Government Approves $1.4 Billion Bharat Maritime Insurance Pool (BMIP)
The General Insurance Corporation of India (GIC Re) will manage the pool, providing uninterrupted insurance coverage for shipping in high-risk zones like the Middle East.
The pool features a total capacity of $1.5 billion, including a sovereign guarantee of $1.4 billion from the Indian government.
Individual insurance claims up to $100 million will be settled through this pooled capacity, ensuring trade stability during global conflicts.
Key Facts / Static GK
DFS Secretary: M. Nagaraju
Department of Financial Services (DFS) is under the Ministry of Finance.
Q Practice Quiz — 13 May 2026
1. As per the latest RBI Master Direction, what is the maximum penalty for repeated violations regarding the refusal to exchange mutilated or soiled notes?
Explanation: While the initial penalty for a single deficiency is Rs 10,000, it can rise to a maximum of Rs 5 lakh for repeated violations by a bank.
2. Under the new guidelines, what is the maximum daily limit for free exchange of soiled notes at any bank branch?
Explanation: RBI allows free exchange of soiled notes for up to 20 pieces or a total value of Rs 5,000 per day over the counter.
3. Which of the following statements regarding the VB-G RAM G Act is incorrect?
Explanation: Unlike MGNREGA, where the Centre funded 100% of unskilled wages, the new Act introduces a cost-sharing model (e.g., 60:40 for general states and 90:10 for Himalayan/NE states).
4. Who was sworn in as the 13th Chief Minister of Tamil Nadu in May 2026?
Explanation: C. Joseph Vijay, leading the TVK party, took the oath as the 13th CM of Tamil Nadu, succeeding M.K. Stalin.
5. From July 1, 2026, if an educational institution wants to use stock price data for classroom demonstration for free, what is the minimum required time lag as per SEBI?
Explanation: SEBI has standardized the delay to 30 days for educational use to simplify the earlier framework of 1-day/3-month lags.
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