2nd Week Bank+Fin+Econ+Business Flashcards
- Which life insurance company has recently (in Nov ‘23) launched ‘Guaranteed Assured
Income’ (GAIN), a new guaranteed income plan for the customers of Karnataka Vikas
Grameena Bank (KVGB)?
1) SBI Life Insurance
2) HDFC Life Insurance
3) Canara HSBC Life Insurance
4) TATA AIA Life Insurance
5) IndiaFirst Life Insurance
Answer- 3) Canara HSBC Life Insurance
Explanation:
Canara HSBC Life Insurance, an insurance company sponsored by Canara Bank and HSBC, has
launched a new guaranteed income plan named the ‘Guaranteed Assured Income’ (GAIN) for the
customers of Karnataka Vikas Grameena Bank (KVGB) in Mangaluru (Karnataka).
i. It is a Non-Linked Non-Participating Individual Life Insurance Savings cum Protection Plan that
ensures guaranteed benefits as well as regular income to take care of both long-term and short-term
financial goals.
ii. It offers a guaranteed regular income stream with the flexibility to get the premiums back at the
end of the policy term. This policy is available in all the 629 Branches of KVGB.
- Name the bank that has recently (in Nov ‘23) collaborated with the National Payments
Corporation of India (NPCI) to launch the Platinum RuPay Credit Card.
1) YES Bank
2) HDFC Bank
3) ICICI Bank
4) IndusInd Bank
5) Axis Bank
Answer- 4) IndusInd Bank
Explanation:
IndusInd Bank Ltd launched the ‘IndusInd Bank Platinum RuPay Credit Card’ in collaboration with
the National Payments Corporation of India (NPCI), enabling customers to make payments through
the RuPay network using Point of Sale (POS) devices and e-commerce websites.
i. IndusInd Bank RuPay credit card customers can now conveniently initiate the Unified Payments
Interface (UPI) payments by simply linking their credit cards with the UPI-enabled Apps.
ii. With the integration of the card on UPI, individuals can make transactions seamlessly on both
online and offline platforms and earn accelerated rewards on their UPI transactions.
- According to the data from the Association of Mutual Funds in India (AMFI) released in
November 2023, which state emerged as the leader in mutual fund investments in India during
July-September Quarter-Fiscal Year 2024 (Q2FY24)?
1) West Bengal
2) Uttar Pradesh
3) Karnataka
4) Tamil Nadu
5) Maharashtra
Answer- 5) Maharashtra
Explanation:
According to data from the Association of Mutual Funds in India (AMFI), Maharashtra emerged as
the leader in mutual fund investments in India during July-September Quarter-Fiscal Year
2024(Q2FY24) with a substantial equity asset of Rs 7.47 lakh crore out of the industry’s total equity
asset of Rs 25.85 lakh crore.
• It is followed by Gujarat and Karnataka holding equity assets of Rs 2.21 lakh crore and Rs 1.99
lakh crore respectively.
• They have surpassed Delhi (ranked 4th), whose equity asset dropped to Rs 1.94 lakh crore.
i. Gujarat and Karnataka accounted for 8.5% and 7.7% of the overall industry equity asset, while Delhi
lagged behind at 7.5%.
ii. In terms of Systematic Investment Plan (SIP) inflows, Gujarat contributed significantly, accounting
for 7% with inflows of around Rs 1200 crore.
- Name the bank that has recently (in Nov ‘23) signed an MoU with Institute of Rural
Management Anand (IRMA) in Anand, Gujarat to promote financial inclusion (FI) and financial
literacy across India.
1) IndusInd Bank
2) YES Bank
3) HDFC Bank
4) Axis Bank
5) ICICI Bank
Answer- 4) Axis Bank
Explanation:
Axis Bank Limited has signed a Memorandum of Understanding (MoU) with the Institute of Rural
Management Anand (IRMA), (Anand) Gujarat, to establish the Axis Bank Chair for Financial
Inclusion at IRMA campus.
• The chair was established to promote financial inclusion (FI) and financial literacy across
India.
i. Axis Bank Chair for Financial Inclusion is constituted for a period of 5 years.
ii. This will focus on research, deepening industry-academia collaboration, driving thought leadership,
and policy advocacy.
iii. Under this MoU, a joint Advisory Committee will be established to oversee the selection for the
Chair and periodically review the progress.
- Which of the following points is/are “correct” with respect to the ‘India Finance Report 2023
(IFR 2023) released in November 2023?
A) Shaktikanta Das, Governor of Reserve Bank of India (RBI), released IFR 2023, the 1st
flagship publication of the Centre for Advanced Financial Research and Learning (CAFRAL).
B) The theme of the report is ‘Connecting the Last Mile: Non-Banking Financial Companies in
India’.
C) As per the report, a 10% increase in per capita UPI transactions usually leads to a 4.6% rise
in fintech lending and 1.5% in lending by commercial banks.
1) All 1, 2 & 3
2) Only A & B
3) Only B & C
4) Only A & C
5) Only A
Answer- 1) All 1, 2 & 3
Explanation:
On November 7, 2023, Shaktikanta Das, Governor of Reserve Bank of India (RBI), released the 1st
flagship publication of the Centre for Advanced Financial Research and Learning (CAFRAL) titled
‘India Finance Report 2023 (IFR 2023)’. The report stated that India’s fintech sector could replace
traditional banking in the near future.
• The theme of the report is ‘Connecting the Last Mile: Non-Banking Financial Companies in
India’.
• CAFRAL, promoted by RBI, is a not-for-profit organisation established in 2011 to promote
research and learning in banking and finance.
• The report offers new insights on India’s non-banking financial sector, helping regulators,
policymakers, and other stakeholders understand its unique strengths and opportunities. For
this report, monthly Unified Payments Interface (UPI) transaction data from 30 States and
union territories over 2018-2022 and sector-wise lending data from CIBIL were analysed.
i. Key points: There is a 10% increase in per capita UPI transactions usually leads to a 4.6% rise in
fintech lending and 1.5% in lending by commercial banks
ii. As of March 2023, UPI network has over 30 crore unique users and 400 participating banks.
iii. Transaction value grew at 163% CAGR (Compound Annual Growth Rate) from FY18 to FY23.
iv. .Transaction volume increased at 56% CAGR during the same period.
Note- PayGlocal, a cross-border payments platform, receives in-principle approval from RBI for
Payment Aggregator (PA) license. This will allow PayGlocal to onboard merchants for online payment
processing.
- In November 2023, the U.S. International Development Finance Corporation (DFC) has
announced an offer of USD __________ to Adani Ports-led Colombo West International Terminal
Private Limited (CWIT) to support the development of the deepwater shipping Container
Terminal in the Port of Colombo, Sri Lanka.
1) 920 million
2) 896 million
3) 553 million
4) 712 million
5) 628 million
Answer- 3) 553 million
Explanation:
The U.S. International Development Finance Corporation (DFC) has announced an offer of USD 553
million to Adani Ports-led Colombo West International Terminal Private Limited (CWIT) to support
the development of the deepwater shipping Container Terminal in the Port of Colombo, Sri Lanka.
i. CWIT is a joint venture (JV) developed by a consortium led by Adani Ports & Special Economic Zones
Limited (APSEZ) (51% stake), Sri Lankan conglomerate John Keells Holdings (34% stake), and the Sri
Lankan government-run Sri Lanka Ports Authority (SLPA) (15%).
• In 2021, Adani Ports signed a USD 700-million deal with SLPA and John Keells Holdings to
jointly develop the terminal project in a Build-Operate-Transfer(BOT) arrangement spanning
35 years.
ii. CWIT’s new terminal will help to increase the operational capacity of the port of Colombo which
has been operating at more than 90 percent utilization since 2021.
- Name the bank/organisation, along with Global Environment Facility (GEF) has recently (in
Nov ‘23) to introduce the Natural Capital Fund (NCF), a concessional fund.
1) World Bank
2) International Monetary Fund
3) United Nations Development Programme
4) Asian Development Bank
5) Asian Infrastructure Investment Bank
Answer- 4) Asian Development Bank
Explanation:
On November 10, 2023, the Asian Development Bank (ADB) and the Global Environment Facility
(GEF) jointly introduced the Natural Capital Fund (NCF), a concessional fund aimed at backing
projects in ADB’s developing member countries (DMCs).
i. The GEF has committed a USD15 million investment to support the NCF’s initiatives focused on
improving food security and safeguarding natural capital.
ii. The announcement for the same was made during the Asia-Pacific Natural Capital Forum held on 7–
9 November 2023, co-hosted by ADB and Stanford University’s Natural Capital Project.
- In November 2023, the Reserve Bank of India (RBI) approved ICICI Bank‘s request to make
______________, a wholly-owned subsidiary.
1) ICICI Securities
2) ICICI Lombard
3) ICICI Prudential Life Insurance
4) ICICI Home Finance
5) ICICI Trusteeship Services
Answer- 1) ICICI Securities
Explanation:
The Reserve Bank of India (RBI) approved ICICI Bank‘s request to make ICICI Securities a wholly-
owned subsidiary. Following this, ICICI Securities will be delisted and become a wholly-owned
subsidiary of its parent company, ICICI Bank.
• ICICI Securities has four lines of business: Broking, Distribution of financial products, Wealth
management, and Investment banking
• The acquisition is likely to be completed in the next 12-15 months, subject to regulatory
approvals from ICICI Bank and the company’s shareholders’ and creditors, RBI, National
Company Law Tribunal, stock exchanges and other regulatory and statutory authorities.
- Which organisation has recently (in Nov ‘23) signed a USD 400 million policy-based loan
agreement with the Indian government to create high-quality urban infrastructure?
1) International Monetary Fund
2) Asian Development Bank
3) World Bank
4) United Nations Development Programme
5) Asian Infrastructure Investment Bank
Answer- 2) Asian Development Bank
Explanation:
On November 13, 2023, the Indian government signed a USD 400 million policy-based loan
agreement with the Asian Development Bank (ADB) to support its sub-programme 2 of the
Sustainable Urban Development and Service Delivery Programme.
• This program is India’s urban reform agenda to create high-quality urban infrastructure,
improve service delivery, and promote efficient governance systems.
• The Loan has a principal repayment period of 12 years.
The sub-programme 2 of the Sustainable Urban Development and Service Delivery Programme was
approved in 2021 with a financing of USD 350 million.
• It established national-level policies and guidelines to improve urban services.
• While Sub-programme 2 supports investment planning and reform actions at the state and
urban local body (ULB) levels.
- In November 2023, the National Highways Authority of India (NHAI) accepted the first
insurance surety bond as bid security for the Toll Operate Transfer (TOT) Bundle 14 bid.
The bond was issued at a rate of _________.
1) 0.38%
2) 0.50%
3) 0.64%
4) 0.25%
5) 0.49%
Answer- 4) 0.25%
Explanation:
The National Highways Authority of India (NHAI) accepted the first insurance surety bond as bid
security for the Toll Operate Transfer (TOT) Bundle 14 bid. The bond was issued at a rate of 0.25%
and did not require any margin money.
• This will be the first time this instrument is being utilized as a Bank Guarantee (BG) in the road
infrastructure sector for monetization of bids.
• The NHAI collaborated with the Highway Operators Association of India (HOAI), SBI General
Insurance, and AON India Insurance for this initiative.
- Which of the following companies has not received the Securities and Exchange Board of
India (SEBI) approval to raise funds through initial public offerings (IPOs) in November 2023?
1) Ganviz Enterprises
2) Fedbank Financial Services Limited
3) Indian Renewable Energy Development Agency
4) EPACK Durable
5) Suraj Estate Developers
Answer- 1) Ganviz Enterprises
Explanation:
The Securities and Exchange Board of India (SEBI) has given approval to four companies viz.
Fedbank Financial Services Limited (Fedfina), Indian Renewable Energy Development Agency
(IREDA), EPACK Durable, and Suraj Estate Developers to raise funds through initial public offerings
(IPOs).
• These companies filed preliminary IPO papers with SEBI between July and September 2023.
• The equity shares of these companies will be listed on the BSE (Formerly Bombay Stock
Exchange) and NSE (National Stock Exchange).
Note- Fedfina is a Non-Banking Financial Company (NBFC) arm of Federal Bank.
- Which country’s Association of Vegetable Oil Industries, ABIOVE has recently (in Nov ‘23)
signed an MoU with the Solvent Extractors’ Association of India (SEA) for supply of soybean Oil
to India?
1) Netherlands
2) Brazil
3) France
4) Chile
5) Indonesia
Answer- 2) Brazil
Explanation:
The Solvent Extractors’ Association of India (SEA), a cooking oil industry body, and ABIOVE, the
Brazilian Association of Vegetable Oil Industries have signed a Memorandum of Understanding (MoU)
for close cooperation in soybean oil supply to India.
i. The agreement aims to cooperate with the supply, use, and trade of soybean, soya meal, and soybean
oil as well as oilseeds, oilseed products, and edible oils market.
ii. The MoU targets technology exchange for improved oilseed cultivation, emphasizing amplified
agricultural productivity.
- In November 2023, UBS Securities India Private Limited raised India’s gross domestic
product (GDP) growth forecast by 10 basis points to ___________ for the fiscal year 2023-2024
(FY24).
1) 6.8%
2) 6.3%
3) 6.2%
4) 6.7%
5) 6.0%
Answer- 2) 6.3%
Explanation:
UBS Securities India Private Limited raised India’s fiscal year 2023-2024 (FY24) GDP (Gross
Domestic Product) Growth estimate by 10 basis points (100 basis points mean 1 percentage point) to
6.3% amid better-than-expected domestic economic activities
• UBS also increased India’s FY25 GDP growth forecast upwards by 20 basis points to 6.2%.
• It also projected India’s growth to settle towards the long-run average of 6.2% and 6.5% in
FY26 and FY27.
• It increased its forecast on the Indian economy’s growth potential in the medium term to 6-
6.5% from the earlier 5.75-6.25%.
- In November 2023, ___________ became the first Indian private company to receive a type
certification from the Directorate General of Civil Aviation (DGCA).
1) Skylark Drones
2) Flying Wedge Defence and Aerospace Technologies
3) Airnetz Aviation
4) Skye Air Mobility
5) Indrones Defence and Aerospace
Answer- 2) Flying Wedge Defence and Aerospace Technologies
Explanation:
Bengaluru(Karnataka) based Flying Wedge Defence and Aerospace Technologies Private Limited
has become the first Indian private company to receive a type certification from the Directorate
General of Civil Aviation (DGCA).
• The type certificate was given for their indigenous Unmanned Aircraft System(UAS) called
“FWDA10”.
• FWDA10 was certified for its proper design, material, specification, construction and
performance for safe operations.
• The certification of this UAS is based on the recommendation of UL India Private Limited.
- In November 2023, Moody’s Investors Service (MIS) retained India’s economic growth
projection at __________ for financial year 2023-24 (FY23-24).
1) 6.5%
2) 6.2%
3) 6.4%
4) 6.0%
5) 6.7%
Answer- 5) 6.7%
Explanation:
Global credit rating agency Moody’s Investors Service (MIS) has retained India’s economic growth projection at 6.7% for financial year 2023-24 (FY23-24) in its “Global Macro Outlook 2024-25 (November 2023 Update)”.
i. The report also projected India’s Gross Domestic Product (GDP) to grow at 6.1% in FY24-25 and 6.3% in FY25-26.
ii. This is slightly higher than the Reserve Bank of India (RBI)‘s projection of 6.5% for 2023-24.
iii. India’s GDP grew by 7.8% in the first quarter(Q1) of FY 23-24, up from 6.1% in the fourth quarter(Q4) of FY 22-23.
