Current Banking Awareness Questions for SBI, IBPS RRB Exam 2021 | Set – 73

Correct Answer – D. Paytm

Explanation: Digital payments and financial services platform Paytm announced the launch of Postpaid Mini. It is a small ticket loans that will give users flexibility to access loans ranging from Rs 250 – Rs 1,000, in partnership with Aditya Birla Finance Ltd. The product is an extension of its Buy Now, Pay Later service, driving affordability amongst those new to credit. These small ticket instant loans will give flexibility to users and also help manage their household expenses to maintain liquidity during the ongoing Coronavirus (Covid-19) pandemic. With this service, Paytm Postpaid is offering a period of up to 30 days for repayment of loans at 0 per cent interest. There are no annual fees or activation charges, only a minimal convenience fee.

Correct Answer – C. Bhutan

Explanation:Finance Minister, Nirmala Sitharaman along with Finance Minister of Bhutan, Lyonpo Namgay Tshering has jointly launched BHIM–UPI in Bhutan. With launch of BHIM-UPI in Bhutan, payment infrastructures of the two countries are seamlessly connected and will benefit a large number of tourists and businessmen from India who travel to Bhutan each year. Bhutan is the first country to adopt UPI standards for its QR deployment, and the first country in our immediate neighbourhood to accept mobile based payments through the BHIM App.

Correct Answer –D. Federal Bank

Explanation: Reserve Bank of India (RBI) has approved the reappointment of Shyam Srinivasan as the MD & CEO of Federal Bank for three years with effect from September 23, 2021.

• He will hold the office till September 22, 2024.
• He has served three terms as CEO of the Federal Bank since September 23, 2010.
• He is the longest-serving MD & CEO of the bank, after its founder, late K P Hormis.

Correct Answer – D. 10%

Explanation: Fitch Ratings has cut its projection for India’s real GDP growth in 2021-22 to 10%, from 12.8%. The ratings agency also warned that banks’ asset quality challenges have increased and will remain under threat due to mobility restrictions, medical exigencies and rising job losses, with MSME and retail loans to low- and moderate-income borrowers most likely at risk.  Indian economy contracted by 7.3 per cent in fiscal 2020-21 as the country battled the first wave of Covid, as against a 4 per cent growth in 2019-20. RBI too earlier this month cut India’s growth forecast to 9.5 per cent for this fiscal, from 10.5 per cent estimated earlier.

Correct Answer –B. CII

Explanation: The first edition of the Indo Pacific Business Summit was organised by CII in partnership with External Affairs Ministry. The event saw participation from Ambassadors and High Commissioners of various countries across the Indo Pacific. Addressing the event, Secretary (East) in the External Affairs Ministry, Riva Ganguly Das spoke about promoting trade facilitation in the Indo-Pacific through improved cross border linkages and trade infrastructure. She underlined the importance of a free, open, inclusive and rules-based Indo-Pacific in facilitating trade and connectivity in the region.

Correct Answer – B. Ministry of Finance

Explanation:The government has brought Department of Public Enterprises (DPE) under the Finance Ministry in a bid facilitate its ambitious disinvestment programme. Earlier, DPE was part of Ministry of Heavy Industries and Public Enterprises. The other 5 departments under the Finance Ministry are Economic Affairs, Revenue, Expenditure, Investment & Public Asset Management and Financial Services. The government has budgeted Rs 1.75 lakh crore from stake sale in public sector companies and financial institutions during 2021-22.

Correct Answer – E. All of the above

Explanation: The Reserve Bank of India (RBI) has decided that benchmark securities of tenor 2-year, 3-year, 5-year, 10-year, 14-year tenor and Floating Rate Bonds (FRBs) will be, henceforth,issued using uniform price auction method. For other benchmark securities i.e. 30-year and 40-year, the auction will continue to be multiple price-based auction, as hitherto. The above arrangement will continue till further review. This was noted by the regulator while reviewing market conditions and market borrowing program of the govt.

Correct Answer – B. Bank of India

Explanation:Bajaj Allianz General Insurance, private general insurers, and Bank of India have entered into a ‘corporate agency agreement’ for distribution of Bajaj Allianz General Insurance’s products through the Bank of India’s vast network across the country. Under the agreement, Bajaj Allianz General Insurance will offer a number of personal lines of products such as – motor insurance, health insurance, home insurance, travel insurance to the bank’s customers. It will also offer the commercial line of products such as – engineering insurance, marine insurance, etc. The agreement will enhance the distribution of Bajaj Allianz’s products to remote areas of the country.

Correct Answer – C. NPCI

Explanation: India’s digital payments umbrella entity called National Payments Corporation of India (NPCI) has launched ‘UPI-Help’ on BHIM UPI. The ‘UPI-Help’ will help in the grievance redressal mechanism for BHIM app users. With this application, users will be able to check the status of the pending transactions, raise complaints against transactions that are not processed if the money has not reached the other end and raise complaints against merchant transactions. The feature has gone live on the BHIM app by NPCI for the customers of State Bank of India, AXIS Bank, HDFC Bank, and ICICI Bank. And soon it will be extended to the customers of Paytm Payments Bank and TJSB Sahakari Bank as well.

Correct Answer – B. 6

Explanation:India has improved its position in 7 out of 10 indicators as per Doing Business Report. India is one of the top 10 improvers, the third time in a row, with an improvement of 67 ranks in Ease of Doing business in three years.