SBI, ONGC - General awareness questions on current affairs

1)   SBI announced rebranding of its website to ________

a. bank.sbi
b. sbi.bank
c. banking.sbi
d. sbi.banking
Answer  Explanation 

ANSWER: bank.sbi

Explanation:
The State Bank of India (SBI) on 20th Feb 2017 announced rebranding of its website as bank.sbi.

According SBI, the new domain name bank.sbi is the highest domain protocol known as generic top level domain (gTLD), an official statement.

The SBI group has several businesses. For those wanting to do banking or want to know about the bank it is easier to type out www.bank.sbi.

The SBI group having presence in insurance, mutual fund and card may also go for such Generic top-level domain (gTLD).

With this, SBI has become the first banking organisation in India to use a gTLD for its online presence and providing an exclusive experience of assurance and security to its customers.

SBI being the largest bank has always been the pioneer in adapting new technology.

SBI has always believed in providing high-tech yet secure internet experience to its customers.

Bank's own gTLD is another step in this direction.

SBI's Chairperson is currently Arundhati Bhattacharya.

Bank's own gTLD aims at simplifying the digital experience of customers and brings in enhanced security against phishing and lookalike websites.

Due to its non-replicability, a gTLD site like ".sbi" conveys an assurance to the customer that the site is authorised, genuine and is not an inappropriate or phishing site.

The existing site of sbi.co.in will continue till customers get used to the SBI's new secure website.

SBI: Know More

  • State Bank of India is an Indian multinational, public sector banking and financial services company.
  • It is a government-owned corporation with its headquarters in Mumbai, Maharashtra.
  • Founded: 1 July 1955
  • Subsidiaries: SBI Cards, State Bank of Hyderabad etc


2)   Merger of SBI with how many subsidiaries was approved on 15th Feb 2017?

a. 4
b. 5
c. 6
d. 7
Answer  Explanation 

ANSWER: 5

Explanation:
The merger proposal was announced in May 2016 and was scheduled for March 2017.

The Union Cabinet on 15th Feb 2017 approved the merger of five of State Bank of India subsidiaries - State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala, and State Bank of Travancore - with the SBI.

The merger proposal was announced in May 2016 and was scheduled for March 2017.

Finance Minister Arun Jaitley said that the Cabinet had earlier given its in-principle approval for the merger, and then had sent it to the respective banks for their suggestions.

These suggestions have been taken on-board, and the decision has been formally approved by the Cabinet.

This will lead to far greater operational efficiency and synergy of operations within these banks.

It will decrease the cost of operations, which will also result in a decrease in the cost of funds.”

The merger is likely to result in recurring savings, estimated at more than INR. 1,000 crore in the first year, through a combination of enhanced operational efficiency and reduced cost of funds.

Existing customers of subsidiary banks will benefit from access to SBI’s global network.

SBI, following the merger, will not only be a large domestic bank, but will also become a global player as well.


3)   India’s first shale gas exploratory well was drilled in

a. Maharashtra
b. Gujarat
c. Andhra Pradesh
d. Tamil Nadu
Answer  Explanation 

ANSWER: Gujarat

Explanation:

  • Following the successful drilling of the country’s first shale gas exploratory well near Jambusar about 60 km from Vadodara, Oil and Natural Gas Corporation (ONGC) has decided to drill more wells in Cambay region of Gujarat.
  • The data from the first well near Jambusar has given ONGC more leads for further exploration.
  • Shale gas in Cambay region is estimated to have a shale gas potential of 20 TCF (trillion cubic feet).
  • India has recoverable shale gas reserves of around 90 TCF, which can satiate India’s energy demand for 26 years.


4)   Which of the following basin/s has/have shale gas reserves?

1) Cambay Basin
2) KG Basin
3) Cauvery Basin


a. 1, 2
b. 1, 3
c. 2
d. All of the above
Answer  Explanation 

ANSWER: All of the above

Explanation:

  • ONGC estimates India’s shale gas reserve in the range of 500 to 2000 trillion cubic meters.
  • Cambay is one of the basins that have been identified as potentially-bearing shale resources.
  • But apart from the Cambay basin, the ONGC will also explore Krishna-Godavari, Cauvery and Vindhyan sedimentary basins for shale gas in the near future.
  • Major regions of availability are Gujarat, Rajasthan, central India, KG Basin and offshore areas in Bay of Bengal.


5)   SBI has engaged which corporation’s Kisan Seva Kendras as banking correspondents to extend banking facilities to farmers across the nation?

a. IOC
b. GAIL
c. SAIL
d. ONGC
Answer  Explanation 

ANSWER: IOC

Explanation:
SBI has engaged Indian Oil Corporation’s Kisan Seva Kendras as banking correspondents to extend banking facilities to farmers across the nation.

  • SBI signed an MoU with IOC as part of the financial inclusion programme lending further services to the farming community.
  • Indian Oil Corporation has set up 6,500 Kisan Seva Kendras in rural and remote areas providing access to numerous agricultural inputs like seeds, fertilisers and pesticides to farmers.
  • Tie up will enable farmers to avail various products and services by SBI customer service points such as saving account, recurring deposit and more.
  • IOC with net profit of INR 103.99 billion for 2015-2016 is India’s largest commercial enterprise.


6)   SBI has signed an MoU with SINE in July 2016. What does SINE stand for?

a. Society for Innovation and Entrepreneurial Development
b. Society for Innovation and Entrepreneurism
c. Society for Innovation and Entrepreneurship
d. Society for Invention and Entrepreneurship
Answer  Explanation 

ANSWER: Society for Innovation and Entrepreneurship

Explanation:
State Bank of India in the second week of July 2016 has signed an MoU with the Indian Institute of Technology Society for Innovation And Entrepreneurship(SINE) to promote innovation by startups in the financial sector.

  • Deal also aims to evaluate start ups operating out of SINE or being promoted by SINE for early stage funding with the norms of the bank
  • SINE is an IIT-B incubator


7)   SBI has launched three digital initiatives. This includes which of the following?:

a. Mingle
b. Single
c. Jingle
d. Tingle
Answer  Explanation 

ANSWER: Mingle

Explanation:
Country’s largest lender, SBI has launched three digital initiatives and aims to print its branch network once its associated have merged.

  • SBI can debut on social media by launching the platform called Mingle through which FB and Twitter users can transact business.
  • Customers have to register for the service through a simple one time registration process using their account number or ATM Debit card details
  • Another initiative is a tie up with Flipkart through which the bank will extend loans to select customers for purchases above INR 5000
  • SBI has indicated at present, one million customers can avail this loan
  • Another initiative is the SBI Digital Villages which will transform selected villages into safe, healthy and vibrant digital centres
  • A total of 21 villages have been covered under this initiative
  • SBI will bring more than 6000 branches into its fold once the 5 associates merge


8)   Which public sector bank was named in the Hall of Shame List of 158 banking institutions investing billions of dollars in companies creating cluster bombs, according to Dutch campaign group PAX Worldwide Investments in Cluster Munitions report?

a. SBI
b. OCI
c. PNB
d. IDBI
Answer  Explanation 

ANSWER: SBI

Explanation:
SBI is the only Indian entity in the list. It includes global giants like Barclays, JP Morgan, Credit Suisse and BoA.

  • Report looks at investments into companies involved in production of cluster munitions
  • 158 financial institutions invested over 28 billion US dollars in the seven companies researched in the report between June 2012 and April 2016.
  • These 7 companies are China Aerospace Science and Industry, China Aerospace Science and Technology, Hanwha (South Korea), Norinco (China), Orbital ATK (US), Poongsan (South Korea) and Textron (US).
  • Maximum number of banks are from the US


9)   SBI on 16th June 2016 floated INR 200 crore rupee start up find to assist startups in which space?

a. IT
b. Fintech
c. Social media
d. None of the above
Answer  Explanation 

ANSWER: Fintech

Explanation:
SBI on 16th June 2016 floated a 200 crore rupee fund for startups in the fintech space. Fund will consider assistance of INR 3 crore rupees to a firm registered for promoting business innovation using technology in financial services

  • Traditional banks around the world are working with fintech firms to promote business innovations using technology in financial services
  • Suitable regulatory framework will also be set up to address the associated risks like cyber security risk, data theft risk and technology risk.


10)   SBI is merging its five associate banks and which other bank with itself?

a. Punjab National Bank
b. Bharathiya Mahila Bank
c. OCI Bank
d. UCO Bank
Answer  Explanation 

ANSWER: Bharathiya Mahila Bank

Explanation:
SBI will merge five associate banks along with Bharathiya Mahila Bank according to a press release. SBI has given in principle approval for the bank to discuss the chance of acquiring associate banks. The 5 associate banks are State Bank of Travancore, State Bank of Hyderabad, State Bank of Mysore, State Bank of Bikaner and Jaipur and State Bank of Patiala.

  • BMB was created in 2013 to cater to women’s lending needs.
  • Associate banks have fixed assets worth INR 4000 crore and lending costs reduced by 100 basis points within a year post this merger.


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