Banking & Finance Updates July 2024
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Questions and Answers

What was the fine imposed by the RBI on HSBC for credit card rule violations?

  • Rs 29.6 lakh (correct)
  • Rs 15 lakh
  • Rs 10 lakh
  • Rs 50 lakh

    • Which component of India’s reserves decreased by $106 million?

  • India’s gold reserves
  • Special Drawing Rights (SDRs)
  • Foreign currency assets (correct)
  • Reserve position with the IMF

    • What amount did India's gold reserves increase by?

  • $1.5 billion
  • $750 million
  • $500 million
  • $988 million (correct)

    • What was the all-time high for India's reserves, as mentioned?

    <p>$655.817 billion</p> Signup and view all the answers

    How much did India's reserve position with the IMF decrease by?

    <p>$9 million</p> Signup and view all the answers

    What was the value of Special Drawing Rights (SDRs) after the decrease?

    <p>$18.049 billion</p> Signup and view all the answers

    Which financial entity imposed the fine on HSBC?

    <p>Reserve Bank of India</p> Signup and view all the answers

    What is a violation cited for HSBC by the RBI?

    <p>Credit card rule violation</p> Signup and view all the answers

    What is the interest rate for the Sukanya Samriddhi scheme for the quarter starting July 1, 2024?

    <p>8.2%</p> Signup and view all the answers

    What is the new limit set by Sebi for the basic demat account?

    <p>Rs 10 lakh</p> Signup and view all the answers

    As of the week of June 21, what was the interest rate for the PPF scheme?

    <p>7.1%</p> Signup and view all the answers

    What was the foreign exchange reserves value of India as reported on June 21?

    <p>$653.71 billion</p> Signup and view all the answers

    What is the duration for the maturity of Kisan Vikas Patra investments?

    <p>115 months</p> Signup and view all the answers

    Which scheme earns an interest rate of 7.4% for investors?

    <p>Monthly Income Scheme</p> Signup and view all the answers

    What was the coupon rate for Mindspace's Sustainability-Linked Bond issuance?

    <p>Not specified</p> Signup and view all the answers

    How much did India's foreign exchange reserves fall by in the previous week before June 21?

    <p>$2.9 billion</p> Signup and view all the answers

    Which country received the highest amount in remittances in 2023?

    <p>India</p> Signup and view all the answers

    Which of the following countries has the second-highest number of emigrants?

    <p>Ukraine</p> Signup and view all the answers

    What is the primary goal of Denmark's carbon tax on livestock?

    <p>Reduce methane emissions</p> Signup and view all the answers

    Which organization is aimed to enhance its public outreach in the Hindi language?

    <p>United Nations</p> Signup and view all the answers

    What is the planned starting year for Denmark's livestock farmer tax?

    <p>2030</p> Signup and view all the answers

    How much will the carbon tax start at per ton of carbon dioxide equivalent in Denmark?

    <p>300 kroner</p> Signup and view all the answers

    What percentage reduction in Danish greenhouse gas emissions is Denmark aiming for by 2030?

    <p>70%</p> Signup and view all the answers

    Which of the following is NOT one of the official languages of the UN?

    <p>German</p> Signup and view all the answers

    What was the formalization amount of India's economy between FY16 and FY23?

    <p>Rs 26 trillion</p> Signup and view all the answers

    Who is the fund manager of SBI Silver ETF Fund of Fund?

    <p>Harsh Sethi</p> Signup and view all the answers

    What percentage of its assets will SBI Silver ETF primarily invest in units of SBI Silver ETF?

    <p>A minimum of 95%</p> Signup and view all the answers

    What was the share of the informal economy in India's total GVA in FY23?

    <p>95.9%</p> Signup and view all the answers

    Which sector contributed the most to the informal GVA in FY23?

    <p>Informal agriculture</p> Signup and view all the answers

    What was the total amount of informal GVA in FY16?

    <p>Rs 18.6 trillion</p> Signup and view all the answers

    What percentage did the share of the informal economy fall to during FY16-FY23?

    <p>23.7%</p> Signup and view all the answers

    What is the maximum percentage of investment that could be made in government securities by SBI Silver ETF?

    <p>5%</p> Signup and view all the answers

    What is the expected range of GDP growth for FY25 according to NCAER?

    <p>7%-7.5%</p> Signup and view all the answers

    What method is described as a way for publicly traded firms to raise funds?

    <p>Qualified Institutional Placement</p> Signup and view all the answers

    How much remittance growth is expected to occur in India in 2024?

    <p>3.7%</p> Signup and view all the answers

    What was India's contribution to the UN for the promotion of Hindi?

    <p>$1.16 million</p> Signup and view all the answers

    What is the projected real GDP growth for India set by the Reserve Bank of India for FY25?

    <p>7.2%</p> Signup and view all the answers

    When was the Hindi @ UN project launched?

    <p>2018</p> Signup and view all the answers

    What was the National Infrastructure Pipeline (NIP) targeted investments amount mentioned?

    <p>$1.4 trillion</p> Signup and view all the answers

    Which of the following was not mentioned as a method for firms to raise funds?

    <p>Bank Loans</p> Signup and view all the answers

    Study Notes

    Banking & Finance

    • RBI imposed a ₹29.6 lakh fine on HSBC for violating credit card rules.
    • India’s forex reserves rose by 810millionto810 million to 810millionto653.7 billion as of June 21.
    • Foreign currency assets and SDRs decreased, while gold reserves increased by 988millionto988 million to 988millionto56.956 billion.
    • Interest rates for major small savings schemes, such as PPF and National Savings Certificate, remain unchanged for July-September 2024.
    • Sebi raised the basic demat account limit to ₹10 lakh to enhance small investor participation.
    • SBI reported India formalized ₹26 trillion of its economy during FY16-FY23.

    Economic Projections

    • NCAER forecasts FY25 GDP growth between 7% and 7.5%, indicating resilience in the Indian economy.
    • RBI revised its real GDP growth forecast for FY25 to 7.2% from 7%.

    PFRDA Initiatives

    • PFRDA set to launch a new Life Cycle Fund option by September, aimed at enhancing retirement planning.

    International Developments

    • India contributed $1.16 million to the UN for promoting Hindi, enhancing global communications outreach.
    • The World Bank predicts the growth of remittances to India will halve in 2024, slowing to 3.7%.
    • Denmark plans to implement a carbon tax on livestock farmers starting in 2030 to reduce methane emissions.

    Corporate Partnerships

    • PayU's LazyPay partnered with Blinkit to offer customers a credit line, promoting a seamless checkout experience.

    Miscellaneous

    • Mindspace Business Parks REIT issued ₹650 crore in Sustainability-Linked Bonds to promote environmental goals.

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    Description

    Stay updated with the latest developments in banking and finance, including RBI regulations, forex reserve changes, and small savings schemes. This quiz covers key economic projections and initiatives like the new Life Cycle Fund by PFRDA. Test your knowledge on the recent trends affecting India's economy.

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