GK for Banking Examinations Practice Questions part-1
Important current affairs and Gk questions for Bank exams, IBPS, SBI and all other finance industy exams
General Knowledge; Current Affairs with special reference to the Banking and Finance Industry of India for IBPS Banking , RBI, SBI and other Banking Recruitment Examinations of 2013 and 2014.If you like the post kindly give rating.
1. In which year , the Foreign Exchange Management Act (FEMA) came into force ?
[A]1997
[B]1998
[C]1999
[D]2000
Answer-
2000
Explanation-
The Foreign Exchange Management Act (1999) or in short FEMA has been introduced as a replacement for earlier Foreign Exchange Regulation Act (FERA). FEMA became an act on the 1st day of June, 2000. FEMA was introduced because the FERA didn’t fit in with post-liberalization policies. A significant change that the FEMA brought with it, was that it made all offenses regarding foreign exchange civil offenses, as opposed to criminal offenses as dictated by FERA.
2. Which among the following is India’s first Oil refinery ?
[A]Guwahati Refinery
[B]Vishakhapatnam Refinery
[C]Digboi Refinery
[D]Barauni Refinery
Answer-
Digboi Refinery
Explanation-
Digboi is a town and a town area committee in Tinsukia district in the north-eastern part of the state of Assam, India. Crude oil was discovered here in late 19th century. Digboi is known as the Oil City of Assam where the first oil well in Asia was drilled. The first refinery was started here as early as 1901. Digboi has the oldest oil well in operation. The Digboi Refinery modernization project was taken up in large scale in order to overcome the technological obsolescence of the old refinery. Subsequently a number of other major projects were undertaken by Assam Oil Division to further revamp and modernize Digboi Refinery.Digboi refinery has been awarded the ISO-14001 and OHSMC certificate.
3. Which among the following banks has launched the ‘Tatkal’, scheme that enables the people to transfer money to their families in their native towns and villages without actually opening an account?
[A]State Bank of India
[B]Bank of India
[C]Canara Bank
[D]Union Bank of India
Answer-
State Bank of India
Explanation-
SBI has launched ‘Tatkal’, a scheme that targets the urban poor, with the USP being that customers can transfer money to their families in their native towns and villages without actually opening an account.
4. Which among the following is the largest shareholder in “Infradebt “, India’s first Infrastructure Debt Fund (IDF) under the non-banking financial company?
[A]LIC
[B]Bank of Baroda
[C]ICICI Bank
[D]CITIBank
Answer-
ICICI Bank
Explanation-
On February 19, 2013, Finance minister P Chidambaram launched the operations of India Infradebt (Infradebt), the first Infrastructure Debt Fund (IDF) under the non-banking financial company structure to help infrastructure companies raise funds at a cheaper rate. The promoters of IDF are ICICI Bank, Bank of Baroda (BoB), Citibank and LIC. ICICI Bank is the largest shareholder in Infradebt with 31% holding followed by BoB at 30%, Citibank at 29% and LIC at 10%.
5. Who among the following is the only finance minister of India to present the Union budget on his birthday?
[A]Manmohan Singh
[B]Morarji Desai
[C]Yahshant Sinha
[D]Jaswant Singh
Answer-
Morarji Desai
Explanation-
The birth date of Morar ji desai is 29 February 1896. He holds the record of being the only finance minister to present the Union budget on his birthday – February 29. He did so for two times in 1964 and 1968. He is also the only person to have presented annual and interim budgets whilst being both the Finance Minister and Deputy Prime Minister of India
6. Who among the following is known to have given the shortest ever interim budget speech in India?
[A]K.C. Neogy
[B]H.N. Bahuguna
[C]H. M. Patel
[D]Rajiv Gandhi
Answer-
H. M. Patel
Explanation-
India’s shortest ever interim budget speech was delivered by Haribhai M. Patel in 1977. He was appointed the Finance Minister by the Prime Minister Morarji Desai, who was leading India’s first non-Congress administration. Patel served as Finance Minister of India from 1977 to 1980.
7. As per the recently released data, which among the following states of India has recorded highest growth rate in 11th Five Year plan?
[A]Gujarat
[B]Maharashtra
[C]Bihar
[D]Rajasthan
Answer-
Bihar
Explanation-
BIHAR has recorded a growth rate of 11.95 per cent annually during the 11th Five Year Plan — the highest among states. The state is, however, way
behind as far as its annual per capita income is concerned — Rs 25,653 as against the national average of Rs 60,972.
8. Which of the following is a Miniratna company?
[A]Neyveli Lignite Corporation Limited
[B]Bharat Heavy Electricals Ltd
[C]Rashtriya Ispat Nigam Limited
[D]Hindustan Newsprint Limited
Answer-
Hindustan Newsprint Limited
Explanation-
Hindustan Newsprint Limited comes under the title “Miniratna”.
Navratna was the title given originally to nine Public Sector Enterprises (PSEs) identified by the Government of India in 1997 as “public sector companies that have comparative advantages”, giving them greater autonomy to compete in the global market so as to “support them in their drive to become global giants”.
In addition, the government created another category called Miniratna. Miniratnas can also enter into joint ventures, set subsidiary companies and overseas offices but with certain conditions. In 2002, there were 61 government enterprises that were awarded Miniratna status. However, at present, there are 68 government enterprises that were awarded Miniratna status. Full list can be checked
here
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