Banking, Finance And Business Flashcards
- Which company has recently (in August ‘23) launched World’s First fully automated fund, a
Portfolio Management Service (PMS) powered by an AI-based research system?
1) Charles Schwab corporation
2) CapitalVia
3) Fidelity
4) Vanguard
5) Savart
Answer- 5) Savart
Explanation:
Savart, one of India’s leading investment advisory firms, launched a Portfolio Management Service
(PMS) ‘The Ad Astra Fund’, World’s First fully automated fund in Hyderabad, Telengana.It uses
Artificial Intelligence(AI) research system Advanced Process Automation & Research Technology
(APART) to make investment decisions.
i. The fund enhanced possibilities of attaining more returns on investments.
ii. The fund received investment of about Rs 31 crores on Day1 and plans to achieve an Assets under
management(AUM) of Rs 350 crores by the end of FY24.
- Which bank has recently (in August ‘23) launched the Goods and Services Tax (GST) Sahay
App, a mobile application to facilitate digital credit flow to Micro, Small, and Medium
Enterprises (MSMEs) using GST invoices?
1) Indian Bank
2) Punjab National Bank
3) Bank of India
4) State Bank of India
5) Bank of Baroda
Answer- 2) Punjab National Bank
Explanation:
Punjab National Bank (PNB), a Public Sector Bank launched the PNB GST Sahay App, a mobile
application based on the Goods and Services Tax (GST) Sahay scheme. This is an end-to-end digital
product under which lending can be done using GST invoices.
• With this accessibility, PNB has become the first Public Sector Bank (PSB) to facilitate digital
credit flow to Micro, Small, and Medium Enterprises (MSMEs) using GST invoices.
• This initiative is also in line with the bank’s strategy to further the development of the MSME
sector and digital credit ecosystem in India.
i. The app enables an end-to-end digital lending process to help eliminate any manual intervention for
MSME borrowers and makes the process cost-effective and smooth.
ii. This service will directly credit the loan amount into the borrower’s current account maintained
with the bank.
iii. PNB GST Sahay App will bridge the gap between the applicant/borrower and the Bank.
- Name the open-source Hyperledger Fabric Deployment Helper that was recently (in August
‘23) launched by the National Payments Corporation of India (NPCI) to streamline the
deployment and management of Hyperledger Fabric based blockchain networks on
Kubernetes clusters.
1) Falcon
2) Iroha
3) Tron
4) Corda
5) Sawtooth
Answer- 1) Falcon
Explanation:
The National Payments Corporation of India (NPCI) launches ‘Falcon’, an open-source Hyperledger
Fabric Deployment Helper, to streamline the deployment and management of Hyperledger Fabric
based blockchain networks on Kubernetes clusters.
• The primary goal of introducing ‘Falcon’ is to simplify the complex process of establishing,
configuring, and managing various components of the Hyperledger Fabric network within a
Kubernetes environment.
• These components include Fabric nodes, peers, orderers, and channels.
About the Falcon:
i. Falcon is an open-source project created under General Public License (GPL) licence (GPL-3.0).
ii. Falcon is expected to help blockchain developers to use the distributed ledger technology to
facilitate efficient, reliable, and automated deployment of network as well as Web3 solutions.
Note: NPCI has launched blockchain technology based “Vajra Platform” to make payments fast and
secure in 2020.
- Name the company that has recently (in August ‘23) entered the online stock broking
business with Sharee.Market, a new trading app.
1) PayU
2) Freecharge
3) Razorpay
4) BharatPe
5) PhonePe
Answer- 5) PhonePe
Explanation:
On 30th August 2023, PhonePe, an Indian digital payment platform, entered the online stock broking
business with a new trading app, Share.Market under its subsidiary PhonePe Wealth Broking.
i. The app can be used to invest in stocks, mutual funds, and exchange-traded funds or Exchange-
Traded Funds (ETFs).
ii. As per PhonePe, Share.Market offers a more discounted brokering price (24 cents or 0.05%,
whichever is lower), and broader market intelligence and a quantitative research-based tech platform
called WealthBaskets, which will be available to users as both a mobile app and on the web.
- Which Life Insurance company has recently (in August ‘23) launched a protection and
savings-oriented life insurance plan, including options related to Money Back Benefit and
Guaranteed Income (GI)?
1) Max Life Insurance
2) Bajaj Allianz Life Insurance
3) ICICI Prudential Life Insurance
4) SBI Life Insurance
5) Tata AIA Life Insurance
Answer- 3) ICICI Prudential Life Insurance
Explanation:
ICICI Prudential Life Insurance Company Limited (ICICI Prudential Life) has launched “ICICI Pru
GIFT Pro” which is a protection and savings-oriented life insurance plan. The new plan provides
policyholders, also known as the “Life Assured,” with a wide range of options to customize their
policy.
i. It offers a range of flexibilities to the policyholder, including options related to Money Back Benefit
and Guaranteed Income (GI).
- Name the company that has recently (in August ‘23) launched ALT ID (Alternate Identifier)
solution for enhanced online payment security for Guest Check-Out.
1) Visa
2) American Express
3) Capital One
4) Mastercard
5) Tencent
Answer- 4) Mastercard
Explanation:
Mastercard has launched ALT ID (Alternate Identifier) solution for enhanced online payment
security for Guest Check-Out processes as it will prevent exposure of sensitive card information
during transactions.
i. The ALT ID solution creates an Alternate Identifier for actual card numbers provided by users
during guest check-out processes or cardholders who carry out transactions without saving their
cards.
ii. Therefore, it reduces the vulnerability of exposing sensitive card data in the event of unauthorized
access or data breaches.
iii. The ALT ID solution will provide multiple advantages to cardholders, such as non-storage of card
numbers on merchant websites and protection from potential data breaches.
- As per the data released by the National Statistical Office (NSO), Ministry of Statistics and
Program Implementation (MOSPI) released in August 2023, India’s Gross Domestic Product
(GDP) grew one year high to ____________ in the April-June quarter of 2023-2024 (Q1FY24).
1) 7.8%
2) 5.9%
3) 6.4%
4) 7.0%
5) 7.2%
Answer- 1) 7.8%
Explanation:
As per the data released by the National Statistical Office (NSO), Ministry of Statistics and Program
Implementation (MOSPI), India’s Gross Domestic Product (GDP) grew one year high to 7.8% in the
April-June quarter of 2023-2024 (Q1FY24), compared to a growth of 6.1% in the January-March
quarter of FY23 (Q4FY23).
• This growth is driven by stronger consumption demand and higher activities in the services
sector.
• India remains one of the fastest growing major economies, and is expected to grow at 6.5% in
FY24.
• The data was briefed by Chief Economic Adviser to the Government of India, Venkatramanan
Anantha Nageswaran.
• Gross Value Added (GVA) at Basic Prices for Q1FY24 at 2011-12 Prices grew 7.8% as
compared to 11.9% in Q1FY23 and 6.5% in Q4FY23.
- In September 2023, Moody‘s in its Global Macro Outlook raised India‘s growth forecast to
________ from 5.5% for 2023.
1) 6.9%
2) 6.7%
3) 5.9%
4) 6.2%
5) 5.8%
Answer- 2) 6.7%
Explanation:
Global rating agency Moody‘s in its Global Macro Outlook has raised India‘s growth forecast to 6.7%
from 5.5% for 2023 calendar year amid strong economic growth in Q1FY24.
i. The strong growth of the services sector and a surge in capital expenditures contributed to India’s
impressive 7.8% GDP growth in the April to June,first quarter of the fiscal year 2023-24 (Q1FY24),
which was lower than RBI’s projection of 8 % for the same period of Q1FY24.
ii. Moody’s recent growth forecast for India, predicting a 6.7% economic growth rate in 2023, stands
slightly higher than the Reserve Bank of India’s (RBI) projection of 6.5% for the fiscal year 2023-
24(FY24).
- Which company has recently (in Sept ‘23) received the Certificate of Registration from the
Reserve Bank of India (RBI) to start the business of Non-Banking Finance Company (NBFC)?
1) Hinduja Leyland Finance Limited
2) Clix Finance India Private Limited
3) Thakur Fininvest Private Limited
4) PTC India Financial Services Limited
5) Bajaj Auto Consumer Finance Limited
Answer- 5) Bajaj Auto Consumer Finance Limited
Explanation:
Bajaj Auto Consumer Finance Limited (BACFL), a wholly-owned subsidiary of Bajaj Auto Limited,
has received the Certificate of Registration from the Reserve Bank of India (RBI) to start the business
of Non-Banking Finance Company (NBFC).
i. The certification of registration was issued on 31st August 2023 under Section 45-IA of the Reserve
Bank of India Act, 1934 to commence/carry on the business of the NBFC without accepting public
deposits.
- Which of the following points is/are “correct” with respect to the Employees Provident
Fund Organisation (EPFO), as of September 2023?
A) The government has allowed the Employees Provident Fund Organisation (EPFO) to invest
proceeds from the sale or redemption of investments in equities and related assets.
B) EPFO can invest a minimum of 10% and a maximum of 25% in equities and related
instruments.
C) EPFO can invest in shares of companies listed on Bombay Stock Exchange (BSE) or National
Stock Exchange (NSE) with a market capitalization of Rs. 5000 crore or more.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Answer- 4) Only A & C
Explanation:
The government has allowed the Employees Provident Fund Organisation (EPFO) to invest proceeds
from the sale or redemption of investments in equities and related assets.A new clause was added on
August 24, 2023, to amend below previous two notifications.
• Insertions in Notification (dated September 1, 2023): Added “sale or redemption of investment
in equities and related investments” to the list of allowed actions.
• EPFO can invest a minimum of 5% and a maximum of 15% in equities and related
instruments.
• EPFO can invest in shares of companies listed on Bombay Stock Exchange (BSE) or National
Stock Exchange (NSE) with a market capitalization of Rs. 5000 crore or more.
• Investment can also be made in mutual funds with a minimum of 65% of their investments in
BSE or NSE listed equity.
- Which company has recently (in Sept ‘23) collaborated with Grameen Foundation for Social
Impact (GFSI) to launch the ‘Scaling Agent Viability and Quality in India’ project to upskill 1.5
lakh business correspondents (BC) in rural India?
1) PhonePe
2) BharatPe
3) PayNearby
4) Policybazaar
5) MobiKwik
Answer- 3) PayNearby
Explanation:
PayNearby in collaboration with Grameen Foundation for Social Impact (GFSI) launched ‘Scaling
Agent Viability and Quality in India’ project to upskill 1.5 lakh business correspondents (BC) and
enlist 15,000 women BCs through the required skills, knowledge and support in rural India .
• The project is supported by the Bill and Melinda Gates Foundation (BMGF).
• The tenure of the project is two years.
• PayNearby’s Distribution-as-a-Service network (DaaS) will be utilised by Grameen Foundation
to offer tailored digital and financial solutions across various domains such as commerce,
education, entertainment, credit management, insurance, and more.
- Name the bank that has recently (in Sept ‘23) partnered with OneCard to launch mobile-
first VISA Signature metal co-branded credit cards.
1) Punjab National Bank
2) Indian Bank
3) Canara Bank
4) Bank of Baroda
5) Bank of India
Answer- 2) Indian Bank
Explanation:
Indian Bank in partnership with OneCard introduced state-of-the-art, mobile-first, contactless,
VISA Signature metal co-branded credit cards to offer easy access to potential users in the wake of
social distancing.
• This initiative brings features like tracking transactions in real-time, managing expenses,
converting purchases into EMIs, redeeming rewards, making repayments, planning monthly
budgets, adjusting credit limits, and facilitating seamless payments, all within a mobile
application.
i. State Bank of Mauritius (SBM) Bank, South Indian Bank, Catholic Syrian Bank(CSB), Federal Bank,
Bank of Baroda Financial are some other OneCard Co-branded Card Issuers.
ii. OneCard is a co-branded credit card issued by Reserve Bank of India (RBI) approved Banks and
Financial Institutions in partnership with OneCard.
• OneCard is launched and managed by FPL Technologies on a full-stack proprietary technology
platform.
- Which of the following personalities has recently (in Sept ‘23) rated as A+ in the Global
Finance Central Banker Report Cards 2023 by Global Finance magazine?
1) Pierre Wunsch (Chile)
2) Mark Carney (England)
3) Margarita Delgado (Spain)
4) Dimitar Radev (México)
5) Shaktikanta Das (India)
Answer- 5) Shaktikanta Das (India)
Explanation:
United States of America (US)-based Global Finance magazine has rated Shaktikanta Das, Governor of
the Reserve Bank of India (RBI), as A+ in the Global Finance Central Banker Report Cards 2023.
i. Along with Shaktikanta Das, Thomas J Jordan Chairperson of the Swiss National Bank, Switzerland
and Nguyen Thi Hong, Governor of State Bank of Vietnam, Vietnam were rated A+.
ii. The Central Banker Report Cards, published annually by Global Finance since 1994, grade the
central bank governors of 101 key countries, territories and districts, including the European Union,
the Eastern Caribbean Central Bank, the Bank of Central African States, and the Central Bank of West
African States.
- In September 2023, Dipak Gupta took over as the Interim Managing Director (MD) and
Chief Executive Officer (CEO) of __________________ (Bank).
1) Bandhan Bank
2) IndusInd Bank
3) RBL Bank
4) Karur Vysya Bank
5) Kotak Mahindra Bank
Answer- 5) Kotak Mahindra Bank
Explanation:
Dipak Gupta, Joint Managing Director (MD) of the Kotak Mahindra Bank Limited took over as the
Interim MD and Chief Executive Officer (CEO) of the bank till 31st December 2023. He will hold the
position till the Reserve Bank of India (RBI) proposes its successor.
i. The appointment of Dipak Gupate follows the early resignation of Uday Kotak from the position of
MD & CEO with effect from 1st September 2023. His tenure as MD & CEO expires on 31st Devember
2023.
ii. Uday Kotak will continue as a part of Kotak Mahindra Bank as a non-Executive director.
- Which Public Sector Financial Institutions of GoI has recently (in Sept ‘23) signed an MoU
with Indian Renewable Energy Development Agency Ltd. (IREDA) to co-finance Renewable
Energy (RE) Projects?
1) Industrial Finance Corporation of India
2) National Bank of Financing Infrastructure and Development
3) India Infrastructure Finance Company Ltd
4) Export-Import Bank of India
5) Small Industries Development Bank of India
Answer- 3) India Infrastructure Finance Company Ltd
Explanation:
On September 4, 2023, a Memorandum of Understanding (MoU) was signed between the Indian
Renewable Energy Development Agency Ltd. (IREDA) and India Infrastructure Finance Company Ltd
(IIFCL) to co-finance Renewable Energy (RE) Projects.
• This MoU will utilize the expertise of IREDA in Green financing and IIFCL in Infrastructure
financing.
i. The MoU will empower IREDA and IIFCL for Co-Lending/Co-Origination and Loan Syndication for all
RE projects, including Small Hydro projects.
ii. IREDA will offer its techno-financial expertise to IIFCL for the development of the RE Sector.
• Both organisations will fix interest rates for IREDA borrowings for 3-4 years.
- Name the company that has recently (in Sept ‘23) launched industry-first Soundbox to
enable merchants to accept both mobile and card payments.
1) BharatPe
2) PhonePe
3) Paytm
4) Razorpay
5) Freecharge
Answer- 3) Paytm
Explanation:
Paytm(One97 Communications Limited) launched industry-first Paytm Card Soundbox which
enables merchants to accept both mobile and card payments across all Visa, Mastercard, Amex and
RuPay networks through Soundbox with ‘tap and pay’ feature.
• The soundbox provides both audio and visual payment confirmation through a Liquid Crystal
Display (LCD) screen to the merchant and the customer.
• Tap and Pay: Paytm Card Soundbox includes built-in ‘tap and pay’ functionality, allowing
merchants to accept card payments of up to Rs 5,000.
• Connectivity: The device boasts fast 4th Generation (4G) network connectivity for swift
payment alerts.
- Which of the following points is/are “correct” with respect to the step taken by the Reserve
Bank of India (RBI) in September 2023?
A) RBI circular titled ‘Operation of Pre-Sanctioned Credit Lines at Banks through UPI’
announced the inclusion of pre-sanctioned credit lines as funding accounts in Unified
Payments Interface (UPI).
B) The circular applies to Scheduled Commercial Banks, excluding Payment Banks, Small
Finance Banks, and Regional Rural Banks.
C) Banks can establish terms and conditions for the use of these credit lines, including credit
limits, credit periods, interest rates, in accordance with their board-approved policies.
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 Reserve Bank of India (RBI) circular titled ‘Operation of Pre-Sanctioned Credit Lines at Banks
through UPI’ announced the inclusion of pre-sanctioned credit lines as funding accounts in Unified
Payments Interface (UPI).
• This decision broadens the scope of UPI by incorporating credit lines as a funding account.
• A credit line in UPI refers to a pre-approved amount of credit that a bank offers to its
customers. This credit line allows customers to make transactions or payments even if they
don’t have sufficient funds in their bank account at that moment.
i. The circular applies to Scheduled Commercial Banks, excluding Payment Banks, Small Finance
Banks, and Regional Rural Banks.
ii. This directive is issued under Section 10(2) read with Section 18 of the Payment and Settlement
Systems Act, 2007 (Act 51 of 2007).
iii. Banks can establish terms and conditions for the use of these credit lines, including credit limits,
credit periods, interest rates, in accordance with their board-approved policies.
- Name the bank that has recently (in September ‘23) collaborated with International
Business Machines (IBM) Corporation to provide a secure & adaptable computing
infrastructure to facilitate the deployment of innovative front-end banking applications.
1) Punjab National Bank
2) Indian Bank
3) Bank of Baroda
4) Union Bank of India
5) Canara Bank
Answer- 2) Indian Bank
Explanation:
Indian Bank Limited, a public sector bank(PSB), collaborates with IBM (International Business
Machines Corporation) to provide a secure and adaptable computing infrastructure to facilitate the
deployment of innovative front-end banking applications.
i. The collaboration paves way to run Indian bank’s Core Banking Solution (CBS) workloads on the
IBM servers.
ii. The Collaboration is a part of Indian Bank’s initiative Project PARADISE (Performance
Augmentation by Resource Aggregation in Distributed Environment).
- Which of the following banks has/have recently (in Sept ‘23) signed MoUs with Indian
Renewable Energy Development Agency Limited (IREDA) to co-finance renewable energy
projects?
1) Union Bank of India
2) Bank of Baroda
3) Indian Bank
4) Both 1 & 2
5) Both 2 & 3
Answer- 4) Both 1 & 2
Explanation:
On 5th September 2023, The Indian Renewable Energy Development Agency Limited (IREDA) signed
Memorandums of Understanding (MoUs) with Union Bank of India (UBI) and Bank of Baroda (BoB).
i. These agreements will enable IREDA to work with UBI and BoB in loan syndication and co-lending
for a variety of renewable energy projects involving both established and cutting-edge renewable
energy technology.
ii. IREDA is a Mini Ratna (Category- I) Central Public Sector Enterprises (CPSE) under the
administrative control of the Ministry of New & Renewable Energy (MNRE)
- Name the Life Insurance Company that has recently (in Sept ‘23) introduced ‘Life ACE’ Plan,
a non-linked, participating, Individual Life Insurance Savings Plan.
1) Max Life Insurance
2) Bajaj Allianz Life Insurance
3) ICICI Prudential Life Insurance
4) SBI Life Insurance
5) Tata AIA Life Insurance
Answer- 2) Bajaj Allianz Life Insurance
Explanation:
Bajaj Allianz Life Insurance Company Limited introduced Bajaj Allianz Life ACE is a non-linked,
participating, Individual Life Insurance Savings Plan. The plan offers more flexibility to customers in
designing cash flows according to their individual financial needs.
• In contrast to traditional savings products, this plan provides the customers with the power of
choice to design their income flow.
• Minimum & Maximum Age at Entry – 18 to 55 years (With Goal Protection Benefit (GPB)) & 0
to 60 years (Without GPB)
• Maturity Age – Upto Age 85 years (With GPB) & Upto age 100 years (Without GPB)
• Premium Payment Frequency – Yearly, Half yearly, Quarterly and Monthly
- Which bank has recently (in Sept ‘23) introduced Unified Payments Interface (UPI)
interoperability for Central Bank Digital Currency (CBDC)?
1) State Bank of India
2) Karnataka Bank
3) RBL Bank
4) IDBI Bank
5) Canara Bank
Answer- 1) State Bank of India
Explanation:
India’s largest public sector bank, State Bank of India (SBI) has introduced Unified Payments
Interface (UPI) interoperability for its Digital Rupee(eRupee), also called Central Bank Digital
Currency (CBDC), enhancing accessibility and convenience for customers.
• Through the ‘eRupee by SBI’ application, CBDC users can now seamlessly scan merchant UPI
Quick Response (QR) codes, facilitating swift and secure transactions.
• Note – IDFC First Bank also announced the integration of UPI QR codes with its CBDC.
i. SBI Card, India’s leading credit card issuer, has unveiled the latest features of its super-premium
card ‘AURUM’ for C-suite executives and high-net-worth individuals. AURUM is an exclusive, by-
invitation-only credit card adorned with handpicked features designed to provide cardholders with
unique privileges.
- Which company has recently (in Sept ‘23) launched India’s first White Label ATM (WLA)
Unified Payments Interface (UPI)-Automated Teller Machine (ATM) in association with the
National Payments Corporation of India (NPCI)?
1) CCAvenue Payment Gateway
2) Instamojo Payment Gateway
3) Hitachi Payment Services
4) Cashfree Payments Services
5) Razorpay Payment Gateway
Answer- 3) Hitachi Payment Services
Explanation:
Hitachi Payment Services Private Ltd, a 100% subsidiary of Hitachi Ltd., and an integrated payment
solutions provider, launched India’s first-ever Unified Payments Interface (UPI)-Automated Teller
Machine (ATM) as a White Label ATM (WLA), in association with the National Payments Corporation
of India (NPCI), offering secure cardless cash withdrawals.
• The UPI-only white-label ATM will improve customer security by eliminating the need for
physical cards.
• The launch of the ‘UPI ATM’ seamlessly merges the convenience and security of UPI with
traditional ATMs.
• At Present, Hitachi Payment is the only WLA operator to offer a cash deposit facility.
- Which bank has recently (in Sept ‘23) launched Central Bank Digital Currency(CBDC) and
Unified Payments Interface (UPI) interoperability?
1) Indian Bank
2) Punjab National Bank
3) RBL Bank
4) Karnataka Bank
5) IndusInd Bank
Answer- 2) Punjab National Bank
Explanation:
Punjab National Bank (PNB) launched Central Bank Digital Currency(CBDC) and Unified Payments
Interface (UPI) interoperability in its PNB Digital Rupee App.
• PNB Digital Rupee app users can use their CBDC Wallets to make purchases on the UPI QR of
these merchants even if they don’t have a CBDC Wallet.
• Interoperability is the technical compatibility that allows a payment system to work with other
payment systems.
• The CBDC Wallet has digital rupees(e Rupee) issued by the RBI and is a tokenized digital
version of the rupee. The digital rupee functions exactly like a sovereign currency and is
interchangeable 1:1 with paper money.
- Which state’s Food Processing Society has recently (in Sept ‘23) signed an MoU with the
State Bank of India (SBI) to upgrade and establish a minimum of 7,500 micro-food processing
units?
1) Maharashtra
2) Gujarat
3) Andhra Pradesh
4) Odisha
5) West Bengal
Answer- 3) Andhra Pradesh
Explanation:
The Andhra Pradesh Food Processing Society (APFPS), under the Department of Agriculture &
Marketing, Government of Andhra Pradesh (AP), signed a Memorandum of Understanding (MoU)
with the State Bank of India (SBI) for upgrading and establishing a minimum of 7,500 micro-food
processing units in AP.
• This agreement will be executed during the fiscal year 2023-24(FY24) under the Prime
Minister Formalisation of Micro Food Processing Enterprises (PMFME) scheme.
• The collaboration aimed at fostering the growth of the food processing industry in Andhra
Pradesh.
• As part of this MoU, SBI will offer collateral-free loans of up to Rs 10 lakh to eligible
beneficiaries, following the guidelines of the Credit Guarantee Fund Trust for Micro and Small
Enterprises (CGTMSE) under the Agri Infrastructure Fund (AIF).
- According to Asian Development Bank (ADB)’s 2023 Trade Finance Gaps, Growth and Jobs
Survey released in September 2023, the global trade finance gap rose to ______________ in 2022.
1) USD 5.0 trillion
2) USD 4.5 trillion
3) USD 3.2 trillion
4) USD 2.5 trillion
5) USD 1.2 trillion
Answer- 4) USD 2.5 trillion
Explanation:
According to Asian Development Bank (ADB)’s 2023 Trade Finance Gaps, Growth and Jobs Survey
(8th edition), the global trade finance gap rose to USD 2.5 trillion in 2022 (10% of global
merchandise trade) from USD 1.7 trillion in 2020 and USD 1.5 trillion in 2018.
• This indicates that the global economy is still struggling to rebound from the effects of COVID -
19 pandemic.
• The trade finance gap is the difference between requests and approvals for financing to
support imports and exports.
• The 2023 trade gaps survey focuses on environmental, social, and governance (ESG) issues for
the first time (along with digitalization), to evaluate the impact on relevant supply chains and
the trade finance gap.
- Which of the following points is/are “correct” with respect to the 54th Annual General
Meeting (AGM) of REC Limited held in August 2023?
A) REC Limited is committed to increase its green project loan portfolio to Rs 5 lakh crore by
2025, representing more than a 10-fold increase.
B) REC Limited raised USD 1.15 billion in two tranches from a consortium of six banks as
Mandated Lead Arrangers and Bookrunners (MLABs) under its Market Borrowing Programme
of Rs. 1.20 lakh crore for 2023-24.
C) REC Limited secured a Foreign Currency Term Loan of USD 100 million from EXIM Bank of
India.
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 September 6, 2023, the 54th Annual General Meeting (AGM) of REC Limited (formerly Rural
Electrification Corporation Limited) was held via Video Conferencing. The Meeting was chaired by its
Chairman & Managing Director (CMD) Vivek Kumar Dewangan.
i. Highlights from AGM:
• REC Limited is committed to increase its green project loan portfolio to Rs 3 lakh crore by
2030, representing more than a 10-fold increase.
• The Ministry of Power has granted REC the authority to provide loans to non-power
infrastructure and logistics sectors, contributing to India’s development.
• REC Limited raised USD 1.15 billion in August 2023 in two tranches from a consortium of six
banks as Mandated Lead Arrangers and Bookrunners (MLABs) under its Market Borrowing
Programme of Rs. 1.20 lakh crore for 2023-24.
• REC Limited secured a Foreign Currency Term Loan of USD 100 million from EXIM (Export
Import) Bank of India. This is the first term loan being extended by Exim Bank to REC.
- Which of the following points is/are “correct” with respect to the approval/circular issued
by the Securities and Exchange Board of India (SEBI) in September 2023?
A) SEBI gave approval to Online stock broking firm, Groww Mutual Fund to launch its first
index fund ‘Groww Nifty Total Markets Index Fund’. The fund will be raised through New Fund
Offering (NFO).
B) Securities and Exchange Board of India (SEBI) issued a circular stating that crediting funds
to the SEBI Investor Protection and Education Fund (IPEF) should be made only through online
mode.
C) This circular is issued in exercise of the powers conferred under section 11(1) of the
Securities and Exchange Board of India Act, 1992.
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:
Securities and Exchange Board of India (SEBI) gave approval to Online stock broking firm, Groww
Mutual Fund to launch its first index fund ‘Groww Nifty Total Markets Index Fund’. The fund will
be raised through New Fund Offering (NFO).
• The launched index fund is a Passive mutual fund (which replicates a market index like the
Nifty or Sensex) and will be launched by the end of September 2023.
• Securities and Exchange Board of India (SEBI) issued a circular stating that crediting funds to
the SEBI Investor Protection and Education Fund (IPEF) should be made only through online
mode.
• This circular is issued in exercise of the powers conferred under section 11(1) of the
Securities and Exchange Board of India Act, 1992.
• The new guidelines replaced previously issued SEBI guidelines
in 2020 which prescribed that the amounts shall be credited to the IPEF through online
mode or by Demand Draft (DD).
- Name the company that has recently (in Sept ‘23) partnered with the KredX (Minions
Ventures Private Limited) to make Business-to-Business (B2B) digital payments rewarding for
both enterprises and vendors.
1) Visa
2) American Express
3) Mastercard
4) Capital One
5) Discover Card
Answer- 3) Mastercard
Explanation:
KredX(Minions Ventures Private Limited), India’s largest supply chain finance platform, partnered
with Mastercard, Inc., the second largest payment processing company across the globe, to make
Business-to-Business (B2B) digital payments rewarding for both enterprises and vendors.
i. Under this partnership, Mastercard will integrate its commercial card service with the KredX
platform, eliminating the complexities associated with B2B payments, especially those involving
cards.
ii. The platform with features like dynamic discounting, early payment options, and price discovery
mechanisms will enable enterprises and vendors to enhance their cash flows..
iii. Powered by Artificial Intelligence (AI), the platform serves as an end-to-end procure-to-pay
solution for businesses, helping them with faster and more efficient matching and processing of
invoices.
- Which company has recently (in Sept ‘23) launched ‘SimplySAVE Merchant Card’, a Credit
Card for Micro, Small, and Medium Enterprises (MSMEs)?
1) HDFC Cards
2) SBI Cards
3) American Express
4) Visa Inc
5) Mastercard
Answer- 2) SBI Cards
Explanation:
SBI Cards & Payment Services Limited (SBI Card), India’s largest pure-play credit card company,
launched ‘SimplySAVE Merchant SBI Card’, a Credit Card for Micro, Small, and Medium Enterprises
(MSMEs). The card has been designed to offer interest-free short-term credit options for MSME
merchants and other exclusive benefits.
i. SimplySAVE Merchant SBI Card was unveiled by Mr. Dinesh Khara, Chairman, State Bank of India
(SBI) at Global Fintech Fest in Mumbai, Maharashtra.
ii. This card will address the need for easy and timely access to formal credit by providing interest-
free short-term credit to MSMEs.
iii. This card is available on the RuPay network and can also be linked to the Unified Payments
Interface (UPI) for payments through various UPI-enabled third-party apps.
- Which of the following points is/are “correct” with respect to the Global Fintech Fest (GFF)
held in Mumbai, Maharashtra in September 2023?
A) Global Fintech Fest (GFF) was jointly organized by the National Payments Corporation of
India (NPCI), the Payments Council of India (PCI), and the Fintech Convergence Council (FCC).
B) The Reserve Bank of India (RBI) Governor Shaktikanta Das recently announced five new
innovative payment solutions developed by the National Payments Corporation of India (NPCI)
at the Global Fintech Fest 2023.
C) Tom Greenwood, Founder & CEO of Online PSB Loans Limited won the Global Fintech
Awards 2023 under the Fintech Personality of the Year – Gulf Cooperation Countries (GCC)
Category.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Answer- 2) Only A & B
Explanation:
Global Fintech Fest (GFF) is the largest fintech 3-day conference held from September 5 to 7, 2023 at
the Jio World Convention Centre, Mumbai, Maharashtra, India. It was jointly organized by the National
Payments Corporation of India (NPCI), the Payments Council of India (PCI), and the Fintech
Convergence Council (FCC).
• Theme: Global collaboration for a responsible financial ecosystem -Inclusive | Resilient |
Sustainable. The 5th edition of GFF will take place on October 8-10, 2024.
• Finance Minister Nirmala Sitharaman’s address at the Global Fintech Fest 2023 in Mumbai
covered several important aspects of India’s financial ecosystem and its challenges.
• The Reserve Bank of India (RBI) Governor Shaktikanta Das recently announced five new
innovative payment solutions developed by the National Payments Corporation of India (NPCI)
at the Global Fintech Fest 2023.
• Adeeb Ahamed, Managing Director, Lulu Financial Holdings won the Global Fintech Awards
2023 under the Fintech Personality of the Year – Gulf Cooperation Countries (GCC)
Category.
• The Unique Identity Authority of India (UIDAI) made a significant impact at the Global Fintech
Festival (GFF) 2023 in Mumbai, organized an industry meet-up under the theme “Reimagine
Aadhaar #together.”
• The State Bank of India (SBI), the largest lender in the country, has unveiled the ‘Nation First
Transit Card,’ also known as the RuPay National Common Mobility Card (NCMC) Prepaid Card,
at the Global Fintech Fest 2023.
- In September 2023, ____________ became the first foreign bank in India to offer an Open
Network for Digital Commerce(ONDC)-enabled proposition.
1) Standard Chartered Bank India
2) DBS Bank India
3) HSBC India
4) CSB Bank India
5) Citibank India
Answer- 3) HSBC India
Explanation:
Hongkong and Shanghai Banking Corporation (HSBC) India has launched ‘Open Network for Digital
Commerce(ONDC) in a Box’, a one-stop-shop proposition for corporations to participate in ONDC
platform, during the Global Fintech Fest (GFF) 2023 held in Mumbai, Maharashtra.
i. With this launch, HSBC India becomes the first foreign bank in India to offer an ONDC-enabled
proposition.
ii. ONDC in a box was developed in partnership with Protean eGov Technologies Ltd (Protean) and
Shayr Omnichannel Private Limited (Adya).
- Name the bank that has recently (in Sept ‘23) became the first Public Sector Bank (PSB) to
offer Metal Debit Card cards, serving High-Net-Worth Individuals (HNI) and women customers.
1) Union Bank of India
2) Bank of Baroda
3) Bank of India
4) Punjab National Bank
5) Indian Bank
Answer- 1) Union Bank of India
Explanation:
Union Bank of India (UBI) has introduced two new Debit Card variants, the HNI Emperio RuPay
Metal Debit Card and the RuPay Empower Her Debit Card, in association with the National
Payments Corporation of India (NPCI).
• With this, UBI became the first Public Sector Bank (PSB) to offer Metal Debit Card cards,
serving High-Net-Worth Individuals (HNI) and women customers.
• These cards are issued on the RuPay network.
• The cards were unveiled at the Global Fintech Fest(GFF) 2023 in Mumbai, Maharashtra by
UBI’s MD & CEO (Managing Director & Chief Executive Officer), A. Manimekhalai, and NPCI’s
COO (Chief Operating Officer), Praveena Rai.
- Which Small Finance Bank (SFB) has recently (in Sept ‘23) introduced the Zenith+ Metal
Credit Card, to expand its range of banking solutions?
1) Suryoday SFB
2) Equitas SFB
3) Jana SFB
4) AU SFB
5) Ujjivan SFB
Answer- 4) AU SFB
Explanation:
AU Small Finance Bank Ltd., a Reserve Bank of India (RBI)-approved Small Finance Bank (SFB),
introduced the Zenith+ Metal Credit Card, expanding its range of banking solutions.
• This super premium credit card includes features from global travel to unlimited
entertainment options like premium lounge access, personalised concierge services, and a
welcome benefit with Luxury Brand vouchers or Reward Points worth Rs 5000 upon card
activation.
• The card’s benefits include the lowest Foreign Exchange (Forex) markup of 0.99% for global
travel.
- Name the Small Finance Bank (SFB) that has recently (in sep ‘23) entered into
bancassurance agreements with Star Health and Allied Insurance Company and Bajaj Allianz
Life Insurance Company.
1) ESAF SFB
2) Au SFB
3) Utkarsh SFB
4) Equitas SFB
5) Suryoday SFB
Answer- 2) Au SFB
Explanation:
AU Small Finance Bank (AU SFB) has recently entered into bancassurance agreements with Star
Health and Allied Insurance Company (Star Health), and Bajaj Allianz Life Insurance Company (Bajaj
Allianz). This strategic move allows AU Bank to offer a range of insurance products to its customers
through these partnerships.
i. Customers of AU Bank can now access insurance products such as health insurance and general
insurance policies through the bank’s branches and digital channels.
• Under this partnership, AU SFB will distribute a range of insurance products from Bajaj Allianz
Life Insurance.These products include term insurance, savings plans, and retirement products.
• In the case of the partnership with Star Health, AU SFB will distribute health insurance plans
from Star Health.
- Who has been recently (in Sep ‘23) appointed as the Chairman of the Association of
Investment Bankers of India (AIBI)?
1) Milind V. Dalvi
2) Anay P Khare
3) Mahavir Lunawat
4) Arjun Mehra
5) Prem D’Cunha
Answer- 3) Mahavir Lunawat
Explanation:
The Association of Investment Bankers of India (AIBI) appointed Mahavir Lunawat, Group Founder
and Managing Director (MD) of Pantomath Capital Advisors Private Limited, as its Chairman for two
years starting September 2023.
• He will succeed Anay P Khare, MD (Corporate Finance Division(CFD) of Axis Capital Ltd.
• AIBI also appointed Arjun Mehra, MD of J.M. Financial, and Prem D’Cunha, SVP (Senior Vice
President) & Head – ECM Execution at ICICI Securities as its Vice Chairmen.
• AIBI is the sole representative body of investment bankers to the Securities and Exchange
Board of India (SEBI) and various statutory authorities.
