[Mission 2023] Current Affairs Quiz , 10 January 2023

Solution: c)

The incremental capital-output ratio (ICOR) is the amount of capital required to produce one unit of output. The higher the ICOR, the less efficient we are in the use of capital. 

ICOR is determined by a variety of factors including technology, skill of manpower, managerial competence and also macroeconomic policies. Thus, delays in the completion of projects, lack of complementary investments in related sectors and the non-availability of critical inputs can all lead to a rise in ICOR.

Solution: b)

India currently has trading only in gold derivatives and Gold ETFs, unlike several other countries which have spot exchanges for physical trade in gold.

Solution: c)

Coal deposits are primarily found in eastern and south-central India. Jharkhand, Odisha, and Chhattisgarh accounted for almost 70% of the total known coal reserves in India.

India is the world’s second largest coal producer.

Coal mines in a state can be allocated to different state for its extraction and use.

Solution: d)

The word ‘Lok Adalat’ means ‘People’s Court’. This system is based on Gandhian principles. It is one of the components of ADR (Alternative Dispute Resolution) system.

The Lok Adalat is a forum where the cases (or disputes) which are pending in a court or which are at pre-litigation stage (not yet brought before a court) are compromised or settled in an amicable manner.

The first Lok Adalat camp in the post-independence era was organised in Gujarat in 1982.

The institution of Lok Adalat has been given statutory status under the Legal Services Authorities Act, 1987.

A Lok Adalat shall have jurisdiction to determine and to arrive at a compromise or settlement between the parties to a dispute in respect of:

• any case pending before any court; or
• any matter which is falling within the jurisdiction of any court and is not brought before such court.

Solution: b)

The Reserve Bank of India performs the supervisory function under the guidance of the Board for Financial Supervision (BFS). The Board was constituted in November 1994 as a committee of the Central Board of Directors of the Reserve Bank of India under the Reserve Bank of India (Board for Financial Supervision) Regulations, 1994.

The primary objective of BFS is to undertake consolidated supervision of the financial sector comprising Scheduled Commercial and Co-operative Banks, All India Financial Institutions, Local Area Banks, Small Finance Banks, Payments Banks, Credit Information Companies, Non-Banking Finance Companies and Primary Dealers.

The Board is constituted by co-opting four Directors from the Central Board as Members and is chaired by the Governor. The Deputy Governors of the Reserve Bank are ex-officio members. One Deputy Governor, traditionally, the Deputy Governor in charge of supervision, is nominated as the Vice-Chairman of the Board.