Business, Economy & Banking Current Affairs MCQs
21. 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.
22. Depository-Institutions Repo Rate or DR Rate is the benchmark policy rate of which country?
[A] UK
[B] USA
[C] China
[D] India
Show Answer
Correct Answer: C [China]
Notes:
The People’s Bank of China has stated that the country’s monetary policy and key price setting would be based on Depository-Institutions
Repo Rate or DR Rate. China has introduced a Variable Interest Rate Bond, which is linked to the DR. This step is aimed to improve the pricing mechanism for financial institutions and markets.
23. The Exim Bank of India has extended a USD 448-million line of credit (LOC) for infrastructure projects of which country?
[A] Chile
[B] Myanmar
[C] Uzbekistan
[D] Kazakhstan
Show Answer
Correct Answer: C [Uzbekistan]
Notes:
The Export-Import Bank of India (Exim Bank) has recently extended a USD 448-million line of credit (LOC) for various infrastructure projects in Uzbekistan.
Extended on behalf of the Indian government, the LoC would be used in various projects in transport, water and technology sectors in the country. EXIM Bank has so far extended 266 LOCs to various countries.
24. Which Indian company, along with UK based BP is to start Oil production from the deepest offshore gas field in Asia?
[A] Indian Oil Corporation
[B] Reliance Industries Ltd
[C] ONGC
[D] Hindustan Petroleum
Show Answer
Correct Answer: B [Reliance Industries Ltd]
Notes:
Reliance Industries Ltd (RIL) and British multinational oil and gas company BP announced the commencement of Oil production from R Cluster.
It is the ultra-deep-water gas field in block KG D6 off the east coast of India. It is said to be the deepest offshore gas field in Asia, as it is located at a water depth of over 2,000 m. Three deep water gas projects are to be developed by the two companies.
25. Which committee recommended the National Common Mobility Card (NCMC)?
[A] Raghuram Rajan
[B] Urjit Patel
[C] Nandan Nilekani
[D] Michael Patra
Show Answer
Correct Answer: C [Nandan Nilekani]
Notes:
The Reserve Bank of India constituted a High-Level Committee on Deepening of Digital Payments under the Chairmanship of Nandan Nilekani in January 2019.
This committee recommended various measures to strengthen digital payment including the idea of National Common Mobility Card. Recently, the Prime Minister launched the NCMC service for the Delhi Metro’s Airport Express Line.
26. Which company has partnered with SIDBI, to provide a finance scheme to MSMEs in rooftop solar segment?
[A] Tata Power
[B] Mahindra & Mahindra
[C] L&T
[D] Ashok Leyland
Show Answer
Correct Answer: A [Tata Power]
Notes:
Tata Power has partnered with Small Industries Development Bank of India (SIDBI), to provide a finance scheme to the MSMEs in the rooftop solar segment.
Under the financing solution, MSMEs will be able to get financial aid without any collateral at an interest rate of less than 10 per cent. The loan will also be sanctioned and disbursed in a quick manner.
27. The IRDAI is to introduce a standard insurance policy to cover the risk of fire and allied threats in which sector?
[A] Automobile
[B] Housing
[C] Health
[D] Agriculture
Show Answer
Correct Answer: B [Housing]
Notes:
The Insurance Regulatory and Development Authority of India (IRDAI) is set to introduce a standard home insurance policy.
Named the ‘Bharat Griha Raksha’, the policy aims to cover the risk of fire and some allied dangers. Natural Catastrophes, Riot, Strike, theft among others. Along with the home building, the policy also covers ‘General Home Contents’ automatically.
28. Which Indian bank has collaborated with IIT Kanpur to set up a Fintech Innovation Centre (FIC)?
[A] State Bank of India
[B] Punjab National Bank
[C] Bank of Baroda
[D] Canara Bank
Show Answer
Correct Answer: B [Punjab National Bank]
Notes:
The country’s second largest public sector bank, Punjab National Bank has partnered with IIT Kanpur and FIRST (Foundation for Innovation & Research in Science & Technology), to establish Fintech Innovation Centre (FIC).
The Innovation centre will be set up at the IIT campus, which will facilitate research and development in technological solutions used in the Banking and Finance Sector.
29. What amount of funds (in Rupees) has been sucked out of the financial system by RBI through its recent Reverse REPO operation?
[A] 1 Million
[B] 1 Trillion
[C] 2 Trillion
[D] 2 Billion
Show Answer
Correct Answer: C [2 Trillion]
Notes:
The Reserve Bank of India (RBI) has recently drained Rs 2 trillion of liquidity from the system using its 14-day reverse repo auction.
This is a part of Reserve Bank’s process of normalising liquidity operations. The present Reverse Repo rate is 3.35%, while the cut off rate for the said auction was set at 3.55%. RBI has stated that it has got bids worth Rs 3.06 trillion.
30. Which Indian lender is the first to execute deals with pricing linked to SOFR (Secured Overnight Financing Rate)?
[A] ICICI Bank
[B] SBI
[C] Axis Bank
[D] Yes Bank
Show Answer
Correct Answer: B [SBI]
Notes:
State Bank of India (SBI) has recently executed two inter-bank money market deals with pricing linked to SOFR (Secured Overnight Financing Rate).
SOFR is a replacement for London Inter-bank Offered Rate (LIBOR), which is global reference rate for unsecured short-term borrowing in the interbank market.
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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