FINANCIAL AFFAIRS 2
CHAPTER
PREVIOUS EXAM QUESTIONS ALONG WITH ADDITIONAL QUESTIONS FOR EXAMINATION
2.1 RESERVE BANK OF INDIA
1. RBI has restricted the withdrawal limit in Yes Bank during the moratorium period to ` ______ per account
(a) ` 35,000
(b) ` 75,000
(c) ` 60,000
(d) ` 50,000
[ICSI Mock Test Paper]
2. When was RBI established?
(a) 1st January, 1935
(b) 1st April, 1935
(c) 1st June, 1935
(d) 1st October, 1935
3. Under which Act was the Reserve Bank of India established?
(
a) Reserve Bank of India Act, 1934
(b) Reserve Bank of India Act, 1935
(c) Banking Regulation Act, 1935
(d) Banking Regulation Act, 1948
4. Where was the initial office of RBI established?
(a) Calcutta
(b) Mumbai
(c) Delhi
(d) None of these
5. Since when has RBI been fully owned by Government of India?
(a) From the very beginning (i.e. from 1935)
(b) 1948
(c) 1949
(d) 1950
6. Where did RBI’s office shift in 1937?
(a) Calcutta
(b) Mumbai
(c) Delhi
(d) Gujarat
7. One of the functions of RBI is to maintain price stability while keeping in mind the objective of growth. What is this function of RBI?
(a) Development role
(b) Semi-development role
(c) Monetary Authority
(d) Supervisory functions
8. What is the objective of RBI as regulator and supervisor of the financial system?
(a) Maintain public confidence in the system
(b) Protect depositors interest
(c) Provide cost-effective banking Services to the public
(d) All of the above
9. Which of the following is not a part of quantitative method of credit control?
(a) Bank Rate Policy
(b) Open Market Operations
(c) Variable Reserve Ratio
(d) Credit Rationing
10. Bank Rate policy of RBI may influence the flow of credit by affecting______________.
(
a) The demand for credit
(b) The cost of credit
(c) The availability of credit
(d) All of the above
11. Due to corona COVID-19 pandemic, the RBI had cut reverse repo rate by__________points.
(a) 10 Basis
(b) 15 Basis
(c) 25 Basis
(d) No such cut
12. On April 3, 2020 RBI announced moratorium period on Loan EMI. Which of the following statements is incorrect, in this regard?
(
a) It is three month moratorium period
(b) Interest shall continue to accrue on the outstanding portion of term loans during the moratorium.
(
c) Cash credit/overdraft are ineligible to avail the benefit of moratorium period.
(d) The scheme is applicable for all Term Loans in all segments, irrespective of the segment and the tenor of the Term loans.
13. On which date did the Government of India announced demonetization of all ` 500 and ` 1000 notes of the Mahatma Gandhi Series on recommendation of RBI?
(a) 8th November, 2015
(b) 8th November, 2016
(c) 8th November, 2017
(d) None of these
14. What is the full form of NEFT?
(
a) National Electronic Funds Transfer
(
b) Net-based Electronic Funds Transfer
(c) Notional Electronic Fast Transfer
(d) National Established Funds Transfer
15. With effect from, December 16, 2019, NEFT setters fund transfer in_______
batches with _________ settlements occurring between 00:30 hrs. to 00:00 hrs.
(
a) Hourly, 23
(b) Hourly, 24
(c) Half-yearly, 46
(d) Half-yearly, 48
16. There are _____________ Zonal and ____________ regional offices of RBI.
(a) 4, 16
(b) 4, 19
(c) 5, 16
(d) 5, 19
17. In collaboration of which Public Sector Bank, the government telecom operator BSNL has launched Bharat InstaPay, UPI-based payment platform.
(a) State Bank of India
(b) UCO Bank
(c) Punjab National Bank
(d) Allahabad Bank
[ICSI Mock Test Paper]
18. Union government has announced no new schemes will be launched till ______
(a) January 1, 2021
(b) June 30, 2021
(c) March 31, 2021
(d) August 31, 2021
[CSEET e-Bulletin June 2020]
19. Election Commission of India recently announced postal ballot rules will be applicable for voters over the age of _____.
(a) 65
(b) 70
(c) 80
(d) 75
[CSEET e-Bulletin August 2020]
20. In December 2023, the Reserve Bank of India (RBI) has made an announcement, declaring an increase in the UPI payment limit for hospitals and educational institutions from the existing `1 lakh to:
(a) ` 6 lakh per transaction
(b) ` 3 lakh per transaction
(
c) ` 2 lakh per transaction
(d) ` 5 lakh per transaction
[CSEET May 2024]
21. In January 2024, the Reserve Bank of India (RBI) granted approval to Life Insurance Corporation of India (LIC) for acquiring up to 9.99% aggregate holding in which private sector bank of India?
(a) ICICI bank
(
b) Federal Bank
(
c) HDFC Bank
(d) Axis bank
[CSEET May 2024]
22. In May 2024, the Reserve Bank of India (RBI) has levied a penalty of ` 36.38 lakh on which bank for breaching regulations outlined in the Foreign Exchange Management Act (FEMA)?
(a) HSBC Limited
(b) Axis Bank
(
c) Standard Chartered Bank
(d) Deutsche Bank
[CSEET July 2024]
23. On which date, Union Budget, 2021 was presented?
(a) February 15
(b) February 28
(
c) March 01
(d) February 01
[CSEET e-Bulletin January 2021]
24. Union Environment Minister Prakash Javadekar inaugurated Atal Paryavaran Bhavan in which union territory?
(a) Jammu & Kashmir
(b) Lakshadweep
(c) Ladakh
(d) Puducherry
[CSEET e-Bulletin March 2021]
25. Which state has become the first one to table a paperless budget?
(a) Madhya Pradesh
(b) Karnataka
(c) Kerala
(d) Uttar Pradesh
[CSEET e-Bulletin March 2021]
26. What is the percentage of reservation quota approved by Union Cabinet for the economically weaker sections in the general category?
(a) 15%
(b) 25%
(c) 10%
(d) 20%
[ICSI Mock Test Paper]
27. In December 2020, the Reserve Bank of India directed which of the following private sector banks to temporarily half all its digital launches as well as new sourcing of credit card customers due to recent outages in the bank’s internet banking and payment system?
(a) HDFC Bank
(b) Federal Bank
(c) ICICI Bank
(d) Axis Bank
[CSEET May 2021]
28. Ministry of Labour & Employment had decided to reduce the Employees’ provident fund contributions to __ % from the existing 12% for three months till July 2020
(a) 5
(b) 10
(c) 8
(d) 6
[ICSI Mock Test Paper]
29. Recently, US based equity giant KKR has bought __ % stake in Jio platforms.
(a) 7.32
(b) 9.32
(c) 2.32
(d) 5.32
[ICSI Mock Test Paper]
30. Who presented the 90th Union Budget for 2020-2021 in India?
(a) Amit Shah
(b) Anurag Singh Thakur
(c) Nirmala Sitharaman
(d) Smriti Irani
[ICSI Mock Test Paper]
2.2 ANNOUNCEMENT IN UNION BUDGET, 2022
31. In Union Budget 2022-2023, what per cent of 1.5 lakh post offices are proposed to come on the core banking system?
(a) 25
(b) 50
(c) 75
(d) 100
32. What percentage of fiscal deficit has been projected for India in FY 23, under Union Budget 2022-2023?
(a) 7.4 %
(b) 6.4 %
(c) 5.4 %
(d) 4.4 %
33. In Union Budget 2022-23, the states are to get __________ as 50-year interest free loans to help fund PM Gati Shakti-related investments.
(a) ` 75,000 Crores
(b) ` 1,00,000 Crores
(c) ` 1,25,000 Crores
(d) ` 1,50,000 Crores
34. The Union Budget for FY 2022-23 aims to strengthen the infrastructure with its focus with priority/ies including:
(
a) PM Gati Shakti
(b) Inclusive Development
(c) Productivity Enhancement & Investment, Sunrise opportunities, Energy Transition, and Climate Action
(d) All of the above
35. Nirmala Sitharaman is only the second woman to present the budget for a second time. Who is the first one?
(a) Indira Gandhi
(b) Sucheta Kriplani
(c) Sarojini Naidu
(d) None of these
36. Who presented India’s first budget on 18th February 1860?
(a) Joh Mathai
(b) Scotsman James Wilson
(c) R. K. Shanmukham Chetty
(d) None of these
37. Who presented first Union Budget of Independent India on 26th November, 1947?
(a) C.D. Deshmukh
(b) Sardar Patel
(c) Jawahar Lal Nehru
(d) R.K. Shanmukham Chetty
38. To whom is the Union Budget submitted by the finance Minister?
(a) President
(b) Prime Minister
(c) Parliament of India
(d) None of these
39. The budget 2022-23 proposed to promote the use of ‘Kisan Drones’ for which of the following purposes?
(a) Crop assessment
(b) Digitization of land records
(c) Spraying of insecticides and nutrients
(d) All of the above
40. Under budget 2022-23, the Government contribution is proposed to be provided for R&D in Sunrise Opportunities. Which of the following is not a part of these sunrise opportunities?
(a) Artificial Intelligence
(b) Digital banking
(c) Geospatial Systems and Drones
(d) Genomics and Pharmaceuticals
41. A new provision has been introduced in 2022-23 budget, to allow taxpayers to update the past return and include omitted income by additional tax payment. The updated return can be filed within _______ years from the end of the relevant assessment year.
(a) One Year
(b) Two Years
(c) Three Years
(d) Four Years
42. The corporate surcharge has been reduced from ________ to 7% in budget 2022-23.
(a) 9 %
(b) 10 %
(c) 11 %
(d) 12 %
43. According to Finance Minister, India is now the_________________largest economy of the world.
(a) Fourth
(b) Fifth
(c) Seventh
(d) Tenth
44. The Union Budget 2022-23 has reduced Alternate Minimum Tax (AMT) for co-operative societies to ______ per cent.
(a) 12.5
(b) 15
(c) 16.5
(d) 18.5
45. Who, among the following, was the first woman presented Union budget in independent India?
(
a) Vijaya Lakshmi Pandit
(b) Indira Gandhi
(c) Sushma Swaraj
(d) Sucheta Kriplani
46. Before the budget finally goes to print, a ceremony is held in the ministry of finance. It is after this that the printing of the budget begins. What is this traditional ceremony called?
(a) Puri-Sabzi Ceremony
(b) Laddoo Ceremony
(c) Halwa Ceremony
(d) Reception Ceremony
47. Who presented the maximum numbers of budgets in Independent India?
(a) Indira Gandhi
(b) Morarji Desai
(c) Manmohan Singh
(d) Yashwant Sinha
48. In order to bring parity between Central and state government employees, the Finance Ministry, through Union
budget 2022-23, proposed to increase the threshold of employers contribution to the National Pension Scheme (NPS) Tier-I account from 10% to _________
(a) 14%
(b) 13.5%
(c) 13%
(d) 12.5%
49. What is the percentage of reservation quota approved by Union Cabinet for the economically weaker sections in the general category?
(a) 15%
(b) 25%
(c) 10%
(d) 20%
[CS Mock Test June 2020]
50. The Union Budget 2022-23 proposed to set up ________________ for online education focusing on ICT using a hub and spoke model.
(a) Central University
(b) Digital university
(c) National university
(d) Info University
51. Where does the country’s only “International Bullion Exchange” at International financial services centre to be set up?
(a) Ahmedabad
(b) Mumbai
(c) Gujarat
(d) Delhi
52. The budget 2022-23 has opened up ______________ for industry and startups.
(a) Pharma R&D
(b) FMCG R&D
(c) Textile R&D
(d) Defence R&D
53. In her budget speech, Finance Minister Nirmala Sitharaman proposed to set up a “Special rail” through the public-private-partnership mode for the cold supply chain to transport perishable
2.6
PART A : CURRENT AFFAIRS
goods quickly. What is the name of this special train?
(a) Food Rail
(b) Vegetable Rail
(c) Kisan Rail
(d) Atal Rail
54. The budget 2022-23 proposed which type of farming to be promoted in India?
(a) Natural
(b) Chemical Free
(c) Both (a) and (b)
(d) None of these
55. The finance minister announced in 2022-23 budget that RBI will introduce the digital rupee (Virtual Currency) using ________________ Starting 2022-23.
(
a) DeFi
(b) Blockchain Technology
(c) Bitcoin
(d) Litecoin
56. What percentage of GDP has been announced in 2022-23 budget for capital expenditure by the Government?
(a) 4.1 %
(b) 4.5 %
(c) 4.75 %
(d) 4.9 %
57. In order to improve child health, the 2022-23 budget has proposed to upgrade _____________________ Anganwadis.
(a) 2,00,000
(b) 1,75,000
(c) 1,50,000
(d) 1,00,000
58. The union budget 2022-23 announced to set up a committee to review the regulatory framework for _______________
(a) Digital Currency
(b) Venture Capital
(c) Construction Industry
(d) Pharma Industry
59. As per Union Budget, banks will be strengthened by amending Banking Regulation Act for increasing profes-
sionalism, enabling access to capital and improving governance and oversight for sound banking through the RBI. Which banks are being referred here?
(a) Cooperative Banks
(
b) Rural Banks
(
c) Development Banks
(
d) None of the above
60. The Union budget 2020 has proposed to ease the eligibility criteria for NBFC’s for debt recovery under SARFAESI to asset size of ___________________ down from ` 500 Crore and loan size of at least _____________ against existing ` 1 crore.
(
a) ` 100 crore, ` 5 Lakh
(b) ` 200 crore, ` 5 Lakh
(c) ` 250 crore, ` 60 Lakh
(d) ` 300 crore, ` 65 Lakh
61. What is the full form of SARFAESI Act?
(
a) Securities and Referential Assets Enforcement Securities Interest
(b) Security Agreed Reserve for Artificial Supreme Interest
(c) Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act.
(d) None of these
62. As per budget 2022-23, the Government’s capital expenditure in 2022-23 is estimated at __________________
(a) ` 15.68 Lakh Crores
(b) ` 10.68 Lakh Crore
(c) ` 8.68 Lakh Crores
(d) ` 7.68 Lakh Crores
63. The union budget has increased the FPI limit in corporate bonds from 9% of its outstanding stock. What is the increased limit?
(a) 12%
(b) 15%
(c) 18%
(d) 20%
64. To give attractive access to retail investors, pension funds and long-term
investors, the union Budget proposed a new Debt-ETF. This ETF is mainly consisted of which type of securities?
(a) Government companies equity stock
(b) Government Securities
(c) Gold funds
(d) Sensex/NSE Funds
65. After Mega Bank Merger, which are of the following will be 2nd largest PSB rank by size?
(
a) Punjab National Bank
(b) Canara Bank
(c) Union Bank of India
(d) Indian Bank
66. After Mega Bank Merger, which of the following will be the 5th largest PSB rank by size?
(
a) Punjab National Bank
(b) Canara Bank
(c) Union Bank of India
(d) Indian Bank
67. The government of India has extended tenure of Dinesh Khara till August 2024. He is currently serving as the chairman of which of the following banks?
(
a) Union Bank of India
(b) Punjab National Bank
(c) State Bank of India
(d) Canara Bank
[CSEET Jan. 2024]
68. In collaboration of which Public Sector Bank, the government telecom operator BSNL has launched Bharat InstaPay, UPI-based payment platform.
(a) State Bank of India
(b) Allahabad Bank
(c) UCO Bank
(d) Punjab National Bank
[CS Mock Test June 2020]
69. As per recent announcement of Government of India, which of the following is amalgamating banks with the anchor bank “Punjab National Bank”?
(a) Oriental Bank of Commerce and United Bank
(b) Andhra Bank and Corporation Bank
(c) Syndicate Bank and Allahabad Bank
(d) Canara Bank and Indian Bank
70. Under Mega Bank Merger, the Allahabad bank has been merged with which of the following banks?
(a) Punjab National Bank
(b) Canara Bank
(c) Indian Bank
(d) Union Bank of India
71. The Union Bank of India is the Anchor Bank for which of the following amalgamating banks?
(a) Andhra Bank
(b) Corporation Bank
(c) Allahabad Bank
(d) Both (a) & (b)
72. The Mega Bank Merger has cut down the public sector banks from 27 to _______________
(a) 10
(b) 12
(c) 13
(d) 14
73. In relation to banks, CASA stands for_____________.
(a) Current and Service Account
(b) Current and Savings Account
(c) Current and Standard Account
(d) Current Amount Saving Account
74. In 2010, which of the following banks was acquired by ICICI?
(a) Bank of India
(b) Bank of Rajasthan
(c) Bank of Jaipur
(d) Bank of Punjab
75. The merger of Union Bank of India with Andhra Bank and corporation Bank will create the _________largest public sector bank in India by the Balance Sheet.
(a) 2nd
PART A : CURRENT AFFAIRS
(b) 3rd
(c) 5th
(d) 8th
76. The merger of which of the following banks, with Canara Bank will create the 4th largest public sector Bank?
(
a) Syndicate Bank
(b) Andhra Bank
(c) Allahabad Bank
(d) Corporation Bank
77. Which of the following banks has got RBI nod for reappointment of Mahabaleshwar MS as Managing Director and CEO for 3 years?
(
a) Karnataka Bank
(
b) South Indian Bank
(
c) Vaishya Bank
(d) SBI
78. Which of the following Banks has launched Aadhaar Enabled payment System Services recently?
(a) India Post Payments Bank
(b) Airtel Payment Bank
(c) Jio Payment Bank
(d) Paytm Payments Bank
79. Which of the following banks has the tagline “Trusted family Bank”?
(a) Syndicate Bank
(b) ICICI Bank
(c) Corporate Bank
(d) Dena Bank
80. From which month, banks can no longer charge savings bank account holders for online transactions in the NEFT System?
(
a) November 2019
(
b) December 2019
(c) January 2020
(d) February 2020
81. The RBI has revised the norms for concurrent audit system. These revised norms are applicable to which type of banks?
(a) Only Scheduled Banks
(b) Only Rural Banks
(c) Only Non-Scheduled Banks
(d) All the Banks
82. The RBI has revised the guidelines on concurrent audit system of banks. Who headed the expert committee who recommended this?
(a) T.N. Manoharan
(b) Yezdi Hirji Malegam
(
c) Urjit Patel
(d) None of these
83. As on 31st March 2020, RBI has raised ways and means advance limit for states. By how much percentage it has been increased over and above the level as on 31st March, 2020?
(a) 30%
(b) 40%
(c) 50%
(d) 60%
84. Following the COVID-19 pandemic in India, PM-CARES Fund was created on 28th March 2020. Which of the following banks has been nominated for collection of donations in this regard?
(a) Indian Overseas Bank
(b) Oriental Bank of Commerce
(c) Punjab National bank
(d) Canara Bank
85. For the first time, Bharat Pe has entered into a partnership to introduce “COVID-19 Protection Insurance Cover” for shopkeepers who are most affected financially due to coronavirus outbreak. With whose partnership this insurance cover has been started?
(a) ICICI
(b) HDFC
(c) OBC
(d) None of these
86. What is the full form of PM-CARES fund created as 28th March 2020?
(a) Prime Minister’s Citizen Assistance and Relief in Emergency Situations fund
(b) Prime Minister Contingency Assistance and Relief in Emergency Situation Fund
(c) Prime Minister Citizen Authority and Relief in Emergency Situation Fund
(d) None of these
87. On 19th September 2019, SEBI set up a high-level panel to suggest possible structures and regulations for creating “Social Stock Exchanges”. Who will head this committee?
(
a) T.V. Mohandas Pai
(b) Roopa Kudva
(c) Amit Chandra
(d) Ishaat Hussain
88. In March 2020, who has been appointed as New finance secretary of Committee of the cabinet?
(
a) Hasmukh Adhia
(b) Ajay Bhushan Pandey
(c) C. Rajeev Takru
(d) Shakti Kant Dass
89. On 22nd September, 2019, RBI approved the reappointment of________ _______as the MD & CEO of Federal Bank for another year.
(
a) Hasmukh Adhia
(b) Rajeev Kumar
(c) Shyam Srinivasay
(d) None of these
90. Which of the following is the partner bank of PM-CARES Fund?
(a) SBI
(b) PNB
(c) Canara Bank
(d) Indian Bank
91. Which of the following banks has launched “IND-COVID Emergency Credit Line” for large corporates?
(a) Indian Bank
(b) PNB
(c) Canara Bank
(d) Union Bank of India
92. Who was selected as 13th president of the World Bank on April 5, 2019?
(
a) Jim Yong Kim
(b) David R. Malpass
(c) Robert Zoellick
(d) Sir James Wolfensohn
93. Who is the founder of Yes Bank?
(a) Rana Kapoor
(b) Udau Kotak
(c) Abhinav Krishna
(d) Shikha Kapoor
94. Which bank has been decided by RBI to pick up a 49% stake in Yes Bank?
(a) SBI
(b) PNB
(c) Indian Bank
(d) HDFC Bank
95. On 18th September 2019, which payment bank has launched “Bharosa” Savings account services which offers ` 5 Lakh personal accident insurance, even with the minimum balance of ` 500?
(a) India Post Payments Bank
(b) Airtel Payments Bank
(c) Fino Payments Bank
(d) Paytm payments Bank
96. In December 2019, who has been unanimously elected as president of Asian Development Bank by its Board of Governors?
(
a) Masatsugu Asakawa
(b) Takehiko Nakao
(c) Tadao Chinto
(d) Haruhiko Kuroda
97. As per revised norms on concurrent audit, bank should frame a policy for fixing accountability in cases of serious acts of commission or commission noticed in the working of_____________ working as con-current auditor.
(a) Bank’s Own Staff
(b) Bank’s Retired Staff
(c) Both (a) & (b)
(d) Neither (a) nor (b)
