Banking and Financial Awareness – 27

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13 Jun, 2013

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GDP 2012-13


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)

The Swedish newspaper was recently asked it to delete the reference made by President Pranab Mukherjee to the Bofors scam in an interview to it, as a claim protested by the Indian Government on 27 May 2015. India has expressed disappointment over the disrespect shown to the President, the newspaper has defended its right to publish what was said during the interview.

Know, who is Vijay Kelkar and what is PPP !

Vijay Kelkar is a renowned economist and a former Finance Secretary. He was appointed head of newly constituted committee to give recommendations to recast the model of Public-Private-Partnership (PPP) model in India. India is one of the largest PPP market with over 900 projects. The Kelkar committee will review the PPP policy, suggest a better risk-sharing mechanism between private developers and the government after analysing such projects.

Know, who is Yaduveer Krishnadatta Chamaraja Wadiyar !

Yaduveer Krishnadatta Chamaraja Wadiyar was crowned as the new Maharaja of of Mysuru (Mysore) royal family. He is the 23-year old grandson of Princess Gayathri Devi, who was the eldest daughter of the last Maharaja of Mysore, Sri Jayachamarajendra Wadiyar. The coronation was held at Mysuru’s famous Amba Vilas Palace, which was decked up for the occasion.

Know about Sepp Blatter!

Swpp Blatter, was re-elected as FIFA president for a fifth term at the 65th Annual Congress of FIFA held at Zurich for four year term.

Prince Ali bin al-Hussein of Jordan stood against Blatter in this election. It is worth mentioning that FIFA is going through a major controversy regarding corruption in the organisation with two FIFA vice presidents and a recently elected FIFA executive committee member still in custody.


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  1. rashmi says:

    Hello admin,
    As have initially provided with SBI po material of currnt affairs, i request u to provide same for IBPS-PO.


  2. bhuvi says:

    sir grt job!!! thnq…..are these banking,finance stuff sufficient for bank xamz or we hav to refer any other materials or websites???plz reply..

    • Ravindra Agnihotri says:

      Dear Bhuvi, tries to cover almost all the happenings pertaining to current affairs, which include all the latest developments in Banking sector. We have got heavy response for our SBI PO matter, in which numerous students claimed that a lot of questions were from our study material. But we can’t claim that all the stuff from our sites would only come in these competitive exams. We however, reiterate that our endeavour is to give full, comprehensive, clear and immensely beneficial study material for the student fraternity, who have reposed their faith in thousands and thousands in our study material.
      Ravindra Agnihotri