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 Banking, Finance & Economy PDF 2023 – September

Table of Contents
Banking, Finance & Economy News: September 2023........................................................................................... 6
Banking, Finance & Economy Q&A: September 2023 .......................................................................................... 70

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 Banking, Finance & Economy News: September 2023
RBI IN NEWS

RBI allows operation of pre-sanctioned credit lines at banks through UPI

The Reserve Bank of India (RBI) circular titled ‘Operation of Pre-Sanctioned Credit Lines at Banks through UPI’
announced the inclusion of pre-sanctioned credit lines as funding accounts in Unified Payments Interface (UPI).
This decision broadens the scope of UPI by incorporating credit lines as a funding account.
Background: In the “Statement on Development and Regulatory Policies” dated April 6, 2023, the RBI
proposed to enhance the functionality of the UPI by incorporating pre-sanctioned credit lines at banks into the
system.
What is Credit Line in UPI?
• A credit line in UPI refers to a pre-approved amount of credit that a bank offers to its customers.
This credit line allows customers to make transactions or payments even if they don’t have
sufficient funds in their bank account at that moment. It’s essentially a short-term loan or credit
limit that the bank provides to the customer with applicable fees or interest
Key points:
i. The circular applies to Scheduled Commercial Banks, excluding Payment Banks, Small Finance Banks,
and Regional Rural Banks.
ii.This directive is issued under Section 10(2) read with Section 18 of the Payment and Settlement Systems
Act, 2007 (Act 51 of 2007).
iii. Before the expansion, UPI allowed linking of savings accounts, overdraft accounts, prepaid wallets, and
credit cards.
iv. Payments through these pre-sanctioned credit lines, issued by Scheduled Commercial Banks to individuals,
can be made through the UPI system with the prior consent of the individual customers.
v. Banks can establish terms and conditions for the use of these credit lines, including credit limits, credit
periods, interest rates, in accordance with their board-approved policies.
• The RBI’s expansion of UPI’s scope aligns with India’s goals for digitizing payments and fostering
financial inclusion.
Unified Payments Interface (UPI):
UPI is a system that powers multiple bank accounts into a single mobile application (of any participating bank),
merging several banking features, seamless fund routing & merchant payments into one hood. It also caters to
the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience.
• Pilot launch: April 11, 2016
• UPI enabled apps launch: August 25, 2016
• Developed by: National Payments Corporation of India (NPCI)
• Launched by: Dr. Raghuram G Rajan (Ex-RBI Governor)
• In August 2023, UPI transactions achieved significant milestones, surpassing 10 billion transactions.
Significance: UPI is a robust and widely used platform for immediate money transfers through mobile devices,
handling 75% of the retail digital payments volume in India.
About Reserve Bank of India (RBI):
Governor– Shaktikanta Das
Headquarters– Mumbai, Maharashtra
Established – April 1, 1935

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RBI Issues Guidelines on Responsible Lending Conduct; Revises Banks’ Investment Portfolio
Norms, w.e.f April 1, 2024
On September 13, 2023, the Reserve Bank of India (RBI) issued guidelines on Responsible Lending
Conduct which directs Regulated Entities (REs) to release all original movable or immovable property
documents, and remove charges registered with any registry within 30 days of full repayment or settlement of
personal loans by borrowers.
• These directions by RBI are issued under sections 21, 35A and 56 of the Banking Regulation (BR)
Act, 1949, sections 45JA and 45L of the RBI Act, 1934, and section 30A of the National Housing Bank
(NHB) Act, 1987.
• Official notification of ‘Responsible Lending Conduct – Release of Movable / Immovable Property
Documents on Repayment/ Settlement of Personal Loans‘
Note: The REs include All Commercial Banks (including Small Finance Banks(SFBs) and Regional Rural
Banks(RRBs), excluding Payments Banks); All Local Area Banks; All Primary (Urban) Co-operative Banks; All
State Co-operative Banks and District Central Co-operative Banks; All Non-Banking Financial Companies
(NBFCs) including Housing Finance Companies (HFCs); and All Asset Reconstruction Companies (ARCs).
Applicability:
These Directions are applicable to all cases where release of original movable / immovable property
documents falls due on or after December 1, 2023.
Reason behind These Directions:
Despite Fair Practices Code guidelines since 2003, REs exhibit inconsistent practices in releasing property
documents upon full loan repayment, causing customer disputes and grievances. In order to overcome this
situation and to protect borrowers’ rights and ensure a smoother, more accountable lending process these
directions has been issued.
Key Points:
i.Borrowers can choose to collect documents from the loan-serving branch or another RE office.
ii.REs must have a procedure for returning documents to legal heirs in case of borrower demise.
• This should be available on the REs’ website for customer reference.
iii.If REs delay property document release or fail to file charge satisfaction forms after 30 days post-loan
settlement, they must explain the reasons to the borrower.
• If the delay is REs’ fault, they must compensate the borrower at Rs 5,000 for each day of delay.
iv.If property documents are lost/damaged, REs must help obtain duplicates and cover associated costs,
in addition to the compensation of Rs 5000/day for delay.
• However, this process allows for an additional 30 days to the REs, with penalties calculated after 60
days.
v.This compensation doesn’t affect the borrower’s rights under other applicable laws.
RBI revises Banks’ Investment Portfolio Norms, w.e.f April 1, 2024
RBI also revised its guidelines on categorizing the investments by banks, to align them with global standards by
issuing RBI (Classification, Valuation and Operation of Investment Portfolio of Commercial Banks) Directions,
2023 which will be effective from April 1, 2024.
• The change in the norms follows the revisions proposed in the Discussion Paper (DP) on January 14,
2022 regarding the current norms for the classification, valuation, and operation of investment
portfolios of commercial banks.

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 • With the implementation of revised Directions, RBI (Classification, Valuation and Operation of
Investment Portfolio of Commercial Banks) Directions, 2021 dated August 25, 2021 will
be repealed.
RBI issued these directions in the exercise of its powers conferred under section 35A of the BR Act, 1949, and
all the powers enabling it on this behalf.
Applicability:
All commercial banks (excluding Regional Rural Banks-RRBs)
Reasons behind this revision:
i.To ensure transparency and stability in the banking sector
ii.To introduce a framework for banks to categorize their investments and specify how they should be valued
and managed.
Key Points:
i.RBI introduced a new category of investment, Fair Value Through Profit and Loss (FVTPL) account. The
existing HFT category will now be part of FVTPL category. So, as per the revised norms, banks will have to
classify their entire investment portfolio under three categories viz. Held-to-Maturity (HTM), Available for
Sale (AFS) and FVTPL.
1.HTM: Under this existing category, banks hold securities until maturity.
• These securities should provide regular principal and interest payments.
2.AFS: These securities will collect contractual cash flows with the option to sell.
• These will be fair-valued at least quarterly.
3.FVTPL: This is a new category introduced by RBI and includes securities that do not qualify for HTM or AFS.
• Securities in this category are valued at fair market value, and any gains or losses are directly
reflected in the bank’s profit and loss account.
• Banks need more regular accounting for investments in FVTPL books.
• Note: HFT category was for debt securities purchased by banks with the intent of selling them
within a short period.
ii.RBI has removed the 90-day ceiling on holding period of securities under the Held for Trading (HFT)
category, and ceiling on HTM in lenders’ investment portfolios.
• At present, Banks can exceed 25% in HTM if government securities meet statutory liquidity ratio
(SLR) requirement, capped at 18%.
iii.Instruments with loss-absorbing features (e.g., tier 1 or tier 2 capital) can’t be in AFS or HTM.
iv.Under the new RBI guidelines, all investments must be measured at fair value upon initial recognition.
v.Government securities acquired from RBI auctions, switch operations, and open market operations will be
recognized at their allotted prices.
vi.Investments in subsidiaries, associates, and joint ventures will be held separately from other investment
categories, and will be initially recognised at their acquisition cost. It will be adjusted if investee changes status.
Benefits of this Revision:
i.With these directions there will be improved financial reporting, enhanced disclosures, support for the
corporate bond market, hedging with derivatives, and stronger risk management in banks.
ii.They align with global accounting standards while maintaining prudential safeguards like Investment
Fluctuation Reserves (IFR), due diligence limits, and reliability in valuation.
Recent Related News:
i.RBI has issued a ‘Draft Circular – Arrangements with Card Networks for issue of

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Debit, Credit and Prepaid Cards’ empowering the debit, credit, and prepaid card users in India with Card
network portability w.e.f. October 1st, 2023.
ii.RBI included ‘NongHyup Bank’ in the Second Schedule to the Reserve Bank of India Act, 1934. NongHyup
Bank (NH Bank), established in 2012, is a commercial bank headquartered in Seoul, South Korea.
About Reserve Bank of India (RBI):
Governor – Shaktikanta Das
Deputy Governors – Swaminathan Janakiraman, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar
Establishment – 1st April 1935
Headquarters – Mumbai, Maharashtra

RBI releases list of 15 NBFCs in ‘Upper Layer’ under SBR

On September 15, 2023, the Reserve Bank of India (RBI) released the names of 15 Non-Banking Financial
Companies (NBFCs) in the Upper Layer (UL)/NBFC-UL under Scale Based Regulation for NBFCs for the
year 2023-24.
What is SBR?
In October 2021, RBI issued the Scale Based Regulation (SBR): A Revised Regulatory Framework for
NBFCs (the framework) which categorizes NBFCs in the following as per their asset size and scoring
methodology:
i.NBFC-BL (Base Layer): It primarily consists of non-deposit-taking NBFCs with assets below Rs 1,000
crore.
NBFC Peer to Peer (P2P); NBFC-Account Aggregator (AA); Non-Operative Financial Holding Company
(NOFHC): and NBFCs without public funds and customer interface will always remain in the Base Layer.
ii.NBFC-ML (Middle Layer): It comprises all deposit-taking NBFCs and non-deposit-taking NBFCs with
assets exceeding Rs 1,000 crore, and NBFCs undertaking the following activities
Standalone Primary Dealers (SPDs)
Infrastructure Debt Fund – NBFCs (IDF-NBFCs)
Core Investment Companies (CICs)
Housing Finance Companies (HFCs)
Infrastructure Finance Companies (NBFC-IFCs)
iii.NBFC-UL (Upper Layer): The upper layer includes NBFCs specifically identified by the RBI as
warranting enhanced regulatory requirements based on a set of parameters and scoring methodology. The
top 10 eligible NBFCs in terms of asset size will always reside in the upper layer, regardless of other
factors.
iv.NBFC-TL (Top Layer): NBFC-UL will be moved to Top Layer if RBI recognizes a substantial increase in
the potential systemic risk. As of now, the Top Layer shall ideally remain empty.
The remaining NBFCs, viz., Investment and Credit Companies (NBFC-ICC), Micro Finance Institution
(NBFC-MFI), NBFC-Factors, and Mortgage Guarantee Companies (NBFC-MGC) could be placed in any of the
layers of the regulatory structure depending on the parameters.
Government-owned NBFCs shall be placed in the BL or ML. They will not be placed in the Upper Layer
till further notice.
Click Here to Read more SBR regulations

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Here is the list of NBFC-UL for 2023-24:
S.No Name of the NBFC Category of the NBFC
1 LIC Housing Finance Limited Deposit taking HFC
2 Bajaj Finance Limited Deposit taking NBFC-ICC
Shriram Finance Limited (formerly Shriram Transport Finance Company
3 Limited) Deposit taking NBFC-ICC
Core Investment Company
4 Tata Sons Private Limited (CIC)
5 L & T Finance Limited Non-deposit taking NBFC-ICC
6 Piramal Capital & Housing Finance Limited Non-deposit taking HFC
7 Cholamandalam Investment and Finance Company Limited Non-deposit taking NBFC-ICC
8 Indiabulls Housing Finance Limited Non-deposit taking HFC
9 Mahindra & Mahindra Financial Services Limited Deposit taking NBFC-ICC
10 Tata Capital Financial Services Limited Non-deposit taking NBFC-ICC
11 PNB Housing Finance Limited Deposit taking HFC
12 HDB Financial Services Limited Non-deposit taking NBFC-ICC
13 Aditya Birla Finance Limited Non-deposit taking NBFC-ICC
14 Muthoot Finance Limited Non-deposit taking NBFC-ICC
15 Bajaj Housing Finance Ltd. Non-deposit taking HFC
Key Points:
i.TMF Business Services Limited, formerly Tata Motors Finance Limited, qualifies as an NBFC-UL (Non-
Banking Financial Company – Upper Layer) based on scoring methodology.
However, it is currently not listed as an NBFC-UL in the latest review due to ongoing business
reorganization.
ii.According to SBR, once an NBFC is classified as NBFC-UL, it must adhere to enhanced regulatory
requirements for a minimum of five years, even if it doesn’t meet the parametric criteria in subsequent
years.
Recent Related News:
i.Education financing startup, Propelld has procured a NBFC license from RBI to disburse loans worth Rs
2000 Cr by Financial Year(FY)24 and to bolster its direct lending proposition.
ii.RBI has granted NBFC licence to the Neobanking platform Jupiter enabling the latter to scale up its
lending business.

RBI: Household Savings fall to 5-decade Low at 5.1% in FY23, RBI Imposes Penalties on Four
Cooperative Banks
Net financial savings of households declined to a nearly 5-decade low of 5.1% GDP in FY23. This marked a
notable decrease from the previous fiscal year, where it stood at 7.2% (FY22), as per RBI data.
• National Financial Switch (NFS) usage was decreased from 11.5% in FY21 to 5.1% in FY23, as
per data from RBI’s Flow of Financial Assets and Liabilities of Household released on September
2023.

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i.Rising Financial Liabilities:
Household financial liabilities saw a substantial
increase, rising to 5.8% of GDP in FY23, up
from 3.8% in FY22. This indicates that households
have increasingly relied on borrowing to meet their
consumption needs.
Note: The rate of increase in financial liabilities in
FY23 was the second highest since Independence. The
highest rate of increase was recorded in FY 2006-07
at 6.7%.
ii.Household Asset Trends:
Net household assets showed a declining trend:
FY21: Rs 22.8 trillion
FY22: Rs 16.96 trillion
FY23: Rs 13.76 trillion
iii.High Household Debt: Household debt remained
elevated at 37.6% of GDP in FY23, compared to 36.9% in FY22.
Factors Contributing to Challenging Household Financial Landscape in India:
• Stagnant Wages: Real wages in India have not grown significantly over the past 8 years.
• Increasing Healthcare and Education Costs: The cost of healthcare and education has been
steadily increasing, with medical inflation at 12% in 2021, the highest in Asia, and education
costs rising by 11-12%.
Note: In a deviation from the usual pattern, private consumption final expenditure (PFCE) saw a year-on-
year improvement of 6% in Q1FY24, surpassing 2.8% in Q4FY23 and 2.2% in Q3FY23, possibly
influenced by reduced inflation. GDP data for Q1FY24 indicated that investment showed greater strength
than consumption, and urban demand surpassed rural demand.
RBI Imposes Penalties on Four Cooperative Banks
Reserve Bank of India (RBI) imposes monetary penalties on four cooperative banks citing its authority
under the Banking Regulation Act, 1949, specifically Section 47 A (1) I in conjunction with Sections 46
(4) (i) and 56.
Lalbaug Cooperative Bank Ltd (Gujarat) – Rs 5 Lakh.
Reason: Non-compliance with the RBI directions on ‘Placement of Deposits with Other Banks’ and ‘Interest
Rate on Deposits Directions, 2016’.
• Breached prudential inter-bank exposure limit and counterparty exposure limit.
• Failed to pay interest on overdue recurring and term deposits.
Cooperative Bank of Mehsana Ltd (Gujarat) – Rs 3.50 Lakh
Reason: Non-compliance with RBI directions on ‘Loans and Advances to Directors etc. – Directors as surety
or guarantors – Clarification’ and ‘Placement of Deposits with Other Banks’.
• Sanctioned loans with a relative of one of the directors as guarantor.
• Breached the inter-bank counterparty exposure limit.
Harij Nagrik Sahakari Bank Ltd (Gujarat) – Rs 3 Lakh
Reason: Non-compliance with RBI directions on ‘Maintenance of Cash Reserve Ratio (CRR)’, ‘Placement of
Deposits with Other Banks’, and ‘Interest Rate on Deposits – Directions, 2016’.
• Breached the inter-bank counterparty exposure limit.
• Failed to pay applicable interest on deposits of deceased individual depositors or sole
proprietorship concerns.

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National Cooperative Bank Ltd (Maharashtra) – Rs 1 Lakh
Reason: Non-compliance with RBI directions on Maintenance of Deposit Accounts-Primary (Urban) Co-
operative Banks’.
• Did not conduct annual reviews of inoperative accounts.

RBI Approves Sahebrao Deshmukh Co-op Bank Merger with Cosmos Co-op Bank; Penalizes SBI,
Indian Bank, Punjab & Sind Bank
The Reserve Bank of India (RBI) took the following decisions from September 21- 25, 2023:
RBI approves merger of Sahebrao Deshmukh Co-op Bank with Cosmos Co-op Bank
On September 25, 2023, RBI in exercise of its power conferred under Sub-Section (4) of Section 44A read
with Section 56 of the Banking Regulation (BR) Act, 1949 sanctioned the Scheme of amalgamation of
The Sahebrao Deshmukh Co-operative Bank Ltd., Mumbai, Maharashtra with The Cosmos Co-operative
Bank Limited, Pune, Maharashtra.
• The Scheme will come into force with effect from 26th September 2023.
• Following the amalgamation, the branches of The Sahebrao Deshmukh Co-operative Bank Ltd will function
as branches of The Cosmos Co-operative Bank Limited with effect from 26th September 2023.
RBI imposes penalty on SBI, Indian Bank, Punjab & Sind Bank
On September 21, 2023, RBI imposed a monetary Penalty on the State Bank of India (SBI), Indian Bank,
an Punjab & Sind Bank in exercise of it powers conferred under the provisions of Section 47A(1)(c) read
with Sections 46(4)(i) and 51(1) of the BR Act.
However, these penalties will not make any kind of effect on any transaction or agreement of bank with its
customers.
Penalty on SBI: Rs 1.30 Crore
RBI imposed a penalty of Rs 1.30 Crore on SBI for non-compliance with certain directions issued by RBI on
‘Loans and Advances – Statutory and Other Restrictions’ and ‘Guidelines on Management of Intra-Group
Transactions and Exposures’.
Background:
The RBI’s Statutory Inspection for Supervisory Evaluation (ISE 2021) in 2021 found that the bank failed to
comply with directions, including sanctioning a term loan without proper due diligence and exceeding intra-
group exposure limits. Following the bank’s response and examination of the matter, RBI imposed a monetary
penalty for substantiated non-compliance.
Penalty on Indian Bank: Rs 1.62 crore
RBI imposed a penalty of Rs 1.62 crore on Indian Bank for non-compliance with certain directions issued by
RBI on ‘Loans and Advances – Statutory and Other Restrictions’, ‘Reserve Bank of India [Know Your Customer
(KYC)] Directions, 2016’ and ‘Reserve Bank of India (Interest Rate on Deposits) Directions, 2016’.
Background:
During the RBI’s ISE 2021, several instances of non-compliance were discovered including sanctioning a term
loan to a corporation without proper due diligence, leading to debt repayment issues, failing to close accounts
opened through OTP (One Time Password)-based e-KYC (Know Your Customer) after one year without
conducting customer due diligence etc. This led to the imposition of a monetary penalty on the bank.
Penalty on Punjab & Sind Bank: Rs 1 crore
RBI imposed a penalty of Rs 1 crore on Punjab & Sind Bank for non-compliance with the provisions of sub-
section (2) of Section 26A of the BR Act, 1949 read with directions issued by RBI on ‘The Depositor Education
and Awareness Fund Scheme, 2014-Section 26A of Banking Regulation Act, 1949-Operational Guidelines’.
Background:
During the 2021 RBI inspection, the bank was found to have failed to comply with provisions of the BR Act and
RBI directions by not crediting the eligible amount to the Depositor Education and Awareness Fund within the

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prescribed timeframe under Section 26A of the BR Act. This led to the imposition of a monetary penalty on the
bank.
RBI imposes Rs 8.80 Lakh penalty on Fedbank Financial Services Limited
RBI also imposed a penalty of Rs 8.80 Lakh on Fedbank Financial Services Limited, a Non-Banking Financial
Company (NBFC) in Mumbai, for non-compliance with certain provisions of the Monitoring of Frauds in NBFCs
(Reserve Bank) Directions, 2016.
• This penalty has been imposed in exercise of powers conferred on RBI under the provisions of clause (b)
of sub-section (1) of Section 58G read with clause (aa) of sub-section (5) of Section 58B of the RBI Act,
1934.
RBI cancels Kapol Co-operative Bank’s licence
On September 25, 2023, RBI has cancelled the licence of the Kapol Co-operative Bank Limited, Mumbai,
Maharashtra amid inadequate capital and earning prospects. Following, it is immediately prohibited from
conducting banking activities, including accepting and repaying deposits, as defined in Section 5 (b) read with
Section 56 of the BR Act, 1949 with immediate effect.
Reasons behind Cancellation:
i.It does not comply with the provisions of Section 11(1) and Section 22 (3) (d) read with Section 56 of the BR
Act, 1949.
ii.It also failed to comply with the requirements of Sections 22(3) (a), 22(3) (b), 22(3)(c), 22(3)(d) and
22(3)(e) read with Section 56 of the Banking Regulation Act, 1949;
iii.The bank’s continuation is detrimental to depositors, as its current financial position makes it unable to fully
repay them, and harm public interest.
Key Points:
i.Approximately 96.09% of depositors are eligible to receive their full deposits from Deposit Insurance and
Credit Guarantee Corporation (DICGC).
• It should be noted that in case of liquidation, depositors can claim up to Rs 5,00,000 from the DICGC)under
the DICGC Act, 1961.
ii.As of July 24, 2023, DICGC has already paid Rs 230.16 crore to insured depositors based on their willingness
to claim their deposits.

RBI issues New Prudential Regulations for AIFIs; Cancels Licence of Nashik Zilla Girna
Sahakari Bank Limited, Nashik
The Reserve Bank of India (RBI) issued the RBI (Prudential Regulations on Basel III Capital Framework,
Exposure Norms, Significant Investments, Classification, Valuation and Operation of Investment Portfolio
Norms and Resource Raising Norms for All India Financial Institutions) Directions, 2023 which will be
applicable w.e.f. April 1, 2024.
• These were issued by RBI in exercise of powers conferred by Section 45L of the RBI Act, 1934.
Applicability:
These will be applicable to the five All India Financial Institutions (AIFIs) viz.
• Export-Import Bank of India (EXIM) Bank
• National Bank for Agriculture and Rural Development (NABARD)
• National Bank for Financing Infrastructure and Development (NABFID)
• National Housing Bank (NHB)
• Small Industries Development Bank of India (SIDBI)
Key Points:
i.The draft Directions were released for public comments on October 22, 2021, and the final were released on
September 21, 2023.
ii.These new directives enforce Basel III standards and regulations for AIFIs, covering capital, exposure,
investments, valuation, and resource raising norms.

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iii.With these, RBI aims to ensures financial stability, safeguards interests, and enhances resilience of India’s
financial sector through ongoing regulatory efforts.
Click Here for Official Guidelines
RBI cancels the licence of Nashik Zilla Girna Sahakari Bank Limited, Nashik, Maharashtra
With order dated 25th September 2023, RBI cancelled the licence of the Nashik Zilla Girna Sahakari Bank
Limited, in Nashik, Maharashtra, since the bank does not have an adequate capital and earning prospects.
• The bank does not with the provisions of Section 11(1) and Section 22 (3) (d) read with Section 56
of the Banking Regulation Act, 1949.
• Following this, the bank ceases to carry on banking business, with effect from 26th September 2023.
• The authorities have requested the Commissioner and Registrar of Cooperative, Maharashtra, to
initiate the bank’s winding up process and appoint a liquidator.
Note:
Following the cancellation of the licence, the bank is prohibited from conducting the business of ‘banking’
which includes, acceptance of deposits and repayment of deposits as defined in Section 5 (b) read with Section
56 of the Banking Regulation Act, 1949 with immediate effect.
Reason behind Cancellation:
i.It also failed to comply with the requirements of Sections 22(3) (a), 22 (3) (b), 22(3)(c), 22(3)(d) and 22(3)(e)
read with Section 56 of BR Act, 1949;
ii.The bank’s continuation is detrimental to depositors, as its current financial position makes it unable to fully
repay them, and harm public interest.
Key Points:
i.99.92% of depositors of the bank are eligible to receive their full deposits from Deposit Insurance and Credit
Guarantee Corporation (DICGC).
ii.It should be noted that in case of liquidation, depositors can claim up to Rs 5 lakhs from the DICGC under the
DICGC Act, 1961.

APPOINTMENTS & RESIGNATIONS

KN Madhusoodanan Appointed as Part-Time Chairman of Dhanlaxmi Bank

Reserve Bank of India(RBI) has approved the appointment of KN Madhusoodanan as the Part-Time
Chairman of Thrissur (Kerala)-based Dhanlaxmi Bank for a period of 3 years with effect from September 26,
2023. He has been an Independent Director on the Board of the Bank with effect from 9 November 2022.
• KN Madhusoodanan succeeded G Subramonia Iyer, Part-time Chairman and Independent Director
of the bank, who resigned in December 2021. Following his resignation, the bank had been without a
Chairman for 21 months.
• KN Madhusoodanan is the Managing Director of various private limited companies including Micro,
Small & Medium Enterprises (MSME) companies. He ventured into civil construction in 1983.
• He founded the Mavanal group of companies and established 2 crushed units Mavanal Granites
Private Limited and Vajra Rock Mining Industries in Pathanamthitta, Kerala. He is the promoter and
MD of M/s. Mavanal Granites Private Limited.
Previously, RBI rejected the proposal to appoint G Rajagopalan Nair as its part-time chairman. He has been
serving as an independent director with the bank since August 2020.

ACC approved Re-Appointment of Rajeshwar Rao as RBI Deputy Governor for 1 year
Appointments Committee of the Cabinet (ACC) has approved the re-appointment of M Rajeshwar
Rao, Deputy Governor of Reserve Bank of India (RBI), for a period of 1 year with effect from 9th October
2023.
• Initially, he was appointed as the Deputy governor of RBI in October 2020 for a period of 3 years.

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About Rajeshwar Rao:
i.Rajeshwar Rao joined the RBI in 1984 and as a career
central banker, he has served in various key roles in the
functioning of RBI, India’s Central Bank.
ii.He has held charge of the Risk Monitoring Department.
He has also worked as the Banking Ombudsman, in New
Delhi (Delhi).
iii.He worked in the RBI’s regional offices in Ahmedabad
(Gujarat), Hyderabad (Telangana), Chennai (Tamil Nadu),
and New Delhi.
iv.He was appointed as the Executive Director of RBI on
November 7, 2016. Prior to this, he served as the Chief
General Manager of the Financial Markets Operations
Department.
Deputy Governors of RBI:
i.According to the RBI Act 1934, besides the governor, RBI
needs 4 DGs, 2 from within the ranks, one commercial banker, and another economist to head the monetary
policy department.
ii.The current 4 DGs of RBI are:
• Swaminathan J
• T. Rabi Sankar
• M. Rajeshwar Rao
• Dr. M.D. Patra
About Reserve Bank of India (RBI):
Governor– Shaktikanta Das
Headquarters– Mumbai, Maharashtra
Established on– April 1, 1935

ICICI Lombard General Insurance Appoints Sanjeev Mantri as MD & CEO

ICICI Lombard General Insurance Limited appointed Sanjeev Mantri as the Managing director (MD) and
Chief Executive Officer (CEO) of the company following the resignation of Bhargav Dasgupta from the post.
• Sanjeev Mantri is currently serving as the Executive Director of ICICI Lombard General Insurance (since
2015).
Details of the Appointment:
i.Sanjeev Mantri will take on the position of MD and CEO from 1st December 2023 or the date of approval
from the Insurance Regulatory and Development Authority of India (IRDAI), whichever is later, for a period
of five consecutive years or his date of retirement, whichever is earlier, subject to the approval of IRDAI and
the members of the company.
• However, till 30th November 2023, Bhargav Dasgupta will continue to be the MD&CEO.
About Sanjeev Mantri:
i.Mantri is a cost and chartered accountant; He began his career with Bennett Coleman and Co., followed by key
leadership positions at BNP Paribas.
ii.He was in charge of the retail division of ICICI Lombard and is responsible for the distribution of products
across agency, bancassurance, direct, and alternate channels.
• He also heads the strategy, products, analytics, pricing, marketing, and corporate communication
segments in the company.
iii.Prior to ICICI Lombard, he handled Rural and Inclusive Banking portfolio at ICICI Bank.

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About ICICI Lombard General Insurance Limited:
Managing Director & Chief Executive Officer(CEO) – Bhargav Dasgupta
Headquarters – Mumbai, Maharashtra
Established in – 2001

ADB Appoints Bhargav Dasgupta as Vice-President for Market Solutions

On September 22, 2023, the Asian Development Bank (ADB) has appointed Bhargav Dasgupta as Vice-
President (Market Solutions) for a period of 3 years.
• Prior to this appointment, He was serving as the Managing Director (MD) & Chief Executive Officer
(CEO) of ICICI Lombard General Insurance Co. Ltd since 2009.
• He has resigned from the post of MD & CEO of ICICI Lombard. His tenure as MD & CEO was set to end
in April 2024.
Roles and Responsibilities:
As the Vice President (Market Solution) of ADB, he will be responsible for management of the operations of
ADB’s Private Sector Operations Department and Office of Markets Development and Public–Private
Partnerships.
About Bhargav Dasgupta:
1. Bhargav Dasgupta started his career in 1992 with erstwhile ICICI Limited. He held leadership
positions in diverse business areas in the ICICI Group.
ii.He also set up ICICI Bank’s International Banking Group and built its presence in 15 countries within 4 years.
• This International Banking business strategy became a case study at Harvard Business School in
Massachusetts, United States (US)
iv.Prior to the appointment as MD & CEO of ICICI Lombard, he was the Executive Director of ICICI Prudential
Life Insurance during October 2006 to May 2009.
v.He is currently the Chair of FICCI’s (Federation of Indian Chambers of Commerce & Industry ) Insurance &
Pension Committee.
About Asian Development Bank (ADB):
President– Masatsugu Asakawa
Headquarters– Mandaluyong, Metro Manila, Philippines.
Established in 1966
Members– 68 member countries(49 are from Asia and Pacific)

Dipak Gupta took over as Interim MD & CEO of Kotak Mahindra Bank; Uday Kotak Resigned
Dipak Gupta, Joint Managing Director (MD) of the Kotak Mahindra Bank Limited took over as
the Interim MD and Chief Executive Officer (CEO) of the bank till 31st December 2023. He will hold the
position till Reserve Bank of India (RBI) proposes its successor.
• The appointment of Dipak Gupate follows the early resignation of Uday Kotak from the
position of MD & CEO with effect from 1st September 2023. His tenure as MD & CEO expires on
31st Devember 2023.
• Uday Kotak will continue as a part of Kotak Mahindra Bank as a non-Executive director.
Note: The leadership change were announced during the meeting of Kotak Mahindra Bank’s board of
Directors.
About Dipak Gupta:
i.Dipak Gupta joined the Kotak Group in 1992, prior to that he worked with the consultancy division of A.F.
Ferguson & Co.
ii.He has been the whole time Director of the Kotak Mahindra Bank (previusly known as “Kotal Mahindra
Finance Limited (KMFL) since 1999.
iii.He has been serving as the Joint MD of Kotak Mahindra Bank since January 2012.

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iii.He was instrumental in accomplishing the
partnership between KMFL and Ford Credit
International and was the first MD of Kotak Mahindra
Primus Limited (now Kotak Mahindra Prime Limited).
iv.He also chairs functions of Internal Audit and
Information Technology (IT) including Cyber Security
and Digital Initiatives, at the Kotak Mahindra Bank Ltd.
About Uday Kotak:
i.Uday Kotak is the Founder and Promoter of the
Kotak Mahindra Bank Ltd.
ii.He has been the MD & CEO of Kotak Mahindra Bank
Limited since August 2002.
iii.He currently Co-Chairs the Indo-UK Financial
Partnership (IUKFP) and servs as the Chairman of the
Advisory Committee on Corporate Insolvency and
Liquidation (Insolvency & Bankruptcy Board of India).
About Kotak Mahindra Bank Ltd (KMBL):
Incorporated in 1985 as “Kotak Mahindra Finance Ltd”.
Receivd Banking licence from the Reserve Bank of India(RBI) in 2003 and Became the 1st Non-Banking
Finance Company (NFBC) in India to be converted into a bank. It was then renamed as “Kotak Mahindra
Bank”.
MD & CEO– Dipak Gupta (Interim)
Headquarters– Mumbai, Maharashtra

RBI Approved Re-appointment of Sashidhar Jagdishan as MD & CEO of HDFC Bank

Reserve Bank of India(RBI) has approved re-appointment of Sashidhar Jagdishan as Managing
Director(MD) and Chief Executive Officer(CEO) of HDFC Bank Limited for a period of 3 years with effect
from 27th October 2023 to 26th October 2026.
• He has been MD and CEO of the Housing Development Finance Corporation (HDFC) Bank since
October 2020, after he took charge from Aditya Puri(the bank’s longest serving CEO (26 years-
since September 1994).
About Sashidhar Jagdishan:
i.Sashidhar Jagdishan joined HDFC Bank in 1996 as a Manager in the Finance function and became
Business Head of finance in 1999.
• He was appointed as Chief Financial Officer in 2008.
ii.Prior to his appointment as MD & CEO, he was serving as the Group Head of Finance, Human Resources,
Legal & Secretarial, Administration, Infrastructure, Corporate Communications and Corporate Social
Responsibility.
Note:
HDFC Limited merged with HDFC Bank Limited in July 2023 and became India’s 2nd biggest company,
behind Reliance Industries with respect to market capitalization.
About Housing Development Finance Corporation (HDFC) Bank:
Chairman – Mr. Atanu Chakraborty
MD & CEO – Sashidhar Jagdishan
Headquarters – Mumbai,Maharashtra
Established in – 1994
Tagline – We Understand Your World

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Mastercard India Appoints Former SBI Chief Rajnish Kumar as Non-Executive Chairman
Rajnish Kumar, former chairman of the State Bank of India(SBI) has been appointed as the Non-Executive
Chairman of Mastercard India.
• Rajnish Kumar will guide Mastercard’s South Asia executive leadership team, led by Gautam
Aggarwal, Division President for South Asia and Country Corporate Officer, India.
• He is currently serving as the chairman of payments startup BharatPe.
About Rajnish Kumar:
i.Rajnish Kumar served as the chairman of SBI from 2017 to 2020.
• He is also widely credited for spearheading the SBI YONO platform.
• He served at SBI and its subsidiaries across India, the United Kingdom and Canada in various
leadership roles.
ii.He serves on the boards of various organisations and corporations, including HSBC Asia Pacific, Larsen &
Toubro(L&T), and Brookfield Property Management.
iii.He also served as Director on the boards of various organizations including Export- Import Bank of
India(EXIM), Institute of Banking Personnel Selection(IBPS), National Institute of Bank Management, Pune,
Indian Banks’ Association, Khadi & Village Industries Commission, Indian Institute of Banking & Finance.
iv.Book – Rajnish Kumar Authored a book ‘The Custodian of Trust: A Banker’s Memoir’ published by
Penguin Viking in 2021.
About Master Card:
Mastercard is a payment and technology company, which deals with clearing, authorization, and settlement of
payment transactions.
Chief Executive Officer(CEO) – Michael Miebach
Headquarters – New York, United States of America(USA)
Established – 1966

RBI Approved Re-appointment of Sandeep Bakhshi as MD & CEO of ICICI Bank for 3years
The Reserve Bank of India (RBI) has approved the re-appointment of Sandeep Bakhshi as the Managing
Director(MD) and Chief Executive Officer (CEO) of the ICICI Bank Limited for three years with effect from 4th
October, 2023 to 3rd October 2026.
• This is his second extension of tenure; the first extension happened in 2021 for two years which is
about to expire on 3rd October 2023.
• He has been serving as the MD & CEO of ICICI Bank since 2018 succeeding Chanda Kochchar.
Background:
i.In October 2022, the board of directors of ICICI Bank approved to re-appoint him to the post.
ii.The shareholders of the bank also approved the reappointment at the annual general meeting held in August
2023.
About Sandeep Bakhshi:
i.Prior to the appointment as MD & CEO, Sandeep Bakhshi was a Whole time Director and the Chief Operating
Officer (COO) of the ICICI Bank.
ii.He joined the ICICI Group in 1986 and has handled various assignments across the group in ICICI Limited,
ICICI Lombard General Insurance, ICICI Bank and ICICI Prudential Life Insurance.
About ICICI Bank Limited:
Managing Director(MD) & Chief Executive Officer (CEO) – Sandeep Bakhshi
Headquarters – Mumbai, Maharashtra
Established in 1994
Tagline – Hum Hai Na Khayal Apka

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Association of Investment Bankers of India appoints Mahavir Lunawat of Pantomath Capital as
Chairman
The Association of Investment Bankers of India (AIBI) appointed Mahavir Lunawat, Group Founder and
Managing Director (MD) of Pantomath Capital Advisors Private Limited, as its Chairman for two years starting
September 2023. He will succeed Anay P Khare, MD (Corporate Finance Division(CFD) of Axis Capital Ltd.
• AIBI also appointed Arjun Mehra, MD of J.M. Financial, and Prem D’Cunha, SVP (Senior Vice
President) & Head – ECM Execution at ICICI Securities as its Vice Chairmen.
• These appointments were made at the AIBI’s Board Meeting held on September 5, 2023.
Note: AIBI is the sole representative body of investment bankers to Securities and Exchange Board of India
(SEBI) and various statutory authorities, and the Chairperson represents investment bankers on
SEBI’s Primary Market Advisory Committee (PMAC), actively voicing members’ views on regulatory reforms.
About Mahavir Lunawat:
i.Mahavir Lunawat, an industry veteran with 20+ years of experience, currently represents AIBI as Director on
SEBI’s Alternate Investment Policy Advisory Committee (AIPAC).
ii.He has led numerous Mergers and acquisitions (M&A) and corporate restructuring projects and managed
over 100 IPOs.
iii.He has also served as Director at TiE Mumbai, a member of the Capital Market Committee of PHD Chamber
of Commerce and Industry (PHDCCI), and contributed to the Kotak Committee on Corporate Governance.
About Arjun Mehra: He has over 15 years of investment banking experience, specializing in capital markets,
M&A transactions, and regulatory consultations.
About Prem D’Cunha: He has 20+ years of experience in Indian investment banking and capital markets. He’s
been involved in regulatory consultations on various topics, including offers for sale, stock exchange
mechanisms, and public offer guidelines.
About Association of Investment Bankers of India (AIBI):
Chief Executive Officer(CEO)– Dr. Milind V. Dalvi
Headquarters– Mumbai, Maharashtra
Establishment- 1993 as Association of Merchant Bankers of India (AMBI)
Tagline– Raising the Credibility Standard

OTHER NEWS
World’s First Fully Automated Investment Fund , ‘The Ad Astra Fund’ Launched by Savart
Savart, one of India’s leading investment advisory firms, launched a Portfolio Management Service (PMS) ‘The
Ad Astra Fund’ , World’s First fully automated fund in Hyderabad, Telengana.It uses Artificial
Intelligence(AI) research system Advanced Process Automation & Research Technology (APART) to make
investment decisions.
• The fund enhanced possibilities of attaining more returns on investments.
• The fund received investment of about Rs 31 crores on Day1 and plans to achieve an Assets under
management(AUM) of Rs 350 crores by the end of FY24.
Ad Astra Fund:
i.The Ad Astra Fund is a long-term investment vehicle; at least 3 years and ideally 7–10 years.
ii.The Ad Astra Fund is designed to keep portfolio churn as low as possible.
iii.The fund mainly focuses on stocks and keeps a concentrated portfolio.

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iv.The Ad Astra Fund is agnostic across sectors and market capitalization, thus ensuring access to varied
investment opportunities.
Engines of APART:
APART consisting of three main components:
Quant Engine: This part conducts numerical analyses of securities. Such as analysing profit and loss
statements, balance sheets, cash flow statements, and more than 2000 other factors.
Iris Engine: This engine interprets qualitative and abstract information like corporate governance, moat,
sustainability, stakeholder relations, ethics, and litigation pertaining to the promoters and the underlying asset,
the business, from annual reports, conference call transcripts, social media, and 4,000+ other sources.
Synapse Engine: Acting as a link between Quant and Iris, the Synapse Engine is responsible for making
decisions about how to construct a portfolio. This includes determining where to allocate assets, when to
rebalance, and how to execute trades.
Unique features of Apart:
• Unlike other funds focused on technical and mathematical analysis, APART also does comprehensive
fundamental and qualitative analysis quickly and on a bigger scale than humans.
• APART adapts faster than human fund managers according to the market and avoids getting stuck in
unhelpful strategies that can lead to bad performance.
• APART doesn’t guess future prices and financials but looks at the present market and business
situation to make quick investment choices.
About Savart:
Founder and Chief Executive Officer (CEO) – Sankarsh Chanda
Headquarters – Hyderabad, Telangana
Established in – 2017

PNB Launches PNB GST Sahay App to Enable MSMEs Access Instant Loans Digitally on GST
Invoices
Punjab National Bank (PNB), a Public Sector Bank launched the PNB GST Sahay App, a mobile application based
on the Goods and Services Tax (GST) Sahay scheme. This is an end-to-end digital product under which lending
can be done using GST invoices.
• With this accessibility, PNB has become the first Public Sector Bank (PSB) to facilitate digital
credit flow to Micro, Small, and Medium Enterprises (MSMEs) using GST invoices.
• This initiative is also in line with the bank’s strategy to further the development of the MSME sector
and digital credit ecosystem in India.
Features:
i.The app enables an end-to-end digital lending process to help eliminate any manual intervention for MSME
borrowers and makes the process cost-effective and smooth.
ii.This service will directly credit the loan amount into the borrower’s current account maintained with the
bank.
iii.PNB GST Sahay App will bridge the gap between the applicant/borrower and the Bank.
Benefits:
i.Through this app, all the GST-registered MSME business entities (Proprietorship) having an active account
with PNB are eligible for the PNB GST Sahay service.
ii.The credit limit starts from Rs 10,000 and goes up to Rs 2 lakhs per invoice, subject to capping of Rs 10 lakhs
per borrower.
iii.PNB GST Sahay also makes loan repayments a one-time hassle-free process for the MSMEs by offering the
option of pre-payment.
About Punjab National Bank (PNB):
PNB, India’s first Swadeshi Bank, commenced its operations on April 12, 1895.
Managing Director and Chief Executive Officer– Atul Kumar Goel

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Headquarters– New Delhi, Delhi
Established in– May 19, 1894
Tagline– The Name you can Bank upon

NPCI Launches Blockchain-Backed Open-Source Project ‘Falcon’

The National Payments Corporation of India (NPCI) launches ‘Falcon’, an open-source Hyperledger Fabric
Deployment Helper, to streamline the deployment and management of Hyperledger Fabric based blockchain
networks on Kubernetes clusters.
• The primary goal of introducing ‘Falcon’ is to simplify the complex process of establishing,
configuring, and managing various components of the Hyperledger Fabric network within a
Kubernetes environment.
• These components include Fabric nodes, peers, orderers, and channels.
About the Falcon:
i.Falcon is an open-source project created under General Public License (GPL) license (GPL-3.0).
ii.Falcon is expected to help blockchain developers to use the distributed ledger technology to facilitate
efficient, reliable, and automated deployment of network as well as Web3 solutions.
• “Web3 solutions” refer to applications, technologies, and platforms that are part of the evolving
next generation of the internet, often referred to as the “Web3” or “decentralized web.”
Note: NPCI has launched blockchain technology based “Vajra Platform” to make payments fast and secure in
2020.
About the Blockchain Technology:
Blockchain technology is an advanced database technique that enables the transparent sharing of information
within a business network. Data is stored in blocks that are linked together in a chain in a blockchain database.
• Blockchain technology is used to create an unalterable or immutable ledger(data that can only be
recorded, not changed or deleted) for tracking orders, payments, accounts, and various transactions.
i.Distributed ledger: A distributed ledger is the shared database in the blockchain network that is
synchronized and accessible across different sites and geographies by multiple participants.
ii.Hyperledger Fabric: Hyperledger Fabric is an open source, permissioned blockchain framework, started in
2015 by The Linux Foundation.
• It is a modular, general-purpose framework with distinct identity management and access control
features that make it suitable for a wide range of industry applications such as supply chain tracking,
trade finance, loyalty and rewards, and clearing and settlement of financial assets.
iii.Kubernetes: Kubernetes (‘k8s’ or ‘kube’) is an open-source framework for managing containers in a
coordinated manner. It acts as a powerful management tool that automates the deployment, administration,
and scaling of containerized applications.
• Kubernetes was originally developed by Google. It was later donated to the Cloud Native
Computing Foundation (CNCF), a nonprofit organization that fosters the development and
adoption of cloud-native technologies.
• Containers are lightweight, executable application components that combine application source
code with all of the operating system (OS) libraries and dependencies required to run the code in
any environment.
About National Payments Corporation of India (NPCI):
NPCI is an initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) under the
provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement
Infrastructure in India.
Managing Director & Chief Executive Officer – Dilip Asbe
Headquarters– Mumbai, Maharashtra
Incorporated – 2008

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PhonePe Enter Online Stock Broking with Share.Market App
On 30th August 2023, PhonePe, an Indian digital payment platform, entered the online stock broking business
with a new trading app, Share.Market under its subsidiary PhonePe Wealth Broking. The app can be used to
invest in stocks, mutual funds, and exchange-traded funds or Exchange-Traded Funds (ETFs).
• As per PhonePe, Share.Market offers a more discounted brokering price (24 cents or 0.05%,
whichever is lower), and broader market intelligence and a quantitative research-based tech
platform called WealthBaskets, which will be available to users as both a mobile app and on the web.
• With this new launch, PhonePe aims to tap into the growing interest in stock trading and investing
among its user base, which will bring a new dimension to stock broking by providing quantitative
research along with execution.
• It will provide a spectrum of investment products allowing investors across different demographics
to build a balanced portfolio.
• Share.Market charges a one-time onboarding price of Rs 199 that includes benefits such as zero
brokerage up to Rs 400 on trades till March 31, 2024.

ICICI Prudential Life launched ICICI Pru GIFT Pro

ICICI Prudential Life Insurance Company Limited (ICICI Prudential Life) has launched “ICICI Pru GIFT
Pro” which is a protection and savings-oriented life insurance plan. The new plan provides policyholders, also
known as the “Life Assured,” with a wide range of options to customize their policy.
• It offers a range of flexibilities to the policyholder, including options related to Money Back Benefit
and Guaranteed Income (GI).
Eligibility:
Premium Payment Term (in years) – 5 to 12
Minimum Annual Premium – Rs 50,000
Min/Max Age at Entry (in years) – 18 (minus Policy Term) and 60
Flexibility offered:
i.ICICI Pru GIFT Pro enables customers to personalize the product to suit their individual requirements. This
includes the flexibility to select income benefits and premium payment terms, among other customizable
features.
i.MoneyBack benefit is the facility to withdraw a particular percentage of the amount from the total premiums
paid.This option allows policyholders to receive periodic payments, typically a percentage of the sum assured,
at regular intervals during the policy’s duration.
• Choice of Percentage: When you start your “ICICI Pru GIFT Pro” insurance policy, you have the
flexibility to choose any percentage between 0% to 100% of the total annual premiums you’ll pay.
• One-Time Lump Sum: This chosen percentage represents the MoneyBack Benefit, which is a one-
time lump sum payment that you’ll receive at specific intervals during your policy.
ii.Guaranteed Income option – With the Guaranteed Income (GI) option, the insurance company promises to
pay you a fixed amount of money at regular intervals.
• Level(Constant) Guaranteed Income option is an income option which will provide you a
constant income (does not increase or decrease) throughout the income period.
• Increasing Guaranteed Income option is an income option which will provide you an increasing
income throughout the income period. Your income will increase by 5% p.a simple interest.
iii.Customers have the freedom to select any amount, up to 100% of the premiums they’ve paid, as a lump sum
benefit. They can also pick when they receive this benefit.
Benefits:
i.Tax benefits may be applicable on premiums paid, subject to conditions under provisions of the Income Tax
Act, 1961
ii.GI can be increased with the Low Cover Income Booster option.
iii.Through the Save the Date option one can fix any date to receive income.

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Death Benefits:
The death benefit in the “ICICI Pru GIFT Pro” plan is the amount that will be paid to the designated beneficiaries
or nominee(s) in the unfortunate event of the policyholder’s death during the policy term.
How does the insurance plan work?
A person pays premiums for a certain period of time (5 to 12 years for this plan).
• After the completion of policy term, the person will receive Guaranteed Income (GI) at the end of
every month/year from the accumulated amount for a particular period of time (Income Period –
starting from 8th year till 30 years).
About ICICI Prudential Life Insurance Company Limited (ICICI Prudential Life):
ICICI Prudential Life Insurance Company Limited (ICICI Prudential Life) is promoted by ICICI Bank Limited and
Prudential Corporation Holdings Limited.
Managing Director(MD) & Chief Executive Officer(CEO) – Anup Bagchi
Headquarters – Mumbai, Maharashtra
Established in – 2001

Mastercard launches ALT ID for Enhanced Online Payment Security at Guest Check-Out
Mastercard has launched ALT ID (Alternate Identifier) solution for enhanced online payment security
for Guest Check-Out processes as it will prevent exposure of sensitive card information during transactions.
How does it work?
i.The ALT ID solution creates an Alternate Identifier for actual card numbers provided by users during guest
check-out processes or cardholders who carry out transactions without saving their cards. Therefore, it
reduces the vulnerability of exposing sensitive card data in the event of unauthorized access or data breaches.
• The ALT ID solution will provide multiple advantages to cardholders, such as non-storage of card
numbers on merchant websites and protection from potential data breaches.
ii.For merchants and payment service providers, , it will allow them to safeguard card numbers with minimal
developmental complexities, thereby enhancing the overall customer payment experience they offer.
iii.Previously, Mastercard rolled out a Card-On-File (CoF) tokenization solution for cardholders to safely
complete transactions without revealing sensitive card details.
Click Here to Read about CoF
About Mastercard:
CEO– Michael Miebach
Headquarters– New York, United States of America(USA)

India’s GDP in the Q1FY24 grew one-year high to 7.8%: NSO

As per the data released by the National Statistical Office (NSO), Ministry of Statistics and Program
Implementation (MOSPI), India’s Gross Domestic Product (GDP) grew one year high to 7.8% in the April-June
quarter of 2023-2024 (Q1FY24), compared to a growth of 6.1% in the January-March quarter of FY23
(Q4FY23).
• This growth is driven by stronger consumption demand and higher activities in the services sector.
• India remains one of the fastest growing major economies, and is expected to grow at 6.5% in FY24.
• The data was briefed by Chief Economic Adviser to the Government of India, Venkatramanan
Anantha Nageswaran.
Highlights:
i.Real GDP or GDP at Constant (2011-12) Prices in Q1FY24 is estimated to attain a level of Rs 40.37 lakh crore,
as against Rs 37.44 lakh crore in Q1FY23 showing a growth of 7.8% as compared to 13.1% in Q1FY23
ii.The nominal GDP or GDP at Current Prices in Q1FY24 saw a growth of 8% as compared to 27.7% in Q1FY23
showing a growth of 8% as compared to 27.7% in Q1FY23.
iii.Gross Value Added (GVA) at Basic Prices for Q1FY24 at 2011-12 Prices grew 7.8% as compared to 11.9% in
Q1FY23 and 6.5% in Q4FY23

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iv.GVA at at Basic Prices for Q1FY24 at Current Prices grew 8% as compared to 25.9% in Q1FY23.
Sectors in Q1FY24:
i.The real estate and financial sector also moved up by 12.2% on a yearly basis while construction, mining and
manufacturing sector stood at 7.9%, 5.8% and 4.7% respectively.
ii.The agriculture forestry, and fishing recorded a growth of 3.5%, and electricity, gas, water supply, and other
utility services at 2.9%.
iii.Trade, hotel, transport, communication saw a growth of 9.2%.
iv.Investments, as reflected by Gross Fixed Capital Formation (GFCF), grew 8.9%, while Government Final
Consumption Expenditure (GFCE) grew 2.3%.
Key Points:
i.India needs to grow by ‘7% and 8%’ a year and build a strong manufacturing base to create jobs.
ii.Currently, 45% of India’s workforce is employed in the farm sector, which contributes just 18% to the
economy.
Click Here for Full Data
Recent Related News:
i.MoSPI Standing Committee on Economic Statistics (SCES), tasked with examining economic indicators, will be
replaced by a Standing Committee on Statistics (SCoS), to review the framework and results of surveys
conducted for NSO.
ii.According to the second advance estimates (SAE) of national income released by the
NSO, the Indian economy is expected to have recorded a 7.0% growth in real GDP (Gross Domestic Product) in
FY23 from 9.1% in FY22.
About the Ministry of Statistics and Programme Implementation (MoSPI):
MoSPI is the nodal agency for the planned and organized development of the statistical system in India.
Ministers of State (Independent Charge) – Rao Inderjit Singh (Gurugram Constituency – Haryana)

CBIC Launched ‘Mera Bill Mera Adhikar‘ – GST Reward Scheme

Central Board Of Indirect Taxes & Customs(CBIC) under Department of Revenue, Ministry of Finance, launched
an invoice incentive scheme called ‘Mera Bill Mera Adhikar‘.
• The scheme aims to incentivise citizens and consumers to ask for Goods and Service Tax (GST)
invoices from the seller when making business-to-consumer (B2C) purchases of goods or services.
• The scheme was launched in the 3 States (Assam, Gujarat and Haryana) and in 3 Union
Territories(UT) (Puducherry, Daman & Diu and Dadra & Nagar Haveli).
Aim of the Scheme:
i.The scheme aims to enhance GST processes and revenue collection.
ii.This initiative offers cash rewards, ranging from Rs 10,000 to Rs 1 crore, through monthly and quarterly
lucky-draws.
• This indirectly contributes to curbing tax evasion, fostering accountability, and supporting the
formal economy’s growth.
Criteria:
Invoices with a minimum purchase value of Rs 200 are eligible for the lucky draw, and individuals can upload a
maximum of 25 invoices in a month.
Lucky Draw details:
Every month, 800 people will be randomly selected to receive a prize of Rs 10,000 each. Additionally, 10 people
will be awarded a prize of Rs 10 lakh each.This scheme includes a quarterly draw in which two individuals are
selected to receive a prize of Rs 1 crore.

Moody’s Raises India’s GDP Forecast to 6.7% for 2023

Global rating agency Moody‘s in its Global Macro Outlook has raised India‘s growth forecast to 6.7% from
5.5% for 2023 calendar year amid strong economic growth in Q1FY24.

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 • The strong growth of the services sector and a surge in capital expenditures contributed to India’s
impressive 7.8% GDP growth in the April to June,first quarter of the fiscal year 2023-24 (Q1FY24),
which was lower than RBI’s projection of 8 % for the same period of Q1FY24.
• Moody’s recent growth forecast for India, predicting a 6.7% economic growth rate in 2023, stands
slightly higher than the Reserve Bank of India’s (RBI) projection of 6.5% for the fiscal year 2023-
24(FY24).
Outlook of 2024
Moody’s has adjusted its GDP forecast for the financial year 2023-24 due to the strong economic performance
observed in the second quarter (Q2FY24). This outperformance has set a high baseline in 2023, leading to
Moody’s revising the GDP growth projection downward from 6.5% to 6.1% for the financial year 2024.
Moody’s Rating
• Moody’s had maintained a stable outlook for India with “Baa3” rating. “Baa3” is toward the lower
end of the investment-grade spectrum. It’s not the highest or best rating a country can achieve but is
still considered relatively stable.
• The rating scale typically ranges from “Aaa” (the highest) to “C” (the lowest), with various grades in
between. “Baa3” falls in the middle of this scale.
Key Points:
There is also a possibility of increase in the food commodity prices if the rainfall between June and October
remains below normal.
• As per India Meteorological Department (IMD) estimates, there is 9% rain deficiency across India.

Bajaj Auto Consumer Finance gets Certificate of Registration from RBI to Start NBFC Operations
Bajaj Auto Consumer Finance Limitd (BACFL), a wholly-owned subsidiary of Bajaj Auto Limited, has
received the Certificate of Registration from the Reserve Bank of India (RBI) to start the business of
Non-Banking Finance Company (NBFC).
• The certification of registration was issued on 31st August 2023 under Section 45-IA of the
Reserve Bank of India Act, 1934 to commence/carry on the business of the NBFC without
accepting public deposits.
Background:
i.In October 2021, Bajaj Auto announced the setting up of a 100% captive finance subsidiary ‘Bajaj Auto
Consumer Finance Ltd (BACFL)’, to offer financing solutions for vehicles manufactured or endorsed by
Bajaj Auto and associated entities.
ii.In July 2023, Bajaj Auto Ltd. announced the establishment of BACFL and applied for a NBFC license with
the RBI.
Key Points:
i.BACFL is the 2nd NBFC in the Bajaj group. Bajaj Finance Limited, the lending arm of Bajaj Finserv Limited
is the other NBFC under the Bajaj Brand.
ii.The NBFC can potentially influence the Group company Bajaj Finance, which depends on the distribution
network of Bajaj Auto to source two-wheeler, and new and used car loans.
About Bajaj Auto Consumer Finance Ltd (BACFL):
Chief Executive Officer (CEO)– Rakesh Makkar
Headquarters– Mumbai, Maharashtra
Incorporated in– 2021

EPFO granted permission to invest in equities and related investments

The government has allowed the Employees Provident Fund Organisation (EPFO) to invest proceeds
from the sale or redemption of investments in equities and related assets.A new clause was added on
August 24, 2023, to amend below previous two notifications.

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Background Notifications
i.April 23, 2015 Notification: Discusses investment of incremental accretions by EPFO.
ii.May 29, 2015 Notification: Defines instruments and limits for EPFO investments.
Insertions in Notification (dated September 1, 2023)
i.Added “sale or redemption of investment in equities and related investments” to the list of allowed
actions.
ii.EPFO can invest a minimum of 5% and a maximum of 15% in equities and related instruments.
What is EPFO operation?
• EPFO is an organization under Ministry of Labour & Employment, Government of India that
manages provident funds, which are retirement savings accounts for employees in India. It
collects contributions from both employees and employers and invests these funds in various
places.
• The aim is to generate returns on these investments, and part of these earnings is then
distributed to the account holders as interest on their provident fund accounts.
Guidelines for Equities and Related Investments
i.Stock Investments
• EPFO can invest in shares of companies listed on Bombay Stock Exchange (BSE) or National
Stock Exchange (NSE) with a market capitalization of ₹5000 crore or more.
• Investment can also be made in mutual funds with a minimum of 65% of their investments in
BSE or NSE listed equity.
ii.Exchange-Traded Funds (ETFs)/Index Funds
• EPFO can invest in ETFs/Index Funds replicating the BSE Sensex Index or the NSE Nifty 50
Index.
• ETFs issued by Securities and Exchange Board of India (SEBI)-regulated mutual funds for
disinvestment of the Government of India’s shareholding in body corporates can also be used.
• Use exchange-traded derivatives for hedging, limited to 5% of total equity and equity-related
investments.
Current mandated existing investment pattern of EPF

Current Investment Plan (Since April

Instrument
1, 2015)

Government securities Min: 45% and up to 50%

Debt securities and term deposits of banks Min: 35% and up to 50%

Short-term Debt Instruments and Related

Up to 5%
Investments

Equity and equity related Instruments Min: 5% and up to 15%

Part of limits set for equity and equity-

ETFs/Index funds
related Instruments

Asset backed securities, units of real estate/

Up to 5%
infrastructure investment trusts

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EPFO’s Investment Approach
i.EPFO does not directly invest in individual stocks, including blue-chip companies.
ii.EPFO invests in equity markets through ETFs replicating BSE-SENSEX and NIFTY-50 indices.
iii. EPFO also invests in ETFs designed for the disinvestment of the Government of India’s shareholding in
body corporates.
EPFO’s Investment Portfolio (as of December 31, 2022)
i.Total corpus of various funds: Rs. 18.30 lakh crore.
• Over 91% of investments in Debt instruments.
• Remaining investments in ETFs: As of January 31, it had invested 10% of its proceeds in
ETFs, with the aim of achieving the maximum permissible threshold of 15%.
ii.EPFO has invested over ₹2.01 lakh crore in ETFs since 2018-19 until July 2023.
iii. EPFO’s equity investments are exclusively through ETFs, totaling more than ₹2 lakh crore as of July 31.
• EPFO was allowed to invest in equity-related investments in 2015 for the first time.
iv.EPFO serves over 6.5 crore subscribers.
Important investment terminology
ETF (Exchange-Traded Fund): An investment fund that holds a collection of assets, such as stocks, bonds,
or commodities, and is traded on stock exchanges, similar to a stock.
• ETF share prices change throughout the trading day similar to how stock prices change
constantly; this is different from mutual funds, In contrast, mutual funds are priced once daily,
typically after the market closes.
Blue Chip Company: A well-established, financially sound, and reputable company with a history of stable
growth and reliable performance, often considered a safe investment.
Index Fund: An index fund is a passive investment vehicle that mirrors the performance of a market index
like the S&P 500. It provides diversified exposure to either a particular sector or the entire market.
Hedge Fund: An investment fund that uses various strategies to generate returns for its investors, often
with higher risk and fees compared to traditional funds.
About EPFO:
Central Provident Fund Commissioner(CPFO)/CEO – Ms. Neelam Shami Rao
Headquarters – New Delhi
Establishment –1952

PayNearby and Grameen Foundation Collaborated to Upskill 1.50 lakh Rural BC

PayNearby in collaboration with Grameen Foundation for Social Impact (GFSI) launched ‘Scaling Agent
Viability and Quality in India’ project to upskill 1.5 lakh business correspondents (BC) and enlist 15,000
women BCs through the required skills, knowledge and support in rural India .
• The project is supported by the Bill and Melinda Gates Foundation (BMGF).
About the collaboration:
i.The tenure of the project is two years.
ii.PayNearby’s Distribution-as-a-Service network (DaaS) will be utilised by Grameen Foundation to offer
tailored digital and financial solutions across various domains such as commerce, education,
entertainment, credit management, insurance, and more.
iii.The BCs will provide digital and financial services beyond cash-in/cash-out.
• BCs will be made aware of the financial advantage of a diversified product portfolio.
iv.The collaboration aims to boost women’s abilities in a connected business world, showcasing inclusive
development, women’s empowerment, and involving key stakeholders.
Who are Business Correspondents(BC)?
Business correspondents assist villagers in opening accounts, conducting transactions, and processing

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loans. They earn commissions from the bank for these services. Using a mobile device, they help villagers
with various banking tasks such as depositing money, withdrawing from savings accounts, and applying
for loans.
About PayNearby:
Founder & Chief Executive Officer(CEO) – Anand Kumar Bajaj
Headquarters – Mumbai, Maharashtra
Established in – 2016

Indian Bank Launched VISA Co-branded Metal Credit Card With OneCard
Indian Bank in partnership with OneCard introduced state-of-the-art, mobile-first, contactless, VISA
Signature metal co-branded credit cards to offer easy access to potential users in the wake of social
distancing.
• This initiative brings features like tracking transactions in real-time, managing expenses,
converting purchases into EMIs, redeeming rewards, making repayments, planning monthly
budgets, adjusting credit limits, and facilitating seamless payments, all within a mobile
application.
• State Bank of Mauritius (SBM) Bank, South Indian Bank, Catholic Syrian Bank(CSB), Federal
Bank, Bank of Baroda Financial are some other OneCard Co-branded Card Issuers.
OneCard:
i.OneCard is a co-branded credit card issued by Reserve Bank of India (RBI) approved Banks and Financial
Institutions in partnership with OneCard.
• OneCard is launched and managed by FPL Technologies on a full-stack proprietary technology
platform.
ii.Currently available in Mumbai(Maharashtra), Delhi NCR(Nelhi), Bengaluru(Karnataka),
Pune(Maharashtra), Hyderabad(Telangana), Chennai(Tamilnadu), Ahmedabad(Gujarat), Surat(Gujarat),
Vadodara(Gujarat), Indore(Madhya Pradesh), Jaipur(Rajasthan) and Kolkata(West Bengal).
iii.The card is built with full-stack technology and backed by the principles of simplicity, transparency, and
giving back control to the user.
iv.OneRewards is the Rewards Program of OneCard
Card Offerings:
i.The card offers numerous benefits like lifetime validity, Zero Joining Fees and Annual Fees along with
Zero Rewards Redemption Fees.
• The co-branded also offers seamless digital on-boarding and flexible Equated Monthly
Instalments(EMI) options.
ii.The Cardholder can control all aspects of the credit card through OneCard mobile application.
About Indian Bank:
Managing Director(MD) & Chief Executive Officer(CEO) – Shanti Lal Jain
Headquarters – Chennai, Tamil Nadu
Established in – 1907
About Onecard:
Chief Executive Officer(CEO) – Anurag Sinha
Headquarters – Pune, Maharashtra

RBI Governor Shaktikanta Das Rated ‘A+’ in Global Finance Central Banker Report Cards 2023
United States of America (US)-based Global Finance magazine has rated Shaktikanta Das, Governor of the
Reserve Bank of India (RBI), as A+ in the Global Finance Central Banker Report Cards 2023.

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 • Along with Shaktikanta Das, Thomas J Jordan Chairperson of the Swiss National Bank,
Switzerland and Nguyen Thi Hong, Governor of State Bank of Vietnam, Vietnam were rated A+.
• The grades are based on a scale from A to F for success in inflation control, economic growth
goals, currency stability, and interest rate management. An ‘A’ represents an excellent
performance and an ‘F’ stands for an outright failure.
• The Central Banker Report Cards, published annually by Global Finance since 1994, grade the
central bank governors of 101 key countries, territories and districts, including the European
Union, the Eastern Caribbean Central Bank, the Bank of Central African States, and the Central
Bank of West African States.
Note: In June 2023, Shaktikanta Das was conferred the award of ‘Governor of the Year at the 10th annual
Central Banking Awards 2023 at London, the United Kingdom (UK).

Paytm Launches New ‘Soundbox’ That Enables Card Payments

Paytm(One97 Communications Limited) launched industry-first Paytm Card Soundbox which enables
merchants to accept both mobile and card payments across all Visa, Mastercard, Amex and RuPay networks
through Soundbox with ‘tap and pay’ feature.
• The soundbox provides both audio and visual payment confirmation through a Liquid Crystal
Display (LCD) screen to the merchant and the customer.
Key Features:
i.Tap and Pay: Paytm Card Soundbox includes built-in ‘tap and pay’ functionality, allowing merchants to accept
card payments of up to Rs 5,000.
ii.Connectivity: The device boasts fast 4th Generation (4G) network connectivity for swift payment alerts.
iii.Multilingual Alerts: Catering to India’s diverse merchant base, Paytm Card Soundbox provides alerts in 11
languages, which can be easily customised through the Paytm for Business app.
iv.Near-field communication (NFC) Compatibility: Users with NFC-enabled smartphones can make
payments using the tap feature.
v.This device combines the efficacy of a Point of Sale (POS) unit, Unified Payments Interface (UPI) Quick
Response (QR) code card, and even a sound box confirming the transaction.
Single Solution to Dual Problems:
The Paytm Card Soundbox offers a solution to two challenges faced by merchants:
i.It streamlines the process of accepting card payments.
ii.It provides them with immediate audio alerts for all transactions.
Additional Info:
Paytm was the first company to launch audio-based confirmations with Paytm Soundbox in 2019.
About Paytm:
Founder & Chief Executive Officer(CEO) – Vijay Shekhar Sharma
Headquarters – Noida, Uttar Pradesh
Established in – 2009

Indian Bank Collaborated With IBM To Enhance Scalability and Agility

Indian Bank Limited, a public sector bank(PSB), collaborates with IBM (International Business Machines
Corporation) to provide a secure and adaptable computing infrastructure to facilitate the deployment of
innovative front-end banking applications.
• The collaboration paves way to run Indian bank’s Core Banking Solution (CBS) workloads on the
IBM servers.
• The Collaboration is a part of Indian Bank’s initiative Project PARADISE (Performance
Augmentation by Resource Aggregation in Distributed Environment).

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To cater digital infrastructure requirements:
i.IBM proposed a hybrid cloud approach for all Advanced Interactive eXecutive (AIX )workloads to increase the
speed and introduced a combination of Capex and Opex model for consumption of compute resources.
ii.IBM provides Infrastructure-as-a-Service (IaaS) to provide additional compute and storage, to build a
private cloud using the available resources, to create a single pool of processors across Data Centers (DC) and
Disaster Recovery (DR) and enable services equivalent to a pay-as-you-grow model.
To enhance security within their private cloud:
• Indian Bank opted to employ IBM PowerSC for all AIX endpoints. This decision was made to ensure
better support for compliance audits.
• The bank deployed IBM PowerVC to simplify virtualization management, streamline cloud
deployments, manage workload images, and optimize resources dynamically for IBM AIX Servers.
Important Features:
The new cloud environment provided by IBM incorporates various advanced features. This includes virtual
machine replication for consistency, a self-service portal that simplifies provisioning, and advanced capabilities
such as virtual image capture, deployment, and cataloging.
• Through the consolidation of their front-end branch servers, Indian Bank has improved
manageability and ensured continuous availability at their data centres in Chennai and Mumbai,
guaranteeing uninterrupted services for their valued customers.
About Indian Bank:
Managing Director(MD) & Chief Executive Officer(CEO) – Shanti Lal Jain
Headquarters – Chennai, Tamil Nadu
Established in – 1907
Tagline – Your own bank
About IBM:
IBM was founded in 1911 as the Computing-Tabulating-Recording Company (CTR) and was later renamed as
International Business Machines in 1924.
CEO- Arvind Krishna
Headquarters- New York, the United States of America (USA)

Bajaj Allianz Life Insurance Launched a New Savings Plan ‘Bajaj Allianz Life ACE’
Bajaj Allianz Life Insurance Company Limited introduced Bajaj Allianz Life ACE is a non-linked, participating,
Individual Life Insurance Savings Plan. The plan offers more flexibility to customers in designing cash flows
according to their individual financial needs.
• In contrast to traditional savings products, this plan provides the customers with the power of
choice to design their income flow.
Eligibility criteria
Minimum & MaximumAge at Entry – 18 to 55 years (With Goal Protection Benefit (GPB)) & 0 to 60
years (Without GPB)
Maturity Age – Upto Age 85 years (With GPB) & Upto age 100 years (Without GPB)
Premium Payment Frequency – Yearly, Half yearly, Quarterly and Monthly
Products Options:
i.Deferred Income: Insurer will receive income in arrears; It starts after the Premium Payment Term and
Deferment period and is payable till the end of policy term.
ii.Early Income: Insurer will receive income in the form of Cash
bonuses from the end of 1 month/ 1 year after the Deferment period of the Policy.
iii.Increasing Income: The income is paid in arrears after the
end of the Premium Payment Term and Deferment period and is payable till the end of policy term.
iv.Wealth: On maturity, the insurer will receive a lump sum.

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Features:
i.Tailored Income: Freedom to choose the amount of income when it starts, how long it continues, and can
even adjust the final benefits.
ii.Payment Timing Flexibility: The policyholder can opt to receive income right away or can delay it for up to
5 years
iii.Flexible Income Duration: The policyholder can choose the time frame for receiving income (from a
minimum of 10 years up to 100 years of age).
iv.Goal Protection Benefit (GPB): This option ensures that even if something unfortunate happens to the
policyholder, their family will still receive the planned income.
v.Extra Benefits for Women: The plan offers additional income benefits to women, empowering them with
enhanced financial security and flexibility to pursue their life goals.
Bajaj Allianz Life Insurance Company Limited:
Bajaj Allianz Life Insurance Company Limited is a joint venture between Bajaj Finserv Limited and Allianz SE.
Managing Director(MD) and Chief Executive Officer(CEO) – Tarun Chugh
Headquarters – Pune, Maharashtra
Established in – 2001

SBI Announces Introduction of UPI Interoperability on CBDC

India’s largest public sector bank, State Bank of India (SBI) has introduced Unified Payments
Interface (UPI) interoperability for its Digital Rupee(eRupee), also called as Central Bank Digital Currency
(CBDC), enhancing accessibility and convenience for customers. Through the ‘eRupee by SBI’ application,
CBDC users can now seamlessly scan merchant UPI Quick Response (QR) codes, facilitating swift and secure
transactions.
Note – IDFC First Bank also announced the integration of UPI QR codes with its CBDC.
Benefits:
i. It aligns with the growth and popularity of the UPI payment system, which allows customers to make instant
payments using a Virtual Payment Address (VPA).
ii.SBI has been actively participating in the Reserve Bank of India’s (RBI) retail digital e-rupee project since
December 2022, making this integration a significant advancement.
iii. Transitioning to a Cashless Economy: This development aligns with India’s ongoing shift towards a
cashless economy, bridging the gap between CBDC and the widely utilized UPI platform.
iv. Promising Future for CBDC Integration: SBI’s move to introduce UPI interoperability holds promise for
the future of CBDC integration, with potential game-changing implications for digital payments in India.
Central Bank Digital Currency (CBDC)
CBDCs are a digital form of a paper currency. Unlike cryptocurrencies, which exist in a largely unregulated
environment, CBDCs are official legal tender issued and supported by a central bank. It is the same as a fiat
currency and is exchangeable one-to-one with the fiat currency. Digital Rupee is using blockchain distributed-
ledger technology.
• The Digital Rupee (e₹) or E-Rupee is a tokenised digital version of the Indian Rupee, issued by the
Reserve Bank of India (RBI) as a central bank digital currency (CBDC).
Proposed in: January 2017
Launched on:
• Digital Rupee -Wholesale (e₹-W) : November 01, 2022
• Digital Rupee-Retail (e₹-R): December 01, 2022
Note – In 2020,the Bahamas, an island nation introduced the world’s First central bank digital currency (CBDC)
known as the Sand Dollar.

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SBI Card unveils additional features on its super-premium card ‘AURUM’
SBI Card, India’s leading credit card issuer, has unveiled the latest features of its super-premium card ‘AURUM’
for C-suite executives and high-net-worth individuals. AURUM is an exclusive, by-invitation-only credit
card adorned with handpicked features designed to provide cardholders with unique privileges.
Note– Aurum” in the context of “SBI Card Aurum” is a Latin word that means “gold.
Additional Features:
i.Annual Spends-Based Milestone: Cardholders can earn rewards based on their annual spending, allowing
them to accumulate benefits up to INR 2 lakh per year.
ii.Unlimited International Lounge Access has now been extended to allow 4 international lounge visits for
accompanying guests.
iii. Club Marriott Membership: Cardholders receive a complimentary 1-year Club Marriott membership.
Membership Fees: The joining and annual membership fee for AURUM is INR 9,999, available by invitation
only. However, this fee is waived if cardholders achieve a spending milestone of INR 12 lakh during their card
membership year.
About SBI Card
MD & CEO: Abhijit Chakravorty
Established: 1998
Headquarters: Gurgaon, Haryana.
Parent organization: State Bank of India
About State Bank of India (SBI):
Chairman– Dinesh Kumar Khara
Headquarters– Mumbai, Maharashtra
Establishment – 1955
Tagline–The banker to Every Indian

Hitachi Payment Services Launched India’s 1st White Label UPI-ATM with NPCI
Hitachi Payment Services Private Ltd, a 100% subsidiary of Hitachi Ltd., and an integrated payment
solutions provider, launched India’s first-ever Unified Payments Interface (UPI)-Automated Teller Machine
(ATM) as a White Label ATM (WLA), in association with the National Payments Corporation of India (NPCI),
offering secure cardless cash withdrawals.
• The UPI-only white-label ATM will improve customer security by eliminating the need for physical
cards.
• The launch of the ‘UPI ATM’ seamlessly merges the convenience and security of UPI with traditional
ATMs.
• At Present, Hitachi payment is the only WLA operator to offer cash deposit facility.
White Label ATM (WLA):
i.ATMs set up, owned and operated by non-banks are called WLAs.
ii.Non-bank ATM operators are authorised under the Payment & Settlement Systems Act, 2007 by the Reserve
Bank of India (RBI).
Hitachi Money Spot UPI ATM:
i.The Hitachi Money Spot UPI ATM delivers a seamless digital experience for customers, by supporting
advanced and innovative technology.
ii.This service can be accessed at more than 3,000 ATM locations, and this offering empowers any bank
customer to experience the convenience of Quick Response (QR)-based UPI cash withdrawals.
iii.It is a testament to Hitachi Payment Services’ technological capabilities and commitment to making
innovative banking services accessible to citizens across India.
iv.It is built on Android Operating System (OS) and brings in significant possibilities of transitioning from the
legacy architecture of transaction processing and ATM management to offering solutions in line with evolving
technology.

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Benefits:
i.Customers would benefit from a unified and secure user experience as well as the convenience of card-less
cash withdrawals with the Hitachi Money Spot UPI ATM.
ii.It will promote financial inclusion by making banking services more accessible in remote areas of India and
card penetration.
About Hitachi Payment Services Private Ltd:
Hitachi Payment Services was founded in 2008 as Prizm Payment Services.
It was acquired by Hitachi in 2014 and renamed as Hitachi Payment Service in 2015.
Managing Director & Chief Executive Officer– Sumil Vikamsey (Cash Business)
Headquarters– Mumbai, Maharashtra

PNB Launches CBDC-UPI Interoperability Through PNB Digital Rupee App

Punjab National Bank(PNB) launched Central Bank Digital Currency(CBDC) and Unified Payments Interface
(UPI) interoperability in its PNB Digital Rupee App.
• PNB Digital Rupee app users can use their CBDC Wallets to make purchases on the UPI QR of these
merchants even if they don’t have a CBDC Wallet.
• Interoperability is the technical compatibility that allows a payment system to work with other
payment systems.
i.The CBDC Wallet has digital rupees(e Rupee) issued by the RBI and is a tokenised digital version of the rupee.
The digital rupee functions exactly like a sovereign currency and is interchangeable 1:1 with paper money.
ii.UPI is a mobile-based payment system that was launched by the National Payments Corporation of India
(NPCI) in 2016.
Note:
Banks including State Bank of India(SBI), Bank of Baroda, Kotak Mahindra Bank, Yes Bank, Axis Bank, HDFC
Bank, and IDFC First Bank have introduced UPI interoperability on their digital rupee application.

ADB’s Survey: Global Trade Finance Gap Expands to USD 2.5 Trillion in 2022
According to Asian Development Bank (ADB)’s 2023 Trade Finance Gaps, Growth and Jobs Survey (8th
edition), the global trade finance gap rose to USD 2.5 trillion in 2022 (10% of global merchandise trade)
from USD 1.7 trillion in 2020 and USD 1.5 trillion in 2018.
• This indicates that the global economy is still struggling to rebound from the effects of COVID -19
pandemic.
• The trade finance gap is the difference between requests and approvals for financing to support
imports and exports.
What caused the Financial Gap?
i.After COVID-19 pandemic global goods exports grew at 26.6% in 2021 and 11.5% in 2022. Because of this,
there was a greater need for financial support for trade. However, it became harder to get this financial help
from ADB due to increased economic uncertainties.
ii.The problems like rising interest rates, flagging economic prospects, inflation, and geopolitical volatility
reduced the ADB’s lending capacity.
• Russian-Ukraine conflicts also impacted their trade finance portfolios due to growing geopolitical
uncertainty and increased commodity prices.
iii.Following a zero-growth rate during the last quarter of 2022, as of April 2023, global trade exports in value
slowed year-to-date, showing a decline of around 3%.
Solution:
i.Digitalization of global trade can reduce the gap, facilitate transparency, and underpin a greater ability to
monitor environmental and social standards.
• But there are no proper guidelines to electronic documents and legislation regarding the electronic
trade documents.

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ii.Enhance trade financing capacity with SME-specific credit procedures, deep-tier supply chain finance, and
attracting new capital sources.
iii.Integrate trade financing into crisis response initiatives.
iv.Promote global digital trade advancement by prioritizing standard harmonization, commercial adoption,
legislation, and policy development.
v.Standardize sustainability criteria and improve data collection and reporting methods.
ESG
The 2023 trade gaps survey focuses on environmental, social, and governance (ESG) issues for the first
time (along with digitalization), to evaluate the impact on relevant supply chains and the trade finance gap.
• ESG alignment could reduce the trade financing gap.
TSCFP
Trade and Supply Chain Finance Program (TSCFP) provides loans and guarantees to more than 200 partner
banks to support trade, boosting imports and exports that foster growth when the private sector finds it
challenging to operate.
• TSCFP is working to make global trade and supply chains green, resilient, inclusive, and socially
responsible.
• It is backed by ADB’s AAA credit rating.
Additional Info:
The survey is based on responses from 137 banks across 54 countries and 185 firms from 43 countries. The
survey responses reflect over 60% of the global market for bank-intermediated trade financing.
About Asian Development Bank (ADB):
President – Masatsugu Asakawa
Headquarters – Mandaluyong City, Metro Manila, Philippines
Established in – 1966
Members – 68 member countries (49 from the region)

Highlights of 54th AGM of REC Limited; Committed to Increase Green Project Loan Portfolio
to Rs 3 Lakh cr by 2030
On September 6, 2023, the 54th Annual General Meeting (AGM) of REC Limited (formerly Rural Electrification
Corporation Limited) was held via Video Conferencing. The Meeting was chaired by its Chairman & Managing
Director (CMD) Vivek Kumar Dewangan.
Highlights from AGM:
i.REC Limited is committed to increase its green project loan portfolio to Rs 3 lakh crore by 2030, representing
more than a 10-fold increase.
ii.REC’s focus areas include Renewable Energy (RE) projects like solar, wind, hybrid, and e-mobility, along with
emerging sectors such as Green Hydrogen and Green Ammonia.
iii.The Ministry of Power has granted REC the authority to provide loans to non-power infrastructure and
logistics sectors, contributing to India’s development.
• In FY23, REC sanctioned over Rs 85,700 crore for diverse projects, accounting for about 32% of the
company’s total sanctions.
iv.In August 2022, REC issued bonus shares in a 1:3 ratio, increasing its issued and paid-up share capital to Rs
2,633.22 Crore. REC is known for its generous dividend payouts.
• In terms of dividends, REC is among the highest dividend-paying companies in its category.
v.REC offered remote e-voting to its members from September 3, 2023, to September 5, 2023, in accordance
with Regulation 44 of Securities and Exchange Board of India (SEBI-Listing Obligations and Disclosure
Requirements) Regulations 2015 and Section 108 of the Companies Act, 2013 read with Rule 20 of the
Companies (Management and Administration) Rules 2014.

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REC raises USD 1.15 Billion through Syndicated Term Loans in August 2023
REC Limited raised USD 1.15 billion in August 2023 in two tranches from a consortium of six banks
as Mandated Lead Arrangers and Bookrunners (MLABs) under its Market Borrowing Programme of Rs. 1.20
lakh crore for 2023-24.
• The tenor of the loan is 5-years and are benchmarked to SOFR (Secured Overnight Financing Rate),
the benchmark rate for the loans denominated in USD.
Key Points:
i.Tranche 1 of USD 505 million was raised on August 3, 2023, from Bank of Baroda (BoB), Gujarat International
Fin Tec-City (GIFT City) IFSC Banking Unit (IBU); Axis Bank, GIFT City IBU; State Bank of India (SBI), London
Branch(the United Kingdom-UK).
ii.Tranche 2 of USD 645 million was raised on August 31, 2023, from SBI London Branch, Bank of India (BoI),
GIFT City IBU; BoI London Branch; and HSBC, GIFT City IBU.
iii.These funds will be utilized towards power, infrastructure, and logistics projects under the ECB (External
Commercial Borrowings) guidelines of the Reserve Bank of India (RBI).
iv.GIFT City IBUs committed a record USD 550 million, the highest-ever monthly contribution to REC.
Notes:
i.A syndicated loan is a loan offered by a group of lenders (called a syndicate) who work together to provide
funds for a single borrower.
ii.SOFR is the benchmark rate for the loans denominated in USD (United States Dollars).
REC signs USD 100mn Foreign Currency Term Loan Agreement with EXIM Bank
REC Limited secured a Foreign Currency Term Loan of USD 100 million from EXIM (Export Import) Bank of
India. This is the first term loan being extended by Exim Bank to REC.
• The 5-year loan, benchmarked to SOFR, will be used to refinance and provide capital equipment
loans to borrowers in the power, infrastructure, and logistics sectors.
• This is a part of REC’s Market Borrowing Programme for 2023-24.
Recent Related News:
i.On July 20, 2023, Avaada Group signed a Memorandum of Understanding (MoU) with REC Limited under
which the latter will invest Rs 20,000 crore in Avaada Group over the next five years.
ii.Power Finance Corporation Ltd (PFC) and REC Ltd. have signed Memorandum of Understanding (MoU) with
clean energy companies for providing a total of Rs 5 lakh crore funds to their projects during the “Green
Finance Summit” held in Goa.
About REC Limited (formerly Rural Electrification Corporation Limited):
It is a Maharatna Central Public Sector Undertaking under the Ministry of Power.
Chairman and Managing Director (CMD)– Vivek Kumar Dewangan
Headquarter– Gurugram, Haryana
Establishment– 1969

SEBI Approved Groww Mutual Fund To Launch Its First Index Fund
Securities and Exchange Board of India (SEBI) gave approval to Online stock broking firm, Groww Mutual
Fund to launch its first index fund ‘Groww Nifty Total Markets Index Fund’. The fund will be raised through
New Fund Offering (NFO).
• The launched index fund is a Passive mutual fund (which replicates a market index like the Nifty or
Sensex) and will be launched by the end of September 2023.
What is NFO?
An asset management company launching a new mutual fund can raise capital through a NFO which is similar
to an Initial Public Offering (IPO). NFOs provide details of the portfolio, including company shares, securities,
fund manager, etc.
• Through such offers, investors can purchase units of a mutual fund at the subscription price (usually
set at Rs.10 per unit).

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 • Both open-ended and closed-end funds are launched via new fund offers for a limited time
period(Maximum of 30 days), and then traded in the market, based on their corresponding net asset
value (NAV).
Additional Info: Zerodha Asset Management Limited launched two new schemes Zerodha Tax Saver (ELSS)
Nifty Large Midcap 250 Index Fund and Zerodha Nifty Large Midcap 250 Index Fund (ZN250).
SEBI Mandates Payment To IPEF Only Through Online Mode
Securities and Exchange Board of India (SEBI) issued a circular stating that crediting funds to the SEBI Investor
Protection and Education Fund (IPEF) should be made only through online mode.
• This circular is issued in exercise of the powers conferred under section 11(1) of the Securities and
Exchange Board of India Act, 1992.
Changes made:
The new guidelines replaced previously issued SEBI guidelines in 2020 which prescribed that the amounts
shall be credited to the IPEF through online mode or by Demand Draft (DD).
Payment methods:
The payment can be made through internet banking, National Electronic Fund Transfer (NEFT), Real Time
Gross Settlement (RTGS), Unified Payments Interface(UPI) and Debit cards.
What is IEPF?
i.Under Section 205 C of the Companies Act, 1956, the government has instituted an Investor Education and
Protection Fund (IEPF).
• This fund serves as a repository for unclaimed funds related to dividends, matured deposits,
matured debentures, share application money, and similar items.
ii.The IPEF has been set up for the promotion of investors’ education, awareness and protection.
iii.Investor Education and Protection Fund Authority(IEPFA) is responsible for administrating IEPF.
About Groww Mutual Fund:
Groww Mutual Fund operates under the trusteeship of Groww Trustee Limited and is sponsored by Nextbillion
Technology Private Limited.
Co-founder & Chief Executive Officer(CEO) – Varun Gupta
Headquarters – Bengaluru, Karnataka
Established in – 2011

KredX & Mastercard partners to make B2B Payment Rewarding for Enterprises & Vendors
KredX(Minions Ventures Private Limited), India’s largest supply chain finance platform, partnered
with Mastercard, Inc., the second largest payment processing company across the globe, to make Business-to-
Business (B2B) digital payments rewarding for both enterprises and vendors.
• Under this partnership, Mastercard will integrating its commercial card service with the KredX
platform, eliminating the complexities associated with B2B payments, especially those involving
cards.
What is B2B Payments?
B2B payments are the exchange of currency for goods or services supplied between two businesses. This is an
inter-commerce transaction that does not involve a consumer.
A B2B form of transaction is conducted between 2 businesses, such as one involving a manufacturer and
wholesaler, or a wholesaler and a retailer.
Features and Benefits:
i.The platform with features like dynamic discounting, early payment options, and price discovery mechanisms
will enable enterprises and vendors to enhance their cash flows..
ii.Powered by Artificial Intelligence (AI), the platform serves as an end-to-end procure-to-pay solution for
businesses, helping them with faster and more efficient matching and processing of invoices.
• Notably, the Smart Bid algorithm will help enterprises discover the best discount rates from
vendors.

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iii.By integrating pre-discounting journeys with post-discounting payments, this platform will enhance KredX’s
operational efficiency and strengthen its supply chain management capabilities.
• Accelerating supply chain velocity through financial innovation has been central to KredX’s value
proposition
iv.This platform aims to address some common challenges associated with B2B payments, such as long
accounting and reconciliation processes, limited vendor acceptance, and frequent chargebacks.
v.This will be instrumental in promoting digital payment acceptance by allowing small vendors to receive
payments even in the absence of in-house payment gateways and Point of Sale (PoS) machines.
About KredX (Minions Ventures Private Limited):
Founder and Chief Executive Officer (CEO)- Manish Kumar
Headquarters– Bengaluru, Karnataka
Founded in– 2015

SBI Card Launches ‘SimplySAVE Merchant SBI Card’ for MSMEs

SBI Cards & Payment Services Limited (SBI Card), India’s largest pure-play credit card company, launched
‘SimplySAVE Merchant SBI Card’, a Credit Card for Micro, Small, and Medium Enterprises (MSMEs). The card
has been designed to offer interest-free short-term credit options for MSME merchants and other exclusive
benefits.
• SimplySAVE Merchant SBI Card was unveiled by Mr. Dinesh Khara, Chairman, State Bank of India
(SBI) at Global Fintech Fest in Mumbai, Maharashtra.
• This card will address the need for easy and timely access to formal credit by providing interest-free
short-term credit to MSMEs.
• This card is available on the RuPay network and can also be linked to the Unified Payments Interface
(UPI) for payments through various UPI-enabled third-party apps.
Note: SBI Cards and Payment Services Limited, subsidiary of State Bank of India (SBI), was formerly known as
SBI Cards and Payment Services Private Limited (SBICPSL).

Highlights of 4th Edition of Global Fintech Fest 2023

Global Fintech Fest (GFF) is the largest fintech 3-day conference held from September 5 to 7, 2023 at Jio World
Convention Centre, Mumbai, Maharashtra, India .It was jointly organized by the National Payments Corporation
of India (NPCI), the Payments Council of India (PCI), and the Fintech Convergence Council (FCC).
• Theme: Global collaboration for a responsible financial ecosystem -Inclusive | Resilient |
Sustainable.
• 5th edition of GFF will take place on October 8-10, 2024.
i.The GFF 2023 supported by key Indian governmental bodies, including the Ministry of Electronics and
Information Technology (MeitY), the Department of Economic Affairs (DEA) under the Ministry of Finance, the
Reserve Bank of India (RBI), and the International Financial Services Centres Authority (IFSCA).
ii.Additionally, several prominent international organizations joined hands with GFF 2023, including the World
Bank, the Global Knowledge Partnership on Migration and Development (KNOMAD), the Consultative Group to
Assist the Poor (CGAP), and Women’s World Banking. Furthermore, Australia, Brazil, the United Kingdom,
Germany, and Israel acted as Country Partners for GFF 2023.
• Three hackathons were conducted by Securities and Exchange Board of India(SEBI), National Bank
For Agriculture And Rural Development (NABARD) and State Bank of India (SBI).
FinMin Nirmala Sitharaman Inaugurated the Global Fintech Fest 2023
Finance Minister Nirmala Sitharaman’s address at the Global Fintech Fest 2023 in Mumbai covered several
important aspects of India’s financial ecosystem and its challenges.
• Kris Gopalakrishnan, Chair GFF 2023, and Naveen Surya, Chairman, Fintech Convergence Council,
were also present amongst the dignitaries in the inaugural session.

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Here’s a summary of her key points and the threats she highlighted:
i.Fintech’s Role: Fintech has become a powerful tool for financial inclusion, surpassing traditional financial
activities.
ii.Dematerialized (Demat) Accounts: The number of demat accounts in India has grown significantly, from 4.1
crore in 2019-20 to 10 crore in 2022-23, marking a 2.5-fold growth.
iii.Mutual Funds and Systematic Investment Plans (SIPs): There’s a record number of mutual funds and SIPs,
contributing to wealth generation with cities beyond the top 30 in India have seen their share in total mutual
fund assets grow from 15% to 26% in the last four years.
iv.RBI’s Payments Vision for 2025 involves actively supporting global outreach efforts to expand the reach of
domestic payment systems through collaboration with relevant partners.
v.Maharashtra remains the leader in terms of ITR (Income Tax Return) filings, while other states, including
those in the North-East, Chhattisgarh, and even Jammu & Kashmir, have experienced double-digit growth in
new ITR filings.
vi.It states that the estimated annual cross-border payments globally amount to $20 trillion, incurring
$120 billion in transaction costs according to a Boston Consulting Group(BCG) Study. It also mentions that
India is the largest recipient of remittances, receiving approximately $100 billion worth of remittances in 2022.
vii.The Union Finance Minister Nirmala Sitharaman also released a report titled ‘The Second Wave: Resilient,
Inclusive, Exponential Fintechs’ and inaugurated a fintech exhibition during the event.
Note:
i.Payments Council of India (PCI): PCI was established in the year 2013 under the support and backing of the
Internet and Mobile Association of India (IAMAI).
ii.Fintech Convergence Council (FCC): Setup in 2017 as a fintech committee, Fintech Convergence Council
was later converted into an independent council with an independent governing board, with over 70 members.
RBI Governor Unveils Five Exciting Payment Solutions at Global Fintech Fest 2023
The Reserve Bank of India (RBI) Governor Shaktikanta Das recently announced five new innovative payment
solutions developed by the National Payments Corporation of India (NPCI) at the Global Fintech Fest 2023.
These solutions aim to expedite credit lines and advance the offline payments ecosystem, contributing to a
more inclusive, resilient, and sustainable digital payments environment in India.
Credit Line on UPI:
• This offering enables pre-sanctioned credit lines from banks through Unified Payments Interface
(UPI).
• Facilitates faster access to credit, promoting a streamlined and digital banking system.
UPI LITE X:
• Allows users to send and receive money offline using near-field communication (NFC) technology.
• Expands offline payment capabilities to areas with poor connectivity.
• Transactions are limited to Rs 5,000 within the NFC payment limit.
UPI Tap & Pay:
• Enhances quick response (QR) code and NFC technology adoption for payments.
• Users can tap NFC-enabled QR codes at merchant locations for payments.
Hello! UPI — Conversational Payments on UPI:
• Enables voice-enabled UPI payments in Hindi and English, with regional language support coming
soon.
• Users can make payments via UPI apps, telecom calls, and IoT devices using voice commands.
• Improves accessibility for users who prefer native languages and those less experienced with digital
payments.
• Users can simply give voice commands to transfer funds and input a UPI Personal Identification
Number (PIN) to complete the transaction.
BillPay Connect — Conversational Bill Payments:
• Introduces a nationalized number for bill payments across India.

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 • Customers can pay bills by sending a simple message “Hi” or giving a missed call.
• Voice-assisted bill payments are available through smart home devices and physical collection
centers.
About NPCI:
It is an initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) to create a robust
payments and settlement system.
Founded: 2008
MD & CEO: Dilip Asbe
Headquarters: Mumbai, Maharashtra
Hitachi Payment Services Introduces ‘India’s first ever’ UPI-ATM
Hitachi Payment Services, a 100% subsidiary of the Japanese conglomerate Hitachi Ltd., has introduced
India’s first-ever UPI-ATM, known as the “Hitachi Money Spot UPI ATM”,a White Label ATM. This innovative
Automated Teller Machine (ATM), developed in partnership with the National Payments Corporation of India
(NPCI), aims to transform the traditional ATM transaction experience and enhance customer security by
eliminating the need for physical cards.
Key Features and Benefits:
i.UPI-ATM operates through QR-based UPI cash withdrawals and requires users to have a UPI app
installed on their Android or iOS devices.
ii.Cardless Cash Withdrawals: The UPI ATM offers cardless cash withdrawals, eliminating the need for
physical cards. Users can access funds from multiple accounts using their Unified Payments Interface (UPI)
app.
Note: White Label ATM (WLA): WLAs are a type of automated teller machine that is owned and operated by
non-bank entities or private companies rather than traditional banking institutions.These ATMs are called
“white label” because they typically do not bear the branding or logo of a specific bank.
About Hitachi Payment Services:
MD: Sumil Vikamsey
Founded:2008 (as Prizm Payment Service)
Headquarters: Goregaon, Mumbai
Global Fintech Awards 2023: Adeeb Ahamed Wins Leading Fintech Personality of the Year Award at GFF
Mumbai
Fintech Awards recognize outstanding emerging start-ups, disruptive technologies, unique business models
and innovative founders and entrepreneurs across the globe. Fintech companies, financial institutions and
start-ups can nominate their works for Fintech Awards in 15 diverse sub-categories under 3 classifications
(Global Awards, Entity Awards, Special Fintech Achievements).
• Adeeb Ahamed, Managing Director of LuLu Financial Holdings based in Abu Dhabi. Ahamed has
been instrumental in revolutionizing cross-border payments between the GCC and India. His
company operates a network of 300+ customer engagement centers and digital payment solutions
in 10 countries.
Winners of Global Fintech Awards 2023:
Category Winner
Global
· Fintech Personality of the Year – Gulf Cooperation Countries Adeeb Ahamed, Managing Director, Lulu Financial
(GCC) Holdings
· Fintech Personality of the Year – Europe Tom Greenwood, Founder & CEO, Volt
Entity Awards
· Best WealthTech Startup Jar (Changejar Technologies)
· Best InsurTech Startup Plum Benefits

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 · Best Lending Startup Kinara Capital
· Best RegTech Startup Tookitaki Holding
· Best Payment Aggregator One97 Communications
· Best Design Award Juspay Technologies
· Best Payment Startup Juspay Technologies
· Friends of Fintech Online PSB Loans Limited
· Fintech for Good One97 Communications
· Champions of ESG L&T Finance
Special Fintech Achievements
Bhavesh Gupta, President & COO, One97
· Fintech Leader of the Year Communications (Paytm)
· Fintech Chief Technology Officer (CTO)/ Chief Information
Officer (CIO) of the Year Kailash Nadh, Zerodha
Open Network for Digital Commerce(ONDC) (E-
· Fintech Company of the Year commerce company)
Reimagining Aadhaar Authentication: UIDAI Demonstrates AI and ML-Powered Aadhaar Enhancements
The Unique Identity Authority of India (UIDAI) made a significant impact at the Global Fintech Festival (GFF)
2023 in Mumbai, organized an industry meet-up under the theme “Reimagine Aadhaar #together.” UIDAI’s
unwavering commitment to providing seamless services through the Aadhaar identity platform was evident,
allowing residents to access a wide array of services with ease.
Key Points:
i.Enhanced Face Authentication Facility: UIDAI showcased its in-house developed Face Authentication
feature, powered by cutting-edge Artificial Intelligence (AI) and Machine Learning (ML) technologies.
ii.Collaboration with Industry Partners: UIDAI actively encouraged collaboration with industry and fintech
partners under the Volunteer Guideline 2022 initiative.
A notable partnership with Airtel Payments Bank focused on enhancing the resident experience for face
authentication, including improvements for low-light conditions and fraud prevention mechanisms.
iii. Practical Use-Cases:: Attendance systems for beneficiaries of the Mahatma Gandhi National Rural
Employment Guarantee Act (MGNREGA) and streamlined customer acquisition processes for banks.
iv.Innovation Initiatives: UIDAI unveiled plans to establish a new Sandbox environment and a state-of-the-
art Innovation Lab at the UIDAI Tech Centre, Bangalore, Karnataka.
These initiatives aim to facilitate research and development, fostering innovation within the Aadhaar
ecosystem.
About UIDAI
The Unique Identification Authority of India (UIDAI) is a statutory authority and a government department,
established on 12 July 2016 by the Government of India under the jurisdiction of the Ministry of Electronics
and Information Technology, following the provisions of the Aadhaar Act 2016.
• Prior to the enactment of the Act, the UIDAI had functioned, since 28 January 2009, as an attached
office of the Planning Commission (now NITI Aayog)
CEO: Sh. Amit Agarwal
Headquarters: New Delhi, Delhi
SBI unveils ‘Nation’s First Transit Card’: RuPay NCMC Prepaid Card
The State Bank of India (SBI), the largest lender in the country, has unveiled the ‘Nation First Transit Card,’ also
known as the RuPay National Common Mobility Card (NCMC) Prepaid Card, at the Global Fintech Fest 2023.

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 • Dinesh Kumar Khara, Chairman of State Bank of India, highlighted how the ‘Nation First Transit
Card,’ powered by RuPay and National Common Mobility Card (NCMC) technology, aligns with the
national vision of “One Nation One Card” and contributes to the country’s growth.
Key Features of RuPay NCMC Prepaid Card :
i.The card is designed to simplify the commuting experience by enabling digital fare payments for metro, buses,
water ferries, and parking, all through a single card.
ii.It also serves as a convenient means for retail and e-commerce transactions.
Background of NCMC Programs by SBI:
• SBI initiated NCMC programs in 2019 in collaboration with transit operators.
• As part of these programs, SBI successfully introduced various cards like the “City1 Card,” “Nagpur
Metro MAHA Card,” “MUMBAI1 Card,” “GoSmart Card,” and “Singara Chennai Card” for different
metro systems across the country.
Ongoing NCMC Initiatives:
• SBI is currently implementing NCMC-based ticketing solutions for Mumbai Metro Rail Corporation
Limited (MMRC) Metro Line 3 and Agra Metro, which are in advanced stages of execution and will
soon be available to the public.
About SBI Card:
MD & CEO: Abhijit Chakravorty
Established: May 1998
Headquarter: Gurugram, Haryana

HSBC India Launched “ONDC in a box”; Becomes 1st Foreign Bank in India to launch ONDC
proposition
Hongkong and Shanghai Banking Corporation(HSBC) India has launched ‘Open Network for Digital
Commerce(ONDC) in a Box’, a one-stop-shop proposition for corporates to partcipate in ONDC platform,
during the Global Fintech Fest (GFF) 2023 held in Mumbai, Maharashtra.
• With this launch, HSBC India becomes the first foreign bank in India to offer an ONDC-enabled
proposition.
• ONDC in a box was developed in partnership with Protean eGov Technologies Ltd (Protean) and
Shayr Omnichannel Private Limited (Adya).
About ONDC in a box:
As a part of this, the banking services are offered by HSBC India and the ONDC Modules are offered by Protean
and Adya.
• The end-to-end banking requirements for ONDC across Payments and Settlement are serviced and
managed by HSBC India.
• The ONDC modules and the front-end applications like the buyer app, seller app, reconciliation
service provider, and issue and grievance management are handled by Protean and Adya.
Eligibility: Offer is valid for HSBC India customers (who have chosen HSBC Bank as the settlement bank on
ONDC) till 30th August 2025.
Benefits: This will offer a secure Application Programming Interface(API) for collections and settlement and a
wide suite of services offered for ONDC enablement.
Key Points:
i.Protean is contributing to and supporting open digital building blocks, including ONDC, accelerating
commerce for network participants through its products.
• Protean is an approved Network Service Provider by ONDC. It offers ONDC Gateway Services;
Technology Service Provider (TSP) services (various Buyer app and Seller App solutions);
Reconciliation & Settlement Service Provider (RSP) and Issue & Grievance management solutions.
ii.Adya offers customisable ONDC Buyer and Seller applications (apps), along with supporting apps like
Grievance Management, Settlements, and Logistics App.

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About ONDC:
ONDC is an initiative by the Department for Promotion of Industry and Internal Trade (DPIIT) under the
Ministry of Commerce and Industry
• The initiative aims to build an open, interoperable network on which buyers and sellers can transact
without needing to be present on the same platform.
About Hongkong and Shanghai Banking Corporation(HSBC) India:
Chief Executive Officer(CEO) – Hitendra Dave
Headquarters – Mumbai, Maharasthra
Established in – 1959
About Protean eGov Technologies Ltd (Protean):
Managing Director(MD) & CEO – Suresh Sethi
Headquarters – Mumbai, Maharasthra
Established in 1995

Union Bank of India, 1st PSB to launch Rupay Debit Cards for Women and HNIs
Union Bank of India (UBI) has introduced two new Debit Card variants, the HNI Emperio RuPay Metal Debit
Card and the RuPay Empower Her Debit Card, in association with the National Payments Corporation of
India (NPCI).
• With this, UBI becomes the first Public Sector Bank (PSB) to offer Metal Debit Card cards, serving
High-Net-Worth Individuals (HNI) and women customers.
• These cards are issued on the RuPay network.
• The cards were unveiled at the Global Fintech Fest(GFF) 2023 in Mumbai, Maharashtra by UBI’s MD
& CEO (Managing Director & Chief Executive Officer), A. Manimekhalai, and NPCI’s COO (Chief
Operating Officer), Praveena Rai.
About HNI Emperio RuPay Metal Debit Card:
It will serve ultra-HNIs with benefits in the form of insurance cover, subscription to over the top (OTT)
channels, international lounge access and merchant-specific discounts. It is equipped with Near Field
Communications (NFC) and can be enabled for tap and pay in transit.
Note: Those with net worth of Rs 100 crore and more are classified as Ultra-HNIs (UHNIs) and those with
investable surplus of Rs 5 crore and above can be classified as HNIs.
About RuPay Empower Her Debit Card:
It is a Rupay platinum card, and offers a comprehensive range of benefits, including free cancer care coverage
for breast, ovarian, and cervical cancers, along with complimentary health check-ups. It also provides free
personal accident and air accident cover, access to OTT subscriptions, international lounge access, and
merchant-specific offers and discounts.
About Union Bank of India(UBI):
Managing Director & CEO– A. Manimekhalai
Headquarters– Mumbai, Maharashtra
Tagline– Good People to Bank with
Established in 1919
Nationalised in 1969

AU Small Finance Bank Launches Zenith+ Metal Credit Card

AU Small Finance Bank Ltd., a Reserve Bank of India (RBI)-approved Small Finance Bank (SFB), introduced
the Zenith+ Metal Credit Card, expanding its range of banking solutions.
• This super premium credit card includes features from global travel to unlimited entertainment
options like premium lounge access, personalised concierge services, and a welcome benefit with
Luxury Brand vouchers or Reward Points worth Rs 5000 upon card activation.

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 • The annual membership fee for this card is Rs 4,999 plus Goods and Services Tax (GST).
• The card’s benefits include the lowest Foreign Exchange (Forex) markup of 0.99% for global travel.

Cleartrip Partners with Axis Bank to Offer Travel Benefits to Credit Card Holders
Cleartrip, a subsidiary of Flipkart India Private Limited, has partnered with Axis Bank, one of the largest
private sector banks in India, to introduce an innovative proposition to provide travel benefits to both existing
and new cardholders, who book through Cleartrip. This collaboration is set to benefit close to 12.5 million
customers.
• This will offer a wide range of privileges for domestic flight bookings, such as discounts in bookings
of seats worth Rs. 1,200, free meals, exemption from convenience fees, and options to cancel and
reschedule flights for a nominal fee of Re.1 under CT FlexMax.
• Axis Bank credit card holders can access specially curated travel offers without having to wait to
collect/redeem points in order to enjoy the benefits. The partnership represents a significant
departure from the conventional standards of booking discounts for domestic flights.
• Currently, Online Travel Agencies (OTAs) concentrate on offering instant cash discounts through
partnerships with banks. However, they offset these discounts by imposing convenience fees and
additional charges for seats and meals.
• While Axis Bank is billing the partnership as “one of a kind,” Cleartrip isn’t the first OTA to link up
with a bank or financial institution. Cleartrip is invested in disrupting the OTA space through a
transparent and customer-centric approach.

AU Small Finance Bank Partners with Star Health and Bajaj Allianz to Offer Insurance Products
AU Small Finance Bank (AU SFB) has recently entered into bancassurance agreements with Star Health and
Allied Insurance Company (Star Health), and Bajaj Allianz Life Insurance Company (Bajaj Allianz). This
strategic move allows AU Bank to offer a range of insurance products to its customers through these
partnerships.
• Customers of AU Bank can now access insurance products such as health insurance and general
insurance policies through the bank’s branches and digital channels.
Bancassurance Partnership with Bajaj Allianz Life Insurance:
i.Under this partnership, AU SFB will distribute a range of insurance products from Bajaj Allianz Life
Insurance.These products include term insurance, savings plans, and retirement products.
ii.The collaboration is expected to be a long-term partnership, indicating a sustained relationship between AU
SFB and Bajaj Allianz Life Insurance.
iii.The partnership is to enhance the delivering top-tier services and adopting a digital-first approach, which
suggests a focus on providing efficient and technology-driven insurance solutions to customers.
Bancassurance Partnership with Star Health:
i.In the case of the partnership with Star Health, AU SFB will distribute health insurance plans from Star Health.
ii.Health insurance plans typically cover medical expenses and provide financial protection in case of illness or
accidents.
What is Bancassurance
Bancassurance is a financial services arrangement in which a bank partners with an insurance company to offer
insurance products and services to its customers.
• The bank acts as an intermediary or distribution channel for insurance products, allowing
customers to purchase insurance policies, such as life insurance, health insurance, or property
insurance, through the bank.
About AU Small Finance Bank Limited(Ltd):
Managing Director(MD) & Chief Executive Officer (CEO) – Sanjay Agarwal
Headquarters – Jaipur, Rajasthan
Established in – 1996

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Bharti AXA Life introduces ‘Income Laabh’ to Simplify Insurance with Maximum Protection
Bharti AXA Life Insurance has launched Bharti AXA Life Income Laabh, an individual savings plan that
provides both financial security and a consistent income stream throughout the policy term.
• It is a non-linked, non-participating individual savings plan with life insurance coverage.
• This launch was made as a part of its aim to simplify insurance and deliver maximum protection to
its consumers.
Key Points:
i.Policyholders can expect guaranteed income for 10 to 12 years, with initial payouts equal to 100% of the
annual premium and increasing to 150% after 5 years for a 10-year term, or 200% after 6 years for a 12-year
term.
ii.A lump sum amount is given at the end of the income period to support important life goals, aiming to
enhance the financial well-being of customers and their families.
iii.Optional riders are offered for enhanced coverage, providing additional security and peace of mind to
policyholders.
• Bharti AXA Life Income Laabh also offers flexibility in premium and policy terms, along with
potential tax benefits.
About Bharti AXA Life Insurance:
Bharti AXA Life Insurance is a joint venture (JV) of New Delhi based Bharti Group (51%) and Paris Based AXA
(49%), a French multinational insurance firm.
MD & CEO– Parag Raja
Headquarters– Mumbai, Maharashtra

GQG Acquired Over 5 Crore Shares in IDFC First Bank from V Vaidyanathan
GQG Partners have acquired 5.07 crore equity shares (0.8% of the total equity) in IDFC First Bank for
about Rs 478.70 crore from V Vaidyanathan, Managing Director(MD) & Chief Executive Officer (CEO) of IDFC
First Bank. The transaction occurred at a price of Rs 94.5 per share.
• Out of Rs 478.7 crore sales proceeds, Rs 229 crore would be to pay to IDFC First Bank to subscribe
to new shares of the bank and Rs 240.5 crore towards income tax payment for exercising the stock
options.
• Rs 9.2 crore will be contribution to pre-committed causes.
Following this transaction, Vaidyanathan’s shareholding in IDFC FIRST Bank will increase from 0.58% as of
30th June 2023, to 1.04% of the paid-up capital of the bank. Including options yet to be converted, his
shareholding is 1.23% of the total share capital of the bank
• The stock options were given to Vaidyanathan as a part of the merger between Capital First and
IDFC Bank in December 2018.
IDFC First Bank Limited, headquartered in Mumbai, Maharashtra, was established in 2018. Tagline: ‘Always
You First’.

Cashfree Payments Partners With NPCI To Launch Customer On-Boarding Feature

Cashfree Payments India Private Limited in collaboration with National Payments Corporation of India (NPCI)
launched “AutoPay on QR(Quick Response)”, a feature enabling customer onboarding through a 2-step
process.
• The 2 step process involves scanning the QR code and approving an e-mandate through Unified
Payments Interface (UPI) apps.
Working:
i.Subscription-based businesses should circulate their subscription QR codes through various marketing
channels like online ads, newspapers, websites, TV, and product packaging.
ii.This will eliminate the necessity to download an app or register on the website which is time consuming and
poor onboarding experience.

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Additional Info:
i.Cashfree Payments works with banks to build the core payments and banking infrastructure that powers the
company’s products.
ii.It is also integrated with major platforms such as Shopify, Wix, PayPal, Amazon Pay, Paytm, and Google Pay.
About Cashfree Payments India Private Limited:
Cashfree Payments is a payments and banking technology company that enables businesses in India to collect
payments online and make payouts.
Chief Executive Officer(CEO)- Akash Sinha
Headquarters- Bengaluru, Karnataka
Established in- 2015
About National Payments Corporation of India (NPCI):
NPCI was launched in 2008 by the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) under
the provisions of the Payment and Settlement Systems Act, 2007.
Chief Executive Officer(CEO)- Dilip Asbe
Headquarters- Mumbai, Maharashtra

Mastercard And Invest India Along With Tourism Ministry Launched Enhanced Priceless.com
‘Mastercard’ with the support from the Ministry of Tourism and Invest India has launched Priceless.com to
explore India’s history and culture (using latest travel trends).
• Priceless.com will support the “Dekho Apna Desh“ initiative of the Tourism Ministry.
About Priceless.com:
i.priceless.com is an extension of Mastercard’s global priceless platform that offers exclusive experiences and
privileges to Mastercard cardholders around the world.
ii.It paves a way for local and international travellers to experience the country’s diverse heritage.
iii.The program enables Mastercard cardholders to gain exclusive access to culture-rich, gastronomical, and
wellness luxe experiences in New Delhi(Delhi), Agra(Uttar Pradesh), Jodhpur(Rajasthan), Dehradun
(Uttarakhand), Pune(Maharashtra), etc.
• The program offers many experiences including a visit to Qutub Minar in New Delhi and to the
streets Old Agra.
Demand for travel:
According to the Mastercard Economics Institute’s Travel Industry Trends 2023, spending on experiences at
travel destinations has increased by 65% since March 2019, driven by pent-up demand for travel.
• Priceless.com is available exclusively to Mastercard cardholders which aims to create memorable,
once-in-a-lifetime experiences for its cardholders.
Dekho Apna Desh initiative:
Introduced in Budget 2023, the scheme aims to promote domestic tourism and encourage people to explore the
rich cultural heritage and diversity of India.
• The scheme is intended to offer financial assistant to tourists travelling to different parts of India.
About Mastercard:
President – Ari Sarker( Asia Pacific)
Headquarters – NewYork, United States of America(USA)
Established in – 1966
About Invest India:
Invest India is the National Investment Promotion and Facilitation Agency of India, set up as a non-profit
venture under the Department for Promotion of Industry and Internal Trade(DPIIT), Ministry of Commerce and
Industry, Government of India.
Chief Executive Officer(CEO) – Nivruti Rai
Headquarters- New Delhi, Delhi
Established in – 2009

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About Ministry of Tourism:
Union Minister – G. Kishan Reddy (Constituency: Secunderabad, Telangana)
Minister of State(MoS) – Ajay Bhatt (Constituency: Nainital – Udhamsingh Nagar, Uttarakhand) ; Shripad
Yesso Naik (Constituency: North Goa, Goa)

IIT Kanpur Partners with ICICI Bank to Foster Startup Ecosystem

The Indian Institute of Technology (IIT), Kanpur in Uttar Pradesh(UP) has signed a Memorandum of
Understanding (MoU) with the ICICI Bank Limited to support the startup ecosystem and provide resources for
the Startup Incubation and Innovation Centre (SIIC) at IIT Kanpur.
Features of the MoU:
i.Under this MoU, IIT Kanpur and ICICI Bank will facilitate joint efforts to equip startups and innovators at the
SIIC with essential tools and knowledge.
ii.The MoU will focus on improving the understanding of foreign trade policies among incubates and
conducting workshops and seminars to help them engage in international markets.
iii.As a part of the partnership, IIT Kanpur and ICICI bank will jointly host events for startups, to cultivate a
broader environment of innovation and entrepreneurship that extends beyond financial services.
Role of ICICI bank:
i.ICICI Bank helps innovators, incubatees, and students at IIT Kanpur with pre- and post-transaction
compliance while engaging with Private Equity (PE) and Venture Capital (VC) support.
• This includes verifying and submitting regulatory documents through digital means.
ii.This simplifies the process and enhances accessibility to financial resources for emerging entrepreneurs.
ICICI Bank Got RBI Approval to make I-Process as its Wholly-Owned Subsidiary
The Reserve Bank of India (RBI) has approved ICICI Bank Limited to convert I-Process Services (India) Private
Limited (I-Process) into a wholly-owned subsidiary, subject to specific conditions.
• ICICI Bank’s Board members already approved the proposal in February 2023.
• The estimate cost of conversion is Rs 15.40 crores (subjected to finalisation)
• ICICI Bank currently holds 19% stake in I-Process.
About I-Process Services (India) Private Limited (I-Process):
I-Process Services (India) Private Ltd. is a leading company in financial service recruitment.It provides staffing
solutions services for some of India’s top financial institutions.
Chief Executive Officer (CEO) – Prashant Mohta
Headquarters – Gurugram, Haryana
Established in – 2005
About ICICI Bank Limited:
Managing Director(MD) and Chief Executive Officer (CEO) – Sandeep Bakhshi
Headquarters – Mumbai, Maharashtra
Established in – 1994
Tagline – Hum Hai Na Khayal Apka

Max Life Launched Life Insurance & Health Combined Insurance Policy Named ‘SEWA’
Max Life Insurance Company Limited has launched a new insurance plan “Max Life Secure Earnings
& Wellness Advantage (SEWA) Plan” that combines the benefits of health and life insurance under a single
plan.
It allows the insured to fulfill the healthcare needs of their family while simultaneously ensuring a financial
backup for future expenses.
• It integrates health, protection, savings, and wellness benefits for the insured and offers a
comprehensive plan that covers hospitalisation, Intensive Care Unit (ICU) charges, etc. along with
life cover.

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 • SEWA Plan is available in 2 variants namely: Elite Variant and Lite Variant.
Some Features of SEWA Plan:
i.The SEWA plan offers guaranteed returns on premiums. There is also partial withdrawal allowed through a
traditional guaranteed plan. The guaranteed returns are payable as a lump sum at maturity.
ii.The policy also offers an in-built health coverage over and above the existing health insurance plan.
iii.It provides an option to take loans against policy to help customers in case of financial emergencies, but only
when the policy has acquired a surrender value, which can be a maximum of 75% of the surrender value.
iv.The policy also provides a discount of 5% on first-year premiums to female and transgender customers.
Some Benefits of SEWA:
i.The policy offers a death benefit to the nominee in case of death of the insured.
ii.The customers are entitled to loyalty boosters on each premium payment during the premium paying term.
iii.A savings booster benefit is added to the accrued policy benefit at the end of each month post-completion of
the premium paying term.
• This benefit applies only to the Elite variant of the plan.
Wellness App:
i.Max Life Insurance also offers customers with an interactive holistic wellness app named ‘Max Fit‘.
ii.The Max Fit app offers personalised health and wellness solutions promoting physical, mental, and emotional
well-being through 24*7 live support for addressing all health concerns.
iii.The app encourages the customers to lead a disciplined and healthier lifestyle, by providing enhanced
maturity benefits.
About Max Life Insurance Company Limited:
Managing Director & Chief Executive Officer– Prashant Tripathy
Headquarters– Gurugram, Haryana
Established in– 2000
Commenced Operations– 2001

SIDBI partners with Tata Power to Finance Solar Rooftop Initiatives for MSMEs
A Memorandum of Understanding (MoU) was signed between the Tata Power Solar Systems Limited (TPSSL),
and Small Industries Development Bank of India (SIDBI) to offer an easy financing option for Micro, Small &
Medium Enterprises (MSMEs).
• TPSSL is the wholly owned subsidiary of Tata Power Renewable Energy Limited (TPREL) while
TPREL is a subsidiary of Tata Power.
Signatories:
Dr. Praveer Sinha, Chief Executive Officer (CEO) & Managing Director (MD), Tata Power;
and Sivasubramanian Ramann, Chairman & Managing Director (CMD), SIDBI signed in the presence of
Minister of State (MoS) of Finance, Dr. Bhagwat Karad, at the Global SME Finance Forum 2023 in Mumbai,
Maharashtra.
Key Points:
i.TPSSL and SIDBI will encourage solar energy adoption among MSMEs by offering customized financing
solutions through SIDBI’s 4E (End to End Energy Efficiency) Scheme.
• The initiative aims to reduce CO2 footprints and contribute to India’s clean energy goals.
ii.MSMEs that are willing to opt for Rooftop Solar PV Plant or associated services from Tata Power or its
authorised Channel Partners across India will be financially supported by SIDBI .
• Notably, SIDBI has set up a mission solar to provide financing to 2,000 MSMEs for solar rooftops.
iii.During the forum, TPSSL and SIDBI launched ‘The Big Solar Fest’ offering zero processing fees during the
festival season to promote solar adoption among MSMEs, enhancing sustainability.
Background:
The MoU signed was the outcome of success and positive feedback received from the collateral-free solar
financing initiative introduced by TPSSL and SIDBI in 2021.

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Odisha Govt Signed MoU with 6 Public Sector Banks to Provide Banking Services in Unbanked
GPs of Odisha
On 13th September 2023, the Government of Odisha signed a Memorandum of Understanding (MoU) with 6
Public Sector Banks(PSBs), to provide banking services in all unbanked Gram Panchayats (GPs) of Odisha
through Customer Service Point-plus (CSP plus) banking outlets.
• The 6 PSBs are: State Bank of India (SBI), Punjab National Bank (PNB), Union Bank of India
(UBI), UCO Bank of India, Bank of India (BoI), and Bank of Baroda (BoB).
• Odisha is the first state in India to adopt such an exemplary model for providing banking services to
all GPs.
Key People:
The MoU was signed in the presence of Anu Garg, Development Commissioner Cum Additional Chief Secretary
Water Resources, Government of Odisha; Vishal Kumar Dev, Principal Secretary of Finance department,
Government of Odisha.
Banking Penetration in Odisha:
i.Financial inclusion is a high-priority agenda of the Government. It continues to be a critical challenge since
banking penetration in Odisha is quite low and not uniform across the districts.
• Out of 6798 GPs, around 65% of GPs (4373 GPs) do not have brick-and-mortar branches.
ii.For increasing banking penetration and financial inclusion, brick-and-mortar branches are an integral
component.
iii.Since banking is an essential service for financial inclusion, every GP of Odisha needs to be provided with a
brick-and-mortar branch for easy access to banking services and to strengthen the Direct Benefit Transfer
(DBT) system.
Scheme for providing banking services to GPs:
i.In August 2023, the Odisha cabinet approved a scheme under which brick-and-mortar infrastructure will be
offered to banks to roll out their services in all 4,373 unbanked GPs through CSP-plus outlets with a budgetary
support of Rs. 500 crore.
ii.The scheme will be implemented in a phased manner to cover all unbanked GPs of Odisha within the current
financial year 2023-24.
iii.Odisha Govt will provide rent-free banking space for 5 years and bear one-time expenses for Fixed Costs and
Recurring expenses for 3 years.
About Odisha:
Chief Minister– Naveen Patnaik
Governor– Ganeshi Lal
Dance Forms– Ghumura Dance (Folk), Odissi (Classical)

Yes Bank Partners with Juspay to Launch HyperUPI, NPCI’s UPI-based Plug-in Service
Yes Bank Limited(YES Bank) partnered with Juspay Technologies Private Limited (Juspay), India’s leading
payments company, to launch HyperUPI, a plug-in Software Development Toolkit (SDK) developed by the
National Payments Corporation of India (NPCI) that empowers in-app Unified Payments Interface (UPI)
payments for merchant apps.
• With this, the merchants can now offer customers a hassle-free one-click UPI experience. This will
also allow customers to undertake UPI-based transactions within the merchant app.
• This plug-in SDK is built on one of the most reliable UPI-on-cloud stacks in India, which also
supports UPI payments for several consumer and merchant apps.
Simplified Payment Experience:
i.The UPI plug-in SDK simplifies and streamlines the payment experience and leads to a remarkable four-fold
improvement in transaction speed and a success rate of over 90%.

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ii.HyperUPI aims to empower businesses to seamlessly integrate UPI into their apps, providing customers with
an unparalleled payment experience
Features:
i.HyperUPI differs from the standard UPI as it integrates directly into merchant apps, allowing for a more
streamlined payment process with features like Mandates (recurring payments) and Third-party Validation
(TPV), etc.
ii.It also provides merchants with a no-code platform, enabling them to design a user interface that integrates
seamlessly with their app’s theme and branding.
iii.This service can be easily incorporated into the merchant’s apps across various technical frameworks such
as React-Native, Flutter, and Cordova, etc.
Key Points:
i.In addition, Yes Bank has utilised this plug-in SDK infrastructure to develop the Payment Service Provider
(PSP) app ‘YES PAY NEXT‘, which offers comprehensive UPI services, including person-to-person payments
and pull payments, seamlessly.
ii.With HyperUPI Plug-in SDK, customers can complete their UPI payment in less than 5 seconds.
iii.Juspay became the first fintech startup to build the UPI PSP on the cloud, which has recorded an uptime of
99.99+% and the highest Transaction per Second (TPS) Rate of Rs. 5000.
Gullak Partners with Juspay; Becomes 1st in India to Implement UPI Plugin SDK
• Gullak, a leading fintech app, has become the first merchant to deploy Juspay’s UPI plugin SDK,
HyperUPI.
• NPCI is an initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA)
under the provisions of the Payment and Settlement Systems Act, 2007, to create a robust Payment
& Settlement Infrastructure in India.
Yes Bank & BriskPe Partnered to Enable Cross-border Payments for MSMEs by BriskPe A2A Solution
GoBrisk Technologies Pvt Ltd. (BriskPe), a Mumbai (Maharashtra) based payments fintech company, and Yes
Bank partnered to introduce BriskPe Account-to-Account (A2A), a cutting-edge suite of solutions designed to
empower exporters and importers.
• This collaboration represents a significant milestone in the world of cross-border payments,
benefiting Micro, Small, and Medium Enterprises (MSMEs) operating in the manufacturing and
services sectors.
Note: BriskPe extends its reach beyond borders, by the establishment of its subsidiary, BriskPe Technologies
Inc., situated in Vancouver, British Columbia, Canada.
Cross Border A2A:
i.This strategic partnership enables BriskPe’s customers to collect payments in over 36 foreign currencies,
spanning more than 180 countries.
ii.The funds can then be converted into Indian Rupees (INR) and settled directly into their local bank accounts
in India within a single business day.
About the Partnership:
i.Based on Yes Bank’s Online Payment Gateway Service Providers (OPGSP) Export Application program
interfaces (APIs), the product is set to reshape the international trade landscape with features like real-time
transaction processing and instant Electronic Foreign Inward Remittance Advice (eFIRA) generation.
ii.Under this partnership, Yes Bank aims to contribute and strongly align with the government of India’s vision
of boosting the MSME sector and transforming India into a Global export powerhouse.
iii.The mission of BriskPe aims to empower Indian MSMEs, enabling them to not only compete but also develop
on the global stage.
iv.The partnership will bring together BriskPe’s expertise and YES BANK’s advanced digital banking
capabilities.
v.This partnership signifies a new era in cross-border payments, providing a seamless and efficient platform for
Indian exporters to navigate the complexities of international trade and bolster their global competitiveness.

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 • Their focus is on providing cost-effective, top-tier payment solutions tailored to the needs of Indian
1111businesses involved in international trade.
Recent Related News:
In May 2023, Cashfree Payments partnered with Yes Bank to offer ‘Global Collections’, an international
collection service for Indian exporters with a Yes Bank account, to simplify the way Indian exporters receive
payments from across the world.
About Yes Bank Limited:
Managing Director & Chief Executive Officer– Prashant Kumar
Headquarters– Mumbai, Maharashtra
Established in– 2004

NPCI Launches India’s First Contactless Payment Wearable “OTG Ring”

National Payment Corporation of India(NPCI) has launched a RuPay ON-THE-GO(OTG)ring named as 7
Ring, the first contactless payment wearable ring which was made in India.
• The ring was unveiled in Global Fintech Fest, 2023 (GFF 2023) which was held during 5th to 7th
September 2023 in Mumbai, Maharashtra.
• 7 Ring is designed, assembled, manufactured and patented in India.
• The ring was made in collaboration with 7 (Sevenring Innovations Private Limited)
and LivQuik Technology(India) Private Limited.
Eligibility:
Any Indian resident above 18 years of age with an active Unified Payments Interface (UPI) address can buy the
ring (provided they satisfy any one of the invite-only criteria).
About 7 Ring:
i.7 Ring is a sleek, wearable ring that is made from a very strong and scratch-resistant material called zirconia
ceramic(ZrO2) which is also used in aerospace applications
ii.The ring is Restriction of Hazardous Substances Directive (RoHS) compliant, as neither its body nor any of its
electronic components contain any hazardous substances.
iii. The National Common Mobility Card (NCMC) customers can use the ‘OTG Ring’ for the transactions.
Working:
i.The ring allows to make payment by just placing the fist on a Point of Sale (POS) device
ii.7 Ring links to a digital prepaid wallet not linked to a Bank Account
• The wallet can be topped-up and payments can be made from it.
iii.The device also provides a comprehensive Passbook feature to keep track of the transactions.
iv.7 Ring only works when it is placed parallelly within 4 cm range of a contactless reader.
Features:
i.7 Ring doesn’t require a smartphone application or an One-time password(OTP) / PIN for making payments
below Rs 5,000 in India.
• Also the ring doesn’t require pairing with a smartphone, instead it is linked to a digital prepaid
wallet in the cloud.
ii.7 Ring is a passive wearable that draws power from the POS machine, so has no battery
iii.7 Ring works on Near Field Communication (NFC) technology, is EMVco certified, and contains the same
security standards which are used in payment instruments worldwide by all leading networks.
Transaction Criteria:
There are two limit criteria based on Know Your Customer (KYC).
i.Monthly transaction limit of Rs 10,000 – registered as a Minimum KYC(During ring activation)
ii.Monthly transaction limit of Rs 2 Lakhs – Full KYC

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IndusInd Bank launched ‘Virtual Commercial Credit Card’ in Collaboration with Visa
and Juspay
IndusInd Bank in partnership with Visa and Juspay launched a “virtual commercial card” with additional
layers of security to give the cardholders a complete control over cross-border transactions for corporates and
travel agents. The card is built on the Visa Payables Automation platform.
• The card benefits the customers who make multiple bookings in different foreign-denominated
currencies.
• The card offers a high degree of control, reduced complexity and complete transparency.
Features of the card:
i.The cardholders can generate virtual cards and customise its credentials such as Card Number, Card
Verification Value (CVV) code and expiry dates.
• The card can also be customised with transaction-specific limits.
• This feature makes the parent card out of the process, so that it will be safe.
ii.The card complies with tokenisation-cum-Additional Factor of Authentication (AFA) regulation &
follows Maker and Checker workflow.
iii.The card allows for multiple user access.
iv.This card recognises the evolving needs of customers by redefining domestic and cross-border
transactions of the customers.
Additional Info:
Tokenisation-cum-AFA regulation: Tokenization is a backend process of replacing Credit/ Debit/ Prepaid
Card details with a unique set of characters or a ‘token’.
• AFA is a security measure that requires customers to provide more than one piece of evidence to
verify their identity. Examples: One-time passwords (OTPs), Security questions and Biometric
authentication.
About IndusInd Bank Limited(Ltd):
Managing Director(MD) & Chief Executive Officer(CEO) – Sumant Kathpalia
Headquarters – Mumbai, Maharashtra
Established in – 1994
Tagline – We Make You Feel Richer
About Visa:
Chief Executive Officer(CEO) – Ryan McInerney
Headquarters- California, United States of America(USA)
Established – 1976
About Juspay:
Founder – Vimal Kumar
Headquarters – Bangalore, Karnataka
Established in – 2012

Fitch Retains India’s Growth Forecast at 6.3% for FY24: Global Economic Outlook Sept 2023
Fitch Ratings in its special report titled Global Economic Outlook – September 2023 retained India’s Gross
Domestic Product(GDP)’s growth forecast for the current fiscal year(FY 2023-24) at 6.3% and projected
growth rate of 6.5% for FY 2024-2025.
• Earlier in June 2023, the rating agency had revised its forecast to 6.3% from the 6%.
• Inspite of tight monetary policy and poor export, the economy is striving to grow.
Quarterly analysis:
The Indian economy grew at 7.8% in the first quarter(Q1 – April to June) in FY 2023-24.
• According to the report, the high-frequency indicators suggest that the growth in July-September
will be moderate due to low exports and credit growth.

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RBI’ consumer confidence survey (CCS):
i.Reserve Bank of India(RBI) in its bi-monthly consumer confidence survey (CCS) (July 2023) pointed out that
consumers are becoming a little more pessimistic on income and employment prospects.
ii.Fitch expects that the RBI’s benchmark interest rate will stay at 6.5% for 2023.
Impact of Inflation:
i.The global economy is slowing down, and India will be affected by this. The RBI has raised interest rates (by
250 Basis Point)to control inflation.
• Though the increase in inflation is temporary, (particularly rise in food price), this will reduce the
purchasing power of the household.
ii.Annual headline inflation was 6.8% in August after 7.4% in July and 4.9% in June.
Additional info:
The threat of El Niño makes the inflation exceed the forecasts.
Fitch expects 2023-end retail or CPI inflation at 5.5%, higher than our previous forecast of 5%.

Indian Bank Launched ‘IB SAATHI’ to enhance banking services

Indian Bank has launched a new initiative called IB(Indian Bank) SAATHI (Sustainable Access and
Aligning Technology for Holistic Inclusion), to provide basic banking services at all centres for a
minimum of four hours per day in fixed outlets through the business correspondent (BC) channel.
The initiative was launched by Shanti Lal Jain who is the Managing Director(MD) and Chief Executive
Officer(CEO) of Indian Bank in Chennai, Tamilnadu.
The program makes it easier for customers to access and use banking services, and it also offers both
basic and value-added services to customers.
Additional BCs & CBCs:
To implement the initiative, Indian Bank needs to have more than 5,000 newly appointed new BCs (by
March 2024) along with 15 Corporate Business Correspondents (CBCs).
Presently, they have only 10,750 BCs and 10 CBCs.
Indian Bank offers 36 different services to customers through its BC channel.
Business Correspondent:
They are individuals or entities appointed by banks to bring banking services closer to people in remote or
underserved areas.
These agents play a crucial role in expanding the reach of banking services to communities that may
not have easy access to traditional bank branches.
Additional info:
Indian bank is planning to introduce 60 more services through BCs by FY2024-25.
About Indian Bank:
Managing Director(MD) & Chief Executive Officer(CEO) – Shanti Lal Jain
Headquarters – Chennai, Tamil Nadu
Established in – 1907
Tagline – Your own bank

Ujjivan Small Finance Bank Introduces Maxima Savings Account, Business Maxima Current
Account
Ujjivan Small Finance Bank Limited (Ujjivan SFB) has launched the Maxima Savings Account and Business
Maxima Current Account which is designed exclusively for medium and large business entities.
• Both the accounts offer a RuPay Select Debit Card that provides access to wellness services,
exclusive merchant offers, airport lounge access, and a premium health checkup.

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Key features of the Maxima Savings Account:
i.Annual interest rate on the Maxima Savings Account up to 7.5%.
ii.Customers can open the account with Rs 1 lakh.
iii.Flexibility to maintain Rs 15 lakh or more in Fixed Deposits(FD) to meet the balance eligibility
criteria(this option is not available with other standard savings accounts).
iv.Complementary Health Prime Benefit is offered for eligible customers.
v.Other benefits: Higher transaction limits, Free cheque and Demand Draft (DD) issuances, Free
transactions across all channels and unlimited cash deposits and withdrawals at any Ujjivan SFB branch.
Key features of the Business Maxima Current Account:
i.Business Maxima Current Account provides businesses and entrepreneurs with a comprehensive suite of
services designed to meet their unique needs.
ii.The account offers facilities like online banking, instant fund transfers, and cash management options.
iii.It provides provision for customising cash deposit limits for businesses.
iv.ATM withdrawal limit per day is capped at Rs 5 lakhs per day.
v.Business account holders will have access to specialised relationship managers for personalised banking
support
vi.Other benefits: Account services for merchants, Free installation and rental fees for POS (Point of Sale)
services.
About Ujjivan Small Finance Bank Limited:
Managing Director – Ittira Davis
Headquarters – Bengaluru, Karnataka
Established in – 2017

IREDA Signs MoU With BoM to Finance Renewable Energy Projects

Indian Renewable Energy Development Agency (IREDA) has signed a significant Memorandum of
Understanding (MoU) with Bank of Maharashtra (BoM) to promote and facilitate co-lending and loan
syndication for renewable energy projects nationwide.
• Under this agreement, Bank of Maharashtra can invest in the Bonds issued by IREDA (in
accordance with the specified terms and conditions of the offering).
• The MoU was signed in the presence of Pradip Kumar Das, Chairman and Managing
Director(CMD) of IREDA.
• IREDA, a Mini Ratna (Category – I) Government of India enterprise under the administrative
control of Ministry of New and Renewable Energy (MNRE).
About MoU:
i.The MoU aims to provide a financial ecosystem for Green Energy projects along with several services
including
• Co-lending and co-origination support for all renewable energy projects.
• Facilitation of loan syndication and underwriting.
• Management of Trust & Retention Account for IREDA borrowers.
• Commitment by BoM to lend IREDA with fixed interest rates spanning a period of 3-4 years.
ii.This collaboration will help to boost India’s green energy sector and support the country’s climate
change goals.
• It paves a path to achieve India’s goal of Net Zero emissions by the year 2070.
India’s renewable energy Commitment:
i.India’s goal is to fulfill 50% of its energy demands using renewable sources by 2030.
ii.Achieving 500 GW(Giga-watt) of non-fossil electricity capacity and to reduce emissions by 1 billion tons
by 2030

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iii.India also aims to reduce the emissions intensity of Gross Domestic Product (GDP) by 45%.
Additional Info:
IREDA also signed many MoUs with Public Sector Banks and Financial Institutions to satisfy the funding
requirement of the Renewable Energy projects like Green Hydrogen and Offshore Wind.
About Indian Renewable Energy Development Agency (IREDA)
Chairman and Managing Director(CMD) – Pradip Kumar Das
Headquarters – New Delhi, Delhi
Established in – 1987
About Bank of Maharashtra(BoM):
Managing Director(MD) & Chief Executive Officer(CEO) – A S Rajeev
Headquarters- Pune,Maharashtra
Established in- 1935
Tagline – Ek Parivaar, Ek Bank (One Family One Bank)

Bharti AXA Life Insurance Launches New Mid-Cap Scheme Emerging Equity Fund
Bharti AXA Life Insurance launched its new fund offering (NFO) called Bharti AXA Life Emerging Equity
Fund. This is Bharti AXa’s first mid-cap fund launched with an aim to provide long-term capital
appreciation through investing in a portfolio of mid-cap companies.
• Bharti AXA Life Insurance launched mid-cap fund after 13 years; The last launch of mid-cap
fund was in 2010.
Process:
i.Investors can invest in Bharti AXA Life’s Emerging Equity Fund through three of Bharti AXA Life’s Unit
Linked Insurance Plan(ULIP):
• Bharti AXA Life Wealth Pro
• Bharti AXA Life Grow Wealth
• Bharti AXA Life Wealth Maximizer
ii.Investors get access to the investment market with a relatively small initial investment and take
advantage of the NFO’s base price, with the potential to earn significant long-term capital gains.
What is NFO?
NFO is the first subscription offering for any fund being launched by an investment company.
During an NFO, investors can purchase units of the mutual fund scheme at the face value, which is typically
set at a fixed price usually of Rs. 10 per unit.
Mid-Caps:
i.According to the Securities and Exchange Board of India (SEBI), companies that are ranked from 101 to
250 in terms of market capitalization are known as mid-cap companies.
• Mutual funds that hold stocks from the mid-cap are called ‘Mid-cap funds’.
ii.Mid-caps represent the future’s emerging blue-chip companies.
iii.Mid-cap funds are involved with more risk than large-cap funds but will yield good returns in the long
run.
iv.Mid-cap stocks can complement both high-risk and low-risk investment strategies, offering investors a
balance of stability and growth.
About Bharti AXA Life Insurance:
Managing Director(MD) & Chief Executive Officer (CEO) – Parag Raja
Headquarters – Mumbai, Maharashtra
Established in – 2006

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SBI Introduces Digital Opening of NRE/NRO Account Setup through YONO
The State Bank of India (SBI) has introduced a digital facility for Non-Resident Indians (NRIs) to
effortlessly open Non-Residential External (NRE) and Non-Resident Ordinary (NRO) accounts (both
savings and current accounts) through SBI’s mobile app YONO.
• This service is designed for New to Bank (NTB) customers as a one-stop solution for NRI
banking needs to provide them with simplified, efficient, and accurate account opening process.
Note:
An NRE account is opened in India in the name of an NRI for his/her foreign earnings, while an NRO
account is for managing income earned in India, such as rent, dividend, pension, and interest.
Key Points:
i.This service can be availed by the NRIs from their homes, eliminating the need for an in-person visit to
India.
ii.Customers can track the status of their applications in real-time.
iii.SBI is the largest commercial bank in terms of assets, deposits, branches, customers, and employees.
• As of June 2023, the bank has a deposit base of over Rs. 45.31 lakh crore with a CASA (Current
Account and Savings Account) ratio of 42.88% and advances of more than Rs. 33 lakh crores.
Process:
i.Download YONO SBI app
ii.Choose NRE/NRO account opening
iii.Submit KYC:
• Option 1 – at an SBI branch in India
• Option 2 – Attest the KYC documents by a Notary, Indian Embassy, High Commission, SBI
Foreign Office, Representative Office, Court Magistrate, or Judge and mail to a designated
branch.
About State Bank of India (SBI):
Chairman – Dinesh Kumar Khara
Headquarters – Mumbai
Tagline – The Banker to Every Indian
Establishment – 1955

ADB lowers India’s GDP projection for FY23 to 6.3%; India Ratings revises India’s FY24 GDP
growth to 6.2%
The Asian Development Bank (ADB) in its Asian Development Outlook (ADO) September 2023 lowered
India’s gross domestic product (GDP) projection by one percentage point for Fiscal 2022-2023 (FY23) to
6.3% from 6.4% (ADO April 2023 estimate).
• This down gradation is due to slowing exports, global geopolitical tensions, and the likely
impact of erratic rainfall on agriculture output at the time of harvesting of kharif season (July-
October) or during the Rabi season(October-April).
• For FY 2023-2024 (FY24), the GDP projection is retained at 6.7%.
• In FY25, economic growth could be higher if foreign direct investment(FDI) inflows are larger,
particularly in the manufacturing sector.
Key Points:
i.India’s Q1FY24 GDP grew by 7.8% YoY (year on year), driven by robust services and increased
investment, fueled by public spending and bank credit to the private sector.
ii.Inflation has decreased to 5.5% in 2023 from 6.7% in 2022 and is expected to further decrease to 4.2%
in FY24.

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 • This is influenced by government actions like export restrictions on rice, export duties on other
rice varieties, buffer stocks of pulses and onions, removal of import duties on pulse imports, and
a new cooking gas subsidy.
Developing Asia GDP Projection:
i.ADB also lowered the economic growth forecast for developing Asia to 4.7% in 2023 from 4.8% projected
in April 2023 ADO.
ii.The growth forecast for 2024 is unchanged at 4.8%.
iii.Inflation in developing Asia is forecast to decline from 4.4% last year to 3.6% in 2023 and 3.5% in 2024.
• The decline will be driven by the China, where the inflation forecast is revised down to 0.7%.
Risks to the Outlook
ADB has cited three main risks to the outlook,
i.Impact of the weakness in China’s property sector
ii.Sporadic supply disruptions from Russia’s invasion of Ukraine
iii.Export curbs amid the risk of droughts and floods caused by El Nino.
India Ratings Revises India’s FY24 GDP Growth Estimates to 6.2%
India Ratings and Research (Ind-Ra) revised India‘s GDP growth estimate for FY24 to 6.2% from 5.9%
projected in February 2023. .
• This increase is due to the sustained government capital expenditure, deleveraged balance
sheet of India Inc and banks, and the prospect of a new private corporate capex cycle.
Note:
India Inc is a common term used by the Indian media to refer to the formal (comprising government and
corporate) sector of the nation.
Key Points:
i.In the 1st Quarter of FY24 (1QFY24), the quarterly GDP growth was at 7.8% and it is estimated to slow
down in the remaining three quarters of FY24.
ii.The Private Final Consumption Expenditure (PFCE) is expected to grow 6.9% in FY24 as against 7.5% in
FY23.
iii.Monsoon rainfall and industrial growth are marked as areas of concern.
iv.Retail inflation will soften, and the headline CPI (Consumer Price Index) will come at 5.5% in FY24
Other Recent Projections for India in FY24:
i.As per the Reserve Bank of India’s (RBI) latest forecast, the Indian economy is likely to grow at 6.5% in
the FY24.
ii.Organisation for Economic Cooperation and Development (OECD) upped the GDP growth projection for
India to 6.3%.
iii.Fitch retained India’s growth forecast at 6.3%
iv.S&P Global Market Intelligence raised it to 6.6%.
About ADO:
i.Asian Development Outlook is the main economic forecasting product from ADB.
ii.It is published each April with an update published in September and brief reports published in July and
December.
Recent Related News:
i.During the International Conference on Green Hydrogen (ICGH-2023), three Multilateral Development
Banks, the European Investment Bank (EIB), the Asian Development Bank (ADB) and the World Bank have
contributed USD 27 billion for India’s Green Growth.
ii.The Reserve Bank of India’s (RBI) Monetary Policy Committee projected GDP growth of 2023-24 at
6.5%.

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About Asian Development Bank (ADB):
President– Masatsugu Asakawa
Headquarters– Mandaluyong, Metro Manila, Philippines,
Establishment– 1966

S&P Global raises India’s FY24 Growth Projection to 6.6%

On September 18, 2023, S&P (Standard & Poor’s) Global raised India’s growth prediction for FY24
to 6.6% from 5.9% predicted in August 2023 amid strong growth in the April-June quarter (Q1FY24).
• In FY25, it will increase at a rate of 6.2% as compared to 6.1% projected in August 2023.
Key Points:
i.India’s inflation rate will grow sharply to 6% in 2023 as compared to 5.1% prediction in August 2023.
• India’s inflation rate is anticipated to be high, at 5.3% in 2024.
• Global inflation will reach 5.7% in 2023 and over 4% in 2024.
ii.India’s economic growth momentum was buoyant in Q1FY24, growing at a pace of 7.8% year-on-year (y-
o-y), supported by robust growth in domestic demand.
iii..The deceleration of global economic growth will exert pressure on India’s exports.

Meta Launches UPI Payments For WhatsApp Business Messaging in India

Meta(formerly known as Facebook) Chief Executive Officer(CEO) Mark Zuckerberg announced the launch
of Unified Payment Interface (UPI) payments for WhatsApp Business in India. This allows customers to pay
businesses directly on the Whatsapp Chat application using their preferred UPI option.
• The announcement was virtually in the Meta Conversations event focusing on WhatsApp Business,
held at the Jio World Convention Centre in Mumbai, Maharashtra.
• The accepted payment methods include Pay on WhatsApp, credit/debit cards, netbanking, Google
Pay, PhonePe, Paytm and more UPI options.
• The initial payment partners are RazorPay and PayU.
WhatsApp’s payments solution was released in Singapore(May 2023) and Brazil(April 2023).

SJVN & PFC Signed MoU for RE & Thermal Projects Worth Rs 1.18 Lakh Crores
SJVN Ltd (formerly known as Satluj Jal Vidyut Nigam Limited), have signed a Memorandum of Understanding
(MoU) with Power Finance Corporation Ltd (PFC), India’s leading Non-Banking Financial Corporation (NBFC),
to finance renewable and thermal energy Projects worth Rs. 1,18,826 crore.
• The project includes renewable energy(RE) ventures (Solar, Hydro and Pumped Storage) with a
total capacity of around 12178 Megawatt(MW) along with 660 MW Thermal generation project.
• PFC will fund around 67-76% of the project tentatively. The proposed fun in the form of term loan
will range from Rs 80000 crore to Rs 90000 crore. The funds may be further increased to
accommodate the specific requirements of the RE projects as per project requirements.
• The MoU was signed by Manoj Sharma, Director (Commercial), PFC, and Akhileshwar Singh, Director
(Finance), SJVN.
i.SJVN Ltd is a Mini Ratna Schedule A Central Public Sector Enterprise (CPSE) under the Ministry of Power. It is
involved in hydroelectric power generation and transmissionin.
• SJVN, established in 1988 is a joint venture (JV) between the Government of India (GOI) and
Government of Himachal Pradesh.
ii.PFC Ltd is a Maharatna CPSE incorporated on July 16th, 1986, under the Ministry of Power.

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HDFC AMC Gets RBI Approval to Acquire Upto 9.5% Stake in KVB, DCB Bank
HDFC Asset Management Company Limited(HDFC AMC) received approval from the Reserve Bank of India
(RBI) to acquire additional holdings of up to 9.5% of the paid-up share capital or voting rights of Karur Vysya
Bank Limited(KVB) and DCB Bank Limited.
• The approval has been granted with reference to the application made by HDFC AMC to RBI.
• The holding of HDFC AMC in both the banks should not exceed (individually) 9.5 % of the paid-up
share capital or voting rights of the Bank at all times.
Conditions in acquisition of KVB:
RBI instructed HDFC AMC not to reduce the shareholding below 5% without prior approval from RBI.
• If the aggregate holding falls below 5%, prior approval of RBI will be required to increase it to 5% or
more of the paid-up share capital or voting rights of the Bank.
Conditions in acquisition of DCB Bank:
The RBI has given HDFC AMC one year time to buy the shares of DCB Bank.
• If HDFC AMC does not buy the shares within one year, the RBI’s approval will be cancelled.
Compliance:
The approval granted by RBI is subject to compliance with
• Relevant provisions of the Banking Regulation Act, 1949
• RBI’s master direction and guidelines on the acquisition and holding of shares or voting rights in
banking companies dated January 16, 2023
• Provisions of the Foreign Exchange Management Act, 1999
• Regulations issued by the Securities and Exchange Board of India (SEBI)
About Karur Vysya Bank Limited:
Managing Director(MD) & Chief Executive Officer(CEO) – B. Ramesh Babu
Headquarters – Karur, Tamil Nadu
Established in – 1916
Tagline – Smart Way to Bank
About DCB Bank Limited:
Managing Director(MD) & Chief Executive Officer(CEO) – Murali M. Natrajan
Headquarters – Mumbai, Maharashtra
Established in – 1930
Tagline – We Value You
About HDFC Asset Management Company(AMC) Limited :
HDFC AMC was established in 2000 and firm registered with Securities and Exchange Board of India (SEBI).
Joint Venture Formation: In 2001, a strategic joint venture was established between HDFC Limited and abrdn
Investment Management Limited (formerly Standard Life Investments Limited).
Managing Director(MD) & Chief Executive Officer(CEO) – Navneet Munot
Headquarters – Mumbai, Maharashtra

UPNEDA and SIDBI Signed MoU to Promote Green Projects

A Memorandum of Understanding (MoU) has been inked between the Uttar Pradesh New and Renewable
Energy Development Agency (UPNEDA), and Small Industries Development Bank of India (SIDBI) for
solarization of residential units at Ayodhya, Uttar Pradesh (UP) and for bio-energy and renewable project
financing.
• The agreement was inked during an event organised in the SIDBI’s Lucknow Office in UP.
• This MoU will help in promoting solar energy, and encourage innovations for environment friendly
projects.
It should be noted that the State Government of UP has nominated Ayodhya to be developed as a Solar City.
Key Points:
i.During the event, emphasis were laid on creating awareness about digital and latest initiatives being

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undertaken by SIDBI through ‘Promotional campaign for Financing Solar/ Green Projects’ for Micro, Small &
Medium Enterprises (MSME) sector.
ii.It should be noted that the Central Government is installing solar rooftop panels in 2500 MSMEs, and also
targets 30% electrification of vehicles by the year 2030, under the EV30@30 mission.
• SIDBI is supporting both missions of the Government.
iii.Through this event, information was shared among MSMEs regarding the solar and green projects and direct
financing products being offered by SIDBI.
About Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA):
It is an autonomous institution functioning as nodal agency for implementation of various schemes in the state.
Director– Anupam Shukla
Headquarters– Raebareli, Uttar Pradesh
Establishment– 1983
About Small Industries Development Bank of India (SIDBI):
It was established under an Act of Parliament in 1990.
Chairman & Managing Director– Sivasubramanian Ramann
Headquarters– Lucknow, Uttar Pradesh

Axis Bank launches ‘NEO for Business’ for MSMEs

On September 21, 2023, Axis Bank launched ‘NEO for Business’, a distinctive one-stop Transaction Banking
platform for Indian Micro, Small, and Medium Enterprises (MSMEs). This is a first-of-its-kind comprehensive
digital proposition that supports real, current, and emerging Transaction Banking needs of MSMEs.
• It has contemporary UX (User Experience)/UI (User Interface) along with bank-grade security
features.
• “NEO for Business” is the latest launch as part of “NEO by Axis Bank” branding. NEO by Axis Bank
is the digital banking proposition for its corporate banking customers/clients.
About NEO for Business:
i.It offers a wide array of Banking and Beyond Banking features such as: Digital self on-boarding, Bulk
Payments, GST Compliant Invoicing, Payment Gateway integration, 360° Customer View, End to End
Transaction Tracking, Auto Reconciliation, Recurring Collections, Cash Flow Reports, among others.
ii.These features make banking easier for MSMEs, allowing them to do transactions without going to a bank
branch.
iii.Axis Bank’s existing Current Account holders can access NEO for Business on mobile through an app or
web registration. Initially, it serves sole proprietors and individuals in the MSME sector, with plans to expand
to companies, partnerships, and LLPs (Limited Liability Partnership).
About Axis Bank:
Managing Director (MD) & Chief Executive Officer (CEO) – Amitabh Chaudhry
Headquarters – Mumbai, Maharashtra
Established in – 1993 (begun operations in 1994)
Tagline – Badhti ka Naam Zindagi

Utkarsh Small Finance Bank Launched Interoperable Cardless Cash Withdrawal (ICCW) Using
UPI on ATMs
Utkarsh Small Finance Bank Limited (USFBL) launched Interoperable Cardless Cash
Withdrawal (ICCW) service with an aim to allow Unified Payment Interface (UPI) enabled cardless cash
withdrawal from Utkarsh Small Finance Bank Automated Teller Machine (ATM).
• This is in line with notification ‘ICCW at ATMs’ released by Reserve Bank of India(RBI) in 2022
under Section 10(2) read with Section 18 of the Payment and Settlement Systems Act, 2007 (Act 51
of 2007).

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 • ICCW is also known as UPI-ATM; It enables withdrawal through Quick Response(QR) code.
About ICCW:
i.Card-less cash withdrawal through ATMs is a permitted mode of transaction offered by a few banks in India
on an on-us and Off-us basis.
ii.UPI users can withdraw cash from any participating banks’ ATMs (enabled for UPI-ATM) via UPI mobile
application instead of using a physical card.
iii.By scanning single-use dynamic QR code displayed on the ATM screen and authorising the transaction with
UPI PIN, a customer can withdraw money from an ATM.
iv.As far as transaction Limits is concerned, customers can enjoy up to two ICCW transactions per day per
account, with a withdrawal limit of Rs. 10,000/- per transaction.
Key Features of ICCW:
i.ICCW allows customers to withdraw cash from any ATM, regardless of which bank they use. This is especially
convenient for people who have multiple bank accounts.
ii.Since the whole transaction is cardless, the card-related frauds like skimming, cloning etc can be reduced.
iii.The process is considered to be more secured as it uses dynamic QR code for each transaction.
iv.Customers need not carry multiple credit/debit cards.
v.It will be useful for customers who have completed KYC (Know Your Customer) but have not yet received a
physical card.
vi.ICCW allows Cash withdrawal from Multiple UPI-Linked Accounts along with streamlined interaction with
ATM Machines.
About Utkarsh Small Finance Bank Limited (USFBL):
Managing Director & Chief Executive Officer(CEO) – Govind Singh
Headquarters – Varanasi, Uttar Pradesh
Incorporated in – 2016

SIDBI signs pact with DLAI to Boost Fintech Sector

On September 23, 2023, a Memorandum of Understanding (MoU) has been inked between the Small
Industries Development Bank of India (SIDBI) and the Digital Lenders Association of India (DLAI) to
boost India’s fintech sector by utilizing each other’s expertise.
• The MoU was signed during UnConvlave2023 event organized by DLAI in Goa.
Signatories:
Jatinder Handoo, Chief Executive Officer (CEO), DLAI; and Sivasubramanian Ramann, Chairman and
Managing Director (CMD), SIDBI
What is in the MoU?
i.The MoU focuses on creating standard protocols for digital lending partnerships, including Bank- Lending
Service Providers (LSPs) alliances and co-lending arrangements.
ii.SIDBI will offer resource support to eligible DLAI member NBFCs (Non-Banking Financial Company) and
explore Assignment and Securitisation transactions.
iii.The agreement will explore partnerships for various direct credit schemes, such as “Prayaas,” GST Sahay,
Express loan, and green financing.
iv.There will also be development of policies to protect consumer interest.
Key Points:
i.During the event, DLAI’s latest version of the industry Code of Conduct (CoC) was also launched by
Sivasubramanian Ramann, CMD, SIDBI.
ii.This CoC aligns with Reserve Bank of India’s (RBI) Digital Lending Guidelines, emphasizing responsible
lending, transparency, fair debt collection, data privacy, security, and regulatory compliance.
iii.Established in 2016, DLAI is a premier national-level association of digital lending institutions in India.

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SEBI Board Approves Various Proposals; Discusses Tech Trends In Securities Market
The Securities and Exchange Board of India (SEBI) discussed various trends in the securities market, and on
SEBI approach to proactively plan for the same during its 202nd Board Meeting held on September 21, 2023 in
Mumbai, Maharashtra. SEBI also approved the following proposals:
1.Flexibility in the framework for Large Corporates (LCs) for meeting incremental financing needs
through issuance of debt securities
SEBI approved the proposal to provide flexibility in the framework for large corporations (LCs) to meet
financing needs from the debt market through measures to the existing LC framework
The measures are:
i.Raise the monetary threshold for defining LCs
• As per the current rules, LCs are those that need to have an outstanding long term borrowing of at
least Rs 100 crore, a credit rating of ‘AA and above’, and a target to finance themselves with long
term borrowings (above one year).
ii.Eliminate penalties for LCs unable to meet a set percentage of incremental borrowing from the debt market
iii.Introduce a system of incentives and balanced disincentives
iv.Keeping the three-year contiguous block requirement for compliance
v.Removing the need for large corporations to file identification and compliance statements
vi.Manadates LCs to meet one-fourth of their financing needs from the debt market.
2.SEBI extends timeline for compliance with enhanced qualification and experience requirements for
Investment Advisers
SEBI Board extended the compliance deadline for enhanced qualification and experience requirements for
investment advisers to September 2025 from September 2023 and applied these requirements to individuals,
principal officers, and associated persons with investment advisers.
3.Streamline the Framework for credit of unclaimed amounts of investors in listed entities other than
companies, REITS and InvITs to IPEF
i.SEBI Board has approved amendments to make it easier for investors in debt to access unclaimed amounts in
debt-listed entities (excluding companies), Real-Estate Investment Trusts (REITs) and Infrastructure
Investment Trusts (InvITs).
• In this regard amendments will be made in Investor Protection and Education Fund (IPEF)
Regulations, Listing Obligations and Disclosure Requirements (LODR) Regulations, InvIT
Regulations and REIT Regulations
ii.With this, Investors can directly approach the respective listed entities, REITs, and InvITs to claim their
unclaimed amounts, ensuring a smoother claim process.
iii.Regulatory guidelines will be put in place for the segregation and efficient utilization of unclaimed amounts
in the IPEF as per the board’s directives.

FinMin Retains 6.5% GDP Growth Estimate for FY24

The Monthly Economic Review – August 2023 released by the Department of Economic Affairs under the
Ministry of Finance, has retained its estimate for India’s real Gross Domestic Product (GDP) growth for the
Financial Year 2023-24 (FY24) at 6.5%.
• The risks to the growth outlook were offset by the bright spots in corporate profitability, private
sector capital formation, bank credit growth, and activity in the construction sector.
• The report also said that the steady decline in the urban unemployment rate has contributed to
keeping private consumption strong in the economy.
• High domestic demand for consumption and investment hiked the GDP growth rate in the first
quarter(Q1) of FY 24 (April-June 2023).
• High-Frequency Indicators(HFIs) suggest that the second quarter(Q2) of FY24 (July-September
2023) is shaping up well.

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EFW 2023 Annual Report: List Topped By Singapore & India Ranks 87
According to the Economic Freedom of the World(EFW) 2023 Annual Report released by Canadian think
tank Fraser Institute, Singapore is the world’s freest economy with a rating of 8.56. India Ranked 87 in the
index.
• Hong Kong and Switzerland stand as the second and the third freest economy with the rating of 8.55 and
8.47 respectively.
• Hong Kong retained the top position since the start of the EFW Index in 1970. For the first time, Hong
Kong has slipped from its number one position to second place.
• EFW 2023 Annual Report is based on data from 2021, the most recent year with comparable statistics
across 165 jurisdictions.

Rank Country Rating

1 Singapore 8.56

2 Hong Kong 8.55

3 Switzerland 8.47

4 New Zealand 8.43

5 United States of America(USA) 8.14

87 India 6.62
The bottom five countries are – Yemen(161), Sudan(162), Syria(163), Zimbabwe(164) and Venezuela(165).
India’s Economic Freedom Index Ranking:
In 2023 EFW report, India has slipped one spot and stays at 87th rank with the ratings of 6.62. In EFW 2022
Annual Report, India obtained 6.64 ratings and stood at 86th rank.
• New Delhi(Delhi) based independent Think-Tank ‘Centre for Civil Society’ is one among the Co-publishers
of the index.
5 Areas:
The index measures the degree of economic freedom present in five major areas:
• Size of Government
• Legal System and Property Rights
• Sound Money
• Freedom to Trade Internationally
• Regulation
Within these five major areas, there are a total of 45 components and subcomponents in the index.
India’s rating in five areas is as follows:
Size of Government – 7.64, Legal System and Property Rights – 5.29, Sound Money – 7.99, Freedom to Trade
Internationally – 6.19 and Regulation – 5.98.
A comparison:
India ranked high among BRICS countries. Brazil secured 90th rank, Russia secured 104th rank, China stands at
111 whereas South Africa ranks at 94.
Additional Info:
The reason for Hong Kong’s decline in the ranking is
i.The main reason is introduction of new regulatory barriers to entry, an increase in the cost of doing business,
and limitations on employing foreign labour affected the economic freedom score.
ii.The imposition of a national security law in 2020 restricted political and civil freedom connection.

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Chainalysis’s Global Crypto Adoption Index 2023; India Tops Among 154 Nations
According to the 2023 Global Crypto Adoption Index released by Chainalysis, a crypto-analysis
firm, India has topped the index (rank 1), with a score of 1.0, among 154 countries. Previously, India was
ranked 4th in the 2022 index.
• Nigeria and Vietnam stands at second and third rank with the index score of 0.642 and 0.568
respectively.
• This is the 4th annual Global Crypto Adoption Index. The first edition of the Index was published in
2020.
Rank Country Region Index Score
1 India Central & Southern Asia and Oceania 1
2 Nigeria Sub-Saharan Africa 0.642
3 Vietnam Central & Southern Asia and Oceania 0.568
4 United States of America(USA) North America 0.367
5 Ukraine Eastern Europe 0.215
Note: This is an excerpt of Chainalysis’s 2023 Geography of Cryptocurrency Report, which will be released in
October 2023.
Five sub-indexes:
The Global Crypto Adoption Index is made up of five sub-indexes. Each sub-indexes is based on countries’ usage
of different types of cryptocurrency services.
• Centralized service value
• Retail centralized service value
• Peer-to-Peer (P2P) exchange trade volume
• DeFi (decentralized finance) value
• Retail DeFi value
Methodology:
The index ranks 154 countries based on characteristsic like population size and purchasing power, take the
geometric mean of each country’s ranking in all five, and then normalize that final number on a scale of 0 to 1.
India’s rank in sub-index:
i.The country ranked first in four parameters including centralized service value, retail centralised service
value, DeFi value and Retail DeFi value.
ii.India ranked 5th in sub index P2P exchange trade volume.
Government Interference:
i.This comes even as crypto trading and investing in India has subdued due to taxation rules introduced by the
government.
• With 30% tax on gains, India has also introduced 1 per cent Tax Deducted at Source (TDS) on crypto
trades.
ii.India is also advocating for worldwide crypto legislation, at the G20 Summit hosted by India.
Note:The report also said that low-income countries saw a dramatic uptick in crypto adoption following a
slump in late 2022, spurred by the collapse of the FTX(one of the world’s largest cryptocurrency exchanges).
About Global Crypto Adoption Index:
i.The report combines on-chain data and real-world data to measure which countries are leading the world
in grassroots crypto adoption.
ii.The report aims to highlight the countries in which common people who use crypocurrency.
iii.The report has divided countries into several regions such as – (1) Central & Southern Asia and Oceania, (2)
Sub-Saharan Africa, (3) North America, (4) Eastern Europe, (5)Latin America, (6) Eastern Asia, (7)Middle East
& North Africa and (8)Central, Northern, & Western Europe

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Additional info:
Central & Southern Asia and Oceania (CSAO) region dominates the index, with six of the top ten countries
located in this region.
• India(1st rank), Vietnam(3rd rand), Philippines(6th rank), Indonesia(7th rank), Pakistan(8th rank)
and Thailand(9th rank).

Poonawalla Fincorp Gets RBI’s Approval to Issue Co-Branded Credit Card with IndusInd Bank
Poonawalla Fincorp Limited has received Reserve Bank of India(RBI)’s approval to issue co-branded credit
card with IndusInd Bank Limited.
• Poonawalla Fincorp Limited(formerly known as Magma Fincorp) is an Non-Banking Finance
Company (NBFC) belonging to Cyrus Poonawalla group.
Key Points:
i.The co-branded credit card is designed offer benefits to the customers with a favourable credit history.
• The credid card is set to be launched within 3 months.
ii.This partnership paves ways for Poonawalla Fincorp to enter credit card segment.
iii.The entire process of credit card will be 100% digital.
What is Co-branded Credit Card?
Co-branded credit cards are the product of a mutual partnership between a particular merchant and a credit
card issuer. This will provide merchant-specific benefits to brand-loyal consumers.
About Poonawalla Fincorp Limited:
Poonawalla Fincorp was established in 1989 as Magma Fincorp Ltd. It was renamed as Poonawalla Fincorp
Limited in July 2021 following the acquisition of controlling stake by Sun Holdings Private Limited.
Chairman – Adar Poonawalla
Headquarters – Pune. Maharashtra
About IndusInd Bank Limited:
Managing Director(MD) & Chief Executive Officer(CEO) – Sumant Kathpalia
Headquarters – Mumbai, Maharashtra
Established in – 1994
Tagline – We Make You Feel Richer

REC & PNB sign MoU to Co-Finance Infrastructure Project Debts worth Rs 55,000cr
On September 26, 2023, a Memorandum of Understanding (MoU) has been inked between the REC
Limited (Formerly Rural Electrification Corporation Limited) and Punjab National Bank (PNB) for
collaboration to hunt potential funding opportunities in the Power Sector and Infrastructure & Logistics Sector
through a consortium arrangement.
• Both entities jointly provide financing worth Rs. 55,000 crores over the next 3 years.
Note: REC Limited is a Non-Banking Finance Company (NBFC), focusing on power sector financing and
development across India.
Signatories:
It was signed by T.S.C Bosh, Executive Director (Infra & Logistics), REC Limited; and Rajeeva, CGM (Corporate
Credit Division), PNB in Gurugram, Haryana.
Key Points:
i.REC provides long term loans and other finance products for Power-Infrastructure sector comprising of
Generation, Transmission, Distribution, Renewable Energy and new technologies like Electric Vehicles, Battery
Storage, Green Hydrogen etc.
ii.PNB, one of the largest Public Sector Banks (PSB) in India funds infrastructure projects too along with
banking.

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Additional info:
i.REC Limited is venturing to expand its loan portfolio for green projects to Rs 3 lakh crore by 2030.
ii.REC have sanctioned more than Rs 85,700 crore towards various projects spanning from metro, ports,
airports, oil refineries, highways, steel infra to healthcare, educational institutions and also in sectors of IT
infra/ fiber optics, etc
About REC Limited:
It is a Maharatna CPSE (Central Public Sector Enterprise) established in 1969, under Ministry of Power.
Chairman and Managing Director– Vivek Kumar Dewangan
Headquarters– Gurugram, Haryana
About Punjab National Bank (PNB):
MD & CEO– Atul Kumar Goel
Headquarters– New delhi, Delhi
Tagline– the name you can BANK upon !
Establishment– 1894

Kotak Mahindra AMC Partners With CBSE to launch Investor Education and Awareness
Initiative
Kotak Mahindra Asset Management Company Limited(KMAMCL) in collaboration with the Central Board of
Secondary Education (CBSE) has launched an Investor Education and Awareness Initiative
called “Seekho Paiso ki Bhasha”.
• The initiative aims to promote financial literacy among CBSE teachers in affiliated schools
nationwide by conducting a series of educational and awareness programs.
Working:
i.As part of the initiative, 75,000 educators(50% of them being women educators) will be inculcated with the
financial knowledge.
• To raise awareness among teachers, 1,000 financial literacy programs will be conducted
in September and October 2023 in 100 different locations across India.
• To promote equitable growth and development, female educators are given equal consideration.
ii.The program will be taken care by 500 skilled trainers from the Centre for Investment Education and
Learning (CIEL) which is located in Mumbai, Maharashtra.
iii.Upon completion of the program, Kotak Mutual Fund aims to reach over 75,000 CBSE teachers.
About Kotak Mahindra Asset Management Company Limited:
Group President & Managing Director – Nilesh Shah
Headquarters – Mumbai, Maharashtra
Established in – 1985
About Central Board of Secondary Education (CBSE):
Chairperson – Nidhi Chhibber
Headquarters- New Delhi, Delhi
Established in –1929 (started as the Board of High School and Intermediate Education. In 1952, it reached the
national level and was reconstituted as CBSE in 1962)

Motilal Oswal Nifty 500 ETF: Motilal Oswal Mutual Fund launches India’s 1st Nifty 500 ETF
Motilal Oswal Mutual Fund launched India’s first Nifty 500 ETF (Exchange Traded Fund) “Motilal Oswal
Nifty 500 ETF”, an open-ended scheme replicating/tracking the Nifty 500 Total Return Index.
• Its New Fund Offer (NFO) is available for subscription until September 29, 2023.
• The scheme will benchmark its performance against the Nifty 500 Total Return Index.
• It will be managed by Swapnil Mayekar and Rakesh Shetty.

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Objective:
To closely match the Nifty 500 Total Return Index’s returns, while accounting for tracking error but before
accounting for expenses.
Key Points:
i.This fund is ideal choice for investors seeking long-term capital growth.
ii.Investors can join with just Rs 500 per plan/option and invest in multiples of Re 1, with no upper investment
limit.
iii.The minimum amount for purchase/redemption would be in creation unit size of 20,00,000 units and in
multiples thereof. Units once redeemed/repurchased will not be re-issued.
iv.Typically, the scheme will primarily invest in Nifty 500 Index constituents, making up 95-100% of total
assets. It may also allocate up to 5% to low-risk instruments like liquid schemes and money market
instruments.
iv.There are no charges for investing, and no exit load applies.
Additional info:
The scheme will re-open for continuous sale and repurchase within five business days from the date of
allotment.
About Motilal Oswal Asset Management Company Ltd. (MOAMC):
It is the Investment Manager to Motilal Oswal Mutual Fund.
MD & CEO– Navin Agarwal
Headquarters– Mumbai, Maharashtra

KBL-Swarna Bandhu: Karnataka Bank launches Door Step Gold Loan Facility in collaboration
with SahiBandhu
Karnataka Bank Limited (KBL) introduced an innovative Door-Step Gold Loan service called “KBL-
Swarna Bandhu” for its customers in collaboration with SahiBandhu.
• It enables complete digitalization of gold loan processes, allowing the bank to offer gold loan
services directly to customers at their doorstep. It also expands its Gold Loan Portfolio.
• SahiBandhu, a leading aggregator platform for gold loans supported by The Manipal Group.
Key Points:
i.As a part of this collaboration, SahiBandhu will serve as a Corporate Business Correspondent and Lending
Service Provider, adhering to the established digital lending guidelines.
ii.This collaboration will strengthen the bank’s gold loan portfolio and highlight the digital expertise of both
Karnataka Bank and SahiBandhu.
iii.Initially, the service will be available in select bank branches and will gradually be extended to all branches.
About Karnataka Bank Limited(KBL):
Managing Director & Chief Executive Officer– Srikrishnan Hari Hara Sarma
Headquarters– Mangaluru, Karnataka
Tagline– Your Family Bank Across India
Establishment– 1924
About SahiBandhu:
Co-Founder and CEO– Rajesh Shet
Headquarters– Gurugram, Haryana

Kantar BrandZ Top 75 Most Valuable Indian Brands Report 2023: TCS Retains Its Number One
Position
In the Kantar BrandZ Top 75 Most Valuable Indian Brands Report 2023, conducted by Wire and Plastic
Products (WPP) and Kantar, Tata Consultancy Services (TCS) retained its top position as India’s most
valuable brand for the second consecutive year with a brand value of USD 43 billion.

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 • Housing Development Finance Corporation(HDFC) bank and Infosys occupies 2nd and 3rd position
with a brand value of USD 33,612 and USD 24,170 respectively.
• This 2023 ranking marks the 10th edition of India’s most valuable brands ranking by Kantar.
Top 10 most valued brand:
Brand Valuation
Brand Rank Brand Name ( in Million USD) Brand Category
1 TCS 42,869 Business Technology and Services Platform
2 HDFC Bank 33,612 Financial services
3 Infosys 24,170 Business Technology and Services Platform
4 Airtel 22,517 Telecom Providers
5 State Bank of India (SBI) 14,483 Financial Services
6 ICICI Bank 12,976 Financial Services
7 Asian Paints 12,839 Paints
8 Jio 11,773 Telecom Providers
9 Kotak Mahindra Bank 10,332 Financial Services
10 HCLTech 9,361 Business Technology and Services
Data & Analytics:
i.India’s top 75 brands have a combined brand value of USD 379 billion, a decline of 4% from 2022.
• The decline due to the ongoing economic volatility across the world, especially in business
technology and services platforms category.

ii.India’s Gross Domestric Product (GDP) has almost doubled with an 82% growth; The world’s GDP has grown
at 30%
iii.Top 50 brands have increased almost five fold in value, from USD 69.6 billion in 2014 to USD 339.9 billion in
2023.
• The most valuable global brands, which have grown by 2.4 times.
iv.Financial services brands make up the largest share of the ranking’s total value and grew by 6%, driven by
the boom in digital banking, led by Axis Bank and ICICI Bank.
v.Telecom providers also performed well, with their total brand value increasing by 17%.
vi.The 75 companies behind India’s most valuable brands have consistently outperformed the key market
indices – Sensex and the NIFTY50
Newcomers
The 2023 Indian brand ranking includes four newcomers and two re-entrants.

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i.PhonePe(21st rank) has become India’s leading digital payment application.
ii.Other newcomers include fintech brand Cred, ShareChat(photo and video sharing app), and
Star(entertainment platform).
Top 3 Risers:
Brand Value Year -on- Year
2023 change
S.No Brand Name 2023 Rank Category ( US$M) (in %)
1 TVS 51 Automotive 1,896 59
2 Mahindra Rise 47 Automotive 2,008 48
3 Sunfeast 54 Food & Beverages 1,831 40
The automotive category produced the two fastest risers.
i.TVS gained 59% in value and leapt 24 places helped by a number of successful product launches and a 10-year
partnership with BMW that gives it leverage in markets such as Europe, the US and Canada.
ii.Mahindra, which grew its value by 48%, due to the shift in preference from hatchbacks to SUVs, and the
demand for electric vehicles.
iii.Additionally, with 40% Year-on-Year change Sunfeast (54th most valuable brand) is third fast riser
Methodology:
i.To be eligible for this ranking, a brand must be originated in India, or its parent company must be listed on an
Indian stock exchange.
ii.Indian unicorn companies must have their most recent valuation publicly available.
Additional Info
• The report forecasts India’s GDP growth for the year 2023-24 will be at 5.9%.
• The report reveals that India’s GDP in 2022 was USD 3.29 trillion and GDP growth rate was at 6.8%;
The per capita income was at USD 8,379.
About Kantar:
Chief Executive Officer (CEO) – Chris Jansen
Headquarters – London, United Kingdom(UK)

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 Banking, Finance & Economy Q&A: September 2023
1. Which company has recently (in August ‘23) launched World’s First fully automated fund, a
Portfolio Management Service (PMS) powered by an AI-based research system?
1) Charles Schwab corporation
2) CapitalVia
3) Fidelity
4) Vanguard
5) Savart
Answer- 5) Savart
Explanation:
Savart, one of India’s leading investment advisory firms, launched a Portfolio Management Service
(PMS) ‘The Ad Astra Fund’, World’s First fully automated fund in Hyderabad, Telengana.It uses
Artificial Intelligence(AI) research system Advanced Process Automation & Research Technology
(APART) to make investment decisions.
i. The fund enhanced possibilities of attaining more returns on investments.
ii. The fund received investment of about Rs 31 crores on Day1 and plans to achieve an Assets under
management(AUM) of Rs 350 crores by the end of FY24.

2. Which bank has recently (in August ‘23) launched the Goods and Services Tax (GST) Sahay
App, a mobile application to facilitate digital credit flow to Micro, Small, and Medium
Enterprises (MSMEs) using GST invoices?
1) Indian Bank
2) Punjab National Bank
3) Bank of India
4) State Bank of India
5) Bank of Baroda
Answer- 2) Punjab National Bank
Explanation:
Punjab National Bank (PNB), a Public Sector Bank launched the PNB GST Sahay App, a mobile
application based on the Goods and Services Tax (GST) Sahay scheme. This is an end-to-end digital
product under which lending can be done using GST invoices.
• With this accessibility, PNB has become the first Public Sector Bank (PSB) to facilitate digital
credit flow to Micro, Small, and Medium Enterprises (MSMEs) using GST invoices.
• This initiative is also in line with the bank’s strategy to further the development of the MSME
sector and digital credit ecosystem in India.
i. The app enables an end-to-end digital lending process to help eliminate any manual intervention for
MSME borrowers and makes the process cost-effective and smooth.
ii. This service will directly credit the loan amount into the borrower’s current account maintained
with the bank.
iii. PNB GST Sahay App will bridge the gap between the applicant/borrower and the Bank.

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3. Name the open-source Hyperledger Fabric Deployment Helper that was recently (in August
‘23) launched by the National Payments Corporation of India (NPCI) to streamline the
deployment and management of Hyperledger Fabric based blockchain networks on
Kubernetes clusters.
1) Falcon
2) Iroha
3) Tron
4) Corda
5) Sawtooth
Answer- 1) Falcon
Explanation:
The National Payments Corporation of India (NPCI) launches ‘Falcon’, an open-source Hyperledger
Fabric Deployment Helper, to streamline the deployment and management of Hyperledger Fabric
based blockchain networks on Kubernetes clusters.
• The primary goal of introducing ‘Falcon’ is to simplify the complex process of establishing,
configuring, and managing various components of the Hyperledger Fabric network within a
Kubernetes environment.
• These components include Fabric nodes, peers, orderers, and channels.
About the Falcon:
i. Falcon is an open-source project created under General Public License (GPL) licence (GPL-3.0).
ii. Falcon is expected to help blockchain developers to use the distributed ledger technology to
facilitate efficient, reliable, and automated deployment of network as well as Web3 solutions.
Note: NPCI has launched blockchain technology based “Vajra Platform” to make payments fast and
secure in 2020.

4. Name the company that has recently (in August ‘23) entered the online stock broking
business with Sharee.Market, a new trading app.
1) PayU
2) Freecharge
3) Razorpay
4) BharatPe
5) PhonePe
Answer- 5) PhonePe
Explanation:
On 30th August 2023, PhonePe, an Indian digital payment platform, entered the online stock broking
business with a new trading app, Share.Market under its subsidiary PhonePe Wealth Broking.
i. The app can be used to invest in stocks, mutual funds, and exchange-traded funds or Exchange-
Traded Funds (ETFs).
ii. As per PhonePe, Share.Market offers a more discounted brokering price (24 cents or 0.05%,
whichever is lower), and broader market intelligence and a quantitative research-based tech platform
called WealthBaskets, which will be available to users as both a mobile app and on the web.

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5. Which Life Insurance company has recently (in August ‘23) launched a protection and
savings-oriented life insurance plan, including options related to Money Back Benefit and
Guaranteed Income (GI)?
1) Max Life Insurance
2) Bajaj Allianz Life Insurance
3) ICICI Prudential Life Insurance
4) SBI Life Insurance
5) Tata AIA Life Insurance
Answer- 3) ICICI Prudential Life Insurance
Explanation:
ICICI Prudential Life Insurance Company Limited (ICICI Prudential Life) has launched “ICICI Pru
GIFT Pro” which is a protection and savings-oriented life insurance plan. The new plan provides
policyholders, also known as the “Life Assured,” with a wide range of options to customize their
policy.
i. It offers a range of flexibilities to the policyholder, including options related to Money Back Benefit
and Guaranteed Income (GI).

6. Name the company that has recently (in August ‘23) launched ALT ID (Alternate Identifier)
solution for enhanced online payment security for Guest Check-Out.
1) Visa
2) American Express
3) Capital One
4) Mastercard
5) Tencent
Answer- 4) Mastercard
Explanation:
Mastercard has launched ALT ID (Alternate Identifier) solution for enhanced online payment
security for Guest Check-Out processes as it will prevent exposure of sensitive card information
during transactions.
i. The ALT ID solution creates an Alternate Identifier for actual card numbers provided by users
during guest check-out processes or cardholders who carry out transactions without saving their
cards.
ii. Therefore, it reduces the vulnerability of exposing sensitive card data in the event of unauthorized
access or data breaches.
iii. The ALT ID solution will provide multiple advantages to cardholders, such as non-storage of card
numbers on merchant websites and protection from potential data breaches.

7. As per the data released by the National Statistical Office (NSO), Ministry of Statistics and
Program Implementation (MOSPI) released in August 2023, India’s Gross Domestic Product
(GDP) grew one year high to ____________ in the April-June quarter of 2023-2024 (Q1FY24).
1) 7.8%
2) 5.9%
3) 6.4%
4) 7.0%
5) 7.2%

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Answer- 1) 7.8%
Explanation:
As per the data released by the National Statistical Office (NSO), Ministry of Statistics and Program
Implementation (MOSPI), India’s Gross Domestic Product (GDP) grew one year high to 7.8% in the
April-June quarter of 2023-2024 (Q1FY24), compared to a growth of 6.1% in the January-March
quarter of FY23 (Q4FY23).
• This growth is driven by stronger consumption demand and higher activities in the services
sector.
• India remains one of the fastest growing major economies, and is expected to grow at 6.5% in
FY24.
• The data was briefed by Chief Economic Adviser to the Government of India, Venkatramanan
Anantha Nageswaran.
• Gross Value Added (GVA) at Basic Prices for Q1FY24 at 2011-12 Prices grew 7.8% as
compared to 11.9% in Q1FY23 and 6.5% in Q4FY23.

8. In September 2023, Moody‘s in its Global Macro Outlook raised India‘s growth forecast to
________ from 5.5% for 2023.
1) 6.9%
2) 6.7%
3) 5.9%
4) 6.2%
5) 5.8%
Answer- 2) 6.7%
Explanation:
Global rating agency Moody‘s in its Global Macro Outlook has raised India‘s growth forecast to 6.7%
from 5.5% for 2023 calendar year amid strong economic growth in Q1FY24.
i. The strong growth of the services sector and a surge in capital expenditures contributed to India’s
impressive 7.8% GDP growth in the April to June,first quarter of the fiscal year 2023-24 (Q1FY24),
which was lower than RBI’s projection of 8 % for the same period of Q1FY24.
ii. Moody’s recent growth forecast for India, predicting a 6.7% economic growth rate in 2023, stands
slightly higher than the Reserve Bank of India’s (RBI) projection of 6.5% for the fiscal year 2023-
24(FY24).

9. Which company has recently (in Sept ‘23) received the Certificate of Registration from the
Reserve Bank of India (RBI) to start the business of Non-Banking Finance Company (NBFC)?
1) Hinduja Leyland Finance Limited
2) Clix Finance India Private Limited
3) Thakur Fininvest Private Limited
4) PTC India Financial Services Limited
5) Bajaj Auto Consumer Finance Limited
Answer- 5) Bajaj Auto Consumer Finance Limited
Explanation:
Bajaj Auto Consumer Finance Limited (BACFL), a wholly-owned subsidiary of Bajaj Auto Limited,
has received the Certificate of Registration from the Reserve Bank of India (RBI) to start the business
of Non-Banking Finance Company (NBFC).

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i. The certification of registration was issued on 31st August 2023 under Section 45-IA of the Reserve
Bank of India Act, 1934 to commence/carry on the business of the NBFC without accepting public
deposits.

10. Which of the following points is/are “correct” with respect to the Employees Provident
Fund Organisation (EPFO), as of September 2023?
A) The government has allowed the Employees Provident Fund Organisation (EPFO) to invest
proceeds from the sale or redemption of investments in equities and related assets.
B) EPFO can invest a minimum of 10% and a maximum of 25% in equities and related
instruments.
C) EPFO can invest in shares of companies listed on Bombay Stock Exchange (BSE) or National
Stock Exchange (NSE) with a market capitalization of Rs. 5000 crore or more.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Answer- 4) Only A & C
Explanation:
The government has allowed the Employees Provident Fund Organisation (EPFO) to invest proceeds
from the sale or redemption of investments in equities and related assets.A new clause was added on
August 24, 2023, to amend below previous two notifications.
• Insertions in Notification (dated September 1, 2023): Added “sale or redemption of investment
in equities and related investments” to the list of allowed actions.
• EPFO can invest a minimum of 5% and a maximum of 15% in equities and related
instruments.
• EPFO can invest in shares of companies listed on Bombay Stock Exchange (BSE) or National
Stock Exchange (NSE) with a market capitalization of Rs. 5000 crore or more.
• Investment can also be made in mutual funds with a minimum of 65% of their investments in
BSE or NSE listed equity. List of Current mandated existing investment pattern of EPF0.

11. Which company has recently (in Sept ‘23) collaborated with Grameen Foundation for Social
Impact (GFSI) to launch the ‘Scaling Agent Viability and Quality in India’ project to upskill 1.5
lakh business correspondents (BC) in rural India?
1) PhonePe
2) BharatPe
3) PayNearby
4) Policybazaar
5) MobiKwik
Answer- 3) PayNearby
Explanation:
PayNearby in collaboration with Grameen Foundation for Social Impact (GFSI) launched ‘Scaling
Agent Viability and Quality in India’ project to upskill 1.5 lakh business correspondents (BC) and
enlist 15,000 women BCs through the required skills, knowledge and support in rural India .
• The project is supported by the Bill and Melinda Gates Foundation (BMGF).

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 • The tenure of the project is two years.
• PayNearby’s Distribution-as-a-Service network (DaaS) will be utilised by Grameen Foundation
to offer tailored digital and financial solutions across various domains such as commerce,
education, entertainment, credit management, insurance, and more.

12. Name the bank that has recently (in Sept ‘23) partnered with OneCard to launch mobile-
first VISA Signature metal co-branded credit cards.
1) Punjab National Bank
2) Indian Bank
3) Canara Bank
4) Bank of Baroda
5) Bank of India
Answer- 2) Indian Bank
Explanation:
Indian Bank in partnership with OneCard introduced state-of-the-art, mobile-first, contactless,
VISA Signature metal co-branded credit cards to offer easy access to potential users in the wake of
social distancing.
• This initiative brings features like tracking transactions in real-time, managing expenses,
converting purchases into EMIs, redeeming rewards, making repayments, planning monthly
budgets, adjusting credit limits, and facilitating seamless payments, all within a mobile
application.
i. State Bank of Mauritius (SBM) Bank, South Indian Bank, Catholic Syrian Bank(CSB), Federal Bank,
Bank of Baroda Financial are some other OneCard Co-branded Card Issuers.
ii. OneCard is a co-branded credit card issued by Reserve Bank of India (RBI) approved Banks and
Financial Institutions in partnership with OneCard.
• OneCard is launched and managed by FPL Technologies on a full-stack proprietary technology
platform.

13. Which of the following personalities has recently (in Sept ‘23) rated as A+ in the Global
Finance Central Banker Report Cards 2023 by Global Finance magazine?
1) Pierre Wunsch (Chile)
2) Mark Carney (England)
3) Margarita Delgado (Spain)
4) Dimitar Radev (México)
5) Shaktikanta Das (India)
Answer- 5) Shaktikanta Das (India)
Explanation:
United States of America (US)-based Global Finance magazine has rated Shaktikanta Das, Governor of
the Reserve Bank of India (RBI), as A+ in the Global Finance Central Banker Report Cards 2023.
i. Along with Shaktikanta Das, Thomas J Jordan Chairperson of the Swiss National Bank, Switzerland
and Nguyen Thi Hong, Governor of State Bank of Vietnam, Vietnam were rated A+.
ii. The Central Banker Report Cards, published annually by Global Finance since 1994, grade the
central bank governors of 101 key countries, territories and districts, including the European Union,
the Eastern Caribbean Central Bank, the Bank of Central African States, and the Central Bank of West
African States.

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14. In September 2023, Dipak Gupta took over as the Interim Managing Director (MD) and
Chief Executive Officer (CEO) of __________________ (Bank).
1) Bandhan Bank
2) IndusInd Bank
3) RBL Bank
4) Karur Vysya Bank
5) Kotak Mahindra Bank
Answer- 5) Kotak Mahindra Bank
Explanation:
Dipak Gupta, Joint Managing Director (MD) of the Kotak Mahindra Bank Limited took over as the
Interim MD and Chief Executive Officer (CEO) of the bank till 31st December 2023. He will hold the
position till the Reserve Bank of India (RBI) proposes its successor.
i. The appointment of Dipak Gupate follows the early resignation of Uday Kotak from the position of
MD & CEO with effect from 1st September 2023. His tenure as MD & CEO expires on 31st Devember
2023.
ii. Uday Kotak will continue as a part of Kotak Mahindra Bank as a non-Executive director.

15. Which Public Sector Financial Institutions of GoI has recently (in Sept ‘23) signed an MoU
with Indian Renewable Energy Development Agency Ltd. (IREDA) to co-finance Renewable
Energy (RE) Projects?
1) Industrial Finance Corporation of India
2) National Bank of Financing Infrastructure and Development
3) India Infrastructure Finance Company Ltd
4) Export-Import Bank of India
5) Small Industries Development Bank of India
Answer- 3) India Infrastructure Finance Company Ltd
Explanation:
On September 4, 2023, a Memorandum of Understanding (MoU) was signed between the Indian
Renewable Energy Development Agency Ltd. (IREDA) and India Infrastructure Finance Company Ltd
(IIFCL) to co-finance Renewable Energy (RE) Projects.
• This MoU will utilize the expertise of IREDA in Green financing and IIFCL in Infrastructure
financing.
i. The MoU will empower IREDA and IIFCL for Co-Lending/Co-Origination and Loan Syndication for all
RE projects, including Small Hydro projects.
ii. IREDA will offer its techno-financial expertise to IIFCL for the development of the RE Sector.
• Both organisations will fix interest rates for IREDA borrowings for 3-4 years.

16. Name the company that has recently (in Sept ‘23) launched industry-first Soundbox to
enable merchants to accept both mobile and card payments.
1) BharatPe
2) PhonePe
3) Paytm
4) Razorpay
5) Freecharge
Answer- 3) Paytm

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Explanation:
Paytm(One97 Communications Limited) launched industry-first Paytm Card Soundbox which
enables merchants to accept both mobile and card payments across all Visa, Mastercard, Amex and
RuPay networks through Soundbox with ‘tap and pay’ feature.
• The soundbox provides both audio and visual payment confirmation through a Liquid Crystal
Display (LCD) screen to the merchant and the customer.
• Tap and Pay: Paytm Card Soundbox includes built-in ‘tap and pay’ functionality, allowing
merchants to accept card payments of up to Rs 5,000.
• Connectivity: The device boasts fast 4th Generation (4G) network connectivity for swift
payment alerts.

17. Which of the following points is/are “correct” with respect to the step taken by the Reserve
Bank of India (RBI) in September 2023?
A) RBI circular titled ‘Operation of Pre-Sanctioned Credit Lines at Banks through UPI’
announced the inclusion of pre-sanctioned credit lines as funding accounts in Unified
Payments Interface (UPI).
B) The circular applies to Scheduled Commercial Banks, excluding Payment Banks, Small
Finance Banks, and Regional Rural Banks.
C) Banks can establish terms and conditions for the use of these credit lines, including credit
limits, credit periods, interest rates, in accordance with their board-approved policies.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Answer- 5) All A, B & C
Explanation:
The Reserve Bank of India (RBI) circular titled ‘Operation of Pre-Sanctioned Credit Lines at Banks
through UPI’ announced the inclusion of pre-sanctioned credit lines as funding accounts in Unified
Payments Interface (UPI).
• This decision broadens the scope of UPI by incorporating credit lines as a funding account.
• A credit line in UPI refers to a pre-approved amount of credit that a bank offers to its
customers. This credit line allows customers to make transactions or payments even if they
don’t have sufficient funds in their bank account at that moment.
i. The circular applies to Scheduled Commercial Banks, excluding Payment Banks, Small Finance
Banks, and Regional Rural Banks.
ii. This directive is issued under Section 10(2) read with Section 18 of the Payment and Settlement
Systems Act, 2007 (Act 51 of 2007).
iii. Banks can establish terms and conditions for the use of these credit lines, including credit limits,
credit periods, interest rates, in accordance with their board-approved policies.

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18. Name the bank that has recently (in September ‘23) collaborated with International
Business Machines (IBM) Corporation to provide a secure & adaptable computing
infrastructure to facilitate the deployment of innovative front-end banking applications.
1) Punjab National Bank
2) Indian Bank
3) Bank of Baroda
4) Union Bank of India
5) Canara Bank
Answer- 2) Indian Bank
Explanation:
Indian Bank Limited, a public sector bank(PSB), collaborates with IBM (International Business
Machines Corporation) to provide a secure and adaptable computing infrastructure to facilitate the
deployment of innovative front-end banking applications.
i. The collaboration paves way to run Indian bank’s Core Banking Solution (CBS) workloads on the
IBM servers.
ii. The Collaboration is a part of Indian Bank’s initiative Project PARADISE (Performance
Augmentation by Resource Aggregation in Distributed Environment).

19. Which of the following banks has/have recently (in Sept ‘23) signed MoUs with Indian
Renewable Energy Development Agency Limited (IREDA) to co-finance renewable energy
projects?
1) Union Bank of India
2) Bank of Baroda
3) Indian Bank
4) Both 1 & 2
5) Both 2 & 3
Answer- 4) Both 1 & 2
Explanation:
On 5th September 2023, The Indian Renewable Energy Development Agency Limited (IREDA) signed
Memorandums of Understanding (MoUs) with Union Bank of India (UBI) and Bank of Baroda (BoB).
i. These agreements will enable IREDA to work with UBI and BoB in loan syndication and co-lending
for a variety of renewable energy projects involving both established and cutting-edge renewable
energy technology.
ii. IREDA is a Mini Ratna (Category- I) Central Public Sector Enterprises (CPSE) under the
administrative control of the Ministry of New & Renewable Energy (MNRE)

20. Name the Life Insurance Company that has recently (in Sept ‘23) introduced ‘Life ACE’ Plan,
a non-linked, participating, Individual Life Insurance Savings Plan.
1) Max Life Insurance
2) Bajaj Allianz Life Insurance
3) ICICI Prudential Life Insurance
4) SBI Life Insurance
5) Tata AIA Life Insurance
Answer- 2) Bajaj Allianz Life Insurance

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Explanation:
Bajaj Allianz Life Insurance Company Limited introduced Bajaj Allianz Life ACE is a non-linked,
participating, Individual Life Insurance Savings Plan. The plan offers more flexibility to customers in
designing cash flows according to their individual financial needs.
• In contrast to traditional savings products, this plan provides the customers with the power of
choice to design their income flow.
• Minimum & Maximum Age at Entry – 18 to 55 years (With Goal Protection Benefit (GPB)) & 0
to 60 years (Without GPB)
• Maturity Age – Upto Age 85 years (With GPB) & Upto age 100 years (Without GPB)
• Premium Payment Frequency – Yearly, Half yearly, Quarterly and Monthly

21. Which bank has recently (in Sept ‘23) introduced Unified Payments Interface (UPI)
interoperability for Central Bank Digital Currency (CBDC)?
1) State Bank of India
2) Karnataka Bank
3) RBL Bank
4) IDBI Bank
5) Canara Bank
Answer- 1) State Bank of India
Explanation:
India’s largest public sector bank, State Bank of India (SBI) has introduced Unified Payments
Interface (UPI) interoperability for its Digital Rupee(eRupee), also called Central Bank Digital
Currency (CBDC), enhancing accessibility and convenience for customers.
• Through the ‘eRupee by SBI’ application, CBDC users can now seamlessly scan merchant UPI
Quick Response (QR) codes, facilitating swift and secure transactions.
• Note – IDFC First Bank also announced the integration of UPI QR codes with its CBDC.
i. SBI Card, India’s leading credit card issuer, has unveiled the latest features of its super-premium
card ‘AURUM’ for C-suite executives and high-net-worth individuals. AURUM is an exclusive, by-
invitation-only credit card adorned with handpicked features designed to provide cardholders with
unique privileges.

22. Which company has recently (in Sept ‘23) launched India’s first White Label ATM (WLA)
Unified Payments Interface (UPI)-Automated Teller Machine (ATM) in association with the
National Payments Corporation of India (NPCI)?
1) CCAvenue Payment Gateway
2) Instamojo Payment Gateway
3) Hitachi Payment Services
4) Cashfree Payments Services
5) Razorpay Payment Gateway
Answer- 3) Hitachi Payment Services
Explanation:
Hitachi Payment Services Private Ltd, a 100% subsidiary of Hitachi Ltd., and an integrated payment
solutions provider, launched India’s first-ever Unified Payments Interface (UPI)-Automated Teller
Machine (ATM) as a White Label ATM (WLA), in association with the National Payments Corporation
of India (NPCI), offering secure cardless cash withdrawals.

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 • The UPI-only white-label ATM will improve customer security by eliminating the need for
physical cards.
• The launch of the ‘UPI ATM’ seamlessly merges the convenience and security of UPI with
traditional ATMs.
• At Present, Hitachi Payment is the only WLA operator to offer a cash deposit facility.

23. Which bank has recently (in Sept ‘23) launched Central Bank Digital Currency(CBDC) and
Unified Payments Interface (UPI) interoperability?
1) Indian Bank
2) Punjab National Bank
3) RBL Bank
4) Karnataka Bank
5) IndusInd Bank
Answer- 2) Punjab National Bank
Explanation:
Punjab National Bank (PNB) launched Central Bank Digital Currency(CBDC) and Unified Payments
Interface (UPI) interoperability in its PNB Digital Rupee App.
• PNB Digital Rupee app users can use their CBDC Wallets to make purchases on the UPI QR of
these merchants even if they don’t have a CBDC Wallet.
• Interoperability is the technical compatibility that allows a payment system to work with other
payment systems.
• The CBDC Wallet has digital rupees(e Rupee) issued by the RBI and is a tokenized digital
version of the rupee. The digital rupee functions exactly like a sovereign currency and is
interchangeable 1:1 with paper money.

24. Which state’s Food Processing Society has recently (in Sept ‘23) signed an MoU with the
State Bank of India (SBI) to upgrade and establish a minimum of 7,500 micro-food processing
units?
1) Maharashtra
2) Gujarat
3) Andhra Pradesh
4) Odisha
5) West Bengal
Answer- 3) Andhra Pradesh
Explanation:
The Andhra Pradesh Food Processing Society (APFPS), under the Department of Agriculture &
Marketing, Government of Andhra Pradesh (AP), signed a Memorandum of Understanding (MoU)
with the State Bank of India (SBI) for upgrading and establishing a minimum of 7,500 micro-food
processing units in AP.
• This agreement will be executed during the fiscal year 2023-24(FY24) under the Prime
Minister Formalisation of Micro Food Processing Enterprises (PMFME) scheme.
• The collaboration aimed at fostering the growth of the food processing industry in Andhra
Pradesh.

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 • As part of this MoU, SBI will offer collateral-free loans of up to Rs 10 lakh to eligible
beneficiaries, following the guidelines of the Credit Guarantee Fund Trust for Micro and Small
Enterprises (CGTMSE) under the Agri Infrastructure Fund (AIF).

25. According to Asian Development Bank (ADB)'s 2023 Trade Finance Gaps, Growth and Jobs
Survey released in September 2023, the global trade finance gap rose to ______________ in 2022.
1) USD 5.0 trillion
2) USD 4.5 trillion
3) USD 3.2 trillion
4) USD 2.5 trillion
5) USD 1.2 trillion
Answer- 4) USD 2.5 trillion
Explanation:
According to Asian Development Bank (ADB)'s 2023 Trade Finance Gaps, Growth and Jobs Survey
(8th edition), the global trade finance gap rose to USD 2.5 trillion in 2022 (10% of global
merchandise trade) from USD 1.7 trillion in 2020 and USD 1.5 trillion in 2018.
• This indicates that the global economy is still struggling to rebound from the effects of COVID -
19 pandemic.
• The trade finance gap is the difference between requests and approvals for financing to
support imports and exports.
• The 2023 trade gaps survey focuses on environmental, social, and governance (ESG) issues for
the first time (along with digitalization), to evaluate the impact on relevant supply chains and
the trade finance gap.

26. Which of the following points is/are “correct” with respect to the 54th Annual General
Meeting (AGM) of REC Limited held in August 2023?
A) REC Limited is committed to increase its green project loan portfolio to Rs 5 lakh crore by
2025, representing more than a 10-fold increase.
B) REC Limited raised USD 1.15 billion in two tranches from a consortium of six banks as
Mandated Lead Arrangers and Bookrunners (MLABs) under its Market Borrowing Programme
of Rs. 1.20 lakh crore for 2023-24.
C) REC Limited secured a Foreign Currency Term Loan of USD 100 million from EXIM Bank of
India.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Answer- 3) Only B & C
Explanation:
On September 6, 2023, the 54th Annual General Meeting (AGM) of REC Limited (formerly Rural
Electrification Corporation Limited) was held via Video Conferencing. The Meeting was chaired by its
Chairman & Managing Director (CMD) Vivek Kumar Dewangan.

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i. Highlights from AGM:
• REC Limited is committed to increase its green project loan portfolio to Rs 3 lakh crore by
2030, representing more than a 10-fold increase.
• The Ministry of Power has granted REC the authority to provide loans to non-power
infrastructure and logistics sectors, contributing to India’s development.
• REC Limited raised USD 1.15 billion in August 2023 in two tranches from a consortium of six
banks as Mandated Lead Arrangers and Bookrunners (MLABs) under its Market Borrowing
Programme of Rs. 1.20 lakh crore for 2023-24.
• REC Limited secured a Foreign Currency Term Loan of USD 100 million from EXIM (Export
Import) Bank of India. This is the first term loan being extended by Exim Bank to REC.

27. Which of the following points is/are “correct” with respect to the approval/circular issued
by the Securities and Exchange Board of India (SEBI) in September 2023?
A) SEBI gave approval to Online stock broking firm, Groww Mutual Fund to launch its first
index fund ‘Groww Nifty Total Markets Index Fund’. The fund will be raised through New Fund
Offering (NFO).
B) Securities and Exchange Board of India (SEBI) issued a circular stating that crediting funds
to the SEBI Investor Protection and Education Fund (IPEF) should be made only through online
mode.
C) This circular is issued in exercise of the powers conferred under section 11(1) of the
Securities and Exchange Board of India Act, 1992.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Answer- 5) All A, B & C
Explanation:
Securities and Exchange Board of India (SEBI) gave approval to Online stock broking firm, Groww
Mutual Fund to launch its first index fund ‘Groww Nifty Total Markets Index Fund’. The fund will
be raised through New Fund Offering (NFO).
• The launched index fund is a Passive mutual fund (which replicates a market index like the
Nifty or Sensex) and will be launched by the end of September 2023.
• Securities and Exchange Board of India (SEBI) issued a circular stating that crediting funds to
the SEBI Investor Protection and Education Fund (IPEF) should be made only through online
mode.
• This circular is issued in exercise of the powers conferred under section 11(1) of the
Securities and Exchange Board of India Act, 1992.
• The new guidelines replaced previously issued SEBI guidelines
in 2020 which prescribed that the amounts shall be credited to the IPEF through online
mode or by Demand Draft (DD).

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28. Name the company that has recently (in Sept ‘23) partnered with the KredX (Minions
Ventures Private Limited) to make Business-to-Business (B2B) digital payments rewarding for
both enterprises and vendors.
1) Visa
2) American Express
3) Mastercard
4) Capital One
5) Discover Card
Answer- 3) Mastercard
Explanation:
KredX(Minions Ventures Private Limited), India’s largest supply chain finance platform, partnered
with Mastercard, Inc., the second largest payment processing company across the globe, to make
Business-to-Business (B2B) digital payments rewarding for both enterprises and vendors.
i. Under this partnership, Mastercard will integrate its commercial card service with the KredX
platform, eliminating the complexities associated with B2B payments, especially those involving
cards.
ii. The platform with features like dynamic discounting, early payment options, and price discovery
mechanisms will enable enterprises and vendors to enhance their cash flows..
iii. Powered by Artificial Intelligence (AI), the platform serves as an end-to-end procure-to-pay
solution for businesses, helping them with faster and more efficient matching and processing of
invoices.

29. Which company has recently (in Sept ‘23) launched ‘SimplySAVE Merchant Card’, a Credit
Card for Micro, Small, and Medium Enterprises (MSMEs)?
1) HDFC Cards
2) SBI Cards
3) American Express
4) Visa Inc
5) Mastercard
Answer- 2) SBI Cards
Explanation:
SBI Cards & Payment Services Limited (SBI Card), India’s largest pure-play credit card company,
launched ‘SimplySAVE Merchant SBI Card’, a Credit Card for Micro, Small, and Medium Enterprises
(MSMEs). The card has been designed to offer interest-free short-term credit options for MSME
merchants and other exclusive benefits.
i. SimplySAVE Merchant SBI Card was unveiled by Mr. Dinesh Khara, Chairman, State Bank of India
(SBI) at Global Fintech Fest in Mumbai, Maharashtra.
ii. This card will address the need for easy and timely access to formal credit by providing interest-
free short-term credit to MSMEs.
iii. This card is available on the RuPay network and can also be linked to the Unified Payments
Interface (UPI) for payments through various UPI-enabled third-party apps.

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30. Which of the following points is/are “correct” with respect to the Global Fintech Fest (GFF)
held in Mumbai, Maharashtra in September 2023?
A) Global Fintech Fest (GFF) was jointly organized by the National Payments Corporation of
India (NPCI), the Payments Council of India (PCI), and the Fintech Convergence Council (FCC).
B) The Reserve Bank of India (RBI) Governor Shaktikanta Das recently announced five new
innovative payment solutions developed by the National Payments Corporation of India (NPCI)
at the Global Fintech Fest 2023.
C) Tom Greenwood, Founder & CEO of Online PSB Loans Limited won the Global Fintech
Awards 2023 under the Fintech Personality of the Year – Gulf Cooperation Countries (GCC)
Category.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Answer- 2) Only A & B
Explanation:
Global Fintech Fest (GFF) is the largest fintech 3-day conference held from September 5 to 7, 2023 at
the Jio World Convention Centre, Mumbai, Maharashtra, India. It was jointly organized by the National
Payments Corporation of India (NPCI), the Payments Council of India (PCI), and the Fintech
Convergence Council (FCC).
• Theme: Global collaboration for a responsible financial ecosystem -Inclusive | Resilient |
Sustainable. The 5th edition of GFF will take place on October 8-10, 2024.
• Finance Minister Nirmala Sitharaman’s address at the Global Fintech Fest 2023 in Mumbai
covered several important aspects of India’s financial ecosystem and its challenges.
• The Reserve Bank of India (RBI) Governor Shaktikanta Das recently announced five new
innovative payment solutions developed by the National Payments Corporation of India (NPCI)
at the Global Fintech Fest 2023.
• Adeeb Ahamed, Managing Director, Lulu Financial Holdings won the Global Fintech Awards
2023 under the Fintech Personality of the Year – Gulf Cooperation Countries (GCC)
Category.
• The Unique Identity Authority of India (UIDAI) made a significant impact at the Global Fintech
Festival (GFF) 2023 in Mumbai, organized an industry meet-up under the theme “Reimagine
Aadhaar #together.”
• The State Bank of India (SBI), the largest lender in the country, has unveiled the ‘Nation First
Transit Card,’ also known as the RuPay National Common Mobility Card (NCMC) Prepaid Card,
at the Global Fintech Fest 2023.

31. In September 2023, ____________ became the first foreign bank in India to offer an Open
Network for Digital Commerce(ONDC)-enabled proposition.
1) Standard Chartered Bank India
2) DBS Bank India
3) HSBC India
4) CSB Bank India
5) Citibank India

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Answer- 3) HSBC India
Explanation:
Hongkong and Shanghai Banking Corporation (HSBC) India has launched ‘Open Network for Digital
Commerce(ONDC) in a Box’, a one-stop-shop proposition for corporations to participate in ONDC
platform, during the Global Fintech Fest (GFF) 2023 held in Mumbai, Maharashtra.
i. With this launch, HSBC India becomes the first foreign bank in India to offer an ONDC-enabled
proposition.
ii. ONDC in a box was developed in partnership with Protean eGov Technologies Ltd (Protean) and
Shayr Omnichannel Private Limited (Adya).

32. Name the bank that has recently (in Sept ‘23) became the first Public Sector Bank (PSB) to
offer Metal Debit Card cards, serving High-Net-Worth Individuals (HNI) and women customers.
1) Union Bank of India
2) Bank of Baroda
3) Bank of India
4) Punjab National Bank
5) Indian Bank
Answer- 1) Union Bank of India
Explanation:
Union Bank of India (UBI) has introduced two new Debit Card variants, the HNI Emperio RuPay
Metal Debit Card and the RuPay Empower Her Debit Card, in association with the National
Payments Corporation of India (NPCI).
• With this, UBI became the first Public Sector Bank (PSB) to offer Metal Debit Card cards,
serving High-Net-Worth Individuals (HNI) and women customers.
• These cards are issued on the RuPay network.
• The cards were unveiled at the Global Fintech Fest(GFF) 2023 in Mumbai, Maharashtra by
UBI’s MD & CEO (Managing Director & Chief Executive Officer), A. Manimekhalai, and NPCI’s
COO (Chief Operating Officer), Praveena Rai.

33. Which Small Finance Bank (SFB) has recently (in Sept ‘23) introduced the Zenith+ Metal
Credit Card, to expand its range of banking solutions?
1) Suryoday SFB
2) Equitas SFB
3) Jana SFB
4) AU SFB
5) Ujjivan SFB
Answer- 4) AU SFB
Explanation:
AU Small Finance Bank Ltd., a Reserve Bank of India (RBI)-approved Small Finance Bank (SFB),
introduced the Zenith+ Metal Credit Card, expanding its range of banking solutions.
• This super premium credit card includes features from global travel to unlimited
entertainment options like premium lounge access, personalised concierge services, and a
welcome benefit with Luxury Brand vouchers or Reward Points worth Rs 5000 upon card
activation.

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 • The card’s benefits include the lowest Foreign Exchange (Forex) markup of 0.99% for global
travel.

34. Name the Small Finance Bank (SFB) that has recently (in sep ‘23) entered into
bancassurance agreements with Star Health and Allied Insurance Company and Bajaj Allianz
Life Insurance Company.
1) ESAF SFB
2) Au SFB
3) Utkarsh SFB
4) Equitas SFB
5) Suryoday SFB
Answer- 2) Au SFB
Explanation:
AU Small Finance Bank (AU SFB) has recently entered into bancassurance agreements with Star
Health and Allied Insurance Company (Star Health), and Bajaj Allianz Life Insurance Company (Bajaj
Allianz). This strategic move allows AU Bank to offer a range of insurance products to its customers
through these partnerships.
i. Customers of AU Bank can now access insurance products such as health insurance and general
insurance policies through the bank’s branches and digital channels.
• Under this partnership, AU SFB will distribute a range of insurance products from Bajaj Allianz
Life Insurance.These products include term insurance, savings plans, and retirement products.
• In the case of the partnership with Star Health, AU SFB will distribute health insurance plans
from Star Health.

35. Who has been recently (in Sep ‘23) appointed as the Chairman of the Association of
Investment Bankers of India (AIBI)?
1) Milind V. Dalvi
2) Anay P Khare
3) Mahavir Lunawat
4) Arjun Mehra
5) Prem D’Cunha
Answer- 3) Mahavir Lunawat
Explanation:
The Association of Investment Bankers of India (AIBI) appointed Mahavir Lunawat, Group Founder
and Managing Director (MD) of Pantomath Capital Advisors Private Limited, as its Chairman for two
years starting September 2023.
• He will succeed Anay P Khare, MD (Corporate Finance Division(CFD) of Axis Capital Ltd.
• AIBI also appointed Arjun Mehra, MD of J.M. Financial, and Prem D’Cunha, SVP (Senior Vice
President) & Head – ECM Execution at ICICI Securities as its Vice Chairmen.
• AIBI is the sole representative body of investment bankers to the Securities and Exchange
Board of India (SEBI) and various statutory authorities.

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36. Which Life Insurance company has recently (in Sept ‘23) launched Income Laabh, an
individual savings plan to provide both financial security and a consistent income stream
throughout the policy term?
1) Max Life Insurance
2) Bajaj Allianz Life Insurance
3) ICICI Prudential Life Insurance
4) Bharti AXA Life Insurance
5) Tata AIA Life Insurance
Answer- 4) Bharti AXA Life Insurance
Explanation:
Bharti AXA Life Insurance has launched Bharti AXA Life Income Laabh, an individual savings plan
that provides both financial security and a consistent income stream throughout the policy term.
• It is a non-linked, non-participating individual savings plan with life insurance coverage.
• This launch was made as a part of its aim to simplify insurance and deliver maximum
protection to its consumers.
i. Policyholders can expect guaranteed income for 10 to 12 years, with initial payouts equal to 100%
of the annual premium and increasing to 150% after 5 years for a 10-year term, or 200% after 6 years
for a 12-year term.

37. In September 2023, the Reserve Bank of India (RBI) has approved the re-appointment of
Sandeep Bakhshi as the Managing Director (MD) and Chief Executive Officer (CEO) of the
____________ (Bank) for three years.
1) HDFC Bank
2) YES Bank
3) ICICI Bank
4) Axis Bank
5) IndusInd Bank
Answer- 3) ICICI Bank
Explanation:
The Reserve Bank of India (RBI) has approved the re-appointment of Sandeep Bakhshi as the
Managing Director (MD) and Chief Executive Officer (CEO) of the ICICI Bank Limited for three years
with effect from 4th October, 2023 to 3rd October 2026.
i. This is his second extension of tenure; the first extension happened in 2021 for two years which is
about to expire on 3rd October 2023.
ii. He has been serving as the MD & CEO of ICICI Bank since 2018 succeeding Chanda Kochchar.

38. In September 2023, GQG Partners acquired 5.07 crore equity shares in IDFC First Bank for
about Rs __________ from V Vaidyanathan, Managing Director(MD) & Chief Executive Officer
(CEO) of IDFC First Bank.
1) 901.01 crore
2) 478.70 crore
3) 823.32 crore
4) 725.05 crore
5) 600.34 crore
Answer- 2) 478.70 crore

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Explanation:
GQG Partners has acquired 5.07 crore equity shares (0.8% of the total equity) in IDFC First Bank
for about Rs 478.70 crore from V Vaidyanathan, Managing Director(MD) & Chief Executive Officer
(CEO) of IDFC First Bank. The transaction occurred at a price of Rs 94.5 per share.
• Out of Rs 478.7 crore sales proceeds, Rs 229 crore would be to pay to IDFC First Bank to
subscribe to new shares of the bank and Rs 240.5 crore towards income tax payment for
exercising the stock options.
• Rs 9.2 crore will be contributed to pre-committed causes.

39. Name the organisation that has recently (in Sept ‘23) signed an MoU with National Bank for
Agriculture and Rural Development (NABARD) to boost Data-Driven Innovations in
Agriculture.
1) International Fund for Agricultural Development
2) Food and Agriculture Organization
3) United Nations Development Programme
4) International Monetary Fund
5) United Nations Human Settlement Programme
Answer- 3) United Nations Development Programme
Explanation:
On September 12, 2023, the United Nations Development Programme (UNDP) and the National Bank
for Agriculture and Rural Development (NABARD) signed a 5-year Memorandum of Understanding
(MoU) on technical cooperation for the joint development of data-driven innovations in agriculture
and food systems to support smallholder farmers.
i. Aim: To promote sustainable agriculture, reducing vulnerability by sharing best practices and
optimizing investments
ii. Under this MoU, NABARD and UNDP will share open-source data for product development,
technology transfer, collective climate action, and agrarian policy support to enhance the livelihoods
of smallholder farmers.

40. Name the Payment company that has recently (in Sept ‘23) collaborated with the National
Payments Corporation of India (NPCI) to launch “AutoPay on QR(Quick Response)”, a feature
enabling customer onboarding through a 2-step process.
1) Cashfree Payments India Private Limited
2) Razorpay Software Private Limited
3) BharatPe Limited
4) Infibeam Avenues Limited
5) Paytm Private Limited
Answer- 1) Cashfree Payments India Private Limited
Explanation:
Cashfree Payments India Private Limited in collaboration with National Payments Corporation of
India (NPCI) launched “AutoPay on QR(Quick Response)”, a feature enabling customer onboarding
through a 2-step process.
i. The 2 step process involves scanning the QR code and approving an e-mandate through Unified
Payments Interface (UPI) apps.

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ii. Cashfree Payments works with banks to build the core payments and banking infrastructure that
powers the company’s products.
iii. It is also integrated with major platforms such as Shopify, Wix, PayPal, Amazon Pay, Paytm, and
Google Pay.

41. Which company, along with the Ministry of Tourism and Invest India has recently (in Sept
‘23) launched Priceless.com to explore India’s history and culture?
1) Visa Inc
2) Mastercard
3) American Express
4) Capital One
5) Discover Card
Answer- 2) Mastercard
Explanation:
‘Mastercard’ with the support from the Ministry of Tourism and Invest India has launched
Priceless.com to explore India’s history and culture (using latest travel trends).
• Priceless.com will support the “Dekho Apna Desh“ initiative of the Tourism Ministry.
i. Priceless.com is an extension of Mastercard’s global priceless platform that offers exclusive
experiences and privileges to Mastercard cardholders around the world.
ii. It paves a way for local and international travellers to experience the country’s diverse heritage.

42. Which Indian Institute of Technology (IIT) has recently (in Sept ‘23) signed an MoU with
ICICI Bank to support the startup ecosystem?
1) IIT Madras
2) IIT Guwahati
3) IIT Kharagpur
4) IIT Kanpur
5) IIT Indore
Answer- 4) IIT Kanpur
Explanation:
The Indian Institute of Technology (IIT), Kanpur in Uttar Pradesh(UP) has signed a Memorandum of
Understanding (MoU) with the ICICI Bank Limited to support the startup ecosystem to provide the
Startup Incubation and Innovation Centre (SIIC) IIT Kanpur.
i. The partnership offers a comprehensive support system to early-stage ventures.
ii. Under this MoU, IIT Kanpur and ICICI Bank will facilitate joint efforts to equip startups and
innovators at the SIIC with essential tools and knowledge.
iii. ICICI Bank helps innovators, incubatees, and students at IIT Kanpur with pre- and post-transaction
compliance while engaging with Private Equity (PE) and Venture Capital (VC) support.

43. Name the bank that has recently (in Sept ‘23) received approval from the Reserve Bank of
India (RBI) to convert I-Process Services (India) Private Limited (I-Process) into a wholly-
owned subsidiary.
1) HDFC Bank
2) ICICI Bank
3) YES Bank

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4) Axis Bank
5) IndusInd Bank
Answer- 2) ICICI Bank
Explanation:
The Reserve Bank of India (RBI) has approved ICICI Bank Limited to convert I-Process Services
(India) Private Limited (I-Process) into a wholly-owned subsidiary, subject to specific conditions.
• ICICI Bank’s Board members already approved the proposal in February 2023.
• The estimate cost of conversion is Rs 15.40 crores (subjected to finalisation)
• ICICI Bank currently holds 19% stake in I-Process.

44. Which Insurance company has recently (in Sept ‘23) launched a Secure Earnings &
Wellness Advantage (SEWA) Plan”, combining the benefits of health and life insurance under a
single plan?
1) Max Life Insurance
2) Bajaj Allianz Life Insurance
3) ICICI Prudential Life Insurance
4) Bharti AXA Life Insurance
5) Tata AIA Life Insurance
Answer-1) Max Life Insurance
Explanation:
Max Life Insurance Company Limited has launched a new insurance plan “Max Life Secure Earnings
& Wellness Advantage (SEWA) Plan” that combines the benefits of health and life insurance under a
single plan.
• It allows the insured to fulfill the healthcare needs of their family while simultaneously
ensuring a financial backup for future expenses.
• It integrates health, protection, savings, and wellness benefits for the insured and offers a
comprehensive plan that covers hospitalisation, Intensive Care Unit (ICU) charges, etc. along
with life cover.
• SEWA Plan is available in 2 variants namely: Elite Variant and Lite Variant.

45. Which of the following points is/are “correct” with respect to the guidelines released by the
Reserve Bank of India (RBI) in September 2023?
A) RBI issued guidelines on Responsible Lending Conduct which directs Regulated Entities
(REs) to release all original movable or immovable property documents, & remove charges
registered with any registry within 30 days of full repayment or settlement of personal loans
by borrowers.
B) These Directions are applicable to all cases where release of original movable / immovable
property documents falls due on or after December 1, 2023.
C) RBI also revised its guidelines on categorizing the investments by banks, to align them with
global standards by issuing RBI (Classification, Valuation and Operation of Investment
Portfolio of Commercial Banks) Directions, 2023 which will be effective from April 1, 2024.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C

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5) All A, B & C
Answer- 5) All A, B & C
Explanation:
On September 13, 2023, the Reserve Bank of India (RBI) issued guidelines on Responsible Lending
Conduct which directs Regulated Entities (REs) to release all original movable or immovable property
documents, and remove charges registered with any registry within 30 days of full repayment or
settlement of personal loans by borrowers.
• Official notification of ‘Responsible Lending Conduct – Release of Movable / Immovable
Property Documents on Repayment/ Settlement of Personal Loans‘.
• These Directions are applicable to all cases where release of original movable / immovable
property documents falls due on or after December 1, 2023.
• If REs delay property document release or fail to file charge satisfaction forms after 30 days
post-loan settlement, they must explain the reasons to the borrower.
• If the delay is REs’ fault, they must compensate the borrower at Rs 5,000 for each day of delay.
i. RBI also revised its guidelines on categorizing the investments by banks, to align them with global
standards by issuing RBI (Classification, Valuation and Operation of Investment Portfolio of
Commercial Banks) Directions, 2023 which will be effective from April 1, 2024.
• The change in the norms follows the revisions proposed in the Discussion Paper (DP) on
January 14, 2022 regarding the current norms for the classification, valuation, and operation of
investment portfolios of commercial banks.
• With the implementation of revised Directions, RBI (Classification, Valuation and Operation of
Investment Portfolio of Commercial Banks) Directions, 2021 dated August 25, 2021 will be
repealed.

46. Which company has recently (in Sept ‘23) signed an MoU with Small Industries
Development Bank of India (SIDBI) to offer an easy financing option for Micro, Small & Medium
Enterprises (MSMEs)?
1) Suzlon Energy Limited
2) Tata Power Solar Systems Limited
3) ReNew Limited
4) Azure Power Global Limited
5) NTPC Green Energy Limited
Answer- 2) Tata Power Solar Systems Limited
Explanation:
A Memorandum of Understanding (MoU) was signed between the Tata Power Solar Systems Limited
(TPSSL), and Small Industries Development Bank of India (SIDBI) to offer an easy financing option
for Micro, Small & Medium Enterprises (MSMEs).
• TPSSL is the wholly owned subsidiary of Tata Power Renewable Energy Limited (TPREL) while
TPREL is a subsidiary of Tata Power.
• TPSSL and SIDBI will encourage solar energy adoption among MSMEs by offering customized
financing solutions through SIDBI’s 4E (End to End Energy Efficiency) Scheme.
• The initiative aims to reduce CO2 footprints and contribute to India’s clean energy goals.

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47. Name the state government that has recently (in Sept ‘23) signed an MoU with 6 Public
Sector Banks(PSBs) to provide banking services in all unbanked Gram Panchayats (GPs).
1) Andhra Pradesh
2) West Bengal
3) Gujarat
4) Karnataka
5) Odisha
Answer- 5) Odisha
Explanation:
On 13th September 2023, the Government of Odisha signed a Memorandum of Understanding (MoU)
with 6 Public Sector Banks(PSBs), to provide banking services in all unbanked Gram Panchayats
(GPs) of Odisha through Customer Service Point-plus (CSP plus) banking outlets.
i. The 6 PSBs are: State Bank of India (SBI), Punjab National Bank (PNB), Union Bank of India (UBI),
UCO Bank of India, Bank of India (BoI), and Bank of Baroda (BoB).
ii. Odisha is the first state in India to adopt such an exemplary model for providing banking services to
all GPs.
• Financial inclusion is a high-priority agenda of the Government. It continues to be a critical
challenge since banking penetration in Odisha is quite low and not uniform across the districts.
• Out of 6798 GPs, around 65% of GPs (4373 GPs) do not have brick-and-mortar branches.

48. Name the company that has recently (in Sept ‘23) partnered with YES Bank to launch
HyperUPI, a plug-in Software Development Toolkit (SDK) developed by the National Payments
Corporation of India (NPCI).
1) Paytm
2) Juspay Technologies
3) PhonePe
4) BharatPe
5) Razorpay Software
Answer- 2) Juspay Technologies
Explanation:
Yes Bank Limited (YES Bank) partnered with Juspay Technologies Private Limited (Juspay),
India’s leading payments company, to launch HyperUPI, a plug-in Software Development Toolkit
(SDK) developed by the National Payments Corporation of India (NPCI) that empowers in-app
Unified Payments Interface (UPI) payments for merchant apps.
• With this, the merchants can now offer customers a hassle-free one-click UPI experience. This
will also allow customers to undertake UPI-based transactions within the merchant app.
• This plug-in SDK is built on one of the most reliable UPI-on-cloud stacks in India, which also
supports UPI payments for several consumer and merchant apps.
• Gullak, a leading fintech app, has become the first merchant to deploy Juspay’s UPI plugin SDK,
HyperUPI.
• NPCI is an initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA)
under the provisions of the Payment and Settlement Systems Act, 2007, to create a robust
Payment & Settlement Infrastructure in India.

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49. Which bank has recently (in Sept ‘23) partnered with GoBrisk Technologies Pvt Ltd. to
introduce BriskPe Account-to-Account (A2A)?
1) Axis Bank
2) YES Bank
3) ICICI Bank
4) HDFC Bank
5) IndusInd Bank
Answer- 2) YES Bank
Explanation:
GoBrisk Technologies Pvt Ltd. (BriskPe), a Mumbai (Maharashtra) based payments fintech company,
and YES Bank partnered to introduce BriskPe Account-to-Account (A2A), a cutting-edge suite of
solutions designed to empower exporters and importers.
i. This collaboration represents a significant milestone in the world of cross-border payments,
benefiting Micro, Small, and Medium Enterprises (MSMEs) operating in the manufacturing and
services sectors.
Note: BriskPe extends its reach beyond borders, by the establishment of its subsidiary, BriskPe
Technologies Inc., situated in Vancouver, British Columbia, Canada.

50. Which company has recently (in Sept ‘23) collaborated with National Payment Corporation
of India (NPCI) to launch India’s 1st contactless payment wearable ON-THE-GO(OTG) ring
named 7 Ring?
1) Financepeer Private Limited
2) Juspay Technologies Private Limited
3) Fiserv Private Limited
4) Perfios Software Solutions
5) LivQuik Technology(India) Private Limited
Answer- 5) LivQuik Technology(India) Private Limited
Explanation:
National Payment Corporation of India (NPCI) has launched a RuPay ON-THE-GO(OTG)ring named 7
Ring, the first contactless payment wearable ring which was made in India.
i. The ring was unveiled in Global Fintech Fest, 2023 (GFF 2023) which was held during 5th to 7th
September 2023 in Mumbai, Maharashtra.
ii. 7 Ring is designed, assembled, manufactured and patented in India. The ring was made in
collaboration with 7 (Sevenring Innovations Private Limited) and LivQuik Technology(India)
Private Limited.
iii. 7 Ring is a sleek, wearable ring that is made from a very strong and scratch-resistant material
called zirconia ceramic(ZrO2) which is also used in aerospace applications

51. Name the bank that has recently (in Sept ‘23) launched a “virtual commercial card” in
collaboration with Visa and Juspay.
1) Axis Bank
2) ICICI Bank
3) IndusInd Bank
4) HDFC Bank
5) YES Bank

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Answer- 3) IndusInd Bank
Explanation:
IndusInd Bank in partnership with Visa and Juspay launched a “virtual commercial card” with
additional layers of security to give the cardholders complete control over cross-border transactions
for corporates and travel agents. The card is built on the Visa Payables Automation platform.
• The card benefits the customers who make multiple bookings in different foreign-denominated
currencies.
• The card offers a high degree of control, reduced complexity and complete transparency.
• The cardholders can generate virtual cards and customise its credentials such as Card
Number, Card Verification Value (CVV) code and expiry dates.

52. In September 2023, Fitch Ratings retained India’s Gross Domestic Product (GDP)’s growth
forecast at __________ for the current fiscal year(FY 2023-24).
1) 5.9%
2) 6.3%
3) 6.0%
4) 6.9%
5) 5.2%
Answer- 2) 6.3%
Explanation:
Fitch Ratings in its special report titled Global Economic Outlook – September 2023 retained India’s
Gross Domestic Product (GDP)’s growth forecast for the current fiscal year (FY 2023-24) at 6.3%
and projected growth rate of 6.5% for FY 2024-2025.
• Earlier in June 2023, the rating agency had revised its forecast to 6.3% from the 6%.
• In Spite of tight monetary policy and poor export, the economy is striving to grow.
• The Indian economy grew at 7.8% in the first quarter(Q1 – April to June) in FY 2023-24. Fitch
expects that the RBI’s benchmark interest rate will stay at 6.5% for 2023.

53. Who has been recently (in Sept ‘23) appointed as the Non-Executive Chairman
of Mastercard India?
1) Karthik Ramanathan
2) Gautam Aggarwal
3) Nikhil Sahni
4) Rajnish Kumar
5) Rama Sridhar
Answer- 4) Rajnish Kumar
Explanation:
Rajnish Kumar, former chairman of the State Bank of India(SBI) has been appointed as the Non-
Executive Chairman of Mastercard India.
i. Rajnish Kumar will guide Mastercard’s South Asia executive leadership team, led by Gautam
Aggarwal, Division President for South Asia and Country Corporate Officer, India.
ii. He is currently serving as the chairman of payments startup BharatPe.
iii. Book – Rajnish Kumar Authored a book ‘The Custodian of Trust: A Banker’s Memoir’ published by
Penguin Viking in 2021.

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54. Which of the following points is/are “correct” with respect to the recent release by the
Reserve Bank of India (RBI) in September 2023?
A) RBI released the names of 15 Non-Banking Financial Companies (NBFCs) in the Upper Layer
(UL)/NBFC-UL under Scale Based Regulation for NBFCs for the year 2023-24.
B) The NBFC-UL (Upper Layer) includes NBFCs specifically identified by the RBI as warranting
enhanced regulatory requirements based on a set of parameters and scoring methodology.
C) TMF Business Services Limited, formerly Tata Motors Finance Limited, qualifies as an NBFC-
UL (Non-Banking Financial Company – Upper Layer) based on scoring methodology.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Answer- 5) All A, B & C
Explanation:
On September 15, 2023, the Reserve Bank of India (RBI) released the names of 15 Non-Banking
Financial Companies (NBFCs) in the Upper Layer (UL)/NBFC-UL under Scale Based Regulation for
NBFCs for the year 2023-24. Click Here is the list of NBFC-UL for 2023-24.
i. In October 2021, RBI issued the Scale Based Regulation (SBR): A Revised Regulatory Framework for
NBFCs (the framework) which categorizes NBFCs in the following as per their asset size and scoring
methodology:
• NBFC-BL (Base Layer): It primarily consists of non-deposit-taking NBFCs with assets below Rs
1,000 crore.
• NBFC-ML (Middle Layer): It comprises all deposit-taking NBFCs and non-deposit-taking NBFCs
with assets exceeding Rs 1,000 crore,
• NBFC-UL (Upper Layer): The upper layer includes NBFCs specifically identified by the RBI as
warranting enhanced regulatory requirements based on a set of parameters and scoring
methodology.
• The top 10 eligible NBFCs in terms of asset size will always reside in the upper layer,
regardless of other factors.
• NBFC-TL (Top Layer): NBFC-UL will be moved to Top Layer if RBI recognizes a substantial
increase in the potential systemic risk. As of now, the Top Layer shall ideally remain empty.
• TMF Business Services Limited, formerly Tata Motors Finance Limited, qualifies as an NBFC-
UL (Non-Banking Financial Company – Upper Layer) based on scoring methodology.
• However, it is currently not listed as an NBFC-UL in the latest review due to ongoing business
reorganization.

55. Name the bank that has recently (in Sept ‘23) launched ‘SAATHI (Sustainable Access and
Aligning Technology for Holistic Inclusion)’ to provide basic banking services at all centres for
a minimum of four hours per day in fixed outlets.
1) Punjab National Bank
2) Bank of Baroda
3) Indian Bank
4) State Bank of India
5) Bank of India

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Answer- 3) Indian Bank
Explanation:
Indian Bank has launched a new initiative called IB(Indian Bank) SAATHI (Sustainable Access and
Aligning Technology for Holistic Inclusion), to provide basic banking services at all centres for a
minimum of four hours per day in fixed outlets through the business correspondent (BC) channel.
i. The initiative was launched by Shanti Lal Jain who is the Managing Director(MD) and Chief
Executive Officer(CEO) of Indian Bank in Chennai, Tamil Nadu.
ii. The program makes it easier for customers to access and use banking services, and it also offers
both basic and value-added services to customers.
iii. To implement the initiative, Indian Bank needs to have more than 5,000 newly appointed new BCs
(by March 2024) along with 15 Corporate Business Correspondents (CBCs).
• Presently, they have only 10,750 BCs and 10 CBCs.

56. Which Small Finance Bank (SFB) has recently (in Sept ‘23) launched the Maxima Savings
Account and Business Maxima Current Account for medium and large business entities?
1) Suryoday SFB
2) AU SFB
3) Equitas SFB
4) Ujjivan SFB
5) Utkarsh SFB
Answer- 4) Ujjivan SFB
Explanation:
Ujjivan Small Finance Bank Limited (Ujjivan SFB) has launched the Maxima Savings Account and
Business Maxima Current Account which is designed exclusively for medium and large business
entities.
• Both the accounts offer a RuPay Select Debit Card that provides access to wellness services,
exclusive merchant offers, airport lounge access, and a premium health checkup.
• Annual interest rate on the Maxima Savings Account up to 7.5% & Customers can open the
account with Rs 1 lakh.
• Flexibility to maintain Rs 15 lakh or more in Fixed Deposits(FD) to meet the balance eligibility
criteria(this option is not available with other standard savings accounts).

57. Which bank has recently (in Sept ‘23) signed an MoU with Indian Renewable Energy
Development Agency (IREDA) to promote and facilitate co-lending and loan syndication for
renewable energy projects?
1) Bank of Baroda
2) Bank of India
3) Bank of Maharashtra
4) Union Bank of India
5) Canara Bank
Answer- 3) Bank of Maharashtra
Explanation:
Indian Renewable Energy Development Agency (IREDA) has signed a significant Memorandum of
Understanding (MoU) with Bank of Maharashtra (BoM) to promote and facilitate co-lending and loan
syndication for renewable energy projects nationwide.

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 • Under this agreement, Bank of Maharashtra can invest in the Bonds issued by IREDA (in
accordance with the specified terms and conditions of the offering).
• The MoU was signed in the presence of Pradip Kumar Das, Chairman and Managing Director
(CMD) of IREDA.
• IREDA, a Mini Ratna (Category – I) Government of India enterprise under the administrative
control of the Ministry of New and Renewable Energy (MNRE).

58. Name the insurance company that has recently (in Sept ‘23) launched a new fund offering
(NFO) Emerging Equity Fund for long-term capital appreciation.
1) Exide Life Insurance
2) Bharti AXA Life Insurance
3) HDFC Life Insurance
4) SBI Life Insurance
5) Max Life Insurance
Answer- 2) Bharti AXA Life Insurance
Explanation:
Bharti AXA Life Insurance launched its new fund offering (NFO) called Bharti AXA Life Emerging
Equity Fund. This is Bharti AXa’s first mid-cap fund launched with an aim to provide long-term
capital appreciation through investing in a portfolio of mid-cap companies.
i. Bharti AXA Life Insurance launched a mid-cap fund after 13 years; The last launch of mid-cap fund
was in 2010.
ii. Investors can invest in Bharti AXA Life’s Emerging Equity Fund through three of Bharti AXA Life’s
Unit Linked Insurance Plan (ULIP):
• Bharti AXA Life Wealth Pro
• Bharti AXA Life Grow Wealth
• Bharti AXA Life Wealth Maximizer
iii. NFO is the first subscription offering for any fund being launched by an investment company &
during an NFO, investors can purchase units of the mutual fund scheme at the face value, which is
typically set at a fixed price usually of Rs. 10 per unit.

59. Which bank has recently (in Sept ‘23) introduced a digital facility for Non-Resident Indians
(NRIs) to effortlessly open Non-Residential External (NRE) and Non-Resident Ordinary (NRO)
accounts?
1) State Bank of India
2) Bank of India
3) Punjab National Bank
4) Bank of Baroda
5) Indian Bank
Answer- 1) State Bank of India
Explanation:
The State Bank of India (SBI) has introduced a digital facility for Non-Resident Indians (NRIs) to
effortlessly open Non-Residential External (NRE) and Non-Resident Ordinary (NRO) accounts (both
savings and current accounts) through SBI’s mobile app YONO.
i. This service is designed for New to Bank (NTB) customers as a one-stop solution for NRI banking
needs to provide them with a simplified, efficient, and accurate account opening process.

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ii. An NRE account is opened in India in the name of an NRI for his/her foreign earnings, while an NRO
account is for managing income earned in India, such as rent, dividend, pension, and interest.
iii. As of June 2023, the bank has a deposit base of over Rs. 45.31 lakh crore with a CASA (Current
Account and Savings Account) ratio of 42.88% and advances of more than Rs. 33 lakh crores.

60. In September 2023, Reserve Bank of India (RBI) approved re-appointment of Sashidhar
Jagdishan as Managing Director (MD) and Chief Executive Officer (CEO) of __________ (Bank) for a
period of 3 years.
1) State Bank of India
2) YES Bank
3) Axis Bank
4) ICICI Bank
5) HDFC Bank
Answer- 5) HDFC Bank
Explanation:
Reserve Bank of India (RBI) has approved re-appointment of Sashidhar Jagdishan as Managing
Director (MD) and Chief Executive Officer (CEO) of HDFC Bank Limited for a period of 3 years with
effect from 27th October 2023 to 26th October 2026.
i. He has been MD and CEO of the Housing Development Finance Corporation (HDFC) Bank since
October 2020, after he took charge from Aditya Puri(the bank’s longest serving CEO (26 years- since
September 1994).
ii. Sashidhar Jagdishan joined HDFC Bank in 1996 as a Manager in the Finance function and became
Business Head of finance in 1999. He was appointed as Chief Financial Officer in 2008.

61. Who has been recently (in Sept ‘23) elected as the Chairman of the Audit Bureau of
Circulations (ABC) for the term 2023-2024?
1) Girish Agarwal
2) Prasanth Kumar
3) Srinivasan K. Swamy
4) Shailesh Gupta
5) Mohit Jain
Answer- 3) Srinivasan K. Swamy
Explanation:
Srinivasan K. Swamy, Executive Chairman of R.K. Swamy Hansa Group, has been elected as the
Chairman of the Audit Bureau of Circulations (ABC) for the term 2023-2024. He replaced Pratap
Pawar who served as Chairman for the term 2022-23.
• Srinivasan K. Swamy was the Deputy Chairman of the Bureau for the year 2022-2023.
• He was awarded the Lifetime Achievement Award by the Advertising Agencies Association of
India(AAAI) in 2016.
• He is currently serving as Chairperson of Asian Federation of Advertising Association.
i. Riyad Mathew, Chief Associate Editor and Director of Malayala Manorama Co. Ltd representing
publisher members on the council, has been elected as the Deputy Chairman of ABC for 2023-2024.

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62. Which of the following points is/are “correct” with respect to the Reserve Bank of India
(RBI)’s Flow of Financial Assets and Liabilities of Household data released in September 2023?
A) Net financial savings of households fell to a nearly seven-decade low of 6.1% of GDP in FY23,
down from 7.2% in FY22.
B) National Financial Switch (NFS) usage decreased from 11.5% in FY21 to 5.1% in FY23,
C) Household financial liabilities saw a substantial increase, rising to 5.8% of GDP in FY23, up
from 3.8% in FY22.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Answer- 3) Only B & C
Explanation:
Net financial savings of households fell to a nearly five-decade low of 5.1% of GDP in FY23, down
from 7.2% in FY22. This marked a notable decrease from the previous fiscal year, where it stood at
7.2% (FY22), as per Reserve Bank of India (RBI) data.
• National Financial Switch (NFS) usage decreased from 11.5% in FY21 to 5.1% in FY23, as per
data from RBI’s Flow of Financial Assets and Liabilities of Household released in September
2023.
• Household financial liabilities saw a substantial increase, rising to 5.8% of GDP in FY23, up
from 3.8% in FY22. This indicates that households have increasingly relied on borrowing to
meet their consumption needs.

63. Which of the following cooperative banks was ‘Not’ recently (in Sept ‘23)
received monetary penalties from Reserve Bank of India (RBI) for citing its authority under
the Banking Regulation Act, 1949, specifically Section 47 A (1) I in conjunction with Sections 46
(4) (i) and 56?
1) Abhyudaya Co-operative Bank Ltd (Maharashtra)
2) Lalbaug Cooperative Bank Ltd (Gujarat)
3) Cooperative Bank of Mehsana Ltd (Gujarat)
4) Harij Nagrik Sahakari Bank Ltd (Gujarat)
5) National Cooperative Bank Ltd (Maharashtra)
Answer- 1) Abhyudaya Co-operative Bank Ltd (Maharashtra)
Explanation:
Reserve Bank of India (RBI) imposes monetary penalties on four cooperative banks citing its
authority under the Banking Regulation Act, 1949, specifically Section 47 A (1) I in conjunction with
Sections 46 (4) (i) and 56.
• Lalbaug Cooperative Bank Ltd (Gujarat) – Rs 5 Lakh for Non-compliance with the RBI
directions on ‘Placement of Deposits with Other Banks’ and ‘Interest Rate on Deposits
Directions, 2016’.
• Cooperative Bank of Mehsana Ltd (Gujarat) – Rs 3.50 Lakh for Non-compliance with RBI
directions on ‘Loans and Advances to Directors etc. – Directors as surety or guarantors –
Clarification’ and ‘Placement of Deposits with Other Banks’.

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 • Harij Nagrik Sahakari Bank Ltd (Gujarat) – Rs 3 Lakh for Non-compliance with RBI
directions on ‘Maintenance of Cash Reserve Ratio (CRR)’, ‘Placement of Deposits with Other
Banks’, and ‘Interest Rate on Deposits – Directions, 2016’.
• National Cooperative Bank Ltd (Maharashtra) – Rs 1 Lakh for Non-compliance with RBI
directions on Maintenance of Deposit Accounts-Primary (Urban) Co-operative Banks’.

64. In September 2023, Asian Development Bank (ADB) lowered India’s gross domestic
product (GDP) projection for Fiscal 2022-2023 (FY23) to ________ from 6.4%.
1) 6.1%
2) 5.9%
3) 6.0%
4) 6.2%
5) 6.3%
Answer- 5) 6.3%
Explanation:
The Asian Development Bank (ADB) in its Asian Development Outlook (ADO) September 2023
lowered India’s gross domestic product (GDP) projection by one percentage point for Fiscal 2022-
2023 (FY23) to 6.3% from 6.4% (ADO April 2023 estimate).
i. This down gradation is due to slowing exports, global geopolitical tensions, and the likely impact of
erratic rainfall on agriculture output at the time of harvesting of kharif season (July-October) or
during the Rabi season(October-April).
ii. For FY 2023-2024 (FY24), the GDP projection is retained at 6.7%.
iii. In FY25, economic growth could be higher if foreign direct investment(FDI) inflows are larger,
particularly in the manufacturing sector.

65. India Ratings and Research (Ind-Ra) has recently (in September 2023) revised India‘s GDP
growth estimate for FY24 to 6.2% from __________ , which was projected in February 2023.
1) 5.6%
2) 5.9%
3) 5.7%
4) 5.5%
5) 5.0%
Answer- 2) 5.9%
Explanation:
India Ratings and Research (Ind-Ra) revised India‘s GDP growth estimate for FY24 to 6.2% from
5.9% projected in February 2023.
• This increase is due to the sustained government capital expenditure, deleverage balance sheet
of India Inc and banks, and the prospect of a new private corporate capex cycle.
• In the 1st Quarter of FY24 (1QFY24), the quarterly GDP growth was at 7.8% and it is estimated
to slow down in the remaining three quarters of FY24.
• The Private Final Consumption Expenditure (PFCE) is expected to grow 6.9% in FY24 as
against 7.5% in FY23.

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66. In September 2023, S&P (Standard & Poor’s) Global raised India’s growth prediction to
_________ from 5.9% for FY24.
1) 6.8%
2) 6.2%
3) 6.4%
4) 6.6%
5) 6.9%
Answer- 4) 6.6%
Explanation:
On September 18, 2023, S&P (Standard & Poor’s) Global raised India’s growth prediction for FY24 to
6.6% from 5.9% predicted in August 2023 amid strong growth in the April-June quarter (Q1FY24).
i. In FY25, it will increase at a rate of 6.2% as compared to 6.1% projected in August 2023.
ii. India’s inflation rate will grow sharply to 6% in 2023 as compared to 5.1% prediction in August
2023.

67. Which company has recently (in Sept ‘23) partnered with BankID BankAxept AS to enhance
Norway's Financial Infrastructure?
1) Infosys Limited
2) Tata Consultancy Services
3) Cognizant Limited
4) Larsen & Toubro Limited
5) Tech Mahindra Limited
Answer- 2) Tata Consultancy Services
Explanation:
Tata Consultancy Services(TCS), a part of the Tata group, has entered a partnership with BankID
BankAxept AS, Norway’s national payment and electronic identity system, to set up and manage an
operations command center that will enhance the resilience, security, and availability of Norway’s
financial infrastructure.
i. BankID is the Norwegian eID verification system, used by more than 90% of the population, banks,
government agencies, and commercial enterprises.
ii. As part of the agreement, TCS will build and manage a 24×7 operations command center in Oslo,
Norway, for all BankID BankAxept AS users and clients.

68. Which Financial Institutions of GoI has recently (in Sept ‘23) collaborated with Startup
Odisha to launch “Odisha Startup Growth Fund (OSGF)” ?
1) National Bank of Financing Infrastructure and Development
2) India Infrastructure Finance Company Ltd
3) Small Industries Development Bank of India
4) Export-Import Bank of India
5) Industrial Finance Corporation of India
Answer- 3) Small Industries Development Bank of India
Explanation:
Startup Odisha, an initiative of the Micro, Small & Medium Enterprises(MSME) Department of the
Odisha government, launched “Odisha Startup Growth Fund (OSGF)” worth Rs 100 Crore in
collaboration with Small Industries Development Bank of India (SIDBI).

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i. SIDBI will serve as the fund manager for the new fund and will be responsible for framing the
investment strategy and managing the fund’s portfolio.
ii. Odisha Startup Growth Fund operates a Fund-of-Funds vehicle to invest in state startups through a
centralized tracking and implementation mechanism.

69. In September 2023, Meta announced the launch of Unified Payment Interface (UPI)
payments for WhatsApp Business in India.
Which of the following companies are initial payment partners?
1) BharatPe
2) RazorPay
3) PayU
4) Both 1 & 2
5) Both 2 & 3
Answer- 5) Both 2 & 3
Explanation:
Meta(formerly known as Facebook) Chief Executive Officer(CEO) Mark Zuckerberg announced the
launch of Unified Payment Interface (UPI) payments for WhatsApp Business in India. This allows
customers to pay businesses directly on the Whatsapp Chat application using their preferred UPI
option.
i. The announcement was virtually in the Meta Conversations event focusing on WhatsApp Business,
held at the Jio World Convention Centre in Mumbai, Maharashtra.
ii. The accepted payment methods include Pay on WhatsApp, credit/debit cards, netbanking, Google
Pay, PhonePe, Paytm and more UPI options.
ii. The initial payment partners are RazorPay and PayU.

70. Name the company that has recently (in Sept ‘23) signed an MoU with Power Finance
Corporation Ltd (PFC) to finance renewable and thermal energy Projects worth Rs. 1,18,826
crore.
1) SJVN Limited
2) Rural Electrification Corporation Limited
3) NLC India Limited
4) National Thermal Power Corporation Limited
5) Power Grid Corporation of India
Answer- 1) SJVN Limited
Explanation:
SJVN Ltd (formerly known as Satluj Jal Vidyut Nigam Limited), have signed a Memorandum of
Understanding (MoU) with Power Finance Corporation Ltd (PFC), India’s leading Non-Banking
Financial Corporation (NBFC), to finance renewable and thermal energy Projects worth Rs. 1,18,826
crore.
i. The project includes renewable energy(RE) ventures (Solar, Hydro and Pumped Storage) with a
total capacity of around 12178 Megawatt(MW) along with 660 MW Thermal generation project.
ii. PFC will fund around 67-76% of the project tentatively. The proposed fun in the form of term loan
will range from Rs 80000 crore to Rs 90000 crore.

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71. In which of the following Bank, HDFC Asset Management Company Limited has recently (in
Sept ‘23) received approval from the Reserve Bank of India (RBI) to acquire additional
holdings of up to 9.5% of the paid-up share capital or voting rights?
1) Kotak Mahindra Bank
2) Karur Vysya Bank
3) DCB Bank Limited
4) Both 1 & 2
5) Both 2 & 3
Answer- 5) Both 2 & 3
Explanation:
HDFC Asset Management Company Limited(HDFC AMC) received approval from the Reserve Bank of
India (RBI) to acquire additional holdings of up to 9.5% of the paid-up share capital or voting rights
of Karur Vysya Bank Limited(KVB) and DCB Bank Limited.
• The approval has been granted with reference to the application made by HDFC AMC to RBI.
• The holding of HDFC AMC in both the banks should not exceed (individually) 9.5 % of the paid-
up share capital or voting rights of the Bank at all times.
i. RBI instructed HDFC AMC not to reduce the shareholding below 5% without prior approval from
RBI.
• If the aggregate holding falls below 5%, prior approval of RBI will be required to increase it to
5% or more of the paid-up share capital or voting rights of the Bank.
ii. The RBI has given HDFC AMC one year time to buy the shares of DCB Bank.
• If HDFC AMC does not buy the shares within one year, the RBI’s approval will be cancelled.

72. Which Financial Institute/Regulatory Body of India has recently (in Sept ‘23) signed an
MoU with the Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA) to
solarize residential units at Ayodhya & to finance the bio-energy and renewable project?
1) Reserve Bank of India
2) Export - Import Bank of India
3) National Bank for Agriculture and Rural Development
4) Small Industries Development Bank of India
5) Securities and Exchange Board of India
Answer- 4) Small Industries Development Bank of India
Explanation:
A Memorandum of Understanding (MoU) has been inked between the Uttar Pradesh New and
Renewable Energy Development Agency (UPNEDA), and Small Industries Development Bank of India
(SIDBI) for solarization of residential units at Ayodhya, Uttar Pradesh (UP) and for bio-energy and
renewable project financing.
i. The agreement was inked during an event organised in the SIDBI’s Lucknow Office in UP.
ii. This MoU will help in promoting solar energy, and encourage innovations for environment friendly
projects.
iii. It should be noted that the State Government of UP has nominated Ayodhya to be developed as a
Solar City.
iv. During the event, emphasis were laid on creating awareness about digital and latest initiatives
being undertaken by SIDBI through ‘Promotional campaign for Financing Solar/ Green Projects’ for
Micro, Small & Medium Enterprises (MSME) sector.

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73. Which bank has recently (in Sept ‘23) launched ‘NEO for Business’, a distinctive one-stop
Transaction Banking platform for Indian Micro, Small, and Medium Enterprises (MSMEs)?
1) ICICI Bank
2) Axis Bank
3) HDFC Bank
4) YES Bank
5) IndusInd Bank
Answer- 2) Axis Bank
Explanation:
On September 21, 2023, Axis Bank launched ‘NEO for Business’, a distinctive one-stop Transaction
Banking platform for Indian Micro, Small, and Medium Enterprises (MSMEs).
i. This is a first-of-its-kind comprehensive digital proposition that supports real, current, and
emerging Transaction Banking needs of MSMEs.
ii. It has contemporary UX (User Experience)/UI (User Interface) along with bank-grade security
features.
iii. “NEO for Business” is the latest launch as part of “NEO by Axis Bank” branding. NEO by Axis Bank
is the digital banking proposition for its corporate banking customers/clients.

74. Name the Small Finance Bank Limited (SFB) that has recently (in Sept ‘23) launched
Interoperable Cardless Cash Withdrawal (ICCW) service using Unified Payment Interface (UPI)
on Automated Teller Machine (ATM).
1) Suryoday SFB
2) AU SFB
3) Equitas SFB
4) Ujjivan SFB
5) Utkarsh SFB
Answer- 5) Utkarsh SFB
Explanation:
Utkarsh Small Finance Bank Limited (USFBL) launched Interoperable Cardless Cash Withdrawal
(ICCW) service with an aim to allow Unified Payment Interface (UPI) enabled cardless cash
withdrawal from Utkarsh Small Finance Bank Automated Teller Machine (ATM).
i. This is in line with notification ‘ICCW at ATMs’ released by Reserve Bank of India(RBI) in 2022
under Section 10(2) read with Section 18 of the Payment and Settlement Systems Act, 2007 (Act 51 of
2007).
ii. ICCW is also known as UPI-ATM; It enables withdrawal through Quick Response(QR) code.
iii. Card-less cash withdrawal through ATMs is a permitted mode of transaction offered by a few
banks in India on an on-us and Off-us basis.

75. Which Financial Institute/Regulatory Body of India has recently (in Sept ‘23) signed an
MoU with the Digital Lenders Association of India (DLAI) to boost India’s fintech sector?
1) Reserve Bank of India
2) Export - Import Bank of India
3) National Bank for Agriculture and Rural Development
4) Small Industries Development Bank of India
5) Securities and Exchange Board of India

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Answer- 4) Small Industries Development Bank of India
Explanation:
On September 23, 2023, a Memorandum of Understanding (MoU) was inked between the Small
Industries Development Bank of India (SIDBI) and the Digital Lenders Association of India (DLAI) to
boost India’s fintech sector by utilizing each other’s expertise.
i. The MoU was signed during the UnConvlave2023 event organized by DLAI in Goa.
ii. The MoU focuses on creating standard protocols for digital lending partnerships, including Bank-
Lending Service Providers (LSPs) alliances and co-lending arrangements.
iii. SIDBI will offer resource support to eligible DLAI member NBFCs (Non-Banking Financial
Company) and explore Assignment and Securitisation transactions.

76. Which of the following points is/are “correct” with respect to the recent approval made by
Securities and Exchange Board of India (SEBI) in September 2023?
A) SEBI approved the proposal to provide flexibility in the framework for large corporations
(LCs) to meet financing needs from the debt market through measures to the existing LC
framework.
B) SEBI Board extended the compliance deadline for enhanced qualification and experience
requirements for investment advisers to September 2025 from September 2023.
C) SEBI Board has approved amendments to make it easier for investors in debt to access
unclaimed amounts in debt-listed entities (excluding companies), Real-Estate Investment
Trusts (REITs) and Infrastructure Investment Trusts (InvITs).
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Answer- 5) All A, B & C
Explanation:
The Securities and Exchange Board of India (SEBI) discussed various trends in the securities market,
and on SEBI approach to proactively plan for the same during its 202nd Board Meeting held on
September 21, 2023 in Mumbai, Maharashtra. SEBI also approved the following proposals:
i. SEBI approved the proposal to provide flexibility in the framework for large corporations (LCs)
to meet financing needs from the debt market through measures to the existing LC framework.
• Raise the monetary threshold for defining LCs
• As per the current rules, LCs are those that need to have an outstanding long term borrowing
of at least Rs 100 crore, a credit rating of ‘AA and above’, and a target to finance themselves
with long term borrowings (above one year).
ii. SEBI Board extended the compliance deadline for enhanced qualification and experience
requirements for investment advisers to September 2025 from September 2023 and applied these
requirements to individuals, principal officers, and associated persons with investment advisers.
iii. SEBI Board has approved amendments to make it easier for investors in debt to access unclaimed
amounts in debt-listed entities (excluding companies), Real-Estate Investment Trusts (REITs) and
Infrastructure Investment Trusts (InvITs).

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 • In this regard amendments will be made in Investor Protection and Education Fund (IPEF)
Regulations, Listing Obligations and Disclosure Requirements (LODR) Regulations, InvIT
Regulations and REIT Regulations
• With this, Investors can directly approach the respective listed entities, REITs, and InvITs to
claim their unclaimed amounts, ensuring a smoother claim process.

77. As per the Monthly Economic Review – August 2023 released by the Department of
Economic Affairs, Ministry of Finance in September 2023, India's real Gross Domestic Product
(GDP) growth was retained at __________ for the Financial Year 2023-24 (FY24).
1) 6.5%
2) 5.9%
3) 5.2%
4) 6.0%
5) 6.9%
Answer- 1) 6.5%
Explanation:
The Monthly Economic Review – August 2023 released by the Department of Economic Affairs
under the Ministry of Finance, has retained its estimate for India’s real Gross Domestic Product
(GDP) growth for the Financial Year 2023-24 (FY24) at 6.5%.
i. The risks to the growth outlook were offset by the bright spots in corporate profitability, private
sector capital formation, bank credit growth, and activity in the construction sector.
ii. High domestic demand for consumption and investment hiked the GDP growth rate in the first
quarter(Q1) of FY 24 (April-June 2023).
iii. High-Frequency Indicators(HFIs) suggest that the second quarter(Q2) of FY24 (July-September
2023) is shaping up well.

78. Who has been recently (in Sept ‘23) appointed as the Vice-President (Market Solutions) of
the Asian Development Bank (ADB) for a period of 3 years?
1) Jayanth Kumar
2) Atish Mathur
3) Bhargav Dasgupta
4) Ajay Kumar
5) Praveen Sharma
Answer- 3) Bhargav Dasgupta
Explanation:
On September 22, 2023, the Asian Development Bank (ADB) appointed Bhargav Dasgupta as Vice-
President (Market Solutions) for a period of 3 years.
i. Prior to this appointment, He was serving as the Managing Director (MD) & Chief Executive Officer
(CEO) of ICICI Lombard General Insurance Co. Ltd since 2009.
ii. He has resigned from the post of MD & CEO of ICICI Lombard. His tenure as MD & CEO was set to
end in April 2024.

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79. As per the Economic Freedom of the World(EFW) 2023 Annual Report released by Fraser
Institute in September 2023, ____________ (country) has surpassed Hong Kong to become the
world’s freest economy, with a rating of 8.56, while India ranked _______ in the Index.
1) New Zealand; 97
2) Switzerland; 87
3) Singapore; 82
4) Switzerland; 97
5) Singapore; 87
Answer- 5) Singapore; 87
Explanation:
According to the Economic Freedom of the World(EFW) 2023 Annual Report released by
Canadian think tank Fraser Institute, Singapore is the world’s freest economy with a rating of 8.56.
India Ranked 87 in the index.
• Hong Kong and Switzerland stand as the second and the third freest economies with the rating
of 8.55 and 8.47 respectively.
• Hong Kong retained the top position since the start of the EFW Index in 1970. For the first
time, Hong Kong has slipped from its number one position to second place.
• The bottom five countries are – Yemen(161), Sudan(162), Syria(163), Zimbabwe(164) and
Venezuela(165).
• In the 2023 EFW report, India has slipped one spot and stays at 87th rank with the ratings of
6.62. In EFW 2022 Annual Report, India obtained 6.64 ratings and stood at 86th rank.
• New Delhi(Delhi) based independent Think-Tank ‘Centre for Civil Society’ is one among the Co-
publishers of the index.

80. Which of the following points is/are “correct” with respect to the recent step taken by the
Reserve Bank of India (RBI) in September 2023?
A) RBI sanctioned the Scheme of amalgamation of The Sahebrao Deshmukh Co-operative Bank
Ltd., Mumbai, Maharashtra with The Cosmos Co-operative Bank Limited, Pune, Maharashtra.
B) RBI imposed a monetary Penalty on the State Bank of India (Rs 1.30 Crore), Indian Bank (Rs
1.62 crore), and Bank of Baroda (Rs 2 crore).
C) RBI also imposed a penalty of Rs 8.80 Lakh on Fedbank Financial Services Limited, a Non-
Banking Financial Company (NBFC) in Mumbai, Maharashtra.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Answer- 4) Only A & C
Explanation:
The Reserve Bank of India (RBI) took the following decisions from September 21- 25, 2023:
• On September 25, 2023, RBI in exercise of its power conferred under Sub-Section (4) of Section
44A read with Section 56 of the Banking Regulation (BR) Act, 1949 sanctioned the Scheme of
amalgamation of The Sahebrao Deshmukh Co-operative Bank Ltd., Mumbai, Maharashtra
with The Cosmos Co-operative Bank Limited, Pune, Maharashtra.

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 • On September 21, 2023, RBI imposed a monetary Penalty on the State Bank of India (Rs 1.30
Crore), Indian Bank (Rs 1.62 crore), and Punjab & Sind Bank (Rs 1 crore) in exercise of it
powers conferred under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and
51(1) of the BR Act.
• RBI also imposed a penalty of Rs 8.80 Lakh on Fedbank Financial Services Limited, a Non-
Banking Financial Company (NBFC) in Mumbai, for non-compliance with certain provisions of
the Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016.
• On September 25, 2023, RBI cancelled the licence of the Kapol Co-operative Bank Limited,
Mumbai, Maharashtra amid inadequate capital and earning prospects.
• Following, it is immediately prohibited from conducting banking activities, including accepting
and repaying deposits, as defined in Section 5 (b) read with Section 56 of the BR Act, 1949 with
immediate effect.

81. Who has been recently (in Sept ‘23) appointed as the Managing director (MD) and Chief
Executive Officer (CEO) of the ICICI Lombard General Insurance Limited?
1) Murali Sivaraman
2) Sandeep Jagdish Batra
3) Rakesh Jha
4) Sanjeev Mantri
5) Alok Kumar Agarwal
Answer- 4) Sanjeev Mantri
Explanation:
ICICI Lombard General Insurance Limited appointed Sanjeev Mantri as the Managing director
(MD) and Chief Executive Officer (CEO) of the company following the resignation of Bhargav
Dasgupta from the post.
i. Sanjeev Mantri is currently serving as the Executive Director of ICICI Lombard General Insurance
(since 2015).
ii. Sanjeev Mantri will take on the position of MD and CEO from 1st December 2023 or the date of
approval from the Insurance Regulatory and Development Authority of India (IRDAI), whichever is
later, for a period of five consecutive years or his date of retirement, whichever is earlier, subject to
the approval of IRDAI and the members of the company.
iii. However, till 30th November 2023, Bhargav Dasgupta will continue to be the MD&CEO.

82. Which country has recently (in Sept ‘23) topped the 2023 Global Crypto Adoption Index
released by Chainalysis in September 2023?
1) China
2) India
3) Japan
4) Vietnam
5) United States
Answer- 2) India
Explanation:
According to the 2023 Global Crypto Adoption Index released by Chainalysis, a crypto-analysis
firm, India has topped the index (rank 1), with a score of 1.0, among 154 countries. Previously, India
was ranked 4th in the 2022 index.

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 • Nigeria and Vietnam stand at second and third rank with the index score of 0.642 and 0.568
respectively.
• This is the 4th annual Global Crypto Adoption Index. The first edition of the Index was
published in 2020.
• The report combines on-chain data and real-world data to measure which countries are
leading the world in grassroots crypto adoption.
• The report aims to highlight the countries in which common people use cryptocurrency.

83. In September 2023, Poonawalla Fincorp Limited received approval from Reserve Bank of
India(RBI) to issue co-branded credit cards with _____________ (Bank).
1) YES Bank
2) HDFC Bank
3) RBL Bank
4) Axis Bank
5) IndusInd Bank
Answer- 5) IndusInd Bank
Explanation:
Poonawalla Fincorp Limited has received Reserve Bank of India (RBI)’s approval to issue co-
branded credit cards with IndusInd Bank Limited.
i. Poonawalla Fincorp Limited(formerly known as Magma Fincorp) is a Non-Banking Finance
Company (NBFC) belonging to Cyrus Poonawalla group.
ii. The co-branded credit card is designed to offer benefits to the customers with a favourable credit
history. The credit card is set to be launched within 3 months.

84. Which bank has recently (in Sept ‘23) signed an MoU with the REC Limited to Co-Finance
Infrastructure Project Debts worth Rs. 55,000 crores?
1) Bank of Baroda
2) Indian Bank
3) Punjab National Bank
4) Bank of India
5) State Bank of India
Answer- 3) Punjab National Bank
Explanation:
On September 26, 2023, a Memorandum of Understanding (MoU) has been inked between the REC
Limited (Formerly Rural Electrification Corporation Limited) and Punjab National Bank (PNB) for
collaboration to hunt potential funding opportunities in the Power Sector and Infrastructure &
Logistics Sector through a consortium arrangement.
• Both entities jointly provide financing worth Rs. 55,000 crores over the next 3 years.
• REC Limited is venturing to expand its loan portfolio for green projects to Rs 3 lakh crore by
2030.
Note: REC Limited is a Non-Banking Finance Company (NBFC), focusing on power sector financing
and development across India.

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85. In September 2023, the Appointments Committee of the Cabinet (ACC) approved the re-
appointment of M Rajeshwar Rao, Deputy Governor of __________ (Regulatory Body), for a period
of 1 year.
1) Insurance Regulatory and Development Authority of India
2) Securities and Exchange Board of India
3) Reserve Bank of India
4) Pension Fund Regulatory and Development Authority
5) National Bank for Agriculture and Rural Development
Answer- 3) Reserve Bank of India
Explanation:
The Appointments Committee of the Cabinet (ACC) has approved the re-appointment of M
Rajeshwar Rao, Deputy Governor of Reserve Bank of India (RBI), for a period of 1 year with effect
from 9th October 2023.
• Initially, he was appointed as the Deputy governor of RBI in October 2020 for a period of 3
years.
i. According to the RBI Act 1934, besides the governor, RBI needs 4 DGs, 2 from within the ranks, one
commercial banker, and another economist to head the monetary policy department.
ii. The current 4 DGs of RBI are Swaminathan J, T. Rabi Sankar, M. Rajeshwar Rao and Dr. M.D. Patra.

86. Which of the following Asset Management Company(AMC) has recently (in Sep ‘23)
collaborated with the Central Board of Secondary Education (CBSE) to launch an Investor
Education and Awareness Initiative called “Seekho Paiso ki Bhasha”.
1) HDFC Asset Management Company Ltd. (HDFC AMC)
2) ICICI Prudential Asset Management Company Ltd.(ICICI Prudential)
3) Kotak Mahindra Asset Management Company Limited(KMAMCL)
4) Axis Asset Management Company Ltd.
5) Nippon India Mutual Fund
Answer - 3) Kotak Mahindra Asset Management Company Limited (KMAMCL)
Explanation:
Kotak Mahindra Asset Management Company Limited(KMAMCL) in collaboration with the Central
Board of Secondary Education (CBSE) has launched an Investor Education and Awareness Initiative
called “Seekho Paiso ki Bhasha”.
• As part of the initiative, 75,000 educators(50% of them being women educators) will be
inculcated with the financial knowledge.
• The program will be taken care by 500 skilled trainers from the Centre for Investment
Education and Learning (CIEL) which is located in Mumbai, Maharashtra.

87. Which of the following mutual fund company has recently (in Sep ‘23) launched India’s first
Nifty 500 ETF (Exchange Traded Fund)?
1) Bandhan Mutual Fund
2) Aditya Birla Sun Life Mutual Fund
3) UTI Mutual Fund
4) Motilal Oswal Mutual Fund
5) SBI Mutual Fund
Answer- 4) Motilal Oswal Mutual Fund

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Explanation:
Motilal Oswal Mutual Fund launched India’s first Nifty 500 ETF (Exchange Traded Fund) “Motilal
Oswal Nifty 500 ETF”, an open-ended scheme replicating/tracking the Nifty 500 Total Return Index.
• This fund is ideal choice for investors seeking long-term capital growth.
• Investors can join with just Rs 500 per plan/option and invest in multiples of Re 1, with no
upper investment limit.

88. Which of the following points is/are “correct” with respect to the recent step taken by the
Reserve Bank of India (RBI) in September 2023?
A) RBI issued the RBI (Prudential Regulations on Basel III Capital Framework, Exposure
Norms, Significant Investments, Classification, Valuation and Operation of Investment Portfolio
Norms and Resource Raising Norms for All India Financial Institutions) Directions, 2023 which
will be applicable w.e.f. April 1, 2024.
B) These were issued by RBI in exercise of powers conferred by Section 45L of the RBI Act,
1934.
C) RBI cancelled the licence of the Nashik Zilla Girna Sahakari Bank Limited, in Nashik,
Maharashtra, since the bank does not have adequate capital and earning prospects.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Answer- 5) All A, B & C
Explanation:
The Reserve Bank of India (RBI) issued the RBI (Prudential Regulations on Basel III Capital
Framework, Exposure Norms, Significant Investments, Classification, Valuation and Operation of
Investment Portfolio Norms and Resource Raising Norms for All India Financial Institutions)
Directions, 2023 which will be applicable w.e.f. April 1, 2024.
i. These were issued by RBI in exercise of powers conferred by Section 45L of the RBI Act, 1934.
ii. Applicability:
• These will be applicable to the five All India Financial Institutions (AIFIs) viz.
• Export-Import Bank of India (EXIM) Bank
• National Bank for Agriculture and Rural Development (NABARD)
• National Bank for Financing Infrastructure and Development (NABFID)
• National Housing Bank (NHB)
• Small Industries Development Bank of India (SIDBI)
iii. With an order dated 25th September 2023, RBI cancelled the licence of the Nashik Zilla Girna
Sahakari Bank Limited, in Nashik, Maharashtra, since the bank does not have adequate capital and
earning prospects.
• The bank does not comply with the provisions of Section 11(1) and Section 22 (3) (d)
read with Section 56 of the Banking Regulation Act, 1949.

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89. Name the Bank that has recently (in Sep ‘23) collaborated with SahiBandhu to introduce
Door-Step Gold Loan service.
1) South Indian Bank
2) Karnataka Bank
3) HDFC Bank
4) RBL Bank
5) IndusInd Bank
Answer- 2) Karnataka Bank
Explanation:
Karnataka Bank Limited (KBL) introduced an innovative Door-Step Gold Loan service called “KBL-
Swarna Bandhu” for its customers in collaboration with SahiBandhu.
i. It enables complete digitalization of gold loan processes, allowing the bank to offer gold loan
services directly to customers at their doorstep. It also expands its Gold Loan Portfolio.
ii. SahiBandhu, a leading aggregator platform for gold loans supported by The Manipal Group.

STATIC BANKING QUESTIONS

1. Who is the current (as of August ‘23) Managing Director (MD) and Chief Executive Officer
(CEO) of Punjab National Bank (PNB)?
1) Atanu Kumar Das
2) Sashidhar Jagdishan
3) Chandra Shekhar Ghosh
4) Atul Kumar Goel
5) A S Rajeev
Answer- 4) Atul Kumar Goel
Explanation:
About Punjab National Bank (PNB):
PNB, India’s first Swadeshi Bank, commenced its operations on April 12, 1895.
Managing Director and Chief Executive Officer– Atul Kumar Goel
Headquarters– New Delhi, Delhi
Established in– May 19, 1894
Tagline– The Name you can Bank upon

2. Who is the current (as of August ‘23) Managing Director & Chief Executive Officer (CEO) of
National Payments Corporation of India (NPCI)?
1) Rishikesha Krishnan
2) Dilip Asbe
3) Biswamohan Mahapatra
4) Shailendra Trivedi
5) Amitha Sehgal
Answer- 2) Dilip Asbe

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Explanation:
About National Payments Corporation of India (NPCI):
NPCI is an initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) under
the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment &
Settlement Infrastructure in India.
Managing Director & Chief Executive Officer – Dilip Asbe
Headquarters– Mumbai, Maharashtra
Incorporated – 2008

3. Name the bank that has recently (in August ‘23) gone live with Unified Payments Interface
(UPI) Interoperability on the Reserve Bank of India (RBI) Central Bank Digital Currency
(CBDC) app.
1) RBL Bank
2) Bandhan Bank
3) YES Bank
4) IDBI Bank
5) IndusInd Bank
Answer- 3) YES Bank
Explanation:
YES Bank announced that it has gone live with Unified Payments Interface (UPI) Interoperability on
the Reserve Bank of India (RBI) Central Bank Digital Currency (CBDC) app.
i. With this move, users will now be able to scan any UPI QR code through the YES Bank Digital Rupee
app and undertake transactions in a seamless manner.
ii. This move is set to significantly expand the reach of the Digital Rupee (e₹) and underscores the
bank's commitment towards propelling digital innovations, and providing a wide range of
transactional options for users across the nation.
iii. The first pilot in the Digital Rupee -Wholesale Segment (e rupeeW) commenced on November 1,
2022. It was followed by the first pilot for retail digital rupee (e rupee-R) was announced on
December 1, 2022.

4. What is the Tagline of IndusInd Bank?

1) We Make You Feel Richer
2) Your Perfect Banking Partner
3) Always You First
4) We Understand Your World
5) Good People to Grow With
Answer- 1) We Make You Feel Richer
Explanation:
About IndusInd Bank:
IndusInd Bank’s profit after tax increased by 68.71% to Rs. 1,959.20 crore for the quarter ended
December 2022, from Rs. 1,161.27 crore in the previous quarter.
MD & CEO – Sumant Kathpalia
Established – 1994
Headquarters – Mumbai, Maharashtra
Tagline – We Make You Feel Richer

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5. Who is the current (as of Sept ‘23) Chairman & Managing Director (CMD) of Small Industries
Development Bank of India (SIDBI)?
1) Ashish Gupta
2) Devendra Kumar Singh
3) Sivasubramanian Ramann
4) Pankaj Jain
5) Sudatta Mandal
Answer- 3) Sivasubramanian Ramann
Explanation:
About Small Industries Development Bank of India (SIDBI):
Chairman & Managing Director– Sivasubramanian Ramann
Headquarters– Lucknow, Uttar Pradesh
Establishment– 1990

6. Who is the current (as of Sept ‘23) Managing Director(MD) & Chief Executive Officer(CEO) of
ICICI Prudential Life Insurance Company Limited?
1) Souvik Jash
2) Judhajit Das
3) Anup Bagchi
4) Manish Kumar
5) Amit Palta
Answer- 3) Anup Bagchi
Explanation:
About ICICI Prudential Life Insurance Company Limited (ICICI Prudential Life):
ICICI Prudential Life Insurance Company Limited (ICICI Prudential Life) is promoted by ICICI Bank
Limited and Prudential Corporation Holdings Limited.
Managing Director(MD) & Chief Executive Officer(CEO) – Anup Bagchi
Headquarters – Mumbai, Maharashtra
Established in – 2001

7. Who is the current (as of Sept ‘23) Chief Executive Officer (CEO) of Paytm?
1) Vijay Shekhar Sharma
2) Surinder Chawla
3) Anubrata Biswas
4) Rishi Gupta
5) Vinod Easwaran
Answer- 1) Vijay Shekhar Sharma
Explanation:
With Antfin‘s shareholding reducing to 9.90 per cent in One97 Communications Limited (OCL), which
owns Paytm, its Founder and Chief Executive Officer (CEO) Vijay Shekhar Sharma has become the
sole Significant Beneficial Owner (SBO).
i. Antfin, which recently pared its stake in OCL from 23.79 per cent to 9.90 per cent, is no longer a SBO
of the company, Paytm said in a filing with the stock exchanges.
ii. Antfin’s total shareholding in Paytm has significantly reduced from 23.79 per cent in the last few
weeks after it sold 10.3 percent of its stake to Resilient Asset Management B.V., an overseas entity 100

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per cent owned by Vijay Shekhar Sharma. This was followed by the sale of another 3.6 per cent in
block deals.

8. Name the bank that has recently (in Sept ‘23) announced the implementation of UPI
interoperability with the Digital Rupee.
1) RBL Bank
2) ICICI Bank
3) State Bank of India
4) IDBI Bank
5) HDFC Bank
Answer- 3) State Bank of India
Explanation:
The State Bank of India has announced the implementation of UPI interoperability with the Digital
Rupee. With this move, SBI aims to deliver convenience and accessibility to its customers. This
feature, accessible through the 'eRupee by SBI' application will empower users to effortlessly scan any
merchant UPI QR code for transactions.
• SBI was among the first few banks to participate in the RBI's retail digital e-rupee project.

9. Who is the current (as of Sept ‘23) Managing Director (MD) & Chief Executive Officer (CEO)
of HDFC Bank?
1) Girish Chandra Chaturvedi
2) Sandeep Bakhshi
3) Atanu Chakraborty
4) Sashidhar Jagdishan
5) Sumant Kathpalia
Answer- 4) Sashidhar Jagdishan
Explanation:
About HDFC Bank Ltd:
MD & CEO – Sashidhar Jagdishan
Establishment – 1994
Headquarters – Mumbai, Maharashtra
Tagline – We Understand Your World

10. Who is the current (as of Sept ‘23) Chief Executive Officer (CEO) of Employees Provident
Fund Organisation (EPFO)?
1) Chanramauli Chakraborty
2) Shobhit Shrivastava
3) Neelam Shami Rao
4) Rakesh Dabas
5) Meenu Mandola
Answer- 3) Neelam Shami Rao
Explanation:
About Employees Provident Fund Organisation (EPFO):
Central Provident Fund Commissioner(CPFO)/Chief Executive Officer (CEO) – Ms. Neelam
Shami Rao

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Headquarters – New Delhi
Establishment –1952

11. Who is the current (as of Sept ‘23) Executive Chairman of the World Economic Forum
(WEF)?
1) Klaus Schwab
2) Tulsi Gabbard
3) Børge Brende
4) Itzik Yahav
5) Henry Kissinger
Answer- 1) Klaus Schwab
Explanation:
About World Economic Forum (WEF):
Founder & Executive Chairman – Professor Klaus Schwab
Headquarters – Cologny, GenevaCanton, Switzerland

12. Name the Bank that has recently (in Sept ‘23) announced the integration of Unified
Payments Interface (UPI) QR codes with its Central Bank Digital Currency (CBDC) app.
1) RBL Bank
2) Karnataka Bank
3) IDFC First Bank
4) IDBI Bank
5) IndusInd Bank
Answer- 3) IDFC First Bank
Explanation:
IDFC First Bank announced the integration of Unified Payments Interface (UPI) QR codes with its
Central Bank Digital Currency (CBDC) app aimed to enhance the adoption of digital rupee and boost
its utilisation.
i. Being one of the banks that are a part of RBI's CBDC initiative for retail users, this new feature will
simplify payment acceptance for merchants, enabling them to seamlessly accept payments made with
digital rupee.
ii. The UPI interoperability feature will dramatically enhance the adoption of CBDC across the
country.

13. Which Bank has recently (in Sept ‘23) announced the introduction of WhatsApp Lending
Platform through which customers can apply for pre-approved personal loans?
1) RBL Bank
2) IDBI Bank
3) IndusInd Bank
4) Federal Bank
5) Karnataka Bank
Answer- 4) Federal Bank
Explanation:
Federal Bank Ltd. has announced the introduction of what it called WhatsApp Lending Platform
through which customers can apply for pre-approved personal loans.

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i. The platform was inaugurated by Federal Bank Chairman A.P. Hota in the presence of MD & CEO
Shyam Srinivasan, Executive Director Shalini Warrier, Vice President & Head – Digital Sumoth C and
the bank staff.

14. What is the tagline of Indian Bank?

1) We Understand Your World
2) Support All the Way
3) Your own bank
4) Together We Can
5) Your Perfect Banking Partner
Answer- 3) Your own bank
Explanation:
About Indian Bank:
Managing Director(MD) & Chief Executive Officer(CEO) – Shanti Lal Jain
Headquarters – Chennai, Tamil Nadu
Established in – 1907
Tagline – Your own bank

15. What is the Tagline of Bank of Baroda?

1) We Understand Your World
2) Support All the Way
3) Your own bank
4) India’s International Bank
5) Your Perfect Banking Partner
Answer- 4) India’s International Bank
Explanation:
About Bank of Baroda (BoB):
MD & CEO– Debadatta Chand
Headquarters– Vadodara, Gujarat
Tagline– India’s International Bank
Established – 1908

16. Who is the current (as of Sept ‘23) Managing Director (MD) and Chief Executive Officer
(CEO) of Bajaj Allianz Life Insurance Company?
1) Shashi Jha
2) Tarun Chugh
3) Randhir Kumar
4) Chandrakant Singh
5) Rakesh Pandey
Answer- 2) Tarun Chugh
Explanation:
Bajaj Allianz Life Insurance Company Limited:
Bajaj Allianz Life Insurance Company Limited is a joint venture between Bajaj Finserv Limited and
Allianz SE.
Managing Director(MD) and Chief Executive Officer(CEO) – Tarun Chugh

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Headquarters – Pune, Maharashtra
Established in – 2001

17. Who is the current (as of Sept‘ 23) President of Asian Development Bank (ADB)?
1) Masatsugu Asakawa
2) Kristalina Georgieva
3) Achim Steiner
4) David Robert Malpass
5) Rita Gunaryati Lubis
Answer- 1) Masatsugu Asakawa
Explanation:
About Asian Development Bank (ADB):
President– Masatsugu Asakawa
Headquarters– Mandaluyong City, Metro Manila, Philippines
Establishment – 1966
Members– 68 members (49 from Asian and the Pacific and 19 outside)

18. According to data from the National Payments Corporation of India (NPCI) released in
September 2023, In India ___________ Unified Payments Interface (UPI) transactions were
performed for the first time in August 2023.
1) 6 billion
2) 12 billion
3) 9 billion
4) 8 billion
5) 10 billion
Answer- 5) 10 billion
Explanation:
According to data from the National Payments Corporation of India (NPCI) , 10 billion Unified
Payments Interface (UPI) transactions were performed for the first time in August in India.
• The real-time mobile payment platform is likely to end August with around 10.5 billion
transactions with the cumulative value crossing the Rs 15-lakh-crore figure for the second
consecutive month.

19. When was the International Monetary Fund (IMF) established?

1) 1960
2) 1948
3) 1944
4) 1974
5) 1971
Answer- 3) 1944
Explanation:
About International Monetary Fund (IMF):
Managing Director – Kristalina Georgieva
Headquarters– Washington, D.C, USA
Establishment– 1944

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20. Where is the headquarters of Organisation for Economic Co-operation and Development
(OECD) located?
1) Geneva, Switzerland
2) Paris, France
3) London, United Kingdom
4) Rome, Italy
5) New York City, United States of America
Answer- 2) Paris, France
Explanation:
About Organisation for Economic Co-operation and Development (OECD):
Secretary-General– Mathias Cormann
Headquarters– Paris, France

21. What is the Tagline of Union Bank of India(UBI)?

1) We Understand Your World
2) Support All the Way
3) Together We Can
4) Good People to Bank with
5) Always You First
Answer- 4) Good People to Bank with
Explanation:
About Union Bank of India(UBI):
Managing Director & CEO– A. Manimekhalai
Headquarters– Mumbai, Maharashtra
Tagline– Good People to Bank with
Established in 1919
Nationalised in 1969

22. Which of the following organizations is ‘Not’ the World Bank arms?
1) International Bank for Reconstruction and Development
2) International Development Association
3) International Finance Corporation
4) Multilateral Investment Guarantee Agency
5) Intergovernmental Panel on Climate Change
Answer- 5) Intergovernmental Panel on Climate Change
Explanation:
Five organizations are under World Bank:
• International Bank for Reconstruction and Development (IBRD)
• International Development Association (IDA)
• International Finance Corporation (IFC)
• Multilateral Investment Guarantee Agency (MIGA)
• International Centre for Settlement of Investment Disputes (ICSID).

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23. NEFT is a nationwide payment system facilitating one-to-one funds transfer.
In NEFT, what does ‘E’ stand for?
1) Exchange
2) Electronic
3) E-commerce
4) Earned
5) Equity
Answer- 2) Electronic
Explanation:
National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one
funds transfer.
i. Under this Scheme, individuals, firms and corporates can electronically transfer funds from any
bank branch to any individual, firm or corporate having an account with any other bank branch in the
country participating in the Scheme.

24. Who has been recently (in Sept ‘23) appointed as the Managing Director(MD) & Chief
Executive Officer (CEO) of AU Small Finance Bank Limited?
1) Ittira Davis
2) Samit Ghosh
3) Kadambelil Paul Thomas
4) Ajay Kanwal
5) Sanjay Agarwal
Answer- 5) Sanjay Agarwal
Explanation:
About AU Small Finance Bank Limited (Ltd):
Managing Director(MD) & Chief Executive Officer (CEO) – Sanjay Agarwal
Headquarters – Jaipur, Rajasthan
Established in – 1996

25. Permanent Retirement Account Number (PRAN) is a unique ____ digit number issued to the
state & central employees to receive their pension throughout their life under the National
Pension System.
1) 7
2) 12
3) 10
4) 9
5) 11
Answer- 2) 12
Explanation:
Permanent Retirement Account Number (PRAN) is a unique 12 digit number issued to the state and
central employees to receive their pension throughout their life under the National Pension System
(NPS). (This NPS scheme was launched in 2004).
i. It is regulated by the Pension Fund Regulatory and Development Authority (PFRDA), created by an
Act of the Parliament of India.

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26. Indian Financial System Code (IFSC) is 11 alphanumeric codes.
What is the 5th character in IFSC Codes?
1) Four
2) One
3) Zero
4) Two
5) Five
Answer- 3) Zero
Explanation:
The 11 alphanumeric code of Indian Financial System Code (IFSC) is structured in a pattern where the
first four characters represent the name of the bank, while the last six characters represent the branch
of the bank. The fifth character is generally 0 (zero) reserved for future utilization.
i. The IFSC is an 11 digit alphanumeric code, with the first four digits identifying the bank, fifth is
numeric (kept 0) and the last six digits represent the bank branch. Example: IFS Code of a branch of
Punjab National Bank in Delhi is PUNB0614800.
ii. It is an alphanumeric code that uniquely identifies a bank-branch participating in the two main
Electronic Funds Settlement Systems in India: the Real Time Gross Settlement (RTGS) and the
National Electronic Funds Transfer (NEFT) Systems.

27. Who is the current (as of Sept ‘23) chairman of National Bank for Agriculture and Rural
Development (NABARD)?
1) Raama Sreenivasan
2) Urvish Shah
3) Revathy Iyer
4) Shaji K V
5) Ravindra H Dholakia
Answer- 4) Shaji K V
Explanation:
About National Bank for Agriculture and Rural Development (NABARD):
Chairman– Shaji K V
Headquarters– Mumbai, Maharashtra
Established on 12 July 1982

28. Which of the following is/are the Products of National Payments Corporation of India
(NPCI)?
1) National Automated Clearing House
2) Immediate Payment Service
3) Bharat Bill Payment System
4) Both 1 & 2
5) All 1, 2 & 3
Answer- 5) All 1, 2 & 3
Explanation:
About National Payments Corporation of India (NPCI):
CEO & MD– Dilip Asbe
Headquarters– Mumbai, Maharashtra

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Products– RuPay, Immediate Payment Service (IMPS), National Automated Clearing House (NACH),
Aadhaar Payment Bridge (APB) System, Aadhaar enabled Payment System (AePS), National Financial
Switch (NFS), UPI, Bharat Bill Payment System (BBPS), and National Electronic Toll Collection (NETC)

29. Which organisation will publish the World Economic Outlook every Year?
1) World Bank
2) International Monetary Fund
3) United Nations Development Programme
4) United Nations Human Settlement Programme
5) World Trade Organization
Answer- 2) International Monetary Fund
Explanation:
The World Economic Outlook is published by the International Monetary Fund (IMF) twice a year. It
presents analyses of global economic developments during the near and medium term. It gives an
overview as well as more detailed analysis of the world economy.

30. Who is the current (as of Sept ‘23) Managing Director (MD) & Chief Executive Officer (CEO)
of YES Bank?
1) Shyam Srinivasan
2) Prashant Kumar
3) Sandeep Bakhshi
4) Sumant Kathpalia
5) Ajay Kumar Srivastava
Answer- 2) Prashant Kumar
Explanation:
About YES Bank Limited:
Managing Director (MD) & Chief Executive Officer (CEO)– Prashant Kumar
Headquarters– Mumbai, Maharashtra
Established in– 2004

31. Who is the current (as of Sept ‘23) Chairman-cum-Managing Director (CMD) of Agriculture
Insurance Company of India Limited (AIC)?
1) Ritesh Chauhan
2) Neerja Kapur
3) Devesh Srivastava
4) Suchita Gupta
5) Girija Subramanian
Answer- 5) Girija Subramanian
Explanation:
About Agriculture Insurance Company of India Limited (AIC):
Chairman-cum-Managing Director (CMD)– Girija Subramanian
Headquarters – New Delhi, Delhi
Incorporated – 2002

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32. In which year, the World Bank was established?
1) 1919
2) 1969
3) 1961
4) 1944
5) 1948
Answer- 4) 1944
Explanation:
About World Bank:
Establishment – July, 1944
Headquarters – Washington DC, United States of America(USA)
President – Ajay Banga

33. Ittira Davis is the current (as of Sept ‘23) Managing Director (MD) of ___________ Small
Finance Bank (SFB).
1) Capital SFB
2) Ujjivan SFB
3) Equitas SFB
4) A U SFB
5) ESAF SFB
Answer- 2) Ujjivan SFB
Explanation:
About Ujjivan Small Finance Bank (SFB) Limited:
Managing Director – Ittira Davis
Headquarters – Bengaluru, Karnataka
Established in – 2017

34. Who is the current (as of Sept ‘23) Managing Director(MD) & Chief Executive Officer(CEO)
of Bank of Maharashtra?
1) A S Rajeev
2) Atanu Kumar Das
3) Chandra Shekhar Ghosh
4) Atul Kumar Goel
5) Sashidhar Jagdishan
Answer- 1) A S Rajeev
Explanation:
About Bank of Maharashtra(BoM):
Managing Director(MD) & Chief Executive Officer(CEO) – A S Rajeev
Headquarters- Pune,Maharashtra
Established in- 1935
Tagline – Ek Parivaar, Ek Bank (One Family One Bank)

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35. According to the Institute of International Finance (IIF) data in September 2023, Global
debt reached a new record of USD __________ in second Quarters (Q2) 2023.
1) 307 trillion
2) 134 trillion
3) 235 trillion
4) 406 trillion
5) 189 trillion
Answer- 1) 307 trillion
Explanation:
According to the Institute of International Finance (IIF), Global debt reached a new record of USD 307
trillion in Q2 2023, driven by countries like the US and Japan.
i. The IIF report stated that global debt in dollar terms rose by USD 10 trillion in H1 2023 and by USD
100 trillion over the past decade.
ii. The increase has pushed the global debt-to-GDP ratio to 336%, the second consecutive quarterly
rise.

36. Who is the current (as of Sept ‘23) Chairman & Managing Director (CMD) of Small
Industries Development Bank of India (SIDBI)?
1) Sivasubramanian Ramann
2) Devendra Kumar Singh
3) Ashish Gupta
4) Pankaj Jain
5) Sudatta Mandal
Answer- 1) Sivasubramanian Ramann
Explanation:
About Small Industries Development Bank of India (SIDBI):
It was established under an Act of Parliament in 1990.
Chairman & Managing Director– Sivasubramanian Ramann
Headquarters– Lucknow, Uttar Pradesh

37. In which year, the World Bank was established?

1) 1919
2) 1969
3) 1961
4) 1944
5) 1948
Answer- 4) 1944
Explanation:
About World Bank:
Establishment – July, 1944
Headquarters – Washington DC, United States of America(USA)
President – Ajay Banga

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38. Who is the current (as of Sept ‘23) Managing Director (MD) & Chief Executive Officer (CEO)
of Utkarsh Small Finance Bank?
1) Rajeev Yadav
2) Sanjay Aggarwal
3) Govind Singh
4) Paul Thomas
5) P N Vasudevan
Answer- 3) Govind Singh
Explanation:
About Utkarsh Small Finance Bank Limited (USFBL):
Managing Director & Chief Executive Officer(CEO) – Govind Singh
Headquarters – Varanasi, Uttar Pradesh
Incorporated in – 2016

39. In September 2023, Mahindra Finance acquired a ___________ per cent stake in Mahindra
Insurance Brokers Ltd (MIBL) for Rs 206.39 crore to make it a wholly-owned subsidiary of the
company.
1) 45
2) 30
3) 50
4) 20
5) 40
Answer- 4) 20
Explanation:
Mahindra Finance acquired a 20 per cent stake in Mahindra Insurance Brokers Ltd (MIBL)for Rs
206.39 crore to make it a wholly-owned subsidiary of the company.
i. The company, pursuant to receipt of approval from the Insurance Regulatory and Development
Authority of India (IRDAI), completed the acquisition of 20,61,856 equity shares of Rs 10 each of MIBL
at a price of Rs 1,001 per share, Mahindra Finance said in a regulatory filing.
ii. Consequently, MIBL has become a wholly-owned subsidiary of the company, with effect from
September 22, 2023.

40. Who is the current (as of Sept ‘23) Managing Director (MD) and Chief Executive Officer
(CEO) of Indian Overseas Bank?
1) Shyam Srinivasan
2) Prashant Kumar
3) Sandeep Bakhshi
4) Sumant Kathpalia
5) Ajay Kumar Srivastava
Answer- 5) Ajay Kumar Srivastava
Explanation:
About Indian Overseas Bank:
Founded on- 10th February 1937
Managing Director (MD) and Chief Executive Officer (CEO)- Ajay Kumar Srivastava
Headquarters- Chennai, Tamil Nadu

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41. In which year, ICICI Lombard General Insurance Limited was established?
1) 2004
2) 2001
3) 2010
4) 2000
5) 2005
Answer- 2) 2001
Explanation:
About ICICI Lombard General Insurance Limited:
Managing Director & Chief Executive Officer(CEO) – Bhargav Dasgupta
Headquarters – Mumbai, Maharashtra
Established in – 2001

42. India’s International Bank is Tagline of __________ (Bank).

1) State Bank of India
2) Bank of India
3) Punjab National Park
4) Indian Bank
5) Bank of Baroda
Answer- 5) Bank of Baroda
Explanation:
About Bank of Baroda (BOB):
Managing Director (MD) & Chief Executive Officer (CEO) – Sanjiv Chadha
Headquarters – Vadodara, Gujarat (Head office), Mumbai, Maharashtra (Corporate centre)
Establishment – 20 July 1908
Tag line – India’s International Bank

43. What is the Tagline of IndusInd Bank?

1) We Understand Your World
2) Support All the Way
3) We Make You Feel Richer
4) India’s International Bank
5) Your Perfect Banking Partner
Answer- 3) We Make You Feel Richer
Explanation:
About IndusInd Bank Limited:
Managing Director(MD) & Chief Executive Officer(CEO) – Sumant Kathpalia
Headquarters – Mumbai, Maharashtra
Established in – 1994
Tagline – We Make You Feel Richer

44. In which year Punjab National Bank (PNB) was established?

1) 1934
2) 1956
3) 1880

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4) 1894
5) 1945
Answer- 4) 1894
Explanation:
About Punjab National Bank (PNB):
MD & CEO– Atul Kumar Goel
Headquarters– New delhi, Delhi
Tagline– the name you can BANK upon !
Establishment– 1894

45. What is the Tagline of Karnataka Bank?

1) We Understand Your World
2) Support All the Way
3) Your Family Bank Across India
4) India’s International Bank
5) Your Perfect Banking Partner
Answer- 3) Your Family Bank Across India
Explanation:
About Karnataka Bank Limited(KBL):
Managing Director & Chief Executive Officer– Srikrishnan Hari Hara Sarma
Headquarters– Mangaluru, Karnataka
Tagline– Your Family Bank Across India
Establishment– 1924

46. _________ is a rate at which the Reserve Bank of India (RBI) borrows money from commercial
banks.
1) Repo rate
2) Reverse repo rate
3) Statutory Liquidity Ratio
4) Bank Rate
5) Cash reserve ratio
Answer- 2) Reverse repo rate
Explanation:
Repo rate – Repo rate is the rate at which RBI gives loans to commercial banks against government
securities.
Reverse repo rate – A reverse repo rate is a rate at which RBI borrows money from commercial
banks.

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 Banking & Economy PDF

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 Banking & Economy PDF

Banking, Finance & Economy PDF 2023 – October

Table of Contents
Banking, Finance & Economy News: October 2023 ................................................................................................ 6
Banking, Finance & Economy Q&A: October 2023 ............................................................................................... 63

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 Banking & Economy PDF

Banking, Finance & Economy News: October 2023

RBI IN NEWS

Highlights of RBI’s 4th Bi-monthly Monetary Policy for FY24: LAF Stays at 6.50%, FY24 GDP
Growth Estimated at 6.5%
The Reserve Bank of India (RBI) announced its fourth bi-monthly monetary policy. The RBI Governor
Shaktikanta Das-led Monetary Policy Committee (MPC) meeting on October 4-6, 2023, decided to keep the
rates and stance unchanged.
i.Policy Repo Rate: For the 4th time in a row, the MPC has opted to keep the policy repo rate under the
liquidity adjustment facility (LAF) unchanged at 6.50%.
 The last adjustment to this rate was a 25-basis point increase to 6.50% during the February 2023
meeting.
 RBI Governor pointed out that the full transmission of 250 basis points repo rate reduction is still
pending.
 The MPC’s main goal is to maintain the Consumer Price Index (CPI) inflation rate at a targeted level.
The current target is set at 4%, with a tolerance range of +/- 2 percentage points.
RBI’s Policy Rates:
Category Rate
Policy Repo Rate (RR) 6.50%
Standing Deposit Facility (SDF) Rate 6.25%
Marginal Standing Facility (MSF) Rate 6.75%
Bank Rate 6.75%
Fixed Reverse Repo Rate (RRR) 3.35%
Cash Reserve Ratio (CRR) 4.50%
Statutory Liquidity Ratio 18%
ii.Real GDP Growth Projections: The MPC provided projections for real gross domestic product (GDP) growth
for the fiscal year 2023-24:
 Overall, real GDP growth for 2023-24 is projected at 6.5%.
 For Q2FY24–6.5%.
 For Q3FY24–6.0%.
 For Q4FY24–5.7%.
 For Q1FY25–6.6%.
iii.The real GDP in the Q1FY24 (April-June) posted a growth rate of 7.8% year-on-year (y-o-y). This strong
growth was attributed to factors such as private consumption and investment demand.
SDF, MSF, and Bank rate remain unchanged at 6.25% , 6.75%, 6.75%, respectively
The MPC also decided that Standing Deposit Facility (SDF) and Marginal Standing Facility (MSF) rates are also
left unchanged at 6.25 per cent and 6.75 per cent, respectively. These rates are essential tools used by the RBI
to regulate the flow of money in the banking system, ensuring stability and influencing borrowing and lending
activities among banks.
 Special Drawing Facility (SDF): This rate signifies the interest rate at which banks can deposit
their excess funds with the Reserve Bank of India (RBI). It remains steady at 6.25%.
 Marginal Standing Facility (MSF): MSF is a window for banks to borrow funds from the RBI in
situations where inter-bank liquidity is exhausted. The interest rate for MSF remains unchanged at
6.75%.

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 Banking & Economy PDF

 Bank Rate: The Bank Rate is the interest rate at which the RBI lends long-term funds to commercial
banks. This rate is also set at 6.75%.
RBI maintains CPI inflation forecast for FY24 at 5.4%
RBI projects that Inflation is expected to average 5.4% in the fiscal year 2023–2024, which remained
unchanged. Additionally, the target for economic growth remains at 6.5% for the same period.
 CPI stands for Consumer Price Index, is a way to measure how prices of everyday items change over
time. It shows the average cost increase for things people buy regularly, like groceries and services.
Quarterly CPI Inflation Projections for FY23-24:
 Q2FY24: 6.4% (up from 6.2%).
 Q3FY24: 5.6% (revised down from 5.7%).
 Q4FY24: 5.2% .
 Q1FY25: 5.2% .
i.CPI headline inflation jumped by 2.6% points to 7.4% in July, primarily due to a spike in vegetable prices. It
then moderated slightly in August to 6.8%.
ii.Fuel inflation – Increased to 4.3% in August.
iii.Core inflation, which excludes food and fuel
 Softened to 4.9% during July-August 2023.
 Core inflation has decreased by approximately 140 basis points from its highest point in January
2023.
RBI Doubles Gold Loan Limit Urban Cooperative Banks
During the sidelines of meeting, RBI announced to double the gold loan limit under Bullet Repayment
scheme for Urban Cooperative Banks (UCBs). Monetary ceiling for gold loans under this scheme increased
from ₹2.00 lakh to ₹4.00 lakh for UCBs that meet Priority Sector Lending (PSL) target and sub targets as on
March 31, 2023.
 A bullet repayment scheme is when a borrower pays both the interest and the principal amount at
the end of the loan tenure, without making any repayments during the loan duration period.
Background:
November 26, 2007: it has been decided to permit Bullet repayment of gold loans up to ₹1.00 lakh as an
additional option.
October 30, 2014: Loan limit increased to ₹2.00 lakh.
October 6, 2023: Loan limit further increased to ₹4.00 laksh for UCBs meeting PSL targets.
ii.Loan Repayment Options
Bullet Repayment: Principal and interest paid in lump sum at the end of the loan tenure.
Equated Monthly Instalment (EMI) Repayment: Fixed monthly payments that include principal and interest.
Extension of PIDF Scheme to December 2025, Inclusion of Vishwakarma Beneficiaries
Reserve Bank Governor Shaktikanta Das announced the extension of the Payments Infrastructure
Development Fund (PIDF) Scheme by 2 years, until December 31, 2025. This extended scheme will now
include beneficiaries of the PM Vishwakarma Scheme, aiming to promote digital transactions at the grassroots
level.
i.The PIDF Scheme was operationalized by the Reserve Bank in January 2021 for a 3-year period.
ii.Objective: Incentivize the deployment of payment acceptance infrastructure, including physical Point of Sale
(PoS) and Quick Response (QR) codes.
iii.Target Areas: Tier-3 to tier-6 centers, northeastern states, and Union Territories of Jammu & Kashmir and
Ladakh.
iv.Beneficiaries: Initially, focused on Tier-3 to Tier-6 centers and northeastern states.

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v.In August 2021, beneficiaries of PM SVANidhi Scheme in Tier-1 and 2 centers were included in the PIDF
scheme.
vi.By end-August 2023, over 2.66 crore new touchpoints have been deployed under the Scheme.
PM Vishwakarma Scheme:
 It was Launched by Prime Minister Narendra Modi in 2023,aims to support artisans and
craftspeople who work with their hands and tools.
 This initiative offers collateral-free loans up to Rs 3 lakh in two installments: Rs. 1 lakh and Rs. 2
lakh. The loans come with a low interest rate of 5%, and the government provides an 8% subsidy.
 Covers artisans in 18 fields, including carpenters, goldsmiths, blacksmiths, masons, stone sculptors,
barbers, and boatmakers.
RBI to introduce card-on-file tokenization at bank level
RBI proposes to introduce Card-on-File Tokenisation (CoFT) creation facilities directly at the issuer bank
level.Currently, Card-on-File (CoF) tokens can only be created through a merchant’s application or webpage.
Objective: Proposal to introduce CoF token creation facilities directly at the issuer bank level and streamline
token creation and linking for cardholders with various e-commerce applications.
RBI’s Card-on-File Tokenisation (CoFT) Initiative:
Introduced in September 2021 and implementation began on October 1, 2022.Over 56 crore tokens created,
facilitating transactions exceeding ₹5 lakh crore.
What is Tokenisation?
CoFT or tokenisation is a process used to replace card details by a unique token or code. This ensures secure
online transactions without revealing sensitive information such as the card number and card verification value
(CVV).
RBI to consider OMO sales to manage liquidity
RBI may consider Open Market Operations (OMO) sales of government securities as a strategy to manage
liquidity in the financial system.OMO sales will be conducted through auctions and not via Negotiated Dealing
System-Order Matching (NDS-OM) platform.
i.To align liquidity with monetary policy, the Reserve Bank introduced a temporary Incremental Cash Reserve
Ratio (I-CRR) at 10%,which amounted to about Rs 1.1 lakh crore,as a reserve.
 The I-CRR is gradually being phased out, with the final phase scheduled to conclude on October 7,
2023.
ii.High levels of MSF borrowings amid significant funds parked under the SDF indicate uneven liquidity
distribution in the banking system.
 This led to a firming up of the weighted average call rate (WACR), the operating target of monetary
policy, despite short-term rate hardening.
iii.Banks have chosen to place funds in the overnight SDF rather than participating in the main 14-day variable
rate reverse repo (VRRR) operations.
 Banks are encouraged to assess their liquidity needs over the reserve maintenance cycle and
actively participate in 14-day VRRR auctions.
RBI has allowed NBFCs (middle and base layer entities) to Offset Exposure with Credit Risk Transfer
Instruments
The Reserve Bank of India (RBI) has granted permission to non-banking financial companies(NFBCs)
categorized as middle layer and base-layer entities to use credit risk mitigation tools. This enables them to
offset their exposure (protect themselves from financial risk) using eligible credit risk transfer instruments.
i.Existing guidelines allow offsetting exposures(practice of balancing or reducing financial risks) with credit
risk transfer instruments for Non-Banking Financial Company (NBFCs) in the Upper Layer (UL).

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ii.To harmonize norms, NBFCs in the Middle Layer (ML) and Base Layer (BL) will also be permitted to offset
exposures using eligible credit risk transfer instruments.
Assessment of MPC:
Global Economy:
Global economic growth is slowing, prices remain high, government bond returns are rising, the US dollar is
strengthening, and stock markets are declining. Emerging economies are experiencing currency depreciation
and unpredictable capital flows.
Domestic Economy:
i.In September, southwest monsoon rainfall improved but remained 6% below the long-term average.
ii.Kharif crop cultivation area increased by 0.2% compared to the FY23.
iii.Industrial production rose by 5.7% in July 2023, and core industries expanded by 12.1% in August 2023.
iv.As of September 22, 2023, money supply (M3) expanded by 10.8% year-on-year (y-o-y), and bank credit
grew by 15.3%.
v.As per RBI’s enterprise surveys, manufacturing firms expect higher input cost pressures but marginally lower
growth in selling prices in Q3 compared to the previous quarter.
External Factors:-
i.Inward remittances – Increased by 5.8% year-on-year.
ii.The current account deficit (CAD) for Q1:2023-24 -Decreased to 1.1% of GDP compared to the FY23.
iii.Net foreign direct investment (FDI) moderated to USD 5.8 billion in April-July 2023 from USD 17.3 billion in
the FY23.
iv.External commercial borrowings (ECBs):Net inflows of USD 4.5 billion during April-August 2023, compared
to net outflows of USD 3.2 billion in the FY23. A significant portion of the ECBs was raised for capital
expenditure.
The Monetary Policy Committee
Section 45ZB of the amended RBI Act, 1934, enables the Central Government to establish a 6-
member Monetary Policy Committee (MPC) through an official notification in the Official Gazette.
The committee meets at least four times a year to decide on the monetary policy, specifically the repo rate. The
repo rate is the rate at which the RBI lends money to commercial banks. By adjusting this rate, the RBI
influences inflation and economic growth.
ii.The first MPC was formed in 2016.
iii.Present MPC members: Shaktikanta Das; Michael Debabrata Patra; Rajiv Ranjan; Prof. Ashima Goyal; Prof.
Jayanth R. Varma; Dr. Shashanka Bhide
Note: Next meeting of the MPC is scheduled for December 6-8, 2023.

RBI Constitutes Working Group on ECL Framework

The Reserve Bank of India (RBI) has constituted a 9 member external Working Group chaired by Prof. R.
Narayanaswamy to suggest Expected Credit Loss (ECL) framework for provisioning by banks.
 R Narayanaswamy is a retired Indian accountant and former Professor of Indian Institute of
Management (IIM) Bangalore, Bengaluru, Karnataka.
Members of the Working Group:
 Sanjay Kallapur – Professor in Indian School of Business (ISB), Hyderabad, Telangana.
 Rajosik Banerjee – Partner and Head, Financial Risk Management at Klynveld Peat Marwick
Goerdeler (KPMG).
 S Srinivasa Rao – Chief Manager of State Bank of India(SBI).

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 Rajendra Khandelwal – General Manager of ICICI Bank.

 Susanta Baishya- Executive Vice President (Wholesale Credit) of HDFC Bank.
 Adish Yadav – Deputy General Manager at Canara Bank.
 Pravinkumar Taparia – General Manager of Saraswat Co-operative Bank.
 Sridharan N – Chief Financial Officer(CFO) at Equitas Small Finance Bank.
Terms of Reference for the Working Group:
i.Describe the key principles required to considered by the banks while designing the credit risk models to
assess ECL.
ii.Recommend the factors that should be considered to determine credit risk based on the guidance provided in
International Financial Reporting Standard 9 – Financial Instruments (IFRS 9) and principles laid out by Basel
Committee on Banking Supervision (BCBS).
iii.Suggest methodology to undertake external independent validation of the models.
iv.Recommend prudential floors for provisioning based on comprehensive data analysis.
Background:
i.RBI released a discussion paper in January 2023 proposing a new framework for provisioning for credit risk,
called ‘Discussion Paper on Expected Loss (EL)-based Approach for loan loss provisioning by banks’
ii.It states that banks will have to set aside provisions based on their assessment of the expected losses on their
loans, rather than waiting until the loans actually default.
iii.The RBI has received comments on the discussion paper from various stakeholders, and is now setting up a
working group to get independent inputs on some of the technical aspects of the ECL framework.
Note:
 Expected Credit Loss (ECL): It is a measure of the potential losses that a financial institution
expects to incur on its loans and other financial assets over their lifetime.
 ECL Framework: The ECL framework is a forward-looking approach to provisioning for credit risk,
which is already implemented under International Accounting Standards Board (IASB) and US
Financial Accounting Standards Board (FASB).
RBI Appoints Muneesh Kapur as New Executive Director
RBI has appointed Muneesh Kapur as Executive Director (ED) with effect from October 3, 2023.
 As executive director, Muneesh Kapur will monitor the Department of Economic and Policy
Research.
 Prior to his appointment as ED, he was serving as Adviser-in-Charge of Monetary Policy Department
and secretary to the Monetary Policy Committee(MPC).
 He also served as an adviser to the executive director of the International Monetary
Fund(IMF) during 2012-15.

RBI to Apply PCA Supervisory Guidelines to Government-Owned NBFCs Starting October

2024; RBI Instructs BoB to Stop Customer Onboarding on Mobile App
The Reserve Bank of India (RBI) announced that it will apply strict supervisory norms under the Prompt
Corrective Action (PCA) Framework to government-owned Non-Banking Financial Companies (NBFCs) starting
from October 2024. This move has significant implications for these government-owned NBFCs.
 Major government-owned NBFCs that will be subject to the PCA Framework include entities like
Power Finance Corporation (PFC), Rural Electrification Corporation (REC), Indian Railway Finance
Corporation (IRFC), and Industrial Finance Corporation of India (IFCI).
i.Application of PCA to Government-Owned NBFCs:
RBI has decided to extend the PCA framework to all deposit taking government NBFCs and non-deposit taking
government NBFCs in middle, upper and top Layers (excluding base layer) with effect from October 1, 2024.
 This extension is based on the audited financials of the NBFC as of March 31, 2024, or subsequent
dates.

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ii.Objective – The objective of the PCA Framework is to enable Supervisory intervention at appropriate time
and require the Supervised Entity to initiate and implement remedial measures in a timely manner, so as to
restore its financial health. The PCA Framework is also intended to act as a tool for effective market discipline.
About Prompt Corrective Action (PCA)
Prompt Corrective Action (PCA), is a framework used by RBI to assess the financial health and stability of
banks. The primary goal of PCA guidelines is to ensure that banks maintain sound financial conditions and take
corrective actions when their financial health deteriorates. PCA guidelines are an essential tool for preventing
bank failures and protecting the overall stability of the financial system.
Background of PCA:
i.Initially, the RBI introduced the PCA Framework for scheduled commercial banks (SCBs) in December 2002.
This structured system was inspired by a similar framework used by the US Federal Deposit Insurance
Corporation (FDIC) PCA framework.
ii.The regulations within this framework were later revised in April 2017, with a focus on monitoring capital,
asset quality, and leverage.
iii.On November 2, 2021, the Reserve Bank of India (RBI) once again revised the Prompt Corrective Action
(PCA) Framework.
iv.On December 14, 2021, RBI extended the PCA Framework for NBFCs
For NBFCs-D and NBFCs-ND (excluding CICs):
 NBFC-D – NBFC Deposit
 NBFC ND – NBFC Non-Deposit
 CIC – Core Investment Companies
Indicator Risk Threshold-1 Risk Threshold-2 Risk Threshold-3
Upto 300 bps below the More than 300 bps but upto
regulatory minimum CRAR 600 bps below regulatory More than 600 bps below
[currently, CRAR <15% but minimum CRAR [currently, regulatory minimum CRAR
CRAR ≥12%] CRAR <12% but ≥9%] [currently, CRAR <9%]
More than 200 bps but upto 400
Upto 200 bps below the bps below the regulatory More than 400 bps below the
regulatory minimum Tier I minimum Tier I Capital Ratio regulatory minimum Tier I
Tier I Capital Capital Ratio [currently, Tier I [currently, Tier I Capital Ratio <8% Capital Ratio [currently, Tier I
Ratio Capital Ratio <10% but ≥8%] but ≥6%] Capital Ratio <6%]
NNPA Ratio
(including
NPIs) >6% but ≤ 9% >9% but ≤12% >12%
For CICs:
Indicator Risk Threshold-1 Risk Threshold-2 Risk Threshold-3
Adjusted Net Upto 600 bps below the More than 600 bps but upto More than 1200 bps below
Worth / Aggregate regulatory minimum 1200bps below regulatory regulatory minimum
Risk Weighted ANW/RWA [currently, minimum ANW/RWA [currently, ANW/RWA [currently,
Assets ANW/RWA <30% but ≥24%] ANW/RWA <24% but ≥18%] ANW/RWA <18%]
Leverage Ratio ≥2.5 times but <3 times ≥ 3 times but <3.5 times ≥3.5 times
NNPA Ratio
(including NPIs) >6% but ≤ 9% >9% but ≤12% >12%
Violation of any risk threshold, as outlined, could lead to the activation of PCA.

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Corrective actions are as below:

Mandatory and Discretionary actions
Specifications Mandatory actions Discretionary actions
· Restriction on dividend distribution/remittance of profits; Common menu
· Promoters/shareholders to infuse equity and reduction in · Special Supervisory
leverage; Actions
Risk Threshold · Restriction on issue of guarantees or taking on other contingent · Strategy related
1 liabilities on behalf of group companies (only for CICs) · Governance related
Risk Threshold In addition to mandatory actions of Threshold 1, · Capital related
2 · Restriction on branch expansion · Credit risk related
· Market risk related
· HR related
In addition to mandatory actions of Threshold 1 & 2, · Profitability related
· Appropriate restrictions on capital expenditure, other than for · Operations/Business
Risk Threshold technological upgradation within Board approved limits related
3 · Restrictions/reduction in variable operating costs · Any other.
RBI Instructs Bank of Baroda to Halt Customer Onboarding on Mobile App
The Reserve Bank of India, under section 35A of the Banking Regulation Act, 1949, has ordered Bank of Baroda
to immediately suspend the process of adding more customers to the ‘bob World’ mobile application.
 This measure is prompted by the identification of “certain material supervisory concerns” during
the customer onboarding process for the ‘bob World’ mobile application. This was aimed at
increasing the registration number of BoB World.
 The bank is also instructed to ensure that existing ‘bob World’ customers experience no disruptions
due to this suspension
 This ban comes after RBI had already imposed a fine of Rs 30 lakh on Bank of Baroda earlier this
year, for deficiencies in regulatory compliance related to Know-Your-Customer (KYC) norms.
About bob World:
i.The bank originally introduced its mobile banking application as the pilot project ‘Baroda M-Connect’ in
2011.
 In 2021, it introduced ‘bob World’ to cater to its customers’ needs.
 The bank’s annual report for FY23 highlights that over the past two years, the bank has consistently
added 10 million new customers to ‘bob World’ annually, a notable achievement in the Indian
banking sector.
ii.The bank has adjusted the interest rates for its Tiranga Plus Deposit Scheme, offering senior citizens an
interest rate of 7.80% p.a. on non-callable deposits under the scheme.
About Bank of Baroda:
Managing Director & CEO – Shri Debadatta Chand
Headquarters– Vadodara, Gujarat,
Establishment – 20 July 1908
Tagline– India’s International Bank
RBI’s Monetary Policy Report: Bank Credit Composition Shows Significant Transformation Over Time
As per the RBI’s monetary policy report,bank lending has changed significantly, with more credit now directed
towards services and retail loans compared to industries.
Comparison of Composition in Bank Outstanding Credit: March 2023 vs. March 2013
Composition of Bank outstanding Credit March 2023 March 2013
Personal/Retail loans 32.10% 18%
Services 28.40% 24%

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Industry 26.20% 46%

Agriculture 13.30% 12%
Outlook for Bank Credit (FY24):
 Expected credit growth in the range of 13.0%–13.5% for FY24 (excluding the HDFC-HDFC Bank
merger impact).
 Personal loans segment expected to outperform industry and service segments in FY24.
 Higher demand for loans is expected from mining, infrastructure and personal/retail sectors in
Q3FY24 .

RBI Cancels CoR of Ind Bank Housing Ltd; Imposes Rs 5.39cr penalty on Paytm Payments Bank
The Reserve Bank of India (RBI) has cancelled the Certificate of Registration (CoR) Chennai, Tamil Nadu (TN)
based Ind Bank Housing Ltd, a Housing Finance Company (HFC) w.e.f. September 21, 2023.
 In this regard, it cannot transact the business of Housing Finance Institution and a Non-Banking
Financial Institution (NBFC) as defined in National Housing Bank (NHB) Act, 1987 and RBI Act,
1934, respectively.
 This decision has been taken by RBI in exercise of its powers conferred on it under Section 29A (6)
of the NHB Act, 1987.
Note: Set up in 1991, Ind Bank Housing Ltd’s major shareholders were Indian Bank and HUDCO (Housing and
Urban Development Corporation Ltd) with 51% and 25% stake, respectively.
RBI imposes Rs 5.39 crore penalty on Paytm Payments Bank
On October 12, 2023, the Reserve Bank of India (RBI) imposed a monetary penalty of Rs
5.39 Crore on Paytm Payments Bank Limited (PPBL) in exercise of its powers conferred under the
provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation (BR) Act, 1949.
 This penalty will not affect any transaction or agreement entered into by the bank with its
customers.
Reason behind this Penalty:
The penalty was imposed due to non-compliance with certain provisions of,
i.Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016
ii.RBI Guidelines for Licensing of Payments Banks’ read with ‘Enhancement of maximum balance at end of the
day
iii.Cyber security framework in banks’ read with ‘Guidelines on reporting of unusual cyber security incidents
iv.Securing mobile banking applications including UPI ecosystem
Background:
RBI conducted special scrutiny and system audit of PPBL which identified non-compliance, including failure to
identify beneficial owners, lack of payout transaction monitoring, breaching regulatory limits, delayed
reporting of cyber incident, and inadequate cybersecurity measures. Thereafter, bank received a notice to
explain non-compliance and potential penalty imposition.

RBI Governor Shaktikanta Das receives award for A+ ranking in Global Finance’s Central
Banker Report Cards 2023
Reserve Bank of India (RBI) Governor Shaktikanta Das was awarded the “Best Central Bank Award 2023” for
being ranked ‘A+’ in the Global Finance Central Banker Report Cards 2023. The award was presented
during the 30th annual World’s Best Banks Awards ceremony held at Marakesh, Morocco.
 Shaktikanta Das was rated as A+ in Global Finance’s Central Banker Report Cards 2023.
Other A+ rated governors:
Thomas J. Jordan, the Governor of Swiss National Bank (SNB) and Nguyen Thi Hong, the Governor of State
Bank of Vietnam(SBV) were also rated A+ in Central Banker Report Cards 2023.
Central Banker Report Cards:

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i.The Central Banker Report Cards is an annual publication by Global Finance magazine that grades the central
bank governors of 101 key countries, territories, and districts.
ii.The grades are based on a scale from A to F, with A representing excellent performance and F representing
outright failure.
iii.The grades are based on the central bank governors’ success in inflation control, economic growth goals,
currency stability, and interest rate management.
iv.The Central Banker Report Cards recognize central bank governors who have developed and implemented
original, creative, and tenacious strategies that have outperformed their peers.
Global Finance was founded in 1987 and headquartered in New York, United States of America(USA).

RBI Starts Wholesale Digital Rupee Pilot in Call Money Market

On October 17, 2023, the Reserve Bank of India (RBI) initiated a pilot program for the wholesale segment
namely ‘Digital Rupee-Wholesale (e₹-W)’ of its Central Bank Digital Currency (CBDC) in the interbank call
money market. Click Here to read about CBDC
 e-rupee call money pilot is the second test of wholesale CBDC, after the government securities
market in November 2022.
 State Bank of India(SBI), Bank of Baroda(BoB), Union Bank of India(UBI), HDFC Bank, ICICI Bank,
Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC were part of the wholesale CBDC in
government securities pilot program.
 Most participating banks remain the same from the wholesale e-rupee pilot for the government
securities market with Federal Bank replacing HSBC in the call money pilot.
Key Points:
i.Under the pilot, the entire wholesale segment, including asset tokenization and repo transactions will be
covered.
ii.Initially, eRs (Digital Rupee) will move from bonds to call money to repo, with plans for a final pilot covering
the entire wholesale segment.
iii.Operational processes for the e-rupee pilot remain the same, except settlements will use CBDC instead of
real-time gross settlement used in trades on the Clearing Corp of India Limited (CCIL). .
iv.Settlements will occur on the same day (T+0 mode) under the pilot.
About Call Money Market:
In the call money market, large financial institutions, such as banks, mutual funds, and corporations engage in
short-term borrowing and lending activities among themselves, with interbank rates determined by prevailing
market conditions.

RBI announced results of 2nd edition of its Global Hackathon – HARBINGER 2023
The Reserve Bank of India (RBI) introduced second edition of its global hackathon, “HARBINGER 2023 –
Innovation for Transformation”
Theme: Inclusive Digital Services.
 This event was announced on February 14, 2023.
 The hackathon received 154 proposals submitted by teams from both India and 28 participating
teams/entities from countries such as Australia, Canada, Germany, Singapore, Sweden, the United
Kingdom (UK), and the United States of America(USA). The Hackathon ran in three phases.
 The hackathon is hosted on Application Programming Interface Exchange (APIX) platform.
Participants can register for the hackathon and submit their proposals by clicking on the provided
link (https://hackolosseum.apixplatform.com/h1/harbinger2023link)

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Sl.
No. Problem Statement Results Solution Description
The solution, DrishtiPay, facilitates effortless
Card/UPI payments for the visually challenged.
With DrishtiPay, a tap of the card or NFC-
Ezetap Mobile enabled phone allows blind users to provide
Solutions Pvt Ltd OTP securely for transacting instead of
(Now acquired struggling to enter PIN. Solution integrates with
by Razorpay), UPI apps, to facilitate UPI payments for visually
Winner India impaired.
The solution empowers visually impaired
individuals to achieve self-sufficiency in
transacting with PoS devices by harnessing the
power of AI. The app utilises the phone’s
camera to analyze randomised keypads on PoS
Innovative, easy-to-use, machines and guides the user to enter their PIN
digital banking services for Joint PoSMirror, India on a braille enabled add-on screen.
differently abled Runners- SL Avatar aims at seamlessly translating speech
1 (Divyaang). up SL Avatar, India and text into sign language and vice versa,
WeavAir solution provides efficient data
collection and analytics to facilitate compliance
by REs, facilitating financial institutions
WeavAir, improve their regulatory reporting and risk
Winner Singapore management.
MUNAFA (Mutilated Notes Adjudication For
All) is an application which on a click of a
RegTech solutions to photo, identifies various pieces of a mutilated
facilitate more efficient note along with their respective sizes, and
compliance for Regulated Runner- compares the same with the Note Refund Rules
2 Entities (REs) up Munafa, India to give user exchangeable value of the note.
Dygnify It is a mobile application on encrypted SMS
Ventures Private rails for CBDC-Retail transactions without
Exploring use Winner Limited, India needing internet.
cases/solutions for Central Crunchfish
Bank Digital Currency - Digital Cash AB Crunchfish along with IDFC First Bank
Retail (CBDC-R) (Sweden) + IDFC showcased ”Digital Cash Telecom” as an easily
transactions, including Runner- First Bank scalable, resilient and secure offline payment
3 transactions in offline mode up (India) product.
Increasing Transactions Per Solution is a token-based architecture based on
Second (TPS)/ throughput two-phase commit protocol. It also uses the
and scalability of Fortis Net Ltd., Raft consensus algorithm and Corporate Digital
4 blockchains.* Winner UK Identity to support linear scalability.
*No runner-up was selected under this problem statement
Abbreviations: NFC – Near Field Communication , OTP – One-Time Password , PIN – Personal Identification
Number , UPI – Unified Payments Interface , POS – Point of Sale , AI – Artificial intelligence , KYC – Know Your
Customer, ESG – Environmental, Social, and Governance.

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Prizes in each category-

 Winner: ₹40 lakh
 Runner-up: ₹20 lakh
These innovative solutions enhance accessibility for
differently-abled individuals, streamline regulatory
compliance, introduce new CBDC Retail applications, and
improve blockchain scalability.
About Harbinger:
RBI initiated its inaugural global hackathon, titled
“HARBINGER 2021 – Innovation for Transformation,”
with the theme ‘Smarter Digital Payments’ in 2021.
Eligibility:
 Hackathon is open to all entities, teams, or
individuals who are at least 18 years old and
can enter into contractual agreements.
 The proposed product or solution should
showcase an element of innovation or a novel
application of technology that benefits the
greater good.
Note: A hackathon is a time-bound event where individuals or teams collaborate to rapidly develop software or
hardware projects, often focusing on innovation and problem-solving within a specific theme or challenge.
These events foster creativity and skill development, often with prizes or awards for outstanding solutions.

RBI Allows Retail Investors to Subscribe to FRSBs 2020 (T) via Retail Direct Portal
On October 23, 2023, the Reserve Bank of India (RBI) in consultation with the Government of India (GoI), has
expanded the range of products offered through RBI Retail Direct portal by allowing retail investors to
subscribe to Floating Rate Savings Bonds , 2020 (Taxable)- FRSB 2020 (T).
 Previously, the retail investors were allowed to invest in central government securities, treasury
bills, state government securities and sovereign gold bonds through this portal.
 The subscription of bonds will be in the form of cash (up to Rs 20,000 only)/drafts/cheques or any
electronic mode.
Point to note:
Prior to this, the FRSB 2020 (T) was only available at designated branches of State Bank of India (SBI),
Nationalised Banks, private banks specified by RBI and other entities authorised by RBI as per the guidelines of
Floating rate bonds released by GoI in June 2020.
 Now, FRSBs can be brought through retail Direct Portal.
About RBI-Retail Direct Scheme:
The Prime Minister (PM) of India Narendra Modi launched the scheme on November 12, 2021, allowing
individual investors to open a Retail Direct Gilt (RDG) account with the Reserve Bank of India via an online
portal (https://rbiretaildirect.org.in). This account facilitates investments in government securities in both
primary and secondary markets.
Click Here for Official Details about RBI Retail Direct Scheme
Note: Individuals who are retail investors are permitted to open an RDG account.
What is FRSB 2020 (T)?
i.These are interest bearing, non-tradeable bonds, issued by the GoI, mature after seven years from the issue
date.
ii.FRSB 2020 (T) features a floating interest rate paid semi-annually on January 1st and July 1st. Residents in
India (including joint holdings) can invest, with a minimum of Rs 1000 and its multiples, and are bot open to
NRIs (Non-Resident Indians).

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 These bonds are taxable under the Income Tax Act, 1961 and are issued at par.
iii.The interest rate on RBI savings bonds has been increased from 7.35% to 8.05% until June 30, 2023.
 The interest rate on RBI FRSB has a spread of 0.35% over and above the interest rate on the
National Savings Certificate (NSC).
iv.The interest rate on these bonds is reset every 6 months(on January 1 and July 1 every year).

Reserve Bank of India (RBI) Issues New Guidelines NBFC – SBR Master Directions 2023
Reserve Bank of India (RBI) has recently published a new set of guidelines called the “Master Direction –
Reserve Bank of India [Non-Banking Financial Company (NBFC)– Scale Based Regulation(SBR)] Directions,
2023”.
It replaces the Non-Banking Financial Company–Non-Systemically Important Non-Deposit taking (Reserve
Bank) Directions, 2016, and the Non-Banking Financial Company–Systemically Important Non-Deposit taking
Company and Deposit taking Company (Reserve Bank) Directions, 2016.
 The Reserve Bank of India (RBI) exercises its authority under the RBI Act, 1934 (Act 2 of
1934) and the Factoring Regulation Act, 2011 (Act 12 of 2012).
About the Framework:
Under this regulatory framework, NBFCs are categorized into 4 layers based on their size, activities, and
perceived risk:
i.NBFCs-Base Layer (NBFCs-BL) includes:
 Non-deposit taking NBFCs with assets below Rs 1,000 crore.
 NBFCs engaged in specific activities such as NBFC-Peer to Peer Lending Platform (NBFC-P2P),
NBFC-Account Aggregator (NBFC-AA), Non-Operative Financial Holding Company (NOFHC), and
NBFCs not utilizing public funds and lacking customer interactions.
ii.NBFCs-Middle Layer (NBFCs-ML) includes:
 All deposit-taking NBFCs (NBFCs-D), regardless of their asset size
 Non-deposit taking NBFCs with assets equal to or exceeding Rs 1,000 crore
 NBFCs involved in activities like Standalone Primary Dealer (SPD), Infrastructure Debt Fund-Non-
Banking Financial Company (IDF-NBFC), Core Investment Company (CIC), Housing Finance
Company (HFC), and Non-Banking Financial Company-Infrastructure Finance Company (NBFC-IFC).
Criteria for deciding NBFC-ML status
When the total assets of an NBFC reach Rs 1,000 crore or more, it will become subject to the regulatory
requirements that apply to the Middle Layer, regardless of its size as reported on the last balance sheet date.
iii.NBFCs-Upper Layer (NBFCs-UL)
NBFCs that the Reserve Bank identifies as needing stricter regulatory oversight based on specific parameters
and scoring methods.
 The quantitative and qualitative parameters shall have weightage of 70% and 30% respectively.
Scoring methodology for identification of an NBFC as NBFC-UL shall be based on the set of NBFCs fulfilling the
following criteria:
 Top 50 NBFCs (excluding top ten NBFCs based on asset size, which automatically fall in the Upper
Layer) based on their total exposure including credit equivalent of off-balance sheet exposure.
 NBFCs designated as NBFC-UL in the previous year.
 NBFCs added to the set by supervisors using supervisory judgment
iv.NBFCs-Top Layer (NBFC-TL)
The Top Layer should remain vacant.
 If the Reserve Bank determines that certain NBFCs in the Upper Layer pose a substantial systemic
risk, they may be moved to the Top Layer from the Upper Layer.
Classification of NBFC under activity based
As the regulatory structure envisages scale based as well as activity-based regulation, the following
prescriptions shall apply in respect of the NBFCs.

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 Banking & Economy PDF

i.NBFC-P2P, NBFC-AA, NOFHC, and NBFCs without public funds and customer interaction will consistently fall
within the Base Layer of the regulatory structure.
ii.NBFC-D, CIC, NBFC-IFC, and HFC will be categorized in either the Middle Layer or Upper Layer, as
appropriate, excluding the Base Layer. SPD and IDF-NBFC will always remain in the Middle Layer.
iii.The remaining NBFCs, such as NBFC-Investment and Credit Companies (NBFCICCs), NBFC-Micro Finance
Institutions (NBFC-MFIs), NBFC-Factors, and Mortgage Guarantee Companies (MGCs), may be positioned in
any of the regulatory layers based on scale-related criteria.
iv.Government-owned NBFCs will be positioned in either the Base Layer or Middle Layer, and they will not be
placed in the Upper Layer unless otherwise notified.
Multiple NBFCs in a Group – Classification in Middle Layer
For NBFCs that are owned by a common group of promoters, or if they are part of the same group, the total
assets of all these NBFCs will be combined to determine their Middle Layer classification.
If the combined assets amount to Rs 1,000 crore or more, each individual NBFC within the group will be
categorized as Middle Layer NBFCs.
RBI asks CICs to send alerts to customers when their credit information report is accessed by lenders
Following the April 2023 Statement on Developmental and Regulatory Policies, the Reserve Bank of India is
mandating Credit Information Companies (CICs) and Credit Institutions (CIs) to enhance customer service and
grievance redress mechanisms, pursuant to Section 11(1) of the Credit Information Companies (Regulation)
Act, 2005:
Notification of Credit Information Report Access and Credit Information Updates:
i.CICs must send SMS/email alerts to customers when their Credit Information Report (CIR) is accessed by
Specified Users (SUs) as defined by CICRA, 2005, if mobile numbers or email addresses are available.
ii.CIs should send alerts via SMS/email to customers when reporting default or Days Past Due (DPD)
information to CICs, provided mobile numbers or email addresses are available.
iii.A modified Uniform Credit Reporting Format has been introduced to enable these alerts.
Establishment of Nodal Points/Officials by CIs:
i.CIs must designate a dedicated nodal point/contact person for communication with CICs for addressing
customer grievances. Contact details, including email ID and phone/mobile numbers, should be provided to
CICs.
ii.Any changes in the nodal points/officials must be promptly communicated to CICs within 5 calendar days.
Access to Free Full Credit Report by Individuals:
CICs should provide individuals with easy access to a Free Full Credit Report (FFCR) including their credit
score once a year. This access should be prominently displayed on their website’s homepage.
These directions will be effective 6 months from the date of this circular, and CICs and CIs are expected to
establish the necessary systems and processes to comply with these directions within this time frame.
 Failure to adhere to these directions may result in penalties under CICRA, 2005.
Note: RBI announced that CICs will soon have to compensate clients for delays in updating or correcting their
credit information by giving them a daily payment of Rs 100.
About Credit Information Companies:
CICs analyze credit data provided by banks and NBFCs, generating credit scores for individuals and credit
rankings for companies, affecting loan accessibility and terms. However, credit scores are not the sole factor
influencing loan approvals.
Four CICs in India:
i.CIBIL (Credit Information Bureau Limited): CIBIL, founded in 2000, is India’s first CIC, serving over 900
financial institutions by collecting and providing credit reports and scores for individuals, essential for loan and
credit card approvals.
ii.Equifax: Founded in 1899 in Atlanta, Equifax is one of the oldest CICs. It received its ‘Certificate of
Registration’ in India from the RBI in 2010. Equifax has a specialized bureau dedicated to addressing the needs
of Microfinance Institutions.

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 Banking & Economy PDF

iii.Experian: Experian CIC was established as a joint venture with several banks and financial institutions in
India in 2006. It was recognized as one of the ‘World’s most innovative companies‘ by Forbes magazine in
2014.
iv.High Mark Credit Information Services: Founded in Mumbai in 2005, CRIF High Mark provides credit
reports to a wide range of borrower segments, including SMEs, commercial borrowers, and retail borrowers,
for a nominal fee.

Kotak Mahindra Bank Gets RBI Nod for Acquisition of Sonata Finance
Kotak Mahindra Bank (KMB) got approval from the Reserve Bank of India (RBI) to acquire 100% of the issued
and paid up capital in Lucknow (Uttar Pradesh) based Sonata Finance Private Limited (SFPL) for Rs 537 crore.
 Sonata Finance will act as a wholly-owned business correspondent (BC) subsidiary of KMB after the
completion of the transaction.
 Sonata Finance, established in 2006, is a Microfinance company registered as Non-Banking Finance
Company(NBFC)-Microfinance institutions(MFI) (Non-Deposit taking).
 Sonata Finance has a network of 502 branches across India.
Note:
KMB entered the MFI business in 2016 with the acquisition of Karnataka-focused BSS Microfinance for Rs 139.2
crore.

SBIFML Fund Gets RBI Approval to Acquire Upto 9.99% Stake in IndusInd Bank
SBI Funds Management Limited (SBIFML) has received the Reserve Bank of India(RBI)‘s approval to acquire
up to a 9.99% paid-up share capital in IndusInd Bank Limited.
 This acquisition will allow the company to also hold 9.99% voting rights in the bank.
 The approval has been granted with reference to the application made by SBIFML to RBI.
Condition in acquisition:
i.The holding of SBIFML in IndusInd Bank should not
exceed 9.99 % of the paid-up share capital or voting
rights of the Bank at all times.
ii.The RBI has given SBIFML one year time (till 10th
October, 2024) to buy the shares of IndusInd Bank.
Compliance:
The approval granted by RBI is subject to compliance with
 Relevant provisions of the Banking Regulation
Act, 1949
 RBI’s master direction and guidelines on the
acquisition and holding of shares or voting
rights in banking companies dated January 16,
2023
 Provisions of the Foreign Exchange
Management Act(FEMA), 1999
 Regulations issued by the Securities and
Exchange Board of India (SEBI).
About SBI Funds Management Limited (SBIFML):
SBIFML is a joint venture between State Bank of India(SBI) and AMUNDI Asset Management through a wholly
owned subsidiary Amundi India Holding.
SBI holds 63% stake and AMUNDI Asset Management holds 37%.
Managing Director(MD) & Chief Executive Officer(CEO) – Shamsher Singh
Headquarters – Mumbai, Maharashtra

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 Banking & Economy PDF

Established in – 1987
About IndusInd Bank Limited(Ltd):
Managing Director(MD) & Chief Executive Officer(CEO) – Sumant Kathpalia
Headquarters – Mumbai, Maharashtra
Established in – 1994
Tagline – We Make You Feel Richer

IFC Received RBI’s Approval for Acquiring 9.7% stake in Federal Bank
International Finance Corporation(IFC) has received approval from Reserve Bank of India (RBI) to acquire
upto 9.7% of the paid-up share capital or voting rights of the in Federal Bank Limited (subject to the
conditions specified therein).
 The approval has been granted by RBI with reference to the application made by IFC.
Key Points:
i.In July 2023, the Federal Bank raised Rs 959 crore from IFC through a preferential issue of shares.
ii.IFC currently holds a 1.34% of the paid-up share capital or voting rights in the bank.
Followed Regulations:
The approval granted by RBI is subject to the compliance with the relevant provisions of the
 Banking Regulation(BR) Act, 1949.
 RBI’s Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in
Banking Companies dated January 16, 2023 (as amended from time to time).
 Foreign Exchange Management Act(FEMA) 1999.
 Regulation 30 of Securities and Exchange Board of India (SEBI) (Listing Obligations and
Disclosure Requirements) Regulations, 2015.
 Any other guidelines, regulations and statutes as applicable.
About International Finance Corporation(IFC):
IFC is one of the members of the World Bank Group(WBG). It is the largest global development institution
focused exclusively on the private sector in developing countries.
Managing Director – Makhtar Diop
Headquarters – Washington DC, United States of America(USA)
Established in – 1956
About Federal Bank Limited:
Managing Director(MD) & Chief Executive Officer(CEO) – Shyam Srinivasan
Headquarters – Aluva, Kerala
Established in 1931
Tagline – Your Perfect Banking Partner

APPOINTMENTS & RESIGNATIONS

Indian Cricketer MS Dhoni Roped in as brand Ambassador of SBI

State Bank of India (SBI) has roped in former Indian Cricketer and former Captain of Indian Men’s cricket team
Mahendra Singh Dhoni (MS Dhoni) as its official brand ambassador.
Key Points:
i.Under this partnership, Dhoni will play a major role in the marketing and promotional campaigns of SBI.
ii.This partnership of SBI aims to reiterate its commitment to serve the nation and its customers with trust,
integrity and dedication.
Note: Other noted brands endorsed by Dhoni include, PepsiCo India’s Lay’s; Reliance Industries
Limited(RIL)’s JioMart; Oreo, India Cements, Dream11, Garuda aerospace, TVS Motors, Reebok, etc.

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 Banking & Economy PDF

About Mahendra Singh Dhoni:

i.MS Dhoni made his international debut in 2004 and captained the Indian national cricket team in limited-
overs formats from 2007 to 2017 and in Test cricket from 2008 to 2014.
ii.He is also playing in the Indian Premier League (IPL) for the franchise, Chennai Super Kings (CSK) from 2008
to 2015 and from 2018 to 2023.
iii.He announced his retirement from International cricket on 15 August 2020.
Records:
i.Dhoni captained India in 332 matches and has recorded 178 wins and 120 defeats as captain of India.
ii.MS Dhoni is 1st and only captain in international cricket to win all three major International Cricket Council
(ICC) trophies (Twenty20 International (T20I) World Cup 2007, One Day International (ODI) World Cup 2011
and ICC Champions Trophy 2013.
Awards:
 Padma Shri in 2009 and Padma Bhushan in 2018 for sports.
 He is the 2nd cricketer to be awarded Rajiv Gandhi Khel Ratna (now Major Dhyan Chand Khel Ratna)
in 2007 after Sachin Tendulkar in 1997–1998.
About State Bank of India (SBI):
Chairman– Dinesh Kumar Khara
Managing Director (MD)– Ashwini Kumar Tewari
Established in 1955
Headquarters– Mumbai, Maharashtra.
Tagline – The Banker to Every Indian

Ashok Vaswani Appointed as New MD & CEO of Kotak Mahindra Bank Limited
The Reserve Bank of India (RBI) has approved the appointment of Ashok Vaswani as the next Managing
Director (MD) and Chief Executive Officer (CEO) of Kotak Mahindra Bank Limited (KMB) for a period
of 3 years. The appointment is with effect from the date of taking charge, which shall not be later than January
1, 2024.
 Ashok Vaswani will replace Uday Kotak who stepped down from the post in September 2023. He
resigned 4 months ahead of the end of his current tenure, which is December 31, 2023.
 Ashok Vaswani will succeed Dipak Gupta, the Joint MD of KMB, who is serving as the interim MD &
CEO of KMB until December 31, 2023.
 Ashok Vaswani is currently the president of Pagaya Technologies Ltd, the United States of America
(US)-Israel Artificial intelligence (AI) fintech firm.
Note:
 Uday Kotak served as the MD and CEO of the bank since its inception in 2003. In March 2023, the
bank’s board approved appointing Uday Kotak as the non-executive non-independent director for 5
years.
 This will be the first time that KMB will be led by an outsider (Ashok Vaswani) in its 20 or so years
of operation.
About Ashok Vaswani:
i.Ashok Vaswanihas more than 3 decades of experience in the banking sector.
iiPrior to Pagaya, he was member of the Barclays Group Executive Team and he has also served as the CEO of
consumer banking & payments and Barclays Bank UK.
iii.Prior to Barclays, he was a partner with a J P Morgan Chase-funded private equity firm, Brysam Global
Partners.
iv.He spent 20 years with Citigroup and his last position at Citigroup was CEO, Asia Pacific, Global Consumer
Bank based out of Singapore.
 He was also a member of the Citigroup Operating Committee, the Citigroup Management Committee,
and the Global Consumer Planning Group.

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 Banking & Economy PDF

 In addition, he served as a Director on the Board of Asia Pacific VISA International.

vi.He is a member of the Board of the London Stock Exchange Group and the SP Jain Institute of Global
Management, UK.
He has also served on the Advisory Board of Insead, Singapore as well as a Founder Director of Lend-a-Hand.
About Kotak Mahindra Bank Limited (KMB):
MD and CEO– Dipak Gupta (Interim)
Headquarters– Mumbai, Maharashtra
Established in– 1985

ACC appointed 12 Executive Directors for various PSBs

On October 7, 2023, the Appointments Committee of the Cabinet (ACC) chaired by Prime Minister Narendra
Modi, approved the appointment of 12 Chief General Managers (CGMs) and General Managers (GMs) as
Executive Directors (EDs) of various Public Sector Banks (PSBs).
Note:
i.In July 2023, the Financial Services Institutions Bureau (FSIB) had recommended 16 candidates for the
position of EDs in PSBs.
ii.India currently has 12 PSB: Bank of Baroda (BOB), Bank of India (BOI), Bank of Maharashtra (BOM), Canara
Bank, Central Bank of India, Indian Bank, Indian Overseas Bank(IOB), Punjab & Sind Bank, PNB, State Bank of
India (SBI), UCO Bank, and Union Bank of India (UBI)
List of officials promoted from CGM or GM to ED:
S. Appointment
No. Appointee Previous Post ED (New Post) Period
1 Sanjay Rudra GM of BOM UBI –
Vijaykumar Nivrutti
2 Kamble GM of BOM UCO Bank 3 years
3 Bhavendra Kumar CGM of Canara Bank Canara Bank 3 years
CGM of Punjab National Bank
4 Bibhu Prasad Mahapatra (PNB) PNB
Punjab & Sind
5 Ravi Mehra GM of Punjab & Sind Bank Bank 3 years
6 Rajiv Mishra CGM of UBI BOI 3 years
7 Brajesh Kumar Singh CGM of BOB Indian Bank 3 years
8 Shiv Bajrang Singh CGM BOI Indian Bank 3 years
9 Rohit Rishi CGM of Indian Bank BOM 3 years
10 Lal Singh CGM at Union Bank BOB 3 years
Central Bank of
11 Mahendra Dohare CGM PNB India 3 years
12 Dhanaraj T CGM Indian Bank IOB 3 years
Points to note:
i.Lal Singh, CGM of Union Bank of India (UBI) has been appointed as the ED of Bank of Baroda (BoB) for a
period of 3 years with effect from the date of assumption of office.
 It is noted that he shall be eligible for an extension of the term of office, after a review of his
performance, till attaining the age of superannuation (i.e., 31.01.2027), or until further orders.
ii.Brajesh Kumar Singh, CGM of BoB has been appointed as the ED of Indian Bank a period of 3 years with
effective form March 2024.

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 Banking & Economy PDF

iii.Rohit Rishi, CGM of Indian Bank has been appointed as ED of Bank of Maharashtra (BOM) for a period of 3
years with effective form November 2023.
iv.Brajesh Kumar Singh, CGM of BoB and Shiv Bajrang Singh CGM of Bank of India were appointed as the
Executive Directors of Indian Bank.
v.Sanjay Rudra, who previously served as the GM at Bank of Maharashtra (BoM), has been designated as the ED
at Union Bank of India.
vi.Vijaykumar N Kamble, another GM from Bank of Maharashtra, will assume the role of ED at UCO Bank.

HDFC AMC’s Navneet Munot elected as Chairman of AMFI; Anthony Heredia elected as Vice
Chairman
Navneet Munot, Managing Director (MD) and Chief Executive Officer (CEO) of HDFC Asset Management Co. Ltd
(AMC), has been elected as the Chairman of Association of Mutual Funds in India (AMFI).
He will take charge as chairman on 16th October 2023, succeeding A Balasubramanian, MD & CEO of Aditya
Birla Sun Life Asset Management Co. Ltd.
Note:
 The election took place at the 28th Annual
General Meeting (AGM) of AMFI in
September 2023.
 AMFI is a nodal association of mutual funds
across India.
Anthony Heredia Elected Vice Chairman of AMFI:
Anthony Heredia, MD, and CEO of Mahindra Manulife
Mutual Fund, was elected as Vice Chairman of AMFI.
 He will take charge on 16th October 2023,
succeeding Radhika Gupta, MD & CEO of
Edelweiss Asset Management Ltd.
About Navneet Munot:
i.He has been serving as MD and CEO of HDFC AMC
since 2021 and has over 3 decades of experience in the
financial service.
ii.Previously, he served as Executive director and Chief
Investment officer(CIO) of SBI Funds management
Private Limited. He also served as the Director on the board of SBI Pension Funds (P) Limited.
iii.He was the Executive Director and Head ( multi-strategy boutique) at Morgan Stanley Investment
Management briefly for a year in 2007.
iv.He has also served as the Chief Investment Officer – Fixed Income and Hybrid Funds at Birla Sun Life Mutual
Fund.
v.He is also the chairman of the Indian Association of Investment Professionals(IAIP).
About Anthony Heredia:
i.Anthony Heredia has been serving as MD and CEO of Mahindra Manulife Mutual Fund since 2022 and has over
26 years of experience in the investment management industry.
ii.He served as the MD of Morgan Stanley Investment Management, CEO & Whole Time Director of Baroda Asset
Management India Limited.
iii.He has also served as the CEO of Bank of India Investment Managers Private Limited (formerly BOI Star
Investment Managers Private Limited/ BOI Axa Investment Managers Pvt. Ltd).
About Association of Mutual Funds in India (AMFI):
CEOs– N. S. Venkatesh and Balkrishna Kini
Headquarters– Mumbai, Maharashtra
Incorporated on– August 22, 1995

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AMFI is the association of all the AMCs of the Securities and Exchange Board of India (SEBI) registered mutual
funds in India. As of now, all the 44 AMCs that are registered with SEBI, are its members.

Swarup Mohanty Appointed VC of Mirae AMC; 1st Non-Korean VC of Mirae Asset Financial
Group
South Korea-based Mirae Asset Financial Group has appointed Swarup Anand Mohanty as the Vice Chairman
(VC) of Mirae Asset Investment Managers (India) Private Limited (Mirae AMC) with effect form 24th October
2023.
 Prior to the appointment he was serving as the Director and Key Personnel of AMC. he has been
serving as the Chief Executive Officer (CEO) of the AMC since 2016.
 With this, Mohanty becomes the first Non-Korean person to be appointed as the VC within Mirae
Asset Financial Group.
 The appointment is a part of the major management reshuffle of Mirae Asset Financial Group.
About Swarup Anand Mohanty:
i.He has over 2 decades of experience in the field of financial services including more than 17 years of
experience in Asset Management Sales. He is overall responsible for the India AMC.
ii.He joined AMC as head-Sales in July 2011 and was appointed as Associate Directors on the Board of Mirae
Asset Global Investments (India) Private Limited (“MAGI India”) in 2016.
iii..Previously, he worked as National Sales Head – Retail, India at Religare Asset Management Co. Ltd.
iv.He also held pivotal roles in renowned organisations like Birla Sunlife Asset Management Co. Ltd, and
Franklin Templeton Asset Management (India) Pvt. Ltd, and Kotak Mahindra Asset Management Company Ltd.
Points to note:
i.As a part of the management reshuffle, key founding members like Choi Hyun-man (the Co-founder of Mirae
Asset Financial Group), Mirae Asset Securities CEO and Chairman; Cho Woong-gi, Vice Chairman of Mirae Asset
Securities; and Choi Kyeong-joo, Vice Chairman of Mirae Asset Global Investments have stepped down from
their positions.
ii.Lee Jun-yong, President of Mirae Asset Global Investments; Kim Jae-sik, President and CEO of Mirae Asset Life
Insurance; Kim Mi-seob, Heo Sun-ho, and Rhee Jung-ho, Presidents of Mirae Asset Securities President; were
appointed as VC within their respective subsidiaries.
Additional info:
 Mirae Asset Financial Group is one of Asia’s leading independent financial services companies.
 The AMC is the Asset Management Company of Mirae Asset Mutual Fund (MAMF) India.
 The AMC is the subsidiary of Mirae Asset Global Investments, which in turn is the asset management
arm of the Mirae Asset Financial Group.
About Mirae Asset Investment Managers (India) Pvt. Ltd (Mirae AMC):
Vice Chairman & CEO– Swarup Anand Mohanty
Headquarters– Mumbai, Maharashtra
Started Operations in 2008

Maharashtra Deputy CM Ajit Pawar Resigned as Director of Pune District Central Cooperative
Bank
Ajit Pawar, Deputy Chief Minister (Dy CM) of Maharashtra, has resigned as a Director of the Pune District
Central Cooperative Bank Ltd (PDCC) citing increase in workload after becoming Dy CM of Maharashtra.
 Digambar Durgade, the President of PDCC has accepted Ajit Pawar’s resignation. Ajit Pawar has
been a director of PDCC for 32 years since 1991.
 He served as one of the directors on the board of 19 directors of PDCC.

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In July 2023, he was sworn in as the 9th Dy CM of Maharashtra for an unprecedented 5th time (November
2010-September 2012; October 2012-September 2014; November 23-26, 2019; December 2019-June 2022;
June 2023-present).
 He is currently heading the Ministries of Finance and Planning as a cabinet-level Minister in the
Maharashtra Govt.
 In July 2023, Ajit Pawar split from the Nationalist Congress Party (NCP) led by Sharad Pawar and
joined the Shiv Sena-Bharatiya Janata Party(BJP) government.

PayU India CEO Anirban Mukherjee promoted as Global CEO of PayU GPO
Anirban Mukherjee has been promoted as the global Chief Executive Officer (CEO) of PayU Global Payment
Organisation (GPO), a payments and fintech business of Prosu. Currently, he is a part of the PayU global
leadership team and serves as the CEO of PayU India.
 He replaces Laurent Le Moal, the incumbent global CEO of PayU GPO, who steps back from the
operational management of the day-to-day business. Le Moal will remain with Prosus and PayU in
an advisory capacity.
Roles & Responsibilities:
In his new position, Anirban Mukherjee will be responsible for PayU’s business operations. He will join the
Prosus leadership team and report directly to Ervin Tu, Prosus and Naspers Interim CEO.
 The development comes 2 months after the Netherlands-based Prosus sold PayU’s GPO business to
Israeli company Rapyd headquartered in London (United Kingdom-UK) for USD 610 million.
Note:
 PayU is one of India’s leading Payment Gateways.
 Prosus is a global consumer internet group and one of the largest technology investors in the world.
Prosus is majority-owned by Johannesburg (South Africa) multi-national Naspers.
About Anirban Mukherjee:
i.Anirban Mukherjee has been serving as the CEO of PayU India since 2019.
ii.With over two decades of experience, Anirban Mukherjee has a deep understanding of global payments,
credit, and digital banking. His expertise spans the United States of America (USA), India, and the broader Asia-
Pacific region (APAC).
iii.He was a part of Jio’s leadership team, where he played a pivotal role in driving payments, merchant
services, and digital financial services.
 At Jio, he served as the Co-CEO of Reliance Payments Solution Ltd.
iv.Prior to Jio, he worked with Standard Chartered Bank in India and APAC, as well as senior executive
leadership with CapitalOne in the USA.
About PayU India:
CEO– Anirban Mukherjee
Headquarters– Gurugram, Haryana
Founded in– 2014

ACC Extends SBI Chairman Dinesh Khara’s Tenure till August 2024 & MD Ashwini Tewari’s
Tenure by 2-year
The Appointments Committee of the Cabinet(ACC) has extended the tenure of the Chairman of the State Bank
of India (SBI) Dinesh Kumar Khara till 28th August 2024 or till he attains the age of 63 years, or until further
orders, whichever is earlier.
 He has been serving as the chairman of SBI since 7th October 2020. His 3 year tenure ended on 6th
October 2023.
ACC has also extended the tenure of Ashwini Kumar Tewari as the Managing Director(MD) of SBI for 2 years
beyond January 27, 2024.

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 Banking & Economy PDF

Note: Currently, the retirement age for the SBI chairman is capped at 63. Khara will turn 63 in August 2024.
About Dinesh Kumar Khara:
i.Dinesh Khara joined SBI as a Probationary Officer (PO) in 1984 and has over 36 years of experience in all
facets of Banking.
ii.He held several key positions in SBI such as; MD (Global Banking & Subsidiaries); MD (Associates &
Subsidiaries); MD & Chief Executive Officer (CEO) (SBI Mutual Funds); and Chief General Manager – Bhopal
(Madhya Pradesh) Circle.
iii.Prior to being appointed as MD of SBI, he served as the MD&CEO of SBI Funds Management Pvt. Limited
(SBIMF). Additionally, he supervises the businesses of Non-Banking subsidiaries of SBI.
iv.He has worked in SBI’s Chicago (the United States of America – USA) office and was associated with the
overseas acquisition of Indian Ocean International Bank Mauritius (now SBI Mauritius) during his stint in the
Overseas Expansion wing of International Banking Group.
About Ashwini Kumar Tewari:
i.Ashwini Kumar Tewari started his career in SBI in 1991 as a Probationary Officer.
ii.He serves as a Whole Time Director of SBI handling the portfolio of Risk, Compliance, and Stressed Assets
since June 2022.
iii.Earlier he was the MD, handling International Banking, Information Technology, and Non-Banking
Subsidiaries of SBI.
iv.Prior to becoming MD at SBI, he served as MD and CEO of SBI Cards and Payment Services Ltd.
v.He was the Country Head of the US Operations of the SBI from April 2017 to July 2020. Prior to that, he was
the Regional Head and General Manager, of East Asia, for SBI.
About State Bank of India (SBI):
Chairman– Dinesh Kumar Khara
MDs– Challa Sreenivasulu Setty, Alok Kumar Choudhary, Ashwini Kumar Tewari
Headquarters– Mumbai, Maharashtra
Founded on 1 July, 1955

Ramaswamy N appointed as CMD of General Insurance Corporation of India

Ministry of Finance has appointed Ramaswamy Narayanan as Chairman and Managing Director(MD) to
General Insurance Corporation of India Limited (GIC Re) with effect from 1st October, 2023 and up to the date
of of his superannuation (i.e. 30th September 2025) or until further orders, whichever is earlier.
 He succeeds Devesh Srivastava, who retired from the post on 30th September 2023. He has been
serving as CMD since December 2019.
 Prior to this appointment he was serving as the General Manager of GIC Re.
 He was appointed based on the recommendation of Financial Services Institution Bureau (FSIB) to
Ministry of Finance in June 2023.
About Ramaswamy Narayanan:
i.Ramaswamy Narayanan joined GIC as a direct recruit officer in 1988.
ii.He has also been as CEO of GIC Re in United Kingdom branch.
 He played a key role in the establishment of the Lloyds syndicate of GIC (GIC 1947).
iii.He was involved in implementing the ambitious “Project Parivartan”.
About GIC Re: It was incorporated in 1972 and its headquartered in Mumbai, Maharashtra.

ACC Reappoints Nitin Gupta as Chairman of CBDT

The Appointments Committee of the Cabinet (ACC) has approved the re-appointment of Nitin Gupta as the
chairman of the Central Board of Direct Taxes (CBDT) for a tenure of 9-month with effect from 1st October
2023.

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 Banking & Economy PDF

 He was re-appointment on a contract basis till 30th June 2024, or until further orders, whichever is
earlier, in relaxation of the recruitment rules, on usual terms and conditions applicable to re-
employed central government officers.
About Nitin Gupta:
i.Nitin Gupta is a 1986-batch Indian Revenue Service (IRS) officer of the Income-Tax department.
ii.In June 2022, he was appointed as the Chairperson of CBDT following the superannuation of Sangeeta Singh,
a 1986-batch IRS officer.
 His 1st tenure as Chairperson of CBDT was from 27th June 2022 to 30th September 2023.
iii.Earlier to that, he was a Member of CBDT handling the charge of Investigation.
iv.He also served as a Director General of Competition Commission Of India(CCI) from 2015-18.
About Central Board of Direct Taxes (CBDT):
The Central Board of Direct Taxes is a statutory authority functioning under the Central Board of Revenue Act,
1963.
Chairperson – Nitin Gupta
Headquarters – New Delhi, Delhi
Established in – 1964

OTHER NEWS

DEA hikes interest rate on 5-year Recurring Deposit Scheme to 6.7% for Q3FY24
The Department of Economic Affairs (DEA-Budget Division), Ministry of Finance, has increased the
interest rate on the 5-year recurring deposit scheme by 20 basis points to 6.7% from 6.5% for the 3rd
quarter (October-December) of 2023-2024 i.e. Q3FY24.
 The rates of other small savings schemes remained unchanged.
Interest Rates on Small Savings Schemes for Q3FY24
Rate of interest from October 1, Rate of interest from July 1, 2023
Instruments 2023 to December 31, 2023 to September 30, 2023
Savings Deposit 4 4
1-Year Post Office Time
Deposits 6.9 6.9
2-Year Post Office Time
Deposits 7 7
3-Year Post Office Time
Deposits 7 7
5-Year Post Office Time
Deposits 7.5 7.5
5-Year Recurring
Deposits 6.7 6.5
National Saving
Certificates (NSC) 7.7 7.7
Kisan Vikas Patra (KVP) 7.5 (will mature in 115 months) 7.5 (will mature in 115 months)
Public Provident Fund
(PPF) Scheme 7.1 7.1

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 Banking & Economy PDF

Sukanya Samriddhi
Account Scheme 8 8
Senior Citizens Savings
Scheme 8.2 8.2
Monthly Income Account 7.4 7.4
Key Points:
i.According to the Reserve Bank of India (RBI) data, in FY23, household net financial savings rate hit a
historic low at 5.1% of Gross Domestic Product (GDP), down from 7.2% in FY22.
ii.Surging small savings collections in FY24 (48% growth in Q1FY24 compared to 9.9% in Q1FY23)
showing reduced reliance on market borrowings for the Central Government.
About Small Savings Schemes:
i.Small Savings Schemes are savings instruments managed by the government to encourage citizens to
save regularly.
ii.The small savings schemes have three categories- savings deposits, social security schemes, and monthly
income plan.
iii.Interest rates for small savings schemes are notified on a quarterly basis by the government.
 The formula to arrive at the interest rates for small savings scheme was given by
the Shyamala Gopinath Committee in January 2023.

ADB Capital Management Reforms Bring $100 Billion Benefits Over Next Decade to Asia-Pacific
Asian Development Bank (ADB) announced the approval of capital management reforms that are set to
release approximately USD($)100 billion in fresh funding capacity over the next decades for financing
projects in Asia-Pacific region.
 People in Asia and the Pacific, especially those who are poor and vulnerable, are facing severe
challenges due to escalating and interconnected crises.An estimated 155 million people, or 3.9%
of the region’s population, lived in extreme poverty as per the report in 2022.
Key Points:
i.This funding is intended to tackle significant Asian challenges, notably climate change.
ii.These reforms were implemented by updating the ADB’s Capital Adequacy Framework (CAF).
iii.These reforms significantly enhance the bank’s capacity for new commitments, allowing it to commit to
projects and initiatives totaling more than USD 36 billion annually.
iv.This represents a substantial increase of approximately USD10 billion, which representing about a
40% rise in the ADB’s capability to fund various projects, initiatives ,infrastructure, and other essential
sectors in the Asia-Pacific region.
v.ADB’s strategic measures enable $360 billion financing for member countries and private clients.
Safeguarding AAA credit rating, they ensure affordable, long-term funding, sustaining developmental
support for member countries.”
Role of ADB’s Capital Adequacy Framework (CAF)
 CAF evaluates assets, liabilities, and risks to ensure the bank maintains enough capital to meet
obligations, even in defaults or asset depreciation and ensuring financial stability.
 ADB reviews its CAF every 3 years to ensure it is benchmarked against best practices and
aligned with the evolution of ADB’s operations.
Additional Information
 Multilateral Development Banks (MDBs) such as ADB and World Bank are advised to raise their
yearly expenditures by USD 3 trillion by 2030. This includes USD 1.8 trillion for additional
climate action and USD 1.2 trillion for achieving other sustainable development goals (SDGs).

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 Banking & Economy PDF

These suggestions come from a committee led by N.K. Singh and Lawrence Summers, co-
conveners of the G20 expert group on strengthening MDBs.
 In May 2023, ADB established the Innovative Finance Facility for Climate in Asia and the Pacific
(IF-CAP).
About Asian Development Bank:
President – Masatsugu Asakawa
Headquarters – Manila, Philippines
Establishment – 1966
Members – 68 members (49 from Asian and the Pacific and 19 outside)

SEBI Extends Demat Account and Mutual Fund Unit Holder Nominations Deadlines Until
December 2023
The Securities and Exchange Board of India (SEBI) extended the deadline for adding nominees to demat
accounts and submitting PAN and KYC details for physical security holders until December 31, 2023.SEBI
also extended the nomination deadline specifically for mutual fund unit holders until January 1, 2024.
Extension Deadline for Current Demat Account Holders
The Securities and Exchange Board of India (SEBI) has announced an extension of the deadline for
current demat account holders to select their nominees for an additional three months, now ending
on December 31, 2023.
 Sebi’s circular on March 16, 2023, required submission of PAN, nomination, contact, bank, and
signature details for physical securities by September 30, 2023. The deadline has been extended
to December 31, 2023, preventing folio freezing.
 Sebi extended the deadline for Demat account holders to make their ‘choice of
nomination’ until December 31, 2023.
 This extension applies to both new and existing Demat accounts. The goal of this initiative is to
guarantee that the assets held in these accounts are transferred to the rightful beneficiaries in
the event of the account holder’s passing.
 Sebi has directed stock exchanges, depositories, Registrar and Transfer Agents (RTAs), and
listed companies to implement the provisions outlined in its recent circular.
Demat Account
 A Demat account or Dematerialized account, is an electronic account used for holding and
trading financial securities such as stocks, bonds, mutual funds, government securities, and
exchange-traded funds (ETFs) in electronic format.
 Demat accounts simplify the process of trading, eliminating the risks associated with physical
certificates, such as theft, loss, or forgery. When an investor buys or sells securities, the changes
are reflected electronically in the Demat account.
Extension Deadline for Mutual Fund Unit Holders
i.SEBI has extended the deadline to another three months for mutual fund account holders to nominate a
beneficiary or opt out until January 1,2024. If investors fail to comply, their folios will be frozen with
effective from January 1,2024. Earlier, the deadline for existing mutual fund holders to provide a choice of
nomination was September 30.
ii.SEBI has directed asset management companies (AMCs) and registrar and transfer agents (RTAs) to
regularly remind investors via email and SMS to fulfil the nomination requirements.
iii.This mandate, introduced on June 15, 2022, required mutual fund holders to submit nomination details
or opt-out declarations starting from August 1, 2022, with multiple deadline extensions since.

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About SEBI
Chairman- Madhabi Puri Buch
Headquarters- Mumbai, Maharashtra
Established- constituted as a non-statutory body on April 12, 1988 and it was established as a statutory
body in the 1992.

HDFC Pension Launches a First-of-its-kind NPS Preference Index on the Occasion of NPS Diwas
HDFC Pension Management Company Limited has launched a first-of-its-kind ‘National Pension System (NPS)
Preference Index’ on the occasion of 2nd edition of NPS Diwas which was observed on 1st October 2023.
 HDFC Pension also released NPS Preference Index Study which is the industry first spotlight on
NPS.
 HDFC Pension Management Company Limited,a subsidiary of HDFC Life Insurance Company
Limited is one of the Pension Fund Managers (PFM’s) appointed by Pension Fund Regulatory and
Development Authority (PFRDA) in India to manage funds for the National Pension System (NPS).
What is NPS?
i.National Pension System (NPS) is a voluntary, defined-contribution pension scheme.It is a government-
backed retirement savings program designed to provide financial security after retirement.
ii.It was launched in India in 2004.
iii.It is open to all Indian citizens between the ages of 18 and 70.
iv.It is regulated by the Pension Fund Regulatory and Development Authority (PFRDA).
v.The National Pension System (NPS) in India operates through a unique identification number called
the Permanent Retirement Account Number (PRAN). This PRAN is allocated to every subscriber and is used
for all transactions and communications related to the NPS.
NPS Preference Index Study 2023:
i.The aim of the survey is to assess consumers’ views on retirement and their awareness, interest, and
contemplation of the NPS.This resulting in the framing NPS Preference Index, which can be tracked over time.
 Additionally, the North region exhibits the highest NPS Preference Index (57) in comparison to other
regions, signifying a strong inclination towards NPS among people in the northern part of the
country.
ii.This research has been conducted in association with an independent market researcher Ipsos Research
Private Limited.
iii.The Index is a powerful metric derived from three broad aspects such as
 Familiarity with NPS
 Appeal of NPS
 Consideration for NPS
Findings:
i.The survey results show that the NPS Preference Index is currently 54 out of 100. This means that the NPS is
at moderate level and is equally influenced by the three pillars.
ii.The study indicates that 32years is the ideal age to start retirement
planning as per consumers.
iii.Despite being relatively new, the NPS is a popular financial investment option for retirement planning, with
24% of people owning it.
iv.Tax benefits, peers, and financial advisors encourage people to buy NPS, but educating people about NPS and
its features is essential to increase adoption.
About NPS Diwas:
i.The Pension Fund Regulatory and Development Authority (PFRDA) observes National Pension System
Diwas (NPS Diwas) every year on 1st October.

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 The day aims to promote pension and retirement planning among the people of India, and make
them financial independence post retirement.
ii.It is a campaign under ‘Azadi Ka Amrit Mahotsav’.
iii.The day was first observed on 1st October 2022.
Additional Info:
This research study was based on the responses od the people in NCCS (New Consumer Classification
System) A households with annual incomes above Rs10 lakhs (or Rs 7 lakhs in Tier III cities) in 12 Indian cities
between August and September 2023.
About HDFC Pension Management Company Limited:
HDFC Pension Management Company Limited is a wholly owned subsidiary of HDFC Life Insurance Company
Limited.
Chief Executive Officer(CEO) – Sriram Iyer
Headquarters – Mumbai, Maharashtra
Established in – 2011

WDRA Signs MoU with Bank of India to Fund against e-NWRs

Warehousing Development Regulatory Authority (WDRA) signed Memorandum of Understanding (MoU) with
the Bank of India (BoI) to fund against e-NWRs (electronic Negotiable Warehouse Receipt).
 The MoU was signed in the presence of T.K Manoj Kumar, Chairperson, WDRA, Rajneesh Karnatak,
Managing director (MD) cum Chief Executive Officer (CEO), BoI.
 The MoU also aims to provide information to depositors about the benefits, besides doing further
outreach activities to improve agricultural pledge finance in India.
 The MoU aims to facilitate farmers and traders by offering low-interest rate loans, no Additional
collateral, and attractive interest rates.
 Electronic Negotiable Warehouse Receipt (eNWR) is a digital warehousing receipt issued by
registered warehouses regulated and governed by WDRA.
 The farmers were given e-NWRs once they stored their produce in scientific storage godowns
authorised by WDRA and seek loan from e-NWRsbanks against their e-NWR.
Note:
The WDRA is a Statutory Authority under the Department of Food and Public Distribution(DFPD) of the
Ministry of Consumer Affairs Food and Public Distribution.

SBI Life Insurance & State Bank of Sikkim Sign a Bancassurance Pact to Offer Insurance
Products
Sate Bank of India (SBI) Life Insurance Company Limited signed a bancassurance pact with the State Bank of
Sikkim (SBS) to make insurance solutions accessible to the residents of Sikkim.
 The agreement was signed by P. Wangdi Bhutia, Managing Director, State Bank of Sikkim, and
Jayant Pandey, Regional Director- Bengal region, SBI Life Insurance at the SBS’s headquarters in
Gangtok, Sikkim.
 Bancassurance is an agreement between a bank and an insurance company, through which the
insurer can sell its products to the bank’s customers.
 Through this partnership, the State Bank of Sikkim offers SBI Life’s diverse range of protection,
wealth creation, and savings insurance products to its customers.
Note:
SBI Life Insurance is a joint venture between State Bank of India (SBI) (55.50%) and French financial
institution BNP Paribas Cardif.

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 Banking & Economy PDF

NABARD Raises Rs 1,040.50 Crore in India’s First social Impact Bond

National Bank for Agriculture and Rural Development (NABARD) raised Rs 1,040.50 crore by issuing India’s
first ‘AAA’ rated Indian Rupee-denominated Social Bonds at a coupon rate of 7.63%.
 NABARD issued bonds privately to eligible institutional investors, which were listed on the Bombay
Stock Exchange (BSE) on September 29, 2023. The redemption date for the bonds is September 27,
2028 with coupon payments taking place yearly.
 A social bond is a type of financial instrument issued by governments, international organisations,
or corporations to raise funds for projects and initiatives that have a positive social impact on
society.
 Nabard-issued bonds have been rated AAA rating by Credit Rating Information Services of India
Limited(CRISIL) and Investment Information and Credit Rating Agency(ICRA).
 AAA-rated bonds mean the issuers of these bonds have the highest creditworthiness & lowest risk of
default, and are expected to easily meet financial obligations.
Note:
The annual interest paid on a bond is referred to as a coupon payment.

CMIE’s Survey: India’s Unemployment Rate Declines to 7.1% in September 2023

According to Centre for Monitoring Indian Economy (CMIE)’s Consumer Pyramids Household Survey, India’s
unemployment rate fell to a 12-month low of 7.1% in September 2023 from 8.1% in August 2023 despite the
poor monsoon.
i.In rural areas, the overall unemployment rate dropped from 7.11% in August 2023 to 6.20% in September
2023.
 Among rural females, unemployment decreased from 10.07% in August to 8.01% in September.
 Among rural males, unemployment decreased from 6.68% in August to 5.94% in September.
ii.In urban areas, the overall unemployment rate decreased from 10.09% in August to 8.94% in September.
 Among urban females, unemployment decreased from 22.17% in August to 18.57% in September.
 Among urban males, unemployment decreased from 8.31% in August to 7.57% in September.
CMIE is a private think-tank which was established in 1976. It is headquartered in Mumbai,
Maharashtra and Mahesh Vyas is currently serving as its Managing Director(MD).

NIIF Collaborated with JBIC to Launch India-Japan Fund of Rs 49 Billion

The National Investment and Infrastructure Fund Limited (NIIFL) has entered into a collaboration with the
Japan Bank for International Cooperation (JBIC) to launch its first bi-lateral fund called India-Japan
Fund (IJF) of Rs 49 Billion (USD 600 million).
 The Fund was established by NIIF Limited (NIIFL), a collaborative investment platform for
international and Indian investors.
 The fund is anchored by the Government of India and JBIC.
Contribution:
Out of Rs 49 Billion, The Government of India (GoI) will contribute Rs 24 Billion (USD 294 million (49%)) and
JBIC will fund the remaining Rs 25 Billion (USD 306 million (51%)) of the funding target.
 JBIC’s equity participation in the Fund is based on the Memorandum of Understanding (MoU) which
was signed between JBIC and NIIFL in November 2022.
 This MoU aims to promote environmental preservation, low carbon emission strategies, and
increase cooperative relationship between Indian and Japanese companies.
About IJF:
i.The India-Japan Fund (IJF) will focus on investing in environmental sustainability and low-carbon emission
strategies such as renewable energy, e-mobility, waste management and water management projects.
ii.It aims to enhance Japanese investments into India and strengthen collaboration between the two countries
in the area of climate and environment by being a ‘partner of choice’.

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Additional Support:
JBIC IG, a joint venture between JBIC and Industrial Growth Platform, Inc.,
will support NIIFL in promoting Japanese investments in India.
 It will also support Indian companies and projects that collaborate with Japanese companies to
enhance the cooperation between Indian and Japanese companies across all sectors.
Additional Info:
i.India reaffirmed its goal of carbon neutrality by 2070 at Conference of Parties (COP)26 in November 2021.
The government has promoted sustainable practices such as renewable energy and electric vehicles.
ii.On the other side, Japanese companies are facing supply chain disruptions and India is drawing attention as a
destination for relocation and investment.
About National Investment And Infrastructure Fund Limited(NIIFL):
Managing Director(MD) & Chief Executive Officer(CEO) – Rajiv Dhar
Headquarters – New Delhi, Delhi
Established in – 2015
About Japan Bank for International Cooperation(JBIC):
Managing Director(MD) & Chairman – Tadashi Maeda
Headquarters – Tokyo, Japan
Established in – 2012

Outlook Group & IDFC FIRST Bank Launched retirement Planning Event “Outlook Money
40After40”
Outlook Group in collaboration with IDFC FIRST Bank launched a retirement planning event “Outlook
Money 40After40” to spread awareness and create conversations around retirement planning.
 “40After40” is a two-day event and expo, which will be held at Jio World Convention Centre in
Mumbai, Maharashtra on 23rd and 24th January, 2024.
 IDFC FIRST Bank will spread the need & importance of retirement planning and addresses the
financial needs of the elderly early.
 The collaboration will also address other concerns of retired people such as health and wellness,
living facilities & travel.
 The collaboration aims to approach the key question of retirement through the various print and
digital platforms. It aims to provide invaluable insights and expert guidance to individuals, helping
them make informed decisions to secure a prosperous retirement.
Indranil Roy is the Chief Executive Officer(CEO) of Outlook Group which was established in 1995. Outlook
Money is the only media house which has a dedicated website on retirement.

IndusInd Bank Launches ‘INDIE’, a Customer Oriented Digital Banking App

IndusInd Bank Limited launched INDIE, a customer centric digital mobile banking application(app), to
empower customers with an all-in-one digital financial solution. This hyper-personalized financial super-app
utilises the advanced analytics to provide personalized insights to its customers.
 The app leverages advanced analytics to provide personalized insights to its customers such as
smart reminders, expense tracking, and spending insights..
Key features:
The app offers a number of industry-first features, including ultra-flexible products that can be customized to
meet specific needs of the customer. This includes
i.A range of financial products that can be customized to meet the individual needs of each customer. For
example, customers can get an instant line of credit up to Rs 5 lakh, with the flexibility to choose only the
amount they need and set their own loan tenor.

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ii.INDIE offers a choice of account number, high-interest-bearing savings account (upto 6.75% per annum(p.a.)
return) and fixed deposits(FD) that offer exclusive returns of up to 7.85% p.a.
 The customer can also link FD to savings account so that customers can pay with fixed deposit when
savings balance is low.
ii.INDIE also offers a transparent rewards program where customers can choose their favorite brands from
leading e-commerce platforms.
 Customer can earn upto 3% rewards per Rs 100 spend (1 reward point valued at Rs 1)
Safety & Security Features:
INDIE’s offers several industry-first safety and security features like
 Numberless debit cards – These cards do not have the traditional card details, such as the card
number, expiration date, and CVV (Card Verification Value), printed on the physical card.
 Single-use disposable virtual debit cards – can be used when customer dont want to reveal their
card details
 A dynamic PIN for ATM/POS(Automated Teller Machines or Point-of-Sale) transactions – This
feature can be used against static PIN.
 Super OTP(one-time passwords) – ability to access OTP even in low network zones.
About IndusInd Bank Limited:
Managing Director(MD) & Chief Executive Officer(CEO) – Sumant Kathpalia
Headquarters – Mumbai, Maharashtra
Established in – 1994
Tagline – We Make You Feel Richer

Fintech Startup slice Becomes SFB After Merger with NESFBL

The Reserve Bank of India (RBI) approved the merger of North East Small Finance Bank Limited (NESFBL) and
Bengaluru(Karnataka) based fintech startup slice(previously known as Slicepay).
 Following this merger, slice will become the 1st fintech firm to transform into a Small Finance Bank
(SFB).
 All slice entities, including its Non-Banking Financial Company (NBFC) licence, have been merged
with the combined banking entity.
Approval from NCLT:
i.The two entities are awaiting final approval from the National Company Law Tribunal(NCLT) for the merger
to be effective.
ii.Once the approval is in, Slice-owner Quadrillion Finance Private Limited and its parent
company Garagepreneurs Internet Private will merge with North East SFB.
About the merger:
i.The merger is expected to create a new-age SFB that leverages Slice’s digital prowess and NESFB’s grassroots
banking foundation to serve a wider audience, including those who lack access to basic banking services.
 The merger will allow Slice to leverage NESFB’s reach in rural and underserved areas to provide
banking services to more people.
ii.It is a sign of the growing convergence between the two sectors and the RBI’s willingness to support
innovation in the financial sector.
iii.The merged entity will be able to offer a more seamless and integrated customer experience by combining
Slice’s digital capabilities with NESFB’s traditional banking services.
iv.This merger is waiting for shareholders’ approval and other regulatory approvals.
About Slice:
Garagepreneurs Internet Private Limited (“GIPL”) is operating through its brand name ‘slice’
Founder and Chief Executive Officer (CEO) – Rajan Bajaj
Headquarters – Bengaluru, Karnataka
Established in – 2016

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About North East Small Finance Bank (NESFB):

North East Small Finance Bank Limited is the wholly owned subsidiary of RGVN (North East) Microfinance
Limited.
Managing Director(MD) & Chief Executive Officer(CEO) – Rupali Kalita
Headquarters – Guwahati, Assam
Established in – 2015

RBIH & Bhashini Collaborated for Linguistic Inclusion in Financial Services

Reserve Bank Innovation Hub (RBIH) and the Digital India Bhashini Division (DIBD/Bhashini) collaborated
to explore and develop innovative solutions that foster linguistic inclusivity in the financial services sector.
 This partnership aims to extend the reach of digital financial services to users in their native
tongues, ultimately providing seamless banking experiences for everyone.
 This collaboration is with respect to the memorandum of Understanding(MoU) which was signed
during the Global Fintech Fest(GFF) held in Mumbai, Maharashtra in September 2023.
Bhashini:
Bhashini is a Independent Business Division under Digital India Corporation(DIC) under the aegis of Ministry
of Electronics and Information Technology (MeitY).
Aim: To build a National Public Digital Platform for languages to develop services and products for citizens by
leveraging the power of artificial intelligence and other emerging technologies.
Public Tech Platform:
i.As a first step of this initiative, Bhashini plans to launch RBI’s Public Tech Platform for Frictionless Credit in
multiple languages.
 This end-to-end digital credit delivery platform platform will streamline and enhance credit delivery
by financial institutions, making it more accessible to borrowers across the country.
ii.This platform was developed by RBIH as per the announcement made by RBI in August 2023.
Significance:
i.The Voice has the potential to act as a medium for promoting financial inclusivity, economic empowerment,
and enhancing financial literacy.
 BHASHINI, with its language translation and voice processing capabilities, will play a crucial role in
achieving these goals.
ii.Offering financial services in users’ mother tongue can help build confidence in digital financial solutions
Additional Info:
The fintech sector is driven by increased smartphone penetration and reduced data usage costs.
About Digital India Bhashini Division (DIBD/Bhashini):
Bhashini, the National Language Technology Mission (NLTM) was launched in July 2022.
Chief Executive Officer (CEO) – Amitabh Nag
Headquarters – New Delhi, Delhi
Reserve Bank Innovation Hub (RBIH)
The Reserve Bank Innovation Hub is a wholly owned subsidiary of the Reserve Bank of India (RBI) set-up to
promote and facilitate innovation across the financial sector.
Chief Executive Officer (CEO) – Rajesh Bansal
Headquarters – Bengaluru, Karnataka
Established in – 2022

Axis Bank Launches Its Digital Bank Proposition ‘Open by Axis Bank’
Axis Bank Limited which is headquartered in Mumbai ,Maharashtra has launched its digital banking
proposition called ‘open by Axis Bank’ in its latest advertising campaign ‘Open 2023’
 The Open 2023 campaign highlights the top 15 features of the bank’s digital offerings.

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 The launch of ‘open by Axis Bank’ is a fulfilment of Axis bank’s vision to build Axis 2.0 as a digital
bank within the bank to offer a personalized, intuitive, and hassle-free digital banking experience.
About ‘open by Axis Bank’:
i.‘open by Axis Bank’ is a future-ready mobile application that underscores the bank’s pivot towards enhanced
digital offerings.
 It aims to bring all the features in a user-friendly, modern interface for both existing and new
customers.
ii.It is a one-stop solution for all digital banking needs with over 250 banking services at anytime.
iii.It is also the highest rated mobile banking app on the play store amongst top 500 banks globally by market
capitalisation.
About Axis Bank Limited: It was established in 1993 and Amitabh Chaudhry is the current Managing
Director(MD) & Chief Executive Officer(CEO) of the bank.

YES Bank Becomes the First Lender to Offer ‘ONDC Network Gift Card’
YES Bank Limited had become the first bank in India to issue an ‘Open Network for Digital Commerce (ONDC)
Network Gift Card’. The card is powered by Rupay Network.
 The card is issued in partnership with the ONDC, a government-backed initiative to democratize
digital commerce in India.
 This network-wide gift card will help companies with corporate gifting and employee engagement,
and it will also allow consumers to shop at thousands of sellers on the network using any ONDC-
compatible buyer app.
 The card can be loaded with up to Rs 10,000.
 OmniCard is the first company to issue ONDC Network Gift Cards(in September 2023); Yes Bank is
second company and first banking institution to issue this card.
 Note – YES Bank has issued its first electronic-Bank Guarantee (e-BG) in collaboration with National
E-Governance Services Limited (NeSL).
About Yes Bank Limited: It was established in 2004 and headquarters in Mumbai, Maharashtra. ‘Experience
Our Expertise’ is the tagline of the bank.

WB’s India Development Update Oct 2023 Retains India’s FY24 GDP growth at 6.3%
According to India Development Update(IDU) October 2023 released by World Bank(WB), India’s Gross
Domestic Products (GDP) growth for the Financial Year 2023-24 (FY23/24) is retained at 6.3% and for
FY24/25 the growth rate will be at 6.4%.
 India was one of the fastest-growing major economies in FY22/23 at the rate of 7.2%. India’s growth
rate was the 2nd highest among G20 countries.
 The expected moderation is due to the challenging external conditions and reduced pent-up
demand.
 However, service sector activity is projected to remain strong with growth of 7.4%, and investment
growth is expected to stay robust at 8.9%.
About India Development Update(IDU):
i.The India Development Update (IDU) is a companion to the South Asia Development Update (SADU)
ii.IDU is a flagship biannual report of the World Bank on Indian economy.
 The report examines economic trends and prospects in the South Asia region and analyzes policy
challenges faced by countries.
Factors Driving Resilience:
i.India is proving to be resilient in the face of global economic challenges.
 Several factors such as robust domestic demand, strong public infrastructure investment, and a
strengthening financial sector are cited as key drivers of resilient .

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 Banking & Economy PDF

ii.The Bank credit growth also increased (15.8% in the first quarter of FY23-24 compared with 13.3% in the
first quarter of FY22-23) indicating a positive trend in the financial sector.
Challenges:
i.The report acknowledges that India faces challenges due to adverse global conditions like high global interest
rates, geopolitical tensions, and sluggish global demand.
ii.As a result, global economic growth is also set to slow down over the medium term against a background of
these combined factors.
Fiscal Outlook:
i.Fiscal consolidation is expected to continue in FY23/24, with the central government fiscal deficit projected to
decline from 6.4% to 5.9% of GDP.
ii.Public debt is expected to stabilize at 83% of GDP.
iii.The current account deficit is expected to narrow to 1.4% of GDP, and it will be adequately financed by
foreign investment flows and supported by large foreign reserves.
India’s Inflation Forecast to 5.9% for FY24
The report states that India’s headline inflation is expected to average 5.9% in FY23/24. IDU April 2023
projected India’s headline inflation to decline to an average of 5.2% in FY23/24.
 Bad weather has caused inflation to increase, with headline inflation reaching 7.8% in July 2023 due
to higher food prices.
 However, inflation is expected to come down gradually as food prices normalize and the
government takes steps to increase the supply of essential goods.
About SADU Oct 2023:
The October 2023 edition of the SADU, titled Toward Faster, Cleaner Growth, shows that South Asia is
growing faster than any other developing country region in the world, but slower than its pre-pandemic pace.
 The report also includes short- and long-term policy recommendations for countries in the region to
manage fiscal risks and accelerate growth, such as by boosting private sector investment and seizing
opportunities created by the global energy transition.
About World Bank (WB):
President (WB Group)– Ajay Banga
Establishment – 1944
Headquarters – Washington D.C, United States (US)
Members – 189 member states

ADB Approves USD 200 Million for Flood & Riverbank Erosion Risk Management Project in
Assam
The Asian Development Bank (ADB) has approved a USD 200 million loan to strengthen flood and riverbank
erosion risk management along the 650-kilometer (km) long main stem of the Brahmaputra River in Assam,
India.
 The Project activities will be led, managed, and coordinated by the Flood and River Erosion
Management Agency of the Assam Government.
 The Water Resources Department of the Government of Assam will implement the works and the
Assam Agroforestry Development Board will use nature-based solutions.
Objective : The primary goal is to address recurrent flooding and continual riverbank erosion along the
Brahmaputra River.
Partner Agencies: The Brahmaputra Board, the Assam State Disaster Management Authority, and the Assam
Inland Water Transport Development Society will be partner agencies of the project.
Background:
The project builds on the success of the ADB-financed Assam Integrated Flood and Riverbank Erosion Risk
Management Investment Program (2010-2020) and similar investments in Bangladesh.

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Project Strategy:
i.The project employs a comprehensive approach, integrating flood and riverbank erosion risk management
with long-term planning.
ii.This strategy ensures a more resilient future. A core focus is to enhance climate and disaster resilience and
food security.
iii.The project empowers women by involving them in disaster-resilient economic activities.
 Approximately 1 million individuals will benefit from this initiative, which will also lead to a 50,000-
hectare increase in crop production.
Commitment of ADB:
i.ADB’s commitment to collaborating with the Assam state government is to transform Assam into a disaster-
resilient region.
ii.This initiative particularly focuses on mitigating the risks posed by the Brahmaputra River, one of the
world’s largest river systems.
iii.The project’s innovative and cost-effective approach combines structural and nonstructural measures to
strengthen Assam’s ability to manage flood and riverbank erosion risks effectively.
iv.ADB’s initiative aims to enhance disaster resilience in Assam, benefiting both the state and its vulnerable
communities.
Benefits:
i.This project will benefit around 1 million people and increase crop production in more than 50000 hectares.
The project will secure living spaces, and support livelihoods, by:
 stabilizing 60 km of banks;
 installing 32 km of pro-siltation measures; and
 building 4 km of climate-resilient flood embankments in 5 high-priority districts (Dibrugarh,
Goalpara, Kamrup Rural, Morigaon, and Tinsukia).
ii.It will also create employment opportunities, and ultimately enhance the navigability of the river.
iii.It will advance the institutional capacity in flood forecasting and warning systems, modern surveys, erosion
and embankment breach modeling, asset management, flood risk mapping, land use planning, and pilot nature-
based solutions, and the graduation approach.
About Asian Development Bank (ADB):
President– Masatsugu Asakawa
Headquarters– Mandaluyong City, Metro Manila, Philippines
Established in– 1966

REC Launches ‘SUGAM REC’, a Mobile App for 54EC Bonds Investors
REC Limited (formerly Rural Electrification Corporation Limited) launched SUGAM REC, a mobile app for its
current and future investors in REC’s 54EC Capital Gain Tax Exemption Bonds.
 REC Limited is a Maharatna Central Public Sector Enterprise(CPSE) under the Ministry of Power
Features of the App:
i.SUGAM REC offers the ability to view complete details of their investment in REC 54EC Bonds, including the
investment amount, interest rate, and maturity date.
ii.This will also allow the users to
 download electronic bond (e-bond) certificates securely.
 apply for new investments.
 download important forms related to Know Your Customer (KYC) updation.
 connect with REC’s Investor Cell via call, email, or WhatsApp.
About 54EC Bonds:
Section 54EC bonds, also known as Capital gain bonds are fixed income instruments which provide capital
gains tax exemption.

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 Section 54EC of the Income Tax Act, 1961 allows taxpayers to claim a deduction from their capital
gains tax liability by investing in certain bonds.
The following bonds are eligible for exemption under section 54EC:
i.Rural Electrification Corporation Limited (REC) bonds
ii.National Highways Authority of India (NHAI) bonds
iii.Power Finance Corporation Limited (PFC) bonds
iv.Indian Railway Finance Corporation Limited (IRFC) bonds
Eligibility:
To claim a tax exemption under Section 54EC, taxpayers must:
i.Be any type of taxpayer, including individuals, Hindu Undivided Families (HUFs), companies, Limited Liable
Partnership (LLPs), and firms.
ii.Sell a long-term capital asset, which is land, a building, or both, that they have owned for at least 24 months.
iii.Investment should not be more than Rs 50 lakhs in the current financial year and the subsequent financial
year.
Criteria:
i.To get the tax exemption, one must invest the money within 6 months of selling the immovable property. The
investment cannot be redeemed for 5 years.
ii.The tax exemption only applies to long-term capital gains from the sale of immovable property (land or
buildings).
iii.The maximum exemption amount is Rs. 50 lakh.
About REC Limited:
REC Limited is registered with Reserve Bank of India (RBI) as non-banking finance company (NBFC), Public
Financial Institution (PFI) and Infrastructure Financing Company (IFC).
Chairman & Managing Director (MD) – Vivek Kumar Dewangan
Headquarters- New Delhi, Delhi
Established in – 1969

SBI launches Mobile Handheld Device to Provide Banking Services to FI Customers

The State Bank of India (SBI) has launched a “mobile handheld device” for its financial inclusion customers
including senior citizens, differently-abled and the infirm. The device is designed to enhance accessibility and
convenience for customers who live in remote areas or have difficulty visiting SBI branches.
About the device:
i.The device will initially offer five core banking services which account for approximately 75 per cent of the
total transactions that SBI’s CSPs conduct.
 Cash withdrawal
 Cash deposit
 Fund transfer
 Balance inquiry
 Mini statements
ii.The device will be used by Customer Service Point (CSP) agents, who will be able to visit customers’ homes
or workplaces to provide banking services.
About State Bank of India(SBI): It was established in 1955. The bank is headquartered in Mumbai,
Maharashtra.

India’s Fiscal Deficit Rises to Rs 6.42 trillion to Reach 36% of FY24 target
According to Controller General of Accounts(CGA), India’s fiscal deficit for the tenure April to August of the
financial year 2023-24 (FY24) is at Rs 6.42 trillion. This is 36% of the full-year target of Rs 17.87 trillion.

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 Banking & Economy PDF

 In the same period of FY2022-23, the fiscal deficit was Rs 5.42 trillion, or 32.6% of the FY23 target
Rs16.61 trillion.
Why is the fiscal deficit higher in FY24?
i.The fiscal deficit widened mainly because the government spent more on capital expenditure (due to lower
tax devolution to state governments) and government’s increase in non-tax revenues.
ii.The government aims to reduce the fiscal deficit to 5.9% of the gross domestic product (GDP) for fiscal year
2024.
Data & Analytics:
i.Capital Expenditure (Capex): Capex during April-August increased to Rs 3.74 trillion from Rs 2.52 trillion in
the same period of FY23.
ii.Total Receipts: Total receipts during April-August amounted to Rs 10.29 trillion, equivalent to 37.9% of the
annual estimate.
 Tax receipts contributed Rs 8.04 trillion, which represents 34.5% of the annual estimate.
iii.Corporate Tax Collections: Corporate tax collections surged by over 15% year-on-year to Rs 2.39 trillion
during this period.
iv.Total Expenditure: The government’s total expenditure for the same period reached Rs 16.72 trillion,
accounting for 37.1% of the annual estimate.
 This was higher than the expenditure of Rs 13.90 trillion during the corresponding period in the
fiscal year 2022-23.
v.Tax Devolution to States: A dip in tax devolution to states in the recent month helped limit the widening of
the fiscal deficit.
 Net tax revenues for August 2023 were Rs 2.2 trillion, significantly higher than Rs 0.3 trillion in
August 2022.
vi.RBI Dividend: The Reserve Bank of India (RBI) approved a dividend transfer of Rs 874.2 billion to the
government for FY23.
 This transfer is expected to mitigate the impact of potential shortfalls in other government revenue
sources and higher expenses.
vii.Revenue Expenditure Breakdown: Of the total revenue expenditure of Rs 12.98 trillion during April-
August, Rs 3.7 trillion went toward interest payments, and Rs 1.81 trillion was allocated for subsidies.

Star Health Insurance introduces Surrogacy Cover and Oocyte Donor Cover
On October 9, 2023, Star Health and Allied Insurance introduced surrogacy cover and oocyte donor
cover to its women-centric policy namely Star Women Care Insurance Policy at no extra charge for
policyholders.
 This inclusion will address the demand in assisted reproduction treatment, and extending health
insurance coverage to surrogate mothers and oocyte donors.
 The Surrogate Mother & Oocyte Donor Cover is applicable for adults 25 to 35 years. The sum
insured under this is available up to Rs. 1 Crore.
Note:
For the cover to be valid, the intending couple, surrogate mother, and treating hospital should comply with
the Surrogacy Act and Assisted Reproductive Technology (ART) Act regulations. Additionally, the
Surrogacy and Oocyte donation must be undertaken at approved centres registered with the National ART and
Surrogacy Registry.
Features of Surrogacy Cover and Oocyte Donor Cover:
Surrogacy Cover:
i.Offers inpatient hospitalisation coverage for post-partum delivery complications for 36 months.
ii.Begins from the date of treatment or procedure initiation.
iii.Compensation for Miscarriage due to Accident as per policy terms.

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Oocyte Donor Coverage: Covers inpatient hospitalisation costs for assisted reproductive treatment
complications for 12 months.
Newborn Cover:
i.Newborn receives health cover of 25% of sum insured from Day 1.
ii.Increases to 100% from the subsequent year onward.
Star Mother Cover: Covers hospital room rent for insured mothers if child is <12 years old and hospitalized in
ICU.
Additional benefits: Additional benefits include AYUSH Treatment, Rehabilitation and pain management,
Ante-Natal Care (Pregnancy Care), In Utero Fetal Surgery/Repair, Bariatric Surgery, Optional Cover (Lump sum
on diagnosis of Cancer), Coverage for modern treatments, Medical and Tele-Health consultations.
About Star Health and Allied Insurance:
Managing Director and Chief Executive Officer– Anand Roy
Headquarters– Chennai, Tamil Nadu
Establishment– 2006

Axis Bank and Fibe Partner to Launch India’s First Numberless Credit Card
Axis Bank Limited and Social Worth Technologies Private Limited (Fibe) (formerly known as EarlySalary)
have partnered to launch India’s first-ever numberless credit card called Fibe Axis Bank Credit Card.
 The card, powered by Rupay, also allows the customer to link this credit card to Unified Payments
Interface (UPI).
About the card:
i.The Fibe Axis Bank Credit Card offers financial solutions by targeting tech-savvy of Generation Z (people
born between 1996 and 2010) of India.
ii.The card does not have any card number, expiry date, or Card Verification Value (CVV) printed on it.
 This enhances security and privacy of the cardholder by reducing the risk of identity theft and
unauthorized access to customer card details.
 The cardholders can access their card details in Fibe mobile application(App).
Features:
i.The card is also accepted at all offline stores and offers the tap-and-pay feature for added convenience.
ii.Rewards: The numberless credit card offers industry-best rewards, including a flat 3% cashback on online
food delivery, local commute on leading ride-hailing apps, and entertainment on online ticketing platforms.
Customers also get a 1% cashback on all online and offline transactions.
iii.The credit card also offers benefits such as
 Access to four domestic airport lounges per quarter
 Fuel surcharge waiver for fuel spends between Rs. 400 and Rs. 5,000
 The added advantage of Axis Dining Delights, Wednesday Delights, End of Season Sales, and RuPay
portfolio offerings.
About Axis Bank Limited:
Managing Director(MD) & Chief Executive Officer(CEO) – Amitabh Chaudhry
Headquarters – Mumbai, Maharashtra
Established in – 1993
Tagline – Badhti Ka Naam Zindagi
About Fibe:
Co-Founder and Chief Executive Officer(CEO) – Akshay Mehrotra
Headquarters – Pune, Maharashtra
Established in – 2015

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Mahindra Last Mile Mobility Gets Rs.300 Cr from IFC as First Installment of Investment
Mahindra Last Mile Mobility (MLMML), a subsidiary of Mahindra & Mahindra Ltd. (M&M) received the first
installment of investment of Rs.300 crore from the International Finance Corporation (IFC) for its Electric
Vehicle (EV) division. This investment is IFC’s first in an EV maker in India.
 With this transaction, MLMML has ceased to be a wholly owned subsidiary of Mahindra with effect
from 9th October 2023, while it continues to be a subsidiary of the company.
 In March 2023, IFC committed to investing Rs. 600 Crore (in one or more installments) at a
valuation of up to Rs. 6020 Crore, in a new company housing the last mile mobility division of
Mahindra Group.
 This partnership between MLMML and IFC signifies a mutual dedication to sustainable, inclusive,
and clean transport solutions.
 MLMML aims to accelerate the green transition in the automotive industry in support of India’s
climate targets. It will focus on scaling last-mile passenger and cargo transportation solutions.
 MLMML commenced commercial operations in September 2023, pursuant to the closing of the Asset
Transfer Agreement and Business Transfer Agreement with M&M.
Note: IFC is a member of the World Bank Group and is the largest global development institution focused on the
private sector in emerging markets.

Federal Bank Extends UPI Services to NRIs to Enhance Seamless Transaction

Kerala based Federal Bank Limited has extended the Unified Payments Interface (UPI) integration for Non-
Residential External (NRE) clients through its mobile banking platform, FedMobile, to enhance banking
convenience for its Non-Residential Indian (NRI) clients.
 With the integration of UPI, NRI clients can now make payments seamlessly using their NRE
accounts in regions where traditional payment methods may be limited.
 The plan has been approved by the National Payments Corporation of India (NPCI) for NRIs from
countries including Singapore, Australia, Malaysia, Canada, Hong Kong, Oman, Qatar, the United
States of America(USA), Saudi Arabia, the United Arab Emirates(UAE), and the United Kingdom(UK).
 Any NRI customer with an Indian mobile number registered in the Bank’s records can also avail of
this facility, further enhancing accessibility.
 With UPI on FedMobile, NRE clients can enjoy a wide range of payment options, including Send
Money, Scan N Pay, UPI Collect, and UPI Mandate approvals, including those for Initial Public
Offering (IPO) Subscription.
 The feature will also be available on other UPI applications that support global UPI transactions to
offer flexibility to the users.

Payment Aggregator Paysharp Gets ISO/IEC 27001:2022 Certification

Chennai(Tamil Nadu)-based Paysharp Private Limited(Paysharp), a Reserve Bank of India (RBI) in-principle
licence-approved Payment Aggregator, gets ISO/IEC 27001: 2022 certification, the world’s best-known
standard for Information Security Management Systems (ISMS).
 Paysharp, a fintech startup founded in 2019, is focusing on non-card-based payments like Unified
Payments Interface (UPI) payments. It offers both Business-to-business (B2B) and Business-to-
consumer (B2C) businesses, offering a range of UPI collection solutions.
ISO/IEC 27001 helps organisations become risk-aware and proactively identify and address weaknesses. It
promotes a comprehensive approach to information security.
 ISO/IEC 27001 was jointly published by the International Organization for Standardization (ISO)
and the International Electrotechnical Commission (IEC) in 2005 and then revised in 2013 and
2022.

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 The ISO/IEC 27001 standard provides companies of any size and from all sectors of activity with
guidance for establishing, implementing, maintaining, and continually improving an ISMS.

NSO’s 19th PLFS Quarterly Bulletin: UR in urban areas dips to 6.6% in April-June 2023
On October 9, 2023, the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation
(MoSPI) released its 19th Quarterly Bulletin(QB) of Periodic Labour Force Survey (PLFS) for April-June
2023 (Q1FY24).
 As per it, India’s urban unemployment rate (UR) in Current Weekly Status (CWS) terms for persons
aged 15 years and above declined to 6.6% during Q1FY24 from 6.8% during Q4FY23. It was 7.6% in
April-June 2022 (Q1FY23).
 The UR for Q1FY24 is lower than the URs observed in the quarters covered in the pre-pandemic
period.
Assessment:
A total number of 5,639 FSUs- First Stage Unit (UFS- Urban Frame Survey blocks) have been surveyed during
Q1FY24. The number of urban households surveyed was 44,190 and number of persons surveyed was
1,67,916 in urban areas.
Key Figures representing Persons of 15 years and above in Urban Areas in Q1FY24:
i.UR in CWS among male population declined to 5.9% as compared to 7.1 in Q1FY23.
 UR in CWS among females also saw a decline during Q4FY23 to 9.1% from 9.5% in Q1FY23.
ii.At all India level, Labour Force Participation Rate (LFPR) in CWS increased to 48.8% from 47.5% in April-
June 2022 (Q1FY23).
 For male, it was around 73.5% during this period.
 For female, LFPR increased from 20.9% to 23.2%.
iii.Worker Population Ratio (WPR- in %) in CWS increased to 45.5% from 43.9% in Q1FY23.
 For male, it increased from 68.3% to 69.2% during this period.
 For female, it increased from 18.9% to 21.1%.
Static Info:
About Periodic Labour Force Survey (PLFS):
National Sample Survey Office (NSSO) launched Periodic Labour Force Survey (PLFS) in April 2017. This serves
the following two purposes:
 To estimate the key employment and unemployment indicators (viz. Worker Population Ratio,
Labour Force Participation Rate, Unemployment Rate) in the short time interval of three months
(quarterly) for the urban areas only in the ‘Current Weekly Status’ (CWS).
 To estimate employment and unemployment indicators in both ‘Usual Status’ (ps+ss) and CWS in
both rural and urban areas annually.
Note: In 2019, The NSSO merged with the Central Statistical Office (CSO) to form the National Statistical Office
(NSO) to strengthen and streamline the processes and bring in more synergy.
Key Definitions:
UR: It is defined as the percentage of unemployed persons among the labour force.
LFPR: It is defined as the percentage of persons in labour force (i.e. working or seeking or available for work) in
the population.
WPR: It is defined as the percentage of employed persons in the population.
CWS: The activity status determined on the basis of a reference period of last 7 days preceding the date of
survey is known as the current weekly status (CWS) of the person.

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IMF’s WEO Oct 2023: India’s Growth is projected to be at 6.3% for both 2023 & 2024
According to World Economic Outlook (WEO), October 2023 -Navigating Global Divergences‘ the International
Monetary Fund (IMF) has raised India’s Gross Domestic Product (GDP) growth forecast to 6.3% in 2023 from
July 2023 estimate of 6.1% due to 7.8% growth during the June quarter.
 India will also grow at 6.3% in 2024 while remaining the world’s fastest growing major economy in
2023 and 2024.
Key Points:
i.The IMF’s 2023 growth forecast for India is same as the World Bank’s (WB) projection in its India
Development Update(IDU) October 2023.
ii.On the other hand, it is still lower than the 6.5% projection by Reserve Bank of India’s (RBI) Monetary Policy
Committee.
Global Growth Projection by IMF:
i.Global economic growth will slow to 3% in 2023 from 3.5% in 2022, a fall by 50 basis points.
 It will be 2.9% in 2024.
 The global growth for 2023 and 2024 is below the historical (2000–19) average of 3.8 percent.
ii.Global inflation will decline steadily to 6.9% in 2023 from 8.7% in 2022
 It will be 5.8% in 2024.
 Core inflation will decrease slowly, and in most cases, it will not reach the target until 2025.
iii.Advanced economies are expected to slow to 1.5% in 2023 from 2.6% in 2022.
 They will grow at 1.4% in 2024.
iv.Emerging market and developing economies are projected to decline to 4% in 2023 and 2024 from 4.1% in
2022.
v.The reasons behind the global slowdown are economic activity lags pre-pandemic levels, particularly in
emerging markets, uneven recovery and supply chain disruptions due to Russia’s invasion of Ukraine, and the
recent Palestine invasion against Israel risks destabilizing West Asia which is a major global oil production hub.

Unemployment rate at 6-year low of 3.2% in 2022-23: 6th NSSO Annual PLFS
On October 9, 2023, the National Sample Survey Office (NSSO), Ministry of Statistics and Programme
Implementation (MoSPI) released the 6th Annual Report ‘Periodic Labour Force Survey (PLFS) [July, 2022 –
June, 2023]’ stating Unemployment rate (UR) at 6-year low of 3.2% in 2022-23 under the Usual Status (ps+ss).
It was 6% in 2017-18.
 The UR in Current Weekly Status (CWS) decreased to 5.1% in 2022-23. It was 8.7% in 2017-18.
 The UR under the Usual Status during the one-year period declined for the 5th consecutive year
since it was launched in April 2017 while under CWS it decreased for the 3rd consecutive year since
April 2017.
Assessment:
i.The 6th annual report by NSSO is based on the PLFS conducted during July 2022-June 2023.
ii.Out of the total number of 12,800 FSUs (First Stage Units), 12,714 FSUs (6,982 villages and 5,732 urban
blocks) have been surveyed during July 2022 – June 2023.
iii.The number of households surveyed was 1,01,655 (55,844 in rural areas and 45,811 in urban areas).
iv.The number of persons surveyed was 4,19,512 (2,43,971 in rural areas and 1,75,541 in urban areas).
Key Notes:
i.In Usual Status (ps+ss), employment is determined on the basis of the reference period of 365 days preceding
the date of the survey.
 PS stands for Principal activity status.
 SS stands for Subsidiary economic activity status.
ii.In Employment Status, it is determined on the basis of a reference period of seven days, which is known as
the Current Weekly Status (CWS) of the person.

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Estimates of key Labour Market Indicators in Usual Status (ps+ss) during PLFS July 2022-June 2023
(2022-23) for Persons of age 15 years and above
i.At all India level, UR decreased to 3.2% in 2022-23 from 4.1% in 2021-22
 In rural areas, it decreased to 2.4 % from 3.2% in 2021-22.
 In urban areas, it decreased to 5.4 % from 6.3% in 2021-22.
 UR for male in India decreased to 3.3% from 4.4% in 2021-22.
 UR for female in India decreased to 2.9 % from 3.3% in 2021-22.
ii.At all India level, Labour Force Participation Rate (LFPR) increased to 57.9% in 2022-23 from 55.2% in
2021-22.
 In rural areas, it increased to 60.8% from 57.5% in 2021-22.
 In urban areas, it increased to 50.4% from 49.7% in 2021-22.
 LFPR for male in India increased to 78.5% from 77.2% in 2021-22.
 LFPR for female in India increased to 37% from 32.8% in 2021-22.
iii.At all India level, Worker Population Ratio (WPR) increased to 56% from 52.9% in 2021-22.
 In rural areas, it increased to 59.4% from 55.6% in 2021-22.
 In urban areas, it increased to 47.7% from 46.6% in 2021-22.
 WPR for male in India increased to 76% from 73.8% in 2021-22.
 WPR for female in India increased to 35.9% from 31.7% in 2021-22.
Estimates of key Labour Market Indicators in CWS during PLFS 2022-23 for Persons of age 15 years and
above
i.At all India level, UR decreased to 5.1% in 2022-23 from 6.6% in 2021-22
 In rural areas, it decreased to 4.4% from 6% in 2021-22.
 In urban areas, it decreased to 7% from 8.3% in 2021-22.
 UR for male in India decreased to 5.1% from 6.9% in 2021-22.
 UR for female in India decreased to 5.1% from 5.8% in 2021-22.
ii.At all India level, Labour Force Participation Rate (LFPR) increased to 54.6% in 2022-23 from 51.7% in
2021-22.
 In rural areas, it increased to 56.7% from 53% in 2021-22.
 In urban areas, it increased to 49.4% from 48.6% in 2021-22.
 LFPR for male in India increased to 77.4% from 75.9% in 2021-22.
 LFPR for female in India increased to 31.6% from 27.2% in 2021-22.
iii.At all India level, Worker Population Ratio (WPR) increased to 51.8% from 48.3% in 2021-22.
 In rural areas, it increased to 54.2% from 49.9% in 2021-22.
 In urban areas, it increased to 46% from 44.6% in 2021-22.
 WPR for male in India increased to 73.5% from 70.7% in 2021-22.
 WPR for female in India increased to 30% from 25.6% in 2021-22.
About Periodic Labour Force Survey (PLFS):
NSSO launched PLFS in April 2017to serve the following two purposes:
 To brought out quarterly estimates of labour force indicators namely UR, WPR, LFPR, distribution
of workers by broad status in employment, and industry of work in CWS within a short duration of
3 months.
 To annually estimate employment and unemployment indicators in rural and urban areas
using Usual Status and CWS.
Note: In 2019, The NSSO merged with the Central Statistical Office (CSO) to form the National Statistical Office
(NSO) to strengthen and streamline the processes and bring in more synergy.
Key Definitions:
UR: It is defined as the percentage of unemployed persons among the labour force.
LFPR: It is defined as the percentage of persons in labour force (i.e. working or seeking or available for work)
in the population.

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 Banking & Economy PDF

WPR: It is defined as the percentage of employed persons in the population.

CWS: The activity status determined on the basis of a reference period of last 7 days preceding the date
of survey is known as the current weekly status (CWS) of the person.
About Ministry of Statistics and Programme Implementation (MoSPI):
Minister of State (Independent Charge)– Rao Inderjit Singh (Constituency- Gurugram, Haryana)
Secretary– DR. G P Samanta

SIDBI & IPPB inked MoU for Financial Support to MSMEs in Remote Areas
India Post Payments Bank (IPPB) has signed an agreement with Small Industries Development Bank of
India (SIDBI) to extend financial and other support services to MSMEs (Micro, Small & Medium Enterprises) in
rural and remote areas.
 SIDBI provides credit to small businesses, while IPPB provides banking transaction services.
 It should be noted that Payments banks are not allowed to provide credit but can partner with other
institutions for distribution.
Signatories:
It was signed by Sivasubramanian Ramann, Chairman and Manaing Director (CMD) SIDBI;
and Jayanthy Venkatramu, MD (Managing Director) & CEO (Chief Executive Officer), IPPB.
Key Points:
i.This partnership will utilize IPPB’s rural reach and SIDBI’s lending and credit risk assessment models to reach
MSMEs.
ii.IPPB will also support SIDBI’s customers in digitizing the payment mechanisms through its merchant
onboarding system and collection solutions like Unified Payments Interface (UPI), QR-based solutions, etc.
iii.They will also undertake joint programs to upgrade the skills of Dak Sevaks.
iv.Both entities also announced a hackathon for innovation in financial services in rural areas and also
a Swavalamban Challenge Fund to promote rural livelihood enterprises.
About India Post Payments Bank (IPPB):
MD & CEO– Jayanthy Venkatramu
Headquarters– New Delhi, Delhi
Establishment– 2018
Motto – ‘Every customer is important, every transaction is significant and every deposit is valuable, no matter
the value.

ICICI Bank introduces ‘iFinance’, a One-Stop for Viewing Savings and Current Accounts Across
Banks
ICICI Bank Limited has launched a new feature called iFinance, which allows customers-retail and sole
proprietors, to get a consolidated view of their savings and current accounts across banks in a single place.
This facility is also extended to customers of other banks.
 ICICI bank leverages the Account Aggregator(AA) ecosystem to enable users to link their accounts.
 This feature is available on ICICI Bank’s digital platforms, namely iMobile Pay application, Retail
Internet Banking (RIB), Corporate Internet Banking (CIB) and InstaBIZ(Business Banking Mobile
Application).
Features of iFinance:
i.‘iFinance’ provides a single-view dashboard of all accounts.
ii.It offers a facility to get a summary of their income and category wise information of their expenditure.
iii.It allows users to link and de-link accounts on real-time basis
iv.It also provides consolidated account statement(s) of all linked Bank accounts.
Account Aggregator(AA):
i.An Account Aggregator (AA) is a Non-Banking Financial Company

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(NBFC) regulated by the Reserve Bank of India (RBI).

ii.It helps people securely and digitally access and share information from one financial institution they have an
account with to any other regulated financial institution in the AA network.
About ICICI Bank Limited:
Managing Director(MD) and Chief Executive Officer (CEO) – Sandeep Bakhshi
Headquarters – Mumbai, Maharashtra
Established in – 1994
Tagline – Hum Hai Na Khayal Apka

ADB approved USD 181 Million loan to Improve Services in Peri-Urban Areas of Ahmedabad
Asian Development Bank (ADB) has approved a loan worth USD 181 million to build quality infrastructure and
services in the peri-urban areas of Ahmedabad, Gujarat to control urban sprawl.
Scenario in Ahmedabad:
i.Ahmedabad is expanding horizontally to adjoining areas (peri-urban areas) due to rapid industrial growth.
ii.Since peri-urban areas are unplanned smaller urban local bodies (ULBs), it can’t accomodate the high
population due to urbanisation.
iii.Ahmedabad Urban Development Authority (AUDA) which is responsible for planning of those areas,
identified five growth centers surrounding Ahmedabad city.
 Ahmedabad Peri-urban Livability Improvement Project was created with an aim to provide
basic infrastructure in these growth centres.
Note: Peri-urban areas are the areas surrounding cities and towns. They are characterized by a mix of urban
and rural characteristics.
ADB Funding:
i.Ahmedabad Peri-urban Livability Improvement Project is funded by Asian Development Bank(ADB).
ii.ADB will help the AUDA and urban local bodies improve their ability to use technology for urban planning.
 This will include planning for climate change and disasters, as well as infrastructure that protects
the environment and promotes social safeguards, gender equality, and social inclusion.
Ahmedabad Peri-urban Livability Improvement Project:
i.The project will provide residents of Ahmedabad’s surrounding areas with quality urban infrastructure and
services, by building
 166 km of water distribution network
 126 km of climate-resilient stormwater drainage
 300 km of sewerage systems
 four sewage treatment plants
ii.The project will also improve 10 junctions along the Sardar Patel Ring Road to increase the connectivity of
peri-urban areas to Ahmedabad city.
iii.It will also support land development plans and town planning schemes.
iv.The project will build recycling treated sewage for industrial use through a public–private partnership.
v.Women’s self-help groups(SHG) will be trained on how to operate water supply systems.
Additional Info:
i.The project will help government agencies improve their ability to plan their finances, increase their revenue,
and manage their infrastructure assets.
ii.All the plans and schemes of the project can also be used by other states to improve their urban planning and
development.

Sberbank Becomes First Russian Bank to Register with SEBI as FPI

Russian State-owned Sberbank has become the first Russian bank to register with the Securities and
Exchange Board of India(SEBI) as a foreign portfolio investor (FPI) for a Category I FPI license.

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 Foreign portfolio investment (FPI) involves an investor purchasing foreign financial assets to access
equities, bonds, derivatives, mutual funds, and guaranteed investment certificates among others.
 Category I FPI license is only given to government or government related foreign investors or
regulated entities such as banks, sovereign wealth funds, investments trusts, pension funds, asset
management companies.
 With Sberbank’s registration as FPI, the total number of Russia-based FPIs in India increased to five
and the other four are non-banks including Alfa Capital Management, First Asset Management, Igor
Noskov, and Vesvolod Rozanov.
Note:
Moscow-headquartered Sberbank got approval from the Reserve Bank of India (RBI) in May 2010 to set up a
branch in India(New Delhi, Delhi) and commenced its banking business in January 2011.

Bharti Group to Acquire AXA’s 49% Stake in Bharti AXA Life Insurance
Bharti Group, through its holding company Bharti Life Ventures Private Limited (BLVPL) has entered into a
binding agreement with its Joint Venture(JV) partner AXA to acquire its 49% of stake in Bharti AXA Life
Insurance.
 Through this acquisition, BLVPL will own 100% stake in the Bharti AXA Life Insurance.
 The transaction is expected to be completed by December 2023, subject to regulatory approvals.
Bharti Group into Insurance:
Bharti Group set up the ventures with Paris based ‘AXA’ (a French multinational insurance firm) in 2006 and
held 74% stake in both – Bharti AXA General Insurance and Bharti AXA Life Insurance .
 Presently, Bharti AXA Life Insurance has a 51% stake from Bharti Group and 49% stake from AXA, in
line with the regulatory framework on ownership in the Insurance sector.
Bharti AXA General Insurance:
i.In 2020, Bharti Group and AXA exited the general insurance business by selling Bharti AXA General
Insurance to ICICI Lombard General Insurance Limited.
 Bharti AXA received two shares of ICICI Lombard for every 115 shares of Bharti AXA held by them.
ii.The transaction came into effect on Sept 08, 2021 after receving necessary approvals from The National
Company Law Tribunal (NCLT) and the Insurance Regulatory and Development Authority of India (IRDAI).
About Bharti AXA Life Insurance:
Managing Director(MD) & Chief Executive Officer (CEO)– Parag Raja
Headquarters – Mumbai, Maharashtra
Established in – 2006

FICCI Economic Outlook Survey Predicts Median GDP Growth Rate of 6.3% for FY23-24
According to Economic Outlook Survey released by Federation of Indian Chambers of Commerce &
Industry (FICCI), India’s annual median Gross domestic product (GDP) growth rate for the financial year 2023-
24 (FY2023-24) is projected at 6.3% with a minimum and maximum growth estimate of 6% and 6.6%,
respectively.
Sectorswise Prediction:
i.The expected growth rate for agriculture and allied activities in FY23-24 is 2.7%, which is lower than the
4.0% growth rate reported in FY22-23.
 This is due to the El Niño effect, which has affected the spatial distribution of rainfall during the
monsoon season.
ii.The industry and services sectors are expected to grow by 5.6% and 7.3%, respectively, in the FY23-24.
Quarterwise Prediction:
i.The expected growth rate will reach as high as 7.8% in first quarter(Q1) of the financial FY23-24.
ii.The growth rate will decrease to 6.1% and 6% for the second and third quarter (Q2 & Q3)respectively.

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CPI based inflation forecast:

i.The median forecast for Consumer Price Index (CPI)-based inflation in 2023-24 is 5.5%, with a minimum and
maximum range of 5.3% and 5.7%, respectively.
ii.CPI inflation rate will remain above the Reserve Bank of India(RBI)’s target level of 4±2 for Q3 & Q4 of FY 23-
24
iii.Inflation may have peaked, but prices could still go up. Food prices could be volatile due to high cereal prices
and the cancellation of the Black Sea grain deal. Oil prices are also high, which could contribute to inflation.
Repo Rate:
i.RBI is expected to maintain its policy repo rate at 6.5% until the end of the FY23-24.
ii.A cut in repo rate can be expected only by the end of Q1 or Q2 FY24-25.
Investments:
i.The government’s focus on capital expenditure has attracted private investment and boosted economic
growth.
 However, it will take some time to get a full-fledged momentum in investments.
ii.Any further recovery in private investment is expected to be driven by an increase in consumer spending,
both domestically and internationally.
Note:
Economic Outlook Survey was conducted in the month of September 2023.

CCI approves merger of IDFC Ltd with IDFC FIRST Bank

Competition Commission of India (CCI) has approved the Scheme of Amalgamation of IDFC
Limited(IDFCL) with IDFC FIRST Bank.
 The approval was granted under the Green Channel Route, which is a fast-track route for mergers
and acquisitions that are unlikely to have any adverse impact on competition..
 IDFCL is a development finance institution(DFI) and the parent company of IDFC FIRST Bank.
Provision:
The merger was granted according to Section 6(2) of the Competition Act, 2002 read with Regulations 5 and SA
of the Competition Commission of India (Procedure in regard to the transactions of business relating to
combinations) Regulations, 2011.
The amalgamation will be completed within FY23-24. IDFC FIRST Bank Limited was established in 2018 and
headquartered in Mumbai, Maharashtra.

APIPL Partners NPCI to launch EMIs on RuPay Credit Cards

Amazon Pay India Private Limited (APIPL) in partnership with National Payments Corporation of
India (NPCI) has introduced the option of Equated Monthly Instalment(EMI) on RuPay credit cards in
Amazon Pay.
 The service will be available across eight prominent issuing banks.
Background:
i.Great Indian Festival was announced on Amazon.in from 08th October 2023 to 15th October 2023.
 The Great Indian Festival is an annual shopping event that offers products at high discounts across
different categories in Amazon.in
 The theme of 2023 Great Indian Festival is ‘Dibbe khulenge, khulegi khushiyaan’ which means
‘unboxing happiness’.
ii.During the first two days of the offer time, it was observed that
 EMI was the most popular payment method
 One in four orders being placed on installments(EMI)
 Three in four EMI orders being no-cost EMIs.

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Tapping the Potential:

i.The launch of EMI facility on RuPay credit cards will grant customers enhanced access to credit.
ii.This will drive affordability and convenience of online shopping for customers across India, particularly
during the festive season.
About Amazon Pay EMI:
i.EMI payments in Amazon.in is facilitated by Amazon Seller Services Private Limited (ASSPL).
ii.No Cost EMI facility is funded by participating sellers and brands.
What is No Cost EMI?
i.No Cost EMI payment option enables customers who make purchases on Amazon.in by paying into equal
installments over the course of the EMI tenure.
ii.There are no additional charges, such as interest, processing fees, or hidden costs.
Additional Info:
Introduced in 2019, Amazon Pay offers a bunch of payment options like Amazon Pay Later, Amazon Pay Wallet,
Amazon Unified Payments Interface (UPI) etc,.
About Amazon Pay India Private Limited (APIPL):
Director – Vikas Bansal
Headquarters – Bengaluru, Karnataka
Established in – 2017

IRDAI Mandates Insurance Cover For Employees In Employer’s Vehicle

The Insurance Regulatory and Development Authority of India (IRDAI) has mandated all general insurers with
motor insurance business to provide an inbuilt feature in the Third Party policy (TP) to cover to employees
travelling in an employer’s vehicle (including paid driver, if applicable) under IMT. 29 of the Indian Motor
Tariff 2002.
 The compulsory cover of IMT-29 should be provided as an in-built coverage under the Compulsory
Motor Third Party(TP) Liability Section of Private Car Package/ Bundled Policies and under
standalone policies insuring Compulsory Motor Third Party Liability.
 IRDAI also stated that no additional premium will be charged until further directions.
Click here to know more
Background:
i.Madras High Court(Chennai, Tamil Nadu) has directed IRDAI to make
IMT-29 compulsory as an inbuilt coverage for employees while issuing a Private Car policy for employer’s
vehicles.
ii.In accordance to the High Court order, IRDAI has issued the above directions in exercise of the powers
conferred by Section 14(2) of Insurance Act 1938.
About Section 29 of India Motor Tariff (IMT) 2002:
i.The insurer will pay for any damages that the insured is legally liable for under the Fatal Accidents Act,
1855, if an employee (other than a paid driver) is killed or injured while using the insured vehicle(Upon
payment of premium Rs.25/employee).
ii.The compulsory cover of IMT-29 shall be provided as an inbuilt coverage
under the Compulsory Motor Third Party Liability Section of Private Car
Package/ Bundled Policies and under standalone policies insuring
Compulsory Motor Third Party Liability.
Clause 7 of Section 2 of IMT:
i.The employees travelling in or driving the employer’s motor vehicle will be covered under the insurance with
the payment of premium of Rs.50/employee.
 The tenure of the premium is extended till 12months on payment of additional amount
(Rs.50/employee).

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ii.The maximum number of employees covered under the insurance equals the maximum licensed seating
capacity of the vehicle.

9th annual Google for India 2023: Google Partners with FACE to Take Down Illegal Loan Apps
from Play Store in India
Google has partnered with the Fintech Association for Consumer Empowerment (FACE) to take down illegal
digital lending apps on Play Store in India.
 This partnership was announced during the 9th annual Google for India (2023) event held on 19th
October 2023 in New Delhi, Delhi.
 FACE is an industry association and self-regulatory organization for digital lenders.
What will be done under the Partnership?
i.Under this partnership, FACE will supply Google with market intelligence to identify and take action against
non-compliant predatory personal loan apps in India hat are non-compliant with Play Store’s policies.
ii.This collaboration supports Google's safety initiative, DigiKavach, aimed at protecting people from online
financial scams.
Highlights of 9th annual Google for India event:
i.During the event, Alphabet Inc. announced plans to manufacture Pixel 8 smartphones in India with sales
starting in 2024.
ii.Google is partnered with Open Network for Digital Commerce (ONDC) to enable customers to book metro
tickets directly through the Google Maps app
iii.Google Lens introduced Visual Skin Condition Search, allowing users to find visual matches for skin issues,
after uploading photos.
iv.Google Pay partnered with ePayLater to provide a credit line for merchants
v.It also collaborated with DMI Finance to introduce sachet loans starting at Rs 15,000.
vi.Google Pay expanded its merchant loans with ICICI Bank and personal loans with Axis Bank.
vii.Google enhanced its security measures with Google Play Protect, offering real-time app scan
recommendations for users installing unscanned apps.
viii.Google Cloud partners with ONCD and also plans on helping farmers with an agri tech called Sign Catch,
where, FPOs can now put their catalogues online and reach out to merchants across the country with the help
of ONDC.
 As part of Google For India, Google Cloud also announced it is working with Axis My India to
“democratise information on citizens services” with a super app called the ‘A App’ that uses Google
Cloud’s scalable and secure infrastructure.
About Google:
Parent organization - Alphabet Inc.
Chief Executive Officer - Sundar Pichai
Google India Head - Sanjay Gupta

HDFC ERGO General Insurance launches Optima Secure

HDFC ERGO General Insurance launched Optima Secure, a health insurance policy that offers four times the
coverage at no extra cost. The policy covers medical expenses incurred within India and comes with an optional
global health cover.
 Health insurance is a financial arrangement that provides coverage for medical expenses and
healthcare services.
About Optima Secure:
Eligibility & Policy Option:
i.One can buy this policy until 65 years. Policy covers Insured Persons in the age group of 91 days and above.
ii.Families and individuals can choose coverage from Rs 5 lakhs to RS 2 crore, with different options available.

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iii.This policy can be issued upto 3 years.

Key Benefits:
i.Secure Benefit offers additional coverage amount equivalent to 100%/200% of the Base Sum Insure.
ii.Plus Benefit offers additional coverage equivalent to 100% of the Base Sum Insured in 2 years irrespective
of a claim.
iii.Automatic Restore Benefits restores 100% of Base Sum Insured automatically on partial or complete
utilization of Sum Insured.
iv.Protect Benefit pays towards the Non-Medical expenses like gloves, food charges and other consumables
during hospitalization.
v.Global cover provides coverage for hospitalization expenses incurred outside India.
Note: This policy provides comprehensive coverage for both pre and post-hospitalization medical expenses.
(includes expenses incurred 60 days prior to hospital admission and 180 days following discharge from the
hospital).
About HDFC ERGO General Insurance Company Limited:
MD & CEO– Ritesh Kumar
Headquarters– Mumbai, Maharashtra

DFC Offers USD 30 Million to Dalmia Polypro Industries to Set up Greenfield Recycling Facility
in Nashik
The United States(U.S.) International Development Finance Corporation (DFC) has offered an External
Commercial Borrowing (ECB) loan of USD 30 million to the Dalmia Polypro Industries Private Ltd to fund
the establishment of greenfield recycling facility in Nashik, Maharashtra.
 The new plant is well-positioned to meet the growing demand for premium recycled plastic,
including food-grade materials, so contributing to the realisation of a circular plastic waste value
chain.
 The facility also set to process 171,000 metric tons of plastic annually the facility will focus on
producing top-notch recycled Polyethylene Terephthalate(rPET), Recycled polypropylene (rPP), and
recycled High-Density Poly Ethylene (HDPE) flakes and granules.
 Dalmia Polypro is one of the major plastic recyclers in India and it was established in 2006.
Note:
DFC, headquartered in Washington DC, the United States of America(USA), is an development bank under the
US Government.

HDFC Bank Launches ‘XpressWay’ Digital Banking Platform for Banking Products and Services
HDFC Bank has developed ‘XpressWay,’ a digital banking platform that offers a range of financial products
and services, providing customers with a fast and convenient banking experience.
 XpressWay provides a variety of services such as Xpress Personal Loans, Xpress Business Loans,
Xpress Car Loans, Xpress Home Loans, Xpress Loan on Cards, Xpress Credit Card, and Xpress Savings
Accounts.
 These services are intended to provide a rapid seamless, paperless, and self-service experience to its
new and existing customers.
 XpressWay is a part of HDFC Bank’s ‘NOW,‘ a brand that covers the bank’s digital products and
services.

NBBP Launches B2B Services, Partners with Axis Bank

NPCI Bharat BillPay Limited(NBBP) has partnered with Axis Bank to launch its services under the Business-to-
Business (B2B) category to provide businesses value-added services like flexible invoice presentation,
complaint management, Management Information System(MIS), etc.

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 NBBP’s B2B Category Payments went live for the first time on e MyJio app for Arzooo, a B2B Retail
Tech platform, with Axis Bank as the Biller Operating Unit (BOU).
First B2B Category Payment:
With the first B2B Category payment,
 MyJio became the 1st app to go live with the B2B Category Payments.
 Arzooo became the first biller in this category with support from Jio Payments Bank.
 Axis Bank became the first BOU enabling B2B payments.
Note: NPCI Bharat BillPay Limited(NBBP) is a wholly-owned subsidiary of National Payments Corporation of
India (NPCI).
NBBP’s service under B2B category:
Under the B2B category, NBBP will onboard sellers as billers and enable their buyers to pay for the goods and
services across NBBP enabled channels and modes.
i.Under this, Bharat BillPay will enable sellers to issue multiple invoices to their buyers and the buyers will
have the flexibility to pay one or more invoices in a single transaction.
ii.Payment Modes & Channels: The platform will offer a wide range of payment modes, such as Unified
Payments Interface (UPI), net banking, cards, wallets, Immediate Payment Service (IMPS), cash, etc., and
multiple payment channels like Mobile app, Website, Agent, Branch etc..
iii.To meet the cash flow requirements of the B2B segment, Bharat BillPay will also allow partial payments in
this category.
Positive impacts:
i.The move aims to digitize and democratise of B2B invoice payments.
ii.Since the process is quick, cost-effective and simpler to adopt, Micro, Small & Medium Enterprises(MSME)
segment will be benefitted.
About Axis Bank Limited:
Managing Director(MD) & Chief Executive Officer(CEO) – Amitabh Chaudhry
Headquarters – Mumbai, Maharashtra
Established in – 1993
Tagline – Badhti Ka Naam Zindagi
About NPCI Bharat BillPay Limited (NBBL):
Chief Executive Officer(CEO) – Noopur Chaturvedi
Headquarters – Mumbai, Maharashtra
Established in – 2021

EIB Delegates Examined Agra, Kanpur and Lucknow Metro Construction

A three-member delegation from the European Investment Bank (EIB) examined Metro rail works in Agra,
Kanpur and Lucknow which is being constructed under Uttar Pradesh Metro Rail Corporation(UPMRC).
 EIB had funded these metro rail projects.
 These project are in par with the international quality and safety standards.
Funding in Agra metro:
i.Agra Metro Rail Project is being build at the total cost of EUR 908 million.
ii.The European Investment Bank (EIB) is providing EUR 450 million in funding for this project.
iii.The remaining amount is being contributed by the central and state governments of India.
Funding in Kanpur Metro:
i.EIB will finance the acquisition of rolling stock and the development of two metro rail corridors with elevated
sections, totaling to 32.4 km with 31 stations.
ii.The project was initiated in 2020 by UPMRC.
iii.Out of the total estimated cost of EUR 1354 million EIB will contribute about EUR 650 million.
Note: The above two projects are promoted by Uttar Pradesh Metro Rail Corporation Limited.

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Funding in Lucknow Metro:

i.The Lucknow metro project aims to construct a 23km metro line and purchase of a fleet of about 80 metro
cars in Lucknow, Uttar Pradesh.
ii.The project is of total value EUR 914 million; EIB is contributing EUR 450 million.
iii.Lucknow Metro Rail Corporation Limited is the promoter of the project
About European Investment Bank (EIB): Werner Hoyer is the President of EIB; its headquarters in
Luxembourg

8th WIF: ICAI Receives ISAR Honours 2023 from UNCTAD

The Institute of Chartered Accountants of India (ICAI) has been awarded the ISAR Honours 2023, 6th edition
of ISAR Honours, by the United Nations Conference on Trade and Development (UNCTAD) working group on
International Standards for Accounting and Reporting (ISAR).
 The award was presented during the 8th World Investment Forum (WIF) held from October 16-
20, 2023 in Abu Dhabi, United Arab Emirates (UAE) on the theme ‘Investing in Sustainable
Development’.
 The award acknowledged ICAI’s initiative of Sustainability Reporting Standards Board (SRSB) which
received the highest score in 2023 ISAR HONORS session among 70 initiatives from around the
world.
Note: ISAR Honours ceremony 2023 celebrates the 6th anniversary since its launch in 2018.
About World Investment Forum (WIF):
It is a biennial Forum, organised by UNCTAD since 2008 to monitor the mainstreaming of SDGs by IPAs and
conducts regular surveys.
 The 7th World Investment Forum was held virtually from 18th to 22nd October 2021 due to COVID-
19 pandemic. It was originally planned to take place in Abu Dhabi, UAE.
Highlight:
ICAI also received UNCTAD ISAR Chair for the 40th session, a second consecutive session for ICAI, during WIF.
 CA. (Dr.) Sanjeev Kumar Singhal, Central Council Member from ICAI chaired the UNCTAD ISAR
session.
Key Initiatives by ICAI:
i.In 2022, ICAI formed a Section 8 Company , ‘The Institute of Social Auditors of India (ISAI)’, to fostering
proficient, ethical and world-class social auditors, at par with the expectations of the stakeholders.
ii.ICAI also issued 16 audit standards on social audits across 16 thematic focus areas, making India the first
country in the world to have social impact assessment standards.
About ISAR Honours:
UNCTAD launched the pilot edition of ISAR Honours on 24 October 2018. This aims to support efforts on
enhancing the quality and comparability of companies’ reporting on their contribution to the 2030 Agenda for
Sustainable Development.
Objective: To raise awareness and facilitate dissemination of national and international best practices on
sustainability and Sustainable Development Goals (SDGs) reporting as an integral of annual reporting by
companies.
About ISAR:
ISAR is a Standing Intergovernmental Working Group of Experts on International Standards of Accounting and
Reporting created by Economic and Social Council (ECOSOC) in 1983 and coordinated by UNCTAD.

ADB Approves USD 175 Million Loan to Upgrade Roads in Madhya Pradesh
The Asian Development Bank (ADB) has approved a USD 175 million loan for ‘India : Enhancing Connectivity
and Resilience of the Madhya Pradesh Road Network Project’.

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 The project aims to upgrade about 500 kilometers of state highways and major district roads to a
standard two-lane feature in Madhya Pradesh(MP).
About the Project:
i.The project was initially proposed by ADB in September 2023.
ii.The project will build better, safer, and more climate-resistant roads in MP to connect rural areas to growth
centres and industrial corridors.
iii.The project will also incorporate climate- and disaster-resilient design, innovative road safety elements, and
facilities that will respond to the needs of the elderly, women, children, and people with disabilities.
iv.It prepares the road subsector development strategy with the focus on climate change resilience, low-carbon
development, and road safety.
Partnership with MPRDC
i.ADB is partnering with Madhya Pradesh Road Development Corporation Limited (MPRDC), to build the
capacity of MPRDC in climate change adaptation and mitigation, disaster resilience, and road safety.
ii.ADB along with MPRDC, to formulate a gender equality and social inclusion strategy.
 An internship program will be made to attract female students to work in the road sector.
Background:
i.The ADB has been supporting the development of road networks in Madhya Pradesh since 2002.
ii.ADB has so far upgraded more than 9,000 kilometers of state highways and major district roads.
About Asian Development Bank (ADB):
President – Masatsugu Asakawa
Headquarters – Mandaluyong City, Manila, Philippines
Established in – 1966
Members – 68

SEBI Empanels 12 Entities to Provide Digital Forensic Services

The Securities and Exchange Board of India (SEBI) has empanelled 12 entities, including Ernst & Young LLP
(EY), KPMG Assurance and Consulting Services LLP, to provide digital forensic services to its search team for
onsite data acquisition during search and seizure operations.
 This empanelment will be valid for 2 years.
Other empanelled entities:
 Baker Tilly Business Advisory Services,
 Cybermate Forensics & Data Security Solutions,
 Cyint Technologies,
 ECS Info Tech,
 Innefu Labs,
 Mahen Technologies,
 Nangia & Co LLP,
 Netrika Consulting India,
 Pelorus Technologies, and
 Systools Software.
Note: SEBI has been actively cracking down on entities involved in illicit activities, such as a front-running
scam that made use of the messaging app Telegram in 2022.
Background:
In August 2023, the SEBI initiated the empanelment process by inviting applications from service providers
with a strong background in digital forensic services for acquisition, extraction, and analysis of digital evidence
sourced from diverse devices, including mobile phones, computers, tablets, and more.
Services to be provided by the Entities:
i.The empanelled entities will provide onsite and offsite assistance to the search team and onsite data
acquisition during search and seizure operations.

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 Banking & Economy PDF

ii.They will also conduct the forensic acquisition or imaging of different digital devices, including laptops, hard
drives, Universal Serial Bus (USB) drives, Compact Discs (CD)/DVDs, and servers.
iii.They will also do onsite acquisition of cloud data from platforms like Gmail, Facebook, YouTube, Instagram,
Telegram, WhatsApp, and any other relevant app or database.
About Securities and Exchange Board of India (SEBI):
SEBI is the regulatory authority for the capital market.
It was established as a statutory body in 1992 and the provisions of the SEBI India Act, 1992 (15 of 1992) came
into force on January 30, 1992.
Chairperson– Madhabi Puri Buch
Headquarters– Mumbai, Maharashtra

Kotak Mahindra Bank Partners With NeSL to issue e-Bank Guarantees

Kotak Mahindra Bank Limited(KMBL) has entered into a partnership with National E-Governance Services
Limited (NeSL) to issue its inaugural electronic Bank Guarantee (e-BG) through the platform of KMBL.
 This partnership will enable KMBL to digitize the entire process of issuing and managing Bank
Guarantees, which will significantly reduce the turnaround time(TAT) and eliminate the need for
paper-based documentation.
 NeSL’s Digital Documents Execution (DDE) technology will give real-time access to e-BG.
e-BG:
e-BG is a digital equivalent of a traditional paper-based Bank Guarantee.
It is a guarantee issued by a bank to a beneficiary on behalf of an applicant, promising to pay the beneficiary a
specific amount of money if the applicant fails to fulfill a certain obligation.

India to surpass Japan to Become 2nd Largest Economy in Asia by 2030: S&P Global
According to Purchasing Managers’ Index (PMI) data of Standard & Poor (S&P) Global Market Intelligence,
India will become Asia’s second-largest economy by 2030 with a Gross Domestic Product (GDP) of USD 7.3
trillion. India will also become the world’s third-largest economy.
 PMI also forecasted that India’s GDP will grow at 6.2-6.3% in the financial year 2023-24 (FY23-24).
Top Economies(of the world):
i.United States of America(USA) is the world’s largest economy with a GDP of USD 25.5 trillion.
ii.This is followed by China, Japan, and Germany in second, third, and fourth respectively (largest economy)
with a GDP of USD 18 Trillion, USD 4.2 trillion, and USD 4 trillion respectively.
Fifth Largest Economy:
i.India overtook the United Kingdom(UK) and became the fifth-largest economy in the world with a GDP of USD
3.5 trillion.
 India is also Asia’s third largest economy after China and Japan.
ii.By 2030, India will surpass Japan & Germany and become the third-largest economy in the world and the
second-largest economy of Asia.
Factors in favor of India Economy
FY23-24:
i.The Indian economy has continued to grow strongly in 2023, following two years of rapid growth in 2021 and
2022.
ii.In the first quarter(Q1) of FY23-24, the economy grew at 7.8%.
FDI:
i.The increasing flow of foreign direct investment(FDI) into India over the past decade shows that investors are
optimistic about the country’s long-term growth prospects.
ii.This is due to the fact that Indian demography is dominated by the youth population.
Digital Transformation:
The rapid growth of e-commerce and the shift to fourth-generation (4G) and fifth-generation (5G) smart-phone

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technology are expected to accelerate the growth of e-commerce and to change the retail consumer market
landscape.
 By 2030, around 1.1 billion Indians will have internet access as compared to 500million users in
2020.
Growth Driver:
i.India’s large and rapidly growing middle class is a major driver of consumer spending, which is fueling
economic growth.
ii.The country’s large domestic market and industrial sector have made it a prime investment destination for
multinational companies in a wide range of sectors, including manufacturing, infrastructure, and services.

ADB Approves USD 400 Million Loan to Enhance Urban Services in India
The Asian Development Bank (ADB) has approved USD 400 million policy-based loan to India to enhance the
infrastructure quality and provide assured public services and efficient governance systems. The loan will be
under Sub-programme 2 of ADB’s Sustainable Urban Development and Service Delivery Programme.
 Subprogram 2 will support investment planning and reform actions at the state and urban local
body (ULB) levels.
 It will be implemented by the Ministry of Housing and Urban Affairs(MoH&UA) with guidance from
ADB.
Aim:
The program supports India’s urban reform agenda for improving the quality of urban life by creating
 High-quality urban infrastructure
 Assured public services
 Efficient governance systems
Outcome:
i.These planning processes will make cities more resilient to climate change and disasters, promote nature-
based solutions, improve the urban environment, and make cities more financially sustainable by generating
more revenue.
ii.Cities will be encouraged to become more financially responsible by making changes to how they collect
taxes and spend money. This will make it easier for them to borrow money and invest in the infrastructure they
need.
India’s Endeavour:
i.India cities have the potential to drive economic growth.
ii.India has stressed the importance of making cities livable through inclusive, resilient, and sustainable
infrastructure.
 This is in alignment with ADB Strategy 2030.
iii.Atal Mission for Rejuvenation and Urban Transformation (AMRUT) 2.0, India’s flagship urban
transformation program, aims to provide universal access to water supply and sanitation, and ensure urban
water security by reducing water losses, recycling wastewater for non-potable uses, rejuvenating water bodies,
and maintaining sustainable groundwater levels.
Additional Info:
Subprogram 1, sanctioned in 2021, focused on the formulation of national-level policies and guidelines to
enhance urban services.
About Asian Development Bank (ADB):
President – Masatsugu Asakawa
Headquarters – Mandaluyong City, Manila, Philippines
Established in – 1966
Members – 68 Countries

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Zerodha Fund House Launches Its Maiden Mutual Fund Schemes

Zerodha Fund House(ZFH), a joint venture between Zerodha Broking Limited and smallcase Technologies
Private Limited, launched its maiden mutual fund schemes Zerodha Nifty LargeMidcap 250 Index
Fund and Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund.
 Both schemes are open-ended, passive, index-equity mutual fund schemes.
 The New Fund Offering (NFO) opened on 20th October 2023 and will remain open till 3rd November
2023.
About the Fund Schemes:
i.Both the launched funds are benchmarked against the Nifty LargeMidcap 250 Index total returns index (TRI).
iii.The index fund will replicate the Nifty LargeMidcap 250 Index, while the ELSS scheme will be an open-ended
passive equity-linked savings scheme with a statutory lock-in period of three years.
iv.The tax benefit replicates the Nifty LargeMidcap 250 Index.
 The Equity Linked Savings Scheme (ELSS) provides tax benefits under Section 80 (C) of the Income-
tax Act, 1961.
v.The minimum Systematic Investment Plan (SIP) investment for the index fund is Rs 100, while the minimum
threshold for the ELSS fund has been set at Rs 500.
vi.The schemes will adopt a passive investment strategy.
 It will invest in stocks in proportion to the weightage of the stocks in the Nifty LargeMidcap 250
Index.
Background:
This is the first NFO of the Fund House after receiving approval from the Securities and Exchange Board of
India (SEBI) in August 2023 to launch mutual fund schemes.
What is NFO?
i.NFO is a singular investment solution to invest in the top 250 companies.
ii.NFO provides an equity product with a mix of stability and growth.
Nifty LargeMidcap 250 Index:
i.The Nifty LargeMidcap 250 Index is a stock index that tracks the performance of 250 large and midcap
companies listed on the National Stock Exchange of India (NSE).
ii.The index is weighted evenly between the two segments, with 50% of the weight allocated to each.
iii.The Nifty LargeMidcap 250 Index covers approximately 84% of the total market capitalization, 87% of the
free-float market capitalization, and 69% of the total liquidity of all traded equity stocks on the NSE.
About Zerodha Fund House(ZFH):
Zerodha Fund House is a passive-only Asset Management Company (AMC) which aims to build transparent,
and affordable mutual funds.
Chief Executive Officer (CEO) – Vishal Jain
Headquarters – Bengaluru, Karnataka
Established in – 2023

MobiKwik’s Zaakpay gets In-Principle Nod from RBI to Operate as Payment Aggregator
Reserve Bank of India(RBI) has granted in-principle authorization to MobiKwik’s payment gateway
arm Zaakpay to operate as an online payment aggregator (PA).
 This will enable Zaakpay to onboard new merchants onto its platform for processing online
payments and scale the number of merchants associated with the startup.
Background:
i.RBI rejected Mobikwik’s application for PA licence in 2021 and the same was re-applied in October 2022.
ii.In 2021, the application was rejected since Mobikwik fell short of of minimum net worth threshold of Rs 15
crore.
 In 2021, the net worth of Zaakpaya was at Rs 14.3 Cr, rendering it ineligible for the licence.

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RBI Guidelines:
In March 2020, RBI issued Guidelines on Regulation of Payment Aggregators and Payment Gateways and
introduced various measures for payment aggregators operating in India.
Payment Aggregators(PAs): PAs are entities that facilitate e-commerce sites and merchants to accept various
payment instruments from the customers. This eliminates the need for for merchants to set up their own
payment integration system PAs facilitate merchants to connect with acquirers. In this process they accept
payments from customers, pool and transfer them on to the merchants after a time period.
Payment Gateways(PGs): PGs are entities that provide technology infrastructure to route and facilitate
processing of an online payment transaction without any involvement in handling of funds.
Capital Requirements for PAs:
Existing PAs: PAs should achieve a net-worth of Rs 15 crore by March 31, 2021 and a net-worth of Rs 25 crore
by the end of the third financial year(March 31, 2023).
New PAs: PAs shall have a minimum net-worth of Rs 15 crore at the time of application and shall attain a net-
worth of Rs 25 crore by the end of third financial year of grant of authorisation.
Note: The net-worth of Rs 25 crore shall be maintained at all times thereafter.
Onboarding:
i.Only the existing companies, which have received RBI’s in-principle approval, is allowed to onboard
merchants on their platforms.
ii.But, PAs such as Razorpay, PayU, Cashfree, and Paytm are being barred from onboarding new merchants,
despite receiving the in-principle approval.
About MobiKwik:
Founders – Bipin Preet Singh and Upasana Taku
Managing Director (MD) & Chief Executive Officer (CEO) – Bipin Preet Singh
Headquarters – Gurugram, Haryana
Established in – 2009

Bank Of Baroda Launches Bob LITE Savings Account

Bank of Baroda(BoB) launched a lifetime zero-balance savings account called the Bob LITE Savings
Account as a part of “BOB Ke Sang Tyohaar Ki Umang” festive campaign.
 The Bob LITE Savings Account comes with a lifetime-free RuPay Platinum debit card (subject to
maintaining a quarterly average balance(QAB)).
Eligibility:
The account can be opened by any resident individual, including minors (above 10 years).
QAB:
i.The QAB to be maintained is based in the locality. QAB will be
 Rs. 3000 for Metro/Urban areas,
 Rs. 2000 for Semi-Urban area
 Rs. 1000 for Rural areas
ii.If QAB is not maintained, an Annual fee on the debit card will be applied as per the Bank’s guidelines.
BoB Unveils Festive Campaign:
i.In September 2023, BoB launched the “BOB Ke Sang Tyohaar Ki Umang” festive campaign.
 The campaign will run up to 31st December 2023.
ii.As part of the campaign, BoB introduced four savings accounts catering to diverse needs:
 BOB LITE Savings Account (No Minimum Balance)
 BOB BRO Savings Account: Zero Balance Savings Account for Students (16 to 25 years)
 My Family My Bank/BOB Parivar Account: A Comprehensive Family Savings Account
 Baroda Non-Resident Indian (NRI) PowerPack Account: A Tailored Account for Non-Resident
Indians

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iii.BoB also introduced a recurring deposit scheme called the BOB Systematic Deposit Plan (SDP).
iv.BoB has partnered with leading brands across various categories, including Electronics, Consumer Durables,
Travel, Food, Fashion, Entertainment, Lifestyle, Grocery, and Health, to provide exclusive offers and discounts
to its debit and credit cardholders.
 This initiative aims to enhance the festive shopping experience while promoting financial prudence.
About Bank of Baroda(BoB):
Managing Director (MD) & Chief Executive Officer (CEO) – Devdutt Chand
Headquarters – Vadodara, Gujarat (Head office), Mumbai, Maharashtra (Corporate centre)
Established in – 1908
Tagline – India’s International Bank

RBL Bank launches Zero-Balance Go Savings Account

RBL Bank, formerly known as Ratnakar Bank, has launched the GO Savings Account, a zero-balance digital
banking product. The account has a subscription-based model means it will replace minimum balance
requirement, thus, finishing the hassle of maintaining a minimum balance.
GO Savings Account Features:
 Competitive interest rates of up to 7.5% per annum.
 A premium debit card.
 Vouchers valued at Rs 1500 for premier brands.
 Comprehensive cyber insurance cover, accident and travel insurance up to Rs 1 crore and free CIBIL
report.
Key Points:
i.The subscription fee is Rs 1999 (plus taxes) for the first year, and an annual renewal fee of Rs 599 (+taxes).
ii.The account has a simple account opening process and easy-to-operate features. It caters to customers of all
age groups.
About RBL Bank:
Managing Director & CEO– R Subramaniakumar
Headquarters– Mumbai, Maharashtra
Tagline– Apno Ka Bank
Establishment– 1943

AU Small Finance Bank Launches ‘Planet first – AU Green Fixed Deposit’ with 8.5% Interest
Rate
AU Small Finance Bank (AU SFB) Limited launched its first Green Fixed Deposit (FD) namely Planet First –
AU Green Fixed Deposit with an interest rate of up to 8.50%. This launch represents bank’s commitment
towards climate action, and also allows customers to contribute to sustainability by dedicating proceeds to
green projects.
 The Green FD was launched on 25th October 2023, last Wednesday of October, which is celebrated
as the Sustainability Day.
Features of Planet First-AU Green Fixed Deposit:
 Interest rate of up to 8.50%
 Minimum investment of Rs. 5,000
 Tenure options from two to five years
 Interest payment options including monthly, quarterly, and cumulative
Key Points:
i.With this launch, customers can secure Green FDs through Video Banking, the AU 0101 App, Net Banking, or
by visiting AU Small Finance Bank branches, both existing and new AU SFB customers.
ii.A green fixed deposit (FD) is an interest-bearing deposit that funds projects with environmental benefits.
Green FDs are also known as environmentally friendly fixed deposits.

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iii.The Green Fixed Deposits will enable customers to contribute to sustainability of planet through AU’s green
offering.

Escrowpay secures India’s 1st digital Escrow authorization from IFSCA

Escrowpay, a leading digital escrow platform, has secured India‘s 1st digital escrow regulatory fintech
authorisation from International Financial Services Centres Authority (IFSCA), Gujarat International Finance
Tec-City (GIFT City), Gandhinagar, Gujarat.
 The authorization will provide secured and efficient financial solutions to 70 million Small and
Medium Enterprises (SMEs) in India.
 The authorization will also enable Escrowpay to further expand its suite of offerings and commence
cross-border transactions in over 14 world currencies.
 It will also help to make escrow banking more accessible, affordable, and secure for all users.
What is Escrow?
Escrow is a financial arrangement in which a third party, known as an escrow agent, holds money or property
on behalf of two other parties that are in the process of completing a transaction.
About Escrowpay:
MD– Ashwin Chawwla
Headquarters– Gurugram, Haryana Established in 2015

IndusInd Bank Collaborates with Viamericas to Offer Inward Remittance Services to NRIs in
USA
IndusInd Bank Limited has announced a strategic collaboration with Viamericas Corporation to offer digital
inward remittance services to Non Resident Indians (NRIs) in the United States of America (USA).
 This collaboration will enable NRIs to send money to their beneficiaries in India through IndusInd
Bank’s digital remittance platform Indus Fast Remit(IFR).
Working Mechanism:
i.The Indus Fast Remit platform will allow NRIs to send money to India either through auto debit
payment mode (Automated clearing House – ACH) and through the overseas Bank account.
ii.Through IndusInd Bank Vostro relationship, Viamericas Corporation will credit the beneficiary’s
account in India using the Reserve Bank of India (RBI)’s Rupee Drawing Arrangement (RDA) scheme.
Indus Fast Remit(IFR):
i.Indus Fast Remit is a first-of-its-kind multi-partner digital platform facilitating remittances to India
especially by Non Resident Indians (NRI).
ii.The users of IFR will have the option to choose from multiple Exchange Houses/Money Transfer
Companies offering competitive rates
iii.The remittance service will be offered through the licensed overseas Exchange Houses/Money
Transfer Companies and the amount will be transferred to the beneficiary’s account in India under
RDA Scheme.
About IndusInd Bank Limited:
Managing Director(MD) & Chief Executive Officer(CEO) – Sumant Kathpalia
Headquarters – Mumbai, Maharashtra
Established in 1994
Tagline – We Make You Feel Richer

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About Viamericas Corporation:

Chief Executive Officer(CEO) – Paul S. Dwyer
Founders – Paul S. Dwyer, Joseph D. Argilagos Lillian & M. Argilagos
Headquarters – Coral Gables, Florida, USA
Established in – 1999

Banking, Finance & Economy Q&A: October 2023

1. In September 2023, the Department of Economic Affairs, Ministry of Finance, increased the
interest rate on the 5-year recurring deposit scheme to _________ from 6.5% for the 3rd quarter
(October-December) of 2023-2024 (Q3FY24).
1) 7.0%
2) 6.8%
3) 6.6%
4) 6.9%
5) 6.7%
Answer- 5) 6.7%
Explanation:
The Department of Economic Affairs (DEA-Budget Division), Ministry of Finance, has increased
the interest rate on the 5-year recurring deposit scheme by 20 basis points to 6.7% from 6.5% for
the 3rd quarter (October-December) of 2023-2024 i.e. Q3FY24.
i. The rates of other small savings schemes remained unchanged. List of Interest Rates on Small
Savings Schemes for Q3FY24.
ii. According to the Reserve Bank of India (RBI) data, in FY23, household net financial savings rate hit
a historic low at 5.1% of Gross Domestic Product (GDP), down from 7.2% in FY22.

2. In September 2023, the Asian Development Bank (ADB) has announced the approval of
capital management reforms that unlocked USD ______________in fresh funding capacity over the
next decades for financing projects in the Asia-Pacific region.
1) 500 billion
2) 300 billion
3) 100 billion
4) 400 billion
5) 200 billion
Answer- 3) 100 billion
Explanation:
The Asian Development Bank (ADB) announced the approval of capital management reforms that are
set to release approximately USD($)100 billion in fresh funding capacity over the next decades for
financing projects in the Asia-Pacific region.
 People in Asia and the Pacific, especially those who are poor and vulnerable, are facing severe
challenges due to escalating and interconnected crises.An estimated 155 million people, or
3.9% of the region’s population, lived in extreme poverty as per the report in 2022.
i. This funding is intended to tackle significant Asian challenges, notably climate change.
ii. These reforms were implemented by updating the ADB’s Capital Adequacy Framework (CAF).

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iii. This represents a substantial increase of approximately USD10 billion, which representing about a
40% rise in the ADB’s capability to fund various projects, initiatives ,infrastructure, and other
essential sectors in the Asia-Pacific region.

3. In September 2023, the Securities and Exchange Board of India (SEBI) extended the deadline
for adding nominees to demat accounts and submitting PAN and KYC details for physical
security holders until _____________.
1) 31st March 2024
2) 31st December 2023
3) 31st January 2024
4) 30th November 2023
5) 30th April 2024
Answer- 2) 31st December 2023
Explanation:
The Securities and Exchange Board of India (SEBI) extended the deadline for adding nominees to
demat accounts and submitting PAN and KYC details for physical security holders until December
31, 2023. SEBI also extended the nomination deadline specifically for mutual fund unit holders until
January 1, 2024.
Extension Deadline for Current Demat Account Holders
 The Securities and Exchange Board of India (SEBI) has announced an extension of the deadline
for current demat account holders to select their nominees for an additional three months, now
ending on December 31, 2023.
 SEBI has extended the deadline to another three months for mutual fund account holders to
nominate a beneficiary or opt out until January 1,2024. If investors fail to comply, their folios
will be frozen with effect from January 1,2024.
 Earlier, the deadline for existing mutual fund holders to provide a choice of nomination was
September 30.

4. In September 2023, International Finance Corporation(IFC) received approval from Reserve

Bank of India (RBI) to acquire upto 9.7% of the paid-up share capital of _________________ (Bank).
1) IndusInd Bank
2) Federal Bank
3) ICICI Bank
4) HDFC Bank
5) Axis Bank
Answer- 2) Federal Bank
Explanation:
International Finance Corporation (IFC) has received approval from Reserve Bank of India (RBI) to
acquire upto 9.7% of the paid-up share capital or voting rights of the in Federal Bank Limited
(subject to the conditions specified therein).
i. The approval has been granted by RBI with reference to the application made by IFC.
ii. The approval granted by RBI is subject to the compliance with the relevant provisions of the
 Banking Regulation (BR) Act, 1949.
 RBI’s Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in
Banking Companies dated January 16, 2023 (as amended from time to time).

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 Foreign Exchange Management Act (FEMA) 1999.

 Regulation 30 of Securities and Exchange Board of India (SEBI) (Listing Obligations and
Disclosure Requirements) Regulations, 2015.
 Any other guidelines, regulations and statutes as applicable.

5. Which company has recently (in Sept ‘23) acquired India’s first Airbus A350-900 aircraft
through a finance lease transaction with HSBC via the Gujarat International Finance Tec-City
(GIFT City)?
1) IndiGo
2) SpiceJet
3) Air India
4) Vistara
5) Go First
Answer- 3) Air India
Explanation:
On September 29, 2023, Tata Group owned Air India successfully acquired India’s first Airbus
A350-900 aircraft by way of finance lease transaction with HSBC through AI Fleet Services Limited
(AIFS), a 100% subsidiary of Air India, and a Gujarat International Finance Tec-City (GIFT City)
International Financial Services Centre (IFSC)-registered finance company.
 Air India is India's first scheduled carrier to have acquired an aircraft from an entity registered
in GIFT City.
 It is also its first financing transaction from its orders for 470 aircraft that were made earlier in
2023.
i. Air India has placed orders for six A350-900 planes and five of them are scheduled for delivery
through March 2024.
ii. Air India had signed purchase agreements to acquire these aircraft with Airbus and Boeing on the
sidelines of the Paris Air Show held in June 2023.

6. On the occasion of the 2nd edition of NPS Diwas observed on October 1, 2023, which pension
management company has launched a first-of-its-kind ‘National Pension System (NPS)
Preference Index’?
1) Aditya Birla Sun Life Pension Management
2) HDFC Pension Management
3) ICICI Prudential Pension Fund Management
4) Kotak Mahindra Pension Fund Management
5) SBI Pension Fund Management
Answer- 2) HDFC Pension Management
Explanation:
HDFC Pension Management Company Limited has launched a first-of-its-kind ‘National Pension
System (NPS) Preference Index’ on the occasion of 2nd edition of NPS Diwas which was observed on
1st October 2023.
 HDFC Pension also released NPS Preference Index Study which is the industry first spotlight on
NPS.
 HDFC Pension Management Company Limited,a subsidiary of HDFC Life Insurance Company
Limited is one of the Pension Fund Managers (PFM’s) appointed by Pension Fund Regulatory

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and Development Authority (PFRDA) in India to manage funds for the National Pension System
(NPS).
i. NPS Preference Index Study 2023:
 The aim of the survey is to assess consumers’ views on retirement and their awareness,
interest, and contemplation of the NPS.This resulting in the framing NPS Preference Index,
which can be tracked over time.

7. Which bank has recently (in Sept ‘23) signed an MoU with Warehousing Development
Regulatory Authority (WDRA) to fund against e-NWRs (electronic Negotiable Warehouse
Receipt)?
1) State Bank of India
2) Bank of Baroda
3) Indian Bank
4) Punjab National Bank
5) Bank of India
Answer- 5) Bank of India
Explanation:
Warehousing Development Regulatory Authority (WDRA) signed a Memorandum of Understanding
(MoU) with the Bank of India (BoI) to fund against e-NWRs (electronic Negotiable Warehouse
Receipt).
i. The MoU was signed in the presence of T.K Manoj Kumar, Chairperson, WDRA, Rajneesh Karnataka,
Managing director (MD) cum Chief Executive Officer (CEO), BoI.
ii. The MoU also aims to provide information to depositors about the benefits, besides doing further
outreach activities to improve agricultural pledge finance in India.

8. In September 2023, SBI Life Insurance Company Limited signed a bancassurance pact with
the State Bank of ____________ (state) to offer insurance solutions accessible.
1) Kerala
2) Karnataka
3) Sikkim
4) Tamil Nadu
5) Assam
Answer- 3) Sikkim
Explanation:
SBI Life Insurance Company Limited signed a bancassurance pact with the State Bank of Sikkim
(SBS) to make insurance solutions accessible to the residents of Sikkim.
i. The agreement was signed by P. Wangdi Bhutia, Managing Director, State Bank of Sikkim, and
Jayant Pandey, Regional Director- Bengal region, SBI Life Insurance at the SBS’s headquarters in
Gangtok, Sikkim.
ii. Bancassurance is an agreement between a bank and an insurance company, through which the
insurer can sell its products to the bank’s customers.

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9. In September 2023, National Bank for Agriculture and Rural Development (NABARD) raised
Rs ___________ by issuing India’s first ‘AAA’ rated Indian Rupee-denominated Social Bonds at a
coupon rate of 7.63%.
1) 3,103.20 crore
2) 5,971.10 crore
3) 1,040.50 crore
4) 4,023.25 crore
5) 2,567.20 crore
Answer- 3) 1,040.50 crore
Explanation:
National Bank for Agriculture and Rural Development (NABARD) raised Rs 1,040.50 crore by
issuing India’s first ‘AAA’ rated Indian Rupee-denominated Social Bonds at a coupon rate of 7.63%.
i. NABARD issued bonds privately to eligible institutional investors, which were listed on the Bombay
Stock Exchange (BSE) on September 29, 2023. The redemption date for the bonds is September 27,
2028 with coupon payments taking place yearly.
ii. A social bond is a type of financial instrument issued by governments, international organisations,
or corporations to raise funds for projects and initiatives that have a positive social impact on society.

10. According to the Centre for Monitoring Indian Economy (CMIE)’s Consumer Pyramids
Household Survey released in October 2023, India’s unemployment rate fell to a 12-month low
of ________ in September 2023.
1) 6.5%
2) 7.5%
3) 7.1%
4) 8.5%
5) 6.8%
Answer- 3) 7.1%
Explanation:
According to the Centre for Monitoring Indian Economy (CMIE)’s Consumer Pyramids Household
Survey, India’s unemployment rate fell to a 12-month low of 7.1% in September 2023 from 8.1% in
August 2023 despite the poor monsoon.
i. In rural areas, the overall unemployment rate dropped from 7.11% in August 2023 to 6.20% in
September 2023.
ii. In urban areas, the overall unemployment rate decreased from 10.09% in August to 8.94% in
September.

11. In October 2023, the National Investment and Infrastructure Fund Limited (NIIFL) entered
into a collaboration with the Japan Bank for International Cooperation (JBIC) to launch its first
bi-lateral fund called India-Japan Fund (IJF) of Rs __________.
1) 49 Billion
2) 35 Billion
3) 52 Billion
4) 67 Billion
5) 30 Billion
Answer- 1) 49 Billion

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Explanation:
The National Investment and Infrastructure Fund Limited (NIIFL) has entered into a collaboration
with the Japan Bank for International Cooperation (JBIC) to launch its first bi-lateral fund called India-
Japan Fund (IJF) of Rs 49 Billion (USD 600 million).
i. The Fund was established by NIIF Limited (NIIFL), a collaborative investment platform for
international and Indian investors. The fund is anchored by the Government of India and JBIC.
ii. Out of Rs 49 Billion, The Government of India (GoI) will contribute Rs 24 Billion (USD 294 million
(49%)) and JBIC will fund the remaining Rs 25 Billion (USD 306 million (51%)) of the funding target.
iii. JBIC’s equity participation in the Fund is based on the Memorandum of Understanding (MoU)
which was signed between JBIC and NIIFL in November 2022.

12. Name the bank that has recently (in Oct ‘23) collaborated with the Outlook Group to launch
“Outlook Money 40After40”, a retirement planning event.
1) ICICI Bank
2) IDFC FIRST Bank
3) IndusInd Bank
4) Kotak Mahindra Bank
5) HDFC Bank
Answer- 2) IDFC FIRST Bank
Explanation:
Outlook Group in collaboration with IDFC FIRST Bank launched a retirement planning
event “Outlook Money 40After40” to spread awareness and create conversations around
retirement planning.
i. “40After40” is a two-day event and expo, which will be held at Jio World Convention Centre in
Mumbai, Maharashtra on 23rd and 24th January, 2024.
ii. IDFC FIRST Bank will spread the need & importance of retirement planning and address the
financial needs of the elderly early.

13. Which bank has recently (in Oct ‘23) launched INDIE, a customer centric digital mobile
banking application(app)?
1) Indian Bank
2) ICICI Bank
3) IndusInd Bank
4) Bank of India
5) IDBI Bank
Answer- 3) IndusInd Bank
Explanation:
IndusInd Bank Limited launched INDIE, a customer centric digital mobile banking application(app),
to empower customers with an all-in-one digital financial solution. This hyper-personalized financial
super-app utilises the advanced analytics to provide personalized insights to its customers.
i. The app leverages advanced analytics to provide personalized insights to its customers such as
smart reminders, expense tracking, and spending insights..
ii. The app offers a number of industry-first features, including ultra-flexible products that can be
customized to meet specific needs of the customer.

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14. Name the company that has recently (in Oct ‘23) merged with the North East Small Finance
Bank Limited (NESFBL) to become Small Finance Bank (SFB).
1) Zerodha
2) Slice
3) InCred
4) Zeta
5) MoneyTap
Answer- 2) Slice
Explanation:
The Reserve Bank of India (RBI) approved the merger of North East Small Finance Bank Limited
(NESFBL) and Bengaluru(Karnataka) based fintech startup Slice (previously known as Slicepay).
i. Following this merger, Slice will become the 1st fintech firm to transform into a Small Finance Bank
(SFB).
ii. All slice entities, including its Non-Banking Financial Company (NBFC) licence, have been merged
with the combined banking entity.

15. Name the subsidiary of the Reserve Bank of India (RBI) that has recently (in Oct ‘23)
collaborated with Digital India Bhashini Division to bring linguistic inclusion in the financial
services space.
1) Reserve Bank Information Technology Private Limited
2) Indian Financial Technology and Allied Services
3) Deposit Insurance and Credit Guarantee Corporation of India
4) Reserve Bank Innovation Hub
5) Bharatiya Reserve Bank Note Mudran Private Limited
Answer- 4) Reserve Bank Innovation Hub
Explanation:
Reserve Bank Innovation Hub (RBIH) and the Digital India Bhashini Division
(DIBD/Bhashini) collaborated to explore and develop innovative solutions that foster linguistic
inclusivity in the financial services sector.
i. This partnership aims to extend the reach of digital financial services to users in their native
tongues, ultimately providing seamless banking experiences for everyone.
ii. This collaboration is with respect to the memorandum of Understanding (MoU) which was signed
during the Global Fintech Fest (GFF) held in Mumbai, Maharashtra in September 2023.
iii. Bhashini is a Independent Business Division under Digital India Corporation(DIC) under the aegis
of Ministry of Electronics and Information Technology (MeitY).
 Aim: To build a National Public Digital Platform for languages to develop services and products
for citizens by leveraging the power of artificial intelligence and other emerging technologies.

16. Name the bank that has recently (in Oct ‘23) launched its digital banking proposition in the
Open 2023 campaign.
1) IndusInd Bank
2) Axis Bank
3) ICICI Bank
4) YES Bank
5) HDFC Bank

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Answer- 2) Axis Bank

Explanation:
Axis Bank Limited which is headquartered in Mumbai ,Maharashtra has launched its digital banking
proposition called ‘open by Axis Bank’ in its latest advertising campaign ‘Open 2023’
i. The Open 2023 campaign highlights the top 15 features of the bank’s digital offerings.
ii. The launch of ‘open by Axis Bank’ is a fulfilment of Axis bank’s vision to build Axis 2.0 as a digital
bank within the bank to offer a personalized, intuitive, and hassle-free digital banking experience.
iii. ‘open by Axis Bank’ is a future-ready mobile application that underscores the bank’s pivot towards
enhanced digital offerings.

17. In October 2023, _______________ became the first bank in India to issue an ‘Open Network for
Digital Commerce (ONDC) Network Gift Card’.
1) Axis Bank
2) IndusInd Bank
3) YES Bank
4) HDFC Bank
5) ICICI Bank
Answer- 3) YES Bank
Explanation:
YES Bank Limited has become the first bank in India to issue an ‘Open Network for Digital
Commerce (ONDC) Network Gift Card’. The card is powered by Rupay Network.
i. The card is issued in partnership with the ONDC, a government-backed initiative to democratize
digital commerce in India.
ii. This network-wide gift card will help companies with corporate gifting and employee engagement,
and it will also allow consumers to shop at thousands of sellers on the network using any ONDC-
compatible buyer app.

18. According to India Development Update (IDU) October 2023 released by World Bank (WB)
in October 2023, India’s Gross Domestic Products (GDP) growth is retained at _____________ for
the Financial Year (FY) 2023-24.
1) 6.7%
2) 6.9%
3) 6.5%
4) 6.3%
5) 6.0%
Answer- 4) 6.3%
Explanation:
According to India Development Update (IDU) October 2023 released by World Bank (WB), India’s
Gross Domestic Products (GDP) growth for the Financial Year 2023-24 (FY23/24) is retained at
6.3% and for FY 24/25 the growth rate will be at 6.4%.
i. India was one of the fastest-growing major economies in FY 22/23 at the rate of 7.2%. India’s
growth rate was the 2nd highest among G20 countries.
ii. The report states that India's headline inflation is expected to average 5.9% in FY 23/24. IDU
April 2023 projected India's headline inflation to decline to an average of 5.2% in FY 23/24.

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iii. Bad weather has caused inflation to increase, with headline inflation reaching 7.8% in July 2023
due to higher food prices.
Note- The India Development Update (IDU) is a companion to the South Asia Development Update
(SADU). IDU is a flagship biannual report of the World Bank on Indian economy.

19. Who has been recently (in Oct ‘23) promoted as the global Chief Executive Officer (CEO) of
PayU Global Payment Organisation (GPO)?
1) Ajay Kumar
2) Anirban Mukherjee
3) Reeju Dutta
4) Akash Sinha
5) Praveen Sharma
Answer- 2) Anirban Mukherjee
Explanation:
Anirban Mukherjee has been promoted as the global Chief Executive Officer (CEO) of PayU Global
Payment Organisation (GPO), a payments and fintech business of Prosu. Currently, he is a part of the
PayU global leadership team and serves as the CEO of PayU India.
i. He replaces Laurent Le Moal, the incumbent global CEO of PayU GPO, who steps back from the
operational management of the day-to-day business. Le Moal will remain with Prosus and PayU in an
advisory capacity.

20. In October 2023, the Appointments Committee of the Cabinet(ACC) extended the tenure of
Dinesh Kumar Khara as the Chairman of the ___________ (Bank) until 28th August 2024.
1) Bank of Baroda
2) Indian Bank
3) Punjab National Bank
4) Bank of India
5) State Bank of India
Answer- 5) State Bank of India
Explanation:
The Appointments Committee of the Cabinet (ACC) has extended the tenure of the Chairman of the
State Bank of India (SBI) Dinesh Kumar Khara till 28th August 2024 or till he attains the age of 63
years, or until further orders, whichever is earlier.
i. He has been serving as the chairman of SBI since 7th October 2020. His 3 year tenure ended on 6th
October 2023.
ii. ACC has also extended the tenure of Ashwini Kumar Tewari as the Managing Director(MD) of SBI
for 2 years beyond January 27, 2024.
Note: Currently, the retirement age for the SBI chairman is capped at 63. Khara will turn 63 in August
2024.

21. Name the personality who has recently (in Oct ‘23) appointed as the Chairman and
Managing Director(CMD) of General Insurance Corporation of India Limited (GIC Re).
1) Atanu Kumar Das
2) Ramaswamy Narayanan
3) Bishnu Charan Patnaik

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4) Devesh Srivastava
5) Neerja Kapur
Answer- 2) Ramaswamy Narayanan
Explanation:
Ministry of Finance has appointed Ramaswamy Narayanan as Chairman and Managing Director
(CMD) to General Insurance Corporation of India Limited (GIC Re) with effect from 1st October, 2023
and up to the date of of his superannuation (i.e. 30th September 2025) or until further orders,
whichever is earlier.
i. He succeeds Devesh Srivastava, who retired from the post on 30th September 2023. He has been
serving as CMD since December 2019.
ii. Prior to this appointment he was serving as the General Manager of GIC Re.
iii. He was appointed based on the recommendation of the Financial Services Institution Bureau
(FSIB) to the Ministry of Finance in June 2023.

22. Which of the following points is ‘Incorrect’ with respect to the 4th Bi-Monthly Monetary
Policy statement for FY24 released by RBI in October 2023?
1) The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) has opted to keep the policy
repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50% for the 4th time in a row.
2) The Reverse Repo Rate and the Marginal Standing Facility (MSF) Rate are kept unchanged at 3.35%
& 6.75% respectively.
3) The Bank Rate is kept unchanged at 6.25%.
4) India’s real Gross Domestic Product (GDP) growth is projected at 6.5 per cent for 2023-24.
5) RBI projects that Inflation is expected to average 5.4% in the fiscal year 2023–2024.
Answer- 3) The Bank Rate is kept unchanged at 6.25%.
Explanation:
The Reserve Bank of India (RBI) announced its fourth bi-monthly monetary policy. The RBI Governor
Shaktikanta Das-led Monetary Policy Committee (MPC) meeting on October 4-6, 2023, decided to
keep the rates and stance unchanged.
 Policy Repo Rate: For the 4th time in a row, the MPC has opted to keep the policy repo rate
under the liquidity adjustment facility (LAF) unchanged at 6.50%.
 The last adjustment to this rate was a 25-basis point increase to 6.50% during the February
2023 meeting.
Category Rates
Policy Repo Rate 6.50%
Reverse Repo Rate 3.35%
Marginal Standing Facility (MSF) Rate 6.75%
Standing Deposit Facility (SDF) Rate 6.25%
Bank Rate 6.75%
Cash Reserve Ratio (CRR) 4.50%
Statutory Liquidity Ratio (SLR) 18%
 The MPC provided projections for real gross domestic product (GDP) growth projected at 6.5%
for the fiscal year 2023-24.

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 RBI projects that Inflation is expected to average 5.4% in the fiscal year 2023–2024, which
remained unchanged. Additionally, the target for economic growth remains at 6.5% for the
same period.

23. Which of the following points is/are ‘correct’ with respect to the initiatives by the Reserve
Bank of India (RBI) in October 2023?
A) The Reserve Bank of India (RBI) has increased the existing limit of gold loans under the
bullet repayment scheme from Rs 4 lakh to Rs 6 lakh in certain urban co-operative banks
(UCBs).
B) Reserve Bank Governor Shaktikanta Das announced the extension of the Payments
Infrastructure Development Fund (PIDF) Scheme by 2 years, until December 31, 2025.
C) RBI proposes to introduce Card-on-File Tokenisation (CoFT) creation facilities directly at
the issuer bank level.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Answer- 3) Only B & C
Explanation:
Reserve Bank of India (RBI) announced to double the gold loan limit under the bullet repayment
scheme for Urban Cooperative Banks (UCBs). Monetary ceiling for gold loans under this scheme
increased from Rs. 2.00 lakh to Rs. 4.00 lakh for UCBs that meet Priority Sector Lending (PSL) target
and sub targets as on March 31, 2023.
 Reserve Bank Governor Shaktikanta Das announced the extension of the Payments
Infrastructure Development Fund (PIDF) Scheme by 2 years, until December 31, 2025.
 RBI proposes to introduce Card-on-File Tokenisation (CoFT) creation facilities directly at the
issuer bank level.Currently, Card-on-File (CoF) tokens can only be created through a
merchant’s application or webpage.
 RBI may consider Open Market Operations (OMO) sales of government securities as a strategy
to manage liquidity in the financial system.OMO sales will be conducted through auctions and
not via Negotiated Dealing System-Order Matching (NDS-OM) platform.
 The Reserve Bank of India (RBI) has granted permission to non-banking financial
companies(NFBCs) categorized as middle layer and base-layer entities to use credit risk
mitigation tools. This enables them to offset their exposure (protect themselves from financial
risk) using eligible credit risk transfer instruments.
 Existing guidelines allow offsetting exposures(practice of balancing or reducing financial risks)
with credit risk transfer instruments for Non-Banking Financial Company (NBFCs) in the Upper
Layer (UL).

24. Name the bank/organisation that has recently (in Oct ‘23) approved a USD 200 million loan
to strengthen flood and riverbank erosion risk management in Assam, India.
1) World Bank
2) Asian Development Bank
3) United Nations Environment Programme

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4) United Nations Framework Convention on Climate Change

5) African Development Bank
Answer- 2) Asian Development Bank
Explanation:
The Asian Development Bank (ADB) has approved a USD 200 million loan to strengthen flood and
riverbank erosion risk management along the 650-kilometer (km) long main stem of the Brahmaputra
River in Assam, India.
i. The Project activities will be led, managed, and coordinated by the Flood and River Erosion
Management Agency of the Assam Government.
ii. The Water Resources Department of the Government of Assam will implement the works and the
Assam Agroforestry Development Board will use nature-based solutions.
iii. The Brahmaputra Board, the Assam State Disaster Management Authority, and the Assam Inland
Water Transport Development Society will be partner agencies of the project.

25. Which company has recently (in Oct ‘23) launched a mobile app for 54EC Bonds Investors?
1) REC Limited
2) Power Grid Corporation of India
3) Indian Railway Finance Corporation
4) Power Finance Corporation Limited
5) Indian Oil Corporation Limited
Answer- 1) REC Limited
Explanation:
REC Limited (formerly Rural Electrification Corporation Limited) launched SUGAM REC, a mobile
app for its current and future investors in REC’s 54EC Capital Gain Tax Exemption Bonds.
 REC Limited is a Maharatna Central Public Sector Enterprise(CPSE) under the Ministry of
Power.
i. SUGAM REC offers the ability to view complete details of their investment in REC 54EC Bonds,
including the investment amount, interest rate, and maturity date.
ii. Section 54EC bonds, also known as Capital gain bonds, are fixed income instruments which provide
capital gains tax exemption.

26. Name the bank that has recently (in Oct ‘23) launched a Mobile Handheld Device to provide
banking services to financial inclusion customers.
1) Bank of Baroda
2) ICICI Bank
3) State Bank of India
4) HDFC Bank
5) Bank of India
Answer- 3) State Bank of India
Explanation:
The State Bank of India (SBI) has launched a “mobile handheld device” for its financial inclusion
customers including senior citizens, differently-abled and the infirm. The device is designed to
enhance accessibility and convenience for customers who live in remote areas or have difficulty
visiting SBI branches.

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i. The device will initially offer five core banking services which account for approximately 75 percent
of the total transactions that SBI’s CSPs conduct.
 Cash withdrawal
 Cash deposit
 Fund transfer
 Balance inquiry
 Mini statements

27. According to the Controller General of Accounts(CGA) data released in October 2023,
India’s fiscal deficit for the tenure April to August of the financial year 2023-24 (FY24) is at Rs
_________ , 36% of the FY24 target.
1) 4.90 trillion
2) 6.42 trillion
3) 4.62 trillion
4) 5.89 trillion
5) 5.24 trillion
Answer- 2) 6.42 trillion
Explanation:
According to the Controller General of Accounts (CGA), India’s fiscal deficit for the tenure April to
August of the financial year 2023-24 (FY24) is at Rs 6.42 trillion. This is 36% of the full-year target
of Rs 17.87 trillion.
 In the same period of FY 2022-23, the fiscal deficit was Rs 5.42 trillion, or 32.6% of the FY23
target Rs16.61 trillion.
i. The fiscal deficit widened mainly because the government spent more on capital expenditure (due
to lower tax devolution to state governments) and government’s increase in non-tax revenues.
ii. The government aims to reduce the fiscal deficit to 5.9% of the gross domestic product (GDP) for
fiscal year 2024.

28. Which of the following points is/are “correct” with respect to the Appointments Committee
of the Cabinet’s (ACC) approval to appoint the Executive Directors (EDs) of various Public
Sector Banks (PSBs) in October 2023?
A) The ACC chaired by Prime Minister Narendra Modi, approved the appointment of 12 Chief
General Managers (CGMs) and General Managers (GMs) as Executive Directors (EDs) of various
Public Sector Banks (PSBs).
B) Lal Singh, CGM of Punjab National Bank has been appointed as the ED of Bank of India for a
period of 3 years with effect from the date of assumption of office.
C) Brajesh Kumar Singh, CGM of BoB has been appointed as the ED of Indian Bank for a period
of 3 years effective from March 2024.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Answer- 4) Only A & C

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Explanation:
On October 7, 2023, the Appointments Committee of the Cabinet (ACC) chaired by Prime Minister
Narendra Modi, approved the appointment of 12 Chief General Managers (CGMs) and General
Managers (GMs) as Executive Directors (EDs) of various Public Sector Banks (PSBs).
i. Lal Singh, CGM of Union Bank of India (UBI) has been appointed as the ED of Bank of Baroda
(BoB) for a period of 3 years with effect from the date of assumption of office.
 It is noted that he shall be eligible for an extension of the term of office, after a review of his
performance, till attaining the age of superannuation (i.e., 31.01.2027), or until further orders.
ii. Brajesh Kumar Singh, CGM of BoB has been appointed as the ED of Indian Bank for a period of 3
years effective from March 2024.
iii. Rohit Rishi, CGM of Indian Bank has been appointed as ED of Bank of Maharashtra (BOM) for a
period of 3 years effective from November 2023. List of officials promoted from CGM or GM to ED.

29. In October 2023, the Reserve Bank of India (RBI) constituted a 9 member external Working
Group chaired by ____________ to suggest Expected Credit Loss (ECL) framework for provisioning
by banks.
1) Raghuram G. Rajan
2) R. Narayanaswamy
3) B. P. Kanungo
4) Muneesh Kapur
5) Urjit R. Patel
Answer- 2) R. Narayanaswamy
Explanation:
The Reserve Bank of India (RBI) has constituted a 9 member external Working Group chaired by
Prof. R. Narayanaswamy to suggest Expected Credit Loss (ECL) framework for provisioning by
banks.
i. R Narayanaswamy is a retired Indian accountant and former Professor of Indian Institute of
Management (IIM) Bangalore, Bengaluru, Karnataka.
Note- RBI has appointed Muneesh Kapur as Executive Director (ED) with effect from October 3,
2023.
 As executive director, Muneesh Kapur will monitor the Department of Economic and Policy
Research.

30. Name the insurance company that has recently (in Oct ‘23) introduced surrogacy cover and
oocyte donor cover to its women-centric policy.
1) Care Health Insurance
2) Star Health and Allied Insurance
3) Aditya Birla Health Insurance
4) Niva Bupa Health Insurance
5) Manipal Cigna Health Insurance
Answer- 2) Star Health and Allied Insurance
Explanation:
On October 9, 2023, Star Health and Allied Insurance introduced surrogacy cover and oocyte
donor cover to its women-centric policy namely Star Women Care Insurance Policy at no extra
charge for policyholders.

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i. This inclusion will address the demand in assisted reproduction treatment, and extend health
insurance coverage to surrogate mothers and oocyte donors.
ii. The Surrogate Mother & Oocyte Donor Cover is applicable for adults 25 to 35 years. The sum
insured under this is available up to Rs. 1 Crore.

31. Which Company/Financial Institutions has recently (in Oct ‘23) sanctioned loans worth Rs
8,800 crore for airports and civil aviation infrastructure development in India?
1) Industrial Finance Corporation of India
2) Infrastructure Development Finance Company
3) Srei Infrastructure Finance Limited
4) National Bank For Financing Infrastructure And Development
5) India Infrastructure Finance Company Limited
Answer- 5) India Infrastructure Finance Company Limited
Explanation:
India Infrastructure Finance Company Limited (IIFCL) has sanctioned loans worth Rs 8,800 crore
for airports and civil aviation infrastructure development in India.
 The IIFCL has already sanctioned loans of around Rs 4,000 crore.
Funding:
i. IIFCL is one of India’s major airport financiers and has supported airports with a total project outlay
of about Rs 74,000 crore.
ii. IIFCL along with the Government of India will continue to support the development of world-class
airport infrastructure in India under the Public-Private-Partnership(PPP) model.
 It will also explore opportunities to fund greenfield airport projects and Maintenance, Repairs
and Overhaul (MRO) facilities.

32. Which bank has recently (in Oct ‘23) partnered with Social Worth Technologies Private
Limited (Fibe) to launch India’s first-ever numberless credit card?
1) Axis Bank
2) YES Bank
3) HDFC Bank
4) ICICI Bank
5) IndusInd Bank
Answer- 1) Axis Bank
Explanation:
Axis Bank Limited and Social Worth Technologies Private Limited (Fibe) (formely known as
EarlySalary) have partnered to launch India’s first-ever numberless credit card called Fibe Axis
Bank Credit Card.
i. The card, powered by Rupay, also allows the customer to link this credit card to Unified Payments
Interface (UPI).
ii. The Fibe Axis Bank Credit Card offers financial solutions by targeting tech-savvy Generation Z
(people born between 1996 and 2010) of India.
iii. The card does not have any card number, expiry date, or Card Verification Value (CVV) printed on
it.
 The cardholders can access their card details in Fibe mobile application (App).

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33. Which company has recently (in Oct ‘23) received the first installment of investment of Rs.
300 crore from the International Finance Corporation (IFC) for its Electric Vehicle (EV)
division?
1) Kinetic Green
2) Euler Motors
3) Mahindra Last Mile Mobility
4) Piaggio Vehicles
5) Atul Auto
Answer- 3) Mahindra Last Mile Mobility
Explanation:
Mahindra Last Mile Mobility (MLMML), a subsidiary of Mahindra & Mahindra Ltd. (M&M) received
the first installment of investment of Rs. 300 crore from the International Finance Corporation
(IFC) for its Electric Vehicle (EV) division. This investment is IFC’s first in an EV maker in India.
i. With this transaction, MLMML has ceased to be a wholly owned subsidiary of Mahindra with effect
from 9th October 2023, while it continues to be a subsidiary of the company.
ii. In March 2023, IFC committed to investing Rs. 600 Crore (in one or more installments) at a
valuation of up to Rs. 6020 Crore, in a new company housing the last mile mobility division of
Mahindra Group.

34. Which bank has recently (in Oct ‘23) extended the Unified Payments Interface (UPI)
integration for Non-Residential External (NRE) clients?
1) YES Bank
2) HDFC Bank
3) ICICI Bank
4) IndusInd Bank
5) Federal Bank
Answer- 5) Federal Bank
Explanation:
Kerala based Federal Bank Limited has extended the Unified Payments Interface (UPI) integration
for Non-Residential External (NRE) clients through its mobile banking platform, FedMobile, to
enhance banking convenience for its Non-Residential Indian (NRI) clients.
i. With the integration of UPI, NRI clients can now make payments seamlessly using their NRE
accounts in regions where traditional payment methods may be limited.
ii. The plan has been approved by the National Payments Corporation of India (NPCI) for NRIs from
countries including Singapore, Australia, Malaysia, Canada, Hong Kong, Oman, Qatar, the United States
of America(USA), Saudi Arabia, the United Arab Emirates(UAE), and the United Kingdom(UK).

35. Name the Payment Aggregator that has recently (in Oct ‘23) received ISO/IEC 27001: 2022
certification.
1) Phi Commerce Private Limited
2) Infibeam Avenues Limited
3) Worldline ePayments India
4) Paysharp Private Limited
5) Pine Labs Private Limited
Answer- 4) Paysharp Private Limited

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Explanation:
Chennai (Tamil Nadu)-based Paysharp Private Limited (Paysharp), a Reserve Bank of India (RBI) in-
principle licence-approved Payment Aggregator, gets ISO/IEC 27001: 2022 certification, the world’s
best-known standard for Information Security Management Systems (ISMS).
i. Paysharp, a fintech startup founded in 2019, is focusing on non-card-based payments like Unified
Payments Interface (UPI) payments. It offers both Business-to-business (B2B) and Business-to-
consumer (B2C) businesses, offering a range of UPI collection solutions.
ii. ISO/IEC 27001 helps organisations become risk-aware and proactively identify and address
weaknesses. It promotes a comprehensive approach to information security.

36. According to the 19th Quarterly Bulletin (QB) of Periodic Labour Force Survey (PLFS) for
April-June 2023 (Q1FY24) released by the National Statistical Office (NSO) in October 2023,
India’s urban unemployment rate (UR) in Current Weekly Status (CWS) terms for persons aged
15 years and above declined to _________ during Q1FY24.
1) 6.3%
2) 6.6%
3) 6.9%
4) 6.7%
5) 6.2%
Answer- 2) 6.6%
Explanation:
On October 9, 2023, the National Statistical Office (NSO), Ministry of Statistics and Programme
Implementation (MoSPI) released its 19th Quarterly Bulletin(QB) of Periodic Labour Force Survey
(PLFS) for April-June 2023 (Q1FY24).
As per it, India’s urban unemployment rate (UR) in Current Weekly Status (CWS) terms for
persons aged 15 years and above declined to 6.6% during Q1FY24 from 6.8% during Q4FY23. It was
7.6% in April-June 2022 (Q1FY23).
 The UR for Q1FY24 is lower than the URs observed in the quarters covered in the pre-
pandemic period.
 A total number of 5,639 FSUs- First Stage Unit (UFS- Urban Frame Survey blocks) have been
surveyed during Q1FY24. The number of urban households surveyed was 44,190 and the
number of persons surveyed was 1,67,916 in urban areas.
 UR in CWS among male population declined to 5.9% as compared to 7.1 in Q1FY23.
 At all India levels, the Labour Force Participation Rate (LFPR) in CWS increased to 48.8% from
47.5% in April-June 2022 (Q1FY23).
 Worker Population Ratio (WPR- in %) in CWS increased to 45.5% from 43.9% in Q1FY23.

37. According to World Economic Outlook (WEO)-Navigating Global Divergences‘ released in

October 2023, the International Monetary Fund (IMF) has raised India’s Gross Domestic
Product (GDP) growth forecast to __________ for 2023.
1) 6.5%
2) 6.7%
3) 6.3%
4) 6.1%
5) 6.5%

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Answer- 3) 6.3%
Explanation:
According to World Economic Outlook (WEO), October 2023 -Navigating Global Divergences‘ the
International Monetary Fund (IMF) has raised India’s Gross Domestic Product (GDP) growth forecast
to 6.3% in 2023 from July 2023 estimate of 6.1% due to 7.8% growth during the June quarter.
 India will also grow at 6.3% in 2024 while remaining the world’s fastest growing major
economy in 2023 and 2024.
 The IMF’s 2023 growth forecast for India is the same as the World Bank’s (WB) projection in its
India Development Update(IDU) October 2023.
i. Global economic growth will slow to 3% in 2023 from 3.5% in 2022, a fall by 50 basis points. It will
be 2.9% in 2024.
ii. Global inflation will decline steadily to 6.9% in 2023 from 8.7% in 2022. It will be 5.8% in 2024.

38. Which of the following points is/are “correct” with respect to the step made by the Reserve
Bank of India (RBI) in October 2023?
A) RBI has decided to extend the Prompt Corrective Action (PCA) Framework to all deposit
taking government NBFCs and non-deposit taking government NBFCs in middle, upper and top
Layers (excluding base layer) with effect from October 1, 2024.
B) RBI under section 35A of the Banking Regulation Act, 1949, has ordered Bank of Baroda to
immediately suspend the process of adding more customers to the ‘bob World’ mobile
application.
C) As per the RBI’s monetary policy report, the Personal loans /Retail loans form the biggest
component of bank credit at 32.1 percent of outstanding credit, as of March 2023.
1) All A, B & C
2) Only A & B
3) Only B & C
4) Only A & C
5) Only A
Answer- 1) All A, B & C
Explanation:
The Reserve Bank of India (RBI) has decided to extend the Prompt Corrective Action (PCA)
Framework to all deposit taking government NBFCs and non-deposit taking government NBFCs in
middle, upper and top Layers (excluding base layer) with effect from October 1, 2024.
 Major government-owned NBFCs that will be subject to the PCA Framework include entities
like Power Finance Corporation (PFC), Rural Electrification Corporation (REC), Indian Railway
Finance Corporation (IRFC), and Industrial Finance Corporation of India (IFCI).
i. The Reserve Bank of India, under section 35A of the Banking Regulation Act, 1949, has ordered Bank
of Baroda to immediately suspend the process of adding more customers to the ‘bob World’ mobile
application.
ii. As per the RBI’s monetary policy report,bank lending has changed significantly, with more credit
now directed towards services and retail loans compared to industries.
 Personal loans now form the biggest component of bank credit (at 32.1% of outstanding
credit), followed by services (28.4%), industry (26.2%) and agriculture (13.3%).

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39. According to the 6th Annual Report ‘Periodic Labour Force Survey (PLFS) [July, 2022 – June,
2023]’ released by the National Sample Survey Office (NSSO) in October 2023, the
Unemployment rate (UR) at 6-year low of _______ in 2022-23 under the Usual Status (ps+ss).
1) 5.2%
2) 3.2%
3) 5.3%
4) 4.5%
5) 3.9%
Answer- 2) 3.2%
Explanation:
On October 9, 2023, the National Sample Survey Office (NSSO), Ministry of Statistics and Programme
Implementation (MoSPI) released the 6th Annual Report ‘Periodic Labour Force Survey (PLFS)
[July, 2022 – June, 2023]’ stating Unemployment rate (UR) at 6-year low of 3.2% in 2022-23
under the Usual Status (ps+ss). It was 6% in 2017-18.
 The UR in Current Weekly Status (CWS) decreased to 5.1% in 2022-23. It was 8.7% in 2017-18.
 The UR under the Usual Status during the one-year period declined for the 5th consecutive
year since it was launched in April 2017 while under CWS it decreased for the 3rd consecutive
year since April 2017.
 At all India level, UR decreased to 3.2% in 2022-23 from 4.1% in 2021-22
 At the all India level, the Labour Force Participation Rate (LFPR) increased to 57.9% in 2022-
23 from 55.2% in 2021-22.
 At the all India level, Worker Population Ratio (WPR) increased to 51.8% from 48.3% in 2021-
22.

40. Who has been recently (in Oct ‘23) elected as the Chairman of Association of Mutual Funds
in India (AMFI)?
1) Ajay Sharma
2) Navneet Munot
3) N.S.Venkatesh
4) Anthony Heredia
5) Jayanth Kumar
Answer- 2) Navneet Munot
Explanation:
Navneet Munot, Managing Director (MD) and Chief Executive Officer (CEO) of HDFC Asset
Management Co. Ltd (AMC), has been elected as the Chairman of Association of Mutual Funds in India
(AMFI).
i. He will take charge as chairman on 16th October 2023, succeeding A Balasubramanian, MD & CEO of
Aditya Birla Sun Life Asset Management Co. Ltd.
Note: The election took place at the 28th Annual General Meeting (AGM) of AMFI in September 2023.
i. Anthony Heredia, MD, and CEO of Mahindra Manulife Mutual Fund, was elected as Vice Chairman of
AMFI.
 He will take charge on 16th October 2023, succeeding Radhika Gupta, MD & CEO of Edelweiss
Asset Management Ltd.

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41. In October 2023, ____________ , Deputy Chief Minister (Dy CM) of Maharashtra, resigned as a
Director of the Pune District Central Cooperative Bank Ltd (PDCC).
1) Gopinath Munde
2) Devendra Fadnavis
3) Chhagan Bhujbal
4) Ajit Pawar
5) R. R. Patil
Answer- 4) Ajit Pawar
Explanation:
Ajit Pawar, Deputy Chief Minister (Dy CM) of Maharashtra, has resigned as a Director of the Pune
District Central Cooperative Bank Ltd (PDCC) citing increase in workload after becoming Dy CM of
Maharashtra.
i. Digambar Durgade, the President of PDCC has accepted Ajit Pawar’s resignation. Ajit Pawar has been
a director of PDCC for 32 years since 1991.
 He served as one of the directors on the board of 19 directors of PDCC.
ii. In July 2023, he was sworn in as the 9th Dy CM of Maharashtra for an unprecedented 5th time
(November 2010-September 2012; October 2012-September 2014; November 23-26, 2019;
December 2019-June 2022; June 2023-present).

42. In October 2023, SBI Funds Management Limited (SBIFML) received the Reserve Bank of
India (RBI)‘s approval to acquire up to a 9.99% paid-up share capital in ___________ (Bank).
1) IDFC FIRST Bank
2) IndusInd Bank
3) Karnataka Bank
4) RBL Bank
5) YES Bank
Answer- 2) IndusInd Bank
Explanation:
SBI Funds Management Limited (SBIFML) has received the Reserve Bank of India (RBI)‘s approval to
acquire up to a 9.99% paid-up share capital in IndusInd Bank Limited.
 This acquisition will allow the company to also hold 9.99% voting rights in the bank.
 The approval has been granted with reference to the application made by SBIFML to RBI.
i. The holding of SBIFML in IndusInd Bank should not exceed 9.99 % of the paid-up share capital or
voting rights of the Bank at all times.
ii. The RBI has given SBIFML one year time (till 10th October, 2024) to buy the shares of IndusInd
Bank.

43. Name the Payments Bank that has recently (in Oct ‘23) received a monetary penalty of Rs
5.39 crore by the Reserve Bank of India (RBI).
1) Paytm Payments Bank
2) Jio Payments Bank
3) India Post Payments Bank
4) Fino Payments Bank
5) Airtel Payment Bank
Answer- 1) Paytm Payments Bank

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Explanation:
On October 12, 2023, the Reserve Bank of India (RBI) imposed a monetary penalty of Rs 5.39 Crore
on Paytm Payments Bank Limited (PPBL) in exercise of its powers conferred under the provisions of
Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation (BR) Act, 1949.
i. This penalty will not affect any transaction or agreement entered into by the bank with its
customers.
ii. The penalty was imposed due to non-compliance with certain provisions of,
 Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016
 RBI Guidelines for Licensing of Payments Banks’ read with ‘Enhancement of maximum balance
at end of the day.

44. In October 2023, The Reserve Bank of India (RBI) cancelled the Certificate of Registration
(CoR) of _____________ (Housing Finance Company) w.e.f. 21st September, 2023.
1) Indiabulls Housing Finance Limited
2) Ind Bank Housing Limited
3) PNB Housing Finance Limited
4) LIC Housing Finance Limited
5) Housing Development Finance Corporation Limited
Answer- 2) Ind Bank Housing Limited
Explanation:
The Reserve Bank of India (RBI) has cancelled the Certificate of Registration (CoR) Chennai, Tamil
Nadu (TN) based Ind Bank Housing Ltd, a Housing Finance Company (HFC) w.e.f. September 21,
2023.
 In this regard, it cannot transact the business of a Housing Finance Institution and a Non-
Banking Financial Institution (NBFC) as defined in National Housing Bank (NHB) Act, 1987 and
RBI Act, 1934, respectively.
 This decision has been taken by RBI in exercise of its powers conferred on it under Section 29A
(6) of the NHB Act, 1987.
Note: Set up in 1991, Ind Bank Housing Ltd major shareholders were Indian Bank and HUDCO
(Housing and Urban Development Corporation Ltd) with 51% and 25% stake, respectively.

45. Which Payments Bank has recently (in Oct ‘23) signed an agreement with Small Industries
Development Bank of India (SIDBI) to extend financial & other support services to MSMEs
(Micro, Small & Medium Enterprises) in rural and remote areas?
1) Paytm Payments Bank
2) Jio Payments Bank
3) India Post Payments Bank
4) Fino Payments Bank
5) Airtel Payment Bank
Answer- 3) India Post Payments Bank
Explanation:
India Post Payments Bank (IPPB) has signed an agreement with Small Industries Development Bank
of India (SIDBI) to extend financial and other support services to MSMEs (Micro, Small & Medium
Enterprises) in rural and remote areas.
i. SIDBI provides credit to small businesses, while IPPB provides banking transaction services.

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ii. It should be noted that Payments banks are not allowed to provide credit but can partner with
other institutions for distribution.

46. Name the bank that has recently (in Oct ‘23) launched ‘iFinance’ to get a consolidated view
of customers' savings and current accounts across banks in a single place.
1) ICICI Bank
2) Axis Bank
3) HDFC Bank
4) YES Bank
5) IndusInd Bank
Answer- 1) ICICI Bank
Explanation:
ICICI Bank Limited has launched a new feature called iFinance, which allows customers-retail and
sole proprietors, to get a consolidated view of their savings and current accounts across banks in a
single place. This facility is also extended to customers of other banks.
i. ICICI bank leverages the Account Aggregator(AA) ecosystem to enable users to link their accounts.
ii. This feature is available on ICICI Bank’s digital platforms, namely iMobile Pay application, Retail
Internet Banking (RIB), Corporate Internet Banking (CIB) and InstaBIZ(Business Banking Mobile
Application).
iii. ‘iFinance’ provides a single-view dashboard of all accounts, offering a facility to get a summary of
their income and category wise information of their expenditure.

47. Who has been recently (in Oct ‘23) awarded with “Best Central Bank Award 2023” for being
ranked ‘A+’ in the Global Finance Central Banker Report Cards 2023?
1) Mario Marcel (Chile)
2) Victoria Rodriguez (México)
3) Margarita Delgado (Spain)
4) Mark Carney (England)
5) Shaktikanta Das (India)
Answer- 5) Shaktikanta Das (India)
Explanation:
Reserve Bank of India (RBI) Governor Shaktikanta Das was awarded the “Best Central Bank Award
2023” for being ranked ‘A+’ in the Global Finance Central Banker Report Cards 2023. The award
was presented during the 30th annual World’s Best Banks Awards ceremony held at Marakesh,
Morocco.
i. Thomas J. Jordan, the Governor of Swiss National Bank (SNB) and Nguyen Thi Hong, the Governor of
State Bank of Vietnam(SBV) were also rated A+ in Central Banker Report Cards 2023.
ii. The Central Banker Report Cards is an annual publication by Global Finance magazine that grades
the central bank governors of 101 key countries, territories, and districts.

48. Which of the following points is/are “correct” with respect to the fourth G20 Finance
Ministers and Central Bank Governors (FMCBG) held in October 2023?
A) The fourth and last gathering of G20 Finance Ministers and Central Bank Governors
(FMCBG) during India’s presidency occurred in Marrakech, Morocco in October 2023.

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B) FMCBG adopted a roadmap proposed in the Synthesis Paper, designating it as the G20
Roadmap on Crypto Assets.
C) During this gathering, the G20 FMCBGs collectively approved the G20 Finance Ministers and
Central Bank Governors Communique.
1) All A, B & C
2) Only A & B
3) Only B & C
4) Only A & C
5) Only A
Answer- 1) All A, B & C
Explanation:
The fourth and last gathering of G20 Finance Ministers and Central Bank Governors
(FMCBG)during India’s presidency occurred in Marrakech, Morocco, from October 12 to 13,
2023.Over 370 attendees, including Finance Ministers and Central Bank Governors from G20 member
countries, Invitee Countries, and Heads of International Organizations, participated in the event.
 The current meeting is being followed by previous meetings that took place in
Bengaluru(Karnataka), Washington DC(United States of America), and Gandhinagar, Gujarat.
 During this gathering, the G20 FMCBGs collectively approved the G20 Finance Ministers and
Central Bank Governors Communique.
 The FMCBG communique draws its direction from the G20 New Delhi Leaders Declaration
(NDLD) and has benefited substantially from the consensus achieved at the Leaders’ Summit.
 Volume 2 of the IEG’s Report, presented during this meeting following Volume 1 in July 2023,
has been well-received. The efforts of the G20 Independent Expert Group (IEG) in crafting
Volume 2 of their Report are greatly appreciated.
 FMCBG adopted a roadmap proposed in the Synthesis Paper, designating it as the G20
Roadmap on Crypto Assets.

49. Which organisation has recently (in Oct ‘23) approved a USD 181 million loan to build
quality infrastructure and services toward improving urban livability and mobility in the peri-
urban areas of Ahmedabad, Gujarat?
1) United Nations Development Programme
2) International Monetary Fund
3) World Bank
4) Asian Infrastructure Investment Bank
5) Asian Development Bank
Answer- 5) Asian Development Bank
Explanation:
Asian Development Bank (ADB) has approved a loan worth USD 181 million to build quality
infrastructure and services in the peri-urban areas of Ahmedabad, Gujarat to control urban sprawl.
i. Scenario in Ahmedabad:
 Ahmedabad is expanding horizontally to adjoining areas (peri-urban areas) due to rapid
industrial growth.
 Since peri-urban areas are unplanned smaller urban local bodies (ULBs), it can’t accommodate
the high population due to urbanisation.

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 Ahmedabad Urban Development Authority (AUDA) which is responsible for planning of those
areas, identified five growth centers surrounding Ahmedabad city.
 Ahmedabad Peri-urban Livability Improvement Project was created with an aim to provide
basic infrastructure in these growth centres.

50. In October 2023, ________________ became the first Russian bank to register with the Securities
and Exchange Board of India(SEBI) as a foreign portfolio investor (FPI) for a Category I FPI
License.
1) Gazprombank
2) Sberbank
3) Alfa Bank
4) VTB Bank
5) Promsvyazbank
Answer- 2) Sberbank
Explanation:
Russian State-owned Sberbank has become the first Russian bank to register with the Securities
and Exchange Board of India (SEBI) as a foreign portfolio investor (FPI) for a Category I FPI license.
i. Foreign portfolio investment (FPI) involves an investor purchasing foreign financial assets to access
equities, bonds, derivatives, mutual funds, and guaranteed investment certificates among others.
ii. Category I FPI license is only given to government or government related foreign investors or
regulated entities such as banks, sovereign wealth funds, investments trusts, pension funds, asset
management companies.

51. In October 2023, Bharti Group entered into a binding agreement with its Joint Venture(JV)
partner AXA to acquire its _______ stake in Bharti AXA Life Insurance.
1) 45%
2) 51%
3) 35%
4) 49%
5) 64%
Answer- 4) 49%
Explanation:
Bharti Group, through its holding company Bharti Life Ventures Private Limited (BLVPL)has entered
into a binding agreement with its Joint Venture(JV) partner AXA to acquire its 49% stake in Bharti
AXA Life Insurance.
i. Through this acquisition, BLVPL will own 100% stake in the Bharti AXA Life Insurance.
ii. The transaction is expected to be completed by December 2023, subject to regulatory approvals.
iii. Bharti Group set up the ventures with Paris based ‘AXA’ (a French multinational insurance firm) in
2006 and held 74% stake in both – Bharti AXA General Insurance and Bharti AXA Life Insurance .

52. According to the Economic Outlook Survey released by Federation of Indian Chambers of
Commerce & Industry (FICCI) in October 2023, India’s annual median Gross domestic product
(GDP) growth rate is projected at __________ for the financial year 2023-24 (FY 2023-24).
1) 6.9%
2) 6.2%

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3) 6.0%
4) 6.5%
5) 6.3%
Answer- 5) 6.3%
Explanation:
According to Economic Outlook Survey released by Federation of Indian Chambers of Commerce &
Industry (FICCI), India’s annual median Gross domestic product (GDP) growth rate for the financial
year 2023-24 (FY 2023-24) is projected at 6.3% with a minimum and maximum growth estimate of
6% and 6.6%, respectively.
i. Sectorswise Prediction:
 The expected growth rate for agriculture and allied activities in FY23-24 is 2.7%, which is
lower than the 4.0% growth rate reported in FY22-23.
 This is due to the El Niño effect, which has affected the spatial distribution of rainfall during the
monsoon season.
 The industry and services sectors are expected to grow by 5.6% and 7.3%, respectively, in the
FY23-24.

53. In October 2023, Competition Commission of India (CCI) approved the Scheme of
Amalgamation of IDFC Limited(IDFCL) with ____________(Subsidiaries).
1) IDFC Asset Management
2) IDFC Financial Holding
3) IDFC FIRST Bank
4) IDFC Project Equity
5) IDFC IEH Conservative Fund
Answer- 3) IDFC FIRST Bank
Explanation:
Competition Commission of India (CCI) has approved the Scheme of Amalgamation of IDFC
Limited(IDFCL) with IDFC FIRST Bank.
i. The approval was granted under the Green Channel Route, which is a fast-track route for mergers
and acquisitions that are unlikely to have any adverse impact on competition..
ii. IDFCL is a development finance institution(DFI) and the parent company of IDFC FIRST Bank.
iii. The merger was granted according to Section 6(2) of the Competition Act, 2002 read with
Regulations 5 and SA of the Competition Commission of India (Procedure in regard to the transactions
of business relating to combinations) Regulations, 2011.
 The amalgamation will be completed within FY23-24.

54. As of October 2023, How many member countries are in the World Bank Organization?
1) 150
2) 189
3) 190
4) 160
5) 172
Answer- 2) 189

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Explanation:
About World Bank:
Headquarters- Washington, DC, United States
President- David Malpass
Founded- 1944
Member Countries- 189(including India)

55. Indian Financial System Code (IFSC) is a unique ________ digit alphanumeric code.
1) 12
2) 7
3) 11
4) 15
5) 10
Answer- 3) 11
Explanation:
The Indian Financial System Code (IFSC), is a unique 11-digit alphanumeric code that is used for
online fund transfer transactions done via NEFT, RTGS and IMPS.
 The Reserve Bank of India (RBI) assigns the IFSC codes to the bank.
 In case you are using net banking to transfer money, it is mandatory for the IFSC to be entered
to initiate the transfer.
 Every bank branch will have a unique code and no two branches (even of the same bank) will
ever be the same. Unless there is a merger, banks do not modify or change the IFSC code.
 IFSC code format: The first 4 digits of the IFSC represent the bank and the last 6 characters
represent the branch. The 5th character is zero.

56. Name the company that has recently (in Oct ‘23) partnered with National Payments
Corporation of India (NPCI) to introduce the option of Equated Monthly Instalment(EMI) on
RuPay credit cards.
1) Razorpay Software Private Limited
2) Amazon Pay India Private Limited
3) Cashfree Payments Limited
4) PhonePe Private Limited
5) BharatPe Limited
Answer- 2) Amazon Pay India Private Limited
Explanation:
Amazon Pay India Private Limited (APIPL) in partnership with National Payments Corporation of
India (NPCI) has introduced the option of Equated Monthly Instalment (EMI) on RuPay credit cards in
Amazon Pay.
 The service will be available across eight prominent issuing banks.
i. The Great Indian Festival was announced on Amazon.in from 08th October 2023 to 15th October
2023 with the theme of ‘Dibbe khulenge, khulegi khushiyaan’ which means ‘unboxing happiness’.
ii. EMI payments in Amazon.in are facilitated by Amazon Seller Services Private Limited (ASSPL) & no
Cost EMI facility is funded by participating sellers and brands.

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57. In October 2023, the Reserve Bank of India (RBI) initiated a pilot program for the
wholesale segment namely ‘Digital Rupee-Wholesale (e-W)’ of its Central Bank Digital
Currency (CBDC) in the interbank call money market.
Which of the following banks is not part of the wholesale CBDC in government securities pilot
program?
1) IDFC First Bank
2) City Union Bank
3) Kotak Mahindra Bank
4) Union Bank of India
5) State Bank of India
Answer- 2) City Union Bank
Explanation:
On October 17, 2023, the Reserve Bank of India (RBI) initiated a pilot program for the wholesale
segment namely ‘Digital Rupee-Wholesale (e-W)’ of its Central Bank Digital Currency (CBDC) in the
interbank call money market.
 e-rupee call money pilot is the second test of wholesale CBDC, after the government securities
market in November 2022.
i. 9 banks: State Bank of India(SBI), Bank of Baroda(BoB), Union Bank of India(UBI), HDFC Bank, ICICI
Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC were part of the wholesale CBDC in
government securities pilot program.
ii. Most participating banks remain the same from the wholesale e-rupee pilot for the government
securities market with Federal Bank replacing HSBC in the call money pilot.

58. In October 2023, the Insurance Regulatory and Development Authority of India (IRDAI)
mandated all general insurers with motor insurance business to provide an inbuilt feature in
the Third Party policy (TP) to cover employees travelling in an employer’s vehicle under IMT.
_________ of the Indian Motor Tariff __________.
1) 29; 2002
2) 25; 2004
3) 29; 2000
4) 25; 2002
5) 39’ 2000
Answer- 1) 29; 2002
Explanation:
The Insurance Regulatory and Development Authority of India (IRDAI) has mandated all general
insurers with motor insurance business to provide an inbuilt feature in the Third Party policy (TP)
to cover to employees travelling in an employer’s vehicle (including paid driver, if applicable) under
IMT. 29 of the Indian Motor Tariff 2002.
 The compulsory cover of IMT-29 should be provided as an in-built coverage under the
Compulsory Motor Third Party(TP) Liability Section of Private Car Package/ Bundled Policies
and under standalone policies ensuring Compulsory Motor Third Party Liability.
 IRDAI also stated that no additional premium will be charged until further directions.

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59. In October 2023, Google partnered with the Fintech Association for Consumer _____________
(FACE) to take down illegal digital lending apps on Play Store in India.
1) Encryption
2) Enduser
3) Ethernet
4) Emulator
5) Empowerment
Answer- 5) Empowerment
Explanation:
Google has partnered with the Fintech Association for Consumer Empowerment (FACE) to take
down illegal digital lending apps on Play Store in India.
 This partnership was announced during the 9th annual Google for India (2023) event held on
19th October 2023 in New Delhi, Delhi.
 FACE is an industry association and self-regulatory organization for digital lenders.
i. Under this partnership, FACE will supply Google with market intelligence to identify and take action
against non-compliant predatory personal loan apps in India that are non-compliant with Play Store’s
policies.
ii. This collaboration supports Google’s safety initiative, DigiKavach, aimed at protecting people from
online financial scams.
iii. Google Lens introduced Visual Skin Condition Search, allowing users to find visual matches for skin
issues, after uploading photos.

60. Name the Insurance company that has recently (in Oct ‘23) launched Optima Secure, a
health insurance policy.
1) Star Health and Allied Insurance
2) Aditya Birla Health Insurance
3) HDFC ERGO General Insurance
4) Niva Bupa Health Insurance
5) Max Life Insurance
Answer- 3) HDFC ERGO General Insurance
Explanation:
HDFC ERGO General Insurance launched Optima Secure, a health insurance policy that offers four
times the coverage at no extra cost. The policy covers medical expenses incurred within India and
comes with an optional global health cover.
i. Health insurance is a financial arrangement that provides coverage for medical expenses and
healthcare services.
ii. About Optima Secure:
 Eligibility & Policy Option:
 One can buy this policy until 65 years. Policy covers Insured Persons in the age group of
91 days and above.
 Families and individuals can choose coverage from Rs 5 lakhs to RS 2 crore, with
different options available.
 This policy can be issued upto 3 years.

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61. In October 2023, the United States(U.S.) International Development Finance Corporation
(DFC) offered an External Commercial Borrowing (ECB) loan of USD 30 million to ________
(company) to fund the establishment of a greenfield recycling facility in Nashik, Maharashtra.
1) Tatva Global Environment Ltd
2) Dalmia Polypro Industries Private Ltd
3) Vermigold Ecotech Private Ltd
4) Greenobin Recycling Private Ltd
5) Attero Private Ltd
Answer- 2) Dalmia Polypro Industries Private Ltd
Explanation:
The United States (U.S.) International Development Finance Corporation (DFC) has offered an
External Commercial Borrowing (ECB) loan of USD 30 million to Dalmia Polypro Industries
Private Ltd to fund the establishment of a greenfield recycling facility in Nashik, Maharashtra.
i. The new plant is well-positioned to meet the growing demand for premium recycled plastic,
including food-grade materials, contributing to the realisation of a circular plastic waste value chain.
ii. The facility also set to process 171,000 metric tons of plastic annually the facility will focus on
producing top-notch recycled Polyethylene Terephthalate(rPET), Recycled polypropylene (rPP), and
recycled High-Density Polyethylene (HDPE) flakes and granules.

62. Which bank has recently (in Oct ‘23) developed ‘XpressWay,’ a digital banking platform to
offer a range of financial products and services?
1) Axis Bank
2) YES Bank
3) HDFC Bank
4) IndusInd Bank
5) ICICI Bank
Answer- 3) HDFC Bank
Explanation:
HDFC Bank has developed ‘XpressWay,’ a digital banking platform that offers a range of financial
products and services, providing customers with a fast and convenient banking experience.
i. XpressWay provides a variety of services such as Xpress Personal Loans, Xpress Business Loans,
Xpress Car Loans, Xpress Home Loans, Xpress Loan on Cards, Xpress Credit Card, and Xpress Savings
Accounts.
ii. XpressWay is a part of HDFC Bank’s ‘NOW,‘ a brand that covers the bank’s digital products and
services.

63. Name the bank that has recently (in Oct ‘23) received approval from the Reserve Bank of
India (RBI) to acquire 100% of the issued and paid up capital in Sonata Finance Private Limited
(SFPL) for Rs 537 crore.
1) Kotak Mahindra Bank
2) Axis Bank
3) ICICI Bank
4) YES Bank
5) HDFC Bank
Answer- 1) Kotak Mahindra Bank

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Explanation:
Kotak Mahindra Bank (KMB) got approval from the Reserve Bank of India (RBI) to acquire 100% of
the issued and paid up capital in Lucknow (Uttar Pradesh) based Sonata Finance Private Limited
(SFPL) for Rs 537 crore.
i. Sonata Finance will act as a wholly-owned business correspondent (BC) subsidiary of KMB after the
completion of the transaction.
ii. Sonata Finance, established in 2006, is a Microfinance company registered as Non-Banking Finance
Company(NBFC)-Microfinance institutions(MFI) (Non-Deposit taking).

64. Name the Bank that has recently (in Oct ‘23) partnered with NPCI Bharat BillPay Limited
(NBBP) to launch its services under the Business-to-Business (B2B) category.
1) IndusInd Bank
2) YES Bank
3) HDFC Bank
4) ICICI Bank
5) Axis Bank
Answer- 5) Axis Bank
Explanation:
NPCI Bharat BillPay Limited (NBBP) has partnered with Axis Bank to launch its services under the
Business-to-Business (B2B) category to provide businesses value-added services like flexible invoice
presentation, complaint management, Management Information System(MIS), etc.
 NBBP’s B2B Category Payments went live for the first time on e MyJio app for Arzooo, a B2B
Retail Tech platform, with Axis Bank as the Biller Operating Unit (BOU).
i. With the first B2B Category payment,
 MyJio became the 1st app to go live with the B2B Category Payments.
 Arzooo became the first biller in this category with support from Jio Payments Bank.
 Axis Bank became the first BOU enabling B2B payments.
Note- NPCI Bharat BillPay Limited(NBBP) is a wholly-owned subsidiary of National Payments
Corporation of India (NPCI).

65. Which organisation has recently (in Oct ‘23) examined Metro rail works in Agra, Kanpur
and Lucknow that are being constructed under Uttar Pradesh Metro Rail
Corporation(UPMRC)?
1) African Development Bank
2) World Bank
3) European Investment Bank
4) Asian Development Bank
5) Japan International Cooperation Agency
Answer- 3) European Investment Bank
Explanation:
A three-member delegation from the European Investment Bank (EIB) examined Metro rail works in
Agra, Kanpur and Lucknow which are being constructed under Uttar Pradesh Metro Rail
Corporation (UPMRC). EIB had funded these metro rail projects. These projects are in par with the
international quality and safety standards.

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i. Agra Metro Rail Project is being built at the total cost of EUR 908 million. The European Investment
Bank (EIB) is providing EUR 450 million in funding for this project.
 EIB will finance the acquisition of rolling stock and the development of two metro rail
corridors with elevated sections, totaling to 32.4 km with 31 stations. The project was initiated
in 2020 by UPMRC.
 Out of the total estimated cost of EUR 1354 million EIB will contribute about EUR 650 million.
 The Lucknow metro project aims to construct a 23km metro line and purchase a fleet of about
80 metro cars in Lucknow, Uttar Pradesh.
 The project is of total value EUR 914 million; EIB is contributing EUR 450 million.

66. In October 2023, the Reserve Bank of India (RBI) approved the appointment of Ashok
Vaswani as the next Managing Director (MD) and Chief Executive Officer (CEO) of ___________
Bank for a period of 3 years.
1) IndusInd Bank
2) Kotak Mahindra Bank
3) YES Bank
4) ICICI Bank
5) Axis Bank
Answer- 2) Kotak Mahindra Bank
Explanation:
The Reserve Bank of India (RBI) has approved the appointment of Ashok Vaswani as the next
Managing Director (MD) and Chief Executive Officer (CEO) of Kotak Mahindra Bank Limited (KMB)
for a period of 3 years. The appointment is with effect from the date of taking charge, which shall not
be later than January 1, 2024.
i. Ashok Vaswani will replace Uday Kotak who stepped down from the post in September 2023. He
resigned 4 months ahead of the end of his current tenure, which is December 31, 2023.
ii. Ashok Vaswani will succeed Dipak Gupta, the Joint MD of KMB, who is serving as the interim MD &
CEO of KMB until December 31, 2023.
iii. Ashok Vaswani is currently the president of Pagaya Technologies Ltd, the United States of America
(US)-Israel Artificial intelligence (AI) fintech firm.

67. Which of the following points is/are “correct” with respect to the ‘HARBINGER 2023 –
Innovation for Transformation’ event in October 2023?
A) The Reserve Bank of India (RBI) introduced the 3rd edition of its global hackathon,
“HARBINGER 2023 – Innovation for Transformation” with the theme of Digital Banking and
regulations transactions.
B) Ezetap Mobile Solutions Pvt Ltd, India has announced as the winner under the Innovative,
easy-to-use, digital banking services for differently abled (Divyaang).
C) WeavAir, Singapore has announced as the winner under the RegTech solutions to facilitate
more efficient compliance for Regulated Entities (REs).
1) All A, B & C
2) Only A & C
3) Only B & C
4) Only A & B
5) Only A

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Answer- 3) Only B & C

Explanation:
The Reserve Bank of India (RBI) introduced second edition of its global hackathon, “HARBINGER
2023 – Innovation for Transformation”
 Theme: Inclusive Digital Services. This event was announced on February 14, 2023.
i. The hackathon is hosted on Application Programming Interface Exchange (APIX) platform.
Participants can register for the hackathon and submit their proposals by clicking on the provided link
(https://hackolosseum.apixplatform.com/h1/harbinger2023link)
Sl. Problem Statement Results
No.

1 Innovative, easy-to-use, digital banking services for Winner Ezetap Mobile Solutions Pvt
differently abled (Divyaang). Ltd (Now acquired by
Razorpay), India

2 RegTech solutions to facilitate more efficient Winner WeavAir, Singapore

compliance for Regulated Entities (REs)

3 Exploring use cases/solutions for Central Bank Winner Dygnify Ventures Private
Digital Currency -Retail (CBDC-R) transactions, Limited, India
including transactions in offline mode

4 Increasing Transactions Per Second (TPS)/ Winner Fortis Net Ltd., UK

throughput and scalability of blockchains.*

68. Name the organisation/bank that has recently (in Oct ‘23) approved a USD 175 million loan
for ‘India : Enhancing Connectivity and Resilience of the Madhya Pradesh Road Network
Project’.
1) African Development Bank
2) World Bank
3) European Investment Bank
4) Asian Development Bank
5) Japan International Cooperation Agency
Answer- 4) Asian Development Bank
Explanation:
The Asian Development Bank (ADB) has approved a USD 175 million loan for ‘India : Enhancing
Connectivity and Resilience of the Madhya Pradesh Road Network Project’.
i. The project aims to upgrade about 500 kilometers of state highways and major district roads to a
standard two-lane feature in Madhya Pradesh (MP).
 The project was initially proposed by ADB in September 2023.
ii. The project will build better, safer, and more climate-resistant roads in MP to connect rural areas to
growth centres and industrial corridors.
iii. ADB is partnering with Madhya Pradesh Road Development Corporation Limited (MPRDC), to
build the capacity of MPRDC in climate change adaptation and mitigation, disaster resilience, and road
safety.

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iii. ADB along with MPRDC, to formulate a gender equality and social inclusion strategy.

69. In October, 2023, the Reserve Bank of India (RBI) in consultation with the Government of
India (GoI), has expanded the range of products offered through RBI Retail Direct portal by
allowing retail investors to subscribe to Floating Rate Savings Bonds , 2020 (Taxable)- FRSB
2020 (T).
The subscription of bonds will be in the form of cash, up to Rs _________.
1) 30,000
2) 10,000
3) 15,000
4) 25,000
5) 20,000
Answer- 5) 20,000
Explanation:
On October 23, 2023, the Reserve Bank of India (RBI) in consultation with the Government of India
(GoI), has expanded the range of products offered through RBI Retail Direct portal by allowing retail
investors to subscribe to Floating Rate Savings Bonds , 2020 (Taxable)- FRSB 2020 (T).
 Previously, the retail investors were allowed to invest in central government securities,
treasury bills, state government securities and sovereign gold bonds through this portal.
 The subscription of bonds will be in the form of cash (up to Rs 20,000 only)/drafts/cheques
or any electronic mode.
i. The Prime Minister (PM) of India Narendra Modi launched the scheme on November 12, 2021,
allowing individual investors to open a Retail Direct Gilt (RDG) account with the Reserve Bank of India
via an online portal (https://rbiretaildirect.org.in). This account facilitates investments in government
securities in both primary and secondary markets.
ii. FRSB 2020 (T) are interest bearing, non-tradeable bonds, issued by the GoI, mature after seven
years from the issue date.

70. How many entities are recently (in Oct ‘23) empanelled by the Securities and Exchange
Board of India (SEBI) to provide digital forensic services?
1) 22
2) 12
3) 10
4) 20
5) 15
Answer- 2) 12
Explanation:
The Securities and Exchange Board of India (SEBI) has empanelled 12 entities, including Ernst &
Young LLP (EY), KPMG Assurance and Consulting Services LLP, to provide digital forensic services
to its search team for onsite data acquisition during search and seizure operations.
i. This empanelment will be valid for 2 years.
ii. Other empanelled entities:
 Baker Tilly Business Advisory Services,
 Cybermate Forensics & Data Security Solutions,
 Cyint Technologies,

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 ECS Info Tech,

 Innefu Labs,
 Mahen Technologies,
 Nangia & Co LLP,
 Netrika Consulting India,
 Pelorus Technologies, and
 Systools Software.

71. Name the bank that has recently (in Oct ‘23) entered into a partnership with National E-
Governance Services Limited (NeSL) to issue its inaugural electronic Bank Guarantee (e-BG).
1) YES Bank
2) ICICI Bank
3) Kotak Mahindra Bank
4) HDFC Bank
5) Axis Bank
Answer- 3) Kotak Mahindra Bank
Explanation:
Kotak Mahindra Bank Limited(KMBL) has entered into a partnership with National E-Governance
Services Limited (NeSL) to issue its inaugural electronic Bank Guarantee (e-BG) through the platform
of KMBL.
i. This partnership will enable KMBL to digitize the entire process of issuing and managing Bank
Guarantees, which will significantly reduce the turnaround time(TAT) and eliminate the need for
paper-based documentation.
ii. NeSL’s Digital Documents Execution (DDE) technology will give real-time access to e-BG.

72. According to Purchasing Managers’ Index (PMI) released by the Standard & Poor (S&P)
Global Market Intelligence in October 2023, India will become Asia’s second-largest economy
by ________ (year) with a Gross Domestic Product (GDP) of USD 7.3 trillion.
1) 2026
2) 2028
3) 2027
4) 2025
5) 2030
Answer- 5) 2030
Explanation:
According to Purchasing Managers’ Index (PMI) data of Standard & Poor (S&P) Global Market
Intelligence, India will become Asia’s second-largest economy by 2030 with a Gross Domestic
Product (GDP) of USD 7.3 trillion. India will also become the world’s third-largest economy.
 PMI also forecasted that India’s GDP will grow at 6.2-6.3% in the financial year 2023-24 (FY23-
24).
i. Top Economies(of the world):
 The United States of America(USA) is the world’s largest economy with a GDP of USD 25.5
trillion.
 This is followed by China, Japan, and Germany in second, third, and fourth respectively (largest
economy) with a GDP of USD 18 Trillion, USD 4.2 trillion, and USD 4 trillion respectively.

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ii. Fifth Largest Economy:

 India overtook the United Kingdom(UK) and became the fifth-largest economy in the world
with a GDP of USD 3.7 trillion.
 India is also Asia’s third largest economy after China and Japan.

73. Which organisation/bank has recently (in Oct ‘23) approved USD 400 million policy-based
loan to India to enhance the infrastructure quality and provide assured public services and
efficient governance systems?
1) United Nations Development Programme
2) International Monetary Fund
3) World Bank
4) Asian Infrastructure Investment Bank
5) Asian Development Bank
Answer- 5) Asian Development Bank
Explanation:
The Asian Development Bank (ADB) has approved USD 400 million policy-based loan to India to
enhance the infrastructure quality and provide assured public services and efficient governance
systems. The loan will be under Sub-programme 2 of ADB’s Sustainable Urban Development and
Service Delivery Programme.
i. Subprogram 2 will support investment planning and reform actions at the state and urban local
body (ULB) levels.
ii. It will be implemented by the Ministry of Housing and Urban Affairs(MoH&UA) with guidance from
ADB.

74. Which company has recently (in Oct ‘23) launched its maiden mutual fund schemes- Nifty
LargeMidcap 250 Index Fund and ELSS Tax Saver Nifty LargeMidcap 250 Index Fund?
1) Nippon India Mutual Fund
2) Aditya Birla Sun Life Mutual Fund
3) ICICI Prudential Mutual Fund
4) Zerodha Fund House
5) DSP Mutual Fund
Answer- 4) Zerodha Fund House
Explanation:
Zerodha Fund House (ZFH), a joint venture between Zerodha Broking Limited and smallcase
Technologies Private Limited, launched its maiden mutual fund schemes: Zerodha Nifty
LargeMidcap 250 Index Fund and Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund.
 Both schemes are open-ended, passive, index-equity mutual fund schemes.
 The New Fund Offering (NFO) opened on 20th October 2023 and will remain open till 3rd
November 2023.
i. Both the launched funds are benchmarked against the Nifty LargeMidcap 250 Index total returns
index (TRI).
ii. The index fund will replicate the Nifty LargeMidcap 250 Index, while the ELSS scheme will be an
open-ended passive equity-linked savings scheme with a statutory lock-in period of three years.
iii. The tax benefit replicates the Nifty LargeMidcap 250 Index.

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75. Who has recently (in Oct ‘23) appointed as the Vice Chairman (VC) of Mirae Asset
Investment Managers (India) Private Limited?
1) Anshul Mittal
2) Swarup Anand Mohanty
3) Manish Jain
4) Arun Chaudhry
5) Madhusudan Warrier
Answer- 2) Swarup Anand Mohanty
Explanation:
South Korea-based Mirae Asset Financial Group has appointed Swarup Anand Mohanty as the Vice
Chairman (VC) of Mirae Asset Investment Managers (India) Private Limited (Mirae AMC) with effect
from 24th October 2023.
i. Prior to the appointment he was serving as the Director and Key Personnel of AMC. he has been
serving as the Chief Executive Officer (CEO) of the AMC since 2016.
ii. With this, Mohanty becomes the first Non-Korean person to be appointed as the VC within Mirae
Asset Financial Group.
iii. He has over 2 decades of experience in the field of financial services including more than 17 years
of experience in Asset Management Sales. He is overall responsible for the India AMC.

76. Which company has recently (in Oct ‘23) received in-principle authorization to operate as
an online payment aggregator (PA)?
1) Zaakpay
2) PaymentCloud
3) Clover
4) Payline Data
5) Payment Depot
Answer- 1) Zaakpay
Explanation:
Reserve Bank of India(RBI) has granted in-principle authorization to MobiKwik’s payment gateway
arm Zaakpay to operate as an online payment aggregator (PA).
 This will enable Zaakpay to onboard new merchants onto its platform for processing online
payments and scale the number of merchants associated with the startup.
i. RBI Guidelines: In March 2020, RBI issued Guidelines on Regulation of Payment Aggregators and
Payment Gateways and introduced various measures for payment aggregators operating in India.
ii. Capital Requirements for Payment Aggregators(PAs):
 Existing PAs: PAs should achieve a net-worth of Rs 15 crore by March 31, 2021 and a net-worth
of Rs 25 crore by the end of the third financial year(March 31, 2023).
 New PAs: PAs shall have a minimum net-worth of Rs 15 crore at the time of application and
shall attain a net-worth of Rs 25 crore by the end of third financial year of grant of
authorisation.
Note- The net-worth of Rs 25 crore shall be maintained at all times thereafter.

77. Which bank has recently (in Oct ‘23) launched a lifetime zero-balance savings account?
1) Bank of Maharashtra
2) Bank of India

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3) Union Bank of India

4) Bank of Baroda
5) Canara Bank
Answer- 4) Bank of Baroda
Explanation:
Bank of Baroda (BoB) launched a lifetime zero-balance savings account called the Bob LITE
Savings Account as a part of “BOB Ke Sang Tyohaar Ki Umang” festive campaign.
i. The Bob LITE Savings Account comes with a lifetime-free RuPay Platinum debit card (subject to
maintaining a quarterly average balance (QAB)).
 The account can be opened by any resident individual, including minors (above 10 years).
ii. In September 2023, BoB launched the “BOB Ke Sang Tyohaar Ki Umang” festive campaign. The
campaign will run up to 31st December 2023.

78. Which of the following points is/are “correct” with “Master Direction – Reserve Bank of
India [Non-Banking Financial Company (NBFC)– Scale Based Regulation(SBR)] Directions,
2023”?
A)It replaces the Non-Banking Financial Company–Non-Systemically Important Non-Deposit
taking (Reserve Bank) Directions, 2016, and the Non-Banking Financial Company–Systemically
Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank)
Directions, 2016.
B)Under this regulatory framework, NBFCs are categorized into 4 layers based on their size,
activities, and perceived risk including NBFCs-Base Layer, NBFCs-Middle Layer, NBFCs-Upper
Layer and NBFCs-Top Layer.
C)Following the April 2023 Statement on Developmental and Regulatory Policies, the Reserve
Bank of India is mandating Credit Information Companies (CICs) and Credit Institutions (CIs)
to enhance customer service and grievance redress mechanisms, pursuant to Section 11(1) of
the Credit Information Companies (Regulation) Act, 2005
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Answer- 5) All A, B & C
Explanation:
Reserve Bank of India (RBI) has recently published a new set of guidelines called the “Master
Direction – Reserve Bank of India [Non-Banking Financial Company (NBFC)– Scale Based
Regulation(SBR)] Directions, 2023”.
 It replaces the Non-Banking Financial Company–Non-Systemically Important Non-Deposit
taking (Reserve Bank) Directions, 2016, and the Non-Banking Financial Company–Systemically
Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank)
Directions, 2016.
 Under this regulatory framework, NBFCs are categorized into 4 layers based on their size,
activities, and perceived risk including NBFCs-Base Layer, NBFCs-Middle Layer, NBFCs-Upper
Layer and NBFCs-Top Layer.

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 Following the April 2023 Statement on Developmental and Regulatory Policies, the Reserve
Bank of India is mandating Credit Information Companies (CICs) and Credit Institutions (CIs)
to enhance customer service and grievance redress mechanisms, pursuant to Section 11(1) of
the Credit Information Companies (Regulation) Act, 2005.

79. Which of the following bank has recently (in October ‘23) launched GO Savings Account, a
zero-balance digital banking product?
1) IDBI Bank
2) RBL Bank
3) YES Bank
4) Karur Vysya Bank
5) South Indian Bank
Answer- 2) RBL Bank
Explanation:
RBL Bank, formerly known as Ratnakar Bank, has launched the GO Savings Account, a zero-balance
digital banking product. The account has a subscription-based model means it will replace minimum
balance requirement, thus, finishing the hassle of maintaining a minimum balance.
 The subscription fee is Rs 1999 (plus taxes) for the first year, and an annual renewal fee of Rs
599 (+taxes).
 GO Savings Account Features include Competitive interest rates of up to 7.5% per annum, a
premium debit card, Comprehensive cyber insurance cover, accident and travel insurance up
to Rs 1 crore, and a free CIBIL report.

80.In October 2023, Which Small Finance Bank(SFB) has launched its first Green Fixed Deposit
(FD) ‘Planet First – AU Green Fixed Deposit’ with an interest rate of up to 8.50%?
1) Suryoday SFB
2) Equitas SFB
3) ESAF SFB
4) AU SFB
5) Ujjivan SFB
Answer-4) AU SFB
Explanation:
AU Small Finance Bank (AU SFB) Limited launched its first Green Fixed Deposit (FD) namely Planet
First – AU Green Fixed Deposit with an interest rate of up to 8.50%. This launch represents bank’s
commitment towards climate action, and also allows customers to contribute to sustainability by
dedicating proceeds to green projects.
 The Green FD was launched on 25th October 2023, last Wednesday of October, which is
celebrated as the Sustainability Day.
 Features of Planet First-AU Green Fixed Deposit include an Interest rate of up to 8.50%,
Minimum investment of Rs. 5,000, Tenure options from two to five years and Interest payment
options including monthly, quarterly, and cumulative
 A green fixed deposit (FD) is an interest-bearing deposit that funds projects with
environmental benefits. Green FDs are also known as environmentally friendly fixed deposits

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81. Which escrow platform has recently (in October ‘23) has secured India‘s 1st digital escrow
regulatory fintech authorisation from the International Financial Services Centres Authority of
GIFT City in Gujarat?
1) Castler
2) Shieldpay
3) Escrowpay
4) Tazapay
5) Uniscrow
Answer- 3) Escrowpay
Explanation:
Escrowpay, a leading digital escrow platform, has secured India‘s 1st digital escrow regulatory
fintech authorisation from International Financial Services Centres Authority (IFSCA), Gujarat
International Finance Tec-City (GIFT City), Gandhinagar, Gujarat.
 The authorization will provide secured and efficient financial solutions to 70 million Small and
Medium Enterprises (SMEs) in India.
 The authorization will also enable Escrowpay to further expand its suite of offerings and
commence cross-border transactions in over 14 world currencies.
 Escrow is a financial arrangement in which a third party, known as an escrow agent, holds
money or property on behalf of two other parties that are in the process of completing a
transaction.

82. Which bank has recently (in Oct ‘23) collaborated with the Viamericas Corporation to offer
digital inward remittance services to Non Resident Indians (NRIs) in the United States of
America (USA)?
1) RBL Bank
2) IndusInd Bank
3) ICICI Bank
4) HDFC Bank
5) YES Bank
Answer- 2) IndusInd Bank
Explanation:
IndusInd Bank Limited has announced a strategic collaboration with Viamericas Corporation to
offer digital inward remittance services to Non Resident Indians (NRIs) in the United States of
America (USA).
 This collaboration will enable NRIs to send money to their beneficiaries in India through
IndusInd Bank’s digital remittance platform Indus Fast Remit (IFR).
i. The Indus Fast Remit platform will allow NRIs to send money to India either through auto debit
payment mode (Automated clearing House – ACH) and through the overseas Bank account.
ii. Through the IndusInd Bank Vostro relationship, Viamericas Corporation will credit the
beneficiary’s account in India using the Reserve Bank of India (RBI)’s Rupee Drawing Arrangement
(RDA) scheme.
 Indus Fast Remit is a first-of-its-kind multi-partner digital platform facilitating remittances to
India especially by Non Resident Indians (NRI).

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83. Name the bank that has recently (in Oct ‘23) appointed Mahendra Singh Dhoni (MS Dhoni)
as its official brand ambassador.
1) State Bank of India
2) Axis Bank
3) Union Bank of India
4) ICICI Bank
5) Bank of India
Answer- 1) State Bank of India
Explanation:
State Bank of India (SBI) has roped in former Indian Cricketer and former Captain of Indian Men’s
cricket team Mahendra Singh Dhoni (MS Dhoni) as its official brand ambassador.
i. Under this partnership, Dhoni will play a major role in the marketing and promotional campaigns of
SBI.
ii. This partnership of SBI aims to reiterate its commitment to serve the nation and its customers with
trust, integrity and dedication.
Note: Other noted brands endorsed by Dhoni include, PepsiCo India’s Lay’s; Reliance Industries
Limited(RIL)’s JioMart; Oreo, India Cements, Dream11, Garuda aerospace, TVS Motors, Reebok, etc.

STATIC BANKING QUESTIONS

1. In which year International Finance Corporation(IFC) was established?

1) 1972
2) 1965
3) 1942
4) 1944
5) 1956
Answer- 5) 1956
Explanation:
About International Finance Corporation(IFC):
IFC is one of the members of the World Bank Group(WBG). It is the largest global development
institution focused exclusively on the private sector in developing countries.
Managing Director – Makhtar Diop
Headquarters – Washington DC, United States of America(USA)
Established in – 1956

2. Who is the current (as of Oct ‘23) Chairperson of International Financial Services Centres
Authority (IFSCA)?
1) K. Rajaraman
2) Apurva Chandra
3) Neelam Singhal
4) Amit Katoch
5) Anuradha Joshi Durgapal
Answer- 1) K. Rajaraman

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Explanation:
About International Financial Services Centres Authority (IFSCA):
It was established on April 27, 2020 under the International Financial Services Centres Authority Act,
2019.
Chairperson– K. Rajaraman
Headquarters– Gujarat International Finance Tec-City (GIFT City), Gandhinagar, Gujarat

3. The Insolvency and Bankruptcy Board of India (IBBI) celebrated its ____________ Annual Day on
1st October 2023.
1) 8th
2) 7th
3) 9th
4) 5th
5) 6th
Answer- 2) 7th
Explanation:
The Insolvency and Bankruptcy Board of India (IBBI) celebrated its Seventh Annual Day on 1st
October 2023 with Justice Shri Ashok Bhushan, Chairperson, National Company Law Appellate
Tribunal presiding over the occasion as the Chief Guest.
 As part of the Annual Day celebrations, IBBI released an annual publication, “IBC: Evolution,
Learnings and Innovation”. This publication offers a multifaceted perspective on the origin of
the IBC, judicial interpretations, practical implementation, institutions under the IBC,
technological improvements, learnings from real word case studies and potential next
generation reforms. It is a collection of 31 thought-provoking articles.
 A research publication, “Navdrishti: Emerging Ideas on IBC” was also released. This publication
is a compact collection of research papers from leading academicians and practitioners in the
field of insolvency and bankruptcy, presented at the 2nd International Research Conference on
Insolvency and Bankruptcy held in association with IIM Bangalore (IIMB) at their campus from
23rd to 25th February, 2023.

4. Indian Financial System Code (IFSC) is a unique ________ digit alphanumeric code to use for
online fund transfer transactions done via National Electronic Funds Transfer (NEFT), Real-
Time Gross Settlement (RTGS) and Immediate Mobile Payment Service (IMPS).
1) 12
2) 7
3) 11
4) 15
5) 10
Answer- 3) 11
Explanation:
The Indian Financial System Code (IFSC), is a unique 11-digit alphanumeric code that is used for
online fund transfer transactions done via National Electronic Funds Transfer (NEFT), Real-Time
Gross Settlement (RTGS) and Immediate Mobile Payment Service (IMPS).

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5. Who is the current (as of Oct ‘23) Chief Executive Officer (CEO) of HDFC Pension Management
Company?
1) Jayanth Kumar
2) Ajay Shamra
3) Ganesh Ithape
4) Vishwas Katela
5) Sriram Iyer
Answer- 5) Sriram Iyer
Explanation:
About HDFC Pension Management Company Limited:
HDFC Pension Management Company Limited is a wholly owned subsidiary of HDFC Life Insurance
Company Limited.
Chief Executive Officer(CEO) – Sriram Iyer
Headquarters – Mumbai, Maharashtra
Established in – 2011

6. In October 2023, Reserve Bank of India announced its core banking solution for the
government, e-Kuber will be functional on _____________.
1) 30th April 2024
2) 1st May 2024
3) 31st March 2024
4) 1st January 2024
5) 1st April 2024
Answer- 3) 31st March, 2024
Explanation:
Reserve Bank of India's core banking solution for the government e-Kuber will be functional on
March 31, 2024. Usually e-Kuber is not operational on holidays like January 26 (Republic Day),
August 15 (Independence Day), and October 2 (Gandhi Jayanti), all second and fourth Saturdays of
every month and on all Sundays.
i. The office of Controller General of Accounts, Government of India has advised that in order to
account for all the government transactions relating to receipts and payments in the financial year
2023-24 itself, it has been decided that March 31, 2024 (Sunday) be marked as a working day for such
transactions

7. Which bank has recently (in Sept ‘23) appointed PR Seshadri as Managing Director (MD) and
chief executive officer (CEO)?
1) South Indian Bank
2) Karnataka Bank
3) RBL Bank
4) ICICI Bank
5) IndusInd Bank
Answer- 1) South Indian Bank

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Explanation:
South Indian Bank has appointed PR Seshadri as its managing director and chief executive officer
effective from October 1. He will succeed Murali Ramakrishnan who served at the post from October
1, 2020 till September 30, 2023.
i. With nearly 25 years of banking experience spanning domestic and international markets, Seshadri
has held senior leadership positions at prestigious institutions, including Karur Vysya Bank and
Citigroup.

8. Name the company that has recently (in Sept ‘23) launched a USD 100 million venture fund
for Generative artificial intelligence (AI) startups.
1) Visa
2) American Express
3) Mastercard
4) Capital One
5) Discover Card
Answer- 1) Visa
Explanation:
Payments processor Visa launched a USD 100 million venture fund for generative artificial
intelligence (AI) startups, joining a list of investors who have flocked to the sector this year (2023).
Several high-profile names such as Microsoft and Alphabet's Google have backed the AI space, a
buzzword in technology circles this year, after chatbot ChatGPT's popularity.
i. Generative AI is a technology that creates brand new content based on what it has learnt from past
data.

9. How many Small Finance Banks (SFB) are there in India?

1) 14
2) 12
3) 15
4) 10
5) 16
Answer- 2) 12
Explanation:
According to the Reserve Bank of India (RBI), There are 12 Small Finance Banks (SFB) in India.
List of Small Finance Banks (SFB)
 Au Small Finance Bank Ltd.
 Capital Small Finance Bank Ltd
 Fincare Small Finance Bank Ltd.
 Equitas Small Finance Bank Ltd
 ESAF Small Finance Bank Ltd.
 Suryoday Small Finance Bank Ltd.
 Ujjivan Small Finance Bank Ltd.
 Utkarsh Small Finance Bank Ltd.
 North East Small Finance Bank Ltd
 Jana Small Finance Bank Ltd
 Shivalik Small Finance Bank Ltd

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 Unity Small Finance Bank Ltd

10. The National Asset Reconstruction Company Ltd (NARCL) that was established by the
Central Government is set to deal with _________.
1) Foreign Exchange Reserves
2) Advance to Priority Sectors
3) Bad Loans
4) Repo Rate
5) Inflation
Answer- 3) Bad Loans
Explanation:
The National Asset Reconstruction Company Ltd (NARCL) that was established by the Central
Government is set to deal with Bad Loans or Non Performing Assets(NPA).
i. The progress of the National Asset Reconstruction Co (NARCL), established as a state-backed bad
bank to address non-performing assets (NPAs) in the Indian banking sector, has encountered
significant hurdles. Despite its creation, NARCL has struggled to meet its objectives, with several
issues hindering its effectiveness.
ii. The gross non-performing assets in the Indian banking system currently stand at approximately Rs
13 lakh crore, including fully written-off accounts. However, NARCL has struggled to acquire a
significant portion of these assets, falling short of expectations.

11. Who is the present Managing Director (MD) and Chief Executive Officer (CEO) of National
Investment and Infrastructure Fund Limited (NIIFL) as of October 23?
1) Prakash Rao
2) Praveen Sharma
3) Rajiv Dhar
4) Ajay Agarwal
5) Atish Mathur
Answer- 3) Rajiv Dhar
Explanation:
About National Investment And Infrastructure Fund Limited(NIIFL):
Managing Director(MD) & Chief Executive Officer(CEO) – Rajiv Dhar
Headquarters – New Delhi, Delhi
Established in – 2015

12. Who is the present Managing Director (MD) & Chief Executive Officer(CEO) of North East
Small Finance Bank (NESFB) as of October 2023?
1) Rupali Kalita
2) R Baskar Babu
3) Rajeev Yadav
4) Sanjay Agarwal
5) Govind Singh
Answer- 1) Rupali Kalita

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Explanation:
About North East Small Finance Bank (NESFB):
North East Small Finance Bank Limited is the wholly owned subsidiary of RGVN (North East)
Microfinance Limited.
Managing Director(MD) & Chief Executive Officer(CEO) – Rupali Kalita
Headquarters – Guwahati, Assam
Established in – 2015

13. In which year PayU India was found?

1) 2009
2) 2011
3) 2014
4) 2019
5) 2016
Answer- 3) 2014
Explanation:
About PayU India:
Chief Executive Officer(CEO)– Anirban Mukherjee
Headquarters– Gurugram, Haryana
Founded in– 2014

14. Who is currently serving as the President of the World Bank Group as of October 2023?
1) Raj Subramaniam
2) Sanjay Mehrotra
3) Punit Renjen
4) Vasant Narasimhan
5) Ajay Banga
Answer- 5) Ajay Banga
Explanation:
About World Bank (WB):
President (WB Group)– Ajay Banga
Establishment – 1944
Headquarters – Washington D.C, United States (US)
Members – 189 member states

15. Who is the present Chief Executive Officer (CEO) of Reserve Bank Innovation Hub (RBIH)?
1) Rakesh Ranjan
2) Gopal Natarajan
3) Aditi Namdeo
4) Rajesh Bansal
5) Atish Mathur
Answer- 4) Rajesh Bansal

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Explanation:
Reserve Bank Innovation Hub (RBIH):
The Reserve Bank Innovation Hub is a wholly owned subsidiary of the Reserve Bank of India (RBI)
set-up to promote and facilitate innovation across the financial sector.
Chief Executive Officer (CEO) – Rajesh Bansal
Headquarters – Bengaluru, Karnataka
Established in – 2022

16. Who is the current (as of Oct ‘23) Chairperson of the Insurance Regulatory and
Development Authority of India (IRDAI)?
1) Rakesh Joshi
2) S. N. Rajeswari
3) Parmod Kumar Arora
4) Suchindra Misra
5) Debasish Panda
Answer- 5) Debasish Panda
Explanation:
About Insurance Regulatory and Development Authority of India (IRDAI):
Chairperson – Debasish Panda
Headquarters – Hyderabad, Telangana
Establishment – 1999 (Incorporated on 1st April 2000)

17. In which year, the International Monetary Fund (IMF) was established?
1) 1965
2) 1948
3) 1944
4) 1974
5) 1961
Answer- 3) 1944
Explanation:
About International Monetary Fund (IMF):
Managing Director – Kristalina Georgieva
Headquarters– Washington, D.C, USA
Establishment– 1944

18. As of October 2023, How many Public Sector Banks (PSB) are in India?
1) 13
2) 8
3) 10
4) 9
5) 12
Answer- 5) 12

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Explanation:
India currently has 12 Public Sector Banks (PSB)- Bank of Baroda (BOB), Bank of India (BOI), Bank
of Maharashtra (BOM), Canara Bank, Central Bank of India, Indian Bank, Indian Overseas Bank(IOB),
Punjab & Sind Bank, PNB, State Bank of India (SBI), UCO Bank, and Union Bank of India (UBI)

19. In which year Securities and Exchange Board of India (SEBI) was Established?
1) 1995
2) 1996
3) 1990
4) 1994
5) 1992
Answer- 5) 1992
Explanation:
About Securities and Exchange Board of India (SEBI):
Chairperson– Madhabi Puri Buch
Headquarters– Mumbai, Maharashtra
Establishment– 1992

20. Who is the present (as of Oct ‘23) Managing Director (MD) and Chief Executive Officer (CEO)
of Star Health and Allied Insurance?
1) Ashok Ojha
2) Atish Mathur
3) Ajay Kumar
4) Praveen Sharma
5) Anand Roy
Answer- 5) Anand Roy
Explanation:
About Star Health and Allied Insurance:
Managing Director and Chief Executive Officer– Anand Roy
Headquarters– Chennai, Tamil Nadu
Establishment– 2006

21. Who is the present (as of Oct ‘23) Managing Director(MD) & Chief Executive Officer(CEO) of
Axis Bank?
1) Rajiv Anand
2) Rakesh Makhija
3) Amitabh Chaudhry
4) Ganesh Sankaran
5) Subrat Mohanty
Answer- 3) Amitabh Chaudhry
Explanation:
About Axis Bank Limited:
Managing Director(MD) & Chief Executive Officer(CEO) – Amitabh Chaudhry
Headquarters – Mumbai, Maharashtra

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Established in – 1993
Tagline – Badhti Ka Naam Zindagi

22. Who has been recently (in Oct ‘23) appointed as the Deputy Chief Executive Officer (CEO) of
SBM Bank India?
1) Shyam Sundar Barik
2) Ameet N. Patel
3) Sudha Ravi
4) Dipak Agarwal
5) Sattar Hajee Abdoula
Answer- 4) Dipak Agarwal
Explanation:
SBM Bank India, the wholly owned local subsidiary of Mauritius-headquartered SBM Bank
(Mauritius), has appointed Dipak Agarwal as its deputy chief executive officer.
i. Dipak Agarwal has been appointed as its deputy CEO and head of business. He was previously the
head of corporate banking.
ii. The bank refuted this, pointing out that the tenure of Sidharth Rath, the current CEO, is set to expire
only in November 2024.

23. Where is the Headquarters of Association of Mutual Funds in India (AMFI) located?
1) Mumbai, Maharashtra
2) Ahmedabad, Gujarat
3) Hyderabad, Telangana
4) Chennai, Tamil Nadu
5) Noida, Uttar Pradesh
Answer- 1) Mumbai, Maharashtra
Explanation:
About Association of Mutual Funds in India (AMFI):
CEOs– N. S. Venkatesh and Balkrishna Kini
Headquarters– Mumbai, Maharashtra
Incorporated on– August 22, 1995
Note- AMFI is the association of all the AMCs of the Securities and Exchange Board of India (SEBI)
registered mutual funds in India. As of now, all the 44 AMCs that are registered with SEBI, are its
members.

24. Who is the present (as of Oct ‘23) Managing Director(MD) & Chief Executive Officer(CEO) of
IndusInd Bank?
1) Shyam Srinivasan
2) Prashant Kumar
3) Sandeep Bakhshi
4) Sumant Kathpalia
5) Ajay Kumar Srivastava
Answer- 4) Sumant Kathpalia

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Explanation:
About IndusInd Bank Limited(Ltd):
Managing Director(MD) & Chief Executive Officer(CEO) – Sumant Kathpalia
Headquarters – Mumbai, Maharashtra
Established in – 1994
Tagline – We Make You Feel Richer

25. Who is the present (as of Oct ‘23) Managing Director(MD) and Chief Executive Officer (CEO)
of India Post Payments Bank (IPPB)?
1) Jayanthy Venkatramu
2) Suresh Sethi
3) Harish Srikrishnan
4) Satish Kumar Gupta
5) Vijay Shekar Sharma,
Answer- 1) Jayanthy Venkatramu
Explanation:
About India Post Payments Bank (IPPB):
Managing Director(MD) and Chief Executive Officer (CEO)– Jayanthy Venkatramu
Headquarters– New Delhi, Delhi
Establishment– 2018
Motto – ‘Every customer is important, every transaction is significant and every deposit is valuable,
no matter the value.

26. In which year ICICI Bank was established?

1) 1994
2) 2000
3) 1997
4) 1998
5) 1992
Answer- 1) 1994
Explanation:
About ICICI Bank Limited:
Managing Director(MD) and Chief Executive Officer (CEO) – Sandeep Bakhshi
Headquarters – Mumbai, Maharashtra
Established in – 1994
Tagline – Hum Hai Na Khayal Apka

27. Which of the following is ‘Not’ an Indian credit rating agency?

1) Credit Rating and Information Services of India Limited
2) Brickwork Ratings
3) Moody’s and Fitch Ratings
4) Investment Information and Credit rating agency
5) Credit Analysis & Research Ltd
Answer- 3) Moody’s and Fitch Ratings

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Explanation:
A credit rating agency is a company which rates the debtors on the basis of their ability to pay back
the debt in a timely manner.
i. There are mainly 4 credit rating agencies in India which are Credit Rating and Information Services
of India Limited (CRISIL), Investment Information and Credit rating agency (ICRA), Credit Analysis &
Research Ltd. (CARE) and ONICRA.
ii. Apart from these credit rating agencies, there are three more credit rating agencies which are also
registered with SEBI. These are Fitch Ratings India Private Ltd., Brickwork Ratings India Private
Limited, SME Rating Agency of India Ltd. (SMERA).

28. Which of the following points are ‘correct’ with respect to the Electoral Bonds?
A) An Electoral Bond is like a promissory note that may be purchased by a person who is a
citizen of India or incorporated or established in India.
B) Reserve Bank of India is authorised to issue and encash these bonds.
C) Electoral Bonds would have a life of only 15 days during which it can be used for making
donation only to the political parties registered under section 29A of the Representation of the
Peoples Act, 1951 (43 of 1951).
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Answer- 4) Only A & C
Explanation:
An Electoral Bond is like a promissory note that may be purchased by a person who is a citizen of
India or incorporated or established in India.
i. It was introduced with the Finance Bill, 2017, and the Electoral Bond Scheme was notified in 2018.
ii. State Bank of India is authorised to issue and encash these bonds, which are valid for fifteen days
from the date of issuance through its 29 Authorised Branches
 A citizen of India or a body incorporated in India will be eligible to purchase the bond.
 Electoral Bond (s) would be issued/purchased for any value, in multiples of Rs.1,000,
Rs.10,000, Rs.1,00,000, Rs.10,00,000 and Rs.1,00,00,000 from the Specified Branches of the
State Bank of India (SBI).
 Electoral Bonds would have a life of only 15 days during which it can be used for making
donation only to the political parties registered under section 29A of the Representation of the
Peoples Act, 1951 (43 of 1951) and which secured not less than one percent of the votes polled
in the last general election to the House of the People or a Legislative Assembly.

29. In which year the World Economic Forum (WEF) was established?
1) 1971
2) 1990
3) 1966
4) 1982
5) 1950
Answer- 1) 1971

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Explanation:
About the World Economic Forum (WEF):
Founder & Executive Chairman – Klaus Schwab
Establishment – 1971
Headquarters – Cologny, Geneva, Switzerland

30. Which of the following organisations is not one of the five development institutions of the
World Bank?
1) Institute for Capacity Development
2) International Bank for Reconstruction and Development
3) International Development Association
4) International Finance Corporation
5) Multilateral Investment Guarantee Agency
Answer- 1) Institute for Capacity Development
Explanation:
About World Bank:
Together, the International Bank for Reconstruction and Development (IBRD) and International
Development Association (IDA) form the World Bank.
i. The World Bank Group consists of five development institutions: IBRD, IDA, International Finance
Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA) & International Centre for
Settlement of Investment Disputes (ICSID).
Establishment – 1944
Headquarters – Washington, DC, United States of America

31. How many members are present in the RBI’s Monetary Policy Committee (MPC)?
1) Eight
2) Three
3) Six
4) Five
5) Four
Answer- 3) Six
Explanation:
The Monetary policy refers to the policy of the central bank with regard to the use of monetary
instruments under its control to achieve the goals specified in the Act.
i. RBI is vested with the responsibility of conducting monetary policy and this responsibility is
mandated under the Reserve Bank of India Act, 1934.
ii. Monetary Policy Committee (MPC):
Under Section 45ZB of the amended RBI Act, 1934, the central government is empowered to
constitute a 6-member Monetary Policy Committee (MPC) to determine the policy interest rate
required to achieve the inflation target.

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32. Automated Teller Machines (ATMs) set up, owned and operated by non-banks are called
White Label ATMs.
Non-bank ATM operators are authorised under the ______________________ (Act) by the Reserve
Bank of India (RBI).
1) Banking Regulation Act, 1947
2) Payment & Settlement Systems Act 2007
3) Banking Regulation Act, 1949
4) Payment and Settlement Systems Act, 2014
5) Banking Regulation Act, 2000
Answer- 2) Payment & Settlement Systems Act, 2007
Explanation:
Automated Teller Machines (ATMs) set up, owned and operated by non-banks are called White Label
ATMs. Non-bank ATM operators are authorised under the Payment & Settlement Systems Act,
2007 by the Reserve Bank of India (RBI).
 They provide banking services to customers using debit/credit/prepaid cards issued by banks.
 Besides dispensing cash, WLAs offer services like account information, cash deposit, bill
payment, mini statements, PIN change, and cheque book requests.

33. Name the bank that has introduced the 1st ATM in India?
1) HDFC Bank
2) HSBC Bank
3) IndusInd Bank
4) Axis Bank
5) ICICI Bank
Answer- 2) HSBC Bank
Explanation:
HSBC banks introduced the first ATM in India. Hongkong and Shanghai Banking Corporation was the
first bank to introduce an ATM in India in the year of 1987.

34. Who is the present (in Oct ‘23) Director of Amazon Pay India Private Limited (APIPL)?
1) Praveen Kumar
2) Atish Mathur
3) Vikas Bansal
4) Ajay Sharma
5) Jayanth Kumar
Answer- 3) Vikas Bansal
Explanation:
About Amazon Pay India Private Limited (APIPL):
Director – Vikas Bansal
Headquarters – Bengaluru, Karnataka
Established in – 2017

35. Which of the following organizations are associated with the World Bank?
1) International Bank for Reconstruction and Development
2) International Development Association

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3) International Monetary Fund

4) Only 1 & 2
5) Only 2 & 3
Answer- 4) Only 1 & 2
Explanation:
About the World Bank:
Together, the International Bank for Reconstruction and Development (IBRD) and International
Development Association (IDA) make up the World Bank.
i. The World Bank Group consists of five development institutions: IBRD, IDA, International Finance
Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA) & International Centre for
Settlement of Investment Disputes (ICSID).

36. Who is the present (as of Oct ‘23) Managing Director (MD) & Chief Executive Officer (CEO)
of HDFC ERGO General Insurance Company?
1) Prashant Tripathy
2) Kamlesh Rao
3) Tapan Kumar Singhel
4) Anuj Mathur
5) Ritesh Kumar
Answer- 5) Ritesh Kumar
Explanation:
About HDFC ERGO General Insurance Company Limited:
Managing Director (MD) & Chief Executive Officer (CEO)– Ritesh Kumar
Headquarters– Mumbai, Maharashtra

37. In October 2023, Michael Debabrata Patra, Deputy Governor, Reserve Bank of India (RBI),
inaugurated the Sub-office of the Reserve Bank in ___________.
1) Imphal, Manipur
2) Dibrugarh, Assam
3) Itanagar, Arunachal Pradesh
4) Aizawl, Mizoram
5) Mawsmai, Meghalaya
Answer- 3) Itanagar, Arunachal Pradesh
Explanation:
Dr. Michael Debabrata Patra, Deputy Governor, Reserve Bank of India (RBI), inaugurated the Sub-
office of the Reserve Bank in Itanagar, Arunachal Pradesh.
i. The Sub-office in Itanagar begins functioning with the following departments / cells: Financial
Inclusion and Development Department (FIDD), Human Resource Management Department (HRMD),
Consumer Education and Protection Cell (CEPC) and Market Intelligence Cell (MIC).
ii. The currency management for the state of Arunachal Pradesh will continue to be conducted by the
Bank's Guwahati Office.

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38. The National Electronic Funds __________ is an Indian system of electronic transfer of money
from one bank or bank branch to another.
1) Terms
2) Trade
3) Tax
4) Transfer
5) Time
Answer- 4) Transfer
Explanation:
National Electronic Funds Transfer (NEFT) is an Indian system of electronic transfer of money
from one bank or bank branch to another.
i. Under this Scheme, individuals, firms and corporates can electronically transfer funds from any
bank branch to any individual, firm or corporate having an account with any other bank branch in the
country participating in the Scheme. NEFT presently operates in batches on half-hourly intervals
throughout the day.

39. _____________ is a situation in an economy where inflation and unemployment are at higher
levels.
1) Disinflation
2) Inflation
3) Deflation
4) Stagflation
5) Hyperinflation
Answer- 4) Stagflation
Explanation:
Stagflation is a situation in an economy where inflation and unemployment both are at higher
levels. Stagflation occurs when the economy isn’t growing but prices are going up. Stagflation is
basically a combination of high inflation and low growth.

40. Which committee recommended the introduction of a Liquidity adjustment facility in

India?
1) Narasimham Committee
2) Rangarajan Committee
3) Basel Committee
4) SS Tarapore Committee
5) A K Khandelwal Committee
Answer- 1) Narasimham Committee
Explanation:
Narasimham Committee was set up in 1998 on structural reforms, recommending merger of banks
to solve the problem of NPA.
i. It recommended the introduction of a Liquidity adjustment facility in India.

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41. CASA is a type of non-term deposit account and has a lower interest rate than term
deposits.
In CASA, what does CASA stand for?
1) Capital Asset Strategy Account
2) Current Account Savings Accounts
3) Capital Account Savings Accounts
4) Current Assets Saving Accounts
5) Capital Account Strategy Accounts
Answer- 2) Current Account Savings Accounts
Explanation:
Current Account Savings Accounts (CASA) are a type of non-term deposit account. A CASA has a lower
interest rate than term deposits, such as a certificate of deposit, and is thus a cheaper source of funds
for the financial institution.
i. They are offered by some banks, combining the functions of a checking account and a savings
account. The customer gets little or no interest on the current account money that is used routinely to
pay bills but is paid interest on the savings portion.

42. Which company has recently (in Oct ‘23) signed a multi-year Investment Management
Solution contract with LIC Pension Fund?
1) Netweb Technologies India
2) Khaitan India
3) Keynote Corporate Services
4) KFin Technologies
5) Karvy Corporate
Answer- 4) KFin Technologies
Explanation:
KFin Technologies, a global leader in Fund Administration solutions, has signed a multi-year
Investment Management Solution contract with LIC Pension Fund.
i. LIC PFL, operating under the aegis of the Pension Fund Regulatory and Development Authority, has
chosen KFin tech to design, create, and administer the investment management solution to provide
enhanced customer service, security, compliance, and to be future-ready for the scale LIC PFL
anticipates achieving.
ii. LIC PFL initiated a Request for Proposal (RFP) process in 2023, seeking a comprehensive end-to-
end IMS solution. KFintech’s ‘mPower’ serves nearly 70 per cent of the Assets Under Management
across various pension funds. KFintech has a track record of serving over 48 clients globally.

43. Which company has recently (in Oct ‘23) signed a multi-year Investment Management
Solution contract with LIC Pension Fund?
1) Netweb Technologies India
2) Khaitan India
3) Keynote Corporate Services
4) KFin Technologies
5) Karvy Corporate
Answer- 4) KFin Technologies

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Explanation:
KFin Technologies, a global leader in Fund Administration solutions, has signed a multi-year
Investment Management Solution contract with LIC Pension Fund.
i. LIC PFL, operating under the aegis of the Pension Fund Regulatory and Development Authority, has
chosen KFin tech to design, create, and administer the investment management solution to provide
enhanced customer service, security, compliance, and to be future-ready for the scale LIC PFL
anticipates achieving.
ii. LIC PFL initiated a Request for Proposal (RFP) process in 2023, seeking a comprehensive end-to-
end IMS solution. KFintech’s ‘mPower’ serves nearly 70 per cent of the Assets Under Management
across various pension funds. KFintech has a track record of serving over 48 clients globally.

44. What is the primary mission of the World Bank?

1) Promoting global security
2) Providing humanitarian aid
3) Promoting international trade
4) Reducing poverty and promoting sustainable economic development
5) Regulating global financial markets
Answer: 4) Reducing poverty and promoting sustainable economic development
Explanation:
The primary mission of the World Bank is to reduce poverty and promote sustainable economic
development in developing countries around the world. This is achieved through the provision of
financial assistance, technical expertise, and policy advice.

45. As of October 2023, How many Regional Rural Banks (RRBs) are in India?
1) 32
2) 43
3) 29
4) 40
5) 35
Answer- 2) 43
Explanation:
At present, there are 43 Regional Rural Banks (RRBs) in India with 21,856 branches across 26 States
and 3 UTs.
 Regional Rural Banks (RRBs) were established in 2nd October,1975 under the provisions of
the Ordinance promulgated on the 26th September 1975 and followed by Regional Rural
Banks Act, 1976 with the aim of developing rural economy in all areas like agriculture, trade,
commerce, industry and other productive activities in the rural areas, credit and other
facilities, particularly to small and marginal farmers, agricultural labourers, artisans and small
entrepreneurs, etc.
 RRBs were set up on the recommendations of the Narasimham Working Group. The first RRB
to be set up was the Prathama Bank, sponsored by Syndicate Bank on October 2, 1975 in Uttar
Pradesh. The head office is at Moradabad, UP.

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46. Which of the following facilities cannot be provided by Payment Banks in India?
1) Credit Card
2) ATM Card
3) Debit Card
4) Net banking
5) Mobile banking
Answer- 1) Credit Card
Explanation:
RBI has taken an advanced step to push our financial inclusions by providing the guidelines for
licensing differentiated banks such as Payment Banks and Small Finance Banks.
 The main objective of the payment bank is providing small savings accounts and payments or
remittance services to low income households,small businesses,other unorganized sector
entities and other users.
i. These banks are able to operate current accounts and saving accounts.They can issue ATM or Debit
cards, Net Banking and Mobile Banking facilities to their customers.
ii. The payment banks can take restricted deposits which are currently limited to Rs. 1 lakh per
customer.
iii. They can distribute the non-risk financial products such as mutual funds and insurance.
iv. They don’t have rights to provide lending services such as credit cards and issue loans facilities.

47. What is the Tagline of Punjab National Bank?

1) Good People to Grow With
2) Together We Can
3) The Name You Can Bank Upon
4) Support All the Way
5) We understand your world
Answer- 3) The Name You Can Bank Upon
Explanation:
About Punjab National Bank (PNB):
Chief Executive Officer (CEO) & Managing Director (MD) – Atul Kumar Goel
Established –1894
Headquarters –New Delhi, Delhi
Tagline – The Name You Can Bank Upon

48. As of October 2023, How many Small Finance Banks (SFBs) are present in India?
1) 8
2) 20
3) 10
4) 15
5) 12
Answer- 5) 12
Explanation:
In India, there are 12 Small Finance Banks (SFBs) as of October 2023.

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 SFBs are specialized financial institutions in India that focus on providing basic banking and
financial services to underserved and unbanked sections of the population, especially in rural
and semi-urban areas.
 The following acts are applicable to Small Finance Banks: Banking Regulation Act, 1949,
Foreign Exchange Management Act, 1999, Reserve Bank of India Act, 1934, Payment &
Settlement Systems Act, 2007, Credit Information Companies (Regulation) Act, 2005 & Deposit
Insurance and Credit Guarantee Corporation Act, 1961.

49. Where is the Headquarters of the Organization for Economic Co-operation and
Development (OECD) located?
1) Geneva, Switzerland
2) London, United Kingdom
3) Rome, Italy
4) Vienna, Austria
5) Paris, France
Answer- 5) Paris, France
Explanation:
About Organization for Economic Co-operation and Development (OECD):
Secretary-General– Mathias Cormann
Headquarters– Paris, France
Established on– 30 September 1961

50. State Bank of India is authorized to issue and encash electoral bonds, which are valid for
__________ from the date of issuance.
1) 25 days
2) 15 days
3) 20 days
4) 10 days
5) 12 days
Answer- 2) 15 days
Explanation:
An Electoral Bond is like a promissory note that may be purchased by a person who is a citizen of
India or incorporated or established in India.
i. It was introduced with the Finance Bill, 2017, and the Electoral Bond Scheme was notified in 2018.
ii. State Bank of India is authorised to issue and encash these bonds, which are valid for 15 days
from the date of issuance through its 29 Authorised Branches

51. The World Statistics Day 2023 observed across the globe on ___________.
1) 24th October 2023
2) 23rd October 2023
3) 22nd October 2023
4) 21st October 2023
5) 20th October 2023
Answer- 5) 20th October 2023

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Explanation:
World Statistics Day 2023 was celebrated across the globe on 20th October 2023 with the theme of
'Aligning State Indicator Framework with National Indicator Framework for Monitoring Sustainable
Development Goals'
 The day is celebrated to mark the contribution of data to the socio-economic development of
the world.
 A resolution to celebrate this day was passed by the United Nations General Assembly in the
year 2010. This day is celebrated every 5 years.
 This day was celebrated for the first time in the year 2015.

52. How many credit Information companies are in India?

1) Four
2) Six
3) Five
4) Three
5) Seven
Answer- 1) Four
Explanation:
The 4 Credit Information Companies (CICs) in India are CIBIL (Credit Information Bureau India
Limited), Experian Credit Information Company of India, Equifax Credit Information Services, and
CRIF High Mark Credit Information Services.

53. MDR is a fee charged from a merchant by a bank for accepting payments from customers
through credit and debit cards in their establishments.
In MDR, what does D stand for?
1) Decreased
2) Decedent
3) Deferred
4) Discount
5) Debit
Answer- 4) Discount
Explanation:
Merchant Discount Rate (MDR) is a fee charged from a merchant by a bank for accepting payments
from customers through credit and debit cards in their establishments.
i. MDR compensates the card-issuing bank, the lender which puts the PoS terminal and payment
gateways such as Mastercard or Visa for their services.

54. Which of the following sections described the Negotiable Instruments, under the Negotiable
Instruments Act, 1881?
1) Section 10
2) Section 13
3) Section 17
4) Section 11
5) Section 15
Answer- 2) Section 13

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Explanation:
According to Section 13 of the Negotiable Instruments Act, 1881, “A Negotiable Instrument means
a promissory note, bill of exchange or cheque payable either to order or to bearer.”

55. Permanent Retirement Account Number(PRAN) is a unique ____ digit number issued to the
state & central employees to receive their pension throughout their life under the National
Pension System.
1) 7
2) 12
3) 10
4) 9
5) 11
Answer- 2) 12
Explanation:
Permanent Retirement Account Number(PRAN) is a unique 12 digit number issued to the state and
central employees to receive their pension throughout their life under the National Pension System
(NPS). (This NPS scheme was launched in 2004).
i. It is regulated by the Pension Fund Regulatory and Development Authority (PFRDA), created by an
Act of the Parliament of India.
ii. PRAN card registration is mandatory for Central and State Government employees and can be done
with National Securities Depository Limited (NSDL).

56. Reduction in the value of domestic currency by the government is called _________.
1) Devaluation
2) Revaluation
3) Appreciation
4) Depreciation
5) Democratic
Answer- 1) Devaluation
Explanation:
In a fixed exchange rate system, when some government action increases the exchange rate ,thereby
making domestic currency cheaper (reduction) is called Devaluation. On the other hand, a
Revaluation is said to occur, when the Government decreases the exchange rate thereby, making
domestic currency costlier (Increased).

57. APBS is a gateway created by National Payments Corporation of India (NPCI) to enable
departments & agencies administering government schemes to transfer funds to Aadhaar-
enabled bank accounts of beneficiaries.
In APBS, what does ‘S’ stand for?
1) Saving
2) System
3) Safety
4) Sales
5) Service
Answer- 2) System

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Explanation:
Aadhaar Payment Bridge System (APBS) is a gateway created by National Payments Corporation of
India (NPCI) to enable departments and agencies administering government schemes to transfer
funds to Aadhaar-enabled bank accounts of beneficiaries.
 It acts on the principle that a person’s Aadhaar number becomes their financial address.
Instead of providing multiple account details to receive a bank transfer, one only has to provide
their Aadhaar number which significantly eases out the entire process.

58. What is the Tagline of Bank of Baroda (BoB)?

1) Together We Can
2) India’s International Bank
3) Your Perfect Banking Partner
4) Support All the Way
5) We Understand Your World
Answer- 2) India’s International Bank
Explanation:
About Bank of Baroda(BoB):
Managing Director (MD) & Chief Executive Officer (CEO) – Devdutt Chand
Headquarters – Vadodara, Gujarat (Head office), Mumbai, Maharashtra (Corporate centre)
Established in – 1908
Tagline – India’s International Bank

59. The Financial Action Task Force (FATF) was established by __________ (Group/Organisation).
1) BRICS
2) G7
3) ASEM
4) G4
5) G20
Answer- 2) G7
Explanation:
About Financial Action Task Force (FATF):
The FATF is an intergovernmental organisation established by the G7 (Canada, France, Germany,
Italy, Japan, United Kingdom, United States and European Union) to prevent and combat money
laundering, terrorism, and proliferation finance.
Founded- 1989
Headquarters- Paris, France

60.Who is the present (as of Oct ‘23) Managing Director & Chief Executive Officer(CEO) of RBL
Bank?
1) Murali M. Natrajan
2) R Subramaniakumar
3) Murali Ramakrishnan
4) Prashant Kumar
5) Sumant Kathpalia
Answer- 2) R Subramaniakumar

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Explanation:
About RBL Bank:
Managing Director & CEO– R Subramaniakumar
Headquarters– Mumbai, Maharashtra
Tagline– Apno Ka Bank
Establishment– 1943

61.In Which bank, Munish Sharda has recently (in October ‘23”) appointed as the Executive
Director with effective from 1st November 2023?
1) Kotak Mahindra Bank
2) HDFC Bank
3) IDBI Bank
4) ICICI Bank
5) Axis Bank
Answer- 5) Axis Bank
Explanation:
Axis Bank has approved the appointment of Munish Sharda as Executive Director effective from 1st
November 2023.Her appointment is for a period of three years from the effective date of his
appointment and is subject to the approval of the shareholders of the Bank and RBI.
 Munish Sharda is the Group Executive and head – Bharat Banking of Axis Bank Limited since
September 2021.
 Sharda has worked for over 25 years in the banking and financial services sector across
product categories in all the major markets of the country.

62. The Reserve Bank of India (RBI) is categorized NBFCs into ______ layers?
1) 6
2) 5
3) 4
4) 3
5) 2
Answer- 3) 4
Explanation:
A Non-Banking Financial Corporation, or NBFC, is a Non-Banking Company that takes on the
operations of a financial institution, according to Section 451(c) of the RBI Act.
 The 4 layers of NBFC are Base layer (NBFC – Base Layer (NBFC-BL)), Middle layer (NBFC –
Middle Layer (NBFC-ML)), Upper layer (NBFC – Upper Layer (NBFC-UL)), and top layer (NBFC
– Top Layer (NBFC-TL)).

63. Which is the headquarters of the AU Small Finance Bank (AU SFB)?
1) New Delhi, Delhi
2) Chennai, Tamil Nadu
3) Jaipur,Rajasthan
4) Thrissur, Kerala
5) Bengaluru, Karnataka
Answer- 3) Jaipur,Rajasthan

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Explanation:
About AU Small Finance Bank (AU SFB):
Managing Director & Chief Executive Officer(CEO) – Sanjay Agarwal
Headquarters – Jaipur, Rajasthan
Established in – 1996
Tagline – Badlaav Humse Hai

64. What is the Tagline of IndusInd Bank?

1) One Family One Bank
2) Good people to bank with
3) The Name you can Bank Upon
4) Honors Your Trust
5) We Make You Feel Richer
Answer- 5) We Make You Feel Richer
Explanation:
About IndusInd Bank Limited:
Managing Director(MD) & Chief Executive Officer(CEO) – Sumant Kathpalia
Headquarters – Mumbai, Maharashtra
Established in 1994
Tagline – We Make You Feel Richer

65. Who is the present (as of Oct’ 23) Central Vigilance Commissioner?
1) Arvinda Kumar
2) Bimaljit Kaur
3) Praveen Kumar Srivastava
4) Sanjeev Kumar
5) Gaurav Kumar Sharma
Answer- 3) Praveen Kumar Srivastava
Explanation:
About Central Vigilance Commission (CVC):
Central Vigilance Commissioner– Praveen Kumar Srivastava
Headquarters– New Delhi, Delhi
CVC is an apex governmental body in India, established in 1964 as a result of the recommendations of
the Santhanam Committee on Prevention of Corruption.

66. Who is the present (as of Oct ‘23) Managing Director (MD) & Chief Executive Officer (CEO)
of YES Bank?
1) Shyam Srinivasan
2) Prashant Kumar
3) Sandeep Bakhshi
4) Sumant Kathpalia
5) Ajay Kumar Srivastava
Answer- 2) Prashant Kumar

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Explanation:
About YES Bank Limited:
Managing Director (MD) & Chief Executive Officer (CEO) – Prashant Kumar
Headquarters – Mumbai, Maharashtra
Established in – 2004
Tagline – Experience Our Expertise

67. Which finance institution of the World Bank provides financial assistance to the world's
poorest countries with low-interest loans and grants?
1) International Monetary Fund (IMF)
2) International Development Association (IDA)
3) International Finance Corporation (IFC)
4) World Health Organization (WHO)
5) World Trade Organization (WTO)
Answer: 2) International Development Association (IDA)
Explanation:
The International Development Association (IDA) is an institution within the World Bank Group that
provides concessional financial assistance to the world's poorest countries in the form of low-interest
loans and grants. It focuses on countries with limited access to financial markets and aims to reduce
poverty in these nations.

68. The Reserve Bank of India was established on the recommendation of which committee?
1) Dhar Committee
2) Hilton-Young Commission
3) Percy Mistry Committee
4) Raghuram Rajan Committee
5) Narasimham Committee
Answer: 2) Hilton-Young Commission
Explanation:
The Reserve Bank of India was established based on the recommendations of the Hilton-Young
Commission, also known as the Royal Commission on Indian Currency and Finance.

69. Which of the following is the objective of Monetary Policy?

1) To maintain price stability
2) Arrangement of full employment
3) Exchange rate stability
4) Both 1 & 2
5) All 1, 2 & 3
Answer- 5) All 1, 2 & 3
Explanation:
The policy by which the desired level of money flow and its demand is regulated by the RBI is known
as monetary policy. Monetary policy is maintained through actions such as increasing the interest
rate, or changing the amount of money banks need to keep in the vault (bank reserves).
The main objectives of Monetary Policy are,
 To maintain price stability.

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 To ensure adequate flow of credit to productive sectors so as to assist growth.

 Arrangement of full employment
 Expansion of credit facility
 Equality & Justice Stability in exchange rate
 Promotion of Fixed Deposit
 Equitable distribution of Credit

70. What is the formula to calculate the unemployed rate?

1) Total labour force / Total number of unemployed x 100
2) Total labour force / Total number of unemployed x 10
3) Total number of unemployed / total labour force X 100
4) Total labour force / Total number of unemployed x 1000
5) Total number of unemployed / total labour force x 1000
Answer- 3) Total number of unemployed / total labour force X 100
Explanation:
Total number of unemployed / total labour force multiplied by 100 is the correct formula to find out
the unemployment rate.

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