21. Which institution developed the Unified payments interface (UPI) payment system?
[A] Reserve Bank of India
[B] National Payments Corporation of India
[C] Securities Exchange Board of India
[D] NITI Aayog
Answer: B [National Payments Corporation of India]
Notes:
Unified Payments Interface (UPI) is a real-time payment system developed by National Payments Corporation of India (NPCI).
NPCI recently announced that Non-resident Indians (NRIs) will be able to make the united payments interface (UPI) payments without having an Indian mobile number. NRIs from Singapore, Australia, Canada, Hong Kong, Oman, Qatar, USA, Saudi Arabia, United Arab Emirates, United Kingdom, can make transactions using the UPI platform with their international numbers.
22. ‘Expected loss-based’ and ‘incurred loss’ approach, which are seen in the news, are associated with which institutions?
[A] Banks
[B] Mutual Funds
[C] Insurance Companies
[D] Stock Exchanges
Answer: A [Banks]
Notes:
The Reserve Bank of India (RBI) proposed a framework for adoption of an ‘expected loss-based’ approach for provisioning by banks.
Prior to this, banks used to make loan loss provisions based on an ‘incurred loss’ approach. With the proposed framework, banks now have to assess expected loss on their financial assets and make provisions after assessment, rather than making it after the loan turns into a non-performing asset (NPA).
23. After China, which is the second country in the world to start the ‘trade-plus-one’ (T+1) settlement cycle?
[A] USA
[B] Russia
[C] India
[D] France
Answer: C [India]
Notes:
After China, India will become the second country in the world to start the ‘trade-plus-one’ (T+1) settlement cycle in top listed securities.
It aims to bring operational efficiency, faster fund remittances, share delivery, and ease for stock market participants. Until 2001, stock markets had a weekly settlement system. The markets then moved to a rolling settlement system of T+3, and then to T+2 in 2003.
24. Which Department of the Finance Ministry prepares the Economic Survey?
[A] Department of Economic Affairs
[B] Department of Financial Services
[C] Department of Expenditure
[D] Department of Revenue
Answer: A [Department of Economic Affairs]
Notes:
The Economic Division of the Department of Economic Affairs (DEA) under the guidance of the Chief Economic Adviser (CEA) prepares the Economic Survey.
The Chief Economic Adviser released the Economic Survey for the current financial year (2022-23). The survey is always presented a day before the presentation of the Union Budgets. Economic Survey is a detailed report of state of national economy in the financial year.
25. Which institution released regulatory measures on climate risks and sustainable finance?
[A] NITI Aayog
[B] Reserve bank of India
[C] Securities Exchange Board of India
[D] Ministry of Finance
Answer: B [Reserve bank of India]
Notes:
The Reserve bank of India (RBI) has recently announced regulatory measures on climate risks and sustainable finance.
The new guidelines focused on creating a broad framework for promoting the acceptance of green deposits, a disclosure framework on financial risks associated with the climate crisis and guidelines for climate scenario analysis and stress testing.
26. David Malpass is the head of which international organisation?
[A] World Bank
[B] International Monetary Fund
[C] World Economic Forum
[D] Asian Development Bank
Answer: A [World Bank]
Notes:
World Bank President David Malpass said he would leave his post well before his five-year term ends
His five-year term was due to end in April 2024. Malpass has been under pressure in recent months to accelerate reforms aimed at changing the way the World Bank operates to to combat climate change.
27. Which is the first platform to launch ‘UPI LITE payments’?
[A] Google Pay
[B] MI Pay
[C] Paytm Payments Bank
[D] Airtel Payments Bank
Answer: C [Paytm Payments Bank]
Notes:
Paytm Payments Bank has become the first platform to launch UPI LITE payments, to enable quick and seamless transactions of up to Rs 200 without having to enter a PIN to make a payment.
UPI LITE is enabled by National Payments Corporation of India (NPCI) and it aids users to carry out multiple small-values UPI transactions without using a PIN.
28. Which bank has completed the acquisition of Citigroup’s India consumer business?
[A] HDFC Bank
[B] Axis Bank
[C] ICICI Bank
[D] Yes Bank
Answer: B [Axis Bank]
Notes:
Axis Bank completed acquisition of Citigroup’s India consumer business for an overall consideration of ₹11,603 crore.
The Private sector lender completed acquisition of Citibank’s consumer business and non-banking financial company (NBFC) consumer business. The sale excludes Citi’s institutional client businesses in India.
29. As per the recent MoSPI data, what is India’s retail inflation recorded in February 2023?
[A] 7.44 %
[B] 6.44 %
[C] 5.44 %
[D] 4.44 %
Answer: B [6.44 %]
Notes:
India’s retail inflation has been recorded at 6.44% in February 2023 from January’s three-month high of 6.52 per cent.
This was according to the data released by the Ministry of Statistics and Programme Implementation (MoSPI). However, the inflation print stayed above the Reserve Bank of India’s (RBI) upper tolerance level of 6 per cent for second straight month.
30. Which Union Ministry is associated with C-PACE, which will help in closing down businesses?
[A] Ministry of Finance
[B] Ministry of Corporate Affairs
[C] Ministry of External Affairs
[D] Ministry of Home Affairs
Answer: B [Ministry of Corporate Affairs]
Notes:
The Centre for Processing Accelerated Corporate Exit (C-PACE) is going to be set up by the Indian Government to process and dispose of applications for removal of company names from the records under the company’s law.
It will help ease the process of closing down businesses and getting their names removed from the Register of Companies. Ministry of Corporate Affairs will implement the process.