Current Affairs Questions and Answers 26 November 2023

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26 November 2023 Current Affairs Questions And Answers: Here, we are providing the Current Affairs Questions and Answers for 26 November 2023. These types of topics are important for candidates who prepare for Bank Exam 2023. In this article, we are covering the following topics Headlines:

Indian rupee closing at a new low of 83.38
Abhyudaya Cooperative Bank
Bandhan Bank
Kochi’s water modernization project
Svatantra Microfin’s acquisition of Chaitanya India Fin Credit

26th November Current Affairs 2023 Quiz

The Current Affairs 2023 section constitutes a major part of the General Awareness section in a competitive examination and plays an instrumental role. To supplement your preparation for the General Awareness Section of the upcoming exams like IBPS PO/Clerk Mains, SBI PO Mains and SEBI Grade A Prelims, we are providing you 26th November Current Affairs 2023 Quiz covering the following topics Headlines: Indian rupee closing at a new low of 83.38, Abhyudaya Cooperative Bank, Bandhan Bank, Kochi’s water modernization project, Svatantra Microfin’s acquisition of Chaitanya India Fin Credit.

Q1. What primarily contributed to the Indian rupee closing at a new low of 83.38 against the US dollar?
(a) Decreased demand from oil companies
(b) Increased demand from oil companies
(c) Central bank interventions from foreign countries
(d) Surge in exports
(e) Impact of cryptocurrency fluctuations

Q2. What is the primary purpose of ‘penny drop’ verification for NPS fund withdrawals?
(a) To expedite withdrawal requests
(b) To determine the total pension corpus
(c) To ensure subscribers receive their funds securely
(d) To reduce the NPS interest rates
(e) To check subscriber eligibility for NPS

Q3. Despite challenges, how much did the Indian rupee depreciate in 2023, showcasing relative resilience compared to 2022?
(a) 5%
(b) 0.8%
(c) 15%
(d) 2%
(e) 10%

Q4. What was the role of the Reserve Bank of India in stabilizing the rupee, and what is the significance of India’s foreign exchange reserves?
(a) Selling rupees to increase volatility
(b) Intervening to stabilize the rupee
(c) Encouraging speculative trading
(d) Ignoring forex market dynamics
(e) Decreasing foreign exchange reserves

Q5. Why did the Reserve Bank of India (RBI) supersede the board of Abhyudaya Cooperative Bank for 12 months?
(a) Profitability concerns
(b) Poor governance standards
(c) Liquidity issues
(d) Technological failures
(e) External market pressures

Q6. Who has been appointed as the Administrator to manage Abhyudaya Cooperative Bank during the regulatory intervention?
(a) Rakesh Kapoor
(b) Satya Prakash Pathak
(c) Anjali Sharma
(d) Rajesh Khanna
(e) Neha Gupta

Q7. What recent decision did the board of directors at Bandhan Bank make regarding its leadership?
(a) Approved a merger with another bank
(b) Reappointed Chandra Shekhar Ghosh as MD&CEO for three years
(c) Elected a new Chairman
(d) Initiated a CEO search process
(e) Announced Chandra Shekhar Ghosh’s retirement

Q8. What is India’s fiscal deficit as a percentage of the full-year target in the first half of the 2023-24 financial year?
(a) 35.3%
(b) 39.3%
(c) 42.3%
(d) 37.3%
(e) 45.3%

Q9. What was the government’s targeted fiscal deficit as a percentage of GDP for the fiscal year 2023-24?
(a) 4.2%
(b) 6.0%
(c) 7.5%
(d) 5.9%
(e) 6.4%

Q10. What were the key financial highlights in terms of non-performing assets (NPAs) for Bandhan Bank during the reporting quarter?
(a) Decrease in gross NPAs
(b) No change in NPAs
(c) 14.8% YoY increase in gross NPAs
(d) Significant decrease in net NPAs
(e) No information on NPAs provided

Q11. What is the main purpose of the $170 million loan from the Asian Development Bank for Kochi’s water modernization project?
(a) Improve transportation infrastructure
(b) Enhance urban living standards, ensure clean water access, and bolster climate resilience
(c) Support agricultural development
(d) Fund healthcare initiatives
(e) Expand educational facilities

Q12. What percentage of the annual tax revenue target had been achieved during April-September 2022-23?
(a) 52.3%
(b) 45.8%
(c) 60.7%
(d) 49.8%
(e) 55.1%

Q13. What percentage of India’s Index of Industrial Production (IIP) is collectively accounted for by the eight key infrastructure sectors discussed in the article?
(a) 30.14%
(b) 40.27%
(c) 50.52%
(d) 60.64%
(e) 70.79%

Q14. According to recent reports, what percentage of MSMEs in India have access to credit?
(a) 14%
(b) 4%
(c) 25%
(d) 40%
(e) 60%

Q15. What is the primary outcome of Svatantra Microfin’s acquisition of Chaitanya India Fin Credit?
(a) Svatantra becomes the third-largest microfinance company.
(b) The acquisition has no significant impact on market standings.
(c) Chaitanya India Fin Credit emerges as the market leader.
(d) Navi Group retains its position as the largest microfinance company.
(e) Svatantra Microfin becomes the second-largest microfinance company in India.

Solutions

S1. Ans.(b)
Sol. The rupee’s decline was driven by a higher demand for dollars from oil companies, influencing its exchange rate against the US dollar.

S2. Ans.(c)
Sol. ‘Penny drop’ verification is mandatory to ensure the secure and accurate transfer of funds to subscribers’ bank accounts during NPS withdrawals.

S3. Ans.(b)
Sol. In 2023, the Indian rupee depreciated by only 0.8%, indicating resilience compared to the significant 10% depreciation experienced in 2022.

S4. Ans.(b)
Sol. The RBI actively intervened in the forex market to stabilize the rupee and prevent a more significant depreciation. India’s foreign exchange reserves, standing at $596 billion, play a crucial role in ensuring stability amidst market challenges.

S5. Ans.(b)
Sol. The RBI’s intervention was prompted by observed governance deficiencies within the bank.

S6. Ans.(b)
Sol. Satya Prakash Pathak. He is the former Chief General Manager of State Bank of India and has been appointed as the Administrator.

S7. Ans.(b)
Sol. The board recently approved the reappointment of Chandra Shekhar Ghosh as the Managing Director & Chief Executive Officer (MD&CEO) for an additional three-year term.

S8. Ans.(b)
Sol. In the first half of the fiscal year 2023-24, India’s fiscal deficit reached 39.3% of the annual target

S9. Ans.(d)
Sol. The government aimed to limit the fiscal deficit to 5.9% of the GDP for the fiscal year 2023-24

S10. Ans.(c)
Sol. Despite the positive net profit, the bank witnessed a 14.8% YoY increase in its gross non-performing assets (GNPA) during the reporting quarter.

S11. Ans.(b)
Sol. The loan is specifically designated to elevate urban living standards, ensure clean water access, and strengthen climate resilience through water infrastructure modernization in Kochi.

S12. Ans.(d)
Sol. During April-September 2022-23, the tax revenue collection reached 49.8% of the annual target

S13. Ans.(b)
Sol. The eight key infrastructure sectors discussed collectively account for 40.27% of India’s Index of Industrial Production (IIP).

S14. Ans.(a)
Sol. Out of over 64 million MSMEs in India, only 14% have access to credit, as indicated by recent reports.

S15. Ans.(e)
Sol. Svatantra Microfin’s acquisition of Chaitanya India Fin Credit positions it as the second-largest microfinance company in India.