Banking And Finance Flashcards by Nazeer Vali Dudekula

Which payment bank has recently (in July ‘23) approved the proposal for the transition of the Bank into a Small Finance Bank (SFB) licence?
1) Airtel Payment Bank
2) India Post Payment Bank
3) Fino Payments Bank
4) Jio Payment Bank
5) Paytm Payment Bank

Answer- 3) Fino Payments Bank
Explanation:
On 28th July 2023, the board of Fino Payments Bank Ltd, a fully owned subsidiary of Fino Paytech
Ltd approved the proposal for the transition of the Bank into a Small Finance Bank (SFB) licence.
i. The board has also formed a committee to explore the possibility of group corporate restructuring
and evaluate the implications and other considerations.
ii. The bank received a letter from holding company Fino PayTech Ltd, regarding a group corporate
restructuring proposal, following which the board formed a committee.

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Which of the following points is/are “correct” with respect to the ‘Sectoral Deployment of
Bank Credit – June 2023‘ report released by the Reserve Bank of India (RBI) in July 2023?
A) As per the report, a Year-on-Year (Y-o-Y) growth of non-food bank credit to 18.5% in June
2023 as compared with 14% in June 2022.
B) The food bank credit shows a decline of -25.4% in June 2023 as compared to a decline of -
55% in June 2022.
C) The Total Bank Credit (Food Credit + Non-food Credit) grew to 16.2% in June 2023 from
14.5% in June 2022.
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 July 31, 2023, the Reserve Bank of India (RBI) released a report ‘Sectoral Deployment of Bank Credit – June 2023‘ showcasing a Year-on-Year (Y-o-Y) growth of non-food bank credit to 16.3% in June 2023 as compared with 15% in June 2022.
• This rise is due to the strong demand for credit from sectors such as services, retail and agriculture, and allied activities.
i. On the other hand, the food bank credit shows a decline of -25.4% in June 2023 as compared to a decline of -55% in June 2022.
ii. The Total Bank Credit (Food Credit + Non-food Credit) grew to 16.2% in June 2023 from 14.5% in
June 2022.
iii. The credit growth in the agriculture and allied activities sector showed significant improvement, increasing to 19.7% (y-o-y) in June 2023 from 12.9% in June 2022.
iv. In June 2023, the credit growth to the industry sector registered a positive trend, growing by 8.1% (y-o-y)), although slightly lower than the 9.5% recorded in June 2022.

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Name the company that has recently (in July ‘23) introduced two new cutting-edge payment
devices, the Pocket Soundbox and Music Soundbox.
1) Freecharge
2) PhonePe
3) Paytm
4) Razorpay
5) BharatPe

Answer- 3) Paytm
Explanation:
On July 31, 2023, Paytm, owned by One97 Communications Ltd (OCL), introduced two new cutting-
edge payment devices, the Paytm Pocket Soundbox and Paytm Music Soundbox. Both devices are
equipped with 4G capabilities, providing enhanced convenience for on-the-go merchants.
i. About Paytm Pocket Soundbox: It is a first-of-its-kind ‘Made in India’ portable device as small as a
debit card to empower on-the-go merchants with instant audio payment alerts. This easy-to-carry
device has all the features of Paytm Soundbox.
ii. About Paytm Music Sound Box: It is a unique device that allows merchants to play music from their
mobile phones via Bluetooth while managing payment transactions. It serves both as a speaker for
payment notifications and a Bluetooth music player.

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Which regulatory body of Government of India has recently (in July ‘23) released a circular
stating that Market Infrastructure Institutions (MIIs) should set up a common Online Dispute
Resolution (ODR) portal?
1) Small Industries Development Bank of India
2) Reserve Bank of India
3) Insurance Regulatory and Development Authority
4) Securities and Exchange Board of India
5) National Bank for Agriculture and Rural Development

Answer- 4) Securities and Exchange Board of India
Explanation:
On 31st July 2023, Security market regulator, Securities and Exchange Board of India(SEBI) released a
circular stating Market Infrastructure Institutions (MIIs) such as stock exchanges, depositories and
clearing corporations should set up a common Online Dispute Resolution (ODR) portal to resolve disputes involving investors, listed companies, designated intermediaries and regulated entities.
i. Market participants such as all listed companies, specified intermediaries and regulated entities should enrol in the portal.
ii. Essential features and functionalities will be integrated into the ODR Portal to facilitate the registration of investors and market participants, the submission of complaints, and the uploading of
relevant documents or papers related to the dispute.
iii. The portal will include a status update facility that retrieves information from the ODR Institution concerning the progress of the complaint.

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Name the bank that has recently (in July ‘23) hosted the Fintech Growth Program.
1) RBL Bank
2) Karnataka Bank
3) Kotak Mahindra Bank
4) Axis Bank
5) Karur Vysya Bank

Answer- 2) Karnataka Bank
Explanation:
Karnataka Bank Limited, a leading ‘A’ Class Scheduled Commercial Bank in India, hosted the first
edition of ‘KBL – FinOne’, “A Fintech Growth Program” in Bengaluru, Karnataka.
i. The objective is to forge collaborations to develop innovative business models, providing seamless
banking experience & offering a complete product suite.
ii. Srikrishnan H is the Managing Director(MD) and Chief Executive Officer(CEO) of the bank.

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Name the fintech company that has recently (in July ‘23) collaborated with the National
Payments Corporation of India (NPCI), to introduce RuPay credit card-based Unified Payments
Interface (UPI) payments.
1) CRED
2) PhonePe
3) Razorpay
4) Paytm
5) Freecharge

Answer- 1) CRED
Explanation:
CRED, a Bengaluru (Karnataka) based fintech company, in collaboration with the National Payments
Corporation of India (NPCI), introduced RuPay credit card-based Unified Payments Interface (UPI)
payments for CRED members.
i. Multiple payment options for UPI will be now available for the CRED members such as linking their
Rupay Credit Card, Peer-to-Peer (P2P), Scan and Pay, and paying on online merchants.
Note: Currently, the CRED app is the 4th most preferred UPI app.

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In August 2023, the Reserve Bank of India (RBI) sanctioned the Scheme of Amalgamation of
the _______________ (co-operative Bank) with Rajadhani Co-op. Urban Bank Ltd.
1) Chaitanya Co-Operative Urban Bank
2) Gayatri Co-Operative Urban Bank
3) Adarsh Cooperative Urban Bank
4) Navanirman Co-operative Urban Bank
5) A.P. Mahesh Co-Operative Urban Bank

Answer- 4) Navanirman Co-operative Urban Bank

Explanation:
The Reserve Bank of India (RBI) sanctioned the Scheme of Amalgamation of The Navanirman Co-
operative Urban Bank Ltd., Hyderabad, Telangana with Rajadhani Co-op. Urban Bank Ltd.,
Hyderabad, Telangana. The Scheme of Amalgamation is with effect from August 3rd, 2023.
i. The Navanirman Co-operative Urban Bank Ltd branch (Hyderabad, Telangana) will function as a
branch of the Rajadhani Co-op. Urban Bank Ltd (Hyderabad, Telangana) with effect from August 03,
2023.
ii. The Scheme has been sanctioned in the exercise of the powers conferred under Sub-Section (4) of
Section 44A read with Section 56 of the Banking Regulation Act, 1949.

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Name the bank that has recently (in August ‘23) partnered with Kiwi to launch ‘Credit
on Unified Payment Interface (UPI)’ on RuPay Credit Cards.
1) YES Bank
2) Axis Bank
3) ICICI Bank
4) HDFC Bank
5) IndusInd Bank

Answer- 2) Axis Bank
Explanation:
On 2nd August 2023, Axis Bank, India’s third-largest private sector bank in collaboration with
National Payment Corporation of India (NPCI), partnered for the first time with Kiwi, the
revolutionary credit on Unified Payment Interface (UPI) platform to launch the Axis KWIK virtual
credit card that offers credit card rewards along with the convenience of UPI’s fast and secure
payment for seamless online and offline transactions.
i. This functionality enables users to conduct merchant payments within the Kiwi app utilising their
credit cards through UPI, resulting in a virtualized payment encounter that eliminates the necessity
for physical cards.
ii. The partnership offers a complete “Credit on UPI” platform on the RuPay network.

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Which of the following points is/are “correct” with respect to the step taken by the Small
Industries Development Bank of India (SIDBI) in August 2023?
A) SIDBI, partnered with the Centre for Innovation, Incubation and Entrepreneurship
(CIIE.CO), Indian Institutes of Management (IIM) Ahmedabad, Gujarat (IIM-A)’s startup
incubator and investor, to set up a SIDBI Accelerator Fund, at IIMA’s CIIE.CO.
B) SIDBI and IIMA’s CIIE.CO jointly established the fund with a total corpus of Rs.40 crore in
which SIDBI is contributing Rs.20 crore to the fund and CIIE.CO is contributing the remaining.
C) SIDBI has participated as an anchor investor in the Promising Lenders Fund (PLF) managed
by Vivriti Asset Management Private Limited (VAM) with an aggregate target corpus of Rs. 700
crore in two tranches.
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 Small Industries Development Bank of India (SIDBI), partnered with the Centre for Innovation,
Incubation and Entrepreneurship (CIIE.CO), Indian Institutes of Management (IIM) Ahmedabad,
Gujarat (IIM-A)’s startup incubator and investor, to set up a SIDBI Accelerator Fund, at IIMA’s
CIIE.CO.
• The objective of establishing the Accelerator Fund is to provide support and extend seed
investment to early-stage enterprises, especially for deep technologies start-ups in India.
• This collaboration is a part of SIDBI’s “India of Tomorrow” initiative, which intends to
strengthen India’s developmental and funding ecosystem for early-stage start-ups.
i. SIDBI and IIMA’s CIIE.CO jointly established the fund with a total corpus of Rs.40 crore.
ii. SIDBI is contributing Rs.20 crore to the fund and CIIE.CO is contributing the remaining Rs.20 crore.
iii. Small Industries Development Bank of India (SIDBI) has participated as an anchor investor in the
Promising Lenders Fund (PLF) managed by Vivriti Asset Management Private Limited (VAM), a part
of Chennai (Tamil Nadu)-based Vivriti Group, with an aggregate target corpus of Rs. 700 crore in two
tranches.

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Which Life Insurance company has recently (in August ‘23) launched a ‘Guarantee of Life
Dreams (G.O.L.D)’ Plan to provide policyholders with a regular long-term income option?
1) Tata AIA Life Insurance
2) SBI Life Insurance
3) IndiaFirst Life Insurance
4) HDFC Life Insurance
5) Max Life Insurance

Answer- 3) IndiaFirst Life Insurance
Explanation:
On 31st July 2023, IndiaFirst Life Insurance Company Limited (IndiaFirst Life), launched a new plan
“IndiaFirst Life Guarantee of Life Dreams (G.O.L.D.)” a non-linked, non-participating, individual life
insurance plan is designed to provide policyholders with a regular long-term income option.
i. The highlight of this product is that one can plan to receive future income from the end of the first
month itself.
ii. The plan offers Premium Paying Terms (PPT), with options of 6 years, 8 years, and 10 years for a
policy tenure of 30 years or 40 years.

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Name the Bank that has recently (in July ‘23) partnered with Tiger Fintech Private Limited
to launch a co-branded credit card Powered by Visa.
1) IndusInd Bank
2) YES Bank
3) Axis Bank
4) ICICI Bank
5) HDFC Bank

Answer- 1) IndusInd Bank
Explanation:
On 3rd August 2023, IndusInd Bank Ltd. and Tiger Fintech Private Limited, a Bajaj Capital Group
company, announced the launch of the ‘IndusInd Bank Tiger Credit Card’, a co-branded credit card powered by Visa Inc (Visa), the global digital payments technology company, to give the best-in-class
credit card access to the customers, to meet their lifestyle requirements.
i. The card offers a ‘Magnificent Rewards Program’, where customers earn up to 6X accelerated
rewards.
ii. Cardholders will also be able to convert their rewards points to air miles (by redeeming the reward
points for flight tickets) and enjoy discounted foreign currency markup of 1.5%, which can lead to
considerable savings on their international expenses.

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Which regulatory body of India has recently (in August ‘23) collaborated with Association
of Portfolio Managers in India (APMI) to establish performance audit standards for portfolio
management services (PMS) providers?
1) Reserve Bank of India
2) Insurance Regulatory and Development Authority
3) Small Industries Development Bank of India
4) National Bank for Agriculture and Rural Development
5) Securities and Exchange Board of India

Answer- 5) Securities and Exchange Board of India
Explanation:
On August 2, 2023, the Securities and Exchange Board of India (SEBI) and Association of Portfolio
Managers in India (APMI) collaboratively established performance audit standards for portfolio
management services (PMS) providers, effective from October 1, 2023.
i. This information by SEBI is provided in exercise of powers conferred under Section 11(1) of the
SEBI Act, 1992, read with the provisions of Regulation 43 of SEBI (Portfolio Managers) Regulations,
2020, to protect the interest of investors in securities and to promote the development of the
securities market.

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In August 2023, the Securities and Exchange Board of India (SEBI) allowed Offer For Sale
(OFS) for units of private listed Infrastructure Investment Trusts (InvlTs) through a stock
exchange mechanism in exercise of powers conferred under ________ (Section) of the SEBI Act,
____________.
1) Section 15 (1); 1992
2) Section 12 (2); 1990
3) Section 11(1); 1992
4) Section 12 (2); 1994
5) Section 11(1); 1990

Answer- 3) Section 11(1); 1992
Explanation:
The Securities and Exchange Board of India (SEBI) allowed Offer For Sale (OFS) for units of private listed Infrastructure Investment Trusts (InvlTs) through a stock exchange mechanism. This information by SEBI is provided in exercise of powers conferred under Section 11(1) of the SEBI Act, 1992.
i. Offer For Sale (OFS) mechanism is allowed for the sale of units of both Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) by their respective sponsors or sponsor group entities. Additionally, other unit holders of listed REITs can also use the OFS mechanism to sell their units.
ii. Now, it has been decided to modify the framework to allow OFS for units of private listed InvITs.
iii. OFS is a method that allows existing investors (promoters, shareholders, etc.) of a company or trust to sell their securities (shares or units) to the public through the stock exchange platform.

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Which state has recently (in August ‘23) received Rs 1,974.07 crore funding from the
National Bank for Agriculture And Rural Development (NABARD) under the Rural
Infrastructure Development Fund (RIDF) for 2023-24?
1) Bihar
2) Uttar Pradesh
3) Rajasthan
4) Gujarat
5) Odisha

Answer- 3) Rajasthan
Explanation:
National Bank for Agriculture And Rural Development (NABARD) has sanctioned Rs 1,974.07 crore
to the Government of Rajasthan under the Rural Infrastructure Development Fund (RIDF) for 2023-
24. A budget of Rs.930.44 crore has been sanctioned for 3 rural drinking water supply projects in the
districts of Rajasthan namely Ajmer, Jalore, and Kota.
i. Further, Rs.926.48 crore was sanctioned for the construction of 676 rural roads in the desert and
tribal areas of Rajasthan. Earlier, Rs.117.15 was allocated for the establishment of 104 veterinary
hospitals and 431 sub-centres in all the districts of Rajasthan.
ii. The drinking water supply projects are expected to provide clean and potable water to 2.87 lakh
households in 2,500 villages, whereas rural road projects will improve connectivity in 1,229 villages
across 12 districts.
iii. NABARD is also supporting the Rajasthan government to bring 4.28 lakh hectares under micro-irrigation with support of Rs.740 crore from the Micro Irrigation Fund.

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Which company has recently (in August ‘23) introduced Card Verification Code (CVC)-free
online transactions for customers?
1) Visa Inc
2) Mastercard
3) American Express
4) Capital One
5) Discover Card

Answer- 2) Mastercard
Explanation:
On 7th August 2023, Mastercard introduced Card Verification Code (CVC)-free online transactions
for customers who have tokenized their debit and credit cards on merchant platforms.
i. The move aims to reduce the checkout time and make CVC-free payment to enhance the payment
security.
ii. Mastercard’s token-based transactions leverage 3 key factors that ensure a high degree of safety
and security which includes:
• Enhanced Security Features
• Authenticated User Identity Check
• Domain Control

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Name the Non-Banking Financial Company (NBFC) that has recently (in August ‘23) signed a
USD 15 million funding deal with Swiss impact investor responsAbility Investments AG to
promote green financing in India.
1) Lendingkart Finance
2) Fullerton India
3) Electronica Finance
4) Avendus Capital
5) Indiabulls Group

Answer- 3) Electronica Finance
Explanation:
Swiss impact investor responsAbility Investments AG signed a USD 15 million funding deal with
Non-Banking Financial Company (NBFC) Electronica Finance to promote green financing in India in
line with its sustainability goal.
i. Electronica Finance is headquartered in Pune, Maharashtra, and is a part of the SRP Electronica
group. It is supported by the Small Industries Development Bank of India (SIDBI).
ii. Electronica Finance will use the funding for financing energy efficient machines and promoting
rooftop solar installation. It has already received USD 7.5 million from responsAbility in July 2023 will
get remaining part in later 2023. The fund was raised at 11.4%.

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Name the company that has recently (in August ‘23) partnered with ICICI Lombard General
Insurance along with other partners to provide car and two-wheeler insurance plans.
1) Shriram Finance Limited
2) Cholamandalam Investment and Finance Limited
3) Mahindra and Mahindra Financial Services Limited
4) Bajaj Finance Limited
5) Muthoot Finance Limited

Answer- 4) Bajaj Finance Limited
Explanation:
Bajaj Finance Limited (BFL) has partnered with ICICI Lombard General Insurance along with
other partners to provide car and two-wheeler insurance plans on the platform Bajaj Finance
Insurance Mall.
i. The ICICI Lombard Car and Two-wheeler Insurance policies offer comprehensive damage coverage,
(including own and third-party damage), personal accident cover, No Claim Bonus (NCB) to vehicle
owners and vehicles.
ii. ICICI Lombard also offers a range of add-on covers to help customers enhance their vehicle
insurance such as NCB protector cover, 24×7 roadside assistance cover, Zero depreciation add-on
cover, Engine protection add-on cover.

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Which Insurance company has recently (in August ‘23) entered into a bancassurance tie-up
with Standard Chartered Bank (SCB) to sell health Insurance Products?
1) Aditya Birla Health Insurance
2) Reliance General Insurance
3) Star Health & Allied Insurance
4) Care Health Insurance
5) Bajaj Allianz Life Insurance

Answer- 3) Star Health & Allied Insurance
Explanation:
Star Health & Allied Insurance Co. Ltd.,(Star Health) India’s leading private Health Insurance
company has entered into a strategic corporate bancassurance tie-up with Standard Chartered Bank
(SCB), a reputed international bank to enhance the accessibility of health insurance products through
the bank’s extensive distribution network.
i. The SCB, with 100 branches spread across 42 cities, will function as a convenient single point of
access for customers seeking health insurance.
ii. The agreement also provides top-tier services that align with the distinct needs of India’s affluent
clientele.

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In August 2023, the Securities and Exchange Board of India (SEBI) mandated Foreign
Portfolio Investors (FPIs) to place at least ______ of their trades in corporate bonds through the
Request For Quote (RFQ) platform of stock exchanges w.e.f. October 1, 2023.
1) 25%
2) 40%
3) 20%
4) 10%
5) 30%

Answer- 4) 10%
Explanation:
On August 7, 2023, the Securities and Exchange Board of India (SEBI) mandated Foreign Portfolio
Investors (FPIs) to place at least 10% of their trades in corporate bonds through the Request For
Quote (RFQ) platform of stock exchanges w.e.f. October 1, 2023.
• This information by SEBI is provided in exercise of its power conferred under
Section 11(1) of the SEBI Act 1992, read with the provisions of
Regulation 20(5) and Regulation 44 of SEBI (Foreign Portfolio Investors) Regulations,
2019 to protect the interests of investors in securities and to promote the development of, and
to regulate the securities markets.

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The Securities and Exchange Board of India (SEBI) has recently (in August ‘23) decreased
the validity period of approval for Alternative Investment Funds (AIFs) and Venture Capital
Funds (VCFs) to make overseas investments to 4 months from _______(months).
1) 7 months
2) 6 months
3) 10 months
4) 8 months
5) 12 months

Answer- 2) 6 months
Explanation:
The Securities and Exchange Board of India (SEBI) has decreased the validity period of approval for
Alternative Investment Funds (AIFs) and Venture Capital Funds (VCFs) to make overseas
investments to four months from six months.
i. If these funds do not utilize their investment limits within this timeframe, SEBI has the authority to
allocate the unutilized limits to other applicant AIFs and VCs.

ii. This information by SEBI is provided in exercise of its power conferred under Section 11(1) of the
SEBI Act 1992.

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Which Small Finance Bank (SFB) has recently (in August ‘23) became the first bank in India
to offer 24X7 video banking facility for 365 days?
1) AU SFB
2) Jana SFB
3) Ujjivan SFB
4) Suryoday SFB
5) ESAF SFB

Answer- 1) AU SFB
Explanation:
On 08th August 2023, AU Small Finance Bank (AU SFB), India’s Largest Small Finance Bank, became
the first bank in India to offer 24X7 for 365 days video banking facility to all the
customers(including account holders under Pradhan Mantri Jan Dhan Yojana (PMJDY) ) for free of
cost.
i. Video Banking provides customers with a branch-like experience, enabling them to engage in face-
to-face interactions with AU Video Banking relationship managers over a video call.
ii. The customer needs to be at least 18 years of age and located within India while making the video
call.

Name the Payment Bank that has recently (in August ‘23) launched India’s 1st eco-friendly
debit card.
1) Paytm Payments Bank
2) India Post Payments Bank
3) Fino Payments Bank
4) Airtel Payment Bank
5) Jio Payments Bank

Answer- 4) Airtel Payment Bank
Explanation:
On 8th August 2023, India’s first payment bank, Airtel Payment Bank also became the first Indian
Bank to launch an eco-friendly debit card for its new and existing customers with a savings bank
account.
i. The debit cards will be crafted from recycle- Poly Vinyl Chloride (r-PVC) material, a certified eco-
friendly material, against normal PVC cards.
ii. Airtel Payments Bank debit card comes in two variants(under Classic variant): Personalised Classic
Card – Availed through the Airtel Thanks mobile application.
• Insta Classic Card – Availed at selected neighbourhood banking points (by the close of the
current quarter).

Which Public Sector Financial Institutions of GoI has recently (in August ‘23) launched its
subsidiary at the Gujarat International Financial Tec (GIFT) City in Gandhinagar, Gujarat?
1) Industrial Finance Corporation of India
2) National Bank of Financing Infrastructure and Development
3) Export-Import Bank of India
4) India Infrastructure Finance Company Ltd
5) Small Industries Development Bank of India

Answer- 3) Export-Import Bank of India
Explanation:
On August 8, 2023, the Export-Import Bank of India (Exim Bank of India) launched its subsidiary-
India Exim Finserve IFSC Private Limited (Exim Finserve) at the Gujarat International Financial Tec
(GIFT) City in Gandhinagar, Gujarat.
i. It was inaugurated by Dr. Vivek Joshi, Secretary, Department of Financial Services (DFS), Ministry of
Finance.
ii. This subsidiary is set to provide a suite of trade finance solutions to Indian exporters, with a
primary emphasis on export factoring.
iii. Exim Finserve is the first finance company in GIFT City for export factoring.

Name the company that has recently (in August ‘23) collaborated with the CSC Academy to
provide digital and financial literacy to the weak and underprivileged segments of society.
1) PayU India
2) Freecharge
3) Razorpay
4) Infibeam
5) PhonePe

Answer- 1) PayU India
Explanation:
PayU India and CSC Academy collaborated to provide digital and financial literacy to the weak and
underprivileged segments of society from July 1 2023 to June 30, 2024.
i. Under this Mobile vans will be stationed in and around three districts in Delhi/Gurugram (Haryana),
Mumbai (Maharashtra), and Bengaluru (Karnataka) to provide financial and digital literacy
instructions as well as other civic services for people between the ages of 15 and 60.
ii. Underprivileged segments of society include SC (Scheduled Caste), ST (Scheduled Tribe), BPL
(Below Poverty Line), and Women.

Which bank has recently (in August ‘23) partnered with the Government of Odisha, to
support the payment solutions for the Odisha Tourism Development Corporation (OTDC)
Limited?
1) RBL Bank
2) Bandhan Bank
3) ICICI Bank
4) HDFC Bank
5) YES Bank

Answer- 2) Bandhan Bank
Explanation:
On 7th August 2023, Kolkata (West Bengal) based-Bandhan Bank Limited, partnered with the
Government of Odisha, to support the payment solutions for the Odisha Tourism Development
Corporation (OTDC) Ltd.

i. The Bank has introduced Point of Sale (PoS) machines, which offer a seamless card payment
experience and are placed in prime locations across popular tourist destinations in Odisha including
Puri, Bhubaneshwar, Konark, Chilka, and Gopalpur.
ii. Bandhan Bank will be providing the machines to OTDC and these PoS machines provide easy and
quick payment solutions to tourists, thus bringing convenience, both for the tourists and OTDC
officials.

In August 2023, _____________ (organisation/regulatory body) constituted a sectoral
committee to frame the unique regulatory landscape and address challenges faced by _________
member banks operating within the Gujarat International Finance Tec-City (GIFT City) in
Gandhinagar, Gujarat.
1) Reserve Bank of India; 26
2) Small Industries Development Bank of India; 24
3) Indian Banks’ Association; 26
4) Reserve Bank of India; 24
5) Indian Banks’ Association; 20

Answer- 3) Indian Banks’ Association; 26
Explanation:
The Indian Banks’ Association (IBA) constituted a sectoral committee to frame the unique regulatory
landscape and address challenges faced by 26 member banks operating within the Gujarat
International Finance Tec-City (GIFT City) in Gandhinagar, Gujarat.
i. The committee is intended to function as a bridge connecting the banking sector and regulatory
bodies, ensuring effective communication and resolution of concerns and perspectives.
ii. Due to the differential regulatory guidelines between banks operating within GIFT City and those
outside, there is a need for a dedicated committee to focus on resolving the challenges encountered by
International Financial Services Centre (IFSC) Banking Units (IBUs) .
iii. The committee will represent the collective interests of the banks operating within GIFT City.

Which bank has recently (in August’ 23) announced a plan to raise its stake in Max Life
Insurance Company to 16.22% from 9.99% by infusing Rs 1,612 crore investment?
1) IndusInd Bank
2) Axis Bank
3) HDFC Bank
4) ICICI Bank
5) YES Bank

Answer- 2) Axis Bank
Explanation:
On August 9, 2023, Axis Bank Limited announced to raise its stake in Max Life Insurance Company
Limited to 16.22% from 9.99% by infusing Rs 1,612 crore (USD 194.6 million) through a
preferential allotment of shares.
i. The proposal for the same was approved by the acquisitions, divestment and merger committee of
Bank’s board.
ii. This capital infusion will help Max Life to support its growth ambitions, augment capital position
and improve solvency margins.

Name the Life Insurance company that has recently (in August ‘23) partnered with the ESAF
Small Finance Bank (ESAF Bank) to offer life insurance.
1) Kotak Mahindra Life Insurance
2) HDFC Life Insurance
3) ICICI Prudential Life Insurance
4) Bajaj Allianz Life Insurance
5) Tata AIA Life Insurance

Answer- 1) Kotak Mahindra Life Insurance
Explanation:
Kotak Mahindra Life Insurance Company Ltd (Kotak Life) announced its corporate agency tie-up with
ESAF Small Finance Bank (ESAF Bank) to offer life insurance to ESAF Bank customers.
i. The tie-up plans to benefit 68 lakh customers of ESAF Bank through life insurance products
provided by Kotak Life, including protection, savings, investment and retirement through ESAF Bank’s
700 banking outlets spread across 21 States and 2 Union Territories(UTs).

Which of the following points is ‘Incorrect’ with respect to the 3rd Bi-Monthly Monetary
Policy statement for FY24 released by RBI in August 2023?
1) The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) kept the Policy Repo Rate at
6.50%.
2) The Reverse Repo Rate are kept at 3.35% & the Marginal Standing Facility (MSF) Rate are kept
6.75%
3) The Bank Rate is kept at 6.25%.
4) India’s real Gross Domestic Product (GDP) growth retained at 6.5% in FY24 (2023-24).
5) Consumer Price Index (CPI) inflation is projected at 5.4% for FY24 from the 5.1% forecast in June
2023.

Answer- 3) The Bank Rate is kept at 6.25%.
Explanation:
The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) met on August 8-10, 2023, and
released the ‘Monetary Policy Statement, 2023-24 Resolution of the MPC‘ which kept India’s real
Gross Domestic Product (GDP) growth retained at 6.5% in FY24 (2023-24) with FY24’s Q1 at 8%, Q2
at 6.5%, Q3 at 6%, and Q4 at 5.7%. This is attributed to the growth in rural and urban areas, a rise in
investment activity, and the government’s intention to increase capital expenditure.
• This marks the 3rd MPC meeting in FY24, following the bi-monthly policy reviews held in April
2023 and June 2023.
• Real GDP growth for Q1FY25 (April-June, 2024-25) is projected at 6.6%.
• Consumer Price Index (CPI) inflation or retail inflation is projected at 5.4% for FY24 from the
5.1% forecast in June 2023.
i. The MPC kept the policy rates unchanged in August 2023.

Which of the following points is/are ‘correct’ with respect to the initiatives by the Reserve
Bank of India (RBI) in August 2023?
A) Reserve Bank of India (RBI) mandates banks to hold an Incremental Cash Reserve Ratio
(ICRR) of 10% on increase in deposits between May 19 and July 28, 2023 with effect from 12th
August 2023.
B) RBI has increased the transaction limit to Rs 500 from Rs 200 to encourage wider adoption
of UPI (Unified Payments Interface) Lite.
C) Reserve Bank Innovation Hub (RBIH) is developing a digital Public Tech Platform to
facilitate easy lending by providing necessary digital data to lenders.
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) mandates banks to hold an Incremental Cash Reserve Ratio (ICRR) of
10% on increase in deposits between May 19 and July 28, 2023 with effect from the fortnight starting
Aug. 12, 2023.
• In order to encourage wider adoption of UPI (Unified Payments Interface) Lite, RBI has
increased the transaction limit to Rs 500 from Rs 200. This will eliminate the need for multiple
transactions for users.
• However, overall limit is retained at Rs 2000 to contain the risks associated with relaxation of
two-factor authentication.
• UPI Lite is an ‘on-device wallet’ feature that will allow users to make real-time small-value
payments without using a UPI PIN. It was launched in September 2022.
• Reserve Bank Innovation Hub (RBIH) is developing a digital Public Tech Platform to facilitate
easy lending by providing necessary digital data to lenders.
• RBI unveils framework allowing borrowers to switch to fixed interest rate from floating
interest rate, providing relief to home, auto loan borrowers.

Name the bank that has recently (in August ‘23) signed an MoU with the IIITD Innovation
and Incubation Centre (IIITD-IC) to support and scale up the growth of the startup ecosystem
in India.
1) IndusInd Bank
2) YES Bank
3) ICICI Bank
4) HDFC Bank
5) Axis Bank

Answer- 2) YES Bank
Explanation:
IIITD Innovation and Incubation Centre (IIITD-IC), a section 8 company promoted by the
Indraprastha Institute of Information Technology-Delhi (IIITD), has signed a Memorandum of
Understanding (MoU) with YES Bank Limited (YES Bank) to support and scale up the growth of
startup ecosystem in India.
• Aim: To enable enterprise banking, personal banking and beyond banking solutions required
by the Startups.
• To bridge the gap between startups and corporates with the right and in-time mentorship.

Which of the following points is/are “correct” with respect to the Securities and Exchange
Board of India (SEBI), as of August 2023?
A) SEBI has reduced the timeline for listing securities after the closing of an Initial Public
Offering (IPO) to 3 days (T+3) from the present requirement of 6 working days (T+6).
B) Singapore-based Helios Capital Management PTE Ltd has been granted approval from the
Securities and Exchange Board of India (SEBI) to launch a Mutual Fund (MF) business.
C) Once launched, Helios Mutual Fund will become the 46th entity to enter into the MF industry
with an Asset Under Management (AUM) of Rs.46-lakh crore.
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) has reduced the timeline for listing securities after
the closing of an Initial Public Offering (IPO) to 3 days (T+3) from the present requirement of 6
working days (T+6).
• This will be an option for IPOs opening on or after September 1, 2023, and will be mandatory
for public issues opening after December 1, 2023.
• According to SEBI, the reduction in timelines for listing and trading of shares will benefit both
issuers and investors. Under the new guidelines, companies will have to finalise allotment
before 6 pm on T+1 day. The transfer of funds will be made to unsuccessful applicants on T+2
days.
• Singapore-based Helios Capital Management PTE Ltd, which offers Portfolio Management
Services (PMS) has been granted approval from the Securities and Exchange Board of India
(SEBI) to launch a Mutual Fund (MF) business.
• Once launched, Helios Mutual Fund will become the 46th entity to enter into the MF industry
with an Asset Under Management (AUM) of Rs.46-lakh crore.

Chakr Innovation Pvt Ltd, Haryana- based technology start-up has recently (in Aug ‘23)
secured substantial funding of Rs.18 crores from the ___________________ under its Ubharte Sitare
Programme (USP)
1) Export-Import Bank of India
2) Canara Bank
3) Bank of India
4) Union Bank of India
5) Indian Bank

Answer- 1) Export-Import Bank of India
Explanation:
Chakr Innovation Pvt Ltd, a Gurugram (Haryana)- based technology start-up focused on
environmental sustainability and pollution reduction solutions, secured substantial funding of Rs.18
crores from the Export-Import Bank of India (EXIM Bank) under its Ubharte Sitare Programme
(USP), for developing the environmental sustainability and technology sector in India.
• The funds were sanctioned under EXIM Bank’s USP, reflecting the institution’s commitment to
promoting domestic growth and addressing international demands.

Which of the following banks has recently (in Aug ‘23) signed an MoU with Amul, to finance
Amul’s retailers?
1) IndusInd Bank
2) YES Bank
3) Punjab National Bank
4) ICICI Bank
5) HDFC Bank

Answer- 3) Punjab National Bank
Explanation:
Punjab National Bank (PNB) signed a Memorandum of Understanding (MoU) with Gujarat
Cooperative Milk Marketing Federation Ltd (GCMMFL) also known as Amul, to finance Amul’s
retailers, wholesale dealers/area milk distributors and exclusive Amul preferred outlets-milk
parlours.
• The financing is made through small ticket financing under Micro Units Development &
Refinance Agency (MUDRA).

In August 2023, Pension Fund Regulatory and Development Authority(PFRDA) in
coordination with the __________ (Statutory Body/Ministry) has integrated the National Pension
System (NPS) Statement of Transaction (SoT) with the Consolidated Account Statement (CAS).
1) Ministry of Home Affairs
2) Reserve Bank of India
3) Securities and Exchange Board of India
4) Insurance Regulatory and Development Authority
5) Employees’ Provident Fund Organisation

Answer- 3) Securities and Exchange Board of India
Explanation:
Pension Fund Regulatory and Development Authority (PFRDA) in coordination with the Securities
and Exchange Board of India (SEBI) has integrated the National Pension System (NPS) Statement of
Transaction (SoT) with the Consolidated Account Statement (CAS).
i. Now, PFRDA has enabled Central Record Keeping Agencies (CRAs) to integrate with depositories
registered with SEBI to provide NPS Subscribers with the option to include NPS transactions in CAS.
ii. The facility to include NPS SoT in CAS will be available to NPS subscribers on consent basis.

In August 2023, Zerodha Broking Limited received final approval from Securities and
Exchange Board of India (SEBI) to launch an Asset Management Company (AMC) – Zerodha
Asset Management Private Limited called as “Zerodha Fund House”.
Who has been appointed as the Chief Executive Officer (CEO) of Zerodha Fund House?
1) Seema Patil
2) Nikhil Kamath
3) Shrikant Pandit
4) Vishal Jain
5) Vasanth Kumar Jayapal

Answer- 4) Vishal Jain
Explanation:
Zerodha Broking Limited (Zerodha) has received final approval from Securities and Exchange Board
of India (SEBI) to launch an Asset Management Company (AMC) – Zerodha Asset Management Private
Limited called as “Zerodha Fund House”.
• Zerodha Fund House is the joint venture (JV) of Zerodha with Smallcase Technologies Private
Limited(smallcase), a fintech platform.
i. Vishal Jain has been appointed as the Chief Executive Officer(CEO) of Zerodha Fund House.
Previously, He headed the Exchange-Traded Funds (ETFs) division of Nippon Life India Asset
Management Ltd.
ii. SEBI new timeline for the exit option window period given to the mutual fund unitholders in the
event of a change in the control of an AMC.
iii. Under the new guidelines, the change in control of the AMC will require the unitholders of the MF
to be granted the choice of exiting at the prevailing Net Asset Value (NAV), devoid of any exit load,
within a span of 15 calendar days from the date of communication (earlier it was 30 days).

Which organisation/Bank has recently approved a USD 40.5 million loan for an integrated
project focussing on Early Childhood Development (ECD) and Maternal Mental Health in
Meghalaya, India?
1) World Health Organization
2) Asian Development Bank
3) United Nations Children’s Fund
4) New Development Bank
5) African Development Bank

Answer- 2) Asian Development Bank
Explanation:
The Asian Development Bank (ADB) has approved a USD 40.5 million loan for an integrated project
focussing on Early Childhood Development (ECD) and Maternal Mental Health in Meghalaya. The
Government of Meghalaya is contributing USD 15.27 million to the project.
i. This initiative attempts to focus on daycare centers known as Anganwadi centers (AWC), aiming to
enhance access to nurturing care including crucial elements such as maternal mental health support
and inclusive group-based parenting programs involving fathers.
ii. The project is initiated to strengthen home-based childcare for children aged 0 – 1.5 years and
center-based childcare for those aged 1.5 – 6 years.
iii. The ADB-supported project will upgrade 1,800 AWCs and construct around 600 new AWCs in
remote and challenging areas with climate-resilient designs.

Name the bank that has recently (in August ‘23) launched Jeevan Dhara, a unique savings
bank account designed for pensioners.
1) Canara Bank
2) Union Bank of India
3) Bank of Baroda
4) Bank of India
5) Indian Bank

Answer- 1) Canara Bank
Explanation:
Canara Bank launched Canara Jeevan Dhara, a unique savings bank account designed for
pensioners and those who are planning for retirement, including all the employees who retired on a
voluntary basis or standard retirement procedures.
Variants:
• Under this scheme, the bank provides two variants based on the amount of pension credit.
• Diamonds account is designed for pension credits of up to Rs 50,000.
• Platinum account caters to pension credits exceeding Rs 50,000.

As per the All India Consumer Price Index (CPI) released by National Statistical Office (NSO)
in August 2023, India’s retail inflation rate hiked to __________ in July, 2023 surpassing the upper
limit of the RBI’s 2-6% tolerance range.
1) 7.16%
2) 7.21%
3) 6.32%
4) 7.44%
5) 6.89%

Answer- 4) 7.44%
Explanation:
As per the All India Consumer Price Index (CPI) released by National Statistical Office (NSO) under
the Ministry of Statistics and Programme Implementation (MoSPI), India’s retail inflation rate hiked
to 7.44% in July, 2023 surpassing the upper limit of the Reserve Bank of India’s (RBI) 2-6%
tolerance range. The inflation rate recorded 4.87% in June 2023.
• This is due to a surge in prices of vegetables, cereals, pulses, spices and milk.
i. The Reserve Bank of India (RBI) has increased its inflation forecast for the current FY2024 to
5.4% from the earlier estimate of 5.1%.
ii. Rajasthan registered the highest inflation rate at 9.66%, followed by Jharkhand at 9.16%, Tamil
Nadu at 8.95%, Odisha at 8.67%, and Uttarakhand at 8.58%.
iii. In July 2023, wholesale prices continued to display deflationary trends for the fourth consecutive
month. This notable increase in food and primary article prices led to a substantial reduction in the
overall price decline, narrowing it to (-)1.36%.

Which of the following companies has recently (in August ‘23) received the Rs. 91
Crores contract from the Reserve Bank of India (RBI) for the use of advanced analytics,
artificial intelligence (AI) and Machine Learning(ML) to analyse its huge database and improve
regulatory supervision?
1) Cognizant India Private Limited
2) Mckinsey & Company India Llp
3) Accenture Solutions Private Limited India
4) Both 1 & 2
5) Both 2 & 3

Answer- 5) Both 2 & 3
Explanation:
Reserve Bank of India (RBI) awarded the contract worth Rs. 91 Crores to McKinsey and Company
India LLP (Limited Liable Partnership) and Accenture Solutions Private Limited India for the use of
advanced analytics, artificial intelligence(AI) and machine learning(ML) to analyse its huge database
and improve regulatory supervision over banks and Non Banking Financial Services(NBFCs).
i. AI and ML technologies are used for real-time data reporting, effective data management and
dissemination.
ii. The Department of Supervision in RBI is developing and using linear and a few machine-learnt
models for supervisory examinations.

Which of the following points is/are “correct” with respect to the initiative taken by the
Reserve Bank of India (RBI) in August 2023?
A) Reserve Bank of India (RBI) commenced its digital lending pilot project for Public Tech
Platform for Frictionless Credit which is developed by Reserve Bank Innovation Hub (RBIH).
B) RBI Governor Shaktikanta Das introduced a centralized web portal called “उद्गम UDGAM”
(Unclaimed Deposits – Gateway to Access inforMation) to simplify the process for the public to
locate their unclaimed deposits in various banks through a single platform.
C) Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied
Services (IFTAS) and participating banks have collaborated to develop this portal.
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 August 17, 2023, the Reserve Bank of India (RBI) commenced its digital lending pilot project for
Public Tech Platform for Frictionless Credit which is developed by Reserve Bank Innovation Hub
(RBIH), a wholly owned subsidiary of RBI.
i. RBI Governor Shaktikanta Das introduced a centralized web portal called “उद्गम UDGAM”
(Unclaimed Deposits – Gateway to Access inforMation) to simplify the process for the public to locate
their unclaimed deposits in various banks through a single platform.
ii. Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied
Services (IFTAS) and participating banks have collaborated to develop this portal.

Which bank has recently (in August ‘23) emerged as the top performer among public sector
lenders in terms of loan and deposit growth in percentage during the first Quarter (Q1) of the
current financial year (FY24)?
1) State Bank of India
2) Bank of Baroda
3) Bank of Maharashtra
4) Bank of India
5) Indian Overseas Bank

Answer- 3) Bank of Maharashtra
Explanation:
Bank of Maharashtra (BoM), an Indian Public Sector Bank(PSB), has emerged as the top performer
among public sector lenders in terms of loan and deposit growth in percentage during the first
Quarter (Q1) of the current financial year (FY24).
i. Its deposit and advances recorded around 25% rise, the highest by any PSB, during the April-June
quarter.
ii. According to the recently published quarterly data of PSBs, BoM’s gross domestic advances surged
by 24.98%, reaching a total of Rs. 1,75,676 crore at the end of June 2023.
• BoM was followed by UCO Bank with a growth rate of 20.70% in the 2nd spot.
• Bank of Baroda (BoB) with 16.80% and Indian Overseas Bank (IOB) with 16.21% growth rates
are at 3rd and 4th spots, respectively.
• India’s largest lender State Bank of India (SBI) stood at the 5th spot with a 15.08% rise in
domestic advances growth.

Name the bank that has recently (in August ‘23) partnered with Reserve Bank Innovation
Hub (RBIH) to launch Kisan Credit Card (KCC) and unsecured Micro, Small and Medium
Enterprises (MSME) loans powered by Public Tech Platform for Frictionless Credit (PTPFC).
1) IndusInd Bank
2) HDFC Bank
3) ICICI Bank
4) YES Bank
5) Axis Bank

Answer- 5) Axis Bank
Explanation:
Axis Bank Limited has launched two new financial products, Kisan Credit Card (KCC) and unsecured
Micro, Small and Medium Enterprises (MSME) loans powered by Public Tech Platform for Frictionless
Credit (PTPFC), an initiate of Reserve Bank Innovation Hub (RBIH), wholly owned subsidiary of the
Reserve Bank of India(RBI)
i. On Pilot basis, the Kisan Credit Cards(KCC) will be introduced in Madhya Pradesh(MP).
ii. Customers can access these cards for amounts up to Rs. 1.6 lakhs.
iii. MSME loans will be made available across India, and this will offer loans up to Rs 10 lakh to
customers.
iv. Both the products will be of fully digital process and require no paperwork.

Which bank has recently (in August ‘23) launched Visa multi-branded credit card in
partnership with British Airways Executive Club and Qatar Airways Privilege Club?
1) IndusInd Bank
2) HDFC Bank
3) ICICI Bank
4) YES Bank
5) Axis Bank

Answer- 1) IndusInd Bank
Explanation:
IndusInd Bank Limited launched first-of-its-kind Visa multi-branded credit card “IndusInd Bank
Avios Visa Infinite Credit Card” in partnership with British Airways Executive Club and Qatar Airways
Privilege Club.
i. This card aims to offer best-in-class rewards and benefits to customers, across travel, wellness and
lifestyle experiences.
ii. Avios, the rewards currency for British Airways Executive Club and Qatar Airways Privilege Club
which can be used for travel rewards, including hotels and car hire.

Name the bank that has recently (in August ‘23) established 10 start-up cells across various
cities in India.
1) Bank of Baroda
2) Bank of India
3) Canara Bank
4) Indian Bank
5) UCO Bank

Answer- 4) Indian Bank
Explanation:
Indian Bank, a Public Sector Undertaking (PSU) bank headquartered in Chennai, Tamil Nadu, has
established 10 start-up cells across various cities in the country to mark its 117th foundation day (15
August 1907).
i. These cells aim to cater to specialized banking needs and promote the growth of the startup
ecosystem in India.
ii. The start-up cells have been set up in Ahmedabad in Gujarat, Bengaluru in Karnataka, Coimbatore &
Chennai in Tamil Nadu, New Delhi in Delhi, Gurgaon in Haryana, Guwahati in Assam, Hyderabad in
Telangana , Kanpur in Uttar Pradesh, and Mumbai in Maharashtra.

In August 2023, the Advertising Standards Council of India (ASCI) mandatory to all
finfluencers/Finance Influencers working in the banking, financial services, and insurance
(BFSI) sector offering investment advice to be registered with the _______________(Regulatory
Body) .
1) Reserve Bank of India
2) Small Industries Development Bank of India
3) Insolvency and Bankruptcy Board of India
4) Securities and Exchange Board of India
5) Employees’ Provident Fund Organisation

Answer- 4) Securities and Exchange Board of India

Explanation:
The Advertising Standards Council of India (ASCI) announced that it is mandatory to all finfluencers
or finance influencers working in the banking, financial services, and insurance (BFSI) sector offering
investment advice to be registered with the Securities and Exchange Board of India (SEBI).
• The new guidelines are to safeguard consumers from the consequences of advice from non-
experts.
i. Finfluencers who have certifications from recognized institutions need to openly share their
certified expert status and their credentials.
ii. They should display their registration number along with name and qualifications.
iii. For other financial advice, suitable credentials like a licence from the Insurance Regulatory and
Development Authority of India (IRDAI), being a chartered accountant (CA) or holding a company
secretaryship are required.

Which bank has recently (in August ‘23) launched mobile banking application ‘iris’?
1) Axis Bank
2) YES Bank
3) HDFC Bank
4) ICICI Bank
5) IndusInd Bank

Answer- 2) YES Bank
Explanation:
YES Bank Limited (Ltd) launched ‘iris by YES BANK’ , a state-of-the-art mobile banking application
which was developed in collaboration with customer feedback.
i. It is the bank’s first Direct to Consumer platform,allowing new and existing customers to access
more than 100 features and services.
ii. The app demonstrates the bank’s commitment to fostering a digitally empowered ecosystem and
showcases its dedication to delivering top-notch digital solutions.

Name the company/bank that has recently (in August ‘23) launched new life insurance and
asset management services at International Financial Services Centre (IFSC) situated in
Gujarat International Finance Tec (GIFT) City, Gujarat.
1) Reliance Group
2) Aditya Birla Group
3) HDFC Group
4) Mahindra & Mahindra Limited
5) ICICI Bank

Answer- 3) HDFC Group
Explanation:
HDFC Group launched new life insurance and asset management services at International Financial
Services Centre (IFSC) situated in Gujarat International Finance Tec (GIFT) City, Gujarat. This
initiative offers services to Non-Resident Indians (NRIs) and the global Indian diaspora.
i. HDFC Life unveils HDFC International Life and Re, and HDFC AMC International (IFSC) Ltd by HDFC
Asset Management Company to cater to the financial needs of the worldwide Indian community.
ii. HDFC Life created HDFC International Life and Re to provide specialized insurance solutions.

Which bank has recently (in August ‘23) became the First Public Sector Bank (PSB) to
extend the facility of execution of on-line locker agreement through Digital Document
Execution (DDE) Platform of National E-Governance Services Limited (NeSL)?
1) Canara Bank
2) Union Bank of India
3) Bank of Baroda
4) Indian Bank
5) Punjab National Bank

Answer- 4) Indian Bank
Explanation:
Indian Bank became the First Public Sector Bank (PSB) to extend facility of execution of on-line
locker agreement through Digital Document Execution (DDE) Platform of National E-Governance
Services Limited (NeSL), India’s first Information Utility under Insolvency and Bankruptcy Board of
India (IBBI).
i. Online locker agreements are available 24/7, improving customer convenience and reducing
agreement execution time.
ii. DDE is a fully automated contract execution platform with paperless e-stamp and electronic
signature (e-Sign) facility. The facility of e-Sign includes Aadhar based (OTP/Biometric) and dongle-
based digital signature.

According to the Reserve Bank of India (RBI) data released in August 2023, Bank credit
growth to Micro, Small and Medium Enterprises (MSMEs) has decelerated on a year-on-year (y-
o-y) basis in the first three months (April-June) of the Q1FY24.
The Credit to medium industries grew by __________ in June 2023.
1) 11.8%
2) 14.2%
3) 12.5%
4) 15.2%
5) 13.2%

Answer- 5) 13.2%
Explanation:
According to the Reserve Bank of India (RBI) data, Bank credit growth to Micro, Small and Medium
Enterprises (MSMEs) has decelerated on a year-on-year (y-o-y) basis in the first three months (April-
June) of the FY24 i.e. Q1FY24.
• Banks’ cautious attitude towards risk makes them hesitant to provide loans to small units,
leading to a deceleration in bank credit growth.
i. Credit to medium industries grew by 13.2% in June 2023 (compared to 47.8% in June 2022).
ii. The Expert Committee on MSME, constituted by RBI in December 2018, has estimated the overall
credit gap in the MSME sector to be in the range of Rs 20 to Rs 25 lakh crore.
iii. RBI has issued comprehensive guidelines to the Regulated Entities (REs) regarding penal charges
in loan accounts to ensure fairness, transparency, and accountability in the lending practices of
financial institutions. These will come into effect from January 1, 2024.
• RBI issued these instructions under sections 21, 35A and 56 of the Banking Regulation (BR)
Act, 1949, sections 45JA, 45L and 45M of the RBI Act, 1934, and section 30A of the National
Housing Bank (NHB) Act, 1987.

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