General Awareness Quiz 26th July- Question and Answer for Bank Exam

The General Awareness section constitutes a major part of a competitive examination and needs your undivided attention. The questions which are asked in the exam are generally framed on National News, International News, State News, Sports, Awards, Summits, Schemes, Books & Authors, Ranks & Reports, Important Days, Economy, Defence, Science & Technology etc. To excel in this section of the competitive examinations you are required to cover the above area.

Current Affairs 26th July 2020 Quiz

To complement your preparation for General Awareness section of the upcoming exams like SBI Clerk Mains and RBI Assistant Mains we are providing you General Awareness Quiz of 26th July 2020 covering the following topics: MCLR, NAFCUB, GBIC, UHIS, IBAI.

Q1. MCLR is the minimum interest rate, below which a bank is not permitted to lend. What is the full form of MCLR?
(a) Marginal Cost of Funds based Lending Rate
(b) Marginal Cost of Financial based Lending Rate
(c) Marginal Cost of Funding based Lending Rate
(d) Management Cost of Funds based Lending Rate
(e) Marginal Condition of Funds based Lending Ratio

Q2. Where is the registered office of National Federation of Urban Cooperative Banks and Credit Societies Limited (NAFCUB)?
(a) Mumbai
(b) Shimla
(c) Kolkata
(d) Dehradun
(e) New Delhi

Q3. The Executive Council of Insurers, previously known as Governing Body of Insurance Council (GBIC) has been established under the Insurance Ombudsman Rules ______________ to set-up and facilitate the Institution of Insurance Ombudsman in India.
(a) 2015
(b) 2016
(c) 2014
(d) 2018
(e) 2017

Q4. The four public sector general insurance companies have been implementing UHIS for improving the access of health care to poor families. What is the full form of UHIS?
(a) Usually Health Insurance Scheme
(b) Unique Health Insurance Scheme
(c) Universal Health Insurance Service
(d) Universal Health Insurance Scheme
(e) Universal Health Insurance Security

Q5. IBAI was incorporated as a Company under Section 25 of the Companies Act, 1956 in_________.
(a) 2001
(b) 1999
(c) 2005
(d) 1998
(e) 2003

Solutions

S1. Ans.(a)
Sol. Marginal Cost of Funds based Lending Rate (MCLR) is the minimum interest rate, below which a bank is not permitted to lend.

S2. Ans.(e)
Sol. The National Federation of Urban Cooperative Banks and Credit Societies Ltd. (NAFCUB) is an Apex Level Promotional body of Urban Cooperative Banks and Credit Societies Ltd. in the Country. Our main objective is to promote the urban cooperative credit movement and protect the interest of the Sector. The Federation was registered under the Multi-State Cooperative Societies Act as a Multi State Cooperative Society on 17th February, 1977. The Registered Office of NAFCUB is at Delhi and the area of operation is whole of the country.

S3. Ans.(e)
Sol. The Executive Council of Insurers, previously known as Governing Body of Insurance Council (GBIC) has been established under the Insurance Ombudsman Rules, 2017, to set-up and facilitate the Institution of Insurance Ombudsman in India. The Executive Council of Insurers consists of nine members including the Chairperson.

S4. Ans.(d)
Sol. Universal Health Insurance Scheme (UHIS)- The four public sector general insurance companies have been implementing Universal Health Insurance Scheme for improving the access of health care to poor families.

S5. Ans.(a)
Sol. Insurance Brokers Association of India (I.B.A.I.) was incorporated as a Company under Section 25 of the Companies Act, 1956 vide Certificate of Incorporation No. U 67120 MH 2001 NPL 132860 dated 25th July 2001. IBAI has a Memorandum of Association as well as an Articles of Association, as required under the Companies Act, 1956. IBAI is run by a Board of Directors who are elected by the members.

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