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Fri Oct 1, 2021
1. Which of the following are RBIs guidelines for universal bank licensing?
1. The requirement of Non-Operative Financial Holding Company (NOFHC) is mandatory for individual promoters.
2. Not more than 49% of the total paid-up equity capital of the NOFHC shall be owned by the Promoter/Promoter Group.
3. The bank shall get its shares listed on the stock exchanges within six years of the commencement of business by the bank. Which of the statements given above is/are correct?
A.1 only
B. 2 and 3 only
C. 3 only
D. 1, 2 and 3
Correct Answer : C Answer
Justification : What is Universal banking? It is a system of banking where banks undertake a blanket of financial services like investment banking, commercial banking, development banking, insurance and other financial services including functions of merchant banking, mutual funds, factoring, housing finance, insurance etc.
1. The central government’s debt as a percentage of gross domestic product (GDP) increased marginally by 0.1% from fiscal 2017-18 to 45.7% in FY19.
2. External debt stood at 5.4 % of GDP in FY19. Which of the statements given above is/are correct?
A.1 only
B 2 only
C. Both 1 and 2
D. Neither 1 nor 2
Correct Answer : D
Answer Justification : 9th EDITION OF THE STATUS PAPER ON GOVERNMENT DEBT About: This document covers details of the financing operations of fiscal deficit of the Central Government during the year 2018-19. It also contains Debt Management Strategy of the Central Government for the financial years from 2019-20 to 2021-22.
1. A cess imposed by the central government is a tax on tax, levied by the government for a specific purpose.
2. Surcharge is a charge on any tax, charged on the tax already paid. Which of the statements given above is/are correct?
A.1 only
B.2 only
C. Both 1 and 2
D. Neither 1 nor 2
Answer Justification : All the above statements are correct.
A cess imposed by the central government is a tax on tax, levied by the government for a specific purpose. Generally, cess is expected to be levied till the time the government gets enough money for that purpose.
4.“Food, work & productivity” was the main objective of which five-year plan?A. Fifth Plan
B. Sixth Plan
C. Seventh Plan
D. Eighth Plan
Correct Answer : C
Seventh Plan (1985 - 90) The Plan aimed at accelerating food grain production, increasing employment opportunities & raising productivity with focus on ‘food, work & productivity’.
A. To provide quick loans to stressed MSMEs suffering from COVID pandemic.
B. To provide moratorium on interests on debt less than 2 crores.
C. To provide tax rebate to exporters suffering of COVID pandemic.
D. To settle the huge number of pending direct tax cases.
Correct Answer : D Answer Justification : Vivad Se Vishwas scheme Context: The vivad se vishwas scheme was announced by Union Finance Minister Nirmala Sitharaman during her budget speech on February 1, 2020. The scheme aims to settle the huge number of pending direct tax cases. Hence, option (d) is correct.
1. It is the statutory mechanism under GST law to check the unfair profiteering activities by the registered suppliers under GST law.
2. The Minister of Finance is the ex-officio chairman. Which of the statements given above is/are correct?
A.1 only
B.2 only
C. Both 1 and 2
D. Neither 1 nor 2
Correct Answer : A
Answer Justification : National Anti-profiteering Authority constituted by the Central Government to examine whether additional input tax credits availed by any registered person or the reduction in the tax rate have actually resulted in a commensurate reduction in prices to the recipients.
1. EWay Bill is an Electronic Way bill for movement of goods to be generated on the eWay Bill Portal.
2. A GST registered person cannot transport goods in a vehicle whose value exceeds Rs. 5,00,000 without an e-way bill. Which of the statements given above is/are correct?
A. 1 only
B.2 only
C. Both 1 and 2
D. Neither 1 nor 2
Correct Answer : A
EWay Bill is an Electronic Way bill for movement of goods to be generated on the eWay Bill Portal. A GST registered person cannot transport goods in a vehicle whose value exceeds Rs. 50,000 (Single Invoice/bill/delivery challan) without an e-way bill that is generated on ewaybillgst.gov.in. Hence, statement 2 is incorrect.
8.. Consider the following statements regarding RTGS System1. It is an electronic fund transfer system that operates on a Deferred Net Settlement (DNS) basis which settles transactions in batches.
2. The RTGS system is primarily meant for large value transactions. Which of the statements given above is/are correct?
A.1 only
B. 2only
C. Both 1 and 2
D. Neither 1 nor 2Correct
Answer : B
The acronym 'RTGS' stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds transfers individually on an order-byorder basis (without netting).
1. These are allowed to lend money only for non-agricultural purposes. 2. The registration, management, audit and liquidation, etc. governed by RBI under Banking Regulation Act 1949.
Which of the statements given above is/are correct?
A.1 only
B.2 only
C. Both 1 and 2
D. Neither 1 nor 2
Correct Answer : D
Answer Justification : The term Urban Co-operative Banks (UCBs), though not formally defined, refers to primary cooperative banks located in urban and semi-urban areas. These banks, till 1996, were allowed to lend money only for non-agricultural purposes.This distinction does not hold today. These banks were traditionally centred around communities, localities work place groups. They essentially lent to small borrowers and businesses. Today, their scope of operations has widened considerably. Hence, statement 1 is incorrect.
1. They were set up on the recommendations of the Narasimham Working Group (1975).
2. The first Regional Rural Bank in India was Prathama Grameen Bank. Which of the statements given above is/are correct?
A.1 only
B.2 only
C. Both 1 and 2
D. Neither 1 nor 2
Answer Justification : All the above statements are correct.
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