April to June Flashcards
What were the changes in effect under the CGTMSE scheme After 1st April 2024?
After 1st April 2023,
- the limit on the ceiling for guarantees has been enhanced from Rs. 2 crores to Rs. 5 crores.
- The Annual Guarantee fees reduced from 0.75% to 0.37%.
- Increase in the threshold limit from Rs. 5 Lakh to Rs. 10 Lakhs for waiver of legal action.
_____wins SKOCH ESG Award 2024 in Renewable Energy Financing Category?
REC Ltd. The SKOCH ESG Awards recognize organizations that demonstrate outstanding performance in Environmental, Social, and Governance (ESG) practices. The SKOCH ESG Award and Assessment serve as an important benchmark for evaluating organizations’ commitment to India 2047.
The first Doc Film Bazar was organised in which place and why?
The Documentary (Doc) Film Bazaar was organised alongside the 18th Mumbai International Film Festival (MIFF) in Mumbai to promote and support documentaries, short films and animation content showcasing talent in filmmaking, production and distribution.
A certified ESG (Environmental Social Governance) programme was launched by which entities in April and why?
The Indian Institute of Corporate Affairs (IICA) joined hands with HP India to launch this programme.
- Under this programme, HP India in collaboration with IICA, will offer 100% scholarships to 75 candidates, enabling them to pursue advanced education in ESG without financial barriers.
- This initiative is designed as a comprehensive course on ESG, giving a holistic understanding of the philosophy of ESG, its principles, its relevance, and its implications in the current scenario
What was the GST collection in FY2023-24?
Which States/UTs witnessed the highest and lowest growth rate in GST collection in the FY2023-24?
Ans-
* FY 2023-24 marks a milestone with a total gross GST collection of Rs 20.14 lakh crore exceeding ₹20 lakh crore, an 11.7% increase compared to the previous year.
- Ladakh witnessed the highest growth in GST Revenue i.e. 82%.
- Mizoram Witnessed the lowest/negative growth in GST Revenue i.e. -29%.
The 2nd Leadership Development in Science & Technology (LEADS) Programme was organised by which entities?
The Indian National Science Academy (INSA) and the National Centre for Good Governance (NCGG) jointly organized the 2nd INSA-NCGG Leadership Development Program in Science and Technology (LEADS) in New Delhi. The programme seeks to create a robust science ecosystem to nurture and empower future leaders in the field of Science and Technology.
The Technology Development Board -Department of Science & Technology signs an agreement with which entity to set up a commercial plant for recycling of Li-ion Battery and E-Waste using indigenous technology?
M/s Remine India Private Limited, Uttarakhand. It will leverage indigenous technology developed by the Centre for Materials for Electronics Technology (CMET), Hyderabad.
Which port reached new heights with the recent record-breaking achievement of clocking an incredible 145.38 MMT cargo throughput in FY 2023-24?
Paradip Port. This port has now emerged as the highest cargo handling port in the country, bypassing Deendayal Port, Kandla.
A) The report titled “Synchronizing energy transitions towards Possible Net-Zero for India: Affordable and Clean Energy for All” was prepared by which entity?
B) What is India’s average annual energy consumption per capita, according to the report?
C) The electricity consumption will increase gradually to ___% of Total Final Electricity Consumption (TFEC) for India by 2070?
D) What would be India’s emission range in 2070?
E) What will be the widespread electrification percentage of the end-user sectors in the Total Final Electricity Consumption (TFEC)?
F) What will be the financial requirements between 2020 and 2070?
G) The average per capita electricity consumption is lowest and highest in which states respectively?
Ans-
* A) It was prepared by IIM Ahmedabad as part of a study project which was sanctioned in November 2021 by the Office of the Principal Scientific Adviser to the Government of India, for which One-third of the funding was provided by the Nuclear Power Corporation of India Ltd. (NPCIL).
- B) In terms of the energy profile, India’s average annual energy consumption per capita is one-third of the world’s average. India’s energy demand is expected to double by 2040
C) Our modelling indicates that electricity consumption will increase gradually to 29–32% of Total Final Electricity Consumption (TFEC) for India by 2070 under the Nationally Determined Contributions (NDC) scenarios
D) India’s emissions would range between 0.56 billion tonnes of CO2 and 1.0 billion tonnes of CO2 in 2070. It is expected that the remaining gap in emissions will be offset through sequestration in forestry and tree cover as envisaged in our (NDCs).
E) Widespread electrification of end-use sectors i.e. up to 47-52% electricity share in Total Final Electricity Consumption (TFEC) compared to 18% at present.
F) Financial requirements during 2020-2070 would be to the tune of Rs 150-200 lakh Crore (about US$ 2-2.5 trillion, or US$ 40-50 billion/year). Considerable financial flows must be international.
G) The average per-capita electricity consumption is the Lowest in Bihar and the Highest in Goa. Among all Indian states and UTs, Bihar, Assam, Manipur, Tripura, Uttar Pradesh, Madhya Pradesh, Jharkhand, West Bengal, Mizoram, and Orissa have per-capita energy consumption in the bottom one-third.
The SJVN Limited has signed a Memorandum of Understanding (MoU) with which entity to use advanced geological models in SJVN’s tunnelling projects, to improve tunnel performance?
IIT Patna
The Ministry of Health & Family Welfare gave an explanation of the Ayushman Bharat Health Accounts (ABHA), what is ABHA and what are its features?
What are the components of the ABHA?
Ans-
* The ABHA is an Integral component of the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (ABPMJAY), designed to facilitate cashless transactions and manage financial aspects related to healthcare services under the Ayushman Bharat scheme. It is a 14-digit Unique Health Identification (UHID) number or ABHA provided to any individual enrolled under the Ayushman Bharat Digital Mission (ABDM).
Features:
- Cashless Transactions: It enables cashless transactions for eligible beneficiaries seeking treatment at empanelled healthcare facilities.
- Electronic Health Records (HER): It integrates electronic health records, facilitating the storage and retrieval of patient information.
- Portability: The accounts are designed to be portable across various healthcare providers empanelled under the Ayushman Bharat scheme, allowing beneficiaries to access services seamlessly, regardless of their location.
- Real-time Monitoring: It incorporates real-time monitoring mechanisms to track the utilization of funds and ensure that resources are allocated efficiently. This helps in preventing misuse and optimizing the distribution of healthcare resources.
- Transparency and Accountability: By promoting digital transactions and maintaining electronic records, ABHA enhances transparency and accountability in the healthcare system.
Components - Beneficiary Identification, Funds Management, Claim Settlement, Audit & Oversight
The President of India, Smt Droupadi Murmu launched India’s first Car-T cell therapy at which place?
It was developed by which entities?
Ans
* IIT Bombay
- It was developed by IIT, Bombay and Tata Memorial Hospital in association with industry partner ImmunoACT. It is the world’s most affordable CAR-T cell therapy
CAR-T cell therapy, or Chimeric Antigen Receptor T-cell therapy, is an innovative form of immunotherapy used in the treatment of certain types of cancer. It involves genetically modifying a patient’s own T cells (a type of immune cell) to recognize and attack cancer cells more effectively.
The Workshop on ‘Integration of Economic/User Ministries/Departments on PM Gatishakti National Master Plan’ was organised by which entity in New Delhi?
It was organised by the Department of Promotion of Industry and Internal Trade (DPIIT) to sensitise the Economic/User Ministries/ Departments about the onboarding of GIS Data Layers on the PM GatiShakti National Master Plan (NMP), benefits of using the platform for planning and to review the progress made in this respect.
The “Experimental Licence Module for 100 5G Labs” was launched at which place by the Telecom Secretary?
IIT Madras
Department of Telecommunications (DoT) has awarded ‘100 5G Use Case Labs’ to educational institutions across the country.
- The primary objective behind this initiative is to cultivate competencies and engagement in 5G technologies among students and start-up communities.
- They need to obtain an Experimental (Non-Radiating) category of license from the Department of Telecommunication, that’s why DoT launched one of the Experimental Licence Module that aims to simplify the experimental licence requirements for these institutions, facilitating smoother operations and fostering innovation in the 5G domain.
An experimental (non-radiating) licence typically refers to regulatory permission granted by a government authority or regulatory body to an individual or organization to conduct experiments or tests involving electronic devices or equipment that do not emit radiofrequency radiation.
In April 2024, India and the EU launched an Expression of Interest (EOI) for ________under the India-EU Trade & Technology Council (TTC) Working Group 2?
What are the 3 working groups under the India-EU Trade & Technology Council (TTC)?
Ans-
* It was launched for startups working in Battery Recycling technologies for Electric Vehicles (EVs)
- The India-EU Trade and Technology Council (TTC) was announced in 2022 and established in 2023. The TTC consists of three Working Groups:
(1) Working Group 1 on Strategic Technologies, Digital Governance and Digital Connectivity.
(2) Working Group 2 on Green and Clean Energy Technologies - It is being co-chaired from the Indian side by the Office of the Principal Scientific Adviser to the Government of India and from the EU side by the Directorate-General for Research and Innovation of the European Commission.
(3) Working Group 3 on Trade, Investment and Resilient Value Chains
As of 7 April, Over 73,000 applications received on the Suvidha Portal since the announcement of General Elections 2024. What is the Suvidha Portal?
What are the various campaigns runned by the government for the elections?
Ans-
** It was launched and developed by the Election Commission of India (ECI). The Suvidha Portal caters to a diverse range of permission requests by political parties transparently on the First in First Out principle. It caters to permissions for organising rallies, opening temporary party offices, door-to-door canvassing, video vans, helicopters, obtaining vehicle permits, and distributing pamphlets.
** Turning 18 Campaign - It specifically targets young and first-time voters. The primary objective is to galvanize youngsters to participate in the upcoming elections and address the critical issues of urban and youth apathy noticed in previous elections.
You are the One Campaign - This initiative aims to recognize and celebrate the invaluable contributions of various stakeholders involved in the electoral process, from voters and political parties to Booth Level Officers (BLOs), ground staff, polling parties, administrative personnel, media professionals, central forces, and security personnel, each stakeholder plays a vital role in ensuring the integrity and efficiency of the electoral process.
‘VerifyBeforeYouAmplify’ initiative - It aims to tackle fake news and urges individuals to exercise caution and diligence before sharing information on social media platforms.
Which entity will organise the Clean Economy Investor Forum in Singapore?
The Clean Economy Investor Forum will have which two tracks for the Indian Industries?
Ans-
* IPEF (Indo-Pacific Economic Framework)
- Climate Tech Track: Under this track, the IPEF Clean Economy Investor Forum is holding an open call that aims to recognise the top climate tech companies and start-ups among the member countries and present them to global investors.
- Infrastructure Track: Under this track, India will showcase selected investible sustainable infrastructure projects at the 2024 Forum.
- The sectors of focus are energy transition (e.g electric gird; renewable energy, including solar, and onshore wind; sustainable aviation fuel; battery storage; hydrogen; green data centres), transport and logistics (e.g. Electric Vehicle, EV charging points), waste management/waste to energy.
- The IPEF Clean Economy Investor Forum is managed by Invest India, India’s National Investment Promotion Agency.
A) The Scheme Guidelines for the implementation of the R&D scheme under the National Green Hydrogen Mission were released. What is the outlay and tenure of the R&D component of the National Green Hydrogen Mission?
B) Support to R&D will be provided for which type of projects?
C) What percentage of the project cost will be provided under the R&D component?
D) What will be the pattern for the disbursement of funds?
E) What will be the overhead charges provided to institutions under the scheme?
Ans-
A) Outlay- ₹400 crore, Tenure- till FY2025-26
B) Support will be provided under the Mission for the following types of projects:
- Mission Mode Projects with short-term (0-5 years) horizon.
- Grand Challenge Projects with a mid-term (0-8 years) impact horizon.
- Blue Sky Projects have a long-term (0-15 years) horizon.
- Centers of Excellence
C) - Upto 100% of the total project cost will be provided to Academic Institutions, Universities, Government/Non-profit research organizations, and Academia/National R&D lab partners.
- Upto 80% of the total project cost will be provided to Private institutes/research organizations and industries.
D) The Pattern of release of Central Financial Assistance (CFA) will be on a milestone basis:
- up to 30% of the total assistance excluding the institutional overheads would be released along with the sanction depending on the requirement of equipment in the project.
- The balance assistance excluding the institutional overheads would be sanctioned as per the annual allocation based on the progress/milestone achieved in the project.
E) - Overhead charges are restricted up to 8% of the project cost for the projects costing up to Rs. 1 Crore.
- In case of the project cost of Rs. 1 to 5 Crore, the overhead charges will be 8% of the project cost or Rs. 15 lakh whichever is less.
- In case of the project cost of more than Rs. 5 Crore, the quantum and overhead charges will be decided/approved by the MNRE on a case-to-case basis
The Khanij Bidesh India Limited (KABIL) signed an MoU with which entity in April for technical & knowledge cooperation for critical minerals?
Council of Scientific and Industrial Research - Institute of Minerals and Materials Technology (CSIR-IMMT)
Which hospital became the first government hospital across the country to procure and conduct successful piezoelectric bone conduction hearing implants?
Department of Ear, Nose & Throat (ENT) Command Hospital, Pune
The “Prerana” program was launched by which ministry, at which place and why?
The pilot phase of the “Prerana” programme was launched in which states and UTs?
**
- It was launched by the Department of School Education and Literacy (DoSEL), Ministry of Education To inspire the youth of the country to become “catalysts of change”.
- Prime Minister Narendra Modi’s first school in his hometown Vadnagar in the Mehsana district of Gujarat is being developed as a model school called “PRERANA”.
- The Prerna School will offer a 5-day programme of Experiential and immersive learning to Students of Grades IX to XII. The week-long camp/programme at Prerana School is a journey of inspiration to invoke the 3 following fundamental themes:
a) Who am I?
b) What is our history and Cultural Heritage?
c) What can I do for my country?
** It held for five batches of 20 participants each from five states and one Union Territory:
Haryana, Rajasthan, Madhya Pradesh, Maharashtra, Gujarat and UT of Daman and Diu
The ___edition of the “Raisina Dialogue 2024” was held in New Delhi, hosted by the Observer Research Foundation and the Ministry of External Affairs?
What was the theme of the conference?
What are the 6 thematic pillars of the Raisina Dialogue?
** 9th edition. The chief guest of the conference was Mr. Kyriakos Mitsotakis, Prime Minister of Greece.
** “Chaturanga: Conflict, Contest, Cooperate, Create”
** (i) Tech Frontiers: Regulations & Realities
(ii) Peace with the Planet: Invest & Innovate
(iii) War & Peace: Armouries & Asymmetries
(iv) Decolonising Multilateralism: Institutions & Inclusion;
(v) The Post 2030 Agenda: People & Progress;
(vi) Defending Democracy: Society & Sovereignty.
- Raisina Dialogue is India’s flagship annual conference on geopolitics and geo-economics, committed to addressing the most challenging issues facing the international community.
- Every year, leaders in politics, business, media, and civil society converge in New Delhi to discuss the state of the world and explore opportunities for cooperation on a wide range of contemporary matters
The Election Commission of India (ECI), for the first time in a Lok Sabha Election, provided the facility of home voting for the elderly and Persons with Disabilities in the 2024 Lok Sabha elections. What are the age and benchmark disability criteria for this?
It is Applicable to:
- Voters above 85 years of age.
- Persons with Disabilities (PwDs) with 40% benchmark disability
The World Quantum Day is observed annually on 14 April, What is the tenure and outlay of the National Quantum Mission?
What are the objectives of the National Quantum Mission?
** Tenure- It will be implemented for a period of eight years from FY2023-2024 to FY2030-2031 by the Department of Science and Technology, Ministry of Science and Technology.
Outlay- ₹6003 crore, Tenure- 2023-24 to 30-31
** - The Mission aims to seed, nurture and scale up scientific and industrial R&D and create a vibrant & innovative ecosystem in Quantum Technology (QT).
- The Mission objectives include developing intermediate-scale quantum computers with 50-1000 physical qubits in 8 years in various platforms like superconducting and photonic technology.
- Mission Implementation includes setting up four Thematic Hubs (T-Hubs) in top academic and National R&D institutes in the domains of quantum Computing, Quantum Communication, Quantum Sensing & Metrology and Quantum Materials & Devices. The hubs will focus on the generation of new knowledge through basic and applied research as well as promote R&D in areas that are mandated to them.
India and Myanmar’s rupee kyat settlement mechanism has been operationalised from 25th January 2024 to simplify trade transactions and to make them more efficient. The Rupee/Kyat direct payment system will be utilized using a Special Rupee Vostro Account of which bank?
Punjab National Bank
As of April 2024, around _____workers are registered on the e-shram portal?
295 million workers
A) Central Board of Direct Taxes (CBDT) signed a record number of ____ Advance Pricing Agreements (APAs) in FY 2023-24?
B) ____Uniletaral APAs and _____Bilateral APAs (BAPAs) were signed in FY2024?
C) Since the inception of the APA Programme a total of ____APAs has been signed, comprising ____UAPAs and ____BAPAs?
D) What is the maximum and minimum duration of APA?
E) When are APAs and when were they introduced?
A) 125, which also represents a 31% increase compared to the 95 APAs signed during the preceding financial year.
B) - 125 APAs include 86 Unilateral APAs and 39 Bilateral APAs
- During FY 2023-24, CBDT also signed the maximum number of BAPAs in any financial year to date. The BAPAs were signed as a consequence of entering into Mutual Agreements with India’s treaty partners namely Australia, Canada, Denmark, Japan, Singapore, the UK and the US
C) Since the inception of the APA Programme, a total of 641 APAs have been signed, comprising 506 UAPAs and 135 BAPAs.
D) - The term of APA can be a maximum of 5 years. Further, the taxpayer has the option to rollback the APA for four preceding years, as a result of which, tax certainty is provided for nine years.
- There is no minimum period, However looking into the time, money and efforts that are expected to be spent before entering into APA, it is likely that the application for APA would normally be for a term which is not less than at least 3 years
E) - Advance Pricing Agreement (APA) provisions were introduced in the Income-tax Act, 1961 (Act) w.e.f. 2012. It is an agreement between a taxpayer and one or more tax authorities (CBDT for India) regarding the transfer pricing methodology/Arm Length Price applied to transactions between related entities.
- Transfer pricing/Arm-length price refers to the pricing of goods, services, and intellectual property transferred between related entities within multinational corporations.
- The primary objective of APAs is to provide certainty and clarity to taxpayers regarding their transfer pricing practices, thereby reducing the risk of disputes and double taxation for multinational corporations engaged in cross-border transactions. APAs minimize ambiguity and reduce the likelihood of misunderstanding between taxpayers and tax authorities by establishing agreed-upon transfer pricing methodologies.
- APAs help mitigate the risk of double taxation by providing assurance to tax authorities that transfer pricing practices comply with the arm’s length principle. Thus, tax authorities are less likely to impose adjustments that could lead to double taxation of the same income in multiple jurisdictions.
There are 3 types of APAs
Unilateral APA- Involves an agreement between the taxpayer and the tax authority of a single jurisdiction.
Bilateral APA- Involves agreements between the taxpayer, the tax authority of the taxpayer’s country, and the tax authority of another country where related entities are located. This ensures consistency and mutual agreement on transfer pricing practices across jurisdictions.
Multilateral APA- Involves agreements between the taxpayer, the tax authorities of multiple countries, and possibly other relevant parties. This is used when transactions involve entities in more than two jurisdictions.
The annual rate of inflation based on the Wholesale Price Index for the month of March 2024 was ___% (Provisional)?
What are the components of WPI?
** 0.53%
** The Wholesale Price Index (WPI) is released by the DPIIT, Ministry of Commerce & Industry. Its components are
- Primary Articles (22.62%)
- Fuel & Power (13.15%)
- Manufactured Products (64.23%)
Its base year is 2011-12 with a base value of 100
The 1st international workshop on ‘Emerging Technologies & Challenges for Exoskeleton’ was organised at which place and by which entity?
It was organised in Bengaluru by the DRDO
What is the name of the premier testing & evaluation hub for sonar systems, inaugurated in April for the Indian Navy and it was inaugurated at which place?
The Submersible Platform for Acoustic Characterisation and Evaluation (SPACE) was inaugurated at the Underwater Acoustic Research Facility, Kulamavu in Idukki, Kerala.
It will consist of two distinct assemblages:
- A platform which floats on the water’s surface
- A submersible platform which can be lowered to any depth upto 100 m using winch systems.
The 16th “World Future Energy Summit 2024: Driving Sustainable Energy Solutions” was held at which place?
IREDA director Pradip Kumar Das highlighted that Indian Renewable Energy Development Agency Ltd. (IREDA) has opened an office in _____place which will specialize in providing debt options denominated in foreign currencies?
** Abu Dhabi, UAE
** GIFT City, Gandhinagar. This will facilitate natural hedging and significantly reduce the financing costs for Green Hydrogen and Renewable Energy Manufacturing projects.
A Conference titled ‘India’s Progressive Path in the Administration of Criminal Justice System’ was organised in New Delhi. The conference was set against the backdrop of the enactment of which 3 criminal laws?
What does the criminal law BNSS stipulate?
- Bharatiya Nyaya Sanhita 2023, Bharatiya Nagarik Suraksha Sanhita (BNSS) 2023 and Bharatiya Sakshya Adhiniyam 2023 given their being brought into effect from 1st July 2024.
- These new laws replaced the earlier criminal laws namely, the Indian Penal Code 1860, the Code of Criminal Procedure, 1973 and the Indian Evidence Act, 1872.
** - The BNSS stipulates that criminal trials must be completed in three years, and judgments must be pronounced within 45 days of being reserved.
- Section 530 of the BNSS allows all trials, inquiries, and proceedings may be conducted in electronic mode, which is in keeping with the needs of the present time.
The Ministry of Heavy Industries receives Seven bids against Global Tender for the selection of bidders to set up giga-scale Advanced Chemistry Cell (ACC) manufacturing facilities of cumulative ___GWh capacity under the PLI ACC scheme?
When was the PLI-ACC Scheme (PLI Scheme on National Programme on ACC Battery Storage) launched and at what outlay?
What are the targets of the beneficiary firms?
** 10 GWh
** It was launched in 2021 by the Ministry of Heavy Industries with an outlay of ₹18100 crore. It aims to achieve the manufacturing capacity of Fifty (50) giga-watt hours (GWh) of the ACC.
** The beneficiary firm has to ensure achieving a domestic value addition of at least 25% and raise it to 60% within 5 Years while also making the mandatory investment of Rupee 225 crore /GWh for committed capacity within 2 Years.
Answer the following based on the “Indian Telecom Services Performance Indicator Report” for the Quarter October-December 2023-
A) The report was released by?
B) Total number of Internet subscribers increased from ____ at the end of Sep-23 to _____ at the end of Dec 23, registering a quarterly rate of growth ___%?
C) Urban Internet Subscribers were ____and Rural Internet Subscribers were_____?
D) The number of telephone/Telecom subscribers in India increased from ______ at the end of Sep-23 to _____ at the end of Dec23, registering a rate of growth of ___% over the previous quarter?
E) What is the market share in the Telecom sector?
A) Telecom Regulatory Authority of India (TRAI)
B) From 918.19 million at the end of Sep-23 to 936.16 million at the end of Dec23, registering a quarterly growth rate of 1.96%
C) Urban Internet Subscribers: 548.12 million, Rural Internet Subscribers: 388.05 million
D) It increased from 1,181.13 million at the end of Sep-23 to 1,190.33 million at the end of Dec 23, registering a rate of growth of 0.78% over the previous quarter.
E) Private Operators: 91.36%, PSU Operators: 8.64%
The Department of Administrative Reforms and Public Grievances (DARPG) signed an MoU with which country in April, in the field of Human Resource Development?
It was signed with Cambodia for the next 5 years
Where was the “26th World Energy Congress” held in April and What was the theme of the event?
Location: Rotterdam, Netherlands.
Theme: ‘Redesigning Energy for People and Planet’
The Reserve Bank of India (RBI) in April came out with guidelines for the voluntary conversion of small finance banks (SFBs) into universal banks. What are the eligibility criteria for the same?
What are the conditions regarding shareholding pattern?
** – minimum net worth of ₹1000 crore
- Gross NPA of 3% or less and Net NPA of 1% or less in the past 2 financial years
- SFBs must have reported a net profit in the past 2 financial years and must have met the prescribed capital adequacy norms
- Should have a scheduled status with a satisfactory track record of performance for a minimum period of five years
- meeting the prescribed CRAR requirements for SFBs
- shares of the bank should have been listed on a recognised stock exchange
** 1. There is no mandatory requirement for an eligible SFB to have an identified promoter. However, the existing promoters of the eligible SFB, if any, shall continue as the promoters on transition to Universal Bank.
- Addition of new promoters or change in promoters shall not be permitted for an eligible SFB while transitioning to Universal Bank.
- There shall be no new mandatory lock-in requirement of minimum shareholding for existing promoters in the transitioned Universal Bank.
- There shall be no change to the promoter shareholding dilution plan already approved by the Reserve Bank.
- The eligible SFBs having diversified loan portfolio will be preferred.
-
The prime minister of India addressed the 6th edition of the “International Conference on Disaster Resilient Infrastructure (ICDRI) 2024” in New Delhi. What was the theme of the event?
ICDRI is the flagship annual conference of the Coalition for Disaster Resilient Infrastructure (CDRI). When was the CDRI established and it has how many members?
** “Investing Today for a more resilient tomorrow”
**- Established: 2019 during the United Nations Climate Action Summit in New York.
- Members: 39 countries and 7 organizations.
The 7 organizations are:
- Asian Development Bank
- World Bank Group
- UNDP
- United Nations Office for Disaster Risk Reduction (UNDRR)
- The Private Sector Alliance for Disaster
Resilient Societies - European Union
- European Investment Bank
- Secretariat: New Delhi, India.
The SCO (Shanghai Cooperation Organisation) Defence Ministers’ Meeting 2024 was held in which place?
When was the SCO established and where is its headquarters?
** Astana, Kazakhstan
** - It was Established in 2001, The SCO charter was signed in 2002 and entered into force in 2023.
- Headquarter: Beijing, China
- SCO is a permanent intergovernmental international organisation. It’s a Eurasian political, economic and military organisation aiming to maintain peace, security and stability in the region. The SCO’s official languages are Russian and Chinese. It has 8-members (India and Pakistan joined this group in 2017)
Khanij Bidesh India Limited (KABIL) signed an MoU with which entity to foster a long-term collaboration in the field of geophysical investigations to bolster its ongoing projects and activities in critical and strategic minerals?
Council of Scientific and Industrial Research - National Geophysical Research Institute (CSIR-NGRI)
At the 3rd Biennial Pan-“Commonwealth Heads of Public Services/Secretaries to Cabinet Meeting”, the Commonwealth Secretariat recognized CPGRAMS as a state-of-the-art grievance redressal system for SMART Government. What was the theme of the 3-day conference?
The government has approved an allocation of ₹_____for CPGRAMS 8.0 with an upgraded technology platform to be implemented over the next 2 years?
** “Institutionalization of SMART Government for Improving Service Delivery,”
** ₹128 crore
About Centralised Public Grievance Redress and Monitoring System (CPGRAMS)
- It is an online platform available to the citizens 24x7 to lodge their grievances to the public authorities on any subject related to service delivery.
- It is a single portal connected to all the Ministries/Departments of Government of India and States.
- It was launched by the Department of Administrative Reforms and Public Grievances (DAPRG).
- Every Ministry and States have role-based access to this system.
- CPGRAMS is also accessible to the citizens through a standalone mobile application downloadable through the Google Play store and a mobile application integrated with UMANG.
The First Multi-purpose (Combined Heat and Power) Green Hydrogen Pilot Project was inaugurated at which place and by which company?
It was inaugurated by the SJVN at the Nathpa Jhakri Hydro Power Station in Jhakri, Himachal Pradesh. It has a production capacity of 1500Mw.
The REC Ltd in April availed a Green Loan of ____Japanese yen to finance green projects in India?
The green loan facility benefits from an 80% guarantee by which export credit agency?
** 60.536 billion Japanese Yen
** Italian Export Credit Agency, SACE. It is the first Yen-denominated loan transaction in India and the first Green Loan Transaction in India, for SACE.
According to the Ministry of Commerce & Industry, The total merchandise exports figures went up from USD____ in 2003-04 to ____USD in 2013-14, and in FY2023-24 stand at ____USD?
FY 2003-04: USD billion 63.84
FY 2013-14: USD billion 314.40
FY 2023-24: USD billion 437
Answer the following according to the RBI circular released in Jan 2021 “Corporate Governance in Banks - Appointment of Directors and Constitution of Committees of the Board”-
a) What is the eligibility for the chair of the board?
b) What is the quorum requirement of the board?
c) What are the directions for the Audit Committee of the Board (ACB)?
d) What are the directions for the Risk Management Committee of the Boards (RMCB)?
e) What are the directions for the Nominations and Remuneration Committee (NRC)?
f) What is the age limit and job tenure of Non-Executive Directors (NED) in the chair of the board of Banks?
g) Remuneration up to ₹_____lakh per annum will be provided to NEDs for their sitting fees and expenses?
h) The post of the MD & CEO and WTD (Whole Time Directors) cannot be held by the same incumbent for more than ____years?
i) What is the age limit for MD & CEO and WTDs?
Ans-
a) - The Chair of the board shall be an independent director and In the absence of the Chair of the board, the meetings of the board shall be chaired by an independent director.
- At least half of the directors attending the meetings of the board shall be independent directors.
b) The quorum for the board meetings shall be one-third of the total strength of the board or three directors, whichever is higher.
c) - The ACB shall be constituted with only non-executive directors (NEDs) and at least two-thirds of the members attending the meeting of the ACB shall be independent directors. The meetings of the ACB shall be chaired by an independent director who shall not chair any other committee of the Board.
- The Chair of the Board shall not be a member of the ACB.
- The ACB shall meet at least once a quarter with a quorum of three members.
- The Chair of the ACB shall not be a member of any committee of the board which has a mandate of sanctioning credit exposures.
D) - The board shall constitute an RMCB with a majority of NEDs (Non-Executive Directors).
- The RMCB shall meet with a quorum of three members.
- At least half of the members attending the meeting of the RMCB shall be independent directors of which at least one member shall have professional expertise/ qualification in risk management.
- Meetings of RMCB shall be chaired by an independent director who shall not be a Chair of the board or any other committee of the board.
- The Chair of the board may be a member of the RMCB only if he/she has the requisite risk management expertise.
- The RMCB shall meet at least once in each quarter.
E) - The board shall constitute an NRC made up of only NEDs.
- The NRC shall meet with a quorum of three members.
- At least half of the members attending the meeting of the NRC shall be independent directors, of which one shall be a member of the RMCB (Risk Management Committee of the Board).
- The meetings of the NRC shall be chaired by an independent director.
- The Chair of the Board shall not chair the NRC.
F) Age Limit- 75 years
Tenure- 8 years. After completing eight years on the board of a bank the person may be considered for re-appointment only after a minimum gap of three years.
G) Up to ₹30 lakh per annum will be provided to NEDs as their sitting fees and expenses
H) 15 years. The individual will be eligible for reappointment for a minimum gap of 3 years. MD&CEO or WTD who is also a promoter/ major shareholder, cannot hold these posts for more than 12 years. However, in extraordinary circumstances, at the sole discretion of the Reserve Bank such MD&CEO or WTDs may be allowed to continue up to 15 years
I) The overall age limit is 70 years and Within the overall limit of 70 years, as part of their internal policy, individual bank Boards are free to prescribe a lower retirement age for the WTDs, including the MD&CEO.
Answer the following based on the “Master Circular on Board of Directors –UCBs”, released by the RBI in April 2024-
a) What is the minimum number of directors required in the board and what should be their experience and education?
b) UCBs other than those having deposit size less than ₹_____and salary earners’ banks are also required to constitute a Board of Management (BoM) to facilitate professional management and focused attention to their banking-related activities, by making suitable amendments to their bye-laws?
c) What is the asset size requirement for UCBs to set up a risk management committee?
d) What are the eligibility criteria for the Director’s post in UCBs, according to the Madhav Das Committee?
e) What is the minimum membership duration required for voting on the board for UCBs, according to the Madhav Das Committee?
f) What is the minimum number of directors requirement concerning state government representatives, according to the Madhav Das Committee?
a) - Banks should, at all times, have at least two professional directors on the board
- They should have suitable banking experience (at the middle/senior management level) or relevant professional qualifications in the fields of law, accountancy or finance.
b) less than ₹100 crore
c)- UCBs having asset size of ₹5000 crore or above (as of March 31 of the previous year) are advised to set up a Risk Management Committee (of the Board).
- The Board shall decide the membership, scope of work and frequency of meetings of the Risk Management Committee.
d) - Those contesting for directorship in urban banks should have been members for a minimum period of two years.
- Similarly, members contesting for election to the Board should have had a minimum deposit of any type of Rs. 500 in the urban bank concerned for a minimum period of two years continuously.
e) members of a primary (urban) cooperative bank should be permitted to participate in the election of its Board of Management only after being members for a minimum period of 12 months from the date of enrollment.
f) The number of such representatives should not exceed one-third of the total number of directors or three, whichever is less.
Which entity signed an MoU with MeitY in April to leverage Digi Locker’s secure and accessible document repository services?
Indian Air Force (IAF). Authorized IAF departments and divisions will now be able to seamlessly upload digital records, certificates, and vital documents to the national DigiLocker repository, ensuring secure storage and easy accessibility.
Pension Portals of all Pension Disbursing Banks to be integrated into the “Integrated Pensioners Portal”. What is the name of the portal that provides online tracking of pension sanctions and payment processes by individuals?
- The “Bhavishya” platform was launched by the Department of Pension & Pensioners’ Welfare and made mandatory for all central government departments w.e.f from 1, Jan 2017
- The Department of Pension & Pensioners’ Welfare was awarded the 3rd Rank for BHAVISHYA as per the NeSDA Assessment 2021 among all the Central Government e-Governance Service Delivery Portals.
- The task of integrating of Pension Portal of SBI, Bank of Baroda, Punjab National Bank and Canara Bank with the Bhavishya portal has been completed.
- At present, it is being successfully implemented in 98 Ministries/ Departments including 870 Attached Offices and 8,174 DDOs on board
A conference was organised on ‘Challenges and Prospective Solutions in Inland Waterways and Shipbuilding’, to delve deeper into the pressing issues within the maritime sector. It was organised by which entities and at which place?
_______ has been selected as the pilot location for the deployment of green hydrogen fuel cell inland vessels on National Waterways-I, aligning with the government’s Harit Nauka guidelines?
** Organizer:
- Ministry of Ports, Shipping and Waterways (MoPSW), Government of India
- Cochin Shipyard Limited (CSL)
- Inland Waterways Authority of India (IWAI)
It was organised in Kochi, Kerala
** Varanasi
The “Critical Minerals Summit: Enhancing Beneficiation and Processing Capabilities” was hosted by the Ministry of Mines in collaboration with which entities in New Delhi to provide knowledge support in the field of Critical Minerals which are crucial for India’s economic development, national security, and low-carbon energy transition.?
- Shakti Sustainable Energy Foundation
- Council on Energy, Environment and Water (CEEW)
- TERI
- Indian Institute of Sustainable Development (IISD)
Which two entities collaborated in April to implement floating solar energy technology in India?
NHPC collaborated with the Norweigan company “M/S Ocean Sun”
The Citizen Financial Cyber Frauds Reporting and Management System (CFCFRMS) was developed by which entity?
- It was developed by the Indian Cybercrime Coordination Centre (I4C), Ministry of Home Affairs as a part of the National Cybercrime Reporting Portal (NCRP).
- It has been developed for quick reporting of financial cyber frauds and monetary losses suffered due to the use of digital banking/credit/debit cards, payment intermediaries, UPI etc.
- It has created a common integrated platform where all concerned stakeholders i.e., Law Enforcement Agencies, banks, RBI, financial intermediaries, payment wallets, NPCI, etc., work in tandem.
- Complaints can be reported through helpline number 1930 or on the National Cybercrime Reporting Portal.
Who was appointed as the 26th Chief of Naval Staff?
Admiral Dinesh K Tripathi
A) What will be the penalties imposed on bank branches and currency chests for deficiency in notes and coins remittances to the RBI, as per the Master Circular released in April?
B) What will be the penalty imposed for Non-compliance with operational guidelines by currency chests detected by RBI officials?
C) What penalty will be levied for Violation of any of the terms of the agreement with RBI (for opening and maintaining currency chests) or deficiency in service in providing exchange facilities, as detected by RBI officials?
D) A flat penalty of ₹_____per ATM would be imposed on an ATM operator if an ATM is cash-out (Out of Cash) for more than 10 hours in a month?
A) 1) Shortages of notes in soiled note remittances and shortages of notes and coins in currency chest balances:
- For notes in denomination up to ₹50: ₹50/- per piece in addition to the loss.
- For notes in denomination of ₹100 & above: Equal to the value of the denomination per piece in addition to the loss.
- For coins in all denominations: Equal to the value of the denomination per piece in addition to the loss.
The recovery of loss and imposition of penalty shall be done immediately on detection of shortage, irrespective of the number of pieces.
2) Counterfeit notes detected in soiled note remittances and currency chest balances:
- Penalty at 100% of the notional value of Counterfeit Notes, in addition to the recovery of loss to the extent of the notional value of such notes, will be imposed
3) Mutilated notes (including deliberately cut notes and built-up notes) detected in soiled note remittances and currency chest balances:
₹50/- per piece irrespective of the denomination in addition to the loss. The recovery of loss and imposition of penalty shall be done immediately on detection, irrespective of the number of pieces.
B) - Penalty of ₹5,000/- for each instance of irregularity.
- Penalty shall be enhanced to ₹10,000/- in case of repetition/recurrence of irregularity in consecutive inspection cycles or earlier
Penalties in this domain pertain to:
1) Non-functioning of CCTV, non-compliance with rules/guidelines pertaining to CCTV, recording preservation period and related issues
2) Branch cash/documents kept in the strong room (CC’s vault)
3) Non-utilisation of Note Sorting Machines (NSMs) for sorting of notes (NSMs not used for sorting of high denomination notes, i.e. notes of denomination ₹100 and above, received over the counter or not used for sorting notes remitted to chest / RBI)
4) Non-conduct of surprise verification of currency chest balances - at (i) bimonthly intervals by officials unconnected with the operations of currency chest, and (ii) six-monthly intervals by officials from the Controlling Office
Penalty
C) - ₹10,000/- for any violation of the agreement or deficiency of service.
- ₹5 lakh in case there are more than 5 instances of violation of agreement/deficiency in service by the currency chest/branch in consecutive inspection cycles or earlier. The levy of such penalty shall be placed in the public domain.
Penalties in this domain pertain to:
1) Non-issue of coins over the counter to any member of the public despite having stock.
2) Refusal by any bank branch to exchange soiled notes/refusal by any currency chest branch to adjudicate mutilated notes tendered by any member of the public.
3) Denial of facilities/services to linked branches / linked CCs of other banks.
4) Non-acceptance of lower denomination notes (i.e. denomination of ₹50 and below) tendered by members of the public and linked bank branches for exchange/deposit.
5) Detection by RBI of mutilated, built-up, counterfeit notes in reissuable packets prepared by the currency chest branches.
D) ₹10000 per ATM
Answer the following based on the Master Direction on the Framework of incentives for the Currency Distribution & Exchange Scheme for bank branches including currency chests, released by the RBI in April 2024-
A) What is the incentive structure for Opening and maintaining CCs at centres having a population of less than 1 lakh, in underbanked states?
B) What is the incentive structure for the Exchange of soiled notes/adjudication of mutilated notes over the counter at bank branches?
C) What is the incentive structure for the Distribution of coins?
D) What will be the service charge levied by the currency chests on the non-chest branches?
E) What are the eligibility criteria for large modern Currency Chests (CCs)?
A)
- Capital Cost reimbursement of 50% of capital expenditure (inclusive of all taxes) subject to a ceiling of ₹50 lakh per CC. In the North Eastern region, up to 100% of capital expenditure is eligible for reimbursement subject to the ceiling of ₹50 lakh (inclusive of all taxes).
- Revenue cost Reimbursement of 50% of revenue expenditure (inclusive of all taxes) for the first 3 years. In the North Eastern region, 50% of revenue expenditure (inclusive of all taxes) is eligible for reimbursement for the first 5 years.
B)
- Exchange of soiled notes – ₹2/- per packet for exchange of soiled notes in denominations up to ₹50/- and below.
- Adjudication of mutilated notes – ₹2/- per piece.
C)
- ₹65/- per bag for distribution of coins.
- An additional incentive of ₹10/- per bag shall be paid for coin distribution in rural and semi-urban areas on the submission of a Concurrent Auditor (CA) certificate to this effect
D) Service charge to be levied by the CC on the non-chest branches
- Large modern CCs – ₹8/- per 100 pieces.
- Other CCs – ₹5/- per 100 pieces.
E) - Chest Balance Limit of at least ₹10 billion
- Area of the strong room/ vault of at least 1500 sq ft and the Area of the strong room/vault should be at least 600 sq ft for those situated in hilly/inaccessible places states.
- Processing capacity of 6,60,000 pieces of banknotes per day. For those situated in the hilly/ inaccessible places, capacity of 2,10,000 pieces of banknotes per day.
- Amenability to the adoption of automation and adaptability to implement IT solutions.
The minimum amount of deposit or withdrawal from the currency chest shall be ₹_____and in the multiples of ₹_______thereafter?
A penalty of ₹_____ and penal interest at the rate of __% will be charged for wrong reporting of soiled notes, delayed reporting and diversions reported as deposit or withdrawal?
In which portal should the currency chest report such transactions?
** ₹1 lakh and thereafter, in the multiples of ₹50000
** Penalty- ₹50000
Penal interest- 2% over the prevailing bank rate
** The currency chests shall invariably report all transactions through the CyM-CC portal on the same day by 7 pm
Answer the following based on the Master circular on the “disbursement of government pensions by the agency banks “ released by the RBI in April-
A) All agency banks adhere to the recommendations of which committee related to the disbursement of pensions?
B) What interest rate will be provided to pensioners for delay in crediting pension/arrears?
A) Prabhakar Rao Committee
B) Pension-paying banks should compensate the pensioner for delay in crediting pension/ arrears thereof at a fixed interest rate of 8% per annum for the delay after the due date of payment and the compensation shall be credited to the pensioner’s account automatically without any claim from the pensioner on the same day
Answer the following based on the master circular on the “Conduct of Government Business by Agency Banks-Payment of Agency Commission” released by the RBI-
A) The Reserve Bank of India carries out the general banking business of the Central and State Governments through its own offices and through the offices of the agency banks under which section of the RBI act?
B) What are the different agency commissions paid by the RBI with respect to different transactions?
C) If the work is shared between two banks, the agency commission is shared between the banks in the proportion of _____?
A) Section 45 of the RBI Act, 1934
B) Receipts- Physical Mode: ₹40 per transaction
Receipts- e-Mode: ₹9 per transaction
Pension payments: ₹75 per transaction
Payments other than Pension: 6.5 paise per ₹100 turnover
- The number of transactions eligible for payment of agency commission should not exceed 14 per pensioner per year.
- Agency banks are advised to furnish their claim on agency commission to the Reserve Bank within 60 calendar days from the end of the quarter in which the transactions have been conducted
- Agency banks will be liable to pay penal interest at the Bank Rate as notified by the Reserve Bank of India plus 2% for any wrong claims of agency commission settled
Resident entities were allowed to hedge against the price risk of ______using OTC (Over the Counter) derivatives in the IFSC recognized by the IFSCA?
Against the price risk of Gold.
What will be the validity periods for the Key Fact Statements (KFS) of loans and advances provided to the borrowers by regulated entities?
- Validity period of at least 3 working days for loans having a tenor of 7 days or more
- Validity period of 1 working day for loans having a tenor of less than 7 days
The validity period refers to the period available to the borrower, after being provided the KFS by the RE, to agree to the terms of the loan.
Under the Differential Rate of Interest (DRI) scheme, the banks provide what finances to the weaker sections of the community and SC/STs engaged in productive and gainful activities?
What are the eligibility criteria under the DRI scheme?
** - Banks provide finance up to ₹15,000/- at a concessional rate of interest of 4% per annum to the weaker sections of the community for engaging in productive and gainful activities.
- Banks are advised to grant at least 2/5th of the total advances under the DRI scheme to SC/STs
- Members of SCs/STs satisfying the income criteria of the scheme can also avail of housing loans up to ₹20,000/- per beneficiary over and above the individual loan of ₹15,000/- available under the scheme.
** The size of land holding should not exceed 1 acre of irrigated land and 2.5 acres of unirrigated land, these do not apply to SCs/STs
The Differential Rate of Interest (DRI) scheme is a social banking initiative aimed at providing financial assistance to the economically weaker sections of society at a concessional rate of interest. Launched in 1972, the scheme’s primary objective is to ensure access to credit for marginalized individuals who might otherwise be excluded from the formal financial system. The scheme primarily focuses on economically disadvantaged groups, including Scheduled Castes (SC), Scheduled Tribes (ST), and other backward classes (OBC)
Answer the following based on the RBI’s Master Circular on the DAY-NRLM released in April-
a) What credit facilities are provided by banks to SHG members in order to facilitate women SHG members to graduate into entrepreneurs?
b) Credit guarantee up to what amount will be provided under the “Women Enterprise Acceleration Fund” under DAY-NRLM?
c) What interest subvention will be provided to women SHGs for prompt repayment?
d) Which bank has been nominated as the nodal bank for the Ministry of Rural Development (MoRD) for 2024-25?
A) – Loans up to ₹10 lakh to individual SHG members.
Eligibility: SHGs which are more than 2 years old and have accessed 1 dose of a bank loan with timely repayment.
- One woman in every SHG under DAY-NRLM may be provided a loan up to ₹1 lakh under the MUDRA Scheme if she is otherwise eligible.
- minimum Overdraft Facility of ₹5000 to every woman SHG member having a PMJDY account in accordance with the guidelines issued by the Indian Banks’ Association (IBA)
B) For loans outstanding up to ₹5 lakh, for a maximum period of 5 years. In case of a loan amount exceeding ₹5 lakh, reimbursement of credit guarantee fees will be done in proportion to the loan amount.
c) - Women entrepreneurs making prompt repayment of credit to financial institutions will be provided 2% interest subvention up to ₹1.5 lakh for a maximum duration of 3 years.
- All banks extending credit for enterprises fully or partially owned by women Self Help Group members under DAY-NRLM at an interest rate equivalent to (1-year MCLR + max 3% spread) or a maximum of 14% per annum will be eligible to claim interest subvention under this scheme
d) Indian Bank
The Gross Goods and Services Tax (GST) collections hit a record high in April 2024 at ₹____. This represents a significant _____ % year-on-year growth?
Net GST revenue collection for April 2024 was?
** The Gross Goods and Services Tax (GST) collections hit a record high in April 2024 at ₹2.10 lakh crore. This represents a significant 12.4% year-on-year growth, driven by a strong increase in domestic transactions (up 13.4%) and imports (up 8.3%).
** After accounting for refunds, the net GST revenue for April 2024 stands at ₹1.92 lakh crore, reflecting an impressive 15.5% growth compared to the same period last year.
The event “Localizing the SDGs: Women in Local Governance in India Lead the Way” held in New York, US was organised by which entities?
- The Permanent Mission of India to the United Nations and the Ministry of Panchayati Raj, in collaboration with the United Nations Population Fund (UNFPA), is organizing the side event during the 57th Session of the Commission on Population and Development (CPD57)
- It aimed to shed light on the key role of Indian women in grassroots political leadership, emphasizing their significant contributions to sustainable development at the grassroots level.
The MeITY unveiled its Intelligent Transportation System (ITS) technology and product booklet under which program?
A technology transfer was also done for C-DAC’s Thermal Camera. It was transferred to which company?
** InTRanSE program. The ITS technology includes innovations in Traffic control, Public Transit, Road Safety, and Sensors for traffic applications, aimed at enhancing the efficiency and safety of transportation systems across the country,
** M/S Aditya Infotech
As per the RBI, After recording double-digit growth for two consecutive years, India’s services exports decelerated in FY24 to a three-year low, with a modest increase of ___% to _____?
Services imports decreased by ___% to _____USD in FY2023-24?
** Increase by 4.9% to USD 341 billion. However, net services exports grew at a robust pace of 13.6% to USD 162.8 billion
** Decreased by 2% to USD 178.3 billion USD
The first Joint Committee Meeting under the “Economic Cooperation and Trade Agreement” was held with which nation in May?
Australia. The JCM also adopted the Rules of Procedure for the Joint Committee and established an institutional mechanism, the first of its kind for FTAs, for the regular exchange of preferential import data on a monthly basis.
The Capacity Building on Design and Entrepreneurship Program was launched by which ministry and why?
Where will be the nodal centre of the program?
** - Secretary, Department of Higher Education, Ministry of Education, Shri K. Sanjay Murthy virtually launched the program.
- It is designed to equip identified Higher Education Institutions (HEIs) and faculty members to focus on Design and Entrepreneurship development in their institution with the support of mentors from industry.
** - IIITDM, Kancheepuram, a Malaviya Mission Teacher Training Center (MMTTC) in Tamil Nadu will be the nodal centre for the program
- At this stage, 30 HEIs have been selected through a process anchored by the IIITDM, Kancheepuram.
What is the name of the campaign launched by the Ministry of Tourism at the “Arabian Travel Mart 2024” held in Dubai?
“Cool Summers of India” campaign
This digital campaign challenges the notion of India being too hot for summer travel, emphasizing its offerings in hill resorts, including the Himalayas. The campaign seeks to promote India as a holistic destination throughout the year.
Who was appointed as the first president of the GST Appellate Tribunal (GSTAT)?
- “Sanjay Kumar Mishra”, former chief justice of the Jharkhand High Court
- GSTAT:
The GSTAT is the Appellate Authority established under the Central Goods and Services Tax Act, 2017. It was established to hear various appeals under the said Act and the respective State/Union Territories GST Acts against the orders of the first appellate authority.
Benefits: To ensure swift, fair, judicious and effective resolution to GST disputes, besides significantly reducing the burden on higher courts. It will enhance the effectiveness of the GST system in India and foster a more transparent and efficient tax environment in the country.
Principal bench: New Delhi
State Benches: 31 state benches at various locations across the country.
India in May agreed to operationalise UPI in which country in the next 6 months?
India and Ghana agreed to operationalise UPI on Ghana Interbank Payment and Settlement Systems (GHIPSS) in six months.
India presently has social security agreements with how many countries?
With 21 countries. These agreements aim to guarantee the uninterrupted social security coverage of employees during international employment
The Indian Coast Guard (ICG) signed an MoU with which company in May for the supply of indigenous marine grade steel to enhance the indigenous content in shipbuilding?
Jindal Steel & Power (JSP)
As per the RBI, India’s domestic gold reserves increased by ____% from 2019 to 2024?
According to the half-yearly report on foreign exchange management, the share of gold in foreign exchange reserves increased from ___% in Sept end 2023 to ___% in March end 2024?
Forex reserve of India by March end 2024 was _____?
** increased by 40% from 408 mt in 2019 to 612 mt in March end 2024
** From 7.37% to 8.15%
**USD 641 billion
The RBI has increased the positional limit in ETCD (Exchange Traded Currency Derivatives) from _____USD to _____USD, without providing documentary evidence to establish the underlying exposure?
from 10 million USD to 100 million USD
Answer the following based on the “Primary Urban Cooperative Banks Outlook 2022-23”, released in April 2024:
a) As on March 31, there were _____ UCBs in India, with _____ branches across the country with a total deposits of ₹_____ and total advances of ₹____?
b) Which state has the highest number of UCBs?
c) What was the increment of advances of UCBs to the priority sector from FY2022 to FY2023?
d) What is the priority sector lending target set by the RBI for UCBs?
a) Total UCBs- 1502
Total Branches- 10117
Total Deposits- ₹5.3 trillion
Total Advances- ₹3.3 trillion
b) Maharashtra has the highest number of UCBs with a total of 475
c) increased by more than 25% from ₹1.73 trillion in FY2022 to ₹2.2 trillion in FY2023
d) - The target is 65% for FY2024-25 and 75% for FY2025-26. However, UCBs had already achieved 66.88% in FY23.
What is the net worth criterion requirement for Non-banks providing physical Payment Aggregators services?
What is the new definition for Payment Aggregators?
What is the new definition of Merchants?
** - Non-banks providing Physical-PA services as of the date of this circular, shall have a minimum net worth of ₹15 crores at the time of submitting the application to the RBI for authorisation and a minimum net worth of ₹25 crores by March 31, 2028. The net worth of ₹25 crore shall be maintained at all times thereafter.
- New non-bank Physical-PA (i.e. entities which have not commenced operations before the date of this circular) shall have a minimum net worth of ₹15 crores at the time of submitting the application to the RBI for authorisation and shall attain a minimum net worth of ₹25 crores by end of the third financial year of grant of authorisation
** “Entities which onboard merchants and facilitate aggregation of payments made by customers to such merchants, for purchase of goods and services, using one or more payment channels, in online or physical Point of Sale payment modes through a merchant’s interface (physical or virtual), and subsequently settle the collected funds to such merchants.”
Simple Definition: Payment Aggregators (PAs) are third-party platforms that facilitate transactions between merchants and customers by providing a unified interface to process payments through various mechanisms such as card payments, UPI, Bank transfer and digital wallets in a physical Point-of-Sale (PoS) or online in an e-commerce platform.
a. Online PAs (PA – O): PAs which facilitate e-commerce transactions in non-delivery versus Payment mode.
b. PA – physical Point-of-Sale (PA – P): PAs which facilitate face-to-face/proximity payment for Delivery vs Payment transactions.
** Merchant: Entities which sell/provide goods and services purchased by the customer. They include a marketplace also.
a. Small merchants: Physical merchants (those undertaking only proximity/face-to-face transactions) with business turnover less than the threshold limit of Rs. 5 lacks per annum and not registered under Goods and Services Tax.
b. Medium merchants: Merchants (physical / online), excluding small merchants, with business turnover less than the threshold limit of Rs. 40 lahks per annum or from ₹5 lakhs to less than ₹40 lakh per annum. Such merchants are not registered under Goods and Services Tax.
What are the limits for FPI investments in Government Securities (G-SEC), State Government Securities (SGSs), Corporate Bonds and Credit Default Swaps (CDS) respectively for FY2024-25?
G-Sec- 6% of the total outstanding securities in 2024-25
State Government Securities- 2% of the total outstanding securities in 2024-25
Corporate Bonds- 15% of the total outstanding securities in 2024-25
Credit Default Swap- 5% of the outstanding securities in corporate bonds.
As per the guidance note on “Operational Risk Management and Operational Resilience” for regulated entities released by the RBI, what are the 3 pillars and how many indicators for the same?
What are the line of defence for the management of operational risk?
** The three pillars are:
a) Prepare and Protect
b) Build Resilience
c) Learn and Adapt
These three pillars include 17 indicators
** 1st line of defence- Business Unit Management
2nd Line of defence- Organisational Operational Risk Management function including compliance function
3rd Line of defence- Audit function
A RE should set at least one impact tolerance metric for each of its critical operations. At a minimum, there should be a
(a) time-based metric (e.g., maximum acceptable duration a critical operation can withstand a disruption),
(b) quantity-based metric (e.g., maximum extent of data loss that an RE would accept as a result of disruption) and
(c) service level metric (e.g., minimum level of service that an RE would maintain while operating under alternative arrangements.)
a) A report on “Green Hydrogen Standards and Approval Systems in India” was launched. Standards related to the Green hydrogen value chain are divided into which 4 categories and how many standards are adopted in India?
b) Setting up a Green Hydrogen project requires ____ approvals from the Central Government, State Governments, and local bodies?
c) According to the report “India’s Green Hydrogen Revolution: An Ambitious Approach”, what is India’s rank globally in total renewable power capacity additions?
d) According to the report “India’s Green Hydrogen Revolution: An Ambitious Approach”, what is India’s progress in Renewable Energy?
a) Standards related to the Green Hydrogen value chain are broadly split into four categories:
- Production
- Storage and transportation
- End-use applications
- General safety.
Across these categories, 87 standards are already adopted or developed in India, and 59 are under development. Further, there are 52 standards that exist globally, which could be considered for adoption in India. For the three components, there are no Indian or international standards available for reference.
b) 73 approvals are required for Green Hydrogen projects:
- State Government entities hold jurisdiction for 43.
- Central Government entities hold jurisdiction for 23 approvals.
- Seven approvals fall under local government bodies
c) India’s Progress in RE:
- 4th globally for total Renewable Power capacity additions.
- 4th in Wind Power Capacity and
- 5th in Solar Power Capacity globally.
- India assumed the presidency of the 13th Assembly of the International Renewable Energy Agency (IRENA)
d) - India saw the highest year-on-year growth in Renewable Energy additions of 9.83% in 2022.
- The installed Renewable Energy capacity (including large hydro) has increased by around 128% since 2014.
Solar:
- The installed solar energy capacity has increased by more than 30 times in the last 9 years and stands at 88 GW as of 31 March 2024.
- India’s solar energy potential is estimated to be 748 GWp as estimated by the National Institute of Solar Energy (NISE).
Wind:
- The potential now assessed for onshore projects is 1,163 GW. However, the potential sites having a high-capacity Utilization Factor (CUF) of 36% and above (which is necessary for the financial viability of the project) is 163 GW.
- India has already utilized sites with a total capacity of 42 GW and now a balance of 120 GW would be available for new development
IREDA (Indian Renewable Energy Development Agency) incorporated its new subsidiary at which place in May?
It was incorporated at the International Financial Services Centre (IFSC) located in GIFT City, Gujarat. It was named “IREDA Global Green Energy Finance IFSC Limited”
The Index of Industrial Production (IIP) growth slowed to ___% in March 2024 and stands at _____?
Growth slowed to 4.9% and stand at 159.2
The Ministry of Skill Development & Entrepreneurship (MoSDE) signed an MoU with which company in May to conduct two pilot projects under the “Drone Didi Yojana”?
The pilot projects will be conducted in which places and why?
What is the “Namo Drone Didi” scheme?
- ** - Under the initiative, rural women are trained to become drone pilots for agricultural purposes.
- The initiative aims to enhance economic empowerment and financial autonomy among women, especially in rural areas.
- The initiative aims to equip 15,000 women-led Self-Help Groups (SHGs) with agricultural drones to assist in tasks such as crop monitoring, spraying fertilisers and sowing seeds. This will also provide additional income opportunities for many women.
The combined profit of OMCs (Oil Marketing Companies) for FY 2023-24 stood at ₹_____?
It stood at ₹ 86,000 crore, over 25 times higher than the extraordinarily difficult previous fiscal year
India participated in the ___th Session of the United Nations Forum on Forests (UNFF) in May in New York, US?
Globally, India ranks \_\_\_ in the net gain, in average annual forest area, between 2010 and 2020?
** 19th session
** 3rd
The annual inflation rate based on all India Consumer Price Index (CPI) numbers is ___% (Provisional) for the month of April, 2024 (over April, 2023)?
Corresponding inflation rates for rural and urban areas are ___%
and ___% respectively?
What is the base year of the CPI inflation is?
- 4.83% (Provisional)
**Annual CPI Inflation rate for the month of April in
:
Rural India: 5.43%
Urban India: 4.11%
** 2012 is the base year for CPI Inflation
About CPI (Combined):
- Base Year: 2012
- Released by: NSO, Ministry of Statistics and Programme Implementation.
- All-India General Group for CPI (Combined):
1) Food and Beverages (45.86% weightage)
2) Miscellaneous (28.32% weightage)
3) Housing (10.07% weightage)
4) Fuel and Light (6.84% weightage)
5) Clothing and Footwear (6.53% weightage)
6) Pan, Tobacco and intoxicants (2.38% weightage)
India and Iran are set to sign a long-term agreement for the operation and management of which Port. What will be the significance of this agreement?
- India and Iran are set to sign the long-term agreement for the operation and management of Chabahar Port.
- The contract was signed between India Port Global Limited (IPGL) and the Ports and Maritime Organization (PMO) of Iran. India currently operates the Chabahar Port on a short-term agreement (Periodically renewed).
- The Chabahar Port is a vital link connecting Mumbai to Eurasia via different corridors of the “International North-South Transport Corridor (INSTC)”. INSTC route takes 15 days less than the Suez Canal route for shipments to be transported.
CHABAHAR PORT
Chabahar Port- Chabahar is a deep-water port, located on the Makran Coast of Iran’s Sistan-Baluchistan province. It is next to the Gulf of Oman and at the mouth of the Strait of Hormuz. It is the only Iranian port with direct access to the Indian Ocean and consists of two separate ports named Shahid Kalantari and Shahid Beheshti.
The EPFO introduced Auto-Mode claim settlement for advances in which 3 sectors and the auto-mode claim settlement limit has been enhanced to ₹____?
When was the Auto-Mode Claim settlement for advances introduced?
** - It was introduced claiming advances in Health, Marriage and Housing, earlier the auto-mode claim was available for only advances for illness
- The limit for loan claims is increased from ₹50000 to ₹1 lakh
- Claims are settled within 3-4 days instead of the usual 10 days.
** Auto mode of claim settlement was introduced in April 2020
Which three Indian literature books were included in the ‘UNESCO’s Memory of the World Asia-Pacific Regional Register’?
- Ramcharitmanas authored by Goswami Tulsidas.
- Panchatantra authored by Pt. Vishnu Sharma.
- Sahrdayaloka-Locana authored by Acharya Anandvardhan.
For the first time, India set its own pavilion at the “World Hydrogen Summit 2024” which was held in _____place?
Rotterdam, Netherlands
The annual rate of inflation based on all India Wholesale Price Index (WPI) numbers is ___ % (Provisional) for the month of April, 2024(over April, 2023)?
It is 1.26% and the index is 153 for the month of April 2024
About WPI
- Base Year: 2011-12
- Released by: Department of Promotion of Industry and Internal Trade (DPIIT)
- Components:
1. Manufactured Products (64.23%)
- Primary Articles (22.62%)
- Fuel and Power (13.15%)
Which company registered the highest profit-making NBFC in India, with a 24% remarkable increase registered in Standalone Profit After Tax from Rs. 11,605 crores in FY’23 to Rs. 14,367 crores in FY’24?
Power Finance Corporation (PFC)
Answer the following based on the RBI’s “Integrated Ombudsman Scheme 2021”-
A) What are the requirements for banks and NBFCs to be covered under the RBI’s Integrated Ombudsman Scheme 2021, respectively?
B) What is the tenure for Ombudsman and Deputy ombudsman, appointed for regulated entities?
C) The Ombudsman will provide compensation up to what amount to the complainant and what is the limit on the amount involved in the dispute that can be addressed by the Ombudsman?
A) Banks: All commercial banks with a deposit size of ₹50 Crore and above, as on the date of the audited balance sheet of the previous financial year
NBFCs:
All Non-Banking Financial Companies (excluding Housing Finance Companies) which
(a) are authorized to accept deposits; or
(b) have customer interface, with an assets size of ₹100 crore and above as of the date of the audited balance sheet of the previous financial year are eligible under the scheme
Note: Core Investment Companies, Infrastructure Debt Fund-Non-banking Financial Companies, Non-Banking Financial Companies-Infrastructure Finance Companies, companies in resolution or winding up / liquidation, or any other NBFC specified by RBI are excluded from the ambit of the RB-IOS, 2021.
B) The appointment of the Ombudsman or the Deputy Ombudsman shall be made for a period not exceeding 3 years at a time.
- An RBI Ombudsman is a senior official of RBI appointed by RBI to redress the complaints from customers of the REs against “deficiency in service”
- “Deficiency in service” means a shortcoming or an inadequacy in any financial service or such other services related thereto, which the RE is required to provide statutorily or otherwise, which may or may not result in financial loss or damage to the customer.
- A Deputy Ombudsman is a senior officer appointed by RBI to assist the RBI Ombudsman
C) - Compensation up to ₹20 lakh will be provided to the complainant for the consequential losses (Secondary losses)
Consequential loss refers to secondary damages that occur as a result of the primary issue or dispute. For example, if the primary dispute is about a financial transaction, consequential losses could include lost business opportunities or additional financial burdens that resulted from the original problem.
- An additional compensation of up to ₹1 lakh will be provided to the complainant for the loss of the complainant’s time, expenses incurred and for harassment/mental anguish suffered by the complainant
- There is no limit on the amount involved in the dispute that can be addressed by the ombudsman
The RBI decided to transfer a surplus (Dividend) of ₹___ to the government for the FY2023-24?
The Contingency Risk Buffer (CRB) of the RBI was ___% of its balance sheet?
** - ₹2.11 trillion. The dividend transfer is well above the budgeted figure of ₹1.02 trillion in the Interim Budget for 2024-25 (FY25), which includes dividends from both the RBI and financial institutions.
- According to economists, the larger surplus was due to higher income in FY24, both from domestic and foreign assets, which increased its profit
- The higher-than-budgeted RBI surplus transfer would help to boost the Government of India’s resource envelope in FY25, allowing for enhanced expenditures or a sharper fiscal consolidation
** 6.5% of its balance sheet
What is RBI’s Retail Direct Scheme?
What is the minimum and maximum investment amount required in securities like Treasury Bills, Dated Government Securities (G-Sec), State Development Loans (SDL) and Sovereign Gold Bonds (SGB) respectively?
** - The RBI’s Retail Direct Scheme was launched in Nov 2021 to enable individual investors to invest in various government securities such as T-Bills, Dated-G-Sec, State Development loans (SDL) and Sovereign Gold Bond (SGB) schemes. It requires investors to open a Retail Direct Gilt (RDG) account with the RBI, enabling them access to the RBI’s NDS-OM retail portal which facilitates the trading of government securities.
- An individual can open only one RDG account. The RDG account can be opened singly or jointly with another retail investor who meets the eligibility criteria.
- The Gilt account is opened by an investor with a bank or a Primary Dealer (PD). Banks and Primary Dealers further open a Constituents’ Subsidiary General Ledger (CSGL) account with the RBI. Thus banks and PDs act as custodians of investors or Gilt Account Holders and maintain holdings of their constituents in a CSGL account with the RBI
** Treasury Bills:
Minimum- ₹10000,
Maximum -5% of the aggregate nominal amount of the issue within the notified amount as specified by the Government of India, or any other percentage determined by RBI
Government of India Dated Securities (G-Sec):
Minimum- ₹10000
Maximum- ₹2 crore (face value) per security per auction
State Development Loans (SDL):
Minimum- ₹10000
Maximum- 1% of the notified amount (face value) per auction
Sovereign Gold Bonds (SGBs):
Minimum- 1 gram of gold
Maximum- 4 grams of gold per fiscal year
When was the Maharatna scheme introduced, and what are the eligibility criteria for a company to attain a Maharatna Status?
When was the Navratna scheme introduced, and what are the eligibility criteria for a company to attain a Navratna Status?
When was the Miniratna scheme introduced, and what are the eligibility criteria for a company to attain a Miniratna Category 1 and Category 2 license respectively?
How many Maharatna, Navratna and Miniratna CPSEs are there as of 30 April 2024?
** The Maharatna scheme was introduced in May 2010, The following are the eligibility criteria:
i) Having Navratna status.
(ii) Listed on the Indian stock exchange with a minimum prescribed public shareholding of 25% as prescribed under SEBI regulations.
(iii) Average annual turnover of more than Rs. 25,000 crore, during the last 3 years.
(iv) Average annual net worth of more than Rs. 15,000 crore, during the last 3 years.
(v) Average annual net profit after tax of more than Rs. 5,000 crore, during the last 3 years.
(vi) Should have significant global presence/international operations.
** - Navratna scheme was launched in 1997. The government grants Navratna status to CPSEs that have obtained an “excellent” or “very good” memorandum of understanding (MoU) rating in three of the past five years. They —
- They should also have a composite score of 60 or above in six selected performance indicators which are:
(i) net profit to net worth,
(ii) manpower cost to total cost of production/services,
(iii) profit before depreciation, interest and taxes to capital employed,
(iv) profit before interest and taxes to turnover,
(v) earning per share and
(vi) inter-sectoral performance.
** The Miniratna scheme was launched in 1997. Miniratnas are divided into two categories.
- Category I Miniratna status is considered for those CPSEs that have made a profit in the past three years continuously, with a pre-tax profit of ₹30 crore or more in at least one of the three years, and have a positive net worth.
- Category II Miniratnas are those CPSEs that have made a profit for the past three years continuously and have a positive net worth.
- Miniratna CPSEs should not have defaulted in the repayment of loans or interest payment on any loan due to the government, and they should not depend upon budgetary support or government guarantees
- Maharatna- 13
Navratna- 20
Miniratna Category 1- 54, Miniratna Category 2- 11
Which Indian film was the first to win the “Grand Prix” award at the 77th Cannes Film Festival 2024, Who was the director of the movie?
Who was the first Indian who received the “Best Actress award” in the “Uncertain Regard” category at the 77th Cannes Film Festival?
Which movie won the “La Cinef” award for best short film at the Cannes Film Festival?
** “All We Imagine as Light”, directed by Payal Kapadia won the “Grand Prix”, the second most prestigious award after “Palme d’Or” which was won by the American director Sean Baker for Anora.
** Anasuya Sen Gupta won the award for her performance in the “Shameless”
** “Sunflowers Were the First One to Know”, a short film based on Kannada folklore, directed by Chidananda S Naik won the award for the best short film from India
The “ONDC Startup Mahotsav”, a first-of-its-kind event was organised by which entity and at which place in May 2024?
- It was organised by the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry in New Delhi.
- The event symbolized the celebration and collaboration of two of DPIIT’s flagship initiatives – the Startup India initiative and Open Network for Digital Commerce (ONDC).
The ONDC was launched in 2021 and was incorporated as a Section 8 company with the Quality Council of India and Protean eGov Technologies Limited as Founding Members. It aims to create an inclusive ecosystem for e-commerce. More than 5 lakh sellers have been onboarded on the platform, of which more than 70% are small or medium-sized sellers.
‘The Economic Times HR World Future Ready Organization Award 2024-25’ was given to which entity?
The award was given to NHPC in recognition of its preparedness in the areas of upskilling employees, Environmental, Social and Governance (ESG) interventions, Diversity, Equity & Inclusion (DE&I) initiatives, constant technological upgradations, Employee Engagement processes, robust Corporate Governance strategies etc.
Which government TV channel was the first to launch AI Anchors?
- Doordarshan Kisan is going to become the first government TV channel to launch two AI anchors that is AI Krish and AI Bhoomi.
- The AI anchors can speak in fifty languages of the country and abroad
- These AI anchors will provide every necessary information about agricultural research happening at the country and global level, trends in agriculture mandis, changes in the weather or any other information about government schemes
Who won two bronze medals at the “IWF World Youth Weightlifting Championship”?
Where was the IWF World Youth Weightlifting Championship held?
** Babulal Hemrom, a cadet at Jharkhand State Sports Promotion Society (JSSPS) won two bronze medals in the categories of 49 kg Clean & Jerk and Snatch.
** Lima, Peru
What are government securities, and what are their types in India?
What are bonds?
** Government Securities (G-Sec) are financial instruments issued by the government to raise funds to finance its operations and projects. They are considered low-risk investment options and therefore are called risk-free gilt-edged instruments. In India, the Central government issues both treasury bills and bonds (Dated-G Sec) and State governments issue only bonds (State Development Loans).
The G-Secs are held in a dematerialized format in a Bond Ledger Account (BLA) with the RBI or Agency banks. The investor receives a certificate of holding from the RBI or Agency banks, as proof for the purchase of government securities.
** A Bond is a type of financial instrument issued by companies, states, municipalities or a country directly to the investors to finance projects or manage operations. The Bond investors can be an individual, company or government. The investor receives regular interest payments from the bond issuer and the principal value of the bond is repaid to the investor at the maturity date.
What are the Ways and Means Advance (WMA, when were they introduced)?
The borrowed amount through the WMA, should be repaid within ____days, what will happen if the repayment tenure limit exceeds and the loan is not paid?
What is the minimum cash balance required to be maintained by the central government for WMA?
Ways and Means Advances (WMA) is a temporary loan facility introduced in 1997. It is provided by the Reserve Bank of India (RBI) to the government to enable it to meet temporary mismatches between revenue and expenditure. The RBI extends temporary advances both to the central and state governments, and the limits are decided by the RBI for each state and UT, along with the Central Government.
There are two types of WMA:
Normal WMA: Based on a three-year average of actual state revenue and capital expenditure.
Special WMA (SDF): Provided against collateral of government securities held by the state. SDF interest rate is lower than the repo rate.
WMA is not a source of finance but is meant to provide support, for purely temporary difficulties that arise on account of mismatch/shortfall in revenue or other receipts for meeting the government liabilities.
Features:
- The government can avail immediate cash from the RBI if needed.
- The borrowed amount must be repaid within 90 days.
- Interest is charged at the existing repo rate.
- If the WMA exceeds 90 days, it is treated as an overdraft (with an interest rate higher than the repo rate). A State Government account can be in overdraft for a maximum of 14 consecutive working days with a limit of 36 days in a quarter.
- The central Government is required to maintain a minimum cash balance with the Reserve Bank. Currently, this amount is Rs.10 crore on a daily basis and Rs.100 crore on Fridays, as well at the annual account closing day of the Centre and the Reserve Bank.
What are ARC (Asset Reconstruction Companies), how many ARCs are there as of May 2024?
An Asset Reconstruction Company (ARC) is a specialized financial institution that purchases bad debts or non-performing assets (NPAs) from banks and other financial institutions, often at a discounted price. The primary objective of ARCs is to help these institutions clean up their balance sheets by taking over distressed loans. ARCs enable banks to focus on their core banking activities by procuring their bad debts.
- The Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest (SARFAESI) Act, 2002 provides the legal framework for setting up ARCs in India. - There are 27 ARCs registered in India as of May 2024
- ARCs should have a minimum capital of ₹200 crore by March 2024 and ₹300 crore by March 2026..
Explain section 20 and section 21 of the RBI Act, 1934?
The Reserve Bank of India carries out the general banking business of the Central and State Governments through its own offices and through the offices of the agency banks under which section of the RBI Act?
**
- In terms of Section 20 of the RBI Act 1934, RBI has the obligation to undertake the receipts and payments of the Central Government and to carry out the exchange, remittance and other banking operations, including the management of the public debt of the Union
- As per Section 21 of the said Act, RBI has the right to transact Government business of the Union in India. State Government transactions are carried out by RBI in terms of the agreement entered into with the State Governments in terms of section 21 A of the Act. As of now, such agreements exist between RBI and all the State Governments except the Government of Sikkim.
- Section 20 applies to both the Central and State Governments, whereas Section 21 specifically pertains to the Central Government. While both sections address the RBI’s role in managing government transactions and public debt, Section 21 emphasizes the exclusive authority of the RBI to transact banking business for the Central Government.
** Section 45 of the RBI Act, 1934
The GDP grew by ___% in FY2023-2024 and the Q4 GDP growth for FY2024 grew by ___%, as per the National Statistical Office (NSO) in May 2024?
India’s fiscal deficit in the FY2024 stood at ___% of the GDP, at ₹_____?
** - FY2024 GDP growth (Real GDP) – increased by 8.2%. Real GDP or GDP at Constant Prices is estimated to attain a level of ₹173.82 lakh crore in the year 2023-24, against Rs.160.71 lakh crore in 2022-23. Whereas Nominal GDP has witnessed a growth rate of 9.6% in FY 2023-24
- Q4, FY2024 GDP growth (Real GDP)- increased by 7.8%, estimated at ₹47.24 lakh crore. Whereas, the nominal GDP in Q4, FY2024 is estimated to grow by 9.9% at ₹78.28 lakh crore
** - Aided by higher-than-expected tax receipts, India’s fiscal deficit in the FY2024 stood at 5.6% of the GDP at ₹16.54 lakh crore
- Net tax receipts for FY2024 was ₹23.27 lakh crore
The World Intellectual Property Organization (WIPO) approved the treaty on intellectual property, genetic resources and associated traditional knowledge. What are the key provisions of this treaty?
How many countries are required to agree to the treaty, to become the official part of international law?
When was the WIPO established, and how many members are there in WIPO?
** - It is the first WIPO Treaty to include provisions specifically for Indigenous Peoples as well as local communities.
- Now, it will be mandatory for patent applicants to disclose the country of origin or source of genetic resources if the claimed invention is based on those materials or associated traditional knowledge. , thereby also recognizing and protecting the rights of Indigenous Peoples and local communities over their genetic resources and traditional knowledge.
** Once 15 countries agree to the Treaty, it will become an official part of international law. At present, only 35 countries have some form of disclosure obligations, most of which are not mandatory and do not have appropriate sanctions or remedies.
** WIPO was established in 1967, It is the global forum for intellectual property (IP) services, policy, information and cooperation. It is a self-funding agency of the United Nations, with 193 member states.
Genetic resources (GRs) are present in things like medicinal plants, agricultural crops, and animal breeds. While genetic resources themselves cannot be directly protected as intellectual property, inventions developed using them can, most often through a patent. Some genetic resources are also associated with traditional knowledge (ATK) through their use and conservation by indigenous peoples as well as local communities, often over generations. This knowledge is sometimes used in scientific research and, as such, may contribute to the development of a protected invention.
The ____session of the World Health Assembly (WHA) was held in May 2024 in Geneva Switzerland?
What was the theme of the World Health Assembly?
According to the “WHO’s State Parties Self-Assesment Annual Report (SPAR)”, India has a core capacity score of ___% to detect, assess, report and respond to any health emergencies, which exceeds the Southeast Asia Region and Global average?
** 77TH session
** “All for Health, Health for All”, with the core values and the ethos of India, that is “Vasudhaiva Kutumbakam” which means “the world is one family”
** 86%
The Vice President, Shri Jagdeep Dhankhar laid the foundation stone of the Centre for Carbon Fiber and Prepregs (CCFP) in which place?
National Aerospace Limited, Bengaluru
The NSDC (National Skill Development Mission) partnered with which entity in May to enhance Skill Development and Lifelong Learning in India and globally?
International Labour Organisation (ILO)
Which entity won the ‘Sustainability Champion – Editor’s Choice Award’ and “CSR Champion Award” respectively at the Outlook Planet Sustainability Summit & Awards 2024?
‘Sustainability Champion – Editor’s Choice Award’: Rec Ltd won the award
“CSR Champion Award”- Power Finance Corporation (PFC) won the award
RBI proposed to set up a committee to set up a “Digital Payments Intelligence Platform” for mitigating payment frauds and associated risks. Who will be the head of the committee?
A.P. Hota, former managing director (MD) and chief executive officer (CEO), of the National Payments Corporation of India (NPCI)
The National Tele-Mental Health Programme in India reached a significant milestone in May, receiving over ___calls on its Tele-MANAS toll-free number?
The Programme operates ____ Tele-MANAS cells across all States and Union territories?
** It received over 10 lakh calls, averaging 3500 calls per day
** 51
- The Tele-Manas programme was launched in 2022 by the Ministry of Health & Family Welfare to provide free mental health services through telephone.
- The National Institute of Mental Health and Neuro Sciences (NIMHANS), Bangalore will work as its nodal centre and the International Institute of Information Technology- Bangalore (IIITB) will provide the necessary technological support.
- It will include 23 tele-mental health centres of excellence
The Ministry of Earth Science concluded the 46th Antarctic Treaty Consultative Meeting (ATCM-46) and the 26th Committee on Environmental Protection (CEP-26) at which place?
- Kochi, Kerala. It was hosted in support support from the Antarctic Treaty Secretariat headquartered in Argentina.
- Theme of the ATCM-46 was “Vasudhaiva Kutumbakam”
The maximum limit of Retirement Gratuity and Death Gratuity was increased by?
They were increased by 25% from ₹20 lakh to ₹25 lakh on reaching the Dearness Allowance rates of 50%
The Nelson Mandela Award for Health Promotion for 2024 by the World Health Organization (WHO) was given to which entity?
It was given to the National Institute of Mental Health & Neuro Sciences (NIMHANS), Bengaluru
The Department of School Education signs an MoU with the National Book Trust under the Department of Higher Education for creating an institutional framework for the digital library platform______?
Rashtriya e-Pushtakalya
The 3rd Indian Analytical Congress (IAC)- An International Conference Cum Exhibition- 2024 was organised at which place and by which entities?
What was the theme of the event?
** - It was organised by the Council of Scientific and Industrial Research-Indian Institute of Petroleum (CSIR-IIP) in Dehradun.
- Organizer: - CSIR-IIP - Indian Society of Analytical Scientists (ISAS-Delhi Chapter)
** “Role of Science and Technology in Green Transitions”
The Ministry of Mines and the Ministry of Health & Family Welfare signed an MoU for collaborative and convergent action towards the elimination of Tuberculosis in the country by ______?
by 2025
The Central Board of Indirect Taxes and Customs (CBIC) disburse the duty drawback amount using which platform, and when was that platform launched?
Duty Drawback under section _____rebates customs duty chargeable on any imported materials or excisable materials used in the manufacture of export goods?
** It is processed on the Public Finance Management System (PFMS) platform, launched in 2009
** Section 75 of the Customs Act, 1962. The term “duty drawback” refers to a process in which exporters receive a refund or rebate of customs duties paid on imported raw materials or components used in the production of exported goods.
The Ministry of Defence signed MoUs with which 4 banks to onboard them as SPARSH (System for Pension Administration Raksha) service centres?
– Bank of India
- Central Bank of India
- Canara Bank
- Utkarsh Small Finance Bank
SPARSH stands for System for Pension Administration (RAKSHA). It is being implemented by the Defence Accounts Department (DAD) of the Ministry of Defence to meet the pension sanction and disbursement requirements for the Armed Forces. It provides a single window for pensioners to access various pension-related services, such as viewing pension details, entitlements, profile information, and Income Tax forms.
_____ was awarded the UN’s WSIS (World Summit on Information Society) 2024 “Champion” award in June 2024?
- The Centre for Development of Telematics (C-DOT) was given the award for the project “Mobile-Enabled Disaster Resilience through Cell Broadcast Emergency Alerting”
- The World Summit on the Information Society (WSIS)+20 Forum 2024 was conducted by the ITU in Geneva, Switzerland
What is the name of the campaign launched by PM Modi on the occasion of World Environment Day on 5 June 2024?
“Ek Ped Ma Ke Nam” campaign
What is the PLI (Production Linked Incentive) scheme, it covers how many sectors?
- The Production Linked Incentive (PLI) Scheme is a government initiative launched in 2020 aimed at boosting domestic manufacturing, attracting investments in specific sectors and reducing import dependence. The PLI scheme aims to position India as a global hub for Electronics System Design and Manufacturing (ESDM).
- It provides financial incentives to companies based on their incremental sales or production over the base year.
- It covers 14 sectors such as Mobile manufacturing, pharmaceuticals, medical devices, Steel, automobile etc.
The 17th Installment of the PM Kisan worth around ₹_____was released in June benefitting around ___farmers on 18 June 2024?
The 17th instalment of around Rs.20,000 crore is being released under PM Kisan Nidhi which will benefit around 9.3 crore farmers.
over _____tokens for Out-Patient Department (OPD) registrations were registered through the ABHA-based Scan and Share service in June?
When was the ABHA scan and share services launched, it is operational in how many districts?
The Ayushman Bharat Digital Mission (ABDM)’s Digital Health Incentive Scheme (DHIS) provides incentives up to what amount to health facilities?
- The Ayushman Bharat Health Account (ABHA) Scan and Share was Launched in October 2022 under the Ayushman Bharat Digital Mission. It enables patients to conveniently register for OPD appointments by scanning a QR code displayed at the OPD registration counter, thereby instantaneously sharing their ABHA profile for registration.
- It is presently operational across over 5435 healthcare facilities spanning 546 districts in 35 States and Union Territories of India.
- An average of 1.3 Lakh individuals avail of the scan and share service daily.
- Leading states in the adoption of this services are Uttar Pradesh (92.7 lakh tokens), Andhra Pradesh (53.7 lakhs), Karnataka (39.9 lakhs), Jammu and Kashmir (37.1 lakhs)
- Among all the token generations, approximately 75% are first-time users, while 25% use scan and share for subsequent visits.
- NHA offers financial incentives through the ABDM’s Digital Health Incentive Scheme (DHIS) for ‘Scan and Share’ transactions and the generation of electronic health records.
** The policy of the Digital Health Incentive Scheme DHIS of ABDM has been revised, and now all health facilities registered with the Health Facility Registry and Digital Solution Companies can earn an Incentive of up to ₹4 Crore.
The pilot project of the “World’s Largest Food Grain Storage” plan was being extended to ______PACS?
As of June 2024, The pilot project has been launched in how many states?
What is the outlay of the Foodgrain Storage plan, it aims to increase India’s foodgrain storage capacity by what quantity?
What incentive will be provided to PACS by the NABARD?
How will the development of PACS take place?
- ** 500 PACS
** The government has launched this pilot project in 11 Primary Agriculture Credit Societies (PACS) in 11 states.
** The World’s Largest Grain Storage Plan has a financial outlay of around Rs 1 lakh crore (approximately $14 billion). The scheme includes:
- Constructing a 2,000-tonne capacity godown in every block. Farmers will receive modern grain storage facilities at their blocks through PACS, allowing them to get fair prices for their grains.
- Raising India’s food grain storage capacity by 700 lakh tonnes over the next 5 years
- Transitioning all functional PACS onto a unified ERP (Enterprise Resource Planning) based national software for better integration and connectivity. The ERP software will ensure seamless integration and connectivity by linking PACS with NABARD through State Cooperative Banks and District Central Cooperative Banks.
** NABARD is also extending financial support to PACS by refinancing them at highly subsidized rates of around 1%, after incorporating the benefits of 3% interest subvention under the AIF scheme for projects up to Rs. 2 Crore
** - The Plan entails the creation of various agri infrastructure at PACS through the convergence of various existing schemes, such as the Agriculture Infrastructure Fund (AIF), Agricultural Marketing Infrastructure Scheme (AMI), Sub Mission on Agricultural Mechanization (SMAM) Pradhan Mantri Formalization of Micro Food Processing Enterprises Scheme (PMFME), etc.
Under these schemes, PACS can avail subsidies and interest subvention benefits for the construction of godowns/storage facilities and the setting up of other agri infrastructure.
A) The IPEF ministerial meeting “Clean Economy Investor Forum” was held at which place in June 2024?
B) During the first Investor forum, the IPEF partners identified over ___USD of priority infrastructure projects?
C) Which three agreements were signed during the Clean Economy Investor Forum meeting?
D) When was the IPEF supply chain agreement signed, What are the 6 partner countries of the IPEF supply chain agreement?
E) There was an operational launch of the “IPEF Catalytic Capital Fund” under the Clean Economy agreement. What are the objectives of the fund, what will be the initial grant funding and the fund will be administered by which entity?
F) A new Cooperative Work Programme (CWP) led by India on _______was announced. The CWP focuses on which areas?
G) Which entities signed a MoU For the production and export of green ammonia from India to Japan?
A) Singapore
B) - the IPEF partners identified over US $23B of priority infrastructure projects including roughly US $6B of investment-ready projects that proponents presented to investors.
- The coalition estimates that its members, taken together, have over USD 25 billion in capital that can be deployed in Indo-Pacific emerging market infrastructure investments in the coming years.
C) The 3 agreements that were signed at the meeting were:
IPEF Clean Economy agreement: It focuses on
- Accelerating efforts towards energy security and transition, climate resilience, and GHG emissions mitigation.
- Promoting the reduction of dependence on fossil fuels.
- Encourages technical cooperation, workforce development, capacity building, and research collaborations.
- Facilitates development, access, and deployment of clean energy and climate-friendly technologies
IPEF Fair Economy agreement:
- Aims to create a transparent and predictable business environment to spur trade and investment.
- Promotes a level playing field for businesses and workers.
- Enhances efforts to prevent and combat corruption by strengthening anti-corruption frameworks.
- Supports tax transparency, domestic resource mobilization, and tax administration improvements.
- Provides technical assistance through sharing expertise and best practices
Overarching agreement on IPEF: It aims to establish high-standard commitments in four key pillars
Connected Economy: Addresses select trade issues.
Resilient Economy: Focuses on supply chains.
- Clean Economy: Covers clean energy, decarbonization, and infrastructure.
- Fair Economy: Deals with tax and anti-corruption issues
D) The IPEF Supply Chain Agreement was Signed in November 2023, in San Francisco. It Came into force in February 2024. It aims to build resilient supply chains across the Indo-Pacific region. There will be in-person meetings of the Supply Chain Council and Crisis Response Network in the United States before the end of 2024.
The 6 IPEF partners are parties:
- Fiji
- India
- Japan
- Korea
- Singapore
- The United States
Two additional partners are Thailand and Malaysia
E) - It aims to support the expansion of the pipeline of quality clean economy infrastructure projects in the IPEF emerging and upper-middle income economies under the IPEF Clean Economy Agreement.
- The fund’s Founding Supporters are Australia, Japan, The Republic of Korea and the USA
- Initial Granting of US $33 million to catalyze up to US $3.3 billion in private investment.
- The fund is administered by the Private Infrastructure Development Group (PIDG)
F) - A new CWP led by India on “e-waste urban mining” was announced
- The CWPs focus on areas such as hydrogen supply chains, carbon markets, clean electricity, sustainable aviation fuel, and just transition. These cooperative efforts contribute to the overarching goals of the IPEF Clean Economy Agreement
G) – The agreement was signed between Sembcorp Green Hydrogen India Private Limited, Kyushu Electric and Sojitz.
- The agreement aims to increase the production and export of 200 KTPA green ammonia capacity in Phase-I (total 800 KTPA in 4 phases) at Tuticorin Port in India and export to Japan
About IPEF:
It was Launched in 2022 at Tokya by the USA and other partner countries. It has 14 regional partners – Australia, Brunei, Fiji, India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, the United States, and Vietnam.
- It aims to enhance resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness in the Indo-Pacific region. It is not a Free Trade Agreement but allows members to negotiate on various matters.
- The 14 IPEF partners represent 40% of global GDP and 28% of global goods and services trade.
- The four main Pillars are
a) Supply Chain Resilience
b Clean Energy, Decarbonization and Infrastructure
c) Taxation and Anti-Corruption
d) Fair and Resilient Trade
India agreed to three out of four pillars, which are Supply Chains, Tax & Anti-Corruption and Clean Energy. The Department of Commerce is the nodal agency for the IPEF engagements
What is the tenure of the SIGHT programme, Which entity will implement the SIGHT programme under the National Green Hydrogen Mission?
What is the outlay of the SIGHT programme and what different types of incentives are provided under the SIGHT programme under the National Green Hydrogen mission?
** - Tenure of the SIGHT programme is from FY2025-26 to FY2029-30
- The SIGHT programme will be implemented by the Solar Energy Corporation of India (SECI). It is eligible to get
0.5% of the incentive amount disbursed as administrative charges on an annual
basis.
** The outlay of the SIGHT programme is ₹17490 crore which includes:
Component-1: ₹4,440 Crores for domestic manufacturing of electrolysers.
Component-2: ₹13,050 Crores as an incentive scheme for green hydrogen production.
Incentives will be provided for the domestic production of green hydrogen in the following manner:
1st year - ₹50/kg incentive for the production of green hydrogen
2nd year- ₹40/kg incentive for the production of green hydrogen
3rd year- ₹30/kg incentive for the production of green hydrogen
additional assistance will be provided to ____additional rural and urban households under the Pradhan Mantri Awas Yojana (PMAY)?
Under PMAY, a total of ____ houses have been completed for the eligible poor families under the housing schemes in the last 10 years?
** 3 crore additional houses
** 4.21 crore houses
Who took charge as the director general of ESIC, under the Ministry of Labour & Environment?
Kamal Kishore Soan
What was India’s score at the “QS World University Rankings 2025”, how many Indian institutions were represented in the rankings?
Which were the three top-performing institutions from India?
Which were the top three performing institutions globally?
** - India scored 37.8 and surpassed the global average of 23.5
- 46 institutions were represented from India compared to 11 in 2015, a 318% increase in 10 years, the best amongst the G20. The Indian Higher Education system is the 7th most represented globally and the third in Asia, trailing only Japan (49 universities) and China (Mainland) (71 universities).
** - IIT Bombay (Climbed by 31 ranks (from 149 last year to 118th this time)
- IIT Delhi (climbed by 47 ranks from 197 last year to 150th this time)
- IISc, Bengaluru (climbed by 14 ranks from 225 to 211 rank)
- The biggest improvement was made by the University of Delhi (DU) which jumped 79 ranks — from 407 last year to 328 this year
** Rank1 – MIT, Rank 2- Imperial College, London, Rank 3- Harvard University and the University of Oxford
The “ICDK Water Challenge 4.0” was launched by which entity and why in June 2024?
The challenge will be launched for what age group and which entities?
The water challenge encompasses which “5 S”, in the Green Strategic Partnership (GSP)?
** It was launched by AIM, and NITI Ayog in collaboration with Denmark. The primary goal of this challenge is to address and find innovative solutions for water-related issues in India, which include water scarcity, pollution, and inefficient water management systems. It aims to address these challenges by leveraging inventive solutions.
** - The challenge invites entries from students and young entrepreneurs (both under the age of 35).
- Early-stage startups, researchers, and innovators committed to positive environmental change are encouraged to apply.
- Selected Indian teams will participate in the global Next Generation Digital Action program, engaging with young talents from leading universities and innovation hubs across 9 countries (including India, Denmark, Ghana, Kenya, Korea, Tanzania, South Africa, Colombia, and Mexico).
- Water Challenge encompasses the 5 S’s which include Skills, Scale, Scope, Sustainability, and Speed in the Green Strategic Partnership (GSP) between India and Denmark.
The____ session of the International Labour Conference (ILC) of the ILO was launched in June 2024 in ______place?
What is the Fourth Decent Work Country Program (DWCP) launched by the ILO and what is its tenure?
** The 112th Session was launched in Geneva, Switzerland
** - The Fourth Decent Work Country Programme (DWCP), launched by the International Labour Organization (ILO), is a strategic framework at the country level. It identifies priorities for ILO constituents (national governments, employers, and workers) and outlines planned support to achieve results in those areas.
- DWCPs align with national development priorities and contribute to the 2030 Agenda and Sustainable Development Goals
- The tenure of the programme is 2023-27
The scheme guidelines launched to implement green hydrogen in the steel sector under the National Green Hydrogen mission. What is the outlay for the same and which entity will implement it in the steel sector?
What is the outlay and tenure for implementation of the green hydrogen in the shipping sector?
** - Outlay for implementation of the scheme in the steel sector is ₹455 crore till FY2029-30
- The scheme will be implemented by Mecon Ltd in the steel sector.
Three Thrust Areas under the Scheme for using Hydrogen in the Steel Sector are:
Scheme-A: Pilot project to produce Direct Reduced Iron (DRI) using only hydrogen in a vertical shaft furnace.
Scheme-B: Use of Hydrogen in Blast Furnace.
Scheme-C: Injection of Hydrogen in DRI-making unit.
** Outlay for the implementation of the scheme in the Shipping sector is ₹115 crore till FY2025-26
Which entity developed the E-Flow (Environmental Flow) Monitoring System, launched in June and why?
The system will track key parameters such as in-flow, out-flow, and mandated E-flow across ____ projects along the Ganga Main Stream?
- It was developed by the NMCG (National Mission for Clean Ganga) to monitor and maintain the ecological health of rivers by ensuring that a minimum flow of water is maintained to support aquatic life and ecosystem services. It allows real-time analysis of water quality in the Ganga, Yamuna, and their tributaries and
It monitors the performance of Sewage Treatment Plants (STPs) under the Namami Gange program, ensuring they operate efficiently. - The National Mission for Clean Ganga (NMCG) laid down flow specifications to preserve the river’s ecological balance, safeguard aquatic life, and ensure sustainability amid diverse water usage demands.
- In 2018, the Government of India mandated minimum E-flow (environmental flow) for various stretches of the Ganga River year-round.
** 11 projects
The ‘Made in 3D- Seed the Future Entrepreneurs’ programme was launched by the Atal Innovation Mission in collaboration with which entity to instil an innovation and entrepreneurship mindset among school students across India?
La Fondation Dassault Systems India
7 Startups in technical textile were approved under the GREAT scheme. What is the GREAT scheme and what is funding support provided to startups under the scheme?
The National Technical Textiles Mission (NTTM) has approved a grant of approximately ₹____ to IIT Guwahati for introducing geotextiles in the Civil Engineering Curriculum?
** - The GREAT scheme aims to foster innovation in the technical textile sector by leveraging startups for R&D and commercialization of new products and technologies in the technical textiles sector.
- Under the GREAT scheme, the Ministry of Textiles provides grant-in-aid funding of up to ₹50 lakh per startup
** ₹6.4 lakhs
Answer the following based on the first exclusive all-India survey on ‘Ayush’ conducted by the National Sample Survey Office (NSSO) from July 2022 to June 2023-
A) The survey was conducted as a part of the ____ round of the National Sample Survey (NSS)?
B) The survey was conducted on a member of a household aged ___years or more?
C) Approximately ___% of rural and ___% of urban respondents are aware of the Ayush system of medicine?
D) Around ___% of rural and ___% of urban individuals used Ayush for the prevention or treatment of ailments in the past 365 days?
E) At least one member in about ___% of rural and ___% of urban households is aware of medicinal plants, home remedies, and local health traditions related to Ayush?
F) In around ___ households in rural India and around ___ households in urban India, at least one member of the household is found to practise yoga regularly?
A) - It was conducted as a part of the 79th round of the NSSO
- This survey covered the entire Indian Union, excluding a few inaccessible villages in the Andaman & Nicobar Islands. Information was collected from 1,81,298 households, including 1,04,195 in rural areas and 77,103 in urban areas.
B) 15 years or more
C) Approximately 95% of rural and 96% of urban respondents are aware of Ayush.
D) Around 46% of rural and 53% of urban individuals used Ayush for the prevention or treatment of ailments in the past 365 days
E) 85% of the Rural Households and 86% of the Urban Households
F) Rural India- 1.1 crore households, Urban India- 1.4 crore households
A) What is the full form of the ASUSE survey, released in June and it covers which sectors?
B) The Total no. of establishments grew by ___% annually?
C) The number of establishments in the other services sector grew annually by ___%
D) The number of manufacturing establishments increased by ___%
E) The unincorporated non-agricultural sector employed about ___workers?
F) What was the growth of employment observed in different sectors?
A) - The Annual Survey of Unincorporated Sector Enterprises (ASUS) provides the economic and operational characteristics of the “Unincorporated Non-Agricultural Establishments” in the Trade, Manufacturing and Other Services sectors, excluding the Construction sector.
- The ASUSE survey of this year covered the reference periods of April 2021 to March 2022 (ASUSE 2021-22) and October 2022 to September 2023 (ASUSE 2022-23).
B) 5.88%
C) 15.12 %
D) 2.22%
E) The unincorporated non-agricultural sector employed about 11 crore workers (10.96 crore) from October 2022 to September 2023, up from 9.8 crore in 2021-22, showing a healthy labour market growth
F) The highest growth of employment was observed at 13.42% in the Other Services sector, followed by 6.34% in the Manufacturing sector.
The WHO designated _____as a WHO Collaborating Centre for “Fundamental and Literary Research in Traditional Medicine”?
- The National Institute of Indian Medical Heritage (NIIMH), Hyderabad became the first WHO Collaborating Centre for “Fundamental and Literary Research in Traditional Medicine”.
- It will be led by Prof. Vaidya Rabinarayan Acharya, Director General, CCRAS.
- It is tasked with assisting WHO in standardizing terminologies for Ayurveda, Unani, Siddha, and Sowa Rigpa, and updating the Traditional Medicine ModuleII for the Eleventh edition of the International Classification of Diseases (ICD-11)
- This recognition is granted for a period of 4 years
Which museum was listed on the “World Selection for the Prix Versailles Museums 2024”?
Smritivan museum in Kutch was listed and it preserves the memories of the people we lost in the devastating earthquake in 2001
What is the “Krishi Sakhi Convergence Programme ” and as of date how many Krishi Sakhis have been certified as Para-Extension Workers?
As of June, the Krishi Sakhi Training programme has been rolled out in how many states?
Currently, ____Krishi Sakhis are working as a Local Resource Person under the Mission Organic Value Chain Development for the North Eastern Region?
The Krishi Sakhi programme aims to create how many “Lakhpati Didis” by 2024?
** - The Krishi Sakhi Convergence Program (KSCP) is a transformative initiative by the Government of India. It empowers rural women by transforming them into Para-extension Workers by imparting them with training and certification of Krishi Sakhis.
- It provides training related to agro-ecological practices, soil health, livestock management, and integrated farming systems. After certification, they can engage in activities related to soil health, crop demonstrations, crop insurance, and horticulture awareness.
- As of date 34,000 Krishi Sakhis out of 70,000 have been certified as Para Extension Workers
** The Krishi Sakhi Training Program has been rolled out in 12 states in Phase – 1 which include Gujarat, Tamil Nadu, Uttar Pradesh, Madhya Pradesh, Chhattisgarh, Karnataka, Maharashtra, Rajasthan, Odisha, Jharkhand, Andhra Pradesh, and Meghalaya
** Currently, 30 KSs are working as Local Resource Persons under the Mission Organic Value Chain Development for the North Eastern Region and getting INR 4500 per month.
** The program aims to create 3 crore ‘Lakhpati Didis’ by 2024
India will be the ____country with its own Deep Sea Mission?
What is India’s Deep Sea Mission and which vessel will be used for the exploration of the Deep Sea?
What is the outlay of the mission?
** 6th Country
** - The mission aims to explore the deep sea for mineral exploration, ocean sciences, exploration of flora and fauna, conservation of marine biodiversity, and commercial exploitation of rare earth metals and poly-metallic nodules in the Indian seabed.
- The Matsya Yaan 6000 developed by the National Institute of Ocean Technology (NIOT) will be used for this mission. It can descend to a depth of 6,000 meters into the ocean.
** The mission was launched in 2021 for 5 years and outlay of ₹4077 crore
The Department of Technology (DoT), proposed which two projects in June for catalyzing innovation in the telecommunication sector?
a) 5G Intelligent Village:
- This initiative aims to harness the transformative power of 5G technology to uplift rural communities, driving digital inclusion and economic growth.
- The proposal addresses critical pillars such as agriculture, education, healthcare, governance, and sustainability.
b) Quantum Encryption Algorithm (QEA)
- To develop an India-specific quantum encryption algorithm for securing digital communication channels.
- The QEA leverages the principles of quantum mechanics to ensure unparalleled security, advanced encryption capabilities, and ultrafast and efficient encryption.
Answer the following based on the provisional figures of the Direct Tax Collections for FY2024-25, released in June 2024-
A) The Net tax collections increased by what per cent?
B) Gross Tax collection increased by what per cent?
C) Total Advance tax collection showed a growth of __%?
D) What was the total refund amount issued in FY2024-25?
A) It increased by 20.99% to ₹4,62,664 crore in FY2024, from ₹ 3,82,414 crore in the corresponding period of the preceding year
B) Gross Tax collection grew by 22.19% to ₹5,15,986
C) Total Advance Tax Collections were at ₹1,48,823 crore showing a growth of 27.34%
D) Refunds amounting to ₹53,322 crore have also been issued in the FY 2024-25 till 17.06.2024, which are 33.70% higher than refunds issued during the same period in the preceding year.
Answer the following based on the Household Consumption Expenditure Survey (HCES) from August 2022 to July 2023, released by the NSSO, Ministry of Statistics & Programme Implementation-
A) What is All India’s Average Monthly Per Capita Expenditure (MPCE) for Rural and Urban India respectively and what is the MPCE on Food and Non-Food items for the same?
B) Adjusted to 2011-12 prices, the MPCE growth is ___% in rural and ___% in urban areas respectively?
C) The Share of Food items in the total MPCE declined to what per cent from 2011-12 to 2022-23, in Rural and Urban India respectively?
D) What is the decline in the Urban-Rural gap in average MPCE from 2011-12 to 2022-23?
E) The Rural-Urban difference in average MPCE, among the states is the highest in which states?
F) Which States and UTs have the highest and lowest Monthly Per Capita Expenditure (MPCE) accordingly?
G) The Gini Coefficient reduced to what value from 2011-12 to 2022-23 in Rural and Urban India respectively?
A) * Rural areas- ₹3773 which includes Food Items- ₹1750, Non-Food items- ₹2023
- Urban areas- ₹6459 which includes Food items- ₹2530, Non-Food items- ₹3929
B) Adjusted to 2011-12 prices, the growth is 40% in rural and 33% in urban areas.
C) In rural India, food expenditure dropped from 53% to 46%, and in urban India, it decreased from 43% to 39%.
D) The urban-rural difference in average MPCE has decreased from 84% in 2011-12 to 71% in 2022-23 at current prices. This shrinking gap suggests economic improvements in rural areas and more balanced growth, likely due to effective rural development and better infrastructure.
E) The rural-urban difference in average MPCE, among the states is the highest in Meghalaya (83%) followed by Chhattisgarh (82%).
F) States:
- MPCE is the highest in Sikkim for both rural and urban areas. It is the lowest in Chhattisgarh for both rural and urban areas.
UTs:
MPCE is the highest in Chandigarh for both rural and urban areas. It is the lowest in Ladakh and Lakshadweep for rural and urban areas respectively.
Among the major 18 states, The highest MPCE is in Kerala in rural areas and Telangana in urban areas. Chhattisgarh has the lowest MPCE for rural and urban sectors.
G) - The Gini coefficient decreased in rural sectors from 0.283 to 0.266 and in urban sectors from 0.363 to 0.314
- The Gini coefficient, also known as the Gini index or Gini ratio, measures income inequality, wealth inequality, or consumption inequality within a nation or a social group. It was developed by Italian statistician Corrado Gini. The coefficient ranges from 0 (perfect equality) to 1 (maximal inequality), where a single individual holds all the income or wealth while others have none
What is the outlay of the Viability Gap Funding (VGF) scheme for offshore wind energy approved by the MNRE, and how is the funding divided?
Power excavation infrastructure, including the offshore substations, will be constructed by which entity?
It aims to support the development of initial ___GW of offshore wind energy at an investment of about ₹______?
** The outlay of the scheme is ₹7453 crore, which includes:
- ₹6853 crore for installation of 1 Gw of Osshore Wind energy, 500 Mw each off the coasts of Gujarat and Tamil Nadu
- ₹600 crore for the upgradation of two ports to meet the logistics requirements for offshore wind energy projects
**Power Grid Corporation of India Ltd (PGCIL)
** It aims to support the development of an initial 37 GW of offshore wind energy in India at an investment of about ₹450,000 crore.
The National Monetisation Pipeline (NMP) monetised assets worth ₹______in the first three years?
What is the tenure of the National Monetization Pipeline (NMP) and what were the target achievements for the first two years?
Which two ministries were the top achievers in 2023-24?
** ₹3.85 lakh crore
** The tenure of the NMP is FY2022-FY2025, in the first two Financial years i.e 2021-22 to 2022-23 it achieved the target of ₹2.3 lakh crore out of ₹2.5 lakh crore
** In 2023-24, the Ministries of Road Transport and Highways and the Ministry of Coal were the top achievers, with a total achievement of Rs. 97,000 crore.
What is the outlay and tenure of the National Forensics Infrastructure Enhancement Scheme (NFIES) approved by the union cabinet in June?
What are the objectives of the scheme?
** Tenure- 2024-25 to 2028-29
Outlay- ₹2254 crore
** Objectives
- To Strengthen the criminal forensic infrastructure to aid an efficient criminal justice system.
- to address the shortage of trained forensic manpower, reduce caseload, and align with the goal of achieving a high conviction rate of more than 90%
Components:
- Establishment of Campuses of the National Forensic Sciences University (NFSU) in the country.
- Establishment of Central Forensic Science Laboratories in the country.
- Enhancement of existing infrastructure at the Delhi Campus of the NFSU.
How many ports from India made it to the list of the top “100 Container Port Performance Index (CPPI) 2023”, and the rankings are released by which entities?
What was the rank of the Vishakhapatnam Port?
** - 19 ports from India made it to the ranking list.
- The rankings are provided by the World Bank and S&P Global Marketing Intelligence
** Visakhapatnam Port made it to the Top 20 ports of the World and was ranked 19 in 2023, recording a marked improvement from 115 in 2022.
The IPPB partnered with which entity in June To offer unique remittance services across Rural India with convenient and affordable doorstep financial services?
Ria Money Transfer
Answer the following based on the ‘Statistical Report on Value of Output from Agriculture and Allied Sectors from Fiscal years 2011-12 to 2022-23, released by the NSO (National Statistical Office), MoSPI-
A) Which are the 4 sub-sectors and what are their respective shares in the Total Gross Value Output at constant prices in 2022-23?
B) ‘cereals’ and ‘fruits and vegetables’ together accounted for more than ___% in total output of the crop sub-sector in 2022-23?
C) Which state exhibited the highest value of the output of “cereals” and “Fruits & Vegetables” respectively?
D) The output of the ‘livestock’ sub-sector increased steadily from ₹____ in 2011-12 to ₹_____ in 2022-23, and which two states accounted for about a quarter of the output of the livestock sub-sector at constant prices in 2022-23?
E) Which were the top 3 states for output of Forestry and Logging from 2011-12 to 2022-23?
F) The output of the fishing and aquaculture sub-sector increased steadily from about ₹___in 2011-12 to about ₹____in 2022-23, which state was the largest producer of in Fishing & Aquaculture?
A) – Crops: 54.3%
- Livestock: 30.9%
- Forestry: 7.9%
- Fishing: 6.9%
B) ‘Cereals’ (27.3%) and ‘fruits and vegetables’ (28.3%) together accounted for more than 55% of the 2022-23 total output of the crop sub-sector.
C) UP exhibited the highest value of output for cereals, whereas for Fruits & Vegetables West Bengal exhibited the highest value of output in 2022-23
D) It increased from ₹487.8 thousand crore in 2011-12 to ₹878.5 thousand crore in 2022-23. Rajasthan (12.5%) and Uttar Pradesh (12.3%) together accounted for about a quarter of the output of the livestock sub-sector at constant prices in 2022- 23.
E) Rank 1- Maharashtra (16.4%), Rank 2- Rajasthan (10.6%), Rank 3- UP (8.7%)
F) - It increased steadily from about ₹80 thousand crore in 2011-12 to about ₹195 thousand crore in 2022-23.
- Andhra Pradesh remained the largest producer of fishing and aquaculture during the period 2015-16 to 2022-23 and, its share in all India output increased from 17.7% in 2011-12 to almost 40.9% in 2022-23.
The NHAI signed an MoU with which entity in June to enhance road safety by deploying artificial intelligence for a length of about 25000 km?
Indraprastha Institute of Information Technology Delhi (IIT Delhi)
The Prime Minister launched the Competitiveness Improvement in Agriculture & Allied Sectors (JKCIP) Project for Jammu and Kashmir with an outlay of ₹_____?
Outlay- ₹1800 crore. The project will be implemented in 90 Blocks across 20 districts of J&K and will have the project outreach of 300,000 households covering 15 lakh beneficiaries.
Under the Telecom Technology Development Fund (TTDF), The European Union (EU) and India launched an Expression of Interest (EOI) for startups working in Battery Recycling Technologies for Electric Vehicles (EVs) for a matchmaking event. What are the 3 working groups under the TTDF?
(1) Working Group 1 on Strategic Technologies, Digital Governance and Digital Connectivity.
(2) Working Group 2 on Green and Clean Energy Technologies - It is being co-chaired from the Indian side by the Office of the Principal Scientific Adviser to the Government of India and from the EU side by the Directorate-General for Research and Innovation of the European Commission.
(3) Working Group 3 on Trade, Investment and Resilient Value Chains.
What is the name of the 100-day Campaign launched in June for awareness of Women-empowerment encompassing enrolment drives and educational sessions nationwide?
- SANKALP (Supportive Action for Nurturing and Knowledge-Based Advancement, Last-Mile Delivery and Potential Realisation of Women) campaign aims to bridge the information and knowledge gap regarding schemes and facilities available for women as well as guide them to avail the benefits and entitlements.
- l also serves as a Project Monitoring Unit (PMU) for all components under Mission Shakti
Which documentary film was given the Golden Conch Award for Best Documentary at the 18TH Mumbai International Film Festival (MIFF)?
“The Golden Thread”
Answer the following based on the recommendations of the 53rd GST Council Meeting-
A) What were the monetary limits set for filing appeals under the GST for the GST Appellate Tribunal, High Court and Supreme Court respectively?
B) The maximum amount for filing an appeal with the appellate authority is reduced to?
C) The Pre-deposit amount limit for the Appellate Tribunal is reduced to?
D) Recent amendment introduces a common time limit for issuing demand notices and orders, whether the case involves fraud, suppression, or willful misstatement. The recommended time limit for availing of this benefit has been increased from __days to ___ days by paying the tax demanded along with interest?
E) The TCS rate for TCS collection by the Electronic Commerce Operators (ECOs) was reduced from __% to __%?
A) – GST Appellate Tribunal: ₹20 lakh
- High Court: ₹1 crore
- Supreme Court: ₹2 crore
B) CGST- from ₹25 crore to ₹20 crore
IGST- from ₹25 crore to ₹20 crore
C) It was decreased from 20% up to ₹50 crore CGST and ₹50 crore SGST to 10% of up to ₹20 crore CGST and ₹20 crore SGST
D) From 30 days to 60 days. So, now you have 60 days to pay the tax and interest after receiving a demand notice
E) From 1% to 0.5%
The MNRE increased the allocation for the fertilizer sector under the National Green Hydrogen Mission from ____lakh tonnes per annum to ____lakh tonne per annum of Green amonia?
From 5.5 lakh tonne p.a to 7.5 lakh tonne per annum. The NGHM, targets a production capacity of 5 million tonnes per annum of Green Hydrogen by 2030, contributing to India’s clean energy goals
The Ministry of Power approved an Inter-State Transmission System (ISTS) for evacuating ___Gw of renewable energy from _____and _____places with an outlay of ₹13595 crore?
9 Gw, of renewable energy each in Rajasthan and Karnataka
4 Armed Forces Medical Services (AFMS) officers clinched ____medals at the 43rd World Medical and Health Games held in Saint-Tropez, France?
32 medals
The Ministry of Coal, Eastern Coalfields Limited (ECL) initiates India’s First Ever Pilot project for Underground Coal Gasification in _____place?
Jamtara District, Jharkhand
India hosted the 64th International Sugar Organizations (ISO) Council Meeting in New Delhi. Where is the headquarters of the ISO?
It is headquartered in London and has about 85 countries as members covering almost 90% of sugar production in the World
Which was the first administrative unit to achieve Fully Functional Literacy under the ULLAS – Nav Bharat Saaksharta Karyakram?
- Ladakh. This achievement comes after Ladakh achieved more than 97% literacy
- The ULLAS (Nav Bharat Saksharta Karyakram) initiative focuses on empowering non-literates aged 15 and above with essential skills.
During the India International Garment Fair held at New Delhi, Union Textiles Minister Giriraj Singh announced that the Production Linked Incentive (PLI) scheme will be expanded to the garment sector with a funding allocation of ₹_____?
₹10000 crore
What is the name of the campaign launched by the Ministry of Housing & Urban Affairs in June to enhance the preparedness of ULBs to handle challenges associated with cleanliness and diseases during monsoon season?
“Safai Apnao, Bimari Bhagao” campaign was launched under the Swachh Bharat Mission Urban 2.0
Which Indian Judo player received financial assistance from the Target Olympic Podium Scheme (TOPS) of the Ministry of Youth & Sports Affairs in June?
Tulika Mann
The Miniratna Category-1 status was announced for which entity in June?
Central Electronics Ltd
The 3rd Phase of the 9th edition of the Swacch Survekshan Survey 2024 was launched in June. What was the objective of the 3rd Phase of the Survey?
The 3rd phase focuses on evaluating the entire
value chain of waste management at Bulk Waste Generators (BWGs). The BWG are
entities with an average waste generation rate exceeding 100 kgs per day,
including all streams of waste.
The Swachh Survekshan Survey comprises the assessment in 4
quarters or phases which are:
-
The first two include telephonic feedback from
citizens on various parameters of city cleanliness.
-
The third quarter focuses on the assessment of
processing facilities.
The 4th
quarter highlights field assessment on all indicators.
What are India’s “Panchamrit” targets announced by PM Modi at the COP 26 summit in Glasglow?
- achieve 500 GW (gigawatts) of non-fossil energy capacity by 2030.
- to meet 50% of its energy requirements from renewable energy sources.
- aims to reduce its total projected carbon emissions by 1 billion tonnes by 2030.
- commits to reducing the carbon intensity of the economy by 45% by 2030, compared to the 2005 levels.
- aims to achieve net zero carbon emissions by 2070.
Commercial banks mobilised ₹______through certificates of deposit (CDs) in June to strengthen their balance sheets ahead of the quarter-end, according to data from the Clearing Corporation of India?
In the Q1 of FY2024-25, banks raised ₹____through CDs, compared to ₹____for the same period in the previous fiscal year?
** ₹1.45 trillion
** Banks raised ₹2.6 trillion in Q1 2024-25, compared to ₹1.6 trillion in the same period previous year
According to HSBC, India’s Purchasing Manager Index (PMI) rose to 58.3 in June from 57.5 in May. What is PMI, and what are the indicators of PMI in India?
The Purchasing Manager Index (PMI) is an economic indicator that measures the performance of the manufacturing and services sectors in an economy. It is conducted monthly by surveying the performance of purchasing managers in several industries. The survey is conducted on five major indicators which are
- New Orders: Reflects the level of new orders from customers.
- Production: Indicates the level of output or production.
- Employment: Measures changes in employment levels.
- Supplier Deliveries: Assesses the speed of supplier deliveries (a slower delivery time can indicate higher demand).
- Inventories: Tracks the level of inventories held by companies.
- Each indicator has a specific weight and the PMI is calculated as a weighted average of these indicators, compiled into a single index number.
- An index value above 50% indicates a positive development in the industrial sector, while a value below 50% indicates a negative situatio
What norms were proposed by the RBI in June for export and import transactions to facilitate ease of doing business for exporters and Primary dealer banks?
- According to draft norms, every exporter should furnish a declaration specifying the amount of the full export value of the goods or services.
- The amount representing the full export value of goods and services shall be realised and repatriated to India within 9 months from the date of shipment for goods and date of invoice for services
These changes aim to promote ease of doing business, especially for small exporters and importers, while empowering Authorized Dealer banks to provide quicker and more efficient services to foreign exchange customers.
What are Special Mention Accounts (SMA), what are the types of SMAs?
Special Mention Accounts (SMA) is a classification of accounts used by banks to identify potential non-performing assets (NPAs) at an early stage and take corrective action to prevent them from becoming NPAs. The types of SMA accounts are:
SMA-0: Principal or interest payment not overdue for more than 30 days.
SMA-1: Principal or interest payment overdue between 31 and 60 days.
SMA-2: Principal or interest payment overdue between 61 and 90 days.
These classifications help lenders take timely corrective actions to prevent further deterioration.
The CBIC (Central Board of Indirect Taxes and Customs) launched the Exchange Rate Automation Module (ERAM), which will publish exchange rates online in which website and will publish the exchange rates of how many currencies?
It will be published on the ICEGATE website and exchange rates of 22 currencies will be published by the ERAM module
What
were the two geospatial portals launched by the National Remote Sensing Centre
(NRSC), ISRO in June?
Bhuvan Panchayat 4.0 portal- It is a geospatial platform developed by the Indian Space Research Organisation (ISRO) to support the planning and development activities at the Panchayat (village council) level. It provides high-resolution satellite imagery at a 1:10K scale for different locations across India.
National Database for Emergency Management (NDEM Ver. 5.0): It provides a comprehensive geospatial database for disaster risk reduction, disaster management
Which entity in June launched the “Sangyaan” app and why?
- It was developed and launched by the Railway Protection Force (RPF) to provide in-depth information on three new Criminal Acts the Bharatiya Nyaya Sanhita (BNS) 2023, the Bharatiya Nagarik Suraksha Sanhita (BNSS) 2023, and the Bharatiya Sakshya Adhiniyam (BSA) 2023.
- It aims to educate and empower RPF Personnel by providing comprehensive information to understand the provisions of both new and old criminal laws, while highlighting the relevance of these new acts in the context of RPF operations.
The Union Minister of MSME Jitan Ram Manji dedicated which two initiatives to the MSME in June?
MSME Team initiative- It aims to facilitate 5 lakh micro and small enterprises for onboarding on to the ONDC platform by providing financial assistance for onboarding, cataloguing, account management, logistics, packaging material and design.
Yashasvini Campaign- It is a series of mass awareness campaign to empower women-owned informal micro enterprises. It will provide capacity building, training, handholding and mentorship to the women owned enterprises.
The Ministry of Housing & Urban Affairs approved proposals worth ₹____ for West Bengal under the Swachh Bharat Mission Urban 2.0 (SBM-U 2.0)?
The SBM-U 2.0 mission target to have waste processing plants in all cities of the State by ______?
** ₹860 crore
** by 2026
What is the name of the blog site launched by the Ministry of Agriculture & Farmers Welfare, for showcasing the voice of the Indian farmers and their success stories?
“Krishi Katha”
A Web portal was launched in June to speed up the settlement process of interest subvention claims of banks submitted under _______?
Under Agriculture Infrastructure Fund (AIF)
the Employees’ Pension Scheme (EPS), 1995 was amended to ensure that EPS members with less than ____ months of contributory service also receive withdrawal benefits?
Less than 6 months.
Table D was amended and withdrawal benefits under the EPS will now depend on the number of completed months of service by the employee
The 10th Meeting of BRICS Environment Ministers was held in a hybrid format under the Chairship of ______?
Which 5 new nations have joined BRICS in 2023?
** Russia
** Egypt, Ethiopia, Iran, UAE and Saudi Arabia
India’s annual defence production hit a record high of almost ₹______in 2023-24 (FY24), up ___% over the previous year’s figure?
The annual defence production target is ₹___by FY 2029?
** India’s annual defence production hit a record high of almost ₹1.27 trillion in 2023-24 (FY24), up 16.7% over the previous year’s figure of ₹1.09 trillion
** ₹3 trillion by FY2029
According to the RBI’s revised guidelines for custodian banks regarding the issuance of IPCs (Irrevocable Payment Commitments) for implementation of the T+1 settlement for stocks, The maximum intraday risk faced by custodian banks issuing IPCs is considered as CME (Capital Market Exposure) at ___% of the total settlement amount?
What are the eligibility criteria for the same?
** Custodian banks issuing IPCs will face a maximum intraday risk equivalent to 30% of the settlement amount, classified as capital market exposure (CME). This risk limit is based on the assumption of a 20% downward price movement of equities on T+1, with an additional 10% margin allocated for further potential downward price shifts.
** The issuance of IPCs by custodian banks is restricted to those with agreements granting them an inalienable right over securities for payout upon settlement. However, this clause is waived for pre-funded transactions, requiring clear rupee funds in the customer’s account or credit to the bank’s nostro account in foreign exchange deals before IPC issuance.
Irrevocable Payment Commitments (IPCs) :
IPCs are commitments made by custodian banks on behalf of their clients (typically institutional investors) to pay a specified amount of money for securities that their clients have agreed to purchase. These commitments are irrevocable, meaning that once issued, they cannot be withdrawn or cancelled by the custodian bank or the client.
The primary purpose of IPCs is to guarantee payment for securities in capital market transactions, providing assurance to issuers and underwriters that funds will be available when the securities are delivered. This assurance facilitates the smooth execution of transactions and mitigates the risk of payment default
Answer the following based on the Master Directions on “Margining for Non-Centrally Cleared OTC Derivatives”, released by the RBI in June-
A) Which entities will be classified as the Domestic Covered Entities for the exchange of Variation Margin (VM)?
B) Which entities will be classified as Foreign entities for the exchange of variation margin?
C) Which entities are classified as Domestic and Foreign entities for the exchange of Initial Margin?
D) Initial Margin must be recalculated at least every ___ working days to ensure that the collateral requirements remain adequate to cover potential risks?
E) A threshold amount for Initial Margin exchange cannot exceed ₹_____?
F) A Minimum Transfer Amount (MTA) for the exchange of both Variation Margin and Initial Margin combined cannot exceed ₹______?
A) - Entities regulated by a financial sector regulator (including branches of foreign banks operating in India) and having an Average Aggregate Notional Amount (AANA) of outstanding NCCDs (Non-Centrally Cleared Derivatives) of ₹25,000 crore and above, on a consolidated group-wide basis.
- Other resident entities having an AANA of outstanding NCCDs of ₹60,000 crore and above, on a consolidated group-wide basis.
B) - Non-resident financial entities having an AANA of outstanding NCCDs of USD 3 billion and above, on a consolidated group-wide basis.
- Other non-resident entities having an AANA of outstanding NCCDs of USD 8 billion and above, on a consolidated group-wide basis.
Variation margin is a variable collateral payment made by clearing members, such as futures brokers, to their respective clearing houses. It is based on adverse price movements of the futures contracts these members hold. When trading futures or other derivatives, this margin helps maintain adequate risk management. It functions as a type of collateral in derivatives trading. Variation Margin shall be exchanged on an aggregate net basis.
C) – Domestic entities- - Entities regulated by a financial sector regulator (including branches of foreign banks operating in India) and having an Average Aggregate Notional Amount (AANA) of outstanding NCCDs of ₹60,000 crore and above
Initial Margin is a collateral which is collected when entering into a derivatives contract. Unlike the Variation margin which is adjusted daily, the Initial Margin remains constant throughout the derivatives contract. Initial Margin shall be exchanged on a gross basis without any netting of Initial Margin amounts owed by the two counterparties
Foreign entities- Non-resident financial entities having an AANA of outstanding NCCDs of USD 8 billion and above
The provisions of these Directions shall not be applicable to an NCCD transaction in which one of the counterparties is any of the following entities:
- Government of India and State Governments;
- A Foreign Sovereign
- A Central Bank
- Bank for International Settlements
- Multilateral Development Banks (MDBs)
D) 10 days
E) ₹450 crore
F) ₹450 crore
Answer as per the Draft Prudential Framework for Income Recognition, Asset Classification and Provisioning pertaining to Advances - Projects Under Implementation, Directions, 2024-
A) The draft provides a harmonized prudential framework for financing projects in which sectors?
B) What are the exposure limits in Consortium Arrangements of loans?
C) The repayment tenor, including any moratorium, should not exceed ___% of the project’s economic life?
D) What are the criteria for funding the cost overrun?
E) If a resolution plan involving a change in DCCO (Date of Commencement of Commercial Operations) is not implemented within ____ days from the end of the review period, the account shall be downgraded to a non-performing asset (NPA)?
F) What are the provisions for Standard Assets (maintaining financial reserves to cover potential risks associated with project finance loans)?
A) It provides the framework for financing projects in the Infrastructure, Non-Infrastructure and Commercial Real Estate (CRE) sectors, in three phases which are the Design phase, Construction phase and Operational phase.
B) - Individual lender exposure should be less than 10% for aggregate lender exposure up to ₹1500 crore
- Individual lender exposure should be 5% or ₹150 crores, whichever is higher for aggregate lender exposure above ₹1500 crore
Consortium Arrangements refer to the collaboration of multiple lenders to finance large-scale projects. These arrangements help distribute the risk among several financial institutions and ensure adequate funding for significant and complex projects.
C) 85%
D) With pre-sanctioned standby credit facilities, lenders can fund cost overruns up to 10% of the original project cost. Additional funding without pre-sanctioned facilities will be priced at a premium, with a minimum additional risk premium of 1%.
Funding Cost Overruns refer to the provision of additional financing to cover expenses that exceed the initially budgeted costs of a project during its construction phase. This ensures that projects can be completed despite unforeseen expenses.
E) Within 180 days
F) Lenders must maintain a general provision of 5% of the funded outstanding during the construction phase. This can be reduced to 2.5% once the project reaches the operational phase and further reduced to 1% if certain conditions are met.
Provisioning for Standard Assets involves maintaining financial reserves to cover potential risks associated with project finance loans.
What is The Pradhan Mantri Annadata Aay Sanrakshan Abhiyan (PM-AASHA) scheme, what are its 3 components and what are the challenges associated with this scheme?
The Pradhan Mantri Annadata Aay Sanrakshan Abhiyan (PM-AASHA) is an umbrella scheme introduced by the Indian government to ensure a Minimum Support Price (MSP) for farmers. Here are the key components of PM-AASHA:
Price Support Scheme (PSS): Under this component, central nodal agencies procure pulses, oilseeds, and copra, with active involvement from state governments. The Food Corporation of India (FCI) and the National Agricultural Cooperative Marketing Federation of India (NAFED) play a crucial role in implementing the scheme. The central government bears the procurement expenses and losses.
Price Deficiency Payment Scheme (PDPS): In PDPS, the state compensates farmers for the difference between mandi prices and MSP. All oilseeds fall under this scheme. Unlike physical procurement, this approach focuses on direct payments to farmers.
Private Procurement & Stockist Scheme (PPPS): In select pilot districts, private agencies collaborate with the government to procure oilseeds. When market prices fall below MSP, authorized private agencies purchase commodities from registered farmers.
Issues Associated with the Scheme:
The existing procurement infrastructure primarily supports wheat and rice, leaving other crops underserved.
Awareness about MSP remains low among farmers, hindering effective implementation
Which bank was excluded from the 2nd Schedule of the RBI Act, 1934 with effect from 1 April 2024?
To be included in the 2nd Schedule, a bank must have a paid-up capital and reserves of an aggregate value of not less than ₹_____?
** Fincare Small Finance Bank
** ₹5 lakh
A) According to the new amendments for the Money Changing activities, the “Value of foreign currency notes” sold to the public for permitted purposes by FFMCs / non-bank ADs Category -II should not be less than ____% of the value of foreign currency notes purchased from other FFMCs/ ADs, on a quarterly basis?
B) Money Changing activities are authorized by the RBI under which section?
C) What are the eligibility criteria for the grant of an FFMC (Full Fledged Money Changers) licence?
D) What are the limits of currency carriage in airports for residents and non-residents?
E) What are the norms for franchisees to conduct money-changing activities?
F) Under which conditions, there would be no need to declare the foreign exchange on the Currency Declaration Form (CDF)?
G) What are the criteria for purchase of foreign currency from the public?
H) Authorised Persons may accept payment in cash below ₹______ against the sale of foreign exchange for travel abroad (for private visits or for any other purpose)?
I) What are the norms of currency conversion for non-residents, when leaving India?
J) What are the Concurrent Audit Requirements for FFMCs and Non-Bank ADs Category II for their transactions?
A) 75%
A Full Fledged Money Changer (FFMC) is a money changer authorised to purchase foreign exchange from non-residents visiting India and residents and to sell foreign exchange for private and business travel purposes only.
B) Money-changing business can be undertaken by entities authorised by the Reserve Bank under Section 10 of the Foreign Exchange Management Act, 1999. No person shall carry on money-changing business without the possession of a valid money changer’s licence issued by the Reserve Bank.
C) - The applicant has to be a company registered under the Companies Act, 1956/ Companies Act 2013/ Registration of Companies (Sikkim) Act, 1961.
- Minimum Net Owned Fund (NOF) requirements are:
₹25 lakh for Single Branch FFMC
₹50 lakh for Multiple Branch FFMC
The FFMC/ non-bank AD Category II should commence operations of its additional branch within a period of six months from the date of issuance of the licence and inform the Regional Office concerned of the Reserve Bank.
D) - Resident Indians and non-residents who are not citizens of Pakistan or Bangladesh, and not travelling to these countries, are permitted to carry Indian notes up to Rs. 25,000 when leaving the country via an airport.
- Citizens of Pakistan and Bangladesh departing by air can carry a maximum of Rs. 10,000 up to the boarding point in international airports, but no further.
E) - A franchisee can be any entity which has a place of business and a minimum Net Owned Funds of ₹10 lakh.
- The franchiser, i.e. AD Category–I Bank / AD Category–II / FFMC may appoint franchisees within a distance of 100 km from their controlling branches concerned. The distance criterion is exempted in the case of recognized groups/chains of hotels and in Hilly and North-eastern states.
- Franchisees can undertake only restricted money-changing business.
- The foreign currency purchased by the franchisee should be surrendered only to its franchiser within 7 working days from the date of purchase.
F) When foreign exchange brought in the form of currency notes or travellers’ cheques does not exceed USD 10,000 or its equivalent and/or the value of foreign currency notes does not exceed USD 5,000 or its equivalent, declaration thereof on CDF is not insisted upon.
G) - Requests for payment in cash in Indian Rupees to resident customers towards the purchase of foreign currency notes and/ or Travellers’ Cheques from them may accede to the extent of only USD 1,000 or its equivalent per transaction.
- Requests for payment in cash by foreign visitors / Non-Resident Indians may be acceded to the extent of only USD 3,000 or its equivalent per transaction.
H) ₹50000. Wherever the sale of foreign exchange is for the amount equivalent to Rs.50,000/- and above whether it involves a single drawal or multiple drawals for a single journey, the payment must be received only by a crossed cheque drawn or electronic funds transfer through banking channel.
I) - Non-residents can convert their unspent Indian currency back into foreign currency when leaving India, provided they have a valid Encashment Certificate.
- Authorized Persons can convert up to ₹10,000 of unspent Indian currency if the non-resident cannot produce an Encashment Certificate due to genuine reasons. The departure must be scheduled within the next seven days.
- Authorized Dealers (ADs) Category I, ADs Category II, and Full-Fledged Money Changers (FFMCs) can convert up to ₹50,000 for foreign tourists (not NRIs) against ATM receipts. Required documents include:
- Valid Passport and VISA
- Ticket confirmed for departure within seven days
- Original ATM slip, verified with the original debit/credit card.
J) Single Branch FFMCs:
- Turnover > USD 100,000 per month: Must have a monthly audit system.
- Turnover ≤ USD 100,000 per month: Can have a quarterly audit system.
Multiple Branch FFMCs/Non-Bank ADs Category II: - Must audit 80% of the transactions by value monthly.
- Must audit the remaining 20% of the transactions by value quarterly.
Answer the following based on the SDG publications released by the MoSPI on the occasion of 18th Statistics Day on 29 June 2024-
A) ____ States/UTs have developed their State/UT level monitoring framework for SDGs to track the progress of SDGs at the sub-national level?
B) How many indicators are identified at a National level to measure and monitor the progress of targets under “SDG-1: No Poverty”?
There was a reduction in the proportion of people living in poverty in India from ___ % in 2015-16 to ____% in the period 2019-21?
C) There was an Increase in the number of Self-Help Groups (SHGs) providing bank credit linkage to ______?
D) Coverage of New Pension Scheme (NPS) is ________ in 2023- 24?
E) How many indicators are identified at a National level to measure and monitor the progress of targets under “SDG-2: Zero Hunger”?
What was the reduction in the percentage of children under the age of 5 who are stunted, from 2015-16 to 2019-21?
There was an increase in the percentage of net area under organic farming to ____ hectares?
Gross Value Added in agriculture per worker has increased to ₹______ in 2023-24?
F) How many indicators are identified at a National level to measure and monitor the progress of targets under “SDG-3: Good Health and Well Being”?
Budgetary allocation for the Department of Health Research is ₹______ in 2024-25?
Tuberculosis incidence per 1,00,000 population has reduced to ____ in 2022?
Neonatal mortality rate per 1000 live births has reduced to ____ in 2020?
The percentage of children aged 12-23 months who were fully vaccinated with BCG, measles, and three doses each of polio and DPT or Penta vaccine increased to ____% in 2019-21?
G) How many indicators are identified at a National level to measure and monitor the progress of targets under “SDG-4: Quality Education”?
The Gross Enrolment Ratio in higher secondary education has increased to ____% in 2021-22?
The proportion of schools with access to electricity is ____% in 2023- 24?
The proportion of schools with access to computers for pedagogical purposes is ___% in 2023-24?
Gross enrolment ratio for tertiary education is ___% in 2021- 22?
H) How many indicators are identified at a National level to measure and monitor the progress of targets under “SDG-5: Gender Equality”?
What were the wages of Women casual labourers and Men casual labourers during Oct-Dec 2022-23 respectively?
In the FY2023-24, ___% of the Self-Help Groups that were linked with banks were composed exclusively of women?
I) Answer the following based on “SDG-6: Clean Water and Sanitation”-
Percentage of population using an improved drinking water source in rural India has improved to ____% in 2023-24?
The percentage of Districts achieving open defecation-free has increased to ___% during 2019-20 to 2023-24?
Degree of integrated water resources management is __ in 2023?
J) Answer the following based on “SDG-7: Affordable and Clean Energy”-
___% of households are electrified in 2021-22?
Renewable energy share is ____% in the total installed electricity generation in 2022-23?
The total installed renewable energy generating capacity in the country is _____ watts per capita in 2023-24?
K) Answer the following based on ”SDG-8 Decent Work and Economic Growth”-
Total number of patents issued is ______ in 2023-24?
Outstanding credit to MSME is ₹_____ in 2022-23?
L) Answer the following based on “SDG-9 Industry, Innovation and Infrastructure”-
Total CO2 emissions of the power sector per unit of GDP (in Tonne/Rupees crore) have reduced to ___ in 2022-23?
Researchers per million population have increased to ____ in 2020- 21.?
The proportion of the population covered by a mobile network is ____% in the Mobile-cellular network category in 2022?
M) Answer the following based on “SDG-10 Reduced Inequality”-
Labour share is ___ % of the total GDP?
____% of the total budget was allocated for the welfare of SCs and STs in 2023-24?
N) Answer the following based on “SDG-11 Sustainable Cities and Communities”-
___% of the wards have 100% door-to-door waste collection in 2024?
____% of the total waste is processed in 2024?
O) Answer the following based on “SDG-12 Responsible Consumption and Production”-
Per capita, food availability has increased to ____ kg per year per person?
Total installed renewable energy generating capacity has increased to ____ watts per capita in 2023-24?
P) How many indicators are identified at a National level to measure and monitor the progress of targets under “SDG-13: Climate Action”?
There was a ____% of the reduction in emission intensity of GDP over the 2005 level?
Q) As per the key data facts on “SDG-14: Life Below Water”, _____ million Tonnes/Year is the maximum sustainable yield in fishing?
R) Answer the following based on “SDG 15: Life on Land”-
____% of the total geographical area is covered by forest (Forest Cover) in 2021?
____% of the total geographical area is protected area in 2023?
____% of government spending is on environmental protection in 2022-23?
____ % of the total wetland area is covered by Ramsar Sites in 2023?
S) Answer the following based on “SDG 16: Peace, Justice and Strong Institutions”
____ government services were being provided online to citizens in 2021-22?
There are only ___judges per lakh population in 2023?
T) According to key data facts on SDG 17: Partnerships for the Goals, Indian merchandise export contributes ___ % in Global Exports and Indian commercial services export contributes ____% in Global exports?
A) 28
B) ** At the global level, SDG-1 has 7 targets to measure the progress of a nation in eradicating poverty in all its forms everywhere. A total of 18 indicators have been identified at the national level to measure and monitor the progress of these targets.
** From 24.85% in 2015-16 to 14.96% in 2019-21
C) 44.15 lakhs
D) 1,80,43,920
E) ** Under SDG-2 “Zero Hunger”, there are 8 targets identified at a global level to measure the availability of food, improvement in nutrition and promotion of sustainable agriculture, and 19 indicators are identified at the National Level in India to measure and monitor the progress of these targets.
** From 38.4% in 2015-16 to 35.5% in 2019-21
** To 4.4293 million hectares.
** Rs.87,609
F) ** There are a total of 13 targets to measure healthy lives and promote well-being for all and 38 indicators have been identified at the national level to measure and monitor the progress of these targets.
** ₹3001 crore
** 199
** 20
** 76.6% in 2019-21
G) ** This goal encompasses 10 targets aimed at measuring inclusive and equitable quality education and promoting lifelong learning opportunities. To monitor the progress of these targets, 19 indicators have been identified at the national level
** 57.6%
** 89.3%
** 47.5%
** 28.4%
H) ** This goal includes 9 targets to monitor gender equality and ensure the empowerment of women and girls. At the national level, 31 indicators have been identified to track the progress of these targets.
** Women Casual Labourers: ₹276 per day, Male Casual Labourers: ₹428 per day
** 97.53%
I) ** 99.29%
** 100%
** 75
J) ** 100%
** 22.51%
** 136.56 Watts per capita
K) ** 1,03,057
** ₹22.60 lakh crore
L) ** 44.52
** 262
** 99.2%
M) ** 33.14%
** 6.19% of the total budget
N) ** 97%
** 78.46%
O) ** 207.6 kg per capita per year
** 136.56 watts per capita
P) ** Goal 13 has 5 targets to measure the changing impacts of climate-related hazards. A total of 7 indicators have been identified at the national level to measure and monitor the progress of these targets.
** 24%
Q) 5.311 million tonnes/Year
R) ** 21.71%
** 5.43%
** 0.08%
** 8.73%
S) ** 4671
** 1.53 Judges per lakh population
T) Indian merchandise export contributes 1.8% to Global Exports and Indian commercial services export contributes 4.4% to Global exports.
The government of which state signed an MoU with the NFSU, Gandhinagar in June to improve the forensic ecosystem and criminal justice?
Haryana
What is the total Budget allocated to State Disaster Response Fund (SDRF) and National Disaster Response Fund (NDRF) for disaster relief from 2014 to 2024?
What is the hardship allowance for NDRF personnel?
** ₹2 lakh crore
** Hardship allowance at the rate of 40% of their basic salary for 16000 NDRF personnel is provided.
Additionally, forces like the National Security Guard (NSG) and the Special Protection Group (SPG) receive a 25% hardship allowance due to their specialized duties.
What were the achievements under the Labour Welfare Schemes for Beedi, Cine and Non-Coal mine workers in the Health and Education domain during FY2023-24 as per news in June 2024?
Health Scheme Achievements:
In FY2023-24: A total of 18,02,000 workers and their dependents benefited with an expenditure of Rs 8.5 crore
Education Scheme Achievements:
In FY2023-24 Total of 96,501 wards of Beedi/Cine/Non-Coal Mineworkers benefited with an Expenditure of Rs 30.68 crore.
What is the name of the portal launched on 29 June on National Statistics Day to establish a comprehensive data management and sharing system for ease of dissemination of official statistics in the country?
The eSankhyiki portal was launched on World Statistics Day 2024. It has two sections facilitating easy access and re-use of data, namely:
Data Catalogue: - The catalogue lists the major data assets of the Ministry such as National Accounts Statistics, Consumer Price Index, Index of Industrial Production, Annual Survey of Industries, Periodic Labour Force Survey and Household Consumption Expenditure Survey in one place.
Macro Indicators: - It offers time series data of key macro indicators with features for filtering and visualization.
- It also allows users to download custom datasets, and visualizations and access them through APIs, thereby increasing the reusability of data.
- At present, this section includes four major products of MoSPI: National Accounts Statistics, Consumer Price Index, Index of Industrial Production, and Annual Survey of Industries, encompassing the data of the last ten years.
Who was appointed as the 30th Chief of the Army Staff?
General Upendra Dwivedi
Answer the following based on various initiatives launched on the 109th Foundation Day of the Zoological Survey of India in Kolkata-
A) “Fauna of India Checklist Portal” was launched, the first comprehensive document on the faunal species reported from India. It comprises ____ checklists of all known taxa and covers ___Phyla?
B) “The Fauna of India Checklist Portal” lists _____species, making India the first country in the world to record all of its wildlife?
C) Who launched the Book “How Forests Think: Towards an Anthropology beyond the Human”?
D) The ‘Animal Discoveries– 2023’ Publication of the Zoological Survey of India comprises ___ new animal species and the “Plant Discoveries-2023” publication of Botanical Survey of India comprises ____new plant species?
E) Which entities released the publication ‘Barcode Atlas of Indian Fishes’?
F) Who wrote the book ‘ROAR - Celebrating 50 Years of Project Tiger’?
G) The Zoological Survey of India was established in what year?
A) It comprises 121 checklists of all known taxa covering 36 phyla.
B) 1,04,561 species
C) Eduardo Kohn
D) “Animal Discoveries publication” comprises 641 new species and “Plant Discoveries Publication” comprises 339 new plant species
E) ICAR-NBFGR, Lucknow and ZSI, Kolkata jointly published the publication
F) Shiladitya Chaudhury & Ketan Sengupta
G) 1916
Answer the following based on the RBI’s report “Finances of Foreign Direct Investment Companies 2022-23”-
A) Total Paid-Up Capital (PUC) of Non-Bank Non-Financial Foreign Direct Investment companies was ₹_______, accounting for ___% of the PUC of all FDI companies that reported in the 2022-23 round of the Reserve Bank’s annual census on foreign liabilities and assets of Indian direct investment companies?
B) Nearly half of the sample FDI companies received direct investments from which three countries?
C) Net sales of the sample FDI companies rose by __% on top of ____% growth in the previous year?
D) What was the growth of raw material expenses and Operating expenses of the FDI companies?
The employee remuneration outlay increased by what per cent for sample companies?
E) Operating profit and Post-Tax profit of sample companies rose to what per cent respectively?
Net profit Margin of sample companies rose to what per cent in 2022-23?
F) What was the Debt-to-Equity ratio of sample FDI companies in 2022-23?
G) External sources accounted for ___% of additional funding of the sample FDI companies during 2022-23?
A) ₹5,44,014 crore, which accounted for 56.9% of the total PUC of FDI companies that had reported in the 2022-23 round
B) - Nearly half of the sample companies received direct investment from Singapore, Mauritius, and the US
- Japan, the Netherlands and the United Kingdom were other major FDI source countries.
- A major chunk of the sample companies belonged to the manufacturing, information and communication sectors.
C) net sales of the sample companies rose by 21.1% on top of 28.6% growth in the previous year.
D) ** Both raw material expenses and Operating expenses grew at the rate of 20.7% during 2022-23
** The employee remuneration outlay increased in sync with rising business activities. The manpower-intensive services sector recorded a higher rise of 24.3% in employee remuneration compared to a 13.1% rise for the manufacturing sector
E) ** Operating profits and post-tax profits rose by 17.5% and 45.2%, respectively.
** Net profit margin improved to 5.9% in 2022-23 from 4.9% the previous year
F) Leverage (measured in terms of debt-to-equity ratio) of the sample FDI companies continued to decline and stood at 39.9% during 2022-23. It stood at 19.3% for manufacturing companies and 54.1% for services firms.
G) External sources accounted for 52.7% of additional funding of the sample FDI companies during 2022-23 and 56% of the fresh funds were utilised in gross capital formation
What is the full form of the PRAVAAH portal launched by the RBI?
RBI launched the mobile application for the RBI’s Retail Direct Scheme, to transact in G-secs. When was the RBI’s Retail Direct portal launched?
** - The PRAVAAH (Platform for Regulatory Application, Validation and Authorization) portal is a secure and centralised web-based portal for any individual or entity to seek authorisation, license or regulatory approval on any reference made by it to the Reserve Bank.
- At present, 60 application forms covering different regulatory and supervisory departments of RBI have been made available on the portal. This also includes a general-purpose form for applicants to submit their requests which are not included in any other application form.
** The retail direct portal was launched in November 2021 to facilitate retail investors to open their Retail Direct Gilt accounts with the Reserve Bank of India under the Retail Direct Scheme. The scheme allows retail investors to buy G-Secs in the primary auctions as well as buy and sell G-Secs in the secondary market.
The Fintech Repository and EM-Tech Repository launched by the RBI in May are managed by which subsidiary of the RBI, and what type of data will be available in both repositories?
- They are managed by the Reserve Bank Innovation Hub (RBIH). The FinTech Repository encourages both licensed and unregulated fintechs to contribute data, providing aggregate sectoral information, trends, and analytics. Meanwhile, the EmTech Repository focuses exclusively on RBI-regulated entities.
- The FinTech Repository provides aggregate sectoral data, trends, and analytics related to fintech companies whereas
- The EmTech Repository focuses on the adoption of emerging technologies by RBI-regulated entities. It will provide Insights into the use of technologies like AI, ML, Cloud Computing, DLT, and Quantum Computing. It will provide aggregated data and trends related to technology adoption, helping policymakers and industry members make informed decisions.
What are the requirements for the Self Regulatory Organisations (SRO) in the Fintech sector, finalized by the RBI in May 2024?
1.- Be set up as a not-for-profit company registered under Section 8 of the Companies Act, 2013.
- Have diversified shareholding (i.e. No entity should hold 10% or more of its paid-up share capital, either singly or acting in concert).
- Explicitly state the operation as an SRO-FT as its primary objective in its Memorandum of Association (MoA).
- Minimum Net worth ₹2 crores to be achieved within one year after recognition by RBI or before commencement of operations, whichever is earlier
- At least one-third of members of the Board, including the chairperson, should be independent, and without any active association with a FinTech entity. Further, the majority of non-independent directors are to be representative of FinTechs that are currently not directly regulated
What was the change in the definition of bulk deposits for all Scheduled Commercial Banks (excluding RRBs) and Small Finance Banks?
– Single rupee term deposit of ₹3 crore or more for Scheduled Commercial banks, excluding RRBs and Small finance banks
- A single rupee term deposit of ₹1 crore and more is the definition of bulk deposit for local area banks as applicable in the case of Regional Rural Banks.
The Exim bank approved a Line of Credit (LoC) of what amount and to which nation in May 2024 for the procurement of two “Hindustan 228-201 aircraft” from Hindustan Aeronautics Ltd?
What are the procurement conditions out of the total credit by the Exim bank?
** The Line of Credit (LoC) was approved to Guyana for USD 23.37 million
** At least 75% of the contract price for goods, works, and services must be supplied by the seller from India. The remaining 25% of goods and services may be procured by the seller from outside India for the purpose of the eligible contract.
As per new amendments, To provide operational flexibility, AD Category-I banks maintaining Special Rupee Vostro Accounts can now open an additional special current account for their constituents for settling both export and import transactions, earlier it was exclusively for the settlement of export transactions. What are the key differences between Nostro and Vostro accounts?
Nostro Account: A domestic bank’s account in a foreign bank, holding foreign currency. It is used by the domestic bank to facilitate international transactions and manage foreign currency.
Vostro Account: A foreign bank’s account in the domestic bank, holding the domestic currency. It is used by foreign banks to facilitate transactions in the domestic currency and manage their operations in the domestic market.
According to new amendments, what are the new weightings assigned to districts based on their high or low-priority sector lending?
- A weightage of 125% will be assigned to Districts with Per Capita PSL less than ₹9000. Thus it will cover the districts where the credit flow is relatively lower.
- A Weightage of 90% will be assigned to districts with Per Capita PSL of more than ₹42000. Thus it will cover the districts where the credit flow is relatively higher.
These new weights are applicable from FY2025 to FY2026
What are the new criteria for the definition of MSMEs?
1) Microenterprise: Investment in plant and machinery or equipment up to ₹1 crore and turnover up to ₹5 crore
2) Small enterprise: Investment in plant and machinery or equipment up to ₹10 crore and turnover does up to ₹50 crore
3) Medium enterprise: investment in plant and machinery or equipment up to ₹50 crore and turnover up to ₹250 crore
What are the two themes and problem statements of the RBI’s Global hackathon “Harbinger 2024- Innovation for Transformation”?
- Theme 1: “Zero Financial Frauds”
1) Real-time prediction, detection and prevention of frauds in financial transactions using alternate sources of data including publicly available information.
2) Ensuring transaction anonymity in token-based (CBDC) transactions while maintaining financial system integrity.
3) Identifying mule bank accounts/ payment wallets.
Theme 2: “Being Divyang Friendly”
4) Accurately identifying banknotes by the visually impaired.
The winner across each problem statement will receive ₹40 lakh
What was the theme of the 4th Cohort of the RBI’s Regulatory Sandbox, came to an end in May 2024?
‘Prevention and Mitigation of Financial Frauds’
What were the increases in foreign exchange reserves during 2022-23 on a Balance of Payment basis and Nominal terms respectively?
What was the increase in the valuation gain of these foreign exchange reserves during 2022-23?
** - On a balance of payments basis (i.e., excluding valuation effects), foreign exchange reserves increased by US$ 63.7 billion during 2023-24 as against a depletion of US$ 9.1 billion during 2022-23. Foreign exchange reserves in nominal terms (including valuation effects) increased by US$ 68.0 billion during 2023-24 as against a decrease of US$ 28.9 billion in the preceding year.
- The valuation gain, primarily reflecting the rise in gold price, amounted to US$ 4.3 billion during 2023-24 as against a valuation loss of US$ 19.7 billion during 2022-23.
Answer the following based on India’s External Debt data at the end of March 2024-
A) What was the value of India’s external debt at the end of March 2024?
What was the value of long-term debt at the end of March 2024?
The share of short-term debt in total external debt declined to ____% in end-March 2024?
Short-term debt on a residual maturity basis, which includes both long-term debt by original maturity falling due within the next twelve months and short-term debt by original maturity constituted ___% of India’s total external debt and ___% of foreign exchange reserves?
B) India’s external debt to GDP ratio declined to ____% at the end of March 2024 from ___% in end-March 2023?
C) Valuation effect due to the appreciation of the US dollar vis-à-vis the Indian rupee and other major currencies such as the yen, the euro and SDR amounted to USD______?
D) What was the percentage share of external debt of various denominations respectively?
E) What was the percentage share of external debt based on various corporations respectively?
F) Loans remained the largest component of external debt, with a share of __%, followed by currency and deposits ___%, trade credit and advances ___%and debt securities ____%?
g) Debt service (i.e., principal repayments and interest payments) increased to __% of current receipts at end-March 2024 from ___% at end-March 2023, reflecting higher debt service?
A)** It was US$ 663.8 billion, an increase of US$ 39.7 billion over its level at the end of March 2023.
** Long-term debt (with an original maturity of above one year) was placed at US$ 541.2 billion, recording an increase of US$ 45.6 billion over its level at the end of March 2023.
** It declined to 18.5% from 20.6% at March-end 2023. Similarly, the ratio of short-term debt to foreign exchange reserves declined to 19.0% at end-March 2024
** It constituted 42.9% of the total external debt at March-end 2024 and 44.1% of foreign exchange reserves
B) The external debt to GDP ratio declined to 18.7% at the end of March 2024 from 19.0% at the end of March 2023.
C) It amounted to amounted to US$ 8.7 billion. Excluding the valuation effect, external debt would have increased by US$ 48.4 billion instead of US$ 39.7 billion at end-March 2024
D) USD: 53.8%
Indian Rupee: 31.5%
Yen: 5.8%
SDR: 5.4%
Euro: 2.8%
E) Non-financial corporations: 37.4%
Deposit-Taking corporations: 28.1%
General Government: 22.4%
Other financial corporations: 7.3%
F) Loans: 33.4%
Currency & Deposits: 23.3%
Trade credit & Advances: 17.9%
Debt securities: 17.3%
G) It increased to 6.7% from 5.3%
A) The net claims of non-residents declined by USD_____on the back of the higher rise in India’s external financial assets of USD______vis-a-vis external financial liabilities of USD____?
B) Reserve assets accounted for ___% of the increase in total overseas financial assets of residents?
C) Inward portfolio and direct investments as well as loans accounted for over ____ of the rise in foreign liabilities?
D) The ratio of India’s international financial assets to international financial liabilities increased to ___% in March 2024 from __% a year ago?
E) The ratio of Net Claims of Non-residents in India to GDP improved to what per cent in March 2024?
A) The net claims of non-residents declined by USD 5.5 billion on the back of the higher rise in India’s external financial assets of USD 109.8 vis-a-vis external financial liabilities of USD 104.3 billion.
Net Claims = External Financial Assets – External Financial Liabilities
B) 62%
C) over 3/4th of the rise in foreign liabilities
D) It increased to 74% in March 2024 from 71.4% a year ago
E) - The ratio of net claims of non-residents in India to GDP improved to (-)10.3% in March 2024 from (-)11.3% a year ago, and (-)11.6% two years ago.
- A negative ratio means that non-residents hold more financial assets in India than India holds in financial liabilities. In other words, non-residents have a net investment in India.
What is the corpus of the separate “INR Swap window”, which was created for Swap support in Indian Rupees under the SAARC Currency Swap framework?
What is the corpus of the Swap window for Swap arrangements in USD and Euros?
** USD 250 billion
** 2 billion USD
The RBI revised the WMA (Ways and Means Advance) limit for States/UTs to ₹______from ₹_______, effective from July 2024?
Which are the top 3 and bottom 3 States/UTs respectively in terms of WMA?
What is the maximum SDF (Special Drawing Facility) limit for States/UTs against Consolidated Sinking Fund (CSF) and Guarantee Redemption Fund (GRF)?
** The WMA limit was increased to ₹60,118 crore from ₹47,010 crore
** Top 3 States/UTs WMA limits: UP (Rs 6519 cr) > MAH (Rs 6139 cr) > TN (Rs 4582 cr)
Bottom 3 States/UTs WMA limits: Puducherry (Rs 175 cr) < Mizoram (Rs 216 cr) < Goa (Rs 258 cr)
** - The maximum SDF limit for States/UTs against CSF/GRF investments will be 50% of the lower of:
a) The outstanding balance of the funds as of the last date of the second preceding quarter.
b) The current balance held in CSF/GRF.
- For ATB (Auction Treasury Bills) investments, the maximum SDF limit will be 50% of the lower of:
a) The outstanding balance in ATBs (91/182/364 days) as of the last date of the second preceding quarter.
b) The current ATB balance.
The rate of interest on the Government of India Floating Rate Bond 2031 (FRB 2031) applicable for the half year June 07, 2024, to December 06, 2024 shall be ___% per annum?
** 7.98%
FRB 2031 carries a coupon, which has a base rate equivalent to the average of the Weighted Average Yield of the last three auctions (from the rate fixing day i.e. June 07, 2024) of 182 Day T-Bills, plus a fixed spread of One per cent
