RBI GRADE B PHASE I GENERAL AWARENESS PACK - 1 · PDF fileCHAPTER 1: INDIAN ECONOMY ON THE EVE...

RBI GRADE B PHASE I GENERAL AWARENESS PACK - 1

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A. RESERVE BANK OF INDIA - ESTABLISHMENT, PREAMBLE

AND MAIN FUNCTIONS:

RBI ESTABLISHMENT –

The Reserve Bank of India Act, 1934 led to the establishment of

RBI.

The RBI was established on April 1, 1935

The central office of the Reserve Bank was initially established in

Calcutta. Later in 1937 it was permanently moved to Mumbai.

Headquarters/ Central office of RBI – Mumbai

The Reserve Bank of India was nationalized in the year 1949.

PREAMBLE –

The Preamble of the Reserve Bank of India describes the basic

functions of the Reserve Bank as

―to regulate the issue of Bank Notes and Keeping of reserves with a

view to securing monetary stability in India and generally to operate

the currency and credit system of the country to its advantage.‖

MAIN FUNCTIONS –

1. Monetary Authority – Formulates, implements and monitors

the monetary policy with an objective of maintaining price stability

and ensuring adequate flow of credit to productive sectors.

2. Regulator and Supervisor of the Financial System: Prescribes

broad parameters of banking operations within which the country's

banking and financial system functions.



Objective: maintain public confidence in the system, protect depositors' interest and provide cost-effective banking services to the public.

3. Manager of Foreign Exchange

Manages the Foreign Exchange Management Act, 1999. Objective: to facilitate external trade and payment and

promote orderly development and maintenance of foreign exchange market in India.

4. Issuer of currency:

Issues and exchanges or destroys currency and coins not fit for circulation.

Objective: to give the public adequate quantity of supplies of currency notes and coins and in good quality.

5. Developmental role

Performs a wide range of promotional functions to support national objectives.

6. Related Functions

Banker to the Government: performs merchant banking function for the central and the state governments; also acts as their banker.

Banker to banks: maintains banking accounts of all scheduled banks.

Model question: The

Reserve bank of India

was nationalized in the

year?

a. 1935

b. 1939

c. 1947

d. 1949



B. IMPORTANT DAYS TO REMEMBER IN THE MONTH OF

JANUARY:

January 4 – World Braille Day

January 10 – World Hindi Day

January 12 – National Youth Day (Birth anniversary of Swami

Vivekananda).

January 15 – Indian Army Day

January 24 – national girl child day

January 25 – National Voters day

January 26 – India‘s Republic day;

International customs day

January 30 – Martyrs Day (India)

Last Sunday of January – World

Leprosy Day

To subscribe RBI Grade B Phase I General Awareness Course

http://www.aspirantsclass.com/2016/07/rbi-grade-b-exam-2016-

phase-i-general.html

Model Question:

National voters day is

annually celebrated on

a. January 23

b. January 24

c. January 25

d. January 26

http://www.aspirantsclass.com/2016/07/rbi-grade-b-exam-2016-phase-i-general.html




C. ECONOMICS – NCERT XI STANDARD (key points from

chapter 1 to 3)

CHAPTER 1: INDIAN ECONOMY ON THE EVE OF

INDEPENDENCE

- Muslin is a type of cotton textiles which had its origin in Bengal,

particularly in and around Dhaka. (Daccai Muslin – Famous).

- The finest variety of Muslin was called Malmal.

- Notable estimators of Indian income were – D Naoroji, William

Digby, Findlay Shirras, V.K.R.V Rao & R.C. Desai.

- V.K.R.V Rao‘s estimates of national & per capita incomes during

colonial period were significant.

- Tata Iron & Steel Company (TISCO) was established in 1907.

- The opening of the Suez canal further intensified British control

over Indias‘s foreign trade.

- The population of British India were first collected through a

census in 1881.

- Before 1921, India was in the first stage of demographic

transition.

- The 2nd stage of transition began after 1921.

- The British introduced railways in India in 1850.

- Tata Airlines was established in 1932 inaugurating aviation sector

in India.



CHAPTER 2 : INDIAN ECONOMY 1950-1990

- India borrowed the concept of five year plans from the former

Soviet Union.

- The long term plan is called perspective plan. Five year plans

provided the basis for perspective plan.

- 1950 – Planning Commission was set up.

- The goals of the five years plans are : GROWTH,

MODERNISATION, SELF RELIANCE & EQUITY.

- Growth refers to increase in GDP.

- GDP is the market value of all goods and services produced in the

country during a year.

- Adoption of new technology is called modernization.

- The first 7 five year plans gave importance to self reliance.

- 2nd 5 year plan laid down the basic ideas regarding goals of

Indian Planning, this plan was based on the ideas of Mahalanobis.

- Mahalanobis – The architect of Indian Planning.

- Mahalanobis established the Indian Statistical Institute (ISI) in

Calcutta & started a Journal ―Sankhya‖.

- Land Reforms :-

1.Land to the tiller policy

2.Equity in agriculture called for land reforms which primarily refer

to the change in the ownership of land holdings.

3.Land ceiling was another policy to promote equity in the

agricultural sector.



4.The purpose of land own ceiling was to reduce the concentration

of land ownership in a few hands.

5.Land reforms were successful in Kerala and West Bengal.

- Green Revolution:

The stagnation in agriculture during the colonial rule was

permanently broken by the green revolution. Use of High Yielding

Variety (HYV) seeds especially for wheat & rice. The portion of

agricultural produce which is sold in the market by the farmers is

called marketed surplus.

- In accordance with the goal of the state controlling the

commanding heights of the economy. The industrial policy

resolution of 1956 was adopted. This resolution formed the basis of

the 2nd 5 year plan.

- This resolution classified industries into three categories.

a.Industries exclusively owned by the state b. Industries in which

the private sector could supplement the efforts of the state sector. c.

Industries by Private Sector.

- In 1955, the village and small scale industries committee, also

called the Karve committee, noted the possibility of using small

scale industries for promoting Rural Development.

- In the first 7 plans trade was characterized by what is commonly

called an inward working trade strategy. Technically this strategy is

called import substitution. This policy aims at replacing or

substituting imports with domestic production.

- Protection from imports took two forms: Tariffs & Quotas.

A. Tariffs are a tax on imported goods.

B. Quotas specify the quantify of goods which can be imported.



CHAPTER 3 : LIBERALISATION, PRIVATISATION AND

GLOBALISATION :: AN APPRAISAL ·

-Liberalisation and privatization are policies and globalization is the

outcome of these policies.

· LIBERALISATION

a) Deregulation of Industrial Sector: Industrial licensing was

abolished except for alcohol, cigarettes, hazardous chemicals,

industrial explosives, electronics, aerospace and drugs. Industries

reserved for the public sector are defence equipments, atomic

energy generation and railway transport.

b) Financial Sector Reforms: · Establishment of Private Banks

c) Tax Reforms · Reforms is governments taxation and public

expenditure policies which are collectively called fiscal policy.

d) Foreign Exchange Reforms. · Devaluation of rupee against foreign

currencies

e) Trade and Investment policy reforms · Dismantling of quantitative

restrictions on imports and exports · Reduction of tariff rates ·

Import licensing was abolished

PRIVATISATION:

- Privatisation of the public sector undertakings by selling off part of

the equity of PSUs to the public is known as disinvestment.

- Government envisaged that privatization could provide strong

impetus to the inflow of FDI.

GLOBALISATION:

- It is a complex phenomenon.



- It is an outcome of the set of various policies that are aimed at

transforming the world towards greater interdependence and

integration.

- It involves creation of networks and activities transcending

economics, social and geographical boundaries.

- Outsourcing is one of the important outcomes of the globalization.




Model question:

Indian Statistical Institute is located in

a. Lucknow

b. Mumbai

c. Kolkata

d. Pune





D. Tax Structure (Source: Indian Economy by Ramesh Singh)

Tax structure

Modern economics defines tax as a mode of income

redistribution.

Incidence of Tax

The point where tax looks being imposed is known as the incidence

of Tax—the event of tax imposition.

Impact of Tax

The point where tax makes its effect felt is known as the impact of

tax—the after effect of tax imposition.

Direct Tax

The tax which has incidence and impact both at the same point is

the direct tax—the person who is hit, the same person bleeds. As

for example income tax, interest tax, etc.

Indirect Tax

The tax which has incidence and impact at the different points is

the indirect tax—the person who is hit does not bleed someone else

bleeds. As, for example, excise, sales tax, etc which are imposed on

either producers or the traders, but it is the general consumers who

bear the burden of tax.

METHODS OF TAXATION

There are three methods of taxation prevalent in economies with

their individual merits and demerits—

Progressive Taxation

This method has increasing rates of tax for increasing value or

volume on which the tax is being imposed. Indian income tax is a



typical example of it. The idea here is less tax on the people who

earn less and higher tax on the people who earn more—classifying

income earners into different slabs. This method is believed to

discourage more earnings by the individual to support low growth

and development unintentionally.

Regressive Taxation

This is just opposite to the progressive method having decreasing

rates of tax for increasing value or volume on which the tax is being

imposed.There are not any permanent or specific sectors for such

taxes. As a provision of promotion, some sectors might be imposed

with regressive taxes. As for example, to promote the growth and

development of the small scale industries, India at one time had

regressive excise duty on their productions—with increasing slabs

of volume they produced, the burden of tax used to go on

decreasing.

This method while appreciated for rewarding the higher producers

or income-earners, is criticized for being more taxing on the poor

and low-producers. This is not a popular mode of taxation and not

as per the spirit of the modern democracies.

Proportional Taxation

In such taxation method, there is neither progression nor

regression from the rate of taxes point of view. Such taxes have

fixed rates for every level of income or production, they are neutral

from the poor or rich point view or from the levels of production

point of view. Usually, this is not used by the economies as an

independent method of taxation.

METHODS OF EXPENDITURE

Similar to the methods of taxation the modes of government

expenditure are also of three types —Progressive, Regressive and

Proportional.

At first instance it seems that as a country achieves better levels of



development, sectoral and the item-wise expenditure of the

economy must have decreasing trends. But practical experience

shows that the level of expenditure needs enhancement everyday

and economy always needs more and more revenues to fulfill the

rising expenditures. That is why for economies the best form of

government expenditure is the progressive expenditure.

The best way of taxation is progressive and the best way of

government expenditure is also progressive and they suit each other

beautifully. Most of the economies around the world are having

progressive taxation with progressive expenditure.

VALUE ADDED TAX

The value added tax (VAT) is a method of tax collection as well as

name of a state level tax ( at present) in India. A tax collected at

every stage of value addition, i.e., either by production or

distribution is known as value added tax. The name itself suggests

that this tax is collected on the value addition (i.e., production).

Production of goods or services is nothing but stages of value

additions where production of goods is done by the industrialists or

manufacturers. But these goods require value addition by different

service providers/ producers (the agents, the wholesalers and the

retailers) before they reach the consumers.

From production to the level of sale, there are many points where

value is added in all goods. VAT method of tax collection is different

from the non-VAT method in the sense that it is imposed and

collected at different points of value addition chain, i.e., multi-point

tax collection. That is why there is no chance of imposing tax

upon tax which takes place in the non-VAT method —single point

tax collection. This is why VAT does not have a ‗cascading effect‘ on

the prices of goods it does not increase inflation—and is therefore

highly suitable for an economy like India where due to high level of



poverty large number of people lack the market level purchasing

capacity. It is a pro-poor tax system without being anti-rich because

rich people do not suffer either.

GOODS AND SERVICES TAX

The Goods and Services Tax (GST) is a proposal of tax in India

which will emerge after merging many of the state and central level

indirect taxes.

Important points of the proposed GST are as follows:

(i) It will be a tax collected on the VAT method—having all the

benefits of a VAT kind of tax.

(ii) It will be imposed all over the country with the uniformity of rate

and will replace multiple central and state taxes (a single VAT it will

be known). The taxes to be withdrawn or merged into the GST are—

Central Taxes: CENVAT, service tax, sales tax and stamp duty.

State Taxes: State excise, sales tax, entry tax, lease tax, works

contract tax, luxury tax, octroi, turnover tax and cess.

ADDITIONAL EXCISE DUTY

There is a tax in India known as the Additional Excise Duty (AED)

imposed and collected by the centre. Basically, this is not a form of

excise duty. At the same time, though the centre collects it the total

corpus of collected tax is handed over to the states.

On the request of states, the central government passed the Goods

of Special Importance Act, 1957 which empowered the centre to

collect the AED on tobacco, textile and sugar in lieu of states‘ sales

tax on them so that these regionally produced goods (which are

consumed nationally) have uniform and affordable prices across the

country.



Once VAT is fully operational in the economy this responsibility will

be handed over to the states (as proposed) to be integrated with

their VAT with the condition that none of these commodities will be

charged VAT exceeding 4 per cent.

CST REFORMS

The Central Sale Tax (CST), being an origin—based non-rebatable

tax, it is generally agreed, is inconsistent with the concept of VAT.

That is why it needs to be phased out; the CST reforms is a part of

the tax reforms in India. The critical issue involved in phasing out

of CST is that of compensating the states for revenue losses on

account of such a phase out.

SERVICE TAX

The share of the services sector in the GDP of India has been going

upward for the last decade. The introduction of service tax in 1994–

95 by the Government of India has started paying the government

on its tax revenue front. Introduced to redress the asymmetric and

distortionary treatment of goods and services in the tax regime, the

service tax has seen gradual expansion in the country. The tax was

introduced with only three services liable for taxation, gradually

extended to over 100 services by

2007–08.

VOLUNTARY COMPLIANCE ENCOURAGEMENT SCHEME

Voluntary Compliance Encouragement Scheme (VCES) is a one-time

amnesty for those who have collected service tax but not deposited

the same with the government.

COMMODITIES TRANSACTION TAX (CTT)

Commodities Transaction Tax (CTT) is a tax similar to Securities

Transaction Tax (STT), proposed to be levied in India, on

transactions done on the domestic commodity derivatives

exchanges.

Globally, commodity derivatives are also considered as financial



contracts. Hence CTT can also be considered as a type of ‗financial

transaction tax‘.

The concept of CTT was first introduced in the Union Budget 2008-

09. The government had then proposed to impose a commodities

transaction tax (CTT) of 0.017% (equivalent to the rate of equity

futures at that point of time). However, it was withdrawn

subsequently as the market was nascent then and any imposition of

transaction tax might have adversely affected the growth of

organized commodities derivatives markets in India.

SECURITIES TRANSACTION TAX (STT)

The STT is a type of ‗financial transaction tax‘ levied in India on

transactions done on the domestic stock exchanges. The rates of

STT are prescribed by the Central government through its Budget

from time to time. In tax parlance, this is categorised as a direct

tax. The tax came into effect from October, 2004. In India, STT is

collected for the Government of India by the stock exchanges.

CAPITAL GAINS TAX

This is a direct tax and applies on the sales of all ‗assets‘ if a profit

(gain) has been made by the owner of the asset – a tax on the ‗gains‘

one gets by selling assets. The tax has been classified into two –

(i) Short Term Capital Gain (STCG): It applies ‗if the Asset has been

sold within 36 months of owning it‘. In this case the ‗rate‘ of this tax

is similar to the normal income tax slab. But the period becomes‘

12 months‘ in cases of shares, mutual funds, units of the UTI and

‗zero coupon bond‘ – in this case the ‗rate‘ of this tax is 15 per cent.

(ii) Long Term Capital Gain (LTCG): It applies ‗if the asset has been

sold after 36 months of owning it‘. In this case the ‗rate‘ of this tax

is 20 per cent. In cases of shares, mutual funds, units of the UTI

and ‗zero coupon bond‘ there is ‗exemption‘ (zero tax) from this tax

(provided that such transaction is subject to ‗Securities Transaction

Tax‘).



E. KEY POINTS COMPILED FROM ECONOMIC SURVEY 2014-15

[part – I]

There are important points to know from previous year (2014 – 15)

economic survey. Here is the compilation of key points from

Economic survey 2014-15:

1. The Central Statistics office has recently revised the national

accounts aggregates by shifting to the new base of 2011-2012 from

the earlier base of 2004-2005.

2. Growth rate measured by GDP at constant market prices is an

international practice.

3. Gross Value Added (GVA) is a measure in economics of the value

of goods and services produced in an area, industry or sector of an

economy.

a. GVA at basic prices = CE + OS/MI + CFC + Production taxes less

production subsidies.

CE - Compensation of employees

OS - Operating Surplus

MI - Mixed income

CFC - Consumption of fixed capital

Examples of production taxes are land revenues, stamps and

registration fees and tax on profession.

Examples of production subsidies are subsidies to Railways, input

subsidies to farmers, administrative subsidies to corporations etc.

GVA at Factor Cost = GVA at basic prices – Production taxes less

Production subsidies.

4. The difference between Gross Value of Output (GVO) and Gross

Value Added (GVA) is intermediate consumption.



5. Gross Fixed Capital Formation (GFCF).

It refers to the net increase in Physical assets (investment minus

disposals) within the measurement period.

6. Incremental Capital Output Ratio (ICOR):

It is the additional Capital required to increase one unit of output.

This ratio is used to measure the efficiency of an industrial unit or

country as an economic unit lesser the ICOR, more efficient the

organization. For example, if the 10% additional capital is required to

push the overall output by a percent, the ICOR will be 10.

7. Finance Minister Arun Jaitely in his 2014-15 budget announced

the constitution of an expenditure management commission (EMC).

Former RBI Governor Bimal Jalan headed the EMC. EMC mandated

with the trask of suggesting an overhaul for reducing the food,

fertilizer and oil subsidies and other ways of controlling

India’s fiscal deficit.

8. Headline Inflation measured in terms of the wholesale price Index

(WPI) (Base year 2004-2005) is at an average of 3.4% in 2014-15.

9. Outlining the roadmap for fiscal consolidation, the budget for 2014-

15 envisaged a fiscal deficit target at 4.1% of GDP and sought to

reduce it further to 3% of GDP by 2016-17.

10. The Constitution (122nd Amendment) Bill which provides for levy

of a Goods and services tax (GST) on all goods and services except

those specified.

11. Goods & Service Tax

The introduction of the GST would be a significant step in the field

of indirect tax reforms in India.

It would mitigate cascading or double taxation in a major way.

The main features of the proposed GST model are as follows.

A. GST would be applicable on supply of goods or services.

B. GST would be a destination based tax.

C. It would be a dual GST with the centre and the states



simultaneously levying it on a common base.

D. An integrated GST would be levied on inter State supply.

E. Central GST, State GST and integrated GST would be levied at rate

recommended by the Goods and Services Tax Council (GSTC), which

will be chaired by the Union Finance Minister are will have Finance

Ministers of State as its members.

Federal countries like Canada, Newzealand and Australia have

successfully adopted the GST.

12. Non – Tax revenue mainly consists of interest and dividend

receipts and the receipts from services provided by the central

government.

13. Recoveries of loans and disinvestment are the two main

constituents of non-debt capital receipts.

14. The two pillars of fiscal reforms are

a. Revenue augmentation.

b. Expenditure rationalization

15. In 2014-15, the centrally sponsored schemes were restructured

into 66 programmes.

16. RBI adopted the new consumer price index (combined) as the

measure of the nominal anchor for policy communication.

17. RBI has tightened the norms for asset reconstruction companies

where by the minimum investment in security receipts should be

15%, as against the earlier norm of 5%.

18. The objective of Financial inclusion is to ensure the excluded

sections, i.e weaker sections and low income groups, access to

various financial services such as basic savings bank account, need

based credit, remittance facility, insurance & pension.

19. Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched on 28th

August 2014. The PMJDY envisages universal access to banking

facilities with one basic banking account for every household. The



beneficiaries receive a Rupay Debit Card having inbuilt accident

insurance cover of Rs. 1 Lakh. The PMJDY has entered the guiness

world records for opening most bank accounts.

20. The union cabinet has approved a proposal allowing Public Sector

Banks (PSBs) to raise capital from public markets through FPO(Follow

on Public Offer) or QIP (Qualified Institutional Placement) by diluting

GOI holding upto 52% in a phased manner.

21. With the commencement of the foreign portfolio investment (FPI)

regime from June 2014, the erstwhile foreign institutional investors

(FIIs), sub accounts and qualified foreign investors (QFIs) have been

merged into a new investor class termed Foreign Portfolio Investors.

22. GOI has promulgated the Insurance laws (Amendment) ordinance

2014 to enhance the foreign equity investment cap in an Indian

insurance company from 26 to 49%.

23. Securities Laws (Amendment Act, 2014, enhanced powers were

conferred upon SEBI, including explicit power to disgorge ill gotten

gains, power to conduct search and seizure, explicit power for

settlement, attachment and recovery.

24. SEBI amended clause 49 of the equity listing agreement with

provisions such as exclusion of nominee director from the definition of

independent director and compulsory whistle blower mechanism.

25. The securities contracts (Regulation) Rules 1957 were amended

to require a minimum public share holding of 25% of the total number

of issued shares of public sector units within 3 years.

26. IMF projected the global economy to grow from 3.3% in 2014 to

3.5% in 2015.

27. The WEO update projects India’s GDP growth at market prices to

be 6.3% in 2015 and for the year 2016, projected growth is 6.5%.

28. India’s share in global exports and imports is 2.5% in 2013.



29. The top 7 product groups accounting for nearly 80.9% of India’s

total exports in 2014-15 were:

1. Petroleum

2. Gems & Jewellery

3. Agriculture & Allied Products

4. Textiles

5. Chemicals

6. Transport equipment

7. Machinery

30. One of the major items in India’s import basket is of the POL

group, which accounted for 36.6% of India’s total imports in 2013.14.

[ POL : Petroleum, Oil and Lubricants ]

31. To boost the performance of the export sector various schemes

were strengthened, viz.

i. Focus Product Scheme (FPS)

ii. Focus Market Scheme (FMS)

iii. Market linked Focus Product Scheme (MLFPS)

iv. Vishesh Krishi & Gram Udyog Yojana (VKGUY)

32. To diversify India’s exports, 7 new markets

a. Algeria

b. Aruba

c. Austria

d. Cambodia

e. Myanmar

f. Netherlands Antilles

g. Ukraine have been added to the Focus Market Scheme.

33. Indian trade portal (www.indiantradeportal.in) was launched to

provide vital information to Indian industry.

34. The Real Effective Exchange Rate (REER) indices are used as

indicator of external competitiveness of the country over a period of

time.



35. The nominal effective exchange rate (NEER) is the weighted

geometric average of the bilateral nominal exchange rate of the home

currency in terms of foreign currencies.

36. REER is defined as a weighted geometric average of nominal

exchange rates of the home currency in terms of the foreign

currencies adjusted for relative price differential.

37. The share of agriculture in total GDP is 18% in 2013-14.

38. With effect from 2014-15, the mission of integrated Development

of Horticulture (MIDH) has been operationalized by bringing all

ongoing schemes on horticulture under a single umbrella.

39. Neeranchal, a new programme to give additional impetus to

watershed development in the country.

40. India ranks 1st in milk production accounting for 17% of world

production.

Model Question:

FPS, a scheme related to export sector. What does FPS stand for?

a. First Product scheme

b. Focus Product Scheme

c. Final Product scheme

d. None of the above



F. Current Events (January 2016 – Part I):

1. Sikkim became the first organic farming state of India.

2. R.K. Mathur took oath as Chief Information Commissioner.

3. Amitabh Kanth – CEO of NITI Aayog

4. India‘s Dinesh Sharma was elected to the 12 Member Board of

directors of the China sponsored Asian Infrastructure Investment

Bank.

5. Dr.Urjit Patel reappointed as Deputy Governor of RBI for second

term.

6. Indian Author Anuradha Roy won the prestigious DSC Prize for

south Asian Literature for her novel Sleeping on Jupiter at the Galle

Literary Festival in Sri Lanka.

7. Employees Provident Fund Organisation won the National Award

on e-governance 2015-16 for launching the Universal Account

Number (UAN).

8. INSEAD launched the Global Talent competitiveness Index (GTCI)

2015-16. Singapore topped the list. India ranks 89th out of 109

countries.

9. Jammu and Kashmir Chief Minister Mufti Mohammad Sayeed

Passed away.

10. Maria Teressa de Filippis, the first woman to compete in a world

championship formula one grand prix, passed away.

11. Atulesh Jindal – Chairman of Central Board of Taxes.

12. Devendra Kumar Sikri appointed chairman of Competition

commission of India.

13. Sailesh – Registrar general and Census Commissioner of India.



14. Pawan Kumar Agarwal appointed as CEO of Food Safety and

Standards Authority of India.

15. British writer Kate Atkinson won the novel of the year Prize at

Britain‘s costa book awards 2015.

16. Former Indian Cricketer, Syed Kirmani was awarded with the

2015 Colonel C.K.Nayudu lifetime achievement award.

17. Raghuveer chaudhari selected for 51st Jnanpith Award.




Model Question:

Who among the following was the author of “Sleeping on Jupiter”?

a. Kate Atkinson

b. Anuradha Roy

c. Ruchir Sharma

d. Rushdie





INSTITUTION IN FOCUS

BANK FOR INTERNATIONAL SETTLEMENTS (BIS):

Established on 17 May 1930, the Bank for International Settlements (BIS) is the world's oldest international financial organisation.

The BIS has 60 member central banks, representing countries from around the world that together make up about 95% of world GDP.

The head office is in Basel, Switzerland.

There are two representative offices: in the Hong Kong Special Administrative Region of the People's Republic of China and in Mexico City.

The mission of the BIS is to serve central banks in their pursuit of monetary and financial stability, to foster international cooperation in those areas and to act as a bank for central banks.

CEO – Jaime Caruana

Model question:

The head office of the Bank for International settlements is located in

a. Berlin

b. Paris

c. London

d. Basel

RBI GRADE B PHASE I GENERAL AWARENESS PACK - 1 · PDF fileCHAPTER 1: INDIAN ECONOMY ON THE EVE...

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