Practice Quiz set 5 - indian economy mcq Online Quiz (set-1) For All Competitive Exams

Infosys Technologies became the first Indian company to be listed on the US NASDAQ in March 1999. Infosys was incorporated on July 2, 1981 as a private limited company in India. It became public limited company in June 1992.

The Government of India issued an ordinance (‘Banking Companies (Acquisition and Transfer of Undertakings) Ordinance, 1969’)) and nationalised the 14 largest commercial banks with effect from the midnight of July 19, 1969.

These banks contained 85 per cent of bank deposits in the country. A second dose of nationalization of 6 more commercial banks followed in 1980. As of now, there are 26 Nationalized Banks in India.

Note: As of 2017, There are 21 Nationalized Bank in India. These are Allahabad Bank, Andhra Bank, Bank of India, Bank of Baroda, Bank of Maharashtra, Canara Bank, Central Bank of India, Corporation Bank, Dena Bank, Indian Bank, Indian Overseas Bank, IDBI Bank, Oriental Bank of Commerce, Punjab & Sindh Bank, Punjab National Bank, State Bank of India, Syndicate Bank, UCO Bank, Union Bank of India, United Bank of India, Vijaya Bank.

In its report, McKinsey Global Institute (MGI) estimated that 680 million Indians, or 56 per cent of the population, lacks the means to meet their essential needs.

It proposed a new “empowerment line” that aims to measure the minimum economic cost for a household to fulfil the eight most basic needs.

The Reserve Bank of India (RBI) is known as the Lender of Last Resort. This is because when a commercial bank faces a financial crisis and fails to obtain funds from other sources, then the central bank provides them with financial assistance in the form of credit.

This role of the central bank saves the commercial bank from bankruptcy. Thus, the RBI plays the role of guarantor for commercial banks and maintains a sound banking system in the economy.

Megacities of India have more than 5 million population. But not all the major megacities are located on the sea coast or are sea ports. Delhi, which is the national capital is not a sea port.

The Reserve Bank has the sole authority to issue banknotes in India. Reserve Bank, like other central banks the world over, changes the design of banknotes from time to time.

The Reserve Bank has introduced banknotes in the Mahatma Gandhi Series since 1996 and has so far issued notes in the denominations of Rs.5, Rs.10, Rs.20, Rs.50, Rs.100, Rs.500 and Rs.1000 in this series.

Mahatma Gandhi series of Rs.100 notes has a picture of Indian Himalayan mountain ranges on its reverse which is of ecological and environmental significance.

The independent review committee headed by Dr P. Rama Rao was set up to review the functioning of the Defence Research and Development Organisation (DRDO).

The following recommendations of the committee were accepted by the government:

1. Nomination of nodal officers for structured interaction between DRDO and Services;
2. Integrated Financial Advice Scheme for financial decentralization; etc.

C. Rangrajan panels have recently recommended the pricing of natural gas by a complex methodology of arriving at an average of international gas hub prices to replace current gas prices.