Day-421
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Question 1 of 5
1. Question
2 points1. With reference to the livestock sector, consider the following statements:
1. It contributes more than 10% to the Gross Domestic Product of the country.
2. India ranks first in milk production in the world.
3. India is the second largest fish producing country in the world.
Which of the statements given above is/are incorrect?Correct
Answer: A
Explanation:
● Statement 1 is incorrect: Livestock sector in India contributes 4.11% GDP and 25.6% of total Agriculture GDP.
● Statement 2 is correct: India ranks first in milk production in the world.
● Statement 3 is correct: India is the second largest fish producing country in the world.
Additional information: Livestock plays an important role in the Indian economy. About 20.5 million people depend upon livestock for their livelihood. Livestock contributed 16% to the income of small farm households as against an average of 14% for all rural households. Livestock provides livelihood to two-third of rural communities. It also provides employment to about 8.8 % of the population in India. India has vast livestock resources. Livestock sector contributes 4.11% of GDP and 25.6% of total Agriculture GDP. Livestock are considered as ‘moving banks’ because of their potentiality to dispose of during emergencies. They serve as capital and in cases of landless agricultural labourers many times it is the only capital resource they possess.Incorrect
Answer: A
Explanation:
● Statement 1 is incorrect: Livestock sector in India contributes 4.11% GDP and 25.6% of total Agriculture GDP.
● Statement 2 is correct: India ranks first in milk production in the world.
● Statement 3 is correct: India is the second largest fish producing country in the world.
Additional information: Livestock plays an important role in the Indian economy. About 20.5 million people depend upon livestock for their livelihood. Livestock contributed 16% to the income of small farm households as against an average of 14% for all rural households. Livestock provides livelihood to two-third of rural communities. It also provides employment to about 8.8 % of the population in India. India has vast livestock resources. Livestock sector contributes 4.11% of GDP and 25.6% of total Agriculture GDP. Livestock are considered as ‘moving banks’ because of their potentiality to dispose of during emergencies. They serve as capital and in cases of landless agricultural labourers many times it is the only capital resource they possess. -
Question 2 of 5
2. Question
2 points2. With reference to Urban Cooperative Banks in India, consider the following statements:
1. They come under the supervision of the Reserve Bank of India.
2. They do not come under Banking Regulation Act 1949 and are only governed by Banking Laws (Co-operative Societies) Act, 1955.
3. They can lend as well as accept deposits.
Which of the statements given above is/are correct?Correct
Answer: B
Explanation:
● Statement 1 is correct: Urban Co-operative Banks come under the supervision of RBI.
● Statement 2 is incorrect: They are governed by both Banking Regulation Act 1949 and Banking Laws(Co-operative Societies)Act, 1955.
● Statement 3 is correct: They can lend as well as accept deposits.
Additional information: Cooperative banking is a type of banking service that is provided by a cooperative, which is a financial institution that is owned and controlled by its members. Cooperative banks are founded by collecting funds through shares, accepting deposits and granting loans.
Cooperative banking services are typically focused on providing credit and other banking services to members of the cooperative. Cooperative banking services may include savings accounts, checking accounts, loans, mortgages, insurance, and investment services. In addition, cooperative banks may offer a variety of services aimed at helping members of the cooperative with their financial needs, such as financial education and money management programs.Incorrect
Answer: B
Explanation:
● Statement 1 is correct: Urban Co-operative Banks come under the supervision of RBI.
● Statement 2 is incorrect: They are governed by both Banking Regulation Act 1949 and Banking Laws(Co-operative Societies)Act, 1955.
● Statement 3 is correct: They can lend as well as accept deposits.
Additional information: Cooperative banking is a type of banking service that is provided by a cooperative, which is a financial institution that is owned and controlled by its members. Cooperative banks are founded by collecting funds through shares, accepting deposits and granting loans.
Cooperative banking services are typically focused on providing credit and other banking services to members of the cooperative. Cooperative banking services may include savings accounts, checking accounts, loans, mortgages, insurance, and investment services. In addition, cooperative banks may offer a variety of services aimed at helping members of the cooperative with their financial needs, such as financial education and money management programs. -
Question 3 of 5
3. Question
2 points3. Consider the following statements regarding the Insurance Regulatory and Development Authority of India (IRDAI):
1. It is an executive body set up to regulate and develop the insurance sector in India.
2. It has been set up on the recommendation of RN Malhotra Committee.
3. It has the power to issue licenses to both insurance companies and insurance intermediaries.
Which of the statements given above is/are correct?Correct
Answer: B
Explanation:
● Statement 1 is incorrect: It is a statutory body under Insurance Regulatory and Development Authority Act, 1999 set up to regulate and develop the insurance sector in India.
● Statement 2 is correct: It has been set up on the recommendation of RN Malhotra Committee.
● Statement 3 is correct: It has power to issue licenses to both insurance companies and insurance intermediaries.
Additional information: Insurance Regulatory and Development Authority of India (IRDAI), is a statutory body formed under an Act of Parliament, i.e., Insurance Regulatory and Development Authority Act, 1999 (IRDA Act 1999) for overall supervision and development of the Insurance sector in India. The powers and functions of the Authority are laid down in the IRDA Act, 1999 and Insurance Act, 1938. The key objectives of the IRDAI include promotion of competition so as to enhance customer satisfaction through increased consumer choice and fair premiums, while ensuring the financial security of the Insurance market. IRDAI adopted a Mission for itself which is as follows: To protect the interest of and secure fair treatment to policyholders; To bring about speedy and orderly growth of the Insurance industry (including annuity and superannuation payments), for the benefit of the common man, and to provide long term funds for accelerating growth of the economy; To set, promote, monitor and enforce high standards of integrity, financial soundness, fair dealing and competence of those it regulates; To ensure speedy settlement of genuine claims, to prevent Insurance frauds and other malpractices and put in place effective grievance redressal machinery.Incorrect
Answer: B
Explanation:
● Statement 1 is incorrect: It is a statutory body under Insurance Regulatory and Development Authority Act, 1999 set up to regulate and develop the insurance sector in India.
● Statement 2 is correct: It has been set up on the recommendation of RN Malhotra Committee.
● Statement 3 is correct: It has power to issue licenses to both insurance companies and insurance intermediaries.
Additional information: Insurance Regulatory and Development Authority of India (IRDAI), is a statutory body formed under an Act of Parliament, i.e., Insurance Regulatory and Development Authority Act, 1999 (IRDA Act 1999) for overall supervision and development of the Insurance sector in India. The powers and functions of the Authority are laid down in the IRDA Act, 1999 and Insurance Act, 1938. The key objectives of the IRDAI include promotion of competition so as to enhance customer satisfaction through increased consumer choice and fair premiums, while ensuring the financial security of the Insurance market. IRDAI adopted a Mission for itself which is as follows: To protect the interest of and secure fair treatment to policyholders; To bring about speedy and orderly growth of the Insurance industry (including annuity and superannuation payments), for the benefit of the common man, and to provide long term funds for accelerating growth of the economy; To set, promote, monitor and enforce high standards of integrity, financial soundness, fair dealing and competence of those it regulates; To ensure speedy settlement of genuine claims, to prevent Insurance frauds and other malpractices and put in place effective grievance redressal machinery. -
Question 4 of 5
4. Question
2 points4. With reference to the National Automated Clearing House, consider the following statements:
1. It comes under the regulation of the Reserve Bank of India.
2. It is a centralized system implemented to streamline the real-time payment systems
3. It is currently limited to commercial banks only.
Which of the statements given above is/are correct?Correct
Answer: A
Explanation:
● Statement 1 is correct: It comes under regulation of the Reserve Bank of India.
● Statement 2 is incorrect: It is a centralized system which makes periodic payment settled within 24 hours and it is not a real time payment system.
● Statement 3 is incorrect: It has a wider reach and a wide variety of entities including banks, corporates, companies, governments, and even mutual fund houses and brokers.
Additional information: National Automated Clearing House or NACH is a centralized system which is implemented by the National Payments Corporation of India or NPCI for financial institutions, corporate and government as a web based solution for the facilitation of interbank, high volume electronic transactions. The NACH system was implemented with the aim of providing a single set of rules for operations of all electronic transactions that are common across all services. It was on 1st May 2016 that the NACH was introduced with an aim to consolidate the multiple Electronic Clearing Systems or ECS running across the country to provide an harmonization of standard and practices and eliminate the local barriers or inhibitors. Since then NACH has been used in place of the Electronic Clearing System (ECS)Incorrect
Answer: A
Explanation:
● Statement 1 is correct: It comes under regulation of the Reserve Bank of India.
● Statement 2 is incorrect: It is a centralized system which makes periodic payment settled within 24 hours and it is not a real time payment system.
● Statement 3 is incorrect: It has a wider reach and a wide variety of entities including banks, corporates, companies, governments, and even mutual fund houses and brokers.
Additional information: National Automated Clearing House or NACH is a centralized system which is implemented by the National Payments Corporation of India or NPCI for financial institutions, corporate and government as a web based solution for the facilitation of interbank, high volume electronic transactions. The NACH system was implemented with the aim of providing a single set of rules for operations of all electronic transactions that are common across all services. It was on 1st May 2016 that the NACH was introduced with an aim to consolidate the multiple Electronic Clearing Systems or ECS running across the country to provide an harmonization of standard and practices and eliminate the local barriers or inhibitors. Since then NACH has been used in place of the Electronic Clearing System (ECS) -
Question 5 of 5
5. Question
2 points5. Consider the following statements regarding the Indian Banks Association:
1. It is a regulatory body of banking in India and an association of Indian banks and financial institutions.
2. Its members consist only of public sector banks.
3. It makes recommendations for the appointment of directors of Public Sector Banks.
Which of the statements given above is/are incorrect?Correct
Answer: D
Explanation:
● Statement 1 is incorrect: It is a representative body not a regulatory body of banking in India and an association of Indian banks and financial institutions but it is neither a regulatory body nor a government entity.
● Statement 2 is incorrect: Currently, it has members from public and private sector, foreign and urban co-operative banks, asset reconstruction companies, credit rating companies, credit guarantee funds etc.
● Statement 3 is incorrect: Banks Board Bureau makes recommendation for appointment of directors of Public Sector Banks.
Additional information: Indian Banks’ Association (IBA), formed on (26 September 1946) as a representative body of management of banking in India operating in India – an association of Indian banks and financial institutions based in Mumbai. With an initial membership representing 22 banks in India in 1946, IBA currently represents 247 banking companies operating in India. IBA was formed for development, coordination and strengthening of Indian banking, and to assist the member banks in various ways including implementation of new systems and adoption of standards among the members. Indian Banks’ Association is managed by a managing committee, and the current managing committee consists of one chairman, 3 deputy chairmen, 1 honorary secretary and 26 members.Incorrect
Answer: D
Explanation:
● Statement 1 is incorrect: It is a representative body not a regulatory body of banking in India and an association of Indian banks and financial institutions but it is neither a regulatory body nor a government entity.
● Statement 2 is incorrect: Currently, it has members from public and private sector, foreign and urban co-operative banks, asset reconstruction companies, credit rating companies, credit guarantee funds etc.
● Statement 3 is incorrect: Banks Board Bureau makes recommendation for appointment of directors of Public Sector Banks.
Additional information: Indian Banks’ Association (IBA), formed on (26 September 1946) as a representative body of management of banking in India operating in India – an association of Indian banks and financial institutions based in Mumbai. With an initial membership representing 22 banks in India in 1946, IBA currently represents 247 banking companies operating in India. IBA was formed for development, coordination and strengthening of Indian banking, and to assist the member banks in various ways including implementation of new systems and adoption of standards among the members. Indian Banks’ Association is managed by a managing committee, and the current managing committee consists of one chairman, 3 deputy chairmen, 1 honorary secretary and 26 members.
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