Exercise Quiz & Test – 25


1. ____ nominates Jin Liqun for President of AIIB
a. China
b. India
c. Pakistan
d. Japan

Answer & Solution
a. China
* China has nominated its former finance Minister Jin Liqun as the Presidential candidate for $100 billion Asian Infrastructure Investment Bank (AIIB). Presently, Jin is Secretary General of AIIB’s interim secretariat. Prior to this he was chairman of China International Capital Corporation (CICC), one of the mainland’s largest investment banks. He also had held various positions at the World Bank. He was the first Chinese national to serve as a Vice President of Asian Development Bank (ADB) which is controlled by Japan. Jin headed programmes for South, Central and West Asia and private sector operations during his 5-year-long tenure at ADB.

2. Union Government appoints Sriram Kalyanaraman as MD and CEO of ____
a. NHB
b. SBI
c. PNB
d. NABARD

Answer & Solution
a. NHB
* Union government has appointed Sriram Kalyanaraman as the Managing Director (MD) and Chief Executive Officer (CEO) of National Housing Bank (NHB) for a period of five years. With this he became the first person from private sector to be appointed as head of a public sector financial institution. Presently, Kalyanaraman is director-business development Equifax Credit Information Services. Prior to joining Equifax, he was Director, Business Clients and Asset Products at Deutsche Bank India.

3. _____ launches mobile wallet service ‘Speed Pay’
a. BSNL
b. NABARD
c. SBI
d. PNB

Answer & Solution
a. BSNL
* State run telecom giant Bharat Sanchar Nigam Limited (BSNL) launched pre-paid card linked mobile wallet service ‘Speed Pay’. It was launched by Union Telecom Minister Ravi Shankar Prasad in New Delhi. This service was launched by BSNL has launched the service in partnership with IT company Pyro.

4. ____ nations, including India sign 60-article agreement on China-led AIIB
a. 50
b. 60
c. 80
d. 90

Answer & Solution
a. 50
* 50 founding nations including India have signed 60-article agreement of China-led multilateral Asian Infrastructure Investment Bank (AIIB). Australia was the first country to sign the agreement and was followed by 49 other members. Indian Ambassador Ashok Kantha signed the agreement on behalf of country.

5. ____ to join China led AIIB

a. UK
b. QATAR
c. Australia
d. UAE

Answer & Solution
c. Australia
* Australia has decided to join the China-led Asian Infrastructure Investment Bank (AIIB) as a founding member. In this regard, Australia will contribute paid-in capital of 718.5 million US dollars over next five years i.e. till 2020. With this investment it will become sixth largest shareholder in AIIB.

6. RBI extends deadline for exchanging pre- ____ currency notes till December 2015
a. 2005
b. 2006
c. 2003
d. 2004

Answer & Solution
a. 2005
* The Reserve Bank of India (RBI) has extended the date to exchange pre-2005 bank notes till December 31, 2015 for third time. Earlier in December 2014, RBI had set the last date for public to exchange these notes as June 30, 2015. RBI has urged people to deposit the old design notes in the bank accounts or exchange them at a bank branch. The apex bank also has stated that the notes can be exchanged for their full value and all such notes continue to remain legal tender.

7. ______ Bank launches 10-second paperless instant loan Scheme
a. HDFC
b. SBI
c. PNB
d. IDBI

Answer & Solution
a. HDFC

* HDFC Bank, India’s second-largest private sector lender has launched a 10-second paperless instant loan Scheme for its existing customers. The 10-second loan Scheme was launched as part of HDFC Bank’s digital banking platform GoDigital. With this, HDFC bank became first banking institution to completely automate the entire process of loan approval and disbursement. Under this scheme, bank will now disburse personal loans to its customers in just 10 seconds and a pre-approved loan amount will be available to them 24×7. The entire process of availing the loan under this scheme will be completely paperless. In this case, its customers by using net-banking or mobile banking avail of this loan. Earlier, the bank had launched PayZapp application to cater to e-commerce space under its digital platform. It should be noted that, in financial year 2014-15, 63 per cent of HDFC Bank’s all transactions were conducted through various digital channels.

8. RBI allows NRIs to subscribe ______
a. Bank Accounts
b. Draft
c. Chit funds
d. Cheat Funds

Answer & Solution
c. Chit Funds
* Reserve Bank of Indian has allowed non-resident Indians (NRIs) to invest in chit fund to encourage flow of capital into the country. Decision in this regard was taken after RBI had revised the extant guidelines for subscription to the chit funds in consultation with the government. Henceforth, NRIs on non-repatriation basis will be allowed to invest in chit fund without any ceiling. However, the subscription to the chit funds by NRIs will be mandatorily brought in through normal banking channel, including through an account maintained with a bank in India. The state government may permit any chit fund to accept subscription from NRIs on non-repatriation basis. It will be permitted by the registrar of chits or an officer authorized by the state government in accordance with the provisions of the Chit Fund Act, 1982. Earlier in May 2000, RBI had barred NRIs from investing in a company or firms engaged in the business of chit fund. Apart from this decision, RBI also extended the scheme allowing airline companies to raise external commercial borrowings (ECB) for working capital as a permissible end-use under the approval route. Now, the ECB scheme will continue till March 31, 2016.

9. Mahendra Kumar Sharma appointed as non-executive Chairman of ____ Bank
a. HDFC
b. PNB
c. SBI
d. ICICI

Answer & Solution
d. ICICI
* Mahendra Kumar Sharma was appointed as non-executive chairman of India’s largest private sector lender Industrial Credit and Investment Corporation of India (ICICI) Bank. He will replace K V Kamath who had resigned from top most in order to join as President of the Shanghai based New Development Bank established by the BRICS nations. Presently, Sharma is an independent director of two subsidiaries of ICICI Bank viz ICICI Lombard General Insurance Company and ICICI Prudential Asset Management Company. Earlier from 2003 to 2011, he also had served as an independent director on the board of ICICI Bank. Prior to joining ICICI Bank, Sharma was vice-president of Hindustan Unilever (HUL) and was associated with HUL from 1974 to 2007. He has a strong understanding of legal and corporate governance matters and had joined HUL in 1974 as a legal manager.

10. Kotak Mahindra, ____ Bank ink MoU for cross-border business
a. ING
b. SBI
c. PNB
d. RBI

Answer & Solution
a. ING
* Kotak Mahindra Bank and ING Bank have inked a memorandum of understanding (MoU) for exploring opportunities arising from cross-border business, investment and trade flows across various regions, including Europe. It was signed between the two parties and covers an array of co-operation in various areas such as trade remittances, finance. It also includes services related to non-resident Indians, corporate relationships, funding to counterparties’, fee-based products, direct banking and digital strategy and cross-border debt capital markets, mergers and acquisitions. Under the ambit of MoU, ING Bank will give its clients from The Netherlands and the other 39 countries commercial banking access to Kotak’s services in the vast Indian market. At the same time it will also offer the combined clients in India the opportunities of ING’s international network. It should be noted that Kotak Mahindra and associates are significant shareholders in Business Standard Private Ltd. ING Bank holds 6.5 per cent stake in Kotak Mahindra Bank which is India’s fourth largest private sector lender.