3rd Week Bank+Fin+Econ+Busi Flashcards
- Which bank has recently (in Nov ‘23) launched Unified Payment Interface (UPI) Lite to allow
the users to make small-value digital payments offline without entering a UPI PIN?
1) South Indian Bank
2) IDFC FIRST Bank
3) IndusInd Bank
4) Tamilnad Mercantile Bank
5) Federal Bank
Answer- 5) Federal Bank
Explanation:
Federal Bank Limited has launched Unified Payment Interface (UPI) Lite, a simplified version of the
UPI system which allows users to make small-value digital payments offline without entering a UPI
PIN.
UPI Lite:
• The UPI Lite functionality was introduced by the Reserve Bank of India (RBI) in September
2022.
• It is an ‘on-device wallet’ feature integrated into existing UPI mobile applications.
• UPI Lite minimizes the burden on the core banking system (CBS) by enabling direct
transactions between the user’s mobile device and National Payment Corporation of India
(NPCI).
- Name the company that has recently (in November ‘23) become the second Indian startup to
achieve unicorn status in 2023.
1) Chargify
2) Zeta
3) Chargebee
4) InCred Holdings Limited
5) Innovaccer
Answer- 4) InCred Holdings Limited
Explanation:
Mumbai (Maharashtra)-based InCred Holdings Limited, the parent company of fintech startup
InCred Financial Services Ltd, has become the 2nd Indian startup to become an unicorn, valued at
over USD 1 billion, in 2023.
• InCred became an unicorn after raising funding worth Rs 500 crore in its latest round (Series
D) of equity funding.
• The equity round has gathered interest from various investors, including a global private
equity fund, corporate treasuries, family offices, and Ultra-High-Net-worth-Individuals
(UHNIs).
i. In August 2023, Zepto, a quick commerce platform, became India’s first unicorn of 2023. It raised
USD 200 million in a Series E round of funding at a valuation of USD 1.4 billion.
- In November 2023, the Reserve Bank of India (RBI) barred ___________ (company) from
sanctioning and disbursing loans under its eCOM and Insta EMI Card products.
1) Aditya Birla Finance Limited
2) Mahindra & Mahindra Financial Services Limited
3) Bajaj Finance Limited
4) Muthoot Finance Limited
5) Tata Capital Financial Services Limited
Answer- 3) Bajaj Finance Limited
Explanation:
On November 15, 2023, the Reserve Bank of India (RBI) exercise of its powers under section
45L(1)(b) of the RBI Act, 1934 barred Bajaj Finance Limited from sanctioning and disbursing loans
under its two lending products viz. eCOM and Bajaj Insta EMI Card, with immediate effect.
i. The reason behind this action is the non-adherence of Digital lending guidelines of RBI by the
company, specifically by not providing Key Fact Statements to borrowers for two lending products.
• Additionally, Bajaj Finance will rectify the key fact statement for eCOM and Insta EMI Card.
ii. RBI restrictions on lending via the eCOM and Bajaj Insta EMI Card will not have a “material financial
impact” on the organisation.
Note- RBI returned Mastercard-backed fintech Instamojo‘s application for a payment aggregator (PA)
license amid not meeting the eligibility criteria. Instamojo is based in Bengaluru, Karnataka.
• The aggregator/ payouts function will now be undertaken in partnership with other licensed
PAs while its payment gateway continues to be fully functional.
- Name the bank that has recently (in Nov ‘23) launched two Digital Gold Loan schemes for the
retail segment and agriculture segment.
1) Bank of Maharashtra
2) Union Bank of India
3) Canara Bank
4) Indian Bank
5) Punjab National Bank
Answer- 5) Punjab National Bank
Explanation:
Punjab National Bank (PNB) launched two PNB Digital Gold Loan schemes namely PNB Gold Loan
for the retail segment and PNB Swarnim for the agriculture segment.
i. The schemes aim to provide customers with hassle-free access to credit to meet their personal and
agricultural needs by using gold jewellery as collateral for the loan.
ii. The Streamlined digital process eliminating paperwork hassles is one of the key features of this
Digital scheme.
• PNB Digital Gold Loan offers a modern banking experience with competitive interest rates.
• The schemes offer loans ranging from Rs 25,000 to Rs 25 lakhs to support personal needs, and
agriculture & allied activities.
• Borrowers seeking short-term production or investment credit for agricultural activities and
allied activities are eligible for loans of minimum Rs 10,000 to maximum Rs 2 lakh.
- Which Financial Institution/Regulatory Body of India has recently (in Nov ‘23) signed an
MoU with Technology Development Board (TDB) to ease access of credit to MSME?
1) Reserve Bank of India
2) Small Industries Development Bank of India
3) National Bank for Agriculture and Rural Development
4) Export - Import Bank of India
5) Securities and Exchange Board of India
Answer- 2) Small Industries Development Bank of India
Explanation:
The Small Industries Development Bank of India (SIDBI) has signed a Memorandum of Understanding
(MoU) with Technology Development Board (TDB) to ease access of credit to Micro, Small & Medium
Enterprises (MSMEs) that are attempting to develop and commercialise indigenous technology or
adapt imported technology for wider domestic applications.
• The MoU was executed by Rahul Priyadarshi, Chief General Manager, SIDBI and Rajesh Jain,
Director, TDB.
• The MoU is signed for the joint initiative by TDB and SIDBI, to extend financial assistance to
eligible MSMEs as per the terms & conditions of TDB & SIDBI.
• Under this MoU, SIDBI and TDB will support MSMEs with respective core-
competencies/expertise.
- Which of the following personalities has/have been appointed as the directors of Jio
Financial Services Limited after the approval granted by the Reserve Bank of India (RBI) in
November 2023?
1) Isha Ambani
2) Anshuman Thakur
3) Hitesh Kumar Sethia
4) Both 1 & 2
5) All 1, 2 & 3
Answer- 5) All 1, 2 & 3
Explanation:
On 15th November 2023, the Reserve Bank of India (RBI) has granted approval for the appointment
of Isha Ambani, Anshuman Thakur, and Hitesh Kumar Sethia as Directors of Jio Financial
Services Limited, a Non-Banking Financial Company (NBFC) backed by Reliance Industries
Limited(RIL).
• The approval is valid for only 6 months with effect from the 15th November 2023.
Note- If the company fails to implement the proposed changes within this timeframe, it will need to
reapply with reasons for the delay.
- Which of the following points is/are “correct” with respect to the recent step taken by the
Reserve Bank of India (RBI) in November 2023?
A) RBI increased the risk weights on credit card exposures by 30% points to 200% and 250%
for banks and NBFCs, respectively.
B) The Reserve Bank of India (RBI) has granted authorization to Authorized Dealer Category – I
(AD Category – I) banks to open additional current accounts for export proceeds,
supplementing the existing special rupee vostro accounts.
C) RBI has levied monetary penalties on Axis Bank Ltd (Rs 90.92 lakh), Manappuram Finance
Ltd (Rs 42.78 lakh) and Anand Rathi Global Finance Ltd (Rs 20 lakh) for non-compliance with
various regulatory directives.
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:
The Reserve Bank of India (RBI) has introduced stricter rules for consumer lending, directing both
banks and NBFCs to establish higher capital buffers and implement board-approved policies to
monitor exposure limits in the consumer lending segment.
• This move follows concerns expressed by the RBI governor regarding the rapid growth of
consumer loans, prompting a cautionary approach among lenders.
• RBI increased the risk weights on credit card exposures by 25% points to 150% and 125%
for banks and NBFCs, respectively.
• The new regulations will not be applicable to housing loans, education loans, vehicle loans and
loans secured by gold and gold jewellery.
i. The Reserve Bank of India (RBI) has granted authorization to Authorized Dealer Category – I (AD
Category – I) banks to open additional current accounts for export proceeds, supplementing the
existing special rupee vostro accounts.
ii. RBI has levied monetary penalties on Axis Bank Ltd, Manappuram Finance Ltd, and Anand Rathi
Global Finance Ltd for non-compliance with various regulatory directives.
• Penalty on Axis Bank: RBI imposed a monetary penalty of Rs 90.92 lakh for multiple
infractions discovered during the ‘Statutory Inspection for Supervisory Evaluation (ISE 2022).’
• Penalty on Manappuram Finance: RBI imposed a monetary penalty of Rs 42.78 lakh for non-
compliance with certain provisions of the “Non-Banking Financial Company – Systemically
Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank)
Directions, 2016”.
• Penalty on Anand Rathi Global Finance: RBI imposed a monetary penalty of Rs 20 lakh for non-
compliance with certain provisions of the RBI (KYC) Directions, 2016.
- On 11th November 2023 (Bima Lokpal Day 2023 ), Insurance Ombudsman announced that it
has disposed of over __________ of the complaints received from the insured during Financial
year 2022-23.
1) 82.87%
2) 87.34%
3) 90.21%
4) 88.45%
5) 92.28%
Answer- 5) 92.28%
Explanation:
On the occasion of Bima Lokpal Day 2023 (11th November 2023), Insurance Ombudsman
announced that it has disposed of over 92.28% of the complaints received from the insured during
Financial year 2022-23 (FY23).
i. The Insurance Ombudsman has settled 51,625 out of 55,946 received complaints across all 17
Insurance Ombudsman Offices.
ii. Bima Lokpal Day is observed annually on November 11, to commemorate the foundation day of the
Insurance Ombudsman, an alternative dispute resolution forum set up to resolve disputes relating to
insurance contracts.
• The insurance ombudsman was established through a government of India notification in
November 1998.
- Which bank has recently (in Nov ‘23) partnered with HDFC Life Insurance Company Limited
(HDFC Life) to offer life insurance products to its customers?
1) South Indian Bank
2) RBL Bank
3) Federal Bank
4) Karnataka Bank
5) IDFC FIRST Bank
Answer- 4) Karnataka Bank
Explanation:
Karnataka Bank has formed a strategic corporate partnership with HDFC Life Insurance Company
Limited (HDFC Life) to offer life insurance products to its customers.
• This collaboration is set to deliver a host of benefits to customers seeking financial security and
life protection.
• It also offers customers a range of innovative and customer-centric financial solutions.
Note- HDFC Life was established in 2000 as a joint venture between HDFC Bank and Abrdn (Mauritius
Holdings) 2006 Limited.
- Which of the following points is/are “correct” with respect to the recent
launch/announcement made by Securities and Exchange Board of India (SEBI) in November
2023?
A) Madhabi Puri Buch, the Chairperson of the Securities and Exchange Board of India (SEBI),
has officially launched the Investor Risk Reduction Access (IRRA) platform at the Bombay
Stock Exchange (BSE).
B) The Securities and Exchange Board of India (SEBI) announced the elimination of the
requirement to freeze folios lacking PAN, KYC details, and nominations for all holders of
physical securities.
C) Unifi Capital announced that it has received in-principle approval from the capital markets
regulator, SEBI, to establish a mutual fund house.
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:
Madhabi Puri Buch, the Chairperson of the Securities and Exchange Board of India (SEBI), has
officially launched the Investor Risk Reduction Access (IRRA) platform at the Bombay Stock
Exchange (BSE).
• The IRRA platform, initiated by Market Infrastructure Institutions (MIIs) under SEBI’s
guidance, aims to reduce risks faced by investors in the event of technical glitches at Trading
Member (TM) ends, both at the Primary and Disaster Recovery sites.
• The soft launch of the IRRA platform took place on October 3, 2023, with official launch
occurring on November 20, 2023 for the benefit of investors.
• This platform is specifically designed for trading members supporting Internet-based trading
(IBT) and Security Trading through Wireless Technology (STWT) for their investors.
i. The Securities and Exchange Board of India (SEBI), the capital markets regulator, announced the
elimination of the requirement to freeze folios lacking PAN, KYC details, and nominations for all
holders of physical securities.
ii. Portfolio management firm Unifi Capital announced that it has received in-principle approval from
the capital markets regulator, SEBI, to establish a mutual fund house.
• The company had submitted an application to SEBI in December 2020 seeking a mutual fund
licence.
• Unifi Capital, based in Chennai, stated that it has obtained SEBI’s in-principle approval to
initiate its mutual fund business.
- Which company has recently (in Nov ‘23) announced to award a multi-year Rs.1000-crore
purchase order to Finland’s Nokia for the supply of Optical Transport Network (OTN)
equipment?
1) Reliance Jio Infocomm Limited
2) Bharti Airtel Limited
3) Bharat Sanchar Nigam Limited
4) Mahanagar Telephone Nigam Limited
5) Vodafone Group
Answer- 3) Bharat Sanchar Nigam Limited
Explanation:
State-run Bharat Sanchar Nigam Limited (BSNL) is set to award a multi-year Rs.1000-crore purchase
order to Finland’s Nokia for the supply of Optical Transport Network (OTN) equipment and
deployment through a local system integrator.
• The contract, part of BSNL’s Phase-4 project on a turnkey basis on the pan-India level, is to
supply, install, and commission OTN with a 3-year Operation and Maintenance (O&M) services
and comprehensive Annual Maintenance Contract (AMC) for 8 years.
• The contenders for this contract include domestic gear vendors United Telecoms Limited
(UTL) and Tejas Networks, a Tata Group company.
• Domestic telecom equipment manufacturer Himachal Futuristic Communications Limited
(HFCL) has front-ended the Nokia bid as the systems integrator.
- In November 2023, Morgan Stanley Capital International (MSCI) added _________ Indian stocks
to its MSCI Global Standard Index.
1) 5
2) 9
3) 19
4) 23
5) 15
Answer- 2) 9
Explanation:
On November 15, 2023, Morgan Stanley Capital International (MSCI) added nine Indian stocks to its
MSCI Global Standard Index w.e.f. November 30, 2023.
i. Additions on MSCI India Index:
• IndusInd Bank, Suzlon Energy Limited, One 97 Communications (Paytm), Persistent Systems,
APL Apollo Tubes, Polycab India, Macrotech Developers, Tata Motors A (Tata Motors DVR) and
Tata Communications.
• Following the above addition, 46 stocks will be added to this index while 69 stocks will make
an exit from this index. No Indian stocks were excluded from the index.
ii. According to a report by Nuvama Alternative & Quantitative Research, the MSCI inclusions may
bring up to USD 1.5 billion in passive inflows to India.
• The maximum share of inflows will be led by IndusInd Bank at USD 290 million followed by
Suzlon at USD 264 million and Persistent Systems at USD 254 million.
- Which company has unveiled two flagship initiatives: Bridge and Scale on its 8th Foundation
Day on 16th November 2023?
1) Startup Village
2) Technology Hub
3) UnLtd India
4) The Indus Entrepreneurs
5) Ennovent
Answer- 2) Technology Hub
Explanation:
As a part of its 8th Foundation Day (16th November 2023), Telangana government led incubator,
Technology Hub (T-Hub) unveiled two flagship initiatives: T-Bridge and T-Scale, aimed at further
propelling the growth and success of Indian startups.
i. T-Bridge: It is the International Wing of T-Hub, designed to facilitate global market access for
startups and enable them to expand their reach beyond India’s borders.
ii. T-Scale: It is a collaborative program with Factoryal Business Incubator Private Limited that will
guide 25 promising startups through a 12-month journey to Series-A funding readiness.
Note- T-Hub, which was incorporated in 2015, is a premier innovation hub and ecosystem enabler
which is headquartered in Hyderabad, Telangana.
- According to the India 2024 outlook from Goldman Sachs Group, Inc in November 2023,
India’s real Gross Domestic Product (GDP) growth is expected to decline to _________ in 2024
from the 6.4% estimated for 2023.
1) 5.9%
2) 6.1%
3) 6.3%
4) 6.0%
5) 6.2%
Answer- 3) 6.3%
Explanation:
According to the India 2024 outlook from Goldman Sachs Group, Inc, India’s real Gross Domestic
Product (GDP) growth is expected to decline marginally to 6.3% in 2024 from the 6.4% estimated
for 2023.
• India’s GDP is projected to grow at 6.5% in FY25 compared to 6.2% in FY24.
i. The government spending will drive growth in the 1st half, while private investment will accelerate
after the general election to become the key driver of growth.
• During the 2nd Quarter (Q2) of 2024, subsidies and transfer payments will be growth drivers
as India heads into the General election in May 2024.
ii. Headline consumer price inflation(CPI) is expected to decline to 5.1% year on year(yoy) average in
2024.
• The core inflation is expected to decline to 4.5% yoy (average) in 2024 from an estimated 5.1%
in 2023.
- In November 2023, the ICRA Limited projected India’s Gross Domestic Product (GDP) to
grow at ______ in the second quarter of FY 2024 (Q2FY24).
1) 6.9%
2) 6.5%
3) 8%
4) 8.3%
5) 7%
Answer- 5) 7%
Explanation:
According to the ICRA Limited (formerly Investment Information and Credit Rating Agency of India
Limited), India’s Gross Domestic Product (GDP) for the second quarter of FY 2024 (Q2FY24) is
estimated to grow at 7%, surpassing the Reserve Bank of India’s (RBI) Monetary Policy Committee’s
(MPC) forecast of 6.5%. However, this growth was 7.8% in (April to June 2023) Q1FY24.
i. The Gross Value Added (GVA) growth will ease to 6.8% in (July-September 2023) Q2, driven by the
services sector at 8.2%, agriculture at 3.5%, and industry at 6.6%.
ii. ICRA maintains a GDP growth estimate of 6% for FY24, projecting a slightly lower figure than the
MPC’s projection of 6.5%.
