1. Recently, the US and the European commission has excluded several Russian banks from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) messaging system to counter Russia’s war over Ukraine. Which statement is true regarding SWIFT?

(i)It was established in 1975.
(ii)It is headquartered in La Hulpe, Belgium.
(iii)It consists of 8-11 characters.
(iv)Only banks are member of SWIFT.

1. Only (i) & (ii)
2. Only (ii) & (iii)
3. Only (iii) & (iv)
4. Only (i)
5. None is true

Option “2” is correct.
All about SWIFT
· It is formally known as the Society for Worldwide Interbank Financial Telecommunication (SWIFT).
· It is a trusted messaging system for banks and other financial institutions around the world.
· It doesn’t settle any money itself, but provides instruction messages for just how to give and receive specific funds.
· It is controlled by the central banks of the G10 countries, the European Central Bank, and the National Bank of Belgium.
· It was established in 1973 and is based in La Hulpe, Belgium.
· The Group of Ten is made up of eleven industrial countries (Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, the United Kingdom and the United States) which consult and co-operate on economic, monetary and financial matters.
· SWIFT is a cooperative society under Belgian law.
· The SWIFT network is regulated under the laws of the European Union.
· A swift is an 8 to 11digit code that helps identify the country, city, bank, and branch.
2. Identify the Incorrect statement about IFSC code-

(i) The Indian Financial System code (IFSC), is a unique 10-digit alphanumeric code.
(ii) The NPCI assigns the IFSC codes to the bank.
(iii) Every bank branch will have a unique code and no two branches (even of the same bank) will ever be the same.
(iv)It is used for online fund transfer transactions done via NEFT, RTGS and IMPS.

1. Only (i) & (ii)
2. Only (ii) & (iii)
3. Only (i), (ii) & (iii)
4. Only (ii) & (iv)
5. All of the above

Option “1” is correct.
· The Indian Financial System code (IFSC), is a unique 11-digit alphanumeric code that is used for online fund transfer transactions done via NEFT, RTGS and IMPS.
· The Reserve Bank of India (RBI) assigns the IFSC codes to the bank.
· In case a person is using net banking to transfer money, it is mandatory for the IFSC to be entered to initiate the transfer.
· Every bank branch will have a unique code and no two branches (even of the same bank) will ever be the same.
· Unless there is a merger, banks do not modify or change the IFSC code.
· IFSC code format: The first 4 digits of the IFSC represent the bank and the last 6 characters represent the branch. The 5th character is zero.
3. Identify “It” from the following statements-

(i) It can be issued in India for a minimum deposit of ₹1 lakh and in successive multiples of it.
(ii) It is issued by financial institutions having a term period ranging from 1–3 years.
(iii) It is issued by SCBs have a term period anywhere between 3 months to a year.

1. Treasury Bill
2. Commercial Paper
3. Certificate of Deposit
4. Promissory Notes
5. Money Orders

Option “3” is correct.
Certificate of Deposit or CD is a fixed-income financial instrument governed under the Reserve Bank of India issued in a dematerialized form where the amount at withdrawal is assured from the beginning.
•A CD can be issued by any All-India Financial Institution or Scheduled Commercial Bank
Features-
•They can be issued in India for a minimum deposit of ₹1 lakh and in successive multiples of it.
•Scheduled commercial Banks (SCBs) and All-India Financial Institutions are eligible to issue a CD.
•Cooperative Banks and RRBs cannot issue a CD.
•CDs issued by SCBs have a term period anywhere between 3 months to a year.
•CDs issued by financial institutions have a term period ranging from 1–3 years.
•Similar to dematerialized securities, CDs in dematerialized forms are transferable through means of endorsement or delivery.
•There is no lock-in required for a CD.
•One cannot issue a loan against a CD.
•A certificate of deposit is fully taxable under the Income Tax Act.
•A CD cannot be publicly traded.
•Banks are not permitted to buy back a CD before its maturity.
4. Which of the following is NOT a party involved in a bill of exchange?

(i) The Drawer
(ii) The Drawee
(iii) The Payee
(iv) The Signee

1. Only (iv)
2. Only (ii)
3. Only (ii) & (iv)
4. Only (i), (ii) & (iii)
5. All (i), (ii), (iii) & (iv)

Option “1” is correct.
Section 5 of the Negotiable Instruments Act, 1881 defines a bill of exchange.
•It is ‘an instrument in writing containing an unconditional order, signed by the maker, directing a certain person to pay a certain sum of money only to or to the order of a certain person, or to the bearer of the instrument’.
•There are three parties involved in a bill of exchange-
•The Drawer: The person who makes the order for making payment.
•The Drawee: The person to whom the order to pay is made.
•The Payee: The person to whom the payment is to be made.
Features of Bill of Exchange
•Written
•Duly Signed by drawer
•Drawee
•Duly Stamped
•Order to pay
•In terms of Money only
•Parties must be certain
•Sum payable must be certain
•Unconditional
•Date
5. India’s industrial growth, as per the Index of Industrial Production (IIP), edged up to 1.7 per cent in February from 1.5 per cent in January. What is the base year for IIP?

1. 2000-2001
2. 2009-2010
3. 2010-2011
4. 2011-2012
5. 2012-2013

Option “4” is correct.
About Index of Industrial Production-
· IIP is an indicator that measures the changes in the volume of production of industrial products during a given period.
· It is published on monthly basis.
· It is compiled by the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation.
· Base Year for IIP is 2011-2012.
· It is used by government agencies including the Ministry of Finance, the Reserve Bank of India, etc., for policy-making purposes.
6. Which of the following is/are the components of BoP?

(i) Current Account
(ii) Capital Account
(iii) Errors and Omissions
(iv) Savings Account

1. Only (iv)
2. Only (i)
3. Only (ii) & (iv)
4. Only (i), (ii) & (iii)
5. All (i), (ii), (iii) & (iv)

Option “4” is correct.
Balance of Payments (BoP) of a country can be defined as a systematic statement of all economic transactions of a country with the rest of the world during a specific period usually one year.
components of BoP:
· For preparing BoP accounts, economic transactions between a country and the rest of the world are grouped under – current account, capital account and Errors and Omissions. It also shows changes in Foreign Exchange Reserves.
· current Account: It shows export and import of visible (also called merchandise or goods – represent trade balance) and invisibles (also called non-merchandise).
· Invisibles include services, transfers and income.
· capital Account: It shows a capital expenditure and income for a country.
· It gives a summary of the net flow of both private and public investment into an economy.
· External commercial Borrowing (ECB), Foreign Direct Investment, Foreign Portfolio Investment, etc. form a part of capital account.
· Errors and Omissions: Sometimes the balance of payments does not balance.
· This imbalance is shown in the BoP as errors and omissions. It reflects the country’s inability to record all international transactions accurately.
· Overall the BoP account can be a surplus or a deficit.
7. Which of the following is NOT a risk involved in Banking?

1. Credit Risks
2. Market Risks
3. Operational Risks
4. Cash Failure Risk
5. Moral Hazard

Option “4” is correct.
Risks Faced by Banks-
· Credit Risks
· credit risk is the risk that arises from the possibility of non-payment of loans by the borrowers. Although credit risk is largely defined as risk of not receiving payments, banks also include the risk of delayed payments within this category.
· Market Risks
· Apart from making loans, banks also hold a significant portion of securities. Some of these securities are held because of the treasury operations of the bank i.e. as a means to park money for the short term.
· However, many securities are also held as collateral based on which banks have given loans to their customers.
· The business of banking is therefore intertwined with the business of capital markets.
· Operational Risks
· Banks have to conduct massive operations in order to be profitable.
· Economies of scale work in the favor of larger banks. Hence, maintaining consistent internal processes on such a large scale is an extremely difficult task.
· It occurs as the result of a failed business processes in the bank’s day to day activities.
· Moral Hazard
· The recent bailout of banks by many countries has created another kind of risk called the moral hazard.
· Liquidity Risk
· Liquidity risk is the risk that the bank will not be able to meet its obligations if the depositors come in to withdraw their money.
· Business Risk
· The banking industry today is considerably advanced and diversified. Banks today have a wide variety of strategies from which they have to choose.
· Once such strategy is chosen, banks need to focus their resources on obtaining their strategic goals in the long run.
· Reputational Risk
· Banks can save their reputation by ensuring that they never participate in any unfair or manipulative business practices.
· Also, banks need to continuously ensure that their public relations efforts project them as a friendly and honest bank.
8. Which of the following is/are types of cheque in India?

(i)Order cheque
(ii)Blank cheque
(iii)Self cheque
(iv)Stale cheque

1. Only (iv)
2. Only (ii)
3. Only (ii) & (iv)
4. Only (i), (ii) & (iii)
5. All (i), (ii), (iii) & (iv)

Option “5” is correct.
Cheques are a type of bill of exchange and were developed as a way to make payments without the need to carry large amounts of money.
It is a document that orders a bank to pay a specific amount of money from a person’s account to the person in whose name the cheque has been issued.
The amount is transferred only to the person to whom a cheque is addressed.
Parties Involved in Cheque Transaction
· Drawer: The person writing the cheque is known as a drawer.
· Drawee: The party on whom the cheque is written, i.e., your Bank.
· Payee: The person named in the cheque to whom the money is paid
· There are various types of cheques and these are described in the following sections-
· Bearer cheque-One can locate the words “or bearer” appearing on a cheque leaf. If these words are NOT struck out, the cheque is known as a bearer cheque. In case these are misplaced, anyone who finds it can get the money. It is also known as an “open” cheque.
· Order cheque – A cheque becomes an “order” cheque, either when the words “or bearer” are struck off or when in its place, the words “or order” is written on the cheque.
· Post Dated cheque – If the date mentioned on a cheque is yet to come (future date), the cheque is known as a “post-dated cheque “. A postdated cheque is not valid earlier than the date mentioned on the cheque.
· Stale cheque- cheques are valid for 3 months from the mentioned date. If a cheque is presented for payment after this period of three months, it is then called stale cheque. A stale cheque is not honored by any bank.
· Anti-Dated Cheque- If the date mentioned on a cheque is earlier than the date on which it is presented to the bank, the cheque is known as an “anti-dated cheque”. This cheque is valid up to three months from the mentioned date.
· crossed cheque-crossing a cheque refers to drawing two parallel lines on the cheque with or without additional words like “& CO.” or “Account Payee” or “Not Negotiable”.
· Other types of cheques-
· Gift cheque
· Traveler’s cheque
· Self cheque
· Mutilated cheque
· Counter cheque
9. Which of the following statement is true regarding Indian currency?

(i) The Reserve Bank of India is solely responsible for managing currency Under Section 24 of the RBI Act 1934.
(ii) One Rupee Note is issued by Union Ministry of Finance but circulated by RBI.
(iii) In January 1938, the first paper currency was issued by RBI.
(iv)One of the currency Note Press is located in Nashik.

1. Only (i)
2. Only (ii)
3. Only (ii), (iii) & (iv)
4. Only (i), (ii) & (iii)
5. All (i), (ii), (iii) & (iv)

Option “3” is correct.
· The Indian Rupee (INR) is the official currency of India.
· One rupee consists of 100 Paisa.
· Under Section 22 of the RBI Act 1934, The Reserve Bank of India is solely responsible for managing currency in India
· One Rupee Note is issued by Union Ministry of Finance but circulated by RBI.
· RBI is responsible for its designing, production and overall management of the nation’s currency, with the objective of ensuring an adequate supply of clean and genuine notes.
· RBI is also responsible to enhance security features to reduce the risk of counterfeiting or forgery of the currency notes.
· The central government approves the design of banknotes on the recommendation of the central board of the Reserve Bank of India.
· In January 1938, the first paper currency was issued by RBI. It was a 5-rupee note bearing King George VI’s portrait.
10. In Jan 2022, World Bank projected India’s GDP growth at 8.7% for FY23. Which of the following is Incorrect statement regarding GDP?

(i) Gross Domestic Product (GDP) is the final monetary value of all the goods and services produced within the boundaries of a country in a period (quarterly or yearly) of time.
(ii) It includes income received by the residents of a country from abroad.
(iii) GDP = Market value of everything produced within the country + Money earned by foreign nationals in the country -Money earned by residents from abroad.
(iv)World Bank projected India’s GDP at 7.8% for 2022.

1. Only (i)
2. Only (ii)
3. Only (ii) & (iv)
4. Only (i), (ii) & (iii)
5. All (i), (ii), (iii) & (iv)

Option “3” is correct.
· The Indian economy is expected to grow at 8.3 percent in the current fiscal and at 8.7 percent in financial year 2022-23.
· According to the report released by World Bank said named-‘Global Economic Prospects’.
About GDP-
· GDP Gross Domestic Product (GDP) is the final monetary value of all the goods and services produced within the boundaries of a country in a period (quarterly or yearly) of time.
· In Gross Domestic Product
· Gross refers to total market value
· Domestic refers to income generated locally or within the geographical boundaries of the country.
· Product refers to the goods and services.
· It includes income generated by the residents in the country + the income earned by non-nationals in the country
· It excludes income received by the residents of a country from abroad.
· It includes all private and public consumption, government outlays, investments, the foreign balance of trade (exports minus imports).
· GDP = Market value of everything produced within the country + Money earned by foreign nationals in the country − Money earned by residents from abroad.
· The formula to find GDP is-
GDP = c + I + G + (X − M)
· GDP= Gross Domestic Product
· c= consumer Spending
· I= Investment
· G= Government Spending
· X= Export
· M= Import

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  29. palmerkjacinda

    You can see in photos link that the material can take on a lot of hues. In one shooting setup the watch was sitting on a warmer-colored surface and it picked up that color. On a cooler material like the blue surface portions almost fade to white. The case itself measures 41.5mm in diameter by 14.5mm 1.4mm thicker than the Datograph UpDown which is actually remarkable to me considering how much more complex the movement inside is.

  30. Hello stewards of pure serenity!
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    May you enjoy remarkable tranquil experiences !

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