Banking and Financial Awareness for SBI, IBPS RRB & NABARD Exam 2021 | Set – 70

Correct Answer – C. Geneva

Explanation: The World Economic Forum (WEF), based in Cologny-Geneva, Switzerland, was founded in 1971 as a not-for-profit organization.

• Cologny is a municipality in the Canton of Geneva, Switzerland.
• It was granted “other international body” status in January 2015 by the Swiss Federal Government under the Swiss Host-State Act (International Organization status requires multiple governments).
• The WEF’s mission is cited as “committed to improving the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas”

Correct Answer – D. Association of Mutual Funds in India

Explanation:The expanded form of AMFI is Association of Mutual Funds in India.  Association of Mutual Funds in India is a non-profit government organisation in the Mutual Funds’ sector that acts as a primary regulator under SEBI. Headquarters: Mumbai

Correct Answer –C. Core Banking Solution

Explanation: CBS stands for Core Banking Solution.  The e-Kuber is the Core Banking Solution of the RBI which enables each bank to connect their single current account across the country.

Correct Answer – A. BharatPe

Explanation:BharatPe has launched peer-to-peer (P2P) lending app titled as ‘12% Club’ that will allow consumers to invest and earn up to 12% annual interest or borrow at a similar rate.  BharatPe has partnered with LenDenClub for this app and lending arrangement. Under this, consumers can invest their savings anytime by choosing to lend money. Apart from this, consumers can avail collateral-free loans of up to Rs 10 lakh on the 12% Club app for a tenure of 3 months. Borrowing will be fueled by a standard NBFC such as Hindon Mercantile to give loans to consumers.

Correct Answer –C. Shanti Lal Jain

Explanation: Shanti Lal Jain has been appointed Managing Director and Chief Executive Officer of Indian Bank for three years. Jain is currently Executive Director (ED), Bank of Baroda. Department of Financial Services for appointment of Jain as Managing Director & Chief Executive Officer in lndian Bank for a period of three years with effect from the date of assumption of office on or after September 1, 2021. Jain’s appointment is extendable based on his performance by upto two years, or till attaining the age of superannuation (i.e.January 31, 2024).

Correct Answer – D. Bangladesh

Explanation: The New Development Bank (NDB) established by the BRICS ((Brazil, Russia, India, China and South Africa) countries in 2015 has approved Bangladesh as its new member. The NDB Board of Governors initiated the negotiation to expand its membership in 2020. It has now approved the United Arab Emirates, Uruguay and Bangladesh as its first new member countries. Since the beginning of its operations, NDB has approved about 80 projects totaling a portfolio of USD 30 billion. Projects in areas such as transport, water and sanitation, clean energy, digital infrastructure, social infrastructure and urban development are within the scope of the Bank.

Correct Answer – C. NK Singh

Explanation: N.K. Singh, the chairman of the Fifteenth Finance Commission, has been elected as thepresident of the Institute of Economic Growth (IEG) Society. He succeeds Dr. Manmohan Singh, former Prime Minister of India, who retired from the presidency of the IEG Society earlier this month. Tarun Das, former director general, Confederation of Indian Industry (CII) is the current chairman, board of governors and professor Ajit Mishra is the director of the institute. Founded by Dr. V.K.R.V. Rao, along with the Delhi School of Economics, the Institute of Economic Growth has been at the forefront of applied economics research since the 1950s. It has promoted inter-disciplinary and social science research since its inception.

Correct Answer – D. Centralised Funds Management System

Explanation: It is a system set up, operated and maintained by the Reserve Bank of India to enable operations on current accounts maintained at various offices of the Bank, through standard message formats in a secure manner.  The CFMS comprises two components – the Centralised Funds Enquiry System (CFES) and Centralised Funds Transfer System (CFTS).

Correct Answer –B. $20 billion

Explanation:  The World Bank has added $8 billion more for Covid-19 vaccines, totalling $20 billion, for developing countries. Earlier it had announced $12 billion. The funding will be available through 2022. The World Bank is expanding its financing available for Covid-19 vaccine financing to $20 billion over the next 18 months, adding $8 billion to the previously announced $12 billion. Further, the Bank also provided over $4 billion for the purchase and deployment of Covid vaccines for 51 developing countries, half of which are in Africa.

Correct Answer – D. Carol Furtado

Explanation: Ujjivan Small Finance Bank has named Carol Furtado as interim CEO of the Bank after whole time CEO Nitin Chugh resigned recently with effect from 30th September 2021. She has been appointed as the officer on special duty (OSD) of the bank. She is currently serving as the CEO of Ujjivan Financial Services. Her appointment is subject to the approval of the Reserve Bank of India. Ujjivan SFB Headquarters: Bengaluru.