General Awareness Quiz for Bank Mains Exams 2023 – 03rd May

Q1. 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

Q2. According to a recent report by the World Bank, India’s GDP growth is predicted to how much percent in the fiscal year 2024?
(a) 4.7%
(b) 5.9%
(c) 8.6%
(d) 6.3%
(e) None of the above

Q3. The Reserve Bank of India (RBI) has released data showing that India’s current account deficit has decreased to what percent of the GDP, during the December quarter of the current fiscal year?
(a) 4.5%
(b) 3.7%
(c) 1.8%
(d) 2.2%
(e) None of the above

Q4. According to data released by the Ministry of Finance, the Goods and Services Tax (GST) revenue collection for March 2023 has increased by 13% to __________lakh crore.
(a) Rs. 1.48 lakh crore
(b) Rs 1.60 lakh crore
(c) Rs. 1.39 lakh crore
(d) Rs. 1.63 lakh crore
(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. India’s annual retail inflation for March eases below central bank’s tolerance level for the first time in 2023. According to the NSO data, India’s annual retail inflation for March reached to how much percent?
(a) 4.88%
(b) 6.44%
(c) 5.66%
(d) 7.22%
(e) None of the above

Q7. As per the announcement by Ministry of External Affairs, India can now conducted trade using the Indian Rupee (INR) as a mode of settlement with which of the country in addition to other currencies?
(a) Australia
(b) Indonesia
(c) Malaysia
(d) Japan
(e) None of the above

Q8. According to recent 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

Q9. The Reserve Bank of India has announced its bimonthly monetary policy and kept the repo rate unchanged at 6.50 per cent. How much percent GDP growth projected by RBI for FY 22-23?
(a) 7%
(b) 6.5%
(c) 5.9%
(d) 6.3%
(e) None of the above

Q10. 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

Solutions

S1. 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.

S2. Ans (d)
Sol. According to a recent report by the World Bank, India’s GDP growth is predicted to slow down on April 1 to 6.3% from 6.6% in the fiscal year 2024.

This decline is attributed to a reduction in consumption due to decreased income levels.

S3. Ans(d)
Sol. The Reserve Bank of India (RBI) has released data showing that India’s current account deficit, an important measure of the balance of payments, has decreased to $18.2 billion, which is equivalent to 2.2% of the GDP, during the December quarter of the current fiscal year.

This decrease can be attributed to the reduction in the merchandise trade deficit, which stood at $30.9 billion, or 3.7% of the GDP in the second quarter of the fiscal year 2022-23.

S4.Ans (b)
Sol. The Goods and Services Tax (GST) revenue collection for March 2023 has increased by 13% to Rs 1.60 lakh crore, according to data released by the Ministry of Finance.

This marks the third consecutive month of increase in GST collections and is a positive sign for India’s economy, which has been grappling with the impact of the COVID-19 pandemic.

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 the NSO data, India’s annual retail inflation for March eased to 5.66% from 6.44% in February.

The central bank’s upper tolerance level for inflation is 6%, so the current rate is below this level, which is a welcome change.

S7. Ans(c)
Sol. The Ministry of External Affairs declared that trade between India and Malaysia can now be conducted using the Indian Rupee (INR) as a mode of settlement, in addition to other currencies.

This announcement follows the launch of the Foreign Trade Policy (FTP) 2023 by the Ministry of Commerce the day before, which reaffirmed the government’s determination to establish the rupee as a global currency.

S8. 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.

S9. Ans(a)
Sol. Economic activity remains resilient, and real GDP growth is expected to have been 7 per cent in FY 22-23.

The RBI’s Monetary Policy Committee (MPC) unanimously decided to keep the repo rate unchanged at 6.50 per cent, governor Shaktikanta Das said, announcing the statement of monetary policy, the first in the current financial year.

The RBI Governor also said that the withdrawal of accommodation and that the repo rate hike has been paused only for this meeting.

S10. 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.