Banking and Financial Awareness – 53

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18 Mar, 2014

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1) The Cabinet Committee on Economic Affairs (CCEA) during February 2014 gave its approval for foreign equity participation up to 74% of the paid-up capital of which private bank based in Kerala? – Federal Bank (The 74% foreign equity permission comes with sub-limit of 49% for FIIs and 24% for NRIs)

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2) State-run United Bank of India (UBI), which is going through serious financial mess on account of huge increase in non-performing assets (NPAs), is expected to be provided with how much additional funds by the union govt. to meet its capital requirements? – Rs. 1,000 crore (The bank will issue perpetual non-cumulative preference shares to the govt. to over the crisis created by its ballooning NPAs. UBI’s CMD Archana Bhargava had quit the post last week citing health problems. The bank had been earlier stopped from issuing any loans above Rs. 10 crore by the RBI)

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3) India’s first all-women bank – Bharatiya Mahila Bank (BMB) during February 2014 tied up with which public-sector general insurance company for launching 3 health insurance products for women account holders of the bank? – New India Assurance (These policies, BMB Sakhee, BMB-Nirbhaya and BMB-Parivar Suraksha provide customised package of health insurance policies from New India Assurance. While Sakhee Policy aimed at rural women, offers covers up to Rs 50,000, the Nirbhaya schemes offers cover limit up to Rs 5 lakh. Parivar Suraksha offers family floater facilities)

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4) During February 2014 who became the first Indian to be elected President of Administrative Tribunal of the Asian Development Bank (ADB)? – Lakshmi Swaminathan (Swaminathan is the seventh president of the Tribunal. She is the first Indian to become the president of the Tribunal. Of the previous six presidents, two had been from the US, two from Philippines, one from Sri Lanka and one from the UK. Swaminathan is a jurist in administrative law and was the vice chairman of the Principal Bench at Delhi of the Central Administrative Tribunal. Manila headquartered ADB consists of 64 member countries, including India)

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5) India’s first Post Office Savings Bank ATM was inaugurated on 27 February 2014 by Finance Minister P. Chidambaram at – Chennai (India’s first Post Office Savings Bank ATM was inaugurated at Thiyagaraya Nagar Head Post Office in Chennai. This initiative of opening Post Office Savings Bank ATM is part of the government’s Rs. 4,909 crore IT modernisation scheme for the Department of Posts specified in the interim budget for 2014-15)

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6) Ennore port was on 26 February 2014 officially renamed as Kamarajar Port Ltd. The decision, which came a few days ago in the form of Union Cabinet approval, was formalised with Union Shipping Minister GK Vasan unveiling a plaque at a function organised by the port at Chennai on 26 February. Tamil Nadu has the maximum number of major ports (three) in India. Which are the other two major ports in Tamil Nadu? – Chennai and Tuticorin

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7) What is the name of the volatility index launched by the National Stock Exchange on 26 February 2014 which has been based on the index options prices of Nifty? – India VIX (India VIX would provide future contracts facility to investors and would help investors hedge near-term volatility risks in their equity portfolio. India VIX indicates the investor’s perception of the market’s volatility in the near term. The index depicts expected market volatility over the next 30 calendar days. A high India VIX value would suggest that the market expects significant increase in volatility, while a low value indicates the reverse. India VIX and Nifty have a negative correlation)

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8) Who was appointed as the new Chairman and Managing Director of Oil and Natural Gas Corporation Limited (ONGC Ltd.) on 26 February 2014? – Dinesh K. Sarraf (The Appointments Committee of the Cabinet (ACC) approved the appointment of Sarraf, who at present is the Managing Director of ONGC’s overseas arm, ONGC Videsh Limited (OVL). Sarraf replaces Vasudeva who turned 60 on 25 February and retires on 28 February. The Union Govt. earlier rejected Oil Minister M. Veerappa Moily’s proposal to give Sudhir Vasudeva a post-retirement extension. ONGC Ltd. is India’s most profitable company)

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9) What is the name of the bitcoin exchange, which was once the largest bitcoin exchange in the world and which on 25 February 2014 came to news for virtually disappearing from the internet with many millions of dollars of customer deposits? – Mt. Gox (Mt. Gox’s website was down on 25 February and its founder was unaccounted-for during the day. MtGox is a Tokyo-based exchange which allowed users to trade Bitcoins for US Dollars and several other currencies. MtGox was going through some serious problems after news surfaced that almost 750,000 bitcoins (currently worth more than £200m) were missing in the exchange and this theft went unnoticed for several years)

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10) Which public sector undertaking (PSU) was during February 2014 kept out of the proposed Central Public Sector Enterprises (CPSE) Exchange Traded Fund (ETF)? – PowerGrid Corporation (With the exit of PowerGrid Corporation the CPSE ETF would now consist of 10 PSU firms. These 10 PSUs are – ONGC, Coal India Limited, GAIL, Indian Oil Corporation (IOC), Rural Electrification Corporation (REC), Oil India Limited (OIL), Container Corporation of India Limited (CCIL), Power Finance Corporation (PFC), Engineers India Limited (EIL) and Bharat Electronics Limited (BEL). The proposed CPSE ETF will serve as an additional mechanism for the government to monetise its shareholdings in those CPSEs that eventually form part of the ETF basket)

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