Banking and Financial Awareness – 64

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13 Aug, 2014

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1) The Union Govt. on 26 July 2014 launched a web portal for enabling government-citizen discussions on several issues. What is the name of this portal which was inaugurated by Prime Minister Narendra Modi? – MyGov

Explanation : The main objective of MyGov is to engage the youth of the country in the nation’s development. It presents an opportunity to citizens to both discuss and do constructive work. There are multiple theme-based discussions on MyGov where a range of people would share their thoughts and ideas. The portal is implemented and managed by National Informatics Centre (NIC) and the Department of Electronics and Information Technology (DeitY).

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2) Public sector based Central Bank during July 2014 announced its plans to sell 4% of its stake to LIC for Rs. 581 crore. This stake sale is planned to meet bank’s capital requirement of Rs. 2,000 crore this fiscal. With this proposed sale Union Govt.’s holding in Central Bank would come down to – 84%

Explanation : Presently the Union Govt. holds 88% stake in Central Bank. Once the bank gets funds from LIC, it will then approach the government for around Rs. 1,500 crore of additional capital. The government has earmarked only Rs.11,200 crore for fund infusion into public sector banks this current fiscal, down from Rs.14,000 crore in the last fiscal.

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3) How many banks were fined by the Reserve Bank of India (RBI) on 25 July 2014 for violating central bank rules in the case of Deccan Chronicle Holdings? – Twelve

Explanation : These 12 banks are – Andhra Bank (Rs 10 lakh), Axis Bank (Rs 15 lakh), Canara Bank (Rs 10 lakh), Corporation Bank (Rs 10 lakh), HDFC Bank (Rs 5 lakh), ICICI Bank (Rs 40 lakh), IDBI Bank (Rs 15 lakh), IndusInd Bank (Rs 10 lakh), Kotak Mahindra Bank (Rs 10 lakh), Ratnakar Bank (Rs 5 lakh), State Bank of Hyderabad (Rs 10 lakh) and Yes Bank (Rs 10 lakh). ​The RBI had carried out a scrutiny of the loan and current accounts of Deccan Chronicle Holdings Ltd., in certain branches of these banks in late 2013. After this scrutiny it came to the conclusion that some of the violations were substantiated and warranted imposition of monetary penalty.

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4) The government of Portugal on 4 August 2014 announced how much relief package for country’s largest listed bank – Banco Espirito Santo (BES) to bill out the beleaguered bank? – 4.9 billion euros ($6.58 billion)

Explanation : This relief package was announced just months after Portugal exited an international bailout and is therefore expected to test the Euro Zone’s resilience to another banking crisis. The rescue of Banco Espirito Santo would include split of the bank into a “good bank”, renamed Novo Banco, and a “bad bank”, which will house BES’ exposures to the troubled Espirito Santo business empire as well as its subsidiary.

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5) Which telecom company during July 2014 became the first in India to have a combined subscriber base of over 300 million? – Bharti Airtel

Explanation : Bharti Airtel’s subscriber base across mobile, fixed line and DTH services crossed 300 million recently. Company’s latest 100 million subscribers were added in less than 2 years. Bharti Airtel has been ranked as the fourth-largest mobile service provider globally and second-largest globally outside of China. It started its operations in 1995 and had touched 100-million customer mark in 2009 and the 200 million mark in 2012.

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6) S.K. Jain, who was arrested by the CBI on charges of allegedly accepting a bribe of Rs 50 lakh to enhance the credit limit of some companies, was the Chairman and Managing Director (CMD) of which public-sector bank? – Syndicate Bank

Explanation : He was arrested on 2 August 2014 by the CBI and was suspended by the Union Govt. on 4 August 2014. Jain was appointed CMD of state-owned Syndicate Bank in July last year for a period of five years. He was one of the youngest CMDs of a public sector bank and was due to retire in 2020.

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7) What is the name of the mission announced by the Union Govt. on 28 July 2014 envisioned to protect the indigenous breeds of cows in the country? – Rashtriya Gokul Mission

Explanation : Rashtriya Gokul Mission (RGM) was announced as part of BJP’s poll promise to protect the cow and its progeny. To protect indigenous breeds, such as Punganur, Vechur and Krishna Valley, the Government plans to set up ‘Gokul Grams’ (cow sanctuaries), for which public-private partnerships as well as NGOs will be involved. The Government has kept aside Rs. 500 crore for the mission out of the Rs. 1,200 crore allocated for cattle and dairy development during the 12th Plan. Of this Rs. 150 crore will be spent this fiscal.

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8) Which Indian online retailer, during July 2014 raised $1-billion (Rs 6,013 crore) of fresh funds in one of the largest funding for any e-commerce company globally? – Flipkart

Explanation : Flipkart is the largest online retailer of India with around 22 million registered users and five million shipments in a month. This massive funding was co-led by existing investors Tiger Global Management and Naspers. Singapore’s sovereign wealth fund GIC, along with existing investors Accel Partners, DST Global, ICONIQ Capital, Morgan Stanley Investment Management and Sofina, also participated in the fund-raising. The company will utilise the proceeds to make long-term strategic investments in India. It is estimated that the firm has, so far, raised over $1.7 billion from investors, including the current transaction.

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9) Palghar became the 36th and the newest district of Maharashtra on 1 August 2014. It was carved out from which district, which was India’s most populous district? – Thane

Explanation : The proposal for a new, smaller and manageable Palghar district was hanging fire for over two decades. The proposal was finally cleared by the Maharashtra Cabinet on 13 June 2014. With a population of over 12 million, till 31 July 2014, Thane held the distinction of being the most populated district in the country, spread across 9,600 sq.kms of hills, forests and coastal areas.

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10) Which city would host the 21st Commonwealth Games of 2018? – Gold Coast City (Australia)

Explanation : Gold Coast City is situated in the Queensland province of Australia. The city would host the 21st Commonwealth Games from 4 to 15 April 2018. The hosting rights to Gold Coast City were awarded in November 2011. It thus would be the fifth hosting of these games in Australia, with the earlier stagings in 1938 (Sydney), 1962 (Perth), 1982 (Brisbane), and 2006 (Melbourne).

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Previous Responses on This Article

  1. Davince says:

    Good information

  2. SANDHYA34 says:

    than u so muchh………..

  3. Sunny Rays says:

    Please make some pdfs of Finance and Banking not as per day question…but as monthly booklet type material…:)
    It would be nyc of you…!!!

  4. SSSGM95AA says:

    good very useful…. thanks

  5. ssunil says:

    best site ever

  6. mreligible says:

    sir ye download karne ka link sahi sa banaiye like other website ..on one click…hai kdhar dowanload ka optiom ???

  7. pankajverma says:

    Most of the news is related to General Awareness not banking awareness

  8. chukku says:

    sir, u have not posted article no-62 in hindi, i m eagerly waiting for it for last 8 datz….plz sir, provide article 62 in hindi.

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