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FEBRUARY

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)

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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)

..
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 doubledigit 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)

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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

FEBRUARY
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)


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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)

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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%)

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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. 500crore fund, with the Union Government contributing 20%. The balance will come from
public sector banks, financial institutions, insurance companies, multilateral/bilateral
development agencies, Indian & global corporates)


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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)

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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)

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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))

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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

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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)

FEBRUARY
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 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)

8) Who will head the 7th 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)

MARCH
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)

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

.
3) Union govt. announced a moratorium on interest for educational loans in the Vote-onAccount 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

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4) What is the total outlay for defence for 2014-15, as announced in the Vote-onAccount 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-onAccount presented on 17 February 2014? Blood banks and provider of rice
warehousing facilities

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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)

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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 9member 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)

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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)

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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)

MARCH

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)

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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)

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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)


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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)

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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)

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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. 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)

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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)

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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)

APRIL
1) Which round of Inflation Expectations Survey was launched by the Reserve Bank of
India (RBI) on 3 March 2014? 35th (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 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)
APRIL
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)

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 IMPSenabled 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 CPSEETF is an open-ended scheme comprising of shares of 10 Central public sector
enterprises and it includes 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). 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)
MAY + EXTRA FROM PREV
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%
.
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) 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 wellknown 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%
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)

JUNE
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 19th 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 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)
.

JULY
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 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 50th 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)

JULY
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 nonmetros, 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.
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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 201112, 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.
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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.
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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
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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
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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
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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)
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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)
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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)
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11) What was the fiscal deficit for 2013-14, as disclosed in the Economic Survey 201314? 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.
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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 constituted the expert group under C.
Rangarajan to review the Tendulkar Committee methodology for estimating poverty)
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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.
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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%)
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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)
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2nd August

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.
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2) Which public-sector undertaking (PSU) on 23 July 2014 became the 17 th Navratna
status company? Container Corporation of India Limited (CONCOR)
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 coldchain. The Government of India (GoI) holds 61.80% stake in CONCOR (as per the
shareholding pattern as on 30 June 2014).
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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.
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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.
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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.
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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).
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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, former ICWAI (Institute of
Cost and Works Accountants of India) President Chandra Wadhwa, and Aruna Sethi,
Adviser (Cost), Ministry of Corporate Affairs.
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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.
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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-yearolds 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.
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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.
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