General Affairs
Most Hitches In Rafale Deal Addressed: Junior Defence Minister
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NEW DELHI: Most of the hitches in the multi-billion Euro deal for 36 Rafale fighter planes have been addressed and the remaining ones will be cleared in the next meeting of the Defence Acquisition Council (DAC), Minister of State for Defence Rao Inderjit Singh said today.
The meeting of DAC, the apex body of the Defence Ministry for procurement, is likely to take place on April 21, a day after Defence Minister Manohar Parrikar arrives in New Delhi from his visit to China.
Hoping that the Rafale deal would be inked soon, Indian Air Force Chief Arup Raha said, "It is at a very advanced stage."
I can only tell you this that most of the hitches that were there, have been addressed. A few (remaining) issues will be addressed, when possibly the matter comes up before DAC. They shall be addressed in the next DAC. And thereafter I think the road shall be clear," Mr Singh told reporters.
He was asked as to when the deal is likely to be signed. When the same question was put to Air Chief Marshal Raha on the sidelines of an IAF seminar, he said, "We have seen so many years go past. How can I give an assurance? But it is in a very advanced stage."
The junior defence minister brushed aside a suggestion that at least six indigenously made Light Combat Aircraft Tejas can be bought for the price of one Rafale plane, saying both the aircraft were totally different in nature and that IAF needed both.
India and France could firm up the order for the purchase of 36 Rafale combat planes as both the countries have managed to narrow down their differences over pricing.
The development comes nearly four months after Prime Minister Narendra Modi and French President Francois Hollande signed a memorandum of agreement to purchase 36 Rafale aircraft.
The Indian side has been negotiating hard to bring down the price with Mr Parrikar refusing to buckle under pressure even as questions were raised about the delay in signing of the contract.
Sources said the price for 36 Rafales, as per the UPA government's tender, keeping the cost escalation and dollar rate in mind, comes to a little over Rs 65,000 crore. This includes the cost involved in making changes India has sought in the aircraft, including Israeli helmet-mounted display and some specific weaponry.
"The effort is to bring down the price to less than Euros 8 billion (Rs 59,000 crore)," the sources said.
NEW DELHI: Most of the hitches in the multi-billion Euro deal for 36 Rafale fighter planes have been addressed and the remaining ones will be cleared in the next meeting of the Defence Acquisition Council (DAC), Minister of State for Defence Rao Inderjit Singh said today.The meeting of DAC, the apex body of the Defence Ministry for procurement, is likely to take place on April 21, a day after Defence Minister Manohar Parrikar arrives in New Delhi from his visit to China.
Hoping that the Rafale deal would be inked soon, Indian Air Force Chief Arup Raha said, "It is at a very advanced stage."
He was asked as to when the deal is likely to be signed. When the same question was put to Air Chief Marshal Raha on the sidelines of an IAF seminar, he said, "We have seen so many years go past. How can I give an assurance? But it is in a very advanced stage."
The junior defence minister brushed aside a suggestion that at least six indigenously made Light Combat Aircraft Tejas can be bought for the price of one Rafale plane, saying both the aircraft were totally different in nature and that IAF needed both.
India and France could firm up the order for the purchase of 36 Rafale combat planes as both the countries have managed to narrow down their differences over pricing.
The development comes nearly four months after Prime Minister Narendra Modi and French President Francois Hollande signed a memorandum of agreement to purchase 36 Rafale aircraft.
The Indian side has been negotiating hard to bring down the price with Mr Parrikar refusing to buckle under pressure even as questions were raised about the delay in signing of the contract.
Sources said the price for 36 Rafales, as per the UPA government's tender, keeping the cost escalation and dollar rate in mind, comes to a little over Rs 65,000 crore. This includes the cost involved in making changes India has sought in the aircraft, including Israeli helmet-mounted display and some specific weaponry.
"The effort is to bring down the price to less than Euros 8 billion (Rs 59,000 crore)," the sources said.
NIT Srinagar Students Want PM Modi To Hoist Tricolour On Campus
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NEW DELHI: With the government having ruled out shifting NIT Srinagar following the recent unrest, outstation students today demanded that Prime Minister Narendra Modi or Education Minister Smriti Irani visit the campus and hoist the tricolour to instill a sense of security.
In a letter to Ms Irani, the students have placed a set of 19 demands, including permanent deployment of CRPF on the campus, reshuffle of college administration, formation of Students' Council, option of outside evaluation of exam marksheets and celebration of national festivals at the institute.
The letter was presented to HRD officials today. "We request either the Hon'ble minister of HRD or the Prime Minister of India to come with students to NIT Srinagar and hoist full size Tiranga in the campus at its highest mast."
This will end the leave taken by students and also give them a sense of security.
"This will reiterate the message that Kashmir is an integral part of India and students will have a psychological win over the anti-national elements in the campus as well as outside," the students wrote in the letter.
The students have also demanded an enquiry against "suspects" in the recent incidents of violence on the campus and sought reimbursement of medical bills of injured students by the college authorities.
A group of nearly a dozen students' representatives presented the demands during a nearly 3-hour meeting where NIT Srinagar Director Rajat Gupta and Director in the HRD ministry Sanjeev Sharma were also present.
Last week, the students had met HRD minister Smriti Irani, who ruled out shifting of NIT campus but assured support in academic matters.
"We have presented our demands and hope that the ministry will take action to create a suitable environment," said Swayam, a student, who was part of the delegation, after the meeting.
NIT Srinagar has been at the centre of a controversy since April 1 when clashes broke out between outstation and local students following India's defeat to West Indies in the World Cup T20 semi-final.
The situation worsened on April 5 when outstation students tried to take out a march outside the campus but were stopped by the police, leading to incidents of violence including vandalism by students and lathicharge by police.
In a letter to Ms Irani, the students have placed a set of 19 demands, including permanent deployment of CRPF on the campus, reshuffle of college administration, formation of Students' Council, option of outside evaluation of exam marksheets and celebration of national festivals at the institute.
This will end the leave taken by students and also give them a sense of security.
"This will reiterate the message that Kashmir is an integral part of India and students will have a psychological win over the anti-national elements in the campus as well as outside," the students wrote in the letter.
The students have also demanded an enquiry against "suspects" in the recent incidents of violence on the campus and sought reimbursement of medical bills of injured students by the college authorities.
A group of nearly a dozen students' representatives presented the demands during a nearly 3-hour meeting where NIT Srinagar Director Rajat Gupta and Director in the HRD ministry Sanjeev Sharma were also present.
Last week, the students had met HRD minister Smriti Irani, who ruled out shifting of NIT campus but assured support in academic matters.
"We have presented our demands and hope that the ministry will take action to create a suitable environment," said Swayam, a student, who was part of the delegation, after the meeting.
NIT Srinagar has been at the centre of a controversy since April 1 when clashes broke out between outstation and local students following India's defeat to West Indies in the World Cup T20 semi-final.
The situation worsened on April 5 when outstation students tried to take out a march outside the campus but were stopped by the police, leading to incidents of violence including vandalism by students and lathicharge by police.
Reservation For Weaker Section To Continue, Says Uma Bharti
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NEW DELHI: Union Minister Uma Bharti today said that the apprehensions that reservations for the weaker sections of society would be slowly withdrawn by the BJP-led NDA government were "baseless" and the system will continue.
"The fear that reservation (provided under the constitution) would go during our rule is baseless," the minister for water resources, river development and Ganga rejuvenation said while addressing a seminar on 'Multi-purpose development of water resources and present challenges' in New Delhi.
She said as there are great disparities in Indian society, people from the weaker section would always need special attention and it could be ensured only by giving them reservation in government jobs and educational institutions.
Bharti praised Dalit icon Bhimrao Ambedkar, who campaigned against social discrimination and played a very significant role in drafting independent India's Constitution, saying many political parties never wanted Dr Ambedkar's ideology to grow and were also not in favour of giving him his due place in the country's history.
She said people like De Ambedkar, who fought against all odds and went on to achieve so much, would always continue to inspire generations, and not figures like Rohith Vemula, a Dalit student of the Hyderabad University who committed suicide in January.
She, however, said such incidents were a "cause of concern and shameful" for everybody.
Ms Bharti, calling for a water revolution in the country, announced that 100 villages, inhabited by the downtrodden and weakest of the weaker sections, will be selected under 'Jal Gram' scheme for water conservation.
"I have discussed it with my team and we plan to provide water to villages where Dalits are in majority," she said, adding that the Modi government was committed to fix all water problems of the country.
She directed officials of the Central Water Commission and other allied agencies in her ministry to visit every block of drought-affected areas in the country to chalk out a detailed plan to face the challenge.
The minister also referred to little known contributions of Dr Ambedkar in the water resources sector and said her ministry was thinking of celebrating Dr Ambedkar's birth anniversary as 'Jal Divas' from next year.
Speaking on the occasion, Consumer Affairs, Food and Public Distribution Minister Ram Vilas Paswan also praised Dr Ambedkar.
Union Social Justice and Empowerment Minister Thawar Chand Gehlot and ministers of state Sanwar Lal Jat and Hansraj Gangaram Ahir were among those who attended the seminar.
NEW DELHI: Union Minister Uma Bharti today said that the apprehensions that reservations for the weaker sections of society would be slowly withdrawn by the BJP-led NDA government were "baseless" and the system will continue."The fear that reservation (provided under the constitution) would go during our rule is baseless," the minister for water resources, river development and Ganga rejuvenation said while addressing a seminar on 'Multi-purpose development of water resources and present challenges' in New Delhi.
She said as there are great disparities in Indian society, people from the weaker section would always need special attention and it could be ensured only by giving them reservation in government jobs and educational institutions.
Bharti praised Dalit icon Bhimrao Ambedkar, who campaigned against social discrimination and played a very significant role in drafting independent India's Constitution, saying many political parties never wanted Dr Ambedkar's ideology to grow and were also not in favour of giving him his due place in the country's history.
She said people like De Ambedkar, who fought against all odds and went on to achieve so much, would always continue to inspire generations, and not figures like Rohith Vemula, a Dalit student of the Hyderabad University who committed suicide in January.
She, however, said such incidents were a "cause of concern and shameful" for everybody.
Ms Bharti, calling for a water revolution in the country, announced that 100 villages, inhabited by the downtrodden and weakest of the weaker sections, will be selected under 'Jal Gram' scheme for water conservation.
"I have discussed it with my team and we plan to provide water to villages where Dalits are in majority," she said, adding that the Modi government was committed to fix all water problems of the country.
She directed officials of the Central Water Commission and other allied agencies in her ministry to visit every block of drought-affected areas in the country to chalk out a detailed plan to face the challenge.
The minister also referred to little known contributions of Dr Ambedkar in the water resources sector and said her ministry was thinking of celebrating Dr Ambedkar's birth anniversary as 'Jal Divas' from next year.
Speaking on the occasion, Consumer Affairs, Food and Public Distribution Minister Ram Vilas Paswan also praised Dr Ambedkar.
Union Social Justice and Empowerment Minister Thawar Chand Gehlot and ministers of state Sanwar Lal Jat and Hansraj Gangaram Ahir were among those who attended the seminar.
Never Been Approached To Be Incredible India Brand Ambassador: Amitabh Bachchan
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MUMBAI: Actor Amitabh Bachchan says that he has never been approached to be Brand Ambassador for the 'Incredible India' campaign contrary to media reports that his name might be put on hold after the Panama Papers leak.
"There have been queries from the media regarding my being Brand Ambassador for 'Atulya Bharat' (Incredible India). I wish to state that I have not been formally approached for this position. The speculation of the media regarding its discontinuance is, therefore, not relevant as far as I am concerned," said a statement released on behalf of Amitabh Bachchan.
The "Panama Papers" -- based on an investigation by the International Consortium of Investigative Journalists (ICIJ) and over 100 other news organisations around the world -- is a global list revealing offshore links of over 500 Indians, including Amitabh Bachchan and his daughter-in-law Aishwarya.
The Indian Express daily newspaper released pages of the investigation reports alleging, among other names, that Amitabh Bachchan and Aishwarya Rai Bachchan were directors in companies in Panama.
The actor says that those who are asking for his feedback on Panama Papers leak can send their queries to the Government of India (GOI) for clarification.
"On the Panama disclosures, I wish to state that queries continue to be sent to me by the media. I would humbly request them to kindly direct these to the GOI where I, as a law abiding citizen, have already sent, and shall continue to send, my responses.
"I stand by my earlier statement on the 'misuse of my name' in the matter and in any event the press reports do not disclose any illegal act committed by me," the statement said.
MUMBAI: Actor Amitabh Bachchan says that he has never been approached to be Brand Ambassador for the 'Incredible India' campaign contrary to media reports that his name might be put on hold after the Panama Papers leak."There have been queries from the media regarding my being Brand Ambassador for 'Atulya Bharat' (Incredible India). I wish to state that I have not been formally approached for this position. The speculation of the media regarding its discontinuance is, therefore, not relevant as far as I am concerned," said a statement released on behalf of Amitabh Bachchan.
The "Panama Papers" -- based on an investigation by the International Consortium of Investigative Journalists (ICIJ) and over 100 other news organisations around the world -- is a global list revealing offshore links of over 500 Indians, including Amitabh Bachchan and his daughter-in-law Aishwarya.
The Indian Express daily newspaper released pages of the investigation reports alleging, among other names, that Amitabh Bachchan and Aishwarya Rai Bachchan were directors in companies in Panama.
The actor says that those who are asking for his feedback on Panama Papers leak can send their queries to the Government of India (GOI) for clarification.
"On the Panama disclosures, I wish to state that queries continue to be sent to me by the media. I would humbly request them to kindly direct these to the GOI where I, as a law abiding citizen, have already sent, and shall continue to send, my responses.
"I stand by my earlier statement on the 'misuse of my name' in the matter and in any event the press reports do not disclose any illegal act committed by me," the statement said.
Significant Rise In Sex Ratio At Birth, Says Union Minister Maneka Gandhi
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NEW DELHI: There is an increasing trend in Sex Ratio at Birth (SRB) in 49 districts where the 'Beti Bachao, Beti Padhao programme' has been implemented, Women and Child Development Minister Maneka Gandhi said in New Delhi today.
Speaking at the launch of 'Beti Bachao' programme in 61 additional districts, the minister credited the success of the programme to deputy commissioners, collectors and district magistrates who implemented it by introducing several innovative actions.
"It is as a result of all these efforts that an increasing trend in Sex Ratio at Birth (SRB) is visible in 49 districts in the first year of the scheme itself," said Ms Gandhi.
The programme, launched by Prime Minister Narendra Modi last January, is operational in 100 districts with low child sex ratio.
Ms Gandhi said some of the deliverables of the scheme include reducing school dropout rate for girls, 100 per cent institutional deliveries, Gudda-Guddi Boards in every village, safety and security for girls and women.
"The goal is to improve sex ratio at birth by 10 points minimum every year. That will bring to 50 points in five years bringing it up to par," she said.
Other initiatives include close monitoring of Pre-Conception and Pre-Natal Diagnostic Techniques Act (PC&PNDT Act), toilet facility for girls in schools among others, she added.
Earlier, the minister visited the 'walk through exhibition gallery' at the venue, showcasing the journey of the scheme.
On the occasion, Ms Gandhi released a booklet titled "Beti Bachao, Beti Padhao - A Journey So Far" which traces innovative local interventions undertaken in last year in various districts.
NEW DELHI: There is an increasing trend in Sex Ratio at Birth (SRB) in 49 districts where the 'Beti Bachao, Beti Padhao programme' has been implemented, Women and Child Development Minister Maneka Gandhi said in New Delhi today.Speaking at the launch of 'Beti Bachao' programme in 61 additional districts, the minister credited the success of the programme to deputy commissioners, collectors and district magistrates who implemented it by introducing several innovative actions.
"It is as a result of all these efforts that an increasing trend in Sex Ratio at Birth (SRB) is visible in 49 districts in the first year of the scheme itself," said Ms Gandhi.
The programme, launched by Prime Minister Narendra Modi last January, is operational in 100 districts with low child sex ratio.
Ms Gandhi said some of the deliverables of the scheme include reducing school dropout rate for girls, 100 per cent institutional deliveries, Gudda-Guddi Boards in every village, safety and security for girls and women.
"The goal is to improve sex ratio at birth by 10 points minimum every year. That will bring to 50 points in five years bringing it up to par," she said.
Other initiatives include close monitoring of Pre-Conception and Pre-Natal Diagnostic Techniques Act (PC&PNDT Act), toilet facility for girls in schools among others, she added.
Earlier, the minister visited the 'walk through exhibition gallery' at the venue, showcasing the journey of the scheme.
On the occasion, Ms Gandhi released a booklet titled "Beti Bachao, Beti Padhao - A Journey So Far" which traces innovative local interventions undertaken in last year in various districts.
Business Affairs
Exports fall for 16th straight month; trade deficit narrows
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Declining for 16th straight month in March, exports contracted by 5.47 per cent to $22.71 billion in the month as shipments of petroleum and engineering products shrunk sharply due to tepid global demand.
For whole 2015-16 financial year ended March 31, exports declined by 15.8 per cent to five-year low of $261.13 billion due to fragile global demand and low commodity prices.
Imports dipped by 15.28 per cent to $379.6 billion in 2015-16, leaving a trade deficit of $118.45 billion. The trade gap was $137.69 billion in 2014-15.
The levels of exports and imports are the lowest since 2010-11. Exports and imports were at $245.86 billion and $350.69 billion, respectively, in 2010-11.
Also, trade deficit, the gap between imports and exports, in the last month of 2015-16 fiscal fell to five-year low of $5.07 billion as imports dropped 21.56 per cent to $27.7 billion in the month.
Trade deficit was at $2.63 billion in December 2010.
The Commerce Ministry, however, said the trend of falling exports is in tandem with other major world economies.
But industry experts termed trade figures as "alarming" and demanded immediate steps to boost exports.
"The figures are alarming. Immediate steps like creating of a fund to enhance marketing activities need to be announced," Rafeeq Ahmed, former FIEO President and Chairman of Council for Leather Exports, said.
In March, overseas shipments of petroleum products shrank 21.43 per cent to $2.07 billion, while that of engineering goods declined by 11.29 per cent to $5.34 billion.
Oil imports in last month were valued at $4.79 billion - 35.3 per cent lower than the same month last year. Non-oil imports too dipped by 17.92 per cent to $22.98 billion.
Finance Minister Arun Jaitley had said, "There are concerns about export growth which is declining consecutively for more than a year due to slowdown in global demand".
Declining for 16th straight month in March, exports contracted by 5.47 per cent to $22.71 billion in the month as shipments of petroleum and engineering products shrunk sharply due to tepid global demand.
For whole 2015-16 financial year ended March 31, exports declined by 15.8 per cent to five-year low of $261.13 billion due to fragile global demand and low commodity prices.
Imports dipped by 15.28 per cent to $379.6 billion in 2015-16, leaving a trade deficit of $118.45 billion. The trade gap was $137.69 billion in 2014-15.
The levels of exports and imports are the lowest since 2010-11. Exports and imports were at $245.86 billion and $350.69 billion, respectively, in 2010-11.
Also, trade deficit, the gap between imports and exports, in the last month of 2015-16 fiscal fell to five-year low of $5.07 billion as imports dropped 21.56 per cent to $27.7 billion in the month.
Trade deficit was at $2.63 billion in December 2010.
The Commerce Ministry, however, said the trend of falling exports is in tandem with other major world economies.
But industry experts termed trade figures as "alarming" and demanded immediate steps to boost exports.
"The figures are alarming. Immediate steps like creating of a fund to enhance marketing activities need to be announced," Rafeeq Ahmed, former FIEO President and Chairman of Council for Leather Exports, said.
In March, overseas shipments of petroleum products shrank 21.43 per cent to $2.07 billion, while that of engineering goods declined by 11.29 per cent to $5.34 billion.
Oil imports in last month were valued at $4.79 billion - 35.3 per cent lower than the same month last year. Non-oil imports too dipped by 17.92 per cent to $22.98 billion.
Finance Minister Arun Jaitley had said, "There are concerns about export growth which is declining consecutively for more than a year due to slowdown in global demand".
Why garment workers flayed govt's move to tighten PF rules
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Thousands of garment workers angry with the government over changes to their pension funds clashed with police in the information technology hub of Bengaluru on Tuesday as security forces fired teargas to control the crowds.
Police detained about 100 people after protesters blocked roads and some turned to violence, Bengaluru police commissioner N. S. Megharikh said.
Television footage showed smoke pouring from burnt-out buses and a smashed police vehicle.
Here's why workers took to streets.
- The protests come after the government proposed changes in February to how employees can withdraw savings from the Employee Provident Fund (EPF).
- According to the new norms proposed earlier this year, subscribers are not to be allowed to claim withdrawal of PF after attaining 54 years of age, and would have to wait till 57. The earlier norms allowed contributors or subscribers to claim 90 per cent of their accumulations in their PF account at the age of 54 years, and the final claims to be settled just one year before their retirement.
- Only about 36 million of the country's 1.3 billion people contribute to the EPF.
- Besides, the EPFO had also restricted withdrawal of PF to own contribution of subscribers and interest earned on that, if the claimant has remained unemployed for more than two months. The member would be able to withdraw employer's contribution on maturity.
- As per experts, the earlier clause was relevant because there were establishments where retirement age was 55 years or 56 years. But this will create a problem in private as well as public sector where people opt for voluntary retirement.
Thousands of garment workers angry with the government over changes to their pension funds clashed with police in the information technology hub of Bengaluru on Tuesday as security forces fired teargas to control the crowds.
Police detained about 100 people after protesters blocked roads and some turned to violence, Bengaluru police commissioner N. S. Megharikh said.
Television footage showed smoke pouring from burnt-out buses and a smashed police vehicle.
Here's why workers took to streets.
- The protests come after the government proposed changes in February to how employees can withdraw savings from the Employee Provident Fund (EPF).
- According to the new norms proposed earlier this year, subscribers are not to be allowed to claim withdrawal of PF after attaining 54 years of age, and would have to wait till 57. The earlier norms allowed contributors or subscribers to claim 90 per cent of their accumulations in their PF account at the age of 54 years, and the final claims to be settled just one year before their retirement.
- Only about 36 million of the country's 1.3 billion people contribute to the EPF.
- Besides, the EPFO had also restricted withdrawal of PF to own contribution of subscribers and interest earned on that, if the claimant has remained unemployed for more than two months. The member would be able to withdraw employer's contribution on maturity.
- As per experts, the earlier clause was relevant because there were establishments where retirement age was 55 years or 56 years. But this will create a problem in private as well as public sector where people opt for voluntary retirement.
HPCL plans $3.8 bn refinery investment to lift capacity by two-thirds
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Hindustan Petroleum Corp plans to invest around $3.8 billion to ramp up its refining capacity by two-thirds this decade, as the country's oil demand soars and to meet cleaner fuel standards, a company official said.
Fuel demand in India - the world's third-biggest oil consumer - is rising at its fastest clip in more than a decade, buoyed by Prime Minister Narendra Modi's manufacturing push and as an expanding middle class buys more cars.
State-run Hindustan Petroleum (HPCL) aims to raise its capacity to process about 500,000 barrels per day (bpd) of crude by investing around Rs 250 billion ($3.76 billion), refineries head, BK Namdeo, said in an interview.
HPCL aims to boost the capacity of its Mumbai refinery to 190,000 bpd by July 2019 from 130,000 bpd, while the Vizag refinery in south will ramp up to 300,000 bpd from 166,000 bpd by July 2020, he said.
"We will de-bottleneck the capacity of the two CDUs (crude distillation units) at Mumbai and replace a 46,000 bpd CDU at Vizag with a new 180,000 bpd crude units," Namdeo said.
Alongside the expansion, HPCL will also revamp its gasoline and diesel production units to meet rules on producing cleaner fuels from 2020.
New Supplies
Namdeo said HPCL, which traditionally relies on Middle Eastern crude, had for the first time signed a term contract with Nigeria's national oil company, NNPC, to buy 32,000 bpd of oil this fiscal year ending March 31.
Since HPCL does not process all the grades offered by NNPC, it has entered into a swap agreement with trader Vitol, he said, without specifying the terms.
HPCL, which had halted Iranian oil imports in 2012 after western sanctions, is now looking to buy 20,000 bpd from the Middle East country.
But Namdeo said obstacles remained even after sanctions targeting Iran's nuclear programme were lifted in January.
"Insurance and banking issues have to be resolved still and there is no clarity on them (yet)," he said.
HPCL was considering using Iranian oil to replace some of the Basra crude it buys under an optional contract with Iraq's oil marketing firm, SOMO, and Total, he said.
HPCL has an annual deal to buy 65,000 bpd of Basra from SOMO and about 25,000 bpd of Basra and UAE's Murban oil from Total with an option to raise the quantities.
"We are maximising bitumen production and cutting fuel oil so for that we need heavy oil," he said.
HPCL has renewed its contract to buy 50,000 bpd from Saudi Arabia and 20,000 bpd from Abu Dhabi National Oil Co (ADNOC), he said, adding it also has an optional contract to buy 20,000 bpd from Kuwait.
Hindustan Petroleum Corp plans to invest around $3.8 billion to ramp up its refining capacity by two-thirds this decade, as the country's oil demand soars and to meet cleaner fuel standards, a company official said.
Fuel demand in India - the world's third-biggest oil consumer - is rising at its fastest clip in more than a decade, buoyed by Prime Minister Narendra Modi's manufacturing push and as an expanding middle class buys more cars.
State-run Hindustan Petroleum (HPCL) aims to raise its capacity to process about 500,000 barrels per day (bpd) of crude by investing around Rs 250 billion ($3.76 billion), refineries head, BK Namdeo, said in an interview.
HPCL aims to boost the capacity of its Mumbai refinery to 190,000 bpd by July 2019 from 130,000 bpd, while the Vizag refinery in south will ramp up to 300,000 bpd from 166,000 bpd by July 2020, he said.
"We will de-bottleneck the capacity of the two CDUs (crude distillation units) at Mumbai and replace a 46,000 bpd CDU at Vizag with a new 180,000 bpd crude units," Namdeo said.
Alongside the expansion, HPCL will also revamp its gasoline and diesel production units to meet rules on producing cleaner fuels from 2020.
New Supplies
New Supplies
Namdeo said HPCL, which traditionally relies on Middle Eastern crude, had for the first time signed a term contract with Nigeria's national oil company, NNPC, to buy 32,000 bpd of oil this fiscal year ending March 31.
Since HPCL does not process all the grades offered by NNPC, it has entered into a swap agreement with trader Vitol, he said, without specifying the terms.
HPCL, which had halted Iranian oil imports in 2012 after western sanctions, is now looking to buy 20,000 bpd from the Middle East country.
But Namdeo said obstacles remained even after sanctions targeting Iran's nuclear programme were lifted in January.
"Insurance and banking issues have to be resolved still and there is no clarity on them (yet)," he said.
HPCL was considering using Iranian oil to replace some of the Basra crude it buys under an optional contract with Iraq's oil marketing firm, SOMO, and Total, he said.
HPCL has an annual deal to buy 65,000 bpd of Basra from SOMO and about 25,000 bpd of Basra and UAE's Murban oil from Total with an option to raise the quantities.
"We are maximising bitumen production and cutting fuel oil so for that we need heavy oil," he said.
HPCL has renewed its contract to buy 50,000 bpd from Saudi Arabia and 20,000 bpd from Abu Dhabi National Oil Co (ADNOC), he said, adding it also has an optional contract to buy 20,000 bpd from Kuwait.
Tirupati temple deposits 1,311 kg gold in bank
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The Tirupati Balaji temple management said it has deposited 1,311 kg of gold with a public sector bank under the Gold Monetisation Scheme and is negotiating for better terms for making more such deposits.
The deposit of 1,311 kg of pure gold bars of 0.995 fineness was made with the Punjab National Bank on Monday, the Tirumala Tirupati Devasthanams (TTD) said in a statement.
The TTD manages the Balaji or Sri Venkateswara Swamy Temple in Tirupati in Andhra Pradesh. It is believed to be the richest temple in the world, with annual offerings from devotees worth hundreds of crores of rupees.
The deposit was made under the three-year short term Gold Monetisation Scheme and the PNB was chosen because it quoted the higest interest rate at 1.75 percent per annum, said the statement, citing TTD Executive Officer D. Sambasiva Rao.
The short-term scheme has the advantage that the deposit can be redeemed in gold which temples like Tirupati favour.
The TTD has written to the Reserve Bank of India (RBI) and the central government to amend the gold monetisation scheme.
"If we get a green signal from them, then we could be able to deposit the existing deposits as well new one also under medium and long term schemes," Rao said.
The TTD has reportedly been demanding that the deposits under medium and long term schemes of the Gold Monetisation Scheme should also be redeemable in gold so that depositor-temples get more attractive returns.
The temple receives offerings from devotees in cash, jewellery, gold, silver, property deeds and demat share transfers.
"Gold offering will be around one tonne per year. In the case of property deeds, due procedure is followed by the concerned department to transfer the title. The temple also gets silver, diamond and other items," a TTD official told IANS on Tuesday.
According to the TTD official, the budget revenue for the organisation this year will be about Rs 2,600 crore, of which the devotees offerings in hundi is estimated at around Rs 1,000 crore.
The interest revenue will be around Rs.800 crore and the revenue from sales of tickets, prasadam and others will be around Rs.600 crore.
On the auctioning of human hair offered by devotees to the Lord, he said: "The revenue this year is expected to be around Rs.140 crore."
The major outgo will be towards wages and salaries, estimated at around Rs 500 crore this year.
The Tirupati Balaji temple management said it has deposited 1,311 kg of gold with a public sector bank under the Gold Monetisation Scheme and is negotiating for better terms for making more such deposits.
The deposit of 1,311 kg of pure gold bars of 0.995 fineness was made with the Punjab National Bank on Monday, the Tirumala Tirupati Devasthanams (TTD) said in a statement.
The TTD manages the Balaji or Sri Venkateswara Swamy Temple in Tirupati in Andhra Pradesh. It is believed to be the richest temple in the world, with annual offerings from devotees worth hundreds of crores of rupees.
The deposit was made under the three-year short term Gold Monetisation Scheme and the PNB was chosen because it quoted the higest interest rate at 1.75 percent per annum, said the statement, citing TTD Executive Officer D. Sambasiva Rao.
The short-term scheme has the advantage that the deposit can be redeemed in gold which temples like Tirupati favour.
The TTD has written to the Reserve Bank of India (RBI) and the central government to amend the gold monetisation scheme.
"If we get a green signal from them, then we could be able to deposit the existing deposits as well new one also under medium and long term schemes," Rao said.
The TTD has reportedly been demanding that the deposits under medium and long term schemes of the Gold Monetisation Scheme should also be redeemable in gold so that depositor-temples get more attractive returns.
The temple receives offerings from devotees in cash, jewellery, gold, silver, property deeds and demat share transfers.
"Gold offering will be around one tonne per year. In the case of property deeds, due procedure is followed by the concerned department to transfer the title. The temple also gets silver, diamond and other items," a TTD official told IANS on Tuesday.
According to the TTD official, the budget revenue for the organisation this year will be about Rs 2,600 crore, of which the devotees offerings in hundi is estimated at around Rs 1,000 crore.
The interest revenue will be around Rs.800 crore and the revenue from sales of tickets, prasadam and others will be around Rs.600 crore.
On the auctioning of human hair offered by devotees to the Lord, he said: "The revenue this year is expected to be around Rs.140 crore."
The major outgo will be towards wages and salaries, estimated at around Rs 500 crore this year.
Another 50 bps rate cut likely by RBI in FY'17: Report
-
The Reserve Bank is expected to go for another 50 bps rate cut in the current financial year as there is room for further easing in monetary conditions, a Morgan Stanley report says.
According to the global financial services firm, food inflation is likely to stay benign given that the India Met Department has recently released a forecast of above normal monsoon for 2016.
"We revise lower our March 2017 inflation forecast to 4.5 per cent from 4.75 per cent earlier," Morgan Stanley said in a research note, adding that "based on our inflation forecast and RBI's real rate target of 1.5 per cent to 2 per cent, we expect another 50 bps of rate cuts in fiscal year 2016-17".
Earlier this month, RBI reduced its policy rate by 0.25 per cent to 6.5 per cent-lowest level in more than 5 years.
While this was the first rate cut after a gap of six months, RBI has lowered its rate by 1.5 per cent cumulatively since January 2015.
However, the industry still wants further rate cuts from RBI to boost investment.
According to the report, moderation in headline inflation was held back by poor weather in the last two years, which created episodes of food price volatility. And accordingly, the expectation of normal weather in 2016 has created a favourable environment for moderation in food prices.
In terms of pace of rate cuts, Morgan Stanley said that RBI is expected to wait for the onset of the rainfall season to see trend in actual inflation, and hence the Central Bank is likely to keep rates unchanged in the next policy meeting on June 7.
"We a higher chance of RBI reducing rates in the Oct meeting," it said, adding however that there is a possibility of RBI cutting rates in the August meeting if the rainfall arrives in time and is significantly above normal by end of July.
"Post that we expect RBI to move in December or February meeting, with the key event to watch being Fed monetary policy action," Morgan Stanley said.
The Reserve Bank is expected to go for another 50 bps rate cut in the current financial year as there is room for further easing in monetary conditions, a Morgan Stanley report says.
According to the global financial services firm, food inflation is likely to stay benign given that the India Met Department has recently released a forecast of above normal monsoon for 2016.
"We revise lower our March 2017 inflation forecast to 4.5 per cent from 4.75 per cent earlier," Morgan Stanley said in a research note, adding that "based on our inflation forecast and RBI's real rate target of 1.5 per cent to 2 per cent, we expect another 50 bps of rate cuts in fiscal year 2016-17".
Earlier this month, RBI reduced its policy rate by 0.25 per cent to 6.5 per cent-lowest level in more than 5 years.
While this was the first rate cut after a gap of six months, RBI has lowered its rate by 1.5 per cent cumulatively since January 2015.
However, the industry still wants further rate cuts from RBI to boost investment.
According to the report, moderation in headline inflation was held back by poor weather in the last two years, which created episodes of food price volatility. And accordingly, the expectation of normal weather in 2016 has created a favourable environment for moderation in food prices.
In terms of pace of rate cuts, Morgan Stanley said that RBI is expected to wait for the onset of the rainfall season to see trend in actual inflation, and hence the Central Bank is likely to keep rates unchanged in the next policy meeting on June 7.
"We a higher chance of RBI reducing rates in the Oct meeting," it said, adding however that there is a possibility of RBI cutting rates in the August meeting if the rainfall arrives in time and is significantly above normal by end of July.
"Post that we expect RBI to move in December or February meeting, with the key event to watch being Fed monetary policy action," Morgan Stanley said.
General Awareness
BANKING AWARENESS PRACTICE QUESTIONS FOR ALL BANK EXAMS
-
-
1. What is the minimum capital requirement for New Banks in the Private Sector?
a) Rs. 200 crore
b) Rs. 300 crore
c) Rs. 500 crore
d) Rs. 600 crore
e) None of these
2. Many times we read a term "ECB" in financial newspapers. What is the full form of ECB?
a) Essential Commercial Borrowing
b) Essential Credit and Borrowing
c) External Credit and Business
d) External Commercial Borrowing
e) None of the above
3. Which among the following banks has launched "Dhanchayat" an educational film to raise awareness on the dangers of borrowing money from unorganised sources?
a) Axis
b) ICICI
c) HDFC
d) SBI
e) YES
4. What is the maximum monthly pension for the subscribers under Atal Pension Yojana?
a) Rs 2000
b) Rs 3000
c) Rs 4000
d) Rs 5000
e) None of these
5. If a company which is not a non - banking financial company wants to collect public deposits, it is governed by ___ Act:
a) RBI Act 1934
b) Banking companies Act
c) Companies Act 1956
d) Central Government
e) None of the above
6. Which among the following has launched a Smart Humsafar Plan, a unique plan which offers multiple benefits of savings and insurance cover for husband and wife under a single policy?
a) ICICI Prudential
b) SBI Life
c) NIACL
d) LIC
e) HDFC ERGO
7. Which country launched world first Facial recognition ATM?
a) China
b) Japan
c) US
d) Canada
e) Brazil
8. Which type of machine is used by Business Correspondents?
a) Micro ATMs
b) POS
c) Biometric Card Reader
d) Solar empowered
e) Water resistant
9. Which among the following bank has tied up with Chinese ecommerce giant Alibaba to provide easier trade finance to small and medium enterprises (SMEs) in the country?
a) HDFC Bank
b) SBI Bank
c) Canara Bank
d) ICICI Bank
e) Axis Bank
10. In India, conventionally, bonds are issued by institutions in ____ sector while debentures by corporate in ____ sector.
a) private, public
b) public, private
c) either a or b
d) cooperative, NBFC
e) None of the above
11. What is the name of the platform launched by State Bank of India (SBI) that enables customers to book their foreign exchange transactions online?
a) SBI eforex
b) SBI emoney
c) SBI eonline
d) SBI eshare
e) SBI ebuddy
12. In CDR, "R" stands for ____.
a) Ratio
b) Receipt
c) Regulation
d) Restructuring
e) Reserve
13. Which of the following is not a function of General Insurance?
a) Cattle Insurance
b) Crop Insurance
c) Marine Insurance
d) Fire Insurance
e) None of the above
14. The Bank for International Settlements (BIS) is the world's oldest international financial organization established on 17 May 1930. The mission of the BIS is to serve central banks in their pursuit of monetary and financial stability, to foster international cooperation
in those areas and to act as a bank for central banks. The head office of BIS is located in ___.
a) Hong Kong
b) Switzerland
c)China
d) Mexico
e) Australia
15. National Investment and Infrastructure Fund (NIIF) is a fund created by the Government of India for enhancing infrastructure financing in the country. To be operational by the year end, the headquarter of NIIF will be located in ____.
a) Mumbai
b) New Delhi
c) Bengaluru
d) Chennai
e) Kolkata
16. Special Drawing Rights (SDRs) are international foreign exchange reserve assets issued by
a) World Bank
b) WTO
c) ADB
d) IMF
e) None of these
17. Which of the following types of accounts are known as "Demat Accounts"?
a) Zero Balance Accounts
b) Accounts which are opened to facilitate repayment of a loan taken from the bank. No other business can be conducted from there
c) Accounts in which shares of various companies are traded in electronic form
d) Accounts which are operated through internet banking facility
e) None of the above
18. According to the Socio Economic and Caste Census (SECC) which among the following states in India has highest per cent of Urban BPL households?
a) Bihar
b) Uttar Pradesh
c) Manipur
d) Jharkhand
e) Sikkim
19. Payment of a cheque may be countermanded by the ___
a) Payee
b) Drawer
c) True owner
d) Drawee
e) None of these
20. Union Government has decided to set up a Bank Board Bureau (BBB) to monitor key performance indicators of two dozen public sector banks (PSBs). BBB will start functioning from ___.
a) 31st December 2015
b) 1st January 2016
c) 31st March 2016
d) 1st April 2016
e) 1st June 2016
21. Identify the well known person related to Banking field in India from the following?
a) Mrs. Meira Kumar
b) Mrs. Kiran Shaw
c) Mr. Arun Jaitley
d) Dr. D Subbarao
e) All of the above
22. A fixed deposit receipt is kept with the bank for its safety, is known as ___?
a) Safe custody
b) Safe deposit
c) Locker
d) Valid safe deposit
e) None of the above
23. Reserve Bank will issue ___bank notes with 3 additional features to aid the visually impaired in identification.
a) Rs. 500 and Rs 1,000
b) Rs. 100 and Rs. 500
c) Rs. 50 and Rs. 100
d) Rs. 10 and Rs. 100
e) None of these
24. Simply click a card launched by SBI special for ____.
a) Cash Transfer
b) Online Shopping
c) Pay Utility Bills
d) For Home Loans
e) None of these
25. Banking Companies are prohibited under Sec 8 of banking Regulation Act to sell and purchase securities. Yet Banks are selling securities (of the customer) which are under pledge as permitted by:
a) Indian Contract Act
b) SARFAESI Act
c) Government Notification
d) Banking Regulation Act
e) None of these
26. Hypothecation is:
a) Atransaction of conditional sale
b) A legal transaction whereby goods may be made available as security for a debt
c) Transfer of ownership by the borrower to the lender
d) Either a or b
e) None of the above
27. Mortgage is a:
a) Security on movable property for a loan
b) Security on immovable property for a loan
c) Concession on immovable property
d) Facility on immovable property
e) Security on loan sanctioned against fixed deposits
28. What is the minimum amount to be invested under Sukanya Samriddhi Scheme?
a) Rs. 500
b) Rs. 1000
c) Rs. 1500
d) No ceiling
e) Rs. 100
29. The Main activity of the Financial Intelligence Unit India (FIUIND) is to control:
a) Tax Evasion
b) Money Laundering
c) Terrorism
d) Avoiding NPAs
e) Avoiding frauds in ATMs
30. The SARFAESI Act 2002 empowers Banks / Financial Institutions to recover their non-performing assets (bad loans) without the intervention of the Court. In "SARFAESI" second "S" stands for ____.
a) Securitisation
b) Security
c) Statutory
d) Share
e) Saving
31. The main function of an Asset Management Company is to:
a) hold the securities of various schemes
b) manage the funds by making investments in various types of securities
c) hold its property for the benefit of the unit holders
d) act on behalf of SEBI
e) All the above
32. Global Rating Agency Fitch has downgraded Viability Rating (VR) by one notch to 'bb' of which among the following banks?
a) Bank of Baroda
b) State Bank of India
c) Punjab National Bank
d) Canara Bank
e) IDBI Bank
33. The Banking Codes and Standards Board of India was registered on 18th February, 2006 under which of the following RBI Act?
a) Banking Regulation Act
b) The Societies Registration Act, 1860
c) Cooperative Societies Act
d) None of the above
e) All the above
34. As per the Banking Ombudsman Scheme, any person can file a complaint before the Banking Ombudsman, if the satisfied reply is not received from the bank within a period of ____.
a) one month
b) three months
c) two months
d) six months
e) None
35. CIBIL as a credit bureau caters to:
a) Consumer segments
b) Commercial segments
c) Both commercial and consumer segments
d) Nationalized Banks only
e) Private Banks only
36. Infusion of liquidity, by RBI, is done through _____ from / to banks under a _____ transaction.
a) borrowing, repo
b) borrowing, reverse repo
c) lending, repo
d) lending, reverse repo
e) None of the above
37. Some banks are financing big projects like construction of roads, bridges etc. Financing such projects means banks are helping exactly in:
a) Infrastructural Development
b) Project Management
c) Developing core sector Industry
d) Financial Inclusion
e) All of the above
38. A rate of exchange established between any two currencies on the basis of the respective quotation of each currency in terms of a third currency is known as:
a) Cross rate
b) Merchant rate
c) Wash rate
d) Composite rate
e) None of the above
ANSWERS:
1) c; 2) d; 3) c; 4) d; 5) c; 6) b; 7) a; 8) c; 9) d; 10) b;
11) a; 12) d; 13) e; 14) b; 15) a; 16) d; 17) c; 18) c; 19) b; 20) d;
21) d; 22) a; 23) a; 24) b; 25) d; 26) b; 27) b; 28) b; 29) b; 30) b;
31) b; 32) c; 33) b; 34) a; 35) c; 36) c; 37) a; 38) a.
- 1. What is the minimum capital requirement for New Banks in the Private Sector?
a) Rs. 200 crore
b) Rs. 300 crore
c) Rs. 500 crore
d) Rs. 600 crore
e) None of these
2. Many times we read a term "ECB" in financial newspapers. What is the full form of ECB?
a) Essential Commercial Borrowing
b) Essential Credit and Borrowing
c) External Credit and Business
d) External Commercial Borrowing
e) None of the above
3. Which among the following banks has launched "Dhanchayat" an educational film to raise awareness on the dangers of borrowing money from unorganised sources?
a) Axis
b) ICICI
c) HDFC
d) SBI
e) YES
4. What is the maximum monthly pension for the subscribers under Atal Pension Yojana?
a) Rs 2000
b) Rs 3000
c) Rs 4000
d) Rs 5000
e) None of these
5. If a company which is not a non - banking financial company wants to collect public deposits, it is governed by ___ Act:
a) RBI Act 1934
b) Banking companies Act
c) Companies Act 1956
d) Central Government
e) None of the above
6. Which among the following has launched a Smart Humsafar Plan, a unique plan which offers multiple benefits of savings and insurance cover for husband and wife under a single policy?
a) ICICI Prudential
b) SBI Life
c) NIACL
d) LIC
e) HDFC ERGO
7. Which country launched world first Facial recognition ATM?
a) China
b) Japan
c) US
d) Canada
e) Brazil
8. Which type of machine is used by Business Correspondents?
a) Micro ATMs
b) POS
c) Biometric Card Reader
d) Solar empowered
e) Water resistant
9. Which among the following bank has tied up with Chinese ecommerce giant Alibaba to provide easier trade finance to small and medium enterprises (SMEs) in the country?
a) HDFC Bank
b) SBI Bank
c) Canara Bank
d) ICICI Bank
e) Axis Bank
10. In India, conventionally, bonds are issued by institutions in ____ sector while debentures by corporate in ____ sector.
a) private, public
b) public, private
c) either a or b
d) cooperative, NBFC
e) None of the above
11. What is the name of the platform launched by State Bank of India (SBI) that enables customers to book their foreign exchange transactions online?
a) SBI eforex
b) SBI emoney
c) SBI eonline
d) SBI eshare
e) SBI ebuddy
12. In CDR, "R" stands for ____.
a) Ratio
b) Receipt
c) Regulation
d) Restructuring
e) Reserve
13. Which of the following is not a function of General Insurance?
a) Cattle Insurance
b) Crop Insurance
c) Marine Insurance
d) Fire Insurance
e) None of the above
14. The Bank for International Settlements (BIS) is the world's oldest international financial organization established on 17 May 1930. The mission of the BIS is to serve central banks in their pursuit of monetary and financial stability, to foster international cooperation
in those areas and to act as a bank for central banks. The head office of BIS is located in ___.
a) Hong Kong
b) Switzerland
c)China
d) Mexico
e) Australia
15. National Investment and Infrastructure Fund (NIIF) is a fund created by the Government of India for enhancing infrastructure financing in the country. To be operational by the year end, the headquarter of NIIF will be located in ____.
a) Mumbai
b) New Delhi
c) Bengaluru
d) Chennai
e) Kolkata
16. Special Drawing Rights (SDRs) are international foreign exchange reserve assets issued by
a) World Bank
b) WTO
c) ADB
d) IMF
e) None of these
17. Which of the following types of accounts are known as "Demat Accounts"?
a) Zero Balance Accounts
b) Accounts which are opened to facilitate repayment of a loan taken from the bank. No other business can be conducted from there
c) Accounts in which shares of various companies are traded in electronic form
d) Accounts which are operated through internet banking facility
e) None of the above
18. According to the Socio Economic and Caste Census (SECC) which among the following states in India has highest per cent of Urban BPL households?
a) Bihar
b) Uttar Pradesh
c) Manipur
d) Jharkhand
e) Sikkim
19. Payment of a cheque may be countermanded by the ___
a) Payee
b) Drawer
c) True owner
d) Drawee
e) None of these
20. Union Government has decided to set up a Bank Board Bureau (BBB) to monitor key performance indicators of two dozen public sector banks (PSBs). BBB will start functioning from ___.
a) 31st December 2015
b) 1st January 2016
c) 31st March 2016
d) 1st April 2016
e) 1st June 2016
21. Identify the well known person related to Banking field in India from the following?
a) Mrs. Meira Kumar
b) Mrs. Kiran Shaw
c) Mr. Arun Jaitley
d) Dr. D Subbarao
e) All of the above
22. A fixed deposit receipt is kept with the bank for its safety, is known as ___?
a) Safe custody
b) Safe deposit
c) Locker
d) Valid safe deposit
e) None of the above
23. Reserve Bank will issue ___bank notes with 3 additional features to aid the visually impaired in identification.
a) Rs. 500 and Rs 1,000
b) Rs. 100 and Rs. 500
c) Rs. 50 and Rs. 100
d) Rs. 10 and Rs. 100
e) None of these
24. Simply click a card launched by SBI special for ____.
a) Cash Transfer
b) Online Shopping
c) Pay Utility Bills
d) For Home Loans
e) None of these
25. Banking Companies are prohibited under Sec 8 of banking Regulation Act to sell and purchase securities. Yet Banks are selling securities (of the customer) which are under pledge as permitted by:
a) Indian Contract Act
b) SARFAESI Act
c) Government Notification
d) Banking Regulation Act
e) None of these
26. Hypothecation is:
a) Atransaction of conditional sale
b) A legal transaction whereby goods may be made available as security for a debt
c) Transfer of ownership by the borrower to the lender
d) Either a or b
e) None of the above
27. Mortgage is a:
a) Security on movable property for a loan
b) Security on immovable property for a loan
c) Concession on immovable property
d) Facility on immovable property
e) Security on loan sanctioned against fixed deposits
28. What is the minimum amount to be invested under Sukanya Samriddhi Scheme?
a) Rs. 500
b) Rs. 1000
c) Rs. 1500
d) No ceiling
e) Rs. 100
29. The Main activity of the Financial Intelligence Unit India (FIUIND) is to control:
a) Tax Evasion
b) Money Laundering
c) Terrorism
d) Avoiding NPAs
e) Avoiding frauds in ATMs
30. The SARFAESI Act 2002 empowers Banks / Financial Institutions to recover their non-performing assets (bad loans) without the intervention of the Court. In "SARFAESI" second "S" stands for ____.
a) Securitisation
b) Security
c) Statutory
d) Share
e) Saving
31. The main function of an Asset Management Company is to:
a) hold the securities of various schemes
b) manage the funds by making investments in various types of securities
c) hold its property for the benefit of the unit holders
d) act on behalf of SEBI
e) All the above
32. Global Rating Agency Fitch has downgraded Viability Rating (VR) by one notch to 'bb' of which among the following banks?
a) Bank of Baroda
b) State Bank of India
c) Punjab National Bank
d) Canara Bank
e) IDBI Bank
33. The Banking Codes and Standards Board of India was registered on 18th February, 2006 under which of the following RBI Act?
a) Banking Regulation Act
b) The Societies Registration Act, 1860
c) Cooperative Societies Act
d) None of the above
e) All the above
34. As per the Banking Ombudsman Scheme, any person can file a complaint before the Banking Ombudsman, if the satisfied reply is not received from the bank within a period of ____.
a) one month
b) three months
c) two months
d) six months
e) None
35. CIBIL as a credit bureau caters to:
a) Consumer segments
b) Commercial segments
c) Both commercial and consumer segments
d) Nationalized Banks only
e) Private Banks only
36. Infusion of liquidity, by RBI, is done through _____ from / to banks under a _____ transaction.
a) borrowing, repo
b) borrowing, reverse repo
c) lending, repo
d) lending, reverse repo
e) None of the above
37. Some banks are financing big projects like construction of roads, bridges etc. Financing such projects means banks are helping exactly in:
a) Infrastructural Development
b) Project Management
c) Developing core sector Industry
d) Financial Inclusion
e) All of the above
38. A rate of exchange established between any two currencies on the basis of the respective quotation of each currency in terms of a third currency is known as:
a) Cross rate
b) Merchant rate
c) Wash rate
d) Composite rate
e) None of the above
ANSWERS:
1) c; 2) d; 3) c; 4) d; 5) c; 6) b; 7) a; 8) c; 9) d; 10) b;
11) a; 12) d; 13) e; 14) b; 15) a; 16) d; 17) c; 18) c; 19) b; 20) d;
21) d; 22) a; 23) a; 24) b; 25) d; 26) b; 27) b; 28) b; 29) b; 30) b;
31) b; 32) c; 33) b; 34) a; 35) c; 36) c; 37) a; 38) a.
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