Economics & Banking Current Affairs 2024 MCQs with Answers

Economics is the area of study that explains the utilization of resources to satisfy the wants and needs of people. There are again two broad areas under this general head, microeconomics which concerns the individual market and the choice made by one and macroeconomics concerning the economy in its whole aspect and how to sort out the issues of inflation, unemployment and the national income.

An essential part of the economy is provided by banking through the management of money in terms of saving, lending, and investing. The central banks, such as RBI, control the monetary policy, inflation control, and the financial system. Commercial banks provide credits and other banking services to all individuals and firms. Economics is basically allied to banking because every banking decision has an impact on economic growth, inflation and even financial stability that determines the overall health and well-being of the economy. We have made the important mcqs for the exams point of view. These are helpful for the competitive exams

Economics and Banking Current Affairs 2024 MCQs

Q1. What is the current Repo Rate as fixed by the RBI
A. 5.5 %
B. 6.5 %
C. 6.6 %
D. 6.7 %
Ans : B

Recently RBI Monetary Policy Committee → Increased » Repo Rate

1. Repo Rate : 6.5%
2. Reverse Repo Rate : 3.35%
3. Marginal Standing Facility (MSF) : 6.75%
4. CRR (Cash reserve ratio) : 4.50%
5. SLR : 18%

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Repo Rate (Interest Rate) : RBI Lends Short Term Laon To → Commercial Bank

• Used To Control → Inflation
  Reverse Repo Rate : Interest Rate » When RBI Borrow Short Term Loan From
  Comercial Bank
  MSF : RBI Lends Short Term Loan → Commercial Banks

Q2. Which bank became the first private bank to open a branch in Lakshadweep?
A. ICICI Bank
B. Axis Bank
C. HDFC Bank
D. Yes Bank
Ans : C

• HQ : Mumbai
• Chairman : Atanu Chakraborty

Q3. India’s pharmaceuticals exports rise 10% to______ billion in FY24?
A. $28 Billion
B. $26 Billion
C. $20 Billion
D. $12 Billion
Ans : A

Top 3 IND’s Pharmaceutical Exports
Market

1. US (31%)
2. UK,
3. Netherlands

Q4. Sittwe Port Is Located in which country?
A. Bangladesh
B. India
C. Iran
D. Mayanmar
Ans : D
Why In News : INDIA Took Over The Operations Of The Entire Sittwe port

It Is IND’s 2nd overseas port after Chabahar Port (IRAN)

Built by : INDIA

Located On → Kaladan River, Myanmar.

Q5. Which Bank Received RBI Approval for Stake Acquisition in 6 Banks?
A. YES BANK
B. HDFC
C. Bandhan Bank
D. Kotak M Bank
Ans : B
HDFC’s → 9.1% Statke In 6 Banks

ICICI Bank

Axis Bank

IndusInd Bank

YES Bank

Bandhan Bank

Suryoday Small Finance Bank (SFB) Banking

Q6. India signed $200 Million Loan for Brahmaputra River Project with which Bank ?
A. World Bank
B. ADB
C. NDB
D. HDFC Bank
Ans : B
Why : To tackle flood and erosion risk along Brahmaputra river

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Brahmputra River

Origin : Chemayungdung Glacier, Mansarovar

Imp Tributaries : Subansiri, Dikrong, Dibang, Dhansiri, Manas, Lohit, Teesta

Q7. Who has been appointed as UCO Bank Chairman?
A. Aravamudan Kumar
B. M R Kumar
C. Srinivasan Sridhar
D. None
Ans : A
Appointments Committee of the Cabinet (ACC) Appointed

Aravamudan Kumar → UCO Bank

Chairman M R Kumar as → BOI (Bank Of India)
Chairman Srinivasan Sridhar → IOB {Indian Overseas Bank) Chairman

Q8. EPFO has fixed an __ percent interest rate on employees’ provident fund for 2023-24?
A. 8.25
B. 7.55
C. 6.00
D. 8.98
Ans : A

EPFO : Employees’ Provident Fund Organisation

• World’s Largest Social Security Org
• Founded : 1952
• Under → Ministry of Labour and Employment

Q9. Which Country Recently Overtook Japan as Third-Largest Economy?
A. Germany
B. India
C. Brazil
D. Canada
Ans : A

Q10. Which Bank approved the $100 million for Sikkim INSPIRES project ?
A. ADB
B. NDB
C. World Bank
D. RBI
Ans : C

World Bank approved → $100 M For Sikkim INSPIRES project

• To upskill → 300,500 women and youth

Q11. Who has launched umbrella organisation ‘NUCFDC’ for urban cooperative banks ?
A. RBI
B. Amit Shah
C. PM Modi
D. Sidbi
Ans : B

National Urban Cooperative Finance & Development Corporation Limited (NUCFDC)

• Launched By : Amit Shah (Home & Cooperation Minister)
• Aim : To modernize Urban Cooperative Banks

Q12. Which Bank Introduced ‘Samman RuPay Credit Card’ for Government Employees ?
A. Axis Bank
B. IndusInd Bank
C. HDFC
D. Yes Bank
Ans : B

IndusInd Bank

• HQ : Mumbai

Q13. Who Has Been Appointed as MD of NARCL?
A. P Santhosh
B. Natarajan Sundar
C. Amit Jain
D. Nupur Talwar
Ans : A

NARCL : National Asset Reconstruction
Company Ltd

• » For Resolution Of NPAs (Non Performing Assets)
• It Was Incorporated (शालमि) : @2021 As A ‘Bad Bank’ » Under Company Act
• It Acquire Stressed Assets → From Commercial Bank

Q14. Recently Financial Intelligence Unit imposed ₹__ crore fine on Paytm Payments Bank?
A. 5.49 Cr
B. 4.49 Cr
C. 109 Cr
D. 290 Cr
Ans : A

Paytm Payment Bank Fine → 5.49 Cr

• Why : For Violations Of The Prevention of Money Laundering Act (PMLA)
• Fined by → Finance Ministry’s Financial Intelligence Unit

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PPB Owner → Vijay Shekhar Sharma

Q15. Central Govt Allocated Rs _ Cr to make strong Regional Rural Banks?
A. 6212 Cr
B. 4589 Cr
C. 4578 Cr
D. 9888 Cr
Ans : A
RRB : Schedule Comercial Bank → For Rural Areas

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1st RRB In IND → Prathama Bank of Moradabad (UP) → 1975

Q16. Nidhu Saxena Appointed as MD & CEO of which bank ?
A. SBI
B. HDFC Bank
C. Bank of Maharashtra
D. BOI
Ans : C
Appointed by : Ministry of Finance

BOM Headquarters : Pune

Q17. Income Tax Department Imposes ₹564.44 Crore Penalty on_______?
A. Bank of India
B. HDFC Bank
C. Axis Bank
D. Bandhan Bank
Ans : A

Q18. Which bank merged with the Fincare Small Finance Bank ?
A. Airtel Payment Bank
B. AU Small Finance Bank
C. Bandhan Bank
D. None
Ans : B
AU Small Finance Bank

HQ : Jaipur, Rajasthan

Fincare Small Finance Bank

HQ : Bangalore

Q19. RBI’s 90th Foundation Day Celebrated on which date ?
A. 1st April
B. 2nd April
C. 3rd April
D. 4th April
Ans : A

RBI : Reserve Bank Of India

• Founded : 1st April 1935
• HQ → Mumbai
• Governor : Shaktikanta Das

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First Gov : Sir Osborne Smith

Q2O. Gopalpur Port Is Located In Which State?
A. Gujarat
B. Odisha
C. Tamil Nadu
D. Kerala
Ans : B

Why In News

• Adani Ports Acquired → 95% Stake in
  Gopalpur Port For → ₹ 3,350 Cr

Q21. Vizhinjam Port Is Located in which state ?
A. Kerala
B. Tamil Nadu
C. Goa
D. Karnataka
Ans : A

Why In News

• Vizhinjam Port : Became India’s 1st
  Transshipment Hub
• Owner → Adani Groups

Q22. Which Country Introduced gold-backed currency, Named ZiG.?
A. India
B. Ukraine
C. UK
D. Zimbabwe
Ans : D

Q23. Paradip Port Is Located in which state?

A. Gujarat
B. Odisha
C. Tripura
D. Kerala

Ans : B

Why In News

• PARADIP PORT (IND’s Major Port) :
  Emerges as → India’s Top Cargo-Handling
  Port in 2023-24
• Handled → 145.38 MMT cargo in FY23-24

According To → World Bank

• India’s GDP Growth Projection @ FY24 → 7.5%
  Asian Development Bank
  India’s GDP Growth @ FY25 → 7%
  RBI imposes Rs 60.3 lakh penalty on 5 co-operative banks for regulatory violations

1. Rajkot Nagarik Sahakari Bank
2. The Kangra Co-operative Bank (New Delhi)
3. Rajdhani Nagar Sahkari Bank (Lucknow)
4. Zila Sahakari Bank, Garhwal
5. District Co-operative Bank (Dehradun)

IND’s GDP Growth Rate @ 2024

• UNCTAD → 6.5 %
• IMF → 6.8 %
  Ajith Kumar KK
• MD & CEO → Dhanlaxmi Bank
  Amitabh Chaudhry
• Re-appointed MD & CEO → Of Axis Bank

Viacom18 (Reliance) & Star India (Disney)→ Merged
According To SBI Report

• India’s GDP Growth Forecast → 8% in FY24
  Fincare Small Finance Bank Merged With → AU Small Finance Bank
• Aproved by : RBI
  Govt of India and ADB Sign $23 Million Loan Agreement
• To make strong → Fintech Ecosystem in India

Paytm E-commerce Rebrands as → Pai Platforms

• Acquired → Bitsila (prominent seller platform)
  Tech Mahindra → Aquired 100% Stake » Orchid Cybertech Service
• For → ₹24.75 Crores
  Ashish Vijayakar
• Appointed as MD & CEO of → SBM Bank India (HQ – Mumbai)
  ADB → Approved $23 million loan
• For quality fintech education, research, and innovation at the Gujarat
  International Finance Tec-City (GIFT)

LIC became the most valuable PSU (Public Sector Undertaking)

• Surpassed → SBI
  Adani Group
• To invest → Rs 50,000 cr to set up data centre in Maharashtra
  Money2India (Canada)’ Mobile Banking App
• Launched By → ICICI Bank
  According To → IMF
• IND’s GDP Growth → 6.7%

Q.X. What is the current Repo Rate as fixed by the RBI
A. 5.5 %
B. 6.5 %
C. 6.6 %
D. 6.7 %

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