1st Week Banking+Fin+Eco+Business Flashcards
- Which Credit Card Provider in India has recently (in Oct ‘23) collaborated with Reliance
Retail Limited(RRL) to launch a co-branded credit card to provide a world-class customer
experience?
1) Mastercard
2) SBI Card
3) American Express
4) HDFC Card
5) ICICI Card
Answer- 2) SBI Card
Explanation:
SBI Cards and Payment Services Limited (SBI Card), in collaboration with Reliance Retail Limited
(RRL), has launched a co-branded credit card called the ‘Reliance SBI Card’ which aims to provide a
world-class customer experience.
i. The card comes in two variants namely Reliance SBI Card and Reliance SBI Card PRIME.
ii. Reliance SBI Card, made using recycled plastic, is powered by RuPay contactless technology.
iii. The unique security key feature of Visa payWave will ensure that only one transaction is processed
even if the card is waved multiple times at the reader.
- Name the company that has recently (in Nov ‘23) entered into a Co-Lending Model(CLM)
partnership with the State Bank of India (SBI) to provide affordable and personalised financing
solutions.
1) Mahindra & Mahindra Financial Services Limited
2) Muthoot Fincorp Limited
3) Tata Capital Financial Services Limited
4) Aditya Birla Finance Limited
5) Bajaj Finance Limited
Answer- 1) Mahindra & Mahindra Financial Services Limited
Explanation:
Mahindra & Mahindra Financial Services Limited, a leading non-banking financial company
(NBFC) in India, has entered into a Co-Lending Model(CLM) partnership with the State Bank of India
(SBI) to provide affordable and personalised financing solutions to empower Micro, Small, Medium
Enterprises (MSME) sectors across India.
i. Mahindra Finance, by leveraging its extensive rural distribution network, will be responsible for
customer origination and servicing; while SBI will provide the funding of the loan.
ii. They offer a personalized interest rate for each customer based on their credit profile.
- Which bank has recently (in Nov ‘23) became the first Foreign Bank in India to offer
electronic-Bank Guarantees (e-BGs)?
1) Standard Chartered Bank India
2) DBS Bank India
3) HSBC India
4) CSB Bank India
5) Citibank India
Answer- 3) HSBC India
Explanation:
The Hongkong and Shanghai Banking Corporation Limited, India (HSBC India), in association with the
National E-Governance Services Limited (NeSL), has introduced the electronic-Bank Guarantees (e-
BGs) services to digitize trade finance.
• With this, HSBC India became the first Foreign Bank in India to offer e-BGs.
i. e-BG is a digital equivalent of a traditional paper-based Bank Guarantee.
ii. 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 fulfil a certain obligation.
iii. The process is made simple by introducing electronic stamping (E-stamping) and electronic
signing (E-signing).
- In November 2023, ______________ became the 1st life insurance company in India to receive
Gujarat International Finance Tec-City (GIFT-City)’s International Financial Services Centre
(IFSC) Registration.
1) HDFC Standard Life Insurance
2) Future Generali India Life Insurance
3) SBI Life Insurance
4) IndiaFirst Life Insurance
5) ICICI Prudential Life Insurance
Answer- 4) IndiaFirst Life Insurance
Explanation:
IndiaFirst Life Insurance Company Limited (IndiaFirst Life) has become the 1st life insurance
company in India to receive Gujarat International Finance Tec-City (GIFT-City)’s International
Financial Services Centre (IFSC) Registration.
• The IFSC Unit of IndiaFirst will soon commence operations.
i. India First Life Insurance is a three-way venture firm with BoB(holding 65% stake), UBI (holding
9% stake), and Carmel Point Investments India Private Limited(holding 26% stake).
ii. Carmel Point Investments India Private Limited, a private limited company incorporated under the
laws of India and affiliate of the Warburg Pincus Group.
- In November 2023, the Securities and Exchange Board of India (SEBI) unveiled a new format
for the Scheme Information Documents (SIDs) of Asset Management Company (AMC).
The new norms are recommended by the Mutual Fund Advisory Committee(MFAC), and will
come into force from __________ .
1) 1st January 2024
2) 1st May 2024
3) 1st April 2024
4) 1st March 2024
5) 1st December 2023
Answer- 3) 1st April 2024
Explanation:
Intending to streamline the dissemination of relevant information to investors, the Securities and
Exchange Board of India (SEBI) has unveiled a new format for the Scheme Information Documents
(SIDs) of Asset Management Company(AMC).
• The new norms are suggested by the Association of Mutual Funds in India (AMFI) and
recommended by the Mutual Fund Advisory Committee(MFAC).
• The new format will come into force from April 1, 2024.
i. The Scheme Information Document or SID contains detailed information about the scheme’s
investment objective, asset allocation pattern, investment approach, risks involved, fund managers,
fees, expenses etc.
- Which bank has recently (in Nov ‘23) enabled its customers to pay with any merchant
QR(Quick Response) code using the Digital Rupee (e₹) app?
1) IndusInd Bank
2) Axis Bank
3) YES Bank
4) HDFC Bank
5) ICICI Bank
Answer- 5) ICICI Bank
Explanation:
ICICI Bank Limited has enabled its customers to pay with any merchant QR(Quick Response) code
using the “Digital Rupee by ICICI Bank”, the digital rupee (e₹) app of ICICI Bank.
• ICICI bank achieved this by making its digital rupee app UPI (Unified Payments Interface)
interoperable.
i. The move eliminates the need for mandatory on-boarding procedure for the merchants.
• The merchants can now accept digital rupee payments on their existing UPI QR code.
ii. This also provides flexibility & convenience to customers and exponentially expands the avenues
for payments.
iii. The new feature also expands the usage of digital rupee.
- Name the Small Finance Bank (SFB) that has recently (in Nov ‘23) partnered with ixigo to
launch a premium co-branded Travel Credit Card.
1) Capital SFB
2) Ujjivan SFB
3) Equitas SFB
4) AU SFB
5) ESAF SFB
Answer- 4) AU SFB
Explanation:
AU Small Finance Bank (AU SFB) along with a travel platform ixigo (Le Travenues Technology
Limited) announced the launch of their premium ixigo-AU co-branded credit card which aims to
enhance the travel experiences of modern travelers in semi-urban regions.
• The card is a first-of-its-kind value proposition across all travel verticals such as flights, trains,
buses & hotels.
i. The partnership combines AU SFB’s financial expertise and ixigo’s reach in tier 2 and tier 3 markets.
ii. These two Bharat-focused brands address the evolving needs of modern travellers, who seek
flexibility, convenience, and value.
- Which country has recently (in Nov ‘23) simplified the process for Indian nationals to open
and operate bank accounts in the financial institutions?
1) Singapore
2) Russia
3) United Kingdom
4) Canada
5) Australia
Answer- 2) Russia
Explanation:
The Russian government has simplified the process for Indian nationals to open and operate bank
accounts in the financial institutions of Russia.
i. Upon arrival in Russia, Indian nationals will be able to obtain a bank card from a partner Russian
bank and initiate financial transactions.
ii. This will benefit Indian tourists and 15,000 Indian students studying in Russia.
iii. To get guidance, Indians can approach an Indian bank that has a partnership agreement with the
Central Bank of the Russian Federation (Bank of Russia).
- In October 2023, the Reserve Bank of India (RBI) has increased the minimum amount for
offering Non-Callable Term Deposits (TDs) from Rs 15 lakh to Rs __________.
1) 40 lakh
2) 80 lakh
3) 30 lakh
4) 2 crore
5) 1 crore
Answer- 5) 1 crore
Explanation:
On October 26, 2023, the Reserve Bank of India (RBI) increased the minimum amount for offering
Non-Callable Term Deposits (TDs) from Rs 15 lakh to Rs 1 crore with immediate effect, allowing all
customers to prematurely withdraw money from Fixed Deposit (FD) of up to Rs 1 crore. This mandate
will cover all commercial banks and co-operative banks.
• This means all domestic TDs accepted from individuals for amounts of Rs 1 crore and below
will have a premature-withdrawal-facility.
• These instructions will be applicable for Non-Resident (External) Rupee (NRE) Deposit /
Ordinary Non-Resident (NRO) Deposits.
Note- Non-callable FDs are TDs that do not permit premature withdrawals until the tenure is
completed. Banks offer higher rates on non-callable FDs to discourage premature withdrawals.
- In November 2023, the Insurance Regulatory and Development Authority of India (IRDAI)
formed a task force under the Chairmanship of __________ to review the existing bancassurance
framework.
1) Thomas Devasia
2) B.C. Patnaik
3) S. N. Rajeswari
4) Meena Kumari
5) Parmod Kumar Arora
Answer- 4) Meena Kumari
Explanation:
The Insurance Regulatory and Development Authority of India (IRDAI) has formed a task force under
the Chairmanship of Meena Kumari, Executive Director(Life) of IRDAI, to review the existing
bancassurance framework.
• The task force was formed in response to concerns about mis-selling/forced selling of
insurance policies through the bancassurance channel.
• The taskforce will review the existing regulatory framework for bancassurance and suggest
ways and means to increase the efficiency of it.
• The taskforce will also examine best international practices and suggest suitable changes.
• The taskforce is asked to submit these recommendations within 31st December 2023.
- Which of the following points is/are “correct” with respect to the steps taken by the
Reserve Bank of India (RBI) in November 2023?
A) RBI has decided to include all entities facilitating cross-border payment transactions for
import and export of goods and services under the direct regulation of the RBI.
B) Non-banks providing payment aggregation and payment processing services must have a
minimum net worth of Rs 15 crore during application to RBI.
C) RBI imposed Rs 72 lakh penalty on L&T Finance Limited for non-compliance with certain
provisions of RBI (Interest Rate on Deposits) Directions, 2016, RBI (Interest Rate on Advances)
Directions, 2016, and Master Circular on Customer Service in Banks.
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:
On 31st October 2023, The Reserve Bank of India (RBI) issued the Regulation of Payment Aggregator
– Cross Border (PA-CB). RBI has decided to include all entities facilitating cross-border payment
transactions for import and export of goods and services under the direct regulation of the RBI.
• The entities including Authorised Dealer (AD) banks, PAs and PAs-CB shall comply with these
instructions.
• All non-banks which provide PA-CB services must apply for authorization from the RBI by
April 30, 2024.
• Non-banks providing payment aggregation and payment processing services must have a
minimum net worth of Rs 15 crore during application to RBI. They need to increase net worth
to Rs 25 crore by March 31, 2026.
• The Reserve Bank of India (RBI) imposed monetary penalties on the following entities:
• RBI imposed Rs 72 lakh penalty on Punjab National Bank (PNB) for non-compliance
with certain provisions of RBI (Interest Rate on Deposits) Directions, 2016, RBI
(Interest Rate on Advances) Directions, 2016, and Master Circular on Customer Service
in Banks
• RBI imposed Rs 30 lakh penalty on Federal Bank Ltd for non-compliance with certain
directions contained in RBI (Know Your Customer (KYC)) Directions, 2016.
• RBI imposed Rs 13.38 lakh penalty on Kosamattam Finance Limited, based in Kottayam,
Kerala, for non-compliance with certain provisions of the “Non-Banking Financial
Company (NBFC) – Systemically Important Non-Deposit taking Company and Deposit
taking Company (Reserve Bank) Directions, 2016.
• RBI imposed Rs 10 lakh penalty on Mercedes-Benz Financial Services India Private
Limited (formerly known as Daimler Financial Services India Private Limited) for non-
compliance with certain provisions of the RBI (Know Your Customer (KYC)) Direction,
2016.
• RBI imposed Rs 2.50 crore penalty on L&T Finance Limited, Mumbai, Maharashtra,
for non-compliance with certain provisions of the NBFC – Systemically Important Non-
Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016.
- Which life Insurance company has recently (in Nov ‘23) launched Super Cash Plan, a new
non-linked, participating, individual life insurance savings plan?
1) IndiaFirst Life Insurance
2) PNB MetLife India Insurance
3) Ageas Federal Life Insurance
4) Tata AIA Life Insurance
5) Max Life Insurance
Answer- 3) Ageas Federal Life Insurance
Explanation:
Ageas Federal Life Insurance (AFLI) has launched a new non-linked, participating, individual life
insurance savings plan called Ageas Federal Life Insurance Super Cash Plan.
• The scheme is a combination of life insurance protection, guaranteed returns, and regular
income.
• The scheme offers immediate cash flow starting from the end of 1st policy year/ month.
• There is also provision for Guaranteed boosters starting from end of every fifth policy year till
the end of policy term.
• Additionally, the scheme also offers a lump sum maturity benefit at the end of the policy term.
- The ICICI Prudential Multi-Asset Fund scheme completed __________ years on 31st October
2023.
1) 16
2) 21
3) 15
4) 31
5) 12
Answer- 2) 21
Explanation:
On 31st October 2023, The ICICI Prudential Multi-Asset Fund scheme completed 21 years. The
scheme was incepted on 31st October 2002.
• The fund has a good track record, which generates a Compound Annual Growth Rate (CAGR) of
21%.
• As of 30 September 2023, the scheme manages an Assets Under Management (AUM) of Rs
24,060.99 crore or about 57% of the total AUM in the multi-asset allocation category.
- According to the ‘World Economic Outlook: Navigating Global Divergences’ report released
by the International Monetary Fund (IMF) in October 2023, the global economic growth is
projected to slow down from 3.5% in 2022 to ________ in 2024.
1) 2.9%
2) 2.5%
3) 3.3%
4) 3.2%
5) 3%
Answer- 1) 2.9%
Explanation:
The ‘World Economic Outlook: Navigating Global Divergences’ report released by the
International Monetary Fund (IMF) in October 2023, projected the global economic growth to slow
down from 3.5% in 2022 to 3% in 2023 and 2.9% in 2024.
i. This is one of the lowest growth rates in decades and well below the historical average of 3.8%
recorded between 2000 & 2019.
• Advanced economies are expected to experience a decline, a drop from 2.6% economic growth
in 2022 to 1.5% in 2023 and 1.4% in 2024.
• This is attributed to policy tightening aimed at curbing inflation.
• The emerging markets and developing economies are expected to witness a decrease in growth
from 4.1% economic growth in 2022 to 4% in both 2023 and 2024.
- Which company has recently (in Nov ‘23) signed a 15-year agreement with GAIL (India)
worth Rs 63,000 crore to supply propane for India’s 1st Propane Dehydrogenation and
Polypropylene (PDH-PP) Plant project in Usar, Maharashtra?
1) Hindustan Petroleum Corporation Limited
2) Indian Oil Corporation Limited
3) Bharat Petroleum Corporation Limited
4) Oil India Limited
5) Mangalore Refinery and Petrochemicals Limited
Answer- 3) Bharat Petroleum Corporation Limited
Explanation:
Bharat Petroleum Corporation Limited (BPCL) and GAIL (India) Limited, India’s leading natural gas
company, have signed a 15-year agreement worth Rs 63,000 crore to supply propane to GAIL’s
Propane Dehydrogenation and Polypropylene (PDH-PP) Plant project in Usar, Maharashtra.
• GAIL’s upcoming Usar-based PHD-PP plant represents India’s 1st PDH plant, which is likely to
launch operations in 2025.
i. Under the agreement, BPCL will provide GAIL with 600 kilotonnes per annum (KTPA) of propane, a
critical petrochemical feedstock from its Liquefied Petroleum Gas (LPG) import facility in Uran
(Maharashtra).
ii. GAIL’s Usar plant is expected to have a capacity of 500 KTPA, with propylene production seamlessly
integrated into a polypropylene (PP) plant of equal capacity.
iii. BPCL’s LPG facility at Uran is capable of handling 1 million tonnes per annum (MMPTA) of LPG
imports and is expanding to accommodate 3 MMTPA of propane and butane imports.
