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GK Questions: Indian Economy – Set 35

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Hello Aspirants.

Welcome to Online General Knowledge section in Affairs cloud, which is important for all the competitive exams. We have created Some questions related to Indian GK(Indian Economy) !!!

  1. NOFHC Stands for
    1.Non-Organization Family Housing Company
    2.Non-Operative Financial Housing Corporation
    3.Non-Organisation Financial Holding Co-operation
    4.Non-Operative Financial Holding Company
    5.None of these
    Answer – 4.Non-Operative Financial Holding Company
    Explanation :
    The entities or groups in the private sector, entities in public sector and Non-Banking Financial Companies (NBFCs) can set up a bank, which shall be a  wholly-owned Non-Operative Financial Holding Company (NOFHC).

  2. Initial minimum paid-up voting equity capital for a bank shall be
    1.5 billion
    2.2 billion
    3.1 billion
    4.3 billion
    5.None of these
    Answer – 1.5 billion
    Explanation :
    Initial minimum paid-up voting equity capital for a bank shall be Rs. 5 billion i.e. Rs. 500 Crore.  The NOFHC shall initially hold a minimum of 40 per cent of the paid-up voting equity capital of the bank which shall be locked in for a period of five years

  3. ‘Manodhairya Yojana’ was launched by
    1.Central Government
    2.Maharashtra
    3.Gujarat
    4.Haryana
    5.None of these
    Answer – 2.Maharashtra
    Explanation :
    The scheme, called ‘Manodhairya Yojana’, was launched on 2 October, 2013 and envisages providing between Rs 2 and 3 lakh to the survivor.It was launched by Maharshtra Government.

  4. NPCI launched mobile based payment facility called IMPS. What is IMPS ?
    1.Imternational Money Process System
    2.Integrated Money Pay Service
    3.Immediate Payment Service
    4.Immediate Money Payment Service
    5.None of these
    Answer – 3.Immediate Payment Service
    Explanation :
    Immediate Payment Service (IMPS) is an instant real-time inter-bank electronic funds transfer system of India. IMPS offers an inter-bank electronic fund transfer service through mobile phones. Unlike NEFT and RTGS, the service is available 24/7 throughout the year including bank holidays.

  5. Payment and settlement systems in India are regulated by
    1.Payment and Settlement Systems Act, 2007
    2.Payment and Settlement Systems Act, 2001
    3.Payment and Settlement Systems Act, 2010
    4.Payment and Settlement Systems Act, 2009
    5.None of these
    Answer – 1.Payment and Settlement Systems Act, 2007
    Explanation :
    Payment and settlement systems in India are regulated by the Payment and Settlement Systems Act, 2007 (PSS Act), legislated in December 2007.

  6. ECS credit is when an institution makes a credit to your savings account. ECS stand for
    1.Eay Clearing Service
    2.Electronic Company Segment
    3.Electrical Clearing Service
    4.Electronic Clearing Service
    5.None of these
    Answer – 4.Electronic Clearing Service
    Explanation :
    ECS(Electronic Clearing Service) credit is when an institution makes a credit to your savings account.

  7. The Financial Action Task Force(FATF) founded in 1989 to combat money laundering, It’s HQ located in
    1.France
    2.Switzerland
    3.USA
    4.Austria
    5.None of these
    Answer – 1.France
    Explanation :
    The Financial Action Task Force (on Money Laundering) (FATF) is an intergovernmental organization founded in 1989 to combat money laundering. In 2001 the purpose expanded to act on terrorism financing.
    Headquarters‎: ‎Paris, France and President‎: ‎Roger Wilkins

  8. Which of the following rolled out the first-ever white label Automated Teller Machines (ATMs) ?
    1.SBI
    2.Tata Communications Payment Solutions Ltd
    3.RBI
    4.HDFC
    5.None of these
    Answer – 2.Tata Communications Payment Solutions Ltd
    Explanation :
    Tata Communications Payment Solutions Ltd. (TCPSL), a subsidiary of Tata Communications, on Thursday, rolled out the first-ever white label Automated Teller Machines (ATMs) network under the brand Indicash in 2013

  9. RRB Credit Refinance fund set up by
    1.SEBI
    2.RBI
    3.NABARD
    4.Finance Ministry
    5.None of these
    Answer – 3.NABARD
    Explanation :
    RRB Credit Refinance fund set up by NABARD.It would enhance the capacity of RRBs to disburse short term crop loans to the small and marginal farmers

  10. A Ponzi scheme is controlled by which Organization ?
    1.SEBI
    2.RBI
    3.Central Government
    4.Bombay Stock Exchange
    5.State Governments
    Answer – 5.State Governments
    Explanation :
    A Ponzi scheme is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned through legitimate sources.