Banking Awareness

Q1. In which of the following types of banking, there is a direct execution of 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

S1. 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.

Q2. Maximum loan amount to individuals against physical security shares can be _____

(a) 20 lakh

(b) 15 lakh

(c) 25 lakh

(d) 50 lakh

(e) 10 lakh

S2. Ans.(e)
Sol. Loans/ advances granted to individuals against the security of shares, debentures and PSU bonds should not exceed Rs.10 lakh and Rs.20 lakh,

 if the securities are held in physical form and dematerialized form respectively.

Q3. 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

S3. 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.

Q4. Loans granted by a bank to an exporter popularly known as ‘Export credit’ is guaranteed, in case of default,by which of the following

(a) EXIM Bank

(b) Ministry of International Trade, GOA

(c) ECGC

(d) DICGC

(e) None of the given options is true

S4. Ans.(c)
Sol. ECGC Limited (Formerly Export Credit Guarantee Corporation of India Ltd) is a company wholly owned by the Government of India based in Mumbai,

 Maharashtra. It provides export credit insurance support to Indian exporters and is controlled by the Ministry of Commerce.

Q5. Who amongst the following is the regulator in the financial system of the country?

(a) OIC

(b) SEBI

(c) CRISIL

(d) TRAN

(e) CERC

S5. 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.

 Example of Financial Regulators: RBI, IRDAI, SEBI, PFRDA.

Q6. Which Bank has launched instant credit cards enabling its savings account customers to get a credit card instantly, 

in a completely digital and paperless manner recently?

(a) State Bank of India

(b) ICICI Bank

(c) Axis Bank

(d) Bank of Baroda

(e) HDFC Bank

S6. Ans.(b)
Sol. The country's largest private sector lender, ICICI Bank has launched instant credit cards enabling its savings account 

customers to get a credit card instantly, in a completely digital and paperless manner.

Q7. Private sector lender IDFC Bank has partnered with digital payments company Zeta, to launch ‘IDFC Bank Benefits’.

 It is a payment solution for corporates that digitizes employee spends and claims, making the process simple, real-time and paperless.

 Where is the head office of IDFC Bank?

(a) Chennai

(b) New Delhi

(c) Jaipur

(d) Kolkata

(e) Mumbai

S7. Ans.(e)
Sol. Private sector lender IDFC Bank has partnered with digital payments company Zeta, to launch ‘IDFC Bank Benefits’. 

It is a payment solution for corporates that digitizes employee spends and claims, making the process simple, real-time and paperless.

 The Head office of IDFC Bank is in Mumbai.

Q8. Syndicate Bank has pared its marginal cost of funds based lending rate (MCLR) by 5-10 basis points in certain maturity

 buckets recently. Where is the headquarter of Syndicate Bank?

(a) Lucknow, Uttar Pradesh

(b) Jaipur, Rajasthan

(c) Kolkata, west Bengal

(d) Manipal, Karnataka

(e) Chennai, Tamil Nadu

S8. Ans.(d)
Sol. Syndicate Bank has pared its marginal cost of funds based lending rate (MCLR) by 5-10 basis points in certain maturity buckets. 

MCLR for six months and one year will be 8.3 per cent (8.35 per cent now) and 8.5 per cent (8.60 per cent now), respectively, with effect from August 10. 

Headquarter of Syndicate Bank is in Manipal, Karnataka.

Q9. India signed a loan agreement with Asian Infrastructure Investment Bank (AIIB) for financing of USD 329 million for Gujarat Rural Roads Project. AIIB based in-?

(a) Japan

(b) China

(c) Germany

(d) France

(e) USA

S9. Ans.(b)
Sol. India signed a loan agreement with Asian Infrastructure Investment Bank (AIIB) for financing of USD 329 million for Gujarat Rural Roads Project. 

Headquarters of AIIB is located in Beijing, China.

Q10. Private sector lender Axis Bank reduced interest rate on savings bank accounts by 50 basis points to 3.5 per cent for deposits up to-

(a) Rs 1 lakh 

(b) Rs 80 lakh 

(c) Rs 20 lakh 

(d) Rs 50 lakh

(e) Rs 10 lakh

S10. Ans.(d)
Sol. Private sector lender Axis Bank reduced interest rate on savings bank accounts by 50 basis points to 

3.5 per cent for deposits up to Rs 50 lakh. However, the bank will continue to pay 4 per cent interest on deposits of above Rs 50 lakh.

మిత్రులకు భోగి మరియు సంక్రాంతి శుభాకాంక్షలు

మిత్రులకు భోగి మరియు సంక్రాంతి శుభాకాంక్షలు

Current Affairs 07th and 08th January 2018

National News

1. Bilateral Annual Haj 2018 Agreement between India and Saudi Arabia Signed

i. According to the Union Minister for Minority Affairs Mukhtar Abbas Naqvi, Saudi Arabia has given the green signal for India’s decision to revive the option of sending Haj pilgrims through sea route also.

ii. The practice of ferrying Haj pilgrims between Mumbai and Jeddah by waterways was stopped in 1995. For the first time, Muslim women from India will go to Haj without “Mehram” (male companion).

Static/Current Takeaways Important for IBPS Clerk Mains 2017 Exam-

• Saudi Arabia Capital- Riyadh, Currency- Saudi riyal.

2. Indian Navy Signs MoU with Cochin Port Trust

i. The Indian Navy has inked an MoU with the Cochin Port Trust (CPT), Kerala towards leasing of 228 metres of berths at Mattancherry Wharf for a period of five years.
ii. The MoU has been concluded to cater for the futuristic requirements of the Navy with the sizeable increase in its fleet scheduled in the near future. This is the first time such an agreement has been signed between the Navy and CPT.

Static/Current Takeaways Important for IBPS Clerk Mains 2017 Exam-

• Cochin Port Trust Chairman- P.Raveendran.
• Admiral Sunil Lanba is the present Chairman of Indian Navy.

3. Haryana Becomes First State to Launch High-Risk Pregnancy Portal

i. Haryana has become the first state in the country to launch High-Risk Pregnancy (HRP) Portal. This portal not only helps in early identification of high-risk pregnant cases up to the grass-roots level but also ensures their timely referral to the civil hospitals for further management and delivery by specialists.

ii. This innovative web application has been designed to track every high-risk pregnant woman till 42 days after delivery.

Static/Current Takeaways Important for IBPS Clerk Mains 2017 Exam-

• Haryana CM- Manohar Lal Khattar, Governor- Kaptan Singh Solanki.

4. India’s Second FTII to be Set up in Arunachal Pradesh

i. Minister of State (I/C) of the Ministry of Development of North Eastern Region Jitendra Singh announced that Arunachal Pradesh would get its first Film and Television Institute, being set up by the Union Government.

ii. This would be the second such one in the country. The first Film and Television Institute of India (FTII) was set up in Pune.

Static/Current Takeaways Important for IBPS Clerk Mains 2017 Exam-

• FTII Pune Established in - 1960, Current Chairman - Anupam Kher.
• FTII is an autonomous institute operating under the Information and Broadcasting Ministry.

Awards

5. Golden Globe Awards 2018: The Complete List of Winners

The 75th Golden Globe Award ceremony was held in Los Angeles, the USA.  “Three Billboards Outside Ebbing, Missouri” dominated the 2018 Golden Globes, taking home four statues, including best drama, best screenplay, and acting awards for Frances McDormand and Sam Rockwell in the drama category. Seth Meyers hosted the star-studded show.

Here is the Complete List of Winners of Golden Globe Awards 2018-

1. Best motion picture, drama: Three Billboards Outside Ebbing, Missouri.

2. Best motion picture, musical or comedy: Lady Bird.

3. Best director, motion picture: Guillermo del Toro, “The Shape of Water”.

4. Best performance by an actress in a motion picture, drama: Frances McDormand.

5. Best performance by an actor in a motion picture, drama: Gary Oldman.

6. Best performance by an actress in a motion picture, musical or comedy: Saoirse Ronan.

7. Best performance by an actor in a motion picture, musical or comedy: James Franco.

8. Best motion picture, animated: Coco

9. Best motion picture, foreign language: In the Fade

10. Best television series, drama: The Handmaid’s Tale, Hulu

11. Best performance by an actress in a television series, drama: Elisabeth Moss.

12. Best performance by an actor in a television series, drama: Sterling K. Brown.

Banking/ Economy/ Business News

6. All You Need to Know About New Rs10 Banknote in Mahatma Gandhi Series

i. The Reserve Bank of India has announced to issue Rs10 denomination banknotes in the Mahatma Gandhi (New) Series. The new denomination has the motif of Sun Temple, Konark on the reverse, depicting the country's cultural heritage.
ii. The base colour of the note is Chocolate Brown. The dimension of the banknote will be 63 mm x 123 mm.

Read The Complete Article Here

Sports News

7. Philippe Coutinho Joins Barcelona, Becomes 2nd Most Expensive Transfer in World Soccer History

i. Team Liverpool sold Brazilian football player Philippe Coutinho to Team Barcelona for 160 million Euros ($192 million). With this, transfer of Philippe Coutinho has become the 2nd Most Expensive transfer in World Soccer History.

ii. World’s most expensive transfer is Brazilian football player Neymar’s transfer from Barcelona to Paris Saint Germain team in 200 million pounds in 2017.

Static/Current Takeaways Important for IBPS Clerk Mains 2017 Exam-

• FC Barcelona President - Josep Maria Bartomeu
• Based in - Barcelona, Spain.

8. Gilles Simon Wins Inaugural Tata Open Title 

i. Gilles Simon of France has lifted the inaugural Tata Open Maharashtra Tennis trophy.
ii. In the summit clash in Pune, the unseeded French player defeated second-seeded Kevin Anderson in straight sets.

Static/Current Takeaways Important for IBPS Clerk Mains 2017 Exam-

• Maharashtra Capital- Mumbai, CM- Devendra Fadnavis, Governor- Chennamaneni Vidyasagar Rao.
• Simon is ranked 89 in the world, while Anderson is ranked Fourteen.

9. Federer-Bencic Lead Switzerland to Hopman Cup Title

i. Switzerland won their third Hopman Cup as Roger Federer and Belinda Bencic beat Germany's Alexander Zverev and Angelique Kerber in the deciding mixed doubles to secure a 2-1 victory in the final at the Perth Arena.

ii. It was Federer's second Hopman Cup triumph after victory in 2001 alongside then world number one Martina Hingis.

Static/Current Takeaways Important for IBPS Clerk Mains 2017 Exam-

• The capital of Switzerland is Bern.
• The Association of Tennis Professionals was formed in September 1972.

10. Sports Minister Rathore Launches 'Khelo India' Logo

i. The vibrant Khelo India logo, reflecting the freshness, agility and vitality of New India was launched at a ceremony by the Union Minister of  State ( I/C) Youth Affairs and Sports Rajyavardhan Rathore in New Delhi.

ii. The logo also conveys an impression of fitness and competitiveness. The three-stroke Khelo India logo, designed by Ogilvy India, has in-built modularity, allowing plenty of adaptability and flexibility into endless pictorial forms.

11. Elina Svitolina Wins Brisbane International

i. Elina Svitolina secured her first WTA title in Australia with a straight-sets victory in the Brisbane International final. Svitolina beat Belarusian qualifier Aliaksandra Sasnovich.

ii. Nick Kyrgios moved a step closer to claiming his first ATP title on home soil with a semifinal win over defending champion, Grigor Dimitrov. He will face American Ryan Harrison in finals.

Static/Current Takeaways Important for IBPS Clerk Mains 2017 Exam-

• Elina Mykhaylivna Svitolina is a Ukrainian professional tennis player. 
• The Association of Tennis Professionals was formed in September 1972.

Obituaries

12. NASA's Astronaut John Young Passes Away

i. Legendary astronaut John Young, who walked on the Moon and later commanded the first space shuttle flight, has died at 87.

ii. Young was the only agency astronaut to go into space as part of the Gemini, Apollo and space shuttle programs and the first to fly into space six times. He was the ninth man to walk on the Moon.

Daily GK Update November

1. Important Cabinet Approvals- 01st November 2017

i. The Union Cabinet chaired by Prime Minister Shri Narendra Modi has given the following set of approvals. The full list of Cabinet Approvals is given as follows.

ii. The Cabinet has approved-

1. Trade Agreement between India and Ethiopia for strengthening and promoting trade and economic cooperation.

2. Signing an Agreement between India and Armenia on cooperation and mutual assistance in customs matters.

3. Amendment in the National Council for Teacher Education Act, 1993- The amendment seeks to grant retrospective recognition to the Central/State/Union Territory funded Institutions/Universities conducting Teacher Education Courses without NCTE recognition till the academic year 2017-2018.

4. Ongoing Centrally Sponsored Scheme (State Plans) - Rashtriya Krishi Vikas Yojana (RKVY) as Rashtriya Krishi Vikas Yojana- Remunerative Approaches for Agriculture and Allied sector Rejuvenation (RKVY-RAFTAAR) for three years i.e. 2017-18 to 2019-20.

5. Special Banking Arrangement (SBA) for payment of outstanding subsidy to fertilizer companies during 2016-17.

2. India Makes it to Top 100 in ‘ease of doing business’: World Bank

i. India broke into the top 100 in the World Bank’s Ease of Doing Business rankings, notching up the biggest improvement among all countries on the back of big gains on a number of measures.

ii. The rise to the 100th position from 130 last year made India one of the top 10 best-improved countries and rounded off a day of good news on the economic front for the government. The World Bank’s ‘Doing Business 2018 — Reforming to Create Jobs’ report ranks 190 countries on the basis of a combined score on 10 parameters.

Important Takeaways from Above News for RRB PO Mains Exam-

• Jim Yong Kim is the President of World Bank.
• The World Bank headquarters in Washington, D.C., United States.

3. India Tops List of New Tuberculosis Cases in 2016: WHO

i. India topped the list of seven countries, accounting for 64 percent of the 10.4 million new tuberculosis (TB) cases worldwide in 2016, according to a new report by the World Health Organisation.

ii. India was followed by Indonesia, China, Philippines, Pakistan, Nigeria and South Africa, according to a Global TB Report 2017 released by the WHO. An estimated 1.7 million people died from TB in 2016. Also, India along with China and the Russia accounted for almost of half of the 490,000, Multidrug-Resistant TB (MDR-TB) cases registered in 2016.

Important Takeaways from Above News for IBPS PO Mains Exam-

• TB is a disease which in humans is usually caused by bacteria called Mycobacterium tuberculosis (M. tuberculosis).
• Tedros Adhanom Ghebreyesus is the WHO’s Director General.
• WHO Headquarters in Geneva, Switzerland.

4. India, Tunisia Agreed to Combat Terror, Extremism

i. India and Tunisia agreed to jointly combat terrorism and extremism while ramping up cooperation in the field of security. A review of bilateral ties was undertaken as External Affairs Minister Sushma Swaraj co-chaired the 12th India- Tunisia Joint Commission Meeting with her Tunisian counterpart Khemaies Jhinaoui.

ii. Six agreements in the fields of judicial cooperation, cooperation in youth issues, information and communications technology, trade and business, were also signed. 

Important Takeaways from Above News for IBPS PO Mains Exam-

• Tunis is the capital of Tunisia. 
• Beji Caid Essebsi jas is the present President of Tunisia.

5. Govt Sets up Arun Jaitley-Panel to Oversee PSU Bank Mergers

i. The government set up a ministerial panel, led by finance minister Arun Jaitley, to consider and oversee mergers among the country’s 21 state-run banks.
ii. Members of the panel on PSU bank consolidation include railway and coal minister Piyush Goyal, and defence minister Nirmala Sitharaman.

Important Takeaways from Above News for IBPS PO Mains Exam-

• The State Bank of India merged operations of five of its associate banks and Bharatiya Mahila Bank with itself have marked the first consolidation move in the sector following the bad loan crisis.
• The merger has reduced the number of state-controlled banks to 21 from 26.

6. SBI Sanctions Rs2,317 crore for Financing Solar Power Projects

i. State Bank of India announced sanction of credit facilities amounting to Rs2,317 crore to corporates for financing Grid Connected Rooftop Solar projects under an SBI-World Bank program.

ii. This funding will create solar power capacity aggregating 575 MW. The renewable energy space can avail loans for establishing grid-connected rooftop solar projects at the bank’s marginal cost of funds based lending rate plus 15 basis points.

Important Takeaways from Above News for RRB PO Mains Exam-

• Rajnish Kumar is the Present Chairman of Mumbai-Headquartered SBI.

7. Michael Jackson Named Top-Earning Dead Celebrity for 5th Time

i. Michael Jackson is atop the Forbes list of top-earning dead celebrities for the fifth straight year, with $75 million (all figures in US).

ii. Golf legend Arnold Palmer claims the No. 2 spot with $40 million and Peanuts creator Charles Schulz ranks third with the income of $38 million. The list is compiled from information gathered from pretax income from Oct. 15, 2016, through Oct.15, 2017 before deducting cuts for agents, managers, and lawyers.

8. Bhutan King Arrived in India for Four-Day Visit

i. King of Bhutan, Jigme Khesar Namgyel Wangchuck has arrived in New Delhi on a four-day visit to India. He was accompanied by his wife, Queen Gyaltsuen Jetsun Pema Wangchuck.

ii. During the visit, the King will meet with President Ram Nath Kovind and Prime Minister Narendra Modi.

Important Takeaways from Above News for RRB PO Mains Exam-

• Thimphu is the capital of Bhutan.
• Dzongkha is the official language of Bhutan.

9. Haryana Announces Lifetime Pensions for 'Hindi Satyagrahis'

i. The state government of Haryana has announced lifetime monthly pension of Rs 10,000 for 'Hindi Satyagrahis' and those from the state who were jailed during the Emergency.

ii. The state government also announced that it would be providing enhanced financial assistance to World War-II veterans and their widows.

Important Takeaways from Above News for RRB PO Mains Exam-

• Manohar Lal is the Present CM of Haryana.
• Kaptan Singh Solanki is the Present Governor of Haryana.

10. Tata Steel Elevates T V Narendran as Global CEO, MD

i. Tata Steel has elevated T V Narendran as Chief Executive Officer and Managing Director globally. He was appointed as Managing Director of Tata Steel for India and South East Asia on November 1, 2013.

ii. Koushik Chatterjee has been reappointed as Executive Director and Chief Financial Officer for a period of 5 years with effect from November 9, 2017.

Important Takeaways from Above News for RRB PO Mains Exam-

• Jamsetji Tata was the founder of TATA Steels.
• It Headquarters in Mumbai, Maharashtra.

11. Vikram Singh Appointed Private Secretary to President

i. Railway officer Vikram Singh was appointed Private Secretary to President Ram Nath Kovind. Singh is a 1997 batch officer of the Indian Railway Traffic Service.

ii. The Appointments Committee of the Cabinet has approved his appointment to the post for a period of two years. IAS officer P C Meena was appointed Private Secretary to Minister of State for Commerce and Industry C R Chaudhary.

Important Takeaways from Above News for RRB PO Mains Exam-

• Ram Nath Kovind is the 14th President of India.

12. Suresh Chukkapalli Appointed as Consul General of Korea

i. Suresh Chukkapalli, Chairman of Phoenix Group of Hyderabad, has been appointed as Honorary Consul General in Hyderabad by the Republic of Korea, with consular jurisdiction over the state of Telangana.

ii. Suresh Chukkapalli was given charge/invested formally at a ceremony in New Delhi.

Important Takeaways from Above News for RRB PO Mains Exam-

• South Korea is the fourth largest economy in Asia and the 11th largest in the world known for its global corporations.

13. Bharti AXA Life Appoints Vikas Seth as CEO

i. Bharti AXA Life Insurance, a joint venture between Bharti Enterprises and AXA, has appointed Vikas Seth as Chief Executive Officer. The appointment is subject to requisite IRDAI approval.

ii. Prior to joining Bharti AXA Life, he was with the Aditya Birla Group, where he worked for nearly 10 years in different roles.

Important Takeaways from Above News for RRB PO Mains Exam-

• Bharti AXA Life is a life Insurance player that was started in 2006.
• It brings together the Paris-headquartered AXA Group and Bharti Enterprises.
• The joint venture has a 51% stake from Bharti and 49% stake from AXA.

14. Joint Indo-Russia Tri-Services Exercise Indra-2017 Successfully Conducted 

i. The Joint Indo-Russia Tri-Services Exercise INDRA-2017 was successfully conducted at Vladivostok in Russia.  The name of the exercise INDRA has been derived from INDia and RussiA.

ii. Exercise INDRA-2017 is the first Joint Tri-Services Exercise between Russia and India. The theme of Exercise INDRA-2017 was ‘Preparation and Conduct of Operations by a Joint Force for Suppression of International Terror Activity at the request of a host country under UN mandate’.

Important Takeaways from Above News for RRB PO Mains Exam-

• Moscow is the capital of Russia.
• Vladimir Putin is the present President of Russia.

15. Martina Hingis Announces Retirement from Pro Tennis

i. Martina Hingis, one of only six women's players to hold the No. 1 ranking in both singles and doubles at the same time, will retire after the WTA Finals. Hingis, 37, won Grand Slam titles Nos. 24 and 25 at the US Open in September, capturing the women's doubles and mixed doubles titles.
ii. Overall, she won 13 major doubles titles, along with five in singles and seven in mixed doubles. She held the world No. 1 ranking for 209 weeks during her career, winning 43 WTA singles titles and 64 doubles titles.

Important Takeaways from Above News for IBPS PO Mains Exam-

• Martina Hingis is from Switzerland.
• She is the youngest Grand Slam champion in history, having won the Wimbledon doubles title when she was just 15.
• Hingis was inducted into the International Tennis Hall of Fame in 2013.

16. Rashtriya Ekta Diwas (National Unity Day): October 31

i. India celebrates October 31 as Rashtriya Ekta Diwas (National Unity Day). This day marks the birth anniversary of Sardar Vallabhbhai Patel, who played an instrumental role in the integration of princely state with Indian Union post-independence.

ii. Prime Minister Modi also flagged off the 1.5 km ‘Run for Unity’ event at Major Dhyan Chand National Stadium in New Delhi.

Important Takeaways from Above News for IBPS PO Mains Exam-

• The Celebration of October 31 as ‘Rashtriya Ekta Diwas’ was announced by Prime Minister Narendra Modi in 2014.