Daily Quiz — 14 May 2026

1. Q1.What was Jammu & Kashmir Bank's net loss in 2020, and what record net profit did it achieve in its recent turnaround?

   Loss of ₹1,200 crore in 2020; profit of ₹2,363 croreLoss of ₹2,363 crore in 2020; profit of ₹1,200 croreLoss of ₹1,800 crore in 2020; profit of ₹2,363 croreLoss of ₹1,200 crore in 2020; profit of ₹1,980 crore
   Explanation: J&K Bank swung from a ₹1,200 crore loss in 2020 to a record net profit of ₹2,363 crore, with gross NPAs falling to a historic low of 2.5%, reflecting governance reforms and disciplined provisioning.

2. Q2.Under the RBI's revised outward remittance guidelines for NBFCs, who remains accountable for FEMA compliance, customer due diligence, and grievance redressal when remittances are processed via third-party platforms?

   The NBFC partnering with the authorised dealerThe third-party platform facilitating the remittanceThe authorised dealer banksThe Reserve Bank of India directly
   Explanation: The RBI clarified that authorised dealer banks remain fully accountable for FEMA compliance, customer due diligence, and grievance redressal even when NBFCs use third-party platforms for remittance processing.

3. Q3.What equity stake will Jio Financial Services and Allianz Group each hold in their newly incorporated joint venture, Jio Allianz General Insurance Ltd?

   74:26 in favour of Jio Financial Services50:50 equal stake51:49 in favour of Allianz Group60:40 in favour of Jio Financial Services
   Explanation: Jio Financial Services and Germany's Allianz Group have incorporated Jio Allianz General Insurance Ltd as a 50:50 joint venture, with each partner holding an equal stake pending IRDAI approval.

4. Q4.According to ICRA's projections, what is the expected range of bank credit growth in FY27, and what factors are cited for the moderation?

   13–14%, due to rising inflation and tighter liquidity11–11.7%, due to slower GDP growth and geopolitical uncertainty9–10%, due to RBI rate hikes and weak deposit growth12–13%, due to moderation in retail lending demand
   Explanation: ICRA projects credit growth will moderate to 11–11.7% in FY27, citing slower GDP expansion and geopolitical uncertainty as the primary headwinds, despite the sharp rebound in credit in the second fortnight of April 2026.

5. Q5.Kevin Warsh was confirmed as the next US Federal Reserve Chair by what Senate vote margin, and what historic distinction does he hold as a former Fed Governor?

   60-39 vote; oldest person ever confirmed as Fed Governor54-45 vote; youngest Fed Governor in history at age 3554-45 vote; first Fed Chair confirmed without prior Fed experience51-48 vote; youngest Fed Governor in history at age 35
   Explanation: Warsh was confirmed 54-45, the narrowest Senate approval margin since the current confirmation process began in 1977, and he was once the youngest Fed Governor in history at age 35.

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