GPSC Prelims Paper 2 Mock Test - 6 - GPSC (Gujarat) MCQ

All are the objectives of the new methodology. RBI decided to shift from base rate to MCLR because the rates based on marginal cost of funds are more sensitive to changes in the policy rates. This is very essential for the effective implementation of monetary policy.PriortoN CLR system,different banks were following different Methodology for calculation of base rate/ minimum rate – that is either on the basis of average cost of funds or marginal cost of funds or blended cost of funds.

Thus, MCLR aims:

• Statement 1 is correct. To improve the transmission of policy rates into the lending rates of banks.

• Statement 4 is correct. To bring transparency in the methodology followed by banks for determining Interest rates on advances.

• Statement 3 is correct. To ensure availability of bank credit act interest rates which are fair to borrowers As well as banks.

• Statement 2 is correct. To enable banks to become more competitive and enhance the long run value and contribution to economic growth.

V. Vedachalam, a Tamil epigrapher and historian, was awarded the V Venkayya Epigraphy Award for 2024 in recognition of his extensive contributions to the fields of epigraphy, numismatics, and temple art. His work has significantly advanced the understanding of Tamil heritage.

The Central Water Commission was recognized as the 'Water Department of the Year' at the Global Water Tech Summit 2024. This award underscores the CWC's vital role in hydro-meteorological data collection and flood forecasting, essential for effective water management and disaster preparedness.

Union Minister Dr. Jitendra Singh was awarded the Lifetime Achievement Award for his exemplary contributions to diabetology, diabetes care, and research. His recognition reflects the critical advancements in understanding and managing diabetes in India.

Historic sites in South Africa linked to the liberation struggle and Nelson Mandela were added to the UNESCO World Heritage List. This recognition not only honors Mandela's legacy but also highlights the importance of human rights and reconciliation in South Africa's history.

Shah Rukh Khan was honored with customized gold coins featuring his likeness by the Grevin Museum in Paris, making him the first actor to receive such an honor. This recognition celebrates his significant contributions to the film industry and global cinema.

The Indian Institute of Spices Research won the best technology award for its innovative work in horticultural sciences. This recognition emphasizes the importance of research and development in enhancing agricultural practices and product quality.

Rigoberta Menchú Tum, a Nobel Peace Prize laureate, received the Gandhi Mandela Award 2020 for her lifelong advocacy for Indigenous rights and her efforts in promoting the values of Gandhi and Mandela in community service and social development.

Madhya Pradesh was acknowledged for its outstanding performance in loan delivery and innovative practices under the PM SVANidhi scheme, which aims to support street vendors through financial assistance and promote their livelihoods.

Roshni Nadar Malhotra was conferred with the "Chevalier de la Legion d'Honneur," which is France's highest civilian award, in recognition of her contributions to business and the promotion of economic ties between France and India.

Parijat Industries India Pvt. Ltd. received the CSR Leadership Award 2024 for its impactful projects benefiting rural communities and farmers. This award highlights the vital role of corporate social responsibility in fostering community development.

Prime Minister Narendra Modi is the first Indian leader to be conferred with Russia's highest national award, The Order of St. Andrew the Apostle, acknowledging his contributions to fostering India-Russia ties.

ICICI Bank launched the prepaid Sapphiro Forex Card specifically designed for students going abroad for higher education. This card provides exclusive benefits and convenience for managing education-related expenses internationally.

The Revised Adarsh Kaushal Loan Scheme was announced, increasing the loan limit to Rs 7.5 lakh for youth pursuing advanced skill courses. This initiative aims to enhance access to quality education and training for future-ready workforce development.

The theme of the 7th GST Day was "Sashakt Vyapar Samagra Vikas," focusing on strengthening business and comprehensive development through the Goods and Services Tax system, which plays a crucial role in India's economic framework.

Greta Gerwig was honored with the 2024 Pioneer of the Year Award for her significant contributions to filmmaking, including her record-breaking film 'Barbie.' This accolade highlights her impact on the film industry and representation of women in cinema.

The Har Ghar Jal initiative, part of the National Jal Jeevan Mission, aims to provide tap water connections to every rural household, significantly increasing access to safe drinking water across the country.

DD-Robocon India 2024 was held in New Delhi, where engineering students showcased their technical skills and teamwork. The event represents a platform for innovation and collaboration among future engineers.

The Insurance Regulatory and Development Authority revised its guidelines on commissions for long-term motor insurance policies, allowing insurers greater flexibility in offering commissions within their expense management frameworks, thereby enhancing compliance and transparency.

The NERACE app was launched to benefit Northeast farmers by promoting high-value horticultural products like spices, fruits, and vegetables in international markets, aiming to integrate them into the global agricultural value chain.

However, the venture is its own entity, separate from the participants' other business interests.

Example: Boeing and Tata Advanced Systems have a joint venture company, Tata Boeing Aerospace (TBAL), Kalyani Rafael Advanced Systems (KRAS), a joint venture between Kalyani Strategic Systems Ltd. and Rafael Advanced Defense Systems Ltd. of Israel.

Mergers are a way for companies to expand their reach, expand into new segments, or gain market share. · The five major types of mergers are conglomerate, congeneric, market extension, horizontal, and vertical. · Example: Vodafone – Idea merger

Benefits to Firms: Prospects for higher profits, Increased capacity utilisation, Prospects for growth, Way out to intense competition in domestic market, Improved business vision

The broad objectives of the MAI Scheme are:

To display and promote India’s capabilities as a provider of world class goods and services.

To project India as an attractive sourcing destination.

To create a strong brand image for India.

To facilitate exporters / industry bodies to participate in major events abroad in identified markets, to create an impact of Indian goods and services.

To facilitate exporters to get exposure to new/ potential markets and access information on global trade.

In order to facilitate market access to Pharma/ Chemical/ Cosmetics/ Agro Chemical/ Agricultural/ Animal/ Marine/ Food/ Engineering products, there are provisions under the MAI Scheme for supporting individual exporters by reimbursing expenses incurred on registration of products abroad and on other statutory compliances abroad. With effect from 7th January, 2019, the Government has enhanced the upper ceiling of reimbursement of expenditure on statutory compliances abroad from Rs.50 lakh per exporter per annum to Rs.2 crore per exporter per annum

Statement 1 is correct. Pradhan Mantri Suraksha Bima Yojana offers a renewable one-year accidental death- Cum-disability cover to all the subscribing bank account holders in the age group of 18 to 70 years for a premium of Rs 12 per annum per subscriber. Rs 2 lakh for accidental death and Rs 1 lakh for permanent partial disability is the risk cover available for a one-year period.

Statement 2 is correct. Pradhan Mantri Jeevan Jyoti Bima Yojana offers a renewable one-year term life cover of Rs 2 lakh to all subscribing bank account holders in the age group of 18-50 years with the annual premium of Rs 330.

Statement 1 is incorrect. SEQI has been developed by NITI Aayog to evaluate the performance of States and Union Territories (UTs) in the school education sector. It has been developed through a collaborative process including key stakeholders such as the Ministry of Human Resource Development (MHRD), the World Bank and sector experts.

Statement2 Correct. Among The Large states, Kerala bagged the top spot while Uttar Pradesh scored the lowest. Among the smaller states Manipur bagged the top spot whereas Arunachal Pradesh came last. KB) NITI Aayog has released the first edition of the School Education Quality Index (SEQI).

About SEQI:

• SEQI has been developed by NITIAayog to evaluate the performance of States and UnionTerritories (UTs) in the school education sector.

• It has been developed through a collaborative process including key stakeholders such as the Ministry of Human Resource Development(MHRD), the World Banking Sector Experts.

Thus, the Speaker may put the whole Budget to vote (i.e., allowing ‘no discussion’ on the Budget by the House). In Recent years ,this route was taken time and again by the Government of India, to avoid the aggressive mood of the Opposition. KB) Policy Cut motion intends to ‘reduce the demand to Re. 1’. This represents disapproval of the policy underlying the demand—the discussion remains confined to the particular policy and is open to members to advocate an alternate policy.

Simple Closure is a Closure motion, where a member moves the motion that the ‘matter having been sufficiently discussed be now put to vote’. Kangaroo Closure is a Closure motion,where only important clauses are taken up for discussion and voting and intervening clauses are skipped and taken as passed.

The Economic and Social Commission for Asia and the Pacific (ESCAP) serves as the United Nations’ regional hub promoting cooperation among countries to achieve inclusive and sustainable development.

ESCAP is the most comprehensive of the United Nations five regional commissions. It is also the largest United Nations body serving the Asia-Pacific region.

Made up of 53 Member States and 9 Associate Members, with a geographical scope that stretches from Turkey in the west to the Pacific island nation of Kiribati in the east, and from the Russian Federation in the north to New Zealand in the south.

The APEDA with its headquarters at New Delhi, is headed by Chairman.

In order to reach out to the exporters in different parts of the country, APEDA has set up 5 Regional Offices at Mumbai, Bengaluru, Hyderabad, Kolkata and Guwahati.

APEDA, which comes under the Ministry of Commerce and Industries, has been entrusted with the responsibility of export promotion and development of 14 agricultural and processed food products groups listed in the First Schedule of the APEDA Act. Rice has been included in the Second Schedule of APEDA Act.

In addition to this, APEDA has been entrusted with the responsibility to monitor the import of sugar as well.

'Organic Products’ for export are to be certified only if produced, processed and packed as per the standards laid down in the document `National Programme for Organic Production (NPOP).

Statement 1 is correct. Those who can promote a Payments Bank can be non-bank PPIs, NBFCs, corporate mobile telephone companies, supermarket chains, real sector cooperative companies and public sector entities. Even banks can take equity in Payment Banks. Statement 2 is incorrect.

Payment banks can issue only debit cards. It cannot issue credit cards. Statement 3 is correct. No credit lending is allowed for payment banks. KB) Payment banks can accept demand deposits. They would initially be restricted to holding a maximum balance of rupees 1 lakh per customer. Based on performance, RBI could enhance this limit.

• The banks can offer payments and remittance services, issuance of prepaid payment instruments, internet banking, functioning as business correspondent for other banks.

• Payment banks cannot set up subsidiaries to undertake NBFC business.

• As in the case of small banks, other financial and non-financial services activities of the promoters should be ring-fenced.

• The objective of payment banks is to increase financial inclusion by providing small savings accounts, Payment /remittance services to migrant labour, low income households, small businesses, other unorganised sector entities etc.

Statement 1 is correct. Foreign Currency Non-resident (Bank) Account (FCNRA) can be opened by NRIs and Overseas CorporateBodies (OCBs) with an authorised dealer.The accounts can be opened in the form of term deposits. Deposits of funds are allowed in Pound Sterling, Japanese Yen, US Dollar and Euro.

Rate of interest Applicable to these accounts are in accordance with the directives issued by the RBI from time to time.

Statement 2 is incorrect. When a resident becomes an NRI, her existing rupee accounts are designated as Non- Resident Ordinary Rupee Account (NRO Account).

Non-Resident External Account (NRE) can be opened by NRIs and Overseas Corporate Bodies (OCBs) with an authorised dealer and with banks authorised by RBI. They can be in the form of savings, current, recurring or fixed deposit accounts. Also, the deposits are allowed in any permitted currency. Rate of interest Applicable to the accounts are in accordance with the directives issued by the RBI from time to time.