Banking and Financial Awareness for SBI, IBPS RRB & NABARD Exam 2021 | Set – 69

Correct Answer – D. Nominal Effective Exchange Rate

Explanation: NEER stands for Nominal Effective Exchange Rate. It is an unadjusted weighted average rate at which one country’s currency exchanges for a basket of multiple foreign currencies. NEER stands for Nominal Effective Exchange Rate.  It is an unadjusted weighted average rate at which one country’s currency exchanges for a basket of multiple foreign currencies.

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. 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. While NARCL is a registered company now, IDMCL is yet to become a legal entity.

Correct Answer –A. ICICI Prudential Life Insurance

Explanation: ICICI Prudential Life Insurance has partnered with National Payments Corporation of India (NPCI) to provide the Unified Payments Interface (UPI) AUTOPAY facility to customers. It will allow customers to buy insurance policies and make premium payments digitally, from their homes – a facility that assumes relevance amid the COVID-19 pandemic. With this tie-up, ICICI Prudential Life has become the first such life insurance company to provide the UPI AUTOPAY facility.  To avail the facility, customers can link their bank accounts with UPI AUTOPAY and make premium payments, at the time of purchasing a life insurance policy.  ICICI Prudential Life Insurance has partnered with National Payments Corporation of India (NPCI) to provide the Unified Payments Interface (UPI) AUTOPAY facility to customers.

 It will allow customers to buy insurance policies and make premium payments digitally, from their homes – a facility that assumes relevance amid the COVID-19 pandemic. With this tie-up, ICICI Prudential Life has become the first such life insurance company to provide the UPI AUTOPAY facility. To avail the facility, customers can link their bank accounts with UPI AUTOPAY and make premium payments, at the time of purchasing a life insurance policy.

Correct Answer – A. five years

Explanation:The government will implement the Deep Ocean Mission at a total budget of over 4,077 crore rupees for five years. All the components of the Mission will commence in 2021. A manned submersible to be developed carrying three people to a depth of six thousand metres in the ocean for exploration of deep-sea mineral resources and marine biodiversity.

Correct Answer –A. 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.

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 – B. Rs. 1,00,000 Crores

Explanation: The scheme will help in enhancing fish production from 137.58 lakh metric tons (2018-19) to 220 lakh metric tons by 2024-25. The scheme will sustain average annual growth of about 9% in fish production.  The scheme will help in boosting an increase in the contribution of GVA of the fisheries sector to the Agriculture GVA from 7.28% in 2018-19 to about 9% by 2024-25. The scheme will double export earnings from Rs.46,589 crores (2018-19) to about Rs.1,00,000 crores by 2024-25.

The scheme will improve productivity in aquaculture from the present national average of 3 tonnes to about 5 tonnes per hectare. The scheme will decrease the post-harvest losses from the reported 20-25% to about 10%. The scheme will help in the improvement of domestic fish consumption from about 5-6 kg to about 12 kg per capita. The scheme will help in enhancing fish production from 137.58 lakh metric tons (2018-19) to 220 lakh metric tons by 2024-25.

 The scheme will sustain average annual growth of about 9% in fish production.  The scheme will help in boosting an increase in the contribution of GVA of the fisheries sector to the Agriculture GVA from 7.28% in 2018-19 to about 9% by 2024-25.  The scheme will double export earnings from Rs.46,589 crores (2018-19) to about Rs.1,00,000 crores by 2024-25.  The scheme will improve productivity in aquaculture from the present national average of 3 tonnes to about 5 tonnes per hectare. The scheme will decrease the post-harvest losses from the reported 20-25% to about 10%. The scheme will help in the improvement of domestic fish consumption from about 5-6 kg to about 12 kg per capita.

Correct Answer – C. Vandana Aggarwal

Explanation: International Financial Services Centres Authority (IFSCA) has constituted a committee to examine global best practices in ship financing and leasing. This Committee will also identify opportunities and devise a roadmap to enable such activities. The committee will be chaired by former Senior Economic Advisor, Vandana Aggarwal. India is strategically located on the world’s shipping routes and has a large coastline of over seven thousand 500 kilometres. India also has 12 major and over 200 minor ports.

International Financial Services Centres Authority (IFSCA) has constituted a committee to examine global best practices in ship financing and leasing. This Committee will also identify opportunities and devise a roadmap to enable such activities. The committee will be chaired by former Senior Economic Advisor, Vandana Aggarwal. India is strategically located on the world’s shipping routes and has a large coastline of over seven thousand 500 kilometres.  India also has 12 major and over 200 minor ports.

Correct Answer – A. RBI

Explanation: Govt has launched Bad Bank with all the regulatory approvals in place for stressed assets as a measure to clean up bank books.  It was announced by Finance Minister Nirmala Sitharaman in her Budget Speech 2021-22.  RBI is the regulator of Asset Reconstruction Companies (ARCs). RBI has already prescribed a regulatory framework for the functioning of ARCs and there are well-laid norms for transfer of stressed assets by banks and non-banking finance companies to ARCs.  Identification of non-performing assets by an ARC is an ongoing process, the Minister stated. Govt has launched Bad Bank with all the regulatory approvals in place for stressed assets as a measure to clean up bank books.

• It was announced by Finance Minister Nirmala Sitharaman in her Budget Speech 2021-22
• RBI is the regulator of Asset Reconstruction Companies (ARCs)
• RBI has already prescribed a regulatory framework for the functioning of ARCs and there are well-laid norms for transfer of stressed assets by banks and non-banking finance companies to ARCs.
• Identification of non-performing assets by an ARC is an ongoing process, the Minister stated.

Correct Answer –D. DBS Bank

Explanation:  DBS has been named by Forbes in their list of World’s Best Banks 2021. DBS was ranked #1 out of 30 domestic and international banks in India for the second consecutive year. This is the third edition of the ‘World’s Best Banks’ list by Forbes, conducted in partnership with market research firm Statista. Recently, DBS Bank India was recognised as ‘India’s Best International Bank 2021’ by Asiamoney. DBS was named ‘Safest Bank in Asia’ for the 12th consecutive year by New York-based trade publication Global Finance in 2020.

• DBS has been named by Forbes in their list of World’s Best Banks 2021.

• DBS was ranked #1 out of 30 domestic and international banks in India for the second consecutive year.

• This is the third edition of the ‘World’s Best Banks’ list by Forbes, conducted in partnership with market research firm Statista.

• Recently, DBS Bank India was recognised as ‘India’s Best International Bank 2021’ by Asiamoney.

• DBS was named ‘Safest Bank in Asia’ for the 12th consecutive year by New York-based trade publication Global Finance in 2020.

Correct Answer – C. 20th

Explanation:India ranked 20th among the 100 countries in the Global Startup Ecosystem Index 2021 by Startup Blink.  The country was in the 17th spot in 2019 and slid six spots down in 2020 and stood at 23.  Like last year, the US, the UK, Israel, Canada and Germany are in the top five spots. The report has a score for each location, which is calculated as the sum of three parameters — quantity, quality and business environment.

• India ranked 20th among the 100 countries in the Global Startup Ecosystem Index 2021 by Startup Blink.

• The country was in the 17th spot in 2019 and slid six spots down in 2020 and stood at 23.

• Like last year, the US, the UK, Israel, Canada and Germany are in the top five spots.

• The report has a score for each location, which is calculated as the sum of three parameters — quantity, quality and business environment.