Oct 1st Week Govt Schemes, Banking And Finance And Economy And Business Flashcards

1
Q
  1. Name the state government that has recently (in Sept ‘23) launched the Mukhya Mantri Lok
    Sevak Arogya Yojana, an online medical bill reimbursement scheme for the Government
    employees, pensioners and their dependents.
    1) Arunachal Pradesh
    2) Mizoram
    3) Madhya Pradesh
    4) Odisha
    5) Assam
A

Answer- 5) Assam
Explanation:
On 2 October 2023, on the occasion of Gandhi Jayanti, Assam Chief Minister (CM) Himanta Biswa
Sarma launched the Ayushman Asom: Mukhya Mantri Lok Sevak Arogya Yojana, an online medical
bill reimbursement scheme for the Government of Assam’s employees, pensioners and their
dependents, at the event held in Sankardev Kalakshetra International Auditorium in Guwahati,
Assam.
i. As part of the event, the CM transferred the first installment of Rs. 9,000 each to the bank accounts
of 1 lakh beneficiaries under the Individual Household Latrine (IHHL) scheme.
ii. Objective: The primary goal of this scheme is to provide financial health coverage of Rs. 5 Lakhs
(per family, per year) to all the Assam Government employees, pensioners, and their dependents.

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2
Q
  1. Which state government has recently (in Sept ‘23) launched ‘Mukhyamantri Sukh Ashraya
    Yojana’ to support orphan children and other vulnerable sections of society?
    1) Jharkhand
    2) Uttarakhand
    3) Himachal Pradesh
    4) Gujarat
    5) Maharashtra
A

Answer- 3) Himachal Pradesh
Explanation:
Himachal Pradesh Chief Minister (CM) Sukhvinder Singh Sukhu launched the ‘Mukhyamantri Sukh
Ashraya Yojana’ at the Ridge in Shimla (Himachal Pradesh) to provide comprehensive support to
orphans, specially-abled children, destitute women, and elderly individuals in Himachal Pradesh.
i. With this scheme, Himachal Pradesh became the first state in India to enact a law aimed at
supporting orphan children and other vulnerable sections of society.
ii. The Himachal government decided to adopt the orphans, the specially-abled children as the
‘Children of the State’ and work for their upliftment and well-being, including parental care.

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3
Q
  1. In September 2023, the Asian Development Bank (ADB) has announced the approval of
    capital management reforms that unlocked USD ______________in fresh funding capacity over the
    next decades for financing projects in the Asia-Pacific region.
    1) 500 billion
    2) 300 billion
    3) 100 billion
    4) 400 billion
    5) 200 billion
A

Answer- 3) 100 billion
Explanation:
The Asian Development Bank (ADB) announced the approval of capital management reforms that are
set to release approximately USD($)100 billion in fresh funding capacity over the next decades for
financing projects in the Asia-Pacific region.
• People in Asia and the Pacific, especially those who are poor and vulnerable, are facing severe
challenges due to escalating and interconnected crises.An estimated 155 million people, or
3.9% of the region’s population, lived in extreme poverty as per the report in 2022.
i. This funding is intended to tackle significant Asian challenges, notably climate change.

ii. These reforms were implemented by updating the ADB’s Capital Adequacy Framework (CAF).
iii. This represents a substantial increase of approximately USD10 billion, which representing about a
40% rise in the ADB’s capability to fund various projects, initiatives ,infrastructure, and other
essential sectors in the Asia-Pacific region.

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4
Q
  1. In September 2023, the Securities and Exchange Board of India (SEBI) extended the deadline
    for adding nominees to demat accounts and submitting PAN and KYC details for physical
    security holders until _____________.
    1) 31st March 2024
    2) 31st December 2023
    3) 31st January 2024
    4) 30th November 2023
    5) 30th April 2024
A

Answer- 2) 31st December 2023
Explanation:
The Securities and Exchange Board of India (SEBI) extended the deadline for adding nominees to
demat accounts and submitting PAN and KYC details for physical security holders until December
31, 2023. SEBI also extended the nomination deadline specifically for mutual fund unit holders until
January 1, 2024.
Extension Deadline for Current Demat Account Holders
• The Securities and Exchange Board of India (SEBI) has announced an extension of the deadline
for current demat account holders to select their nominees for an additional three months, now
ending on December 31, 2023.
• SEBI has extended the deadline to another three months for mutual fund account holders to
nominate a beneficiary or opt out until January 1,2024. If investors fail to comply, their folios
will be frozen with effect from January 1,2024.
Earlier, the deadline for existing mutual fund holders to provide a choice of nomination was
September 30.

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5
Q
  1. On the occasion of the 2nd edition of NPS Diwas observed on October 1, 2023, which pension
    management company has launched a first-of-its-kind ‘National Pension System (NPS)
    Preference Index’?
    1) Aditya Birla Sun Life Pension Management
    2) HDFC Pension Management
    3) ICICI Prudential Pension Fund Management
    4) Kotak Mahindra Pension Fund Management
    5) SBI Pension Fund Management
A

Answer- 2) HDFC Pension Management
Explanation:
HDFC Pension Management Company Limited has launched a first-of-its-kind ‘National Pension
System (NPS) Preference Index’ on the occasion of 2nd edition of NPS Diwas which was observed on
1st October 2023.
• HDFC Pension also released NPS Preference Index Study which is the industry first spotlight on
NPS.
• HDFC Pension Management Company Limited,a subsidiary of HDFC Life Insurance Company
Limited is one of the Pension Fund Managers (PFM’s) appointed by Pension Fund Regulatory
and Development Authority (PFRDA) in India to manage funds for the National Pension System
(NPS).
i. NPS Preference Index Study 2023:
• The aim of the survey is to assess consumers’ views on retirement and their awareness,
interest, and contemplation of the NPS.This resulting in the framing NPS Preference Index,
which can be tracked over time.

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6
Q
  1. Which bank has recently (in Sept ‘23) signed an MoU with Warehousing Development
    Regulatory Authority (WDRA) to fund against e-NWRs (electronic Negotiable Warehouse
    Receipt)?
    1) State Bank of India
    2) Bank of Baroda
    3) Indian Bank
    4) Punjab National Bank
    5) Bank of India
A

Answer- 5) Bank of India
Explanation:
Warehousing Development Regulatory Authority (WDRA) signed a Memorandum of Understanding
(MoU) with the Bank of India (BoI) to fund against e-NWRs (electronic Negotiable Warehouse
Receipt).
i. The MoU was signed in the presence of T.K Manoj Kumar, Chairperson, WDRA, Rajneesh Karnataka,
Managing director (MD) cum Chief Executive Officer (CEO), BoI.
ii. The MoU also aims to provide information to depositors about the benefits, besides doing further
outreach activities to improve agricultural pledge finance in India.

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7
Q
  1. In September 2023, SBI Life Insurance Company Limited signed a bancassurance pact with
    the State Bank of ____________ (state) to offer insurance solutions accessible.
    1) Kerala
    2) Karnataka
    3) Sikkim
    4) Tamil Nadu
    5) Assam
A

Answer- 3) Sikkim
Explanation:
SBI Life Insurance Company Limited signed a bancassurance pact with the State Bank of Sikkim
(SBS) to make insurance solutions accessible to the residents of Sikkim.
i. The agreement was signed by P. Wangdi Bhutia, Managing Director, State Bank of Sikkim, and
Jayant Pandey, Regional Director- Bengal region, SBI Life Insurance at the SBS’s headquarters in
Gangtok, Sikkim.
ii. Bancassurance is an agreement between a bank and an insurance company, through which the
insurer can sell its products to the bank’s customers.

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8
Q
  1. In September 2023, National Bank for Agriculture and Rural Development (NABARD) raised
    Rs ___________ by issuing India’s first ‘AAA’ rated Indian Rupee-denominated Social Bonds at a
    coupon rate of 7.63%.
    1) 3,103.20 crore
    2) 5,971.10 crore
    3) 1,040.50 crore
    4) 4,023.25 crore
    5) 2,567.20 crore
A

Answer- 3) 1,040.50 crore
Explanation:
National Bank for Agriculture and Rural Development (NABARD) raised Rs 1,040.50 crore by
issuing India’s first ‘AAA’ rated Indian Rupee-denominated Social Bonds at a coupon rate of 7.63%.
i. NABARD issued bonds privately to eligible institutional investors, which were listed on the Bombay
Stock Exchange (BSE) on September 29, 2023. The redemption date for the bonds is September 27,
2028 with coupon payments taking place yearly.
ii. A social bond is a type of financial instrument issued by governments, international organisations,
or corporations to raise funds for projects and initiatives that have a positive social impact on society.

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9
Q
  1. In October 2023, the National Investment and Infrastructure Fund Limited (NIIFL) entered
    into a collaboration with the Japan Bank for International Cooperation (JBIC) to launch its first
    bi-lateral fund called India-Japan Fund (IJF) of Rs __________.
    1) 49 Billion
    2) 35 Billion
    3) 52 Billion
    4) 67 Billion
    5) 30 Billion
A

Answer- 1) 49 Billion
Explanation:
The National Investment and Infrastructure Fund Limited (NIIFL) has entered into a collaboration
with the Japan Bank for International Cooperation (JBIC) to launch its first bi-lateral fund called India-
Japan Fund (IJF) of Rs 49 Billion (USD 600 million).
i. The Fund was established by NIIF Limited (NIIFL), a collaborative investment platform for
international and Indian investors. The fund is anchored by the Government of India and JBIC.
ii. Out of Rs 49 Billion, The Government of India (GoI) will contribute Rs 24 Billion (USD 294 million
(49%)) and JBIC will fund the remaining Rs 25 Billion (USD 306 million (51%)) of the funding target.
iii. JBIC’s equity participation in the Fund is based on the Memorandum of Understanding (MoU)
which was signed between JBIC and NIIFL in November 2022.

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10
Q
  1. Name the bank that has recently (in Oct ‘23) collaborated with the Outlook Group to launch
    “Outlook Money 40After40”, a retirement planning event.
    1) ICICI Bank
    2) IDFC FIRST Bank
    3) IndusInd Bank
    4) Kotak Mahindra Bank
    5) HDFC Bank
A

Answer- 2) IDFC FIRST Bank
Explanation:
Outlook Group in collaboration with IDFC FIRST Bank launched a retirement planning
event “Outlook Money 40After40” to spread awareness and create conversations around
retirement planning.
i. “40After40” is a two-day event and expo, which will be held at Jio World Convention Centre in
Mumbai, Maharashtra on 23rd and 24th January, 2024.
ii. IDFC FIRST Bank will spread the need & importance of retirement planning and address the
financial needs of the elderly early.

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11
Q
  1. Which bank has recently (in Oct ‘23) launched INDIE, a customer centric digital mobile
    banking application(app)?
    1) Indian Bank
    2) ICICI Bank
    3) IndusInd Bank
    4) Bank of India
    5) IDBI Bank
A

Answer- 3) IndusInd Bank
Explanation:
IndusInd Bank Limited launched INDIE, a customer centric digital mobile banking application(app),
to empower customers with an all-in-one digital financial solution. This hyper-personalized financial
super-app utilises the advanced analytics to provide personalized insights to its customers.
i. The app leverages advanced analytics to provide personalized insights to its customers such as
smart reminders, expense tracking, and spending insights..
ii. The app offers a number of industry-first features, including ultra-flexible products that can be
customized to meet specific needs of the customer.

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12
Q
  1. Name the company that has recently (in Oct ‘23) merged with the North East Small Finance
    Bank Limited (NESFBL) to become Small Finance Bank (SFB).
    1) Zerodha
    2) Slice
    3) InCred
    4) Zeta
    5) MoneyTap
A

Answer- 2) Slice
Explanation:
The Reserve Bank of India (RBI) approved the merger of North East Small Finance Bank Limited
(NESFBL) and Bengaluru(Karnataka) based fintech startup Slice (previously known as Slicepay).
i. Following this merger, Slice will become the 1st fintech firm to transform into a Small Finance Bank
(SFB).
ii. All slice entities, including its Non-Banking Financial Company (NBFC) licence, have been merged
with the combined banking entity.

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13
Q
  1. Name the subsidiary of the Reserve Bank of India (RBI) that has recently (in Oct ‘23)
    collaborated with Digital India Bhashini Division to bring linguistic inclusion in the financial
    services space.
    1) Reserve Bank Information Technology Private Limited
    2) Indian Financial Technology and Allied Services
    3) Deposit Insurance and Credit Guarantee Corporation of India
    4) Reserve Bank Innovation Hub
    5) Bharatiya Reserve Bank Note Mudran Private Limited
A

Answer- 4) Reserve Bank Innovation Hub
Explanation:
Reserve Bank Innovation Hub (RBIH) and the Digital India Bhashini Division
(DIBD/Bhashini) collaborated to explore and develop innovative solutions that foster linguistic
inclusivity in the financial services sector.
i. This partnership aims to extend the reach of digital financial services to users in their native
tongues, ultimately providing seamless banking experiences for everyone.
ii. This collaboration is with respect to the memorandum of Understanding (MoU) which was signed
during the Global Fintech Fest (GFF) held in Mumbai, Maharashtra in September 2023.
iii. Bhashini is a Independent Business Division under Digital India Corporation(DIC) under the aegis
of Ministry of Electronics and Information Technology (MeitY).
• Aim: To build a National Public Digital Platform for languages to develop services and products
for citizens by leveraging the power of artificial intelligence and other emerging technologies.

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14
Q
  1. Name the bank that has recently (in Oct ‘23) launched its digital banking proposition in the
    Open 2023 campaign.
    1) IndusInd Bank
    2) Axis Bank
    3) ICICI Bank
    4) YES Bank
    5) HDFC Bank
A

Answer- 2) Axis Bank
Explanation:
Axis Bank Limited which is headquartered in Mumbai
,Maharashtra has launched its digital banking
proposition called ‘open by Axis Bank’ in its latest
advertising campaign ‘Open 2023’
i. The Open 2023 campaign highlights the top 15
features of the bank’s digital offerings.
ii. The launch of ‘open by Axis Bank’ is a fulfilment of
Axis bank’s vision to build Axis 2.0 as a digital bank
within the bank to offer a personalized, intuitive, and hassle-free digital banking experience.
iii. ‘open by Axis Bank’ is a future-ready mobile application that underscores the bank’s pivot towards
enhanced digital offerings.

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15
Q
  1. In October 2023, _______________ became the first bank in India to issue an ‘Open Network for
    Digital Commerce (ONDC) Network Gift Card’.
    1) Axis Bank
    2) IndusInd Bank
    3) YES Bank
    4) HDFC Bank
    5) ICICI Bank
A

Answer- 3) YES Bank
Explanation:
YES Bank Limited has become the first bank in India to issue an ‘Open Network for Digital
Commerce (ONDC) Network Gift Card’. The card is powered by Rupay Network.
i. The card is issued in partnership with the ONDC, a government-backed initiative to democratize
digital commerce in India.
ii. This network-wide gift card will help companies with corporate gifting and employee engagement,
and it will also allow consumers to shop at thousands of sellers on the network using any ONDC-
compatible buyer app.

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16
Q
  1. Which of the following points is ‘Incorrect’ with respect to the 4th Bi-Monthly Monetary
    Policy statement for FY24 released by RBI in October 2023?
    1) The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) has opted to keep the policy
    repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50% for the 4th time in a row.
    2) The Reverse Repo Rate and the Marginal Standing Facility (MSF) Rate are kept unchanged at 3.35%
    & 6.75% respectively.
    3) The Bank Rate is kept unchanged at 6.25%.
    4) India’s real Gross Domestic Product (GDP) growth is projected at 6.5 per cent for 2023-24.
    5) RBI projects that Inflation is expected to average 5.4% in the fiscal year 2023–2024.
A

Answer- 3) The Bank Rate is kept unchanged at 6.25%.
Explanation:
The Reserve Bank of India (RBI) announced its fourth bi-monthly monetary policy. The RBI Governor
Shaktikanta Das-led Monetary Policy Committee (MPC) meeting on October 4-6, 2023, decided to
keep the rates and stance unchanged.
• Policy Repo Rate: For the 4th time in a row, the MPC has opted to keep the policy repo rate
under the liquidity adjustment facility (LAF) unchanged at 6.50%.
• The last adjustment to this rate was a 25-basis point increase to 6.50% during the February
2023 meeting.

• The MPC provided projections for real gross domestic product (GDP) growth projected at 6.5%
for the fiscal year 2023-24.
• RBI projects that Inflation is expected to average 5.4% in the fiscal year 2023–2024, which
remained unchanged. Additionally, the target for economic growth remains at 6.5% for the
same period.

17
Q
  1. Which of the following points is/are ‘correct’ with respect to the initiatives by the Reserve
    Bank of India (RBI) in October 2023?
    A) The Reserve Bank of India (RBI) has increased the existing limit of gold loans under the
    bullet repayment scheme from Rs 4 lakh to Rs 6 lakh in certain urban co-operative banks
    (UCBs).
    B) Reserve Bank Governor Shaktikanta Das announced the extension of the Payments
    Infrastructure Development Fund (PIDF) Scheme by 2 years, until December 31, 2025.
    C) RBI proposes to introduce Card-on-File Tokenisation (CoFT) creation facilities directly at
    the issuer bank level.
    1) Only A
    2) Only A & B
    3) Only B & C
    4) Only A & C
    5) All A, B & C
A

Answer- 3) Only B & C
Explanation:
Reserve Bank of India (RBI) announced to double the gold loan limit under the bullet repayment
scheme for Urban Cooperative Banks (UCBs). Monetary ceiling for gold loans under this scheme
increased from Rs. 2.00 lakh to Rs. 4.00 lakh for UCBs that meet Priority Sector Lending (PSL) target
and sub targets as on March 31, 2023.
• Reserve Bank Governor Shaktikanta Das announced the extension of the Payments
Infrastructure Development Fund (PIDF) Scheme by 2 years, until December 31, 2025.
• RBI proposes to introduce Card-on-File Tokenisation (CoFT) creation facilities directly at the
issuer bank level.Currently, Card-on-File (CoF) tokens can only be created through a merchant’s application or webpage.
• RBI may consider Open Market Operations (OMO) sales of government securities as a strategy
to manage liquidity in the financial system.OMO sales will be conducted through auctions and
not via Negotiated Dealing System-Order Matching (NDS-OM) platform.
• The Reserve Bank of India (RBI) has granted permission to non-banking financial
companies(NFBCs) categorized as middle layer and base-layer entities to use credit risk
mitigation tools. This enables them to offset their exposure (protect themselves from financial
risk) using eligible credit risk transfer instruments.
• Existing guidelines allow offsetting exposures(practice of balancing or reducing financial risks)
with credit risk transfer instruments for Non-Banking Financial Company (NBFCs) in the Upper
Layer (UL).

18
Q
  1. Name the bank/organisation that has recently (in Oct ‘23) approved a USD 200 million loan
    to strengthen flood and riverbank erosion risk management in Assam, India.
    1) World Bank
    2) Asian Development Bank
    3) United Nations Environment Programme
    4) United Nations Framework Convention on Climate Change
    5) African Development Bank
A

Answer- 2) Asian Development Bank
Explanation:
The Asian Development Bank (ADB) has approved a USD 200 million loan to strengthen flood and
riverbank erosion risk management along the 650-kilometer (km) long main stem of the Brahmaputra
River in Assam, India.
i. The Project activities will be led, managed, and coordinated by the Flood and River Erosion
Management Agency of the Assam Government.
ii. The Water Resources Department of the Government of Assam will implement the works and the
Assam Agroforestry Development Board will use nature-based solutions.
iii. The Brahmaputra Board, the Assam State Disaster Management Authority, and the Assam Inland
Water Transport Development Society will be partner agencies of the project.

19
Q
  1. Which company has recently (in Oct ‘23) launched a mobile app for 54EC Bonds Investors?
    1) REC Limited
    2) Power Grid Corporation of India
    3) Indian Railway Finance Corporation
    4) Power Finance Corporation Limited
    5) Indian Oil Corporation Limited
A

Answer- 1) REC Limited
Explanation:
REC Limited (formerly Rural Electrification Corporation Limited) launched SUGAM REC, a mobile
app for its current and future investors in REC’s 54EC Capital Gain Tax Exemption Bonds.
• REC Limited is a Maharatna Central Public Sector Enterprise(CPSE) under the Ministry of
Power.
i. SUGAM REC offers the ability to view complete details of their investment in REC 54EC Bonds,
including the investment amount, interest rate, and maturity date.

ii. Section 54EC bonds, also known as Capital gain bonds, are fixed income instruments which provide
capital gains tax exemption.

20
Q
  1. Name the bank that has recently (in Oct ‘23) launched a Mobile Handheld Device to provide
    banking services to financial inclusion customers.
    1) Bank of Baroda
    2) ICICI Bank
    3) State Bank of India
    4) HDFC Bank
    5) Bank of India
A

Answer- 3) State Bank of India
Explanation:
The State Bank of India (SBI) has launched a “mobile handheld device” for its financial inclusion
customers including senior citizens, differently-abled and the infirm. The device is designed to
enhance accessibility and convenience for customers who live in remote areas or have difficulty
visiting SBI branches.
i. The device will initially offer five core banking services which account for approximately 75 percent
of the total transactions that SBI’s CSPs conduct.
• Cash withdrawal
• Cash deposit
• Fund transfer
• Balance inquiry
• Mini statements

21
Q
  1. Name the company that has recently (in Oct ‘23) approved for joint ventures with
    EverEnviro Resource Management Pvt Ltd and GPS Renewables Pvt Ltd for setting up
    compressed biogas (CBG) plants.
    1) Hindustan Petroleum Corporation Limited
    2) Indian Oil Corporation Limited
    3) Bharat Petroleum Corporation Limited
    4) Oil India Limited
    5) Mangalore Refinery and Petrochemicals Limited
A

Answer- 2) Indian Oil Corporation Limited
Explanation:
The board of Indian Oil Corporation Limited (IOCL), a public sector Enterprise under the Maharatna
category approved joint ventures with EverEnviro Resource Management Pvt Ltd and GPS
Renewables Pvt Ltd for setting up compressed biogas (CBG) plants.
i. The two joint ventures will be formed with IOCL or one of its subsidiaries and the two partner
companies will have an equal stake of 50 % each in the newly formed joint ventures.
ii. This aligns with the government’s plans to establish 5,000 commercial CBG plants by 2024-25
under the Sustainable Alternative Towards Affordable Transport (SATAT) scheme which was
launched in 2018.

22
Q
  1. According to India Development Update (IDU) October 2023 released by World Bank (WB)
    in October 2023, India’s Gross Domestic Products (GDP) growth is retained at _____________ for
    the Financial Year (FY) 2023-24.
    1) 6.7%
    2) 6.9%
    3) 6.5%
    4) 6.3%
    5) 6.0%
A

Answer- 4) 6.3%
Explanation:
According to India Development Update (IDU) October 2023 released by World Bank (WB), India’s
Gross Domestic Products (GDP) growth for the Financial Year 2023-24 (FY23/24) is retained at
6.3% and for FY 24/25 the growth rate will be at 6.4%.
i. India was one of the fastest-growing major economies in FY 22/23 at the rate of 7.2%. India’s
growth rate was the 2nd highest among G20 countries.
ii. The report states that India’s headline inflation is expected to average 5.9% in FY 23/24. IDU
April 2023 projected India’s headline inflation to decline to an average of 5.2% in FY 23/24.
iii. Bad weather has caused inflation to increase, with headline inflation reaching 7.8% in July 2023
due to higher food prices.
Note- The India Development Update (IDU) is a companion to the South Asia Development Update
(SADU). IDU is a flagship biannual report of the World Bank on Indian economy.

23
Q
  1. According to the Controller General of Accounts(CGA) data released in October 2023, India’s
    fiscal deficit for the tenure April to August of the financial year 2023-24 (FY24) is at Rs _________ ,
    36% of the FY24 target.
    1) 4.90 trillion
    2) 6.42 trillion
    3) 4.62 trillion
    4) 5.89 trillion
    5) 5.24 trillion
A

Answer- 2) 6.42 trillion
Explanation:
According to the Controller General of Accounts (CGA), India’s fiscal deficit for the tenure April to
August of the financial year 2023-24 (FY24) is at Rs 6.42 trillion. This is 36% of the full-year target
of Rs 17.87 trillion.
• In the same period of FY 2022-23, the fiscal deficit was Rs 5.42 trillion, or 32.6% of the FY23
target Rs16.61 trillion.
i. The fiscal deficit widened mainly because the government spent more on capital expenditure (due
to lower tax devolution to state governments) and government’s increase in non-tax revenues.
ii. The government aims to reduce the fiscal deficit to 5.9% of the gross domestic product (GDP) for
fiscal year 2024.

24
Q
  1. Indian Financial System Code (IFSC) is a unique ________ digit alphanumeric code to use for
    online fund transfer transactions done via National Electronic Funds Transfer (NEFT), Real-
    Time Gross Settlement (RTGS) and Immediate Mobile Payment Service (IMPS).
    1) 12
    2) 7
    3) 11
    4) 15
    5) 10
A

Answer- 3) 11
Explanation:
The Indian Financial System Code (IFSC), is a unique 11-digit alphanumeric code that is used for
online fund transfer transactions done via National Electronic Funds Transfer (NEFT), Real-Time
Gross Settlement (RTGS) and Immediate Mobile Payment Service (IMPS).

25
Q
  1. Who is the current (as of Oct ‘23) Chief Executive Officer (CEO) of HDFC Pension Management
    Company?
    1) Jayanth Kumar
    2) Ajay Shamra
    3) Ganesh Ithape
    4) Vishwas Katela
    5) Sriram Iyer
A

Answer- 5) Sriram Iyer
Explanation:
About HDFC Pension Management Company Limited:
HDFC Pension Management Company Limited is a wholly owned subsidiary of HDFC Life Insurance
Company Limited.
Chief Executive Officer(CEO) – Sriram Iyer
Headquarters – Mumbai, Maharashtra
Established in – 2011

26
Q
  1. In October 2023, Reserve Bank of India announced its core banking solution for the
    government, e-Kuber will be functional on _____________.
    1) 30th April 2024
    2) 1st May 2024
    3) 31st March 2024
    4) 1st January 2024
    5) 1st April 2024
A

Answer- 3) 31st March, 2024
Explanation:
Reserve Bank of India’s core banking solution for the government e-Kuber will be functional on
March 31, 2024. Usually e-Kuber is not operational on holidays like January 26 (Republic Day),
August 15 (Independence Day), and October 2 (Gandhi Jayanti), all second and fourth Saturdays of
every month and on all Sundays.
i. The office of Controller General of Accounts, Government of India has advised that in order to
account for all the government transactions relating to receipts and payments in the financial year
2023-24 itself, it has been decided that March 31, 2024 (Sunday) be marked as a working day for such
transactions

27
Q
  1. Which bank has recently (in Sept ‘23) appointed PR Seshadri as Managing Director (MD) and
    chief executive officer (CEO)?
    1) South Indian Bank
    2) Karnataka Bank
    3) RBL Bank
    4) ICICI Bank
    5) IndusInd Bank
A

Answer- 1) South Indian Bank
Explanation:
South Indian Bank has appointed PR Seshadri as its managing director and chief executive officer
effective from October 1. He will succeed Murali Ramakrishnan who served at the post from October
1, 2020 till September 30, 2023.
i. With nearly 25 years of banking experience spanning domestic and international markets, Seshadri
has held senior leadership positions at prestigious institutions, including Karur Vysya Bank and
Citigroup.

28
Q
  1. Name the company that has recently (in Sept ‘23) launched a USD 100 million venture fund
    for Generative artificial intelligence (AI) startups.
    1) Visa
    2) American Express
    3) Mastercard
    4) Capital One
    5) Discover Card
A

Answer- 1) Visa
Explanation:
Payments processor Visa launched a USD 100 million venture fund for generative artificial
intelligence (AI) startups, joining a list of investors who have flocked to the sector this year (2023).
Several high-profile names such as Microsoft and Alphabet’s Google have backed the AI space, a
buzzword in technology circles this year, after chatbot ChatGPT’s popularity.
i. Generative AI is a technology that creates brand new content based on what it has learnt from past
data.

29
Q
  1. How many Small Finance Banks (SFB) are there in India?
    1) 14
    2) 12
    3) 15
    4) 10
    5) 16
A

Answer- 2) 12
Explanation:
According to the Reserve Bank of India (RBI), There are 12 Small Finance Banks (SFB) in India.
List of Small Finance Banks (SFB)
• Au Small Finance Bank Ltd.
• Capital Small Finance Bank Ltd
• Fincare Small Finance Bank Ltd.
• Equitas Small Finance Bank Ltd
• ESAF Small Finance Bank Ltd.
• Suryoday Small Finance Bank Ltd.
• Ujjivan Small Finance Bank Ltd.
• Utkarsh Small Finance Bank Ltd.
• North East Small Finance Bank Ltd
• Jana Small Finance Bank Ltd
• Shivalik Small Finance Bank Ltd
• Unity Small Finance Bank Ltd

30
Q
  1. The National Asset Reconstruction Company Ltd (NARCL) that was established by the Central
    Government is set to deal with _________.
    1) Foreign Exchange Reserves
    2) Advance to Priority Sectors
    3) Bad Loans
    4) Repo Rate
    5) Inflation
A

Answer- 3) Bad Loans
Explanation:
The National Asset Reconstruction Company Ltd (NARCL) that was established by the Central
Government is set to deal with Bad Loans or Non Performing Assets(NPA).
i. The progress of the National Asset Reconstruction Co (NARCL), established as a state-backed bad
bank to address non-performing assets (NPAs) in the Indian banking sector, has encountered
significant hurdles. Despite its creation, NARCL has struggled to meet its objectives, with several
issues hindering its effectiveness.
ii. The gross non-performing assets in the Indian banking system currently stand at approximately Rs
13 lakh crore, including fully written-off accounts. However, NARCL has struggled to acquire a
significant portion of these assets, falling short of expectations.