Which of the following is a feature of the Indian banking system? MCQ with Answer and Explanation

Question
Which of the following is a feature of the Indian banking system?
A. Absence of priority sector lending norms
B. Dual regulation of cooperative banks by RBI and state governments
C. No role for foreign banks
D. Complete absence of NBFCs
Answer: Option B
Solution (By JKSSB Mock Tests)
Urban and rural cooperative banks in India are subject to dual regulation by the Reserve Bank of India and the respective state governments.
This question belongs to: Economy GK Economy Set 1
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Question #1
The 'World Happiness Report' is published by:
A. United Nations Sustainable Development Solutions Network
B. World Economic Forum
C. IMF
D. World Bank
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Correct Answer: Option A

Explanation:
The World Happiness Report is published by the UN Sustainable Development Solutions Network.
This question belongs to: Economy GK Economy Set 1
Question #2
The concept of 'Creative Accounting' in public finance refers to:
A. Only the calculation of primary deficit
B. Only the use of accrual accounting
C. Accounting practices that improve the reported fiscal position without improving the underlying fiscal reality
D. Transparent and accurate fiscal reporting
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Correct Answer: Option C

Explanation:
Creative accounting (or fiscal gimmickry) involves the use of accounting devices that temporarily improve reported deficit or debt figures without a corresponding improvement in the true intertemporal fiscal position.
This question belongs to: Economy GK Economy Set 1
Question #3
The Fiscal Responsibility and Budget Management Act was enacted in which year?
A. 2001
B. 2003
C. 1999
D. 2005
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Correct Answer: Option B

Explanation:
The FRBM Act was enacted in 2003.
This question belongs to: Economy GK Economy Set 1
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