Economics (Part – XIII)

Total Questions: 50

11. The new symbol of Indian currency is designed by- [S.C. Online C.G.L.(T-I) 11.09.2016 (Shift-III)]

(a) Santosh Kumar
(b) Y.V. Reddy
(c) Udayakumar
(d) Dr. Rangarajan

Correct Answer: (c) Udayakumar

Solution:The new logo of Indian currency has been designed by Uday Kumar belonging to IIT Guwahati.

12. Who is credited with designing the Indian Rupee symbol? [C.P.O. S.I. 7.06.2016 (Shift-I)]

(a) D. Uday Kumar
(b) V. Sunil
(c) Shahrukh J. Iranian
(d) Hitesh Padmashali

Correct Answer: (a) D. Uday Kumar

Solution:

The new logo of Indian currency has been designed by Uday Kumar belonging to IIT Guwahati.

13. The rupee symbol, which was introduced in India in 2010, is an amalgamation of the Devanagari 'Ra' and the________ 'R' without the stem. [S.S.C. Online CGL (T-I) 23.08.2021 (Shift-III)]

(a) Brahmi
(b) Roman
(c) Ol Chiki
(d) Cyrillic

Correct Answer: (b) Roman

Solution:

The symbol is an amalgam of Devanagari "Ra" and the Roman Capital "R" with two parallel horizontal stripes running at the top representing the national flag and also the "equal to" sign. The Indian Rupee sign was adopted by the Government of India on 15th July 2010.

14. Which of the following is not considered as legal tender money? [S.S.C. Online MTS (T-I) 20.08.2019 (Shift-I)]

(a) Gold
(b) Demand Draft
(c) money
(d) coin

Correct Answer: (a) Gold

Solution:Legal currency is money that is accepted by both the government and the public as a means of payment and to repay debts, because it has the approval of the government. Demand draft, currency, coin, check etc. are legal currencies, whereas gold is not legal tender.

15. "Smart Money" term is used for- [S.S.C. Online C.G.L.(T-I) 30.08.2016 (Shift-III)]

(a) Credit Card
(b) Internet Banking
(c) e-Banking
(d) Cash with Public

Correct Answer: (a) Credit Card

Solution:The term 'smart money' is used for credit cards.

16. Of the following abbreviations, which one is primarily an umbrella organisation for operating retail payments and settlement systems in India? [S.S.C. Online MTS (T-I) 12.10.2021 (Shift-I)]

(a) SIDBI
(b) NABARD
(c) NPCI
(d) IRDAI

Correct Answer: (c) NPCI

Solution:The National Payments Corporation of India is an um-brella organisation for operating retail payments and settlement systems under the ownership of the Reserve Bank of India in India. NPCI was founded in 2008.

17. Which of the following is NOT a new guideline for credit and debit card users given by Reserve Bank of India in October 2020? [S.S.C. Online CHSL (T-I) 16.04.2021 (Shift-III)]

(a) None of the card users will have an option to opt-in or opt-out of services on their credit/debit cards.
(b) The RBI said that debit card and credit card users from now on are allowed to set up their own transaction limits.
(c) The RBI has asked all the banks to disable online payments for all those debit and credit cards which have never been used for online or contactless transactions.
(d) All new credit and debit cards issued by the banks will be only enabled for domestic transactions at ATMs and point of sale (PoS) terminals.

Correct Answer: (a) None of the card users will have an option to opt-in or opt-out of services on their credit/debit cards.

Solution:

With the rise in banking fraud cases, the Reserve Bank of India has issued new guidelines to secure debit and credit cards. The changes were effected from Ist October 2020. None of the card users will have an option to opt-in or opt-out of services on their credit/debit cards is NOT a new guideline said by RBI.

18. As per Basel III: A global regulatory framework for more resilient banks and banking systems' released in December 2010, banks will be required to hold a capital conservation buffer of _________ of risk weighted assets (RWAs) in the form of common equity to withstand future periods of stress. [S.S.C. Online CHSL (T-I) 16.04.2021 (Shift-I)]

(a) 2.5%
(b) 0.25%
(c) 3.2%
(d) 1.6%

Correct Answer: (a) 2.5%

Solution:As per Basel III: A global regulatory framework for more resilient banks and banking systems' released in December 2010, banks will be required to hold a capital conservation buffer of 2.5% of risk weighted assets (RWAs) in the form of common equity to with-stand future periods of stress.

19. Which of the following constitute terms of credit? [S.S.C. Online MTS (T-I) 17.09.2017 (Shift-I)]

1. Interest Rate

2. Collateral

3. Documents Required

(a) I only
(b) II only
(c) III only
(d) All I, II and III

Correct Answer: (d) All I, II and III

Solution:Credit means a loan, an agreement in which the lender (creditor) supplies the borrower with money, goods or services which are to be returned in future. Terms of credit apart from the rate of interest, collateral also includes documentation, and mode of repayment.

20. Merchant discount rate refers to_______. [S.S.C. Online C.G.L. (T-I) 6.03.2020 (Shift-I)]

(a) the total discount a bank offers to the merchant for promoting online transactions
(b) the rate charged to a merchant for payment processing services on debit and credit card transactions
(c) the total discount a merchant offers on online transactions
(d) only taxes that a digital payment entails

Correct Answer: (b) the rate charged to a merchant for payment processing services on debit and credit card transactions

Solution:

Merchant Discount Rate is the rate charged to the merchant for payment processing services on transactions by debit and credit cards.

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Economics (Part – XIII)

11. The new symbol of Indian currency is designed by- [S.C. Online C.G.L.(T-I) 11.09.2016 (Shift-III)]

12. Who is credited with designing the Indian Rupee symbol? [C.P.O. S.I. 7.06.2016 (Shift-I)]

13. The rupee symbol, which was introduced in India in 2010, is an amalgamation of the Devanagari 'Ra' and the________ 'R' without the stem. [S.S.C. Online CGL (T-I) 23.08.2021 (Shift-III)]

14. Which of the following is not considered as legal tender money? [S.S.C. Online MTS (T-I) 20.08.2019 (Shift-I)]

15. "Smart Money" term is used for- [S.S.C. Online C.G.L.(T-I) 30.08.2016 (Shift-III)]

16. Of the following abbreviations, which one is primarily an umbrella organisation for operating retail payments and settlement systems in India? [S.S.C. Online MTS (T-I) 12.10.2021 (Shift-I)]

17. Which of the following is NOT a new guideline for credit and debit card users given by Reserve Bank of India in October 2020? [S.S.C. Online CHSL (T-I) 16.04.2021 (Shift-III)]

19. Which of the following constitute terms of credit? [S.S.C. Online MTS (T-I) 17.09.2017 (Shift-I)]

20. Merchant discount rate refers to_______. [S.S.C. Online C.G.L. (T-I) 6.03.2020 (Shift-I)]

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