Economic & Social Issues (ESI) Questions For RBI Grade B Phase II 2023 | Set-16

Correct Answer – D. Central Information System for Banking Infrastructure

Explanation- Consistent with the needs of branch licensing and financial inclusion policies as well as the need for requisite coverage of additional dimensions/features, a new reporting system, viz., Central Information System for Banking Infrastructure, has been web-deployed. Reserve Bank of India has overhauled the daily reporting system at cooperative banks after the collapse of Punjab and Maharashtra Bank following the uncovering of Rs.4000 crore fraud at the Mumbai based cooperative bank.

Correct Answer – B. Customer Service by Banks

Explanation- In September, 1990, a new committee was set up by RBI under the chairmanship of Shri M N Goiporia, Chairman, State Bank of India (a) To look into the causes of below par customer service in banks, (b) To identify structural and operational rigidities in the banking system, (c) Find ways and means to upgrade technology in banks, (d) Address deficiencies in bank service and suggest ways to improve work culture among bank employees.

Correct Answer:  A. Ministry of Minority Affairs

Explanation:  “Hunar Haat” is an initiative of the Union Ministry of Minority Affairs, Government of India. Under the initiative, stalls are set up, where master artisans, craftsmen and culinary experts from across the country participate, to show case their talents. It aims at providing employment opportunities to indigenous artisans and preserving the culture of our country.

Correct Answer – B. 2 and 3 only

Explanation: GDP is the sum total of value of goods and services created within the geographical boundary of a country in a particular year. If the GDP of the country is rising, the welfare may not rise as a consequence. This is because the rise in GDP may be concentrated in the hands of very few individuals or firms. Many activities in an economy are not evaluated in monetary terms. For example, the domestic services women perform at home are not paid for. The exchanges which take place in the informal sector without the help of money are called barter exchanges. But since money is not being used here, these exchanges are not registered as part of economic activity.

Correct Answer – C. Maharashtra

Explanation: Maharashtra became the first state in India to develop a website-based Migration Tracking System (MTS) application to track the movement of migrant workers through individual unique identity numbers.The MTS project aims to ensure the continuity of Integrated Child Development Services (ICDS) for migrant beneficiaries, such as children under the age of 18, lactating mothers, and pregnant women who are registered with Anganwadi centres.

Correct Answer – C. Optimal Population

Explanation: The optimum population is the size of a population that is the best out of several outcomes. There are, however, various opinions on what “optimal” means in this usage, resulting in various end-targets for it, but estimations usually take ecological sustainability and carrying capacity more or less into account. The optimum population is a concept where the human population is able to balance maintaining a maximum population size with optimal standards of living for all people.

Correct Answer – A. Unavailability of job due to change of job.

Explanation- Frictional unemployment is the unemployment that results from time spent between jobs when a worker is searching for or transitioning from one job to another. It is sometimes called search unemployment and can be based on the circumstances of the unemployed individual.

Correct Answer – D. Augmentation

Explanation-The National Heritage Development and Augmentation Yojana (HRIDAY) aims to preserve and rejuvenate the rich cultural heritage of the country. Central government will meet the entire expenditure under the scheme (Central Sector Scheme). But, the states and local urban bodies are requested to supplement their resources for rapid development of heritage cities. The project will work through a partnership of Government, Academic Institutions and local community combining affordable technologies. The 12 cities selected for the scheme are Ajmer, Amritsar, Amravati, Badami, Dwarka, Gaya, Warangal, Puri, Kanchipuram, Mathura, Varanasi and Velankanni.

Correct Answer – C. Indian economy is a combination of both Private and Public sector

Explanation-The economic system of India was a mixed economy in the pre-1991 years as it is in the post-1991 years, but the composition of state-market mix has gone for a change. In future, as the socio-economic and political factors will be changing, India will be redefining its mixed economy, accordingly.

Correct Answer: B. AICIL

Explanation- The public-sector insurance company, Agriculture Insurance Company of India Limited (AICIL) was set up by the Government of India in December 2002. This company was responsible to look after the National Agriculture Insurance Scheme. Since January 2016, the company is looking after the newly launched PMFBY. Till the AICIL was not set up, the Agri-insurance responsibility of the Government was being looked after by the General Insurance Corporation (GIC). AIC also transacts other insurance businesses directly or indirectly concerning agriculture and its allied activities.