Current Affairs Current Affairs - 20 June 2017 - Vikalp Education

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Current Affairs - 20 June 2017

General Affairs 

Ram Nath Kovind as presidential candidate: How BJP aggressively continues to woo Dalits
  • By nominating Bihar Governor Ram Nath Kovind as its candidate for the July 17 presidential election, BJP has once again proved that it has been aggressively wooing the Dalits. Kovind, who was president of BJP's Scheduled Caste (SC) Cell from 1998 to 2002, is a Dalit.
    Fielding Ram Nath Kovind, from Uttar Pradesh, as the presidential candidate is a continuation of BJP's strategy to woo the Dalits. The ruling party has sought to convey two messages by nominating Kovind - thank the Dalit community for their support and tell them that they are genuinely concerned about their welfare.
    As a Rajya Sabha MP, Kovind was member of Parliamentary Committee for SC/ST Welfare. He was also a member of Management Board for Dr BR Ambedkar University, Lucknow.
    If he wins, Kovind would be only the second Dalit president after KR Narayanan who had been elevated from the post of vice president in 1997.
    Prime Minister Narendra Modi and BJP president Amit Shah have been continuously seeking to garner the support of the Dalits. They have also been successful in their attempt. BJP twice upset the Mayawati-led BSP's applecart - first in the 2014 Lok Sabha elections and subsequently in the Uttar Pradesh Assembly elections held earlier this year.
    In UP, BJP won a massive 71 out of 80 Lok Sabha seats and 312 of 403 in the Assembly. Dalits constitute about 17 per cent of the highest populous state in the country.
    Promoting Kovind as the president seems to be the best bet if the party has to bank upon the Dalits for 2019 Lok Sabha elections and the forthcoming Assembly polls, such as in Madhya Pradesh, Chhattisgarh, Rajasthan, Gujarat, Himachal Pradesh, Odisha and Karnataka - in the next couple of years.
    BJP has been attaching immense importance to all symbols associated with Dalits. For instance, it has been observing Dalit icon Babasaheb Bhimrao Ambedkar's birth and death anniversaries with utmost sincerity. On his 126th birth anniversary this year, PM Modi visited Nagpur and inaugurated a series of development projects.
    Nagpur is closely associated with Ambedkar as it was in this city the country's first law minister had reverted to Buddhism with approximately 600,000 followers on October 14, 1956, which was Ashok Vijaya Dashami. "We are unwavering in our efforts towards creating a strong, prosperous and inclusive India of Ambedkar's dreams. Jai Bhim," Modi had said.
    Last year on the same day, Modi had visited Mhow near Indore in Madhya Pradesh. Mhow is the birthplace of Ambedkar. Modi had addressed a rally at Mhow.
    Narendra Modi has also been seen regularly interacting with the Dalits. On April 20, 2015, Modi had laid the foundation stone of Dr Ambedkar International Centre at Janpath in the capital. On November 14, 2015, he inaugurated BR Ambedkar Memorial in London.
    The Maharashtra government is transforming the building where Ambedkar lived in London into an international memorial-cum-research centre. Parliament had observed Constitution Day on November 26, 2015 during the Winter Session and a special discussion was held on Ambedkar.
    On December 6, 2015, the Prime Minister released two commemorative coins, as part of the 125th Ambedkar Jayanti celebrations. The coins, of Rs 10 and Rs 125 denomination, were issued on the Mahaparinirvan Divas (death anniversary) of Ambedkar.
    On March 21, 2016, Modi had laid the foundation stone for a memorial of Ambedkar in New Delhi, which will cover the important aspects of his life.
    The BJP chief has also been playing his part to win over the Dalits. On May 30, 2016, Shah ate a meal with Girjaprasad Bind and Ikbal Bind's family, who belong to the Dalit community, in Jogiyapur village in Sevapuri Assembly segment of UP. Jogiyapur falls under PM Narendra Modi's Lok Sabha constituency of Varanasi.
    Earlier in the same month, the BJP president had taken a holy dip along with saints, retired bureaucrats and police officials, mostly from the Dalit community, as part of "Samrasta Snan (a holy bath for social harmony)" at Valmiki ghat of Kshipra river during Simhastha in Ujjain.
    This was followed by Shah felicitating the saints and having a community meal with them. With symbolism galore, Valmiki is identified with the Dalit author who had written the Ramayana and it is also a Dalit community in several parts of the country.
    BJP's consistent efforts seem to be helping it wean away the Dalits from BSP and Congress. Despite campaigns by the Opposition to discredit BJP over issues - such as thrashing of Dalits by cow vigilantes in Gujarat and alleged suicide of Hyderabad University scholar Rohith Vemula, supposedly belonging to the SC category - the people of this community voted for the party in UP.
    It had got a jolt in Bihar. Just before the state Assembly elections in 2015, JD (U) and RJD had highlighted RSS chief Mohan Bhagwat's statement on reservation. They sought to convey to the voters that BJP was against reservation and would do away with it. This was one of the reasons for BJP-led NDA's defeat.

F-16 fighter jets will now be made in India, Tatas sign pact with Lockheed Martin
  • In a major boost to indigenous defence production to become self-reliant in the defence sector, Lockheed Martin today inked an agreement with Tata Advanced Systems to produce F-16 fighter jets in India.
    The F-16 Block 70 is ideally suited to meet the Indian Air Force's single-engine fighter needs and this unmatched US-Indian industry partnership directly supports India's initiative to develop private aerospace and defense manufacturing capacity in India.
    This F-16 production partnership between the world's largest defense contractor and India's premier industrial house provides India the opportunity to produce, operate and export F-16 Block 70 aircraft, the newest and most advanced version of the world's most successful, combat-proven multi-role fighter.
    The announcement comes days before Prime Minister Narendra Modi travels to Washington for a first meeting with US President Donald Trump scheduled for June 26.
    India and the United States have built a close defence relationship in recent years with Washington emerging as among the top three arms suppliers to India, along with Russia and Israel.
    India will also have the chance to export the F-16 that is flown by air forces around the world, a joint statement issued by the two companies said.
    "This unprecedented F-16 production partnership between the world's largest defense contractor and India's premier industrial house provides India the opportunity to produce, operate and export F-16 Block 70 aircraft, the newest and most advanced version of the world's most successful, combat-proven multi-role fighter," the statement said.
    F-16 production in India also supports thousands of Lockheed Martin and F-16 supplier jobs in the US, creates new manufacturing jobs in India, and positions Indian industry at the center of the most extensive fighter aircraft supply ecosystem in the world.
    "Our partnership significantly strengthens the F-16 'Make in India' offer, creates and maintains numerous new job opportunities in India and the US, and brings the world's most combat-proven multi-role fighter aircraft to India, the statement said.

    With more than 4,500 produced and approximately 3,200 operational aircraft worldwide being flown today by 26 countries, the F-16 remains the world's most successful, combat-proven multi-role fighter ever produced. The F-16 Block 70 is the newest and most technologically advanced F-16 ever offered.

Arunachal Pradesh: Indian Army rescues over 200 people stranded in Bhalukpong landslide
  • Army troops at Bhalukpong, Arunachal Pradesh today rescued about 200 civilians from a landslide site. The people were stranded for over 10 hours in their vehicles some 7 kilometres from Bhalukpong towards Sessa.  
    The rescued group included nearly 70 women and about 50 children.
    The company commander of the Army Company at the spot, along with medical officer, 2 JCOs, 20 other ranks rushed to the spot to carry out the rescue operation.
    They were able to take the stranded civilians out of the danger area at around 9 am today.
    By 11 am all the people were evacuated to safety. They were given necessary medicines and food. Meanwhile, the Border Roads personnel are working towards clearing the roadways.

Don't differentiate between good and bad terrorists, VK Singh urges BRICS in China
  • Minister of State for External Affairs Gen (retd)VK Singh today delivered a strong message on combatting terrorism at the first summit of BRICS foreign ministers in Beijing, urging countries "to not differentiate" between "good and bad terrorists".
    India hopes the bloc of emerging countries will take a strong and unified stand on terrorism. Gen Singh's message in Beijing took on added salience, considering that the Chinese government has been a prominent obstacle in other fora, such as the United Nations Security Council (UNSC), to India's attempts to sanction terrorists based in Pakistan.
    While not mentioning Pakistan, Gen Singh, who was attending the meet as External Affairs Minister Sushma Swaraj was unable to travel for health reasons, struck an optimistic note in a press conference following his summit with the foreign ministers of Brazil, Russia, China and South Africa. He said "all BRICS countries agreed that terrorism is the common enemy of humankind and are fully concerned about the threat of terrorism in its various forms and manifestations".
    "On behalf of India, I pointed out that terrorism remains one of the most potent global menaces. We did bring out that it threatens global peace and terrorists cannot be differentiated by calling them good or bad," he said.
    "They are terrorists and they are criminals and we need to have a concerted action both in the region and internationally to curb their activities," he said.
    "We have a consensus among the BRICS countries that all (forms of) terrorism must be condemned and various measures must be taken to cooperate so that terrorism does not spread and harm any one of our countries", he added.
    Gen Singh also called for "expediting the adoption of the Comprehensive Convention on International Terrorism at the United Nations which has been pending for some time" and said that India "has the support of all the BRICS countries" on this issue.
    Yet how much India's push will find support in China remains unclear. Next month, the UNSC will revisit an application to sanction Pakistani terrorist Masood Azhar that Beijing, at Pakistan's behest, placed a "technical hold" on.
    China's Foreign Minister Wang Yi on Monday defended China's stance on terror when asked about differences with India, saying that "China opposes terror in all forms".
    "China is also (a) victim of terror and China is taking part in global initiatives against terror," he said. "With colleagues today including Indian colleagues China shares the same position."
    Gen Singh noted that BRICS launched a joint working group on counter-terrorism which held a meeting last month. He also said National Security Adviser Ajit Doval will likely travel to Beijing next month for a BRICS NSAs meet that will also discuss terror and security cooperation.
    "The BRICS agenda has witnessed steady expansion," Gen Singh said. "The joint working group on counter terror concluded its meeting in May. Our NSAs are scheduled to meet next month. In their meeting last year, they reached significant understanding to enhance BRICS cooperation in security and counter-terrorism".
    "India attaches utmost importance to engagement with BRICS countries," he added. "The Prime Minister has repeatedly underscored the role of BRICS in the international arena and stressed the importance of fostering intra-BRICS cooperation".
    India will want the BRICS grouping to put out a strong statement on terrorism as it holds a summit in Xiamen, southern China, in September which PM Narendra Modi will attend.
    On Sunday, both countries looked to bring recently strained relations back on track as Gen Singh held talks with Chinese Foreign Minister Wang Yi. He said "India looks forward to strengthening and deepening its strategic partnership and mutual dialogue with China."
    Wang was quoted as saying by the official Xinhua news agency that "China and India are both major countries with great influence, and that they should boost cooperation in the BRICS, the Shanghai Cooperation Organization (SCO) and all other multilateral frameworks to make contribution to peace and stability in the region and the world at large."
    This is the first major visit from India after Delhi became the only major country to boycott President Xi Jinping's Belt and Road summit on May 14.
    External Affairs Minister Sushma Swaraj had been scheduled to attend Monday's first ever standalone BRICS foreign ministers' meeting. Previous interactions among the foreign ministers of the grouping had only been held on the sidelines of other summit - but as Gen Singh told Wang, "She wanted to come but then health and other restrictions on her did not permit her. But she was looking forward to meeting you."
    The ministers on Monday called on Chinese President Xi Jinping. Xi's government is going all out to ensure the BRICS summit in September, which Xi will host in Xiamen in Fujian province where he was earlier a provincial leader, will be seen as a success, with the Communist Party of China also hosting a key once-in-five-year leadership congress, likely to be held in Beijing the following month.

1993 Mumbai blasts case: TADA court adjourns arguments on quantum of punishment till tomorrow
  • A special Terrorist and Disruptive Activities (Prevention) Act (TADA) court in Mumbai today adjourned arguments on the quantum of punishment for the convicts in the 1993 Mumbai blasts case till tomorrow.
    On March 12, 1993, 12 bombs went off at 12 different locations in Mumbai, killing as many as 257 people and leaving over 700 others injured.
    The TADA court on Friday had found Abu Salem, Riaz Siddiqui, Mustafa Dossa, Firoz Abdul Rashid Khan, Tahir Merchant, and Karimullah Khan guilty of all charges in the case. However, it acquitted Abdul Qayyum of all charges
    CBI Counsel Deepak Salvi today informed the court that he would ask for "extreme punishment" for all the convicts.
    The defence has asked for a detailed copy of the judgement, and the court will pass an order on this application tomorrow.
    Defence lawyer Abdul Wahab Khan said he wanted to examine 3 witnesses for mitigating circumstances, and the TADA court accepted his request.
    However, it turned down rejected Khan's request for two weeks' time to prepare arguments on the quantum of sentence, saying the matter was urgent and couldn't be adjourned for that long.
    Defence arguements for Mustafa Dossa will start only on the June 27 as his lawyer, Rizwan Merchant, is currently abroad.

Business Affairs 

    7th Pay Commission: Modi, Jaitley meet to review allowances under Pay Commission
    • Prime Minister Narendra Modi will meet Finance Minister Arun Jaitley and Finance Secretary Ashok Lavasa today evening to discuss his views on Pay Commission allowances, reported ANI. Jaitley is expected to present the proposals regarding the said allowances before the Union Cabinet for approval sometime soon. He, however, will be out of the country on an official visit to Russia.
      Jaitley, who is also looking after the Defence portfolio, will leave for a four-day visit to Russia on June 20. During his trip he will meet the Russian Defence Minister Sergey Shoygu to discuss matters of technical cooperation in the field of defence. He is expected to return by June 24.
      This means Jaitley will not be present for the Cabinet meeting scheduled on Wednesday (June 21) later this week. He is responsible for tabling proposals pertaining to allowance reforms mandated by the Seventh Pay Commission, and modified later by the Committee on Allowances and Empowered Committee of Secretaries (E-CoS).
      The federal Cabinet too is reluctant to discuss the matter in absence of its Finance Minister as seen in the past two weeks. Twice the issue of reformed allowance structure has been dropped from the Cabinet's agenda. First time it was when Prime Minister Narendra Modi was away on his four-nation foreign visit during the first week of June. Central government employees were disappointed once again last week when Finance Minister was away in South Korea. 
      The matter of central government employees' allowances has been pending for almost one year now and the hiccups seem to stick even towards the end. The Pay Commission had recommended that out of a total 196 allowances, 52 be discontinued entirely whereas 36 other allowances should be subsumed under other allowances.
      Apart from this, the pay panel called for cutting down the House Rent Allowance (HRA) which constituted the bulk of an employee's paycheck. The Pay Commission suggested HRA to be brought down to 24 per cent, 16 per cent and 8 per cent of the basic pay, to be paid according to the city the employee is positioned in.
      The preceding Pay Commission had pegged the same at 30 per cent, 20 per cent and 10 per cent. The Cabinet formed the Committee on Allowances under Finance Secretary Ashok Lavasa in June last year after the central government employees expressed their dissatisfaction against them. The motive of this Committee was to look into the extensive changes suggested by the 7th Pay Commission.
      The Lavasa Committee handed over its review report to Jaitley in April after consulting representations from various government departments and agencies. After approved by the Department of Expenditure, this report was forwarded to E-CoS for their consideration and consolidation.
      The Empowered Committee submitted the report once again to the Finance Minister on June 1. Reports state that the E-CoS has capped HRA rates between 25 per cent and 27 per cent. The Cabinet may, however, approve rates higher than that to compensate for the delay in paying allowances as per new rates according to the 7th Pay Commission.
      The final move now is for Cabinet to approve the recommendations about the allowance structure, has been awaited for two weeks now.

    Start Up India Hub launched to strengthen start up ecosystem; govt plans SAARC start up meet
    • The Department of Industrial Policy and Promotion (DIPP) today launched the Start Up India Hub in an effort to strengthen the start up ecosystem in the country.
      Nirmala Sitharaman, Minister of State for Ministry of Commerce and Industry, was present at the launch of the event.
      "We are reflecting the inputs we have been getting from you. I would want the engagement to be dynamic. Keep it coming," Sitharaman said while addressing start up entrepreneurs.
      "We are trying to expedite the distribution of funds and make tax benefits more meaningful," she added.
      The digital portal will be a interactive platform for start ups, investors, academia, government bodies and other stakeholders. The Hub will enable its users to connect with these stakeholders, access free learning resources, tools and templates on legal, HR, accounting and regulatory issues and discussion forms. It will also be a melting pot for 50 government schemes related to start ups.
      The platform also features chatbots to automatically collate and update information as well as answer queries. In the next phase of the portal it will bring together relevant schemes run by state governments for the start ups to benefit from.
      Sitharaman also said that the government was planning to organise a start up summit for SAARC nations. The exchange programme would benefit starts ups in the SAARC countries, Sitharaman said.
      The main purpose of Start Up India Hub is to facilitate the resources for helping start ups, including easier access to funding, less tax burden, right infrastructure.
      Ramesh Abhishek, Secretary, DIPP listed down all the actions that have been taken to support start ups in the country.
      "By taking continuous feedback, we have been able to innovate our policies. We hope to do much better that what we have done so far," Abhishek said.
      "We want to make sure every possible support is given to the start ups in India," he added.
      Start Ups in India can go to the Start Up India Hub website and register on the portal to get access to useful information related to funding, networking, incubators.

    RBI move on insolvency proceedings credit positive: Moody's
    • Moody's Investors Service today said the initiation of insolvency proceedings on 12 large loan defaulters is credit positive for Indian banks as it will improve their overall asset quality.
      The Reserve Bank last week said it has identified 12 large loan defaulters who account for 25 per cent of the total NPAs or bad loans in the banking sector and will be referred to the banks concerned for filing insolvency proceedings.
      These cases will be accorded priority by the National Company Law Tribunal (NCLT).
      "This is credit positive for India's banks because any meaningful resolution under this plan can help improve their overall asset quality. Additionally, it also will set a precedent for resolving non-performing loans from smaller borrowers," Moody's said in a report.
      The directive will negatively affect banks' profitability over the next year if they need to take large write-downs relative to their existing loan-loss reserves for those assets, it said.
      "This also will accentuate the capital needs of weaker public sector banks, which may require a large capital infusion from the Indian government," it said.
      Moody's estimated that state-owned banks will need up to Rs 95,000 crore of equity capital through 2019.
      The capital requirement is much higher than Rs 20,000 crore budgeted by the government towards capital infusion until March 2019. Under the Indradhanush plan for bank recapitalisation, government is infusing Rs 70,000 crore in PSU banks beginning 2015.
      RBI has also asked banks to also review other NPAs and finalise a resolution plan over the next six months.
      "Given the strict timelines to resolve a case under the IBC within a maximum period of 270 days, after which a company will be automatically liquidated, we expect that this directive will significantly expedite the resolution process and will help in loan recoveries," Moody's said.
      The US-based credit rating agency estimates that some of these 12 accounts relate to borrowers in the steel, power and other infrastructure sectors such as engineering, procurement and construction contractors.
      "Indian banks' asset quality has significantly deteriorated over the years, although the pace of deterioration has somewhat moderated in recent quarters," Moody's said.

    Midnight Parliament central hall event to mark GST rollout
    • The historic Central Hall of Parliament will host a midnight function on June 30 to launch the sweeping tax reform of GST, reminiscent of India's tryst with destiny on the midnight of August 15, 1947.
      The government will use the circular-shaped Central Hall, perhaps for the first time, to launch a new taxation system that is set to dramatically re-shape the over USD 2 trillion economy.
      The launch event will in all probability start at 11 pm on June 30 and extend into midnight, coinciding with the rollout of the Goods and Services Tax (GST) regime, official sources said.
      A gong will be sounded at midnight to signify that GST has arrived.
      Prime Minister Narendra Modi will be the key speaker at the function where President Pranab Mukherjee is also being invited.
      The GST Bill was originally piloted by Mukherjee when he was the Finance Minister in the previous UPA regime.
      Former Prime Minister Manmohan Singh would also occupy the high table along with another former prime minister H D Deve Gowda in the Central Hall during the event.
      Chief Ministers of all states will be invited for the event as GST represented an unprecedented exercise in fiscal federalism, sources said, adding GST Council members will be the guests.
      The GST Council, that brings together the central and state governments, has met 17 times to thrash out how the tax will work.
      Originally, the launch of GST, which has been in works for over a decade, was to be done from Vigyan Bhawan -- the largest convention centre in the national capital that has hosted majority of the meetings of the GST Council.
      But the historic Central Hall was thought to be a better choice considering the importance of the new tax code that unifies more than a dozen separate levies to create a single market with a population greater than the US, Europe, Brazil, Mexico and Japan put together.
      GST will simplify a web of taxes, regulations and border levies by subsuming an array of central and state levies including excise duty, service tax and VAT.
      It will gradually re-shape India's business landscape, making the world's fastest-growing major economy an easier place to do business.
      GST has been dubbed as the most significant economic reform since BJP government came to power in 2014 and is expected to add as much as 2 percentage points to the GDP growth rate besides raising government revenues by widening the tax net.
      A four-rate structure that exempts or imposes a low rate of tax of 5 per cent on essential items and top rate of 28 per cent on cars and consumer durables has been finalised. The other slabs of tax are 12 and 18 per cent. 

    Sensex, Nifty trade flat ahead of US Federal Reserve policy outcome
    • Indian benchmark indices opened on a positive note today as the benchmark Sensex rose 80 points, coming on the back of an overnight record close on the Wall Street.
      Investors kept track of the two-day monetary policy meeting of the US Federal Reserve, which is due to announce its decision today.
      At 10.22 am, the BSE Sensex was trading 31,116.41, up 12.92 points (0.04%) while the Nifty50 was trading 5.85 per cent lower at 9,601.05-level.
      Realty, healthcare, oil and gas and auto indices rose.
      Support came from Dr Reddy's, Lupin, Reliance Industries, TCS, PowerGrid and ICICI Bank, which climbed by up to 1.53 per cent.
      Asian markets remained mixed. Japan's Nikkei was up 0.10 per cent while Hong Kong's Hang Seng rose 0.05 per cent in early trade today. Shanghai Composite, however, shed 0.22 per cent.
      The US Dow Jones Industrial Average ended at a record close by rising 0.44 per cent yesterday.

    General Awareness


    • 1. As per the latest Monetary Policy Review it has been decided by The Reserve Bank of India to reduce the Staturory Liquidity Ratio w.e.f 24th June 2017 from 20.5% to ______:
      a) 20.00%
      b) 20.25%
      c) 20.75%
      d) 21.00%
      e) None of the above

      2. Which bank is launching Rs. 15,000 Crore share sale to Institutions to increase capital base as a part of meeting Basel III requirements by March 2019?
      a) Indian Bank
      b Union Bank of India
      c) State Bank of India
      d) United Bank of India
      e) IDBI

      3. Which of the following are the facts about Money Transfer Service Scheme (MTSS)?
      a) It is a quick and easy way of transferring personal remittances from abroad to beneficiaries in India.
      b) Only inward personal remittances into India such as remittances towards family maintenance
      c) Remittances favouring foreign tourists visiting India are permissible
      d) No outward remittance from India is permissible under MTSS
      e) All the above

      4. In Electronic Clearing Service there are two types of viz., ECS debit and ECS Credit. What does ECS debit represents?
      a) Number of debits and one credit
      b) Number of credits and one debit
      c) Multiple number of debits and credits
      d) Few Debits and Few Credits
      e) None of the above

      5. The Public Information Officer is required to reply to the query raised under Right to Information
      Act within in maximum period of ___ days. In case of delay, the penalty is Rs. ____ per day.
      a) 10 days; 100
      b) 15 days ; 100
      c) 20 days ; 250
      d) 30 days ; 250
      e) 7 days : 350

      6. Fiscal policy is concerned with which of the following?
      a) Public revenue and expenditure
      b) Issue of currency
      c) Education for all
      d) Population control
      e) Export and Import

      7. When credit facilities to one party are sanctioned by more than one bank under a common arrangement, such facility given to a customer is called _____:
      a) Consortium
      b) Syndication
      c) Multiple Banking
      d) Participation
      e) None of the given options is true

      8. FATCA stands for ?
      a) Forex Account Tax Compliance Act
      b) Foreign Account Tax Compliance Act
      c) Forex Account Total Compliance Act
      d) Foreign Account Total Compliance Act
      e) None of the given options is true

      9. In case of decision given by LokAdalat, the appeal against judgement by aggrieved customer can be made within _____:
      a) 1 month from the date of judgment
      b) 45 days from the date of judgment
      c) 2 months from the date of judgment
      d) 3 months from the date of judgment
      e) No appeal allowed

      10. The unclaimed deposits for 10 years and above will be transferred to Depositor Education Awareness Fund (DEAF). This DEAF was introduced in the year__:
      a) 2012
      b) 2013
      c) 2014
      d) 2015
      e) 2016

      11. "Buy Now - Pay Now" is commonly used for ____:
      a) Debit Cards
      b) Vault Cards
      c) Credit Cards
      d) E-purse
      e) None of the above

      12. A settlement system in which the processing and final payment of funds transfer instructions takes place continuously, is called ___.
      a) Debit clearing system
      b) Credit clearing system
      c) National clearing system
      d) Real time gross settlement
      e) Speed Clearing system

      13. Acollaborative network that uses Internet Technology to link business with their suppliers is ____.
      a) Internet
      b) Intranet
      c) Extranet
      d) WAN
      e) LAN

      14. Banknet was set up by ___:
      a) IBA
      b) RBI
      c) Central Govt
      d) IT department of Concerned Bank
      e) None of the above

      15. A There are credit rating Agencies like Standard and Poor, Moody's. According to these Agencies
      Corporate Bond which carry a rating of AAA is considered to be _____:
      a) Exceptional degree of credit worthiness and top credit rating
      b) High probability of default
      c) Low risk
      d) Medium Risk
      e) 3/4th risk

      16. Which of the following are part of Public Sector Banks ?
      (i) Bank of India
      (ii) Central Bank of India
      (iii) Regional Rural Bank, sponsored by a nationalized bank
      a) Only (i) and (ii)
      b) Only (i) and (iii)
      c) Only (ii) and (iii)
      d) (i), (ii) and (iii)
      e) None of the above

      17. RBI introduced Commercial Paper in the year_____:
      a) 1970
      c) 1985
      d) 1990
      e) 2000

      18. When the Award of the Banking Ombudsman is not acceptable to the parties, they can approach
      Appellate Authority. At this stage the appellate authority may:
      a) Dismiss the appeal
      b) Send the matter to the Banking Ombudsman for fresh disposal in accordance with such directions as the appellate authority may consider necessary or proper
      c) Modify the award and pass such directions as may be necessary to give effect to the modified award
      d) Pass any other order as it may deem fit
      e) All the above

      19. Credit cards are of standard size and thickness and are embossed with which of the the following details?
      (i) Name of card holder
      (ii) Card number
      (iii) Validity date
      a) Only (i) and (ii)
      b) Only (i) and (iii)
      c) Only (ii) and (iii)
      d) (i), (ii) and (iii)
      e) Only (i)

      20. Which of the following are correct regarding Indo - Nepal Remittance Scheme?
      a) A remitter can transfer funds up to Rs. 50,000
      b) A remitter can transfer funds only upto Rs. 25,000
      c) It is not necessary that the remitter should maintain an account with a bank in India.
      d) a remitter can transfer funds upto Rs 1,00,000
      e) Only a & c

      1) a 2) c 3) e 4) a 5) d 6) a 7) a 8) b 9) e 10) c
      11) a 12) d 13) c 14) b 15) a 16) d 17) d 18) e 19) d 20) e

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