Mint StatiCA – Daily News Based Static MCQs August 2023

This segment aims for better preparation by asking static questions based on the topics covered in Mint newspaper. It has been observed that even static questions in Phase II (Economic and Social Issues, and Finance) of RBI Grade B and both phases of NABARD Grade A are hugely influenced by the topics in the news. On that note, please attempt the quizzes and evaluate where you stand.

Below we will be providing the mint statica for 25th August, 2023.

RBI Grade B Free Mock Test 2023

Mint StatiCA MCQs – August 29, 2023

  1. Which of the following statement(s) is/are correct regarding the PM-Jan Aarogya Yojana?
    A. There is no restriction on the family size, age, or gender.
    B. All pre–existing conditions are covered from day one.
    C. Both Public and Private hospitals are impaneled.
    1) Only A
    2) Both B and C
    3) Both A and B
    4) Only C
    5) All of the above

    Ans: 5
    Solution:
    Key Features of PM-JAY
    • PM-JAY is the world’s largest health insurance/ assurance scheme fully financed by the government.
    • It provides a cover of Rs. 5 lakhs per family per year for secondary and tertiary care hospitalization across public and private empanelled hospitals in India.
    • Over 12 crore poor and vulnerable entitled families (approximately 55 crore beneficiaries) are eligible for these benefits.
    • PM-JAY provides cashless access to health care services for the beneficiary at the point of service, that is, the hospital.
    • PM-JAY envisions to help mitigate catastrophic expenditure on medical treatment which pushes nearly 6 crore Indians into poverty each year.
    • It covers up to 3 days of pre-hospitalization and 15 days post-hospitalization expenses such as diagnostics and medicines.
    • There is no restriction on the family size, age or gender.
    • All pre–existing conditions are covered from day one.
    • Benefits of the scheme are portable across the country i.e. a beneficiary can visit any empanelled public or private hospital in India to avail cashless treatment.
    • Services include approximately 1,929 procedures covering all the costs related to treatment, including but not limited to drugs, supplies, diagnostic services, physician’s fees, room charges, surgeon charges, OT and ICU charges etc.
    • Public hospitals are reimbursed for the healthcare services at par with the private hospitals.

  2. Under PLI Scheme 2.0 for IT Hardware, The Scheme shall extend an average incentive of around (A) on net incremental sales (over base year) of goods manufactured in India and covered under the target segment, to eligible companies, for a period of six (6) years.
    Identify (A)!
    1) 3%
    2) 4%
    3) 5%
    4) 6%
    5) None of the Above

    Ans: 3
    Solution:
    The PLI Scheme 2.0 for IT Hardware is expected to result in broadening and deepening of the manufacturing ecosystem by encouraging the localisation of components and sub-assemblies and allowing for a longer duration to develop the supply chain within the country. Additionally, the scheme provides increased flexibility and options for applicants, and is tied to incremental sales and investment thresholds to further incentivise growth. Furthermore, semiconductor design, IC manufacturing, and packaging are also included as incentivised components of the PLI Scheme 2.0 for IT Hardware.
    The Scheme shall extend an average incentive of around 5% on net incremental sales (over base year) of goods manufactured in India and covered under the target segment, to eligible companies, for a period of six (6) years. The Target Segment under PLI shall include (i) Laptops (ii) Tablets (iii) All-in-One PCs (iv) Servers and Ultra Small Form Factor (USFF).

  3. Which of the following statement(s) is/are correct regarding SEBI Fit and proper?
    A. ‘Fit and proper person’ criteria will apply to the applicant, stock exchange, clearing corporation, depository, their shareholders, directors, and key management personnel at all times.
    B. If a person found unfit, he/she has to be replaced within 30 days.
    C. Any disqualification of an MII will not have any bearing on the fit and proper status of the directors or key management personnel.
    1) Both A and B
    2) Only B
    3) Both A and C
    4) Both B and C
    5) All A, B and C

    Ans: 5
    Solution:
    Capital markets regulator Sebi has tweaked its framework regarding ‘fit and proper’ criteria for stock exchanges and other market infrastructure institutions, whereby any direction passed against such institutions will not affect their operations.
    The new rules are aimed at separating the role of an individual from such institutions.
    In two separate notifications, the Securities and Exchange Board of India (Sebi) said that ‘fit and proper person’ criteria will apply to the applicant, stock exchange, clearing corporation, depository, their shareholders, directors and key management personnel at all times.
    Further, such Market Infrastructure Institutions (MIIs) will have to ensure that all its shareholders, directors and key management personnel are fit and proper persons at all times.
    If any director or key management personnel of a MII is not deemed to be fit and proper, such entities will have to replace such a person within 30 days from the date of such disqualification, failing which the fit and proper person criteria may be invoked against the MII, as per the notifications issued on 22 August.
    Further, any disqualification of an MII will not have any bearing on the fit and proper status of the directors or key management personnel unless the directors or key management personnel are also found to incur the same disqualification in the said matter.

  4. As per the 6th Census report on Minor Irrigation Schemes, which of the following states has the second highest such scheme?
    1) Maharashtra
    2) Uttar Pradesh
    3) Madhya Pradesh
    4) Telangana
    5) Tamil Nadu

    Ans: 5
    Solution:
    As per Sub Section (2) of Section 132 of the Companies Act, 2013, the duties of the NFRA are to:
    • Recommend accounting and auditing policies and standards to be adopted by companies for approval by the Central Government;
    • Monitor and enforce compliance with accounting standards and auditing standards;
    • Oversee the quality of service of the professions associated with ensuring compliance with such standards and suggest measures for improvement in the quality of service;
    • Perform such other functions and duties as may be necessary or incidental to the aforesaid functions and duties.
    • Companies whose securities are listed on any stock exchange in India or outside India.
    • Unlisted public companies having paid-up capital of not less than rupees five hundred crores or having annual turnover of not less than rupees one thousand crores or having, in aggregate, outstanding loans, debentures, and deposits of not less than rupees five hundred crores as on the 31st of March of immediately preceding financial year.

  5. Under the new regulations, SEBI requires the top (A) listed entities (by market capitalization) to whom reporting under BRSR applies, to obtain “reasonable assurances” on all nine indicators of BRSR Core, a framework prepared by the ESG Advisory Committee based on National Guidelines of Responsible Business Guidelines.
    Identify(A)!
    1) 250
    2) 500
    3) 1000
    4) 2000
    5) None of the above

    Ans: 3
    Solution:
    Under the new regulations, SEBI requires the top 1000 listed entities (by market capitalization) to whom reporting under BRSR applies, to obtain “reasonable assurances” on all nine indicators of BRSR Core, a framework prepared by the ESG Advisory Committee based on National Guidelines of Responsible Business Guidelines.

Mint StatiCA MCQs – August 28, 2023

  1. While calculating the Interest Coverage ratio (ICR), which of the following item(s) is/are not excluded from earnings?
    1) Interest
    2) Taxes
    3) Depreciation
    4) Amortization
    5) All of the above

    Ans: 5
    Solution:
    ICR is derived by dividing a company’s earnings before interest, taxes, depreciation and amortization (Ebitda) by its interest cost.

  2. Which of the following statement(s) is/are correct regarding the Mineral Security Partnership (MSP)?
    A. India is a member of the grouping.
    B. The goal of the MSP is to ensure that critical minerals are being “produced, processed, and recycled in a manner that supports the ability of countries to realise the full economic development benefit of their geological endowments”.
    C. It aims to catalyse public and private investment in critical mineral supply chains globally.
    1) Both A and B
    2) Both A and C
    3) Both B and C
    4) Only C
    5) All A, B and C

    Ans: 5
    Solution:
    Mineral Security Partnership (MSP) is a strategic grouping of 13 member states including Australia, Canada, Finland, France, Germany, Japan, the Republic of Korea, Sweden, the United Kingdom, US, the European Union, Italy and now India. It aims to catalyse public and private investment in critical mineral supply chains globally.
    The proposal to onboard India comes after strong diplomatic engagements and push for joining the strategic partnership to secure and build a resilient supply chain for critical minerals.
    India is already a member of the Intergovernmental Forum on Mining, Minerals, Metals and Sustainable Development, which supports the advancement of good mining governance.
    India’s inclusion in the club is vital for India to fulfil its ambition of shifting towards sustainable mobility through large, reliable fleets of electric public and private transport. Securing the supply chain of critical minerals will also provide the country with the necessary push towards a concerted indigenous electronics and semiconductor manufacturing.
    The inclusion will also pave the way for equitable sharing of resources across the globe. The MSP is elitist in its very idea of formation and induction of members. Countries like Indonesia, Vietnam, the Democratic Republic of Congo, which have abundant reserves of critical minerals are not part of this strategic grouping formed by US.
    The diplomatic strength India possesses can create space for other countries to be part of the partnership and reduce their dependence on China by building a robust and reliable supply chain of raw materials needed for the clean energy transition, something that many economies across the world have been hoping for.

  3. Which of the following statement(s) is/are correct regarding PM Jan Dhan Account Yojana?
    A. Total account has crossed 500 million in August 2023.
    B. An overdraft (OD) facility up to Rs. 10,000 to eligible account holders is available.
    C. Accidental Insurance of Rs 1 Lakh to the account holders is provided.
    1) Both A and B
    2) Only B
    3) Both A and C
    4) Both B and C
    5) All A, B and C

    Ans: 1
    Solution:
    In August 2023, the total accounts have crossed 500 million.
    Benefits under PMJDY
    • One basic savings bank account is opened for unbanked person.
    • There is no requirement to maintain any minimum balance in PMJDY accounts.
    • Interest is earned on the deposit in PMJDY accounts.
    • Rupay Debit card is provided to PMJDY account holder.
    • Accident Insurance Cover of Rs.1 lakh (enhanced to Rs. 2 lakhs to new PMJDY accounts opened after 28.8.2018) is available with Rupay card issued to the PMJDY account holders.
    • An overdraft (OD) facility up to Rs. 10,000 to eligible account holders is available.
    • PMJDY accounts are eligible for Direct Benefit Transfer (DBT), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), Micro Units Development & Refinance Agency Bank (MUDRA) scheme.

  4. Which of the following statement(s) is/are incorrect regarding the National Financial Reporting Authority (NFRA)?
    A. It is constituted under the Section 132 of Companies Act.
    B. It monitors and enforces compliance with accounting standards and auditing standards.
    C. It covers Unlisted public companies having paid-up capital of not less than rupees five hundred crores.
    1) All A, B and C
    2) Both A and C
    3) Both B and C
    4) Both A and B
    5) None of the above

    Ans: 5
    Solution:
    As per Sub Section (2) of Section 132 of the Companies Act, 2013, the duties of the NFRA are to:
    • Recommend accounting and auditing policies and standards to be adopted by companies for approval by the Central Government;
    • Monitor and enforce compliance with accounting standards and auditing standards;
    • Oversee the quality of service of the professions associated with ensuring compliance with such standards and suggest measures for improvement in the quality of service;
    • Perform such other functions and duties as may be necessary or incidental to the aforesaid functions and duties.
    • Companies whose securities are listed on any stock exchange in India or outside India.
    • Unlisted public companies having paid-up capital of not less than rupees five hundred crores or having annual turnover of not less than rupees one thousand crores or having, in aggregate, outstanding loans, debentures and deposits of not less than rupees five hundred crores as on the 31st of March of immediately preceding financial year.

  5. In which of the following types of Issue, Red herring prospectus is used?
    1) Rights Issue
    2) Bonus Issue
    3) Public Issue
    4) Private Placement
    5) None of the above

    Ans: 3
    Solution:
    Red Herring Prospectus contains all the valuable information regarding the company which intends to raise funds from the public.

Mint StatiCA MCQs – August 25, 2023

  1. Which of the following statement(s) is/are correct regarding Reits and InvITs?
    A. IRB InvIT Fund was the first InvIT listed on the stock markets in 2017.
    B. The Unit holders do not have the board nomination rights.
    C. Sponsors have to hold a minimum number of units for the entire life of the Reit or InvIT.
    1) All A, B and C
    2) Both A and B
    3) Both B and C
    4) Only A
    5) Both A and C

    Ans: 5
    Solution:
    Reits and InvITs function like mutual funds—a sponsor raises capital and invests it in real estate or infrastructure projects. Both are investment pooling vehicles. A Reit portfolio could comprise office parks or shopping malls, where a major portion is already leased out, while an InvIT could include transport, energy or communication projects. Reits allow smaller retail investors to own a portion of income-generating real estate properties that would otherwise be unaffordable. Similarly, InviTs enable direct investment from individual and institutional investors in infra projects.
    Since their launch in 2019, Reits have gained popularity. Despite challenges in the commercial office market, Reits garnered steady rental income during the pandemic. For InviTs, the playing field is much larger. While IRB InvIT Fund was the first InvIT listed on the stock markets in 2017, Embassy Office Parks Reit was the first real estate investment trust to make a debut in 2019. So far, there have been four Reit listings, and roughly 21 listed and unlisted InvITs. At the beginning of 2023, InvITs and Reits registered with Sebi had total assets under management of over ₹3.5 trillion.
    Sebi has given board nomination rights to unit holders of InvITs and Reits; changed the minimum unit holding requirement for sponsors of these trusts and introduced the concept of “self-sponsored investment managers”. It’s weighing follow-on offers by Reits and InvITs and has cut the time taken for public listing of such investment vehicles to six working days from 12.
    They are aimed at boosting corporate governance and smooth operation of InvITs and Reits. The move on retail unit holder rights gives them a chance to get their views across. The principles of “Stewardship Code” will now be applicable to all unit holders (with 10% or more units), making them accountable. Sponsors now have to hold a minimum number of units for the entire life of the Reit or InvIT. Self-sponsored investment managers can take on the responsibility of a Reit sponsor and provide the latter an exit.

  2. As on 25th August, Which of the following countries has not been invited to join BRICS as a full member?
    1) Argentina
    2) Saudi Arabia
    3) Egypt
    4) Ecuador
    5) Ethiopia

    Ans: 4
    Solution:
    Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates have been invited to join as full members from January 1 next year. “This membership expansion is historic,” said Chinese President Xi Jinping. “The expansion is also a new starting point for BRICS cooperation.

  3. Which of the following projects is/are excluded under Sovereign Green Bond?
    A. Direct Waste Incineration.
    B. Hydropower plants larger than 50MW.
    C. Landfill projects.
    D. Nuclear Power projects.
    E. Renewable energy projects generating energy from biomass using feedstock from protected areas.
    1) Only A, B and D
    2) Only B, C and E
    3) Only C, D and E
    4) Both B and D
    5) All except B

    Ans: 5
    Solution:
    Excluded Projects • Projects involving new or existing extraction, production and distribution of fossil fuels, including improvements and upgrades; or where the core energy source is fossil-fuel based • Nuclear power generation • Direct waste incineration • Alcohol, weapons, tobacco, gaming, or palm oil industries • Renewable energy projects generating energy from biomass using feedstock originating from protected areas • Landfill projects • Hydropower plants larger than 25 MW.

  4. Which of the following statement(s) is/are incorrect regarding the India-Australia ECTA Agreement?
    A. Business Visitors can stay in Australia ranging from 3 months to 12 months.
    B. Australia cannot immediately impose retaliatory tariff against India’s imposition of a bilateral safeguard measure.
    C. Under Rule of Origin, the good should have a qualifying value content (QVC) of not less than 35 per cent of the Freight on Board value of export as per the Build-up Formula.
    1) All A, B and C
    2) Both A and C
    3) Both B and C
    4) Both A and B
    5) None of the above

    Ans: 5
    Solution:
    Few of the provisions of the IND-AUS ECTA agreement are,
    Business visitors (BV)- ranging from 3 months to 12 months.
    Australia cannot immediately impose retaliatory tariff against India’s imposition of a bilateral safeguard measure and will have to necessarily wait for at least 2 years.
    A good shall be regarded as originating in a party if it is wholly obtained in the territory of FTA partner country. Moreover, if the good is not wholly produced then it must satisfy following conditions:
    oThe good has a qualifying value content (QVC) of not less than 35 per cent of the FOB value of export as per the Build-up Formula or 45% of the FOB value as per the Build-down Formula, and
    oAll the non-originating materials used for production have undergone a change in tariff classification at the six-digit level i.e., CTSH.

  5. Which of the following statement(s) is/are incorrect regarding Bond yield relationship with the bond price?
    A. Whenever, Bond prices fell, the current yield of the Bond fell too.
    B. Bond prices and Bond yield are inversely proportional.
    C. When the interest rate in the market increase, prices of existing bonds tend to increase as well.
    1) Both B and C
    2) Both A and B
    3) Only C
    4) Both A and C
    5) None of the above

    Ans: 4
    Solution:
    When the market interest rates rise, prices of existing bonds tend to fall, even though the coupon rates remain constant, and bond yields go up.
    So, bond price and yield are inversely related to each other.

RBI Grade B Free Mock Test 2023

This brings us to the end of the article. For previous months mint statica, click on the link:

Mint StatiCA – Daily News-Based Static MCQs July-2023

Cheena Sawhney

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Cheena Sawhney
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