Question
The Forest Rights Act, which seeks to recognise and vest
forest rights in Scheduled Tribes and other traditional forest dwellers, was enacted in which year?Solution
The Scheduled Tribes and Other Traditional Forest Dwellers Act, commonly known as the Forest Rights Act, was enacted in 2006. It recognises individual and community rights over forest land, minor forest produce, and habitation through a Gram Sabha– led verification process.
InsureCo writes a portfolio of 12-month fire insurance policies on 1 Oct (policy year Oct–Sep). Premiums are received upfront. Historical claims are s...
The 'MCLR' (Marginal Cost of Funds based Lending Rate) system replaced the earlier 'Base Rate' system. What is a key component in calculating MCLR?
"Operational Risk" includes risk arising from:
What is the maximum aggregate balance allowed in accounts opened using Aadhaar OTP-based e-KYC in non-face-to-face mode?
Nostro account is maintained in:
A borrower has defaulted on a term loan for over 90 days. The bank categorizes the account as an NPA. Later, the borrower partially repays the overdue a...
The process of converting a physical cheque into an electronic image for faster processing is called:
A bank has statutory reserve requirement of 25% of Net Profit before appropriations. Net Profit before appropriations = ₹40 crore. Transfer to reserve...
An Indian exporter raises a Letter of Credit (LC) worth USD 1,00,000. The exchange rate on the LC issuance date is ₹83.50/USD. The bank charges 0.25% ...
When the RBI increases the "Repo Rate," it generally leads to:
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