General Awareness Objective Questions 5.....................

1. Which bank in May 2015 launches voice password facility for its customers?

(1) HDFC Bank (2) Kotak Mahindra Bank (3) ICICI Bank

(4) ING Vysya Bank (5) Bank of Baroda

ICICI Bank, India’s largest private sector bank, on 25 May 2015 launched Voice Recognition Service (VRS), which authenticates customers based on their speech patterns. This service will allow customers to execute banking transactions through Bank’s call center in a quick, secure and convenient manner. With this, ICICI became the first bank in India to offer this service. It will be available to over 33 million customers of its savings account and credit card.

ICICI’s VRS

• Now customers will no longer have to enter their card numbers, PIN and answer security questions to 

authenticate themselves, as their voice will act as the password for banking transactions through the 

call centre.

• The voice recognition technology works on voice prints, which are unique to an individual. It 

comprises more than 100 characteristics including voice modulation, speed, accent, pronunciation 

which cannot be imitated, thereby enhances security.

• The Bank stores the customers unique voice print against his account and matches it whenever he 

calls from his registered mobile number.

• This launch came close on the heels of a slew of technology-led innovative services introduced by the 

Bank. The list includes the country’s first contactless debit and credit cards, and Pockets, India’s first 

digital bank on mobile phone.

• As on 31 March 2015, ICICI Bank has presence in 17 countries and in India it has 4050 branches and 

12451 ATMs

2. Which bank in May 2015 launches Online Customer Acquisition Solution?

(1) State Bank of India (2) Dena Bank (3) Bank of Baroda 

(4) UCO Bank (5) Bank of India

The State Bank of India (SBI), on 29 May 2015, launched an Online Customer Acquisition Solution (OCAS). It is an online platform to apply for Home Loans, Car Loans, Education Loans and Personal Loans. The application was launched by SBI Chairman Arundhati Bhattacharya.

Features of Online Customer Acquisition Solution

• The customer will instantly get an e-approval on filling the online form. Thereafter, the Bank officials 

will contact the customer and complete all the loan formalities.

• Customers can even upload all necessary documents online. This will help in empowering the 

customer and also reduce the processing time of their loan.

• A similar application will shortly also be launched on the mobile platform as well.

3. Which bank in June 2015 launches Pay Zapp, a complete digital payment and purchase solution?

(1) State Bank of India (2) HDFC Bank (3) ICICI Bank 

(4) Dena Bank (5) Bank of India

HDFC Bank on 10 June 2015 launched PayZapp, a complete digital payment and purchase solution. The mobile app will allow customers to manage credit or debit card details, recharge and pay bills, use virtual card, send money through a wallet and shop.

Highlights of PayZapp

• The app will be available for all customers of HDFC bank who will be allowed to use both type of 

cards namely VISA and Master Cards.

• The application can be downloaded on any Android phone from the Google Play Store from 15 June 

2015 onwards.

• To use the app, the customer will have to register himself/herself using the mobile phone number, 

which is registered with the bank and fill certain details related to him like name, date of birth and 

others. Then he/she will have to create his/her personal identification number (PIN).

• The mobile phone number will be the login ID for the application

• The application is different from applications launched by other banks which are just prepaid wallets, 

but in case of PayZapp, a customer will be able to link his/her debit or the credit card to the app

• The application wifi allow a customer to apply for loans or purchase an insurance plan.

4. Which company partnered with FINO Pay Tech, to set up ATMs in rural areas?

(1) Reliance Communications (2) Tata Communications

(3) BSNL (4) HCL Tech (5) None of these

White label operator, Tata Communications Payment Solutions, on 8 June 2015, partnered with FINO PayTech, a payment technology provider, to set up more ATM services in rural unbanked regions. Tata Communications Payment Solutions, which operates under the brand name ‘Indicash’, will install ATMs at the existing FINO Money Marts, the retail outlets of FINO PayTech. Similarly, Money Mart points will be placed at the existing Indicash ATM locations.

5. By which name YTS Solutions introduced a mobile based online salary disbursement solution?

(1) MoSa Pay (2) MoPay (3) SaNo Pay (4) SaDa Pay (5) YaYa Pay

Mobile money service provider YTS Solutions, in May 2015, introduced MoSa Pay - a mobile based online salary disbursement solution targeted at Small and Medium Enterprises (SMEs). With its new product, MoSa Pay provides access to mobile wallets to customers in lower income groups for effective and timely disbursement of salaries.

6. Name the company which joins hands with traders body Confederation of All India Traders to 

promote digitisation of payments?

(1) VISA (2) Master Card (3) Rupay (4) Kotak M (5) Z Plan

MasterCard and the Confederation of All India Traders (CAIT), on 26 May 2015 joined hands to promote digitisation of payments among Indian traders. The partnership is aimed at empowering small and medium businesses in the unincorporated sector with the knowledge of advance payment technologies.

• Under the partnership, MasterCard and CAIT will organise a series of training and educational 

sessions called “Master Your Card” in various metro and non-metro cities, such as Delhi, Mumbai, 

Bengaluru, Pune and Surat

7. By which name, State Bank of India launched internet based forex transaction platform? 

(1) SBI e-text (2) SBI g-text (3) SBI s-mart 

(4) SBI e-forex (5) SBI e-lace

State Bank of India on 19 June 2015 launched “SBI eforex”, an internet-based platform that enables customers to book their foreign exchange transactions online. This platform will facilitate the customers of the bank to obtain forex rates without having to physically visit the branch.

• e-forex is SBI’s second forex technology initiative since April 2015 after the launch of SBI “Fx Out”, 

which enables sending of foreign currency remittances from any of its branches in India.

8. Which bank in launched m CASH for enabling customers to transfer money to anyone without 

knowing their bank account details? 

(1) ICICI Bank (2) HDFC Bank (3) UCO Bank 

(4) State Bank of India (5) Punjab National Bank

Arundhati Bhattacharya, Chairman, SBI launched State Bank mCASH, on 1 June 2015, for enabling customers to transfer money to anyone without knowing their Bank account details irrespective of whether the recipient bank is SBI or not.

9. The Reserve Bank of India in June 2015 approved which document as proof of address for opening 

account with banks or any other financial institutions?

(1) Postpaid mobile service bills (2) Piped gas bills (3) Water supply bills

(4) All of these (5) None of these

In a notification issued on 11 June 2015, the RBI said that Bills for postpaid mobile service, piped gas and water supply can now be submitted as proof of address for opening account with banks or other financial institutions. Utility bill which is not more than two months old of any service provider (electricity, telephone, postpaid mobile phone, piped gas, water bill)’ for the limited purpose of proof of address are deemed to be Officially Valid Documents (OVDs) under ‘simplified measures’ Government has amended the Prevention of Money Laundering (Maintenance of Records) Rules, 2005 providing additional relaxations for the purpose of proof of address.

Documents that qualify as OVDs

• Bank account or Post Office savings bank account statement; pension or family pension payment 

orders (PPOs) issued to retired employees by government departments or PSUs, if they contain the 

address too will be OVDs.

• Letter of allotment of accommodation from employer issued by government, regulatory bodies, PSUs, 

banks, financial institutions and listed companies have also been added to the list of OVDs.

• Similarly, documents issued by government departments of foreign jurisdictions and letter issued by 

foreign embassy or Mission in India too are OVDs. These will be OVDs for address proof in case of 

banks, all payment system providers, prepaid payment instrument issuers and money transfer agents.

• In July 2014, RBI had said that only passport, driving licence, PAN Card, Voter’s Identity Card, 

MNREGA job card, Aadhaar number were to be considered OVDs for proof of identity and address 

required at the time opening an account of an individual and ‘it is implied that proof of address also 

follows from the above documents only’.

10. Reserve Bank of India in May 2015 allowed the Foreign Institutional Investors to invest upto __of 

the paid up capital in Gammon Infrastructure Projects Limited?

(1) 66 percent (2) 100 percent (3) 35 percent (4) 51 percent (5) 49 percent

The RBI, on 27 May 2015, notified that the Foreign institutional Investors (FIIs) or the Registered Foreign Portfolios Investors (RFPIs) can now invest up to 49 percent of the paid up capital in the Gammon Infrastructure Projects Limited under the Portfolio Investment Scheme (PIS).

11. Reserve Bank of India in June 2015 extended the deadline for aviation sector to raise funds through 

External Commercial Borrowings route till __________

(1) December 2015 (2) March 2016 (3) June 2016 

(4) November 2016 (5) March 2017

The Reserve Bank, on 11 June 2015, extended the deadline for aviation sector to raise funds through External Commercial Borrowings (ECBs) route by a year till March 2016, a move aimed at providing relief to the cash-crunched sector. As per the earlier guidelines, the scheme was valid till March 2015.

12. The Reserve Bank of India in May 2015 allowed Non Banking Financial Companies (NBFCs) to 

use …… prices to determine the value of it for purpose of advancing loans against it?

(1) Property (2) Assets (3) Gold (4) Both (1) and (2) (5) All of these

The Reserve Bank, on 21 May 2015, allowed Non-Banking Financial Companies (NBFCs) to use gold price at commodity exchange to determine the value of the metal for purpose of advancing loans against it. NBFCs may also use the historical spot gold price data publicly disseminated by a commodity exchange regulated by the Forward Markets Commission (FMC).

• Currently, the valuation of gold jewellery for arriving at the Loan-To-Value (LTV) is be done at the 

average of the closing price of 22 carat gold for the preceding 30 days as quoted by the Bombay 

Bullion Association (BBA).

• NBFCs lend up to 75 per cent of the value of gold to customers.

13. According to a statement made by financial services major HSBC related to payments through its 

mobile banking platform is expected to touch______

(1) USD10 billion (2) USD50 billion (3) USD70 billion 

(4) USD100 billion (5) USD120 billion

According to a statement made by financial services major HSBC on 20 June 2015, Corporates are increasingly using mobile banking and it expects global payments through its mobile banking platform to touch USD 100 billion in the next 18 months.

14. Which bank in June 2015 organised a special drive along with the RBI to replace mutilated notes?

(1) IDBI Bank (2) Yes Bank (3) Dena Bank (4) ICICI Bank

(5) Vijya Bank

ICICI Bank organised a special drive along with the RBI on 9 June 2015 to help those saddled with soiled and mutilated currency notes, so that they could exchange these for coins. The event was organised at EDC House in Panaji under the guidance of RBI.

15. As per the BrandZ list released in May 2015, which bank was the only Indian entity to find a place 

among the top 100 most valuable brands?

(1) UCO Bank (2) Canara Bank (3) ICICI Bank 

(4) HDFC Bank (5) State Bank of India

As per the BrandZ list released by Millward Brown, a global research agency, in association with WPP, in May 2015, Private sector lender HDFC Bank was the only Indian entity to find a place among the top 100 most valuable brands globally, along with Apple, Google, Microsoft, IBM and Facebook. HDFC Bank was ranked at 74th position in the list. As per the report, the bank is the India’s most valuable brand with a value of USD14 billion.

• Apple tops the chart with a brand value of USD 246.9 billion, followed by Google with USD 173.6 

billion and Microsoft with USD115.5 billion.

16. In June 2015, Indian Anny inks Mou with which bank for defence salary package?

(1) State Bank of India (2) Bank of Maharashtra (3) Punjab National Bank

(4) Syndicate Bank (5) Central Bank of India

The Indian Army, on 9 June 2015, inked a MoU with state- owned Punjab National Bank for defence salary package that will also give an extended benefit on personal accidental insurance coverage. Army had earlier signed a MoU with Punjab National Bank (PNB) in 2011 with a validity of three years.

17. Which bank in agreement with Master Card launches an innovative range of banking solutions as 

‘In Control’?

(1) HDFC Bank (2) ICICI Bank (3) Bank of India 

(4) Punjab National Bank (5) All of these

State-run Bank of India (BoI) and MasterCard launched new products, on 22 May 2015, in a bid to enhance the payment experience for customers with BoI Business Debit MasterCard, Platinum Credit MasterCard and International Travel MasterCard.

• An in-principle agreement has also been signed to offer an innovative range of banking solutions such 

as ‘In Control’ and MasterCard rewards programme, which will cater to the digital needs of 

customers.

• “In Control” is a mobile-based application which allows card holders the flexibility to determine 

how, when and where they will use their card.

18. By which name, the Advertising Standard Council of India (ASCI) in June 2015 launched a 

consumer complaint mobile application to address misleading advertisements? 

(1) ASCI (2) ASCI online (3) Online As 

(4) OAS (5) SAO

In a bid to address misleading advertisements, the Advertising Standard Council of India (ASCI), on 17 June 2015, launched its consumer complaint mobile application ASCI online, to provide consumer complaint services on a mobile app besides providing the facility online. The mobile app is currently available on android and iOS platforms.

19. Which e-commerce company in June 2015 acquired mobility solutions company Lets GoMo 

Labs? 

(1) Snapdeal (2) Flipkart (3) Alibaba (4) Myntra (5) Amazon

Ecommerce marketplace Snapdeal, in June 2015, acquired mobility solutions company Letsgomo Labs. Letsgomo Labs helps companies with end to end mobility solutions like building mobile strategies, conceptualization of apps and mobile sites, implementation and hosting.

20. Name the telecommunication giant which has launched “One Nation One Number” Plan?

(1) MTNL (2) BSNL (3) Tata Tele (4) Aircel (5) Vodafone

State owned telecommunications giant Bharat Sanchar Nigam Limited (BSNL), in June 2015, launched free pan India roaming scheme. This scheme will allow company’s mobile customers across the country to receive incoming calls at no additional cost i.e. free of cost. BSNL announced this scheme with the consent of Union Minister of Communications & IT Ravi Shankar Prasad who had earlier announced this scheme in order to achieve dream of ‘One Nation One Number’.

21. Name the company with which Arcelor Mittal signed a MoU to set up an steel manufacturing 

facility in India?

(1) SAIL (2) Ispat Nigam (3) Uttam Galva Steel 

(4) Tata Steel (5) Bhushan Steel

Arcelor Mittal and Steel Authority of India Ltd, on 22 May 2015, signed a MoU in London to set up an automotive steel manufacturing facility through a joint venture in India.

22. In which of the following city Tata Consultancy Services launched a Next-Gen Technology 

Solutions Centre of Excellence?

(1) Mysore (2) Hyderabad (3) Aurangabad (4) Nagpur (5) Pune

India’s largest IT services company Tata Consultancy Services (TCS) on 16 June 2015 launched a Next-Gen Technology Solutions Center of Excellence (C0E) at its campus in Hyderabad. Its primary focus is on emerging communication technologies such as Software Defined Networks (SDN), Network Function Virtualization (NW), 5G and Wireless LAN (WLAN).

23. PVR Ltd, India’s largest multiplex chain agreed to acquire DLF’s DT Cinemas for what in 

_______ ?

(1) 100 crore (2) 200 crore (3) 300 crore (4) 400 crore (5) 500 crore

PVR Ltd, India’s largest multiplex chain, on 9 June 2015 agreed to acquire DLFs DT Cinemas for 500 crore rupees. This deal is part of DLF’s strategy to exit non-core businesses and cut huge debt of over 20000 crore rupees. On the other hand, it will help PVR Cinemas expand its presence in North India.

24. Microsoft announced to open the India’s first Digital Experience center in which of the following 

state?

(1) Rajasthan (2) Maharashtra (3) Punjab 

(4) Haryana (5) Gujarat

Microsoft on 27 May2015 announced to open the India’s first Digital Experience Centre in Vadodara, Gujarat. Microsoft will open the centre in collaboration with the Vadodara Chamber of Commerce and Industry (VCCI).

25. Which commodity market in May 2015 launched Gold Now Platform for forward contract in 

gold? 

(1) BSE (2) DSE (3) NSE (4) KSE (5) NCDEX

The National Commodity & Derivatives Exchange Limited (NCDEX) on 27 May 2015 launched Gold Now platform to undertake forward trading in gold.

Features of Gold Now 

• It is an India-centric gold forward contracts platform and involves selling and buying of locally-

refined gold.

• The maximum duration of the contract is for 60 calendar days and delivery is compulsory.

• Delivery unit of the contract is 100 grams and 1 kilogram.

• The contract will have six delivery centres viz., Delhi, Mumbai, Ahmedabad, Hyderabad, Cochiri and 

Chennai.

• NCDEX has tied up with four gold refiners viz., MMTCPAMP, Kundan Group, Shirpur Gold 

Refinery and Edeiweiss for the delivery of the contracts

• NCDEX is also planning to set up purity verification centres in partnership with the NCDEX 

approved refineries.

State Bank of India on 19 June 2015 launched “SBI eforex”, an internet-based platform that enables customers to book their foreign exchange transactions online. This platform will facilitate the customers of the bank to obtain forex rates without having to physically visit the branch.

26. Which of the following bank has rolled out its $ 1 billion offshore fund to finance affordable 

housing project?

(1) ICICI (2) HDFC (3) Kotak Mahindra (4) AXIS Finance

(5) None of these

India’s leading mortgage lender HDFC rolled out its $1- billion offshore fund to finance affordable housing projects in June 2015. The world’s second largest sovereign wealth fund the Abu Dhabi Investment Authority (ADIA), is one of the investors. Two European pension fund pools have also committed investments. The fund has already completed its ‘first close of $500 million pooling a large share of it from the Gulf-based Sovereign Wealth Fund (SWF).

27. Securities and Exchange Board of India in June 2015 bars which stock brokers company from 

taking up any new assignment for one year?

(1) Religare (2) House.Com (3) Karvy (4) IFCI Limited

(5) All of these

SEBI, on 15 June 2015, passed an order against Karvy Stock Broking Ltd (KSBL) that bars it from taking up any new assignment for one year. This bar came as a consequence of the role played by Karvy in the Initial Public Offer (IPO) scam of 2003-2005. The ruling follows a Securities Appellate Tribunal (SAT) direction, issued in January 2015, where SEBI was asked to pass a fresh order within four months. In March 2014, the regulator had barred KSBL from taking up new assignment for six months as a stock broker.

28. In June 2015, National Stock Exchange’s which of the following derivative product completes 15 

years of services?

(1) Nifty Futures (2) Gold Futures (3) Spice Futures

(4) Merchantile Future (5) Osaka Future

The National Stock Exchange’s (NSE) most-traded derivatives product, Nifty futures, based on its benchmark on Nifty Index of 50 blue-chip stocks, completed 15 years in June 2015. Around 1.4 billion contracts of this index, worth Rs 350,000 crore, have been traded since its inception in June 2000.

• Nifty futures are now also traded on various global exchanges, including the Singapore Stock 

Exchange, Osaka Exchange and Chicago Merantile Exchange

138. Which of the following Stock Exchange have launched a roll-over facility in its Securities Lending 

and Borrowing Scheme?

(1) National Stock Exchange (2) Bombay Stock Exchange (3) Delhi stock Exchange 

(4) Kolkata Stock Exchange (5) All of these

National Stock Exchange (NSE), in May 2015, launched a rollover facility in its Securities Lending And Borrowing (SLB) scheme. The new facility would allow market participants to carry forward an existing position taken in the current month by two additional months, said a statement from NSE. This means that a position created in the June series will be allowed to carry forward to July and August.

29. Who among the following is heading the panel on startup funding platform floated by SEBI?

(1) Srinivasan (2) Narayana Murthy (3) Arjum Kher 

(4) Disha Grover (5) Mahesh Goswami

As it prepares a new regulatory framework for start-ups and alternative investments, SEBI on 21 May 2015 set up an 18- member panel headed by IT czar N R Narayana Murthy to advise on policy matters in this regard. The Alternative Investment Policy Advisory Committee (AIPAC) includes representatives from the industry, private equity firms and start-up organisations, besides senior officials of SEBI, RBI and the Finance Ministry.

Alternative Investment Policy Advisory Committee

• Background: SEBI had, in March 2015, floated a discussion paper in which it proposed an ‘Alternate 

Capital Raising Platform’, wherein start-ups and firms can raise money from institutions and high net 

worth individuals from the capital markets under a relaxed regulatory regime.

• The new platform for raising money within the country will be initially made applicable to companies 

which are in the area of software product development, e-commerce, new-age companies having 

innovative business model.

• Terms of Reference of the Committee: As per its terms of reference, the panel would give its 

recommendations to SEBI on issues related to the further development of the alternative investment 

and start-up ecosystem in India.

• It would also advise SEBI on any hurdles that might hinder the development of the alternative 

investment industry under its purview.

• It will give inputs on “any issues which need to be taken up with other regulators for development of 

the alternative investment industry”, along with on other matters of relevance alternative investment 

industry and development of the start-up ecosystem.

30. Securities and Exchange Board of India in May 2015 charges Muriyappa Group Chief with insider 

trading. What does insider trading mean?

(1) Insider trading is defined as a malpractice wherein trade of a company’s securities is 

undertaken by people who by virtue of their work have access to the otherwise non public 

information which can be crucial for making investment decisions

(2) It is a malpractice where in information is leaked after the trading

(3) It is an unfair practice, where in the stocks are traded cheaply

(4) All of these (5) None of these

SEBI, in May 2015, charged A Vellayan, chairman of the Murugappa Group, and three others with insider trading. SEBI alleged Vellayan had passed price-sensitive information pertaining to the acquisition of Sabero Organic Gujarat by Coromandel International, a Murugappa Group entity.

Insider Trading 

Insider trading is defined as a malpractice wherein trade of a company’s securities is undertaken by people who by virtue of their work have access to the otherwise non public information which can be crucial for making investment decisions.

• When insiders, e.g. key employees or executives who have access to the strategic information about 

the company, use the same for trading in the company’s stocks or securities, it is called insider 

trading.

• It is highly discouraged by the Securities and Exchange Board of India to promote fair trading in the 

market for the benefit of the common investor.

• Insider trading is an unfair practice, wherein the other stock holders are at a great disadvantage due to 

lack of important insider non-public information. However, in certain cases if the information has 

been made public, in a way that all concerned investors have access to it, that will not be a case of 

illegal insider trading.

31. Which committee have suggested on changing the wordings of disclaimer in advertisements of 

insurance companies?

(1) N Shukla (2) V Reddy (3) S Gupta (4) R Mehta (5) M Rama Prasad

Expert committee on Health Insurance of Insurance Regulatory and Development Authority (IRDA) chaired by M Ramaprasad, in its report on 22 May 2015, suggested changing the wordings of disclaimer in advertisements of insurance companies. Till date, as per the IRDA mandate all insurance companies issued a disclaimer, “Insurance is a subject matter of solicitation”, in all their advertisements.

Recommendations of the Committee

The Committee recommended the following wordings for the disclaimer “Before buying, know the conditions and exclusions, to make a well-informed decision.”

• Other recommendations: It recommended bringing in a great transparency and clarity to enable policy 

holders to understand the boundaries of coverage in their policies.

• It recommends that insurers and third party administrators (TPA5) should have systems in place to 

identify, monitor, control and deal with fraud, including hospital abuse, by various agencies including 

health care providers.

• It suggested an industry-level collaborative effort to minimise subjective and varied interpretation of 

policy terms and conditions, which is he root cause of disputes between insurers and policy holders.

32. Which European financial service provider is the first foreign partner to increase its stake in a 

domestic insurance company after the cabinet had approved upto 49 per cent. FDI in insurance 

sector?

(1) AYZ life insurance (2) AXA life insurance (3) YZB term insurance 

(4) BXB capital insurance (5) CXC life insurance

Fair trade regulator CCI, on 28 May 2015, cleared European financial services giant AXA’s proposal to hike its stake from 26 per cent to 49 per cent in its two insurance ventures with Sunil Mittal led Bharti Group, Bharti AXA Life Insurance and Bharti AXA General Insurance. Earlier in May 2015, the Foreign Investment Promotion Board (FIPB) had approved the two deals worth Rs 1,290 crore.

• AXA is the first foreign partner to increase its stake in a domestic insurance company after the 

government had approved up to 49 per cent FDI in insurance sector in March 2015, compared to 26 

per cent earlier.

33. IRDA in May 2015 slapped a penalty of Rs. 65 lakh on which insurance company for violation of 

various regulatory provisions?

(1) India First life Insurance Company (2) Bajaj Allianz (3) Aviva life Insurance

(4) National Insurance Company (5) Life Insurance Corporation of India

IRDAI, on 27 May 2015, slapped a penalty of Rs 65 lakh on India First Life Insurance Company for violation of various regulatory provisions. It was observed that the life insurer had created some dummy codes in their new business processing or policy administration systems (Life Asia) and good number of policies were logged under such dummy codes.

• India First Life is a three-way joint venture between Bank of Baroda, Andhra Bank and Legal & 

General of the UK

34. IRDA announced its plans for massive changes in which of the following insurance?

(1) Health Insurance (2) Vehicle Insurance (3) Accidental Insurance 

(4) Both (1) and (2) (5) All of these

IRDAI, in June 2015, announced its plans for massive changes in health insurance, which include more incentives for healthy policy holders and a level playing field for life and non-life insurers, among others. In its draft norms on health insurance shared with companies, IRDAI said there could be higher solvency requirement for group health segment. This means, those operating heavily in this space would have to allocate higher funds for this space.

35. General Insurance Corporation of India in June 2015 have formed the India Nuclear Insurance 

pool with how many non-life insurance?

(1) 25 (2) 20 (3) 18 (4) 15 (5) 11

General Insurance Corporation of India (GIC Re) and 11 other non-life insurers have formed the India Nuclear Insurance Pool. It will have a capacity of Rs 1,500 crore. New India Assurance will issue the policy and deal with management of cover to the operators and suppliers, on behalf of all direct insurance companies participating in the pool.

India’s Nuclear Insurance Pool 

• Apart from GIC Re, New India, Oriental Insurance, National Insurance and United India Insurance 

from the public sector, the private ones are ICICI Lombard General Insurance, Tata AIG General, 

Reliance General Insurance, Chola MS General Insurance, IFFCO Tokio General Insurance, SBI 

General and Universal Sompo General

• The policies offered will be a nuclear operators liability insurance policy and a nuclear suppliers’ 

special contingency (against right to recourse) insurance policy.

• Going forward, GIC Re as the pool manager will strive to ensure that this pool develops into a one-

stop facility for covering all nuclear risks. 

• This pool will be the 27th such market pool globally. It is expected to address third-party liability 

insurance to begin with and later expand into property and other hot zone (inside reactor areas) risk. 

This will cover both operators and suppliers. At present, only cold zones (outside reactor areas) are 

covered

• The idea of forming a pool was mooted in early 2013 and got stuck due to differences among 

stakeholders on certain clauses. In 2010, Parliament passed the Civil Liability of Nuclear Damage 

(CLND) Act, which creates a liability cap for nuclear plant operators for economic damage in the 

event of an accident. 

• This pool will provide the risk transfer mechanism to the operators and suppliers to meet their 

obligations under the CLND Act. At a later stage, this pool also looks to provide reinsurance support 

to other such international pools. 

• The CLND Act also provides for state-run Nuclear Power Corporation of India, which operates all 

atomic power plants in India, to seek compensation from suppliers in an accident due to faulty 

equipment.

36. By which name SBI life Insurance Introduce a tablet-based service which gives choice to the 

customer while purchasing a policy?

(1) Life (2) Simple (3) Choice (4) Connect Life (5) All Time

SBI Life Insurance, on 8 June 2015, introduced Connect Life’, a tablet-based service which gives choice to the customer while purchasing a policy in simple and effective steps.

37. Which facility help policy holders to pay and keep insurance policies in electronic form, rather 

than as a paper document?

(1) Insurance Repository (2) Master Class Schedule (3) Depository policy 

(4) Both (1) and (2) (5) None of these

Insurance Repository: An Insurance Repository (IR) is a facility to help policy holders buy and keep insurance policies in electronic form, rather than as a paper document. These repositories, like share depositories or mutual fund transfer agencies, would hold electronic records of insurance policies issued to individuals. Such policies are called ‘electronic policies’ or ‘e-Polies’ held in an electronic insurance account.

• If an insurer does not have any agreement with an IR, it has to issue an electronic form through its 

own portal and also through an email. The insurer shall also issue a physical copy in such a case. All 

insurers are required to tie-up with IRs if a policyholder only wants a policy in electronic format.

38. Insurance regulator (IRDA) proposed to prescribe a separate set of obligations in which sector?

(1) Rural sector (2) Social sector (3) Urban sector 

(4) Both (1) and (2) (5) All of these

Health insurance will soon be more accessible to people , living in rural areas as insurers will have to fulfil the exclusive rural business obligation. IRDAI, on 26 May 2015, proposed to prescribe a separate set of obligations in its new Rural and Social Sectors Regulations 2015. Till now, there have been no separate obligations for rural health insurance business as it was one of the verticals of general insurers.

IRDAI Proposed Draft Norms on Rural Health Insurance 

• As the Insurance Act has now defined health insurance as a separate class of insurance business, it is 

now proposed to stipulate rural and social sector obligations specifically to health insurers.

• As general insurance companies have a wider range of retail product portfolios - motor, household 

and shopkeeper, among others - than health insurers, the IRDAI thinks that health insurers’ 

obligations towards the rural sector should only be 50 per cent of general insurers.

• The proposed rural sector obligations will vary on the basis of years of operations for general as well 

as life insurers. The new norms to be notified propose a mandatory rural business of 2 per cent in the 

first financial year (of operations) for general insurers, which goes up gradually to 3 per cent in the 

second financial year. From the third to the seventh year it is pegged at 5 percent, which again goes 

up to 7 per cent in the ninth year and thereafter. This is calculated as a percentage of total gross 

premiums written in that year.

39. India in June 2015 joins the Multilateral Competent Authority Agreement on Automatic Exchange 

of Information with how many other countries?

(1) 12 (2) 10 (3) 8 (4) 7 (5) 5

India joined the Multilateral Competent Authority Agreement (MCAA) on Automatic Exchange of Financial Account Information on 3 June, 2015, in Paris, France, along with Australia, Canada, Costa Rica, Indonesia and New Zealand. Earlier, fifty-one countries/jurisdictions had joined the MCAA on 29th October, 2014 in Berlin and Switzerland became the fifty-second country to join the MCAA on 19th November, 2014. Ghana and Seychelles joined the MCAA on 14th May, 2015. With six countries joining the MCAA on 3rd June, 2015, the total number of countries/jurisdictions agreeing to exchange information automatically in accordance with MCAA has gone to sixty.

• Ninety-four countries have committed to exchange information on an automatic basis from 2017 

onwards as per the new global standards on automatic exchange of information, known as Common 

Reporting Standards (CRS) on Automatic Exchange of Information (AEOI)

• The new global standards are very wide in scope and oblige the treaty partners to exchange wide 

range of financial information after collecting the same from financial institutions in their 

country/jurisdictions including information about the ultimate controlling persons and beneficial 

owners of entities.

• For implementation of these standards in India and with a view to provide information to other 

countries, necessary legislative changes have been made through Finance (No. 2) Act, 2014, by 

amending section 285BA of the Income-tax Act, 1961. Necessary rules and guidelines are being 

formulated in consultation with financial institutions.

• AEOI based on CRS, when fully implemented, would enable India to receive information from almost 

every country in the world including offshore financial centres and would be the key to prevent 

international tax evasion and avoidance and would be instrumental in getting information about assets 

of Indians held abroad including through entities in which Indians are beneficial owners. This will 

help the Government to curb tax evasion and deal with the problem of black money.

40. As per a recently released report by Boston Consultancy Group, which region has overtaken 

Europe as the world’s second richest region in terms of global wealth management?

(1) Asia Pacific (2) North American (3) African 

(4) Both (1) and (3) (5) None of these

As per a recently released report by Boston Consulting Group (BCG), Asia Pacific region has overtaken Europe as the world’s second richest region for the first time in terms of global wealth management.

Key highlights of Report

• Asia Pacific region (excluding Japan) has held around 47 trillion dollars in private wealth in 2014.

• The main reason for the growth in wealth in this region was due to increase in number of new 

millionaires in China and India.

• North America region has remained as the world’s richest region with 51 trillion dollars.

• Asia Pacific region is going to surpass North America region in 2016 as world’s richest region with 

forecasted wealth to reach $57 trillion in 2016 compared to $56 trillion of North America.

• It is also projected that Asia Pacific region will hold 34 per cent of global wealth in 2019.

41. According to BP plc’s Statistical Review of world Energy released in June 2015, which country 

becomes world’s largest oil producer in 2014?

(1) China (2) Japan (3) America (4) South Korea (5) Canada

According to BP Plc’s Statistical Review of World Energy released on 10 June 2015, the United States has overtaken Saudi Arabia as the world’s biggest oil producer in 2014 while India has recorded the highest growth in energy consumption among major economies. The US produced 15.9% more oil in 2014 at 11.6 million barrels of oil per day to topple Saudi Arabia’s 11.5 million bpd production. Russia with 10.8 million bpd oil production was placed third.

42. Government in June 2015, imposed anti-dumping duties on certain industrial grade stainless steel 

imported from which of the following country?

(1) China (2) Malaysia (3) South Korea (4) All of these

(5) None of these

The government, on 5 June 2015, imposed anti-dumping duties on certain industrial-grade stainless steel imported from China, Malaysia and South Korea. The move is aimed at restraining rising imports to protect the domestic steel industry. India consumes about one million tonne of this grade of stainless steel, out of which imports, mainly from China, account for a 40% share.

43. Which company has signed a MoU with Bangladesh Power Development Board to ease electricity 

crisis?

(1) Adani Power Limited (2) Reliance Power Limited (3) Coal India Ltd

(4) All of these (5) Both (1) and (2)

Adani Power Limited of India and Reliance Power Limited of India, on 6 June 2015, signed separate memorandums of understanding with state-run Bangladesh Power Development Board (BPDB) during Prime Minister Narendra Modi’s two day visit to Bangladesh. The Indian power firms will build several plants in Bangladesh to produce up to 4,600 megawatts of electricity to ease the country’s prolonged power crisis.

44. In which of the following state Finance Minister has inaugurated the New Bank Note Paper Line 

unit?

(1) Haryana (2) Uttar Pradesh (3) Madhya Pradesh 

(4) Punjab (5) Gujarat

Union Finance Minister Arun Jaitley inaugurated the New Bank Note Paper Line unit of 6000 metric ton capacity at Security Paper Mill in Hoshangabad in Madhya Pradesh. He also flagged off the first consignment of one thousand rupee bank notes made indigenously from this paper mill to the Currency Note Press Nasik. This plant belongs to Security Printing and Minting Corporation of India Limited (SPMCIL), a Miniratna Category-I CPSE, which is a wholly owned by the Union Government.

New Security Paper Mill in Hoshangabad

• The New Security Paper Mill in Hoshangabad will give India indigenously produced currency note 

paper and will prove to be a major step toward Prime Minister Narendra Modi’s ‘Make in India’ 

initiative.

• The mill would produce 6,000 tonnes of paper on which currency notes of denominations -- Rs 10, Rs 

20, Rs 50, Rs 100, Rs 500 and Rs 1,000--will be printed.

45. The Government in June 2015 gave its approval for the Minimum Support Price (MSP) for Kharif 

crops on recommendation of the Commission for Agricultural Costs and Prices except for which 

of the following commodity?

(1) Wheat (2) Sugar (3) Rice (4) Pulses (5) Onion

The CCEA, chaired by Prime Minister Narendra Modi, on 17 June 2015 gave its approval for the Minimum Support Prices (MSPs) for Kharif Crops of 2015-16 season. All the approved MSPs were based on recommendations of the Commission for Agricultural Costs and Price (CACP) for the Price Policy for Kharif Crops for the Marketing Season 2015-16 except for pulses.

46. Which company in June 2015 was awarded as Miniratna (catgory-1) status by Department of 

Public Enterprises?

(1) IREDA (2) IFRA (3) ICRAI (4) None of these (5) All of these

Indian Renewable Energy Development Agency Limited (IREDA) was, on 2 June 2015, awarded the Miniratna (Category -1) status by the Department of Public Enterprises under the Union Ministry of Heavy Industry and Public Enterprises. The proposal for conferring Miniratna status for IREDA was recommended by the Union Ministry of New and Renewable Energy (MNRE).

• IREDA was established as Public Limited Government Company in 1987 to promote, develop and 

extend financial assistance for renewable energy and energy efficiency / conservation projects with 

the Motto Energy for Ever.

• It was created as Non-Banking Financial Institution (NEFI) in Schedule C of the RBI and was 

upgraded as Schedule B in 2010.

47. The Central Statistics Office in May 2015 released the provisional estimates of national income 

for 2014-15. As per the date, the GDP at constant prices in the FY 2014-15 will grow at _____

(1) 5 per cent (2) 5.8 per cent (3) 6.4 per cent 

(4) 7 per cent (5) 7.3 per cent

The Central Statistics Office (CSO) on 29 May2015 released the provisional estimates (PE) of national income for the financial year (FY) 2014-15 both at constant (2011-12) and current prices. As per it, the Gross Domestic Product (GDP) at constant prices in the FY 2014-15 will grow at 7.3 percent while at current prices it is expected to grow at 10.5 percent. Besides, CSO also released the quarterly estimates (QE) for the fourth quarter (January March) of 2014-15. At constant prices, in Q4 GDP is estimated to grow at 7.5 percent while at current prices it is estimated to grow at 7.7 percent.

Main Highlights of CSO Report on National Income

• In absolute terms, Real GDP (at constant prices) in FY 201 4-15 is expected to grow to 106.44 lakh 

crore rupees.

• In 2014-15, real Gross Value Added (GVA), that is, GVA at basic constant prices is estimated at 

98.27 lakh crore rupees and growth rate is estimated at 7.2 percent.

• The gross national income is estimated to have risen by 7.3 percent during 2014-15, in comparison to 

the growth rate of 6.8 percent in 201344.

• The per capita net national income in real terms (constant prices) during 2014-15 is estimated to have

attained a level of 74104 rupees as against 69959 rupees in FY 2013-14 (RE).

• In terms of GDP, the rates of Gross Fixed Capital Formation (GFCF) at current and constant prices 

during 2014-15 are estimated at 28.7 percent and 30.0 percent, respectively, as against the 

corresponding rates of 29.7 percent and 30.7 percent, respectively in 2013-14.

• Growth

• The sectors registering growth rate of over 7.0 percent in 2014-15 are ‘trade, hotels, transport, 

communication and services related to broadcasting’, ‘financial, real estate and professional services’, 

‘electricity, ‘gas, water supply & other utility services’, ‘public administration, defence and

other services’ and manufacturing.

• The growth in the ‘agriculture, forestry and fishing’, ‘mining and quarrying’ and ‘construction’ is 

estimated to be 0.2 percent, 2.4 per cent and 4.8 per cent respectively.

48. According to the data of Department of Industrial Policy and Promotion, which country in 2014-

15 has regained the top slot as source of FDI in India?

(1) Singapore (2) Mauritius (3) Japan 

(4) Indonesia (5) Malaysia

According to the data of the Department of Industrial Policy and Promotion (DIPP), released on 6 June 2015, Mauritius has regained the position as top source of Foreign Direct Investment (FDI) into India by pushing Singapore to the second slot in 2014-15.

• Mauritius accounted for about 29% of the country’s total FDI inflows last fiscal. In 2013-14, 

Singapore had replaced Mauritius as the top source of FDI into India.

• India attracted $9.03 billion in FDI from Mauritius in 2014-15, whereas it was $6.74 billion from 

Singapore,).

• Although Singapore has come down to the second position, foreign inflows from that country are 

increasing year after year. FDI inflow of $6.74 billion in 2014-15 was the highest ever received from 

Singapore since 2006-07.

• Foreign investments are crucial for India, which needs about $1 trillion by March 2017 to overhaul 

infrastructure such as ports, airports and highways and boost growth.

Maharashtra Government gives nod to IT & ITES policy 2015:

49. Which of the following state has given nod to new Information Technology Policy?

(1) Gujarat (2) Punjab (3) Haryana (4) Maharashtra (5) Andhra Pradesh

Maharashtra Government, in June 2015, gave nod to new Information Technology (IT) and Information Technology Enabled Services (ITES) policy. Presently, Maharashtra ranks second in the country for the exports of IT & ITES after Karnataka.

50. In May 2015, the center set up a committee under whose chairmanship to revisit and revitalize the 

Public Private Partnership model on infrastructure development? 

(1) Vijay Kelkar (2) Atul Khetri (3) Anil Sharma 

(4) Manoj Narayan (5) Mahesh Suri

The Centre, in May 2015, set up a committee under the Chairmanship of former Finance Secretary Vijay Kelkar to revisit and revitalize the Public Private Partnership (PPP) model of infrastructure development.

• The terms of reference of the committee are review of the experience of PPP policy, including the 

variations in contents of contracts and difficulties experienced with particular conditions, if any; 

Analysis of risks involved in PPP projects in different sectors and existing framework of sharing such 

risks between the project developer and the Government, thereby suggesting optimal risk sharing 

mechanism.