Question Discussion & Solution

The correct answer is Rs 10 Lakh.

• Cashless insurance of up to Rs 10 lakh for all families has been proposed under the Chief Minister Chiranjeevi Health Insurance Scheme.

Key Points

• Rajasthan government began cashless insurance of up to Rs 10 lakh under a universal health scheme for all families of Rajasthan.
  • It started on 1 May 2021 under the Chief Minister Chiranjeevi Health Insurance Scheme.
  • This scheme was announced during State Budget 2021-22. 
  • Salient features
    • Free insurance to all families under BPL, NFSA, and SECC categories.
    • Those families covered under Ayushman Bharat Mahatma Gandhi Rajasthan Swasthya Bima Yojana, along with contractual workers and small and marginal farmers, can also avail of this scheme for free.
    • Families not included in these categories will also be eligible for the benefits, although they have to pay 50 percent of the premium, which will come to around Rs 850 annually.

Confusion Points

• In 2021, a health cover of up to 5 lakh was proposed under this scheme.
• In Feb 2022, Rajasthan CM Ashok Gehlot has announced an increase in health cover from Rs 5 lakh to Rs 10 lakh per family in a year under the state government’s ambitious Chiranjeevi Health Insurance Scheme launched in 2021.

Additional Information

• Besides major diseases, the scheme will also include Covid-19 care and hemodialysis for the poor.
• The scheme is budgeted around Rs 3,500 crore.
• Once implemented, Rajasthan will become the first State in India to provide Universal Health Coverage for its citizens.

The correct answer is Orphan children.

• Palanhar Yojana of the Rajasthan government is associated with orphan children.

Key Points

• Palanhar Yojana
  • ​This scheme was launched in 2004-05 for the care and up keeping of Orphan children.
  • A person (normally a near relative) taking responsibility for caring and bringing up such a child is called "Palanhar".
  • In this Scheme `500 per month is given for the children of 0-6 years who go to Anganwari and `1,000 per month is given for school going children of age 6-18 years and an annual grant of `2,000/-.

Additional Information

• Mukhya Mantri Hunar Vikas Yojana
  • This scheme is for higher education/skill development programme to beneficiaries of PalanharYojana and children staying in Government and Non-government Institutional Homes.

The correct answer is Cash reserve ratio.

Key Points

• The Cash Reserve Ratio (CRR) refers to the share of Net Demand and Time Liabilities that banks have to hold as balances with the RBI.
• The objective of CRR is to keep inflation under control.
• During high inflation in the economy, the central bank raises the CRR to lower the bank’s loanable funds.
• The current Cash Reserve Ratio is 4.00% (as of June 2021).
• The current Reverse repo rate is 3.35% (as of June 2021).
• The Central bank has the authority to regulate monetary policies.
• The Ministry of Finance has the authority to regulate fiscal policies.

Additional Information

• Marginal Standing facility:
  • MSF is a facility under which scheduled commercial banks can borrow an additional amount of overnight money from the RBI by dipping into their SLR portfolio up to a limit at a penal rate of interest. 
  • This provides a safety wall against unanticipated liquidity shocks to the banking system.
  • The MSF is a scheme launched by RBI in 2011-12.
  • Under MSF banks can borrow funds up to 1% of their net demand and time liability.
  • The minimum amount for which RBI receives application is Rs. 1 crore and afterwards in multiples of rupees 1 crore.
• ​SLR is a kind of reserve that commercial banks need to maintain before crediting their money to borrowers.
  • Regulating the SLR rates is a component of RBI's monetary policy.
  • Reserve Bank of India sets the limit for banks (under Banking Regulation Act, 1949) to hold a certain proportion of their assets as SLR.
• Repo Rate:- It is a rate at which the central bank (RBI) lends money to its clients against the government securities.
• Reverse Repo- It is the rate at which the central bank (RBI) borrows money from its clients.
  • Reverse Repo is used in India as a tool in which banks will give their surplus fund to RBI for a short-term period and earn money.
  • The repo rate is always higher than the reverse repo rate.
  • Repo and Reverse repo rates are decided by the Monitory policy committee (MPC) of RBI.

The correct answer is Dr. Manmohan Singh.

Key Points

• Its duration was from 2007 to 2012, under the leadership of Manmohan Singh. 
• It was prepared by C. Rangarajan.
• Its main theme was “Rapid and more inclusive growth”.
• Assessment
  • India has recorded an average annual economic growth rate of 8%, farm sector grew at an average rate of 3.7% as against the 4% targeted. The industry grew with an annual average growth of 7.2% against the 10% targeted.
• Objectives
  • Rapid and inclusive growth.
  • Empowerment through education and skill development.
  • Reduction of gender inequality.
  • Environmental sustainability.
  • To increase the growth rate in agriculture, industry, and services to 4%,10% and 9% respectively.
  • Provide clean drinking water for all by 2009.

Additional Information

• The Constitution came into force on 26 January 1950. 
• Subsequently, Planning Commis­sion was set up on 15 March 1950 and the plan era started from 1 April 1951 with the launch­ing of the First Five Year Plan (1951-56).
• All Five Year Plans:
   

List of Prime Ministers of India:

The Issue Department of the RBI:

• The Issue Department is concerned with the proper and efficient management of the note issue.
• For the conduct of monetary transactions, the country has been divided into 14 circles of issue, each having an Office of Issue — the branch of the Issue Department.
• Each branch of the Issue Department consists of: (i) the General Department and (ii) the Cash Department, controlled by the currency officer.
  • The General Department deals with resource operations, i.e., arrangement of supply of notes and coins from the presses and Government Mints.
  • The Cash Department deals with cash transactions.
• ​The RBI Offices, where Issue Department is functioning, offer the facility to members of the public to exchange their notes including soiled and mutilated notes and coins including uncurrent or worn-out coins.
• The Bank is committed to providing exchange facilities free of cost at its counters during business hours.
• The Issue Department of the RBI maintains a Minimum Reserve System against the printing of notes.
• Under the Minimum Reserve System, the RBI has to maintain a minimum reserve of Rs. 200 crores, Rs. 115 crores should be in the form of gold coins and the rest in the form of foreign currencies.
• After maintaining the minimum reserve, the RBI can print any number of currency notes as per the requirement of the economy, except one rupee note.
• Since the one rupee note is issued by the Ministry of Finance but is distributed by the RBI through commercial banks. 

Therefore, the Issue Department of the RBI maintains a Minimum Reserve System against the printing of notes.