General Affairs
Madhya Pradesh Medical University Allows "Hinglish" Exams
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The Madhya Pradesh Medical Science University (MPMSU) has allowed use of "Hinglish"(a mix of Hindi and English) in all written and oral examinations.
"Following a detailed discussion, the board of studies has decided that the students of all colleges will have the option to answer questions in their examinations in English, Hinglish (a mixture of Hindi and English) and Hindi," a circular issued by the varsity on May 26 said.
"The decision is being hailed by students and other concerned people as it is bound to help medical students especially those hailing from rural areas," university Vice Chancellor Dr R S Sharma told PTI today.
Giving an example, he said a student can now write "heart ka daura" instead of heart attack in the examination.
The university took the decision to allow "Hinglish" besides Hindi and English as many students, especially those from rural areas, are not at ease in writing in English even when they know the correct answer, he said.
These students also struggle to express themselves effectively in oral examinations, and at times it annoys the examiners, he said.
The varsity has 312 colleges teaching various courses including MBBS, Ayurvedic medicine and nursing affiliated to it. Examinations are held twice a year - in July and January.
"Following a detailed discussion, the board of studies has decided that the students of all colleges will have the option to answer questions in their examinations in English, Hinglish (a mixture of Hindi and English) and Hindi," a circular issued by the varsity on May 26 said.
"The decision is being hailed by students and other concerned people as it is bound to help medical students especially those hailing from rural areas," university Vice Chancellor Dr R S Sharma told PTI today.
Giving an example, he said a student can now write "heart ka daura" instead of heart attack in the examination.
The university took the decision to allow "Hinglish" besides Hindi and English as many students, especially those from rural areas, are not at ease in writing in English even when they know the correct answer, he said.
These students also struggle to express themselves effectively in oral examinations, and at times it annoys the examiners, he said.
The varsity has 312 colleges teaching various courses including MBBS, Ayurvedic medicine and nursing affiliated to it. Examinations are held twice a year - in July and January.
Zinedine Zidane Leaves Florentino Pérez’s Real Madrid on His Own Terms
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The only thing missing, the sole disappointment, was that Zinedine Zidane did not conclude his final news conference as manager of Real Madrid by lifting the microphone from the desk in front of him and dropping it to the floor. His natural reticence denied him the emphatic finale he deserved.
In January 2016, when Florentino Pérez, Real Madrid’s bombastic president, presented Zidane to the world as Rafael BenÃtez’s replacement, few believed the decision would prove wise.
Pérez himself had doubts: A few months earlier, he had hoped Zidane — then coach of Castilla, the club’s B team — would accept an offer to take charge of Marseille, his hometown team. He was, at that point, something of an enigma: Nobody really knew how he would fare in management; initial impressions, from his time at Castilla, were not uniformly positive.
Better, Pérez thought, for him to cut his teeth away from the white heat of the Santiago Bernabéu Stadium, given the risk the president would be taking in appointing him. Among his primary concerns was that Zidane might prove difficult to fire, when the time came, because of his status among the club’s fans.
He need not have worried. On Thursday, Zidane announced that he would be stepping down from the post he has occupied for the last two and a half years. He did so having won one Spanish title, one Spanish Super Cup, two UEFA Super Cups, two FIFA World Club Cups and — most important of all — three consecutive Champions League titles, the most recent against Liverpool five days ago.
Until Zidane came along, nobody had retained the Champions League, let alone won it three years in a row. Until Zidane came along, only two other managers had won three European Cups — both Carlo Ancelotti and Bob Paisley required rather more than 29 months. Zidane has won the Champions League three times in less than three years. He has won a trophy at the rate of one every 17 games. It has been, in no uncertain terms, a mic drop of a career.
Indeed, retaining the Champions League is not the way in which Zidane has broken new ground. Pérez has sacked some of the most distinguished managers of the last 20 years. He fired Vicente del Bosque and Ancelotti and BenÃtez. He reached a “mutual agreement” to allow José Mourinho not to be employed by Real Madrid anymore.
For much of this season, Zidane seemed destined to join that list. Despite winning the Champions League in each of his first two years in charge, that familiar drip, drip, drip of stories about his future started to emerge in the last few months, as Real Madrid fell away from Barcelona in the domestic title race: Zidane would be dismissed if he did not reach the Champions League semifinals; Zidane would be dismissed if he did not win the competition again; Zidane would be dismissed, regardless.
On Thursday, though, he did what nobody else has managed to do. He left Real Madrid — Florentino Pérez’s Real Madrid — on his own terms, in his own time. Almost uniquely, he has emerged from the Bernabéu not just unscathed, but almost completely untouched. There have been times when he has even looked untroubled.
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He knew, perhaps, that it would not — could not — last. The explanation he gave for standing aside now was that the club and the players needed “a change to carry on winning.” He said, “After three years, it needs another voice, another way of working, and that’s why I took this decision.”
Zidane is, of course, better qualified than most to understand what it is that makes elite players tick, how susceptible they can be to boredom. Nobody could be better placed to read the signs that a group of superstars was starting to grow immune to his messages. Perhaps Real Madrid’s league form, slumping home 17 points behind Barcelona, was the warning he needed.
More than that, though, he is uniquely positioned to know the dangers of staying around too long. It does not seem unreasonable to suggest that the way his playing career ended — in the ignominy of the 2006 World Cup final — might have informed the way he approached his life as a manager: One set of regrets is enough.
He made clear on Thursday that he would not step into another role immediately — he would not coach another club next season, he said — but that should be no great surprise. Zidane has always made clear that he wanted to coach Real Madrid, “my club, a club that will always be in my heart,” and the French national team, and nobody else. Depending on how Didier Deschamps fares in the World Cup, it does not take a clairvoyant to work out what his next job might be.
For Real Madrid, the future is substantially less clear. The club’s 13th European Cup is starting to feel as much as a curse as a blessing. On the field in Kiev, Ukraine, immediately after the final whistle against Liverpool, Gareth Bale and Cristiano Ronaldo cast doubts on their futures in Madrid — one rather more convincingly than the other — and now the club’s manager has departed.
This was always likely to be a summer of change in Madrid: Pérez has not strengthened his all-conquering first team since 2014, when Toni Kroos arrived. Though Real Madrid’s finances are not quite as strong as they appeared before Neymar warped the transfer market last summer, the plan was always to spend substantially this year. Robert Lewandowski, the Bayern Munich striker, is one target.
A manager, though, was not on the agenda. Pérez sat stony-faced through Zidane’s announcement. The decision had caught him by surprise, he admitted. He visited the Frenchman at home on Wednesday to try to dissuade him, and failed. Pérez might have had doubts initially, and with every bad result, but he recognized now that he had happened upon the perfect manager.
Just how perfect becomes clear with one glance at the list of candidates to replace him.
Tottenham’s Mauricio Pochettino has always prioritized youth; despite a policy of recruiting under-23 players, Real Madrid’s first team will remain dependent on aging superstars. Antonio Conte, still technically in charge of Chelsea, has battled all year for more control of transfers; he would not be granted that at Real Madrid.
Guti and Santiago Solari, both youth coaches at the club, have a romantic appeal, as former players, but neither has the authority Zidane, once the finest player on the planet, exudes. Neither Joachim Löw, the Germany manager, nor Arsène Wenger, until recently of Arsenal, would likely enjoy the inherently unstable environment Pérez has created.
Zidane — because of who he is, and what he was — fit the bill perfectly. He did not claim to stand for some great philosophical school, or interfere in the transfer market, or tell players to do anything he could not do himself, because he could do pretty much anything. He was the perfect Real Madrid manager, and now he is gone. Finding someone to pick up the microphone will not be easy.
In January 2016, when Florentino Pérez, Real Madrid’s bombastic president, presented Zidane to the world as Rafael BenÃtez’s replacement, few believed the decision would prove wise.
Pérez himself had doubts: A few months earlier, he had hoped Zidane — then coach of Castilla, the club’s B team — would accept an offer to take charge of Marseille, his hometown team. He was, at that point, something of an enigma: Nobody really knew how he would fare in management; initial impressions, from his time at Castilla, were not uniformly positive.
Better, Pérez thought, for him to cut his teeth away from the white heat of the Santiago Bernabéu Stadium, given the risk the president would be taking in appointing him. Among his primary concerns was that Zidane might prove difficult to fire, when the time came, because of his status among the club’s fans.
He need not have worried. On Thursday, Zidane announced that he would be stepping down from the post he has occupied for the last two and a half years. He did so having won one Spanish title, one Spanish Super Cup, two UEFA Super Cups, two FIFA World Club Cups and — most important of all — three consecutive Champions League titles, the most recent against Liverpool five days ago.
Until Zidane came along, nobody had retained the Champions League, let alone won it three years in a row. Until Zidane came along, only two other managers had won three European Cups — both Carlo Ancelotti and Bob Paisley required rather more than 29 months. Zidane has won the Champions League three times in less than three years. He has won a trophy at the rate of one every 17 games. It has been, in no uncertain terms, a mic drop of a career.
Indeed, retaining the Champions League is not the way in which Zidane has broken new ground. Pérez has sacked some of the most distinguished managers of the last 20 years. He fired Vicente del Bosque and Ancelotti and BenÃtez. He reached a “mutual agreement” to allow José Mourinho not to be employed by Real Madrid anymore.
For much of this season, Zidane seemed destined to join that list. Despite winning the Champions League in each of his first two years in charge, that familiar drip, drip, drip of stories about his future started to emerge in the last few months, as Real Madrid fell away from Barcelona in the domestic title race: Zidane would be dismissed if he did not reach the Champions League semifinals; Zidane would be dismissed if he did not win the competition again; Zidane would be dismissed, regardless.
On Thursday, though, he did what nobody else has managed to do. He left Real Madrid — Florentino Pérez’s Real Madrid — on his own terms, in his own time. Almost uniquely, he has emerged from the Bernabéu not just unscathed, but almost completely untouched. There have been times when he has even looked untroubled.
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He knew, perhaps, that it would not — could not — last. The explanation he gave for standing aside now was that the club and the players needed “a change to carry on winning.” He said, “After three years, it needs another voice, another way of working, and that’s why I took this decision.”
Zidane is, of course, better qualified than most to understand what it is that makes elite players tick, how susceptible they can be to boredom. Nobody could be better placed to read the signs that a group of superstars was starting to grow immune to his messages. Perhaps Real Madrid’s league form, slumping home 17 points behind Barcelona, was the warning he needed.
More than that, though, he is uniquely positioned to know the dangers of staying around too long. It does not seem unreasonable to suggest that the way his playing career ended — in the ignominy of the 2006 World Cup final — might have informed the way he approached his life as a manager: One set of regrets is enough.
He made clear on Thursday that he would not step into another role immediately — he would not coach another club next season, he said — but that should be no great surprise. Zidane has always made clear that he wanted to coach Real Madrid, “my club, a club that will always be in my heart,” and the French national team, and nobody else. Depending on how Didier Deschamps fares in the World Cup, it does not take a clairvoyant to work out what his next job might be.
For Real Madrid, the future is substantially less clear. The club’s 13th European Cup is starting to feel as much as a curse as a blessing. On the field in Kiev, Ukraine, immediately after the final whistle against Liverpool, Gareth Bale and Cristiano Ronaldo cast doubts on their futures in Madrid — one rather more convincingly than the other — and now the club’s manager has departed.
This was always likely to be a summer of change in Madrid: Pérez has not strengthened his all-conquering first team since 2014, when Toni Kroos arrived. Though Real Madrid’s finances are not quite as strong as they appeared before Neymar warped the transfer market last summer, the plan was always to spend substantially this year. Robert Lewandowski, the Bayern Munich striker, is one target.
A manager, though, was not on the agenda. Pérez sat stony-faced through Zidane’s announcement. The decision had caught him by surprise, he admitted. He visited the Frenchman at home on Wednesday to try to dissuade him, and failed. Pérez might have had doubts initially, and with every bad result, but he recognized now that he had happened upon the perfect manager.
Just how perfect becomes clear with one glance at the list of candidates to replace him.
Tottenham’s Mauricio Pochettino has always prioritized youth; despite a policy of recruiting under-23 players, Real Madrid’s first team will remain dependent on aging superstars. Antonio Conte, still technically in charge of Chelsea, has battled all year for more control of transfers; he would not be granted that at Real Madrid.
Guti and Santiago Solari, both youth coaches at the club, have a romantic appeal, as former players, but neither has the authority Zidane, once the finest player on the planet, exudes. Neither Joachim Löw, the Germany manager, nor Arsène Wenger, until recently of Arsenal, would likely enjoy the inherently unstable environment Pérez has created.
Zidane — because of who he is, and what he was — fit the bill perfectly. He did not claim to stand for some great philosophical school, or interfere in the transfer market, or tell players to do anything he could not do himself, because he could do pretty much anything. He was the perfect Real Madrid manager, and now he is gone. Finding someone to pick up the microphone will not be easy.
PM Modi's Healthcare Plan Better Than 'Obamacare', Says Rajnath Singh
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The national health protection plan of the Narendra Modi-led government is even better than the famous 'Obamacare' plan of former US president Barack Obama, Home Minister Rajnath Singh today.
"We (people) have begun to say that Modi-care has gone far ahead of Obamacare," Mr Singh said, while talking about the NDA government's achievements in the last four years at a press conference in Bhopal.
"The government led by Modi took the historic decision to roll out Ayushman Bharat Swasthya Bima Yojana," he added.
"Obama health care has been much talked about globally, but our government has decided to launch the world's biggest healthcare (plan) of Rs. 5 lakh (coverage) for ten crore people," Mr Singh said.
The Patient Protection and Affordable Care Act, more commonly known as Obamacare, was introduced during Barack Obama's tenure as the US president.
"We (people) have begun to say that Modi-care has gone far ahead of Obamacare," Mr Singh said, while talking about the NDA government's achievements in the last four years at a press conference in Bhopal.
"The government led by Modi took the historic decision to roll out Ayushman Bharat Swasthya Bima Yojana," he added.
"Obama health care has been much talked about globally, but our government has decided to launch the world's biggest healthcare (plan) of Rs. 5 lakh (coverage) for ten crore people," Mr Singh said.
The Patient Protection and Affordable Care Act, more commonly known as Obamacare, was introduced during Barack Obama's tenure as the US president.
Won't Accept Palghar Defeat, Says Uddhav Thackeray, Attacks Ally BJP
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Rattled by its defeat to its own ally in the Palghar Lok Sabha bypoll, the Shiv Sena today pulled no punches against the BJP and took a jibe at the Election Commission as well.
"I won't accept this as a defeat because the BJP used 'saam, daam, dand, bhed' (request, money, punishment and division) to win," said Shiv Sena chief Uddhav Thackeray.
Despite being part of the ruling coalition in Maharashtra the two parties have often traded charges against each other, with the Sena openly taking on the central government as well.
Another front was opened in the uneasy ties when the Shiv Sena fielded the son of BJP lawmaker Chintaman Wanga whose death necessitated the bypoll. The decision led to sharp remarks from BJP leaders, including Maharashtra Chief Minister Devendra Fadnavis.
While the Shiv Sena accused the BJP of betraying the Wanga family, UP Chief Minister Yogi Adityanath, during a rally in Palghar last week, said Shiv Sena had "back-stabbed" the BJP.
The Sena president hit back on a day the BJP lost the Kairana Lok Sabha seat in Uttar Pradesh to a united opposition. "People have taken away Yogi (Adityanath's) glee."
Kairana comes as a loss of face for the BJP, just months after the party was defeated in two parliamentary seats, including Gorakhpur --- a seat Adityanath held for five terms before vacating it to become Chief Minister.
After losing three seats in three months, the BJP's tally of elected members in Lok Sabha is now down to 272, as opposed to 282 seats it won in 2014.
"When BJP came to power in 2014, we thought this government is here to stay for at least 25 years. But after four years, they are losing most by-elections, which has reduced them to a minority now," mocked Mr Thackeray.
The BJP reacted with caution. "We respect the Shiv Sena It has the freedom to speak," said BJP spokesperson Sambit Patra.
The Shiv Sena also targeted the Election Commission over the malfunctioning of vote machines in the just concluded bypolls. Unless the controversy is resolved, all political parties should consider boycotting elections, said Mr Thackeray.
"I won't accept this as a defeat because the BJP used 'saam, daam, dand, bhed' (request, money, punishment and division) to win," said Shiv Sena chief Uddhav Thackeray.
Despite being part of the ruling coalition in Maharashtra the two parties have often traded charges against each other, with the Sena openly taking on the central government as well.
Another front was opened in the uneasy ties when the Shiv Sena fielded the son of BJP lawmaker Chintaman Wanga whose death necessitated the bypoll. The decision led to sharp remarks from BJP leaders, including Maharashtra Chief Minister Devendra Fadnavis.
While the Shiv Sena accused the BJP of betraying the Wanga family, UP Chief Minister Yogi Adityanath, during a rally in Palghar last week, said Shiv Sena had "back-stabbed" the BJP.
The Sena president hit back on a day the BJP lost the Kairana Lok Sabha seat in Uttar Pradesh to a united opposition. "People have taken away Yogi (Adityanath's) glee."
Kairana comes as a loss of face for the BJP, just months after the party was defeated in two parliamentary seats, including Gorakhpur --- a seat Adityanath held for five terms before vacating it to become Chief Minister.
After losing three seats in three months, the BJP's tally of elected members in Lok Sabha is now down to 272, as opposed to 282 seats it won in 2014.
"When BJP came to power in 2014, we thought this government is here to stay for at least 25 years. But after four years, they are losing most by-elections, which has reduced them to a minority now," mocked Mr Thackeray.
The BJP reacted with caution. "We respect the Shiv Sena It has the freedom to speak," said BJP spokesperson Sambit Patra.
The Shiv Sena also targeted the Election Commission over the malfunctioning of vote machines in the just concluded bypolls. Unless the controversy is resolved, all political parties should consider boycotting elections, said Mr Thackeray.
India, Singapore Relations Warmest And Closest: PM Modi
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Prime Minister Narendra Modi today hailed the "warmest and closest" relationship between India and Singapore, saying the future is a world of unlimited opportunities and the two lions (countries) shall step into it together.
PM Modi, who arrived in Singapore on the last leg of his three-nation tour earlier today, said that the defence relations between the two countries are among the strongest and the two sides are building a "partnership of our age."
"When India opened up to the world and turned to the East, Singapore became a partner and a bridge between India and ASEAN. Political relations between India and Singapore are among the warmest and closest. There are no contests or claims, or doubts," Modi told the Indian diaspora at a Business and Community Event at Marina Bay Sands Convention Centre here.
"It is a natural partnership from a shared vision. Our defence relations are among the strongest, for both. My Armed Forces speak with great respect and admiration for Singapore's Armed Forces. India's longest continuous naval exercise is with Singapore," he said, highlighting the deep defence ties.
He said that in international forums, the two countries speak in one voice in the cause of a rules-based order, sovereign equality of all nations, and free and open pathways of commerce and engagement.
"It is a partnership at the front-line of India's global engagement. Singapore is both a leading investment source and destination for India. Singapore was the first country with which we signed a Comprehensive Economic Cooperation Agreement," PM Modi said.
"On the foundations of this extraordinary heritage, the wealth of our human links and the strength of our shared values, India and Singapore are building a partnership of our age. It is a relationship that truly meets the test of strategic partnership," the prime minister said, amid applause.
He said that India will work with Singapore to bring the Regional Comprehensive Economic Partnership (RCEP) to early conclusion. He also said the India-Singapore Comprehensive Economic Cooperation Agreement has been reviewed and the two sides will work to further upgrade it.
"As India's engagement with the region grows, Singapore will remain a gateway to ASEAN and the broader East. This year, Sinagapore's Chairmanship of ASEAN will take India's relations with ASEAN further and farther ahead," he added.
PM Modi said that in many area of India's development priorities, Singapore is a key partner: smart cities, urban solutions, financial sector, skills development, ports, logistics, aviation and industrial parks.
"So, India and Singapore are contributing to each other's prosperity. And, now we are building new partnerships for the digital world," he said, adding they will be the bridge of innovation and enterprise between India, Singapore and ASEAN.
"Together, we will work for using the power of mobile and digital technology for governance and inclusion. Together, we can build a great economic partnership of the new age," he added.
PM Modi said Singapore may be a small island, but its horizons are global. "This great nation has shown us that size is no barrier to the scale of achievements or the strength of a nation's voice in the world," he said.
But, Singapore's success also lies in the harmony of its multi-cultural society, in the celebration of its diversity, which under-lies a distinct and unique Singaporean identity, he said.
PM Modi said the course of India's centuries-old route to South East Asia also ran through Singapore.
"In their journey through Singapore and the region, the greatest of Indian thinkers Swami Vivekananda and poet Gurudev Rabindranath Tagore found a common chord that connects India to the East," he said.
PM Modi said that as Singapore shapes a new future for itself, India emerges as the new global frontier of opportunities.
"Even in a year of deep structural reforms like the introduction of Goods and Services Tax, we remain the fastest growing major economy of the world. We intend to stay that-way. Our economy has become more stable. Fiscal deficit is down. Inflation rate is down. Current account deficit is comfortable. The currency is stable. The foreign exchange reserves are at a record high," he added.
"In India, the present is changing rapidly. A 'New India' is taking shape. And, there are many reasons for it. Economic reforms are taking place at a speed and a scale not known so far," PM Modi said, adding that India has move up 42 places in the Ease of Doing Business rankings.
He said over 1,400 out-dated laws have been repealed and India is among the most open economies in the world.
"Our infrastructure sector is expanding at record speed...pace of rail track addition has doubled...our manufacturing sector is rebounding. There has been a sharp rise in FDI in the past three years - from USD 36 billion in 2013-14 to USD 60 billion in 2016-17. There is also special focus on the Micro, Small and Medium Enterprise Sector," he added.
PM Modi said there is complete clarity and confidence about the pace and direction of economic reforms in India.
"We will make it easier and smoother to do business in India. We will work for an open, stable and fair international trade regime. And, our engagement to our East will be among the strongest, and economics will remain an integral part of our Act East Policy," the prime minister said.
PM Modi, who arrived in Singapore on the last leg of his three-nation tour earlier today, said that the defence relations between the two countries are among the strongest and the two sides are building a "partnership of our age."
"When India opened up to the world and turned to the East, Singapore became a partner and a bridge between India and ASEAN. Political relations between India and Singapore are among the warmest and closest. There are no contests or claims, or doubts," Modi told the Indian diaspora at a Business and Community Event at Marina Bay Sands Convention Centre here.
"It is a natural partnership from a shared vision. Our defence relations are among the strongest, for both. My Armed Forces speak with great respect and admiration for Singapore's Armed Forces. India's longest continuous naval exercise is with Singapore," he said, highlighting the deep defence ties.
He said that in international forums, the two countries speak in one voice in the cause of a rules-based order, sovereign equality of all nations, and free and open pathways of commerce and engagement.
"It is a partnership at the front-line of India's global engagement. Singapore is both a leading investment source and destination for India. Singapore was the first country with which we signed a Comprehensive Economic Cooperation Agreement," PM Modi said.
"On the foundations of this extraordinary heritage, the wealth of our human links and the strength of our shared values, India and Singapore are building a partnership of our age. It is a relationship that truly meets the test of strategic partnership," the prime minister said, amid applause.
He said that India will work with Singapore to bring the Regional Comprehensive Economic Partnership (RCEP) to early conclusion. He also said the India-Singapore Comprehensive Economic Cooperation Agreement has been reviewed and the two sides will work to further upgrade it.
"As India's engagement with the region grows, Singapore will remain a gateway to ASEAN and the broader East. This year, Sinagapore's Chairmanship of ASEAN will take India's relations with ASEAN further and farther ahead," he added.
PM Modi said that in many area of India's development priorities, Singapore is a key partner: smart cities, urban solutions, financial sector, skills development, ports, logistics, aviation and industrial parks.
"So, India and Singapore are contributing to each other's prosperity. And, now we are building new partnerships for the digital world," he said, adding they will be the bridge of innovation and enterprise between India, Singapore and ASEAN.
"Together, we will work for using the power of mobile and digital technology for governance and inclusion. Together, we can build a great economic partnership of the new age," he added.
PM Modi said Singapore may be a small island, but its horizons are global. "This great nation has shown us that size is no barrier to the scale of achievements or the strength of a nation's voice in the world," he said.
But, Singapore's success also lies in the harmony of its multi-cultural society, in the celebration of its diversity, which under-lies a distinct and unique Singaporean identity, he said.
PM Modi said the course of India's centuries-old route to South East Asia also ran through Singapore.
"In their journey through Singapore and the region, the greatest of Indian thinkers Swami Vivekananda and poet Gurudev Rabindranath Tagore found a common chord that connects India to the East," he said.
PM Modi said that as Singapore shapes a new future for itself, India emerges as the new global frontier of opportunities.
"Even in a year of deep structural reforms like the introduction of Goods and Services Tax, we remain the fastest growing major economy of the world. We intend to stay that-way. Our economy has become more stable. Fiscal deficit is down. Inflation rate is down. Current account deficit is comfortable. The currency is stable. The foreign exchange reserves are at a record high," he added.
"In India, the present is changing rapidly. A 'New India' is taking shape. And, there are many reasons for it. Economic reforms are taking place at a speed and a scale not known so far," PM Modi said, adding that India has move up 42 places in the Ease of Doing Business rankings.
He said over 1,400 out-dated laws have been repealed and India is among the most open economies in the world.
"Our infrastructure sector is expanding at record speed...pace of rail track addition has doubled...our manufacturing sector is rebounding. There has been a sharp rise in FDI in the past three years - from USD 36 billion in 2013-14 to USD 60 billion in 2016-17. There is also special focus on the Micro, Small and Medium Enterprise Sector," he added.
PM Modi said there is complete clarity and confidence about the pace and direction of economic reforms in India.
"We will make it easier and smoother to do business in India. We will work for an open, stable and fair international trade regime. And, our engagement to our East will be among the strongest, and economics will remain an integral part of our Act East Policy," the prime minister said.
Business Affairs
India fastest growing economy! GDP expands at 7.7% in Q4, 6.7% in full year
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The Indian economy seems to have started on the road to recovery as it reclaimed the position of the fastest growing economy. According to data released by the Central Statistics Office (CSO) on Thursday, India's Gross Domestic Product (GDP) grew by 7.7 per cent in the fourth quarter of fiscal year 2017-18. Courtesy to the rise in the GDP growth during three months of March, India surpassed China's GDP growth of 6.8 per cent reported for the quarter ended March.
The overall GDP growth seen by the Indian economy during the financial year that ended on March 31, 2018, stood at 6.7 per cent, according to the government data. The Indian economy had posted the GDP growth of 7.1 per cent for the previous financial year.
The Gross Value Added (GVA) growth, which takes out impact of indirect taxes and subsidies on the economy, stood at 7.6 per cent during the March quarter, taking the same for the financial year 2017-18 to 6.5 per cent. Also, the growth rate for December quarter of FY18 has been revised to 7 per cent to 7.2 per cent, as was declared in February.
Fiscal deficit for the financial year settled at Rs 5.92 lakh crore which amounts to 3.52 per cent of the total GDP. The fiscal deficit target earlier sat at 3.2 per cent of the GDP, but was later revised to 3.5 per cent at the time of Union Budget.
Government data showed that the GDP growth in the March quarter last fiscal was at its highest since the September quarter of 2016-17, right before Rs 500 and Rs 1,000 were demonetised. This also marks recovery in the Indian economy after braving the ill effects of demonetisation and a patchy Goods and Services Tax regime.
According to the government data, all core sectors clocked significant growth during Q4 of FY18, in comparison to the quarter before. Agriculture, manufacturing, and construction sectors grew at 4.5 per cent, 9.1 per cent and 11.5 per cent, respectively, during the March quarter. The financing, real estate and insurance segment registered a growth of 5 per cent, while the government spending-linked public administration grew at 13.3 per cent.
The strong rate of growth leaves enough elbow room for the Reserve Bank of India to consider a rate hike during the bi-monthly monetary policy meeting next week. Meanwhile, a breakup on expenditure showed that consumption in economy held steady while investment continued to recover at a healthy pace, said a Bloomberg report.
All macroeconomic numbers are good, and even agricultural sector has done well in Q4, said Economic Affairs Secretary Subhash Chandra Garg while addressing the reporters after the GDP numbers were released. Dismissing any impact of high petrol and diesel prices on the Indian economy, Garg assured that there are no signs of oil rates affecting the GDP forecasts for FY19.
On reduction of the excise duty levied on transportation fuel, Garg said that any such reduction will have corresponding effect on fiscal numbers.
The overall GDP growth seen by the Indian economy during the financial year that ended on March 31, 2018, stood at 6.7 per cent, according to the government data. The Indian economy had posted the GDP growth of 7.1 per cent for the previous financial year.
The Gross Value Added (GVA) growth, which takes out impact of indirect taxes and subsidies on the economy, stood at 7.6 per cent during the March quarter, taking the same for the financial year 2017-18 to 6.5 per cent. Also, the growth rate for December quarter of FY18 has been revised to 7 per cent to 7.2 per cent, as was declared in February.
Fiscal deficit for the financial year settled at Rs 5.92 lakh crore which amounts to 3.52 per cent of the total GDP. The fiscal deficit target earlier sat at 3.2 per cent of the GDP, but was later revised to 3.5 per cent at the time of Union Budget.
Government data showed that the GDP growth in the March quarter last fiscal was at its highest since the September quarter of 2016-17, right before Rs 500 and Rs 1,000 were demonetised. This also marks recovery in the Indian economy after braving the ill effects of demonetisation and a patchy Goods and Services Tax regime.
According to the government data, all core sectors clocked significant growth during Q4 of FY18, in comparison to the quarter before. Agriculture, manufacturing, and construction sectors grew at 4.5 per cent, 9.1 per cent and 11.5 per cent, respectively, during the March quarter. The financing, real estate and insurance segment registered a growth of 5 per cent, while the government spending-linked public administration grew at 13.3 per cent.
The strong rate of growth leaves enough elbow room for the Reserve Bank of India to consider a rate hike during the bi-monthly monetary policy meeting next week. Meanwhile, a breakup on expenditure showed that consumption in economy held steady while investment continued to recover at a healthy pace, said a Bloomberg report.
All macroeconomic numbers are good, and even agricultural sector has done well in Q4, said Economic Affairs Secretary Subhash Chandra Garg while addressing the reporters after the GDP numbers were released. Dismissing any impact of high petrol and diesel prices on the Indian economy, Garg assured that there are no signs of oil rates affecting the GDP forecasts for FY19.
On reduction of the excise duty levied on transportation fuel, Garg said that any such reduction will have corresponding effect on fiscal numbers.
Air India sale hangs in balance as bidders back out due to daunting terms
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Catastrophe has struck Air India yet again. After all the fanfare and brouhaha around the sale of the national carrier, the civil aviation ministry couldn't find a single bidder for the airline. Blame it on the daunting terms and conditions of the sale brochure or the lack of marketing by the government and its transaction advisor EY, the Air India sale process turned out to be disastrous.
Till about an hour before the closing of the bidding window on Thursday evening, people within and outside the government were hoping that a white knight would emerge to revive the fortunes of the flagging national carrier. Their hopes were dashed when the ministry of civil aviation put out a tweet: "As informed by the transaction adviser, no response has been received for the Expression of Interest floated for the strategic disinvestment of Air India. Further course of action will be decided appropriately."
Why did it happen and what's going to happen next are the questions that beg for answers at this moment. The run-up to the sale process was quite elaborate. The sale document was prepared after months of consultations with stakeholders. An inter-ministerial group was formed to look into the modalities of the sale and subsequently, regulations were tweaked to allow foreign carriers to own 49 per cent in the airline. It seemed that nothing could have stopped the government to end its nearly 70 years of ownership in the airline.
But what came out as EoI (expression of interest) - that offered to sell 76 per cent stake - seemed like something that wasn't well thought-through. Within days, domestic carriers started backing out citing their reservations against the sale conditions. The international road-shows that targeted airlines like Lufthansa, Air France-KLM didn't help much either.
Several reports quoting key officials in MoCA appeared later saying that the response to the sale process is decent. It was kind of puzzling because the ground realities were entirely different. But then one would not criticize the seller for exaggerating things, especially when it has to dispose of a loss-making airline, transfer Rs 33,352 crore of debt and liabilities, and put restrictions on the hiring-and-firing of a workforce that's already over-staffed.
The next few weeks are going to be crucial for Air India. If it were to operate on its own, the airline has a lot of battles to fight. It has lost track some years ago and is now dependent on taxpayers' money to stay afloat. The easy availability of taxpayers' money has led to a situation where AI has already spent over Rs 26,000 crore out of the Rs 30,000 crore that was assigned for its turnaround plan till 2022.
Sources say that the government will most likely follow the Pawan Hans disinvestment model. Last year, the government proposed to disinvest its 51 per cent stake in Pawan Hans Ltd through strategic disinvestment. Later, it withdrew the bidding document - after only two bidders showed interest - and revised the proposal. "There are enough bidders for Air India, but the government needs to address their concerns," says a source.
Given that Air India sale is a political hot potato, the government doesn't seem to have enough time on its side before the election season begins.
Till about an hour before the closing of the bidding window on Thursday evening, people within and outside the government were hoping that a white knight would emerge to revive the fortunes of the flagging national carrier. Their hopes were dashed when the ministry of civil aviation put out a tweet: "As informed by the transaction adviser, no response has been received for the Expression of Interest floated for the strategic disinvestment of Air India. Further course of action will be decided appropriately."
Why did it happen and what's going to happen next are the questions that beg for answers at this moment. The run-up to the sale process was quite elaborate. The sale document was prepared after months of consultations with stakeholders. An inter-ministerial group was formed to look into the modalities of the sale and subsequently, regulations were tweaked to allow foreign carriers to own 49 per cent in the airline. It seemed that nothing could have stopped the government to end its nearly 70 years of ownership in the airline.
But what came out as EoI (expression of interest) - that offered to sell 76 per cent stake - seemed like something that wasn't well thought-through. Within days, domestic carriers started backing out citing their reservations against the sale conditions. The international road-shows that targeted airlines like Lufthansa, Air France-KLM didn't help much either.
Several reports quoting key officials in MoCA appeared later saying that the response to the sale process is decent. It was kind of puzzling because the ground realities were entirely different. But then one would not criticize the seller for exaggerating things, especially when it has to dispose of a loss-making airline, transfer Rs 33,352 crore of debt and liabilities, and put restrictions on the hiring-and-firing of a workforce that's already over-staffed.
The next few weeks are going to be crucial for Air India. If it were to operate on its own, the airline has a lot of battles to fight. It has lost track some years ago and is now dependent on taxpayers' money to stay afloat. The easy availability of taxpayers' money has led to a situation where AI has already spent over Rs 26,000 crore out of the Rs 30,000 crore that was assigned for its turnaround plan till 2022.
Sources say that the government will most likely follow the Pawan Hans disinvestment model. Last year, the government proposed to disinvest its 51 per cent stake in Pawan Hans Ltd through strategic disinvestment. Later, it withdrew the bidding document - after only two bidders showed interest - and revised the proposal. "There are enough bidders for Air India, but the government needs to address their concerns," says a source.
Given that Air India sale is a political hot potato, the government doesn't seem to have enough time on its side before the election season begins.
Bank strike Day 2: Salary withdrawal, fixed deposit renewals, cheque clearances affected
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Banking services took a hit on the second consecutive day of the nationwide bank strike which was called by employees' unions of state-run banks. Around 10 lakh bankers are protesting a meagre 2 per cent salary hike offered by Indian Banks Association (IBA). There are about 85,000 branches of 21 public sector banks across the country having business share of about 70 per cent.
The two-day strike being observed mostly by the employees of public sector banks comes at a time when a lot of people get salaries in their accounts. The strike is likely to affect cash withdrawals, deposits and cheque clearances at state-run lenders. Operations like deposits, FD renewals, government treasury operations, money market operations are also being reportedly hit by the strike.
Thanks to digital banking, a lot urban customers were able to avoid hassles due to ongoing bank strike. Besides, private lenders, which contribute to a major chunk of business in cities were functioning normally. Operations in the new-generation private banks like ICICI Bank, HDFC Bank, Axis Bank, however, were almost normal, barring few activities including cheque clearance.
The strike was called by United Forum of Banking Unions (UFBU), an umbrella organisation consisting all nine unions of the banking sector. Banking operations are expected to become normal from Friday. UFBU has claimed that the strike is "total success" as the employees have "enthusiastically participated in the strike in all banks and in all branches".
Nearly 10 lakh employees, working in various branches of 21 public sector banks, 13 old generation private sector banks, six foreign banks and 56 regional rural banks across the country went on a two-day strike yesterday as IBA offered them a nominal wage revision, All India Bank Employees Association (AIBEA), affiliate of UFBU had said in a statement.
According to reports received by UFBU from various states and centres like Mumbai, Delhi, Kolkata, Chennai, Bengaluru, Hyderabad, Ahmedabad, Jaipur, Patna, Nagpur, Jammu, Guwahati, Jamshedpur, Lucknow, Agra, Ambala, and Trivandrum, employees have enthusiastically participated in the strike in all banks and branches.
In its last wage negotiation meeting held earlier this month, IBA proposed a nominal salary revision to bank employees and officers, owing to huge losses incurred by them in the last few quarters, bank unions said. Wage revision in the banks has been due from November 2017.
According to official estimates, on Wednesday, just about 25 per cent of the total branches were functioning. However, about 80 per cent of ATMs were dispensing cash till the close of the banking hours.
IBA has asked the six banks including SBI, Oriental Bank of Commerce, Union Bank and Bank of Baroda to reconsider their decision and allow IBA to settle wages for bank employees up to scale seven instead of up to scale three employees.
Most of the banks, including SBI, PNB and BoB, have already informed their customers about functioning of branches and offices due to strike. Industry chamber Assocham said the two-day nationwide bank strike may affect customer transactions worth up to Rs 20,000 crore.
The two-day strike being observed mostly by the employees of public sector banks comes at a time when a lot of people get salaries in their accounts. The strike is likely to affect cash withdrawals, deposits and cheque clearances at state-run lenders. Operations like deposits, FD renewals, government treasury operations, money market operations are also being reportedly hit by the strike.
Thanks to digital banking, a lot urban customers were able to avoid hassles due to ongoing bank strike. Besides, private lenders, which contribute to a major chunk of business in cities were functioning normally. Operations in the new-generation private banks like ICICI Bank, HDFC Bank, Axis Bank, however, were almost normal, barring few activities including cheque clearance.
The strike was called by United Forum of Banking Unions (UFBU), an umbrella organisation consisting all nine unions of the banking sector. Banking operations are expected to become normal from Friday. UFBU has claimed that the strike is "total success" as the employees have "enthusiastically participated in the strike in all banks and in all branches".
Nearly 10 lakh employees, working in various branches of 21 public sector banks, 13 old generation private sector banks, six foreign banks and 56 regional rural banks across the country went on a two-day strike yesterday as IBA offered them a nominal wage revision, All India Bank Employees Association (AIBEA), affiliate of UFBU had said in a statement.
According to reports received by UFBU from various states and centres like Mumbai, Delhi, Kolkata, Chennai, Bengaluru, Hyderabad, Ahmedabad, Jaipur, Patna, Nagpur, Jammu, Guwahati, Jamshedpur, Lucknow, Agra, Ambala, and Trivandrum, employees have enthusiastically participated in the strike in all banks and branches.
In its last wage negotiation meeting held earlier this month, IBA proposed a nominal salary revision to bank employees and officers, owing to huge losses incurred by them in the last few quarters, bank unions said. Wage revision in the banks has been due from November 2017.
According to official estimates, on Wednesday, just about 25 per cent of the total branches were functioning. However, about 80 per cent of ATMs were dispensing cash till the close of the banking hours.
IBA has asked the six banks including SBI, Oriental Bank of Commerce, Union Bank and Bank of Baroda to reconsider their decision and allow IBA to settle wages for bank employees up to scale seven instead of up to scale three employees.
Most of the banks, including SBI, PNB and BoB, have already informed their customers about functioning of branches and offices due to strike. Industry chamber Assocham said the two-day nationwide bank strike may affect customer transactions worth up to Rs 20,000 crore.
10 stocks that are likely to perform well due to normal monsoon
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The India Meteorological department (IMD) has issued a normal monsoon forecast this year which is likely to bring cheers to the Indian economy. IMD in its second stage forecast issued on May 30 predicted 101% rainfall for July and 94% rainfall in August, bringing joy to farmers as these are the most important months for the production of kharif crops.
Earlier, the weather office in its first stage forecast predicted 97% rains of a long period average (LPA), which was revised later to 101% of long period average.
The farm sector accounts for about 18% of India's economy and monsoon is crucial for the farm output as 55% of the fertile land is dependent on the monsoon for water. The normal rain forecast will leave higher income in the hands of farmers which would then create more demand for products in the economy.
Good rains this season will add fodder to the growth engines of various sectors which will spur demand and consumption cycle and improve key growth numbers of the economy.
A normal monsoon will also drive the earnings of corporate India which anticipates a rise in production to meet higher demand for products from rural sector. This would in turn decide the direction of stocks of these firms.
IMD's predictions have a co-relation with the market as markets tend to react whenever the IMD reports its predictions. The below image shows the stock market reaction to IMD's monsoon forecast for the last 6 years.
Here's a look at the stocks that are likely to benefit from a good monsoon:
Ashok Leyland: Rural LCV (light commercial vehicles) demand will remain healthy provided the current interest rates prevail. Even in the worst case scenario, the company stands to grow by 10 to 12% in the rural markets. Ashok Leyland is adding up six new LCV's in its product catalogue. The new products would cater to all segments in between, across electric, diesel and CNG products
Dabur: It is one of the largest FMCG companies in India. Dabur plans to penetrate 60,000 villages (particularly in South India) in near term to capitalize on revival in rural consumption (45% of revenue). Further, new product launches in hair care, fruit drink and ayurvedic segments are likely to support volume growth. It expects GST to be positive for its portfolio.
Rallis India: Rallis India, a member of Tata group and a manufacturer of pesticides, fertilizers and fine chemicals, stands to benefit from the launch of 'Rallis Samrudh Krishi' by improving the quality and yield of the crops.
Swaraj Engines (SEL): It is into manufacturing and supplying of diesel engines for tractors in the range of 22 HP to above 54 HP. The company is equipped with highly productive & precise quality analyzing machines. It is also manufacturing hi-tech engine components.Till date SEL has supplied over 7,00,000 engines for fitment into Swaraj tractors.
Mannapuram Finance: It has its core offerings in gold loans but they also cater to MSME loans, vehicle finance, microfinance, home loans which should witness a spike in demand in the near future specially in the rural areas.
Hero MotoCorp: It nearly derives half of its total revenue from rural India. The total volume growth in motorcycle was 13% yoy, and in two-wheeler (2W) was 11% yoy in Q2 FY18. A satisfactory monsoon, government's push to double farm incomes and rising urban incomes are strong triggers that will aid volume growth for the company.
M&M (Mahindra and Mahindra Limited): The company has exposure in the rural market among the key auto original equipment manufacturer (OEMs) & tractors making it the best bet on rural market recovery due to good consecutive monsoons and loan waivers across states.
DHFl (Dewan Housing Finance Corp. Ltd.): It is a deposit-taking housing finance company, DHFL was established to enable access to affordable housing finance to the lower and middle income groups in semi-urban and rural parts of India. With the rising incomes and favourable government policy, housing demand is expected to rise.
Coromandel International: This company is in the business of fertilizers, pesticides and specialty nutrients. The company stands to benefit in the rural retail business.
Earlier, the weather office in its first stage forecast predicted 97% rains of a long period average (LPA), which was revised later to 101% of long period average.
The farm sector accounts for about 18% of India's economy and monsoon is crucial for the farm output as 55% of the fertile land is dependent on the monsoon for water. The normal rain forecast will leave higher income in the hands of farmers which would then create more demand for products in the economy.
Good rains this season will add fodder to the growth engines of various sectors which will spur demand and consumption cycle and improve key growth numbers of the economy.
A normal monsoon will also drive the earnings of corporate India which anticipates a rise in production to meet higher demand for products from rural sector. This would in turn decide the direction of stocks of these firms.
IMD's predictions have a co-relation with the market as markets tend to react whenever the IMD reports its predictions. The below image shows the stock market reaction to IMD's monsoon forecast for the last 6 years.
Here's a look at the stocks that are likely to benefit from a good monsoon:
Ashok Leyland: Rural LCV (light commercial vehicles) demand will remain healthy provided the current interest rates prevail. Even in the worst case scenario, the company stands to grow by 10 to 12% in the rural markets. Ashok Leyland is adding up six new LCV's in its product catalogue. The new products would cater to all segments in between, across electric, diesel and CNG products
Dabur: It is one of the largest FMCG companies in India. Dabur plans to penetrate 60,000 villages (particularly in South India) in near term to capitalize on revival in rural consumption (45% of revenue). Further, new product launches in hair care, fruit drink and ayurvedic segments are likely to support volume growth. It expects GST to be positive for its portfolio.
Rallis India: Rallis India, a member of Tata group and a manufacturer of pesticides, fertilizers and fine chemicals, stands to benefit from the launch of 'Rallis Samrudh Krishi' by improving the quality and yield of the crops.
Swaraj Engines (SEL): It is into manufacturing and supplying of diesel engines for tractors in the range of 22 HP to above 54 HP. The company is equipped with highly productive & precise quality analyzing machines. It is also manufacturing hi-tech engine components.Till date SEL has supplied over 7,00,000 engines for fitment into Swaraj tractors.
Mannapuram Finance: It has its core offerings in gold loans but they also cater to MSME loans, vehicle finance, microfinance, home loans which should witness a spike in demand in the near future specially in the rural areas.
Hero MotoCorp: It nearly derives half of its total revenue from rural India. The total volume growth in motorcycle was 13% yoy, and in two-wheeler (2W) was 11% yoy in Q2 FY18. A satisfactory monsoon, government's push to double farm incomes and rising urban incomes are strong triggers that will aid volume growth for the company.
M&M (Mahindra and Mahindra Limited): The company has exposure in the rural market among the key auto original equipment manufacturer (OEMs) & tractors making it the best bet on rural market recovery due to good consecutive monsoons and loan waivers across states.
DHFl (Dewan Housing Finance Corp. Ltd.): It is a deposit-taking housing finance company, DHFL was established to enable access to affordable housing finance to the lower and middle income groups in semi-urban and rural parts of India. With the rising incomes and favourable government policy, housing demand is expected to rise.
Coromandel International: This company is in the business of fertilizers, pesticides and specialty nutrients. The company stands to benefit in the rural retail business.
Atlanta stock falls 19.97% after Price Waterhouse quits as auditor
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The Atlanta stock fell in trade today after Price Waterhouse (PW), a network firm of PwC India quit as an auditor of the construction firm raising concerns around the finances of the company.
At 14:46 pm, the stock was trading 19.97% or 12.75 points lower at 51.10 on BSE. The stock is down 54.80 percent during the last one year. It has fallen 56.55% since the beginning of this year. It closed at 63.85 level on the BSE yesterday.
The auditor in its resignation letter said, "In the absence of adequate and relevant information and explanations, and considering the nature of the observations made by the tax authorities, the fundamental objective of an audit which is to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to report on the financial statements, in our assessment cannot be achieved, both in reference to the aforesaid observations and otherwise."
PW said the firm did not share "significant information" and "significant observations by tax authorities" as requested. This is the third such instance this year of an auditor resignation citing lack of key financial information or concerns over books of accounts.
On April 28, 2018, Price Waterhouse quit as an auditor of technology firm Vakrangee flagging concerns to the corporate affairs ministry about the books of accounts, mainly related to its bullion and jewellery business, even as the company denied any irregularities.
On Sunday, May 27, fruit juice manufacturer Manpasand Beverages informed the exchanges that its statutory auditor Deloitte Haskins & Sells resigned ahead of a board meeting scheduled on May 30 for consideration of financial results. Due to sudden resignation of existing auditors, the business to be transacted at board meeting scheduled on May 30 has been cancelled, it added.
At 14:46 pm, the stock was trading 19.97% or 12.75 points lower at 51.10 on BSE. The stock is down 54.80 percent during the last one year. It has fallen 56.55% since the beginning of this year. It closed at 63.85 level on the BSE yesterday.
The auditor in its resignation letter said, "In the absence of adequate and relevant information and explanations, and considering the nature of the observations made by the tax authorities, the fundamental objective of an audit which is to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to report on the financial statements, in our assessment cannot be achieved, both in reference to the aforesaid observations and otherwise."
PW said the firm did not share "significant information" and "significant observations by tax authorities" as requested. This is the third such instance this year of an auditor resignation citing lack of key financial information or concerns over books of accounts.
On April 28, 2018, Price Waterhouse quit as an auditor of technology firm Vakrangee flagging concerns to the corporate affairs ministry about the books of accounts, mainly related to its bullion and jewellery business, even as the company denied any irregularities.
On Sunday, May 27, fruit juice manufacturer Manpasand Beverages informed the exchanges that its statutory auditor Deloitte Haskins & Sells resigned ahead of a board meeting scheduled on May 30 for consideration of financial results. Due to sudden resignation of existing auditors, the business to be transacted at board meeting scheduled on May 30 has been cancelled, it added.
General Awareness
BANKING AWARENESS PRACTICE MCQs FOR ALL BANK EXAMS
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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.
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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