General Awareness Quiz for Bank Mains Exams 2023-01st September

Q1. The Union government has successfully achieved its fiscal deficit target of _________ percent of the gross domestic product (GDP) for the financial year 2022-23 despite higher revenue expenditure, particularly on subsidies and interest payments.
(a) 6.4%
(b) 5.6%
(c) 4.8%
(d) 3.9%
(e) None of the above

Q2. According to figures released by the Indian Ministry of Commerce, which of the following country remains the second most significant export destination for India?
(a) Singapore
(b) Russia
(c) UAE
(d) USA
(e) None of the above

Q3. Commerce and Industry Minister Piyush Goyal presented FTP 2023, which is implemented starting from April 1, 2023, and emphasizes a shift from incentive-based approaches to remission and entitlement-based measures. What is the full form of FTP?
(a) Financial Targeted Priority
(b) Foreign Tourism Policy
(c) Foreign Trade Policy
(d) First Transaction Payment
(e) None of the above

Q4. The World Bank has revised its global economic forecasts in its latest Global Economic Prospects report. While it predicts an upward trajectory for global GDP growth in 2023, it has trimmed India’s growth forecast for the fiscal year 2024. World Bank cuts India’s GDP growth forecast for FY24 to how much percent?
(a) 7.2%
(b) 5.4%
(c) 6.3%
(d) 8.3%
(e) None of the above

Q5. The Reserve Bank of India (RBI) was established on April 1, 1935, in accordance with the provisions of the Reserve Bank of India Act, 1934. Where the central office of RBI was set up in 1935?
(a) Mumbai
(b) Kolkata
(c) New Delhi
(d) Hyderabad
(e) None of the above

Q6. According to Reserve Bank of India’s (RBI) data, the priority sector education loans show growth of 0.9 per cent in FY 2022-23. The outstanding portfolio under education loans grew how much per cent at ₹96,847 crore in the year 2022-23 as against ₹82,723 crore in the previous year?
(a) 29%
(b) 6%
(c) 17%
(d) 11%
(e) None of the above

Q7. The Ministry of Finance announced that the Pradhan Mantri MUDRA Yojana (PMMY) has sanctioned 41 crore loans amounting to ₹23.2-lakh-crore in the past eight years. Under this scheme loan up to _________ is given to small entrepreneurs for their business.
(a) Rs. 2 Lakh
(b) Rs. 5 Lakh
(c) Rs. 20 Lakh
(d) Rs. 10 Lakh
(e) None of the above

Q8. The Securities and Exchange Board of India (SEBI) has introduced LEI system for issuers that have listed or are planning to list non-convertible securities, securitized debt instruments, and security receipts. What is the meaning of abbreviation of ‘L’ is LEI system?
(a) Legal
(b) Listed
(c) Liability
(d) Long term
(e) None of the above

Q9. The Indian government has announced its intention to sell up to a 5% stake in Coal India Ltd through the offer for sale (OFS) route, according to a recent regulatory filing. In which year Coal India was founded?
(a) 1951
(b) 1991
(c) 1975
(d) 1963
(e) None of the above

Q10. The Indian central government announced on May 31 that it will start accepting applications from June 1 onwards for the establishment of semiconductor and display fabrication units in India as part of the ‘Modified Semicon India Programme’. The ‘Modified Semicon India Programme’ will be open until which time of period?
(a) July 2024
(b) May 2024
(c) March 2024
(d) December 2024
(e) None of the above

Solutions

S1. Ans (a)
Sol. The Union government has successfully achieved its fiscal deficit target of 6.4% of the gross domestic product (GDP) for the financial year 2022-23.
Despite higher revenue expenditure, particularly on subsidies and interest payments, the government’s robust tax revenue contributed to this achievement, as per official data released.
S2. Ans (c)
Sol. According to recent figures released by the Indian Ministry of Commerce, the UAE remains the second most significant export destination for India.

The US and UAE held onto their first and second positions, respectively, during the financial year 2022-23.

S3. Ans(c)
Sol. The government introduced the Foreign Trade Policy (FTP) 2023, which aims to increase the country’s exports to USD 2 trillion by 2030.

The new policy is different from the previous 5-year FTP announcements as it has no specific end date and will be revised as needed, according to the Director General of Foreign Trade (DGFT), Santosh Sarangi.
S4. Ans (c)
Sol. World Bank cuts India’s GDP Growth Forecast for FY24 to 6.3% While Raising Global Outlook.
Static Awareness:
World Bank HQ: Washington D.C. USA
Founded: July 1944
Presidents: Ajay Banga, David Malpass

S5. Ans(b)
Sol. The Central Office of the RBI, initially set up in Kolkata, was permanently moved to Mumbai in 1937.

The Reserve Bank of India (RBI) was established on April 1, 1935, in accordance with the provisions of the Reserve Bank of India Act, 1934.
Sir Osborne Smith the first Governor of the Bank.

S6. Ans(c)
Sol. According to Reserve Bank of India’s (RBI) data, the outstanding portfolio under education loans grew 17 per cent at ₹96,847 crore in the year 2022-23 as against ₹82,723 crore in the previous year.
The priority sector education loans show growth of 0.9 per cent in FY 2022-23 which is significant because the growth in education loans was flat during 2021-22 & it was negative for the three years prior to it.
S7. Ans(d)
Sol. The PMMY scheme aims to provide loans of up to ₹10 lakh to small entrepreneurs to start or expand their businesses.

The scheme has shown significant success in promoting entrepreneurship, with 68% of accounts under the scheme belonging to women entrepreneurs and 51% belonging to entrepreneurs from SC/ST and OBC categories.

S8. Ans(a)
Sol. The Securities and Exchange Board of India (SEBI) has introduced the Legal Entity Identifier (LEI) system for issuers that have listed or are planning to list non-convertible securities, securitized debt instruments, and security receipts.
This unique global identifier for legal entities participating in financial transactions aims to create a global reference data system that uniquely identifies every legal entity that is a party to a financial transaction.
S9. Ans(c)
Sol. Coal India was founded in 1975 and it is headquartered in New Delhi.
S10. Ans(d)
Sol. This program will be open for applications until December 2024.
The Indian central government announced on May 31 that it will start accepting applications from June 1 onwards for the establishment of semiconductor and display fabrication units in India as part of the ‘Modified Semicon India Programme’.