General Awareness Questions -9 March 2020

Question 1 

The NACH system provides a robust, secure and scalable platform to the participants with both transaction and file-based transaction processing capabilities. What does ‘NACH’ stand for? 

 

A National Account Clear Home

B National Automatic Clear House

C National Automated Clearing House

D National Account Clearing House

E National Auto Clear House

SOLUTION-

NACH stands for - National Automated Clearing House
National Payments Corporation of India (NPCI) has implemented “National Automated Clearing House (NACH)” for banks, financial institutions, corporates and the Government. NACH is a web-based solution to facilitate interbank, high volume, electronic transactions which are repetitive and periodic in nature.
NACH System can be used for making bulk transactions towards the distribution of subsidies, dividends, interest, salary, pension, etc. and also towards the collection of payments pertaining to telephone, electricity, water, loans, investments in mutual funds, insurance premiums, etc.

---

Question 2 
Wings of Fire’ is the autobiography of ____.

A John Bunyan

B R.N. Tagore

C APJ Abdul Kalam

D Sunil Gavaskar

E None of these

SOLUTION

“Wings of Fire” is an autobiography of APJ Abdul Kalam. It was written by Dr. Kalam and Arun Tiwari.
Note: It is the story of a boy from a humble background who went on to become a key player in Indian space research/Indian missile programs and later became the president of India.

---

Question 3

The International Development Association (IDA), a member of the World Bank Group is headquartered in ___.

A New York

B The Hague

C Washington, DC

D Geneva

E None of these

SOLUTION

The International Development Association (IDA) is a member of the World Bank Group and is headquartered in Washington, D.C. United States.
Note: The International Development Association (IDA) is an international financial institution which offers concessional loans and grants to the world's poorest developing countries.

---

Question 4

Maximum Loan amount under MUDRA Bank’s Shishu Scheme is?

A Rs. 35000

B Rs. 50000

C Rs. 55000

D Rs. 70000

E Rs. 60000

SOLUTION

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.

---

Question 5

Which of the following is the overall female literacy rate in India as per recent census? Approximately –

A 70%

B 62%

C 65%

D 68%

E 75%

SOLUTION

There is a wide gender disparity in the literacy rate in India: effective literacy rates (age 7 and above) in 2011 were 82.14% for men and 65.46% for women.

---

Question 6

Government introduced MCLR in place of Base Rate. In MCLR, ‘L’ stands for?

A Loan

B Lending

C Legal

D Liquidity

E Leverage

SOLUTION 

MCLR stands for Marginal Cost of Funds based Lending Rate. It replaced the earlier existing Base rate system

---

Question 7

Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) are deposited respectively in which of the following forms?

A Liquidity & Cash

B Cash & Liquidity

C Assets & Cash

D Assets & Liquidity

E Other than the given options

SOLUTION

Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) are deposited in Cash & Liquidity form respectively.
CRR has to be maintained in cash while SLR can be maintained either in cash or in assets that RBI suggests.
Both CRR and SLR are instruments in the hands of RBI to regulate money supply in the hands of banks that they can pump in economy SLR restricts the bank’s leverage in pumping more money into the economy.
On the other hand, CRR, or cash reserve ratio, is the portion of deposits that the banks have to maintain with the Central Bank to reduce liquidity in the economy.

---

Question 8

Neeraj Chopra is associated with which of the following games?

A Archery

B Wrestling

C Shooting

D Javelin throw

E None of these

SOLUTION

Neeraj Chopra is an Indian track and field athlete competing in the javelin throw. He is the second Indian after Anju Bobby George to win a World Championship-level gold medal in athletics

---

Question 9

Federal Reserves is the Central Bank of ______.

A Britain

B U.S.A.

C Japan

D Canada

E China

SOLUTION

Federal Reserve (Fed) is the central banking system of the United States. It was created on December 23, 1913 with the enactment of the Federal Reserve Act, largely in response to a series of financial panics, particularly a severe panic in 1907.

---

Question 10

The headquarter of Bank of India is in _______. 

A Chennai

B Kolkata

C New Delhi

D Mumbai

E Bengaluru

SOLUTION

The headquarter of Bank of India is in Mumbai, Maharashtra.