Business and Economy Current Affairs Questions and Answers

Answer: D. Both 1 and 2

Explanation:

State Bank of India is planning initial public offerings of two regional rural banks (RRB) in the next one year, the first such move by a public sector bank. Following the merger of five associate banks with itself, the country’s largest lender is preparing the ground to list Andhra Pradesh Grameena Vikas Bank and Saurashtra Gramin Bank to create value and increase efficiency. Both RRBs have 250 branches each.

Answer: B. Instamojo

Explanation:

Instamojo has raised an undisclosed amount in pre-series B funding from Japanese AnyPay. The funding marks AnyPay's foray into the Indian investment market. Founded in 2012, Instamojo enables over 3,00,000 SMEs to build, manage and grow their business online. Instamojo aims to extend its wallet share to 70% by 2019 and grow its merchant base by 400% in 2018, it said in a statement.

Answer: A. Mobikwik

Explanation:

Bharat Sanchar Nigam Ltd (BSNL) went digital by launching a bespoke mobile wallet (mobile payment App) that would enable its existing 100 million customers to make Bill payments and transact on e-commerce platforms. The wallet has been developed and issued by MobiKwik on behalf of BSNL.

Answer: C. March 2027

Explanation:

Industries in the north eastern and Himalayan states will continue to get tax exemption till March 2027, albeit as refund, under the current GST regime which was rolled out on July 1. As per the scheme, industries which commenced operations during the period got excise tax holiday for 10 years, he said, adding that there is a separate residuary period for every industry because of commencement of production and their consequent entitlement of 10 year exemption.

Answer: B. Both 2 and 4

Explanation:

The Cabinet Committee on Economic Affairs, CCEA has approved the proposal of Department of Investment and public Asset Management, DIPAM for the strategic disinvestment. The approval will help in speedy completion of strategic disinvestment transactions. The department will set up an alternative mechanism comprising of the Finance Minister, Minister for Road Transport and Highways and Minister of Administrative Department, to decide on the matters relating to terms and conditions of the sale from the stage of inviting of Express of Interests till inviting of financial bid. 

Answer: C. Karur Vysya Bank

Explanation:

Karur Vysya Bank opened its first Aadhaar Enrolment Centre in Chennai. The Unique Identification Authority of India had advised commercial banks to provide Aadhaar enrolment and updation facility at various branches in its July 13 notification. Karur Vysya Bank identified the branches and and ensured early implementation of the service. KVB is the first private sector bank to provide this service in the country

Answer: E. NABARD

Explanation:

The Cabinet gave its approval for raising Extra Budgetary Resources of up to ₹9,020 crore during the financial year 2017-18. An official statement said that the funds will be raised by the National Bank for Agriculture and Rural Development (NABARD) through the issuance of Bonds at 6 per cent per annum as per requirement. These funds will be for the implementation of Accelerated Irrigation Benefits Programme (AIBP) works of 99 ongoing prioritised irrigation projects along with their command area development (CAD) works under the Prime Minister Krishi Sinchayee Yojana (PMKSY).

Answer: D. Only 3

Explanation:

Energy Efficiency Services Limited signed a MoU with Oil Marketing Companies under the Ministry of Petroleum and Natural Gas for distribution of energy efficient appliances. The MoU was signed for distributing energy efficient appliances under the flagship Unnat Jeevan by Affordable LEDs and appliances for All (UJALA) scheme. The MoUs were signed with Indian Oil Corporation (IOCL), Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL). Through the scheme the estimated cumulative cost reduction in bills of consumers annually, is over Rs 13,346 crore and is leading to reduction of approximately 2.7 crore tonnes of CO2 every year.

Answer: D. 3.5

Explanation:

HDFC Bank has reduced interest rate on savings bank accounts by 50 basis points to 3.5 % on deposits up to Rs 50 lakh. A revision in savings bank interest rate is effective August 19, 2017. Post revision, customers maintaining savings bank account balance of Rs 50 lakh and above will continue to earn interest at four per annum.

Answer: B. Tamil Nadu

Explanation:

City Union Bank is an Indian bank. The Kumbakonam Bank Limited, as it was at first called, was incorporated as a limited company on 31 October 1904. The bank initially preferred the role of a regional bank in the Thanjavur District Tamil Nadu. On August 16, 2017 it introduced the option of an “instant credit card” for free for its Net banking customers. CUB has tied-up with MasterCard for the instant credit card.