Banking and Financial Awareness – 24

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07 May, 2013

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NPS-New-Pension

1) Which bank will replace state-run Bank of India (BoI) as the trustee bank for the National Pension System (NPS) from July 2013 onwards? – Axis Bank (Pension Fund Regulatory and Development Authority(PFRDA) had appointed Bank of India as Trustee Bank for NPS for a period of 5 years. The NPS Trustee Bank facilitates fund transfers across various entities of Central Record Keeping Agency system – Nodal Offices, Pension Fund Managers and Annuity Service Providers)

  • 2) A new medi-claim facility for holders of kisan credit cards (KCCs) was launched on 24 April 2013 by Union Finance Minister P. Chidambaram. This new facility is being offered to KCC holders of which bank? – Dena Bank (This facility is being provided by Dena Bank in association with the United India Insurance Company (UIIC) and is the first such initiative launched by any bank in India)

  • 3) Market regulator SEBI on 22 April 2013 allowed 47 entities to set up AIFs. What is the meaning of AIF? – AIF stands for Alternative Investment Funds, which is a newly created class of pooled-in investment vehicles for real estate, private equity and hedge funds, over a period of ten months

  • 4) What is the name of a new network launched by the Planning Commission Deputy Chairman Montek Singh Ahluwalia on 19 April 2013, which aims to improve implementation of policies, programs, and projects, which the 12th Five Year Plan has declared as the critical necessity for accelerating more inclusive and faster growth? – India Backbone Implementation Network – IBIN (IBIN has been modeled on the very successful Total Quality Movement (TQM) in Japan which in the 1960s and 70s transformed the capability of Japanese organizations in the private and public sectors to deliver results. The IBIN movement will disseminate techniques and skills for collaboration, coordination, and better planning through a network of agencies in the country. The partners in the expanding network already include more than two dozen institutions such as the Administrative Staff College of India, the Indian School of Business, SEWA, WISCOMP, UNDP, GIZ, the World Bank, FISME and other business associations)

  • 5) Which country was the largest recipient of remittances from the World Bank during 2012 as per announcements made by the bank on 20 April 2013? – India (India received $69 billion worth of remittances from the bank. India was followed by China (USD60 billion), the Philippines (USD24 billion), Mexico (USD23 billion) and Nigeria and Egypt (USD21 billion each))

  • 6) What is the name of India’s 6th commodity exchange which started its operations on 19 April 2013? – Universal Commodity Exchange or UCX (UCX is promoted by Commex Technology in joint venture with IDBI Bank, IFFCO, NABARD and REC. Other 5 existing commodity exchanges of India are NCDEX, MCX, ICEX, NMCE and ACE)

  • 7) In view of heavy economic sanctions against it, Iran recently suggested which country’s name to India, where India should deposit rupee payments for crude oil? – Russia (Iran suggested that India should deposit rupee payments in a local branch of a Russian bank and withdraw them in roubles in Moscow to pay the Iranians (Iran has not received 55% payment component from India since February 2013 after the closure of Euro deposits through Turkey’s Halk Bankasi. The balance 45% is parked in the Iranian account of India’s UCO Bank with a large chunk remaining unutilized)

  • 8) How much increment in dearness allowance (DA) for central govt. employees was approved by the Union Cabinet on 18 April 2013? – 8%

  • 9) The Jnanpith Award, which is India’s most prestigious literary award, is to be awarded to which literary personality for year 2012, as announced by the Jnanapith Award selection committee on 17 April 2013? – Ravuri Bharadhwaja, Telugu novelist, short-story writer and poet for his work Paakudu Raallu (Jnanpith Award was constituted in 1961 and was first awarded to Malayalam author G. Sankara Kurup in 1965. 2012’s award is 48th edition of this prestigious award)

  • 10) Employees Provident Fund Organisation (EPFO), which is India’s largest retirement fund manager, is set to tighten norms for premature withdrawals by discontinuing a practice that allows its subscribers to pay for their life insurance policies from their PF account. Which para of the EPF Scheme, 1952 deals with this issue that the EPFO is now planning to delete? – Para 62 (This para permits a member to direct the PF department to finance the premium on his or her LIC cover by using the funds of PF account)

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