Business, Economy & Banking Current Affairs MCQs
31. As per a recent SBI Research report, what is the expected per capita income of Indian in FY47?
[A] Rs 4.9 lakh
[B] Rs 7.9 lakh
[C] Rs 9.9 lakh
[D] Rs 14.9 lakh
Show Answer
Correct Answer: D [Rs 14.9 lakh]
Notes:
The report by State Bank of India Research stated that weighted mean income increased to Rs 13 lakh in assessment year 2022-23 (financial year 2021-22) and is expected to increase to Rs 49.7 lakh in 2047.
It cited a transition from lower income group to upper income group along with a rise in the number of tax filers who were earlier not reporting income.
32. Which institution issued guidelines to banks and NBFCs not to levy penal interest on borrowers in case of default?
[A] Ministry of Finance
[B] RBI
[C] NITI Aayog
[D] Supreme Court of India
Show Answer
Correct Answer: B [RBI]
Notes:
The Reserve Bank of India (RBI) issued a fresh set of guidelines for banks and other regulated entities (REs) on the imposition of penal charges on loan borrowers.
It was reported that many banks use penal rate of interest, over and above the applicable interest rates, in case of defaults / non-compliance by the borrower with the terms on which credit facilities were sanctioned. The guidelines will be effective from January 1, 2024.
33. As per a recent RBI study, which state topped the list of states that attracted investment funds from banks and financial institutions in 2022-23?
[A] Karnataka
[B] Uttar Pradesh
[C] Andhra Pradesh
[D] Odisha
Show Answer
Correct Answer: B [Uttar Pradesh]
Notes:
Uttar Pradesh topped the list of states that attracted investment funds from banks and financial institutions.
As per the data from a RBI study, the state accounted for the highest share (16.2 per cent) in the total cost of projects sanctioned by banks/financial institutions, followed by Gujarat, Odisha, Maharashtra and Karnataka during 2022-23.
34. Which institution has forecasted India’s GDP growth at 8.3 per cent for April-June quarter?
[A] CRISIL
[B] World Bank
[C] IMF
[D] State Bank of India
Show Answer
Correct Answer: D [State Bank of India]
Notes:
The India’s largest lender State Bank of India has made a AI based model using Artificial Neural Network (ANN) with 30 high frequency indicators, using which the Bank has forecasted India’s GDP growth for the April -June quarter at 8.3 per cent.
This is higher than the projection made by the Monetary Policy Committee’s projection of 8 per cent. The projection report has listed good growth in manufacturing and picking up of services as reasons for higher growth.
35. What is the name of the blockchain-based project launched by the National Payments Corporation of India (NPCI)?
[A] Falcon
[B] Grape
[C] Pay See
[D] Orange
Show Answer
Correct Answer: A [Falcon]
Notes:
The National Payments Corporation of India (NPCI), announced the launch of Falcon blockchain-based project named ‘Falcon’.
It is an open-source project that aims to simplify the management and use of blockchains based on ‘Hyperledger Fabric’ and supported on Kubernetes clusters. Essentially, Falcon is expected to help developers innovate on blockchain-based payment solutions.
36. Which company has introduced India’s first UPI-ATM in partnership with NPCI?
[A] Hitachi
[B] Paytm
[C] Pine Labs
[D] India1
Show Answer
Correct Answer: A [Hitachi]
Notes:
Hitachi Payment Services, a subsidiary of Japan-based Hitachi, introduced India’s first UPI-ATM in partnership with the National Payments Corporation of India (NPCI) during the Global Fintech Fest in Mumbai.
This UPI-ATM allows customers to withdraw cash without the need for a debit or credit card. The United Payments Interface (UPI) is a mobile payment method operated by NPCI that enables instant and free fund transfers between bank accounts.
37. Which bank launched the ‘Nation First Transit Card’ to facilitate seamless customer commuting experience?
[A] State Bank of India
[B] Punjab National Bank
[C] Canara Bank
[D] Axis Bank
Show Answer
Correct Answer: A [State Bank of India]
Notes:
The State Bank of India, country’s largest lender, has launched the ‘Nation First Transit Card’ facilitate the seamless customer commuting experience and ensure easy digital ticketing fare payments in metro, buses, water ferries, parking, etc., through a single card.
In addition, individuals can also use this card for making retail and e-commerce payments.
38. Which public sector bank launched online allotment of safe deposit locker facility?
[A] Canara Bank
[B] Punjab National Bank
[C] Indian Bank
[D] Indian Overseas Bank
Show Answer
Correct Answer: D [Indian Overseas Bank]
Notes:
Indian Overseas Bank (IOB) has announced an online allotment of safe deposit locker facility for its customers and non-customers.
The new facility can be accessed online just by logging into the bank’s portal. The bank’s customers and non-customers can avail the locker facility without physically visiting a branch, as per the public sector lender.
39. Which institution directed Regulated Entities to release property documents promptly?
[A] RBI
[B] Ministry of Finance
[C] Ministry of Corporate Affairs
[D] CBDT
Show Answer
Correct Answer: A [RBI]
Notes:
The Reserve Bank of India (RBI) has issued directives to all Regulated Entities (REs), including banks and non-banking financial companies (NBFCs), to release original movable or immovable property documents within 30 days of full loan repayment.
Starting from December 1, 2023, lenders must also remove any charges registered with registries within the same timeframe. In cases of delay, lenders must compensate borrowers at a rate of Rs 5,000 per day of delay, and borrowers can choose to collect their documents from relevant outlets or branches.
40. Which institution funds the Veteran Skilling Program to empower Ladakh’s Ex-Army Personnel?
[A] Airbus
[B] Boeing
[C] SpaceX
[D] ISRO
Show Answer
Correct Answer: B [Boeing]
Notes:
Boeing India, in collaboration with the Learning Links Foundation (LLF), has announced the expansion of their Veteran Skilling Program to Ladakh, India.
This initiative, funded by Boeing, is aimed at equipping former Indian Army veterans in Ladakh with the skills needed for employment, facilitating their integration into the local workforce. The program will provide technical and non-technical training, including soft skills, to prepare veterans for various industries. The first batch of the Veteran Skilling Program is set to commence in October 2023.
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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