Banking, Finance And Business Flashcards
(89 cards)
1
Q
- 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
A
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.
2
Q
- 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
A
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.
3
Q
- 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
A
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.
4
Q
- 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
A
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.
5
Q
- 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
A
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).
6
Q
- 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
A
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.
7
Q
- 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%
A
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.
8
Q
- 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%
A
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).
9
Q
- 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
A
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.
10
Q
- 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
A
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.
11
Q
- 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
A
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.
12
Q
- 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
A
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.
13
Q
- 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)
A
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.
14
Q
- 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
A
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.
15
Q
- 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
A
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.
16
Q
- 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
A
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.
17
Q
- 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
A
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.
18
Q
- 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
A
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).
19
Q
- 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
A
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)
20
Q
- 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
A
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
21
Q
- 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
A
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.
22
Q
- 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
A
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.
23
Q
- 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
A
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.
24
Q
- 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
A
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).
25
25. 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.
26
26. 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.
27
27. 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).
28
28. 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.
29
29. 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.
30
30. 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.
31
31. 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).
32
32. 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.
33
33. 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.
34
34. 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.
35
35. 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.
36
36. Which Life Insurance company has recently (in Sept ‘23) launched Income Laabh, an
individual savings plan to provide both financial security and a consistent income stream
throughout the policy term?
1) Max Life Insurance
2) Bajaj Allianz Life Insurance
3) ICICI Prudential Life Insurance
4) Bharti AXA Life Insurance
5) Tata AIA Life Insurance
Answer- 4) Bharti AXA Life Insurance
Explanation:
Bharti AXA Life Insurance has launched Bharti AXA Life Income Laabh, an individual savings plan
that provides both financial security and a consistent income stream throughout the policy term.
• It is a non-linked, non-participating individual savings plan with life insurance coverage.
• This launch was made as a part of its aim to simplify insurance and deliver maximum
protection to its consumers.
i. Policyholders can expect guaranteed income for 10 to 12 years, with initial payouts equal to 100%
of the annual premium and increasing to 150% after 5 years for a 10-year term, or 200% after 6 years
for a 12-year term.
37
37. In September 2023, the Reserve Bank of India (RBI) has approved the re-appointment of
Sandeep Bakhshi as the Managing Director (MD) and Chief Executive Officer (CEO) of the
____________ (Bank) for three years.
1) HDFC Bank
2) YES Bank
3) ICICI Bank
4) Axis Bank
5) IndusInd Bank
Answer- 3) ICICI Bank
Explanation:
The Reserve Bank of India (RBI) has approved the re-appointment of Sandeep Bakhshi as the
Managing Director (MD) and Chief Executive Officer (CEO) of the ICICI Bank Limited for three years
with effect from 4th October, 2023 to 3rd October 2026.
i. This is his second extension of tenure; the first extension happened in 2021 for two years which is
about to expire on 3rd October 2023.
ii. He has been serving as the MD & CEO of ICICI Bank since 2018 succeeding Chanda Kochchar.
38
38. In September 2023, GQG Partners acquired 5.07 crore equity shares in IDFC First Bank for
about Rs __________ from V Vaidyanathan, Managing Director(MD) & Chief Executive Officer
(CEO) of IDFC First Bank.
1) 901.01 crore
2) 478.70 crore
3) 823.32 crore
4) 725.05 crore
5) 600.34 crore
Answer- 2) 478.70 crore
Explanation:
GQG Partners has acquired 5.07 crore equity shares (0.8% of the total equity) in IDFC First Bank
for about Rs 478.70 crore from V Vaidyanathan, Managing Director(MD) & Chief Executive Officer
(CEO) of IDFC First Bank. The transaction occurred at a price of Rs 94.5 per share.
• Out of Rs 478.7 crore sales proceeds, Rs 229 crore would be to pay to IDFC First Bank to
subscribe to new shares of the bank and Rs 240.5 crore towards income tax payment for
exercising the stock options.
• Rs 9.2 crore will be contributed to pre-committed causes.
39
39. Name the organisation that has recently (in Sept ‘23) signed an MoU with National Bank for
Agriculture and Rural Development (NABARD) to boost Data-Driven Innovations in
Agriculture.
1) International Fund for Agricultural Development
2) Food and Agriculture Organization
3) United Nations Development Programme
4) International Monetary Fund
5) United Nations Human Settlement Programme
Answer- 3) United Nations Development Programme
Explanation:
On September 12, 2023, the United Nations Development Programme (UNDP) and the National Bank
for Agriculture and Rural Development (NABARD) signed a 5-year Memorandum of Understanding
(MoU) on technical cooperation for the joint development of data-driven innovations in agriculture
and food systems to support smallholder farmers.
i. Aim: To promote sustainable agriculture, reducing vulnerability by sharing best practices and
optimizing investments
ii. Under this MoU, NABARD and UNDP will share open-source data for product development,
technology transfer, collective climate action, and agrarian policy support to enhance the livelihoods
of smallholder farmers.
40
40. Name the Payment company that has recently (in Sept ‘23) collaborated with the National
Payments Corporation of India (NPCI) to launch “AutoPay on QR(Quick Response)”, a feature
enabling customer onboarding through a 2-step process.
1) Cashfree Payments India Private Limited
2) Razorpay Software Private Limited
3) BharatPe Limited
4) Infibeam Avenues Limited
5) Paytm Private Limited
Answer- 1) Cashfree Payments India Private Limited
Explanation:
Cashfree Payments India Private Limited in collaboration with National Payments Corporation of
India (NPCI) launched “AutoPay on QR(Quick Response)”, a feature enabling customer onboarding
through a 2-step process.
i. The 2 step process involves scanning the QR code and approving an e-mandate through Unified
Payments Interface (UPI) apps.
ii. Cashfree Payments works with banks to build the core payments and banking infrastructure that
powers the company’s products.
iii. It is also integrated with major platforms such as Shopify, Wix, PayPal, Amazon Pay, Paytm, and
Google Pay.
41
41. Which company, along with the Ministry of Tourism and Invest India has recently (in Sept
‘23) launched Priceless.com to explore India’s history and culture?
1) Visa Inc
2) Mastercard
3) American Express
4) Capital One
5) Discover Card
Answer- 2) Mastercard
Explanation:
‘Mastercard’ with the support from the Ministry of Tourism and Invest India has launched
Priceless.com to explore India’s history and culture (using latest travel trends).
• Priceless.com will support the “Dekho Apna Desh“ initiative of the Tourism Ministry.
i. Priceless.com is an extension of Mastercard’s global priceless platform that offers exclusive
experiences and privileges to Mastercard cardholders around the world.
ii. It paves a way for local and international travellers to experience the country’s diverse heritage.
42
42. Which Indian Institute of Technology (IIT) has recently (in Sept ‘23) signed an MoU with
ICICI Bank to support the startup ecosystem?
1) IIT Madras
2) IIT Guwahati
3) IIT Kharagpur
4) IIT Kanpur
5) IIT Indore
Answer- 4) IIT Kanpur
Explanation:
The Indian Institute of Technology (IIT), Kanpur in Uttar Pradesh(UP) has signed a Memorandum of
Understanding (MoU) with the ICICI Bank Limited to support the startup ecosystem to provide the
Startup Incubation and Innovation Centre (SIIC) IIT Kanpur.
i. The partnership offers a comprehensive support system to early-stage ventures.
ii. Under this MoU, IIT Kanpur and ICICI Bank will facilitate joint efforts to equip startups and
innovators at the SIIC with essential tools and knowledge.
iii. ICICI Bank helps innovators, incubatees, and students at IIT Kanpur with pre- and post-transaction
compliance while engaging with Private Equity (PE) and Venture Capital (VC) support.
43
43. Name the bank that has recently (in Sept ‘23) received approval from the Reserve Bank of
India (RBI) to convert I-Process Services (India) Private Limited (I-Process) into a wholly-
owned subsidiary.
1) HDFC Bank
2) ICICI Bank
3) YES Bank
4) Axis Bank
5) IndusInd Bank
Answer- 2) ICICI Bank
Explanation:
The Reserve Bank of India (RBI) has approved ICICI Bank Limited to convert I-Process Services
(India) Private Limited (I-Process) into a wholly-owned subsidiary, subject to specific conditions.
• ICICI Bank’s Board members already approved the proposal in February 2023.
• The estimate cost of conversion is Rs 15.40 crores (subjected to finalisation)
• ICICI Bank currently holds 19% stake in I-Process.
44
44. Which Insurance company has recently (in Sept ‘23) launched a Secure Earnings &
Wellness Advantage (SEWA) Plan”, combining the benefits of health and life insurance under a
single plan?
1) Max Life Insurance
2) Bajaj Allianz Life Insurance
3) ICICI Prudential Life Insurance
4) Bharti AXA Life Insurance
5) Tata AIA Life Insurance
Answer-1) Max Life Insurance
Explanation:
Max Life Insurance Company Limited has launched a new insurance plan “Max Life Secure Earnings
& Wellness Advantage (SEWA) Plan” that combines the benefits of health and life insurance under a
single plan.
• It allows the insured to fulfill the healthcare needs of their family while simultaneously
ensuring a financial backup for future expenses.
• It integrates health, protection, savings, and wellness benefits for the insured and offers a
comprehensive plan that covers hospitalisation, Intensive Care Unit (ICU) charges, etc. along
with life cover.
• SEWA Plan is available in 2 variants namely: Elite Variant and Lite Variant.
45
45. Which of the following points is/are “correct” with respect to the guidelines released by the
Reserve Bank of India (RBI) in September 2023?
A) RBI issued guidelines on Responsible Lending Conduct which directs Regulated Entities
(REs) to release all original movable or immovable property documents, & remove charges
registered with any registry within 30 days of full repayment or settlement of personal loans
by borrowers.
B) These Directions are applicable to all cases where release of original movable / immovable
property documents falls due on or after December 1, 2023.
C) RBI also revised its guidelines on categorizing the investments by banks, to align them with
global standards by issuing RBI (Classification, Valuation and Operation of Investment
Portfolio of Commercial Banks) Directions, 2023 which will be effective from April 1, 2024.
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 September 13, 2023, the Reserve Bank of India (RBI) issued guidelines on Responsible Lending
Conduct which directs Regulated Entities (REs) to release all original movable or immovable property
documents, and remove charges registered with any registry within 30 days of full repayment or
settlement of personal loans by borrowers.
• Official notification of ‘Responsible Lending Conduct – Release of Movable / Immovable
Property Documents on Repayment/ Settlement of Personal Loans‘.
• These Directions are applicable to all cases where release of original movable / immovable
property documents falls due on or after December 1, 2023.
• If REs delay property document release or fail to file charge satisfaction forms after 30 days
post-loan settlement, they must explain the reasons to the borrower.
• If the delay is REs’ fault, they must compensate the borrower at Rs 5,000 for each day of delay.
i. RBI also revised its guidelines on categorizing the investments by banks, to align them with global
standards by issuing RBI (Classification, Valuation and Operation of Investment Portfolio of
Commercial Banks) Directions, 2023 which will be effective from April 1, 2024.
• The change in the norms follows the revisions proposed in the Discussion Paper (DP) on
January 14, 2022 regarding the current norms for the classification, valuation, and operation of
investment portfolios of commercial banks.
• With the implementation of revised Directions, RBI (Classification, Valuation and Operation of
Investment Portfolio of Commercial Banks) Directions, 2021 dated August 25, 2021 will be
repealed.
46
46. Which company has recently (in Sept ‘23) signed an MoU with Small Industries
Development Bank of India (SIDBI) to offer an easy financing option for Micro, Small & Medium
Enterprises (MSMEs)?
1) Suzlon Energy Limited
2) Tata Power Solar Systems Limited
3) ReNew Limited
4) Azure Power Global Limited
5) NTPC Green Energy Limited
Answer- 2) Tata Power Solar Systems Limited
Explanation:
A Memorandum of Understanding (MoU) was signed between the Tata Power Solar Systems Limited
(TPSSL), and Small Industries Development Bank of India (SIDBI) to offer an easy financing option
for Micro, Small & Medium Enterprises (MSMEs).
• TPSSL is the wholly owned subsidiary of Tata Power Renewable Energy Limited (TPREL) while
TPREL is a subsidiary of Tata Power.
• TPSSL and SIDBI will encourage solar energy adoption among MSMEs by offering customized
financing solutions through SIDBI’s 4E (End to End Energy Efficiency) Scheme.
• The initiative aims to reduce CO2 footprints and contribute to India’s clean energy goals.
47
47. Name the state government that has recently (in Sept ‘23) signed an MoU with 6 Public
Sector Banks(PSBs) to provide banking services in all unbanked Gram Panchayats (GPs).
1) Andhra Pradesh
2) West Bengal
3) Gujarat
4) Karnataka
5) Odisha
Answer- 5) Odisha
Explanation:
On 13th September 2023, the Government of Odisha signed a Memorandum of Understanding (MoU)
with 6 Public Sector Banks(PSBs), to provide banking services in all unbanked Gram Panchayats
(GPs) of Odisha through Customer Service Point-plus (CSP plus) banking outlets.
i. The 6 PSBs are: State Bank of India (SBI), Punjab National Bank (PNB), Union Bank of India (UBI),
UCO Bank of India, Bank of India (BoI), and Bank of Baroda (BoB).
ii. Odisha is the first state in India to adopt such an exemplary model for providing banking services to
all GPs.
• Financial inclusion is a high-priority agenda of the Government. It continues to be a critical
challenge since banking penetration in Odisha is quite low and not uniform across the districts.
• Out of 6798 GPs, around 65% of GPs (4373 GPs) do not have brick-and-mortar branches.
48
48. Name the company that has recently (in Sept ‘23) partnered with YES Bank to launch
HyperUPI, a plug-in Software Development Toolkit (SDK) developed by the National Payments
Corporation of India (NPCI).
1) Paytm
2) Juspay Technologies
3) PhonePe
4) BharatPe
5) Razorpay Software
Answer- 2) Juspay Technologies
Explanation:
Yes Bank Limited (YES Bank) partnered with Juspay Technologies Private Limited (Juspay),
India’s leading payments company, to launch HyperUPI, a plug-in Software Development Toolkit
(SDK) developed by the National Payments Corporation of India (NPCI) that empowers in-app
Unified Payments Interface (UPI) payments for merchant apps.
• With this, the merchants can now offer customers a hassle-free one-click UPI experience. This
will also allow customers to undertake UPI-based transactions within the merchant app.
• This plug-in SDK is built on one of the most reliable UPI-on-cloud stacks in India, which also
supports UPI payments for several consumer and merchant apps.
• Gullak, a leading fintech app, has become the first merchant to deploy Juspay’s UPI plugin SDK,
HyperUPI.
• NPCI is an initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA)
under the provisions of the Payment and Settlement Systems Act, 2007, to create a robust
Payment & Settlement Infrastructure in India.
49
49. Which bank has recently (in Sept ‘23) partnered with GoBrisk Technologies Pvt Ltd. to
introduce BriskPe Account-to-Account (A2A)?
1) Axis Bank
2) YES Bank
3) ICICI Bank
4) HDFC Bank
5) IndusInd Bank
Answer- 2) YES Bank
Explanation:
GoBrisk Technologies Pvt Ltd. (BriskPe), a Mumbai (Maharashtra) based payments fintech company,
and YES Bank partnered to introduce BriskPe Account-to-Account (A2A), a cutting-edge suite of
solutions designed to empower exporters and importers.
i. This collaboration represents a significant milestone in the world of cross-border payments,
benefiting Micro, Small, and Medium Enterprises (MSMEs) operating in the manufacturing and
services sectors.
Note: BriskPe extends its reach beyond borders, by the establishment of its subsidiary, BriskPe
Technologies Inc., situated in Vancouver, British Columbia, Canada.
50
50. Which company has recently (in Sept ‘23) collaborated with National Payment Corporation
of India (NPCI) to launch India’s 1st contactless payment wearable ON-THE-GO(OTG) ring
named 7 Ring?
1) Financepeer Private Limited
2) Juspay Technologies Private Limited
3) Fiserv Private Limited
4) Perfios Software Solutions
5) LivQuik Technology(India) Private Limited
Answer- 5) LivQuik Technology(India) Private Limited
Explanation:
National Payment Corporation of India (NPCI) has launched a RuPay ON-THE-GO(OTG)ring named 7
Ring, the first contactless payment wearable ring which was made in India.
i. The ring was unveiled in Global Fintech Fest, 2023 (GFF 2023) which was held during 5th to 7th
September 2023 in Mumbai, Maharashtra.
ii. 7 Ring is designed, assembled, manufactured and patented in India. The ring was made in
collaboration with 7 (Sevenring Innovations Private Limited) and LivQuik Technology(India)
Private Limited.
iii. 7 Ring is a sleek, wearable ring that is made from a very strong and scratch-resistant material
called zirconia ceramic(ZrO2) which is also used in aerospace applications.
51
51. Name the bank that has recently (in Sept ‘23) launched a “virtual commercial card” in
collaboration with Visa and Juspay.
1) Axis Bank
2) ICICI Bank
3) IndusInd Bank
4) HDFC Bank
5) YES Bank
Answer- 3) IndusInd Bank
Explanation:
IndusInd Bank in partnership with Visa and Juspay launched a “virtual commercial card” with
additional layers of security to give the cardholders complete control over cross-border transactions
for corporates and travel agents. The card is built on the Visa Payables Automation platform.
• The card benefits the customers who make multiple bookings in different foreign-denominated
currencies.
• The card offers a high degree of control, reduced complexity and complete transparency.
• The cardholders can generate virtual cards and customise its credentials such as Card
Number, Card Verification Value (CVV) code and expiry dates.
52
52. In September 2023, Fitch Ratings retained India’s Gross Domestic Product (GDP)’s growth
forecast at __________ for the current fiscal year(FY 2023-24).
1) 5.9%
2) 6.3%
3) 6.0%
4) 6.9%
5) 5.2%
Answer- 2) 6.3%
Explanation:
Fitch Ratings in its special report titled Global Economic Outlook – September 2023 retained India’s
Gross Domestic Product (GDP)’s growth forecast for the current fiscal year (FY 2023-24) at 6.3%
and projected growth rate of 6.5% for FY 2024-2025.
• Earlier in June 2023, the rating agency had revised its forecast to 6.3% from the 6%.
• In Spite of tight monetary policy and poor export, the economy is striving to grow.
• The Indian economy grew at 7.8% in the first quarter(Q1 – April to June) in FY 2023-24. Fitch
expects that the RBI’s benchmark interest rate will stay at 6.5% for 2023.
53
53. Who has been recently (in Sept ‘23) appointed as the Non-Executive Chairman
of Mastercard India?
1) Karthik Ramanathan
2) Gautam Aggarwal
3) Nikhil Sahni
4) Rajnish Kumar
5) Rama Sridhar
Answer- 4) Rajnish Kumar
Explanation:
Rajnish Kumar, former chairman of the State Bank of India(SBI) has been appointed as the Non-
Executive Chairman of Mastercard India.
i. Rajnish Kumar will guide Mastercard’s South Asia executive leadership team, led by Gautam
Aggarwal, Division President for South Asia and Country Corporate Officer, India.
ii. He is currently serving as the chairman of payments startup BharatPe.
iii. Book – Rajnish Kumar Authored a book ‘The Custodian of Trust: A Banker’s Memoir’ published by
Penguin Viking in 2021.
54
54. Which of the following points is/are “correct” with respect to the recent release by the
Reserve Bank of India (RBI) in September 2023?
A) RBI released the names of 15 Non-Banking Financial Companies (NBFCs) in the Upper Layer
(UL)/NBFC-UL under Scale Based Regulation for NBFCs for the year 2023-24.
B) The NBFC-UL (Upper Layer) includes NBFCs specifically identified by the RBI as warranting
enhanced regulatory requirements based on a set of parameters and scoring methodology.
C) TMF Business Services Limited, formerly Tata Motors Finance Limited, qualifies as an NBFC-
UL (Non-Banking Financial Company – Upper Layer) based on scoring methodology.
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 September 15, 2023, the Reserve Bank of India (RBI) released the names of 15 Non-Banking
Financial Companies (NBFCs) in the Upper Layer (UL)/NBFC-UL under Scale Based Regulation for
NBFCs for the year 2023-24. Click Here is the list of NBFC-UL for 2023-24.
i. In October 2021, RBI issued the Scale Based Regulation (SBR): A Revised Regulatory Framework for
NBFCs (the framework) which categorizes NBFCs in the following as per their asset size and scoring
methodology:
• NBFC-BL (Base Layer): It primarily consists of non-deposit-taking NBFCs with assets below Rs
1,000 crore.
• NBFC-ML (Middle Layer): It comprises all deposit-taking NBFCs and non-deposit-taking NBFCs
with assets exceeding Rs 1,000 crore,
• NBFC-UL (Upper Layer): The upper layer includes NBFCs specifically identified by the RBI as
warranting enhanced regulatory requirements based on a set of parameters and scoring
methodology.
• The top 10 eligible NBFCs in terms of asset size will always reside in the upper layer,
regardless of other factors.
• NBFC-TL (Top Layer): NBFC-UL will be moved to Top Layer if RBI recognizes a substantial
increase in the potential systemic risk. As of now, the Top Layer shall ideally remain empty.
• TMF Business Services Limited, formerly Tata Motors Finance Limited, qualifies as an NBFC-
UL (Non-Banking Financial Company – Upper Layer) based on scoring methodology.
• However, it is currently not listed as an NBFC-UL in the latest review due to ongoing business
reorganization.
55
55. Name the bank that has recently (in Sept ‘23) launched ‘SAATHI (Sustainable Access and
Aligning Technology for Holistic Inclusion)’ to provide basic banking services at all centres for
a minimum of four hours per day in fixed outlets.
1) Punjab National Bank
2) Bank of Baroda
3) Indian Bank
4) State Bank of India
5) Bank of India
Answer- 3) Indian Bank
Explanation:
Indian Bank has launched a new initiative called IB(Indian Bank) SAATHI (Sustainable Access and
Aligning Technology for Holistic Inclusion), to provide basic banking services at all centres for a
minimum of four hours per day in fixed outlets through the business correspondent (BC) channel.
i. The initiative was launched by Shanti Lal Jain who is the Managing Director(MD) and Chief
Executive Officer(CEO) of Indian Bank in Chennai, Tamil Nadu.
ii. The program makes it easier for customers to access and use banking services, and it also offers
both basic and value-added services to customers.
iii. To implement the initiative, Indian Bank needs to have more than 5,000 newly appointed new BCs
(by March 2024) along with 15 Corporate Business Correspondents (CBCs).
• Presently, they have only 10,750 BCs and 10 CBCs.
56
56. Which Small Finance Bank (SFB) has recently (in Sept ‘23) launched the Maxima Savings
Account and Business Maxima Current Account for medium and large business entities?
1) Suryoday SFB
2) AU SFB
3) Equitas SFB
4) Ujjivan SFB
5) Utkarsh SFB
Answer- 4) Ujjivan SFB
Explanation:
Ujjivan Small Finance Bank Limited (Ujjivan SFB) has launched the Maxima Savings Account and
Business Maxima Current Account which is designed exclusively for medium and large business
entities.
• Both the accounts offer a RuPay Select Debit Card that provides access to wellness services,
exclusive merchant offers, airport lounge access, and a premium health checkup.
• Annual interest rate on the Maxima Savings Account up to 7.5% & Customers can open the
account with Rs 1 lakh.
• Flexibility to maintain Rs 15 lakh or more in Fixed Deposits(FD) to meet the balance eligibility
criteria(this option is not available with other standard savings accounts).
57
57. Which bank has recently (in Sept ‘23) signed an MoU with Indian Renewable Energy
Development Agency (IREDA) to promote and facilitate co-lending and loan syndication for
renewable energy projects?
1) Bank of Baroda
2) Bank of India
3) Bank of Maharashtra
4) Union Bank of India
5) Canara Bank
Answer- 3) Bank of Maharashtra
Explanation:
Indian Renewable Energy Development Agency (IREDA) has signed a significant Memorandum of
Understanding (MoU) with Bank of Maharashtra (BoM) to promote and facilitate co-lending and loan
syndication for renewable energy projects nationwide.
• Under this agreement, Bank of Maharashtra can invest in the Bonds issued by IREDA (in
accordance with the specified terms and conditions of the offering).
• The MoU was signed in the presence of Pradip Kumar Das, Chairman and Managing Director
(CMD) of IREDA.
• IREDA, a Mini Ratna (Category – I) Government of India enterprise under the administrative
control of the Ministry of New and Renewable Energy (MNRE).
58
58. Name the insurance company that has recently (in Sept ‘23) launched a new fund offering
(NFO) Emerging Equity Fund for long-term capital appreciation.
1) Exide Life Insurance
2) Bharti AXA Life Insurance
3) HDFC Life Insurance
4) SBI Life Insurance
5) Max Life Insurance
Answer- 2) Bharti AXA Life Insurance
Explanation:
Bharti AXA Life Insurance launched its new fund offering (NFO) called Bharti AXA Life Emerging
Equity Fund. This is Bharti AXa’s first mid-cap fund launched with an aim to provide long-term
capital appreciation through investing in a portfolio of mid-cap companies.
i. Bharti AXA Life Insurance launched a mid-cap fund after 13 years; The last launch of mid-cap fund
was in 2010.
ii. Investors can invest in Bharti AXA Life’s Emerging Equity Fund through three of Bharti AXA Life’s
Unit Linked Insurance Plan (ULIP):
• Bharti AXA Life Wealth Pro
• Bharti AXA Life Grow Wealth
• Bharti AXA Life Wealth Maximizer
iii. NFO is the first subscription offering for any fund being launched by an investment company &
during an NFO, investors can purchase units of the mutual fund scheme at the face value, which is
typically set at a fixed price usually of Rs. 10 per unit.
59
59. Which bank has recently (in Sept ‘23) introduced a digital facility for Non-Resident Indians
(NRIs) to effortlessly open Non-Residential External (NRE) and Non-Resident Ordinary (NRO)
accounts?
1) State Bank of India
2) Bank of India
3) Punjab National Bank
4) Bank of Baroda
5) Indian Bank
Answer- 1) State Bank of India
Explanation:
The State Bank of India (SBI) has introduced a digital facility for Non-Resident Indians (NRIs) to
effortlessly open Non-Residential External (NRE) and Non-Resident Ordinary (NRO) accounts (both
savings and current accounts) through SBI’s mobile app YONO.
i. This service is designed for New to Bank (NTB) customers as a one-stop solution for NRI banking
needs to provide them with a simplified, efficient, and accurate account opening process.
ii. An NRE account is opened in India in the name of an NRI for his/her foreign earnings, while an NRO
account is for managing income earned in India, such as rent, dividend, pension, and interest.
iii. As of June 2023, the bank has a deposit base of over Rs. 45.31 lakh crore with a CASA (Current
Account and Savings Account) ratio of 42.88% and advances of more than Rs. 33 lakh crores.
60
60. In September 2023, Reserve Bank of India (RBI) approved re-appointment of Sashidhar
Jagdishan as Managing Director (MD) and Chief Executive Officer (CEO) of __________ (Bank) for a
period of 3 years.
1) State Bank of India
2) YES Bank
3) Axis Bank
4) ICICI Bank
5) HDFC Bank
Answer- 5) HDFC Bank
Explanation:
Reserve Bank of India (RBI) has approved re-appointment of Sashidhar Jagdishan as Managing
Director (MD) and Chief Executive Officer (CEO) of HDFC Bank Limited for a period of 3 years with
effect from 27th October 2023 to 26th October 2026.
i. He has been MD and CEO of the Housing Development Finance Corporation (HDFC) Bank since
October 2020, after he took charge from Aditya Puri(the bank’s longest serving CEO (26 years- since
September 1994).
ii. Sashidhar Jagdishan joined HDFC Bank in 1996 as a Manager in the Finance function and became
Business Head of finance in 1999. He was appointed as Chief Financial Officer in 2008.
61
61. Who has been recently (in Sept ‘23) elected as the Chairman of the Audit Bureau of
Circulations (ABC) for the term 2023-2024?
1) Girish Agarwal
2) Prasanth Kumar
3) Srinivasan K. Swamy
4) Shailesh Gupta
5) Mohit Jain
Answer- 3) Srinivasan K. Swamy
Explanation:
Srinivasan K. Swamy, Executive Chairman of R.K. Swamy Hansa Group, has been elected as the
Chairman of the Audit Bureau of Circulations (ABC) for the term 2023-2024. He replaced Pratap
Pawar who served as Chairman for the term 2022-23.
• Srinivasan K. Swamy was the Deputy Chairman of the Bureau for the year 2022-2023.
• He was awarded the Lifetime Achievement Award by the Advertising Agencies Association of
India(AAAI) in 2016.
• He is currently serving as Chairperson of Asian Federation of Advertising Association.
i. Riyad Mathew, Chief Associate Editor and Director of Malayala Manorama Co. Ltd representing
publisher members on the council, has been elected as the Deputy Chairman of ABC for 2023-2024.
62
62. Which of the following points is/are “correct” with respect to the Reserve Bank of India
(RBI)’s Flow of Financial Assets and Liabilities of Household data released in September 2023?
A) Net financial savings of households fell to a nearly seven-decade low of 6.1% of GDP in FY23,
down from 7.2% in FY22.
B) National Financial Switch (NFS) usage decreased from 11.5% in FY21 to 5.1% in FY23,
C) Household financial liabilities saw a substantial increase, rising to 5.8% of GDP in FY23, up
from 3.8% in FY22.
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:
Net financial savings of households fell to a nearly five-decade low of 5.1% of GDP in FY23, down
from 7.2% in FY22. This marked a notable decrease from the previous fiscal year, where it stood at
7.2% (FY22), as per Reserve Bank of India (RBI) data.
• National Financial Switch (NFS) usage decreased from 11.5% in FY21 to 5.1% in FY23, as per
data from RBI’s Flow of Financial Assets and Liabilities of Household released in September
2023.
• Household financial liabilities saw a substantial increase, rising to 5.8% of GDP in FY23, up
from 3.8% in FY22. This indicates that households have increasingly relied on borrowing to
meet their consumption needs.
63
63. Which of the following cooperative banks was ‘Not’ recently (in Sept ‘23)
received monetary penalties from Reserve Bank of India (RBI) for citing its authority under
the Banking Regulation Act, 1949, specifically Section 47 A (1) I in conjunction with Sections 46
(4) (i) and 56?
1) Abhyudaya Co-operative Bank Ltd (Maharashtra)
2) Lalbaug Cooperative Bank Ltd (Gujarat)
3) Cooperative Bank of Mehsana Ltd (Gujarat)
4) Harij Nagrik Sahakari Bank Ltd (Gujarat)
5) National Cooperative Bank Ltd (Maharashtra)
Answer- 1) Abhyudaya Co-operative Bank Ltd (Maharashtra)
Explanation:
Reserve Bank of India (RBI) imposes monetary penalties on four cooperative banks citing its
authority under the Banking Regulation Act, 1949, specifically Section 47 A (1) I in conjunction with
Sections 46 (4) (i) and 56.
• Lalbaug Cooperative Bank Ltd (Gujarat) – Rs 5 Lakh for Non-compliance with the RBI
directions on ‘Placement of Deposits with Other Banks’ and ‘Interest Rate on Deposits
Directions, 2016’.
• Cooperative Bank of Mehsana Ltd (Gujarat) – Rs 3.50 Lakh for Non-compliance with RBI
directions on ‘Loans and Advances to Directors etc. – Directors as surety or guarantors –
Clarification’ and ‘Placement of Deposits with Other Banks’.
• Harij Nagrik Sahakari Bank Ltd (Gujarat) – Rs 3 Lakh for Non-compliance with RBI
directions on ‘Maintenance of Cash Reserve Ratio (CRR)’, ‘Placement of Deposits with Other
Banks’, and ‘Interest Rate on Deposits – Directions, 2016’.
• National Cooperative Bank Ltd (Maharashtra) – Rs 1 Lakh for Non-compliance with RBI
directions on Maintenance of Deposit Accounts-Primary (Urban) Co-operative Banks’.
64
64. In September 2023, Asian Development Bank (ADB) lowered India’s gross domestic
product (GDP) projection for Fiscal 2022-2023 (FY23) to ________ from 6.4%.
1) 6.1%
2) 5.9%
3) 6.0%
4) 6.2%
5) 6.3%
Answer- 5) 6.3%
Explanation:
The Asian Development Bank (ADB) in its Asian Development Outlook (ADO) September 2023
lowered India’s gross domestic product (GDP) projection by one percentage point for Fiscal 2022-
2023 (FY23) to 6.3% from 6.4% (ADO April 2023 estimate).
i. This down gradation is due to slowing exports, global geopolitical tensions, and the likely impact of
erratic rainfall on agriculture output at the time of harvesting of kharif season (July-October) or
during the Rabi season(October-April).
ii. For FY 2023-2024 (FY24), the GDP projection is retained at 6.7%.
iii. In FY25, economic growth could be higher if foreign direct investment(FDI) inflows are larger,
particularly in the manufacturing sector.
65
65. India Ratings and Research (Ind-Ra) has recently (in September 2023) revised India‘s GDP
growth estimate for FY24 to 6.2% from __________ , which was projected in February 2023.
1) 5.6%
2) 5.9%
3) 5.7%
4) 5.5%
5) 5.0%
Answer- 2) 5.9%
Explanation:
India Ratings and Research (Ind-Ra) revised India‘s GDP growth estimate for FY24 to 6.2% from
5.9% projected in February 2023.
• This increase is due to the sustained government capital expenditure, deleverage balance sheet
of India Inc and banks, and the prospect of a new private corporate capex cycle.
• In the 1st Quarter of FY24 (1QFY24), the quarterly GDP growth was at 7.8% and it is estimated
to slow down in the remaining three quarters of FY24.
• The Private Final Consumption Expenditure (PFCE) is expected to grow 6.9% in FY24 as
against 7.5% in FY23.
66
66. In September 2023, S&P (Standard & Poor’s) Global raised India’s growth prediction to
_________ from 5.9% for FY24.
1) 6.8%
2) 6.2%
3) 6.4%
4) 6.6%
5) 6.9%
Answer- 4) 6.6%
Explanation:
On September 18, 2023, S&P (Standard & Poor’s) Global raised India’s growth prediction for FY24 to
6.6% from 5.9% predicted in August 2023 amid strong growth in the April-June quarter (Q1FY24).
i. In FY25, it will increase at a rate of 6.2% as compared to 6.1% projected in August 2023.
ii. India’s inflation rate will grow sharply to 6% in 2023 as compared to 5.1% prediction in August
2023.
67
67. Which company has recently (in Sept ‘23) partnered with BankID BankAxept AS to enhance
Norway's Financial Infrastructure?
1) Infosys Limited
2) Tata Consultancy Services
3) Cognizant Limited
4) Larsen & Toubro Limited
5) Tech Mahindra Limited
Answer- 2) Tata Consultancy Services
Explanation:
Tata Consultancy Services(TCS), a part of the Tata group, has entered a partnership with BankID
BankAxept AS, Norway’s national payment and electronic identity system, to set up and manage an
operations command center that will enhance the resilience, security, and availability of Norway’s
financial infrastructure.
i. BankID is the Norwegian eID verification system, used by more than 90% of the population, banks,
government agencies, and commercial enterprises.
ii. As part of the agreement, TCS will build and manage a 24×7 operations command center in Oslo,
Norway, for all BankID BankAxept AS users and clients.
68
68. Which Financial Institutions of GoI has recently (in Sept ‘23) collaborated with Startup
Odisha to launch “Odisha Startup Growth Fund (OSGF)” ?
1) National Bank of Financing Infrastructure and Development
2) India Infrastructure Finance Company Ltd
3) Small Industries Development Bank of India
4) Export-Import Bank of India
5) Industrial Finance Corporation of India
Answer- 3) Small Industries Development Bank of India
Explanation:
Startup Odisha, an initiative of the Micro, Small & Medium Enterprises(MSME) Department of the
Odisha government, launched “Odisha Startup Growth Fund (OSGF)” worth Rs 100 Crore in
collaboration with Small Industries Development Bank of India (SIDBI).
i. SIDBI will serve as the fund manager for the new fund and will be responsible for framing the
investment strategy and managing the fund’s portfolio.
ii. Odisha Startup Growth Fund operates a Fund-of-Funds vehicle to invest in state startups through a
centralized tracking and implementation mechanism.
69
69. In September 2023, Meta announced the launch of Unified Payment Interface (UPI)
payments for WhatsApp Business in India.
Which of the following companies are initial payment partners?
1) BharatPe
2) RazorPay
3) PayU
4) Both 1 & 2
5) Both 2 & 3
Answer- 5) Both 2 & 3
Explanation:
Meta(formerly known as Facebook) Chief Executive Officer(CEO) Mark Zuckerberg announced the
launch of Unified Payment Interface (UPI) payments for WhatsApp Business in India. This allows
customers to pay businesses directly on the Whatsapp Chat application using their preferred UPI
option.
i. The announcement was virtually in the Meta Conversations event focusing on WhatsApp Business,
held at the Jio World Convention Centre in Mumbai, Maharashtra.
ii. The accepted payment methods include Pay on WhatsApp, credit/debit cards, netbanking, Google
Pay, PhonePe, Paytm and more UPI options.
ii. The initial payment partners are RazorPay and PayU.
70
70. Name the company that has recently (in Sept ‘23) signed an MoU with Power Finance
Corporation Ltd (PFC) to finance renewable and thermal energy Projects worth Rs. 1,18,826
crore.
1) SJVN Limited
2) Rural Electrification Corporation Limited
3) NLC India Limited
4) National Thermal Power Corporation Limited
5) Power Grid Corporation of India
Answer- 1) SJVN Limited
Explanation:
SJVN Ltd (formerly known as Satluj Jal Vidyut Nigam Limited), have signed a Memorandum of
Understanding (MoU) with Power Finance Corporation Ltd (PFC), India’s leading Non-Banking
Financial Corporation (NBFC), to finance renewable and thermal energy Projects worth Rs. 1,18,826
crore.
i. The project includes renewable energy(RE) ventures (Solar, Hydro and Pumped Storage) with a
total capacity of around 12178 Megawatt(MW) along with 660 MW Thermal generation project.
ii. PFC will fund around 67-76% of the project tentatively. The proposed fun in the form of term loan
will range from Rs 80000 crore to Rs 90000 crore.
71
71. In which of the following Bank, HDFC Asset Management Company Limited has recently (in
Sept ‘23) received approval from the Reserve Bank of India (RBI) to acquire additional
holdings of up to 9.5% of the paid-up share capital or voting rights?
1) Kotak Mahindra Bank
2) Karur Vysya Bank
3) DCB Bank Limited
4) Both 1 & 2
5) Both 2 & 3
Answer- 5) Both 2 & 3
Explanation:
HDFC Asset Management Company Limited(HDFC AMC) received approval from the Reserve Bank of
India (RBI) to acquire additional holdings of up to 9.5% of the paid-up share capital or voting rights
of Karur Vysya Bank Limited(KVB) and DCB Bank Limited.
• The approval has been granted with reference to the application made by HDFC AMC to RBI.
• The holding of HDFC AMC in both the banks should not exceed (individually) 9.5 % of the paid-
up share capital or voting rights of the Bank at all times.
i. RBI instructed HDFC AMC not to reduce the shareholding below 5% without prior approval from
RBI.
• If the aggregate holding falls below 5%, prior approval of RBI will be required to increase it to
5% or more of the paid-up share capital or voting rights of the Bank.
ii. The RBI has given HDFC AMC one year time to buy the shares of DCB Bank.
• If HDFC AMC does not buy the shares within one year, the RBI’s approval will be cancelled.
72
72. Which Financial Institute/Regulatory Body of India has recently (in Sept ‘23) signed an
MoU with the Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA) to
solarize residential units at Ayodhya & to finance the bio-energy and renewable project?
1) Reserve Bank of India
2) Export - Import Bank of India
3) National Bank for Agriculture and Rural Development
4) Small Industries Development Bank of India
5) Securities and Exchange Board of India
Answer- 4) Small Industries Development Bank of India
Explanation:
A Memorandum of Understanding (MoU) has been inked between the Uttar Pradesh New and
Renewable Energy Development Agency (UPNEDA), and Small Industries Development Bank of India
(SIDBI) for solarization of residential units at Ayodhya, Uttar Pradesh (UP) and for bio-energy and
renewable project financing.
i. The agreement was inked during an event organised in the SIDBI’s Lucknow Office in UP.
ii. This MoU will help in promoting solar energy, and encourage innovations for environment friendly
projects.
iii. It should be noted that the State Government of UP has nominated Ayodhya to be developed as a
Solar City.
iv. During the event, emphasis were laid on creating awareness about digital and latest initiatives
being undertaken by SIDBI through ‘Promotional campaign for Financing Solar/ Green Projects’ for
Micro, Small & Medium Enterprises (MSME) sector.
73
73. Which bank has recently (in Sept ‘23) launched ‘NEO for Business’, a distinctive one-stop
Transaction Banking platform for Indian Micro, Small, and Medium Enterprises (MSMEs)?
1) ICICI Bank
2) Axis Bank
3) HDFC Bank
4) YES Bank
5) IndusInd Bank
Answer- 2) Axis Bank
Explanation:
On September 21, 2023, Axis Bank launched ‘NEO for Business’, a distinctive one-stop Transaction
Banking platform for Indian Micro, Small, and Medium Enterprises (MSMEs).
i. This is a first-of-its-kind comprehensive digital proposition that supports real, current, and
emerging Transaction Banking needs of MSMEs.
ii. It has contemporary UX (User Experience)/UI (User Interface) along with bank-grade security
features.
iii. “NEO for Business” is the latest launch as part of “NEO by Axis Bank” branding. NEO by Axis Bank
is the digital banking proposition for its corporate banking customers/clients.
74
74. Name the Small Finance Bank Limited (SFB) that has recently (in Sept ‘23) launched
Interoperable Cardless Cash Withdrawal (ICCW) service using Unified Payment Interface (UPI)
on Automated Teller Machine (ATM).
1) Suryoday SFB
2) AU SFB
3) Equitas SFB
4) Ujjivan SFB
5) Utkarsh SFB
Answer- 5) Utkarsh SFB
Explanation:
Utkarsh Small Finance Bank Limited (USFBL) launched Interoperable Cardless Cash Withdrawal
(ICCW) service with an aim to allow Unified Payment Interface (UPI) enabled cardless cash
withdrawal from Utkarsh Small Finance Bank Automated Teller Machine (ATM).
i. This is in line with notification ‘ICCW at ATMs’ released by Reserve Bank of India(RBI) in 2022
under Section 10(2) read with Section 18 of the Payment and Settlement Systems Act, 2007 (Act 51 of
2007).
ii. ICCW is also known as UPI-ATM; It enables withdrawal through Quick Response(QR) code.
iii. Card-less cash withdrawal through ATMs is a permitted mode of transaction offered by a few
banks in India on an on-us and Off-us basis.
75
75. Which Financial Institute/Regulatory Body of India has recently (in Sept ‘23) signed an
MoU with the Digital Lenders Association of India (DLAI) to boost India’s fintech sector?
1) Reserve Bank of India
2) Export - Import Bank of India
3) National Bank for Agriculture and Rural Development
4) Small Industries Development Bank of India
5) Securities and Exchange Board of India
Answer- 4) Small Industries Development Bank of India
Explanation:
On September 23, 2023, a Memorandum of Understanding (MoU) was inked between the Small
Industries Development Bank of India (SIDBI) and the Digital Lenders Association of India (DLAI) to
boost India’s fintech sector by utilizing each other’s expertise.
i. The MoU was signed during the UnConvlave2023 event organized by DLAI in Goa.
ii. The MoU focuses on creating standard protocols for digital lending partnerships, including Bank-
Lending Service Providers (LSPs) alliances and co-lending arrangements.
iii. SIDBI will offer resource support to eligible DLAI member NBFCs (Non-Banking Financial
Company) and explore Assignment and Securitisation transactions.
76
76. Which of the following points is/are “correct” with respect to the recent approval made by
Securities and Exchange Board of India (SEBI) in September 2023?
A) SEBI approved the proposal to provide flexibility in the framework for large corporations
(LCs) to meet financing needs from the debt market through measures to the existing LC
framework.
B) SEBI Board extended the compliance deadline for enhanced qualification and experience
requirements for investment advisers to September 2025 from September 2023.
C) SEBI Board has approved amendments to make it easier for investors in debt to access
unclaimed amounts in debt-listed entities (excluding companies), Real-Estate Investment
Trusts (REITs) and Infrastructure Investment Trusts (InvITs).
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) discussed various trends in the securities market,
and on SEBI approach to proactively plan for the same during its 202nd Board Meeting held on
September 21, 2023 in Mumbai, Maharashtra. SEBI also approved the following proposals:
i. SEBI approved the proposal to provide flexibility in the framework for large corporations (LCs)
to meet financing needs from the debt market through measures to the existing LC framework.
• Raise the monetary threshold for defining LCs
• As per the current rules, LCs are those that need to have an outstanding long term borrowing
of at least Rs 100 crore, a credit rating of ‘AA and above’, and a target to finance themselves
with long term borrowings (above one year).
ii. SEBI Board extended the compliance deadline for enhanced qualification and experience
requirements for investment advisers to September 2025 from September 2023 and applied these
requirements to individuals, principal officers, and associated persons with investment advisers.
iii. SEBI Board has approved amendments to make it easier for investors in debt to access unclaimed
amounts in debt-listed entities (excluding companies), Real-Estate Investment Trusts (REITs) and
Infrastructure Investment Trusts (InvITs).
• In this regard amendments will be made in Investor Protection and Education Fund (IPEF)
Regulations, Listing Obligations and Disclosure Requirements (LODR) Regulations, InvIT
Regulations and REIT Regulations
• With this, Investors can directly approach the respective listed entities, REITs, and InvITs to
claim their unclaimed amounts, ensuring a smoother claim process.
77
77. As per the Monthly Economic Review – August 2023 released by the Department of
Economic Affairs, Ministry of Finance in September 2023, India's real Gross Domestic Product
(GDP) growth was retained at __________ for the Financial Year 2023-24 (FY24).
1) 6.5%
2) 5.9%
3) 5.2%
4) 6.0%
5) 6.9%
Answer- 1) 6.5%
Explanation:
The Monthly Economic Review – August 2023 released by the Department of Economic Affairs
under the Ministry of Finance, has retained its estimate for India’s real Gross Domestic Product
(GDP) growth for the Financial Year 2023-24 (FY24) at 6.5%.
i. The risks to the growth outlook were offset by the bright spots in corporate profitability, private
sector capital formation, bank credit growth, and activity in the construction sector.
ii. High domestic demand for consumption and investment hiked the GDP growth rate in the first
quarter(Q1) of FY 24 (April-June 2023).
iii. High-Frequency Indicators(HFIs) suggest that the second quarter(Q2) of FY24 (July-September
2023) is shaping up well.
78
78. Who has been recently (in Sept ‘23) appointed as the Vice-President (Market Solutions) of
the Asian Development Bank (ADB) for a period of 3 years?
1) Jayanth Kumar
2) Atish Mathur
3) Bhargav Dasgupta
4) Ajay Kumar
5) Praveen Sharma
Answer- 3) Bhargav Dasgupta
Explanation:
On September 22, 2023, the Asian Development Bank (ADB) appointed Bhargav Dasgupta as Vice-
President (Market Solutions) for a period of 3 years.
i. Prior to this appointment, He was serving as the Managing Director (MD) & Chief Executive Officer
(CEO) of ICICI Lombard General Insurance Co. Ltd since 2009.
ii. He has resigned from the post of MD & CEO of ICICI Lombard. His tenure as MD & CEO was set to
end in April 2024.
79
79. As per the Economic Freedom of the World(EFW) 2023 Annual Report released by Fraser
Institute in September 2023, ____________ (country) has surpassed Hong Kong to become the
world’s freest economy, with a rating of 8.56, while India ranked _______ in the Index.
1) New Zealand; 97
2) Switzerland; 87
3) Singapore; 82
4) Switzerland; 97
5) Singapore; 87
Answer- 5) Singapore; 87
Explanation:
According to the Economic Freedom of the World(EFW) 2023 Annual Report released by
Canadian think tank Fraser Institute, Singapore is the world’s freest economy with a rating of 8.56.
India Ranked 87 in the index.
• Hong Kong and Switzerland stand as the second and the third freest economies with the rating
of 8.55 and 8.47 respectively.
• Hong Kong retained the top position since the start of the EFW Index in 1970. For the first
time, Hong Kong has slipped from its number one position to second place.
• The bottom five countries are – Yemen(161), Sudan(162), Syria(163), Zimbabwe(164) and
Venezuela(165).
• In the 2023 EFW report, India has slipped one spot and stays at 87th rank with the ratings of
6.62. In EFW 2022 Annual Report, India obtained 6.64 ratings and stood at 86th rank.
• New Delhi(Delhi) based independent Think-Tank ‘Centre for Civil Society’ is one among the Co-
publishers of the index.
80
80. Which of the following points is/are “correct” with respect to the recent step taken by the
Reserve Bank of India (RBI) in September 2023?
A) RBI sanctioned the Scheme of amalgamation of The Sahebrao Deshmukh Co-operative Bank
Ltd., Mumbai, Maharashtra with The Cosmos Co-operative Bank Limited, Pune, Maharashtra.
B) RBI imposed a monetary Penalty on the State Bank of India (Rs 1.30 Crore), Indian Bank (Rs
1.62 crore), and Bank of Baroda (Rs 2 crore).
C) RBI also imposed a penalty of Rs 8.80 Lakh on Fedbank Financial Services Limited, a Non-
Banking Financial Company (NBFC) in Mumbai, Maharashtra.
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 Reserve Bank of India (RBI) took the following decisions from September 21- 25, 2023:
• On September 25, 2023, RBI in exercise of its power conferred under Sub-Section (4) of Section
44A read with Section 56 of the Banking Regulation (BR) Act, 1949 sanctioned the Scheme of
amalgamation of The Sahebrao Deshmukh Co-operative Bank Ltd., Mumbai, Maharashtra
with The Cosmos Co-operative Bank Limited, Pune, Maharashtra.
• On September 21, 2023, RBI imposed a monetary Penalty on the State Bank of India (Rs 1.30
Crore), Indian Bank (Rs 1.62 crore), and Punjab & Sind Bank (Rs 1 crore) in exercise of it
powers conferred under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and
51(1) of the BR Act.
• RBI also imposed a penalty of Rs 8.80 Lakh on Fedbank Financial Services Limited, a Non-
Banking Financial Company (NBFC) in Mumbai, for non-compliance with certain provisions of
the Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016.
• On September 25, 2023, RBI cancelled the licence of the Kapol Co-operative Bank Limited,
Mumbai, Maharashtra amid inadequate capital and earning prospects.
• Following, it is immediately prohibited from conducting banking activities, including accepting
and repaying deposits, as defined in Section 5 (b) read with Section 56 of the BR Act, 1949 with
immediate effect.
81
81. Who has been recently (in Sept ‘23) appointed as the Managing director (MD) and Chief
Executive Officer (CEO) of the ICICI Lombard General Insurance Limited?
1) Murali Sivaraman
2) Sandeep Jagdish Batra
3) Rakesh Jha
4) Sanjeev Mantri
5) Alok Kumar Agarwal
Answer- 4) Sanjeev Mantri
Explanation:
ICICI Lombard General Insurance Limited appointed Sanjeev Mantri as the Managing director
(MD) and Chief Executive Officer (CEO) of the company following the resignation of Bhargav
Dasgupta from the post.
i. Sanjeev Mantri is currently serving as the Executive Director of ICICI Lombard General Insurance
(since 2015).
ii. Sanjeev Mantri will take on the position of MD and CEO from 1st December 2023 or the date of
approval from the Insurance Regulatory and Development Authority of India (IRDAI), whichever is
later, for a period of five consecutive years or his date of retirement, whichever is earlier, subject to
the approval of IRDAI and the members of the company.
iii. However, till 30th November 2023, Bhargav Dasgupta will continue to be the MD&CEO.
82
82. Which country has recently (in Sept ‘23) topped the 2023 Global Crypto Adoption Index
released by Chainalysis in September 2023?
1) China
2) India
3) Japan
4) Vietnam
5) United States
Answer- 2) India
Explanation:
According to the 2023 Global Crypto Adoption Index released by Chainalysis, a crypto-analysis
firm, India has topped the index (rank 1), with a score of 1.0, among 154 countries. Previously, India
was ranked 4th in the 2022 index.
• Nigeria and Vietnam stand at second and third rank with the index score of 0.642 and 0.568
respectively.
• This is the 4th annual Global Crypto Adoption Index. The first edition of the Index was
published in 2020.
• The report combines on-chain data and real-world data to measure which countries are
leading the world in grassroots crypto adoption.
• The report aims to highlight the countries in which common people use cryptocurrency.
83
83. In September 2023, Poonawalla Fincorp Limited received approval from Reserve Bank of
India(RBI) to issue co-branded credit cards with _____________ (Bank).
1) YES Bank
2) HDFC Bank
3) RBL Bank
4) Axis Bank
5) IndusInd Bank
Answer- 5) IndusInd Bank
Explanation:
Poonawalla Fincorp Limited has received Reserve Bank of India (RBI)’s approval to issue co-
branded credit cards with IndusInd Bank Limited.
i. Poonawalla Fincorp Limited(formerly known as Magma Fincorp) is a Non-Banking Finance
Company (NBFC) belonging to Cyrus Poonawalla group.
ii. The co-branded credit card is designed to offer benefits to the customers with a favourable credit
history. The credit card is set to be launched within 3 months.
84
84. Which bank has recently (in Sept ‘23) signed an MoU with the REC Limited to Co-Finance
Infrastructure Project Debts worth Rs. 55,000 crores?
1) Bank of Baroda
2) Indian Bank
3) Punjab National Bank
4) Bank of India
5) State Bank of India
Answer- 3) Punjab National Bank
Explanation:
On September 26, 2023, a Memorandum of Understanding (MoU) has been inked between the REC
Limited (Formerly Rural Electrification Corporation Limited) and Punjab National Bank (PNB) for
collaboration to hunt potential funding opportunities in the Power Sector and Infrastructure &
Logistics Sector through a consortium arrangement.
• Both entities jointly provide financing worth Rs. 55,000 crores over the next 3 years.
• REC Limited is venturing to expand its loan portfolio for green projects to Rs 3 lakh crore by
2030.
Note: REC Limited is a Non-Banking Finance Company (NBFC), focusing on power sector financing
and development across India.
85
85. In September 2023, the Appointments Committee of the Cabinet (ACC) approved the re-
appointment of M Rajeshwar Rao, Deputy Governor of __________ (Regulatory Body), for a period
of 1 year.
1) Insurance Regulatory and Development Authority of India
2) Securities and Exchange Board of India
3) Reserve Bank of India
4) Pension Fund Regulatory and Development Authority
5) National Bank for Agriculture and Rural Development
Answer- 3) Reserve Bank of India
Explanation:
The Appointments Committee of the Cabinet (ACC) has approved the re-appointment of M
Rajeshwar Rao, Deputy Governor of Reserve Bank of India (RBI), for a period of 1 year with effect
from 9th October 2023.
• Initially, he was appointed as the Deputy governor of RBI in October 2020 for a period of 3
years.
i. According to the RBI Act 1934, besides the governor, RBI needs 4 DGs, 2 from within the ranks, one
commercial banker, and another economist to head the monetary policy department.
ii. The current 4 DGs of RBI are Swaminathan J, T. Rabi Sankar, M. Rajeshwar Rao and Dr. M.D. Patra.
86
86. Which of the following Asset Management Company(AMC) has recently (in Sep ‘23)
collaborated with the Central Board of Secondary Education (CBSE) to launch an Investor
Education and Awareness Initiative called “Seekho Paiso ki Bhasha”.
1) HDFC Asset Management Company Ltd. (HDFC AMC)
2) ICICI Prudential Asset Management Company Ltd.(ICICI Prudential)
3) Kotak Mahindra Asset Management Company Limited(KMAMCL)
4) Axis Asset Management Company Ltd.
5) Nippon India Mutual Fund
Answer - 3) Kotak Mahindra Asset Management Company Limited (KMAMCL)
Explanation:
Kotak Mahindra Asset Management Company Limited(KMAMCL) in collaboration with the Central
Board of Secondary Education (CBSE) has launched an Investor Education and Awareness Initiative
called “Seekho Paiso ki Bhasha”.
• As part of the initiative, 75,000 educators(50% of them being women educators) will be
inculcated with the financial knowledge.
• The program will be taken care by 500 skilled trainers from the Centre for Investment
Education and Learning (CIEL) which is located in Mumbai, Maharashtra.
87
87. Which of the following mutual fund company has recently (in Sep ‘23) launched India’s first
Nifty 500 ETF (Exchange Traded Fund)?
1) Bandhan Mutual Fund
2) Aditya Birla Sun Life Mutual Fund
3) UTI Mutual Fund
4) Motilal Oswal Mutual Fund
5) SBI Mutual Fund
Answer- 4) Motilal Oswal Mutual Fund
Explanation:
Motilal Oswal Mutual Fund launched India’s first Nifty 500 ETF (Exchange Traded Fund) “Motilal
Oswal Nifty 500 ETF”, an open-ended scheme replicating/tracking the Nifty 500 Total Return Index.
• This fund is ideal choice for investors seeking long-term capital growth.
• Investors can join with just Rs 500 per plan/option and invest in multiples of Re 1, with no
upper investment limit.
88
88. Which of the following points is/are “correct” with respect to the recent step taken by the
Reserve Bank of India (RBI) in September 2023?
A) RBI issued the RBI (Prudential Regulations on Basel III Capital Framework, Exposure
Norms, Significant Investments, Classification, Valuation and Operation of Investment Portfolio
Norms and Resource Raising Norms for All India Financial Institutions) Directions, 2023 which
will be applicable w.e.f. April 1, 2024.
B) These were issued by RBI in exercise of powers conferred by Section 45L of the RBI Act,
1934.
C) RBI cancelled the licence of the Nashik Zilla Girna Sahakari Bank Limited, in Nashik,
Maharashtra, since the bank does not have adequate capital and earning prospects.
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) issued the RBI (Prudential Regulations on Basel III Capital
Framework, Exposure Norms, Significant Investments, Classification, Valuation and Operation of
Investment Portfolio Norms and Resource Raising Norms for All India Financial Institutions)
Directions, 2023 which will be applicable w.e.f. April 1, 2024.
i. These were issued by RBI in exercise of powers conferred by Section 45L of the RBI Act, 1934.
ii. Applicability:
• These will be applicable to the five All India Financial Institutions (AIFIs) viz.
• Export-Import Bank of India (EXIM) Bank
• National Bank for Agriculture and Rural Development (NABARD)
• National Bank for Financing Infrastructure and Development (NABFID)
• National Housing Bank (NHB)
• Small Industries Development Bank of India (SIDBI)
iii. With an order dated 25th September 2023, RBI cancelled the licence of the Nashik Zilla Girna
Sahakari Bank Limited, in Nashik, Maharashtra, since the bank does not have adequate capital and
earning prospects.
• The bank does not comply with the provisions of Section 11(1) and Section 22 (3) (d)
read with Section 56 of the Banking Regulation Act, 1949.
89
89. Name the Bank that has recently (in Sep ‘23) collaborated with SahiBandhu to introduce
Door-Step Gold Loan service.
1) South Indian Bank
2) Karnataka Bank
3) HDFC Bank
4) RBL Bank
5) IndusInd Bank
Answer- 2) Karnataka Bank
Explanation:
Karnataka Bank Limited (KBL) introduced an innovative Door-Step Gold Loan service called “KBL-
Swarna Bandhu” for its customers in collaboration with SahiBandhu.
i. It enables complete digitalization of gold loan processes, allowing the bank to offer gold loan
services directly to customers at their doorstep. It also expands its Gold Loan Portfolio.
ii. SahiBandhu, a leading aggregator platform for gold loans supported by The Manipal Group.
