Business, Economy & Banking Current Affairs MCQs
21. What is the name of the account, a bank holds on behalf of another, often a foreign bank?
[A] Nostro account
[B] Vostro account
[C] Forex Trade Account
[D] Settlement Account
Correct Answer: B [Vostro account]
Vostro account is the name of the account that a bank holds on behalf of another, often a foreign bank.
The Union government has given approval to nine banks to open special Vostro accounts, three months after the Reserve Bank of India allowed trade settlement in Indian rupees. Out of the nine, three have opened accounts- Gazprombank with UCO Bank (Kolkata), VTB and Sberbank with their own branch offices. The move will facilitate India’s exports to Russia.
22. Which institution has signed MoU with the Reserve Bank of India for collaboration in the field of regulation and supervision of regulated entities?
[D] National Housing Bank
Correct Answer: B [IFSCA]
The International Financial Services Centres Authority, IFSCA and Reserve Bank of India have signed a Memorandum of Understanding for collaboration in the field of regulation and supervision of regulated entities.
The MoU facilitates technical cooperation and exchange of information. The agreement aims to strengthen the safety, stability and strength of financial ecosystems. IFSCA is a unified regulator responsible for development and regulation of financial products, financial services and financial institutions in IFSCs.
23. What is the gross GST revenue collected in the month of November 2022?
[A] Rs 1.46 lakh crore
[B] Rs 1.26 lakh crore
[C] Rs 1.06 lakh crore
[D] Rs 0.96 lakh crore
Correct Answer: A [Rs 1.46 lakh crore]
The gross GST revenue collected in the month of November 2022 is ₹1,45,867 crore. The revenues for the month of November are 11% higher than the GST revenues in the same month last year.
Out of the total revenue, CGST is ₹25,681 crore, SGST is ₹32,651 crore, IGST is ₹77,103 crore and Cess is ₹10,433 crore.
24. The Central Government has allowed foreign funds to invest over 51 % in which bank?
[A] Yes Bank
[B] IDBI Bank
[C] ICICI Bank
[D] Axis Bank
Correct Answer: B [IDBI Bank]
According to a recent clarification, the Central Government will allow a consortium of foreign funds and investment companies to own over 51% in IDBI Bank Ltd.
As per the current Reserve Bank of India (RBI) rules, foreign ownership is restricted in new private banks. At present, the government and the Life Insurance Corporation of India hold 94.71% in IDBI Bank and are looking to sell 60.72%.
25. An empowered committee headed by NITI Aayog CEO has approved Rs 357 crore for which company under PLI scheme?
[A] Foxconn India
[B] Samsung India
[C] Nokia India
Correct Answer: A [Foxconn India]
An empowered committee headed by the Chief executive officer (CEO), NITI Aayog, has approved a production-linked incentive (PLI) scheme of over Rs 400 crore for Foxconn India and Padget Electronics for mobile phone manufacturing.
Foxconn India would receive an incentive of Rs 357.17 crore for the period between August 1, 2021, and March 31, 2022. It is based on its incremental investments and sales figures.
26. What is the name given to a business with a value more than USD 10 billion?
Correct Answer: B [Decacorn]
Decacorn is the name given to a business with a value more than USD 10 billion. Unicorns are businesses with a value more than USD 1 billion.
Recently, the collective value of the Indian Premier League (IPL) is estimated to have gone up to USD 10.9 billion, thereby becoming a decacorn. Media rights, sponsorships, ticket sales, and in-stadia revenue are the contributors for its revenue.
27. Which businessperson is the major stake holder of NDTV, as of December 2022?
[A] Ratan Tata
[B] Gautam Adani
[C] Mukesh Ambani
[D] Uday Kotak
Correct Answer: B [Gautam Adani]
New Delhi Television Ltd (NDTV) founders Prannoy Roy and his wife Radhika Roy said that they have decided to transfer most of their shares in the company to billionaire Gautam Adani.
With this the control of about 65% of the news broadcaster will be transferred to Adani, while Radhika and Prannoy Roy will retain a combined 5% stake in NDTV.
28. India has planned to drop use of US dollar, euro in bilateral trade, with which country?
Correct Answer: B [Russia]
Russia and India planned to drop all use of the US dollar and the euro in bilateral settlements and conduct all trade transactions in rupee and rouble.
As per the officials, it is necessary to address the imbalance in trade for a full-fledged transition to national currencies.
29. What is the total volume of Unified Payments Interface (UPI) transactions in December 2022?
[A] 282 lakh
[B] 282 crore
[C] 782 lakh
[D] 782 crore
Correct Answer: D [782 crore]
In December, 782 crore transactions in volume terms were done on the Unified Payments Interface (UPI) platform, as per the Department of Financial Services.
UPI payments have touched record high of ₹12.82 lakh crore in December. The platform was launched in 2016. In November, as many as 730 crore transactions worth ₹11.90 lakh crore took place via UPI.
30. Sam Bankman-Fried, who was in the news recently, was the founder of which company?
Correct Answer: B [FTX]
The founder of cryptocurrency company FTX, Sam Bankman-Fried faces eight criminal counts, including wire fraud and money laundering conspiracy, among others
He recently pleaded not guilty Manhattan federal court, to charges of defrauding investors related to the collapse of the crypto exchange. He is accused of redirecting the deposits of FTX customers without their consent to his Alameda Research hedge fund.
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