GK UPDATE: MAY PART-IV

1. International Museum Day 2014 was recently celebrated across the world on: A. 18 May B. 19 May C. 17 May D. 15 May
Ans. A

BACKGROUND:
International Museum Day was celebrated across the world on 18 May 2014. This is the 37th International Museum Day. The theme of International Museum Day 2014 is Museum “Collections make Connections”. The theme for the year 2014 aims to rejuvenate the traditional methods which museums use to involve their communities and keep up with their public. On this day, events and activities were organised in thousands of museums all over the world to celebrate IMD 2014 for the museum community. The day aims to increase public awareness about the role of museums in the development of society.

About International Museum Day
• International Museum Day is organised by International Council of Museums (ICOM) across the world every year on 18 May. The first international Museum day was celebrated in 1977.
• ICOM encourages the participation of museums of all kinds, bringing them together each year around a common International Museum Day theme.
• Around 35000 museums from 100 countries on five continents participate in International Museum Day 2013.

2. Nabam Tuki has been sworn-in as the Chief Minister of: A. Arunachal Pradesh B. Assam C. Nagaland D. Tripura
Ans. A

BACKGROUND:
Nabam Tuki on 18 May 2014 was sworn-in as the eighth (seventh as person) Chief Minister of Arunachal Pradesh at the Raj Bhavan in Itanagar. This is second consecutive term for the veteran congress leader. His oath to the office and secrecy was administered by the Governor Lt. Gen. (Retd). Nirbhay Sharma. He was sworn in as the seventh Chief Minister of Arunachal Pradesh on 1 November 2011 as a successor of Jarbom Gamlin. He was selected as the Chief Minister due to internal revolt within Congress Party. In the internal revolt 42 Congress legislators in the 60 member house had opposed Gamlin due to his authoritarian rule. Gamlin was made Chief Minister of the State after the death of former Chief Minister Dorjee Khandu on 30 April 2011 in a helicopter crash.

3. Sir Jack Brabham, who recently died in Australia, was a: A. Three time F-1 champion B. Two time Olympic Gold Medalist C. Two time Hockey World Cup Winner D. Three time FIFA World Cup Winner
Ans. A

BACKGROUND:
Sir Jack Brabham, the three-time Formula One world champion died on 19 May 2014 at his home in Australia after a long illness. He was 88. He won the F-1 titles in 1959, 1960 and 1966. In 1966, he won the F-1 title in his own car named Brabham, which was built by him.

About Sir Jack Brabham
• He was known as Black Jack
• He was the first driver in the history to be knighted for his services to motorsport. He received the honour in 1979
• Till now, he is the only man, who won a title in the F1 world championship in a car designed and built by him
• His new car made debut in F1 racing in 1962, which needed to be changed in 1966 due to regulations that allowed a three-liter engine
• He made first victory in his own car in 1966 French Grand Prix. The car was fitted with V8 engine built by Australian Repco Company
Now, Brabham is survived by his wife, Lady Margaret, three sons Geoff, Gary and David and their families.

4. N Srinivasan, who died recently, was a: A. Nuclear scientist B. Dramatist C. Famous Documentary Film maker D. Veteran Singer
Ans. A

BACKGROUND:
N Srinivasan, the veteran nuclear scientist and Padma Bhushan recipient died on 18 May 2014. He died due to cardiac arrest at the age of 84

About N Srinivasan
• He joined Department of Atomic Energy in 1953
• He was the design engineer for the Plutonium (Pu) plant at Trombay
• He established the indigenous technology for reprocessing spent fuels from thermal reactors
• Srinivasan was the first project director of the Indira Gandhi Centre for Atomic Research (formerly called Reactor Research Centre) at Kalpakkam
• Srinivasan helped India to attain self-sufficiency in Heavy Water Production as Chief Executive of Heavy Water Board
• He was a member of Atomic Energy Commission during 1982 to 87
• He was awarded with Padma Bhusan in 2000
• In 2009, he received the Lifetime Achievement Award of department of Atomic Energy for excellence in science and technology

5. Name the Prime Minister’s Economic Advisory Council Chairman who has resigned recently: A. C Rangarajan B. Saumitra Chaudhuri C. V.S. Vyas D. Dilip M. Nachane
Ans. A

BACKGROUND:
Prime Minister’s Economic Advisory Council (PMEAC) Chairman Chakravarthi Rangarajan resigned on 19 May 2014. He\ sent his resignation to the Prime Minister Manmohan Singh. He resigned following the defeat of the Congress-led UPA in the general elections 2014. Since the term of the PMEAC was parallel to that of the Prime Minister, hence with the resignation of the PM Manmohan Singh on 17 May 2014, the PMEAC also needs to resign. The PMEAC was headed by C Rangrajan and had Saumitra Chaudhuri, V.S. Vyas, Pulin B. Nayak and Dilip M. Nachane as members.

6. Novak Djokovic has won the Men’s Italian Tennis Open 2014 for the: A. Third time B. Second time C. Fourth time D. First time
Ans. A

BACKGROUND:
Novak Djokovic won the men’s Italian Tennis Open 2014 held in Rome, Italy on 18 May 2014. Novak of Serbia defeated Rafael Nadal of Spain 4-6, 6-3 and 6-3 in the final. This is Novak’s third Italian Open and his 44th title overall. The Italian Open was won by Novak’s was his 19th career Masters Title and his 19th win against Nadal in 41 meetings. In the women’s category, Serena Williams of US won the Italian Open 2014 against Sara Errani of Italy. The Italian Open 2014 was held in Rome Italy from 11 May 2014 to 18 May 2014. It is red clay tennis tournament after French Tournament. It is also known as Rome Masters or Italians Championships.

7. Which of the following countries has honoured 100 years of Indian cinema by releasing two postage stamps? A. Brazil B. Canada C. Russia D. Japan
Ans. A

BACKGROUND:
To pay tribute to the 100 years of Indian cinema, Brazil on 5 May 2014 released two postage stamps designed by an Indian graphic designer. The stamp was released in Brasilia to mark the Indian Cinema Film Festival which is dedicated to contemporary Indian cinemas. The postage stamps have been designed by Kochi-based graphic designer Satya Raj and were released by India’s Ambassador to Brazil, Ashok Tomar along with Anand Jyothi and Carina Bini Palackapilly, the curators and directors of the festival.

8. Which of the following country’s Army Chief General Prayuth Chan-ocha has declared the imposition of martial law? A. Thailand B. Fiji C. Congo D. Philippines
Ans. A

BACKGROUND:
Commander-in-Chief of Royal Thai Army, General Prayuth Chan-ocha declared the imposition of martial law in Thailand on 20 May 2014. The decision to impose martial law was taken after caretaker government headed by Prime Minister Niwattumrong Boonsongpaisan refused to step down. The Army chief signed the military statement imposing the martial law in accordance with the 1914 law that allowed military to intervene during crisis time. The martial law was imposed in the country amid political crisis to preserve law and order in the country. The declaration also granted wide ranging powers to the army to enforce its decision. The army, which is seen by many as sympathetic to anti government protesters, has staged 11 coups since the end of absolute monarchy in 1932. Thailand has been gripped by off-and-on political turmoil since 2006 when the then Prime Minister, Thaksin Shinawatra, was toppled by a military coup after being accused of corruption, abuse of power and disrespect for King Bhumibol Adulyadej. The latest round of unrest started in November 2013 when anti-government protesters took to the streets to try to oust the then Prime Minister, Yingluck Shinawatra, Thaksin’s sister. She dissolved the lower house of parliament in December 2013 in an attempt to ease the crisis, and then led a weakened, caretaker government with limited powers. In May 2014,the constitutional court ousted Yingluck and nine cabinet ministers for abuse of power. But the move has done little to resolve the political conflict that pits the rural poor majority, who support Yingluck, against her opponents who are largely drawn from the urban middle and upper class.

9. Jitan Ram Manjhi was sworn-in as the new Chief Minister of A. Jharkhand B. Chhattisgarh C. Orissa D. Bihar
Ans. D

BACKGROUND:
Jitan Ram Manjhi was sworn-in as the new Chief Minister of Bihar on 20 May 2014. His oath of the office and secrecy was administered by the Governor of Bihar, DY Patil at the Raj Bhavan in Patna. He succeeded Janata Dal – United (JD-U) leader, Nitish Kumar who resigned from the post of Chief Minister on 17 May 2014 after the debacle of the party in the 16th Lok Sabha election. Nitish Kumar served as Chief Minister of Bihar for two term from 2005 – 2009 and from 2009 – 2014. Apart from Manjhi, Governor Patil also administered oath to 17 other ministers including two independents. Of these 17 ministers, 15 ministers of the Nitish Kumar government have retained their place in the newly formed Jitan Ram Manjhi ministry and two new MLAs have been inducted. The newly inducted MLAs are Dular Chandra Goswami and Vinay Bihari. The newly formed government will seek a vote of confidence on 23 May 2014.

About Jitan Ram Manjhi
• Manjhi is a native of Mahkar village of Gaya district and is the third Dalit Bihar Chief Minister after Bhola Paswan Shastri and Ram Sundar Das.
• In the Nitish Kumar led Cabinet, Manjhi was SC’ST welfare minister
• He is a legislator from the Makhdoompur assembly constituency in Jehanabad district

10. ‘Project-75India’ is associated with which of the following armed forces? A. Indian Navy B. Indian Army C. Indian Air Force D. BSF
Ans. A

BACKGROUND:
The Navy’s case for six new stealth submarines called ‘Project-75India’, valued upwards of Rs 50,000 crore, got the “acceptance of necessity” way back in November 2007. Since then, defence minister A K Antony has set up at least three committees to examine issues related to the project, showing no sense of urgency, with Admiral Joshi time and again being forced to sound an alarm over the huge delay in the project.

11. Many a time we come across an economic term GDR. GDR stands for A. Gross Depository Revenue B. Global Depository Receipt C. Gross Domestic Revenue D. Global Depository Revenue
Ans. B

BACKGROUND:
Depository receipts are receipts denominated in foreign currency created by a depository in the country of listing. There are two popular types of DRs — global depository receipts and American depository receipts. DRs are created against the underlying equity shares of the Indian company in a predetermined ratio. Depository receipts were the first option for Indian policymakers when they decided to throw open the economy to foreign investors in early nineties. Beginning of life with foreign investments started with DRs, it was pointed out. The Finance Ministry had in September 2013 set up a Committee under the chairmanship of M.S. Sahoo, Secretary, Institute of Company Secretaries of India, to undertake a comprehensive review of the foreign currency convertible bonds and depository receipt mechanism scheme. The Centre has accepted the Sahoo panel report that reviewed the depository receipts scheme framed in the year 1993. The key recommendations of the committee include allowing issuance of depository receipts against any underlying securities equity or debt, by any issuer-listed or unlisted. The Sahoo Panel has recommended that depository receipts can be issued both for raising capital through new shares or against existing/secondary shares and the issuance may be either sponsored or unsponsored. It is also proposed that depository receipts will count as public shareholding if they have attached voting rights for holders.

12. Which of the following stock exchanges will cease to exist from May 30 after it failed to adhere to several new regulatory requirements outlined by SEBI? A. Jaipur Stock Exchange B. Bhubaneswar Stock Exchange C. Bangalore Stock Exchange D. Madras Stock Exchange
Ans. D

BACKGROUND:
With the 30 May deadline for stock exchanges to meet new net worth and trading norms looming large, 15 of the 20 stock exchanges in the country have opted to exit the business altogether. Sebi’s new norms for stock exchanges mandate minimum net-worth of Rs.100 crore and an annual trading of Rs.1,000 crore. The stock market regulator gave the recognized stock exchanges two years to comply or exit the business. According to two people directly familiar with the matter, including an official of Securities and Exchange Board of India (Sebi), 11 regional stock exchanges (RSEs) have already submitted their exit applications to Sebi, while the boards of four other exchanges will be meeting later this month to consider the resolutions related to closure of business. Neither of the two people wished to be identified. The Bombay Stock Exchange (BSE), United Stock Exchange (which agreed to merge with BSE), MCX Stock Exchange Ltd (MCX-SX), National Stock Exchange (NSE) and the Calcutta Stock Exchange will continue in business, said the first person. Of the remaining 15 stock exchanges, 11 have already applied to exit the business, said this person. The other four are also working towards this, he added. “The Madras Stock Exchange is convening meeting for passing the resolution for an exit. Ahmedabad Stock Exchange and Delhi Stock Exchange are also convening the meeting for an exit. The MPSE (Madhya Pradesh Stock Exchange Ltd.) is also working on an exit.”

13. A new political party that meets the 4% criterion in a particular state is recognised as a ‘state party’. To gain recognition as a national party, a party must be recognised as a state party in at least ________states. A. two B. three C. four D. five
Ans. C

BACKGROUND:
India has a multi-party system with predominance of small regional parties. Political parties that wish to contest local, state or national elections are required to be registered by the Election Commission of India (EC). In order to gain recognition in a state, the party must have had political activity for at least five continuous years, and send at least 4% of the state’s quota to the Lok Sabha (India’s Lower house), or 3.33% of members to the Legislative Assembly of that state. These conditions are deemed to have failed if a member of the Lok Sabha or the Legislative Assembly of the State becomes a member of that political party after his election. If a party is recognised in four or more states, it is declared as a “National party” by the EC. Otherwise, it is known as a “State Party”. All parties contesting the elections have to choose a symbol from a list of available symbols offered by the EC. All 28 states of the country along with the union territories of Puducherry and the National Capital Territory of Delhi have an elected government unless President’s rule is imposed under certain conditions. The total number of political parties is as follows:
• Total Registered Parties-1616
• National Parties-6
• State Parties-47
• Unrecognized Parties-1563

14. Which of the following islands became the first island in the world fully energy self-sufficient through combined water and wind power recently? A. El Hierro B. Mindanao C. Hokkaido D. Sakhalin
Ans. A

BACKGROUND:
El Hierro, nicknamed Isla del Meridiano (the “Meridian Island”), is the smallest and farthest south and west of the Canary Islands (an Autonomous Community of Spain), in the Atlantic Ocean off the coast of Africa, with a population of 10,162. According to the Ministry for Industry, Tourism and Commerce, El Hierro will become the first island in the world to be energy self-sufficient. This will be achieved through a €54 million project combining a greater than 11 megawatt wind farm and two hydroelectric projects. The project, created by the local Gorona del Viento El Hierro consortium with financial aid from the European Union, will construct five wind turbines of type E-70 capable of producing 11.5 megawatts of wind power to supply electricity for approximately 11,000 residents, an additional number of tourists, and three water desalination facilities. The hybrid wind/pumped hydro storage system will store surplus wind power by pumping water up 700 meters (approximately 2,300 feet) to fill the crater of an extinct volcano. When winds are calm or when demand exceeds supply, water will be released from the crater to generate 11.3 MW of electricity, filling an artificial basin created at the bottom of the extinct volcano. Water in the lower basin is then pumped back up again to the upper reservoir when there is excess wind power. The closed-loop hybrid wind/hydro system, to be tested by the end of 2013, is expected to save approximately US$4M per year (calculated with January 2011 oil prices) currently spent on about 40,000 barrels of crude oil imported annually, and will make the island completely self-sufficient for electrical energy. As of May 2014, the island has become completely self sufficient for electrical energy.

15. Which of the following countries approved a new tax regime, recently, under which those with annual net income of over USD 333,000 will be subject to a 45 per cent income tax rate? A. Taiwan (Republic of China) B. South Korea C. Singapore D. Philippines
Ans. A

BACKGROUND:
Taiwan’s parliament has approved a so-called “rich man’s tax” on nearly 10,000 of the island’s wealthiest people in a bid to narrow the widening income gap. Starting next year, those with annual net income of over USD 333,000, or the richest 1.5 per cent of individuals or families, will be subject to a 45 per cent income tax rate, up from the current 40 per cent, said the finance ministry. The revised income tax law passed by parliament yesterday also includes business tax hikes on banks and insurers as well as more tax deductions for low-income families, salarymen and the disabled, the ministry said. It is expected to generate an extra 65 billion Taiwan Dollars more a year in revenue for the government, including 9.9 billion Taiwan Dollars from the richest people as well as around 20 billion Taiwan Dollars from the banking and insurance sectors. Finance minister Chang Sheng-ford has said that the taxation reform was aimed at improving income distribution and was backed by tycoons such as Foxconn Group founder Terry Gou. Taiwan’s income gap reached a record level in 2011, as the wealthiest families earned 96 times more than the poorest, according to the latest official data. The bottom five percent of families reported an average annual income of 48,000 Taiwan Dollars, compared with 4.63 million Taiwan Dollars earned by the top five percent in 2011, based on their income tax filings. Observers have blamed the rapidly widening gap between the rich and the poor as one of the reasons behind a recent string of anti-government protests.

16. Conference on Interaction and Confidence Building Measures in Asia (CICA) is a multi-national forum for peace, security and stability in Asia. The fourth CICA summit was held in which of the following cities recently? A. Istanbul B. Astana C. Shanghai D. Ankara
Ans. C

BACKGROUND:
The Conference on Interaction and Confidence-Building Measures in Asia (CICA) is an inter-governmental forum for enhancing cooperation towards promoting peace, security and stability in Asia. It is a forum based on the recognition that there is close link between peace, security and stability in Asia and in the rest of the world. The idea of convening the CICA was first proposed by Kazakhstan President Nursultan Nazarbayev on 5 October 1992, at the 47th Session of the United Nations General Assembly.

17. The Bhagwan Mahaveer Viklang Sahayata Samiti (BMVSS), an Indian NGO manufacturing the world famous Jaipur Foot, signed an agreement recently with which of the following countries to supply artificial limbs to some 1000 people free of cost? A. Iraq B. Syria C. Libya D. Afghanistan
Ans. D

BACKGROUND:
Bhagwan Mahaveer Viklang Sahayata Samiti-BMVSS is a Jaipur-based non-profit organization, founded by DR Mehta in 1975. It is the world’s largest organization for the handicapped in terms of fitment of artificial limb, calipers etc., providing them with artificial limbs, calipers, crutches, ambulatory aids like wheel chairs, and other aids and appliances totally free of cost. The main objective of BMVSS is the physical and socio-economic rehabilitation of the physically disabled, especially the resource-less, so they may lead a life of dignity and become productive members of the community. It also conducts scientific and technical research in developing and improving aids and appliances for the physically challenged and also organizes workshops and seminars for dissemination of knowledge and expertise related to the manufacture of such products

18. Biju Janata Dal won the recent assembly polls in Odisha. Who among the following is all set to become the Chief Minister of the state? A. Janaki Ballabh Patnaik B. Srikant Kumar Jena C. Baijayant Panda D. Naveen Patnaik
Ans. D

BACKGROUND:
Naveen, now in the 14th year of his chief ministership proved political pundits wrong as he bucked anti-incumbency and Modi wave to record wins in more than 3/4th of the 147 assembly seats of Odisha. Naveen who is all set to create history\ by becoming the first Odia politician to become chief minister for a consecutive fourth time led his party to a win which very few could anticipate. Incidentally, JB Patnaik of Congress is the logest serving chief minister of Orissa, was a three time chief minister. Even Naveen’s illustrious father Biju Patnaik, after whom BJD was named, was a two time chief minister.

19. Montek Singh Ahluwalia, has resigned as the Deputy Chairman of Planning Commission. Name the other member who also has resigned A. Saumitra Chaudhuri B. Abhijit Sen C. BK Chaturvedi D. K Kasturirangan
Ans. C

BACKGROUND:
Montek Singh Ahluwalia, the Deputy Chairman of Planning Commission of India resigned from his office on 17 May 2014. He submitted his resignation to the Prime Minister, Manmohan Singh after the Union Cabinet meet held in New Delhi. Apart from Ahluwalia, another member of the Planning Commission BK Chaturvedi also submitted his resignation. The Full-time members of the Planning Commission members apart from Montek Singh Ahluwalia were:
• BK Chaturvedi
• Saumitra Chaudhuri
• Syeda Hameed
• Narendra Jadhav
• Abhijit Sen
• Mihir Shah
• K Kasturirangan
• Arun Maira

About Planning Commission
The Planning Commission was set up by a Resolution of the Government of India in March 1950. It was constituted in pursuance of declared objectives of the Government to promote a rapid rise in the standard of living of the people by efficient exploitation of the resources of the country, increasing production and offering opportunities to all for employment in the service of the community. Jawaharlal Nehru was the first Chairman of the Planning Commission and first Deputy Chairman was Gulzari Lal Nanda.

20. Pakistan Electronic Media Regulatory Authority (PEMRA) recently suspended three Geo TV Channels for leveling allegations against ___________ A. ISI B. Army Chief C. Prime Minister D. President
Ans. A

BACKGROUND:
Pakistan Electronic Media Regulatory Authority (PEMRA) on 20 May 2014 suspended three television channels of Geo TV network. Geo TV network is the country’s largest and most influential. These were suspended for leveling allegations against the Inter Service Intelligence (ISI) and showing blasphemous morning show on its entertainment channel. The three channels that have been suspended by the five-member Pakistani electronic media watchdog are Geo News, Geo Entertainment and Geo Tez.

21. Pawan Chamling was sworn-in as the Chief Minister of Sikkim recently for the record 5th term. The oath of the office was administered by the Governor of Sikkim. Who is the Governor of Sikkim? A. Manjunath Pandey B. Shriniwas Patil C. LT. GEN. T. Srikrishna D. Prahlad Dhankad
Ans. B

BACKGROUND:
Pawan Chamling was sworn-in as the Chief Minister of Sikkim on 21 May 2014 for a record fifth consecutive time. Governor of Sikkim, Shriniwas Patil administered the oath of office and secrecy to Chamling and his 11 ministers at Raj Bhawan in Gangtok. Chamling is the leader of Sikkim Democratic Front (SDF) and has secured a two-third majority in the Assembly elections by winning 22 seats out of 32. The Sikkim Krantikari Morcha will be the opposition party in the assembly as it has secured 10 seats.

22. Which of the following gases were put in the prohibited list by WADA Foundation Board recently? A. Xenon B. Argon C. Both A and B D. Nitrogen
Ans. C

BACKGROUND:
The World Anti-Doping Agency (WADA) on 18 May 2014 added two noble gases Xenon (Xe) and Argon (Ar) in the list of banned/prohibited substances list. Xenon and Argon gases were banned after claims that athletes can use it through inhalation to enhance their performance, illegally. As per the scientific studies, the gas has the power to artificially increase the levels of hormone Erythropoietin (EPO) in the blood that is forbidden under the WADA’s rules.

About WADA
• WADA was established in 1999 as an international independent agency composed and funded equally by the sport movement and governments of the world.
• Its seat is in Lausanne, Switzerland, and its headquarters are in Montreal, Canada.
• Its key activities include scientific research, education, development of anti-doping capacities, and monitoring of the World Anti Doping Code (Code) – the document harmonizing anti-doping policies in all sports and all countries.
• WADA is a Swiss private law Foundation.

23. Marks & Spencer retail has recently announced that it is going to open 100 stores in India. To which country does this company belong? A. UK B. USA C. Switzerland D. South Korea
Ans. A

BACKGROUND:
UK based Marks & Spencer on 20 May 2014 announced that the company will open 100 stores in India by 2016. Earlier it had planned to open 86 stores in India. At present, Marks & Spencer (clothing retailer) operates 40 stores in India and it same-store-sales grew 13 percent in the fiscal year 2013-14.

About Marks & Spencer
• Mark & Spencer was founded in 1886 and is headquartered at Leeds.
• Marks & Spencer operates in India as a joint venture with Reliance Retail, a unit of Mukesh Ambani led Reliance Industries.
• M&S faces tough competition in India from the world’s biggest fashion retailer Inditex SA (ITX.MC. and its Zara brand.
• Managing Director of Marks & Spencer Reliance India- Venu Nair

24. Which of the following constituencies in India registered the highest voter turnout in general elections 2014? A. Dhubri B. Ahmadabad C. Varanasi D. North Delhi
Ans. A

BACKGROUND:
Dhubri Parliamentary constituency in Assam registered the highest voter turnout in the General Election 2014 while Srinagar in Jammu & Kashmir saw the lowest voter turnout in the Election 2014. This was revealed by the Election Commission Statistics on voter’s turnout in Parliamentary Constituencies in the third week of May 2014. Dhubri constituency registered a voter turnout of 88.22 percent whereas Srinagar registered a voter turnout of 25.86 percent.

25. With the inclusion of Bharatiya Mahila Bank in the Second Schedule of RBI Act, 1934 the total number of scheduled commercial banks in India now stands at: A. 78 B. 88 C. 90 D. 92
Ans. C

BACKGROUND:
Bharatiya Mahila Bank (BMB) was included in the second schedule of the Reserve Bank of India (RBI) Act, 1934. The inclusion of the BMB in the second schedule was announced by RBI in a notification issued in Mumbai on 21 May 2014. With the inclusion of BMB, total number of scheduled commercial banks in India now stands at 90. As on 2 May 2014, there were 89 Scheduled commercial banks in India. The inclusion of BMB in the second schedule of the RBI Act, 1934 means that now it will be eligible for loans from RBI on bank rate and also acquired membership of clearing houses.

About Bharatiya Mahila Bank (BMB)
Bharatiya Mahila Bank (BMB) is the first all-women bank of India. It started functioning on 19 November 2013 with a capital of 1000 crore rupees. Key objectives are to focus on the banking needs of women and promote economic empowerment. The current loan portfolio of the bank is about 80 to 90 crore rupees. It is a bank that provides loan to the girl child at a concessional rate, which is 1% lower than the normal rates. The bank was incorporated under the Companies Act 1956 on 5 August 2013 and received the certificate of commencement of Business on 22 August 2013 and Banking License from RBI on 25 September 2013. Its Corporate Office is at the IFCI Towers of Nehru Place in New Delhi. The Bank at present has 23 branches across the country and is aimed to add 55 – 60 branches in the financial year 2014-15. For girl child it has BMB Nanhi Kali Recurring Deposit Scheme

26. RBI has eased ________ import norms under the 20:80 Scheme.
Ans. Gold

BACKGROUND:
The Reserve Bank of India (RBI) on 21 May 2014 eased the gold import norms under the 20: 80 Scheme. Under the 20:80 Scheme, Star trading houses and premier trading houses, which are registered as nominated agencies by the Directorate General of Foreign Trade (DGFT) now can import gold. With this move the number of institutions which imports gold will go up and will increase supply of gold. Besides, it will also lead to fall in the prices of gold. The RBI had imposed severe restrictions on gold imports to combat the Current Account Deficit (CAD) and sliding rupee in July 2014. RBI prescribed a 20:80 formula, which tied imports with exports of gold. Under the 20:80 Scheme, an importer has to ensure that at least 20 percent of every lot of imported gold is exclusively made available for exports as finished good and the balance for domestic use. The facility was available to the selected banks only and other entities were barred from imports of gold.

27. Narendra Kumar Verma was recently appointed MD of ONGC Videsh Ltd. ONGC Videsh Ltd is a: A. Maharatna company B. Miniratna company C. Neither A nor B D. Under consideration of CPSE as such
Ans. B

BACKGROUND:
Narendra Kumar Verma was selected as Managing Director of ONGC Videsh Ltd (OVL) by Public Enterprises Selection Board (PESB) on 21 May 2014. He succeeded Dinesh K Sarraf who was elevated as Chairman and Managing Director of Oil and Natural Gas Corporation (ONGC) in March 2014. At the time of selection, Verma (55) was serving the OVL’s parent company, ONGC as the director for exploration.

ONGC Videsh Limited
ONGC Videsh Ltd. (OVL) is a Miniratna Schedule “A” Central Public Sector Enterprise (CPSE) of the Government of India under the administrative control of the Ministry of Petroleum & Natural Gas. It is a wholly owned subsidiary and overseas arm of Oil and Natural Gas Corporation Limited (ONGC), the flagship national oil company (NOC) of India. The primary business of OVL is to prospect for oil and gas acreages outside India, including exploration, development and production of oil and gas. It owns participating Interests in 32 oil and gas assets in 16 countries and contributes to 12% and 7 % of oil and natural gas production of India respectively. In terms of reserves and production, OVL is the second largest petroleum Company of India, next only to its parent ONGC.

28. On which of the following days is International Day for Biological Diversity observed across the world? A. 21 May B. 20 May C. 23 May D. 22 May
Ans. D

BACKGROUND:
International Day for Biological Diversity was observed across the world on 22 May 2014. The theme of International Day for Biological Diversity 2014 is Island Biodiversity. The theme coincided with the International Year of Small Island Developing States which was designated by the United Nations General Assembly. The day was celebrated with the aim of spreading awareness on biodiversity and the importance of preserving it in villages and islands.

About International Day for Biological Diversity
• Initially from 1993 to 2000, International Day for Biological Diversity was celebrated by the UN General Assembly annually on 29 December – the date of entry into force of the Convention of Biological Diversity.
• In 2000, UN General Assembly adopted 22 May as International Day for Biological Diversity (IDB. to celebrate the adoption of the text of the Convention on 22 May 1992 by the Nairobi Final Act of the Conference for the Adoption of the Agreed Text of the Convention on Biological Diversity.
• The day was celebrated to increase understanding and awareness of biodiversity issues.

29. _________ has been sworn-in as the Chief Minister of Gujarat recently.
Ans. Anandiben Patel

BACKGROUND:
Anandiben Patel was sworn-in as the first woman Chief Minister of Gujarat on 22 May 2014. Kamla Beniwal, the Governor of Gujarat administered her oath to the office and secrecy at Mahatma Mandir in Gandhinagar. Anandiben Patel was appointed as the new Chief Minister of Gujarat after Narendra Modi resigned from the office on 21 May 2014 to take over the post of Prime Minister of India. At the time of appointment, Anandiben was serving the state as the Gujarat Revenue Minister.

About Anandiben Patel
Being a strict administrator, she has served the state under Narendra Modi led government in portfolios like roads and buildings and revenue. Anandiben was nominated to the Rajya Sabha in 1994. She represented India at the Fourth World women’s Conference at Beijing. She contested her first assembly election in 1998 from Mandal and was the minister of education in the Keshubhai Patel ministry. In 1987, she was awarded with state government’s gallantry award for saving two girls from drowning into Narmada dam. She has served in Gujarat as a school teacher of Mohniba Vidyalaya in Ahmedabad for 30 years.

30. _______ has recently directed all banks to install disabled friendly new ATMs.
Ans. RBI

BACKGROUND:
Reserve Bank of India (RBI) on 21 May 2014 directed all banks to install disabled friendly new Automated Teller Machines (ATMs). All the new ATMs that are to be installed after 1 July 2014 needs to provide audible instructions and Braille keypads to customers. Besides, it also directed banks to lay down a road map for converting all the existing ATMs as talking ATMs with Braille keypads. Earlier in 2009, RBI had issued a circular titled Need for Bank Branches / ATMs to be made accessible to persons with disabilities. The main highlights were
• All banks need to make bank branches and ATMs accessible to people with disabilities and make at least one-third of the new ATMs installed as talking ATMs with Braille keypads.
• Place all the existing/new ATMs strategically in consultation with other banks to ensure that at least one talking ATM with Braille keypad is generally available in each locality for catering to needs of visually impaired persons.
• Banks may also take appropriate steps including providing ramps at the entrance of the bank branches so as not to create an impediment in their use by wheelchair users.
• Banks need to provide the facilities of magnifying glasses at all bank branches for the use of persons with low vision.
• The branches should display at a prominent place notice about the availability of magnifying glasses and other facilities available for persons with disabilities.

31. At which of the following places have Paleontologists recently discovered the fossil of the world’s largest dinosaur? A. Patagonia, Argentina B. Jaiselmer, Rajasthan C. Mergona, Brazil D. Xempong, China
Ans. A

BACKGROUND:
Paleontologists on 16 May 2014 discovered the fossil of the world largest dinosaur fossils. It was found near a desert in La Flecha, situated 125-km west of Trelew in Patagonia, Argentina. The fossil of the dinosaur was excavated by the paleontologists from Argentina’s Museum of Paleontology Egidio Feruglio, headed by Dr Jose Luis Carballido and Dr Diego Pol. The fossils of the world’s largest dinosaur measured 40 meters in length, 30 meters in height and weighed 77 tones. The fossil remains included bones from the dinosaur neck and back, along with pieces of the tail and legs.

About Dinosaurs
Dinosaurs first appeared about 228 million years ago during the Triassic period, achieved stunning dimensions during the ensuing Jurassic Period and then disappeared at the end of the Cretaceous Period about 65 million years ago. A sparrow sized bird called Qiliania, which lived about 120 million years ago in China, was the smallest dinosaur, weighing a mere 15 grams.

32. Rajiv Mathur has become the new _________. A. Chief Information Commissioner B. CVC C. CEC D. Head of RAW
Ans. A

BACKGROUND:
Rajiv Mathur, 64, the former Intelligence Bureau Chief on 22 May 2014 took over as the new Chief Information Commissioner (CIC). His oath to the office was administered by Pranab Mukherjee, the President of India at Rashtrapati Bhavan in New Delhi. His name was recommended by a three-member selection panel headed by Manmohan Singh, the outgoing Prime Minister of India. Mathur succeeded Sushma Singh who demitted the post of CIC on 21 May 2014. She was the fifth CIC of the Central Information Commission. Tenure of Mathur as the Chief Information Commissioner of CIC will end on 23 August 2014, the date when he will attain 65 years of age. He joined CIC as information commissioner in March 2013. In addition to Mathur, the Central Information Commission at present has seven Information Commissioners against the sanctioned strength of 10.

33. SIMBEX 14 which was started in the Andaman Sea is a joint exercise between the Navies of A. India and Singapore B. India and China C. India and Japan D. India and SriLanka
Ans. A

BACKGROUND:
The Indian Navy (IN) and Republic of Singapore Navy (RSN) on 22 May 2014 started the 2014 edition of annual bilateral naval exercises named SIMBEX 14 in Andaman Sea. The exercise will end on 28 May 2014. SIMBEX is an acronym given to Singapore Indian Maritime Bilateral Exercise. SIMBEX 14 is hosted by Indian Navy and is 21st in the series. It has been designed to enhance inter-operability and mutual understanding between the two navies.

Representations from the two sides in SIMBEX 14
• Indian Navy has been represented by – Indian Navy Ships Kuthar and Karmuk from Eastern Naval Command. Apart from the ships, the Indian side is also represented by a Maritime Patrol Aircraft and a Helicopter each from Andaman and Nicobar Command.
• Singapore Navy been represented has by – Singapore missile Corvette, Valour and the patrol vessel, Independence.

About the Bilateral Naval Cooperation between India and Singapore, SIMBEX
Bilateral Naval cooperation between the navies of the two countries, for the first time was formalised in 1994, when RSN ships began training in Anti-Submarine Warfare (ASW) with the Indian Navy.

34. Who among the following won the women’s singles title at the Rome Masters tennis tournament recently? A. Sara Errani B. Serena Williams C. Victoria Azarenka D. Maria Sharapova
Ans. B

BACKGROUND:
Serena Williams won her third Italian Open title, crushing local favourite Sara Errani 6-3 6-0 in Rome on Sunday. The world number one looked In top form against the 10th-seeded Errani, who was cheered on by a passionate home crowd but suffered a thigh injury towards the end of the first set and never recovered.

35. According to the advance estimates released by the Govt., food grain production is likely to cross ______million tonnes in 2013-14 in the country. (It will be the highest ever production of food grains in the country) A. 257 B. 264 C. 271 D. 288
ANS. B

BACKGROUND:
The food grain production fell marginally to 255.36 mt in the last crop year (July-June) due to drought in some parts of the country. A good monsoon along with improved sowing of both kharif (summer) and rabi (winter) crops have improved prospects of a better food grain production this year. India has now emerged as the world’s top rice exporter and second top exporter of wheat and cotton. The country is also the top producer of milk and horticultural crops, Pawar said highlighting progress made in the farm sector. The Central Statistics Office (CSO), in its recently-released advanced estimates for the current fiscal, has projected 4.6 per cent growth in agriculture and allied sectors, up from 1.4 per cent a year earlier.

36. Balkan countries are scrambling to rescue victims and battling landslides as the worst floods hit the area since modern recording began 120 years ago. Which of the following is a Balkan country? A. Bulgaria B. Albania C. Bosnia D. All of these
Ans. D

BACKGROUND:
The Balkan Peninsula, popularly referred to as the Balkans, is a geographical region of Southeast Europe. The region takes its name from the Balkan Mountains that stretch from the east of Bulgaria to the very east of Serbia. The region is predominantly inhabited by Bulgarians, Croats, Bosniaks, Gorani,Macedonians, Montenegrins, Serbs, Slovenes, Romanians, Aromanians,Greeks, Albanians, Turks and other ethnic groups which present minorities in certain countries like the Romani and Ashkali. The largest religion on the Balkans is Orthodox Christianity, followed by Catholic Christianity and Islam. The total area of the Balkans is 257,400 square miles (666,700 square km) and the population is 59,297,000 (est. 2002). The Balkans meet the Adriatic Sea on the northwest, Ionian Sea on the southwest, the Mediterranean and Aegean Sea on the south and southeast, and the Black Sea on the east and northeast. The highest point of the Balkans is mount Musala 2,925 metres (9,596 ft) on the Rila mountain range in Bulgaria. The Balkans have been inhabited since the Paleolithic and are the route by which farming from the Middle East spread to Europe during the Neolithic (7th millennium BC). The Balkans are also the location of Europe’s first advanced civilizations, beginning with the Bronze Age in Greece around 3200 BC.

37. The Defence Minister of Laos, Douangchay Phichit, and others were killed in a plane crash in the country recently. Which of the following is the capital of Laos? A. Phuket B. Pattaya C. Vientiane D. Hanoi
Ans. C

BACKGROUND:
Laos, a landlocked country of about seven million people, has an authoritarian communist one-party government and is one of Asia’s poorest nations. It has a poor air safety record. Last October a civilian aircraft crashed into the Mekong river in bad weather, killing all 49 people on board. In 1998, a Vietnamese military aircraft crashed in Xiangkhouang. All passengers on board, including a senior Vietnamese general, were killed.

38. The RBI governor announced that the central bank is planning to issue bank licenses with restrictions and encourage payment banks. As he mentioned, what will be the function(s) of such Payment banks? A. will not take deposits B. will offer payment and remittance services C. will be constrained to invest all its funds in safe instruments such as govt. securities D. B and C both
Ans. D