Banking/Economic Policies & Guidelines 2015-16

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31 Dec, 2015

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  • During 2015 the RBI announced how many reductions in the all-important Repo Rate? – Four

List of all Repo Rate Reductions during 2015

29 September 2015 – 50 basis points (new repo rate 6.75%)

2 June 2015 – 25 Basis points (new repo rate 7.25%)

4 March 2015 – 25 basis points (new repo rate 7.50%)

15 January 2015 – 25 basis points (new repo rate 7.75%)


  • Union Finance Ministry on 16 December 2015 made it mandatory to quote PAN (permanent account number) for all transactions in excess of Rs.2 lakh, regardless of the mode of payment, to curb black money. This guideline will come into effect from which date? – 1 January 2016

  • The Union Cabinet announced which new policy for white label ATM operations in the country on 9 September 2015? – It allowed 100% FDI under the automatic route for white label ATM operations

  • The Reserve Bank of India on 1 September 2015 issued draft guidelines pertaining to interest rates and base rates. In the draft, RBI has sought to implement what new methodology for interest rates of the banks? – It has prescribed a uniform method by which banks have to arrive at the interest rates for providing loans

  • The Reserve Bank of India (RBI) on 22 January 2015 came out with which guideline on loan cost for country’s commercial banks? – It directed all banks to display all costs associated with loans on their website

  • From 25 November 2015 the Union Govt. extended the usage criterion of the RuPay debit cards under the Pradhan Mantri Jan Dhan Yojana (PMJDY) in order to avail of the in-built insurance cover to 90 days. What was the usage criterion till now? – 45 days

  • Union Govt. on 6 November 2015 imposed how much Swachh Bharat Cess on all services? – 0.5%

  • The govt. committee on the proposed goods and services tax (GST) has suggested how much standard rate of GST as disclosed on 4 December 2015? – 16.9-19.9%

  • The Reserve Bank of India (RBI) on 13 February announced it would soon put in circulation currency notes with the denomination of Re 1. When printing of Re. 1 notes was discontinued by the govt. due to higher printing costs? – November 1994

  • The Reserve Bank of India (RBI) on 17 April 2015 came out with which important proposal pertaining to term deposits? – It proposed to allow banks to offer differential interest rates for term deposits

  • Indian Parliament on 7 December 2015 passed an amendment bill that permits the filing of cases at the place where a cheque is presented for clearance and not the place of issue. What is the name of this bill? – Negotiable Instruments (Amendment) Bill, 2015

  • The World Bank on 14 September 2015 released the first ever ranking of States on the ‘Ease of Doing Business’ in India. The rating assessed states over a six-month period from January to June 2015 on the issue of implementation of ‘ease of doing business’ policy. Which state topped this list? – Gujarat

  • What was the GDP growth rate of the Indian economy during the second quarter (July-September) of 2015-16, as disclosed in the data released by the Central Statistics Office (CSO) on 30 November 2015? – 7.4%

  • What will be the total corpus of the new Financial Inclusion Fund (FIF) that was announced by the Reserve Bank of India (RBI) on 15 October 2015? – Rs. 2,000 crore

  • What was the notified interest rate (notified on 20 January 2015) for investments in Sukanya Samriddhi Account (SSA), the special deposit scheme for girl child that was launched on 22 January 2015? – 9.1% p.a.

  • An important agreement pertaining to wage revision of bank employees was signed on 23 February 2015 between the Indian Banks’ Association (IBA) and bank trade unions at Mumbai which resulted in the aversion of the proposed 4-day bank strike from 25 February. What are the main points under this agreement? – 15% hike in wages and off on second and fourth Saturdays of the month

  • The Union Govt. on 1 April 2015 revamped the procedure for appointment of non-official directors (NoDs) on the Boards of public sector banks, insurance companies and financial institutions. What the new age limit for appointment of NoDs is, as prescribed in these guidelines? – Less than 67 years

The Swedish newspaper was recently asked it to delete the reference made by President Pranab Mukherjee to the Bofors scam in an interview to it, as a claim protested by the Indian Government on 27 May 2015. India has expressed disappointment over the disrespect shown to the President, the newspaper has defended its right to publish what was said during the interview.

Know, who is Vijay Kelkar and what is PPP !

Vijay Kelkar is a renowned economist and a former Finance Secretary. He was appointed head of newly constituted committee to give recommendations to recast the model of Public-Private-Partnership (PPP) model in India. India is one of the largest PPP market with over 900 projects. The Kelkar committee will review the PPP policy, suggest a better risk-sharing mechanism between private developers and the government after analysing such projects.

Know, who is Yaduveer Krishnadatta Chamaraja Wadiyar !

Yaduveer Krishnadatta Chamaraja Wadiyar was crowned as the new Maharaja of of Mysuru (Mysore) royal family. He is the 23-year old grandson of Princess Gayathri Devi, who was the eldest daughter of the last Maharaja of Mysore, Sri Jayachamarajendra Wadiyar. The coronation was held at Mysuru’s famous Amba Vilas Palace, which was decked up for the occasion.

Know about Sepp Blatter!

Swpp Blatter, was re-elected as FIFA president for a fifth term at the 65th Annual Congress of FIFA held at Zurich for four year term.

Prince Ali bin al-Hussein of Jordan stood against Blatter in this election. It is worth mentioning that FIFA is going through a major controversy regarding corruption in the organisation with two FIFA vice presidents and a recently elected FIFA executive committee member still in custody.


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