General Awareness Quiz for Bank Mains Exams 2023 -26th August

Q1. Which of the following entities is set to introduce a new secured web-based portal called “PRAVAAH” (Platform for Regulatory Application, Validation And AutHorisation) to simplify and streamline the application processes?

(a) RBI

(b) NABARD

(c) SEBI

(d) NITI Aayog

(e) None of the above

Q2. Which of the following entities has issued new instructions to all banks and financial institutions in the country to ensure that all wire transfers, whether domestic or international, contain complete information about the originator and beneficiary?

(a) Bombay Stock Exchange

(b) National Payment Corporation of India

(c) Securities and Exchange Board of India

(d) Reserve Bank of India

(e) None of the above

Q3. Which entity has recently updated its ‘Alert List’ to caution the public about unauthorized forex trading platforms to protect residents from fraudulent activities related to forex trading?

(a) SEBI

(b) Finance Ministry

(c) RBI

(d) NSE

(e) None of the above

Q4. The Sovereign Gold Bond (SGB) Scheme 2023-24, announced by the Government of India, offers individuals and eligible entities an opportunity to invest in gold in a convenient and secure manner. The Sovereign Gold Bonds are issued by which of the following?

(a) SEBI

(b) RBI

(c) NABARD

(d) Finance Ministry

(e) None of the above

Q5. The Reserve Bank of India (RBI) signed two Memorandum of Understanding (MoUs) with which country’s central bank aimed at bolstering economic ties between the two nations for promoting the use of local currencies for cross-border transactions and interlinking their payment systems?

(a) UAE

(b) France

(c) USA

(d) Australia

(e) None of the above

Q6. Which of the following would launch a pilot project to evaluate the operation of a QR-code-based coin vending machine in collaboration with banks?

(a) Indian Banks’ Association

(b) Institute for Development and Research in Banking Technology

(c) Reserve Bank of India

(d) National Payment Corporation of India

(e) None of the above

Q7. The Reserve Bank of India (RBI) and the Bank for International Settlements (BIS) launched which edition of G20 TechSprint competition improving cross-border payments through innovative technology solutions?

(a) First

(b) Fourth

(c) Third

(d) Fifth

(e) None of the above

Q8. The Reserve Bank of India launched __________key surveys, the results of which provide “useful inputs” for the central bank’s bi-monthly monetary policy.

(a) Six

(b) Five

(c) Two

(d) Three

(e) None of the above

Q9. Which Union Ministry has introduced a pioneering “Credit Guarantee Scheme” for the Livestock Sector aimed at revitalizing the rural economy and empowering Micro, Small & Medium Enterprises (MSMEs)?

(a) Ministry of Fisheries, Animal Husbandry and Dairying

(b) Ministry of MSME

(c) Ministry of Cooperatives

(d) Ministry of Finance

(e) None of the above

Q10. The Reserve Bank of India (RBI) has introduced the CIMS to revolutionize its data handling, analysis, and governance.  What is the full form of CIMS?

(a) Centralised Integration Monetary System

(b) Centre for Insuring Monetary System

(c) Commanding over Identity Mining System

(d) Centralised Information Management System

(e) None of the above

Solutions

S1. Ans (a)

Sol. RBI is set to introduce a new secured web-based portal called “PRAVAAH” (Platform for Regulatory Application, Validation, And AutHorisation) to simplify and streamline the application processes.

The portal will display the timeframes for deciding on applications and approvals, leading to greater effectiveness in regulatory processes and making it easier for regulated entities to do business with RBI.

S2. Ans (d)

Sol. The Reserve Bank of India (RBI) has issued new instructions to all banks and financial institutions in the country to ensure that all wire transfers, whether domestic or international, contain complete information about the originator and beneficiary.

The move is aimed at preventing wire transfers from being used as a channel for money laundering and financing terrorism. The updated instructions are part of the Master Direction on Know Your Customer (KYC) and are aligned with the recommendations of the Financial Action Task Force (FATF).

S3. Ans (c)

Sol. The (RBI) has recently updated its ‘Alert List’ to caution the public about unauthorised forex trading platforms. The list, which initially contained 34 entities, has now been expanded to include eight additional names, bringing the total to 56.

S4.Ans (b)

Sol. The SGBs are issued by the Reserve Bank of India (RBI) on behalf of the government, serving as an alternative to physical gold investments.

S5. Ans(a)

Sol. The Reserve Bank of India (RBI) and the Central Bank of UAE (CBUAE) signed two Memorandum of Understanding (MoUs) aimed at bolstering economic ties between the two nations.

The MoUs focus on promoting the use of local currencies for cross-border transactions and interlinking their payment systems, including the Unified Payments Interface (UPI) with the Instant Payment Platform (IPP) of UAE.

S6. Ans(c)

Sol. RBI Governor Shaktikanta Das had stated during the most recent Monetary Policy Committee (MPC) address that the apex banking regulator, in collaboration with banks, would launch a pilot project to evaluate the operation of a QR-code based coin vending machine.

S7. Ans(b)

Sol. The Reserve Bank of India (RBI) and the Bank for International Settlements (BIS) have announced the launch of the G20 TechSprint 2023, a global competition aimed at improving cross-border payments through innovative technology solutions.

The fourth edition of the competition was unveiled on May 4, and it is open to global innovators.

S8. Ans(c)

Sol. The Reserve Bank of India launched two key surveys, the results of which provide “useful inputs” for the central bank’s bi-monthly monetary policy.

S9. Ans(a)

Sol. The Ministry of Fisheries, Animal Husbandry and Dairying has launched the first ever “Credit Guarantee Scheme” under Animal Husbandry Infrastructure Development Fund to facilitate collateral-free credit for MSMEs in the livestock sector.

S10. Ans(d)

Sol. The Reserve Bank of India (RBI) has introduced the Centralised Information Management System (CIMS) to revolutionize its data handling, analysis, and governance.

The system leverages advanced technology to manage big data, enabling powerful data mining, text mining, visual analytics, and statistical analysis.