Indian Economy MCQs
Indian Economy Multiple Choice Questions (MCQs) for SSC, State and all One Day Examinations of India. Objective Questions on Indian Economy for competitive examinations. These questions are part of GKToday’s 35000+ MCQs Bank Course in GKToday Android App
11. Which of the following institutions issue the Special Drawing Rights?
[A] IMF
[B] World Bank
[C] RBI
[D] BIS
Show Answer
Correct Answer: A [IMF]
Notes:
The SDR is an international reserve asset, created by the IMF in 1969.The main purpose was to supplement its member countries’ official reserves. The SDR is neither a currency nor a claim on the IMF. Rather, it is a potential claim on the freely usable currencies of IMF members. SDRs can be exchanged for these currencies.
12. Who regulates the functioning of District Cooperative Banks in India?
[A] State Government
[B] RBI
[C] State Cooperative Banks
[D] None
Show Answer
Correct Answer: B [RBI]
Notes:
RBI (Reserve Bank of India) regulates and supervises the banking functions of State Cooperative Banks (StCBs), District Central Cooperative Banks (DCCBs) and Urban Cooperative Banks (UCBs) under the various provisions of the Banking Regulation Act, 1949.
13. Which of these was the first RRB to be set up in India?
[A] Gaur Gramin Bank
[B] Prathama Bank
[C] Arunachal Pradesh Rural Bank
[D] Himachal Gramin Bank
Show Answer
Correct Answer: B [Prathama Bank]
Notes:
The development process of RRBs started on 2nd October,1975,Gandhi Jayanti with the forming of the first RRB, the Prathama Bank(U.P.), with authorised capital of ₹5 crore at its inception.
14. What was the objective of Y H Malegam committee set up by RBI?
[A] Review of Poverty Line
[B] Licensing of Small Finance Banks
[C] Monitoring of bad loans
[D] None of the above
Show Answer
Correct Answer: C [Monitoring of bad loans]
Notes:
Reserve Bank of India (RBI) had constituted an expert committee n 2018 to look into the entire gamut of issues relating to classification of bad loans, effectiveness of audits and rising incidents of frauds. The committee was headed by Y H Malegam.
15. India is the world’s leading producer of which of the following minerals?
[A] Gold
[B] Silver
[C] Mica
[D] Iron
Show Answer
Correct Answer: C [Mica]
Notes:
India has a near monopoly in the production of mica, producing about 60 per cent of world’s total production. Mica has been used in India since ancient times as a medicinal item in Ayurveda and is known as abhrak. With the development of electrical industry, mica found new vistas of use.
16. Which of the following is not true about a Demand Draft?
[A] It is a negotiable instrument.
[B] It is a banker’s cheque.
[C] It may be dishonoured for lack of funds.
[D] It is issued by a bank.
Show Answer
Correct Answer: C [It may be dishonoured for lack of funds.]
Notes:
A demand draft is a negotiable instrument similar to a bill of exchange. A bank issues a demand draft to a client, directing another bank or one of its own branches to pay a certain sum to the specified party. A demand draft can also be compared to a cheque.
17. Which of the following is the first Bank to introduce ATM ?
[A] HSBC
[B] ICICI Bank
[C] SBI
[D] Axis Bank
Show Answer
Correct Answer: A [HSBC]
Notes:
HSBC — the Hongkong and Shanghai Banking Corporation — was the first bank to introduce the ATM concept in India way back in 1987.
18. Which among them is responsible for maintaining a Minimum reserve system against printing of currency notes?
[A] Issue Department
[B] Banking Department
[C] Both 1 & 2
[D] None of the above
Show Answer
Correct Answer: A [ Issue Department ]
Notes:
The issue of bank notes shall be conducted by the Bank in an Issue Department which shall be separated and kept wholly distinct from the Banking Department, and the assets of the Issue Department shall not be subject to any liability other than the liabilities of the Issue Department as hereinafter defined in section 34.
19. How much per cent of the total assets of the company should be deployed in the infrastructure loans?
[A] 75%
[B] 60%
[C] 80%
[D] 50%
Show Answer
Correct Answer: A [75%]
Notes:
As per RBI, any non-banking financial company can be registered as an Infrastructure Finance Company, subject to minimum, 75% of the total assets of the company, should be deployed in the infrastructure loans.
20. In case of default, what is the minimum percent of additional interest is paid by issuer company?
[A] 15%
[B] 5%
[C] 2%
[D] 1%
Show Answer
Correct Answer: C [2%]
Notes:
In case of default, payment of interest and/or principal redemption on the due dates, an additional interest of minimum 2 per cent per annum over the coupon rate shall be payable by the issuer company for the defaulting period.
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