Banking and Financial Awareness – 25

Site Administrator

10 May, 2013

1329 Times Read.

Banking Awareness,


RSS Feeds RSS Feed for this Article



Read this in Hindi

NRLM-English

1) The Union Cabinet recently decided that women self help groups (SHGs) will get bank loans at 7% interest rate per annum under its flagship programme, National Rural Livelihood Mission (NRLM). What is the existing interest rate under NRLM? – 11.5% to 14% per annum (Total burden due to this reduction in interest rate for 2013-14 has been estimated at Rs. 1,650 crore, of which the Centre will bear Rs. 1,400 crore and the remaining will be met by state governments. This reduction will bring the rate of interest for women SHGs at par with the rate at which banks lend to farmers)

  • 2) RBI came up with its annual monetary policy statement on 3 May 2013. What was the economic growth rate proposed for the Indian economy for the current fiscal of 2013-14 in this statement? – 5.7% (In comparison the growth rate during 2012-13 was at decade’s lowest level of 5%)

  • 3) In its annual monetary policy statement of 3 May 2013, RBI Governor D. Subbarao highlighted which measure as the biggest threat to monetary policy? – Widening Current Account Deficit or CAD (CAD is the difference between inflow and outflow of foreign currency)

  • 4) What is the new repo rate after RBI announced a cut of 25 basis points in its annual monetary policy statement of 3 May 2013? – 7.25% (No changes were announced in cash reserve ratio (CRR), which stays at 4%. Repo rate is now at its lowest level since May 2011)

  • 5) Which stock exchange recently launched an Islamic equity index especially for Islamic investors? – Bombay Stock Exchange (BSE) – This equity index includes 500 stocks of those companies that fulfill Islamic finance principles like staying away from business of alcohol, tobacco and gambling-related products. BSE had also launched India’s first Islamic index in 2010

  • 6) A six-member inter-ministerial committee was constituted by the Union Govt. recently to suggest measures for enhancing exports from country’s micro, small and medium enterprises (MSME). Who is the head of this committee? – R S Gujral, Finance Secretary (MSME contributed about 8% in country’s GDP and 40% in country’s total exports. However, of-late this sector’s contribution has been decreasing and new reports suggest that MSME’s contribution in exports have dwindled to around 36%. India’s total exports are also experiencing continuous decline)

  • 7) Who was elected as the new President of Manila-based Asian Development Bank (ADB) on 26 April 2013? – Takehiko Nakao of Japan (Nakao will take charge from Haruhiko Kuroda, also from Japan, who  resigned from the ADB top post to assume the charge of Bank of Japan governor)

  • 8) What was India’s total indirect tax collection (actual) during 2012-13, as announced on 25 April 2013? – Rs. 4.74 lakh crore (The revised estimate for indirect tax collection for the year was Rs. 4.68 lakh crore. Total excise duty collection stood at Rs. 1,76,457 crore whereas total customs collection stood at Rs. 1,65,896 crore during the year. Better than expected collections have provided a major relief to the govt. in meeting the fiscal deficit target of 5.2% of GDP for 2012-13)

  • 9) What was the projected growth rate for Indian economy for 2013-14 as suggested recently by the Prime Minister’s Economic Advisory Council (PMEAC)? – 6.4% (The PMEAC on 23 April 2013 suggested that the downturn for Indian economy has bottomed out and if investments are pushed towards completion the economy can spring back from the 5% rate of growth recorded in 2012-13)

  • 10) How many life insurance policies were sold during 2012-13 (till December 2012), as per an announcement made in the Rajya Sabha on 23 April 2013 by Minister for State for Finance? – 2.69 crore (The sale of life insurance policies has been witnessing a continuous downtrend since 2010-11. In 2010-11 total number of policies sold stood at 4.81 crore. This figure came down to 4.41 crore in 2011-12.  Decline in number of life insurance policies is attributed to fall in sales of unit-linked insurance segment and general market trends)

  • Responses on This Article

    © NIRDESHAK. ALL RIGHTS RESERVED.