ANSWERS TO THESE QUESTIONS ARE END OF THIS SECTION

1: What was the increase in the monetary ceiling of gold loans granted under the bullet repayment scheme in Urban Coop Banks as per the Monetary Policy dated 6.10.23?
a) ₹1.00 lakh
b) ₹2.00 lakh
c) ₹3.00 lakh
d) ₹4.00 lakh

2: Which platform does the Government of India use for processing its transactions and payments?
a) CBS
b) RBI Bullet
c) e-Kuber
d) PSL

3: On which date in 2024 did the Government of India decide to mark as a working day for processing transactions through e-Kuber?
a) March 31
b) March 24
c) April 1
d) May 15

4: As of which date will the PCA framework be extended to Government NBFCs, except those in the Base Layer?
a) October 1, 2024
b) March 31, 2024
c) October 10, 2023
d) December 14, 2021

5: What is the new beneficial ownership criteria for Companies, Trusts, and Partners for KYC purposes as per the Circular dated 17.10.23?
a) 5%
b) 15%
c) 20%
d) 10%

6: What does PCA stand for in the context of Non-Banking Financial Companies (NBFCs)?
a) Primary Circular Action
b) Prompt Corrective Action
c) Public Cooperative Authority
d) Pre-Approved Cash

7: What is the specific schedule under which commercial banks are required to present unclaimed liabilities transferred to the Depositor Education and Awareness (DEA) Fund according to the RBI circular?
a) Schedule 1 - Liabilities
b) Schedule 3 - Contingent Liabilities - Loan Loss Provisions
c) Schedule 12 - Contingent Liabilities - Other items for which the bank is contingently liable
d) Schedule 7 - Asset Management

8: How often are Credit Institutions (CIs) required to undertake Root Cause Analysis (RCA) of customer grievances?
a) Quarterly
b) Annually
c) Half-yearly
d) Monthly

9: Who is responsible for reviewing the analysis of Root Cause Analysis (RCA) of customer grievances conducted by Credit Institutions (CIs)?
a) Government regulatory agencies
b) Top Management of CIs
c) Customers themselves
d) CICs

10: How quickly must Credit Information Companies (CICs) ingest credit information data received from Credit Institutions (CIs) into their databases?
a) Within 24 hours
b) Within seven (7) calendar days of its receipt from the CIs.
c) Within one month
d) CICs are not required to ingest data from CIs.

11: How often should CICs provide Free Full Credit Report (FFCR) including credit score to individuals whose credit history is available with the CIC?
a) Every 6 months
b) Once in a lifetime
c) Once a year (January- December)
d) Only upon request by the individual

12: What is the primary purpose of the Depositor Education and Awareness (DEA) Fund established under the DEA Fund Scheme, 2014?
a) Providing financial aid to depositors
b) Promoting awareness about credit information
c) Encouraging credit institutions to offer higher interest rates
d) Promoting education and awareness among depositors and improving their financial literacy

13.What is the compensation amount complainants are entitled to if their complaint is not resolved within 30 calendar days from the initial filing with a CI/CIC?
a) ₹100 per calendar day
b) ₹50 per calendar day
c) ₹200 per calendar day
d) ₹500 per calendar day

14.When can a CI pay compensation to a complainant for failing to send updated credit information to the CICs?
a) Within 7 calendar days
b) Within 14 calendar days
c) Within 21 calendar days
d) Within 30 calendar days

15. Under what circumstances can a CIC pay compensation to a complainant for failing to resolve a complaint within 30 calendar days?
a) If the CI failed to send any information
b) If the complaint is not resolved within 10 calendar days
c) If the CI furnished the updated credit information within 21 calendar days
d) If the CI refuses to send any information

16. In case of wrongful denial of compensation by CIs or CICs, where can the complainant seek resolution?
a) Reserve Bank - Integrated Ombudsman Scheme, 2021
b) Local police station
c) Consumer court
d) District magistrate's office

17.What is the minimum amount for offering non-callable TDs
a) Rupees fifteen lakhs
b) Rupees one crore
c) Rupees fifty lakhs
d) Rupees ten lakhs

18. What is the definition of bulk deposit for Regional Rural Banks (RRBs) based on the review by RBI?
a) Rupees fifteen lakhs and above
b) Rupees two crore and above
c) Rupees one crore and above
d) Rupees five lakhs and above

19 How much must a single Rupee term deposit be worth to be considered a bulk deposit for Scheduled Commercial Banks?
a) Rupees two crore and above
b) Rupees fifteen lakhs and above
c) Rupees one crore and above
d) Rupees fifty lakhs and above

20. What is the minimum amount for domestic term deposits accepted from individuals for premature withdrawal facility as of 26.10.23?
a) Rupees two crore and above
b) Rupees one crore and above
c) Rupees fifteen lakhs and above
d) Rupees fifty lakhs and above

21. Which banks can offer differential rates on interest on TDs based on non-callability of deposits?
a) Scheduled Commercial Banks
b) Small Finance Banks
c) Regional Rural Banks
d) Both a and b

22 How long do CICs have to resolve a complaint after being informed by the complainant or a CI?
a) 7 calendar days
b) 14 calendar days
c) 21 calendar days
d) 30 calendar days

23: What are the main factors that can determine differential interest rates on term deposits, as mentioned in the text?
a) Size of deposits and location of the bank.
b) Size of deposits and term of the deposit.
c) Tenor and non-availability of premature withdrawal option.
d) Location of the bank and customer's credit score.





ANSWERS
Answer 1 : d)
Answer 2: c) e-Kuber
Answer 3: a) March 31
Answer 4: a) October 1, 2024
Answer 5: d) 10%
Answer 6: b) Prompt Corrective Action
Answer 7 : c) Schedule 12 - Contingent Liabilities - Other items for which the bank is contingently liable
Answer 8 : c) Half-yearly
Answer 9 : b) Top Management of CIs
Answer 10 : b) Within seven (7) calendar days of its receipt from the CIs.
Answer 11 : c) Once a year (January- December)
Answer 12 : d) Promoting education and awareness among depositors and improving their financial literacy
Answer 13: a) ₹100 per calendar day
Answer14: c) Within 21 calendar days
Answer15 : c) If the CI furnished the updated credit information within 21 calendar days
Answer16 : a) Reserve Bank - Integrated Ombudsman Scheme, 2021
Answer 17: b) Rupees one crore
Answer 18: c) Rupees one crore and above
Answer 19: a) Rupees two crore and above
Answer 20: b) Rupees one crore and above
Answer 21: d) Both a and b
Answer 22: d) 30 calendar days
Answer 23: b) Size of deposits and term of the deposit.

PM VISHWAKARMA SCHEME
Date of announcement - 13.09.23
To provide easy access to collateral free credit and reduce cost of credit by providing interest subvention

1 What are eligible category of borrowers
Ans Women, Scheduled Castes, Scheduled Tribes, OBCs, Specially Abled, Transgenders, residents of NER states, Island Territories and Hilly Areas.

2 Eligible activities
Ans An artisan or craftsperson, working with hands and tools in the unorganized sector on self-employment basis and engaged in one of the family-based traditional trades

3 Which are Participating Financial Institutions
Ans Scheduled Commercial Banks, RRBs, Small Finance Banks, Coop Banks, NBFCs and MFIs.

4 What is the Minimum age?
a) 16 years
b) 20 years
c) 18 years
d) 22 years

5 What are the restrictions for eligibility regarding previous loans under govt. scheme with subsidy?
a) No restrictions
b) 5 years
c) 3 years
d) 10 years

6 How many members from one family are eligible?
a) Two members
b) Three members
c) One member of the family
d) Four members

7 What is the duration of Basic Training under PM VISHWAKARMA SCHEME?
a) 30 hours
b) 40 hours, over 5-7 days
c) 20 hours
d) 50 hours

8 What is the duration of Advanced Skill Training for PM VISHWAKARMA SCHEME?
a) 10 days
b) 15 days/ 120 hours
c) 20 days
d) 8 days

9 What is the value of Basic & advanced Training Stipend for PM VISHWAKARMA SCHEME?
a) Rs. 1000 per day
b) Rs. 500 per day
c) Rs. 750 per day
d) Rs. 1200 per day

10 What is the value of Toolkit incentive under PM VISHWAKARMA SCHEME?
a) Rs. 10,000
b) Rs. 20,000
c) Rs. 15,000
d) Rs. 25,000

11 What is the maximum amount of loan in the 1st tranche for PM VISHWAKARMA SCHEME?
a) Rs. 2 lac
b) Rs. 50,000
c) Rs. 1 lac
d) Rs. 3 lac

12 What is the amount of the 2nd tranche loan for PM VISHWAKARMA SCHEME?
a) Rs. 1.5 lac
b) Rs. 2.5 lac
c) Rs. 2 lac
d) Rs. 3.5 lac

13 What is the repayment structure for the loans in PM VISHWAKARMA SCHEME?
a) 18 monthly instalments for 1st tranche and 24 monthly instalments for 2nd tranche
b) 18 monthly instalments for 1st tranche and 30 monthly instalments for 2nd tranche
c) 20 monthly instalments for 1st tranche and 18 monthly instalments for 2nd tranche
d) 25 monthly instalments for 1st tranche and 20 monthly instalments for 2nd tranche

14 What is the concessional interest rate from the borrower for PM VISHWAKARMA SCHEME?
a) 3%
b) 8%
c) 5%
d) 10%

15 What is the rate of Interest subvention for Standard loans by the Government of India under PM VISHWAKARMA SCHEME?
a) 10% (upfront to banks)
b) 6% (upfront to banks)
c) 8% (upfront to banks)
d) 12% (upfront to banks)

16 In what format shall Credit guarantee from CGF be available under PM VISHWAKARMA SCHEME?
a) Full Guarantee Cover
b) Graded Guarantee Cover on portfolio basis
c) Partial Guarantee Cover
d) Limited Guarantee Cover

17 Under Graded Guarantee Cover for the first tranche of loans for the first Loss Default (0 to 7.5%), what is the guarantee cover?
a) 80% coverage of default portfolio
b) 100% coverage
c) 60% coverage of default portfolio
d) 90% coverage of default portfolio

18 For Second Loss (More than 7.5% and up to 20%) under Graded Guarantee Cover, what is the guarantee cover?
a) 70% coverage of default portfolio
b) 90% coverage of default portfolio
c) 80% coverage of default portfolio
d) 60% coverage of default portfolio

19 For Third Loss (More than 20% and up to 50%), what is the cover under Graded Guarantee?
a) 40% coverage of default portfolio
b) 50% coverage of default portfolio
c) 60% coverage of default portfolio
d) 30% coverage of default portfolio

20 What is the incentive for digital transactions (pay-out or receipt in the bank account) under PM VISHWAKARMA SCHEME?
a) Rs. 2 per eligible digital transaction
b) Re. 1 per eligible digital transaction, up to a maximum of 50 eligible transactions per month
c) Re. 1 per eligible digital transaction, up to a maximum of 100 eligible transactions per month
d) Rs. 5 per eligible digital transaction


ANSWERS

4 c) 18 years *
5 b) 5 years *
6 c) One member of the family *
7 b) 40 hours, over 5-7 days *
8 b) 15 days/ 120 hours *
9 b) Rs. 500 per day *
10 c) Rs. 15,000 *
11 c) Rs. 1 lac *
12 c) Rs. 2 lac *
13 b) 18 monthly instalments for 1st tranche and 30 monthly instalments for 2nd tranche *
14 b) 8% *
15 c) 8% (upfront to banks) *
16 b) Graded Guarantee Cover on portfolio basis *
17 b) 100% coverage *
18 c) 80% coverage of default portfolio *
19 c) 60% coverage of default portfolio *
20 c) Re. 1 per eligible digital transaction, up to a maximum of 100 eligible transactions per month *