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Which Indian oil and gas company received government approval to establish a subsidiary for green energy initiatives?
  • a)
    Oil and Natural Gas Corporation
  • b)
    Reliance Industries Limited
  • c)
    Indian Oil Corporation Limited
  • d)
    Adani Green Energy Limited
Correct answer is option 'A'. Can you explain this answer?
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Which Indian oil and gas company received government approval to estab...
Oil and Natural Gas Corporation (ONGC) has secured approval from the Ministry of Petroleum and Natural Gas to establish 'ONGC Green Limited.' The subsidiary aims to focus on gas business and clean energy initiatives, including green hydrogen, renewable energy, and biofuels. ONGC plans to invest Rs 1 lakh crore to achieve 10 GW of renewable energy capacity and two million tonnes of green ammonia production by 2035.
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Directions: Read the passage carefully and select the best answer to each question out of the given five alternatives.In a bid to ensure timely support to depositors of stressed banks, the government may bring amendment to DICGC Act in the monsoon session with the objective to provide account holders easy and time-bound access to funds to the extent of the deposit insurance cover. Last year, the government raised insurance cover on deposit five-folds to Rs 5 lakh with a view to provide support to depositors of ailing lenders like Punjab and Maharashtra Co-operative (PMC) Bank. Following the collapse of PMC Bank, Yes Bank and Lakshmi Vilas Bank NSE 4.79 % too came under stress leading to restructuring by the regulator and the government.The amendment to the Deposit Insurance and Credit Guarantee Corporation (DICGC) Act, 1961 is the budget announcement made by the Finance Minister and the Bill is almost ready, sources said. It is expected that the Bill will be tabled in the upcoming monsoon session after being vetted by the Union Cabinet, sources added. Once the Bill becomes the law, it will provide immediate relief to thousands of depositors who had their money parked in stressed lenders such as PMC Bank and other small cooperative banks.As per the current provisions, the deposit insurance of up to Rs 5 lakh comes into play when the licence of a bank is cancelled and liquidation process starts. DICGC, a wholly-owned subsidiary of the Reserve Bank of India, provides insurance cover on bank deposits. Finance Minister Nirmala Sitharaman in the Budget speech in February said the government had approved an increase in the Deposit Insurance cover from Rs 1 lakh to Rs 5 lakh for bank customers last year. It could not be presented in the Budget session due to curtailment of the last session following the spread of the second wave of COVID-19 pandemic.It is to be noted that the enhanced deposit insurance cover of Rs 5 lakh is effective from February 4, 2020. The increase was done after a gap of 27 years as it was static since 1993. The cover is provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly-owned subsidiary of the RBI. With increased insurance cover, the banks are paying a higher premium of 12 paise against 10 paise per Rs 100 deposited without any additional burden on account holders. The deposit insurance scheme covers all banks operating in India, including private sector, cooperative, and even branches of foreign banks. There are some exemptions such as deposits of foreign governments, deposits of central and state governments, and inter-bank deposits.It can be recalled that way back in 2009, the Raghuram Rajan committee on financial sector reforms had recommended strengthening the capacity of the DICGC, a more explicit system of prompt, corrective action, and making deposit insurance premia more risk-based.Q. Consider the following statements and choose the correct option.A. the enhanced deposit insurance cover of Rs. 5 lakh.B. The increase is never seen in Indian history.C. DICGC is a subsidiary of the Indian govt.

Directions: Read the passage carefully and select the best answer to each question out of the given five alternatives.In a bid to ensure timely support to depositors of stressed banks, the government may bring amendment to DICGC Act in the monsoon session with the objective to provide account holders easy and time-bound access to funds to the extent of the deposit insurance cover. Last year, the government raised insurance cover on deposit five-folds to Rs 5 lakh with a view to provide support to depositors of ailing lenders like Punjab and Maharashtra Co-operative (PMC) Bank. Following the collapse of PMC Bank, Yes Bank and Lakshmi Vilas Bank NSE 4.79 % too came under stress leading to restructuring by the regulator and the government.The amendment to the Deposit Insurance and Credit Guarantee Corporation (DICGC) Act, 1961 is the budget announcement made by the Finance Minister and the Bill is almost ready, sources said. It is expected that the Bill will be tabled in the upcoming monsoon session after being vetted by the Union Cabinet, sources added. Once the Bill becomes the law, it will provide immediate relief to thousands of depositors who had their money parked in stressed lenders such as PMC Bank and other small cooperative banks.As per the current provisions, the deposit insurance of up to Rs 5 lakh comes into play when the licence of a bank is cancelled and liquidation process starts. DICGC, a wholly-owned subsidiary of the Reserve Bank of India, provides insurance cover on bank deposits. Finance Minister Nirmala Sitharaman in the Budget speech in February said the government had approved an increase in the Deposit Insurance cover from Rs 1 lakh to Rs 5 lakh for bank customers last year. It could not be presented in the Budget session due to curtailment of the last session following the spread of the second wave of COVID-19 pandemic.It is to be noted that the enhanced deposit insurance cover of Rs 5 lakh is effective from February 4, 2020. The increase was done after a gap of 27 years as it was static since 1993. The cover is provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly-owned subsidiary of the RBI. With increased insurance cover, the banks are paying a higher premium of 12 paise against 10 paise per Rs 100 deposited without any additional burden on account holders. The deposit insurance scheme covers all banks operating in India, including private sector, cooperative, and even branches of foreign banks. There are some exemptions such as deposits of foreign governments, deposits of central and state governments, and inter-bank deposits.It can be recalled that way back in 2009, the Raghuram Rajan committee on financial sector reforms had recommended strengthening the capacity of the DICGC, a more explicit system of prompt, corrective action, and making deposit insurance premia more risk-based.Q. Which of the following is a synonym of the word curtailment?

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Which Indian oil and gas company received government approval to establish a subsidiary for green energy initiatives?a)Oil and Natural Gas Corporationb)Reliance Industries Limitedc)Indian Oil Corporation Limitedd)Adani Green Energy LimitedCorrect answer is option 'A'. Can you explain this answer?
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Which Indian oil and gas company received government approval to establish a subsidiary for green energy initiatives?a)Oil and Natural Gas Corporationb)Reliance Industries Limitedc)Indian Oil Corporation Limitedd)Adani Green Energy LimitedCorrect answer is option 'A'. Can you explain this answer? for Bank Exams 2024 is part of Bank Exams preparation. The Question and answers have been prepared according to the Bank Exams exam syllabus. Information about Which Indian oil and gas company received government approval to establish a subsidiary for green energy initiatives?a)Oil and Natural Gas Corporationb)Reliance Industries Limitedc)Indian Oil Corporation Limitedd)Adani Green Energy LimitedCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for Bank Exams 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which Indian oil and gas company received government approval to establish a subsidiary for green energy initiatives?a)Oil and Natural Gas Corporationb)Reliance Industries Limitedc)Indian Oil Corporation Limitedd)Adani Green Energy LimitedCorrect answer is option 'A'. Can you explain this answer?.
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