Government schemes - Banking awareness questions on current affairs

ANSWER: 50 years

Explanation:
50 years

Eligibility : Bank account holders aged between 18 and 50 years are eligible to apply for this scheme.

Cost : Less than Re. 1 a day or an annual premium of Rs. 330 is what you need to pay to get a life cover of Rs. 2 lacs.

Period : June 1st, 2015 to May 31st, 2016 is the period for which this scheme will cover all kind of risks to your life in the first year of operation.

Next year onwards as well, the risk cover period will remain June 1 to May 31.

ANSWER: Pradhan Mantri Suraksha Bima Yojana

Explanation:
Pradhan Mantri Suraksha Bima Yojana

Policy Coverage - The scheme offers to provide you or your family a cover of up to Rs. 2 lacs in case of any mishap, resulting into death or disability of the insured.

In case of death or full disability, you or your family will get Rs. 2 lacs and in case of partial disability, you will get Rs. 1 lac.

Eligibility : Savings bank account holders aged between 18 years and 70 years are eligible to apply for this scheme

Cost : Rs. 12 per year for having an accidental death or disability cover of Rs. 2 lacs under this scheme.

Period : You will remain insured for a period of one year from June 1, 2015 to May 31, 2016.

Next year onwards as well, the risk cover period will remain to be June 1 to May 31.

ANSWER: Shyama Prasad Mukherji Rurban Mission

Explanation:
Shyama Prasad Mukherji Rurban Mission

Launched : ?21 February 2016
Objective : To create 300 rural clusters across the country and strengthen financial, job, and lifestyle facilities in rural areas.

Rurban Mission is a solution for both villages and cities in the country that would promote growth of villages and its residents at the place where they are.

Under the mission, the government will identify and develop 300 rural clusters with urban like facilities in the next 3 years.

ANSWER: 2015

Explanation:
Pradhan Mantri Sukanya Samriddhi Yojana (PMSSY)

Launched : 22 January 2015
Objective : Secure the future of girl child

Sukanya Samriddhi Yojana is an ambitious small deposit savings scheme for a girl child. Under the scheme, a saving account can be opened in the name of girl child and deposits can be made for 14 years.

After the girl reach 18 years of age, she can withdraw 50% of the amount for marriage or higher study purposes.

After the girl completes 21 years of age, the maturity amount can be withdrawn including the interest at rates decided by Government every year.

The investments and returns are exempt from section 80C of Indian income tax act.

The maximum investment of Rs. 1.5 Lakh per year can be made while minimum deposit is Rs. 1000/- per year.

ANSWER: Swavalamban Yojana

Explanation:
Atal Pension Yojana is a government-backed pension scheme in India targeted at the unorganized sector.

It was formally launched by Prime Minister Narendra Modi on 9 May 2015 in Kolkata.

What it offers : Pension between Rs 1,000 and Rs 5,000 a month.

Cost : For a monthly pension of Rs 1,000, a 40-year-old subscriber will have to invest Rs 291 per month for 20 years.

For 18-year-old will have to contribute Rs 42 per month for 40 years.

Eligibility : All individuals between 18 and 40, who will have to contribute till they turn 60.

This is an investment you need to make on behalf of your domestic staff who may not have anyone to look after them once they stop working.

ANSWER: Scheme for Sustainable Structuring of Stressed Assets

Explanation:
Under the ‘Scheme for Sustainable Structuring of Stressed Assets’ (S4A), RBI allowed banks to take equity in debt laden firms permitting them to split total loans of struggling companies into sustainable and unsustainable based on the cash flows of the projects.

ANSWER: Rs 1.80 lakh crore

Explanation:
Banks are expected to disburse Rs 1.80 lakh crore loans under the Pradhan Mantri Mudra Yojana (PMMY).

Last year, 3.5 crore beneficiaries’ availed Rs 1.22 lakh crore loans under PMMY.

ANSWER: Union Bank of India

Explanation:
National Payments Corporation of India (NPCI), the umbrella organization for all retail payments system in the country has partnered with Union Bank of India to launch an USSD based *99# mobile application for their customers.

This application can be downloaded in an android smart phone from the Google Play Store by the bank customers and can be used even without any internet connection as it does not require any data.

ANSWER: Rs 65876 crore

Explanation:
The Reserve Bank of India will transfer Rs. 65876 crore as surplus to the government for FY’16, Rs 20 crore less that previous year’s Rs 65896 crore.

The surplus approved by the Reserve Bank of India board could be used to fund the centre’s fiscal deficit.

ANSWER: Term insurance

Explanation:
Term insurance

What it offers : A pure protection term insurance cover which pays Rs 2 lakh to dependents in the event of the policyholder's death.

Cost : Premium of Rs 330 a year.

Eligibility : Anybody in the age band of 18-70 years who has a savings account in a bank that offers this scheme.