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