention of Money Laundering Act to include the Goods and Services Tax Network (GSTN) among the entities obligated to share information with the Enforcement Directorate (ED) and the Financial Intelligence Unit (FIU).
As the 26th entity on the list, the GSTN will be required to provide relevant information to these agencies when investigations fall under their jurisdiction or when the agencies request information for their probes.
16. Which institution is set to issue SOP for banks to help fast track rupee trade?
[A] Ministry of Finance
[B] Reserve Bank of India
[C] National Statistical Office
[D] NITI Aayog
Show Answer
Correct Answer: B [Reserve Bank of India]
Notes:
The Reserve Bank of India (RBI) is expected to issue a standard operating procedure for banks to issue proofs of inward remittances for exporters.
It aims to tide over the hiccups faced by exporters in the rupee-based trading mechanism for foreign trade.
17. IMF has raised forecast for India’s GDP growth for the current fiscal to?
[A] 5.5 %
[B] 5.8 %
[C] 6.1 %
[D] 6.5 %
Show Answer
Correct Answer: C [6.1 %]
Notes:
The International Monetary Fund (IMF) raised its forecast for India’s GDP growth for the current fiscal to 6.1 per cent from 5.9 per cent predicted in April due to stronger domestic investments.
This upward revision marks a reversal of the IMF’s April decision, when it had cut the growth forecast from 6.1 per cent to 5.9 per cent. For the calendar year 2023, the growth projection for the country is 6.6 per cent, it said.
18. How many characters are present in Legal Entity Identifier (LEI)?
Show Answer
Correct Answer: D [20]
Notes:
The LEI (Legal Entity Identifier) is a unique 20-character code that serves as a global identifier for legal entities involved in financial transactions. It aims to create a reference data system for uniquely identifying entities across jurisdictions.
The capital market regulator – Securities and Exchange Board of India (SEBI) has mandated that all non-individual Foreign Portfolio Investors (FPIs) must provide their Legal Entity Identifier (LEI) details in the common application form used for registration, KYC, and account opening.
19. Which Union Ministry has launched the ‘Company Law Committee (CLC)’?
[A] Ministry of Corporate Affairs
[B] Ministry of Finance
[C] Ministry of MSME
[D] Ministry of Justice
Show Answer
Correct Answer: A [Ministry of Corporate Affairs]
Notes:
The Company Law Committee (CLC) has been established in 2019 by the Union Ministry of Corporate Affairs.
It is expected to explore the implementation of regulatory measures specific to startups. This initiative comes in response to growing concerns about corporate governance matters within startup entities.
20. Which institution barred intermediaries for annuities business?
[A] RBI
[B] SEBI
[C] PFRDA
[D] IRDAI
Show Answer
Correct Answer: C [PFRDA]
Notes:
Pension regulator PFRDA has barred Annuity Service Providers (ASPs) from deploying any agency of intermediaries for sourcing annuities business from NPS subscribers upon their retirement or exit from the NPS.
Annuities under National Pension System (NPS) can be issued by ASPs only under direct channels, as per the official sources.
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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