CURRENT AFFAIRS

QNo:1 India’s biggest gas importer____________ will build Sri Lanka’s first Liquefied Natural Gas (LNG) terminal. ONGC HPCL H-Energy Petronet LNG Ltd None of These QNo:2 Who has taken charge as Managing Director and Chief Executive Officer of Vijaya Bank? Rahul Sharma Rajiv Goyal R A Sankara Narayanan Jyoti Jain Saurabh Singh QNo:3 In which country GOI has launched UJALA Scheme? Australia Syria Bhutan Nepal Malaysia QNo:4 Which day is celebrated as International Literacy Day? 8 June 8 September 8 August 8 May 8 July QNo:5 Which State government has signed an MoU with the US-based Hyperloop Transportation Technologies to build India’s first Hyperloop system? Andhra Pradesh Jaipur Maharashtra Madhya Pradesh UP QNo:6 Who has assumed charge as the Chairman-cum-Managing Director (CMD) of NMDC Limited?Who has assumed charge as the Chairman-cum-Managing Director (CMD) of NMDC Limited? Sumit Verma Raj Arjun Rahul Ghosh Vipin Agrawal N Baijendra Kumar QNo:7 Which portal has been launched by the Union Ministry of Human Resource and Development (HRD) for providing digital platform to teachers? Diksha Sarashwati Vandana Gyan Yogyata QNo:8 Which country will host the 2019 edition of the Commonwealth (Youth, Junior and Senior) Weightlifting Championships? Australia China India Ghana Hungry QNo:9 Who has been given additional charge of the post of Chairperson of National Authority Chemical Weapons Convention (NACWC)? Dr. Inder Jit Singh Vivek Singh Aman Jain Piyush Sharma Garima Verma QNo:10 What is the name of India-Sri Lanka joint maritime naval exercise which has been started near Vishakhapatnam (Andhra Pradesh) in the Bay of Bengal? Indra Navy SLINEX 2017 Komodo Varuna Kakadu

GENERAL AWARENESS

Monetary policy Monetary policy refers to the policy of the central bank with regard to the use of monetary instruments under its control to achieve the goals specified in the Act. The Reserve Bank of India (RBI) is vested with the responsibility of conducting monetary policy. This responsibility is explicitly mandated under the Reserve Bank of India Act, 1934. The goal(s) of monetary policy The primary objective of monetary policy is to maintain price stability while keeping in mind the objective of growth. Price stability is a necessary precondition to sustainable growth. In May 2016, the Reserve Bank of India (RBI) Act, 1934 was amended to provide a statutory basis for the implementation of the flexible inflation targeting framework. The amended RBI Act also provides for the inflation target to be set by the Government of India, in consultation with the Reserve Bank, once in every five years. Accordingly, the Central Government has notified in the Official Gazette 4 per cent Consumer Price Index (CPI) inflation as the target for the period from August 5, 2016 to March 31, 2021 with the upper tolerance limit of 6 per cent and the lower tolerance limit of 2 per cent. The Monetary Policy Process Section 45ZB of the amended RBI Act, 1934 also provides for an empowered six-member monetary policy committee (MPC) to be constituted by the Central Government by notification in the Official Gazette. The MPC determines the policy interest rate required to achieve the inflation target. The Reserve Bank’s Monetary Policy Department (MPD) assists the MPC in formulating the monetary policy. Views of key stakeholders in the economy, and analytical work of the Reserve Bank contribute to the process for arriving at the decision on the policy repo rate. Instruments of Monetary Policy There are several direct and indirect instruments that are used for implementing monetary policy. Repo Rate: The (fixed) interest rate at which the Reserve Bank provides liquidity to banks up to 90 days against the collateral of government and other approved securities under the liquidity adjustment facility (LAF) but limited up to .5% of NDTL . Bank can not use SLR Securities as collateral. Reverse Repo Rate: The (fixed) interest rate at which the Reserve Bank absorbs liquidity from banks against the collateral of eligible government securities under the LAF. Liquidity Adjustment Facility (LAF): The LAF consists of overnight as well as term repo auctions. LAF enables liquidity management on a day to day basis. All clients of RBI are eligible to bid and Bank cannot sell Government security to RBIfrom its SLR quota. Marginal Standing Facility (MSF): A facility under which scheduled commercial banks can borrow amount For a period up to 1 day,24 hours, overnight from the Reserve Bank of India. Here, banks BANK can use SLR securities. Bank Rate: It is the rate at which the Reserve Bank is ready to buy or rediscount bills of exchange or other commercial papers. RBI use BANK RATE as a penal rate in case BANKS are not able to maintain their CRR and SLR. Cash Reserve Ratio (CRR): The average daily balance that a bank is required to maintain with the Reserve Bank as a share of such per cent of its Net demand and time liabilities (NDTL) that the Reserve Bank may notify from time to time in the Gazette of India. Statutory Liquidity Ratio (SLR): The share of NDTL that a bank is required to maintain in safe and liquid assets, such as, unencumbered government securities, cash and gold. Changes in SLR often influence the availability of resources in the banking system for lending to the MARKET. Open Market Operations (OMOs): These include both, outright purchase and sale of government securities, for injection and absorption of durable liquidity, respectively. Market Stabilisation Scheme (MSS): This instrument for monetary management was introduced in 2004. Surplus liquidity of a more enduring nature arising from large capital inflows is absorbed through sale of short-dated government securities and treasury bills. The cash so mobilised is held in a separate government account with the Reserve Bank OF India.

GENERAL AWARENESS

Inflation/deflation is the percentage change in the valuable goods and services on a year-on-year basis with respect to a base year. Inflation is the increase in prices of goods and services while deflation is the decrease in prices of goods and services with respect to the base year. Wholesale Price Index (WPI) is the price of a representative basket of wholesale goods Formula for calculating Inflation = (WPI of current month in a year – WPI in same month previous year) ————————————————————————————– X 100 WPI in same month of previous year In India, the Wholesale Price Index (WPI) was main index for measurement of inflation in India till April 2014. Then onwards RBI adopted new Consumer Price Index (CPI) (combined) as the key measure of inflation. Types of Inflation Demand-pull inflation: inflation from high demand for goods and high employment. Cost push inflation: inflation caused by the sudden decrease in the supply of goods, which would increase goods prices. Pricing Power Inflation: It happens in oligopolistic markets, where prices are increased just to increase profit margins. Taxation: Increase in taxes, cess, etc Production and Distribution Inflation: Increases in the cost of operations, production or supply chains. Sectoral Inflation: It takes place when certain sector of industries increase the price of its goods and services, which have a cascading effect on other industries, for example, cost of crude Fiscal Inflation: Excessive government spending can lead to Fiscal Inflation, for example, Minimum SupportPrice, etc. Hyperinflation: Hyperinflation is also known as runaway inflation or galloping inflation. This can usually lead to the complete breakdown of a country’s monetary system. Effects of inflation: Price rise: Higher price is charged for the same quantity of goods and services. Creditors Lose: A creditor receives a reduced real interest rate. Debtors Gain: A debtor pays a lower real interest rate. A moderate level of inflation characterizes a good economy. An inflation rate of 2 or 3% is beneficial for an economy. In times of lower inflation, the interest rate also remains low, thereby encouraging buying and borrowing. Governments and Central Banks try to achieve lower levels of inflation.

GENERAL AWARENESS

Pre-Independence Era Bank of Hindustan was setup at Calcutta in 1770. General bank of India was setup in 1786. First presidency bank, Bank of Calcutta was established in June 1806, later renamed as Bank of Bengal in the year of 1809. Second Presidency bank, Bank of Bombay was established in 1840. Third presidency bank, Bank of Madras was established in 1843. Allahabad Bank was established in 1865. It is one of India’s Oldest Joint Stock Bank. The Comptoire d’Escompte de Paris opened a branch in Calcutta in 1860. HSBC established itself in Bengal in 1869, the Oldest Joint Stock Bank of India. In 1895, Punjab National Bank was established in Lahore, the first bank purely managed by Indian. In 1911, Central Bank of India which was established, it was the first Indian commercial bank wholly owned and managed by Indians. In 27th January 1921, Imperial Bank of India was formed by merger of Bank of Bengal, Bank of Madras and Bank of Bombay. In 1926 Royal Commission on Indian Currency (Hilton Young Commission) recommends the establishment of a central bank to be called the ‘Reserve Bank of India’. The Reserve Bank of India was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934. Pre-Nationalization Period (1947-1969) The Banking Regulation Act, 1949 gave extensive, regulatory powers to RBI to the commercial banks. The government of India nationalized the Imperial Bank (established in 1921) and transformed it to State Bank of India in 1955. State Bank group was formed by nationalizing eight regional banks in 1960 to extend the reach of these banks to many semi-urban and rural areas. Post Nationalization period (1969 to 1991) In July 1969, the Government nationalized 14 banks, namely, Allahabad Bank, Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Dena Bank, Indian Bank, Indian Overseas Bank, Punjab National Bank, Syndicate Bank, UCO Bank, Union Bank, United Bank of India Post-liberalization period (1991 till date). Narasimham committee 1 recommended reforms to revamp the banking system so as to make it competitive and efficient. Narasimham Committee – II dealt with issues in technology up gradation in the banking sector.

GENERAL AWARENESS

National Income National Income is the financial health of a nation and its citizens. It is measured in terms of Gross National Income (GNP), Net National Income (NNP), Gross Domestic Product (GDP), Net Domestic Product (NDP). Gross Domestic Product: Gross domestic product is the total value of goods and services produced in the country irrespective of it being produced by citizens or foreign-owned companies in a financial year. The gross domestic product includes income from taxes, wages, salaries, rents, interest, dividend, self-employed persons, partnerships, etc. GDP does not include income earned from abroad. Net Domestic Product: Net National Product = Gross Domestic Product – Depreciation Depreciation is the ‘wear and tear’ of goods in the process of their use. Gross National Income: Gross National Income = Gross Domestic Product + Income coming from abroad – Income going to abroad. Net Income from abroad means the difference between the value of exports and imports of goods and services. In this concept of GNP there are certain factors that have to be taken into consideration. The income earned through illegal activities is not included in GNP. GNP is frequently used as it expresses the actual condition of production and employment in a country during a specific period and also provides an idea of the performance of the economy. Net National Product Net National Product = Gross National Product – Depreciation Cost The value of produced goods and services may be calculated at either the ‘factor cost’ or the ‘market cost’. Factor cost is the ‘input cost’ the producer has to incur in the process of producing goods or service. Market cost is the cost at which goods reach the market after adding the indirect taxes to the factor cost of the product.

POITY

Lengthiest Written Constitution Drawn From Various Sources –from various other countries as well as from the Government of India Act of 1935. According to Dr. B R Ambedkar, the Constitution of India has been framed after ‘ransacking all the known Constitutions of the World ’. Blend of Rigidity and Flexibility Federal System with Unitary Bias A Secular State no official religion of the Indian State. Universal Adult Franchise i. a basis of elections to the Lok Sabha and the state legislative assemblies. ii. Every citizen above 18 years iii.The voting age was 21 years in 1989. It was reduced by the 61st Constitutional Amendment Act of 1988. Single Citizenship Indian Constitution is federal and envisages a dual polity (Centre and states), There is only the Indian citizenship. Independent Bodies Provides for the legislative, executive and judicial organs Establishes certain independent bodies. Emergency Provisions Why incorporated to safeguard the sovereignty, unity, integrity, and security of the country, the democratic political system, and the Constitution. Three-tier Government i. Dual polity and contained provisions with regard to the organization and powers of the Centre and the states. ii. 73rd and 74th Constitutional Amendment Acts (1992) -added a third-tier of government not found in any other Constitution of the world. Parliamentary Form of Government i. Presence of nominal and real executives; ii. Majority party rule, iii. Collective responsibility of the executive to the legislature, iv. Membership of the ministers in the legislature, v. Leadership of the prime minister or the chief minister, vi. Dissolution of the lower House Synthesis of Parliamentary Sovereignty and Judicial Supremacy Integrated and Independent Judiciary Fundamental Rights i. Part III ii. guarantees six fundamental rights to all the citizens Right to Equality (Articles 14–18), Right to Freedom (Articles 19–22), Right against Exploitation (Articles 23–24), Right to Freedom of Religion (Articles 25–28), Cultural and Educational Rights (Articles 29–30), and The Right to Constitutional Remedies (Article 32). Directive Principles of State Policy(DPSP) i ) Part IV of the Constitution ii. According to Dr. B R Ambedkar, the Directive Principles of State Policy is a ‘novel feature’ of the Indian Constitution. iii. Why needed for promoting the ideal of social and economic democracy iv. There are three broad categories Socialistic Gandhian liberal–intellectual. Fundamental Duties i. Added during the operation of internal emergency (1975–77) by the 42nd Constitutional Amendment Act of 1976 ii. added on the recommendation of the Swaran Singh Committee. iii. The 86th Constitutional Amendment Act of 2002 added 11th fundamental duty.

Current Affairs Questions

Q1. The government has recently issued an alert on the spread of new malware named __________, that can lock computers and demand ransom for unlocking them. (a) Bits Ransomeware (b) Locky Ransomware (c) Lockhead Ransomeware (d) Key Ransomeware (e) Teach Us Ransomeware Q2. Name the Hockey India coach who has been sacked from the national coach post after a string of unimpressive outings at the international level. (a) Mike Yeo (b) Jeff Jackson (c) Mike Schafer (d) Roelant Oltmans (e) Wayne Gretzky Q3. How many banks of the BRICS Bank Cooperation Mechanism have agreed to establish credit lines in the national currencies and cooperate on credit ratings? (a) 4 (b) 3 (c) 5 (d) 2 (e) 7 Q4. Name the minister who has been appointed as the Union Railway Minister after being inducted into the Union Cabinet. (a) Suresh Prabhu (b) Nirmala Sitharaman (c) Arun Jaitley (d) Ananth Kumar (e) Piyush Goyal Q5. After the Reshuffle in cabinet, who was given the Defence Ministry? (a) Nirmala Sitharaman (b) Manohar Parrikar (c) Jagat Prakash Nadda (d) Anant Geete (e) Raj Nath Singh Q6. Nepal has signed a _____________ UN assistance package for 2018-2022 to lay out the country’s development strategy for the next five years. (a) USD 700 million (b) USD 750 million (c) USD 635 million (d) USD 650 million (e) USD 760 million Q7. Name the Player who has become the first wicketkeeper in world cricket to effect 100 stumpings in One Day Internationals (ODIs). (a) Mushfiqur Rahim (b) Mahendra Singh Dhoni (c) Sarfraz Ahmed (d) Kamran akmal (e) Kumar Sangakkara Q8. The 9th BRICS Summit has started in Xiamen, China with the group of leaders of the five countries. What is the theme of the 9th BRICS Summit? (a) Partnership for Secure Future (b) Together Against Terrorism (c) Stronger Partnership for a better future (d) None of The Given Themes are True (e) Sustainable Development for Better Future Q9. In the recent Cabinet Reshuffle, four Ministers of State have been promoted to the Cabinet Minister. Who of the following is not among them? (a) Dharmendra Pradhan (b) Piyush Goyal (c) Nirmala Sitharaman (d) Manoj Sinha (e) Mukhtar Abbas Naqvi Q10. Which of the following Broadcasting Company has edged out Sony Pictures to secure the Indian Premier League's media rights with a bid of Rs 16,347.50 crore? (a) Sahara India (b) Star India (c) ESPN Sports (d) Sony Pictures (e) DD Sports Q11. Fincare Small Finance Bank has kick-started its banking operations with about 25 operational branches across four states. What was the previous name of Fincare SFB? (a) Disha Microfin Limited (b) AU Small Finance Bank (c) Motilal Oswal Financial (d) Edelweiss Financial (e) Pragati Small Finance Bank Q12. Name the Pulitzer-prize winning poet who has passed away at age of 90. (a) Tyehimba Jess (b) David Fahrenthold (c) C. J. Chivers (d) Peggy Noonan (e) John Ashbery Q13. Karnataka government has decided to merge the existing seven health schemes to launch a unified health scheme. What is the name of this Unified Scheme? (a) Nirogya Bhavah (b) Nirogya Scheme (c) Arogya Bhagya (d) Arogya Scheme (e) Unified Health Scheme Q14. Which among the following country from BRICS has decided to give $76.4 million for a BRICS economic and technology cooperation plan? (a) India (b) Brazil (c) South Africa (d) China (e) Russia Q15. Name the Bank that has bagged the ‘best bank’ award among small banks for the use of technology for financial inclusion at the 13th IDRBT Banking Technology Excellence Awards 2016-17. (a) Cooperation Bank (b) Karnataka Bank (c) DENA Bank (d) Karur Vysya Bank (e) Kotak Mahindra Bank Read more: http://www.bankersadda.com/2017/09/current-affairs-questions-for-ibps-rrb-2017.html#ixzz4uer05TJC