MCQ Test: Latest Acts and Banking Updates- 2 - Bank Exams MCQ

The Unified Portal of Central Bureau of Narcotics has been launched by the Central Bureau of Narcotics with an objective to simplify the licensing and ExIM authorizations issued by the Bureau. The portal was launched by the Revenue Secretary Shri Sanjay Malhotra.
The unified portal would enhance the efficiency, transparency and accountability in department users, with two-fold objectives: cater the need of pharma and chemical industry; ensure availability of the “essential narcotic drugs” and medicines.

Capital Market Regulator SEBI has recently reconstituted its intermediary advisory committee.
This committee is responsible for providing recommendations on matters concerning changes in legal framework and increasing transparency in systems and procedures of market intermediaries like stock brokers, clearing members and depository participants.

The Employees’ Provident Fund Organisation (EPFO) is set to become an International Social Security Association (ISSA) affiliate institution.
With this, EPFO will gain access to professional guidelines, expert knowledge, services and support from the ISSA for its pension subscribers while gaining international recognition as a full administrative social security institution.

As per the data by tax authorities, the gross direct tax collections for financial year 2023-24 as on 17.06.2023 registered a growth of 12.73%.
The net direct tax collections for the same period grew at over 11.18%. These all figures refer to good business trends and activities. A softening of global commodity prices has moderated the input prices, which invariably support the operating margins and the tax revenue growth.

A.P. Hota, the former MD & CEO of National Payments Corporation of India (NPCI), has been appointed as Federal Bank’s chairman following approval from the Reserve Bank of India (RBI).
He was serving as an independent director on the board of the bank since 2018. The RBI has accorded approval for the appointment of Mr. Hota as the part-time chairman of the bank with effect from 2023 to 2026.

The Reserve Bank of India (RBI’s) inter-departmental group is currently working on a roadmap towards the internationalization of the rupee.
This comes in light of the economic sanctions imposed by the US on Russia.

India’s Goods & Services Tax (GST) collections rose 12% to over ₹1.61 lakh crore in June, as per the Finance Ministry.
The gross GST collection has crossed ₹1.60 lakh crore mark for the fourth time since the roll-out of the indirect tax regime six years ago on July 1, 2017.

The European Central Bank (ECB) decided to raise borrowing costs again in an effort to bring down inflation.
The ECB increased its three key interest rates by 25 basis points (bps), bringing its main rate to 3.5%, the highest it has been in 22 years. The bank has moved rates up at each of its meetings since last July.

Capital Market Regulator SEBI- the Securities Exchange Board of India has released guidelines for Investor Protection Fund (IPF) and Investor Services Fund (ISF).
These funds are maintained by stock exchanges and depositories. The new changes aim to strengthen investor protection measures and promote financial literacy and participation in the securities market.

The SEBI has proposed major changes to the mutual fund fees to address the issue of mis-selling and minimize costs of investing in mutual funds.
According to this recommendation, the total expense ratio, which refers to the annual fee collected by asset managers from unitholders, should be standardized across different scheme categories like equity or debt in mutual funds.

For the next fiscal year 2023-24, the Union Budget has pegged disinvestment revenue at Rs 51,000 crore.
The government has also scaled down the disinvestment target for the current fiscal to Rs 50,000 crore, from Rs 65,000 crore budgeted last year. The Government expects divestment processes initiated in the current fiscal to be closed by the next fiscal year, including IDBI, Shipping Corporation of India and NMDC Steel.

India’s retail inflation has been recorded at 6.44% in February 2023 from January’s three-month high of 6.52 per cent.
This was according to the data released by the Ministry of Statistics and Programme Implementation (MoSPI). However, the inflation print stayed above the Reserve Bank of India’s (RBI) upper tolerance level of 6 per cent for second straight month.

The Indian government unveiled its Foreign Trade Policy 2023 which seeks to boost merchandise and services exports by USD 2 trillion by 2030 from the current level of USD 765 billion.
The Policy also seeks to make the Indian Rupee the global currency in settling international trade payments.

Navratna Companies are public sector companies that are given financial autonomy to invest up to Rs.1,000 crore without the Indian government’s approval.
The Union Finance Ministry recently upgraded the status of the Rail Vikas Nigam Limited (RVNL) from Category-I Miniratna to Navratna Central Public Sector Enterprise (CPSE).

Guidelines have been issued recently by the Reserve Bank of India (RBI) regarding the guarantee of default losses.
The regulator has set a maximum limit of 5% on the first loan default guarantee (FLDG) that fintech companies can offer to their lending partners.

International Monetary Fund (IMF) did not downgrade its forecast for 2.7 % growth in 2023. IMF Managing Director Kristalina Georgieva said 2023 would be another ‘tough year’ for the global economy.
The head of the global lender noted that feared oil price spike had failed to materialize and labour markets remained strong. She also said that she did not expect another year of successive downgrades like those seen last year.

German engineering company Siemens has signed a 3 billion euro (USD 3.25 billion) contract to supply and service freight trains in India.
This is the biggest locomotive deal in its history. Siemens will deliver 1,200 electric locomotives and provide servicing for 35 years under the agreement. This is also its biggest ever in India.

The Reserve Bank of India (RBI) proposed a framework for adoption of an ‘expected loss-based’ approach for provisioning by banks.
Prior to this, banks used to make loan loss provisions based on an ‘incurred loss’ approach. With the proposed framework, banks now have to assess expected loss on their financial assets and make provisions after assessment, rather than making it after the loan turns into a non-performing asset (NPA).

The first tranche of Sovereign Green Bonds (SGrBs) issued by the Reserve Bank of India (RBI) worth Rs 8,000 crore was subscribed fully.
SGrBs will be issued through uniform price auction and 5 per cent of the notified amount of sale will be reserved for retail investors. Coupon rates of the Bonds are in line with the G-Sec.

In the Union Budget 2023, Finance Minister Nirmala Sitharaman has proposed to increase the tax rebate to Rs 7 lakh under New Tax Regime.
This means no tax will be levied on income up to Rs 7 lakh under New Regime. Standard Deduction under New Tax Regime for individuals with income up to Rs 15 lakh will be Rs 52,400. The Finance Minister has proposed to reduce the highest surcharge rate from 37 per cent to 25 per cent in the new tax regime, for individuals in the highest tax bracket.