General Awareness Quiz for Bank Mains Exams 2024-03rd January

Q1. What is the disinvestment target set in the Union Budget 2023-24, which is nearly 21% less than the budget estimate for the current year?

(a) Rs 40,500 crore
(b) Rs 45,600 crore
(c) Rs 51,000 crore
(d) Rs 62,500 crore
(e) Rs 70,000 crore

Q2. Which organization has delivered the third Stealth Destroyer of Project 15B Class named IMPHAL to the Indian Navy?

(a) Goa Shipyard Limited (GSL)
(b) Bharat Electronics Limited (BEL)
(c) Cochin Shipyard Limited.
(d) Mazagon Dock Shipbuilders Limited (MDL)
(e) Garden Reach Shipbuilders & Engineers (GRSE)

Q3. What is the maturity period of the Floating Rate Savings Bonds, 2020 (Taxable) – FRSB 2020 (T) recently enabled for subscription by the Reserve Bank of India?

(a) 3 years
(b) 5 years
(c) 7 years
(d) 10 years
(e) 15 years

Q4. According to the 2023 Global Crypto Adoption Index by Chainalysis, what is India’s rank in terms of grassroots cryptocurrency adoption?

(a) 1^st
(b) 3^rd
(c) 5^th
(d) 8^th
(e) 10^th

Q5. The Reserve Bank of India reviewed and extended the Prompt Corrective Action (PCA) Framework for Non-Banking Financial Companies (NBFCs) on October 10, 2023. From which date does this extension take effect?

(a) October 10, 2023
(b) October 1, 2024
(c) March 31, 2024
(d) April 1, 2024
(e) January 1, 2025

Q6. Which two pioneering initiatives have been introduced by the Ministry of Environment, Forest and Climate Change, in alignment with the ‘LiFE’ – ‘Lifestyle for Environment’ movement announced by the Hon’ble Prime Minister in 2021?

(a) Eco-Friendly Program and Conservation Scheme
(b) Green Credit Program (GCP) and Ecomark Scheme
(c) Eco-Conservation Fund and Eco-Friendly Certification
(d) Sustainable Living Plan and Green Credit Certification
(e) Climate Resilience Fund and Eco-Management Scheme

Q7. The Reserve Bank of India (RBI) imposed a penalty of Rs 12.19 crore on ICICI Bank for:

(a) Violation of sub-section (2) of Section 6 of the Banking Regulation Act, 1949
(b) Non-compliance with RBI directions on ‘Frauds classification and reporting by commercial banks and select Fls’
(c) Contravention of sub-section (1) of Section 20 of the Banking Regulation Act, 1949
(d)  a & b
(e) All of the above

Q8. From which date does the 12th bipartite wage hike settlement, agreed upon by the Indian Bank Association (IBA) and bank employee unions, come into effect?

(a) January 1, 2023
(b) November 1, 2022
(c) April 1, 2022
(d) October 1, 2023
(e) December 1, 2022

Q9. Which country’s government has recently renewed the petroleum products license for another 20 years, granted to the local subsidiary of Indian Oil Corporation?

(a) Bangladesh
(b) Nepal
(c) Sri Lanka
(d) Myanmar
(e) Maldives

Q10. The Insurance Regulatory and Development Authority of India (IRDAI) has slashed the minimum capital requirement for foreign reinsurance branches (FRBs) from Rs 100 crore to:

(a) Rs 75 crore
(b) Rs 50 crore
(c) Rs 120 crore
(d) Rs 80 crore
(e) Rs 90 crore

Solutions

S1. Ans. (c)
Sol. In the Union Budget 2023-24, a disinvestment target of Rs 51,000 crore, has been set, which is nearly 21% less than the budget estimate for the current year.

S2. Ans. (d)
Sol. Mazagon Dock Shipbuilders Limited (MDL) has delivered the third Stealth Destroyer of Project 15B Class to the Indian Navy. The ship, named IMPHAL, is constructed using Indigenous steel and is one of the largest Destroyers built in India.
Details:
It is armed with supersonic surface-to-surface and medium-range surface-to-air missiles, as well as anti-submarine weapons and sensors. The ship can accommodate a crew of 312 and has an endurance of 4000 Nautical Miles.

S3. Ans. (c)
Sol. In its endeavor to expand the basket of products offered through the Retail Direct Portal, the Reserve Bank of India, in consultation with the Government of India, has enabled subscriptions to Floating Rate Savings Bonds, 2020 (Taxable) – FRSB 2020 (T). FRSBs are interest-bearing, non-tradeable bonds, issued by the Government of India, which are repayable on the expiration of seven years from the date of issue.

S4. Ans. (a)
Sol. India stands first when it comes to grassroots cryptocurrency adoption, according to blockchain analytics platform Chainalysis’ 2023 Global Crypto Adoption Index.
Details:

• Chainalysis index, issued as part of its yearly ‘Geography of Cryptocurrency’ report, focuses on crypto adoption by everyday residents, rather than measuring only transaction volumes.
• India recorded around $250 billion in crypto value in the past year, behind only the U.S. and the roughly $1 trillion it recorded in crypto value received during the same period.

S5. Ans. (b)
Sol. The Reserve Bank on October 10, 2023, reviewed and extended the Prompt Corrective Action (PCA) Framework for Non-Banking Financial Companies (NBFCs) to Government NBFCs (except those in a base layer) with effect from October 1, 2024, based on the audited financials of the NBFC as on March 31, 2024, or thereafter.

S6. Ans. (b)
Sol. To take ahead the ‘LiFE’ – ‘Lifestyle for Environment’ movement announced by the Hon’ble Prime Minister in 2021, the Ministry of Environment, Forest and Climate Change has introduced two pioneering initiatives that indicate the country’s pro-active approach to climate change, sustainability, and promotion eco-conscious practices. These initiatives, the Green Credit Program (GCP) and the Ecomark Scheme seek to encourage environmentally friendly practices rooted in tradition and conservation; reflecting the ideas of the LiFE concept.

S7. Ans. (e)
Sol. The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹12.19 crore (Rupees Twelve crore and nineteen lacks only) on ICICI Bank Ltd for contravention of sub-section (1) of Section 20 of the Banking Regulation Act, 1949 (the BR Act) read with directions issued by RBI on ‘Loans and Advances-Statutory and Other restrictions’, sub-section (2) of Section 6 and Section 8 of the BR Act read with directions issued by the RBI on ‘Financial Services provided by the Banks’, and non-compliance with the RBI directions on ‘Frauds classification and reporting by commercial banks and select Fls’.          

S8. Ans. (b)
Sol. The Indian Bank Association (IBA) and bank employee unions have agreed to the 12th bipartite wage hike settlement. This settlement will be in effect for the next five years, starting from November 1, 2022.

S9. Ans. (c)
Sol. The Sri Lankan government has renewed the petroleum products license granted to Lanka IOC, the local subsidiary of Indian Oil Corporation, for another 20 years.
Details:

• The license originally issued in 2003 was to expire in January 2024. This will allow Lanka IOC to continue its retail operations on the debt-trapped island nation until January 22, 2044.

S10. Ans. (b)
Sol. Aimed at attracting more foreign reinsurers to establish operations in India, the Insurance Regulatory and Development Authority of India (IRDAI) has slashed the minimum capital requirement for foreign reinsurance branches (FRBs) from Rs 100 crore to Rs 50 crore with the provision to repatriate any excess assigned capital.