General Awareness Test - 2 - Bank Exams MCQ

The correct answer is An agreement to exchange an interest rate commitment.
Key Points

• Forward rate agreements (FRA) are over-the-counter contracts between parties that determine the rate of interest to be paid on an agreed-upon date in the future.
• An FRA is an agreement to exchange an interest rate commitment on a notional amount.
• The FRA determines the rates to be used along with the termination date and the notional value.
• FRAs are cash-settled with the payment based on the net difference between the interest rate of the contract and the floating rate in the market called the reference rate.
• The notional amount is not exchanged, but rather a cash amount based on the rate differentials and the notional value of the contract.

Important Points

• Notional Amount: Notional Amount of Loan on which interest is calculated.

The correct answer is Krishna Prakash

In News

• Krishna Prakash, head of Mumbai Police’s elite counter-terrorism unit, Force One, received the Annual Hindi Sahitya Bharati Award at the Sab Me Ram Shashwat Shri Ram multicultural festival in Mumbai.

Key Points

• The festival featured a blend of music, literature, dance, and theatre, and aimed to narrate Lord Ram’s story through various artistic forms.
• Krishna Prakash emphasized deriving “strength of steel” from Lord Ram’s life and teachings during his address to the youth at the event.
• He played a key role in conceptualizing the festival to present Lord Ram’s narrative in an engaging and educational manner, underscoring the wisdom and strength from Lord Ram’s teachings.
• The Hindi Sahitya Bharati initiative focuses on enhancing cultural and literary efforts by bringing together intellectuals, aiming to propagate values of universal brotherhood and harmony through Hindi literature.
• Krishna Prakash’s recognition as a cultural ambassador showcases his contributions to society, blending his law enforcement role with literary and cultural pursuits.
• He is a two-time Guinness World Record holder and is set to achieve his third record in June for initiating the maximum number of letters through postcards to Lord Ram.
• The initiative enables the common man’s direct connection with the divine, demonstrating Krishna Prakash’s innovative approach to community engagement.

The correct answer is Girija Subramanian.

Key Points

• Girija Subramanian has been appointed as the CMD of New India Assurance Company, effective from June 19, 2024.
• She holds a bachelor's degree in statistics.
• She is a fellow member of the Insurance Institute of India and an associate member of the Chartered Insurance Institute, London.
• Her career began in GIC Re in 1988, and she has over 34 years of experience in the insurance industry.

Important Points

• Subramanian's experience includes working in reinsurance departments across various lines of business, including aviation, life, health, and property classes.
• She was previously the CMD of AIC of India from September 2022.
• The New India Assurance Co. Ltd. is an Indian public sector insurance company owned by GoI and administered by the Ministry of Finance.
  Headquartered in Mumbai, it is the largest nationalised general insurance company of India.

The correct answer is ​Avinash Sable

In News

• Avinash Sable broke his own national steeplechase record at the Paris Diamond League meet in 2024.

Key Points

• He finished sixth in the 3000m steeplechase with a time of 8 minutes and 9.91 seconds.
• This new record bettered his previous mark of 8:11.20, which he had set in 2022, by about one and a half seconds.
• Sable's previous national record was achieved when he won a silver medal at the 2022 Commonwealth Games in Birmingham.
• Despite struggling earlier in the season with times of 8:21.85 and 8:31.75 in other races, he improved significantly by around 12 seconds.
• Avinash Sable hails from Mandwa village in Beed district of Maharashtra and comes from a humble farmer’s family.
• This performance marks his 10th national record-breaking achievement in his career.

• Ruchira Kamboj served in the Indian Foreign Service for over 35 years, marking a distinguished career.

• Historic Role: She was the first woman to hold the position of Ambassador of India to the UN.
• Joining Year: Kamboj joined the Indian Foreign Service in 1987 and became the All India women’s topper of her batch.
• Significant Posting: She took up the role of Permanent Representative of India to the United Nations in New York on August 2, 2022.
• Diverse Experience: Throughout her career, she had postings in important locations including Paris, New York, and London, handling critical political issues.
• Languages: She is proficient in Hindi, English, and French, enhancing her effectiveness in international diplomacy.
• Retirement Announcement: Kamboj announced her retirement via a post on social media platform X, expressing gratitude for her experiences and career.

The correct answer is Sumant Sinha, Founder, Chairman and CEO of ReNew

In News

• Sumant Sinha, Chairman and CEO of ReNew, has been appointed Co-Chair of the Alliance of CEO Climate Leaders, the largest CEO-led climate alliance globally.

Key Points

• The alliance is a flagship initiative of the World Economic Forum (WEF), comprising 130 member CEOs from 12 industries, representing $4 trillion in revenues and responsible for 5.2 gigatonnes of carbon emissions annually.
• Sinha collaborates with notable leaders like Ester Baiget (CEO of Novonesis) and Jesper Brodin (CEO of Ingka Group Ikea) in this role.
• He aims to drive systemic action and foster public-private collaboration to achieve tangible climate solutions.
• Under Sinha’s leadership, ReNew has adopted strategies for net-zero targets and achieved a 1.5°C-aligned science-based target validated by the Science Based Targets initiative (SBTi).
• ReNew has mitigated over 21 million tons of carbon emissions in the last two years and has a substantial portfolio of 21.4 GW in projects.
• Gim Huay Neo, Managing Director of WEF, praised Sinha's experience, highlighting his insights into energy transitions in emerging economies as invaluable for amplifying the Alliance's impact.

The correct answer is Greta Gerwig.
In News

• Greta Gerwig honored with the 2024 Pioneer of the Year Award by the Will Rogers Motion Picture Pioneers Foundation (WRMPPF).

Key Points

• The award recognizes Gerwig's outstanding contributions to the motion picture industry.
• Gerwig's notable works include 'Lady Bird', 'Little Women', and the Oscar-winning movie 'Barbie'.
• She made history with 'Barbie' as the first film directed solely by a woman to surpass USD 1 billion in global box office earnings.

Additional Information

• Greta Gerwig
  • Gerwig is an acclaimed filmmaker known for her directorial work in 'Lady Bird' and 'Little Women'.
  • She co-wrote 'Barbie' with Noah Baumbach, which achieved historic box office success.
  • Gerwig is also recognized for her roles as an actress and screenwriter in films like 'Frances

The correct answer is option D.
Key Points

• Derivative market
  • It is a type of financial market for derivatives which are a group of products including futures and options whose value is derived from the value of assets such as currency, securities etc.
  • The major instruments of derivative market are forwards, futures, options and swaps.
  • Forward contract is a contract between two parties, where settlement takes place on specific day in future at a price agreed today.
  • Futures are exchange traded contracts to sell or buy financial instruments for future delivery at an agreed price.
  • Option contracts are third type of derivative market in India. They do not require any compulsion to discharge the contract on specific date.
  • Debentures are the marketable securities that businesses can issue to obtain long term financing. These are kind of bonds.
  • Hence it can be concluded that Debentures are not the instrument of derivative market.

The correct answer is Long-term Motor Insurance Policies.
Key Points

• The IRDAI has revised guidelines specifically for long-term motor insurance policies.
• Previously, the commission structure for these policies was set at specific percentages for each year.
• The new regulation allows insurers to provide commissions within the expense management framework for long-term policies.
• This change aligns long-term motor insurance policies with standard one-year motor insurance policies.

Additional Information

• Health Insurance Policies: These policies cover medical expenses for illnesses and injuries but are not the focus of the recent IRDAI guideline revision.
• Home Insurance Policies: These policies provide coverage for damages to a person's home and belongings but are also not covered by the revised guidelines.
• Travel Insurance Policies: These policies cover risks associated with traveling, including trip cancellations, lost luggage, and medical emergencies abroad, and are not the focus of the revised guidelines.

Important Points

• The Insurance Regulatory and Development Authority of India is an autonomous and statutory body under the jurisdiction of Ministry of Finance, Government of India.
• It is tasked with regulating and licensing the insurance and re-insurance industries in India.
• Chairperson: Debasish Panda.
• Founded: 1999.
• Headquarters: Hyderabad.

The correct answer is Option B: Only statements 1, 3, and 4 are correct.
In News

• The Government will implement 3 schemes for ‘Employment Linked Incentive’, as part of the Prime Minister’s package.
• These will be based on enrolment in the EPFO, and focus on recognition of first-time employees, and support to employees and employers.
• This was announced by Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman while presenting the Union Budget 2024-25 in Parliament.

Key Points

• Scheme A will provide one-month wage to all persons newly entering the workforce in all formal sectors.
• Scheme C will cover additional employment in all sectors, with the government reimbursing employers up to ₹3,000 per month for 2 years for each additional employee.
• Scheme A is expected to benefit 210 lakh youth.
• Scheme B will incentivize additional employment in the manufacturing sector linked to the employment of first-time employees.

Additional Information

• Scheme A: First Timers
  • The Union Finance Minister said that this scheme will provide one-month wage to all persons newly entering the workforce in all formal sectors.
  • The direct benefit transfer of one-month salary in 3 instalments to first-time employees, as registered in the EPFO, will be up to ` 15,000.
  • The eligibility limit will be a salary of ` 1 lakh per month.
  • “The scheme is expected to benefit 210 lakh youth”, she said.
• Scheme B: Job Creation in manufacturing
  • The Union Finance Minister stated that this scheme will incentivize additional employment in the manufacturing sector, linked to the employment of first-time employees.
  • An incentive will be provided at specified scale directly both to the employee and the employer with respect to their EPFO contribution in the first 4 years of employment.
  • Smt. Nirmala Sitharaman stated that the scheme is expected to benefit 30 lakh youth entering employment and their employers.
  • Scheme B specifically targets the manufacturing sector, not the service sector, making it distinct from Schemes A and C. Hence, statement no. 2 is INCORRECT.
• Scheme C: Support to employers
  • This employer-focused scheme will cover additional employment in all sectors, said the Union Finance Minister.
  • All additional employment within a salary of ` 1 lakh per month will be counted.
  • The Government will reimburse to employers up to ` 3,000 per month for 2 years towards their EPFO contribution for each additional employee.
  • “The scheme is expected to incentivize additional employment of 50 lakh persons”, she added.

• The main venue for the 18th Mumbai International Film Festival will be the FD-NFDC Complex in Mumbai, serving as the central location for festival activities.

• As the entertainment capital of India, Mumbai provides an ideal backdrop for this significant film festival, offering accessibility and a vibrant cultural scene.
• While Mumbai hosts the main events, parallel screenings are also scheduled in other major cities including Delhi, Chennai, Pune, and Kolkata, ensuring wider accessibility and participation.
• The festival will take place from June 15th to June 21st, 2024, encompassing a week of film screenings, masterclasses, and discussions.
• With over 1000 film submissions from 59 countries, Mumbai's role as the host city emphasizes its importance in the global film community.

Additional Information

• The festival's location in Mumbai allows for significant interaction among filmmakers, industry professionals, and cinema enthusiasts, facilitated by the city’s established film infrastructure.
• Hosting the festival in Mumbai enriches the city's cultural landscape, offering residents and visitors alike a chance to engage with a diverse range of film genres and international cinematic voices.
• The festival is expected to bring economic benefits to Mumbai through tourism and related activities, highlighting the city's capacity to host international events.

In News

• Adani Ports aimed Bataan for deep-sea port development in the Philippines.

Key Points

• Bataan is located in the Philippines, as per the context provided by the interest of Adani Ports and Special Economic Zone Limited (APSEZ) to develop a port there.
• This development was discussed during a meeting with Philippine President Ferdinand R. Marcos Jr., indicating the location of Bataan within the national territory of the Philippines.
• The discussion between APSEZ’s Managing Director, Karan Adani, and President Marcos took place in Manila, the capital of the Philippines, further affirming Bataan’s geographical location in the country.
• President Marcos’s positive response to the proposal and his emphasis on enhancing the Philippines' port infrastructure for global competitiveness underscore the project's significance to the country.
• The mention of developing a port capable of accommodating Panamax vessels at Bataan illustrates the strategic vision for linking the Philippines more effectively to global trade routes, which directly ties Bataan's location to its potential international trade contributions.

Additional Information

• The Republic of the Philippines is an archipelagic country in Southeast Asia.
• Capital: Manila.
• Official languages: Filipino, English.
• Currency: Philippine peso.
• President: Bongbong Marcos.

The correct answer is Sanjivani Jadhav

In News

• Avinash Sable finished second in the men's 3000m steeplechase event at the Portland Track Festival 2024.

Key Points

• Sanjivani Jadhav emerged victorious in the women's 10,000m event, clocking a time of 32:22.77.
• Parul Chaudhary secured third place in the women's 3000m steeplechase race with a time of 9:31.38.
• Avinash Sable's time in the 3000m steeplechase was 8:21.85, placing him behind Kenneth Brooks of the USA who won the event.
• Parul Chaudhary's performance marked a significant improvement from her previous time at the Eugene Diamond League.
• Kartik Kumar finished fourth in the men's 10,000m event with a time of 28:14.67.
• Abhishek Pal, another Indian athlete, placed 26th in the same event with a time of 29:41.74.
• Several other Indian athletes, including Priti Lamba, Rahul, Sashi Singh, Ankita, Gulveer Singh, and KM Deeksha, participated in various events at the Portland Track Festival.

The correct answer is Hello Meghalaya
Key Points

• Hello Meghalaya is the second State-owned audio-visual platform after Kerala.
• The platform aims to promote content in regional languages with a limited reach or small market.
• It offers viewership-based fiscal guarantees for content creators, ensuring they receive payments based on the viewership of their content.
• The platform supports filmmakers, musicians, social media influencers, and other content creators from Meghalaya.

Additional Information

• Hello Meghalaya was launched on July 11, 2024, by Chief Minister Conrad K. Sangma.
• The platform offers up to ₹5 lakh per film, with additional funding for nationally or internationally acclaimed films, and ₹18,000 monthly for those with maximum uploads.

The correct answer is Brazil.
Key Points

• India is hosting its first-ever multinational air exercise, Exercise Tarang Shakti 2024.
• The exercise will include air force contingents from the US, UK, Australia, France, Germany, Japan, Singapore, and the UAE.
• The exercise will be conducted in two phases in southern India during August and September 2024.
• This exercise aims to enhance interoperability and cooperation among participating air forces.

Important Points

• The exercise will see participation from Quad members: India, the US, Japan, and Australia.
• European air forces like the UK, France, and Germany, which are NATO allies, will also participate.
• Key partners like Singapore and the UAE are included in the exercise.
• The announcement follows the IAF's participation in Exercise Red Flag 2024 in Alaska, US.

Additional Information

• Germany: Germany's Luftwaffe is one of the participating air forces in Exercise Tarang Shakti 2024.
• Japan: Japan is a member of the Quad and is participating in the exercise.
• Australia: Australia is also a Quad member and is participating in the exercise.
• Brazil: Brazil is not listed among the participating countries in Exercise Tarang Shakti 2024.

• Neeraj A Sharma received the "Medal of Honour" at Consular Day 2024 in Chennai.

• He is the honorary Consul General of The Republic of Palau in India.
• The award was presented by Tamil Nadu Governor R. N. Ravi during the ceremony.
• Neeraj Sharma was acknowledged for his exceptional leadership and service as an Honorary Consul.
• He stands as the sole recipient of the "Medal of Honour" among Honorary Consuls General with India as their jurisdiction this year.
• Neeraj Sharma's commitment to promoting bilateral relations between Palau and India has been previously recognized through various awards.

Additional Information

• Palau is an archipelago of over 500 islands, part of the Micronesia region in the western Pacific Ocean.
• Koror Island is home to the former capital, also named Koror, and is the islands’ commercial center.
• The larger Babeldaob has the present capital, Ngerulmud, plus mountains and sandy beaches on its east coast.
• Capital: Ngerulmud
• Official languages: Palauan, English
• Continent: Oceania
• Currency: United States Dollar

The correct answer is 1, 2, and 3.
In News

• Central Electronics Limited (CEL) has recently been granted the "Mini RATNA" status (Category-1).

Key Points

• Over the last five years, CEL has shown significant improvement in financial stability and profitability.
• CEL's performance includes attaining a net profit of approximately Rs 58 crore.
• CEL has transformed from a loss-making PSU to a dividend-paying PSU, paying dividends for the third consecutive year.
• CEL's contributions in Defence, Railway, Security, Surveillance, and Solar energy are vital in promoting indigenous technologies and manufacturing capabilities.

Additional Information

• Mini RATNA Status
  • This status is granted to Central Public Sector Enterprises (CPSEs) that have shown consistent performance and financial stability. It provides greater autonomy and financial powers to the enterprise.
• Dividend Paying PSU
  • A public sector undertaking that generates sufficient profit to pay dividends to the government, indicating financial health and profitability.

The correct answer is Best Performance on Profitability (Winner).

In News

• Jana Small Finance Bank was awarded the Best Small Finance Bank at the ICC Emerging Asia Banking Conclave.

Key Points

• The award is a recognition of Jana SFB's excellent performance across several metrics.
• Other awards included Best Performance on Profitability (Runners-up), Best Performance on Asset Quality, and Best Performance on Risk Management.
• The ICC Emerging Asia Banking Conclave recognizes outstanding performance in the banking sector.
• Jana Small Finance Bank is known for its innovative financial solutions.

Additional Information

• The awards aim to encourage banks to continue their dedication to excellence.
• Jana SFB has been a consistent performer in the small finance banking sector in India.
• Risk management and profitability are key areas of focus for the bank's growth strategy.
• Innovation and customer satisfaction have played significant roles in Jana SFB’s success.

The correct answer is Non-resident Indians (NRIs).

In News

• The amendments to foreign exchange regulations were made to simplify cross-border share swaps.

Key Points

• OCI-owned entities can now receive the same treatment as NRIs when investing on a non-repatriation basis.
• This amendment is expected to foster greater participation of NRI funds in India.
• It also clarifies the need for government approval for certain foreign investments.
• The changes reflect the government's efforts to ease foreign direct investment regulations.

Additional Information

• Foreign Direct Investment (FDI)
  • FDI refers to investments made by foreign entities into the economy of another country.
  • FDI rules in India are governed by the Foreign Exchange Management Act (FEMA).
• OCI (Overseas Citizen of India)
  • OCI status allows foreign nationals of Indian origin to live and work in India indefinitely without having full Indian citizenship.

The correct answer is 1 and 3 only.

In News

• B Srinivasan was appointed as the Director General of NSG in August 2024.

Key Points

• B Srinivasan is a 1992 batch Bihar cadre IPS officer.
• He replaces Nalin Prabhat, not Anish Dayal Singh.
• His tenure will last until his superannuation on August 31, 2027.
• The Appointments Committee of the Cabinet approved his appointment.

Additional Information

• The NSG is India's elite counter-terrorism unit, focusing on anti-hijacking, bomb disposal, and hostage rescue operations.
• Nalin Prabhat was earlier deputed to the Union Territories cadre.
• B Srinivasan's experience spans over three decades in various capacities in law enforcement.
• The Appointments Committee of the Cabinet manages appointments to senior positions in the government.

The correct answer is Pradhan Mantri Garib Kalyan Anna Yojana.

In News

• The transformation of 60 Fair Price Shops into Jan Poshan Kendras was part of the extended Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY).

Key Points

• The initiative aims to tackle malnutrition by providing 50% nutritional products in Jan Poshan Kendras.
• Fair Price Shops under the initiative will also store household items.
• PMGKAY has been extended for five more years to support food security.
• It includes a financial outlay of approximately Rs 12 lakh crore.

Additional Information

• Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY)
  • Launched to provide free food grains to poor families during the pandemic.
  • Extended multiple times to cover food security for economically weaker sections.

The correct answer is Chandrayaan-3's moon landing.

In News

• India celebrated its first National Space Day on August 23, 2024, marking the anniversary of Chandrayaan-3's successful moon landing.

Key Points

• Chandrayaan-3 successfully landed on the lunar surface on 23rd August 2023.
• This marked a significant achievement for India's space program, positioning it among leading space-exploring nations.
• Prime Minister Narendra Modi declared 23rd August as National Space Day in recognition of this achievement.
• The theme for National Space Day 2024 was "Touching Lives while Touching the Moon."

Additional Information

• Chandrayaan-3
  • Chandrayaan-3 is India's third lunar exploration mission conducted by ISRO.
  • It included a lander and a rover but no orbiter.
  • The mission aimed to land in the moon's south polar region.

The correct answer is Andhra Pradesh.

• Ugadi is New Year's Day for the states of Andhra Pradesh, Telangana and Karnataka in India.
  • It is celebrated in these regions as a festival on the first day of the Hindu lunar calendar month of Chaitra.

Additional Information

The correct answer is Agricultural Drones.
In News
The Quality Council of India (QCI) approved NTH Ghaziabad for the type certification of agricultural drones.
Key Points
This approval supports the development and certification of agricultural drones under the Drone Rules 2021.

• Drone Rules 2021: These rules simplify procedures for the certification and regulation of drones in India.

In News
The 5th observance of the UN International Day to Protect Education from Attack took place on September 9, 2024.
Key Points

• This event aims to raise awareness of the importance of safeguarding educational institutions from conflict-related damage.
• Doha, Qatar, hosted the event in 2024.
• Education Above All Foundation: Founded by Her Highness Sheikha Moza bint Nasser to promote education for all children, especially in conflict zones.

The correct answer is Nine Yard Sarees.
In News
Prasanthi Ram won the Singapore Literature Prize for her work titled "Nine Yard Sarees".
Key Points

• This was Prasanthi Ram’s debut work published in 2023.
• It highlights cultural nuances related to sarees and their symbolism in South Asian culture.
• The Singapore Literature Prize is one of the prestigious literary awards in Singapore.
• Her work received acclaim for its portrayal of identity and heritage.

Additional Information

• Singapore Literature Prize
  • Established in 1992
  • Awarded biennially for literary works across four languages: English, Chinese, Malay, and Tamil.
• Indian Diaspora in Singapore
  • Significant Indian community contributing to Singapore's cultural and economic development.

Key Points
In Jan 2019 the five-member committee was formed under Nandan Nilekani (Non-Executive Chairman of Infosys) to study the level of digitization of payments in the country and identify the problems in them and suggest how to solve them.
Additional Information
Other important committees in the Banking:

In News
India has overtaken China in the Morgan Stanley Capital International (MSCI) Emerging Markets Index.
Key Points

• India's weightage is 22.27%, while China's is 21.58%.
• This shift reflects India's strong market performance.
• China is facing economic challenges, leading to a reduced weightage.
• India's favorable macroeconomic conditions contributed to this development.

Additional Information

• The MSCI Index tracks the performance of emerging market stocks.
• India has outpaced China for the first time in this index.
• MSCI is a leading provider of research-based indexes and analytics.
• The index includes over 800 emerging market stocks.

In News
Raj Kumar Chaudhary has assumed the role of Chairman and Managing Director (CMD) of NHPC Limited.
Key Points

• Raj Kumar Chaudhary was previously serving as the Director (Technical) at NHPC.
• He replaces Rajendra Prasad Goyal, who was given additional charge as CMD of NHPC Limited.
• The headquarters of NHPC Limited is located in Faridabad, Haryana.

Additional Information

• NHPC Limited is a leading power generation company in India, primarily involved in the hydroelectric power sector.
• Rajendra Prasad Goyal, the predecessor, continues to contribute to NHPC by handling additional responsibilities as CMD.
• Raj Kumar Chaudhary’s extensive experience in technical and financial roles within NHPC positions him well to lead the company forward.

In News
RINL was awarded the National Energy Leader Award for its contributions to energy efficiency and conservation.
Key Points

• RINL has won this award for six consecutive years.
• The award recognizes outstanding achievements in sustainable industrial practices.
• It highlights the company's commitment to reducing energy consumption and environmental impact.
• RINL is the corporate entity of Visakhapatnam Steel Plant.

Additional Information
Rashtriya Ispat Nigam Limited (RINL)

• Founded in 1982
• Headquarters - Visakhapatnam, India
• Major player in steel production and industrial innovation.