Business, Economy & Banking Current Affairs MCQs
This category comprises 50 random questions from the total 378 Multiple Choice Questions (MCQs) inBusiness, Economy & Banking Current Affairs category published in gktoday from 1 January, 2019 till July 4, 2020.
31. Insurance Australia General (IAG) has sold its entire 26% stake held in which Insurance company of India?
[A] SBI General Insurance
[B] HDFC Ergo
[C] ICICI Lombard
[D] Aditya Birla Life Insurance
Show Answer
Correct Answer: A [SBI General Insurance]
Notes:
As per the recent notification from the country’s largest lender State Bank of India said Insurance Australia General (IAG) of Australia has exited from SBI General Insurance.
IAG sold its entire 26 per cent stake in the SBI General insurance, for USD 310 million (about Rs 2,325 crore) to Napean Opportunities and WP Honey Wheat Investment Ltd, which are subsidiaries of Premji Invest and Warburg Pincus group respectively. SBI owns 70 per cent stake in its insurance arm.
32. According to the Digidhan Dashboard, which was the most popular means of digital transaction in the Financial year 2019-20?
[A] BHIM UPI
[B] Debit cards
[C] Prepaid instruments
[D] Internet Banking
Show Answer
Correct Answer: A [BHIM UPI]
Notes:
According to the Digidhan Dashboard, launched by the Electronics and IT Ministry, the total transactions through the digital channels reached ₹4,116.74 crore in 2019-20, which is an increase by over 31 per cent from the last year.
As per the data, BHIM UPI has been the most popular means, with 30.19 per cent share in digital transactions amounting to ₹1,242.98 crore of payment. It was followed by prepaid instruments and debit cards in the second and third place.
33. What is the amount of financial assistance approved by the Union Cabinet, for ‘India COVID-19 Emergency Response and Health System Preparedness Package’?
[A] Rs. 10000 Cr
[B] Rs. 15000 Cr
[C] Rs. 20000 Cr
[D] Rs. 30000 Cr
Show Answer
Correct Answer: B [Rs. 15000 Cr]
Notes:
The Union Cabinet recently approved ₹15,000 crore for ‘India COVID-19 Emergency Response and Health System Preparedness Package’.
An amount of ₹7,774 crore has been kept as provision for immediate COVID-19 emergency response. The package is launched with an aim of developing diagnostics and COVID-dedicated treatment facilities, thereby slowing down the spread of coronavirus. The initiatives would be implemented under the overall umbrella of the Ministry of Health and Family Welfare.
34. Which mutual fund house announced that it has shut down six of its schemes owing to market disruptions amid Covid-19?
[A] Nippon India Mutual Fund
[B] Aditya Birla Sun Life Mutual Fund
[C] Kotak Mahindra Mutual Fund
[D] Franklin Templeton Mutual Fund
Show Answer
Correct Answer: D [Franklin Templeton Mutual Fund]
Notes:
One of the largest Asset Management companies in India, the Franklin Templeton Mutual Fund has recently announced to have shut down six of its funds owing to market disruptions amid Covid-19.
The Association of National Exchange Members of India (ANMI) sought the intervention of the SEBI and Finance Ministry to protect investor capital in six mutual fund schemes. These funds collectively managed a corpus of over ₹25,000 crore.
35. Which rating agency recently estimated that the total loss for India due to lock-down would be Rs 10 lakh crore or Rs 7,000 per person, in 2020-21?
[A] CRISIL
[B]
Ind-Ra
[C] S&P
[D] Fitch Solutions
Show Answer
Correct Answer: A [CRISIL]
Notes:
The CRISIL rating agency has recently released a report, which slashed the GDP forecast of India to nearly half from its previous estimate to 1.8 per cent for 2020-21.
The agency also estimated that the total losses to be faced by the country would be Rs 10 lakh crore or Rs 7,000 per person due to the impact of the lockdown imposed to curb the spread of Covid-19. The agency also asked the government to increase the stimulus response and support.
36. Which official index of India recently declined sharply to 16.5% in the month of March, 2020?
[A] Consumer Price Index
[B] Index of Industrial Production
[C] Wholesale Price Index
[D] Net national Income
Show Answer
Correct Answer: B [Index of Industrial Production]
Notes:
The Index of Industrial Production (IIP) is an index published by the Central Statistical Organisation (CSO), MoSPI every month. It shows the growth rate of industry groups in the economy such as manufacturing and electricity.
Recently, the IIP of March recorded a sharp decline of 16.7 per cent to 120.1 in the month of March. The data also showed that the industrial growth during the fiscal year 2019-20 slipped 0.7 per cent, against the 3.8 per cent rise in 2018-19.
37. As per the announcement of the Finance Minister, what is the limit of government procurement, up to which global tenders will be disallowed?
[A] ₹50 Crore
[B] ₹100 Crore
[C] ₹200 Crore
[D] ₹500 Crore
Show Answer
Correct Answer: C [₹200 Crore]
Notes:
The Union Finance Minister announced the details of the Atma Nirbhar Bharat Yojana package launched by the Prime Minister.
One of the features was the global tenders being disallowed in government procurement up to Rs 200 crore. This would reduce unfair foreign competition for MSMEs and support the ‘Make in India’ initiative. She also announced Rs 3 lakh crore Emergency Working Capital Facility for Businesses, including MSMEs.
38. As per the Status Paper on Government Debt, what is the amount of Central Government Debt as a per cent of GDP, at 2018-19 yearend?
[A] 67.1 %
[B] 57.1 %
[C] 45.7%
[D] 35.7%
Show Answer
Correct Answer: C [45.7%]
Notes:
The Union Government publishes the annual Status Paper on Government Debt, that provides a detailed account of the overall debt position of the country.
As per the 9th edition of the paper recently released, Central Government Debt stood at 45.7 per cent of GDP at 2018-19 yearend. It is a marginal decline against the previous year debt of 45.8 per cent. 94.1 per cent of total Central Government debt was domestic debt and Sovereign external debt was 2.7 per cent of GDP at the yearend.
39. As per the recent change in the definition of MSMEs, what is the investment limit for an enterprise to be classified as a medium enterprise?
[A] Rs 20 crore
[B] Rs 25 crore
[C] Rs 50 crore
[D] Rs 75 crore
Show Answer
Correct Answer: C [Rs 50 crore]
Notes:
The Union Cabinet has approved further changes to the definition of micro, small and medium enterprises (MSMEs).
Earlier, the Union Minister had proposed that Micro units can have up to Rs 1 crore investments and turnover up to Rs 5 crore while Small units can have up to Rs 10 crore investments and turnover up to Rs 50 crore. The investment limit of a medium unit has been increased from Rs 20 crore to Rs 50 crore and the turn over limit from Rs 100 crore to Rs 250 crore. The Cabinet also approved Rs 20,000-crore fund for stressed entities and equity infusion of Rs 50,000 crore.
40. The recent income-tax return (ITR) forms notified for AY 2020-21, captures information on cash deposits above which limit?
[A] Rs 10 lakh
[B] Rs 50 lakh
[C] Rs 1 crore
[D] Rs 2 crore
Show Answer
Correct Answer: C [Rs 1 crore]
Notes:
The Union government has notified the income-tax return (ITR) forms for the assessment year (AY) 2020-21 for individual, professional and corporate tax payers.
For the first time, the form separately captures information on cash deposits exceeding ₹1 crore, expenditure on foreign travel exceeding ₹2 lakh and electricity expenses exceeding ₹1 lakh. It was earlier announced that the taxpayers may avail the benefits of investments in tax-saving instruments for an extended period up to June 30. Deadline for filing returns was also extended from July 31 to November 30.
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