Banking and Financial Awareness – 55

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20 Apr, 2014

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Aditya-Puri-HDFC

1) Who headed the committee on Credit Information Reports (CIRs), which submitted its report to the Reserve Bank of India (RBI) during March 2014? – Aditya Puri, Chairman of HDFC Bank (This committee recommended that customers should be given a free copy of their credit profile as it would help in promoting financial discipline among loan seekers. The committee also recommended use of common data formats and a common data quality index that could assist credit institutions in determining the gaps in data)

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2) Which infrastructure finance company during March 2014 received RBI approval to set up a minimum of 9,000 white label ATMs (WLAs) in the next three years in rural India? – SREI Infrastructure Finance Ltd (The company received a certificate of authorisation from the RBI to set up, own and operate a payment system for WLAs effective 25 March 2014. Through these WLAs, the infrastructure financial institution will be able to take financial products and services of the sponsor bank to the doorstep of the rural population)

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3) What is the name of the pre-paid/remittance provider associated with the m-Pesa platform, which during March 2014 started a pan-India inter-bank money transfer service by joining hands with the Immediate Payment Service (IMPS) of the National Payments Corporation of India (NPCI)? – Mobile Commerce Solutions Ltd (MCSL) – With this tie-up, an MCSL (m-Pesa) user can send money to customers of any IMPS-enabled bank using NPCI’s remittance platform. The National Payments Corporation of India (NPCI) is the umbrella organisation of all retail payment systems in India, set up with the support of the Reserve Bank of India and Indian Banks’ Association (IBA). Immediate Payment Service (IMPS) is a remittance processing platform offered by NPCI that offers instant, 24X7, electronic funds transfer through mobile, Internet or ATM between banks and pre-paid providers)

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4) Union Government on 21 March 2014 sold its 9% stake in which private sector bank? – Axis Bank (The stake was divested through the Specified Undertaking of UTI (SUUTI), which was formed in 2003 is an offshoot of erstwhile UTI and held 20.72% in Axis Bank. The other promoters of the bank are Life Insurance Corporation, General Insurance Corporation, New India Assurance and National Insurance Company)

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5) The Reserve Bank of India (RBI) on 19 March 2014 allowed five domestic private banks to import gold. This decision is expected to give a boost to gold supplies and bring down premiums gold prices in India, which is the world’s second-biggest consumer after China. Which 5 banks are these? – HDFC Bank , Axis Bank, Kotak Mahindra Bank, IndusInd Bank and YES Bank (Experts of the global gold market believe that this could be a significant step towards easing of tough curbs on the metal imposed last year to cut the country’s trade deficit)

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6) Which state scored the highest in monthly per capita consumer expenditure (MPCE) report rankings for urban areas which was released during March 2014 by the National Sample Survey Organisation (NSSO)? – Haryana (Haryana’s MPCE stood at Rs. 3817 and it was followed by Kerala (Rs. 3,408) and Maharashtra (Rs. 3,189). Among urban areas, Bihar (Rs. 1,507) shows the lowest monthly per capita consumption expenditure. The 68th round survey on level and pattern of consumption expenditure was conducted by the NSSO between July 2011 and June 2012)

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7) Which state scored the highest in monthly per capita consumer expenditure (MPCE) report rankings for rural areas which was released during March 2014 by the National Sample Survey Organisation (NSSO)? – Kerala (Kerala’s MPCE stood at Rs. 2,669 and it was followed by Gujarat (Rs. 2,581) and Punjab (Rs. 2,345). Among rural areas, Orrisa (Rs. 1,003) displayed the lowest MPCE. The 68th round survey on level and pattern of consumption expenditure was conducted by the NSSO between July 2011 and June 2012)

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8) What is the name of the Deputy Governor of the RBI who resigned on 20 March 2014? – KC Chakrabarty (He resigned on personal grounds three months ahead of completion of his term. Chakrabarty was appointed as Deputy Governor in June 2009 for a period of three years. In 2012, he got an extension of two years)

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9) Indian market regulator SEBI on 19 March 2014 passed an order against Financial Technologies (FTIL), declaring it as not fit and proper to hold any shares directly or indirectly in any stock exchange or clearing corporation. FTIL presently holds equity stakes in which stock exchanges of the country? – MCX Stock Exchange (MCX-SX), National Stock Exchange (NSE), Delhi Stock Exchange (DSE), Vadodara Stock Exchange (VSE) and MCX-SX Clearing Corporation (MCX-SX CCL) – As per this SEBI order, all these holdings will need to be disposed of within 90 days. In December 2013, the Forward Markets Commission (FMC) had declared FTIL as not fit and proper to hold two per cent or more of the equity share capital in the Multi Commodity Exchange of India Ltd (MCX))

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10) Union Govt. on 18 March 2014 launched the exchange traded fund of Central public sector enterprises (CPSE-ETF) hoping to raise Rs 3,000 crore. The long awaited CPSE-ETF is an open-ended scheme comprising of shares of 10 Central public sector enterprises and it includes 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). Which financial entity is managing this ETF? – Goldman Sachs India MF (The CPSE-ETF tracks an index fund but trades like a stock on the exchange and is yet another avenue for the Union Govt. for selling its stake in CPSEs)

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