Ayussh Sanghi is teaching live on Unacademy Plus
Economy Economics had around 19 questions. Mostly based on Current Affairs
Q.13 Which of the following is a most likely consequence of implementing the Unified Payments Interface (UPI)"? (a) Mobile wallets will not be necessary for online payments. (b) Digital currency will totally replace the physical currency in about two decades (c) FDI inflows will drastically increase. (d) Direct transfer of subsidies to poor people will become very effective.
Answer and Explanation Ans: a Exp: Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood It provides immediate money transfer through mobile device round the clock 24*7 and 365 days. Merchant Payment with Single Application or In-App Payments can be done for variety of applications like Utility Bill Payments, Over the Counter Payments, Barcode (Scan and Pay) based payments. These are currently being done by various mobile wallets.
Difficulty level+ Why was it asked? Easy. UPI was in news due to Digidhan yojana and digital payment enhancement drive by government. Reserve Bank of India (RBI) was preparing to open up the Unified Payment Interface platform for mobile wallets to make them interperable. (Source- Economic Times- March 14, 2017)
Q.14 What is the purpose of setting up of Small Finance Banks (SFBs) in India? 1. To supply credit to small business units 2. To supply credit to small and marginal farmers 3. To encourage young entrepreneurs to set up business particularly in rural areas Select the correct answer using the code given below: (a) 1 and 2 only (b) 2 and 3 only (c) 1 and 3 only (d) 1, 2 and 3
Answer and Explanation Ans: a Exp: RBI's guidelines for Small Banks Local focus and ability to serve smaller customers will be a key criterion in licensing such banks The bank shall primarily undertake basic banking activities of accepting deposits and lending to small farmers, small businesses, micro and small industries, and unorganized sector entities. After the initial stabilization period of five years, and after a review, the RBI may liberalize the scope of activities for Small Banks. The area of operations would normally be restricted to few districts (near-by) of a state. Of the loans issued by Small Banks, 75% should be to the so-called priority sector which includes agriculture and small businesses
Difficulty level+ Why was it asked? Medium Small finance banks and payments banks are being issued licences for their operation by RBI in various parts of country. Hence the question. RBI issued guidelines for them on October 6, 2016 (Source- Economic Times) and Suryoday Small Finance Bank Limited and Au Small Finance Bank Limited started their operations from January 23, 2017 and April 19, 2017 respectively. (Source- RBI)
Q.15 With reference to Quality Council of India (QCI)', consider the following statements: 1. QCl was set up jointly by the Government of India and the Indian Industry. 2. Chairman of QCl is appointed by the Prime Minister on the recommendations of the industry to the Government. Which of the above statements is/are correct? (a) 1 only (b) 2 only (c) Both 1 and 2 (d) Neither 1 nor 2
Answer and Explanation Ans: C Exp: Formed in 1997, the Quality Council of India was set-up by the Confederation of Indian Industry, the Federation of Indian Chambers of Commerce and Industry, and the Associated Chambers of Commerce and Industry. QCI is governed by a Council comprising of 38 members including the Chairman and Secretary General. The Council has an equal representation of Government, Industry and other Stakeholders. The chairman selection is approved by the PM upon suggestion from the body stakeholders.
Difficulty level+ Why was it asked? Hard. Quality Council of India was in news recently due to Swacch Survekshan survey conducted across India. This organization conducted it The Ministry of Urban Development had commissioned Quality Council of India (QCI) to do an extensive survey on the progress of Swachh Bharat mission in January 2016. (Source- The Hindu)
Q.16 With reference to the National Intellectual Property Rights Policy', consider the following statements: 1. It reiterates India's commitment to the Doha Development Agenda and the TRIPS Agreement. 2. Department of Industrial Policy and Promotion is the nodal agency' for regulating intellectual property rights in India. Which of the above statements is/are correct? (a) 1 only (b) 2 only (c) Both 1 and 2 (d) Neither nor 2
0.17 What is/are the advantage/advantages of implementing the National Agriculture Market' scheme? 1. It is a pan-India electronic trading portal for agricultural commodities. 2. It provides the farmers access to nationwide market, with prices commensurate with the quality of their produce. Select the correct answer using the code given below: (a) 1 only (b) 2 only (c) Both 1 and 2 (d) Neither 1 nor 2
Q.18 The term Domestic Content Requirement is sometimes seen in the news with reference to (a) Developing solar power production in our country. (b) Granting licenses to foreign T.V. channels in our country (c) Exporting our food products to other countries. (d) Permitting foreign educational institutions to set up their campuses in our country
Difficulty level+ Why was it asked? Medium. In news due to Paris climate deal and India increasing solar power target to 100 GW In 2014, India's Prime Minister Narendra Modi announced a goal to increase solar power capacity to 100 gigawatts (GW) by 2022. Also, there was a dispute between India and USA on this matter and USA had dragged the matter to WTO. India lost the case in judgement announced on 15 September 2016. (Source- Economic Times)
Q.19 Who among the following can join the National Pension System (NPS)? (a) Resident Indian citizens only (b) Persons of age from 21 to 55 only (c) All State Government employees joining the services after the date of notification by the respective State Governments (d) All Central Governments Employees including those of Armed Forces joining the services on or after 1st April, 2004
Answer and Explanation Ans: c Exp: The Central Government had introduced the National Pension System (NPS) with effect from January 1, 2004 (except for armed forces). Subsequently, various State Governments adopted this architecture and implemented NPS with effect from different dates. Eligibility - Any citizen of India, whether resident or non-resident, subject to the following conditions. Individuals who are aged between 18 60 years, including NRIs After attaining 60 years of age, you will not be permitted to make further contributions to the NPS accounts.