Daily UPSC Prelims Current Affairs – October 12, 2022 [Mock Test]
October 13, 2022 October 13, 2022
1. With respect to the National Asset Reconstruction Company Ltd. (NARCL), consider the following
statements:
- Public Sector Banks (PSBs) will maintain 49% ownership in NARCL.
- It is an asset reconstruction company.
Which of the statements given above is/are correct?
[A] Only 1
[B] Only 2
[C] Both 1 & 2
[D] Neither 1 nor 2
Show Answer
Correct Answer: D [Neither 1 nor 2]
Notes:- The National Asset Reconstruction Company Ltd. (NARCL), set up to take over large bad loans of more than ₹500 crore from banks.
- It will acquire stressed assets worth about Rs 2 lakh crore from various commercial banks in different phases.
- Public Sector Banks (PSBs) will maintain 51% ownership in NARCL.
- The NARCL will first purchase bad loans from banks. It will pay 15% of the agreed price in cash and the remaining 85% will be in the form of “Security Receipts” guaranteed by the government.
- India Debt Resolution Company Ltd (IDRCL), will try to sell the stressed assets in the market.
- PSBs and Public Financial Institutes (FIs) will hold a maximum of 49% stake in IDRCL. The remaining 51% stake will be with private-sector lenders.
- The NARCL-IDRCL structure is the new bad bank.
- To make it work, the government has provided Rs 30,600 crore to be used as a guarantee. Government guarantee, valid for five years, helps in improving the value of security receipts, their liquidity and tradability.
2. Which of the following statements about Organization of Islamic Cooperation is/are correct?
- It has permanent delegations to the United Nations and the European Union.
- India has an observer status in the organization.
- Its permanent secretariat is in UAE.
Choose the correct answer using the codes given below:
[A] Only 1
[B] Only 3
[C] Only 1 & 2
[D] 1, 2 & 3
Show Answer
Correct Answer: A [Only 1]
Notes:- Organization of Islamic Cooperation is an international organization founded in 1969. It has 57 member states. Its permanent secretariat is in Jeddah, Saudi Arabia.
- It is the second largest inter-governmental organization after the United Nations.
- The organisation states that it is “the collective voice of the Muslim world” and works to “safeguard and protect the interests of the Muslim world in the spirit of promoting international peace and harmony “.
- The OIC has permanent delegations to the United Nations and the European Union.
3. In India, the first-ever EV scooter, the Vida V1, was introduced. Which of the following companies manufactures the Vida V1 scooter?
[A] TVS Motor Company
[B] Honda Motor Company
[C] Hero MotoCorp Company
[D] Bajaj Automobile Company
Show Answer
Correct Answer: C [Hero MotoCorp Company]
Notes:
Hero Motocorp, the biggest producer of two-wheelers in India, has entered the market for electric vehicles with the debut of a new two-wheeler called the Hero Vida V1, which bears the name of the company’s flagship product.
