13 Jun, 2013
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Banking Awareness, Uncategorized,
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1) What was the growth rate of GDP for Indian economy for 2012-13 as per the data released by the Central Statistics Office (CSO) on 31 May 2013? – 5% (This is the lowest annual rate of growth in a decade. However, economy staged a feeble recovery in the fourth quarter (Jan-Mar) of 2012-13 during which the GDP growth stood at 4.8% as against 4.7% in the previous quarter (Oct-Dec 2012)
2) The Financial Sector Legislative Reforms Commission (FSLRC) has asked for complete overhaul of the current Indian financial sector regulatory architecture, if India wants to become $14 trillion economy by 2015. What are the main recommendations of FSLRC, which has submitted its report to the Finance Ministry in March 2013?
- a) Creation of a unified financial agency that would subsume sectoral regulators like IRDA, PFRDA, etc
- b) Limit the role of the RBI to monetary management
- c) Introduction of Indian Financial Code (IFC) for replacing the current regulatory regime (IFC’s draft was also included in this report)
3) What was India’s fiscal deficit during 2012-13 as announced by the Controller General of Accounts (CGA) on 31 May 2013? – 4.9% (This is lower than the targeted deficit of 5.2%. The Centre’s fiscal deficit stood at Rs. 4,89,890 in 2012-13 as against the budgeted deficit of Rs. 5,20,925 crore. This is the first time in over two years that the Centre’s fiscal deficit was below 5% and was achieved through higher revenues and a compression in expenditure. Fiscal deficit in 2011-12 was a record 5.9%)
4) State Bank of Bikaner and Jaipur (SBBJ) plans to open how many new branches in the current fiscal, which is the golden jubilee year of the bank? – 100 (Jaipur based SBBJ is a subsidiary of State Bank of India (SBI) and had 1,037 branches as on 31 March 2013)
5) How many cooperative banks failed in 2012-13, resulting in credit insurance company Deposit Insurance and Credit Guarantee Corporation (DICGC) paying nearly Rs. 160 crore to depositors? – 13 (Among the 13 cooperative banks, which failed to repay deposits to customers, nine are from Maharashtra, two from Gujarat and one each from Andhra Pradesh and Orissa. DICGC is a subsidiary of the Reserve Bank of India)
6) Indian market regulator Securities and Exchange Board of India (SEBI) completed how many years of its establishment on 24 May 2013? – 25 years (SEBI was formed on this day in 1988 by an order of Govt. of India. It was given statutory powers in 1992 through the SEBI Act, 1992)
7) How much were the gross non-performing assets (NPAs) of the State Bank of India (SBI) for year ended 31 March 2013 as declared on 23 May 2013? – Rs. 51,189 crore (NPAs stood at Rs. 39,676 crore in the previous year. SBI’s gross NPA as a percentage of total loan rose to 4.75%, which is the highest among Indian banks. NPAs represent portion of bad loans)
8) Infosys founder NR Narayan Murthy was reappointed as Chairman of the company, as announced by the company on 1 June 2013. What is the name of Mr. Narayan Murthy’s son who was also included in the reconstituted board of Infosys and who would function as Executive Assistant to Narayan Murthy? – Rohan Murthy (With Narayan Murthy’s reappointment, the current chairman K.V. Kamath would step down from his position as Chairman of the Board and will take up the position of Lead Independent Director)
9) Banking operations of ICICI Bank was hit for a few hours on 1 June 2013 due to some technical problems in ‘Finacle’, the platform on which ICICI Bank’s online operations are carried out. Which company is the developer of Finacle? – Infosys Limited
10) Indian Air Force (IAF)’s first fighter air base in South India was inaugurated by Defence Minister AK Antony on 27 May 2013. Where is this air base situated? – Thanjavur in Tamil Nadu (IAF’s state-of-the-art Su-30MKI combat aircraft will be stationed at this new air base. The establishment of the premier fighter base is important in the view of current geo-political scenario and threat perception in the peninsular region and in the Indian Ocean)
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