RBI Grade B Economic & Social Issues (ESI) Quiz for Phase II 2021
RBI Grade B Economic & Social Issues (ESI) Quiz for Phase II 2021
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RBI Grade B Economic & Social Issues (ESI) Quiz for Phase II 2021

Economic & Social Issues (ESI) Questions with the answer. RBI Grade B Economic & Social Issues (ESI) Notes PDF. RBI Grade B ESI Study Material PDF. RBI Economic & Social Issues (ESI) Books, PDF, Previous Papers, Question Set, and study material. As we all know that The Reserve Bank of India (RBI) conducted the RBI Grade B Phase I Exam for the post of Grade B (Grade ‘B’ (DR) – (General) & others). It’s the right time when you should start your RBI Grade B 2021 Phase II preparation with full pace.

If you are preparing for RBI Grade B 2021 ( Phase II), you will come across a section on “Economic & Social Issues (ESI)  wherein 65 questions will be there carrying 50 marks. Here we are providing you with “Economic & Social Issues (ESI) Questions For RBI Grade B” with answers based on the latest pattern of your daily practice.

“RBI Grade B” ESI Questions with Answer | Set-6


1. Consider the following statements about New Code on Wages and identify the incorrect statement:

A. Central government may set different floor wages for different geographical areas
B. the central government will fix a floor wage, taking into account living standards of workers.
C. The state government will make wage-related decisions for employments such as mines.
D. The central government will make wage-related decisions for employments such as railways.
E. None of the Above

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Correct Answer: C. The state government will make wage-related decisions for employments such as mines.

Explanation-The Code will apply to all employees. The central government will make wage-related decisions for employments such as railways, mines, and oil fields, among others. State governments will make decisions for all other employments. Wages include salary, allowance, or any other component expressed in monetary terms. This does not include bonus payable to employees or any travelling allowance, among others. Floor wage:According to the Code, the central government will fix a floor wage, taking into account living standards of workers. Further, it may set different floor wages for different geographical areas. Before fixing the floor wage, the central government may obtain the advice of the Central Advisory Board and may consult with state governments.

2. What is Life Expectancy of India according to the National Health Profile 2019?

A. 72.3
B. 65.9
C. 70.2
D. 68.7
E. 67.4

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Correct Answer – D. 68.7

Explanation- Life expectancy in India has increased from 49.7 years in 1970-75 to 68.7 years in 2012-16, as per the National Health Profile 2019. For 2012-16, the life expectancy of India for females is 70.2 years and 67.4 years for males.

3. Which of the following is not an objective of Pradhan Mantri Fasal Bima Yojana?
A. Allowing the farmers subsidies on the already accumulated debt
B. encouraging farmers to adopt innovative and modern agricultural practices
C. stabilizing the income of farmers to ensure their continuance in farming
D. providing financial support to farmers suffering crop loss/damage arising out of unforeseen events
E. ensuring flow of credit to the agriculture sector; which will contribute to food security, crop diversification and enhancing growth and competitiveness of agriculture sector besides protecting farmers from production risks.

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Correct Answer – A. Allowing the farmers subsidies on the already accumulated debt

Explanation:In April, 2016, the government of India had launched Pradhan Mantri Fasal Bima Yojana (PMFBY) after rolling back the earlier insurance schemes viz. National Agriculture Insurance Scheme (NAIS), Weather-based Crop Insurance scheme and Modified National Agricultural Insurance Scheme (MNAIS). Thus, at present, PMFBY is the only flagship scheme of the government for agricultural insurance in India.

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4. With reference to International Finance Corporation, consider the following statements and identify the correct statement:
A. It gives interest free loans to world’s poorest countries.
B. It offers rupee denominated masala bonds.
C. It is an arm of the International Monetary Fund.
D. Both A and B
E. None of these

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Correct Answer – B. It offers rupee denominated masala bonds.

Explanation-  International Finance Corporation IFC—a sister organization of the World Bank and member of the World Bank Group is the largest global development institution focused exclusively on the private sector in developing countries. It was established in 1956, as the private-sector arm of the World Bank Group, to advance economic development by investing in for-profit and commercial projects for poverty reduction and promoting development. The IFC’s stated aim is to create opportunities for people to escape poverty and achieve better living standards by mobilizing financial resources for private enterprise, promoting accessible and competitive markets, supporting businesses and other private-sector entities, and creating jobs and delivering necessary services to those who are poverty stricken or otherwise vulnerable. Whereas the International Development Association (IDA) helps the world‘s poorest countries by providing loans and grants for programs that boost economic growth, reduce inequalities, and improve people‘s living conditions. It is the part of the World Bank.

IFC issued 2 billion rupees—or nearly $30 million—in 15-year Masala bonds in March, marking the longest-dated offshore rupee bond to be issued. The issuance was listed on the London Stock Exchange and proceeds of the bonds will be used to advance private sector development in India. IFC‘s Masala Bond program has played an important role in deepening India‘s capital markets, prompting the Reserve Bank of India to authorize Indian companies to issue similar bonds in offshore markets. Under the Masala bond program, IFC has issued bonds worth almost 110 billion rupees, including the first green Masala bond to support climate-smart investment in India. Fourteen private sector development projects in India have received Masala-bond financing so far.

5. What is the name of the online grievance redressal system of the Income Tax Department?

A. e-Nivaran
B. m-Pesa
C. e-District
D. e-Kuber
E. None of these

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Correct Answer: A. e-Nivaran

Explanation- e-Nivaran is the online grievance redressal system of the Income Tax Department.

6. Which of the following factor is not included in National income?
A. Interest on unproductive national debt
B. Undistributed profit
C. Interest from government expenditure
D. The payments by the households to firms for the purchase of goods and services
E. None of these

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Correct Answer: A. Interest on unproductive national debt

Explanation: National income is an uncertain term which is used interchangeably with national dividend, national output and national expenditure. On this basis, national income has been defined in a number of ways. In common parlance, national income means the total value of goods and services produced annually in a country.

Public debt or public borrowing is considered to be an important source of income to the government. If revenue collected through taxes and other sources is not adequate to cover government expenditure may resort to borrowing. Such borrowings become necessary more in times of financial crises and emergencies like war, droughts etc. Public debt may be raised internally or externally. Internal debt refers to public debt floated within the country; while external debt refers to loans floated outside the country.

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7. What is India’s rank among 40 Asia-Pacific countries in the Economic Freedom Index 2021 published by US conservative think-tank, The Heritage Foundation?

A. 21st
B. 18th
C. 26th
D. 10th
E. None of these

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Correct Answer – C. 26th

The Economic Freedom Index 2021 was published by US conservative think-tank, The Heritage Foundation. In the 2021 Index, India came in around the middle of the pack among Asia-Pacific countries ranking 26th out of 40 countries, scoring 56.5 points. Globally, the Foundation rates India’s economy as the 121st freest. Globally, the Foundation rates India’s economy as the 121st freest. In the index, Singapore has topped the global ranking for the second consecutive year.  The index was prepared by covering 184 countries this time for the period of July 2019 to June 2020.

8. As on 26.02.2021, what percent accounts with an amount of Rs. 20,749 crores have been sanctioned to women entrepreneurs under Stand Up India Scheme?
A. more than 81%
B. more than 71%
C. more than 61%
D. more than 51%
E. more than 41%

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Correct Answer – A. more than 81%

Explanation- As on 26.02.2021, more than 81% i.e., 91,109 accounts with an amount of Rs. 20,749 crore have been sanctioned to women entrepreneursunder Stand Up India Scheme. Stand Up India Scheme was launched on 5 April 2016 to promote entrepreneurship at grass root level for economic empowerment and job creation. This scheme seeks to leverage the institutional credit structure to reach out to the underserved sector of people such as Scheduled Caste, Scheduled Tribe and Women Entrepreneurs so as to enable them to participate in the economic growth of nation. The objective of this scheme is to facilitate bank loans between Rs.10 lakh and Rs.1 crore to at least one Scheduled Caste (SC) or Scheduled Tribe (ST) borrower and at least one woman borrower per bank branch of SCBs for setting up a Greenfield enterprise.

9. The National Anti-Profiteering Authority has been established under which of the following acts?
A. Companies Act 2013
B. Banking Regulations Act
C. RBI Act
D. GST Act
E. Contract Labour Regulation and Abolition Act

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Correct Answer – D. GST Act

Explanation- The National Anti-Profiteering Authority (NAA) has been constituted under Section 171 of the Central Goods and Services Tax Act, 2017 to ensure that the reduction in rate of tax or the benefit of input tax credit is passed on to the recipient by way of commensurate reduction in prices. Further, the following steps have been taken by the NAA to ensure that customers get the full benefit of tax cuts:

  1. Holding regular meetings with the Zonal Screening Committees and the Chief Commissioners of Central Tax to stress upon consumer awareness programmes;
  2. Launching a helpline to resolve the queries of citizens regarding registration of complaints against profiteering.
  3. Receiving complaints through email and NAA portal.
  4. Working with consumer welfare organizations in order to facilitate outreach activities.

Government appoints Shri B.N. Sharma (IAS:1985) as Chairman of the National Anti-profiteering Authority under GST

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10. What amount has been allocated for Deep Ocean Mission for survey, exploration and conservation of deep-sea biodiversity in Budget 2021-22?
A. Rs 6,000 crores
B. Rs 5,000 crores
C. Rs 4,000 crores
D. Rs 3,000 crores
E. Rs 2,000 crores

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Correct Answer – C. Rs 4,000 crores

Explanation- Rs. 4,000 crores have been allocated for Deep Ocean Mission for survey, exploration and conservation of deep-sea biodiversity in Union Budget 2021-22. It will run for over 5 years.

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