Banking and Financial Awareness for SBI, IBPS RRB & NABARD Exam 2021 | Set – 68

Correct Answer – B. HDFC Bank

Explanation: HDFC Bank has launched an overdraft facility for small retailers titled as ‘Dukandar Overdraft Scheme’ to help shopkeepers and merchants in easing their cash crunch.

•  It has been launched in partnership with Common Service Centres Special Purpose Vehicle (CSC SPV)
• Eligiblity: Retailers operating for a minimum of 3 years.
• Beneficiaries need to provide six months bank statement from any bank.

Correct Answer – A. Mini Ipe

Explanation:Mini Ipe took charge as managing director of Life Insurance Corporation of India.  Ipe is a post-graduate in commerce and joined LIC in 1986 as a direct recruit officer. She has a diverse experience in LIC having worked in various capacities. LIC is India’s 2nd-largest financial services institution with a Rs 31 lakh crore balance sheet, next to the country’s largest bank, State Bank of India (SBI), with assets of Rs 39.51 lakh crore.

Correct Answer –D. 55%

Explanation: Share of services sector in the Indian economy has continued accounts for around 55% of total size of the economy and GVA growth, two-thirds of total FDI inflows into India and about 38 % of total exports. The share of services sector now exceeds 50 per cent of Gross State Value Added in 15 out of the 33 states and UTs.

Correct Answer – D. Rs 1 crore

Explanation:Parliament passed the Insolvency and Bankruptcy Code (Amendment) Bill, 2021 with a brief discussion. The bill seeks to replace the IBC Amendment Ordinance, 2021 promulgated in April which introduced pre-packs as an insolvency resolution mechanism for micro, small and medium enterprises (MSMEs) with defaults up to Rs 1 crore. As per the Statement of Objects and Reasons of the bill, it seeks to specify a minimum threshold of not more than Rs 1 crore for initiating the pre-packaged insolvency resolution process as well as provisions for disposal of simultaneous applications for initiation of the insolvency resolution process and pre-packaged insolvency resolution process, pending against the same corporate debtor.

Correct Answer – E. None of the above

Explanation: There is no limit imposed by the RBI for funds transfer through NEFT system. However, banks may place amount limits based on their own risk perception with the approval of its Board.

Correct Answer – C. Kandla SEZ

Explanation: Kandla SEZ (KASEZ) has been awarded with IGBC Platinum Rating and is the First Green SEZ to achieve IGBC Green Cities Platinum Rating for Existing Cities. KASEZ is the oldest export zone in the country and has become the first green industrial city in India to receive a platinum rating in the industrial cities category. KASEZ has increased to 3.5 lakh trees from 25,000 trees in 2019.  Most of these trees have been planted post 2019, using Miyawaki forestation method. Apart from this, KASEZ also used plastic waste to line the artificial water bodies created inside the area to prevent water seepage and mix with the saline water.

Correct Answer – A. State Bank of India

Explanation:SBI has launched new and enhanced security feature for its YONO and YONO Lite apps titled as ‘SIM Binding’ to protect customers from various digital frauds. Under this, YONO and YONO Lite apps will work only on those devices which have SIM of mobile numbers registered with the Bank. Aim: To provide enhanced security to customers and help them with convenient and safe online banking experience.

Correct Answer – B. National Payments Corporation of India (NPCI)

Explanation: PM Modi will launch e-RUPI, an e-voucher-based digital payment solution. The e-RUPI initiative will be one of the programmes launched over the years to limit touch points between the government and the beneficiary and “ensure that the benefits reach its intended beneficiaries in a targeted and leak-proof manner”.  e-RUPI is a cashless and contactless instrument for digital payments. It acts as an e-voucher based on a QR Code or SMS string, which is delivered to the mobile phones of the beneficiaries. e-RUPI connects the sponsors of the services with the beneficiaries and service providers in a digital manner without any physical interface.  It also ensures that the payment to the service provider is made only after the transaction is completed. The e-RUPI platform It has been developed by National Payments Corporation of India (NPCI) on its UPI platform, in collaboration with the Department of Financial Services, Ministry of Health and Family Welfare and National Health Authority.

Correct Answer –B. Madgaum Urban Co-operative Bank Limited

Explanation: The RBI cancelled the licence of The Madgaum Urban Co-operative Bank Limited, Margao, Goa, as the bank with its current financial position would be unable to pay its present depositors in full. The RBI further said that as per the data submitted by the bank, about 99 per cent of the depositors will receive full amounts of their deposits from the Deposit Insurance and Credit Guarantee Corporation (DICGC). On liquidation, every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to a monetary ceiling of Rs 5 lakh only from the DICGC.

Correct Answer – D. 100 crore 

Explanation:The National Asset Reconstruction Company (NARCL) is a legal entity now and has been registered with the Registrar of Companies (RoC) Mumbai. According to data available with the Ministry of Corporate Affairs (MCA), NARCL was incorporated on July 7 with an authorised capital of Rs 100 crore and paid-up capital of Rs 74.6 crore. The Indian Banks Association (IBA) is likely to approach the Reserve Bank of India (RBI) this week to seek an ARC (asset reconstruction company) licence  Last month, the IBA had filed an application with the MCA to incorporate NARCL and India Debt Management Company (IDMCL) for managing bad debt in the system. While NARCL is a registered company now, IDMCL is yet to become a legal entity.