Directions: In each of the following questions a passage is given in which there is a blank. Choose the most logical and appropriate option from the five options given that can be filled in the blank.
- The Reserve Bank of India has asked banks to submit financial statements for the first half (H1) of the fiscal year by November 30 with regard to the Indian Accounting Standards (Ind-AS). _____________________________”The RBI is expecting a rough, first-cut reporting from banks with regard to pro forma Ind-AS financial statements for the half year by November 30,” Sudarshan Sen, Executive Director of RBI, said at a seminar at New Delhi.
The RBI director said capacity building, both in terms of human and IT resources, is the need of the hour for banks to follow Ind-AS convergence with International Financial Reporting Standards from April 2018.“But this is again a huge challenge, especially in public sector banks. There are processes involved in upgrading software and hardware. It takes time. There are approvals required and there are budgets to be made. It is a big challenge as to how they would be able to meet the timelines given by us,” Sen said.It will help the Reserve Bank of India (RBI) to ascertain the difficulties faced by the banks as part of its transition to International Financial Reporting Standards from April 2018, a top RBI official said at an industry lobby’s event here on October 7.“Banks will have to put in very robust systems in place and make efforts and expenses to meet the requirements in this regard,” he added.He said that the RBI will have to review various regulations and bring them in tune with the Ind AS.Option C
- Private sector lender Kotak Mahindra Bank has started an ‘Innovation Lab’ in Bengaluru to tap into the best technology that impacts its operations, and is open to investing in start-ups, a senior company official has said. “We started an ‘Innovation Lab’ recently which is right now a dedicated space from where we are partnering with start-ups in the fintech space to test concepts and launch them into commercial products,” Kotak Bank’s chief digital officer Deepak Sharma told PTI. _______________________________.
“We are open to investments in other start-ups as well but do not have a dedicated fund now,” he said.The fourth largest private sector bank has put together a seven-member core team which is working with an equal number of start-ups in the artificial intelligence, analytics, biometric or iris scanning and machine learning space.Domestic lenders, especially those in the private sector, have been increasing their engagement with the fledgling fintech start-up community to tap into the technologies of the future which will help them stay relevant.Suresh Prabhu has said in Rajya Sabha that the Rail Budget should be merged with the general budget.A report in ToI quoting Finance Ministry sources claimed that Arun Jaitley has given his nod for the merger of the Union Rail Budget with the Union Budget from next year .Option B
- National Award winning lyricist Na Muthukumar died in Chennai on Sunday due to jaundice, a source said._________ “He passed away at his residence. He was suffering from high fever and succumbed to jaundice,” the source close told IANS.
Can’t believe this. Na Muthukumar is no more… He’s written more than 200 songs in my films. A huge loss. May god give strength to his family,” Prakash tweeted.Prakash added that his musical career started with Muthukumar’s song Veyilodu Vilayadi from the National Award winning Tamil film Veyyil.Two of his songs Aanandha Yazhai Meetugiraai (from Thanga Meengal) and Azhage Azhage (from Saivam) fetched him National Awards.He was 41.Some of his other popular songs include Suttum Vizhi, Devathaiyai Kandaen, Mun Andhi and Venillave.Option D
- In July 2015, a quantum-computing lab jointly established by Chinese Academy of Science and Chinese Internet giant Alibaba opened in Shanghai. The lab is expected to produce a general-purpose quantum computer prototype with 50 to 100 quantum bits by 2030. ____________.
Such powerful computing ability is also viewed as a threat in that it could make everything on a conventional computer hackable.China will complete and put into operation the world’s first secure quantum communication backbone network, the Beijing-Shanghai backbone network, later this year, Pan Jianwei, academician of Chinese Academy of Science and chief scientist of quantum communication satellite project said.The 2,000-kilometer backbone network will be used in the fields of finance, electronics and government affairs.The satellite and the ground-based network will ensure the secure passage of information, Pan said.Pan reckoned that quantum communication will enter everyday life in about 10 years, securing online banking and payments.Option A
- Jelagat Sumgong became the first Kenyan to win the women’s Olympics marathon on Sunday, delivering her country’s first gold of the Rio de Janeiro Games. __________World champion Mare Dibaba of Ethiopia took the bronze.
Sumgong completed the course in 2 hours, 24 minutes, 4 seconds ahead of Kenyan- born Eunice Kirwa, who now runs for Bahrain.Sumgong, 31, bided her time throughout the race, staying with the leading pack and not moving ahead until the final kilometres.Belarusian Volha Mazuronak, 27, shook up the pack halfway through, taking the lead and briefly pulling ahead of the lead group.The move pushed the pace, stringing out what had been a lead pack of more than two dozen runners, causing some to drop back.It was the first in a series of attacks by the first-time Olympian, who was ultimately unable to sustain the pace and was dropped by the leaders in the closing stages before finishing fifth.Option A
- Haryana chief minister Manohar Lal Khattar on Monday hoisted the national flag in Sirsa town and announced projects worth Rs 2,000 crore to make the water of the Yamuna river available to the state. __________________________________He said already Rs 1,657 crore has been allocated for the implementation of ‘Swaran Jayanti’ schemes in this fiscal.
“We are open to investments in other start-ups as well but do not have a dedicated fund now,” he said.On the Sutlej-Yamuna Link (SYL) canal row between Haryana and Punjab, he said the state was committed to complete the canal and to ensure that Haryana gets its legitimate share of water from the Ravi and Beas rivers.A colourful cultural programme was organized by school students here. Similar Independence Day functions were also organized in all district headquarters.Khattar said to utilize the surplus water of the Yamuna during the monsoon, his government is preparing five projects with an outlay of Rs 2,000 crore to make available 5,000 cusecs of water to the people of the state.The government plans to establish at least one centre of excellence for fruits and vegetables in each district, while seven such centres have already been established, he said.Option D
- On the occasion of the 70th Independence Day, Maharashtra launched the country’s first comprehensive ‘Crime Criminal Tracking Network System’ through 42 cyber labs inaugurated simultaneously here on Monday. _______________________________ Under the CCTNS, the state government will raise a special cyber police force of around 1,000 policemen well trained to handle the growing incidents of cyber crimes, he added.
Chief Minister Devendra Fadnavis, while launching the CCTNS, announced that the whole of Mumbai would be under closed- circuit television monitoring by October, while similar projects are underway in other major cities like Pune and Nagpur.The services of the cyber labs, linked by secure high-speed fibre optic cable network, will be available to address security concerns of private organisations and banks among others, Fadnavis added.The Centre for Development of Advanced Computing (CDAC), Pune, was instrumental in completing the work on setting up the 42 cyber labs across the state in just three weeks, said Inspector General of Police Brijesh Singh, IT expert and Cyber and Crimes against Women Cell in the Mantralaya.Director General of Police Satish Mathur said as the country gets linked through information technology, hackers attempt to break it.He said law and order situations are created on social media networking sites which would henceforth be tackled effectively through the cyber labs.Option A
- The Madhya Pradesh government will soon give its employees salary and allowances as recommended by the 7th Pay Commission and also confirm daily wagers in service, Chief Minister Shivraj Singh Chouhan announced on Monday.______________. He said the daily wagers confirmed in service would be suitably adjusted in various departments according to their qualifications.
“We are open to investments in other start-ups as well but do not have a dedicated fund now,” he said.This panel will work for job creation in the stateChouhan said that an ’employment cabinet’ would be formed with an aim to provide more and better job opportunities to the youths in the state.Speaking after unfurling the tricolour on the Independence Day at the Motilal Nehru Stadium in the state capital, the Chief Minister also announced an increase in the social security pensions in the state.The Chief Minister said the state’s development rate was 10 per cent while agriculture was growing at the rate of 20 per cent per annum.Option D
- RBI has questioned the decision of a 21-bank consortium led by UCO Bank to extend a staggering Rs 5,262-crore loan to Kolkata-based rice trading firm REI Agro which was found to be involved in fraudulent activities._________________. The clarifications were sought in the light of RBI’s master circular on fraud, sources said, adding that there seems to be violation of its directions on fraud.
CBI too in their enquiry found that the REI Agro was involved in fraudulent activities.As per the RBI master circular on frauds, banks are required to put in place a framework for loan frauds directing early detection and necessary corrective action by introducing Early Warning Signals (EWS) and Red Flagged Accounts (RFA) for loan of Rs 50 core or moreAs many as 21 banks had extended loan of Rs 5,262 crore to REI Agro Ltd, a basmati rice trading firm, and the RBI has sought a detailed clarification from these banks after the fraud was detected, sources saidThere is also provision of incentive for prompt reporting, staff accountability exercise within six months.There also has to be a nodal officer for filing all complaints and penal measures for fraudulent borrowersOption C
- In India, companies want engineers either as MBAs or as relatively lowly paid grunt workers. The demand shapes the supply. Policy can force Indian companies to rely on innovation as their competitive edge. Instead, policy cossets them with increasing protection from foreign competition. Marketing expenses are palmed off as tax-saving R&D. ___________________________, the quality of education will change; but not till then.
If the engineers in demand shifts from grunt workers to those who pirouette on the bleeding edge of technologyThe quest to train them makes educational institutions powerhouses of research, so as to attract the bestThe tech giants are behind them, but not far behind and exceed them in absolute amountsfew companies perform any serious research and developmentfew bright engineers who stay on in engineering end up with multinational companies in India or abroadOption A
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