DO NOT OPEN THIS BOOKLET UNTIL YOU ARE ASKED TO DO SO

TEST BOOKLET
T.B.C: P-SIA-D-UPGI
PRELIMS FITNESS – 2022
Serial: 737233
TEST-33
G

Time Allowed: One Hour Maximum Marks: 125

INSTRUCTIONS

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4. This Test Booklet contains 50 items (questions). Each item is printed in English. Each item
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 1. Consider the following statements about 3. Consider the following statements about
global findex and financial inclusion interest rates

1. The Global Findex database is the 1. Interest rates on Special Drawing

world’s most comprehensive data set Facility, Overdraft and Ways and
on how adults save, borrow, make Means Advances shall be linked to the
payments, and manage risk. bank rate of the RBI.

2. With funding from the Bill & Melinda 2. Interest will be charged for all the days
Gates Foundation, the database has the advance remains outstanding.
been published every three years since
Which of the statements given above
2011by International Monetary Fund.
is/are correct?

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3. Global Findex data reveal opportunities

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(a) 1 only
to increase account ownership among

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(b) 2 only
the unbanked.

Which of the statements given above l.o

(c) Both 1 and 2
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is/are correct? (d) Neither 1 nor 2
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(a) 2 and 3 only

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(b) 1 and 3 only 4. With reference to India’s International

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Investment positional features of RBI,

(c) 3 only
consider the following statements
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(d) 1, 2 and 3
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1. Higher inward direct investment, trade

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credit and loans contributed to the

2. Who can participate in treasury bill increase in non-residents’ claims on
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auctioning? India.
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1. State governments 2. Indian residents’ overseas financial

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assets declined during the quarter,

2. Union Territories with and without
mainly due to reduction in currency
legislatures
and deposits.
3. Designated foreign central banks
Which of the statements given above
4. Provident funds
is/are correct?
Select the correct answer using the coded
(a) 1 only
given below
(b) 2 only
(a) 1 and 2 only
(c) Both 1 and 2
(b) 1, 2 and 4 only
(d) Neither 1 nor 2
(c) 1, 2 and 3 only

(d) 1, 3 and 4 only

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 5. With reference to Monetary Conditions 3. It is an unpredictable event that is

Index, consider the following statements beyond what is normally expected of a

situation and has potentially severe
1. The monetary conditions index (MCI)
consequences.
uses the long-term interest rate and

the exchange rate of an economy’s Which of the statements given above

national currency to gauge the relative is/are correct?

ease or tightness of monetary (a) 1 and 2 only

conditions.
(b) 1 and 3 only
2. The measure is typically used to help
(c) 3 only

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the central bank craft monetary policy.

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(d) 1, 2 and 3

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3. Each nation will calculate its MCI in a
different way but the goal is to assess

the relationship between the changes l.o

7. Consider the following statements about
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Bharatiya Reserve Bank Note Mudran
in a country's interest rates and
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Private Limited (BRBNMPL)

exchange rates from a base period.
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1. It is a partially owned subsidiary of

Which of the statements given above
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RBI.
is/are correct?
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2. It has set up Varnika with an annual

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(a) 2 and 3 only

ink manufacturing capacity of 1,500
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(b) 1 and 3 only MT to enhance the security of

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(c) 3 only banknotes.

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(d) 1, 2 and 3 3. It manufactures Colour Shift Intaglio

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Ink (CSII) and meets the entire

requirements of banknote printing
6. Consider the following statements about
presses in India.
green swan event
Which of the statements given above are
1. The green swan events could be an
correct?
important source of risk to price
(a) 1 and 2 only
stability, growth and financial stability.
(b) 1 and 3 only
2. A green swan event could theoretically
(c) 2 and 3 only
threaten the stability of the global
banking and insurance sector. (d) 1, 2 and 3

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 8. With reference to e-Kuber, consider the 10. The recent initiative of BEAMS by
following statements: Government of India is associated with
1. It is the core banking solution of the
(a) To enhance online education services
European Central Bank that gives a
high degree of access to commercial to reach the girl children
banks and other institutions to their (b) Sustainable development in coastal
current account. regions
2. It enables banks access to their (c) A tool to reduce maternal mortality
current account at any time,
rate by enhancing nutrition
everywhere across the country.
(d) A new code for green building
3. It is also used to conduct exercises like

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auctioning of government securities.

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Which of the statements given above are 11. With reference to E-Learning Management

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correct? System (E-LMS), consider the following
(a) 1 and 2 only

(b) 1 and 3 only

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statements
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1. It is an e-Learning course on basic
(c) 2 and 3 only
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financial education covering topics

(d) 1, 2 and 3 from Banking, Securities Markets,
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Insurance and Pension products.

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9. With reference to geo-tagging payment 2. It is launched by RBI in association

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systems, consider the following statements with Ministry of Education.

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1. Geo-tagging refers to capturing the 3. It will be offered free of charge to all

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geographical coordinates (latitude and the registered users.

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longitude) of payment touch points

4. This course will give users a solid
deployed by merchants to receive
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payments from their customers. knowledge base on disseminating

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2. The payment acceptance infrastructure financial literacy, which helps to

includes Point of Sale terminals, and address demand-side barriers as this
Quick Response codes. makes customers informed and
3. Recently, National Payments enables better financial decision
Corporation of India releases a
making and ultimately financial
framework for Geo-Tagging of Payment
wellbeing.
System Touch Points.
Which of the statements given above are
Which of the statements given above are
correct? correct?

(a) 1 and 2 only (a) 1 and 2 only

(b) 1, 2 and 4 only
(b) 1 and 3 only
(c) 1, 2 and 3 only
(c) 2 and 3 only
(d) 1, 3, and 4 only
(d) 1, 2 and 3
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 12. With reference to National Electronic 3. LEI is not required for customer
Funds Transfer (NEFT) system, consider transactions where both remitter and
the following statements beneficiary are individuals.

1. Pan-India coverage through large Which of the statements given above are
network of branches of all types of correct?
banks.
(a) 1 and 2 only
2. Minimal levying of charges by RBI from
(b) 1 and 3 only
banks.
(c) 2 and 3 only
3. No charges to savings bank account
(d) 1, 2 and 3

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customers for online NEFT

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transactions.

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4. It is a nation-wide centralised payment 14. With reference to tokenisation, consider

system owned and operated by l.o

the following statements
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National Payments Corporation of 1. It refers to replacement of actual card
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India. details with an alternate code called

the “token”, which shall be unique for
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Which of the statements given above are

a combination of card, token requestor
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correct?
and device.
c

(a) 1 and 3 only

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2. It can be availed through smart

(b) 1, 2 and 4 only
phones, tablets, smart watches or
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(c) 1, 2 and 3 only

similar other devices.
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(d) 1, 3 and 4 only

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3. Once the customer sets the limit for

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tokenised card transactions, he/she

cannot modify it without visiting the
13. With reference to Legal Entity Identifier
branch.
(LEI), consider the following statements

1. It is a 20-character alpha-numeric Which of the statements given above

is/are correct?
code used to uniquely identify parties
to financial transactions worldwide. (a) 1 and 2 only

2. It is necessary for Governments or (b) 2 and 3 only

their Departments / Ministries to
(c) 1 only
obtain LEI or mention LEI number for
(d) 1, 2 and 3
payment transactions in NEFT and
RTGS.

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 15. Consider the following statements with Which of the statements given above
respect to Cash Withdrawal Facility at is/are correct?
Point of Sale (PoS) Terminals
(a) 1 only
1. Under the facility of cash withdrawal at
(b) 2, 3 and 4 only
PoS terminals, cardholders can
withdraw cash using their debit cards, (c) 1 and 2 only
open system prepaid cards and credit
(d) 1, 2 and 3 only
cards issued by banks in India.

2. Under this facility, a cardholder can

withdraw cash up to ฀ 2,000/- per day 17. With reference to Trade Receivables

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per card in Tier III to VI centres. Discounting System (TReDS), consider the

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3. There are no charges levied by the following statements:

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banks for availing this facility. 1. It is an electronic platform for
Which of the statements given above l.o facilitating the financing / discounting
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is/are correct? of trade receivables of Micro, Small and
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(a) 1 and 2 only Medium Enterprises (MSMEs) through

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(b) 2 and 3 only multiple financiers.

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(c) 2 only 2. MSMEs, Corporates, Government

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Departments, PSUs and any other

(d) 1, 2 and 3
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entity can participate as sellers in

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TReDS.
16. Consider the following statements
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3. Banks, NBFCs other financial

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1. ATMs set up, owned and operated by

institutions as permitted by the
non-banks are called White Label
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Reserve Bank of India (RBI), can

ATMs.
participate as financiers in TReDS.
2. For transacting at an ATM / White
Label ATM, the customer should Which of the statements given above

traditionally have a valid card and is/are correct?

Personal Identification Number (PIN).
(a) 1 and 2 only
3. RBI does not allow card-less
(b) 1 and 3 only
withdrawals at ATMs.
(c) 2 only
4. The prescription of number of free
transactions is inclusive of financial (d) 1, 2 and 3
and non-financial transactions on own
bank ATMs.

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 18. Consider the following statements Which of the statements given above

1. Stressed loans mean loan exposures is/are correct?

that are classified as non-performing (a) 1 and 2 only

assets (NPA) or as special mention
(b) 1 and 3 only
accounts (SMA).

2. Loan transfers are resorted to by (c) 3 only

lending institutions for multitude of (d) 1, 2 and 3

reasons ranging from liquidity
management, rebalancing their
exposures or strategic sales. 20. With reference to haircuts, consider the

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3. Loan transfers should result in following statements

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transfer of economic interest without 1. A haircut is the difference between the
being accompanied by any change in
underlying terms and conditions of the l.oloan amount and the actual value of
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the asset used as collateral.
loan contract usually.
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2. Haircuts are common in India.

Which of the statements given above
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is/are correct? 3. In the context of loan recoveries, it is

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(a) 1 and 2 only the difference between the actual dues

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from a borrower and the amount he

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(b) 1 and 3 only

settles with the bank.
(c) 2 only
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4. This cannot be used to solve the

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(d) 1, 2 and 3
problem of NPAs in Indian banking
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system.
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19. Consider the following statements

Which of the statements given above
1. A write-off is performed in accounting
is/are correct?
to reduce the value of an asset to offset
a loss or expense. (a) 1 only

2. A write-off becomes a write-down if the (b) 2, 3 and 4 only

entire balance of the asset is
(c) 1 and 3 only
eliminated and removed from the
books altogether. (d) 1, 2 and 3 only

3. Write-downs and write-offs are

predominantly performed by
businesses.

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 21. With reference to differentiated banking, 3. These are regulated by either State or
consider the following statements Central government and not by RBI.

1. Differentiated banks are banking 4. The rural co-operative credit system in

institutions licensed by the RBI to India is primarily mandated to ensure
provide specific banking services and flow of credit to the agriculture sector.
products.
Which of the statements given above
2. A differentiated license will allow a is/are correct?
bank to offer select products in all
(a) 1 only
areas.
(b) 2, 3 and 4 only

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3. Payment banks and small finance

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banks are examples of differentiated (c) 1, 2 and 4 only

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banking. (d) 1, 2 and 3 only

Which of the statements given above l.o

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is/are correct?
23. Consider the following statements about
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(a) 1 and 2 only Development banks

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(b) 1 and 3 only 1. They are specialized financial

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(c) 3 only institutions, providing medium and

c

long-term finance to the non-

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(d) 1, 2 and 3
agricultural sector.
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2. They provide specialized assistance for

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22. With reference to co-operative banking

the arranging and the usage of
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system, consider the following statements

improvement tasks and programs and
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1. Urban Cooperative Banks (UCBs),

for financial advisory services.
cater to the financial needs of
3. They even promote saving and
customers in urban and semi-urban
investment habits in the public.
areas.

2. They are primarily registered as Which of the statements given above

cooperative societies under the is/are correct?

provisions of either the State (a) 1 and 2 only

Cooperative Societies Act of the State
(b) 2 and 3 only
concerned or the Multi State
(c) 3 only
Cooperative Societies Act, 2002 if the
area of operation of the bank extends (d) 1, 2 and 3
beyond the boundaries of one state.

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 24. Which of the following entities could 2. The lender deamands for higher rate of
engage in shadow banking? interest.

1. Money market funds 3. The short term credit rating of the

2. Finance companies borrowing corporates would determine

the rate at which it would be able to
3. Bond funds
borrow funds.
4. Capital market instruments
4. The tenor of ICD is usually more than
Select the correct answer using the code 1 year to 3 years.
given below
Which of the statements given above
(a) 1, 2 and 3 only
is/are correct?
(b) 1, 2 and 4 only

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(a) 1 only

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(c) 2, 3 and 4 only
(b) 2 and 3 only

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(d) 1, 2, 3 and 4
(c) 1, 2 and 4 only

l.o
(d) 1, 2, and 3 only
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25. Consider the following statements
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1. A certificate of deposit (CD) is a savings

27. Consider the following statements about
account that holds a fixed amount of
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Commercial Papers (CP)

money for a fixed period of time, such
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as six months, one year, or five years. 1. It is an unsecured money market

c

instrument issued in the form of a

2. Cash Management Bills (CMBs) are
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promissory note.
long term bills issued by RBI on behalf
of the central government. 2. Highly rated corporate borrowers,
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3. Cash management bills are eligible as primary dealers (PDs) and satellite
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Statutory Liquidity Ratio securities. dealers (SDs) and all-India financial

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institutions (FIs) are eligible to issue

Which of the statements given above are
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CPs.
correct?
3. Commercial papers can be issued for
(a) 1 and 2 only
maturities between a minimum of 15
(b) 2 and 3 only days and a maximum upto three years
(c) 1 and 3 only from the date of issue.

(d) 1, 2 and 3 Which of the statements given above are

correct?

26. With reference to Inter Corporate deposits (a) 1 and 2 only

(ICD), consider the following statements (b) 2 and 3 only
1. It is a secured borrowing by corporates (c) 1 and 3 only
and FIs from other corporate entities
(d) 1, 2 and 3
registered under the Companies Act
1956.
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 28. Consider the following statements 30. Consider the following statements about
mutual funds and hedge funds
1. Gilt-edged securities refer to high-
grade bonds that some national 1. Mutual funds are regulated investment
governments and private organizations products offered to the public and
issue in an effort to generate revenue. available for daily trading.

2. A bond is a debt security issued by a 2. Hedge funds are private investments

corporation, government, municipality, that are only available to accredited
or other organization, that is then sold investors.
to investors. 3. Mutual funds are known for using
3. Gilt edged instruments were first higher risk investing strategies with
originally issued by the Federal Bank the goal of achieving higher returns for

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of US. their investors.

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Which of the statements given above

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4. Gilt-edged securities are favoured by
investors who seek predictable returns, is/are correct?
with little risk of default. l.o
(a) 1 and 2 only
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Which of the statements given above are (b) 2 and 3 only
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correct?
(c) 1 and 3 only
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(a) 1, 2 and 3 only

(d) 1, 2 and 3
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(b) 1, 2 and 4 only

c

(c) 2, 3 and 4 only

31. Consider the following statements about
ps

(d) 1, 2, 3 and 4 Sustainable Stock Exchanges

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1. It is a UN Partnership Programme
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organised by UNCTAD, the UN Global

29. With reference to merchant and
Compact, United Nations Environment
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investment banks, consider the following

Programme Finance Initiative (UNEP FI
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statements
) and the UN-supported Principles for
1. They are different types of financial Responsible Investment (PRI).
institutions to serve consumers.
2. It provides an effective platform for
2. Investment banks provide services like dialogue between the UN, stock
international finance and underwriting exchanges, investors, companies and
activities while merchant banks regulators.
conduct trade finance activities.
Which of the statements given above
Which of the statements given above is/are correct?
is/are correct?
(a) 1 only
(a) 1 only
(b) 2 only
(b) 2 only
(c) Both 1 and 2
(c) Both 1 and 2
(d) Neither 1 nor 2
(d) Neither 1 nor 2
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 32. With reference to participatory notes, 34. With reference to Dow Jones index,
consider the following statements consider the following statements

1. They are also referred to as P-Notes, or 1. It is a price-weighted average of 30

PNs, are financial instruments blue-chip stocks that are generally the
required by investors or hedge funds to leaders in their industry.
invest in Indian securities.
2. It is a widely-watched benchmark
2. They have to compulsorily register with index in the U.K. for blue-chip stocks.
the Securities and Exchange Board of
3. A company that loses a large
India (SEBI).
percentage of its market capitalization
3. P-Notes are among the group of due to financial distress might be
investments considered to be Offshore removed from the Dow.

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Derivative Investments (ODIs).

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Which of the statements given above are
Which of the statements given above are correct?

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correct?
(a) 1 and 2 only
(a) 1 and 2 only
l.o
(b) 2 and 3 only
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(b) 2 and 3 only
(c) 1 and 3 only
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(c) 1 and 3 only

(d) 1, 2 and 3
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(d) 1, 2 and 3
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35. Consider the following statements about

c

33. Consider the following statements about

Marginal Propensity to Save (MPS)
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The International Organization of

Securities Commissions (IOSCO) 1. Marginal propensity to save is the
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proportion of an increase in income

1. It is the international body that brings
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that gets saved instead of spent on

together the world's securities
consumption.
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regulators and is recognized as the

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global standard setter for the securities 2. MPS is usually lower at higher
sector. incomes.

2. It develops, implements and promotes 3. It helps to determine the Keynesian

adherence to internationally recognized multiplier, which describes the effect of
standards for securities regulation. increased investment or government
spending as an economic stimulus.
3. India’s SEBI has a membership in
IOSCO. Which of the statements given above are
correct?
Which of the statements given above are
correct? (a) 1 and 2 only

(a) 1 and 3 only (b) 2 and 3 only

(b) 2 and 3 only (c) 1 and 3 only
(c) 1 and 2 only (d) 1, 2 and 3
(d) 1, 2 and 3
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 36. Consider the following statements Which of the statements given above are
regarding Sweat Equity: correct?

1. It is a monetary investment made by a (a) 1 and 2 only

startup's founders.
(b) 2 and 3 only
2. Sweat equity shares are primarily used
(c) 1 and 3 only
by startups in cases where funding is
(d) 1, 2 and 3
limited and sweat equity makes a
compelling form of compensation.

3. Employees are motivated by sweat 38. Consider the following statements with

equity shares because it creates a more respect to insider trading and front

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level playing field compared to large running

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corporations. 1. When key employees or executives who

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Which of the statements given above are have access to the strategic

correct? l.o information about the company, use

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the same for trading in the company's
(a) 1 and 2 only
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stocks or securities, it is called insider

(b) 2 and 3 only
trading.
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(c) 1 and 3 only

2. Front-running is trading stock or any
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(d) 1, 2 and 3 other financial asset by a broker who

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has inside knowledge of a future

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transaction that is about to affect its

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37. With reference to Negotiated Dealing

price substantially.
System (NDS), consider the following
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3. Insider trading is highly illegal and

statements
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discouraged by the Securities and

1. It is an electronic trading platform
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Exchange Board of India to promote

operated by the Securities Exchange
fair trading in the market for the
Board of India (SEBI) to facilitate the
benefit of the common investor
issuing and exchange of government
whereas front running is legal in India.
securities and other types of money
Which of the statements given above are
market instruments.
correct?
2. The systems improve transparency,
increase overall efficiency and lower (a) 1 and 2 only

costs. (b) 2 and 3 only

3. Secondary market trading is essential (c) 1 and 3 only

to provide liquidity to government-
(d) 1, 2 and 3
issued securities.

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 39. Consider the following statements about Which of the statements given above are
dollarization correct?

1. Dollarization usually happens when a (a) 1 and 2 only

country’s own currency loses its
(b) 2 and 3 only
usefulness as a medium of exchange,
(c) 1 and 3 only
due to hyperinflation or instability.
(d) 1, 2 and 3
2. It need not necessarily involves loss of
economic autonomy in monetary
policy. 41. Consider the following statements about

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Most Favoured-Nation (MFN) status
3. It can occur as an official monetary

in
policy or as a de facto market process. 1. It is an economic position in which a

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country enjoys the best trade terms
Which of the statements given above are
correct? l.o given by its trading partner.
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2. It also means a country receives lowest
(a) 1 and 2 only
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tariffs the fewest trade barriers, and

(b) 2 and 3 only
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the lowest import quotas.

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(c) 1 and 3 only

3. All MFN trade partners must be treated
c

(d) 1, 2 and 3 equally.

ps

4. Developing countries receive

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40. With reference to hard and soft currencies, preferential treatment without having
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consider the following statements to return it, so their economies can

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grow.
1. Hard currency is a stable and reliable
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form of currency that is issued by the Which of the statements given above are

government and widely accepted correct?

around the world. (a) 1, 2 and 3 only

2. Soft currency is an unstable form of (b) 2 and 4 only

currency that is unconvertable,
(c) 1, 2 and 4 only
fluctuates erratically, and/or
(d) 1, 3 and 4 only
depreciates against other currencies.

3. At present, Egyptian pound, Zimbabwe

dollar, West African franc are examples
of hard currency.

12
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 42. With reference to Countervailing Duties, Which of the statements given above are
consider the following statements correct?

1. These are tariffs on imported goods (a) 1 and 2 only

that are imposed to offset subsidies (b) 2 and 3 only
given by the exporting country's
(c) 1 and 3 only
government.
(d) 1, 2 and 3
2. It is meant to level the playing field
between domestic producers of a
product and foreign producers of the 44. With reference to Agricultural and
same product who can afford to sell it

e
Processed Food Products Export

in
at a lower price because of the subsidy Development Authority (APEDA), consider

nl
they receive from their government. the following statements

Which of the statements given above

is/are correct?
l.o1. It is a statutory body established by
the Government of India.
ia
er

(a) 1 only 2. It has been actively engaged in the

development of markets besides
at

(b) 2 only
upgradation of infrastructure and
m

(c) Both 1 and 2

quality to promote the export of agro
c

(d) Neither 1 nor 2 products.

ps

3. It is headed by a chairperson, usually

.u

43. Consider the following statements with the Minister of Agriculture & Farmers'
w

reference to voluntary licensing Welfare.

w

4. APEDA provides financial assistance to

w

1. It is a licensing in which a government

authority grants a third-party a license the registered exporters under sub-

to the Intellectual Property. components of the Scheme, Market

Development, Infrastructure
2. It can take many forms, and may be
Development, Quality Development
bilateral (between a single licensor and
and Transport Assistance.
licensee) or multilateral (between
multiple licensors and licensees, as Which of the statements given above are

through a patent pool). correct?

3. It has increasingly been adopted to (a) 1, 2 and 3 only

promote access to lower-cost generic (b) 2 and 4 only

medicines in low and middle-income
(c) 1, 2 and 4 only
countries.
(d) 1, 3 and 4 only
13
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 45. Consider the following statements about 47. Consider the following statements about
Misery Index dark energy
1. It is calculated by adding the
1. It is a hypothetical form of energy that
unemployment rate to the inflation
exerts a negative, repulsive pressure,
rate.
behaving like the opposite of gravity.
2. The higher the index, the lesser the
misery felt by average citizens. 2. It makes up three fourths of the total

3. It has broadened in recent times to mass-energy density of the universe.

include other economic indicators such 3. Both dark matter and dark energy can
as bank lending rates.
be directly observed.

e
Which of the statements given above are

in
Which of the statements given above are
correct?

nl
correct?
(a) 1 and 2 only

(b) 2 and 3 only l.o(a) 1 and 2 only

ia
(c) 1 and 3 only (b) 1 and 3 only
er

(d) 1, 2 and 3 (c) 2 and 3 only

at

(d) 1, 2 and 3
m

46. With reference to Akash missile, consider

c

the following statements

ps

48. Which of the following beaches has been

1. The development of the Akash Missile
.u

given blue flag beach tag?

was started by the DRDO in the late
w

1980s as part of the Integrated Guided 1. Radhanagar

w

Missile Development Programme. 2. Kappad

w

2. It is primarily a Short Range Surface to 3. Ghoghla

Air Missile built to provide air defence
Select the correct answer using the code
cover to the vulnerable areas.
given below
3. The Akash weapon system can
(a) 1 and 2 only
simultaneously engage multiple targets
(b) 2 and 3 only
in group mode or autonomous mode.
(c) 1 and 3 only
Which of the statements given above are
(d) 1, 2 and 3
correct?

(a) 1 and 2 only

(b) 1 and 3 only

(c) 2 and 3 only

(d) 1, 2 and 3
14
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 49. Consider the following statements about 50. With reference to stablecoin, consider the
*99# following statements

1. It is a platform that allows transfer of 1. A stablecoin is a class of

money between two bank accounts cryptocurrencies that attempt to offer
using a feature phone / smartphone. price stability and are backed by a
reserve asset.
2. It can be used if mobile number is
linked to one’s bank account and has 2. They may be pegged to a currency like
an ATM/Debit card. the U.S. dollar or to a commodity's
price such as gold.
3. It’s a quick 24*7 real time transfer
feature which is safe and secure. Which of the statements given above

e
is/are correct?

in
Which of the statements given above are

nl
correct? (a) 1 only

(a) 1 and 2 only

(b) 1 and 3 only

l.o(b) 2 only

(c) Both 1 and 2

ia
er

(c) 2 and 3 only (d) Neither 1 nor 2

at

(d) 1, 2 and 3
m

*****
c
ps
.u
w
w
w

15
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 DO NOT OPEN THIS BOOKLET UNTIL YOU ARE ASKED TO DO SO

TEST BOOKLET
T.B.C: P-SIA-D-UPGI
PRELIMS FITNESS – 2022
Serial: 737233
TEST-33
G

Time Allowed: One Hour Maximum Marks: 125

INSTRUCTIONS

1. IMMEDIATELY AFTER THE COMMENCEMENT OF THE EXAMINATION, YOU SHOULD CHECK THAT

e
THIS TEST BOOKLET DOES NOT HAVE ANY UNPRINTED OR TORN OR MISSING PAGES OR ITEMS,

in
ETC. IF SO, GET IT REPLACED BY A COMPLETE TEST BOOKLET.

nl
2. ENCODE CLEARLY THE TEST BOOK SERIES A, B, C OR D AS THE CASE MAY BE IN THE
APPROPRIATE PLACE IN THE ANSWER SHEET.
l.o
3. You have to enter your Roll Number on the Test Booklet in the Box
ia
provided alongside. DO NOT write anything else on the Test Booklet.
er

4. This Test Booklet contains 50 items (questions). Each item is printed in English. Each item
at

comprises four responses (answers). You will select the response which you want to mark on the
Answer Sheet. In case you feel that there is more than one correct response, mark the response which
m

you consider the best. In any case, choose ONLY ONE response for each item.
c

5. You have to mark all your responses ONLY on the separate Answer Sheet provided. See directions in
ps

the Answer Sheet.

6. All items carry equal marks.
.u

7. Sooner than you proceed to mark in the Answer Sheet the response to various items in the Test
w

Booklet, you have to fill in some particulars in the Answer Sheet as per instructions sent to you with
your Admission Certificate.
w

8. After you have completed filling in all your responses on the Answer Sheet and the examination has
w

concluded, you should hand over to the Invigilator only the Answer Sheet. You are permitted to take
away with you the Test Booklet.
9. Sheets for rough work are appended in the Test Booklet at the end.
10. Penalty for Wrong answers:
THERE WILL BE PENALTY FOR WRONG ANSWERS MARKED BY A CANDIDATE IN THE OBJECTIVE
TYPE QUESTION PAPERS.
(i) There are four alternatives for the answer to every question. For each question for which a
wrong answer has been given by the candidate, one-third (0.66) of the marks assigned to that
question will be deducted as penalty.
(ii) If a candidate gives more than one answer, it will be treated as a wrong answer even if one of
the given answers happens to be correct and there will be same penalty as above to that
question.
(iii) If a question is left blank, i.e., no answer is given by the candidate, there will be no penalty for
that question.

DO NOT OPEN THIS BOOKLET UNTIL YOU ARE ASKED TO DO SO

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 PREFIT - TEST 33
EXPLANATION

1. Consider the following statements about global findex and financial inclusion

1. The Global Findex database is the world‘s most comprehensive data set on how adults save,
borrow, make payments, and manage risk.
2. With funding from the Bill & Melinda Gates Foundation, the database has been published
every three years since 2011by International Monetary Fund.
3. Global Findex data reveal opportunities to increase account ownership among the
unbanked.
Which of the statements given above is/are correct?

e
in
(a) 2 and 3 only
(b) 1 and 3 only

nl
(c) 3 only
(d) 1, 2 and 3 l.o
ia
EXPLANATION:
er

The Global Findex database is the world‘s most comprehensive data set on how adults save, borrow,
make payments, and manage risk. Launched with funding from the Bill & Melinda Gates
at

Foundation, the database has been published every three years since 2011 by the World Bank. So,
m

statement 1 is correct and statement 2 is not correct.

c

Global Findex data reveal opportunities to increase account ownership among the unbanked. The
ps

data also point to ways to leverage financial technology (Fintech) to boost the use of accounts among
.u

those who already have one. So, statement 3 is correct.

w
w

SOURCE: https://globalfindex.worldbank.org/index.php/#GF-ReportChapters
https://globalfindex.worldbank.org/index.php/#about_focus
w

2. Who can participate in treasury bill auctioning?

1. State governments
2. Union Territories with and without legislatures
3. Designated foreign central banks
4. Provident funds
Select the correct answer using the coded given below
(a) 1 and 2 only
(b) 1, 2 and 4 only
(c) 1, 2 and 3 only
(d) 1, 3 and 4 only

1
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 EXPLANATION:
Reserve Bank of India announces the auction of Government of India Treasury Bills. State
Governments, Union Territories with the legislature, eligible Provident Funds in India, designated
Foreign Central Banks, and any person or institution specified by the Bank in this regard, can
participate on a non-competitive basis, the allocation for which will be outside the notified amount.
So, statements 1, 3, and 4 are correct.
Union territories without legislatures are not allowed to participate in the treasury bills auctioning.
So, statement 2 is not correct.
SOURCE: https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=53501

3. Consider the following statements about interest rates

e
in
1. Interest rates on Special Drawing Facility, Overdraft and Ways and Means Advances shall

nl
be linked to the bank rate of the RBI.

l.o
2. Interest will be charged for all the days the advance remains outstanding.
Which of the statements given above is/are correct?
ia
(a) 1 only
er

(b) 2 only
at

(c) Both 1 and 2

m

(d) Neither 1 nor 2

c

EXPLANATION:
ps

The interest rate on SDF, WMA, and OD shall continue to be linked to the policy rate of the
Reserve Bank i.e., the Repo Rate. So, statement 1 is not correct.
.u

Interest will be charged for all the days the advance remains outstanding at a differential rate with
w

respect to the Repo rate ). So, statement 2 is correct

w

SOURCE: https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=53499
w

4. With reference to India‘s International Investment positional features of RBI, consider the
following statements

1. Higher inward direct investment, trade credit and loans contributed to the increase in non-
residents‘ claims on India.
2. Indian residents‘ overseas financial assets declined during the quarter, mainly due to
reduction in currency and deposits.
Which of the statements given above is/are correct?
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2

2
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 EXPLANATION:
Key Features of India‘s International Investment Position (IIP) in December 2021:
 Net claims of non-residents in India increased by US$ 21.1 billion during October-
December 2021 due to an increase of US$ 16.2 billion in foreign-owned assets in India
combined with a decline of US$ 4.9 billion in Indian residents‘ overseas financial assets.

 Higher inward direct investment, trade credit, and loans contributed to the increase in non-
residents‘ claims on India even as foreign portfolio investment in India reduced during the
quarter.

 Indian residents‘ overseas financial assets declined during the quarter, mainly due to a

e
in
reduction in currency and deposits.

nl
So, statements 1 and 2 are correct.
l.o
ia
SOURCE: https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=53494
er

5. With reference to Monetary Conditions Index, consider the following statements

at
m

1. The monetary conditions index (MCI) uses the long-term interest rate and the exchange rate
of an economy‘s national currency to gauge the relative ease or tightness of monetary
c
ps

conditions.
2. The measure is typically used to help the central bank craft monetary policy.
.u

3. Each nation will calculate its MCI in a different way but the goal is to assess the relationship
w

between the changes in a country's interest rates and exchange rates from a base period.
w

Which of the statements given above is/are correct?

w

(a) 2 and 3 only

(b) 1 and 3 only
(c) 3 only
(d) 1, 2 and 3

EXPLANATION:
The monetary conditions index (MCI) uses the short-term interest rate and the exchange rate of
an economy‘s national currency to gauge the relative ease or tightness of monetary conditions.
So, statement 1 is not correct.
The monetary conditions index (MCI) is a way to use short-term interest rates and the exchange
rate of a nation to assess the relative ease or tightness of its monetary conditions. Central banks
use the MCI as a tool in helping shape monetary policy. So, statement 2 is correct.

3
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 The first MCI was developed by the Bank of Canada in the 1990s to assess the relationship
between Canada's exchange rate and its economy. Each nation will calculate its MCI in a different
way but the goal is to assess the relationship between the changes in a country's interest rates
and exchange rates from a base period. So, statement 3 is correct.
SOURCE: https://www.investopedia.com/terms/m/mci.asp

6. Consider the following statements about green swan event

1. The green swan events could be an important source of risk to price stability, growth and
financial stability.
2. A green swan event could theoretically threaten the stability of the global banking and

e
insurance sector.

in
3. It is an unpredictable event that is beyond what is normally expected of a situation and has

nl
potentially severe consequences.

l.o
Which of the statements given above is/are correct?
(a) 1 and 2 only
ia
(b) 1 and 3 only
er

(c) 3 only
at

(d) 1, 2 and 3
c m

EXPLANATION:
ps

A green swan is a 'climate event', i.e. an unexpected environmental catastrophe connected with
global warming and the effects of pollution, that would trigger a systemic financial crisis with
.u

consequences across the globe. It could be an important source of risk to price stability, growth,
w

and financial stability, stability of banking and insurance sectors. So, statements 1 and 2 are
w

correct.
w

A black swan is an unpredictable event that is beyond what is normally expected of a situation
and has potentially severe consequences. Black swan events are characterized by their extreme
rarity, severe impact, and widespread insistence they were obvious in hindsight. So, statement 3
is not correct
SOURCE:
https://www.investopedia.com/terms/b/blackswan.asp#:~:text=A%20black%20swan%20is%20an,t
hey%20were%20obvious%20in%20hindsight.
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=53482
https://www.forbes.com/sites/servicenow/2021/06/18/sustainable-finance-surviving-the-green-
swan/#:~:text=A%20%E2%80%9Cgreen%20swan%E2%80%9D%20event%20is,global%20banking%
20and%20insurance%20sector.

4
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 7. Consider the following statements about Bharatiya Reserve Bank Note Mudran Private Limited
(BRBNMPL)

1. It is a partially owned subsidiary of RBI.

2. It has set up Varnika with an annual ink manufacturing capacity of 1,500 MT to enhance the
security of banknotes.
3. It manufactures Colour Shift Intaglio Ink (CSII) and meets the entire requirements of
banknote printing presses in India.
Which of the statements given above are correct?
(a) 1 and 2 only
(b) 1 and 3 only

e
(c) 2 and 3 only

in
(d) 1, 2 and 3

nl
EXPLANATION:
l.o
Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) is one of the wholly-owned
ia
subsidiaries of RBI. So, statement 1 is not correct.
er

BRBNMPL has set up Varnika with an annual ink manufacturing capacity of 1,500 MT to enhance
at

the security of banknotes. It is a boost to the ‗Make in India‘ initiative. So, statement 2 is correct.
m

It ensures that the entire requirement of banknote printing inks is produced in-house. This unit
c

also manufactures Colour Shift Intaglio Ink (CSII) and meets the entire requirements of banknote
ps

printing presses in India, which has resulted in cost efficiency and self-sufficiency in banknote ink
production. So, statement 3 is correct.
.u

SOURCE: https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=53476
w
w

8. With reference to e-Kuber, consider the following statements:

w

1. It is the core banking solution of the European Central Bank that gives a high degree of
access to commercial banks and other institutions to their current account.
2. It enables banks access to their current account at any time, everywhere across the country.
3. It is also used to conduct exercises like auctioning of government securities.
Which of the statements given above are correct?
(a) 1 and 2 only
(b) 1 and 3 only
(c) 2 and 3 only
(d) 1, 2 and 3

5
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 EXPLANATION:
The e-Kuber is the Core Banking Solution of the RBI which enables each bank to connect their
single current account across the country. So, statement 1 is not correct.
e-kuber enables banks to access to their current account at any time, everywhere across the
country, and is used by the RBI to execute various transactions with banks. So, statement 2 is
correct.
The utility of e-kuber is that it is used to conduct exercises like auctioning of government
securities and other public transactions. So, statement 3 is correct.
SOURCE: https://www.indianeconomy.net/splclassroom/what-is-e-kuber/

9. With reference to geo-tagging payment systems, consider the following statements

e
in
1. Geo-tagging refers to capturing the geographical coordinates (latitude and longitude) of

nl
payment touch points deployed by merchants to receive payments from their customers.

l.o
2. The payment acceptance infrastructure includes Point of Sale terminals, and Quick Response
codes.
ia
3. Recently, National Payments Corporation of India releases a framework for Geo-Tagging of
er

Payment System Touch Points.

at

Which of the statements given above are correct?

m

(a) 1 and 2 only

c

(b) 1 and 3 only

ps

(c) 2 and 3 only

(d) 1, 2 and 3
.u

EXPLANATION:
w

Reserve Bank of India released the framework for geo-tagging of payment system touchpoints to
w

ensure proper monitoring of the availability of payment acceptance infrastructure. Geo-tagging

w

refers to capturing the geographical coordinates (latitude and longitude) of payment touchpoints
deployed by merchants to receive payments from their customers. So, statement 1 is correct and
statement 3 is not correct.
Digital payment transactions carried out by customers using payment touchpoints use two broad
categories of physical infrastructure -- banking infrastructure (like bank branches and ATMs), and
payment acceptance infrastructure (like PoS and QR codes). The payment acceptance
infrastructure includes Point of Sale terminals and Quick Response codes. So, statement 2 is
correct.

SOURCE: https://www.bloombergquint.com/business/rbi-releases-framework-for-geo-tagging-of-
payment-system-touch-points

6
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 10. The recent initiative of BEAMS by Government of India is associated with

(a) To enhance online education services to reach the girl children

(b) Sustainable development in coastal regions
(c) A tool to reduce maternal mortality rate by enhancing nutrition
(d) A new code for green building
EXPLANATION
The objective of BEAMS program is to abate pollution in coastal waters, promote sustainable
development of beach facilities, protect & conserve coastal ecosystems & natural resources, and
seriously challenge local authorities & stakeholders to strive and maintain high standards of
cleanliness, hygiene & safety for beachgoers in accordance with coastal environment & regulations.

e
So, option (b) is correct.

in
nl
Source: https://pib.gov.in/PressReleseDetailm.aspx?PRID=1656392
l.o
ia
11. With reference to E-Learning Management System (E-LMS), consider the following statements
er

1. It is an e-Learning course on basic financial education covering topics from Banking,

at

Securities Markets, Insurance and Pension products.

m

2. It is launched by RBI in association with Ministry of Education.

c

3. It will be offered free of charge to all the registered users.

ps

4. This course will give users a solid knowledge base on disseminating financial literacy, which
helps to address demand-side barriers as this makes customers informed and enables better
.u

financial decision making and ultimately financial wellbeing.

w

Which of the statements given above are correct?

w

(a) 1 and 2 only

w

(b) 1, 2 and 4 only

(c) 1, 2 and 3 only
(d) 1, 3, and 4 only

EXPLANATION:
National centre for financial education, a not-for-profit company, has launched an e-learning
course on basic financial education covering topics from Banking, Securities Markets, Insurance,
and Pension products. So, statement 1 is correct and statement 2 is not correct.

7
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 The E-learning Course will be offered free of charge to all the registered users. This course will give
users a solid knowledge base on disseminating financial literacy, which helps to address demand-
side barriers as this makes customers informed and enables better financial decision making and
ultimately financial wellbeing. The content of the course is being derived from the book Capacity
Building for Financial Literacy Programmes (CABFLIP) primarily based on the Core Competencies
on Financial Literacy document of OECD-INFE (International Network on Financial Education and
therefore can be given free of cost. So, statements 3 and 4 are correct.

SOURCE: https://ncfe.org.in/e-lms

12. With reference to National Electronic Funds Transfer (NEFT) system, consider the following

e
in
statements

nl
1. Pan-India coverage through large network of branches of all types of banks.
2. Minimal levying of charges by RBI from banks.
l.o
3. No charges to savings bank account customers for online NEFT transactions.
ia
4. It is a nation-wide centralised payment system owned and operated by National Payments
er

Corporation of India.
at

Which of the statements given above are correct?

m

(a) 1 and 3 only

(b) 1, 2 and 4 only
c
ps

(c) 1, 2 and 3 only

(d) 1, 3 and 4 only
.u
w

EXPLANATION:
w

NEFT offers the following advantages for funds transfer or receipt:

w

 Round the clock availability on all days of the year.

 Near-real-time funds transfer to the beneficiary account and settlement in a secure manner.
 Pan-India coverage through a large network of branches of all types of banks.
 No levy of charges by RBI from banks.
 No charges to savings bank account customers for online NEFT transactions.
So, statements 1 and 3 are correct.
National Electronic Funds Transfer (NEFT) is a nationwide centralised payment system owned and
operated by the Reserve Bank of India (RBI). There is no levy of charges by RBI on banks for NEFT.
So, statements 2 and 4 are not correct.

SOURCE: https://www.rbi.org.in/Scripts/FAQView.aspx?Id=60

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 13. With reference to Legal Entity Identifier (LEI), consider the following statements

1. It is a 20-character alpha-numeric code used to uniquely identify parties to financial

transactions worldwide.
2. It is necessary for Governments or their Departments / Ministries to obtain LEI or mention
LEI number for payment transactions in NEFT and RTGS.
3. LEI is not required for customer transactions where both remitter and beneficiary are
individuals.
Which of the statements given above are correct?
(a) 1 and 2 only
(b) 1 and 3 only

e
(c) 2 and 3 only

in
(d) 1, 2 and 3

nl
EXPLANATION:
l.o
The Legal Entity Identifier (LEI) is a 20-character alpha-numeric code used to uniquely identify
ia
parties to financial transactions worldwide. It has been implemented to improve the quality and
er

accuracy of financial data reporting systems for better risk management. So, statement 1 is
at

correct.
m

It is not necessary for Governments or their Departments / Ministries to obtain LEI or mention the
LEI number for payment transactions in NEFT and RTGS. However, Corporations / Undertakings,
c
ps

including those fully owned by the Government, shall need to obtain LEI. All single payment
transactions of ฀ 50 crore and above of Government Undertakings and Corporations, through NEFT
.u

/ RTGS, shall include remitter and beneficiary LEI information. So, statement 2 is not correct.
w

LEI is not required for customer transactions where both remitter and beneficiary are individuals.
w

For transactions, where either or both parties are non-individual/s, LEI will be required. So,
w

statement 3 is correct.
SOURCE: https://www.rbi.org.in/Scripts/FAQView.aspx?Id=140

14. With reference to tokenisation, consider the following statements

1. It refers to replacement of actual card details with an alternate code called the ―token‖, which
shall be unique for a combination of card, token requestor and device.
2. It can be availed through smart phones, tablets, smart watches or similar other devices.
3. Once the customer sets the limit for tokenised card transactions, he/she cannot modify it
without visiting the branch.
Which of the statements given above is/are correct?
(a) 1 and 2 only
(b) 2 and 3 only

9
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 (c) 1 only
(d) 1, 2 and 3

EXPLANATION:
Tokenisation refers to the replacement of actual card details with an alternate code called the
―token‖, which shall be unique for a combination of card, token requestor (i.e. the entity which
accepts a request from the customer for tokenization of a card, and passes it on to the card
network to issue a corresponding token) and device (referred hereafter as ―identified device‖). So,
statement 1 is correct.
The feature of tokenization is restricted to mobile phones and/or tablets only. So, statement 2 is
not correct

e
in
Customers have the option to set and modify per transaction and daily transaction limits for
tokenized card transactions. So, statement 3 is not correct.

nl
SOURCE: https://www.rbi.org.in/Scripts/FAQView.aspx?Id=129
l.o
ia
15. Consider the following statements with respect to Cash Withdrawal Facility at Point of Sale (PoS)
er

Terminals
at

1. Under the facility of cash withdrawal at PoS terminals, cardholders can withdraw cash using
m

their debit cards, open system prepaid cards and credit cards issued by banks in India.
2. Under this facility, a cardholder can withdraw cash up to ฀ 2,000/- per day per card in Tier
c
ps

III to VI centres.
3. There are no charges levied by the banks for availing this facility.
.u

Which of the statements given above is/are correct?

w

(a) 1 and 2 only

w

(b) 2 and 3 only

w

(c) 2 only
(d) 1, 2 and 3

EXPLANATION:
Under the facility of cash withdrawal at PoS terminals, cardholders can withdraw cash using their
debit cards and open system prepaid cards issued by banks in India. However, credit cards cannot
be used under this facility. So, statement 1 is not correct.
Under this facility, a cardholder can withdraw cash up to ฀2,000/- per day per card in Tier III to VI
centres. At Tier I and II centres, the withdrawal limit is ฀ 1,000/- per day per card. So, statement 2
is correct.
Charges, if any, levied on cash withdrawals shall not exceed 1% of the transaction amount. So,
statement 3 is not correct.
SOURCE: https://www.rbi.org.in/Scripts/FAQView.aspx?Id=135

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 16. Consider the following statements

1. ATMs set up, owned and operated by non-banks are called White Label ATMs.
2. For transacting at an ATM / White Label ATM, the customer should traditionally have a valid
card and Personal Identification Number (PIN).
3. RBI does not allow card-less withdrawals at ATMs.
4. The prescription of number of free transactions is inclusive of financial and non-financial
transactions on own bank ATMs.
Which of the statements given above is/are correct?
(a) 1 only
(b) 2, 3 and 4 only

e
(c) 1 and 2 only

in
(d) 1, 2 and 3 only

nl
EXPLANATION:
l.o
ATMs set up, owned, and operated by non-banks are called WLAs. Non-bank ATM operators are
ia
authorised under the Payment & Settlement Systems Act, 2007 by the Reserve Bank of India (RBI).
er

So, statement 1 is correct.

at

For transacting at an ATM / WLA, the customer should traditionally have a valid card and Personal
m

Identification Number (PIN). RBI has also allowed card-less withdrawals at ATMs. So, statement 2
c

is correct and statement 3 is not correct.

ps

The prescription of a number of free transactions is inclusive of financial and non-financial

transactions at other bank ATMs. However, non-cash withdrawal transactions (such as balance
.u

enquiry, cheque book request, payment of taxes, funds transfer, etc.), on own bank ATMs are not to
w

be part of the number of free ATM transactions. So, statement 4 is not correct.
w

SOURCE: https://www.rbi.org.in/Scripts/FAQView.aspx?Id=75
w

17. With reference to Trade Receivables Discounting System (TReDS), consider the following
statements:

1. It is an electronic platform for facilitating the financing / discounting of trade receivables of

Micro, Small and Medium Enterprises (MSMEs) through multiple financiers.
2. MSMEs, Corporates, Government Departments, PSUs and any other entity can participate
as sellers in TReDS.
3. Banks, NBFCs other financial institutions as permitted by the Reserve Bank of India (RBI),
can participate as financiers in TReDS.
Which of the statements given above is/are correct?
(a) 1 and 2 only
(b) 1 and 3 only

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 (c) 2 only
(d) 1, 2 and 3

EXPLANATION:
TReDS is an electronic platform for facilitating the financing / discounting of trade receivables of
Micro, Small and Medium Enterprises (MSMEs) through multiple financiers. These receivables can
be due from corporates and other buyers, including Government Departments and Public Sector
Undertakings (PSUs). So, statement 1 is correct.
Only MSMEs can participate as sellers in TReDS. So, statement 2 is not correct.
Banks, NBFC - Factors, and other financial institutions as permitted by the Reserve Bank of India
(RBI), can participate as financiers in TReDS. Corporates, Government Departments, PSUs, and

e
in
any other entity can participate as buyers in TReDS. So, statement 3 is correct.
SOURCE: https://www.rbi.org.in/Scripts/FAQView.aspx?Id=132

nl
18. Consider the following statements l.o
ia
1. Stressed loans mean loan exposures that are classified as non-performing assets (NPA) or as
er

special mention accounts (SMA).

at

2. Loan transfers are resorted to by lending institutions for multitude of reasons ranging from
m

liquidity management, rebalancing their exposures or strategic sales.

c

3. Loan transfers should result in transfer of economic interest without being accompanied by
ps

any change in underlying terms and conditions of the loan contract usually.
Which of the statements given above is/are correct?
.u

(a) 1 and 2 only

w

(b) 1 and 3 only

w

(c) 2 only
w

(d) 1, 2 and 3

EXPLANATION:
Stressed loans mean loan exposures that are classified as non-performing assets (NPA) or as special
mention accounts (SMA) and are targets for the functioning of the bank. So, statement 1 is
correct.
Loan transfers are resorted to by lending institutions for a multitude of reasons ranging from
liquidity management, rebalancing their exposures, or strategic sales. A robust secondary market
in loans can be an important mechanism for the management of credit exposures by lending
institutions and also create additional avenues for raising liquidity. It is therefore necessary to lay
down a comprehensive, self-contained set of regulatory guidelines governing the transfer of loan
exposures. So, statement 2 is correct

12
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 Loan transfers should result in the transfer of economic interest without being accompanied by any
change in the underlying terms and conditions of the loan contract usually. Any change is referred
to with the definition of restructuring. So, statement 3 is correct.
SOURCE: https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=12166&Mode=0

19. Consider the following statements

1. A write-off is performed in accounting to reduce the value of an asset to offset a loss or

expense.
2. A write-off becomes a write-down if the entire balance of the asset is eliminated and removed
from the books altogether.

e
3. Write-downs and write-offs are predominantly performed by businesses.

in
Which of the statements given above is/are correct?

nl
(a) 1 and 2 only
(b) 1 and 3 only
(c) 3 only
l.o
ia
(d) 1, 2 and 3
er
at

EXPLANATION:
m

A write-down is performed in accounting to reduce the value of an asset to offset a loss or expense.
c

A write-down becomes a write-off if the entire balance of the asset is eliminated and removed from
ps

the books altogether. So, statements 1 and 2 are not correct.

Write-downs and write-offs are predominantly performed by businesses. Taxpayers can also use
.u

"write-offs" to reduce their personal taxable income, but this isn't the same thing. So, statement 3
w

is correct.
w

SOURCE: https://www.investopedia.com/ask/answers/070715/what-difference-between-writeoff-
w

and-writedown.asp

20. With reference to haircuts, consider the following statements

1. A haircut is the difference between the loan amount and the actual value of the asset used as
collateral.
2. Haircuts are common in India.
3. In the context of loan recoveries, it is the difference between the actual dues from a borrower
and the amount he settles with the bank.
4. This cannot be used to solve the problem of NPAs in Indian banking system.
Which of the statements given above is/are correct?
(a) 1 only
(b) 2, 3 and 4 only

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 (c) 1 and 3 only
(d) 1, 2 and 3 only

EXPLANATION:
A haircut is a difference between the loan amount and the actual value of the asset used as
collateral. It reflects the lender's perception of the risk of a fall in the value of assets. But in the
context of loan recoveries, it is the difference between the actual dues from a borrower and the
amount he settles with the bank. So, statements 1 and 3 are correct.
With commercial banks that were posting weak numbers quarter after quarter, there have been
serious efforts both by banks and RBI to address bad loans because stressed assets erode
profitability. 'Haircut' is one of the options to address the problem of non-performing assets.

e
in
However, haircuts are not common in India. So, statements 2 and 4 are not correct.
SOURCE: https://economictimes.indiatimes.com/markets/stocks/news/haircuts-a-way-to-

nl
address-npas-in-banking-system/articleshow/57327210.cms
l.o
ia
21. With reference to differentiated banking, consider the following statements
er

1. Differentiated banks are banking institutions licensed by the RBI to provide specific banking
at

services and products.

m

2. A differentiated license will allow a bank to offer select products in all areas.
c

3. Payment banks and small finance banks are examples of differentiated banking.
ps

Which of the statements given above is/are correct?

(a) 1 and 2 only
.u

(b) 1 and 3 only

w

(c) 3 only
w

(d) 1, 2 and 3
w

EXPLANATION:
Differentiated banks are banking institutions licensed by the RBI to provide specific banking
services and products. It is a system that refers to the system of different licenses for different sub-
components of the banking sector such as Limited Banking License, Commercial Banking License,
etc. So, statement 1 is correct.
A differentiated license will allow a bank to offer products only in select areas. So, statement 2 is
not correct.
The differentiated banks are of two types-payment banks and small finance banks. So, statement
3 is correct.

SOURCE: https://lms.indianeconomy.net/glossary/differentiated-banks/

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 22. With reference to co-operative banking system, consider the following statements

1. Urban Cooperative Banks (UCBs), cater to the financial needs of customers in urban and
semi-urban areas.
2. They are primarily registered as cooperative societies under the provisions of either the State
Cooperative Societies Act of the State concerned or the Multi State Cooperative Societies Act,
2002 if the area of operation of the bank extends beyond the boundaries of one state.
3. These are regulated by either State or Central government and not by RBI.
4. The rural co-operative credit system in India is primarily mandated to ensure flow of credit to
the agriculture sector.

e
Which of the statements given above is/are correct?

in
(a) 1 only

nl
(b) 2, 3 and 4 only
(c) 1, 2 and 4 only
(d) 1, 2 and 3 only
l.o
ia
er

EXPLANATION:
at

Primary Cooperative Banks (PCBs), also referred to as Urban Cooperative Banks (UCBs), cater to
m

the financial needs of customers in urban and semi-urban areas. UCBs are primarily registered as
cooperative societies under the provisions of either the State Cooperative Societies Act of the State
c
ps

concerned or the Multi-State Cooperative Societies Act, 2002 if the area of operation of the bank
extends beyond the boundaries of one state. The sector is heterogeneous in character with the
.u

uneven geographic spread of the banks. So, statements 1 and 2 are correct.
w

The Reserve Bank regulates and supervises the banking functions of UCBs under the provisions of
w

the Banking Regulation Act, 1949(AACS). So, statement 3 is not correct.

w

The rural co-operative credit system in India is primarily mandated to ensure the flow of credit to
the agriculture sector which comprises short-term and long-term co-operative credit structures. So,
statement 4 is correct.

SOURCE: https://www.rbi.org.in/scripts/FS_Overview.aspx?fn=2755

23. Consider the following statements about Development banks

1. They are specialized financial institutions, providing medium and long-term finance to the
non-agricultural sector.
2. They provide specialized assistance for the arranging and the usage of improvement tasks
and programs and for financial advisory services.
3. They even promote saving and investment habits in the public.

15
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 Which of the statements given above is/are correct?
(a) 1 and 2 only
(b) 2 and 3 only
(c) 3 only
(d) 1, 2 and 3

EXPLANATION:
Development banks are specialized financial institutions. They provide medium and long-term
finance to the industrial and agricultural sectors. So, statement 1 is not correct
They provide specialized assistance for the arranging and the usage of improvement tasks and
programs and for financial advisory services. For development, they promote and encourage public

e
in
and private capital. So, statement 2 is correct.
They do term lending, investment in securities, and other activities. They even promote saving and

nl
investment habits in the public. So, statement 3 is correct.
l.o
SOURCE: https://swastika.co.in/blog/role-of-development-banks/
ia
er

24. Which of the following entities could engage in shadow banking?

at

1. Money market funds

m

2. Finance companies
c

3. Bond funds
ps

4. Capital market instruments

Select the correct answer using the code given below
.u

(a) 1, 2 and 3 only

w

(b) 1, 2 and 4 only

w

(c) 2, 3 and 4 only

w

(d) 1, 2, 3 and 4

EXPLANATION:
Shadow banking is a term used to describe bank-like activities (mainly lending) that take place
outside the traditional banking sector. Examples of entities that engage in shadow banking are:
 Bond funds
 Money market funds
 Finance companies
 Special purpose entities.
So, statements 1, 2, and 3 are correct.
Capital market instruments are not eligible for shadow banking. So, statement 4 is not correct.
SOURCE: https://www.centralbank.ie/consumer-hub/explainers/what-is-shadow-banking

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 25. Consider the following statements

1. A certificate of deposit (CD) is a savings account that holds a fixed amount of money for a
fixed period of time, such as six months, one year, or five years.
2. Cash Management Bills (CMBs) are long term bills issued by RBI on behalf of the central
government.
3. Cash management bills are eligible as Statutory Liquidity Ratio securities.
Which of the statements given above are correct?
(a) 1 and 2 only
(b) 2 and 3 only
(c) 1 and 3 only

e
(d) 1, 2 and 3

in
nl
EXPLANATION:

l.o
A certificate of deposit (CD) is a savings account that holds a fixed amount of money for a fixed
period of time, such as six months, one year, or five years, and in exchange, the issuing bank pays
ia
interest. So, statement 1 is correct.
er

Cash Management Bills (CMBS) are short-term bills issued by the Central Government to meet its
at

immediate cash requirements. The RBI issues the bills on behalf of the government. As a result,
m

CMBS are short-term money market instruments that assist the government in meeting short-term
cash flow mismatches. So, statement 2 is not correct.
c
ps

CMBS are eligible as SLR securities. Investment in CMBS is also recognized as an eligible
investment in Government securities by banks for SLR purposes under Section 24 of the Banking
.u

Regulation Act, 1949. So, statement 3 is correct.

w
w

SOURCE:
w

https://www.investopedia.com/terms/c/cmb.asp#:~:text=Cash%20management%20bill%20(CMB)%
20is,shortfalls%20and%20provide%20emergency%20funding.
https://www.investor.gov/introduction-investing/investing-basics/glossary/certificate-deposit

26. With reference to Inter Corporate deposits (ICD), consider the following statements

1. It is a secured borrowing by corporates and FIs from other corporate entities registered under
the Companies Act 1956.
2. The lender deamands for higher rate of interest.
3. The short term credit rating of the borrowing corporates would determine the rate at which it
would be able to borrow funds.
4. The tenor of ICD is usually more than 1 year to 3 years.
Which of the statements given above is/are correct?

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 (a) 1 only
(b) 2 and 3 only
(c) 1, 2 and 4 only
(d) 1, 2, and 3 only

EXPLANATION:
An Inter-Corporate Deposit (ICD) is an unsecured borrowing by corporates and Fls from other
corporate entities registered under the Companies Act 1956. So, statement 1 is not correct.
The corporate having surplus funds would lend to another corporate in need of funds. This lending
would be on an uncollateralized basis and hence a higher rate of interest is demanded by the
lender. So, statement 2 is correct.

e
in
The tenor of ICD may range from 1 day to 1 year, but the most common tenor of borrowing is for 90
days. So, statement 3 is correct and statement 4 is not correct.

nl
SOURCE: http://www.stcipd.com/InterCorpDept.aspx
l.o
ia
27. Consider the following statements about Commercial Papers (CP)
er

1. It is an unsecured money market instrument issued in the form of a promissory note.

at

2. Highly rated corporate borrowers, primary dealers (PDs) and satellite dealers (SDs) and all-
m

India financial institutions (FIs) are eligible to issue CPs.

c

3. Commercial papers can be issued for maturities between a minimum of 15 days and a
ps

maximum upto three years from the date of issue.

Which of the statements given above are correct?
.u

(a) 1 and 2 only

w

(b) 2 and 3 only

w

(c) 1 and 3 only

w

(d) 1, 2 and 3

EXPLANATION:
Commercial paper is a commonly used type of unsecured, short-term debt instrument issued by
corporations, typically used for the financing of payroll, accounts payable and inventories, and
meeting other short-term liabilities. So, statement 1 is correct.
Highly rated corporate borrowers, primary dealers (PDs) and satellite dealers (SDs), an all-India
financial institution (Fls) which have been permitted to raise resources through money market
instruments under the umbrella limit fixed by the Reserve Bank of India are eligible to issue CP.
So, statement 2 is correct.
CP can be issued for maturities between a minimum of 15 days and a maximum up to one year
from the date of issue. So, statement 3 is not correct.

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 SOURCE:
https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=200&Mode=0#:~:text=Commercial%20Pape
r%20(CP)%20is%20an,an%20additional%20instrument%20to%20investors.

28. Consider the following statements

1. Gilt-edged securities refer to high-grade bonds that some national governments and private
organizations issue in an effort to generate revenue.
2. A bond is a debt security issued by a corporation, government, municipality, or other
organization, that is then sold to investors.
3. Gilt edged instruments were first originally issued by the Federal Bank of US.

e
4. Gilt-edged securities are favoured by investors who seek predictable returns, with little risk of

in
default.

nl
Which of the statements given above are correct?
(a) 1, 2 and 3 only
(b) 1, 2 and 4 only
l.o
ia
(c) 2, 3 and 4 only
er

(d) 1, 2, 3 and 4
at
m

EXPLANATION:
Gilt-edged securities are high-grade bonds issued by certain national governments and private
c
ps

organizations. So, statement 1 is correct.

A bond is a debt security issued by a corporation, government, municipality, or other organization,
.u

that is then sold to investors. So, statement 2 is correct.

w

These securities were originally issued by the Bank of England. So, statement 3 is not correct.
w

Gilt-edged securities are favored by investors who seek predictable returns, with little risk of
w

default. So, statement 4 is correct.

SOURCE: https://www.investopedia.com/terms/g/gilt-edged-
securities.asp#:~:text=Gilt%2Dedged%20securities%20refer%20to,by%20the%20Bank%20of%20Eng
land.
https://www.investopedia.com/ask/answers/09/gilt-edged-bond.asp

29. With reference to merchant and investment banks, consider the following statements

1. They are different types of financial institutions to serve consumers.

2. Investment banks provide services like international finance and underwriting activities while
merchant banks conduct trade finance activities.
Which of the statements given above is/are correct?
(a) 1 only

19
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 (b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2

EXPLANATION:
Investment banks and merchant banks are different types of financial institutions. These banks do
not serve consumers-individual clients or small and mid-sized businesses. So, statement 1 is not
correct.
Some of the services they provide are the same including underwriting and investment services.
But the fine line that theoretically separates the functions of these two institutions tends to blur,
as the activities often bleed into one another's territories. Investment banks conduct trade finance

e
in
activities while merchant banks take part in international finance and underwriting activities. So,
statement 2 is not correct.

nl
SOURCE: https://www.investopedia.com/ask/answers/05/investmentbank_vs_merchantbank.asp
l.o
ia
30. Consider the following statements about mutual funds and hedge funds
er

1. Mutual funds are regulated investment products offered to the public and available for daily
at

trading.
m

2. Hedge funds are private investments that are only available to accredited investors.
c

3. Mutual funds are known for using higher risk investing strategies with the goal of achieving
ps

higher returns for their investors.

Which of the statements given above is/are correct?
.u

(a) 1 and 2 only

w

(b) 2 and 3 only

w

(c) 1 and 3 only

w

(d) 1, 2 and 3

EXPLANATION:
Mutual funds are regulated investment products offered to the public and available for daily
trading. So, statement 1 is correct.
Hedge funds are private investments that are only available to accredited investors.Hedge funds
are usually managed much more aggressively than their mutual fund counterparts. Hedge funds
are known for using higher-risk investing strategies with the goal of achieving higher returns for
their investors. So, statement 2 is correct and 3 is not correct.
SOURCE:
https://www.investopedia.com/ask/answers/173.asp#:~:text=Mutual%20funds%20are%20regulate
d%20investment,higher%20returns%20for%20their%20investors.

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 31. Consider the following statements about Sustainable Stock Exchanges

1. It is a UN Partnership Programme organised by UNCTAD, the UN Global Compact, United

Nations Environment Programme Finance Initiative (UNEP FI ) and the UN-supported
Principles for Responsible Investment (PRI).
2. It provides an effective platform for dialogue between the UN, stock exchanges, investors,
companies and regulators.
Which of the statements given above is/are correct?
(a) 1 only
(b) 2 only
(c) Both 1 and 2

e
(d) Neither 1 nor 2

in
nl
EXPLANATION:

l.o
The SSE initiative is co-convened by the United Nations Global Compact, UN-supported Principles
for Responsible Investment (PRI), United Nations Conference on Trade and Development (UNCTAD)
ia
and United Nations Environment Programme Finance Initiative (UNEP FI). So, statement 1 is
er

correct.
at

The Sustainable Stock Exchanges (SSE) initiative provides an effective platform for dialogue
m

between the UN, stock exchanges, investors, companies, and regulators. By exploring how stock
exchanges can work with these actors, the SSE is working to create more sustainable capital
c
ps

markets. So, statement 2 is correct.

SOURCE: https://www.unglobalcompact.org/take-action/action/sustainable-stock-exchange-
.u

initiatives
w
w

32. With reference to participatory notes, consider the following statements

w

1. They are also referred to as P-Notes, or PNs, are financial instruments required by investors
or hedge funds to invest in Indian securities.
2. They have to compulsorily register with the Securities and Exchange Board of India (SEBI).
3. P-Notes are among the group of investments considered to be Offshore Derivative
Investments (ODIs).
Which of the statements given above are correct?
(a) 1 and 2 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) 1, 2 and 3

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 EXPLANATION:
Participatory notes also referred to as P-Notes, or PNs, are financial instruments required by
investors or hedge funds to invest in Indian securities without having to register with the Securities
and Exchange Board of India (SEBI). So, statement 1 is correct and 2 is not correct.
P-Notes are among the group of investments considered to be Offshore Derivative Investments
(ODIs). Citigroup (C) and Deutsche Bank (DB) are among the biggest issuers of these instruments.
So, statement 3 is correct.
SOURCE:
https://www.investopedia.com/terms/p/participatorynotes.asp#:~:text=Participatory%20notes%20a
lso%20referred%20to,Board%20of%20India%20(SEBI).

e
in
33. Consider the following statements about The International Organization of Securities
Commissions (IOSCO)

nl
l.o
1. It is the international body that brings together the world's securities regulators and is
recognized as the global standard setter for the securities sector.
ia
2. It develops, implements and promotes adherence to internationally recognized standards for
er

securities regulation.
at

3. India‘s SEBI has a membership in IOSCO.

m

Which of the statements given above are correct?

c

(a) 1 and 3 only

ps

(b) 2 and 3 only

(c) 1 and 2 only
.u

(d) 1, 2 and 3
w
w

EXPLANATION:
w

The International Organization of Securities Commissions (IOSCO) is a global cooperative of

securities regulatory agencies that aims to establish and maintain worldwide standards for
efficient, orderly, and fair markets.
The stated goals of the IOSCO are to:
Promote high standards of regulation for the sake of orderly and efficient markets.
Share information with exchanges and assist them with technical and operational issues
Establish standards for monitoring global investment transactions across borders and markets. So,
statement 1 is correct.
It develops, implements, and promotes adherence to internationally recognized standards for
securities regulation. So, statement 2 is correct.
India‘s SEBI is trying to get a membership in IOSCO and negotiations are going on. So, statement
3 is not correct.
SOURCE: https://www.sebi.gov.in/department/office-of-international-affairs-36/oia-iosco.html

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 34. With reference to Dow Jones index, consider the following statements

1. It is a price-weighted average of 30 blue-chip stocks that are generally the leaders in their
industry.
2. It is a widely-watched benchmark index in the U.K. for blue-chip stocks.
3. A company that loses a large percentage of its market capitalization due to financial distress
might be removed from the Dow.
Which of the statements given above are correct?
(a) 1 and 2 only
(b) 2 and 3 only

e
(c) 1 and 3 only

in
(d) 1, 2 and 3

nl
EXPLANATION:

l.o
The Dow Jones Industrial Average (DJIA), also known as the Dow 30, is a stock market index that
tracks 30 large, publicly-owned blue-chip companies trading on the New York Stock Exchange
ia
(NYSE) and Nasdaq. ) It is a widely-watched benchmark index in the U.S. for blue-chip stocks. So,
er

statement 1 is correct and statement 2 is not correct.

at

A component of the Dow may be dropped when a company becomes less relevant to current trends
m

of the economy, to be replaced by a new name that better reflects the shift. A company that loses a
large percentage of its market capitalization due to financial distress might be removed from the
c
ps

Dow. So, statement 3 is correct.

SOURCE: https://www.investopedia.com/terms/d/djia.asp
.u
w

35. Consider the following statements about Marginal Propensity to Save (MPS)
w
w

1. Marginal propensity to save is the proportion of an increase in income that gets saved instead
of spent on consumption.
2. MPS is usually lower at higher incomes.
3. It helps to determine the Keynesian multiplier, which describes the effect of increased
investment or government spending as an economic stimulus.
Which of the statements given above are correct?
(a) 1 and 2 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) 1, 2 and 3

23
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 EXPLANATION:
In Keynesian economic theory, the marginal propensity to save (MPS) refers to the proportion of an
aggregate raise in income that a consumer saves rather than spends on the consumption of goods
and services. So, statement 1 is correct.
MPS varies by income level. MPS is typically higher at higher incomes. So, statement 2 is not
correct.
MPS helps determine the Keynesian multiplier, which describes the effect of increased investment
or government spending as an economic stimulus. So, statement 3 is correct.
SOURCE: https://www.investopedia.com/terms/m/marginal-propensity-save.asp

36. Consider the following statements regarding Sweat Equity:

e
in
1. It is a monetary investment made by a startup's founders.

nl
2. Sweat equity shares are primarily used by startups in cases where funding is limited and

l.o
sweat equity makes a compelling form of compensation.
3. Employees are motivated by sweat equity shares because it creates a more level playing field
ia
compared to large corporations.
er

Which of the statements given above are correct?

at

(a) 1 and 2 only

m

(b) 2 and 3 only

c

(c) 1 and 3 only

ps

(d) 1, 2 and 3
.u

EXPLANATION:
w

Sweat equity is a non-monetary investment made by a startup's founders. It is commonly used

w

by cash-strapped startups and business owners to finance their projects. So, statement 1 is not
w

correct.
Sweat equity shares are primarily used by startups in cases where funding is limited and sweat
equity makes a compelling form of compensation. When founding a startup with limited funding,
sweat equity shares are essential. Employees are motivated by sweat equity shares because it
creates a more level playing field compared to large corporations. So, statements 2 and 3 are
correct.
SOURCE: https://www.abstractops.com/what-is-sweat-equity

37. With reference to Negotiated Dealing System (NDS), consider the following statements

1. It is an electronic trading platform operated by the Securities Exchange Board of India (SEBI)
to facilitate the issuing and exchange of government securities and other types of money
market instruments.

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 2. The systems improve transparency, increase overall efficiency and lower costs.
3. Secondary market trading is essential to provide liquidity to government-issued securities.
Which of the statements given above are correct?
(a) 1 and 2 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) 1, 2 and 3

EXPLANATION:
The Negotiated Dealing System (NDS) is a fully electronic trading platform that is instituted and
operated by the Reserve Bank of India (RBI) with the mandate of facilitating the issuance and

e
secondary trading of government-issued securities and other types of money market instruments.

in
So, statement 1 is not correct.

nl
The RBI‘s move follows other central banks that use electronic systems for managing the issuance

l.o
and secondary sale of government securities and money market accounts. The systems improve
ia
transparency, increase overall efficiency, and lower costs. So, statement 2 is correct.
er

Secondary market trading is essential to providing liquidity to government-issued securities.

Enhancing the liquidity and secondary market activity was a vital step for the RBI to improve the
at

attractiveness of their bonds, treasury bills, money-market accounts, and other securities. So,
m

statement 3 is correct.
c

SOURCE: https://corporatefinanceinstitute.com/resources/knowledge/trading-
ps

investing/negotiated-dealing-system-nds/
.u
w

38. Consider the following statements with respect to insider trading and front running
w

1. When key employees or executives who have access to the strategic information about the
w

company, use the same for trading in the company's stocks or securities, it is called insider
trading.
2. Front-running is trading stock or any other financial asset by a broker who has inside
knowledge of a future transaction that is about to affect its price substantially.
3. Insider trading is highly illegal and discouraged by the Securities and Exchange Board of
India to promote fair trading in the market for the benefit of the common investor whereas
front running is legal in India.
Which of the statements given above are correct?
(a) 1 and 2 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) 1, 2 and 3

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 EXPLANATION:
When insiders, e.g. key employees or executives who have access to the strategic information about
the company, use the same for trading in the company's stocks or securities, it is called insider
trading When insiders, e.g. key employees or executives who have access to the strategic
information about the company, use the same for trading in the company's stocks or securities, it is
called insider trading and is highly discouraged by the Securities and Exchange Board of India to
promote fair trading in the market for the benefit of the common investor. So, statement 1 is
correct.
Front-running is trading stock or any other financial asset by a broker who has inside knowledge of
a future transaction that is about to affect its price substantially. Front-running is illegal and
unethical when a trader acts on inside information. So, statement 2 is correct and statement 3

e
in
is not correct.
SOURCE: https://economictimes.indiatimes.com/definition/insider-trading

nl
https://www.investopedia.com/terms/f/frontrunning.asp
l.o
ia
39. Consider the following statements about dollarization
er

1. Dollarization usually happens when a country‘s own currency loses its usefulness as a
at

medium of exchange, due to hyperinflation or instability.

m

2. It need not necessarily involves loss of economic autonomy in monetary policy.

c

3. It can occur as an official monetary policy or as a de facto market process.

ps

Which of the statements given above are correct?

(a) 1 and 2 only
.u

(b) 2 and 3 only

w

(c) 1 and 3 only

w

(d) 1, 2 and 3
w

EXPLANATION:
Dollarization is the term for when the U.S. dollar is used in addition to or instead of the domestic
currency of another country. It is an example of currency substitution. Dollarization usually
happens when a country‘s currency loses its usefulness as a medium of exchange, due to
hyperinflation or instability. So, statement 1 is correct.
It typically results in enhanced monetary and economic stability but necessarily involves a loss of
economic autonomy in monetary policy. So, statement 2 is not correct.
Dollarization usually occurs in developing countries with a weak central monetary authority or an
unstable economic environment. It can occur as an official monetary policy or as a de facto market
process. So, statement 3 is correct.

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 ADDITIONAL INFORMATION:
Dollarization usually occurs in developing countries with a weak central monetary authority or an
unstable economic environment. It can occur as an official monetary policy or as a de facto market
process. Either through official decree or through adoption by market participants, the U.S. dollar
comes to be recognized as a generally accepted medium of exchange for use in day-to-day
transactions in a country‘s economy. Sometimes the dollar assumes official status as legal tender in
the country.
The main reason for dollarization is to receive the benefits of greater stability in the value of currency
over a country's domestic currency. For example, the citizens of a country within an economy that is
undergoing rampant inflation may choose to use the U.S. dollar to conduct day-to-day transactions,
since inflation will cause their domestic currency to have reduced buying power.

e
in
SOURCE:

nl
https://www.investopedia.com/terms/d/dollarization.asp#:~:text=Dollarization%20is%20the%20ter
m%20for,due%20to%20hyperinflation%20or%20instability. l.o
ia
er

40. With reference to hard and soft currencies, consider the following statements
at

1. Hard currency is a stable and reliable form of currency that is issued by the government and
m

widely accepted around the world.

2. Soft currency is an unstable form of currency that is unconvertable, fluctuates erratically,
c
ps

and/or depreciates against other currencies.

3. At present, Egyptian pound, Zimbabwe dollar, West African franc are examples of hard
.u

currency.
w

Which of the statements given above are correct?

w

(a) 1 and 2 only

w

(b) 2 and 3 only

(c) 1 and 3 only
(d) 1, 2 and 3

EXPLANATION:
A hard currency refers to a currency that is generally issued by developed countries, globally
traded, and seen as politically and economically stable. So, statement 1 is correct.
Hard currency is a stable and reliable form of currency that is issued by the government and widely
accepted around the world while the soft currency is an unstable form of currency that is
unconvertable, fluctuates erratically, and/or depreciates against other currencies. So, statement 2
is correct.

27
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 The Venezuelan bolivar (VEF), the Zimbabwe dollar (ZWL), Syrian pound (SYP), Turkish lira (TRY),
West African franc (CFA), and Egyptian pound (EGP) are examples of soft currency. So, statement
3 is not correct.

ADDITIONAL INFORMATION:
 Hard currency is a form of currency that is issued by the government, traded globally, and
considered relatively stable.
 The key differences between soft and hard currency are stability, reliability, conversion, and
whether or not it is widely accepted as a form of currency.
 Several factors affect a currency‘s ―hard status‖ – including the level of corruption and the
long-term stability of its purchasing power.

e
in
SOURCE: https://corporatefinanceinstitute.com/resources/knowledge/finance/hard-currency/

nl
41. Consider the following statements about Most Favoured-Nation (MFN) status
l.o
1. It is an economic position in which a country enjoys the best trade terms given by its trading
ia
partner.
er

2. It also means a country receives lowest tariffs the fewest trade barriers, and the lowest
at

import quotas.
m

3. All MFN trade partners must be treated equally.

c

4. Developing countries receive preferential treatment without having to return it, so their
ps

economies can grow.

Which of the statements given above are correct?
.u

(a) 1, 2 and 3 only

w

(b) 2 and 4 only

w

(c) 1, 2 and 4 only

w

(d) 1, 3 and 4 only

EXPLANATION:
The most favored nation (MFN) status is an economic position in which a country enjoys the best
trade terms given by its trading partner(s). That means it receives the lowest tariffs, the fewest
trade barriers, and the highest import quotas (or none at all). So, statement 1 is correct and
statement 2 is not correct.
All MFN status trade partners must treat each other equally. MFN grants equal and fair trade
between members under most conditions. So, statement 3 is correct.
Developing countries receive preferential treatment without having to return it, so their economies
can grow. Developed economies benefit in the long run—as economies grow in developing
economies, so does their demand for imports. So, statement 4 is correct.

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 ADDITIONAL INFORMATION:
 Most favored nation is a trade status given to members of the World Trade Organization.
 MFN grants equal and fair trade between members under most conditions.
 Most favored nation status requires negotiations between countries to reach common ground
on trade policies.
 The World Trade Organization laid down specific principles for member nations to follow to
ensure equal treatment and fairness.

SOURCE: https://www.thebalance.com/most-favored-nation-status-
3305840#:~:text=Most%2Dfavored%2Dnation%20(MFN,partners%20must%20be%20treated%20equ
ally.

e
in
42. With reference to Countervailing Duties, consider the following statements

nl
l.o
1. These are tariffs on imported goods that are imposed to offset subsidies given by the
exporting country's government.
ia
2. It is meant to level the playing field between domestic producers of a product and foreign
er

producers of the same product who can afford to sell it at a lower price because of the
at

subsidy they receive from their government.

m

Which of the statements given above is/are correct?

c

(a) 1 only
ps

(b) 2 only
(c) Both 1 and 2
.u

(d) Neither 1 nor 2

w
w

EXPLANATION:
w

Countervailing Duties (CVDs) are tariffs levied on imported goods to offset subsidies made to
producers of these goods in the exporting country. So, statement 1 is correct.
CVDs help offset any negative domestic impacts that producers of the same good might experience
due to foreign competition, who in this case, would receive a subsidy to export the same good.
Thereby, it means to level the playing field between domestic producers of a product and foreign
producers of the same product who can afford to sell it at a lower price. So, statement 2 is
correct.

ADDITIONAL INFORMATION:
 CVDs are special measures meant to neutralize the negative effects that subsidies of the
production of a good in one country have on that same industry in another country, in which
the production of that good is not subsidized.

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  The WTO‘s ―Agreement on Subsidies and Countervailing Measures,‖ which is contained in the
General Agreement on Tariffs and Trade (GATT) 1994, defines when and how an export
subsidy can be used and regulates the measures that member nations can take to offset the
effect of such subsidies.
 These measures include the affected nation using the WTO‘s dispute settlement procedure to
seek withdrawal of the subsidy or imposing countervailing duties on subsidized imports that
are hurting domestic producers.
 Countervailing duties or CVDs are tariffs on imported goods that are imposed to offset
subsidies given by the exporting country's government.
 CVDs help offset any negative domestic impacts that producers of the same good might
experience due to foreign competition, who in this case, would receive a subsidy to export the

e
in
same good.


nl
The WTO only permits countervailing duties to be charged after the importing nation has
conducted an in-depth investigation into the subsidized exports.
SOURCE: l.o
ia
https://www.investopedia.com/terms/c/countervailingduties.asp#:~:text=Countervailing%20duties
er

%20or%20CVDs%20are,by%20the%20exporting%20country's%20government.
at

43. Consider the following statements with reference to voluntary licensing

c m

1. It is a licensing in which a government authority grants a third-party a license to the

ps

Intellectual Property.
2. It can take many forms, and may be bilateral (between a single licensor and licensee) or
.u

multilateral (between multiple licensors and licensees, as through a patent pool).

w

3. It has increasingly been adopted to promote access to lower-cost generic medicines in low
w

and middle-income countries.

w

Which of the statements given above are correct?

(a) 1 and 2 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) 1, 2 and 3

EXPLANATION:
Voluntary licensing refers to the practice of IP-holders voluntarily granting licenses to their
patents or other IP and has increasingly been adopted to promote access to lower-cost generic
medicines in low and middle-income countries. Voluntary licensing is often contrasted with
compulsory licensing, in which a government authority grants a third-party a license to the
IP. So, statement 1 is not correct and statement 3 is correct.

30
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 Voluntary licenses can take many forms, and maybe bilateral (between a single licensor and
licensee) or multilateral (between multiple licensors and licensees, as through a patent pool). So,
statement 2 is correct.
SOURCE: https://www.knowledgeportalia.org/voluntary-
licencing#:~:text=Voluntary%20licensing%20refers%20to%20the,low%20and%20middle%2Dincome
%20countries.

44. With reference to Agricultural and Processed Food Products Export Development Authority
(APEDA), consider the following statements

1. It is a statutory body established by the Government of India.

e
2. It has been actively engaged in the development of markets besides upgradation of

in
infrastructure and quality to promote the export of agro products.

nl
3. It is headed by a chairperson, usually the Minister of Agriculture & Farmers' Welfare.

l.o
4. APEDA provides financial assistance to the registered exporters under sub-components of the
Scheme, Market Development, Infrastructure Development, Quality Development and
ia
Transport Assistance.
er

Which of the statements given above are correct?

at

(a) 1, 2 and 3 only

m

(b) 2 and 4 only

c

(c) 1, 2 and 4 only

ps

(d) 1, 3 and 4 only

.u

EXPLANATION:
w

The Agricultural and Processed Food Products Export Development Authority (APEDA) was
w

established by the Government of India under the Agricultural and Processed Food Products
w

Export Development Authority Act passed by the Parliament in December 1985. The Authority,
with its headquarters in New Delhi, is headed by a Chairperson, who is not necessarily the
political executive. So, statement 1 is correct and statement 3 is not correct.
APEDA has been actively engaged in the development of markets besides the up-gradation of
infrastructure and quality to promote the export of agro products. In its endeavour to promote
agro exports, APEDA, under its Plan Scheme titled ‘Agriculture Export Promotion Scheme of
APEDA’ provides financial assistance to the registered exporters under sub-components of
the Scheme – Market Development, Infrastructure Development, Quality Development and
Transport Assistance. So, statements 2 and 4 are correct.
SOURCE: https://commerce.gov.in/about-us/autonomous-bodies/agricultural-and-processed-food-
products-export-development-authority-apeda/

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 45. Consider the following statements about Misery Index

1. It is calculated by adding the unemployment rate to the inflation rate.

2. The higher the index, the lesser the misery felt by average citizens.
3. It has broadened in recent times to include other economic indicators such as bank lending
rates.
Which of the statements given above are correct?
(a) 1 and 2 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) 1, 2 and 3

e
in
EXPLANATION:

nl
The misery index is meant to measure the degree of economic distress felt by everyday people, due

l.o
to the risk of (or actual) joblessness combined with an increasing cost of living. The misery index is
calculated by adding the unemployment rate to the inflation rate. So, statement 1 is correct.
ia
The higher the index, the greater the misery felt by average citizens. So, statement 2 is not
er

correct
at

It has broadened in recent times to include other economic indicators, such as bank lending rates,
m

new calculation methods, and additional items in the inflationary basket. So, statement 3 is
c

correct.
ps

ADDITIONAL INFORMATION:
.u

 The first misery index was created by Arthur Okun and was equal to the sum of inflation and
w

unemployment rate figures to provide a snapshot of the U.S. economy.

w

 The higher the index, the greater the misery felt by average citizens.
w

 It has broadened in recent times to include other economic indicators, such as bank lending
rates.

 The misery index is considered a convenient but imprecise metric. There are several
circumstances where it may not be accurately representative of economic distress.

 In recent times, variations of the original misery index have become popular as a means to
gauge the overall health of a national economy.

SOURCE:

https://www.investopedia.com/terms/m/miseryindex.asp

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 46. With reference to Akash missile, consider the following statements

1. The development of the Akash Missile was started by the DRDO in the late 1980s as part of
the Integrated Guided Missile Development Programme.
2. It is primarily a Short Range Surface to Air Missile built to provide air defence cover to the
vulnerable areas.
3. The Akash weapon system can simultaneously engage multiple targets in group mode or
autonomous mode.
Which of the statements given above are correct?
(a) 1 and 2 only
(b) 1 and 3 only

e
(c) 2 and 3 only

in
(d) 1, 2 and 3

nl
EXPLANATION
l.o
The development of the Akash SAM was started by the DRDO in the late 1980s as part of the
ia
Integrated Guided Missile Development Programme. The initial systems trials and field trials along
er

with the target neutralisation trials were conducted in the late 1990s and 2000s. So, statement 1
at

is correct.
m

Akash is primarily a Short Range Surface to Air Missile built to provide air defence cover to the
c

vulnerable areas. So, statement 2 is correct.

ps

The Akash weapon system can simultaneously engage multiple targets in group mode or
.u

autonomous mode. It has built-in Electronic Counter-Counter Measures (ECCM) features, which
w

means that it has mechanisms on-board that can counter the electronic systems that deceive the
w

detection systems. So, statement 3 is correct.

w

Source: https://indianexpress.com/article/explained/explained-two-advanced-versions-of-akash-
missile-7539643/

47. Consider the following statements about dark energy

1. It is a hypothetical form of energy that exerts a negative, repulsive pressure, behaving like the
opposite of gravity.
2. It makes up three fourths of the total mass-energy density of the universe.
3. Both dark matter and dark energy can be directly observed.
Which of the statements given above are correct?
(a) 1 and 2 only
(b) 1 and 3 only

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 (c) 2 and 3 only
(d) 1, 2 and 3

EXPLANATION
Dark Energy is a hypothetical form of energy that exerts a negative, repulsive pressure, behaving
like the opposite of gravity. So, statement 1 is correct.

Dark Energy makes up 72% of the total mass-energy density of the universe. So, statement 2 is
correct.

Dark Matter and Dark Energy is not directly observed, but rather inferred from observations of
gravitational interactions between astronomical objects. So, statement 3 is not correct.

e
in
nl
Source: https://astronomy.swin.edu.au/cosmos/d/Dark+Energy

l.o
48. Which of the following beaches has been given blue flag beach tag?
ia
er

1. Radhanagar
2. Kappad
at

3. Ghoghla
m

Select the correct answer using the code given below

c

(a) 1 and 2 only

ps

(b) 2 and 3 only

.u

(c) 1 and 3 only

(d) 1, 2 and 3
w

EXPLANATION
w

The eight beaches are Shivrajpur in Gujarat, Ghoghla in Daman&Diu, Kasarkod and Padubidri
w

beach in Karnataka, Kappad in Kerala, Rushikonda in Andhra Pradesh, Golden beach of Odisha
and Radhanagar beach in Andaman and Nicobar. So, option (d) is correct.

49. Source: https://pib.gov.in/PressReleseDetailm.aspx?PRID=1656392 Consider the following

statements about *99#

1. It is a platform that allows transfer of money between two bank accounts using a feature
phone / smartphone.
2. It can be used if mobile number is linked to one‘s bank account and has an ATM/Debit card.
3. It‘s a quick 24*7 real time transfer feature which is safe and secure.
Which of the statements given above are correct?
(a) 1 and 2 only
(b) 1 and 3 only
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 (c) 2 and 3 only
(d) 1, 2 and 3

EXPLANATION:
*99# is a platform that allows the transfer of money between two bank accounts using a feature
phone/smartphone without an internet connection by dialing USD code *99#. So, statement 1 is
correct.
It requires a mobile number to be linked to one‘s bank account and an ATM/Debit card but doesn't
require an internet connection. So, statement 2 is correct.
It‘s a quick 24*7 real-time transfer feature that is safe and secure as it uses a USSD code rather
than an internet connection. So, statement 3 is correct.

e
in
SOURCE: https://www.rbi.org.in/commonman/English/scripts/ussd.aspx

nl
50. With reference to stablecoin, consider the following statements
l.o
1. A stablecoin is a class of cryptocurrencies that attempt to offer price stability and are backed
ia
by a reserve asset.
er

2. They may be pegged to a currency like the U.S. dollar or to a commodity's price such as gold.
at

Which of the statements given above is/are correct?

m

(a) 1 only
c

(b) 2 only
ps

(c) Both 1 and 2

(d) Neither 1 nor 2
.u

EXPLANATION
w

A stablecoin is a class of cryptocurrencies that attempt to offer price stability and are backed by a
w

reserve asset. So, statement 1 is correct.

w

Stablecoins may be pegged to a currency like the U.S. dollar or to a commodity's price such as gold.
So, statement 2 is correct.

Source: https://www.investopedia.com/terms/s/stablecoin.asp

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