General Awareness Questions

The Wassenaar Arrangement is a multilateral export control regime and plays a significant role in promoting transparency and greater responsibility in transfers of conventional arms and dual-use goods and technologies. It has decided to admit India as its new member which would enhance its credentials in the field of non-proliferation despite not being signatory to Non-Proliferation Treaty.

As per guidelines of the RBI, payments banks can accept demand deposits – savings and current – up to a maximum of ?1 lakh per customer. To overcome this restriction of holding a maximum balance of ?1 lakh per customer, payments banks have entered into tie-ups with mainline banks so that balances over ?1 lakh can be converted into fixed deposits with the latter.