Banking and Financial Awareness - Nirdeshak

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Banking and Financial Awareness 67
1) The ambitious Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched formally on 28 September
2014 by the Prime Minister Narendra Modi at function held at Vigyan Bhawan in New Delhi. The
scheme promoted mainly to end financial untouchability in India saw the opening of an estimated 1.5
crore bank accounts across the country on this single day. What are the main benefits for families
opening accounts under PMJDY?
Explanation :
Following are the main benefits for account holders of PMJDY
1. A RuPay debit card for every account holder
2. Rs. 1 lakh accident insurance cover
3. Rs. 5,000 overdraft facility
4. An additional Rs. 30,000/- life insurance cover for those opening bank accounts before 26
January 2015
.
2) Which professional services firm was hired by the Union Finance Ministry to undertake a validation
exercise of the number of basic bank accounts opened by the banks under the Pradhan Mantri Jan Dhan
Yojana (PMJDY)? KPMG
Explanation :
KPMG would provide some comfort to the Finance Ministry that the numbers submitted by the banks
pertaining to PMJDY were accurate and reflected the true picture. KPMGs confirmation of the number
of accounts opened will help the Centre pitch for an entry into the Guinness Book of World Records for
the maximum number of bank accounts opened in a day. On 28 August 2014, the launch date of the
PMJDY, the banking system had opened around 1.5 crore bank accounts. KPMG has already
commenced work for this purpose and have approached banks to share information on the number of
accounts opened under the PMJDY. Under the PMJDY, the Government is looking to open at least 7.5
crore basic bank accounts for 7.5 crore unbanked families in the country.
.
3) What is the slogan (punchline) of Pradhan Mantri Jan Dhan Yojana (PMJDY) which was launched on
28 August 2014? Mera khaata Bhagya vidhataa (which means My Bank Account The Good
Fortune Creator)
.
4) Which public sector bank on 5 September 2014 Pehla Kadam and Pehli Udaan two new Savings
Bank products for children? State Bank of India (SBI)
Explanation :
Pehla Kadam is a Savings Bank account for minor of any age operated jointly with his/her
parent/guardian, while Pehli Udaan is a singly operated Savings Bank Account for a minor aged 10
years and above and who can sign uniformly. Specially branded passbook and cheque book have been
designed for these products. All the account holders will be given an exclusively designed personalised
photo ATM-cum-Debit Card. Other features bundled along with the two products include Internet
banking with limited transaction facilities like bill payment, opening of fixed deposits, recurring
deposits, etc. with per day transaction limit of Rs. 5,000, and mobile banking with limited transaction
facilities like bill payment, and top-ups with per day transaction limit of Rs. 2,000.
.
5) The Reserve Bank of India (RBI) during August 2014 notified that the two-step authentication for
credit card transactions including card not present transactions is a must as mandated under the rules.
This announcement was made by the RBI primarily to set right which anomaly? To bring under
check the so-called customer-friendly payment model followed by certain service providers
Explanation :
The toughening RBI stance on two-step authentication process is primarily aimed to set right an
unintended wrong arising out of the so-called customer-friendly payment model followed by certain
service providers. By doing so, they have managed to give the two-step authentication requirement a
slip. According to the RBI, however, this is resulting in foreign exchange outflow. The non-adherence to
the two-step authentication process has also made the field uneven for players especially in fields such

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as taxi operation. Frequent taxi users among credit card holders will prefer a cab provider who accepts a
hassle-free payment process.
.
6) The much-awaited minimum monthly pension of Rs. 1,000 and a higher wage ceiling of Rs. 15,000
for social security scheme run by retirement fund manager Employees Provident Fund Organisation
(EPFO) came into effect from 1 September 2014. This Rs. 1,000 pension scheme is being made
available under which scheme of EPFO? Employees Pension Scheme 1995 (EPS-95)
Explanation :
The government has notified enhancement of wage ceiling to Rs. 15,000 per month, fixed minimum
monthly pension at Rs. 1,000 under EPS-95 and enhanced the maximum sum assured under the
Employees Deposit Linked Insurance (EDLI) Scheme to Rs. three lakh. The governments decision to
fix pension entitlement of Rs. 1,000 under the Employees Pension Scheme 1995 (EPFS-95) will
immediately benefit 28 lakh pensioners who get less than this amount at present. The move to enhance
the minimum wage ceiling for becoming a subscriber of Employees Provident Fund Organisation
to Rs. 15,000 per month is expected to bring 50 lakh additional formal sector workers under the ambit of
the body.
.
7) To strengthen warehousing facilities in the commodity futures market, regulator Forward Markets
Commission (FMC) has come out with which important proposal during August 2014? Uniform
norms should be established for the accreditation of warehousing service providers
Explanation :
The draft rules, on which public comments have been sought by 15 September 2014, come in the wake
of Rs 5,600 crore payment scam at the National Spot Exchange Ltd (NSEL) that surfaced in July last
year, exposing loopholes in the system. The proposed changes are being made because at present no
uniform norms are being followed by national level commodity exchanges for accreditation of
warehousing service providers (WSPs).
.
8) What is the most important recommendation of the Kelkar Committee on gas pricing, as disclosed in
the second report of the committee presented during August 2014? Domestic gas prices should be
linked to the market
Explanation :
The committee to recommend a new gas-pricing formula was constituted in 2013 under former Finance
Secretary Vijay Kelkar. The suggestion of market-linked pricing for domestic natural gas came after a
series of consultations by the committee. The committee in its recommendations said that natural
resources should be priced at the highest price possible in the market, based on market-determined
pricing. This will ensure energy security for the country by encouraging domestic exploration and
production, efficient use of the resource and reduction in the import burden. The first report of this
committee was brought out in January 2014.
.
9) The Central Board of Direct Taxes (CBDT) on 28 August 2014 constituted a high-level committee to
scrutinise all income tax cases arising out of the retrospective tax amendment. Which govt. official
heads this committee? The Joint Secretary of the Foreign Tax and Tax Research Unit -1 of CBDT
Explanation :
The announcement about this mechanism was announced by Finance Minister Arun Jaitley in his
Budget 2014-15 speech on 10 July 2014. According to the terms of reference for the new committee, it
would decide on such retrospective cases within of 60 days of receiving them from the Assessing
Officer. Retrospective tax is the tax rate levied by income tax department which is perceived higher by
the company being assessed, charged higher due to some unknown reasons.
.
10) Ratan Tata, Tata Sons Chairman Emeritus, recently made personal investments in which online
marketplace company? Snapdeal.com
Explanation :
Snapdeal is the second largest online marketplace in India after Flipkart.com. The company has raised
about $400 million since its inception and has invested about $100 million in logistics and operations to

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expand its presence in the $3 billion Indian e-Commerce market. Snapdeal currently houses over 5
million products across 500 diverse categories from over 50,000 sellers. Snapdeal claims that it had seen
600% growth year-on-year for the last two years.
1) The Reserve Bank of India (RBI) on 18 August 2014 constituted a 15-member inter-regulatory
committee to monitor the growing phenomenon of shadow banking. Who has been appointed as the
Chairman of this committee? P. Vijaya Bhaskar (Executive Director, RBI)
Explanation : Shadow banking refers to banking-like activity by non-banking finance companies
(NBFCs) that remain outside the regulatory net. They generally operate as intermediaries between
investors and borrowers. The role of this newly constituted committee will be to find out the volume of
money in shadow banks, who the investors are and direction of the money flow, etc. Also real estate
dealings will be looked into very meticulously by the committee. The 15-member committee comprises
of officials of the RBI, Securities and Exchange Board of India (SEBI), Central Economic Intelligence
Bureau and the National Housing Bank (NHB).

2) What is the name of the new scheme announced by the Prime Minister Narendra Modi on 15 August
2014 to help the poor in opening bank accounts, which will come with the facility of a debit card and an
accidental insurance cover of Rs. 1 lakh? Pradhan Mantri Jan Dhan Yojana
Explanation : The Union Cabinet has already cleared the two-phase financial inclusion scheme under
which bank accounts will be opened for 15 crore poor persons with an overdraft facility of Rs 5,000 and
accidental insurance cover of Rs. 1 lakh. The scheme, to be pushed by the government in a mission
mode, seeks to provide two accounts to 7.5 crore identified households by August 2018. The Prime
Minister in his Independence Day address observed that people have mobile phones but not bank
accounts and he hoped that the scheme will help in bringing the benefits of formal banking system to
them.

3) The Reserve Bank of India (RBI) on 22 August 2014 released the charter of customer rights, which
seeks to provide the right to be treated with courtesy to both the customer and the financial services
provider. What are the important clauses of this charter?
- The customer should not be unfairly discriminated against on grounds such as gender, age,
religion, caste and physical ability when offering and delivering financial products by the financial
services provider
- The key risks associated with the financial product as well as any features that may especially
disadvantage the customer should be made known to him/her by the financial services provider
- The financial services provider should provide customers with product terms and conditions that
are in simple language, easily understandable, and with sufficient information that the customer
could be reasonably expected to make an appropriate choice of product
- The financial services provider may, however, have certain special products which are
specifically designed for members of a target market group or may use defensible, commercially
acceptable economic rationale for discriminating between customers

4) The Reserve Bank of India (RBI) announced on 14 August 2014 that its board has given approval to
create an additional post in the rank of Deputy Governor. For this RBI has approached the government
for required legislative changes. Which post is this? Chief Operating Officer (COO)
Explanation : The RBI, the central bank of India, is presently headed by a Governor and assisted by
four deputy governors looking after different functions of the bank. It now wants to create a post of
COO and re-allocate work among the five. The RBI has been deliberating on a broad HR restructuring
exercise to align organisational resources and structures with the needs of the domestic economy and
changes in the external environment.

5) Who took over as the fourth Deputy Governor of the Reserve Bank of India (RBI) during July 2014?
Subhash Sheoratan Mundra or S.S. Mundra
Explanation : S.S. Mundra took the charge as the Deputy Governor of the RBI on 31 July 2014. Three
other deputy governors of the RBI are Urjit Patel, HR Khan, and R. Gandhi. Before taking this

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responsibility at RBI, Mundra was the Chairman and Managing Director (CMD) of the public-sector
bank Bank of Baroda (BOB). Mundra filled the vacancy created by the retirement of K.C. Chakrabarty
in April 2014, two months before his five-year tenure was come to an end.

6) On 20 August 2014 the Finance Ministry ordered a forensic audit to be done at the branches of two
banks in view of the reports of misappropriation of funds worth Rs. 436 crore. Which two banks are
involved in this matter? Dena Bank and Oriental Bank of Commerce (OBC)
Explanation : According to media reports, a Mumbai-based branch manager of Dena Bank mobilised
fixed deposits (FDs), using middlemen, to the tune of Rs 256.5 crore from seven corporates, while in the
case of OBC, misappropriation of funds to the tune of Rs. 180 crore was reported. In the wake of rising
scams in public sector banks, the Finance Ministry is looking at various steps, including strengthening of
risk management, appointment of bank chiefs for longer tenures, separation of posts and better quality of
nominee and independent directors.

7) Which international finance entity launched a $2.5-billion onshore Indian rupee bond programme on
20 August 2014 so as to strengthen the capital market and support infrastructure development in India?
International Finance Corporation (IFC)
Explanation : IFC is a member of the World Bank Group. It finances and provides advice for private
sector ventures and projects in developing countries in partnership with domestic financial institutions
and banks. Under the rupee bond programme, IFC will use a combination of rupee-denominated bonds
and swaps to raise local currency financing of up to $2.5 billion or Rs. 15,000 crore over the next five
years. Proceeds from the programme will be used for infrastructure investments in India.

8) What is the name of the ambitious e-governance project of the Union Govt., which was approved by
the Union Cabinet on 20 August 2014 and which aims to ensure that government services are available
to citizens electronically? Digital India Project
Explanation : The project, which has a total overlay of Rs 1 lakh crore, aims to ensure that government
services are available to citizens electronically and help people gain benefits from the latest information
and communication technology. Digital India project envisages bringing all the existing initiatives
such as the Ebiz project, E-kranti, virtual classroom, e-visas and the National Optical Fibre Network
project under a single umbrella. Other programmes include implementation of e-office to make
Government departments paperless, encouraging domestic manufacturing of electronic products and
kick starting Research & Development and entrepreneurship development fund. The project was
unveiled in the Budget 2014-15 and is being directly monitored by Prime Minister Narendra Modi.

9) What is the name of the controversial survey conducted by the Telangana Government throughout the
state on 19 August 2014 and due to which various sections of the state were scared and apprehensive?
Samagra Kutumbh Survey or Intensive Household Survey
Explanation : The Intensive Household Survey, completed in one day across Telangana, was to
identify genuine beneficiaries of government welfare measures. The surveyors sought to see bank
account details and the Aadhar card. The government had declared holidays under the Shops and
Establishment Act. Residents of Telangana, especially capital Hyderabad, who originally came from
Andhra areas were scared with this survey as they felt that the information collected from them would
be used against them at a later stage. As various sections of the state populace were apprehensive about
this survey, the matter was taken to the Hyderabad High Court about validity of the survey. The High
Court on 14 August 2014 permitted the Telangana government to go ahead with the survey on the
assurance of the states Advocate General that the exercise was not mandatory and denizens could
choose not to answer the queries of enumerators. The survey was conducted across the ten districts in
the state with the help of four lakh government employees and a huge team of outsourced enumerators
in the state.

10) Indias capital market regulator SEBI on 22 August 2014 ordered which NBFC entity to refund the
money raised from some 58.5 million customers through collective investment schemes (CIS)? Pearls
Agrotech Corp. Ltd

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Explanation : Delhi-based Pearls Agrotech operates from 15 regional offices and had 3.35 million field
associates in 2011-12. SEBI found Pearls Agrotech violating CIS regulations by mobilizing the money
without being registered with the regulator. The company offered two kinds of plans- a cash-down
payment plan and an instalment payment plan. Under the former, it offered to allot land to customers
within 270 days of payment and under the latter within 90 days.
1) The Reserve Bank of India on 14 August 2014 announced its decision to reduce the number of
mandated free transactions for savings bank account holders at other bank ATMs located in six metro
cities from five to three per month. This reduction would come into effect from which date? 1
November 2014
Explanation : The six metro cities (Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad)
were chosen first for reducing the number of mandated free transactions as they are well-served in terms
of payment infrastructure. This reduction in the number of mandated free transactions will, however, not
apply to customers having no-frills/small/Basic Savings Bank Deposit Account (BSBDA) type of
accounts as well as for transactions done by savings bank account holders at ATMs situated outside
these six metro cities. Banks are also free to offer free transactions above this mandated limit.

2) The Reserve Bank of India (RBI) on 6 August 2014 issued guidelines for asset reconstruction
companies (ARCs) to increase their investments in security receipts (SRs) with the objective of
strengthening the asset recovery sector. What is the minimum prescribed percentage of funds that ARCs
would now have to invest in SRs as directed in this RBI guideline? 15%
Explanation : This minimum investment requirement for ARCs was 5% at present. Public sector banks
sell their bad loans or NPAs (non-performing assets) to these ARCs. Sale of bad loans to ARCs gained
momentum in 2013-14 mainly because banks were able to obtain better prices for these sales. But this
RBI directive is likely to dissuade ARCs from offering a better price, since they will now have to make a
higher upfront payment.

3) The Reserve Bank of India (RBI) presented its bi-monthly policy review on 5 August 2014. It kept
the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 8.0%. It also left the cash
reserve ratio (CRR) of scheduled banks unchanged at 4.0% of net demand and time liabilities (NDTL).
However, which was the only major rate to be changed in this policy review? The Statutory
Liquidity Ratio (SLR)
Explanation : The SLR of scheduled commercial banks was reduced by 50 basis points from 22.5% to
22.0% of their NDTL with effect from the fortnight beginning 9 August 2014.
The major rates after this policy review are as follows:
* Short-term lending (repo) rate unchanged at 8%
* Cash reserve ratio (CRR) unchanged at 4%
* SLR cut by 0.50% to 22% to unlock banking funds
* Lowers banks SLR holdings in held-to-maturity category by 0.5% to 24%

4) Indian Parliament on 12 August 2014 passed the bill to empower SEBI to act against ponzi operators
and market manipulators more effectively. What is the name of this bill? The Securities Law
(Amendment) Bill, 2014
Explanation : The bill was passed by the Lok Sabha on 6 August 2014 and the Rajya Sabha passed it on
12 August 2014. It empowers SEBI to act against ponzi operators and market manipulators more
effectively through search and seizure, attachment orders and recovery proceedings and with access to
call data records. This marks a dilution from the direct powers granted to SEBI Chairman through as
many as three ordinances in the past one year to authorise search and seizure operations. Under the act
constituted (with the passing of this bill), a special SEBI court would be set up in Mumbai to fast track
prosecution proceedings launched by SEBI, as also to clear search and seizure operations proposed by
SEBI.

5) Indias capital market regulator SEBI cleared final guidelines for creation and listing of business
trusts for key sectors of real estate and infrastructure on 10 August 2014. These guidelines have been

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cleared to help attract greater foreign and domestic investments into these sectors. What are the names
of business trusts associated with real estate and infrastructure which would be created and listed with
these SEBI guidelines? Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts
(InvITs)
Explanation : Finance Minister Arun Jaitley had outlined the proposal for establishment of Real Estate
Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) in the Union Budget 2014-15
presented on 10 July 2014. The new norms would enable listing and trading of REITs and InvITs as any
other security on the stock exchange platforms and would also help create new platforms for raising of
funds by real estate and infrastructure companies. Along with foreign investors, domestic institutions
like insurers, pension funds and provident funds would also be allowed to invest in these trusts.

6) In order to solve the ongoing tussle between India and the WTO (World Trade Organisation), India
during August 2014 suggested fixing of the base year for food subsidies on the basis of average of last
three years. What is the year proposed by the WTO to be taken as the base year? 1986-87
Explanation : India is of the view that taking 1986-87 as a base year in 2014-15 is completely illogical
and it has hence suggested a more scientific calculation for base year calculation. Indian Government
had vetoed the adoption of a WTO treaty to simplify, standardise and streamline the rules for shipping
goods across borders, having previously agreed to its terms at a ministerial conference in Bali
(Indonesia) during December 2013. India wanted more attention paid to its concerns over WTO limits
on stockpiling of food which will ultimately hit its subsidised food distribution programme, the worlds
largest, targeted at nearly 850 million people.

7) SEBI gave its approval to single registration for stock brokers during August 2014. What would be
the main benefit for brokers with this approval? Now the brokers would not need to obtain multiple
certificates from SEBI for operating in the different segments of equity, equity derivatives,
currency derivative and debt
Explanation : Under the proposed regime, initial certificate of registration as stock broker/clearing
member will be granted by SEBI and subsequent permissions to act as stock brokers/clearing member of
other stock exchanges/clearing corporations will be granted by respective stock exchange/clearing
corporation after following the prescribed procedure. The latest SEBI move will also obviate the need
for separate certificate for each category of operations trading member, trading-cum-self clearing
member and professional clearing member.

8) Petroleum Ministry during August 2014 accorded its in-principle approval for stake-sale in ONGC
which may fetch the government about Rs. 18,000 crore to meet disinvestment target for the current
fiscal. For this how much stake-sale in the company is proposed? 5%
Explanation : As per the Budget 2014-15, the disinvestment target is Rs. 58,425 crore including
receipts from disinvestment of government stake in the non-government companies. The Department of
Disinvestment (DoD) has kickstarted the process of stake sale in ONGC and has invited bids for
appointing merchant bankers to manage the share sale.

9) Indian Railways during August 2014 launched a contact-less smart card enabling passengers to pay
for reserved as well as unreserved travelling train tickets as part of a pilot project. What is the name of
this smart card with lifetime validity? Go-India
Explanation : The Go-India Card has been launched to be used at nominated UTS counters and
Automatic Ticket Vending Machines (ATVMs) and nominated PRS counters for reserved tickets. The
card will enable passengers to pay for tickets for long distance reserved, unreserved and suburban
journeys. It is part of a pilot project to be implemented on two sectors New Delhi Howrah and New
Delhi Mumbai. On New Delhi Howrah sector this card could be used at 6 railway stations New
Delhi, Kanpur, Allahabad, Dhanbad, Asansol and Howrah whereas on New Delhi Mumbai sector the
card could be used at New Delhi, Kota, Vadodara, Ratlam, Surat and Mumbai Central. The card would
be of pre-paid nature and can be bought for Rs. 70 where passenger can get a value of Rs. 20 balance.
After that the card can be recharged for Rs. 20 or in multiples of Rs. 50 up to Rs. 5,000. Maximum
recharge value for Go-India Card would be Rs. 10,000.

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10) What is the name of the proposed airline of Tata-SIA Airlines Limited (TSAL), a joint-venture
between Tata Group and Singapore International Airlines (SIA)? Vistara
Explanation : The much-anticipated name was announced on 11 August 2014 by TSAL amid the
release of the aubergine and gold logo of Vistara. Vistara is derived from the Sanskrit word, which
means limitless expanse and draws inspiration from the brands domain the limitless sky. It would be a
full service airline service and may take to the skies in October 2014.
1) The Union Govt. on 26 July 2014 launched a web portal for enabling government-citizen discussions
on several issues. What is the name of this portal which was inaugurated by Prime Minister Narendra
Modi? MyGov
Explanation : The main objective of MyGov is to engage the youth of the country in the nations
development. It presents an opportunity to citizens to both discuss and do constructive work. There are
multiple theme-based discussions on MyGov where a range of people would share their thoughts and
ideas. The portal is implemented and managed by National Informatics Centre (NIC) and the
Department of Electronics and Information Technology (DeitY).
.
2) Public sector based Central Bank during July 2014 announced its plans to sell 4% of its stake to LIC
for Rs. 581 crore. This stake sale is planned to meet banks capital requirement of Rs. 2,000 crore this
fiscal. With this proposed sale Union Govt.s holding in Central Bank would come down to 84%
Explanation : Presently the Union Govt. holds 88% stake in Central Bank. Once the bank gets funds
from LIC, it will then approach the government for around Rs. 1,500 crore of additional capital. The
government has earmarked only Rs.11,200 crore for fund infusion into public sector banks this current
fiscal, down from Rs.14,000 crore in the last fiscal.
.
3) How many banks were fined by the Reserve Bank of India (RBI) on 25 July 2014 for violating central
bank rules in the case of Deccan Chronicle Holdings? Twelve
Explanation : These 12 banks are Andhra Bank (Rs 10 lakh), Axis Bank (Rs 15 lakh), Canara Bank
(Rs 10 lakh), Corporation Bank (Rs 10 lakh), HDFC Bank (Rs 5 lakh), ICICI Bank (Rs 40 lakh), IDBI
Bank (Rs 15 lakh), IndusInd Bank (Rs 10 lakh), Kotak Mahindra Bank (Rs 10 lakh), Ratnakar Bank (Rs
5 lakh), State Bank of Hyderabad (Rs 10 lakh) and Yes Bank (Rs 10 lakh). The RBI had carried out a
scrutiny of the loan and current accounts of Deccan Chronicle Holdings Ltd., in certain branches of
these banks in late 2013. After this scrutiny it came to the conclusion that some of the violations were
substantiated and warranted imposition of monetary penalty.
.
4) The government of Portugal on 4 August 2014 announced how much relief package for countrys
largest listed bank Banco Espirito Santo (BES) to bill out the beleaguered bank? 4.9 billion euros
($6.58 billion)
Explanation : This relief package was announced just months after Portugal exited an international
bailout and is therefore expected to test the Euro Zones resilience to another banking crisis. The rescue
of Banco Espirito Santo would include split of the bank into a good bank, renamed Novo Banco, and a
bad bank, which will house BES exposures to the troubled Espirito Santo business empire as well as
its subsidiary.
.
5) Which telecom company during July 2014 became the first in India to have a combined subscriber
base of over 300 million? Bharti Airtel
Explanation : Bharti Airtels subscriber base across mobile, fixed line and DTH services crossed 300
million recently. Companys latest 100 million subscribers were added in less than 2 years. Bharti Airtel
has been ranked as the fourth-largest mobile service provider globally and second-largest globally
outside of China. It started its operations in 1995 and had touched 100-million customer mark in 2009
and the 200 million mark in 2012.
.

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6) S.K. Jain, who was arrested by the CBI on charges of allegedly accepting a bribe of Rs 50 lakh to
enhance the credit limit of some companies, was the Chairman and Managing Director (CMD) of which
public-sector bank? Syndicate Bank
Explanation : He was arrested on 2 August 2014 by the CBI and was suspended by the Union Govt. on
4 August 2014. Jain was appointed CMD of state-owned Syndicate Bank in July last year for a period of
five years. He was one of the youngest CMDs of a public sector bank and was due to retire in 2020.
.
7) What is the name of the mission announced by the Union Govt. on 28 July 2014 envisioned to protect
the indigenous breeds of cows in the country? Rashtriya Gokul Mission
Explanation : Rashtriya Gokul Mission (RGM) was announced as part of BJPs poll promise to protect
the cow and its progeny. To protect indigenous breeds, such as Punganur, Vechur and Krishna Valley,
the Government plans to set up Gokul Grams (cow sanctuaries), for which public-private partnerships
as well as NGOs will be involved. The Government has kept aside Rs. 500 crore for the mission out of
the Rs. 1,200 crore allocated for cattle and dairy development during the 12
th
Plan. Of this Rs. 150 crore
will be spent this fiscal.
.
8) Which Indian online retailer, during July 2014 raised $1-billion (Rs 6,013 crore) of fresh funds in one
of the largest funding for any e-commerce company globally? Flipkart
Explanation : Flipkart is the largest online retailer of India with around 22 million registered users and
five million shipments in a month. This massive funding was co-led by existing investors Tiger Global
Management and Naspers. Singapores sovereign wealth fund GIC, along with existing investors Accel
Partners, DST Global, ICONIQ Capital, Morgan Stanley Investment Management and Sofina, also
participated in the fund-raising. The company will utilise the proceeds to make long-term strategic
investments in India. It is estimated that the firm has, so far, raised over $1.7 billion from investors,
including the current transaction.
.
9) Palghar became the 36
th
and the newest district of Maharashtra on 1 August 2014. It was carved out
from which district, which was Indias most populous district? Thane
Explanation : The proposal for a new, smaller and manageable Palghar district was hanging fire for
over two decades. The proposal was finally cleared by the Maharashtra Cabinet on 13 June 2014. With a
population of over 12 million, till 31 July 2014, Thane held the distinction of being the most populated
district in the country, spread across 9,600 sq.kms of hills, forests and coastal areas.
.
10) Which city would host the 21
st
Commonwealth Games of 2018? Gold Coast City (Australia)
Explanation : Gold Coast City is situated in the Queensland province of Australia. The city would host
the 21
st
Commonwealth Games from 4 to 15 April 2018. The hosting rights to Gold Coast City were
awarded in November 2011. It thus would be the fifth hosting of these games in Australia, with the
earlier stagings in 1938 (Sydney), 1962 (Perth), 1982 (Brisbane), and 2006 (Melbourne).
1) What is the minimum paid-up capital limit recommended by the Reserve Bank of India (RBI) for
those entities who wish to set up payments and small banks, as announced in the draft rules released by
it on 17 July 2014? Rs. 100 crore
Explanation : According to the draft guidelines, existing authorised non-bank pre-paid instrument
issuers (PPIs), non-banking finance companies (NBFCs), corporate BCs (business correspondents),
mobile telephone companies, super market chains, companies, real sector co-operatives and public
sector entities are eligible for setting up a payments bank. The guidelines allow even banks to take
equity position in a payments bank as permitted under the Banking Regulation Act, 1949. The promoters
will have to have an initial minimum capital of at least 40%. It has prescribed a lock-in period of five
years for promoters holding. The central bank has sought suggestions and comments on the draft
guidelines by 28 August 2014.
..
2) Which public-sector undertaking (PSU) on 23 July 2014 became the 17
th
Navratna status company?
Container Corporation of India Limited (CONCOR)

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Explanation : The Ministry of Heavy Industries and Public Enterprises, Department of Public
Enterprises, Government of India granted Navratna status to CONCOR on 23 July 2014. CONCOR is a
PSU engaged in providing comprehensive logistics solutions. It has the largest network of 62 inland
container depots (ICDs)/container freight stations in India. In addition to providing inland transport by
rail for containers, it has also expanded to cover management of ports, air cargo complexes and
establishing cold-chain. The Government of India (GoI) holds 61.80% stake in CONCOR (as per the
shareholding pattern as on 30 June 2014).
..
3) Which private sector bank has agreed to buy a 15% stake in beleaguered Multi Commodity Exchange
of India Ltd (MCX), announcement of which pushed the stock value of MCX by more than 10% on 21
July 2014? Kotak Mahindra Bank
Explanation : The commodity market regulator, Forward Market Commission (FMC), had ordered
MCX to reduce its promoter- Financial Technologies (FTs) stake from 26 to 2% in December last year
after FT was found not fit and proper to own stake in any exchange, following the NSEL crisis.
However, since the promoter repeatedly missed the deadline for reducing its stake, the regulator said it
would not allow the exchange to issue any new contracts beyond August, unless they did so. The news
of Kotak Mahindra Banks buyout has thus come at the right time. Prominent investor Rakesh
Jhunjhunwala had also acquired nearly 2% stake in MCX for about Rs. 66 crore during July 2014.
..
4) The Bank Employees Federation of India (BEFI) on 19 July 2014 released a list of 1,129 wilful
corporate loan defaulters on the occasion of the Bank Nationalisation Day. All the companies mentioned
in the list had defaulted loans over Rs. 10 crore. What is the approximate aggregate value of these
defaulters? Rs. 54,000 crore
Explanation : The purpose of releasing the list by BEFI on the Bank Nationalisation Day was to put
pressure on the defaulters and bank managements. BEFI claimed that a similar list released by unions
about five years ago helped some recovery. This list claimed that during the year ended 2013-14,
provisioning for Non Performing Assets (NPAs) accounted for Rs. 63,591 crore out of a total operating
profit of Rs. 1,27,965 crore. Lanco Mandakini Hydro Energy, Sujana Group, Kingfisher, Progressive
Construction, Viceroy Hotels, Regency Ceramics, Nav Bharat International, S Kumars Nationwide Ltd
and Deccan Chronicle have been named in the list, among others.
..
5) Who was during July 2014 chosen as the head of the committee formed to review the previous UPA
governments decision to raise the price of natural gas that would have led to a cascading effect on
power tariff, urea costs and retail price of piped cooking gas? Suresh Prabhu
Explanation : Suresh Prabhu is a former Union power minister. An indicative terms of reference for the
committee includes revisiting the Natural Gas Pricing Guidelines of 2014 (NGPG 2014) and the C.
Rangarajan formula and the possibility of applying the same in its present form or with modifications.
..
6) Which company on 23 July 2014 became the first Indian company to cross market capitalization
value of Rs. 5 lakh crore? Tata Consultancy Services (TCS)
Explanation : Market capitalization is the value of a companys outstanding shares and is used to
determine a companys size. TCSs market capitalization crossed 5 lakh crore mark on account of
appreciation in the price of TCS scrip following good financial results and record dividend declaration
by the company. State-held ONGCs market cap of around Rs. 3.5 lakh crore is way behind that of TCS.
It is worth mentioning that TCS market cap is more than the combined market cap of its nearest three
rivals Infosys (Rs 1.90 lakh crore), Wipro (Rs 1.39 lakh crore) and HCL Tech (Rs 1.07 lakh crore).
..
7) The Union Govt. on 19 July 2014 set up an expert committee to look into concerns raised by cost
accountants over some provisions in the new Cost Records and Audit Rules. Who is heading this
committee? R. S. Sharma, ONGCs former Chairman and Managing Director
Explanation : Following notification of the Companies (Cost Records and Audit) Rules 2014, the
Council of the Institute of Cost Accountants of India (ICoAI) had expressed concerns over certain
provisions of the rules, particularly coverage of sectors of economy under the rules. The other members
of the committee will be R K Jain, Additional Secretary in Ministry of Health and Family Welfare,

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former ICWAI (Institute of Cost and Works Accountants of India) President Chandra Wadhwa, and
Aruna Sethi, Adviser (Cost), Ministry of Corporate Affairs.
..
8) Which country on 17 July 2014 became worlds first developed nation to repeal carbon laws that put
a price on greenhouse-gas emissions? Australia
Explanation : Australian upper Senate on 17 July voted 39-32 to scrap the carbon tax that was
introduced by centre-left Labour government Prime Minister Julia Gillard in July 2012 and was
introduced in November 2013. This tax imposed A $25 (US$23.45) tax per metric tonne of carbon
dioxide on countrys worst greenhouse gas polluters. The tax was devised to penalize hundreds the
countrys biggest polluters. Australia is one of the largest per capita greenhouse gas emitters due to its
reliance on coal-burning power stations to power homes and industry. The carbon tax and plans for an
eventual emissions market dominated Australian politics for years, gaining momentum in 2007, when
former Labour Prime Minister Kevin Rudd called climate change the greatest moral challenge of our
time and made signature of the Kyoto climate protocol one of his first political acts after taking office.
..
9) Which country became the first in the world to legalise child labour during July 2014? Bolivia
Explanation : While most of the world is trying to diminish child labour, Bolivia has become the first
nation to legalise it from age 10. The Congress of this Latin American country had (during early July
2014) approved a legislation legalise child labour from the age of ten. Vice-President Alvaro Garcia
signed it into law on 17 July 2014 in the absence of President Evo Morales, who was travelling. Under
the legislation, 10-year-olds will be able to work as long as they are under parental supervision and also
attend school. It sets 12 as the minimum age for a child to work under contract. They also would have to
attend school. The bills sponsors say lowering the minimum work age from 14 simply acknowledges a
reality: Many poor families in Bolivia have no other choice than for their kids to work. The bill offers
working children safeguards.
..
10) Which Southeast Asian country on 20 July 2014 allowed 100% foreign ownership in banks? The
Philippines
Explanation : The order announced on 20 July allows foreign banks to own 100% stock of an existing
domestic bank or to open a fully owned subsidiary incorporated under Philippines laws. It replaces a cap
of 60% on foreign ownership and abolishes previous rules that allowed just 10 foreign banks in the
country. The new law is in preparation for the economic integration of members of the 10-country
Association of South-East Asian Nations (ASEAN) in 2015.
1) What is the definition of affordable housing loans as announced by the Reserve Bank of India (RBI)
on 15 July 2014? Rs. 50 lakh in metros and Rs. 40 lakh in non-metros, given by banks from the
proceeds of long-term bonds (of minimum seven years maturity)
Explanation : This announcement was made by the RBI in a bid to boost the housing sector. The RBI
also announced that the cost of a house cannot exceed Rs. 65 lakh and Rs. 50 lakh in the metros and
non-metros, respectively, to qualify as affordable houses. There are six metros in the country: Mumbai,
Chennai, Kolkata, Delhi, Hyderabad and Bangalore. Under the current regulatory regime, loans given by
banks to individuals up to Rs. 25 lakh in metros and Rs. 15 lakh in non-metros for
purchase/construction of a dwelling unit, per family, are considered as affordable housing loans. These
loans fall under the priority sector lending category for banks. The RBI said that it will periodically
review the definition of affordable housing, on account of inflation. This RBI move is expected to make
housing loans up to Rs. 50 lakh cheaper.
..
2) The fiscal deficit target for year 2015 (2014-15) has been retained at the level announced by former
Finance Minister P.Chidambaram in his interim budget. What is this level? 4.1% of GDP (The fiscal
deficit which had touched a high of 5.7% in 2011-12, was brought down to 4.8% in 2012-13 and further
to 4.5% in 2013-14)
..

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3) In the Union Budget 2014-15, the govt. announced setting up of a commission to bring in reforms
related to spending for achieving maximum output. What is the name given to this commission?
Expenditure Management Commission EMC
Explanation : The proposed EMC will review the allocated and operational efficiencies of government
expenditure to achieve maximum output and will give its interim report within this financial year.
..
4) The revival of the Kisan Vikas Patra (KVP) was announced in the Union Budget 2014-15 on 10 July
2014. The KVP was discontinued from November 2011 on the recommendation of which committees
recommendations? The Shyamala Gopinath Committee
Explanation : The Shyamala Gopinath Committee, in its report submitted on 7 June 2011, had
recommended that the KVP be discontinued as it was prone to misuse, being a bearer-line instrument.
It said the KVP was more popular than the National Savings Certificate (NSC) because of the ease of
transfer and liquidity.
..
5) What special feature has been proposed for currency notes in the Union Budget 2014-15 presented on
10 July 2014? These currency notes will now also integrate Braille-features to benefit the
visually-disabled people
..
6) What is the proposed name of an integrated Ganga Development Project for which Rs. 2037 crore
were allocated in the Union Budget 2014-15? Namami Ganga
..
7) What is the proposed name of a new 24X7 channel for northeast region that was announced in the
Union Budget 2014-15? Arun Prabha
..
8) Rs. 4200 crore were set for an ambitious Jal Marg Vikas Project on river Ganga in the Union Budget
of 2014-15. This project would be established between which two places on Ganga covering a distance
of 1620 km? Allahabad (UP) and Haldia (West Bengal)
..
9) What is the name given to a dedicated TV channel for farmers that was announced in the Union
Budget for 2014-15 and Rs. 100 crore was set aside for its establishment? Kisan Television (Kisan
TV)
..
10) What GDP growth rate range for 2014-15 was estimated in the Economic Survey 2013-14, which
was tabled on 9 July 2014 in the Lok Sabha? 5.4 to 5.9%
Explanation : GDP growth slowed to below 5% for two consecutive years, i.e. 2012-13 and 2013-14.
The Economic Survey envisages a better performance during 2014-15 on account of growth in sectors
like manufacturing and mining)
..
11) What was the fiscal deficit for 2013-14, as disclosed in the Economic Survey 2013-14? 4.5% of
GDP
Explanation : Fiscal deficit is the difference between the governments expenditures and its revenues.
An important factor in the increase in the Centres fiscal deficit after 2008-09 has been the sharp
increase in subsidies from 1.42% of GDP in 2007-08 to 2.56% of GDP in 2012-13. For 2013-14 the
subsidy bill is 2.26% of GDP.
..
12) The panel headed by C. Rangarajan, former Chairman of PMEAC (Prime Ministers Economic
Advisory Council), has dismissed the Suresh Tendulkar Committee report on estimating poverty. The
report submitted by Rangarajan to Planning Minister Rao Inderjit Singh recently stated that the number
of poor in India was much higher in 2011-12 at 29.5% of the population. What was the poverty figure
stated for the same year in the Suresh Tendulkar Committee report, which was severely criticized for its
findings? 21.9% (According to the Rangarajan panel, poverty stood at 38.2% in 2009-10 and slid to
29.5% in 2011-12. This is at variance with the Tendulkar methodology under which poverty was
estimated at 29.8% in 2009-10 and declined to 21.9% in 2011-12. This finding of C. Rangarajan
committee means that 3 out of 10 persons in India are poor. The Planning Commission in May 2012 had

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constituted the expert group under C. Rangarajan to review the Tendulkar Committee methodology for
estimating poverty)
..
13) Which state has the highest number of people below poverty line according to the new definition of
poverty that is part of the new poverty estimates that have been made by a panel led by C. Rangarajan?
Chhattisgarh
Explanation : According to these estimates 47.9% of Chhattisgarhs population is below poverty line.
Chhattisgarh thus tops the list of states with the highest poverty count. On the other had just 6.3% of
Goas population is below poverty line and it thus tops the list of states with the lowest poverty count.
On a national level, the C. Rangarajan committee report estimated the number of poor at 45.46 crore at
2011-12 prices, which is much higher than the 35.47 crore estimate by the Suresh Tendulkar committee.
..
14) What is the operating ratio of Indian Railways as announced in the Rail Budget 2014-15? 94 paise
(This means 94 paise put of every Re 1 is utilized. So the surplus for the railways is just 6%)
..
15) In how many years Indian Railways would be made paperless as proposed in the Rail Budget 2014-
15? 5 years (Facilities like Mobile alerts for wake up calls, arrival alerts and digital reservation charts
at station have also been proposed)
1) The performance ratings of banks operating in India would be put on the public domain from next
year. Which entity is rating bank services and would share this information in public domain?
Banking Codes Standards Board of India BCSBI (BCSBI was set up as an independent and
autonomous body in 2007 by the Reserve Bank of India (RBI) to ensure that the common consumer of
financial services from the banking industry gets what he/she has been promised. BCSBI is rating banks
on customer services on five parameters information dissemination, transparency, customer-centricity,
grievance redressal system and customer feedback. Of the 48 banks rated for customer service, only five
received high ratings; 25 were rated above average; 17 average; and one below average. The ratings
have been shared with the banks. The ratings were given based on a survey conducted by BCSBI across
69 cities, involving 3,000 branches and 6,000 customers)

2) State Bank of India (SBI) on 1 July 2014 launched six digital branches across the nation to serve tech-
savvy customers. One of such branches in Delhi was inaugurated on this day by Finance Minister Arun
Jaitley. Other 5 such branches are located in Mumbai, Bangalore, Chennai and Ahmedabad. What is the
name given to this new range of branches which will have full digital banking capabilities?
sbiINTOUCH (These sbiINTOUCH branches will include instant account opening with personalised
debit cards, instant loan approvals for education, car and home and remote expert advisors available via
video links. The new branches will be located in malls and will be primarily aimed at youth, who look
for digital banking)

3) Who was re-appointed as the Deputy Governor of the Reserve Bank of India (RBI) on 3 July 2014 by
the Union Govt.? Harun Rashid Khan (The appointment has been made for two years with effect
from 4 July 2014 or until further orders, whichever is earlier. Khan was appointed deputy governor in
July 2011 for a three-year term, which was set to expire on 3 July. As deputy governor, Khan looks after
the foreign exchange department and internal debt management, among others. The other two RBI
deputy governors are Urjit Patel and the recently appointed R. Gandhi. The government is yet to appoint
a deputy governor to replace KC Chakrabarty, who retired on 25 April 2014)

4) Who headed the committee on Tendulkar Committee methodology for estimating poverty, the report
of which was submitted to Planning Commission on 1 July 2014? C. Rangarajan (C. Rangarajan, the
former chief of Prime Ministers Economic Advisory Council (PMEAC), submitted the report to
planning minister Rao Inderjit Singh. The Planning Commission in May 2012 had constituted the expert
group under the then PMEAC chairman C Rangarajan to review the Tendulkar Committee methodology
for estimating poverty, following an uproar over the number of poor in the country. The Planning
Commissions estimates had drawn flak in September, 2011 when in an affidavit to the Supreme Court it

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was stated that households with per capita consumption of more than Rs. 32 in urban areas and Rs. 26 in
rural will not be treated as poor)

5) Which public sector financial entity engaged in commercial and development banking operations is
celebrating its 50
th
anniversary (Golden Jubilee) during July 2014? Industrial Development Bank of
India IDBI (IDBI was established in 1964 under an Act of Parliament as a wholly owned subsidiary
of the Reserve Bank of India (RBI). In 1976, the ownership of IDBI was transferred to the Government
of India and it was made the principal financial institution for coordinating the activities of institutions
engaged in financing, promoting and developing industry in India. IDBI provided financial assistance,
both in rupee and foreign currencies, for green-field projects as also for expansion, modernisation and
diversification purposes. During September 2004 the RBI incorporated IDBI as a scheduled bank
under the RBI Act, 1934. Consequently, IDBI, formally entered the portals of banking business as IDBI
Ltd. from 1 October 2004. The commercial banking arm, IDBI BANK, was merged into IDBI in 2005)

6) During June 2014 it was reported in some newspapers that the Finance Ministry is considering
doubling the exemption limit for investments by individuals in financial instruments to Rs 2 lakh in the
forthcoming Annual Budget. This is being sought so as to give a major boost to household savings.
What was the savings rate of India during 2012-13, a figure declining continuously since 2007-08?
30% of GDP (The savings rate of the country stood at 38% of countrys GDP during 2008. There have
been demands from bankers and insurers to hike the tax exemption limit from Rs 1 lakh per annum to
encourage household savings. The Direct Taxes Code (DTC) too had recommended that the combined
ceiling for investments and expenditures be raised to Rs 1.5 lakh per annum)

7) Which body, that during June 2014 submitted its report to the Prime Minister, has recommended that
the Planning Commission should be replaced by a reforms and solution body as it exceeds the scope of
its authority by acting as a control commission? Independent Evaluation Office IEO (The IEO,
which was set up by the government in November 2010, from February this year began independently
assessing the effectiveness of government programmes and institutional policies. It submitted the
assessment report on Planning Commission to Prime Minister during June 2014. IEO in its report stated
that since the Planning Commission has defied attempts to reform it to bring it in line with the needs of a
modern economy and the trend of empowering the States, it is proposed that the Planning Commission
be replaced)

8) Which PSU general insurance company during June 2014 introduced insurance on wheels concept
for faster renewal of policies? National Insurance Company Ltd. (Under the scheme, a vehicle will
be parked at appropriate locations in a city. People can renew their policies from there instead of going
to the company office. Currently, the service has been introduced in 15-odd cities of the country)

9) The delisting process of which pharma major came under market regulator SEBIs lens for violation
of its regulations on fraudulent and unfair trade practices and SEBI issued an order on 24 June 2014?
AstraZeneca (SEBI said that it started investigating the matter after coming across reports that the
offer-for-sale (OFS) done by Astra Zenecas promoters in May 2013 was a deliberate attempt to
subsequently get the share delisted at ease. On further examination, SEBI found that Astra Zenecas two
earlier attempts at delisting (2004 and 2010) had been unsuccessful. In its order SEBI directed that the
promoters of AstraZeneca shall finally purchase shares from public shareholders in the delisting offer
only after seeking approval of the BSE and the NSE)

10) Global e-commerce giant Amazon during May 2014 tied up with N.R. Narayana Murthy, the co-
founder of IT services firm Infosys by forming an e-commerce joint venture with his private investment
firm. What is the name of this investment firm of Narayana Murthy? Catamaran Ventures (Murthys
private investment firm Catamaran Ventures, a Rs. 600-crore fund launched in 2010, has formed a joint
venture with Amazons Asia unit to create a new entity. This new entity will help small and medium
businesses in India. Catamaran Ventures is based in Bangalore)

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1) The Securities and Exchange Board of India (SEBI) on 17 June 2014 came out with a consultation
paper on an alternative funding source to help start-ups struggling to raise funds. Under this, funding (in
small amounts) is sought from multiple investors through a web-based platform or a social networking
site for a specific project, business venture or social cause. What is the name of this funding source
which is quite popular in developed countries? Crowd-funding (According to SEBIs consultation
paper SEBI wants the issue fund-raising capped at Rs. 10 crore a year for each start-up. Only national
stock exchanges and SEBI-registered depositories are eligible to set up a crowd-funding platform)
..
2) The Reserve Bank of India (RBI) on 17 June 2014 asked banks to make sector-wise disclosure of
their advances from 2014-15 onwards with a view to encourage them to actively manage exposure to
various segments. This direction was based on which committees recommendation on this subject?
Dr. Nachiket Mor Committee (The Committee on Comprehensive Financial Services for Small
Businesses and Low Income Households under chairmanship of Dr. Nachiket Mor had recommended
that banks actively manage their exposures to various sectors, including priority sectors)
..
3) Indias capital market regulator Securities and Exchange Board of India (SEBI) on 19 June 2014
announced a slew of reforms that included a proposal to hike public holding in all public sector
undertakings (PSUs), new norms for research analysts and ESOPs given by listed firms. What is the
minimum public shareholding for PSUs as fixed by the SEBI? 25% or Rs. 400 crore whichever is
lower (Currently, PSUs have to maintain 10% of minimum public shareholding, while private
companies are required to maintain 25%. Now, the PSUs will be given three years to achieve minimum
public shareholding of 25%)
..
4) Which bank is organising The Banking and Economics Conclave 2014 which was inaugurated by
Reserve Bank of India (RBI) Governor Raghuram Rajan in Mumbai on 17 June 2014? State Bank of
India SBI (This conclave is a national level banking conclave that has been organized for the first
time. The conclave is on the lines of Bancon, an event organised by Indian Banks Association (IBA)
each year. It is also the first time that a commercial bank has organised an event of this magnitude)
..
5) The Tax Administration Reform Commission (TARC) headed by Parthasarathi Shome in its first
report endorsed the recommendations given by the 1992 committee on tax reforms for abolishing the
post of Revenue Secretary in the Ministry of Finance. Who had headed that 1992 committee on tax
reforms which had advocated path-breaking tax reforms for the country Raja J Chelliah (Raja J
Chelliah was instrumental in bringing about the early reforms to the direct taxation structure. He served
as chairman of Tax Reforms Committee of Union govt. between 1991 and 1993 and he was often called
The Father of Tax Reforms)
..
6) The Delhi Government on 17 June 2014 announced that the national capital has become the first
kerosene-free city in the country. Which scheme was implemented in the city which enabled it to do
away with the sale of non-subsidised kerosene in the city Delhi: A Kerosene-Free City Scheme,
2012 (The scheme was launched in 2012 in collaboration with three oil marketing companies and the
Union Ministry of Petroleum and Natural Gas for which Delhi Government had incurred an expenditure
of Rs. 62 crores. With delhi being kerosene-free, India is expected to save upto Rs. 200 crore annually)
..
7) The Wholesale Price Index (WPI) for the month of May 2014 touched a 5-month high as higher food
prices and fuel costs fuelled price rise. What was the WPI for May 2014 which was released on 16 June
2014? 6.01% (The WPI for April 2014 was 5.20%. As per the data released by the government, core
inflation was at 3.8% as against 3.4% last month. Primary article inflation stood at 8.58% as against
7.06% last month. Food article inflation was at 9.50% as against 8.64% last month while non-food
article index was up at 1.5%)
..
8) AirAsia India, the Indian arm of the Malaysian no-frills airline headed by Tony Fernandes, on 12
June 2014 became the fifth budget carrier in India as its maiden flight took off on the day. This first

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flight of AirAsia was between which two destinations? From Bangalore to Goa (AirAsia became the
fifth budget (no-frills) airline in India after IndiGo, JetLite, SpiceJet and GoAir. AirAsia India is a three-
way venture between the Malaysia-based low-cost airline, Indias Tata Group and investment firm
Telestra Tradeplace)
..
9) The shareholders of Reliance Industries Limited (RIL) got an opportunity to cast their votes through
e-voting system at companys 40
th
Annual General Meeting (AGM) held on 18 June 2014 at Mumbai.
RIL shareholders cast their votes by touching the touch-pads of tablet computers that were brought by
volunteers individually to them. However, the Ministry of Corporate Affairs had deferred mandatory e-
voting for shareholders till which date? 31 December 2014 (Thus e-voting for shareholders would
become mandatory for companies from 1 January 2015. An advantage of e-voting is that under it one
share has one vote while under the earlier system one person has one vote. In the traditional voting at
company AGMs hands were shown or lifted in support of a proposal and it was not more than a mere
formality)
..
10) Who was during June 2014 appointed the arbitrator from the Union Finance Ministry in the
Rs.20,000-crore tax dispute case with U.K. telecom major Vodafone? Justice (Retd.) R. C. Lahoti,
Former Chief Justice of India (The governments decision was in response to an arbitration notice
served by Vodafone International Holdings B.V. in April 2014 under the Bilateral Investment Protection
and Promotion Agreement between India and the Netherlands for resolving the dispute. The Union
Cabinet had approved the conciliation with Vodafone in June last year in a bid to resolve the capital
gains tax dispute related to its 2007 acquisition of Hutchison Whampoas stake in Hutchison Essar)
1) The Reserve Bank of India (RBI) on 3 June 2014 announced its first bi-monthly monetary policy
review after the new government took charge at the Centre. RBI Governor kept the most important repo
rate unchanged at 8% and almost all other important rates were also unchanged. Which is the only rate
which was changed? Statutory Liquidity Ratio SLR (The SLR of scheduled commercial banks was
reduced by 50 basis points from 23% to 22.5%. This reduction is expected to infuse liquidity in the
economy by unlocking around Rs. 40,000 crore of bank funds)
.
2) The RBI in its bi-monthly monetary policy announced on 3 June 2014 raised the eligibility limit for
foreign exchange remittances from $75,000 to $1,25,000 (It was earlier possible to remit up to
$2,00,000 under the liberalised remittance scheme. This was reduced to $75,000 last year, as a
prudential measure when the country was going through a sudden depreciation of its currency. However,
this limit was raised to $1,25,000, thus acknowledging the recent stability on the forex front. This
effectively meant that individuals would now be able to spend upto $1,25,000 abroad)
.
3) The Reserve Bank of India (RBI) in its bi-monthly monetary policy announced on 3 June 2014
allowed both residents and non-residents (except citizens of Pakistan and Bangladesh) to take out Indian
currency notes up to Rs 25,000 while leaving the country. What was the limit for this at present?
Rs.10,000 (Currently, only Indian residents were allowed to take notes up to Rs 10,000 out of the
country)
.
4) Which country would become the 19
th
member of Eurozone and the last Baltic nation to adopt the
euro on 1 January 2015 as announced by the European Commission on 4 June 2014? Lithuania
(European Commission announced that Lithuania has fulfilled all conditions to join the Eurozone and it
recommended that the country would become the currency blocs 19
th
member on 1 January 2015.
Lithuania would be the last Baltic nation to adopt the euro, after Estonia did so in 2011 and Latvia
followed suit at the beginning of 2014)
.
5) Kotak Mahindra Bank shares slipped after the RBI asked it to reduce its promoters shareholding. The
bank is to reduce its promoters shareholding to what level by September 2014 as directed by the RBI?
40% (Currently, the promoters shareholding in the bank is 43.58%. Hence, the banks promoters are
required to shed 3.58% of their share. In June 2012, the RBI had asked Kotak Mahindra Bank to reduce

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the promoters holding to 20% by 2018 and 10% by 2020 from the then 45.21%. This move is to
diversify the promoters shareholding and bring it in sync with the new banking licence regulations and
thereby improve corporate governance. Kotak Mahindra Bank is a private-sector bank owned by Uday
Kotak)
.
6) Indias market capitalization during June 2014 crossed which major milestone after around 4 years,
mainly on the back of a strong government at the Centre? 1.5 trillion dollar (The recent spurt in the
market has also propelled India to be the 10
th
biggest in terms of market cap, and the second biggest in
the BRIC group of countries, behind China which is at $3.23 trillion. In rupee terms, Indias market cap
is at an all-time high of Rs 89.8 lakh crore. At the current level, Indias market cap-to-GDP ratio is about
0.79. However, this is much lower than the levels seen during the last bull market of 2007-08, when the
ratio was nearly 2)
.
7) Curtains may be down on the UP Stock Exchange (UPSE), Uttar Pradeshs only trading platform, as
the deadline issued by the Securities and Exchange Board of India (SEBI) expired on 30 May 2014. The
SEBI had fixed conditions for UPSE according to which the annual turnover of the exchange would
have to be around Rs. 1,000 crore and its net-worth should be at-least Rs. 100 crore. In which city is the
UPSE situated? Kanpur (Kanpur-based UPSE failed to meet any of the two conditions prescribed by
the SEBI)
.
8) What is the name of Prime Minister Narendra Modis mega-dream project of Indias only
International Financial Services Centre (IFSC) being conceptualised as a global financial and IT services
hub, which on 3 June 2014 announced having achieved financial closure for its Phase I infrastructure
development? Gujarat International Finance Tec-City (GIFT City) The GIFT City is being
designed to be at or above par with globally-benchmarked financial centres like those at Shinjuku
(Tokyo), Lujiazui (Shanghai), La Defense (Paris) and London Dockyards. A consortium of banks agreed
to provide a loan of Rs 1,157 crore for this project. The project, spread over 886 acres, including a 261-
acre SEZ on the outskirts of Gandhinagar, is expected to involve investments of Rs 78,000 crore when
completed by 2026)
.
9) Al Hilal Bank, one of the fastest-growing banks in the UAE, has implemented Finacle e-Banking
solution. Finacle e-Banking solution is a leading banking solution of which Indian IT company?
Infosys (The Finacle e-Banking solution would enable Al Hilal to provide a range of Internet banking
services to its corporate customers with highest security. It would also allow the bank to roll out new
functionalities on a regular basis and build upon the existing products to provide an enhanced banking
experience, all at reduced costs)
.
10) Prime Minister Narendra Modi on 8 June 2014 unveiled a new book titled Getting India Back on
Track: An Action Agenda For Reform. The book basically carries a series of papers on different areas
for presentation to the new government arguing out the case for the reforms that would be necessary to
get India back on track. Who are the editors of this book? Bibek Debroy, Ashley J. Tellis and Reece
Trevor (The book has been published by Carnegie Endowment for International Peace. The foreword of
the book has been written by Ratan N Tata and it contains insightful essays by eminent academicians
and public policy experts)
1) RBI Deputy Governor R Gandhi during May 2014 said that the RBI is proposing to permit opening of
small bank accounts by merely filling up a form without any document for address or identity proof.
This is being proposed in a bid to increase access to banking services. However, these proposed small
accounts would come with some limitations. What are these limitations?
* These accounts will have limitations on credit/debit balances
* Will be available only at core banking solution-enabled branches
* No foreign remittances will be permitted
* Will be available only for 12 months further extension on application for officially valid
document

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* The aggregate of all credits in a financial year cannot exceed Rs. 1 lakh
* The aggregate of all withdrawals and transfers in a month cannot exceed Rs.10,000
* The balance at any point in time should not exceed Rs.50,000

2) The Reserve Bank of India (RBI) on 21 May 2014 eased gold import norms which were imposed
during July 2013. This was done following representations from jewellers, bullion dealers, banks, and
trade bodies. Whats the main provision announced under this? Select trading houses, in addition to
already permitted banks, have been allowed to import gold (The RBI in July last year had imposed
severe restrictions on gold imports in order to check the burgeoning current account deficit and sliding
rupee. Now Star trading houses/premier trading houses (STH/PTH) have been allowed to import gold
under 20:80 gold import scheme)

3) Shares of state-run banks rose as much as 5% after an RBI panel report said that the Government
should reduce the holdings in PSU lenders to below 50%. Who headed this panel? PJ Nayak, ex-
Chairman of Axis Bank (The report was released on 13 May 2014 and had mainly stated that
Government should cut its holding in public sector banks to below 50%, criticising the way in which the
lenders are being governed)

4) The Reserve Bank of India (RBI) has put on hold its decision to make Aadhaar-based biometric
authentication for transactions mandatory. The Supreme Court had earlier asked the government not to
link Aadhaar with any social benefit schemes and subsidies. What was the main reason for this decision
of the RBI? Huge time taken for Aadhaars biometric authentication and high set up costs (In the
testing phase, biometric authentication took up to 30 seconds even on 3G connections, as opposed to 5
seconds otherwise. Banks were also worried about huge set-up costs needed to enable the required
infrastructure for biometric authentication)

5) What major relief was announced by the Reserve Bank of India (RBI) on 7 May 2014 for takers of
housing, auto and personal loans? It directed all the commercial banks not to levy any penalty on
pre-payment of loans under floating rate scheme that cover housing, auto as well as personal
loans (The RBI advised that banks will not be permitted to charge foreclosure charges/ pre-payment
penalties on all floating rate term loans sanctioned to individual borrowers, with immediate effect.
Floating loan products include housing, corporate, vehicle and personal loans. Two years ago, RBI had
barred banks from levying foreclosure charges or pre-payment penalties on home loans on floating
interest rate basis)

6) The Reserve Bank of India (RBI) on 6 May 2014 issued the guidelines allowing minors to operate
bank accounts independently with a view to promote financial inclusion and bring uniformity in opening
of such accounts in banks. What is the prescribed age for minors to operate bank accounts, as announced
by the RBI in this guideline? Above 10 years (According to the guidelines issued by the RBI, minors
above 10 years of age can open and operate independently savings bank account and use other facilities
like ATM and cheque books)

7) A high-level committee recommended recasting of the Index of Industrial Production and (IIP)
Wholesale Price Index (WPI) with an objective to present a more realistic picture of the economy. Who
is heading this high-level committee which recently submitted its report? Saumitra Chaudhuri,
Member, Planning Commission and Prime Ministers Economic Advisory Council (The committee
submitted its report on the IIP and WPI during last week of April 2014. The whole exercise of recasting
these indexes was aimed at making the indices reflect each other)

8) Which country was ranked as the cheapest among the major world economies in a latest report by
Germanys Deutsche Bank? India (According to this recently released report India is the cheapest
major economy on the basis of prices of products comparable across countries. The report claimed that a
weaker rupee has allowed India to remain the cheapest major economy despite the highest inflation.

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Australia was ranked as the most expensive major economy while the United States was ranked as the
cheapest developed country. Brazil was again listed as the most expensive among developing countries)

9) IPL franchisee Delhi Daredevils during May 2014 launched a co-branded cricket credit card in
partnership with which commercial bank? The Ratnakar Bank Ltd(This was the first time that a
commercial bank and a leading cricket franchise came together to launch a co-branded cricket credit
card. The card brings to its cardholders exclusive privileges like meeting and greeting the Delhi
Daredevils team, personal and original memorabilia, coaching camps, free match tickets, talk shows,
etc.)

10) The iconic Ambassador car of India is almost on its way to become history as its owner company the
C.K. Birla Group-promoted Hindustan Motors (HM) on 24 May 2014 suspended work at its oldest
factory near Kolkota. Where is this famous factory situated? Uttarpara (The work was suspended due
to almost negligible demand for Ambassador car, which was once the lifeline of whole India. Around
2,500 workers working in the Uttarpara plant are facing the risk of losing their jobs. Ambassador was
the first car to be completely made in India some 6 decades back)
1) How much amount was collected by Indias largest banking group the State Bank of India (SBI)
recently in overseas debt sale through a dual tranche bond programme, which make it the largest ever
offering from a domestic issuer? $1.25 billion (The bank raised $750 million in 5-year money at US
treasury interest rate plus 205 basis points, while it priced the 10-year $500 million issue at 225 bps over
the treasury. The overseas debt sale programme was completed on 10 April 2014)

2) Which country during 2013 overtook Mauritius as the top gateway of money being brought in by
overseas investors through the foreign direct investment (FDI) into Indian markets? The United
States (According to the data available with the Indian capital markets regulator SEBI during April
2014, the US accounted for the largest chunk of assets under the FDI mode being invested in the Indian
equity and debt markets at the end of 2013 with over Rs 4.37 lakh crore worth funds. The US was
followed by Mauritius with over Rs 3.31 lakh crore worth assets under custody (AUC) of FIIs and
their sub-accounts as on 31 December 2013)

3) Which international financial institution on 11 April 2014 completed its first global rupee bond
programme worth $ 1 billion? International Finance Corporation (IFC) Washington D.C.
headquartered-IFC completed this huge issue in three rounds and the third and final round of bond issue
totalling Rs 12 billion (about $ 194 million) was completed on 11 April. Under its global rupee bond
programme, IFC has also issued three-year bonds totalling Rs 30 billion and five-year bonds totalling Rs
20 billion. This issue was launched to strengthen Indias capital markets and attract greater foreign
investment)

4) According to the data released by World Bank Groups International Comparison Program (ICP)
during April 2014, India became the third largest economy in the world. This was a rapid climb for India
as it was ranked at 10th spot in 2005. However, this ICP study was not based on evaluation of actual
GDPs of countries. On which basis was this ranking done by ICP? On Purchasing Power Parity
PPP (The GDP of various countries was evaluated on PPP and it was evaluated that the purchasing
power parities -based world GDP amounted to $90,647 billion)

5) With the implementation of new Companies Act from 1 April 2014, a majority of the top 200 listed
companies will need to change their auditors over the next three years. According to the new Companies
Act, it is now mandatory for the companies to change their auditors after how many years? 10
years (The latest notified section 139 of the Companies Act 2013 makes it mandatory for audit firms to
be changed after every 10 years. This has been done in a bid to ensure objectivity and prevent the
alleged cozy relations between management and auditors)

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6) India retained the top spot in the world in foreign exchange remittances from its migratory workforce
during 2013. How much remittance was received by India during the year? $70 billion (India was
followed by China ($60 billion), Philippines ($25 billion), Mexico ($22 billion), Nigeria ($21 billion),
Egypt ($17 billion), Pakistan ($15 billion), Bangladesh ($14 billion), Vietnam ($11 billion) and Ukraine
($10 billion) in the top 10 remittance recipient nations in the world. This data was disclosed in a World
Bank report on remittances, which is an annual exercise that underscores the point that remittances are
an important source of foreign exchange. One important fact is that remittance received by India was
more than the $65 billion it earned from countrys flagship software services exports)

7) Which two international cement companies announced their merger on 7 April 2014, which would
now create worlds largest cement manufacturing company? Holcim of Switzerland and Lafarge of
France (Holcim and Lafarge would merge to create a new company which would be called
LafargeHolcim. It would have cement manufacturing operations in around 90 countries and sales of
around $44 billion. The deal will give the group a market value of close to $60 billion)

8) Who was appointed the new Finance Secretary on 15 April 2014? Arvind Mayaram (Arvind
Mayaram is presently the Economic Affairs Secretary and replaced Sumit Bose who retired on 31 March
2014)

9) Which famous American bank came to news during April 2014 for miscalculating a measure of the
capital on its books which reduced its capital level by $4 billion? Bank of America (Bank of America
(BoA) is the second-largest U.S. bank. It on 28 April 2014 announced that regulators had suspended its
plan to buy back more shares and raise its dividend after the bank realized it had miscalculated a
measure of the capital on its books. The bank said fixing the mistake reduced a capital level by $4
billion, or about three-quarters of the extra money that the Federal Reserve had approved its returning to
shareholders over the next year.

10) Which leading banking luminary was appointed as the special advisor of the interim President of
BCCI-IPL Sunil Gavaskar on 11 April 2014? Deepak Parekh, Chairman of HDFC (Parekh will be a
special invitee during the IPL governing council meeting as his vast experience in financial affairs will
enable Gavaskar to ensure smooth functioning if IPL for next two months)
1) The Reserve Bank of India on 2 April 2014 granted in-principle approval of bank licences to which
two entitites? IDFC Limited and Bandhan Financial Services Private Limited (These two firms
pipped to post 23 other applicants, which included some well-known financial and industrial houses like
Muthoot Finance, Reliance Capital, Tata Sons, IFCI, Aditya Birla Nuvo, Bajaj Finserv, LIC Housing
Finance, L&T Finance Holdings and Shriram Capital. IDFC was established in 1997 and acts as a
specialized financial intermediary for infrastructure projects. Bandhan Financial is Indias largest micro
finance institution with over 4.5 lakh borrowers and was set up in 2002)
.
2) Who was appointed as the new Deputy Governor of the Reserve Bank of India (RBI) on 3 April
2014? R. Gandhi (He was appointed by the Union Govt. for a period of three years. The appointment
follows Anand Sinha relinquishing his charge as Deputy Governor in mid-January 2014. The RBI now
has four Deputy Governors KC Chakrabarty, HR Khan, Urjit Patel and R. Gandhi. However, KC
Chakrabarty too had announced his retirement and RBI is also seeking a replacement for him)
.
3) The Finance Ministry released a draft of the Direct Taxes Code (DTC) on 1 April 2014. This draft
focuses on raising more revenue from high net worth individuals, while leaving the slabs unchanged for
others. In this draft high slab of income-tax has been proposed for individuals and Hindu Undivided
Family (HUF) belonging to super-rich category. What is the criterion of income for this super-rich
category? Annual income above Rs. 10 crore
.
4) What is the proposed tax slab for super-rich individuals and Hindu Undivided Family (HUF) in the
draft of the Direct Taxes Code (DTC), which was released on 1 April 2014? 35%

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.
5) What is the proposed additional tax on those earning over Rs 1 crore through dividend income in the
draft of the Direct Taxes Code (DTC), which was released on 1 April 2014? 10%
.
6) In its first bi-monthly monetary policy statement issued on 1 April 2014, the RBI announced which
major relief for saving bank account holders? It asked banks to cut down services on low-balance
accounts and do away with fines (In this regard the RBI said that it proposes to frame comprehensive
consumer protection regulations based on domestic experience and best global banking practices.
Instead of levying penal charges for non-maintenance of minimum balance in ordinary savings bank
accounts, banks should limit services available on such accounts to those available to basic savings bank
deposit accounts and restore the services when the balances improve to the minimum required level)
.
7) Private sector bank Axis Bank on 27 March 2014 launched its own Kisan Credit Card, which is aimed
at helping farmers access liquidity round-the-clock. The bank claimed that it is first new generation
private sector bank to launch an electronic Kisan Credit Card on the RuPay platform. In which year the
Kisan Credit Card scheme was launched? in 1998 (The scheme was introduced in August 1998 and
since then, a host of banks, a majority of them in the state-run space, have launched such cards)
.
8) The capital market regulator, the Securities and Exchange Board of India (SEBI) on 29 March 2014
got back the power to act against ponzi schemes, illegal deposit schemes and assess call data records in
securities-related offences after the SEBI Ordinance was re-promulgated. This happened after the
Finance Ministry managed to get the nod of the Election Commission and Cabinet on re-promulgation
of the SEBI Ordinance and finally from the President. Under this ordinance, which pooled money
schemes would be compulsorily registered with the SEBI? Schemes with deposits over Rs. 100 crore
(This Ordinance lapsed on 17 January 2014 after the Government failed in getting the Securities (laws)
Amendment Bill passed in the monsoon, winter and extended winter session of the 15th Lok Sabha,
which was adjourned sine die on 21 February 2014)
.
9) The Reserve Bank of India (RBI) on 27 March 2014 extended the deadline for implementation of
Basel III norms by the Indian banks to 31 March 2019. What was the earlier deadline for
implementation of this norm? 31 March 2018 (Under this norm Indian banks need to have a core
capital ratio of 8% and a total capital adequacy ratio of 11.5% against the present 9%. The norm has
been devised to strengthen the regulation, supervision and risk management of the banking sector)
.
10) Who was appointed as the new President of the Confederation of Indian Industry (CII) during March
2014? Ajay S. Shriram (Ajay S. Shriram is the Chairman and Sr. Managing Director of DCM
Shriram Ltd and he was elected as the President of CII for 2014-15. He succeeds S Gopalakrishnan of
Infosys as the new President. Naushad Forbes, Director, Forbes Marshall, has been elected as the Vice-
President)
1) Who headed the committee on Credit Information Reports (CIRs), which submitted its report to the
Reserve Bank of India (RBI) during March 2014? Aditya Puri, Chairman of HDFC Bank (This
committee recommended that customers should be given a free copy of their credit profile as it would
help in promoting financial discipline among loan seekers. The committee also recommended use of
common data formats and a common data quality index that could assist credit institutions in
determining the gaps in data)
.
2) Which infrastructure finance company during March 2014 received RBI approval to set up a
minimum of 9,000 white label ATMs (WLAs) in the next three years in rural India? SREI
Infrastructure Finance Ltd (The company received a certificate of authorisation from the RBI to set
up, own and operate a payment system for WLAs effective 25 March 2014. Through these WLAs, the
infrastructure financial institution will be able to take financial products and services of the sponsor
bank to the doorstep of the rural population)
.

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3) What is the name of the pre-paid/remittance provider associated with the m-Pesa platform, which
during March 2014 started a pan-India inter-bank money transfer service by joining hands with the
Immediate Payment Service (IMPS) of the National Payments Corporation of India (NPCI)? Mobile
Commerce Solutions Ltd (MCSL) With this tie-up, an MCSL (m-Pesa) user can send money to
customers of any IMPS-enabled bank using NPCIs remittance platform. The National Payments
Corporation of India (NPCI) is the umbrella organisation of all retail payment systems in India, set up
with the support of the Reserve Bank of India and Indian Banks Association (IBA). Immediate Payment
Service (IMPS) is a remittance processing platform offered by NPCI that offers instant, 24X7, electronic
funds transfer through mobile, Internet or ATM between banks and pre-paid providers)
.
4) Union Government on 21 March 2014 sold its 9% stake in which private sector bank? Axis Bank
(The stake was divested through the Specified Undertaking of UTI (SUUTI), which was formed in 2003
is an offshoot of erstwhile UTI and held 20.72% in Axis Bank. The other promoters of the bank are Life
Insurance Corporation, General Insurance Corporation, New India Assurance and National Insurance
Company)
.
5) The Reserve Bank of India (RBI) on 19 March 2014 allowed five domestic private banks to import
gold. This decision is expected to give a boost to gold supplies and bring down premiums gold prices in
India, which is the worlds second-biggest consumer after China. Which 5 banks are these? HDFC
Bank , Axis Bank, Kotak Mahindra Bank, IndusInd Bank and YES Bank (Experts of the global
gold market believe that this could be a significant step towards easing of tough curbs on the metal
imposed last year to cut the countrys trade deficit)
.
6) Which state scored the highest in monthly per capita consumer expenditure (MPCE) report rankings
for urban areas which was released during March 2014 by the National Sample Survey Organisation
(NSSO)? Haryana (Haryanas MPCE stood at Rs. 3817 and it was followed by Kerala (Rs. 3,408) and
Maharashtra (Rs. 3,189). Among urban areas, Bihar (Rs. 1,507) shows the lowest monthly per capita
consumption expenditure. The 68th round survey on level and pattern of consumption expenditure was
conducted by the NSSO between July 2011 and June 2012)
.
7) Which state scored the highest in monthly per capita consumer expenditure (MPCE) report rankings
for rural areas which was released during March 2014 by the National Sample Survey Organisation
(NSSO)? Kerala (Keralas MPCE stood at Rs. 2,669 and it was followed by Gujarat (Rs. 2,581) and
Punjab (Rs. 2,345). Among rural areas, Orrisa (Rs. 1,003) displayed the lowest MPCE. The 68th round
survey on level and pattern of consumption expenditure was conducted by the NSSO between July 2011
and June 2012)
.
8) What is the name of the Deputy Governor of the RBI who resigned on 20 March 2014? KC
Chakrabarty (He resigned on personal grounds three months ahead of completion of his term.
Chakrabarty was appointed as Deputy Governor in June 2009 for a period of three years. In 2012, he got
an extension of two years)
.
9) Indian market regulator SEBI on 19 March 2014 passed an order against Financial Technologies
(FTIL), declaring it as not fit and proper to hold any shares directly or indirectly in any stock exchange
or clearing corporation. FTIL presently holds equity stakes in which stock exchanges of the country?
MCX Stock Exchange (MCX-SX), National Stock Exchange (NSE), Delhi Stock Exchange (DSE),
Vadodara Stock Exchange (VSE) and MCX-SX Clearing Corporation (MCX-SX CCL) As per
this SEBI order, all these holdings will need to be disposed of within 90 days. In December 2013, the
Forward Markets Commission (FMC) had declared FTIL as not fit and proper to hold two per cent or
more of the equity share capital in the Multi Commodity Exchange of India Ltd (MCX))
.
10) Union Govt. on 18 March 2014 launched the exchange traded fund of Central public sector
enterprises (CPSE-ETF) hoping to raise Rs 3,000 crore. The long awaited CPSE-ETF is an open-ended
scheme comprising of shares of 10 Central public sector enterprises and it includes ONGC, Coal India

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Limited, GAIL, Indian Oil Corporation (IOC), Rural Electrification Corporation (REC), Oil India
Limited (OIL), Container Corporation of India Limited (CCIL), Power Finance Corporation (PFC),
Engineers India Limited (EIL) and Bharat Electronics Limited (BEL). Which financial entity is
managing this ETF? Goldman Sachs India MF (The CPSE-ETF tracks an index fund but trades like
a stock on the exchange and is yet another avenue for the Union Govt. for selling its stake in CPSEs)
1) Which round of Inflation Expectations Survey was launched by the Reserve Bank of India (RBI) on 3
March 2014? 35
th
(These inflation expectations are to be based on subjective assessments of about
5,000 households across 16 cities. The survey seeks qualitative responses from households on price
changes (they foresee in general prices as well as prices of specific product groups) in the next three
months as well as in the next one year and quantitative responses on current, three-month ahead and
one-year ahead inflation rates)

2) The Reserve Bank of India (RBI) on 3 March 2014 extended the deadline for the public to exchange
currency notes printed before 2005 up to which date? 1 January 2015 (Now the public would be able
to exchange currency notes printed before 2005 by 1 January 2015. The RBI on 22 January 2014 had
announced that it would withdraw from circulation all pre-2005 currency notes from 1 April 2014. Post-
2005 notes have added security features and help in curbing the menace of fake currency)

3) Which PSU bank sold its entire stake in credit information provider Credit Information Bureau of
India Limited (CIBIL) to Transunion International Inc (TII) during March 2014? Central Bank of
India (Central Bank had 5% stake in CIBIL while TII is the majority shareholder in CIBIL at 27.5%.
State Bank of India and ICICI Bank carry 10% each, while rest of 2.5% is with Sundaram Finance Ltd.
Among others, Bank of Baroda, Bank of India, Punjab National Bank, Union Bank, Citicorp Finance
(India), HSBC, Standard Chartered Bank, Indian Overseas Bank and HDFC Ltd each hold 5% stake in
CIBIL)

4) Union Government on 28 February 2014 approved the proposal to ensure Rs. 1,000 minimum
monthly pension under a scheme of Employees Provident Fund Organisation (EPFO). This pension
would be provided under which EPFO scheme? Employees Pension Scheme-95 (EPS-95)

5) The Union government on 4 March 2014 announced raising the interest rates on select fixed deposit
schemes offered by post offices. Maximum increase of 0.2% per annum (20 basis points) was
announced on which two schemes offered by post offices? 1-year term deposit and 2-year term
deposit (The interest on these two schemes was raised from the present 8.2% per annum to 8.4% per
annum. On the other hand rate of interest was raised by 0.10% (10 basis points) on 3-year term deposit,
5-year term deposit and 5-year recurring deposit schemes. This increase would come into effect from 1
April 2014)

6) Reserve Bank of India (RBI) on 13 March 2014 hiked the trade related remittance limit from Rs. 2
lakh to Rs. 5 lakh per transaction. What was the reason for this increase? Increase in the number of
transactions handled by exchange houses (There is a rapid increase in the number of the permitted
transactions under the Rupee Drawing Arrangements (RDAs) due to rapid developments in the
communication facilities)

7) Nishi Vasudev on 1 March 2014 became the first woman to become head of a prominent blue-chip
PSU. Which PSU is this? Hindustan Petroleum Corp Ltd. HPCL (She replaced Subir Roy
Choudhury)

8) Who took over as the new Chairman and Managing Director (CMD) of Allahabad Bank on 11 March
2014? Rakesh Sethi (Prior to this elevation, Sethi was an executive director at Punjab National Bank)

9) Which two state-owned companies on 14 March 2014 bought 10% government stake in Indian Oil
Corp (IOC) for Rs 5,340 crore? Oil and Natural Gas Corp (ONGC) and Oil India Ltd (OIL) In

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off-market transactions, ONGC and OIL bought 5% stake each at Rs. 220 per share. This stake sale
doubled governments disinvestment proceeds for the current fiscal to Rs 10,434 crore. An Empowered
Group of Ministers (EGoM) headed by Finance Minister P Chidambaram had on 28 February 2014
decided to sell the stake in IOC, the nations largest oil firm, at a discount of 10% through an off-market
deal)

10) Which state was ranked as the most industry-friendly state in a Deloitte Touche Tohmatsu study
sponsored by the Planning Commission? Haryana (This study shows that Haryana, Gujarat and
Madhya Pradesh are the top three industry-friendly states in the country. Orissa occupied fourth
positioned whereas fifth place was given to Andhra Pradesh. Bihar ranks sixth, while Kerala, Rajasthan,
Tamil Nadu and Nagaland followed it. Among the bottom five states West Bengal, Maharashtra, Assam,
Goa and Jharkhand occupied top five places respectively. This study was commissioned by the Planning
Commission in 2013 and consultancy firm Deloitte Touche Tohmatsu was asked to rate states based on
certain parameters that would help them improve the regulatory ecosystem for the manufacturing sector.
However the report was not officially released due to the Model Code of Conduct imposed by the
Election Commission)
1) The Cabinet Committee on Economic Affairs (CCEA) during February 2014 gave its approval for
foreign equity participation up to 74% of the paid-up capital of which private bank based in Kerala?
Federal Bank (The 74% foreign equity permission comes with sub-limit of 49% for FIIs and 24% for
NRIs)

2) State-run United Bank of India (UBI), which is going through serious financial mess on account of
huge increase in non-performing assets (NPAs), is expected to be provided with how much additional
funds by the union govt. to meet its capital requirements? Rs. 1,000 crore (The bank will issue
perpetual non-cumulative preference shares to the govt. to over the crisis created by its ballooning
NPAs. UBIs CMD Archana Bhargava had quit the post last week citing health problems. The bank had
been earlier stopped from issuing any loans above Rs. 10 crore by the RBI)

3) Indias first all-women bank Bharatiya Mahila Bank (BMB) during February 2014 tied up with
which public-sector general insurance company for launching 3 health insurance products for women
account holders of the bank? New India Assurance (These policies, BMB Sakhee, BMB-Nirbhaya
and BMB-Parivar Suraksha provide customised package of health insurance policies from New India
Assurance. While Sakhee Policy aimed at rural women, offers covers up to Rs 50,000, the Nirbhaya
schemes offers cover limit up to Rs 5 lakh. Parivar Suraksha offers family floater facilities)

4) During February 2014 who became the first Indian to be elected President of Administrative Tribunal
of the Asian Development Bank (ADB)? Lakshmi Swaminathan (Swaminathan is the seventh
president of the Tribunal. She is the first Indian to become the president of the Tribunal. Of the previous
six presidents, two had been from the US, two from Philippines, one from Sri Lanka and one from the
UK. Swaminathan is a jurist in administrative law and was the vice chairman of the Principal Bench at
Delhi of the Central Administrative Tribunal. Manila headquartered ADB consists of 64 member
countries, including India)

5) Indias first Post Office Savings Bank ATM was inaugurated on 27 February 2014 by Finance
Minister P. Chidambaram at Chennai (Indias first Post Office Savings Bank ATM was inaugurated at
Thiyagaraya Nagar Head Post Office in Chennai. This initiative of opening Post Office Savings Bank
ATM is part of the governments Rs. 4,909 crore IT modernisation scheme for the Department of Posts
specified in the interim budget for 2014-15)

6) Ennore port was on 26 February 2014 officially renamed as Kamarajar Port Ltd. The decision, which
came a few days ago in the form of Union Cabinet approval, was formalised with Union Shipping
Minister GK Vasan unveiling a plaque at a function organised by the port at Chennai on 26 February.

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Tamil Nadu has the maximum number of major ports (three) in India. Which are the other two major
ports in Tamil Nadu? Chennai and Tuticorin

7) What is the name of the volatility index launched by the National Stock Exchange on 26 February
2014 which has been based on the index options prices of Nifty? India VIX (India VIX would provide
future contracts facility to investors and would help investors hedge near-term volatility risks in their
equity portfolio. India VIX indicates the investors perception of the markets volatility in the near term.
The index depicts expected market volatility over the next 30 calendar days. A high India VIX value
would suggest that the market expects significant increase in volatility, while a low value indicates the
reverse. India VIX and Nifty have a negative correlation)

8) Who was appointed as the new Chairman and Managing Director of Oil and Natural Gas Corporation
Limited (ONGC Ltd.) on 26 February 2014? Dinesh K. Sarraf (The Appointments Committee of the
Cabinet (ACC) approved the appointment of Sarraf, who at present is the Managing Director of
ONGCs overseas arm, ONGC Videsh Limited (OVL). Sarraf replaces Vasudeva who turned 60 on 25
February and retires on 28 February. The Union Govt. earlier rejected Oil Minister M. Veerappa Moilys
proposal to give Sudhir Vasudeva a post-retirement extension. ONGC Ltd. is Indias most profitable
company)

9) What is the name of the bitcoin exchange, which was once the largest bitcoin exchange in the world
and which on 25 February 2014 came to news for virtually disappearing from the internet with many
millions of dollars of customer deposits? Mt. Gox (Mt. Goxs website was down on 25 February and
its founder was unaccounted-for during the day. MtGox is a Tokyo-based exchange which allowed users
to trade Bitcoins for US Dollars and several other currencies. MtGox was going through some serious
problems after news surfaced that almost 750,000 bitcoins (currently worth more than 200m) were
missing in the exchange and this theft went unnoticed for several years)

10) Which public sector undertaking (PSU) was during February 2014 kept out of the proposed Central
Public Sector Enterprises (CPSE) Exchange Traded Fund (ETF)? PowerGrid Corporation (With the
exit of PowerGrid Corporation the CPSE ETF would now consist of 10 PSU firms. These 10 PSUs are
ONGC, Coal India Limited, GAIL, Indian Oil Corporation (IOC), Rural Electrification Corporation
(REC), Oil India Limited (OIL), Container Corporation of India Limited (CCIL), Power Finance
Corporation (PFC), Engineers India Limited (EIL) and Bharat Electronics Limited (BEL). The proposed
CPSE ETF will serve as an additional mechanism for the government to monetise its shareholdings in
those CPSEs that eventually form part of the ETF basket)
1) Union Finance Minister P. Chidambaram presented the Vote-on-Account on 17 February 2014, which
would take care of union expenses until the governments term ends in May 2014. What the expected
fiscal deficit was for 2013-14, as announced in this vote-on-account? 4.6% of GDP (The fiscal deficit,
which is the gap between expenditure and revenue, was 4.9% of GDP in the previous financial year.
Earlier fiscal deficit was expected to be around 4.8%. As per current indications, the fiscal deficit has
come down mainly on account of expenditure compression and higher realisation from the 2G spectrum
auction)

2) What is the expected agricultural growth rate for 2013-14, as announced in the Vote-on-Account on
17 February 2014? 4.6%

3) Union govt. announced a moratorium on interest for educational loans in the Vote-on-Account
presented on 17 February 2014. With this announcement 9 lakh student borrowers are expected to
benefit to the extent of Rs. 2,600 crore. Educational loans taken before which year would be given
moratorium on interest? 2009

4) What is the total outlay for defence for 2014-15, as announced in the Vote-on-Account on 17
February 2014? Rs. 2,24,000 crore, which is 10% more than that of 2013-14

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5) A venture capital fund for scheduled castes (SCs) with an initial capital of Rs. 200 crore was
announced in the Vote-on-Account presented on 17 February 2014. Which financial entity would set up
this VC fund? IFCI

6) Which two business segments were exempted from the service tax in the Vote-on-Account presented
on 17 February 2014? Blood banks and provider of rice warehousing facilities

7) What is the name of the proposed agency for better management of the governments borrowings
which was announced by the Union Finance Minister P. Chidambaram in his vote-on-account on 17
February? Public Debt Management Agency PDMA (Chidambaram announced that the Centre is
ready with the Public Debt Management Agency Bill and that the proposed agency will be established as
a non-statutory body and is expected to begin work in the next fiscal. Former finance minister Pranab
Mukherjee had first announced setting up of PDMA in his budget speech of 2011-12. The PDMA is
expected to consist of RBI officials, civil servants and people from the private sector)

8) The Reserve Bank of India (RBI) during February 2014 constituted a committee to examine the
recommendations of the Financial Sector Legislative Reforms Commission (FSLRC) relating to
capacity building in the banking sector. The committee has been tasked with the responsibility of
identifying capacity building requirements keeping in view the role of financial sector and what it
should deliver. Who is heading this 9-member committee? G Gopalakrishna (G Gopalakrishna is an
Executive Director in the RBI. The committee will examine the skills required at various
levels/operations to deliver on the required role and also identify qualifications relevant to specific areas
of operation in banks and non-banks. Further, it will evolve methodologies for prescribing certification
for required qualifications)

9) What is the name of the chairperson and managing director of Kolkata-headquartered United Bank of
India (UBI), who took voluntary retirement on 20 February 2014? Archana Bhargava (Archana
Bhargava was appointed as United Banks CMD in April 2013 and her appointment was up to February-
end 2015. Her retirement comes in the wake of a surge in bad loans and the bank posting a loss in the
third quarter. United Banks gross non-performing assets jumped 194% to Rs. 8,545.50 crore (includes
fresh slippage of Rs. 3,172 crore in the October-December quarter) as at December-end 2013
against Rs. 2,902 crore as at December-end 2012)

10) India Post (Dept. of Posts) on 13 February 2014 launched electronic Indian Postal Order (e-IPO) for
Indian Citizens living in India. e-IPO facilitates paying online fee for which purpose? For seeking
information under the RTI (e-IPO is a facility to purchase an Indian Postal Order electronically for
paying RTI fee online through e-Post Office Portal (https://www.epostoffice.gov.in) or India Post web-
site (www.indiapost.gov.in). After paying the fee online one just need to annex the print-out of the
receipt to the RTI application. Earlier last year the Department had launched the e-IPO on 22 March
2013 for Indian Citizens living abroad across the globe)

11) Indian market regulator SEBI on 13 February 2014 cleared new corporate governance norms that
require listed companies to justify CEO salaries, put in place whistle-blower policies and have orderly
succession plans. What is the main objective of this new norm? To exhort listed companies and their
top executives to follow Good Business Practices (The new norms were cleared by the SEBI board
on 13 February and the relevant provisions would be incorporated in the listing agreement soon. The
board also cleared new KRA (KYC Registration Agency) Regulations that would make it easier for the
investors to comply with Know Your Client (KYC) requirements across various segments of the capital
markets)
1) RBI Governor Raghuram Rajan announced on 12 February 2014 that in coming days Indian citizens
without a bank account would be able to withdraw cash from an ATM (automated teller machine) with
the help of mobile technology. Payment banks will play important role in facilitating this system under

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which a payment system will facilitate funds transfers from bank account holders to those without
accounts through ATMs. Which committee had recently recommended establishment of payment banks?
Nachiket More Committee on Financial Inclusion (The interesting proposal essentially is that the
sender can go to an ATM with a participating bank and ask the money to be withdrawn from his
account. The intermediary then processes the payment and sends a code via mobile to the recipient. The
recipient takes that code to the nearest ATM of that participating bank, punches in the code and
withdraws the money)

2) Till February 2014, the Reserve Bank of India has issued the certificate of authorisation to how many
non-bank entities for setting up and operating white label ATMs (WLAs) in India? Four (The entities
which got the permission are Tata Communications Payment Solutions; Prizm Payment Services,
Mumbai; Muthoot Finance , Kochi and Vakrangee Limited, Mumbai. In June 2012, the RBI issued
guidelines permitting non-bank entities to set up and operate WLAs in the country after seeking the
RBIs authorisation under the Payment and Settlement Systems Act, 2007. Prior to this, only banks were
permitted to set up and operate ATMs in India. As many as 17 entities had sought the RBI nod for
WLAs. WLAs serve customers from all banks and will be connected with the entire ATM network in
the country)

3) Plastic notes in the denomination of Rs. 10 will be introduced on a trial basis in which five cities in
the second half of 2014, as stated by the Union Government on 7 February 2014 in the Parliament?
Kochi, Mysore, Jaipur, Shimla and Bhubaneswar

4) Indian public sector banks went on a two-day strike from 10 February 2014 after the conciliation
effort made by the Central Chief Labour Commissioner to avert the all-India bank strike scheduled
failed. Which bank union made a call for this strike? United Forum of Bank Unions UFBU (The
talks between the UFBU and the Indian Banks Association over a five-year wage revision package,
held in New Delhi on 6 February 2014 failed as UFBU alleged that the bank managements had nothing
new to offer)

5) What is the name of Indias first public sector unit (PSU), the revival plan for which was approved by
the Cabinet Committee on Economic Affairs (CCEA) on 13 February 2014? ITI Limited, which was
formerly known as Indian Telephone Industries Ltd (The company was established in 1948 and was
incorporated in 1950 under the then Mysore Companies Act, 1938 and later converted as the first PSU
of the country to assist the Government in the sensitive and strategic telecommunication field. The
company was referred to the Board of Industrial and Financial Restructuring (BIFR) in 2004-05 and
declared a sick company. BIFR had recommended a revival plan for ITI Ltd. The revival plan will be
supported through financial restructuring by fund infusion of Rs. 4,156.79 crore)

6) Which company will become Indias first telecom player to be fully owned by a foreign company
following approval of companys FDI proposal by the Cabinet Committee on Economic Affairs (CCEA)
on 6 February 2014? Vodafone (The CCEA on 6 February approved the telecom major Vodafones Rs
10,141 crore (or $1.6 billion) proposal to buy out minority shareholders in its Indian unit. This is the
single largest foreign investment in the telecom sector)

7) The Indian Banks Association (IBA) during February 2014 issued an advisory to banks to ensure
business continuity after Microsoft ends support for its popular Windows XP operating system on 8
April 2014. In its advisory it drew the attention of banks to a study by Microsoft in which it claimed that
very large number of Indian public bank branches would become vulnerable following the U.S.-based
firms decision to stop support to Windows XP. How many public sector bank branches were claimed to
be affected? 34,000 (The fiscal impact of this could be as much as a loss of business opportunity worth
Rs.1,100 crore in a day and a loss of income worth Rs.330 crore over a period of three days. Windows
XP launched in October, 2001 is three generations behind the latest operating system Windows 8,
which was launched in October, 2012)

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8) Who will head the 7
th
Central Pay Commission which will revise salaries of over 50 lakh central
government employees and remuneration of 30 lakh pensioners? Justice Ashok Kumar Mathur,
former Judge of the Supreme Court (The composition of the 7th Central Pay Commission was approved
by the Prime Minister recently. The other members of the Commission, include, Oil Secretary Vivek
Rae (full time Member), NIPFP Director Rathin Roy (part-time Member) and OSD in Expenditure
Department Meena Agarwal (Secretary). The Commission has been mandated to submit its report in
two years time and its recommendations would be implemented from January 1, 2016. Earlier in
September 2013, the Prime Minister had approved setting up of the 7th Pay Commission)

9) The National Organisation of Bank Workers (NOBW) demanded immediate reconstitution of the
erstwhile Banking Services Recruitment Board (BSRB) to save banks from staff crunch and work
overload. NOBW claimed that due to disbanding of BSRB recruitment process in the banking sector has
almost come to a standstill and as a result banking transactions have suffered. When was BSRB
disbanded? in 2005 (This demand was made at NOBWs Golden Jubilee Celebrations held at Nagpur
on 3 February 2014. NOBW also claimed that most of the staff in the public sector banks was working
beyond their specific limit, thereby affecting not only their output but also the overall functioning of the
institutions)

10) Who took over as Asian Development Banks new Country Director for India on 3 February 2014?
Teresa Kho (She was heading the Bangladesh Resident Mission of ADB and replaced Hun Kim, who
is now Deputy Director General of ADBs South Asia Department in Manila)
1) India Post (Indian postal department) during January 2014 announced an ambitious plan to install as
many as 3,000 ATMs and 1.35 lakh micro-ATMs at its post offices across the country for savings
account holders. This plan was rolled-out by installing three ATMs in New Delhi, Chennai and
Bangalore on 5 February 2014 and ramping it up gradually. What is the tentative deadline given by India
Post for installing these 3,000 ATMs and 1.35 lakh micro-ATMs? September 2015 (Under this plan,
1,000 ATMs with the India Post branding will be put in within the first year, which will be ramped up
massively to 3,000 in the next 18 months. To start with, the ATMs can be used only by 26 crore savings
account-holders who save with the postal department but India Post hopes that within six months of the
launch, it will get the interoperability permission from the Reserve Bank of India (RBI). Postal savings
are worth around Rs 6.05 trillion, which is half the savings in the largest lender SBI and more than
double that of the largest private sector lender ICICI Bank)

2) What is the new Repo Rate after Reserve Bank of India (RBI) Governor Raghuram Rajan on 28
January 2014 increased it by 0.25% under RBIs third quarter monetary policy review? 8% (This
move is expected to translate into higher EMIs and push up the cost of borrowing for corporates.
Consequently, the Reverse Repo Rate under the Liquidity Adjustment Facility (LAF) will be revised to
7% and the marginal standing facility rate and bank rate to 9%. However, the RBI kept the cash reserve
ratio (CRR) unchanged at 4% as liquidity seems to be comfortable)

3) The RBI released the Macroeconomic and Monetary Developments Report along with the third
quarter monetary policy review on 28 January 2014. What is RBIs broad expectation about economic
growth rate (GDP Growth Rate) during 2013-13? GDP growth rate will remain below 5% (The RBI
said the growth is expected to fall below 5% in 2013-14 in absence of pick-up in manufacturing sector,
but likely to recover to 5.5% in the next financial year (2014-15). In the first half of 2013-14, the GDP
growth was at 4.6%)

4) What is the name of a new fund announced on 27 January 2014 by the National Innovation Council
(NInC) and the Ministry of Micro, Small and Medium Enterprises to combine innovation and the
dynamism of enterprise to solve the problems of citizens at the bottom of the economic pyramid in
India? India Inclusive Innovation Fund IIIF (The fund, launched by Sam Pitroda, head of the
NInC, is an autonomous Rs. 500-crore fund, with the Union Government contributing 20%. The balance

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will come from public sector banks, financial institutions, insurance companies, multilateral/bilateral
development agencies, Indian & global corporates)

5) What was the GDP growth rate figure for Indian economy for 2012-13 declared by the Union
Government on 31 January 2014? 4.5% (This GDP growth rate is 0.5% lower as compared with the
earlier estimate of 5% on account of subdued performance in agriculture, mining and manufacturing.
Growth in 2012-13 is the lowest in a decade, with the previous low of 4% recorded in 2002-03. The
estimates for 2012-13 were released by the Central Statistics Office (CSO) under the Ministry of
Statistics and Programme Implementation)

6) The Cabinet Committee on Political Affairs (CCPA) on 30 January 2014 raised the subsidised LPG
cylinder quota from 9 to 12 per year per household. It also decided to put on hold the direct benefit
transfer scheme for LPG which linked payment of subsidy directly into the bank accounts of the
consumers under the Aadhaar platform. After increase in the cap on subsidized LPG cylinders what
percentage of LPG cylinders are now covered by subsidisd cylinders? Around 97% (Petroleum and
Natural Gas Minister Veerappa Moily disclosed that 89.2% of the 15 crore LPG consumers use up to
nine cylinders in a year and only 10% have to buy the additional requirement at the market price. After
the quota is raised to 12, about 97% of the LPG consumers would be covered by subsidised LPG)

7) In a first of its kind venture, six public sector undertakings (PSUs) including state-run Bharat Heavy
Electricals Limited (BHEL) and Power Grid Corporation of India Limited (PGCIL) on 29 January 2014
announced joining hands to set up worlds largest 4,000 MW ultra mega solar power project in
Rajasthan. Where in Rajasthan this solar plant spread across 19,000 acres is going to be established?
Sambhar (The project will be the largest single location solar plant spread across 19,000 acres at
Sambhar in Rajasthan. It entails an investment of Rs. 7,500 crore in the first phase. The JV will have
equity of 26% from BHEL, 23% from SECI (Solar Energy Corporation of India), 16% from SSL
(Sambhar Salt Ltd), 16% from PGCIL, 16% from SJVNL (Satluj Jal Vidyut Nigam) and 3% from REIL
(Rajasthan Electronics & Instruments Limited))

8) Indias first monorail Mumbai Monorail was opened for the general public on 2 February 2014 after
being inaugurated on 1 February. Which authority owns and operates this monorail project? Mumbai
Metropolitan Region Development Authority (MMRDA) The Rs. 3,000-crore Mumbai Monorail
project is being implemented in two phases. The MMRDA has already spent Rs. 1,900 crore
of Rs. 3,000 crore allocated for the project, including the civil work for the second phase. Commercial
operations of the 8.9-km first phase connecting Wadala-Chembur stations on the northeastern fringe of
Mumbai metropolis commenced on 2 February with the first train leaving the Wadala station at 7am.
The Mumbai Monorail is not just the first in the country, but across the subcontinent. Monorails are in
operation in China, Japan, Singapore, Australia, Dubai, Europe, and the Americas

9) Vakrangee Ltd., which is engaged in providing e-governance solutions, recently came to news for
banking related activities. Why? It has received final authorization for operating White Label
ATM (WLA) license from Reserve Bank of India (RBI) Under, the RBI license, the company is
entitled to set up and run minimum 15,000 ATMs across the country in next three years. White label
ATMs are those which are not run by the Banks but by a non- banking entity in its own brand name (like
Vakrangee ATM) after passing through all the stringent qualification and due-diligence process
undertaken by RBI)

10) Tata Chemicals on 23 January 2014 celebrated its platinum jubilee (75
th
year) and on this occasion
companys Managing Director R. Mukundan rang the opening bell on the Bombay Stock Exchange. At
which place 75 years back Tata Chemicals established its first centre of salt and soda ash production?
Mithapur Gujarat (Tata Group was associated with Mithapur in 1939 when it took over the Okha
Salt Works at Mithapur near Okha. Mithapur, situated between Okha and Dwarka, is a small colony
supported by Tata Chemicals Limited, which is one of the flagship companies of the Tata Group)

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1) To promote women entrepreneurship, the countrys first womens bank the Bharatiya Mahila Bank
(BMB) has chosen to do away with collateral for loans availed by women. The BMB will provide
collateral-free loans for amounts up to Rs 1 crore. Which entity would cover the risk under this
initiative? Credit Guarantee Fund Trust for Micro and Small Enterprises CGTMSE (The
CGTMSE is a credit guarantee scheme, where a premium is paid either by the lender or the applicant,
provides a guarantee cover for up to 80% of loans availed by women owned or operated micro- and
small enterprises. For loans availed for smaller amounts such as Rs 20,000, the bank will completely
waive off the requirement for collateral)

2) In a major overhaul of foreign investment regime, the government is considering splitting overseas
inflows into two categories Foreign Portfolio Investment (FPI) and Foreign Direct Investment (FDI)
with a minimum composite cap of 49%. The proposal envisages an aggregate automatic limit of 24% of
FPI, which may be raised up to the extent of FDI permitted under the automatic route. Constituting two
categories for foreign investments is considered by which panel? Mayaram Panel (The government
had set up a four-member committee headed by Economic Affairs Secretary Mayaram to define FDI and
FII and remove the ambiguity between them. The Committee submitted its final report during the last
week of January 2014)

3) Who was the head of RBIs committee on strengthening monetary policy framework, which in its
recommendations has suggested that the target for inflation should be set at 4% with a band of +/- 2%
around it? Urjit Patel, Deputy Governor of the RBI (This inflation target is in view of vulnerability of
the Indian economy to supply/external shocks and the relatively large weight of food in Consumer Price
Index (CPI))

4) The Reserve Bank of India during January 2014 constituted an 8-member expert committee to review
the governance of bank boards in India, which includes examining the ownership and salary structure of
banks. Who heads this committee? PJ Naik, former Chairman and CEO of Axis Bank (The committee
will review the regulatory compliance requirements of the board of directors of banks, judge what can
be rationalised and where requirements need enhancements, examine the working of the boards,
including whether adequate time is being devoted to issues of strategy, growth, governance and risk
management)

5) Which bank came to highlight during January 2014 for declaring an interim dividend of 9000%,
which is said to be the highest in Indias banking industry? Tamilnad Mercantile Bank TMB
(Tuticorin-based TMB took a decision to this effect at a meeting held on 18 January 2014. This dividend
stands at Rs. 900 per share of Rs 10 each, for the fiscal ending March 2014. This is the second year in a
row that the bank has declared such a high dividend. The banks board had approved a dividend of Rs
750 per share for 2008-09 and Rs 1,000 per share the following year)

6) Who retired as Deputy Governor of the Reserve Bank of India (RBI) on 20 January 2014? Anand
Sinha (With Anand Sinha relinquishing his charge as Deputy Governor, the RBI re-allocated his
portfolios among the remaining three Deputy Governors K.C. Chakrabarty, H.R. Khan and Urjit
Patel. Sinha was in-charge of eight departments, including Departments of Banking Operations and
Development, Risk Management, Information Technology and Expenditure and Budgetary Control)

7) The Union Government on 20 January 2014 allowed the establishment of an ad hoc authority to
recommend the pricing of the passenger and cargo segments. What is the name of this authority? Rail
Tariff Authority (Rail Tariff Authority will have a Chairman and four members. The decision to have
an ad hoc arrangement through a government resolution was taken because establishing it through an
executive order, as had been desired by the Cabinet, was not feasible given that under the Railway Act
only the Railway Board can decide on the prices of rail services. For constitution of the RTA, an
amendment to the Railway Act, 1989, is also necessary)

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8) A prominent Indian credit rating agency along with four other rating agencies from Europe, Asia,
Africa and Latin America during January 2014 launched a new credit rating outfit ARC Ratings S.A.
The network-based rating agency would provide credit rating services to cross-border corporates in
terms of accessing global capital. Which Indian rating is involved in this initiative? CARE Credit
Analysis and Research (ARC Ratings will be an equally held entity and have its operational
headquarters in London. Each partners shareholding is capped at a maximum of 25%. ARC will rate
sovereign debt, financial institutions, non-financial corporations as well as structured products)

9) Chinas economy grew by 7.7% in 2013, which is far below the standards of China worlds second-
largest economy. The economic growth rate of 2013 is the lowest since which year? 1999 (2013s
growth is the lowest in 14 years. This marks the slowest growth since 1999, when China grew 7.6%. The
previous decade saw record double-digit growth, with the country defying the global slowdown to grow
10.4% in 2010 as it unveiled a massive $ 586 billion stimulus. This declining growth underlines the
challenges faced by China as it grapples with rebalancing and reviving a slowing down economy)

10) Which stock exchange retained its position as the worlds largest bourse in terms of equity trades for
the second consecutive year in 2013? Indias National Stock Exchange (NSE) NSE recorded
almost 145 crore equity trades on its platform last year, a gain of 3% from 2012, making it the biggest
among 51 global peers, according to data with the World Federation of Exchanges (WFE). Rival
exchange BSE slipped one place to eighth position. Although it has more than 4,000 listed companies,
the BSE recorded 34.46 crore trades last year, a drop of 3% compared to 2012. Chinas Shenzhen Stock
Exchange recorded 129 crore trades, climbing three places to become the second-largest bourse in the
world. Trades on the Shenzhen SE, which pushed NYSE Euronext to third place, rose 38% from 2012
1) According to announcement made by Union Finance Minister P. Chidambaram on 12 January 2014
the Centre has revised its target upwards to opening 10,000 new bank branches a year. This has been
part of Centres initiative of taking banking services to rural areas. What was the earlier target? 7,000
branches (From the coming financial year, it has been revised to open 10,000 branches a year and
through this, an additional 55,000 new jobs are expected to be created)

2) Which major bank during January 2014 came out with plans to outsource the management of some of
its ATMs by taking calls from vendors? State Bank of India (SBI called for a Request for Proposal
(RFP) from vendors to manage about 7,843 cash dispensers (ATMs). Vendors will be expected to have
all capabilities to remotely capture and initiate appropriate action in the event of any problems at these
cash dispensers. They will be expected to ensure that the downtime of these ATMs in metro and urban
areas is less than 3%, while it is less than 6% in rural areas. SBI had 32,777 ATMs as of 30 September
2013. It has expanded its network steadily in the past few years, adding about a third of its network
(about 11,000 ATMs) in the past 18 months. ATM operations have however not been profitable)

3) Retirement fund-body the Employees Provident Fund Organisation (EPFO) on 13 January 2014
decided to increase the rate of interest on Provident Fund deposits to 8.75 per cent for 2013-14, a move
that will benefit about 5 crore subscribers. What was the present rate of interest for EPFO subscribers?
8.5% (The Central Board of Trustees, which is the apex decision-making body of the Employees
Provident Fund Organisation (EPFO), met on 13 January and approved the interest rate. The EPFOs
recommendation will now be vetted by the Finance Ministry. Once the ministry approves the decision,
the interest would be credited to the accounts of subscribers. The EPFO is estimated to have an income
of Rs 20,796.96 crore in the current financial year)

4) The Reserve Bank of India (RBI) during January 2014 clarified that the provision of prior RBI nod
applies for establishments from Hong Kong and Macau to set up business or related activities in India.
As per the existing conditions this provision pertaining to RBIs approval applies on which 6 countries?
Afghanistan, Bangladesh, China, Iran, Pakistan and Sri Lanka (As per the existing conditions
under the Foreign Exchange Management Regulations, no entity or citizens of these 6 countries is

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allowed to set up any branch office or a liaison office or a project or any other such business activity
without prior permission of the RBI)

5) The government Union on 10 January 2014 gave its approval to the plan to form an Exchange Traded
Fund (ETF) comprising scrips of 11 bluechip state-owned companies, which will be offered in the
market with a view to garnering Rs 3,000 crore this fiscal. Which are the 11 state-owned companies
(PSUs) involved in this ETF plan? ONGC, Coal India Limited, GAIL, Power Grid, REC, Oil
India Limited, Container Corporation of India, Power Finance Corporation, Indian Oil Limited,
Engineers India Limited and Bharat Engineering Limited (ETF is a security that tracks an index, a
commodity or a basket of assets like an index fund, but trades like a stock on an exchange. The PSU
ETF would comprise shares of various profitable state-owned companies. The composition of ETF and
weightage of the shares of individual PSU in the index has been decided by the EGoM)

6) SEBI on 10 January 2014 notified new norms empowering its Chairman to order search and seizure
operations during investigations, while necessary safeguards have also been put in place to protect rights
of affected persons. This would add extra power to SEBIs crackdown against fraudsters. What is the
name of the ordinance promulgated by the Union government in September 2013, which had conferred
explicit powers on SEBI Chairman to authorise investigating authority or any other officer of SEBI to
conduct search and seizure under the SEBI Act? Securities Laws (Amendment) Second Ordinance,
2013 (The new norms providing SEBI with powers to conduct search and seizure have been finalised
after taking into account suggestions from public and other stakeholders to draft regulations, which were
issued in November 2013)

7) Which bank during January 2014 became the first Indian domestic private sector bank to have a
branch presence in China? Axis Bank (Axis Bank recently opened its branch in Shanghai after
receiving permission from the China Banking Regulatory Commission (CBRC). The branch will engage
in foreign currency businesses that includes all business approved by the banking supervision and
regulatory authorities of the China. With opening of Shanghai branch, Axis Banks overseas presence
has grown to eight one each in Singapore, Hong Kong, Dubai, Colombo, and Shanghai, two
representative offices at Dubai and Abu Dhabi and an overseas subsidiary in London)

8) Which private asset management company (AMC) January 2014 became the first private sector fund
house to launch an inflation indexed fund that aims to provide inflation-adjusted returns to investors?
Deutsche Asset Management India DAMI (DAMIs scheme, DWS InflationIndexed Bond Fund
is an openended debt fund and will open for subscription on 16 January 2014, and close on 27
January. Inflation indexed bonds (IIBs) are instruments where interest payment and principal are linked
to whole sale price index (WPI) inflation and these bonds are currently available at an attractive yield of
3.6% above WPI. Government has been issuing IIBs on a monthly basis since June, 2013 and the current
outstanding issuance stands at Rs 6,500 crore as of now)

9) SEBI (Securities and Exchange Board of India) Chairman UK Sinhas term was extended by 2 years
during January 2014. Sinha will now head the regulatory body till 16 March 2016. Among the last four
chairmen, Sinha is the only one whose term has been extended. Who is the only SEBI chief to have held
the post for a longer duration than Sinha? D.R. Mehta (Mehta served as SEBI Chairman for 7 years
(1995-2002). Sinhas three predecessors GN Bajpai (2002-2005), M Damodaran (2005-2008) and CB
Bhave (2008-2011) had only got a three-year terms)

10) The three day 12
th
Pravasi Bharatiya Divas (PBD) was held between 7-9 January 2014 at Vigyan
Bhawan, New Delhi. What was the theme of this years PBD? Engaging Diaspora: Connecting
Across Generations (PBD is celebrated on 9
th
January every year to mark the contribution of Overseas
Indian community in the development of India. January 9 was chosen as the day to celebrate this
occasion since it was on this day in 1915 that Mahatma Gandhi, the greatest Pravasi (non-resident
citizen), returned to India from South Africa, led Indias freedom struggle and changed the lives of
Indians forever)

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1) The committee constituted by the Reserve Bank of India (RBIs) to promote financial inclusion
headed by Nachiket Mor in its report, presented to the RBI on 7 January 2014, recommended universal
electronic bank accounts to all Indian citizens above the age of 18 years. What is the deadline for
opening these bank accounts as recommended by the committee? 1 January 2016 (The committee has
recommended that an instruction to open the bank account should be initiated by the Unique
Identification Authority of India (UIAI) after the issue of an Aadhaar number to an individual over the
age of 18. It also recommended that the RBI should issue a circular indicating that no bank can refuse to
open an account for a customer who has adequate KYC proof which specifically includes Aadhaar)

2) Which country became the 18
th
member of Eurozone on 1 January 2014? Latvia (The former
Soviet republic on the Baltic Sea recently emerged from the financial crisis to become the EUs fastest-
growing economy. Latvia was given final clearance to join Eurozone on 9 July 2013 by finance
ministers of the 28-nation European Union. It should be noted that 28-member EU is a political entity
and represents the interest of all of Europe whereas Eurozone is a currency block of 18 nations that have
accepted Euro as a common currency. Not all countries of EU use Euro as currency (Britain still uses
Pound as its currency))

3) The Reserve Bank of India (RBI) on 31 December 2013 dismissed rumours that it has stopped banks
from accepting scribbled currency notes from 1 January 2014 and announced that banks will continue to
accept currency notes with scribbling. However, it reiterated that writing or scribbling on banknotes
works against its policy to keep currency notes clean and sought co-operation from public, institutions
and others in keeping the banknotes clean by not writing anything on them. What is the name of this
policy which was released during 2013? Clean Note Policy (RBI in 2013 had said it has been
noticed that at certain branches of banks, the practice of writing/scribbling on the body of the bank notes
continues to remain in vogue. Under the present system of mechanised processing of banknotes
inscription or scribbling on any part of the banknote would render it to be classified as unfit for reissue)

4) The Reserve Bank of India (RBI) on 23 December 2013 warned users, holders and traders of virtual
currencies, including bitcoins, of financial, operational, legal, customer protection and security related
risks. Why was this warning given by the RBI for bitcoins type currency, which is digital or virtual
currency that uses peer-to-peer technology to facilitate instant payments? Because bitcoins as a
medium for payments are presently not authorised by any central bank or monetary authority in
India (Bitcoin is an alternative currency, which uses cryptography for security, making it difficult to
counterfeit. Bitcoin issuance and transactions are carried out collectively by the network, with no central
authority. The central bank said it was keeping watch at the developments relating to certain electronic
records claimed to be decentralised digital currency such as bitcoins, litecoins, bbqcoins, dogecoins and
their usage or trading in the country)

5) Union government during December 2013 announced decision to covert the National Institute for
Micro, Small and Medium Enterprises (NIMSME) into the National SME (Small and Medium
Enterprises) University. NIMSME is situated at Hyderabad (This decision was announced at the
golden jubilee celebrations of NIMSME held on 21 December 2013 at Hyderabad)

6) Who on 20 December 2013 was appointed as the first woman managing director of the Life Insurance
Corporation of India (LIC) by the Government? Usha Sangwan (She became the first woman MD in
corporations history since its establishment in 1956. With this appointment, LIC is set to function at its
full strength of four MDs after almost two years. These would be S B Mainak, Sushobhan Sarkar,
Sangwan and V K Sharma)

7) Indian financial markets were left surprised by Reserve Bank of India (RBIs) mid-quarter monetary
policy review released on 18 December 2013 as all key policy rates were left unchanged in this review
presented by RBI Governor Raghuram Rajan. The short-term lending rate was kept unchanged at 7.75%,
while the cash reserve ratio (CRR) remained at 4%. Why markets were left surprised with this move?

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Because markets had expected another 25 bps hike in the short-term lending rate due to persistent high
inflationary pressure (The RBI said it will take calibrated action in the future, based on inflationary
trends and action by the US Federal Reserve)
Key highlights of RBIs mid-quarter review of monetary policy
- Key policy rate, cash reserve ratio unchanged
- Repo rate unchanged at 7.75%; cash reserve ratio unchanged at 4%
- RBI to wait for more data before taking policy action
- Outlook on global growth continues to remain moderate

8) According to the statistics given by the Insurance Regulatory and Development Authority (IRDA)
during December 2013, the average number of policies sold by an agent of LIC was almost 10 times that
of his private sector counterpart. LICs agents managed their outperformance last year too, when the life
insurance business was on a slide. What was the average policy sale figure for an LIC agent as disclosed
by the IRDA? 29 Policies (LIC has an agency force of 11.72 lakh while private companies have 9.49
lakh agents working for them)

9) The much-anticipated inflation indexed bonds, linked to consumer prices were made available for
sale for a week beginning 23 December 2013. What was the name of these bonds which sought to
protect consumer savings from price rise by offering returns over and above inflation at the retail level?
Inflation Indexed National Savings Securities Cumulative

10) The Ministry of Environment and Forests announced on 20 December 2013 that the ecologically-
sensitive Western Ghats will remain off-bounds for mining, quarrying, sand mining and other industrial
activities. This move comes after a high-level working group recommended that all destructive industrial
activities, that include mining and thermal power plants, should be banned in the region. Who headed
this group? K. Kasturirangan, Member (Science), Planning Commission (The group recognised
about 37% of the Western Ghats, covering about 60,000 square km, to be ecologically sensitive)
1) National Stock Exchange (NSE) during December 2013 completed how many years of its
establishment? 20 years (NSE was founded in 1992 and started trading operations in 1993. It was the
first in India to start electronic trading and was successful in bringing about a paradigm shift in the way
trading and settlements were done. NSE has a market capitalisation of more than US$989 billion and
1,635 companies listed as on July 2013 and is the largest stock exchange in India)

2) Who was appointed as the new Chairman of the National Bank for Agriculture and Rural
Development (NABARD) during December 2013? Harsh Kumar Bhanwala (Bhanwala succeeds
Prakash Bakshi, who retired as NABARD Chairman in September 2013. Before this appointment
Bhanwala was an Executive Director at India Infrastructure Finance Company Ltd (IIFCL), a state-
owned infrastructure lender. His term will be for 5 years)

3) Who was appointed as the new Finance Secretary of India on 10 December, 2013? Sumit Bose
(Bose takes place of R.S. Gujral, who retired during November 2013. Gujral was also looking after the
expenditure department. Sumit Bose is an IAS officer of Madhya Pradesh cadre (1976 batch) and was
the senior-most secretary in the Finance Ministry that has two other secretaries- Arvind Mayaram
(economic affairs) and Ratan P Watal (expenditure). He is due to retire in March 2014)

4) Top 30 loan defaulters of public sector banks (PSBs) account for more than one-third of total gross
non-performing assets (NPAs) of state-run lenders. This information was given in the Parliament on 10
December, 2013. According to this information what is the ratio of top 30 NPAs as a percentage of gross
NPAs, in respect of public sector banks, as on September 2013? 35.5% (This figure stands at 38.8%
for all banks in India. The gross non-performing assets (GNPA) amount of top 30 accounts of public
sector banks (PSBs) stood at Rs. 72,174 crore, while for all banks it was Rs. 91,667 crore at the end of
September 2013. In case of nationalised banks, the top 30 defaulters contributed 43.8 per cent to the

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GNPA with Rs. 55,663 crore. The GNPAs of the SBI Group, comprising SBI and its five associates,
were worth Rs. 71,620 crore at the end of first quarter of the current fiscal)

5) Which private sector bank during December 2013 joined hands with the National Payments
Corporation of India (NPCIL) to introduce eKYC (electronic Know Your Customer) norms in its
branches? HDFC Bank (The eKYC procedure will enable a consumer to walk in with an Aadhaar
number and open an account by getting his fingerprint scanned. HDFC Bank will install biometric
readers for scanning fingerprints at most of its branches in a few months. The banks systems will pull all
data stored online with the Unique Identification Authority of India (UIAI) including name, address,
birth date and photograph)

6) The United Forum of Bank Unions (UFBU), in its memorandum given during December 2013 to the
Finance Minister, has kept which demand prominently which has huge support of bank employees all
over the country? Working for five-days in a week (Trade unions in the banking sector have raised
this demand as part of their bipartite wage negotiations with the Indian Banks Association. With
alternative channels such as ATMs, Internet and mobile banking in place, the unions feel that the time is
ripe for moving to a five-day week. Unions argue that not only Central and State Government
ministries/departments but even the Reserve Bank of India follows the five-day work schedule.
However, another section of bankers were of the opinion that five-day week was not advisable as it
would come in the way of efforts towards financial inclusion)

7) Which natural gas pipeline inaugurated by the Prime Minister on 3 December, 2013 is the first one to
connect Southern India to the national grid? Dabhol Bangaluru Gas Pipeline of GAIL (The
Dabhol Bangaluru gas pipeline is 1,000 km long and has been put-up with an investment of around Rs.
4,500 crore. The pipeline starts at Dabhol in Maharashtra and passes through Belgaum, Dharwad,
Gadag, Bellary, Devanagere, Chitradurga, Tumkur, Ramanagaram, Bengaluru Rural and Bengaluru
Urban districts)

8) More than a year after allowing FDI in multi-brand retail, the government on 17 December 2013
received the first application to open stores under this category. Which company gave this application to
set-up multi-brand retail stores in India with an Indian group? Tesco Plc. (Tesco Plc. is a UK-based
retailer and it has sought approval to open retail stores in India with an investment of $110 million in
joint venture with Tata Group. The joint-venture Trent Hypermarket, will trade in products under 14
categories and plans to open three to five stores every financial year. The government in September
2012 had allowed 51% FDI in multi-brand retail with certain riders)

9) Which public sector bank is the only Indian bank to have a branch in Bangkok (Thailand) and it
during December 2013 received the Reserve Bank of India (RBIs) approval for opening a second
branch here? Indian Overseas Bank (IOB) IOB will open the second branch before the end of
March 2014. IOB had few years back roped in Deloitte to devise a strategy for the banks overseas
expansion)

10) State-run Indian Oil Corp has emerged as the countrys biggest company in terms of annual revenue,
followed by Mukesh Ambani-led private sector giant Reliance Industries at the second place, as per an
annual list of Fortune 500 companies in India in Fortune magazines Indian edition released during
December 2013. Among the top ten companies in this list, the highest number of companies is from
which sector? Energy Sector (There are as many as seven energy companies in the top 10 list. Indian
Oil Corp (IOC) was the biggest with annual revenue of Rs 4,75,867 crore, followed by Reliance
Industries (RIL) with a full-year revenue of Rs 4,09,883 crore. This is followed by Bharat Petroleum (Rs
2,44,822 crore) at the third place and Hindustan Petroleum (Rs 2,17,771 crore) at fourth. Other entities
in the list are State Bank of India (5
th
rank), Tata Motors (6
th
), ONGC (7
th
), Tata Steel (8
th
), Essar Oil
(9
th
) and Coal India (10
th
))

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