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Current Affairs - September 2014

J&K floods: Focus on restoring connectivity to Srinagar

  • More than 47,000 people have been evacuated in the flood-hit Jammu and Kashmir, but lakhs remain stranded. Over 200 people have died in the worst floods in six decades in the state. The Centre has asked the Jammu and Kashmir state government to prepare a list of all those rescued and put it up on the state government website. Communication with the Kashmir Valley remains patchy with parts of the Jammu-Srinagar highway washed away. Massive repair work is being carried out on the National Highway. The Army has said it is aiming to restore connectivity to Srinagar in the next 4-5 days. 

Microsoft nears deal to buy Minecraft maker Mojang: WSJ

  • Microsoft Corp is in serious discussions to buy Mojang AB, the Swedish company behind the popular "Minecraft" video game, The Wall Street Journal said, citing a person with knowledge of the matter. The deal is be valued at more than USD 2 billion and could be signed as early as this week, the Journal reported. "Minecraft" is a game where players build structures with blocks to protect against nocturnal monsters.

CBI chief Sinha most likely to stay on till tenure end

  • It is difficult to see how the Central Bureau of Investigation (CBI) Director, Ranjit Sinha, is going to emerge unscathed by recent disclosures which show that his doors were open to all kinds of people, including many people his agency was investigating. In a specific case involving his meetings with executives of the Anil Ambani Group, accused in the 2G scam, Sinha has admitted he met them but said he did not do them any favours. But the huge laundry list of people he met repeatedly in his home tells us that something was not quite right in these meetings.

Alstom unit paid $8.5 m bribes to win contracts

  • The British subsidiary of French train and turbine maker Alstom paid around USD 8.5 million in bribes over a six-year period to win transport contracts in India, Poland and Tunisia, Britain's leading fraud prosecutor alleged on Tuesday. Alstom Network UK, which was charged with six offences of corruption and conspiracy to corrupt in July, allegedly paid bribes to win train infrastructure orders for the Delhi Metro and tram and infrastructure deals in Warsaw and Tunis between 2000 and 2006. The case comes at a tricky time for the French parent, which has agreed a $16.9 billion sale of most of its power business to US conglomerate General Electric in a deal that gives the French government an option to become a shareholder. Britain's Serious Fraud Office (SFO), which has been investigating Alstom for five years as part of an international criminal inquiry into alleged corruption, said in legal filings published after the first London court hearing on Tuesday that the Alstom unit disguised corrupt payments as consultancy agreements.

Coal scam: SC issues notice to CBI chief Ranjit Sinha

  • In a major blow to India's premier investigation agency, the Central Bureau of Investigation (CBI), the Supreme Court on Tuesday issued a notice to its Director Ranjit Sinha on a plea seeking his removal from the post and a Special Investigative Team (SIT) probe against him for allegedly protecting coal scam case accused. Senior lawyer Prashant Bhushan has alleged that Ranjit Sinha met coal scam accused at his residence as disclosed in the residence diary. The court has asked the CBI Director to file a response in 10 days and postponed the matter for further hearing till September 19. The apex court directed Ranjit Sinha to be kept out of all investigations till the matter is not sorted. Sinha has claimed the accusations to be false stating that the plea filed by Bhushan has many inconsistencies. Sinha claimed that his conduct is above board. According to him all investigations carried out by him have been impartial and that he has never compromised his position. Sinha has disputed the authenticity of the register. The CBI Director also raised some serious questions on Bhushan's motives. 


  • 1. Which of the following statements is incorrect in respect of banking sector, as per the decision taken in Parliament recently?
    a) The RBI will create framework for licences of small banks
    b) Every panchayat to have at least one small bank by 2019
    c) Banks to be permitted to raise long - term funds to lend to infrastructure with minimum regulations
    d) Public sector banks need 2.40 lakh cr enquiries to conform to Basel -III norms by 2018
    e) Banks capital to be raised through retail sale of shares while the Govt. to continue to hold majority in PSU banks
  • 2. Which of the following Public Sector under takings are conferred the Navratna status by Department of Public Enterprises?
    a) Engineers India Limited (EIL)
    b) National Building Construction corporation Limited (NBCC)
    c) Antrix corporation Limited
    d) All of the above
    e) Only a and b
  • 3. Which of the following banks has become the biggest employer in the private banking space with
    more than 72,000 employees in 2013-14?
    a) ICICI Bank
    b) HDFC
    c) Kotak Mahindra Bank
    d) Axis Bank
    e) None of these
  • 4. CRR for non- scheduled urban co-operative banks (UCBs) increased to what percent of their
    total demanded and time liabilities recently?
    a) 3 percent
    b) 4 percent
    c) 4.5 percent
    d) 4.75 percent
    e) None of these
  • 5. Punjab National Bank has launched ____ scheme for popularization of education among
    girls of Rural/ Semi urban areas.
    b) PNB - SHIKSHA
    d) 'PNB Ladli'
    e) None of these
  • 6. The RBI started issuing its credit policy bi-monthly on the recommendation of which of the following committees?
    a) Shome committee
    b) Urjit patel committee
    c) HR Khan committee
    d) KC Chakra arty
    e) None of these
  • 7. The operation of the following entities do not come under the purview of the RBI as of now,
    despite accepting deposits and giving loans?
    a) Regional Rural banks
    b) Cooperative credit societies
    c) Payments banks
    d) Non - Banking Financial companies
    e) Development banks
  • 8. With respect to loans, a time period during the loan term when the borrower is not required to make any repayment, is termed as
    a) Provisioning
    b) Moratorium
    c) Sanction
    d) Limitation
    e) Probation
  • 9. What is the initial minimum deposit required for opening a Basic Saving bank Deposit
    Account (BSBDA) with a bank?
    a) 200
    b) 500
    c) 700
    e) No initial deposit required
  • 10. Which country agreed to provide a one- billion - Euro credit line to India over the next three years?
    a) UK
    b) Germany
    c) Switzerland
    d) France
    e) None of these
  • 11. ARM loan means:
    a) Adjustable Rate Mortgage loan
    b) Adjustable Reverse Mortgage loan
    c) Adjustable Retail Mortgage loan
    d) None of the above
    e) Any of the above
  • 12. Which of following agencies/ organization in India maintains the Micro finance development fund?
    a) SIDBI
    b) SBI
    c) NABARD
    d) PNB
    e) ICICI
  • 13. RBI in regard to RTGS has decided that ___
    a) RTGS would be accessible to all retail customers
    b) There would be no floor ceiling for routing transactions through RTGS
    c) Settlement of transactions of the clearing corporation of India and the stock market would be conducted through RTGS
    d) All of these
    e) None of these
  • 14. As per KYC Policy, the list of terrorist organizations is supplied to the bank by the
    a) Government of India
    b) CIBIL
    c) IBA
    d) RBI
    e) All of these
  • 15. Merchant banking in India is governed by ___
    a) SEBI
    b) RBI
    c) IRDA
    d) Ministry of finance
    e) None of the above
  • 16. If you wish to purchase US dollars to travel abroad, you will approach ___
    a) Ministry of finance
    b) US embassy
    c) Any bank branch authorized for such activity
    d) RBI
    e) External affairs ministry.
  • 17. Insurance service provided by various banks is commonly known as ___
    a) Investment banking
    b) Portfolio management
    c) Merchant banking
    d) Banc assurance
    e) None of these
  • 18. Open market operations of RBI refer to buying and selling of ___
    a) Commercial bills
    b) Foreign exchange
    c) Gold
    d) Government bonds
    e) None of these
  • 19. The functions of the lead bank are performed by ___
    a) SBI
    b) RBI
    c) Any bank
    d) A bank designed for this purpose
    e) None of these
  • 20. The head office of the Punjab National Bank (PNB) is located in which of the following cities?
    a) Mumbai
    b) Amritsar
    c) New Delhi
    d) Chandigarh
    e) None o f these
  • 21. Which of the following terms is NOT used in banking/ finance?
    a) Public Debt
    b) Plasma
    c) Joint venture
    d) Net demand and time liability
    e) Treasury bill
  • 22. The Reserve Bank of India does NOT decide the ___
    a) Rate of Repo and Reserve Repo
    b) Marginal standing Facility Rates
    c) Bank Rate
    d) Rate of Dearness Allowance for Government Employees
    e) Statutory Liquidity Ratio
  • 23. Which of the following Mills have got Rs.14000 Cr interest free loans so far, as against Rs.
    6000 Cr approved by central Government?
    a) Cash Starved Sugar Mills
    b) Sick Units of SME
    c) DBR Cotton Mills
    d) Suraj Cotton Mills
    e) Cash Starved Oil Mills
  • 24. What is the amount of Accident Insurance Cover provided under Jan Dhan Yojana recently launched by the Prime Minister?
    a) Rs 1,00,000/-
    b) Rs 50,000/-
    c) Rs 30,000/-
    d) Rs 20,000/-
    e) None of the above
  • 25. The Cooperative banks consist of a three - tier structure. Which of the following is not included in that structure?
    a) Primary Agricultural Credit Societies (PACS) in the villages,
    b) Central Co-operative Banks at the district level (DCCBs)
    c) State Cooperative Banks at the state level (St CBs)
    d) Farmers service Cooperative Societies (FSCS)
    e) Only a, b and c
  • 26. Which of the following banks are not insured by the DICGC?
    a) All commercial banks including branches of foreign banks functioning in India
    b) Local area banks and regional rural banks
    c) Urban cooperative banks, functioning in States
    d) Primary cooperative societies are not insured by the DICGC
    e) All of the above
  • 27. The security which is a claim on the government and is a secure financial instrument guarantees
    certainty of both capital and interest is called ___
    a) Gilt-Edged Security
    b) Call Money
    c) Treasury Bills
    d) Certificate of Deposits
    e) All of the above
  • 28. The minimum maturity period for Commercial Paper (CP) is _____ days.
    a) 14
    b) 30
    c) 45
    d) 7
    e) 365
  • 29. NIXI stands for:
    a) National & International Exchange of India
    b) National Internet Exchange of India
    c) Notional Inter Exchange interest
    d) National and Intellectuals Exchange of India
    e) None of the above
  • 30. Nomination facilities are applicable to which accounts?
    a) Deposit Accounts
    b) Articles in Safe Custody/ Deposit
    c) Locker Accounts
    d) Cash Credit Accounts
    e) a, b and c

    1) b; 2) e; 3) a; 4) b; 5) d; 6) b; 7) b; 8) b; 9) e; 10) d;
    11) a; 12) c; 13) d; 14) d; 15) a; 16) c; 17) d; 18) d; 19) d; 20) c;
    21) b; 22) d; 23) a; 24) a; 25) e; 26) d; 27) a; 28) d; 29) b; 30) e.

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