09 Apr, 2013
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1) IndiaFirst Life Insurance, which introduced many revolutionary insurance products such as India’s first money-back health insurance plan, is a joint-venture of which three associates? – Bank of Baroda, Andhra Bank and Legal & General
2) What is Reserve Bank of India (RBI)’s deadline for Indian commercial banks to avail chip-based debit and credit cards for all their customers who do international transactions? – 30 June 2013
3) The Cabinet Committee on Economic Affairs on 4 April 2013 announced decontrol of country’s sugar sector after accepting the recommendations of a committee on sugar price decontrol. Who was the Chairman of this committee, which submitted its report on 27 March 2013 to the Union Govt.? – Dr C. Rangarajan, Chairman Economic Advisory Council to the Prime Minister
4) Which two archaic policies pertaining to sugar control were abolished by the govt. in the announcement made to decontrol sugar sector of the country? –
- A) The levy sugar mechanism has been abolished for 2 years. Under this mechanism, the sugar producing companies were liable to sell 10% of their produce to the government at subsidised rates of Rs10 per kg less than the open market price (This move is expected to result in release of almost 3 million metric tonnes of sugar from the ambit of subsidized prices)
- B) The regulated release order mechanism has been abolished. Under this mechanism sugar companies had to sell only a certain percentage of their produce in the open market
5) What procedure has been adopted recently by public sector banks (PSBs) for sale of properties to recover payments from defaulting borrowers in order to ensure a free, fair and transparent process? – e-auction (During the last meeting of general managers (recovery/legal) of all PSBs held in December 2012, it was advised that all auctions of immovable properties, under the “Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 be carried out through e-auctions. The PSBs have started implementing the same advice)
6) Who took over the reins of NSE (National Stock Exchange), India’s largest stock exchange on 1 April 2013? – Chitra Ramakrishna (She took over the post of CEO from outgoing Ravi Narain)
7) Premium for motor insurance is to be increased by an average of how much from 1 April 2013, as announced by the insurance regulator IRDA recently? – 20% (However, these rates are way below the hike proposed in the exposure draft floated in February 2013)
8) A decision to set up a contingency relief arrangement (CRA) worth $100 billion was taken at the 5th BRICS Summit on 27 March 2013. Which country would be the largest contributor to the CRA? – China (China would contribute $41 billion to CRA, while India, Russia and Brazil would contribute $18 billion each. South Africa is to contribute the remaining $5 billion to the corpus of CRA. The decision to set up BRICS Development Bank (BDB) was also endorsed at the summit but the members failed to reach an understanding on the capitalisation of the new bank with China insisting on a $100 billion corpus while countries such as India were more comfortable with $50 billion)
9) Debt-ridden Mediterranean island country Cyprus on 25 March 2013 finally secured the $13 billion (10 billion Euro) bailout-package offered by the Euro Zone and thus avoided the country from a banking system collapse and bankruptcy that could have destabilized the entire euro area. What are the important terms that Cyprus has to implement in return for this bailout-package, which Cyprus was earlier unrelenting to undertake?
- A) Cyprus has to drastically shrink its banking sector, which has become oversized, unprofitable and uneconomical
- B) It has to cut its fiscal budget and cut-away wasteful expenditures
- C) It has to start the process of privatization of its state assets
- D) Cyprus has to implement comprehensive set of structural reforms in the country
(Cyprus has been shut out of international markets for almost two years. The bailout-package has been provided by a group of 17 European countries, who are collectively called as Euro Zone nations)
10) Which are the three states where High Courts were established on 23 March 2013, with which the number of high courts in India increased from 21 to 24? – Manipur, Meghalaya and Tripura (Announcement about establishment of these three new high courts was made on 25 January 2013)
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