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ESI FIN CA PHASE II > ESI FINANCE CA MARCH PHASE II > Flashcards

ESI FINANCE CA MARCH PHASE II Flashcards

1
Q

Under Ayushman Bharat PMJAY, the first state in the country to issue five crore Ayushman cards.

A

Uttar pradesh has become the first state

3716 hospitals,
92.48% settlement rate
average admission of patients per day under this scheme was 2,000, which has now increased to about 8,000 per day

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2
Q

What is the state of extreme poverty in India?

A

• India has reduced extreme poverty to below 3% of its population.
• This marks a significant achievement towards the first UN Sustainable Development Goal (SDG) aiming to eradicate poverty by 2030.

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3
Q

What is the World Poverty Clock?

A

• A tool that provides real-time poverty estimates for most countries.
• Monitors progress against the UN’s SDG to end extreme poverty.
• Funded by IFAD and the Federal Ministry for Economic Cooperation and Development of Germany.

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4
Q

How does the World Poverty Clock define “extreme poverty”?

A

Individuals living on less than $2.15 a day.

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5
Q

nearly 3.44 crore people are living in extreme population in 2024

A

against 4.69 crore in 2022.

As a share of total population, number of people living in extreme poverty has come down to 2.4 per cent from 3.3 per cent in 2022. This is second big indication on fight against poverty.

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6
Q

A recent discussion paper by NITI Aayog, titled ‘Multidimensional Poverty in India since the year 2005-06,’ said that multidimensional poverty

A

has declined sharply from 29.17 per cent in 2013-14 to 11.28 per cent in 2022-23, resulting in 24.82 crore individuals escaping multidimensional poverty during the 9-year period.

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7
Q

For added perspective, the World Bank also tracks poverty at $3.65 a day, the typical line for lower-middle-income countries, and

A

$6.85 a day, typical for upper-middle-income countries.

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8
Q

India’s ranked improved to 113 out of 190 countries in the World Bank’s Women, Business and Law index.

A

While India’s score has been constant at 74.4% since 2021, its ranking in the index has declined from 122 in 2021 to 125 in 2022 and 126 in the 2023 index.

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9
Q

World Bank’s Women, Business and Law index - Scale, edition and Full score

A

scale from 0 to 100, where 100 means equal legal rights for men and women.

10TH EDITION - none of the countries has a full score -

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10
Q

Indian women enjoyed 60% of the legal rights given to men as per the new report,

A

lower than the global average of 64.2% legal rights of women against men

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11
Q

The new World Bank’s Women BUsiness and Law index measures performance on legal frameworks across 10 indicator

A

safety,
mobility,
workplace,
pay,
marriage,
parenthood,
childcare,
entrepreneurship,
assets and
pension.

safety and childcare added newly, helped india, otherwise India would have got 129th rank

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12
Q

latest Women, Business, and the Law report shows that between October 1, 2022, and October 1, 2023, only 18 countries

A

— less than 10 percent of those assessed — implemented legal reforms across these indicators.

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13
Q

According to RBI’s quarterly Basic Statistical Return (BSR) data for December, share of term deposits in scheduled commercial banks (SCBs) total deposits increased

A

to 60.3 per cent in December 2023 from 57.2 per cent in March 2023.

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14
Q

The weighted average domestic term deposit rate (WADTDR) on fresh and outstanding deposits

A

increased by 246 basis points (bps) and 180 bps, respectively, during May 2022 to December 2023 period

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15
Q

On an incremental basis, TDs accounted for nearly 97.6 per cent of the total deposits during April-December 2023

A

and the share of current account and savings account (CASA) deposits went down during Apr-Dec 2023

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16
Q

As of December 29, 2023, SCBs total deposits stood at about ₹201 lakh crore.

A

Of this, TDs accounted for 88 per cent and balance was CASA deposits.

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17
Q

Rural and semi-urban branches together accounted for 67.2 per cent of incremental CASA deposits during April-December 2023,

A

Rural and semi-urban branches combined share in total term deposits during October-December 2023 was much lower at 21.7 per cent.

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18
Q

Female customers made significant contribution in deposit accretion: during October-December 2023

A

their shares in incremental CASA, term and total deposits were 63.4 per cent, 36.1 per cent and 40.1 per cent, respectively

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19
Q

Female customers share in total deposits increased to 20.6 per cent in December 2023

A

Female customers share in total deposits from 20.2 per cent in September 2023

Senior citizens held 20.1 per cent of the total deposits in December 2023.

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20
Q

In January 2024, bank credit growth slowed to 16.2% year over year (y-o-y) from 16.7% the previous year.

A

This is a result of the industry, services, and personal loan sectors showing relatively mild credit growth.

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21
Q

According to RBI data on Sectoral Deployment of Bank Credit, the only sector that demonstrated improvement in credit growth was

A

agriculture and allied activities - 20.1% year over year, up from 14.4% the previous year

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22
Q

In January 2024, credit to industry expanded by 7.8% year over year,

A

compared to 8.7% in the same month the previous year

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23
Q

Among the main industries, credit growth (y-o-y) surged in January 2024.

A

to textiles and food processing

whereas growth in credit (y-o-y) to basic metal and metal products and chemicals and chemical products declined.

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24
Q

Retail loans issued by banks increased at a compound annual growth rate (CAGR) of 25.5%

A

between September 2021 and September 2023
Durng the same period - unseecured lending increased by 27%

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25
Q

Credit growth to services sector slowed to 20.7% y-o-y in January 2024

A

as compared 21.4% a year ago - Credit growth to services sector

Personal loans growth declined to 18.4% (y-o-y) in January 2024 from 20.7% a year ago.

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26
Q

Reserve Bank of India, in exercise of its powers under Section 45L(1)(b) of the Reserve Bank of India Act, 1934, directed IIFL Finance Ltd. (“the company”)

A

to cease and desist, with immediate effect, from sanctioning or disbursing gold loans or assigning/ securitising/ selling any of its gold loans - can continue to service its existing gold loan portfolio

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27
Q

The gold loan asset under management of the IIFL has grown 35 per cent year-on-year to

A

₹24,692 crore and 4 per cent quarter-on-quarter. Gold loan portfolio accounts for 32 per cent of the total assets under management of the company in the December quarter

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28
Q

RBI found deficiency in 67% of IIFL gold loan accounts put up for auction

A

Of the 18.9 lakh gold loan extended by IIFL in FY’23, 82,000 accounts have gone for auction due to default by the borrowers. Of these 82,000 accounts, RBI inspection has found deviation in 55,000 accounts at the time of auctions.

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29
Q

IIFL Finance announced that top shareholder Fairfax India (15%) will be providing up to

A

$200 million in liquidity support to the company. - to quell liquidity concerns among investors and lenders which were raised after RBI’s directive.

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30
Q

Reserve Bank of India has sanctioned the Scheme of Amalgamation of Fincare Small Finance Bank Ltd. (Transferor Bank) with

A

AU Small Finance Bank Ltd. (Transferee Bank).
Date of amalgamation - April 1, 2024
While 49% of Fincare’s branches are based in south India, AU had merely 2%. The merged will have 2334 branches.

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31
Q

The Amalgamation of Finacare and AU Small Fin bank Scheme has been sanctioned in exercise of the powers contained in sub-section (4) of Section 44A of the Banking Regulation Act, 1949

A

a scheme of amalgamation must be approved by the required majority of shareholders. The Reserve Bank of India (RBI) sanctions the scheme, and an order under sub-section (4) is conclusive proof that all requirements of the section have been met.

Section 44A of the Banking Regulation Act of 1949 governs the process for amalgamating banking companies.

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32
Q

As per the agreement between the two, shareholders of Fincare Small Finance Bank will receive 579 equity shares

A

of AU Small Finance Bank for every 2,000 shares held.

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33
Q

Reserve Bank of India (RBI) and the Bank Indonesia (BI) signed a Memorandum of Understanding (MoU)

A

for establishing a framework to promote the use of local currencies viz., the Indian Rupee (INR) and the Indonesian Rupiah (IDR) for cross-border transactions.

to promote the use of INR and IDR bilaterally.

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34
Q

INR IDR framework would enable exporters and importers to invoice and pay in their respective domestic currencies,

A

which in turn would enable the development of an INR-IDR foreign exchange market

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35
Q

RBI governor Shaktikanta Das said the central bank has approved a platform that will facilitate online merchants to receive payments from any bank via internet banking, without signing up for every bank.

A

Bharat Bill Payment System, an arm of the National Payments Corporation of India, will implement a new system of interoperable netbanking payments.

easier for smaller businesses to do ecommerce, as even small payment aggregators can provide this service

lower payment charges for merchants.

India accounts for nearly 46% of the world’s digital transactions as per 2022 data.

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36
Q

Das said retail digital payments have grown from 162 crore transactions in FY13

A

to 14,726 crore in FY24 (until Feb) - a 90-fold increase in 12 years

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37
Q

All Authorised Persons who are Indian Agents under the Money Transfer Service Scheme (MTSS) were required to submit a quarterly statement (within 15 days from the close of the quarter to which it relates) on the quantum of remittances received through MTSS using the eXtensible Business Reporting Language (XBRL) platform.

A

With the launch of the Reserve Bank’s next generation data warehouse viz., the Centralised Information Management System (CIMS), it has been decided that the reporting of the aforesaid statement will be done on CIMS portal (URL: https://sankalan.rbi.org.in/) with effect from the quarter-ending March 2024

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38
Q

‘R130’ on Centralised Information Management System (CIMS) of RBI

A

All Authorised Persons who are Indian Agents under the Money Transfer Service Scheme (MTSS) were required to submit a quarterly statement

39
Q

Money Transfer Service Scheme (MTSS) is a way of transferring personal remittances from abroad to beneficiaries in India

A

Only inward personal remittances into India such as remittances towards family maintenance and remittances favouring foreign tourists visiting India are permissible.

40
Q

Under the MTSS scheme there is a tie-up between reputed money transfer companies abroad known as Overseas Principals and

A

agents in India known as Indian Agents who would disburse funds to beneficiaries in India at ongoing exchange rates

41
Q

A cap of USD 2,500 has been placed on individual remittances under the MTSS scheme

A

thirty remittances can be received by a single individual beneficiary under the scheme during a calendar year.

42
Q

Reserve Bank of India (RBI) revised the framework for Bharat Bill Payment Systems (BBPS) Directions

A

enabling non-bank payment aggregators (PAs) to participate in the system as operating units.

43
Q

These revised directions shall be called the Reserve Bank of India (Bharat Bill Payment System) Directions, 2024, and will be applicable from April 1 this year.

A

The banking regulator said entities that are authorised to operate as PAs, including those who have been granted inprinciple authorisation, can participate in BBPS as operating units.

44
Q

Currently, 18 firms including names such as Razorpay, Cashfree, Amazon Pay, among others have received a final RBI nod to operate as payment aggregators

A

This is issued under Section 18 read with Section 10(2) of the Payment and Settlement Systems (PSS) Act, 2007.

Apart from non-bank PAs, banks including all scheduled commercial banks, regional rural banks, urban cooperative banks, state cooperative and district central cooperative banks, and other existing entities authorised as Bharat Bill Payment Operating Units (BBPOUs) can participate in BBPS as Operating Units

45
Q

BBPOUs are the system participants in BBPS. A BBPOU may function either

A

as a Biller Operating Unit (BOU) or a Customer Operating Unit (COU) or both

46
Q

Biller Operating Unit (BOU)

A

entity which onboards biller(s), either directly or through biller aggregator(s), on to the BBPS platform for collection of its bills.
due diligence

47
Q

Customer Operating Unit (COU)

A

entity which provides its customers with an interface (physical / digital) to pay bills, either directly or through agent institution(s).
providing dispute resolution
taking responsibility of agent institutions

48
Q

Agent Institution under BBPS directions 2024

A

An entity, certified by NBBL, which provides customer interface (physical / digital) for bill payments.

49
Q

NPCI Bharat Bill Pay Limited (NBBL - a wholly owned subsidiary of National Payments Corporation of India);

A

Payment System Provider for Bharat Bill Payment System (BBPS).

Bharat Bill Pay Central Unit (BBPCU): BBPCU is the entity which operates BBPS; sets operational, technical and business standards, and also undertakes clearing and settlement functions.

50
Q

BBPOU shall be deemed to be ‘designated payment system’ under Section 23A of the PSS Act, 2007 (as amended from time to time).

A

A non-bank BBPOU shall open an escrow account with a Scheduled Commercial Bank exclusively for BBPS transactions.

51
Q

BBPS

A

net-worth of Rs 25 crore at the time of application for authorisation. The same amount was required to be maintained at all times

52
Q

Reserve Bank of India has today, in exercise of its powers under section 45L(1)(b) of the Reserve Bank of India Act, 1934, directed JM Financial Products Limited (JMFPL or ‘the company’)

A

to cease and desist, with immediate effect, from doing any form of financing against shares and debentures, including sanction and disbursal of loans against Initial Public Offering (IPO) of shares as well as against subscription to debentures.

continue to service its existing loan accounts

53
Q

The central bank observed that it carried out a limited review of the books of the JM Financial Products ltd on the basis of the information shared by the Securities and Exchange Board of India (SEBI

A

serious deficiencies observed in respect of loans sanctioned by the company for IPO financing as well as NCD subscriptions

company repeatedly helped a group of its customers to bid for various IPO and NCD offerings by using loaned funds

54
Q

Market regulator Securities and Exchange Board of India (Sebi) barred JM Financial, a registered merchant banker

A

from acting as a lead manager for any new public issue of debt securities.

For any existing mandates, can continue to act as a lead manager for public issue of debt securities for a period of 60 days from the date of order.

55
Q

The Reserve Bank of India (RBI) on Thursday tightened rules for credit and debit cards used for business accounts

A

business card-issuers to put in place an effective mechanism to monitor end use of funds.

56
Q

RBI had ordered Visa to stop using an unauthorized route to make business-to-business card payments

A

which used fintech companies as an intermediary

57
Q

The regulator said that card-issuers cannot share data of customers with outsourcing partners,

A

unless it is “essential to discharge the functions” of the outsourcing partners.

58
Q

The RBI said if customers’ data needs to be shared,

A

explicit consent from the cardholder will need to be obtained.

59
Q

It added the storage and ownership of card data

A

should remain with the card-issuer.

60
Q

Failure on the part of the card-issuers to complete the process of closure within 7 working days

A

shall result in a penalty of ₹500 per calendar day of delay payable to the cardholder, till the closure of the account provided there is no outstanding in the account

61
Q

In case a cardholder does not clear the total amount due within the payment due date, interest free credit period will be lost, and interest may be levied

A

from the date of transaction on the outstanding amount (adjusted for payments/refunds/reversed transactions as and when credited) and not on the total amount due

62
Q

Before reporting default status of a credit cardholder to a Credit Information Company (CIC),

A

the card-issuers shall ensure that they adhere to the procedure, approved by their Board, and intimate the cardholder prior to reporting of the status

63
Q

In the event the customer settles his/her dues after having been reported as defaulter,

A

the card-issuer shall update the status with CIC within 30 days from the date of settlement.

64
Q

Prior approval shall not be required by the banks (all banks including Payments Banks, State Co-operative Banks and District Central Cooperative Banks) and NBFCs registered with the Reserve Bank (NBFCs – ICC, HFC, Factor, MFI, and IFC)

A

to become a co-branding partner of card-issuers.

65
Q

If a complainant does not get satisfactory response from the card-issuer within a maximum period of 30 days from the date of lodging the complaint,

A

he/she will have the option to approach the Office of the RBI Ombudsman under Integrated Ombudsman Scheme for redressal of his/her grievance/s

66
Q

UDGAM

A

Unclaimed Deposits-Gateway to Access inforMation – is an online portal developed by RBI.

67
Q

Reserve Bank said 30 banks are facilitating people to search their unclaimed deposits/accounts through UDGAM portal

A

that facilitates the registered users to search unclaimed deposits/accounts across multiple banks in one place in a centralised manner.

68
Q

The unclaimed deposits totalled

A

Rs 42,270 crore as of March 2023

69
Q

Unclaimed Deposit Reference Number (UDRN)

A

unique number generated through Core Banking Solution (CBS) by banks and assigned to each Unclaimed account/ deposit transferred to Depositor Education and Awareness (DEA) Fund of RBI

70
Q

The (DEA Fund) Scheme, formulated by the RBI launched on

A

May 24, 2014, i.e., the date of notification of the scheme in the Official Gazette of India.

71
Q

The Reserve Bank of India has barred exclusive agreements between banks and card networks

A

allowed customers to choose the network at the time of issue under Section 18 read with Section 10(2) of the Payment and Settlement Systems Act, 2007.

72
Q

Authorised card networks

A

American Express Banking Corp, Diners Club International Ltd, MasterCard Asia/Pacific Pte Ltd, National Payments Corporation of India–Rupay, and Visa Worldwide Pte Ltd

73
Q

direction on allowing users to pick the network shall not be applicable to credit card issuers

A

with a number of active cards issued by them being 10 lakh or less.

74
Q

Card issuers who issue credit cards on their own authorised card network

A

are excluded from the applicability of the circular.

75
Q

• The Card network choosing directions by RBI will be effective

A

six months from the date of circular

76
Q

RBI was a net buyer of 8.7t of gold during the month of Jan 2024

A

making it the highest monthly purchase in eighteen months, This takes the RBI gold holdings to an all-time high of 812.3t as of end-January.

77
Q

The RBI’s net gold buying in 2023 at 16.2t was notably lower than the previous years

A

wherein the annual net gold purchases by the central bank averaged 47t (2018 to 2022).

78
Q

Despite the lower purchase in 2023, the RBI was the sixth largest buyer of gold among central banks during the year

A
  1. China
  2. Poland
  3. Singapore
  4. Libya
  5. Czech Republic
79
Q

National Electronic Funds Transfer (NEFT) recorded its highest ever single-day transactions on February 29,

A

with the payment system processing 4.10 crore transactions on that day.

80
Q

During the previous ten years (2014-23), NEFT and RTGS (Real Time Gross Settlement) systems have registered growth of 700 per cent and 200 per cent respectively in terms of

A

volume and 670 per cent and 104 per cent respectively in terms of value

81
Q

The NEFT started functioning on a 24/7 basis for 365 days of the year from ,

A

December 16, 2019

82
Q

RTGS 24/7 365 DAYS from

A

December 14, 2020

83
Q

For the RTGS, the highest ever single-day volume was

A

at 16.25 lakh transactions on March 31, 2023.

84
Q

Employment-unemployment indicators report of National Statistics Office - India’s unemployment rate

A

India’s unemployment rate for persons aged 15 years or above declined to 3.1 per cent in 2023, the lowest in the last three years

85
Q

Periodic Labour Force Survey (PLFS) for the calendar year 2023 indicates a positive trend

A

showcasing a decline from 3.6% in 2022 and 4.2% in 2021.

86
Q

Employment-unemployment indicators report of National Statistics Office - Female unemployment rate

A

For females, the unemployment rate declined to 3 per cent in 2023 from 3.3 per cent in 2022 and 3.4 per cent in 2021.

87
Q

Employment-unemployment indicators report of National Statistics Office - Male unemployment rate

A

For males, it came down to 3.2 per cent in 2023 from 3.7 per cent in 2022 and 4.5 per cent in 2021.

88
Q

Employment-unemployment indicators report of National Statistics Office - Urban unemployment rate

A

In Urban areas: The overall rate of unemployment also declined to 5.2 per cent in 2023 from 5.7 per cent in 2022 and 6.5 per cent 2021.

89
Q

Employment-unemployment indicators report of National Statistics Office - Rural unemployment rate

A

In rural areas: It came down to 2.4 per cent in 2023 from 2.8 per cent in 2022 and 3.3 per cent in 2021.

90
Q

Index of Industrial Production

A

composite indicator that
measures the short-term changes in the volume of production of a basket of industrial
products during a given period with respect to that in a chosen base period (2011-12)

91
Q

Periodicity of Index of Industrial Production

A

compiled
and published monthly by the Central Statistics Office (CSO) with a time lag of six weeks
from the reference month.

92
Q

Category Classification of IIP

A

• Mining
• Manufacturing
• Electricity

93
Q

8 Core industries weight in IIP

A

Petroleum Refinery (weight: 28.04 per cent),
Crude Oil (weight: 8.98 per cent),
Electricity (weight: 19.85 per cent),
Fertilizer (weight: 2.63 per cent),
Natural Gas (weight: 6.88 per cent),
Steel (weight: 17.92 per cent)
Cement ( 5.37%)
Coal (10.33%)

ESI FIN CA PHASE II (1 decks)

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