Banking and Financial Awareness – 52

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12 Mar, 2014

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vote-on-account-budget

1) Union Finance Minister P. Chidambaram presented the Vote-on-Account on 17 February 2014, which would take care of union expenses until the government’s term ends in May 2014. What the expected fiscal deficit was for 2013-14, as announced in this vote-on-account? – 4.6% of GDP (The fiscal deficit, which is the gap between expenditure and revenue, was 4.9% of GDP in the previous financial year. Earlier fiscal deficit was expected to be around 4.8%. As per current indications, the fiscal deficit has come down mainly on account of expenditure compression and higher realisation from the 2G spectrum auction)

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2) What is the expected agricultural growth rate for 2013-14, as announced in the Vote-on-Account on 17 February 2014? – 4.6%

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3) Union govt. announced a moratorium on interest for educational loans in the Vote-on-Account presented on 17 February 2014. With this announcement 9 lakh student borrowers are expected to benefit to the extent of Rs. 2,600 crore. Educational loans taken before which year would be given moratorium on interest? – 2009

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4) What is the total outlay for defence for 2014-15, as announced in the Vote-on-Account on 17 February 2014? – Rs. 2,24,000 crore, which is 10% more than that of 2013-14

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5) A venture capital fund for scheduled castes (SCs) with an initial capital of Rs. 200 crore was announced in the Vote-on-Account presented on 17 February 2014. Which financial entity would set up this VC fund? – IFCI

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6) Which two business segments were exempted from the service tax in the Vote-on-Account presented on 17 February 2014? – Blood banks and provider of rice warehousing facilities

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7) What is the name of the proposed agency for better management of the government’s borrowings which was announced by the Union Finance Minister P. Chidambaram in his vote-on-account on 17 February? – Public Debt Management Agency – PDMA (Chidambaram announced that the Centre is ready with the Public Debt Management Agency Bill and that the proposed agency will be established as a non-statutory body and is expected to begin work in the next fiscal. Former finance minister Pranab Mukherjee had first announced setting up of PDMA in his budget speech of 2011-12. The PDMA is expected to consist of RBI officials, civil servants and people from the private sector)

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8) The Reserve Bank of India (RBI) during February 2014 constituted a committee to examine the recommendations of the Financial Sector Legislative Reforms Commission (FSLRC) relating to capacity building in the banking sector. The committee has been tasked with the responsibility of identifying capacity building requirements keeping in view the role of financial sector and what it should deliver. Who is heading this 9-member committee? – G Gopalakrishna (G Gopalakrishna is an Executive Director in the RBI. The committee will examine the skills required at various levels/operations to deliver on the required role and also identify qualifications relevant to specific areas of operation in banks and non-banks. Further, it will evolve methodologies for prescribing certification for required qualifications)

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9) What is the name of the chairperson and managing director of Kolkata-headquartered United Bank of India (UBI), who took voluntary retirement on 20 February 2014? – Archana Bhargava (Archana Bhargava was appointed as United Bank’s CMD in April 2013 and her appointment was up to February-end 2015. Her retirement comes in the wake of a surge in bad loans and the bank posting a loss in the third quarter. United Bank’s gross non-performing assets jumped 194% to Rs. 8,545.50 crore (includes fresh slippage of Rs. 3,172 crore in the October-December quarter) as at December-end 2013 against Rs. 2,902 crore as at December-end 2012)

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10) India Post (Dept. of Posts) on 13 February 2014 launched electronic Indian Postal Order (e-IPO) for Indian Citizens living in India. e-IPO facilitates paying online fee for which purpose? – For seeking information under the RTI (e-IPO is a facility to purchase an Indian Postal Order electronically for paying RTI fee online through e-Post Office Portal (https://www.epostoffice.gov.in) or India Post web-site (www.indiapost.gov.in). After paying the fee online one just need to annex the print-out of the receipt to the RTI application. Earlier last year the Department had launched the e-IPO on 22 March 2013 for Indian Citizens living abroad across the globe)

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11) Indian market regulator SEBI on 13 February 2014 cleared new corporate governance norms that require listed companies to justify CEO salaries, put in place whistle-blower policies and have orderly succession plans. What is the main objective of this new norm? – To exhort listed companies and their top executives to follow ‘Good Business Practices’ (The new norms were cleared by the SEBI board on 13 February and the relevant provisions would be incorporated in the listing agreement soon. The board also cleared new KRA (KYC Registration Agency) Regulations that would make it easier for the investors to comply with Know Your Client (KYC) requirements across various segments of the capital markets)

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  1. mayanbly11@gmail.com says:

    very useful for bank prep.

  2. shibbo says:

    mast h…

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