Business and Economy Current Affairs Questions and Answers

Daily GK Current Affairs : Business and Economy

Business and Economy Current Affairs Questions and answers on Daily Basis in form of Multiple Choice Questions for Upcoming SSC CGL 2017 Exam.

Read Also:  Current Affairs One Word Questions and Answers

1.

State Bank of India (SBI) on August 18, 2017 announced to raise initial public offerings (IPOs) of two regional rural banks in the next one year. Which are the two banks?



(1) Andhra Pradesh Grameena Vikas Bank 



(2) Saurashtra Gramin Bank



(3) Arunachal Pradesh Rural Bank



(4) Bihar Gramin Bank


[A] Both 3 and 4
[B] Both 2 and 4
[C] Both 2 and 3
[D] Both 1 and 2
[E] Both 1 and 4

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.
2. Which company on August 18, 2017 raised funds from Japanese payments firm, AnyPay?
[A] Tradus
[B] Instamojo
[C] Jabong
[D] Voylla Retail
[E] Dailyo

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.
3. BSNL on August 17, 2017 launched its mobile payment app. It has been developed by ______.
[A] Mobikwik
[B] Ezetap
[C] Freecharge
[D] Lime
[E] Paytm

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.
4. The Indian government on August 16, 2017 extended tax exemption for industry in North East India and Himalayan states till ______.
[A] March 2028
[B] March 2026
[C] March 2027
[D] March 2029
[E] March 2025

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.

5.

The Cabinet Committee on Economic Affairs on August 17, 2017 approved the proposal of Department of Investment and public Asset Management for the strategic disinvestment. The department will comprise of : 



(1) Prime Minister



(2) Finance Minister



(3) Labour and Employment



(4) Administrative Department


[A] Both 1 and 3
[B] Both 2 and 4
[C] Only 1, 2 and 3
[D] Only 2,3 and 4
[E] All of the above

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. 

6. Which bank on August 16, 2017 opened its first Aadhaar Enrolment Centre in Chennai, becoming the first one in the country to do so?
[A] Yes Bank
[B] State Bank of India
[C] Karur Vysya Bank
[D] Dena Bank
[E] Indian Bank

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
7. The government on August 16, 2017 gave its approval for raising Rs. 9020 crore for Long Term Irrigation Fund. The funds will be raised by ________.
[A] MRDI
[B] APIC
[C] CACP
[D] FSDC
[E] NABARD

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).
8.

Energy Efficiency Services (EESL) on August 16, 2017 signed MoUs with three Oil Marketing Companies (OMCs) for distribution of energy efficient appliances. Which of the following is not among them?



(1) Indian Oil Corporation



(2) Bharat Petroleum



(3) Haldia Petrochemicals


[A] Both 1 and 2
[B] Both 1 and 3
[C] Only 2
[D] Only 3
[E] All above are correct

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.
9. HDFC Bank on August 17, 2017 cut the interest rate on savings account to ____% for customers having a balance of less than Rs 50 lakh.
[A] 2.5
[B] 5.5
[C] 4.5
[D] 3.5
[E] 6.5

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.
10. City Union Bank(CUB) is headquartered in which State?
[A] Maharashtra
[B] Tamil Nadu
[C] Kerala
[D] Rajasthan
[E] West Bengal

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.

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