Consider the following statements regarding the General Insurance
Corporation of India (GIC):
1. GIC is the
statutory body under the Department of Financial Services, Ministry of Finance.
2. GIC is the only
reinsurer in India.
3. It is
headquartered in New Delhi.
Which of the
statements given above is/are correct?
a) 1, 2 and 3
b) 1 and 2 Only
c) 1 Only
d) 1 and 3 Only
Correct
Answer: C
Explanation
Only statement 1 is
CORRECT. GIC has its registered office and headquarters in Mumbai (NOT New
Delhi). Statement 2 is INCORRECT because GIC of India (GIC Re) was the sole
reinsurance company
in the Indian insurance market with over four decades of experience until the
insurance market was open to foreign reinsurance players by late 2016 including
companies from Germany, Switzerland and France.
Source: http://indianexpress.com/article/business/companies/two-french-reinsurancecompanies-
join-race-in-india-scor-and-axa-re-of-france-4699371/
Which of the following was/were the recommendation(s) of the
second Narsimhan Committee constituted in 1998:
1. Greater autonomy
for the public sector banks.
2. Reform in the role
of RBI
3. Creation of Asset
Reconstruction Funds or Asset Reconstruction Companies to take over the bad
debts of banks
4. Recommended that
the Government should raise the prescribed capital adequacy norms.
5. Entry of foreign
banks
Use the code below to
select the correct statement/s:
a) 1, 2 and 3 Only
b) 1, 2 , 3, 4 and 5
c) 1 and 2 Only
d) 4 and 5 Only
Correct
Answer: B
Explanation
Explanation: All the
given are the recommendations made by the second Narsimhan
Committee constituted
in 1998.
Source:https://en.wikipedia.org/wiki/Narasimham_Committee_on_Banking_Sector_Reforms_(1998)#Recommendations_of_the_Committee
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