Internet Banking, ICICI - Current Affairs Questions and Answers

1)   GoI launched with ETF managed by ICICI Prudential MF on 14th November 2017?

a. BHARAT-21
b. BHARAT-22
c. INDIA-21
d. INDIA-22
Answer  Explanation 


The Government of India launched the BHARAT-22 Exchange Traded Fund (ETF) managed by ICICI Prudential Mutual Fund targeting an initial amount of about INR 8,000 crore on 14th Nov, 2017.

This New Fund Offer is open till November 17, 2017.

The Units of the Scheme will be allotted 25% to each category of investors. In this ETF, the Retirement Fund has been made separate category of Investors.
In case of spill-over, additional portion will be allocated giving preference to retail and retirement funds. There is a 3% discount across the board.

The strength of this ETF lies in the specially created Index S&P BSE BHARAT-22 INDEX.

This Index is a unique blend of shares of key CPSEs, Public Sector Banks (PSBs) and also the Government owned shares in blue chip private companies like Larsen & Tubro (L&T), Axis Bank and ITC.

The shares of the Government companies represent 6 core sectors of the economy-Finance, Industry, Energy, Utilities, Fast Moving Consumer Goods (FMCG) and Basic Materials.

The index has previously out-performed the NIFTY-50 and Sensex.

The Index constituents include leading Maharatanas and Navratanas such as Coal India, GAIL, Power Grid Corporation of India Ltd. (PGCIL), National Thermal Power Corporation (NTPC), Indian Oil Corporation Ltd., Oil & Natural Gas Corporation (ONGC), Bharat Petroleum, and National Aluminium Company (NALCO), three Public Sector Banks such as SBI, Bank of Baroda apart from the 3 private sector companies mentioned earlier.

Reforms and ETF

  • The Government of India is undertaking a number of Key Economic Reforms which is driving growth in these sectors of economy. The major reforms such as mentioned below for which market expert believe will fuel the growth in the economy and may benefit the underlying stocks in ETF.
  • Finance: Insolvency and Bankruptcy Code 2016, Digital and Cashless Economy, Listing of Insurance companies, Bank recapitalization and Goods and Services Tax (GST).
  • Commerce: Liberalization of Foreign Director Investment (FDI) in India
  • Oil: Direct Benefit Transfer of LPG subsidies, Introduction of Daily Fuel pricing, Consolidation of Govt. run oil companies.
  • Energy: Revival package for electricity distribution companies of India (DISCOMs).

2)   Which of the following banks has launched the India's first mortgage guarantee-backed home loan product ‘Extraa Home Loan’?

a. State bank of India
b. Bank of Baroda
c. ICICI Bank
d. HDFC Bank
Answer  Explanation 


This move will help customers raise the eligible amount by up to 20 percent and increase the tenure by up to seven years. It will expand the credit amount and increase the tenure upto 67 years of age for an additional fee as well.

3)   Name the new non-executive Chairman of ICICI Bank appointed by the board of the bank on 9th June’15?

a. K. V. Kamath
b. Chanda Kochar
c. M. K. Sharma
d. Vijay Shanker Sharma
Answer  Explanation 

ANSWER: M. K. Sharma

M. K. Sharma will succeed KV Kamath, who would step down from the Board to take on a bigger role as the first President of New Development Bank, established by the BRICS nations.

4)   Which one of the following is controlled by the World Wide Web?

a. Universal banking
b. Virtual Banking
c. Wholesale Banking
d. None of these
Answer  Explanation 

ANSWER: Virtual Banking

Internet banking is known as virtual banking. It is called so because it has no bricks and boundaries.

5)   In which type of banking, electronic financial transactions are done?

a. E-Banking
b. POS Banking
c. M-Banking
d. Universal Banking
Answer  Explanation 

ANSWER: E-Banking

E-banking enable financial institution customers, individuals or businesses, to access accounts, transact business, or obtain information on financial products and services.