General Awareness Questions

The Reserve Bank of India (RBI) Governor Urjit Patel has been appointed as member in ‘Financial Stability Institute Advisory Board’ of ‘Bank ofInternational Settlement (BIS)’. The Advisory Board will comprise a small but diverse group of central bank Governors, heads of financial sector supervision and chairs of standard-setting bodies and regional supervisory groups.Note:The ‘Financial Stability Institute Advisory Board’ of BIS assists financial sector authorities worldwide in strengthening their financial systems.

A bank account under financial inclusion scheme Pradhan Mantri Jan Dhan Yojana (PMJDY) can be opened in any bank branch or business correspondent outlet. PMJDY is a government-run financial inclusion scheme aimed at ensuring access to services such as banking, savings, deposits, remittance, credit, insurance and pension at an affordable price. Bank accounts under the Jan Dhan scheme can be opened with zero balance. In other words, the account holder need not maintain any particular account balance to keep the account account. The government recently doubled the overdraft limit on Jan Dhan accounts. The overdraft limit of Jan Dhan accounts now stands at Rs 10,000, double than the previous limit of Rs 5,000, according to an official statement released last week.