1. Which of the following is true for Domestic-Systematically important banks?
Domestic-Systematically Important Banks are the financial institutions that are ‘too big to fail’. These are such banks that have assets of at least 2% of the GDP of the country. As per RBI, a few banks assume systemic importance due to their size, cross-jurisdictional activities, complexity, lack of substitutability, and interconnectedness. RBI has developed a framework that requires RBI to declare D-SIBs since 2015. The D- SIBS are classified under 5 buckets based on their importance and they have to maintain additional protection measures like maintaining extra Common Equity-1 reserves etc. In India, SBI, HDFC and ICICI banks are under the category of D-SIBs.
Hence, C is the correct answer.
2. Which of the following is true about Curative Petition?
Select the correct answer from the codes given below:
Curative Petition was started in India in 2002 by the Supreme Court under the SC judgment of Rupa Ashok Hurra vs. Ashok Hurra and Anr. (2002) to prevent a miscarriage of justice. The curative petition can be filed on the following conditions:
Generally, the court takes on the case through circulation but can also give it open hearing if it feels so. There is no provision of curative petition in the constitution and Article 137 is related to Review petition.
Hence, D is the correct answer.
3. Which of the following statement is incorrect?
The Central Information Commission and State Information Commission are the statutory bodies under the RTI Act 2005 having quasi-judicial status as they have the power of a civil court.
Central Information Commission (CIC)
According to the 2005 act, the commission should have 1 chief commissioner and not more than 10 information commissioners. They are to be appointed by the President on the recommendation of a committee consisting of Prime Minister as chairperson and Leader of opposition and a minister nominated by the Prime Minister.
According to the amendment act of 2019, they are to be appointed for a term as decided by the Central government or till the age of 65 years and their service conditions along with their salaries will be as determined by the Central government.
The President can remove them on the grounds of insolvency, moral turpitude, if any of them engages in the paid employment during his/her term of office, due to infirmity of mind or body, if have financial interest to affect his official functions and on the grounds of misbehavior or incapacity if adjudged by the Supreme Court.
State Information Commission (SIC)
According to the 2005 act, the commission should have 1 chief commissioner and not more than 10 information commissioners. They are to be appointed by the Governor on the recommendation of a committee consisting of Chief Minister as chairperson and Leader of opposition and a minister nominated by the Chief Minister.
The governor can remove them on the grounds of insolvency, moral turpitude, if any of them engages in the paid employment during his/her term of office, due to infirmity of mind or body, if have financial interest to affect his official functions and on the grounds of misbehavior or incapacity if adjudged by the Supreme Court.
Hence, B is the correct answer.
4. Which institute among the following release Freedom in World 2020 Report?
The Freedom in World 2020 Report is published by Freedom House, a U.S based NGO. India has been placed among the bottom 5 democracies as the report analyzes civil and political liberties in various countries. Finland, Norway, Sweden, the Netherlands, and Luxembourg are the top 5 democracies under the list. India has been placed at 83rd position, and its overall score declined from 75 in 2019 to 71 in 2020 due to an attack on civil liberties because of the passage of the Citizenship Amendment Act 2019 and the reorganization of Jammu and Kashmir. Globally there is a decline in the freedom for 14 consecutive years till 2019.
Hence, C is the correct answer.
5. Which of the following correctly describes amicus curiae?
Amicus Curiae is a person or an organization, an external party to a case, voluntarily offering expertise or information on a case that can help the court to come to a rational judgment. The meaning of the term is a friend of the court. It can be appointed to represent an unrepresented person in the court. Otherwise, a person can voluntarily offer to give their services and it depends on the discretion of the court to accept the offer. The term is in the news as the UN Human Rights Commission has offered to be amicus curiae to the Supreme Court in Citizenship Amendment Act 2019 case.
Hence, A is the correct answer.