Banking and Financial Awareness for SBI, IBPS RRB & NABARD Exam 2021 | Set – 72

Correct Answer – C. 30%

Explanation: Central Govt has approved Indian Banks’ Association’s (IBA) proposal to increase the family pension to 30% of the last salary drawn. After this, family pension would go up to as much as Rs 30,000 to Rs 35,000 per family of bank employees. Govt has also approved the proposal to increase employers’ contribution under the NPS to 14% from the existing 10%.

Correct Answer – B. $650 billion

Explanation:Board of Governors of International Monetary Fund (IMF) have approved allocation of $650 billion in IMF Special Drawing Rights (SDR) to help boost global liquidity. Aim: To support member countries, especially emerging and developing nations, battling the coronavirus pandemic and the economic downturn it has caused. The allocation will become effective from August 23, 2021. The newly created SDRs will be credited to member countries in proportion to their existing quotas shareholding in the Fund.

Correct Answer –C. Ashish Shiradhonkar

Explanation: The Centre informed the Supreme Court that it has constituted a committee which will be headed by Ashish Shiradhonkar, who is heading the e-courts project in National Informatics Centre, to develop a technological platform streamlining the appeal filing process related to direct and indirect taxation matters. A bench of Justices DY Chandrachud and M R Shah was informed by Solicitor General Tushar Mehta that the committee will complete its work in three months and will have members from revenue department, CBDT and CBIT.

Correct Answer – D. Kotak Mahindra Bank

Explanation: The US Agency for International Development (USAID) and the US International Development Finance Corporation (DFC) would jointly sponsor a $50 million loan portfolio guarantee to Kotak Mahindra Bank to support increased financial access to women borrowers, and micro, small and medium enterprises (MSMEs) in India. This comes against the backdrop of the covid-19 pandemic, a statement from the US embassy said adding that the partnership will help MSMEs impacted by the pandemic to easily access loans to rebuild and scale up their businesses. Under the program, Kotak Mahindra Bank will provide loans to Non-Banking Financial Companies (NBFCs) operating in the MSME and Microfinance (MFI) space.

Correct Answer –B. DBS Bank India

Explanation: DBS Bank India made a partnership with ODeX India Solutions Pvt. Ltd to introduce ‘ODeX Pay Later Solutions’ powered by DBS to provide credit solutions to Freight forwarders in shipping industry. To enable the ODeX customers to access comprehensive payment and financing solutions for all their ocean shipping transaction. The ODeX Pay Later Solutions will allow freight forwarders to make direct payments to ship liners. Businesses with a turnover of Rs 3 Crore to Rs 200 Crore and have completed over 5 years in the same industry and are eligible to avail unsecured loan of up to Rs 50 lakhs from DBS Bank.

Correct Answer – D. UCO Bank

Explanation:The government has extended the term of its MD and CEO Atul Kumar Goel for two years. The central government, through a notification dated August 26, extended the term of office of Atul Kumar Goel as UCO Bank’s managing director and chief executive officer (MD & CEO), for a period of two years or until further orders, whichever is earlier, the bank said in a regulatory filing. Goel’s current term was to expire on November 1, 2021.

Correct Answer – C. Foreign Currency Assets

Explanation: FCA stands for – Foreign Currency Assets. FCAtat is the most important component of the RBI’s foreign exchange and the largest component of the forex reserve.
Assets like US Treasury Bills bought by the RBI using foreign currencies.
India’s foreign exchange reserves comprises of:
(i) Foreign currency assets (FCA)
(ii) Gold,
(iii) Special Drawing Rights (SDRs)
(iv) Reserve tranche position (RTP) in the International Monetary Fund

Correct Answer – C. Bajaj Finserv Ltd

Explanation:The Securities and Exchange Board of India (SEBI) provided the in-principle approval to Bajaj Finserv Ltd for launching the mutual fund (MF) business. As per the SEBI’s regulations, the company would now set up an Asset Management Company (AMC) and the Trustee Company directly or indirectly (i.e. by itself or through its subsidiary) to sponsor MF. In December 2020, SEBI has eased the MF business regulations and allowed the sponsors who do not fulfill profitability criteria at the time of making an application will also be considered to be eligible to sponsor a MF. This regulation has enabled the fintechs to take part in the MF business. To sponsor MF, the fintech company should have a net worth of Rs 100 crore for contribution towards the net-worth of the AMC. The AMC should maintain this networth till it has profits for 5 consecutive years.

Correct Answer – B. Mumbai

Explanation: Export-Import Bank of India was set up under the Export-Import Bank of India Act 1981. Headquarters of EXIM Bank is at Mumbai.

Correct Answer – A. State Bank of India

Explanation: SBI has launched ‘Kavach Personal Loan’ to provide financial relief to its customers who are facing economic crises due to covid treatment costs.

•  Loan Amount: Rs 5 lakh loan at an interest rate of 8.5% per annum
• Tenure: 5 years
• It is a collateral-free offering that will also provide reimbursement of expenses, which has already been incurred for Covid medical expenses
• It will be under Covid loan book that has been launched by RBI