Daily Current Affair Quiz: 7th August 2020
by
Mentors4ias
·
August 7, 2020
1. Which of the following statements are true?
1. Society for Worldwide Interbank Financial Telecommunications is a global member-owned cooperative headquartered in Brussels, Belgium
2. It is a messaging network that financial institutions use to securely transmit information and instructions through a standardized system of codes.
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans: c
Justification:
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SWIFT stands for the Society for Worldwide Interbank Financial Telecommunications. It is a global member-owned cooperative headquartered in Brussels, Belgium.
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It is a messaging network that financial institutions use to securely transmit information and instructions through a standardized system of codes. SWIFT assigns each financial organization a unique code that has either eight characters or 11 characters. The code is called SWIFT code.
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The ₹14,000-crore PNB fraud perpetrated by Nirav Modi was a case of misuse of this SWIFT software.
2. Which of the following pair is not matched correctly?
(a) Landholders Society – Dwarkanath Tagore
(b) British India Society – William Adam
(c) British India Association – Dwarkanath Tagore
(d) None of the above
Ans: d
Justification:
3. Which of the following statement/s is/are true?
1. Bank Saathi are individuals/entities engaged, and works as an agent of the bank for banking services at locations other than a bank branch/ATM.
2. All business correspondents (BCs) or representative of any one particular bank can conduct business for other banks as well.
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans: c
Justification:
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They are individuals/entities engaged, and works as an agent of the bank for banking services at locations other than a bank branch/ATM.
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Functions of BCs include; identification of borrowers, loan processing, creating awareness benefit of banking and finance, nurturing and monitoring of Self Help Groups/ Joint Liability Groups, post-sanction monitoring, follow-up of recovery.
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They can also attend to collection of small value deposit, disbursal of small value credit, recovery of principal/collection of interest, sale of micro insurance/mutual fund products/ pension products/ receipt and delivery of small value remittances/other payment instruments.
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All business correspondents (BCs) or representative of any one particular bank can conduct business for other banks as well
4. Which of the following statement/s is/are true?
1. Legal Entity Identifier (LEI) code is a 20 character global reference alphanumeric code conceived by G20.
2. Internationally LEI is implemented and maintained by Global Legal Entity Identifier Foundation.
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans: c
Justification:
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It is a 20 character global reference alphanumeric code conceived by G20 that uniquely identifies every legal entity or structure that is party to a financial transaction, in any jurisdiction. • Internationally LEI is implemented and maintained by Global Legal Entity Identifier Foundation. In India entities can obtain LEI from Legal Entity Identifier India Ltd (LEIL) (only LOU of India), subsidiary of The Clearing Corporation of India Ltd, recognized by RBI under Payment and Settlement Systems Act, 2007.
5. SFOORTI APP is launched by
(a) Ministry of Railways
(b) Ministry of MSME
(c) Ministry of Agriculture
(d) Ministry of Rural Development
Ans: a
Justification:
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Ministry of Railways has launched the Smart Freight Optimisation and Real Time Information (SFOORTI) Application
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It helps freight managers plan traffic flows and optimize freight operations through Freight Operation Information System Map View, a Geographic Information System (GIS) based monitoring and management tool.
