Daily GK Update 2nd and 3rd July 2017

Madhya Pradesh sets record with plantation of 6 crores saplings in day

i. In Madhya Pradesh, a massive plantation campaign was undertaken to save the environment and conservation of the Narmada river. According to official sources over six crores, saplings were planted in 24 districts of Narmada basin in just 12 hours. 

ii. Arrangements were made to record the whole event for the Guinness World Record. Chief minister Shivraj Singh Chouhan launched the plantation drive at Amarkantak of Anooppur district. Later he also took part in plantation drives in Jabalpur and Omkareshwar. 

Important Takeaways from above News-

• Om Prakash Kohli (additional charge) is present governor of Madhya Pradesh.
• Kanha National Park, also known as Kanha Tiger Reserve, is a vast expanse of grassland and forest in the central Indian state of Madhya Pradesh. 

IGNOU announces course fee waiver for transgender students

i. The Indira Gandhi National Open University (IGNOU) has announced exemption of fees for its transgender students of all programmes. Vice Chancellor Ravindra Kumar announced the initiative during the 22nd Prof G Ram Reddy Lecture.

ii. The university holds the lecture on July 2 every year in the memory of the founding Vice Chancellor of the university Prof. G Ram Reddy. It invites eminent educationists and scholars to deliver lecture on higher education, especially in the open and distance learning domain.

Important Takeaways from above News-

• IGNOU was established by an Act of Parliament in 1985.
• Prof. Ravindra Kumar is Vice-Chancellor (In-charge) of IGNOU.

FINO becomes payments bank

i. FINO Payments Bank has commenced operations as a payments bank with effect from 30th June 2017 according to the Reserve Bank of India. FINO PayTech Ltd, Navi Mumbai, was one of the 11 applicants which were issued the in-principle approval for setting up a payments bank. 

ii. Besides FINO, the other applicants which have launched payment bank operations are Airtel M Commerce Services, Department of Posts and Paytm Payments Bank.

Important Takeaways from above News-

• Fino Paytech was founded on 13th July 2006 is headquartered at Mumbai, with offices across India.
• The payments bank will be registered as a public limited company under the Companies Act, 2013 and licensed under Section 22 of the Banking Regulation Act, 1949.

Serbia lawmakers elect first gay woman Prime Minister Ana Brnabic

i. The Serbian parliament voted in Ana Brnabic, an openly gay woman,  as the country's prime minister in a landmark move for the patriarchal conservative country and the entire Balkans region. The 41-year old Brnabic and her cabinet were backed by 157 MPs in the 250-seat parliament after being proposed by President Aleksandar Vucic.

ii. Brnabic becomes Serbia's first female prime minister and the first openly gay premier in the Balkans, where homophobia remains widespread. Serbia is home to about seven million people, most of them Orthodox Christians.

Important Takeaways from above News-

• Belgrade is the capital of Serbia.
• Serbian dinar is the currency of Serbia.

Rajeev Pratap Rudy & Shivraj Singh Chouhan laid foundation stone of country’s biggest Global Skill Park

i. Union Minister of State for Skill Development and Entrepreneurship Rajeev Pratap Rudy and MP Chief Minister Shivraj Singh Chouhan has laid the foundation stone of the country’s biggest Global Skill Park in Bhopal. 

ii. The 37-acre land has been allotted in Narela Shankari area of Bhopal for the Global Skill Park. The park will be constructed at a cost of 645 crore rupees. Training will be imparted to 1000 students every year by trainers of international standard. The park will function on the spirit of ‘With Industry -For Industry’.

Important Takeaways from above News-

• Rajiv Pratap Rudy is Lok Sabha MP from the Saran constituency in Bihar.
• Rajiv Pratap Rudy is Union Minister of State Skill Development and Entrepreneurship (Independent Charge), Government of India.

PM releases photo book titled "President Pranab Mukherjee - A Statesman"

i. The Prime Minister Narendra Modi has released a photo book titled "President Pranab Mukherjee - A Statesman", at an event in Rashtrapati Bhawan. He presented the first copy of the book to the President. 

ii. The book is a comprehensive photographic record of India's 13th president. It covers Mukherjee's presidency and documents his various roles, the statement said. Union ministers Arun Jaitley, Prakash Javadekar and Vijay Goel besides BJP veteran L K Advani were also present on the occasion.

Union Bank of India and Syndicate Bank get new Chiefs

i. Rajkiran Rai G has been assumed charge as Managing Director & CEO of Union Bank of India. Prior to his elevation as MD & CEO of Union Bank of India, Rai was Executive Director of Oriental Bank of Commerce. He started his career in 1986 as an Agricultural Finance Officer in Central Bank of India. Rai has been appointed by the government to head Union Bank of India for a period of three years from the date of his taking over charge of the post or until further orders, whichever is earlier, according to a finance ministry notification.

ii. Melwyn Rego has been assumed charge as Managing Director & CEO of Syndicate Bank. Prior to joining Syndicate Bank, Rego was MD & CEO of Bank of India. He started his career with IDBI Bank Ltd in 1984 and rose to the position of Deputy Managing Director. Rego will be at the helm of the bank till the remainder of the term up to August 13, 2018, according to a finance ministry notification.

Important Takeaways from above News-

• Headquarters of Union Bank of India is in Mumbai.
• The Tagline of Union Bank of India is "good people to bank with".
• Headquarters of Syndicate Bank of India is in Manipal, Karnataka.

RBI report sees India's economic growth rate at 7.3% in 2017-18

i. The Reserve Bank stated the ongoing accelerated reform initiatives like Goods and Sevice Tax and continuing political stability will push the economic growth scale to 7.3 per cent in terms of Gross Value Added -GVA in the current fiscal year (2017-18). 

ii. The Financial Stability Report 2017 released, going forward, reforms in FDI and real estate sector, implementation of GST, and revival in external demand are likely to contribute to a better growth outlook. According to the RBI report, GVA growth is expected to be higher at 7.3 per cent in 2017-18. 

Germany win Maiden Confederations Cup

i. Germany has lifted their maiden Confederation Cup Football title. In the final played at St Petersburg, the four-time World Cup winners defeated Chile by a solitary goal. Lars Stindl put Germany ahead in the first half against the run of play, and Germany then held on to the lead.

ii. Earlier, in the third-place play-off match in Moscow, Portugal defeated Mexico 2-1. The match was held at the Krestovsky Stadium in Saint Petersburg, Russia.

Important Takeaways from above News-

• The capital of Germany is Berlin.
• The Confederation Cup originally organised by and held in Saudi Arabia and called the King Fahd Cup.

English Questions For SBI PO and NIACL Assistant Exam

Directions (1-4): In each question, the word at the top is used in four different ways, numbered a-d. Choose the option in which the usage of the word is INCORRECT or INAPPROPRIATE.

Q1. Tune

(a) I had just tuned in to a TV show when my sister came back home.

(b) I just love this tune.

(c) He’s tuned out his car for the race.

(d) Make sure you tune in to next week’s show.

(e) None of these

Q2. Blow

(a) My parents blew up when they found me smoking. They were so angry.

(b) I couldn’t light the campfire. The wind kept blowing it up.

(c) The wind blew the smoke back down the chimney into the room.

(d) To blow a balloon, you have to blow hard into it.

(e) None of these

Q3. OPT

(a) I opted for an endowment mortgage and lost a lot of money.

(b) I opted for tea because I don’t drink coffee.

(c) The US opted out of an arm deal with other countries.

(d) If you want them to notify you of updates, you have to opt out.

(e) None of these

Q4. Ride

(a) Her skirt rode up when she sat down.

(b) They managed to ride off the recession.

(c) They managed to sit through the journey, even though it was a bumpy ride.

(d) She got on her horse and rode off.

(e) None of these

Directions (5-15): In each of the following sentences, parts of the sentence are left blank. Beneath each sentence, five different ways of completing the sentence are indicated. Choose the best alternative from among the five options.

Q5. As the __________ of manufacturing industries such as chemicals, textiles, pharmaceuticals and engineering, Mumbai has been a city of opportunity for the __________.

(a) center, political class

(b) hub, elites

(c) hub, working class

(d) edge, middle class

(e) heart, avant-garde

Q6. Ironically, the conditions of the unorganized class of workers are far __________ in those states that boast __________ per capita incomes and high minimum wages.

(a) worse, high

(b) worse, low

(c) better, high

(d) safer, higher

(e) subhuman, low

Q7. The __________ nature of the food inflation over the last year has brought the acuteness of food __________ in India into political focus.

(a) truculent, scarcity

(b) persistent, insecurity

(c) hostile, shortage

(d) unrelenting, surplus

(e) repugnant, conference

Q8. The food procurement policy of the government had two objectives: __________ regional distribution of food grains at __________ prices and the provision of a fair price to farmers.

(a) restricted, low

(b) limited, fair

(c) just, low

(d) equal, reasonable

(e) equitable, reasonable

Q9. The situation in Kashmir has always been __________, but policymaking in New Delhi, which has remained “one track”, has only helped to __________ it further.

(a) sensitive, alleviate

(b) confounded, exacerbate

(c) fragile, aggravate

(d) violent, assuage

(e) peaceful, spoil

Q10. Being unsure of itself, reform is pursued __________ by a coalition government constantly __________ of voters’ reactions.

(a) vigorously, hopeful

(b) slowly, chary

(c) hesitantly, wary

(d) nervously, circumspect

(e) reluctantly, eager

Q11. Palestinian officials say that there is no use holding talks with Israeli leaders that are nothing more than a photo opportunity intended to create the __________ of a peace process while avoiding any substantive __________.

(a) impression, conflicts

(b) blueprint, problems

(c) proposal, arrangements

(d) impression, commitments

(e) conception, implementation

Q12. We should be wary of hyperbolic predictions; more often than not, what sound like horrific changes in climate and geography actually turn out to be __________ -and in some cases even __________.

(a) beneficial, malignant

(b) destructive, catastrophic

(c) worse, unmanageable

(d) manageable, benign

(e) productive, catastrophic

Q13. Climate science is a subtle and fiendishly convoluted discipline that rarely yields __________ forecasts or __________ prescriptions.

(a) unambiguous, straightforward

(b) ambiguous, unreliable

(c) unreliable, useless

(d) extreme, dubious

(e) ambiguous, reliable

Q14. Despite his long tenure, North Korea’s “Dear Leader” Kim Jong-il’s hold on power sometimes has been __________ by a small group of __________.

(a) threatened, dissidents

(b) reinforced, dissidents

(c) reconciled, loyalists

(d) compromised, patriots

(e) endangered, patriots

Q15. The relationship between the International Monetary Fund and the G-20 is __________ but conflicted. Like a long-married couple who habitually bicker and fight, the two can’t seem to live together-but they can’t live __________, either.

(a) certified, together

(b) official, separate

(c) symbiotic, apart

(d) synergistic, apart

(e) harmonious, together

Solutions

S1. Ans.(c)

Sol. Option (c) is the answer, The phrase ‘tune out’ means to ignore or not pay any attention, but here the sentence conveys the idea that the person owing the car prepared his car for the race, so the correct phrase which should be used here is ‘tune up’ which means to improve the performance of the vehicle.

 S2. Ans.(b)

Sol. Option (b) is the answer. The intended meaning of Sentence (b) seems to be that as the wind was blowing the speaker couldn’t light the campfire. The correct phrase which should be used here is ‘blow out’ and not ‘blow up’. As ‘to blow out’ means to extinguish a fire or a flame.

S3. Ans.(d)

Sol. Option (d) is the answer, to opt out means to choose not to be part of something, but the intended meaning of the sentence here is that the person wants to be notified for getting updates. For this the correct phrase which should be used here is “opt in” which means to choose to be part or a member of something.

S4. Ans.(b)

Sol. Option (b) is the answer because the phrase ride off means to Go away which doesn’t fits here.

S5. Ans.(c)

Sol. hub, working class- fits in the context of the sentence correctly.

S6. Ans.(a)

Sol. worse, high- fits in the context of the sentence correctly.

S7. Ans.(b)

Sol. persistent, insecurity- fits in the context of the sentence correctly.

S8. Ans.(e)

Sol. equitable, reasonable- fits in the context of the sentence correctly.

S9. Ans.(c)

Sol. fragile, aggravate- fits in the context of the sentence correctly.

S10. Ans.(c)

Sol.  hesitantly, wary- fits in the context of the sentence correctly.

S11. Ans.(d)

Sol.  impression, commitments- fits in the context of the sentence correctly.

S12. Ans.(d)

Sol.  manageable, benign- fits in the context of the sentence correctly.

S13. Ans.(a)

Sol.  unambiguous, straightforward- fits in the context of the sentence correctly.

S14. Ans.(a)

Sol.  threatened, dissidents- fits in the context of the sentence correctly.

S15. Ans.(c)

Sol.  symbiotic, apart - fits in the context of the sentence correctly.

Banking Awareness,

Q1. Fiscal policy is concerned with which of the following?

(a) Public Revenue and Expenditure

(b) Issue of Currency

(c) Export Import

(d) Population Control

(e) Education for all

S1. Ans.(a)
Sol. Fiscal policy is the policy relating to government revenues from taxes and expenditure on various projects. Monetary Policy, on the other hand, is mainly concerned with the flow of money in the economy.

Q2. In which of the following types of banking, there is a direct execution of the transaction between a bank and its consumers?

(a) Retail Banking

(b) Universal Banking

(c) Virtual Banking

(d) Unit Banking

(e) None of the given options is true

S2. Ans.(a)
Sol. Retail banking also known as Consumer Banking is the provision of services by a bank to individual consumers, rather than to companies, corporations or other banks. Services offered include savings and transactional accounts, mortgages, personal loans, debit cards, and credit cards.

Q3. Loans against the security of shares, debentures and bonds should not exceed the limit of Rupees ____________ per individual if the securities are held in physical form. 

(a) two lakhs

(b) five lakhs

(c) ten lakhs

(d) fifteen lakhs

(e) twenty lakhs

S3. Ans.(c)
Sol. Loans against the security of shares, debentures and bonds should not exceed the limit of Rupees ten lakhs per individual if the securities are held in physical form and Rupees twenty lakhs per individual if the securities are held in dematerialised form. Such loans are meant for genuine individual investors, and banks should not support collusive action by a large group of individuals belonging to the same corporate or their inter-connected entities to take multiple loans in order to support particular scrip or stock-broking activities of the connected firms.Such finance should be reckoned as an exposure to capital market.

Q4. In the case of failed ATM transactions, if the amount is not credited to customer’s account within 7 working days from the date of receipt of the complaint. Banks have to pay compensation at the rate of Rs.________ per day.

(a) 150

(b) 200

(c) 100

(d) 10

(e) 50

S4. Ans.(c)
Sol. Effective from July 1, 2011, banks have to pay compensation of Rs. 100/- per day for delays in re-crediting the amount beyond 7 working days from the date of receipt of the complaint about failed ATM transactions. The compensation has to be credited to the account of the customer without any claim being made by the customer. If the complaint is not lodged within 30 days of the transaction, the customer is not entitled to any compensation for delay in resolving his / her complaint.

Q5. Which of the following is known as “Demat” account?

(a) Account in which shares are held in electronic form

(b) Account opened with zero balance

(c) Account allowed to be operated by guardian of minor

(d) Account operated by business correspondents in rural centres.

(e) None of the given options is true

S5. Ans.(a)
Sol. A Dematerialized account (Demat Account) is opened by the investor while registering with an investment broker (or sub-broker). The account in which shares are held in electronic form is known as Dematerialized account.

Q6. The Aadhaar-Enabled Payment Systems (AEPS) is a bank led model that facilitates banking facilities by allowing transactions at Point of Sale through the Business Correspondent (BC) using the Aadhaar authentication number. Aadhaar enabled basic types of banking do not include-

(a) Balance Enquiry

(b) Cash Withdrawal

(c) Online Payment

(d) Cash Deposit

(e) Aadhaar to Aadhaar funds transfer

S6. Ans.(c)
Sol. Services Offered by AEPS-
1. Balance Enquiry
2. Cash Withdrawal
3. Cash Deposit
4. Aadhaar to Aadhaar Fund Transfer
5. Gateway Authentication Services

Q7. Loans against the security of shares, debentures and bonds should not exceed the limit of Rupees _______________ per individual if the securities are held in dematerialised form.

(a) ten lakhs

(b) five lakhs

(c) thirty lakhs

(d) fifty lakhs

(e) twenty lakhs

S7. Ans.(e)
Sol. Loans against the security of shares, debentures and bonds should not exceed the limit of Rupees ten lakhs per individual if the securities are held in physical form and Rupees twenty lakhs per individual if the securities are held in dematerialised form. Such loans are meant for genuine individual investors, and banks should not support collusive action by a large group of individuals belonging to the same corporate or their inter-connected entities to take multiple loans in order to support particular scrip or stock-broking activities of the connected firms.Such finance should be reckoned as an exposure to capital market.

Q8. The process by which the central bank of a country controls the supply of money in the economy by exercising its control over interest rates in order to maintain price stability and achieve high economic growth is known as?

(a) Economic Policy

(b) Monetary Policy

(c) Fiscal Policy

(d) Credit Policy

(e) Budgetary Policy

S8. Ans.(b)
Sol. Monetary Policy is the process by which monetary authority of a country, generally a central bank controls the supply of money in the economy by exercising its control over interest rates in order to maintain price stability and achieve high economic growth. In India, the central monetary authority is the Reserve Bank of India (RBI) is so designed as to maintain the price stability in the economy.

Q9. Who amongst the following is the regulator in the financial system of the country?

(a) CERC

(b) SEBI

(c) CRISIL

(d) TRAN

(e) None of the given options is true

S9. Ans.(b)
Sol. The financial system in India is regulated by independent regulators in the field of banking, insurance, capital market, commodities market, and pension funds. The example of Financial Regulators: RBI, IRDAI, SEBI, PFRDA.

Q10. Bank Holidays are covered by which of the following?

(a) As per the order of the GOI

(b) As per the order of the IBA

(c) Negotiable Instruments Act

(d) RBI Act

(e) Banking Regulation Act 1949

S10. Ans.(c)
Sol. Bank Holidays are declared by Central/State Governments/ Union Territory under the Negotiable Instruments (NI) Act, 1881.

Q11. What is the purpose of KYC in banking?

(a) It is used for customer identification

(b) It is used for increasing the CRR of banks

(c) It is used for money laundering

(d) It is used by the central bank to control liquidity

(e) Both (a) and (c)

S11. Ans.(e)
Sol. Know your customer (KYC) is the process of a business verifying the identity of its clients. Know your customer policies are becoming much more important globally to prevent identity theft, financial fraud, money laundering and terrorist financing.

Q12. Which of the following types of cards is free from credit risk?

(a) Credit card

(b) Debit Card

(c) Prepaid Cards

(d) Charge Cards

(e) Both (c) and (d)

S12. Ans.(b)
Sol. A debit card a safe, convenient, risk-free alternative to cash and has no credit risks attached.

Q13. FATF is an inter-governmental body established in __________ by the Ministers of its Member jurisdictions.  

(a) 1999

(b) 1976

(c) 1982

(d) 1995

(e) 1989

S13. Ans.(e)
Sol. The Financial Action Task Force (FATF) is an inter-governmental body established in 1989 by the Ministers of its Member jurisdictions.  The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.  The FATF is therefore a “policy-making body” which works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.

Q14. Where is the headquarter of FATF?

(a) New York, USA

(b) Paris, France

(c) Geneva, Switzerland

(d) Italy, Rome

(e) Vienna, Austria

S14. Ans.(b)
Sol. The Financial Action Task Force (on Money Laundering) (FATF), also known by its French name, Groupe d’action financière (GAFI), is an intergovernmental organisation founded in 1989 The FATF Secretariat is housed at the headquarters in Paris, France.

Q15. Headquarters of National Council of Applied Economic Research (NCAER) is located in ______

(a) Mumbai

(b) New Delhi

(c) Hyderabad

(d) Chennai

(e) Kolkata

S15. Ans.(b)
Sol. National Council of Applied Economic Research or NCAER is a New Delhi-based non-profit think tank of economics.

QUIZ-03

Q1. India test fired a missile named ‘Spyder’ from a test range at Chandipur in Odisha as part of missile launch practice of a series of tests of the short-range quick reaction. Spyder is a __________.
Answer: Surface-to-Air Missile (SAM)

Q2. The government has revised the base year of Wholesale Price Index, WPI and Index of Industrial Production (IIP) to ____________ from 2004-05.
Answer: 2011-2012

Q3. Which Indian state has topped the list in recently released Public Affairs Index (PAI) 2017 in governance?
Answer: Kerala

Q4. President of Palestine has recently arrived in India on a four-day State visit. Who is the current President of Palestine?
Answer: Mahmoud Abbas

Q5. Which tennis player has beaten Dominic Thiem to win his fifth Madrid Open title and move into the world's top four?
Answer: Rafael Nadal

Q6. India and which country has agreed to sign an MoU in the urban transport sector for cooperation in policy planning, technology transfer and institutional organization?
Answer: UK

Q7. The International Day of Families is observed every year on ________.
Answer: 15 May

Q8. HDFC Life has entered into a bancassurance tie-up with which bank to distribute its individual life insurance products to the private lender’s customers.
Answer: Catholic Syrian Bank

Q9. ‘Maa committee’ has been recently formed in which state that will now keep an eye on mid-day meals served to students in state-run primary schools to ensure that they get nutritious food prepared in hygienic conditions?
Answer: Uttar Pradesh

Q10. The expanded Preferential Trade Agreement (PTA) between India and which country has come into effect recently according to which both the countries have offered to lower or eliminate duties on a number of items traded with each other?
Answer: Chile

Q11. Teams of the National Aeronautics and Space Administration (NASA) of the United States and the Indian Space Research Organization (ISRO) have come up together to inspect the excavation being carried out at an archaeological site in which Indian states?
Answer: Haryana

Q12. India has taken a new initiative to supply cheap LED bulbs and will launch ‘UJALA’ scheme for the citizens of which country?
Answer: United Kingdom

Q13. Chief of Naval Staff ________________ attended Singapore's first International Maritime Review (IMR) recently held at the country's prime Changi Naval Base.
Answer: Admiral Sunil Lanba

Q14. India has moved up to which spot in this year's 'Renewable energy country attractiveness index' released by EY (Earnest and Young)?
Answer: Second spot

Q15. The Indian Navy and Space Application Centre (SAC) inked a pact on data sharing and scientific cooperation in the field of meteorology and oceanology. SAC is _____________ based company.
Answer: Ahmedabad