BANKING AND FINANCE

Question 1

Indian Bank signed MoU with the Society for Innovation and Entrepreneurship (SINE), IIT Bombay provide credit facility to startups and small businesses through its loan product ‘IND Spring Board’

Answer 1

MoU also with IIT Guwahati Technology Incubation Centre (TIC) for financing Start-ups under the bank’s loan product ‘IND Spring Board’
#About SINE, IIT Bombay:
an umbrella organisation for promoting entrepreneurship and tech start-ups.
Establishment – 2004
Headquarters – IIT Bombay, Mumbai, Maharashtra
Chairman – Prof. Subhasis Chaudhuri
#About Indian Bank:
Establishment – 1907
Headquarters– Chennai, Tamil Nadu
MD & CEO – Padmaja Chunduru
Tagline – Your Own Bank

Question 2

State Bank of India (SBI) has launched a ‘SIM Binding’ feature in its digital banking platform YONO (You Only Need One), YONO Lite

Answer 2

rule of One Mobile Device – One User – One RMN
# YONO is India’s 1st comprehensive digital service platform & was launched on 10th December, 2017
#About State Bank of India (SBI)
Establishment – 1st July 1955
Chairman – Dinesh Kumar Khara
Headquarters – Mumbai, Maharashtra
Tagline – The Banker to Every Indian

Question 3

Rs. 24,356 crore unclaimed deposits with Scheduled Commercial Banks (SCBs) stated by (MoS) (MoF) Dr Bhagwat Kisanrao Karad

Answer 3

# amendment to the Banking Regulation Act, 1949, insertion of section 26A, RBI framed the Depositor Education and Awareness Fund Scheme, 2014
# 15th Finance Commission recommended performance-based challenge fund of Rs 8,000 crore to 8 states for incubation of new cities
# Smart cities opted for greenfield development are Jharkhand (Ranchi), Maharashtra (Aurangabad), Gujarat (Rajkot), Andhra Pradesh (Amravati), Madhya Pradesh (Satna), West Bengal (New Town Kolkata), Maharashtra (Nashik) and Chhattisgarh (Atal Nagar)
# Ministry of Finance has extended the validity of the Emergency Credit Line Guarantee Scheme (ECLGS) for another 3 months till September, 30, 2021 or till guarantee for an amount of Rs 3 lakh crore is issued

Question 4

PhonePe launched the UPI based AutoPay functionality for its Mutual Fund (MF) Systematic Investment Plans (SIPs) offerings, became the 1st digital investment platform in India

Answer 4

# About PhonePe: 
307 million registered users
Establishment – 2015, 
Flipkart acquired PhonePe in 2016 
Headquarters – Mumbai, Maharashtra 
CEO – Sameer Nigam

Question 5

SEBI (Securities and Exchange Board of India) ordered a forensic audit into the workings of the Metropolitan Stock Exchange of India (MSEI) Ltd formally known as MCX SX

Answer 5

will detect any mis-statement in financials, mis-appropriation or diversion of funds

Question 6

the SBI (State Bank of India) General Insurance collaborated with Manipal Business Solutions, the promoter of SahiPay to expand its non-life penetration in rural areas

Answer 6

# SahiPay provides digital and financial services in the semi-urban and rural parts
# About SBI General Insurance: 
MD & CEO – Prakash Chandra Kandpal 
Headquarters– Mumbai, Maharashtra 
Tagline– Suraksha Aur Bharosa Dono

Question 7

The Securities and Exchange Board of India (SEBI) reduced the minimum application value of real estate investment trusts (REITs) and infrastructure investment trusts (InvITs) to the range of Rs 10,000-15,000

Answer 7

also revised the trading lot to one unit for REITs and InvITs
# minimum unit holders will be 5, and together can hold at least 25% of the total units of the InvIT
# About SEBI:
Establishment– 1992
Chairman– Ajay Tyagi
Headquarter– Mumbai, Maharashtra

Question 8

The Reserve Bank of India (RBI) has empanelled the IndusInd Bank, the private sector lender, as an ‘Agency Bank’ to facilitate transactions related to government (govt) businesses

Answer 8

RBI Imposed Rs 50.35 lakh Penalty on Janalaxmi Co-operative Bank, Nashik, Maharashtra
# RBI also imposed Rs 3 lakh penalty on Noida Commercial Co-operative Bank, Ghaziabad, Uttar Pradesh
# The agency banks will be paid remuneration by RBI for conduct of State/Central Govt transactions
# About IndusInd Bank:
Establishment – 1994
Headquarters – Pune, Maharashtra
MD & CEO – Sumant Kathpalia

Question 9

Suryoday Small Finance Bank (SSFB) has launched a Savings Account named ‘Health and Wellness Savings Account’ to support under medical emergencies

Answer 9

# health insurance of Rs 25 lakhs (for Self and Family)
# age limit of 18 years to 65 years (joint/ single account)
# Interest Rate - 6.25 percent per annum
# the Average Monthly Balance (AMB) - Rs 3 lakhs
# Rs 1.50 lakh daily ATM withdrawal limit, Rs 3 lakh daily POS usage limit, and ‘Platinum’ RuPay Secure Chip Debit Card variant
# collaboration with Manipal Cigna Health Insurance (for top-up health insurance), Vhealth Aetna (for annual healthcare package), and Ziqitza Healthcare (for ambulance on-call services).
# About  SSFB:
Establishment -2017 
Headquarters – Mumbai, Maharashtra 
MD & CEO – BaskarBabu Ramachandran