1. What is the new National Minimum Wage (NMW) per month for a worker, recently revised by an expert committee appointed by the Government of India?

A. Rs.8750 per month B. Rs.9750 per month C. Rs.7550 per month D. Rs.8550 per month E. None of these

Answer: Option B
Explanation: An expert committee appointed by the government suggested Rs. 9,750 per month or Rs. 375 per day as National Minimum Wage (NMW) for a worker. The Present NMW is Rs. 4,576. The national minimum wage has been proposed at various regional levels in the range of Rs.8,892 to Rs. 11,622 per month, with a supplementary house rent allowance of Rs. 1,430 per month for urban workers. The recommendations could form the basis for a national minimum wage covering all workers irrespective of skills, sectors, occupations and rural-urban areas. According to the Committee’s formula, a family with 3.2 units of consumption requires food of Rs.2400, a minimum of 50 gm of protein and 30 gm of fat every day. The Labour ministry has proposed a statutory minimum wage which will be calculated by NMW calculator to address varying economic conditions at state and regional levels through a Code on Wages Bill.
2. Which of the following scheme is launched as a pension scheme by Finance Minister during Union budget 2019-20 for the benefit of workers in the Unorganised Sector?

A. Pradhan Mantri Adarsh Gram Yojana B. Pradhan Mantri Matritva Vandana Yojana C. Pradhan Mantri Shram Yogi Mandhan Yojana D. Pradhan Mantri Gramin Awaas Yojana E. None of these

Answer: Option C
Explanation: On 15th February 2019, the Finance minister has implemented the Pradhan Mantri Shram Yogi Mandhan Yojana which is primarily a pension scheme for the labors, associated in the unorganized sector. It was announced in Budget 2019. Under this scheme, workers of unorganized sectors whose monthly income is less than Rs. 15,000 may avail the Rs. 3000 per month after 60 years of age The scheme will facilitate the benefits of up to 10 crore workers which include lower-class workers, labor, plumber, mechanic, sweeper, construction workers, etc. An amount of Rs. 500 crore has been allocated for the scheme. The benefits of the scheme will be availed within 5 years.
3. Government of India, Himachal Pradesh Government and World Bank had signed an agreement worth, how much million for supplying water to the citizens of Greater Shimla?

A. USD 20 Million B. USD 40 Million C. USD 50 Million D. USD 60 Million E. None of these

Answer: Option B
Explanation: A loan agreement of $40 million (4 crore INR) was signed between the Government of India, Himachal Pradesh Government and World Bank, to help bring clean and reliable drinking water to the citizens of Greater Shimla area, who have been facing severe shortages of water and water-borne epidemics in the last few years. Shimla Water Supply and Sewage Service Delivery Reform Programmatic Development Policy Loan is expected to improve Water Supply & Sanitation (WSS) services in and around Shimla. The loan agreement was signed by Mr. Sameer Kumar Khare, Additional Secretary, Department of Economic Affairs, Ministry of Finance, on behalf of the Government of India and Mr.Junaid Kamal Ahmad, Country Director, World Bank India, on behalf of the World Bank.
4. What is the new interest rate on Employees’ Provident Fund for 2018-19 recommended by the Employees’ Provident Fund Organisation (EPFO)?

A. 8.65% B. 8.55% C. 8.85% D. 8.75% E. None of these

Answer: Option A
Explanation: Employees’ Provident Fund Organisation (EPFO) has recommended increasing the interest rate on Employees’ Provident Fund for 2018-19 to 8.65% from 8.55% benefitting 6 crore EPFO subscribers. All members of the Central Board of Trustees (CBT), EPFO of have agreed to increase the interest rate and the proposal would now go to the Finance Ministry for approval. The EPFO provided a five-year-low rate of interest of 8.55% for FY18. The interest rate was 8.65% in FY17, 8.8% in FY16 and 8.75% interest in FY14 and FY15. The rate of interest was 8.5% in FY13.
5. How much is the new limit decided by RBI for Bulk Deposits in order to enhance operational freedom of Banks?

A. 2 Crore B. 1 Crore C. 50000 D. 1 Lakh E. None of these

Answer: Option A
Explanation: Reserve Bank of India decided to treat deposits to over Rs.2 crore as ‘bulk’ as they doubled the limit for the same from the earlier Rs.1 crore. This move will enhance the operational freedom of Banks. RBI also proposed banks would maintain their bulk deposits interest rate cards in the core banking system for supervisory review. National Federation of Urban Cooperative Banks and Credit Societies Limited (NAFCUB) has suggested this proposal. The decision in a proposal for setting up an Umbrella Organization (UO) for urban cooperative banks in pending with RBI.

1. What do you understand by, ‘Asset Reconstruction Companies look for business from banks’?

A. These companies buy bad debts from banks at a discount B. They help banks in identifying potential clients for loans C. They help banks identify potential clients for infrastructure lending by these companies D. Both B and C E. None of these

Answer: Option A
Explanation: Asset Reconstruction Companies (ARC), purchases the bad loans or non-performing assets (NPA) issued by commercial and other banks at discounted rates.
2. In the Union Budget, what does the term 'primary deficit' mean?

A. Revenue Deficit — Interest Payment B. Fiscal Deficit — Interest Payment C. Revenue Expenditure — Revenue Receipts D. Total Expenditure — Total Borrowing E. Budget deficit— Interest payment

Answer: Option B
Explanation: Primary deficit: It is the fiscal deficit fewer interest payments made by the government on its earlier borrowings.
3. The maximum loan amount under MUDRA Bank’s Shishu Scheme is?

A. Rs. 25000 B. Rs. 50000 C. Rs. 75000 D. Rs. 100000 E. Rs. 200000

Answer: Option B
Explanation: Under MUDRA Bank’s Shishu Scheme, maximum loan amount that can be granted is Rs. 50000. The maximum loan amount is Rs. 5 lakh under Kishor Scheme and Rs. 10 lakh under Tarun Scheme.
4. Under which of the following sections of the Banking Regulation Act,1949 does RBI issue guidelines on the maintenance of the Statutory Liquidity Ratio (SLR)?

A. Section 24 B. Section 42 C. Section 26 D. Section 56 E. Both option A and D

Answer: Option E
Explanation: RBI regularly issues guidelines on maintenance of Statutory Liquidity Ratio (SLR) under Section 24 and Section 56 of the Banking Regulation Act, 1949 to all banks in India.
5. Narrow Money, a term in monetary aggregates, is denoted by ------.

A. M2 and M1 B. M4 and M3 C. M1 and M3 D. M3 and M1 E. M0 and M1

Answer: Option E
Explanation: M0 and M1, also called narrow money, normally include coins and notes in circulation and other money equivalents that are easily convertible into cash. M2 includes M1 plus short-term time deposits in banks and 24-hour money market funds. M3 includes M2 plus longer-term time deposits and money market funds with more than 24-hour maturity. The exact definitions of the three measures depend on the country. M4 includes M3 plus other deposits. The term broad money is used to describe M2, M3 or M4, depending on the local practice.

1. As per the National Sample Survey Office's report, What is the unemployment rate for the year 2017-18?

A. 6.3% B. 5.9% C. 5.8% D. 6.1% E. 6.5%

Answer: Option D
Explanation: As per the National Sample Survey Office's (NSSO's) periodic labor force survey (PLFS) India's unemployment rate hit a 45 year high of 6.1% in 2017-18. It is the first comprehensive survey on employment conducted by a government agency after demonetization. Unemployment is higher in urban areas which is 7.8% as compared to 5.3% in rural areas of the country. The unemployment rate is at its highest level as in 1972-73. The rate of jobless rural males rose to 17.4% from 5% and among rural jobless females, the rate became 13.6% from 4.8%.
2. How much will be allotted under the Pradhan Mantri Kisan Samman NidhiYojna as per the Union Budget 2019?

A. Rs. 55000 crore B. Rs. 75000 crore C. Rs. 30000 crore D. Rs. 85000 crore E. Rs.50000 crore

Answer: Option B
Explanation: The Union Minister Piyush Goyal announced various schemes in the Interim Union Budget 2019-20 on February 1, 2019. The government announced a fixed yearly income for small and marginal farmers under Pradhanmantri Kisan Samman Nidhi Yojna. This scheme will benefit about 12 crore farmers who have 2 Hectare land. Rupee 6000 per year direct cash transfer in their account. Cash transfer will be given in three equal installments of Rs 2000 each. The benefit under this yojana will be given retrospectively from December 2018. Rs. 75000 crore allotted for this scheme. It is expected to double the farmer's income.
3. Which Country is to lend a loan of $1 billion to Beijing to fund a major highway project?

A. Bangladesh B. India C. South Korea D. China E. Russia

Answer: Option D
Explanation: China is to sign a $1 billion concessional loan agreement with Beijing. The agreement is to fund a major highway project linking Colombo to Kandy. The construction of the first phase of the road has been delayed for more than two years due to a lack of funding. Last year Sri Lanka has handed over a strategic port to a Chinese firm for a 99-year lease.
4. Saudi Crown Prince, Mohammed bin Salman increased the quota for Indian Haj pilgrims from 1.75 lakh to ----- lakh after PM Narendra Modi’s request?

A. 3 Lakh B. 2.5 Lakh C. 2.75 Lakh D. 2 Lakh E. None of these

Answer: Option D
Explanation: Saudi Crown Prince, Mohammed bin Salman also announced the increase in quota for Indian Haj pilgrims from 1.75 lakh to 2 lakh at the request of PM Modi. 2,340 Muslim women will go to Hajj this year, without mehram (companion) and without the lottery system. This will be the third such increase in the last 5 years.
5. Which of the following banks are removed from the PCA (Prompt Corrective Action) framework recently?

A. Corporation Bank, Allahabad Bank, and Dhanlaxmi Bank B. Corporation Bank, Dhanlaxmi Bank, and Yes Bank C. Allahabad Bank, Yes Bank, and ICICI Bank D. HDFC Bank, Union Bank of India and Indian Bank. E. None of these

Answer: Option A
Explanation: On 26th February 2019, the Board for Financial Supervision (BFS) of the Reserve Bank of India has removed 2 public sector banks- Corporation Bank and Allahabad Bank and 1 private sector bank – Dhanlaxmi Bank from PCA (Prompt Corrective Action) framework. According to BFS, Allahabad Bank and Corporation Bank had received Rs 6,896 crore and Rs 9,086 crore respectively which led to an increase in their capital funds and also increased their loan loss provision. According to RBI, Dhanlaxmi bank was found to be not breaching any of the risk thresholds of the PCA Framework, hence it was removed out of the PCA Framework.