Business, Economy & Banking Current Affairs MCQs

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The central government has recently announced the closure of the government owned Scooters India Limited, on account of persistent losses posted by the company. The company was incorporated in the year 1972 and is headquartered at Lucknow.
The company has presently 100 employees and has been manufacturing three wheelers in the name of Vijai Super, Vikram and Lambro.

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After the Monetary Policy Committee meeting, the Reserve Bank of India announced that it will start raising the Cash Reserve Ratio (CRR) rate from 3 per cent to 4 per cent in four months.
This increase of CRR is to happen in two phases. In the first phase the CRR will be increased to 3.5% on March 27, 2021. In the second phase the rate will be increased to 4% on May 22, 2021.

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The Reserve Bank of India (RBI) has decided to provide a sum of Rs.50,000 crore to the All-India Financial Institutions (AIFIs) namely NABARD, SIDBI and NHB.
NABARD would receive Rs.25,000 crore, SIDBI would receive Rs.15,000 crore and NHB would receive a sum of Rs.10,000 crore as refinance credit facility.

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The Shanghai headquartered New Development Bank (NDB) has launched the USD 1.5 billion benchmark bond, for a term of 5 years.
The net proceeds of the bond issue would be used for financing sustainable development activities and to fund COVID-19 Emergency Program Loans to the Bank’s member countries.

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As a part of its efforts to curb frauds, Market regulator SEBI is set to appoint auditors for conducting forensic audits of financial statements of listed companies.
SEBI has invited applications from eligible Chartered Accountant firms with at least 10 years of experience in the field of audit or forensic audit, among other criteria. In October 2020, SEBI asked listed companies to make disclosures about their initiation of forensic audit to stock exchanges.

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Forbes released Fortune 500 global list of companies on August 2, 2021.
As per the list, Reliance Industries Ltd. (RIL) is the highest ranked Indian company in a fiscal year ended on or before March 31, 2021. Globally, It is on 155th position. Apart from RIL, there are other Indian companies also such as Tata Motors, Indian Oil Corporation, Oil and Natural Gas Corporation, Rajesh Exports, Bharat Petroleum Corporation Ltd.
Reliance Industries Limited is an Indian multinational conglomerate company which includes different sectors such as energy, petrochemicals, natural gas, retail, telecommunications, mass media, textiles etc. It was founded on 8 May, 1973 by Dhirubhai Ambani. Mukesh Ambani is the current CEO of Reliance Industries Limited.
Forbes is an American business magazine. It is owned by Integrated whale media investments and Forbes family. It features articles on finance, industry, investments and marketing topics. It is based in New Jersey, USA.

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A cashless and contactless instrument named ‘e-Rupi’ was launched by the Prime Minister Narendra Modi on August 2, 2021. It has been launched for providing the facilities of digital payments. It will be helpful in strengthening Direct Benefit Transfer (DBT) by assisting in targeted, transparent and leakage free delivery. e-RUPI is a QR code or SMS string based e-Voucher which is delivered to the mobile of the beneficiaries. These vouchers will be mostly used for health-related payments. Corporates can also use these vouchers for their employees.
It has been developed by the National Payments Corporation of India in collaboration with the department of financial services, health ministry and the National Health Authority.

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Union Bank of India (UBI) has syndicated a “sustainability-linked loan” facility aggregating $1.50 billion for a Singapore-based global trading corporate. The syndicated loan is of three years tenor and the coupon rate is LIBOR (London Inter-Bank Offered Rate) plus 155 basis points. Under the facility, the Union Bank of India will include three key performance indicators (KPIs) relating to a reduction in greenhouse gas emissions, i.e. commitment towards environmental and responsible lending, reducing its carbon footprint, and diversifying its asset base towards renewable energy.

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The RBI Governor – Shri. Shaktikanta Das has announced that the fourth regulatory sandbox cohort of the Reserve Bank would be on “Financial Frauds”.
It has been stated that the main focus would be on “reduce the lag between the occurrence and detection of frauds” and to “strengthen the governance structure”.