LIC AAO 2019 – Financial Awareness Questions (Day – 43)

Dear Aspirants, LIC AAO is one the most important exam in the competitive examination. LIC AAO mains exam consists of four sections i.e. Reasoning ability, Data Analysis & Interpretation, General knowledge & Current affairs and Insurance & Financial Market Awareness. Insurance & Financial Market Awareness section comprises of 30 questions.  Insurance & Financial Market Awareness questions plays an important role in boosting up the score in mains examination and also helps in interview. Here we are providing new series of Practice Questions on Financial awareness. Aspirants can make use of it, to improve score in Insurance & Financial Market Awareness section.

[WpProQuiz 6205]

1)An emerging market economy is highly classified with relatively- one in which the country is becoming a developed nation and is determined through many socio__________

a) Economic factors

b) External factors

c) Commercial factors

d) GDP factors

e) Growth factors

2)Depositor Education and Awareness Fund (DEAF) is maintained by which of the following?

a) NABARD

b) RBI

c) Public Provident Fund Authorities

d) SIDBI

e) IRDA

3) Indian Financial System Code consists of how many alphanumeric digit?

a) 12

b) 11

c) 10

d) 9

e) 8

4) For which of the following debt instruments, not having a fixed rate of interest over the life of the instrument, can ‘Floating Interest Rate’ be applied?

a) A loan

b) A bond

c) A mortgage

d) A credit

e) All of these

5) Which of the following component of external sector comes under Current Account in India?

a) FDI

b) Interest payments received by government

c) External Commercial Borrowings

d) FII

e) NRI bank account

6)The Union Government has allocated how many crore rupees for the development of 40 satellite launch vehicles in the next four years?

a) Rs. 10,000crore

b) Rs. 10,200 crore

c) Rs.10,300crore

d) Rs.10,700crore

e) Rs.10,900crore

7) India Post Payments Bank (IPPB) was setup under the Department of Posts, Ministry of Communication with 100% equity owned by Government of India. How many Post Offices across urban and rural India, activated as banking access points?

a) 3750

b) 1200

c) 650

d) 3250

e) 5700

8) As per RBI Report on Trend and Progress of Banking in India, what % of the total complaints received by all BO offices, is from tier-1 cities like New Delhi, Mumbai, Chennai, Kolkata, Bengaluru and Hyderabad?

a) 67%

b) 75%

c) 49%

d) 79%

e) 57%

9) Which Bank has announced an ESOP scheme with a view to retaining its talent and incentivising staff by issuing up to 10 crore equity shares?

a) Yes Bank

b) HDFC Bank

c) State Bank of India

d) ICICI Bank

e) Punjab National Bank

10) Prime Minister NarendraModi has launched Ayushman Bharat, world’s largest government-funded healthcare scheme in Jharkhand’s capital Ranchi. It will offer a benefit cover of ___________________ per family per year.

a) Rs 2 lakh

b) Rs 5 lakh

c) Rs 7 lakh

d) Rs 10 lakh

e) Rs 15 lakh

Answers:

1) Answer: a)

An emerging market economy is highly classified with relatively – one in which the country is becoming a developed nation and is determined through many socio- economic factors.

2) Answer: b)

Depositor Education and Awareness Fund (DEAF) Scheme was established in 2014 and was inserted in the Banking Regulation Act, 1949 empowering the central bank. All banks are required to transfer money lying in accounts that have been inoperative for at least 10 years to the DEAF according to specific guidelines.

3) Answer: b)

IFSC is an 11-character codewith the first four alphabetic characters representing the bank name, and the last six characters (usually numeric, but can be alphabetic) representing the branch. The fifth character is 0 (zero) and reserved for future use. Bank IFS Code is used by the NEFT & RTGS systems to route the messages to the destination banks/branches.

The Indian Financial System Code (IFS Code) is an alphanumeric code that uniquely identifies a bank-branch participating in the two main Electronic Funds Settlement Systems in India.

4) Answer: e)

An interest rate that is allowed to move up and down with the rest of the market or along with an index. This contrasts with a fixed interest rate, in which the interest rate of a debt obligation stays constant for the duration of the agreement.

A floating interest rate can also be referred to as a variable interest rate because it can vary over the duration of the debt obligation.

5) Answer: b)

The Balance of payments for a country is calculated by the difference of Capital Account and Current account. Both the accounts have different components included in it.

Current Account: Components – Net Import-Export (Import minus Export); Incomes (Profits, Interests, Dividend); Transfers (Donations, Gifts. etc.)

Capital Account: Components – Investment (FDI, FII); Loan (Government Borrowings, External commercial borrowings); Bank account transfers by NRIs, etc.

6) Answer: e)

The Union Government has allocated 10,900 crore rupees for the development of 40 satellite launch vehicles in the next four years.Dr Sivan stated that Chandrayan Mission will be launched within three months. It will land in one part of the Moon which is still unexplored. The human space flight Gaganyaan is planned to be launched by 2022, the 75th anniversary of Independence.

7) Answer: d)

3,250 Post Offices across urban and rural India, activated as banking access points of IPPB.

8) Answer: e)

The number of complaints registered at banking ombudsman offices have seen a 25% increase in the fiscal year 2018. “The banking ombudsman offices in tier-1 cities like New Delhi, Mumbai, Chennai, Kolkata, Bengaluru and Hyderabad accounted for more than 57% of the total complaints received by all BO offices,” the RBI Report on Trend and Progress of Banking in India has stated.

9) Answer: e)

State-run Punjab National Bank (PNB) has announced an ESOP scheme with a view to retaining its talent and incentivising staff by issuing up to 10 crore equity shares. The bank stated it will issue up to 10 crore equity shares to its employees under ‘Employee Stock Purchase Scheme (ESPS)’. A note is being placed to board in its ensuing meeting dated June 15, 2018 regarding ESPS with a proposal for issuance of up to 10 crore equity shares to its employees, the bank said in a regulatory filing.

10) Answer: b)

Prime Minister NarendraModi launched Ayushman Bharat, world’s largest government-funded healthcare scheme in Jharkhand’s capital Ranchi. The Centre’s flagship scheme has been renamed as PM Jan ArogyaYojana (PMJAY). The scheme will become operational from September 25 on the birth anniversary of PanditDeendayalUpadhyay. Ayushman Bharat-National Health Protection Scheme (AB-NHPS) will have a defined benefit cover of Rs 5 lakh per family (on a family floater basis) per year for secondary and tertiary care hospitalisation. It will offer a benefit cover of Rs 5 lakh per family per year. It will subsume the existing RashtriyaSwasthyaBimaYojana (RSBY), launched in 2008 by the UPA government.

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