industries manufacturing & service sectors section 4 MCQ Questions & Answers Detailed Explanation

Answer: (a)

Small Industries Development Bank of India is a non-independent financial institution aimed to aid the growth and development of micro, small and medium-scale enterprises.

It was incorporated initially as a wholly-owned subsidiary of the Industrial Development Bank of India.

SIDBI has taken over the responsibility of administering small industry development funds managed by the IDBI.

Answer: (a)

1st July is celebrated as the establishment date of the State Bank of India. On 1 July 1955, the Imperial Bank of India became the State Bank of India.

SBI is a multinational banking and financial services company based in India. It is a government-owned corporation with its headquarters in Mumbai.

It has assets of US$388 billion and 16,000 branches, including 190 foreign offices, making it the largest banking and financial services company in India by assets.

Answer: (b)

Indian Banks’ Association (IBA), formed on 26 September 1946 as a representative body of management of banking in India.

K.R. Kamath was elected as a chairman of IBA consecutively for the second term in June 2013. He has been working since 1/10/2012 after chairman Alok K Misra, CMD of Bank of India.

Other notable chairmen include M. D. Mallya of Bank of Baroda, V. P. Shetty, M. V. Nair, Rashid Jilani and O P Bhatt.

Answer: (a)

In Nov. 2000, the policy of Special Economic Zone (SEZ) in India was implemented with a view to overcome the shortcomings experienced on account of the multiplicity of controls and clearances; absence of world-class infrastructure, and with a view to attract larger foreign investment in India.

Answer: (b)

MMTC Ltd., Metals and Minerals Trading Corporation of India, is one of the two highest earners of foreign exchange for India and India’s largest public-sector trading body.

Neelachal Ispat Nigam Limited (NINL), is a company promoted by MMTC Ltd, Industrial Promotion and Investment Corporation of Odisha Limited (IPICOL).

Answer: (c)

A bilateral netting agreement enables two counterparties in a financial contract to offset claims against each other to determine a single net payment obligation due from one counterparty to the other.

As of now, bilateral netting for financial contracts is not allowed in India and the government is planning to introduce a bill. (No need to go into detail)