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    1) Petro Poroshenko vowed on 7th June for which country? Ans : (1)
    1. Syria 2. Sudan 3. Norway 4. Argentina 5. Cuba

    Explanation: Western-backed tycoon Petro Poroshenko vowed on 7th June to avert civil war and mend ties with Russia after being sworn in as Ukraine’s fifth post-Soviet president with the nation facing disintegration and economic collapse. Mr Poroshenko took the oath of office one day after holding his first meeting with Russian President Vladimir Putin since a May 25 election victory entrusted him with taming a bloody crisis that has shaken the post-Cold War order and redrawn Europe’s map.
    ALL ABOUT HAPPENINGS IN UKARAINE
    Ukraine has been in the news because it is at the centre of a big argument between the world's most powerful countries. The disagreement, between Russia and the world's other big nations like the UK and America, is over a region in the south of Ukraine, called Crimea and parts of Eastern Ukraine.
    There have been fights and protests in East Ukraine, as some people there want Ukraine to be part of Russia. Now the Ukrainian army is fighting with Russian supporters in eastern parts of the country, and there are concerns it may lead to war.
    On 25 May, the country held a presidential election - though Russian supporters in eastern parts of the country tried to disrupt the voting. Petro Poroshenko, claimed victory.
    On May 11 voting took place in parts of Eastern Ukraine to ask people there if they want to stay part of the country or rule themselves. Referendums took place in Donetsk and Luhansk and organisers say that the results showed most people there want to be independent.
    However, western governments and Ukraine's leaders in Kiev say the vote was illegal and does not count because it was not carried out properly. Russia's leader Vladimir Putin says he supports the region's choice and recognises the results of the referendums.
    Fighting and violence in Eastern Ukraine
    At the moment, much of the fighting in Ukraine is over the east of the country - with warnings that Ukraine is about to enter a civil war. In mid-April 2014 Pro-Russian protestors took over government buildings in parts of eastern Ukraine.
    The Ukrainian government responded by sending in troops to try and remove the protestors. Having troops from both sides in the area made it very tense, and some people worry the clashes could lead to war. Ukraine has sent in their army because they are worried the same thing might happening to Eastern Ukraine that happened to Crimea...
    March 2014: Russia takes over Crimea
    Russian President Vladimir Putin sent thousands of soldiers into Crimea because he said he needed to protect Russian people who live there.
    But western countries like the US, UK and France said that Russia's taken over the region, and that what Russia did was against international law. Most of the people living in Crimea believe they are Russian, not Ukrainian. Tensions grew when a group of armed men took over the government buildings there and raised a Russian flag. They also held marches supporting Russia through the streets. Ukraine's new government saw this as a challenge to their authority. On 28 February, Russia's parliament agreed to send troops to Crimea.
    On 6 March MPs in Crimea voted to join Russia, and announced they would hold a referendum to let the public decide. The Ukrainian government said this was against the constitution. Of the people who took part in the vote, 96% chose to join Russia - but a lot of people did not vote.
    Russia's president Vladimir Putin said the vote was fair, but leaders in Europe and the United States said the vote was illegal. President Putin signed a treaty to make Crimea part of Russia on 18 March.
    Why is Ukraine in such trouble?
    Ukraine has had a violent few months that have caused some massive changes in the country. From November 2013, big anti-government protests took place in the country's capital, Kiev. Many people were very unhappy about how the country was being run, accusing many of those in charge of corruption.
    Those protests became very violent. Dozens of people lost their lives and hundreds more were injured. The violence began when police tried to remove protesters, but they stood their ground - both sides fought with force
    The unrest eventually led to big changes in the government and in February 2014 President Viktor Yanukovych was forced from power and fled the country.
    A temporary president, Olexander Turchynov was appointed as well as a new prime minister and a temporary cabinet, with a presidential election planned for 25 May.
    Why did the protests begin?
    In late 2013, hundreds of thousands of protesters took to the main square in the capital Kiev over a row about Ukraine's position in Europe. It started in November after President Yanukovych decided not to sign a major partnership deal with the European Union (EU). Lots of the demonstrators support the EU and want Ukraine to be more friendly with other European countries. Ukraine and the EU have been through years of talks to try and include the country in the partnership.
    Not everyone wants closer ties with the EU; there are also large numbers of people, particularly in the east, who support Ukraine's close ties with Russia. History between the nations
    Ukraine used to be part of the Soviet Union, a group of states ruled from Moscow, in Russia. But in 1991 the Soviet Union broke up and Ukraine became a country in its own right. Since then there has been a kind of tug of war over how the country should be governed.

     
    2) Which among the following successfully beamed a high-definition video 260 miles from the International Space Station to Earth on 6th June using a new laser communications instrument?Ans: (2)
    1. ISRO 2. NASA 3. Russia Space research Centre 4. Britain Space institute 5. None

    Explanation: Transmission of "Hello, World!" as a video message was the first 175-megabit communication for the Optical Payload for Lasercomm Science (OPALS), a technology demonstration that allows NASA to test methods for communication with future spacecraft using higher bandwidth than radio waves.
    Optical communication tools like OPALS use focused laser energy to reach data rates between 10 and 1,000 times higher than current space communications, which rely on radio portions of the electromagnetic spectrum.
    Because the space station orbits Earth at 17,500 mph, transmitting data from the space station to Earth requires extremely precise targeting. The process can be equated to a person aiming a laser pointer at the end of a human hair 30 feet away and keeping it there while walking. NASA
    The National Aeronautics and Space Administration (NASA) is the agency of the United States government that is responsible for the nation's civilian space program and for aeronautics and aerospace research.
    President Dwight D. Eisenhower established the National Aeronautics and Space Administration (NASA) in 1958 with a distinctly civilian (rather than military) orientation encouraging peaceful applications in space science. The National Aeronautics and Space Act was passed on July 29, 1958, disestablishing NASA's predecessor, the National Advisory Committee for Aeronautics (NACA). The new agency became operational on October 1, 1958.
    Since that time, most U.S. space exploration efforts have been led by NASA, including the Apollo moon-landing missions, the Skylab space station, and later the Space Shuttle. Currently, NASA is supporting the International Space Station and is overseeing the development of the Orion Multi-Purpose Crew Vehicle, the Space Launch System and Commercial Crew vehicles. The agency is also responsible for the Launch Services Program (LSP) which provides oversight of launch operations and countdown management for unmanned NASA launches.
    NASA science is focused on better understanding Earth through the Earth Observing System, advancing heliophysics through the efforts of the Science Mission Directorate's Heliophysics Research Program, exploring bodies throughout the Solar System with advanced robotic missions such as New Horizons, and researching astrophysics topics, such as the Big Bang, through the Great Observatories and associated programs. NASA shares data with various national and international organizations such as from the Greenhouse Gases Observing Satellite.

     
    3) The first unit of the Kudankulam Nuclear Power Project (KNPP) on which day achieved its rated capacity of 1,000 MWe? Ans:(3)
    1. 4th June 2. 5th June 3. 7th June 4. 8th June 5. 9th June

    Explanation: The first unit of the Kudankulam Nuclear Power Project (KNPP) on 7th June achieved its rated capacity of 1,000 MWe. Initially, the commissioning of the first stage of the plant was set for late 2011 but was delayed due to mass protests. A section of fishermen from neighbouring villages had demanded its closure. Nuclear Power Corporation of India Ltd (NPCIL) is setting up two Russian-made 1,000-MWe atomic power plants here, at an outlay of about Rs 17,000 crore.

     
    4) Maria Sharapova won her which among the following French Open title in three years at Roland Garros on 7th June, defeating Romania’s Simona Halep? Ans: (4)
    1. 1st 2. 21st 3. 3rd 4. 2nd 5. 12th

    Explanation: It was the Sharapova’s fifth Grand Slam title, bringing her level with Martina Hingis on the all-time list and it came 10 years after she won her first major at Wimbledon 2004. Sharapova, who completed a career sweep of all four Grand Slam titles in Paris in 2012 before losing to Serena Williams last year, also moved to number two on the all-time prize money earnings, with only the American ahead of her.

     
    5) ‘world entrepreneur of the year’ for 2014 award, which was announced in Monaco on 8th June, who among the following was chosen from among 60 finalists from 51 countries? Ans:(1)
    1. Uday Kotak 2. Sudeep Mittal 3. Mukesh Ambani 4. Anil Ambani 5. Sudha Krishnamurthy

    Explanation: Ernst & Young has named Kotak Mahindra Bank Executive Vice-Chairman & Managing Director Uday Kotak its ‘world entrepreneur of the year’ for 2014. For the award, announced in Monaco on 8th June, Kotak was chosen from among 60 finalists from 51 countries, each of whom had been named EY ‘entrepreneur of the year’ in home country. Kotak, who became the second Indian entrepreneur to win this award — after Infosys founder N R Narayana Murthy in 2003
    Kotak Capital Management Finance, which was set up in 1985, in 2003 became India’s first non-banking financial company to be converted into a bank. The Mumbai-headquartered bank has 605 branches across 354 locations.
    ERNST AND YOUNG AWARD
    The Ernst & Young Entrepreneur of the Year Awards, sponsored by Ernst & Young, are held in more than 140 cities and in more than 50 countries worldwide. The Ernst & Young Entrepreneur Of The Year® Award honors those who build the market-leading companies that make our communities, our country and the world a better place. Here we chronicle their innate ability to create new products and services, transform organizations, enrich lives and contribute to the vibrancy of national economies. Each year, the most successful entrepreneurs vie for the Ernst & Young Entrepreneur Of The Year Award, the most prestigious honor in its class in the world and also referred by many as the “Nobel Prize of Entrepreneurship

     
    6) Who is the leader of the opposition in Rajya Sabha? Ans:(1)
    1. Ghulam Nabi Azad 2. Rahul Gandhi 3. Sonia Gandhi 4. Chidambaram 5. Sangma

    Explanation: Former Union Minister Ghulam Nabi Azad set to become Leader of the Opposition in Rajya Sabha after his appointment as Leader of Congress in the Upper House. Anand Sharma, another minister in UPA-II, was made Deputy Leader of the party Congress has 67 members in the 245-member House, thereby meeting the requirement of having ten per cent of the total strength of the House to get the post of Leader of the Opposition.
    The two key appointments come on the back of the party making Mallikarjun Kharge, a senior Dalit leader from Karnataka, the Leader of Congress in Lok Sabha and former Punjab Chief Minister Amarinder Singh the party’s Deputy Leader in the Lower House.
    Azad, who contested the Lok Sabha election from Udhampur in Jammu and Kashmir and lost by over 60,000 votes, is a party veteran and one of the senior most members in the Rajya Sabha.
    The Leader of the Opposition is the politician who leads the official opposition in either House of the Parliament of India. The Leader of the Opposition enjoys the rank of a Cabinet Minister and receives the same perks, salaries and allowances. The Leader of the Opposition also serves on several important committees, including the selection panels for the Chief Vigilance Commissioner, Central Bureau of Investigation Director, and members of the Lokpal. In cases where there is no officially recognized Leader of the Opposition, the leader of the single largest party in opposition will function as leader of the bloc. However, an unofficial Leader of the Opposition does not receive the perks, salaries and allowances that an officially recognized one would.

     
    7) Which Park is again in the list for the coveted category this year when the World Heritage Committee of UNESCO will meet in Doha (Qatar) on 15th June? Ans:(1)
    1. Himalayan National Park 2. Nehru Zoological Pak 3. Rajasthan National Park 4. Gujarath National Park 5. Mahatma Gandhi National Park

    Explanation: the Great Himalayan National Park (GHNP) of Himachal Pradesh is again in the list for the coveted category this year when the World Heritage Committee of UNESCO will meet in Doha (Qatar) on 15th June. The HP wildlife department has already submitted a revised report to UNESCO for considering GHNP as the World Heritage Site, the GHNP along with Rani-ki-Vav located in Patan, Gujarat, has have been nominated and the GHNP has staked its claim under the natural scenic beauty category as it houses 203 species of rare birds, 50 species of mammals and over 400 rare plants.
    The GHNP, located in Kullu district, was initially constituted in 1984 and formally declared a national park in 1999. Initially, it covered an area of 754.4 sq km. In 1994, two major changes were made in the land use around the park. A buffer zone of 5km from the park's western boundary, covering 265.6 sq km and including 2,300 households in 160 villages, was delineated as an ecozone.
    Last year, the park had lost the race after the committee decided to put it in the referral list while allowing six hill forts of Rajasthan to be included in world heritage list. Sources said most of the population (about 15,000-16,000 people) in the ecozone are poor and dependent on natural resources for their livelihoods. The total area under park administration (national park, wildlife sanctuaries and ecozone) is 1,171 sq km, which is referred to as the Great Himalayan National Park Conservation Area.
    UNESCO
    The United Nations Educational, Scientific and Cultural Organization is a specialized agency of the United Nations (UN). Its purpose is to contribute to peace and security by promoting international collaboration through education, science, and culture in order to further universal respect for justice, the rule of law, and human rights along with fundamental freedom proclaimed in the UN Charter It is the heir of the League of Nations' International Commission on Intellectual Cooperation. UNESCO has 195 member states and nine associate members.
    It was formed on 4th November 1946, at present head is Irina Bokovo, head quarters is at Paris, France

     
    8) The governments of India and which country on 8th June discussed ways to increase bilateral trade beyond the current $65 billion a year by exploiting "untapped opportunities", including India setting up special industrial parks for Chinese firms? Ans:(2)
    1. Japan 2. China 3. Australia 4. Norway 5. Cuba

    Explanation: Chinese Foreign Minister Wang Yi and Indian External Affairs Minister Sushma Swaraj led their delegations into discussions that lasted three hours and focused primarily on boosting economic ties. Wang is on a two-day visit to India as the envoy of Chinese President Xi Jinping.

     
    9) Rafael Nadal beat Novak Djokovic to win his ……………… French Open title and his fifth consecutive win at the tennis tournament? Ans:(1)
    1. 9th 2. 8th 3. 6th 4. 10th 5. 11th

    Explanation: Nadal has now won 14 tennis titles, tying him with Pete Sampras for second all-time, and putting him three titles behind Roger Federer.
    FRENCH OPEN TITLE
    The French Open, often referred to as Roland Garros is a major tennis tournament held over two weeks between late May and early June at the Stade Roland Garros in Paris, France. Named after the French aviator Roland Garros, it is the premier clay court tennis championship event in the world and the second of four annual Grand Slam tournaments; the other three being the Australia Open,Wimbledon and the US Open. Roland Garros is the only Grand Slam event held on clay and ends the spring clay court season.
    Because of the slow-playing surface and the five-set men's singles matches without a tiebreak in the final set, the event is widely considered to be the most physically demanding tennis tournament in the world.

     
    10) Telugu Desam Party (TDP) supremo, N Chandrababu Naidu, was on which day sworn-in as first chief minister of residuary Andhra Pradesh?Ans:(2)
    1. 7th June 2. 8th June 3. 9th June 4. 10th June 5. 11th June

    Explanation: Naidu made his first signature on a file related to forming an expert committee on implementation of farm and Dwakra (Development Of Women And Children In Rural Areas) loan waiver, and on files pertaining to abolition of liquor belt shops and NTR Sujala Sravanthi scheme, which promises safe drinking in villages. Naidu also signed files related to sanction of Rs 1,000 as pension per month to the elderly, widows and physically challenged.
    The expert committee on loan waiver has been given 45 days to submit its final report. Meantime, it has been asked to come up with basic guidelines to identify loans eligible for the debt waiver scheme within 15 days. In the election manifesto, Naidu promised to waive agriculture loans taken by the farmers in 13 districts of Seemandhra.
    Rural loan dues in the banking system in 13 districts of residual Andhra Pradesh stand at Rs 87,000-crore. These include term loans and loans taken by self-help groups (SHGs), according to the State-level Bankers' Committee (SLBC). Of this, crop loans, including gold loans taken for the purpose of cultivation, alone works out to be around Rs 59,000 crore.
    According to officials who briefed Naidu, the least financial commitment expected to arise out of this programme would be about Rs 34,000 crore even after eliminating all other types of loans, including gold loans, if ever the government wants to somehow stick to its promise.
    Others who were sworn-in along with Naidu include, KE Krishna Murthy representing Pattikonda in Kurnool district, and Chinna Rajappa of Peddapuram in East Godavari district, Atchannaidu Kinjarapu (Srikakulam), Kimidi Mrunalini (Vizianagaram), Ganta Srinivasa Rao (Visakhapatnam), Paritala Sunitha (Anantapur), Palle Raghunathareddy (Anantapur), Bojjala Gopalakrishna Reddy (Chittoor), P Narayana (Nellore), Yanamala Ramakrishna (East Godavari), Pattipati Pulla Rao (Guntur), Ravela Kishore Babu (Guntur), Devineni Uma (Krishna), Kollu Ravindra (Krishna), Pitala Sujata (West Godavari) and Siddha Raghava Rao (Prakasam). Besides, BJP MLAs Manikyala Rao (West Godavari) and Kamineni Srinivas (Krishna district) too have been inducted into the Cabinet.

     
    11) Who wrote a book on Sahara, ‘The Untold Story’? Ans:(1)
    1. Bandyopadhyay 2. Barun Viswas 3. Uday Upadhyaya 4. Bharath Upadhyay 5. None

    Explanation: He is Tamilnadu financial Journalist, he wrote a book on Sahara, ‘The Untold Story’, he described chronicles that is the reason to rise and fall of business tycoon Subrata Roy. The publication of the book was put on stay after Sahara moved the Calcutta High Court last December while lodging a Rs. 200-crore defamation suit against the author
    SAHARA ISSUE
    1. In 2008, RBI debarred Sahara India Financial Corporation from raising fresh deposits. The growth of Sahara’s empire was always a mystery; many believed it ran a Ponzi scheme by collecting funds from investors. The group needed continuous flow of fresh funds to keep it afloat. With RBI closing a door on the group from collecting deposits from the people, the group needed a financial instrument that would be out of the purview of RBI but still get access to public funds.
    2. Sahara decided to issue OFCDs by floating two companies – Sahara India Real Estate Corporation (SIREC) and Sahara Housing Investment Corporation (SHIC). It was the Registrar of Companies (ROC) that needed to clear these investment vehicles.
    3. ROCs role in the entire episode is critical since it cleared the proposal without raising the most basic questions. Consider these facts. Both the companies had negligible net worth. SIREC had an equity capital of only Rs 10 lakh and a negative net worth at the time of issuance while the net worth of SHIC was around Rs 10 lakh. But both the companies planned to raise Rs 20,000 crore each. Imagine applying for a bank loan of Rs 20,000 crore with only Rs 10 lakh as your contribution. A banker would fall laughing on such a proposal, but ROC allowed the Sahara Group companies to go ahead with the proposal. More than one law was flouted by Sahara in issuing these OFCDs, which it calls private placement.
    4. Firstly, the sheer size of the issue makes it a public issue. Any company seeking money from more than 50 persons has to take the approval of Sebi in doing so, in which case the company would have to make all the disclosures required as per Sebi norms. The Sahara group had sought money from nearly 30 million investors. Apart from the size and number of investors, another deliberate error was keeping the issue open ended; ideally such issues should be closed within six weeks. In fact a Sahara group company kept an issue of Rs 17,250 crore open for 10 years.
    5. Sahara’s money-making machine could have continued had it not committed another major mistake. Sahara decided to tap the stock markets to raise money through Sahara Prime City. In doing so the company had to file a Red Herring Prospectus and disclose working and financials of other group companies. This is when K M Abraham spotted SIREC and SHIC and found that the money raised through OFCDs was camouflaged as private placements.
    6. Abraham found out that even though the Sahara group companies collected money they did not have proper records of the identity of its investors. How and to whom would they then return the money? Even professional agencies were unable to locate the investors.
    7. The two companies, Abraham alleged, intended to rotate money between group companies. Though the OFCD instruments were issued in the name of the two companies, cheques were sought in the name of Sahara India.
    8. When Sebi issued its order on the wrongdoings of the Sahara group on June 23, 2011, Sahara group took the matter with Securities Appellate Tribunal (SAT). But SAT held the Sebi findings to be correct. SAT in its order said “What it (Red Herring Prospectus) did not disclose was the fact that the information memorandum was being issued to more than 30 million persons inviting them to subscribe to the OFCDs and there lies the catch…This concealment is, indeed, very significant and goes to the root of the controversy.”
    9. Sahara group then approached the Supreme Court but in August 2012, the honourable court asked the group to repay an amount of over Rs 24,000 crore to Sebi within 90 days. The regulator will then distribute the money to bonafide investors. But suddenly Sahara said it had repaid most of the money over the last one year and an amount of just over Rs 5,000 crore was pending.
    10. In the October hearing Supreme Court had clearly hinted that it was no longer amused by the delaying tactics of the Sahara group and would detain the group’s officials till the payments are made. The Supreme Court Bench had said that previous orders not been compiled with and that was why Roy and the directors were been summoned to explain the delay. Roy did not turn up, thus the non-bailable warrant with an order to appear before the court on March 4.

     
    12) Pawan Goenka has been appointed chairman of the board of governors of Indian Institute of Technology- Madras. He is the executive director and president, Automotive & Farm Equipment Sectors of which company? Ans:(1)
    1. Mahindra & Mahindra 2. Tata Motors 3. Jasper Industries 4. Ashok Leyland 5. MRF Tyres

    Explanation: President Pranab Mukherjee made the appointment in his capacity as 'visitor of the institute'.
    Goenka, who took charge on Monday, is the 12th chairman of the board of governors of the institute. He will hold the post for three years. He takes over from M M Sharma who brought a sharp focus on research at IIT-M during his tenure, said a statement from the institute.

     
    13) According to cyberspace 2025-today’s decisions, tomorrow’s terrain by 2025, every seventh netizen in the world will be an Indian. This is the report released by which among the following companies? Ans:(2)
    1. Google 2. Microsoft 3. Facebook 4. Orkut 5. Netscape Navigator

    Explanation: The country would emerge as a leading player in the virtual world by having 700 million Internet users as against the 4.7 billion global users by 2025. Half of the 4.7 billion will come from the emerging countries, led by countries like India, Cameroon and Pakistan.
    “During the same period, the entire European Union will add only 105 million new broadband subscriptions, from about 143 million in 2012 to 248 million in 2025
    The report said that the total number of broadband subscriptions in India would go up by over 30 times to reach 700 million from the present 20 million.

     
    14) The Reserve Bank of India (RBI) has mandated the lenders to maintain how much per cent liquidity coverage ratio (LCR) from January 1, 2015? Ans:(1)
    1. 60% 2. 70% 3. 80% 4. 90% 5. 24%

    Explanation: Also, the central bank suggested a phased manner in which the ratio will have to increase to 100 per cent by January 1, 2019. Equal quantum of increase has been suggested for every year, till 2019.
    The LCR promotes short-term resilience of banks to potential liquidity disruptions by ensuring that they have sufficient high-quality liquid assets (HQLAs) to survive an acute stress scenario lasting for 30 days
    . LCR is defined as the proportion of high-quality liquid assets to the total net cash outflows in the next 30 calendar days.
    Typically, banks face two types of liquidity risks — funding liquidity risk and market liquidity risk. Funding liquidity risk is the one in which the bank is unable to meet expected and unexpected future cash flows and collateral needs without affecting its financial condition.
    Market liquidity risk is the one when a bank cannot easily offset or eliminate a position at the prevailing market price because of inadequate market depth or market disruption. Banks, however, has been asked to achieve a higher ratio than the minimum prescribed above as an effort towards better liquidity risk management.
    The move from the Indian banking regulator comes after the Basel Committee on Banking Supervision proposed certain reforms to strengthen capital and liquidity regulations in the aftermath of the global financial crisis of 2008.
    The central bank had conducted a Quantitative Impact Study (QIS) as on December 2013 on a sample of banks to assess their preparedness for the Basel III Liquidity ratios, which indicated that the average LCR for these banks varied from 54 per cent to 507 per cent. In the draft guidelines on liquidity risk management of banks, released on November 2012, the board of the bank has been given the overall mandate to ensure liquidity coverage.
    RBI had said that the banks’ boards should develop strategy, policies and practices to manage liquidity risk in accordance with the risk tolerance and ensure that the bank maintains sufficient liquidity. The boards were also asked to review the strategy, policies and practices at least annually.
    What is liquidity Coverage Ratio?
    Highly liquid assets held by financial institutions in order to meet short-term obligations. The Liquidity coverage ratio is designed to ensure that financial institutions have the necessary assets on hand to ride out short-term liquidity disruptions. Banks are required to hold an amount of highly-liquid assets, such as cash or Treasury bonds, equal to or greater than their net cash over a 30 day period (having at least 100% coverage). The liquidity coverage ratio started to be regulated and measured in 2011, but the full 100% minimum won't be enforced until 2015.
    The liquidity coverage ratio is an important part of the Basel Accords, as they define how much liquid assets have to be held by financial institutions. Because banks are required to hold a certain level of highly-liquid assets, they are less able to lend out short-term debt.

     
    15) The Reserve Bank of India (RBI) on which day simplified know-your-customer (KYC) norms for opening bank accounts? Ans:(1)
    1. 9th June 2. 10th June 3. 11th June 4. 12th june 5. 13th June

    Explanation: RBI said only one address proof -either permanent or current - would be required to open a bank account. In case the address mentioned as per 'proof of address' undergoes a change, fresh proof of address has to be submitted to the branch within six months.
    RBI said in case a customer was staying away from his permanent residence, a simple declaration by the customer, detailing his new address, would suffice to open a new bank account. "No proof is required to be submitted for such address for correspondence. This address may be verified by the bank through 'positive confirmation' such as acknowledgment of receipt of (i) letter, cheque books, ATM cards; (ii) telephonic conversation; (iii) visits; etc," the RBI said in a notification.
    KYC NORMS
    KYC is an acronym for “Know your Customer”, a term used for customer identification process. It involves making reasonable efforts to determine true identity and beneficial ownership of accounts, source of funds, the nature of customer’s business, reasonableness of operations in the account in relation to the customer’s business, etc which in turn helps the banks to manage their risks prudently. The objective of the KYC guidelines is to prevent banks being used, intentionally or unintentionally by criminal elements for money laundering. KYC has two components - Identity and Address. While identity remains the same, the address may change and hence the banks are required to periodically update their records.
    NOW, SUBMIT SINGLE PROOF OF ADDRESS TO OPEN BANK ACCOUNT
    Migrant workers and transferred employees need to submit only one documentary proof of address (either current or permanent) while opening a bank account, according to the Reserve Bank of India.
    In a notification, RBI said
    “In case the address mentioned as per ‘proof of address’ undergoes a change, fresh proof of address may be submitted to the branch within a period of six months,” the notification added.
    At present, if the address indicated on the document submitted for identity proof differs from the current address mentioned in the account opening form, banks have to obtain a separate proof of address.

     
    16) The National Bank for Agriculture and Rural Development (NABARD) has reduced the rate of interest by how many basis points on its long-term refinance facility to banks to help promote farm sector investments?Ans:(1)
    1. 20 2. 30 3. 40 4. 10 5. 11

    Explanation: Also, financing for efficient agricultural technologies would get a further incentive of 50 basis points
    NABARD
    National Bank for Agriculture and Rural Development (NABARD) is an apex development bank having headquarters based in Mumbai and other branches are all over the country. The Committee to Review Arrangements for Institutional Credit for Agriculture and Rural Development (CRAFICARD), set up by the Reserve Bank of India (RBI) under the Chairmanship of Shri B. Sivaraman, conceived and recommended the establishment of the National Bank for Agriculture and Rural Development (NABARD). It was established on 12 July 1982 by a special act by the parliament and its main focus was to uplift rural India by increasing the credit flow for elevation of agriculture & rural non farm sector .

     
    17) Which country’s top court on 9th June rejected the Islamist-led parliament's appointment of a new prime minister in a contested vote, ending one power struggle as a renegade general's offensive against Islamist militias in the east rages on? Ans:(2)
    1. Syria 2. Libya 3. Sudan 4. Cuba 5. Iraq

    Explanation: The Supreme Constitutional Court declared Prime Minister Ahmed Maiteg's appointment unconstitutional, but gave no further details or instructions. Islamists in parliament and Maiteg said they would abide by the decision, thus leaving interim Prime Minister Abdullah al-Thinni in office.
    Libya has sunk into chaos following the downfall and the killing of longtime dictator Moammar Gadhafi in the country's 2011 civil war. Heavily armed militias, born out of the rebel groups that toppled Gadhafi, now are the main power in the country.

     
    18) India on 9th June successfully test- fired the 290 km-range BrahMos supersonic anti-ship cruise missile from the country's largest indigenous warship INS Kolkata off the coast of Karwar. Karwar belongs to which state? Ans:(2)
    1. Kerala 2. Karnataka 3. Orissa 4. Assam 5. AP

    Explanation: The Mazagon Dockyards Limited-built INS Kolkata is yet to be formally inducted into the Navy and will have the capability to launch 16 BrahMos missiles in one go when it enters operational service.
    INS Kolkata is the first of its class of warships in the country and is undergoing extensive trials before its planned induction into the Navy. The Navy has already deployed BrahMos weapon systems on several of its warships including the Russian-origin Talwar Class vessels.
    The missile is expected to be carried by all future destroyers and frigates of the Navy and it is also being developed to be offered to the maritime force for being deployed on submarines
    The missile has also been inducted into the Army and the Air Force and is being readied for firing from a Su-30MKI combat aircraft. The weapon system will also have its land version inducted into the Air Force. The Army has deployed it in both the eastern and the western fronts along the borders with both China and Pakistan.
    The Indo-Russian joint venture BrahMos Aerospace has developed several variants of the missile for different kinds of warfare and is now developing a much-faster hypersonic version of the weapon system.

     
    19) The Government has appointed whom as, the former Managing Director of Gujarat Co-operative Milk Marketing Federation (GCMMF)? Ans:(1)
    1. B M Vyas 2. M B Vedantha Rao 3. B K Salma 4. V B Vishnu Rao 5. K Sushanth Rao

    Explanation: The Government has appointed B M Vyas, the former Managing Director of Gujarat Co-operative Milk Marketing Federation (GCMMF) that owns the Amul brand, as director on the board of National Dairy Development Board.
    Vyas was the managing director of GCMMF from 1994 to 2010 for a period of 17 years during which sales of the Gujarat co-operative grew from a mere Rs 600 crore to Rs 8800 crore.
    He was respble for the launch of 38 new products and steering GCMMF during turbulent time post liberalization of Indian dairy industry. He not only launched AMUL ice cream but overrat took Kwality walls by a margin of 1:5 and made it the No.1 brand in India. He also launched Amul milk in metro markets such as Delhi, Mumbai, Kolkotta, Kanpur, Lucknow, Varansi, Allahabad etc. and overtook the competition by miles.
    B.M.Vyas also pioneered concept of total quality management in Dairy industry of India for which he was awarded Best of All Rajiv Gandhi Quality Award and Quimpro gold medal.
    NDDB
    The National Dairy Development Board is an institution of national importance set up by an Act of Parliament of India. The main office is in Anand, Gujarat. It was founded by Dr. Verghese Kurien. The National Dairy Development Board (NDDB) was created in 1965, fulfilling the desire of the then prime minister of India — the late Lal Bahadur Shastri to extend the success of the Kaira Cooperative Milk Producers' Union (Amul) to other parts of India

     
    20) Who among the following has been appointed as Additional Principal Secretary to Prime Minister Narendra Modi? Ans:(2)
    1. P K Viswas 2. P K Mishra 3. P K Mirza 4. V K Malhotra 5. N J Kulkarni

    Explanation: Former Agriculture Secretary, P K Mishra has been appointed Additional Principal Secretary to Prime Minister Narendra Modi. Mishra had served between 2001 and 2004 as Principal Secretary to Modi when he was Gujarat Chief Minister. He was Secretary in the Ministry of Agriculture between December 1, 2006 and August 31, 2008. He was appointed Chairman of Gujarat Electricity Regulatory Commission after his retirement in 2008 for a five-year term.

     
    21) Prime Minister Narendra Modi on which day dissolved four Cabinet committees and shifted their functions to either the Cabinet Committee on Economic Affairs (CCEA) or the cabinet secretary?Ans:(1)
    1. 10th June 2. 9th June 3. 8th June 4. 11th June 5. 12th June

    Explanation: The dissolved committees are: The Cabinet Committee on Management of Natural Calamities, the Cabinet Committee on Prices, the Cabinet Committee on World Trade Organization (WTO) Matters and the Cabinet Committee on Unique Identification Authority of India (UIDAI)-related issues. Modi would now re-constitute CCEA, besides the Appointments Committee of the Cabinet, the Cabinet Committee on Parliamentary Affairs, the Cabinet Committee on Political Affairs and the Cabinet Committee on Security, an official statement said here. Being Cabinet committees, all are chaired by the prime minister himself.
    While functions of the Cabinet Committee on Management of Natural Calamities will be handled by a panel under the cabinet secretary whenever natural calamities occur, tasks of three others will be handled by CCEA. The functions of the committee on WTO matters will also be looked after by the full Cabinet, whenever necessary.
    IMPORTANT POINTS
     Cabinet Committee on Management of Natural Calamities
    Now, panel under Cabinet secretary to handle its issues
     Cabinet Committee on Prices
     Cabinet Committee on World Trade Organization Matters
     Cabinet Committee on Unique Identification Authority of India
    Now, Cabinet Committee on Economic Affairs to handle works of the three panels

     
    22) The World Bank has scaled down its estimate for India's economic growth this financial year to how much per cent from 5.7 per cent projected in April? Ans:(1)
    1. 5.5% 2. 5.2% 3. 5.1% 4. 5. 8% 5. 3.4%

    Explanation: For India, as well as other developing countries, it recommended fiscal reforms such as simplifying the tax structure and broadening its base. In a report on global economic prospects released on 10th June the World Bank said robust growth might be elusive, owing to capacity constraints in several middle-income countries, including India.
    For 2012-13, India's economy grew at a decade-low of 4.5 per cent; for 2013-14, it grew 4.7 per cent.
    For 2015-16 and 2016-17, the World Bank forecast India's economic growth at 6.3 per cent and 6.6 per cent, respectively.
    The World Bank said compared to their gross domestic products (GDPs), the tax revenue of South Asian economies, including India, was lower than expected. The multilateral body cautioned there could be more pressure on the expenditure side if the event of demand to provide stimulus to support weak growth, or a failure to reform subsidies. It pointed to fuel, food and fertiliser subsidies accounting for an estimated 2.2 per cent of India's GDP in 2012-13.
    A projected decline in international crude oil prices could provide governments in South Asian countries an opportunity to gradually reduce subsidies, without big hits to household budgets, the World Bank said. It added measures to simplify the tax system, broaden the tax base and improve compliance could help raise tax revenue as share of GDP and aid in fiscal consolidation in India, as well as other developing countries. For South Asia, the report projected growth in 2014 at 5.3 per cent, 2015 at 5.9 per cent and 2016 at 6.3 per cent.
    For the global economy, the World Bank lowered its growth projection for 2014 to 2.8 per cent from three per cent made in January. It projected global GDP to expand 3.4 per cent in 2015 and 3.5 per cent in 2016, broadly in line with the projections in January.
    WORLD BANK
    The World Bank is a United Nations international financial institution that provides loans to developing countries for capital programs. The World Bank is a component of the World Bank Group, and a member of the United Nations Development Group. The World Bank's official goal is the reduction of poverty. According to its Articles of Agreement, all its decisions must be guided by a commitment to the promotion of foreign investment and international trade and to the facilitation of capital investment.
    The World Bank was created at the 1944 Bretton Woods Conference, along with three other institutions, including the International Monetary Fund (IMF). The World Bank and the IMF are both based in Washington, D.C., and work closely with each other.
    Although many countries were represented at the Bretton Woods Conference, the United States and United Kingdom were the most powerful in attendance and dominated the negotiations

     
    23) India had 175,000 millionaire households in 2013, ranking at which place in the world, according to a wealth report? Ans:(1)
    1. 15 2. 16 3. 17 4. 18 5. 19

    Explanation: India had 175,000 millionaire households in 2013, ranking 15th in the world, according to a wealth report which said the total number of millionaire households in the world rose to 16.3 million last year.
    The Boston Consulting Group's 14th annual report on the global wealth-management industry 'Riding a Wave of Growth: Global Wealth 2014' said global private financial wealth grew by 14.6 per cent in 2013 to reach a total of $152 trillion.
    The rise was stronger than in 2012, when global wealth grew by 8.7 per cent. The key drivers, for the second consecutive year, were the performance of equity markets.
    India ranked 15th last year and had 175,000 millionaire households. Its position improved slightly from 2012 when it had ranked 16 in the world for its number of millionaire households.
    India is projected to become the seventh wealthiest nation by 2018. The number of ultra-high-net-worth (UHNW) households in India, those with $100 million or more, stood at 284 last year. The total number of millionaire households reached 16.3 million in 2013, up strongly from 13.7 million in 2012 and representing 1.1 per cent of all households globally.
    The US had the highest number of millionaire households at 7.1 million, as well as the highest number of new millionaires at 1.1 million.

     
    24) Former Director General of Police of United Andhra Pradesh A.K.Mohanty and former AP bureaucrat V.N Sarma have been appointed as ………… to Governor E.S.L. Narasimhan? Ans:(1)
    1. Secretaries 2. Advisors 3. PA’s 4. PS’s 5. None

    Explanation: Former Director General of Police of United Andhra Pradesh A.K.Mohanty and former AP bureaucrat V.N Sarma have been appointed as Advisors to Governor E.S.L. Narasimhan. They would be advising the Governor on issues pertaining to Hyderabad as common capital for the states of Telangana and Andhra Pradesh.

     
    25) Sirikonda Madhusudhana Chary is the MLA of which state? Ans:(1)
    1. TRS 2. TDP 3. Congress 4. CPI 5. BJP

    Explanation: TRS MLA Sirikonda Madhusudhana Chary, who represents Bhupalapally in Warangal district, was elected unopposed as the first Speaker of the Telangana Legislative Assembly on 10th June.