Banking & Economy April 2020 AC

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Banking, Finance & Economy PDF 2020 - April
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Banking, Finance & Economy Q&A: April 2020 .......................................................................................................... 73
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Banking, Finance & Economy News: April 2020

Virtual Meeting of G20 Trade and Investment Ministers: Piyush Goyal participates
On March 31, 2020 The G20 Trade and Investment Ministers meeting was held virtually where Union
Minister of Commerce & Industry Piyush Goyal participated through video conference.
Gist about the meeting
i.Piyush Goyal has urged the G20 nations to build a universal framework to boost the affordable access &
facilitate easy movement of health professionals across national borders to fight over COVID-19.
ii.He stated that nations should think over a framework under which critical pharma products, medical devices,
diagnostic equipment and kits and healthcare professionals can be deployed at short notice across territories
under a pre-agreed protocol.
iii.He stressed on the need to uphold multilateral commitments and improve its effectiveness to meet current
challenges.
iv.Members of the G-20 have agreed to the emergency measures designed to tackle covid-19 & they will
implement those measures which uphold the principle of international solidarity, considering other countries’
growing needs for emergency supplies and humanitarian aid.
Key Points
• India has urged its FTA (free trade agreement) partners to allow import of goods without an original
certificate as local authorities could not publish the document due to the lockdown in the country.
• He also stated that despite many challenges, India remains a reliable and affordable source of
efficient and high quality medical and pharmaceutical products to 190 countries across the world.
About G20:
The G20 is the premier assembly for international economic cooperation & also discusses financial and
socio-economic issues. The members are- Argentina, Australia, Brazil, Canada, China, France, Germany, India,
Indonesia, Italy, Japan, Mexico, Republic of Korea, Russia, Saudi Arabia, South Africa, Turkey, the United
Kingdom, the United States and the European Union (EU).
Current Presidency (2020)– King Salman bin Abdulaziz Al Saud- Saudi Arabia
Govt extended upto Rs 3 lakh crop loan interest benefits to farmers till May 31
On March 31, 2020, the government has extended the benefit of 2% interest subvention (IS) to banks and 3%
prompt repayment incentive (PRI) to all farmers up to May 31, 2020 for all crop loans up to 3 lakh which have
become due or are becoming due between March 1 and May 31, 2020. The decision has been taken due to the
national lockdown situation to prevent COVID-19 infection.
• The lockdown has restricted movement of people therefore farmers are facing difficulty in visiting
bank branches.
• Also, the hassle in timely sale and receipt of payment of their produce, farmers may be
facing monetary issues in repayment of their crop loans.
• This extension will help farmers to payback the loan and also become eligible for loans in next
financial year.
Point to be noted:
The government provides concessional crops loans to farmers through banks with 2% per annum interest
subvention to banks and 3% additional benefit on timely repayment to farmers. So, overall the govt. is
providing loans up to Rs 3 lakh at 4% per annum interest on timely repayment.
FPI limit in corporate bonds enhanced to 15% from 9% for FY21; FAR initiated for investment
in G-Secs by non-residents
On March 30, 2020, the Reserve Bank of India (RBI) has increased the foreign portfolio investment (FPI) limit
in corporate bonds to 15% of outstanding stock for FY 2020-21 from 9%to strengthen the segment of the
corporate bonds.The limit has been increased under sections 10(4) and 11(1) of the Foreign Exchange
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Management Act, 1999 (42 of 1999). Importantly, this move was proposed by Union finance minister Nirmala
Sitharaman during her FY20-21 budget speech.
• Currently, an investor can invest Rs 3.17 lakh crore in Indian corporate bonds through FPI but with
this hike investor can hold Rs 4.29 lakh crore of corporate bonds for the half year ended September
2020, and Rs 5.41 lakh crore for the half year ending March 2021.
RBI enabled FAR for investment by non-residents in G-Secs
Apart from raising FPI limit in corporate bonds, RBI has also enabled a Fully Accessible Route (FAR) for
investment by non-residents in government securities.
All new issuances of government securities of 5-year, 10-year and 30-year tenors from the FY20-21, will be
eligible for investment under the FAR.
• The limits for FPI investment in Central Government securities (G-secs) and State Development
Loans (SDLs) for FY 2020-21, separately.
• This scheme shall operate along with the two existing routes, viz., the Medium Term Framework
(MTF) and the Voluntary Retention Route (VRR),” the RBI said.
Following table showing the current limit for FPI in G-secs and SDLs
Category G-Sec General G-Sec Long Term SDL General SDL Long Term
FPI(Crore) 2,46,100 1,15,100 61,200 7,100
What is FPI?
It is an investment by non-residents in Indian securities including shares, government bonds, corporate bonds,
convertible securities, infrastructure securities etc. It should be noted that FPI does not provide direct control
over the assets or the businesses.
ICICI Bank launches banking services on WhatsApp

On March 31, 2020, the ICICI Bank has launched Whatsapp banking to assist its customers in meeting
the banking needs from homes during the lockdown.
Beneficiaries
• Any existing ICICI Bank Savings Account customer on WhatsApp can access the new service.
• The customer who has only an ICICI credit card can use the service to block/ unblock the card.
• The Non-ICICI Bank customers can also use this service to know the nearby location of the Bank’s
branches / ATMs.
Services provided
i.Banking services- Customers can check their Account balance, Last 3 transactions, Credit Card Limit, Block
/Unblock the card, get details of the pre-approved loan offer & also enquire about the travel, dining, shopping,
discounts and more offers around the customers.
ii.Other services- Customers can Track the delivery status of the Debit Card, Credit Card, Cheque Book and
Passbook, Check nearby ICICI Bank ATMs & branches
Process to avail the service
The customers need to save ICICI Bank’s Verified WhatsApp profile number, 9324953001 to their contacts and
send ‘Hi’ to this number using the mobile number registered with the bank.
About ICICI bank
Headquarters– Mumbai, Maharashtra
Managing Director & Chief Executive Officer (CEO)– Sandeep Bakhshi
In a 1st, BhartPe partners with ICICI lombard to launch ‘COVID-19 protection insurance cover’
for shopkeepers
On March 30, 2020, For the first time, BharatPe, a New Delhi-based startup that is doing payment transaction
business, has entered into the partnership with ICICI Lombard General Insurance Company Limited, a
general insurance company in India, to introduce ‘COVID-19 Protection Insurance Cover’ for shopkeepers,
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who are most affected financially due to Coronavirus (COVID-19) outbreak.

Key Points:
i.According to this policy, 100% of the sum assured will be paid to the policyholder for the diagnosis of
Coronavirus. This includes expenses incurred after hospitalization.
ii.The ICICI Lombard Health Cover, available on the BharatPe app, provided at a reasonable cost & offers a
premium starting from Rs 199 and a sum assured of Rs 25,000 and value-added benefits. Along with health
assistance,teleconsultation, ambulance assistance and many attractive offers have been made. It will cover
everyone in the age group of 18 to 65 years.
About BharatPe:
Headquarters– New Delhi
CEO & Co-founder– Ashneer Grover
About ICICI Lombard General Insurance Company Ltd:
MD– Bhargav Dasgupta
ADB grants $60 million to Aavas financiers to improve women’s access to housing in India
On March 31, 2020, Asian Development Bank (ADB), a regional development bank, has signed a loan
agreement worth of $60 million with affordable housing loan provider Aavas Financiers Ltd to provide
housing finance to women in low-income communities either as primary borrowers or co-borrowers.
Key Points:
i.The grant, provided under the ADB’s supporting access to housing finance for women and in lagging states
project, will help increase higher rates of property ownership for women in lower-income groups.
ii.At present, India saw the acute housing shortage of 18.7 million units in urban region & 43.7 million units in
rural region, that mostly affecting low-income groups, who are facing major problems in receiving mortgages
including a lack of documents to prove their incomes.
iii.Earlier the ADB announced to invest $100 million in Indian infrastructure sector through National
Investment and Infrastructure Fund (NIIF).
About Aavas Financiers Ltd:
Headquarters– Jaipur, Rajasthan
Managing Director and CEO– Sushil Kumar Agarwal
About Asian Development Bank (ADB):
Headquarters– Mandaluyong, Philippines
President– Masatsugu Asakawa
S&P lowers India’s growth forecast for FY21 to 3.5% from 5.2%
On March 31, 2020 Standard & Poor(S&P) Global Ratings has slashed down India’s growth forecast
to 3.5% from 5.2% for the Financial Year(FY)21.
Key points
i.The growth rate has been slashed due to the deteriorating credit conditions in the Asia-Pacific region as a
result of Covid-19 outbreak.
ii.It also expects a sharp growth at 7.3% in the Indian economy for FY22 & also has lowered India’s growth rate
to 5.2% from 5.7% before lockdown.
About S&P:
Headquarters– New York, United States
President and Chief Executive Officer(CEO)– Douglas L. Peterson
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IAG sold its 26% stake in SBI General Insurance for $310 mn
On March 30, 2020, Insurance Australia General (IAG) has sold its entire 26% stake in the SBI (State Bank of
India) General Insurance Co Ltd for USD 310 million (about Rs 2,325 crore) to Napean Opportunities LLP (an
affiliate of Premji invest)and WP Honey Wheat Investment Ltd (Warburg Pincus Group).
• As a result, IAG earned a net profit on the sale of its stake in SBI General Insurance for
approximately USD 310 million in the second half of FY20.IAG’s regulatory capital position also
increased by nearly USD 450 million.
• Importantly, Napean Opportunities LLP has acquired 16.01% interest whereas WP Honey Wheat
Investment Ltd acquired a 9.99% interest.
About SBI General Insurance
It was a joint venture between SBI and Insurance Australia Group where SBI owns 70% stake.
Establishment– 2010
Headquarter– Mumbai, Maharashtra
Chairman– Rajnish Kumar
Managing Director (MD) & Chief Executive Officer (CEO)– PushanMahapatra
HDFC Trustee company acquires 5.45% stake in SpiceJet

On March 30, 2020, HDFC Trustee Company Ltd, a wholly-owned subsidiary of Housing Development Finance
Corporation Limited (HDFC), has acquired 3.4 crore shares or 5.45% stake in Indian low-cost airline SpiceJet.
Key Points:
i.The shares were bought by HDFC trustee from the open market, where the SpiceJet’s shares were trading at
Rs 35.65 apiece, a reduction of 3.65% as against the previous close.
ii.The acquisition shows the confidence of HDFC in the airline, which has suffered a huge impact on their
businesses as travel has almost completely reduced due to the Coronavirus (COVID-19) pandemic.
About HDFC Trustee Company Limited:
It is an arm of HDFC Mutual Fund.
Chairman– Mr.Vimal Bhandari
About SpiceJet:
Headquarters– Gurugram, Haryana
Chairman & Managing Director– Mr Ajay Singh
The book titled- ‘Backstage: The Story Behind India’s High Growth Years’ authored by Padma
Vibhushan Montek Singh Ahluwalia
The Economist, civil servant & Deputy Chairman of the Indian Planning Commission, with the rank of Cabinet
Minister, from July 2004 to May 2014 & Padma Vibhushan awardee(2011) Montek Singh Ahluwalia authored
a book titled ‘Backstage: The Story Behind India’s High Growth Years’ which captures the essence of
policymaking between 1985 and 2014.
Key Points
i.The book states about India’s spectacular economic growth and its historic achievements in poverty
alleviation during the 10-year tenure of the United Progressive Alliance (UPA), as well as allegations of policy
freeze and corruption in India’s recent history & is published by Rupa Publication.
ii.He has served in a number of positions in Government of India like, – Special Secretary to the Prime Minister,
Commerce Secretary etc., and also worked with the World Bank & the International Monetary Fund.
Finance Minister participates in the 2nd Extraordinary G20 FMCBG virtual meeting
On March 31, 2020 Union finance & corporate affairs minister, Nirmala Sitharaman participates in the 2nd
Extraordinary G20 Finance Ministers and Central Bank Governors (FMCBG) virtual meeting to discuss the
impact of COVID-19 in the global economy & coordinate efforts to respond to this global challenge hosted by
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the Saudi Arabian Presidency.

Discussions made by Finance Minister
i.Supported the proposal of G20 Action Plan & highlighted that these will provide a chance for immense cross-
learning and critical insights.
ii.Made specific interventions to review & improve the International Monetary Fund (IMF) toolkit and further
expand the swap line network.
iii.Suggested that the IMF can develop innovative and unique mechanisms to meet COVID-19 financial
requirements, as policy space is severely restricted in most countries under these unprecedented
circumstances.
iv.Encouraged the IMF to use its current resources to create a non-stigmatised short-term cash flow swap
which can be used quickly when countries need it & also emphasized the need to allow countries to adapt to
new bilateral swap arrangements as needed.
v.Stressed the importance of ensuring the continual support of the financial system & revive the economy in
reference to the G20 leaders statement on regulatory and supervisory measures.
Background
The meeting was scheduled to follow up on the discussion on the extraordinary “Virtual Group of 20 (G20)
Leaders’ Summit” held on March 26, 2020 & the G20 Virtual Leaders Summit held on March 23, 2020.
COVID-19 outbreak: DGFT extends foreign trade policy 2015-20 for one year till March 2021
On March 31, 2020, Amid coronavirus (COVID-19) outbreak and the 21-days lockdown to contain the virus
spread, the Directorate General of Foreign Trade (DGFT), the agency of the Ministry of Commerce and
Industry of the Government of India (GoI), has extended the existing foreign trade policy (2015-20) for one
year till March 2021.
Key Points:
i.The existing Policy came into effect on 1st April, 2015, is valid for 5 years and was originally up to March 31,
2020.
ii.Now, the commerce ministry will continue to provide the relief under various export promotion schemes
such as Duty Free Import Authorisation (DFIA) and Export Promotion Capital Goods (EPCG) by granting an
extension of another one year.
iii.Some of the key points of the changes made in the foreign trade policy (FTP) includes- exemption from
payment of IGST & Compensation Cess on the imports, allowing duty-free import of inputs, which is physically
incorporated in the export product.The MEIS (Merchandise Export from India Scheme ) benefits would be
discontinued as rates will be fixed for products under the new scheme — Remission of Duties and Taxes on
Export Product (RoDTEP). Last dates for applying for various duty credit scrips (MEIS- Merchandise Exports
from India Scheme /SEIS- Service Exports from India Scheme /ROSCTL- Rebate of State and Central Taxes and
Levies)and other authorizations, an exemption to imports from bonded warehouse in domestic tariff region or
from the international exhibition held in India.
About Commerce ministry:
Union Minister– Piyush Goyal
Centre reduced small savingsschemes interest rates for Q1FY20-21; PPF interest lowered to
7.1%
On March 31, 2020, the Central government has decreased the Interest Rates on small savings schemes for the
first quarter (Q1-April to June) of FY 2020-21 by exercising the powers conferred under Rule 9(1) of
the Government Saving Promotion General Rules, 2018. This move has been suggested by the Economic
Survey 2019-2020 to bring small savings schemes interest rates on the lines of bank deposit rates which had
also been reduced on fixed deposits (FDs). Also, the high small savings interest rates for bid banks to cut their
deposit rates immediately.Starting from April 1, 2020, to 30th June 2020.
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• It should be noted that the Interest rate on public provident fund (PPF) scheme has been lowered
to 7.1 % for Q1FY 20-21 which is the lowest interest rate offered since 1977 or lowest in 43 years.
Following table showing the new interest rate rates with effect from April 1, 2020:
Previous Interest New Interest % Compounding
Instrument rate (%) rate (%) Change frequency
Savings deposit 4 4 0 Annually
1 year Time Deposit 6.9 5.5 -1.4 Quarterly
5 year Time Deposit 7.7 6.7 -1 Quarterly
5 year Recurring Deposit 7.2 5.8 -1.4 Quarterly
5 year Senior Citizen Savings

Scheme 8.6 7.4 -1.2 Quarterly and Paid
5 year Monthly Income Account 7.6 6.6 -1 Monthly and Paid
5 year National Savings

Certificate 7.9 6.8 -1.1 Annually
Public Provident Fund 7.9 7.1 -0.8 Annually
KisanVikas Patra 7.6 6.9 -0.7 Annually
SukanyaSamriddhiYojana 8.4 7.6 -0.8 Annually
Important Static Points regarding small saving schemes

The interest rates on small savings schemes are reviewed every quarter by the government. The formula to
arrive at the interest rates of the small savings schemes was given by the Shyamala Gopinath Committee.
Following is the brief information about small saving schemes
National Savings Certificate (NSC)
The National Savings Certificate is a fixed income investment scheme that one can open with any post office.
Investments of up to Rs.1.5 lakh earn tax benefits under Section 80 C of the Income Tax Act.
• Minimum investment amount- Rs 100
• Maximum investment amount- No Limit
• Maturity Period- 5 years and 10 years
Public Provident Fund (PPF)
Started in 1968, PPF is the most popular long-term saving-cum-investment scheme.
Investment Limits A minimum of Rs.500.00 subject to a maximum of Rs.1,50,000 per annum may be deposited.
• Minimum investment amount- Rs.500
• Maximum investment amount- Rs.1,50,000
• Maturity Period- 15-year with the facility to extend the tenure).
KisanVikas Patra (KVP)
Established in 1988, Kisan Vikas Patra is a certificate scheme from the Indian post office. Initially, it was meant
for farmers to enable them to save for long-term. Now it is available for all.
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• Minimum investment amount- Rs. 1000

• Maximum investment amount- No limit
• Maturity Period- 124 months
SukanyasamriddhiYojana (SSY)
Started in 2014, SSY is designed to provide a bright future for girl child including tax benefits under 80c.
• The minimum investment amount is Rs. 250 (Earlier it was Rs. 1000 in July 2018 GoI has reduced
the limit)
• Deposits in an account can be made till completion of 14 years, from the date of opening of the
account
• Maturity Period- On completion of 21 years from the date of opening of the account
RBI increases WMA limit to Rs 1.2 lakh crore for the first half of FY21
On April 01, 2020, India’s central bank, the Reserve Bank of India (RBI) in consultation with the Government
of India (GoI), has hiked the limit of Ways and Means Advances (WMA) for the centre to Rs 1.2 lakh crore for
the first half of the financial year 2020-21(FY21), up from Rs 75,000 crore in the first half of FY20, and Rs
35,000 crore for the second half of 2019-20.
Key Points:
i.Benefits: The increment will help state & central government to overtake the current mismatch in the cash
flow of their receipts and payments & will step up expenditure in the social sector, including health and
sanitation at the time of outbreak of the coronavirus (COVID-19) pandemic.
ii.Interest rate on the WMA: The interest rate on the WMA is the repo rate, which is currently at 4.40 % as per
7th Bi-monthly Monetary Policy Statement, 2019-20. The interest rate on the overdraft –OD (extension of
monetary limit) is 2 % over the repo rate or 6.40 %.
iii.Centre’s plan: Out of the total gross borrowings of Rs 7.8 lakh crore in FY21, the Centre government has
planned to borrow Rs 4.88 lakh crore, or 62.56 %, in the first half of the fiscal to mitigate the impact of
coronavirus pandemic on the economy, as compared to 62.25 % done in FY 20.
In order to increase the investor’s base, the centre also decided to issue the debt exchange traded fund (ETF)
consisting of government securities.
iv.The Budget 2020-21 proposed by Finance Minister Nirmala Sitharaman has decided that the Centre’s net
market borrowing including government securities (G-Secs) , treasury bills (T-bills) and post office life
insurance fund at Rs 5.36 lakh crore.
What is WMA?
The RBI provides temporary loan to the centre & state governments as a banker to the government. This facility
is called Ways and Means Advances (WMA) 7 it was introduced in the year1997. Under this facility, Centre and
states can borrow money from RBI for a period of 90 days.
If the WMA exceeds the limit of 90 days, it would be treated as an overdraft (OD). The interest rate on
overdrafts would be 2 % more than the repo rate.
Types of WMA: There are 2 types of WMA namely normal & Special WMA.
Special WMA / Special Drawing Facility (SDF):
It is available before availing of WMA and is offered against the collateral of the government securities held by
the state. The interest rate for SDF is 1% point less than the repo rate.
Normal WMA:
It is available after the state government has exhausted the limit of SDF, it gets normal WMA. Under this facility,
the number of loans offered based on a three-year average of actual revenue and capital expenditure of the
state.
About Reserve Bank of India (RBI):
Formation– 1 April 1935
Governor– Shaktikanta Das
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Deputy Governors– 4 (BP Kanungo, Mahesh Kumar Jain, Michael Debabrata Patra) & N S Vishwanathan ,who
is due to retire on July 3,2020, has resigned on March 5,2020.
RBI has revised norms for appointment & reappointment of MD & CEO
On March 31, 2020 Reserve of Bank (RBI) has notified regarding the revision of norms for appointment and
reappointment of Managing Director (MD) & Chief Executive Officer (CEO) of private sector & foreign banks.
New Norms
• Proposal of re-appointment should be submitted 6 months in advance from 4 months earlier.
• Proposal for appointment of new MD & CEO or CEO should consist of a panel of at least 2 names in
the order of preference(earlier was 3 names) & the proposal have to be submitted at least 4
months before the expiry of the term of present incumbent office.
Highlights
The revised form aims to enhance disclosure, improve transparency, gain more clarity in the information
sought, & also to comply with the requirements of the Companies Act, 2013.
Background
The change in norms for appointment of c-suites in banks comes after the intervention of RBI over the past two
years, in order to evict positions of private sector lenders and to reluctantly re-appoint foreign lenders.
What is c-suite?
C-suite or C-level describes the most important senior executives. It gets its name from the start letter C for
chief as in CEO, Chief Operating Officer(COO), Chief Financial Officer(CFO) & Chief Information Officer(CIO)
World Banks offers USD 1 billion for proposed COVID-19 Indian project
On April1, 2020 The World Bank has offered USD 1 billion to India for the proposed a 4 year COVID-
19 emergency response & health systems preparedness project which aims to develop the preparedness
of India’s health care systems in the time of the pandemic & also to respond and mitigate the pandemic.
Key Points
i.The project measures the progress on key indicators, such as the proportion of laboratory-confirmed cases of
Covid-19 who responded within 48 hours and the proportion of samples submitted for the confirmed Severe
acute respiratory syndrome coronavirus-2 (SARS-COV-2) laboratory testing within the World Health
Organisation(WHO) stipulated standard time.
ii.According to the project document, the government’s estimate is that the outbreak of COVID-19 will continue
in the coming years & so there needs to be a long-term strategy to tackle the next wave of disease.
iii.The funding is from its Covid-19 fast-track facility where both the entities (World Bank and the government
of India) will work by following the best international practice.
iv.Joint document states that one of the key features of this partnership is that the objective of these
components of the program is to reduce the spread of COVID-19 in India’s emergency response system for the
disease.
v.Both the parties stated that this will be achieved by providing immediate support to improve diagnostic
capability through surveillance capabilities, port health screening etc.,
RBI announced additional measures to tackle the economic fallout of COVID-19

On April 1, 2020 The Reserve Bank of India (RBI) has announced additional measures namely- relax the export
norms, increase in Ways & Means (WMA) limit & implement the counter cyclical capital buffer (CCyB) to
tackle the economic fallout due to COVID-19.
Brief about the measures
i.An extension of the realisation period of export proceeds
• RBI has extended the period of realization & repatriation of export proceeds for exports made upto
or on July 31, 2020 has been extended to 15 months from the date of export from within 9 months as
per the normal rules.
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• This measure will allow the exporters to realize their receipts, particularly from COVID-19 affected
countries within the extended period of time & also give exporters greater flexibility to negotiate
future export contracts with foreign buyers.
ii.Increase in WMA limit
The RBI has constituted an advisory committee chaired by Sudhir Shrivastava to review the WMA limits for
state government &Union Territories(UT), it has been decided to increase the WMA limit by 30% from the
current limit (Rs 1.20 lakh crore) for all states & UTs which is effective from April 1, 2020 & is valid till
September 30, 2020.
iii.Implementation of CCyB
Banks need not operate the CCyB for 1 year, which means banks could utilize the capital allocated for the
buffer.
What is CCyB?
i.Its main objective is to use capital buffers to achieve the broader macro prudential goal of protecting the
banking sector, which is often associated with creating system-wide risk from periods of excessive credit
growth.
ii.This framework considers the debt-to-GDP gap as a key indicator that can be used in conjunction with other
sub-indicators.
iii.The Basel Committee on Banking Supervision published Basel III: A global regulatory framework in
December 2010 for Highly Flexible Banks and Banking Systems, which outline global regulatory standards on
bank capital adequacy and liquidity, including CCyB & it was put in place by RBI in terms of guidelines issued
on February 5, 2015.
India’s 8 core industries growth registers 11-month high of 5.5% in February 2020
On March 31, 2020, According to the ‘Index of Eight Core Industries (Base: 2011-12=100) ‘ released by
the Ministry of Commerce & Industry, India’s 8 core industries grew 11 months high by 5.5 % to 132.9
in February 2020 as compared to the index of February 2019 with 125.9 due to increased production of coal,
refinery products and electricity.
Key Points:
i.The output pace of 8 core industries (coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and
electricity) registered a growth of 2.2 percent in February 2019. These industries account for 40.27 % in the
Index of Industrial Production (IIP).
ii.Coal, refinery products and electricity saw an increase of 10.3 %, 7.4 % and 11 % respectively. Fertilizer and
cement production increased by 2.9 % and 8.6 % respectively. However, in contrast, production declined in
crude oil, natural gas and steel sectors.
iii.This was the 4th consecutive month the index of core industries witnessed growth after 3 months of
contraction. Earlier in March 2019, the growth rate was recorded at 5.8 %. It registered a growth of 1.4 % in
January 2020.
About Ministry of Commerce & Industry:
Lakshminarayanan appointed as MD of Sundaram Home Finance

On March 31,2020, D. Lakshminarayanan, whole-time director of Sundaram Finance Limited, was appointed
as the MD (Managing Director) of its wholly owned home finance subsidiary, Sundaram Home Finance. He will
take charge on April 1, 2020 and will replace Srinivas Acharya.
Key Points:
i.Srinivas Acharya has been the company’s MD since 2010 & has been part of the Sundaram Finance Group for
almost 4 decades.
ii.The company had posted a total income of Rs 1006 crore and a net profit of Rs 145 crore for the financial
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year 2019.
About Sundaram Finance Limited:
M.D– T. T. Srinivasaraghavan. Chairman-S. Viji
Headquarters– Chennai,Tamil Nadu (TN).
Donations for PM-CARES Fund granted 100% tax exemption under IT Act, 1961
On March 31, 2020, the donations made under newly-formed Prime Minister’s Citizen Assistance and Relief in
Emergency Situations Fund (PM-CARES FUND) to provide assistance to the persons affected by the COVID-19
outbreak, are made eligible for 100% deduction under section 80G of the Income Tax (IT) Act, 1961.
• For this, the provisions of the IT Act are amended through the Taxation and other Laws
(Relaxation of Certain Provisions) Ordinance, 2020 which has also made the tax features of PM-
CARES Fund at par with Prime Minister National Relief Fund (PMNRF).
• It should be noted that the date for claiming deduction under section 80G of IT Act has been
extended up to June 30, 2020, so the donation made up to that date will be eligible for deduction
from income of FY 2019-20.
• Also, individuals and corporates paying concessional tax on the income of FY 2020-21 under the
new regime can make a donation to the PM CARES Fund up to June 30 and can claim a deduction
against income of FY 2019-20.
Corona Care: India’s first coronavirus hospitalization insurance by PhonePe for Covid-19
treatment
The accelerated pace of coronavirus is affecting mankind adversely despite government efforts for curbing the
situation. It is posing an additional financial burden on individuals or families to get hospitalization treatment
for COVID-19. To provide support for such cases, Digital payments company PhonePe has launched India’s first
COVID-19 hospitalization insurance policy called Corona Care in collaboration with Bajaj Allianz General
Insurance for people who have been infected and hospitalised for covid-19 treatment.
• The policy will provide an insurance cover of 50,000 on a one-time payment of Rs 156 for people
who are under 55 years of age.
• The insured person will be eligible for the claim only if he/she is diagnosed with COVID-19 after 15
days from the date of purchase of this insurance.
• The policy will be valid at any hospital that is offering treatment for covid-19. It will also cover 30
days of expenses on pre-hospitalization and post-care medical treatment.
For enrolment of policy, customers don’t need to undertake any medical tests. They can instantly purchase
through the PhonePe app’s My Money section while sitting at home amid lockdown.
About PhonePe:
Founder & Chief Executive Officer (CEO)– Sameer Nigam
Headquarter– Bengaluru, Karnataka
Bajaj Allianz General Insurance:
Managing Director (MD) & CEO– TapanSinghel
Headquarter– Pune, Maharashtra
SBI lists green bonds of USD 100 million on India INX

On April 2, 2020 the State Bank of India (SBI) has listed green bonds of USD 100 million (about Rs 750 crore)
under its USD 10 billion global medium-term note programme on India International Exchange Limited’s (INX)
Global Securities Market Green Platform (GSM).
i.SBI has adopted the green bond framework with the objective of creating a positive impact on the
environment & this transaction is considered as part of the sustainability journey.
ii.The funds raised by green bonds are used to finance green projects that do not discharge toxic elements.
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What is Green Bond?

It is a type of fixed income instrument that is specifically reserved for raising money to climate &
environmental projects so as to encourage sustainability. It is comparatively an attractive investment than a
comparable taxable bond, as it provides tax incentives such as tax exemption and tax credits.
About SBI
Global economy may shrink by almost 1% in 2020: UN-DESA

On April 2, 2020 the United Nations (UN) Department of Economic and Social Affairs (DESA) World Economic
Forecasting Model estimates that the global economy could shrink by 1% in 2020 due to the coronavirus
pandemic from an earlier forecast of 2.5%.
• The UN has also warned if the restrictions on economic activities are extended without adequate
fiscal responses, the decline could be even deeper.
Major Highlights
i.The analysis estimated best & worst scenarios for global growth in 2020
• In the best-case scenario, a moderate decline in private consumption, investment, exports and
offsetting increases the government spending in the G-7 countries and China, where global growth
will fall to 1.2% in 2020.
• In the worst-case scenario, the global output would contract by 0.9% is based on the demand-side
shocks of different magnitudes to Southeast Asia, US and the EU, as well as 50% decline in oil prices
against the baseline of USD 61 per barrel. In the 2009 global crisis, the world economy had
contracted by 1.7%.
ii.The severity of the economic impact will largely depend on 2 factors namely- the duration of restrictions on
the movement of people and economic activities in major economies; and the actual size and efficacy of fiscal
responses to the crisis.
India’s fiscal deficit likely to reach 6.2 % of GDP in 2020-21: Fitch solutions
On April 01, 2020, According to the Fitch Solutions, Inc, an American firm that offers credit market data,
analytical tools and other services, India’s fiscal deficit is expected to go up to 6.2 % of gross domestic product
(GDP) in fiscal year FY21 (April 2020 to March 2021), from 3.8 % of GDP previous estimates. The reason for
this is the economic stimulus package given to deal with the economic impact of the coronavirus (COVID-19)
epidemic.
Key Points:
i.The government had set a target of limiting the fiscal deficit to 3.5 % of GDP during the current financial year
FY 2020-21.
ii.As per Fitch, the ongoing 21-days lockdown to control the corona and its widespread impact will put
pressure on revenue collection (fall by 1% in 2020-21 as compared to 11.8 % growth in the past) and the
government may be forced to incur additional debt or higher dividends from the central bank for its spending.
iii.Earlier on March 30, 2020, Fitch, has lowered India’s GDP growth forecast to 4.6% for the fiscal year FY 21
(2020-21) from the previous estimate of 5.4%.
About Fiscal Deficit:
It happens when the total expenditure of the government is greater than the total revenue generated. The
borrowings of the government are not added in the revenue, but Fiscal deficit indicates the government’s
borrowings only.
About Fitch Solutions, Inc:
Parent organization– Fitch Ratings
Headquarters– New York, United States (US)
President – Brian Filanowski, Founder– John Knowles Fitch
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Paytm Money CEO-MD Pravin Jadhav resigns

On April 2, 2020, Pravin Jadhav, MD (Managing Director) and CEO (Chief Executive Officer) of Paytm Money,
resigned due to the issues related to employee stock options (ESOPs), annual salary and remuneration.
Key Points:
i.About Pravin Jadhav: Jadhav appointed as MD & CEO of Paytm money in September 2019. He joined Paytm
as a Consultant in June 2017. He also served as chief products & growth officers with Servify and Free Charge.
ii.About Paytm Money: Paytm (Pay through mobile) money is part of Paytm One 97 Communications’
growing consumer ecosystem, alongside Paytm, Paytm Mall and Paytm Payments Bank.
iii.Paytm money claims to have 50 lakh users, with a monthly growth of 15 to 20 percent.
About Paytm:
Founder, President & CEO (Chief Executive officer)– Vijay Shekhar Sharma.
Headquarters– Noida, Uttar Pradesh (UP).
25 lakh poor in AP to get house sites under Navaratnalu- Pedalandariki Illu programme
On April 1, 2020 The Andhra Pradesh (AP) Government has issued a modified set of guidelines for the
distribution of 25 lakh house sites to urban and rural poor under the Navaratnalu- Pedalandariki
Illu (Houses for All Poor) programme
• Apart from getting necessary approvals under Pradhan Mantri Awas Yojana (PMAY), It has been
working with Housing And Urban Development Corporation (HUDCO) and other organizations to
secure loans.
Highlights
i.The beneficiaries with white ration cards will be allotted house sites at a concessional rate of Rs 1 & a sum of
Rs 20 will be charged (Rs. 10 for stamp paper and Rs. 10 for lamination).
ii.The beneficiaries were noted that the site should only be used for constructing houses & the title deeds will
be in the form of conveyance deeds which contain security features like photographs, thumb impressions,
signatures of parties along with their details in addition to watermarks and emblems etc. on the stamp papers.
iii.The sale of vacant home sites is prohibited, but the beneficiaries after the construction of houses and
occupying them for at least 5 years can transfer if there is any need to meet the conditions laid down by the
banks and financial institutions.
iv.AP has postponed the distribution of sites to April 14, 2020 due to COVID-19, earlier it was scheduled on
March 25, 2020 (Ugadi).
Dr Jitendra Singh released National Corona Survey conducted in 410 districts

On April 2, 2020, Dr Jitendra Singh, Minister of State for Personnel, Public Grievances and Pensions released
the COVID- 19 National Preparedness Survey 2020. The survey will serve as a benchmark for policymakers
at National and State levels.
Objectives of the Survey: To develop a comparative analysis of COVID- 19 preparedness across States, to
access enabling factors in making institutional/ logistics/ hospital preparedness etc., and also to identify the
process-related deficiencies, in combating COVID-19 in all the districts of India.
Key Points:
i.The COVID-19 National Preparedness Survey 2020 was conducted in 410 Districts in the Country within 3
working days beginning on March 25, 2020.
ii.The reports of the survey are available at https://darpg.gov.in.
iii.The survey was conducted with responses from 410 civil servants who are providing field level leadership.
District Collectors & IAS (Indian Administrative Service) officers of (2014- 2018) batches who have served as
Assistant Secretaries in GOI (Government of India) participated in the survey.
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All standard health insurance policies to cover COVID-19 hospitalization treatment including
“Arogya Sanjeevani”: IRDAI
The COVID-19 hospitalization cases are increasing which posing financial burden on patients or their families
due to hospitalization expenses. As a financial relief measure to the COVID-19 positive cases, Insurance
Regulatory and Development Authority of India (IRDAI) has made the coverage of hospitalization
treatment costs of COVID-19 mandatory under standard health insurance product “Arogya Sanjeevani”. Apart
from this, Indemnity based health insurance products offered by all general and health insurance companies
will also cover the costs of hospitalization treatment on account of covid-19.
• The objective behind this move is support individuals who are seeking treatment in private
hospitals as in government hospitals the expenses the paid by government itself.
About Arogya Sanjeevani:
IRDAI in January, 2020 mandated all health and general insurance companies to offer a standard product called
the Arogya Sanjeevani policy starting 1st April 2020. In this regard 29 general and health Insurance companies
received clearance to market Arogya Sanjeevani.
• This policy offers coverage of between Rs 1 lakh and Rs 5 lakh for a period of one year. It will be
available in multiples of Rs 50,000.
• Minimum age for this policy is 18 years and maximum age is 65 years.
Click here to get the full list of 29 insurers:
About IRDAI
Establishment– 1999 (autonomous body), 2000 (statutory body)
Headquarters– Hyderabad, Telangana
Chairman– Subhash Chandra Khuntia
India’s economic growth decelerated to 4 pc in FY21 due to COVID-19 pandemic: ADO 2020
Asian Development Bank (ADB) in its Asian Development Outlook (ADO) 2020 has forecasted a slowdown in
Indian economic growth to 4% for the financial year 2020-21 due to the current global health emergency
raised by COVID-19. For FY 21-22 it has predicted Indian economic growth to 6.2%.
• On the region front, Asia and Pacific are expected to decline to 2.2% in FY 20-21 and then rebound
to 6.2% in 2021.
• Also, the growth in South Asia will downgrade to 4.1% in FY 20-21 and then recover to 6% in FY
21-22.
About ADB:
Headquarter– Philippines, Manila
President– MasatsuguAsakawa
World Bank approves $1 billion emergency funds for India: COVID-19

The World Bank has approved total aid of USD 1.9 billion for 25 countries to tackle COVID- 19 pandemic. The
largest amount of assistance was USD 1 billion for India followed by USD 200 million for Pakistan, USD 129
million for Sri Lanka, USD 100 million for Afghanistan and USD 83 million for Ethiopia.
Finance Ministry issues Rs 17, 287 crores to states to tackle COVID-19

On April 3, 2020, To deal with the coronavirus epidemic, the Finance Ministry has released Rs 17,287.08
crore to the states to consolidate their financial resources. Of this amount, Rs 11,092 crore has been given to
the States for the State Disaster Response Mitigation Fund (SDRMF). At the same time, the remaining Rs
6,195.08 crore has been released to 14 states under the distribution of ‘Revenue Deficit Grants’ as per the
recommendations of the 15th Finance Commission.
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Key Points:
i.The amount given to the states to set up a separate quarantine and other arrangements like sample collection
and screening, ventilators, medical gears etc. to prevent the spread of coronavirus (COVID-19).
ii.On March 28, 2020, the central government had asked the state & union territory (UT) to use state disaster
response funds & allocates Rs 29,000 crore for the fiscal year-FY 21 to provide food and shelter to migrant
workers. Subsequently, after the lockdown on 24 March, 2020, the states were allowed to use this fund to
prevent the return of large numbers of Migrant labour and to make arrangements for their stay, food and drink.
Home minister Amit shah approves Rs 11,092 crore for all states to deal with coronavirus
The Union Minister for Home Affairs, Shri Amit Shah has approved the release of Rs 11,092 crores to all
States under the State Disaster Risk Management Fund (SDRMF) for 2020-21 after the Chief Ministers raised
the issue of lack of funds in the state during a meeting through video conferencing with Prime Minister (PM)
Narendra Modi.
Key Points:
i.The 14 states are Andhra Pradesh (AP), Assam, Himachal Pradesh (HP), Kerala, Manipur, Meghalaya, Mizoram,
Nagaland, Punjab, Sikkim, Tamil Nadu (TN), Tripura, Uttarakhand, and West Bengal (WB).
ii.Under the SDRMF, the state of Maharashtra got the largest amount of Rs.1,611 crore, followed by Madhya
Pradesh ( Rs.910 crore) and Odisha ( Rs.802 crore), while out of the total Rs.74,340 crore revenue deficit
grants, Kerala received Rs.1,277 crore followed by Himachal Pradesh ( Rs.953 crore) and Punjab (Rs.638
crore).
About Finance ministry:
Union Minister– Nirmala Sitharaman
About Ministry of Home Affairs:
Fitch declined India growth forecast to 2% for FY21 from 5.1%

On April 3, 2020, Fitch Ratings has trimmed the Indian growth forecast for fiscal year (FY) 2020-2021
to 2% from 5.1% following the economic recession caused due to lockdown amid COVID-19 pandemic. This
would be the slowest growth in India over the past 30 years.
• On the global front, Fitch has predicted a contraction of 1.9% in GDP (Gross Domestic Product)
growth for FY 20-21.
Segments affected due to slowdown:
-The most affected segment by this slowdown is likely to be micro, small and medium-sized
enterprises (MSMEs) and the services on account of reduced spendings by consumers.
-Also the non-bank financial institutions (NBFIs) or non-bank financial companies (NBFCs) will face liquidity
issues due to limited cash buffers and borrower’s inability to repay their loans. Already fitch ratings have
downgraded long-term issuer default ratings (IDRs) of three NBFCs viz. Shriram Transport Finance Company
Limited (STFC), Muthoot Finance Limited (MFL) to BB from BB, and of India Infoline Finance Limited (IIFL) to
B+ from BB+.All their ratings have been placed on rating watch negative (RWN).
SEBI whole time member (WTM) Madhabi Puri Buch gets 6 month extension
On April 3, 2020, The Government has extended the appointment of Madhabi Puri Buch as a whole time
member (WTM) of the Securities and Exchange Board of India (SEBI) by a period of 6 months (till October 4,
2020).
Key Points:
i.She was appointed as a WTM of SEBI for a period of 3 years in April 2017 whereas all the appointed members
and Chairman of SEBI were only men from the public sector, Reserve Bank of India (RBI) or the Indian
Administrative Service (IAS).
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ii.About Madhabi Puri Bach: She was not only the first woman to be appointed as a WTM of SEBI but also the
first person from the private sector. In SEBI, she handles a range of departments from market and market
intermediaries regulation to integrated surveillance and economic and policy analysis.
iii.Before joining SEBI, Madhabi Bach served as consultant to the New Development Bank in Shanghai and also
headed the Singapore Office of the private equity firm, Greater Pacific Capital. She also served as MD (Managing
Director) & CEO (Chief Executive Officer) of ICICI Securities Limited.
About SEBI:
Headquarters– Mumbai, Maharashtra.
Chairman– Ajay Tyagi.
Tamil Nadu topped in micro-irrigation coverage under PMKSY for FY 2019-20

The state of Tamil Nadu has topped the all-India level for micro-irrigation (MI), under Pradhan Mantri Krishi
Sinchayee Yojana (PMKSY), with coverage of 2,06,853.25 ha for the year financial year 2019-20. The state is
followed by Karnataka and Gujarat with 1,41,103.56 Ha and 1,08,322.00 Ha of coverage respectively.
• On the other hand, the cumulative total coverage of MI during 2015-2020 has been topped
by Karnataka (8,15,690.31 ha) followed by Andhra Pradesh (7,17,421.08 ha) and Gujarat
(7,00,858.35 ha). Tamil Nadu occupies the fourth spot with about 5,62,059.11 ha.
• At the all-India level, 43.71 lakh ha of land were brought under micro irrigation in the last 5 years.
How MI cover increased in TN?
During the inaugural year of the MI programme (2015-16), Tamil Nadu had just 32,290 hectares under micro-
irrigation. After that the State government had started providing additional subsidy to what was provided by
the Centre to small and marginal farmers and big farmers through a website “Micro Irrigation Management
Information System” (MIMIS). They have also removed 12% goods and services tax (GST) on MI
components.The state has provided options to farmers for the purchase of MI components by identifying 45
firms.
About Pradhan MantriKrishiSinchayeeYojana (PMKSY)
Initiated in 2015, with an outlay of Rs.50,000 crore in five years, PMKSY aimed at improving on-farm water use
efficiency through a number of measures such as MI.This programme promotes the“more crop per drop”
concept by focussing on water-saving technologies with an objective of “HarKhetkoPani”.
Govt nominated IOB & HDFC Bank for collecting donations of PM CARES Fund
After State Bank of India (SBI), now State-owned Indian Overseas Bank (IOB) and private lender Housing
Development Finance Corporation (HDFC) Bank have been nominated for the collection of donations for Prime
Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM-CARES Fund), which was set up on
March 28, 2020 to raise money for providing relief to the affected due to Coronavirus outbreak.
• The contributions can be made by RTGS, NEFT, IMPS, cheques and demand drafts were drawn in
favour of PM-CARES Fund.
• One can also remit contributions directly by electronic clearing system (ECS) to the designated
savings bank account of nominated banks.
• It should be noted that all donations are entitled to 100% income tax exemption under Section 80G
of the Income Tax Act, 1961.
About HDFC
The HDFC group has contributed Rs.150 crores to the PM-CARES Fund.
Managing Director (MD)– Aditya Puri
Tagline– We understand your world
Digital Assistant– EVA
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About IOB
Headquarters– Chennai, Tamil Nadu
MD & Chief Executive Officer (CEO)– KarnamSekar
Tagline– Good people to grow with
USAID announces $2.9 million aid to India to fight Coronavirus

On April 6, 2020, The US (United States) Government, through its aid agency USAID (United States Agency for
International Development), has announced a grant of USD (United States Dollar) 2.9 million to India to fight
against Coronavirus.
Key Points:
i.US ambassador to India Kenneth Juster mentioned that the assistance will further support India’s response to
COVID-19 (Coronavirus).
ii.The US government, through USAID (one of the leading aid agencies globally), the Centers for Disease Control
and Prevention (CDC), and other relevant agencies, is working closely with India to fight against COVID-19.
iii.The funds will support the USAID’s health strengthening project, implemented by Jhpiego, an international
non-profit health organization affiliated with John Hopkins University and will also support World Health
Organization (WHO) initiatives in India.
About USAID:
Headquarters– Washington D.C., US (United States).
Motto– “From the American people”. Administrator– Mark Green
RBI relaxed the norms of State/UT to avail overdraft

On April 7, 2020 The Reserve Bank of India (RBI) has decided to increase the number of days that a State/UT
can continue to overdraft to 21 working days from the current stipulation of 14 working days as they are
facing cash flow mismatches due to coronavirus.
Key Points
i.In addition, the number of days that a State/UT can overdraft in a quarter has also been increased to 50
working days from the current stipulation of 36 working days, while all other stipulations remain unchanged.
ii.The new arrangement is effective immediately and is valid until September 30, 2020. If the WMA exceeds
90 days, it would be treated as overdraft. RBI has now extended this overdraft facility by 7 days.
iii.It has also increased the Ways and Means Advances (WMA) limit by 30% from the existing limit (Rs 1.20
lakh crore) for all States/UTs which was effective from April 1, 2020 & is valid till September 30, 2020.
Airtel Payments Bank joined hands with Bharti AXA to offer COVID-19 insurance plans
Airtel Payments Bank has collaborated with Bharti AXA General Insurance to offer financial protection for
COVID-19 via two different health insurance plans. The plan named “Bharti AXA Group Health Assure
Policy” offers a lump sum benefit of Rs 25,000 and the other plan “Group Hospital Cash” will offer a daily
benefit of starting Rs 500.
• It should be noted that both are ‘Need-Based Insurance’ covers with a validity of one year and
there is no mention about the minimum and maximum age limit to avail this policy.
Bharti AXA Group Health Assure Policy
Priced at Rs 499 (including GST), it comes with a fixed cover offering 100% sum insured as a lump sum, if the
policy holder is diagnosed positive or gets quarantined in a government hospital or military
facility/establishment.
• In the case that the policyholder is tested negative after being quarantined for at least 14 days in a
government hospital or military facility/establishment, the companies will provide 50% of the sum
insured. The policy becomes effective from the day one of the purchase.
Group Hospital Cash Policy:
Under this, per day fixed allowance on hospitalization with enhanced Intensive Care Unit (ICU) cash is
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provided. Per day benefit of Rs 500 or Rs 1000 is paid for each day of hospitalization, up to maximum for 10
days.
About Airtel Payments Bank:
Chairman– Sunil Bharti Mittal
About Bharti AXA General Insurance:
Chief Executive Officer (CEO) & Managing Director (MD)– Sanjeev Srinivasan
‘Force majeure’ not applicable to COVID-19 death claims in life insurance policies
In a move to reassure COVID-19 health policy holders, the Life Insurance Council of India has confirmed that
the clause of ‘Force Majeure’ will not apply in case of COVID-19 death claims and it is applicable for both state-
run and private life insurance players.
What is Force majeure?
Originated as a term in French law in the 1880s, it states that in the event of any force majeure or disaster that
affects the normal functioning of the life insurer then it can temporarily suspend the claims by making the
contract null or invalid. Force majeure events include an Act of God or natural disasters, war or war-like
situations, labour unrest or strikes, epidemics, pandemics, etc.
About Life Insurance Council
It is a forum that connects various stakeholders of the insurance sector. It coordinates all discussions between
the Government, Insurance Regulatory and Development Authority of India (IRDAI), and the public.
PNBHF enters into agreement with JICA, Citibank to raise USD 100 million
On April 7, 2020 The Punjab National Bank Housing Finance (PNBHF) has signed an agreement with Japan
International Cooperation Agency (JICA) to raise USD 75 million (about Rs 566 crore) & with Citibank for USD
25 million (about Rs 188 crore) to provide loans to affordable housing segment so as to improve the lives of
low-income households & to promote sustainable economic growth in India.
Key Points
i.It is a 5 year long term loan which helps to balance the company’s Asset Liability Management (ALM) position.
ii.It is JICA’s first debt funding in India’s housing finance sector.
About PNBHF:
Headquarters– New Delhi, India
Managing Director (MD) & Chief Executive Officer (CEO)– Sanjaya Gupta
About JICA:
Headquarters– Tokyo, Japan
President– KITAOKA Shinichi
About Citibank:
CEO Asia -Pacific– Peter Babej
DGFT lifted export restriction on 24 pharma ingredients, medicines

On April 6, 2020, the Directorate General of Foreign Trade (DGFT) under Ministry of Commerce & Industry
has removed export restrictions on 24 pharma ingredients including 12 active pharmaceutical ingredients
(API) and 12 formulations by exercising the powers conferred by Section 3 of the Foreign Trade (Development
& Regulation) Act, 1992. In this regard, amendment has been made in the chapter 29 and 30 of the Schedule 2
of the ITCHS (Indian Trade Clarification based on Harmonized System) Export Policy, 2018 which is related
APIs and formulations.
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• It should be noted that the outbound shipments of paracetamol and its formulations continue to
remain restricted or need a license from the government to get exported.
• The APIs which got free from restrictions include vitamins B1, B6 and B12, tinidazole,
metronidazole, acyclovir, progesterone, chloramphenicol etc. Click here to get full list.
Background:
DGFT had restricted the exports of 26 bulk drugs and their formulations on March 3, 2020 to ensure there is no
shortage of drugs in India. Importantly, almost 30% of India’s pharma are exported to North America, 16% to
Europe and 17% to Africa.
About DGFT:
Director General– Amit Yadav
Headquarter– New Delhi
Smart cities joining hands with medical practitioners to provide online consultation;
Ahmedabad India’s No.1 Smart City
To keep the social distancing norm fulfilled amid COVID-19, smart cities are collaborating with certified doctors
and health experts to provide online medical consultation facilities to citizens. This decision of collaboration
was taken on the lines of guidelines issued by the Ministry of Health and Family Welfare (MoHFW) along with
NITI (National Institution for Transforming India) Aayog and Indian Medical Council (ICM) to allow remote
delivery of medical services during the lockdown period.
• Under this doctors can write prescriptions based on telephonic, textual or video conversations —
chat, images, messaging, emails, fax and others. This will reduce the risk of Covid-19 spread.
Ahmedabad again named as India’s No.1 Smart City
The city of Ahmedabad in Gujarat has been ranked as the top Smart City in India for its execution of smart
projects in handling COVID-19 pandemic. The Command and Control Centre of Ahmedabad’s Smart City
Development Ltd (SCDL) has played a key role in this achievement with proper enforcement and monitoring of
lockdown.
Key Initiatives taken by Command and Control Centre of SCDL:
-It carried out surveillance through the 3,500 cameras installed all across the city. In case, any violations
found, police actions were taken against the offenders.
-Initiation of vegetable-on-wheels, as part of which e-rickshaws visits residential societies to facilitate sale of
vegetables.
-Helpline number ‘155303’ is provided for senior citizens to avail essential goods and can also complain about
lack of services or improper civic work on this helpline.
-Variable messaging display screens have also been put up at 38 locations in the city to educate citizens about
precautions to be taken against coronavirus.
SAARC Development Fund allocates USD 5 million for COVID-19 projects

On April 7, 2020 The South Asian Association for Regional Cooperation (SAARC) Development Fund (SDF) has
allocated USD 5 million (about Rs 38 crore) for COVID-19 projects in 8 member countries, in an effort to
mitigate the financial losses and severe socio-economic impact of the pandemic.
Key Points
i.The approval process, project implementation, funding disbursement, management, monitoring and reporting
will be in accordance with the existing SDF-Board approved policy and the procedures of the SDF and social
Window.
ii.This project will be funded by the SDF under its Social Window thematic areas. SDF’s social window primarily
funds projects on poverty alleviation, social development focusing on education, health, and human resource
development, among others.
iii.Currently, SDF operates 90 projects in SAARC countries under its 3 funding windows, with a total financial
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commitment or allocation of USD 198.24 million.

About SAARC:
8 members– Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka.
Headquarters– Kathmandu, Nepal
Secretary General– Esala Ruwan Weerakoon
About SDF:
The 1st funding mechanism of SAARC was created in 1996 in the name of- South Asian Development Fund
(SADF), merging the SAARC Fund for Regional Projects (SFRP) and the SAARC Regional Fund. The SADF was
reconstituted into the SDF. It is created to promote the welfare of the people of the SAARC region. It has 3
funding windows- Social Window, Economic Window and Infrastructure Window.
Chief Executive Officer (CEO)– Sunil Motiwal,Headquarters– Thimphu, Bhutan
Bank of Baroda initiated four schemes for agri sector to tackle COVID-19 impact
In a bid to provide financial relief to the agriculture sector which is under distress due to COVID-19, the Bank of
Baroda (BoB) has initiated four agro schemes for Women Self Help Groups (SHGs), Farmer Producer
Organizations (FPO/FPC) and farming community. It should be noted only the existing borrowers of
BoB whether individual or FPO or SHG are eligible for the schemes. Following are the four schemes launched
by bank:
Additional Assurance to SHGs- COVID-19
To provide immediate financial assistance to the Women SHGs to meet the emergent needs of its members for
their domestic and agriculture purposes.
• Minimum Loan Amount– Rs.30,000 per SHG group.
• Maximum Loan Amount– Rs.1 Lac per member and Rs.10 lacsper SHG Repayment Period–
Monthly / Quarterly. The entire tenure of the loan shall not exceed 24 months.
Baroda Emergency Credit Line for Farmer Producer Organization (FPO/FPC)
It is an emergency credit line for FPO/FPC to deal with tremporary liquidity mismatches arised out of COVID-
19.
• Loan amount– 10% of the combined limits sanctioned to FPO / FPC with Max amount of
Rs.5,00,000/- (Rupees Five lakhs only), moratorium period for a maximum of 6 months.
• Repayment Period– Monthly / Quarterly with a tenor of 36 months.
Baroda Special Scheme for existing Agriculture Investment Credit borrowers
It is an instant credit for farming community to meet the emergent funds requirements for farm maintenance
and other farm related activities due to the COVID-19 pandemic.(The limit stands at 10% of other agriculture
sanction limit)
• Minimum Loan amount– Rs.10000
• Maximum Loan amount– Rs.50000
• Repayment Period– Half yearly / Yearly instalments
Baroda Special Scheme for existing BKCC borrowers impacted by COVID-19
It is an instant credit for farming community who are existing Baroda Kisan Card (BKCC) account holders.(The
limit stands at 10% of other agriculture sanction limit)
• Minimum Loan amount– Rs.10000
• Maximum Loan amount– Rs.50000
• Repayment Period– 6 Half yearly / 3 Yearly instalments
About BoB:
Headquarters– Alkapuri, Vadodara
Tagline– India’s International Bank
Managing Director & Chief Executive Officer (CEO)– Sanjiv Chadha
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SIDBI offers emergency working capital of up to Rs 1 crore to SMEs

On April 7, 2020 The Small Industries Development Bank of India (SIDBI) has announced that it will provide
emergency working capital of up to Rs 1 crore to Small and Medium Enterprises (SMEs). The SIDBI Assistance
to Facilitate Emergency response against coronavirus (SAFE) loan limit has been increased to 2 crores from Rs
50 lakhs.
Gist about SAFE scheme
i.It is a financial assistance program launched by SIDBI for (Micro, Small & Medium Enterprises) MSMEs that
engage in the manufacturing of products (hand sanitizers, masks, gloves, head gear, bodysuits, shoe covers,
ventilators, goggles, among others) or offer services to combat the novel coronavirus.
ii.It will enable MSMEs to acquire equipment, plant and machinery, other assets including raw materials
required for production or delivery of services & also to meet additional emergencies to ramp-up supplies of
these essential products.
iii.The loans have a fixed rate of interest of 5 % with a repayment tenure of 5 years.
iv.They are collateral free loans & will be sanctioned within 48 hours of applying and submission of documents
digitally.
v.Apart from this, SIDBI has opened an additional financial window for the healthcare sector under its flagship
scheme called SIDBI Make in India Soft Loan Fund for Micro Small and Medium Enterprises (Smile).
About SAFE plus
It will be offered collateral free and disbursed within 48 hours. The assistance is Maximum upto Rs 100 Lakh (is
linked to turnover of the unit).
About SIDBI:
It is set up on 2nd April 1990 under an Act of Indian Parliament. It acts as a Principal Financial Institution for
Promotion,Financing and Development of the Micro, Small and Medium Enterprise (MSME) sector as well as for
coordination of functions of institutions engaged in similar activities.
Headquarters– Lucknow, UttarPradesh
Chairman & Managing Director (MD)– Mohammad Mustafa
Parag Raja appointed as MD & CEO of Bharti AXA Life Insurance

On April 8, 2020, Bharti AXA Life Insurance Company appointed Parag Raja as the new MD (Managing
Director) & CEO (Chief Executive Officer). The appointment will be subject to the requisite approval from the
Insurance Regulatory and Development Authority of India (IRDAI). Parag Raja will be the successor of Vikas
Seth.
Key Points:
i.About Parag Raja: Raja served as the Chief Distribution Officer at Aditya Birla Sun Life Insurance (ABSLI)
where he is responsible for planning & executing the strategic direction for expanding the company’s footprint
across India.
ii.He was also one of the founding members of the Max Life Insurance and worked with the company for 15
years.
iii.Raja has a total experience of nearly 21 years, including 19 years in the life insurance industry.
About Bharti AXA Life Insurance:
COVID-19 risked 400 mn Indian workers to face poverty: ILO Monitor 2nd edition Report
The impact of COVID-19 is gaining momentum on the negative front. In order to prevent coronavirus spread
and to save lives our Indian economy has put lockdown in the whole nation which is adversely affecting the
market and labour specially in the unorganized sectors. Recently the International Labour Organization (ILO)
has released a report titled ‘ILO Monitor 2nd edition: COVID-19 and the world of work- Updated estimates
and analysis’ which has also stated that about 400 million people working in the informal economy in India
are at risk of falling deeper into poverty due to the coronavirus crisis.Current lockdown measures in India are
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at the high end of the University of Oxford’s COVID-19 Government Response Stringency Index, which
have forced many of the workers to return to rural areas. This report is a follow-up of first edition of the ILO
Monitor regarding COVID-19.
• On the global front, employment losses are rising rapidly as there are two billion people working in
the informal sector (mostly in emerging and developing economies).
• As of April 1, 2020, ILO’s new global estimated that there are chances of expulsion of 195 million
full-time jobs or 6.7% of working hours globally in the second quarter of 2020.
Key Points from ILO Report:
-The coronavirus pandemic is the worst global crisis since World War II. Four out of five people (81%) in the
global workforce of 3.3 billion are currently affected by full or partial workplace closures.
-Along with India, the number of workers in the informal economy of Nigeria and Brazil are also facing the
same crisis due to lockdown.
–Most affected region: Arab States are facing severe decline in the working hours and employment with 8.1%
reduction in working hours which is equivalent to 5 million full-time workers. These are followed by Europe
(7.8%, or 12 million full-time workers) and Asia and the Pacific (7.2%, 125 million full-time workers).
–Most affected income group: Huge losses are expected across different income groups but especially
in upper-middle income countries (7.0%, 100 million full-time workers).
–Most affected sectors: Sectors which are at high risk are Accommodation and food services, Real estate;
business and administrative activities, Manufacturing, and Wholesale and retail trade; repair of motor vehicles
and motorcycles.
Measures needed to revive the COVID-19 impact; focused on 4 pillars
The tragic situations facing by the workers and businesses in both developed and developing economies need
urgent measures for revival through international cooperation. As per report large-scale, integrated, policy
measures were needed, focusing on four pillars:
• Supporting enterprises, employment and incomes
• Stimulating the economy and jobs
• protecting workers in the workplace
• Using social dialogue between government, workers and employers to find solutions
Click Here for Full Report
About ILO:
It is a specialized agency of the United Nations (UN).
Member States– 187 (including India)
Director General– Guy Ryder
Headquarter– Geneva, Switzerland
Goldman Sachs lowers India’s growth forecast for FY 21 to 1.6% from 3.3%
On April 8, 2020 an American multinational investment bank and financial services company, Goldman
Sachs lowered India’s growth forecast for Financial Year (FY) 21 from 3.3% (estimated on March 22, 2020)
to 1.6% due to the lockdown & social distancing measures so as to control the COVID-19 pandemic spread.
Key Points
i.It stated that the revised growth will be deeper when compared to the recession India has experienced in
1970’s, 1980’s & 2009.
ii.Many analysts like Fitch, Moody are downgrading India’s growth rate due to the pandemic.
About Goldman Sachs:
Chairman & Chief Executive Officer (CEO)– David M. Solomon
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India’s FY21 GDP projected at 4.8%;Asia-Pacific needs $880 mn/year health emergency fund
amid COVID19: UN report
In accordance with the United Nations (UN) Economic and Social Commission for Asia and the Pacific
(ESCAP) report titled, “Economic and Social Survey of Asia and the Pacific (ESCAP) 2020: Towards sustainable
economies” India’s Gross Domestic Product (GDP) growth for FY 20-21 is likely to be declined to 4.8% due to
terrible economic impacts caused by COVID-19.
• On the other hand, Economic growth for the country could stand at 5.1% for fiscal year 2021-22.
• It should be noted that our Finance Minister Nirmala Sitharaman had projected India’s GDP growth
of 6-6.5% while presenting economic survey 2020-21, up from 5% estimate for 2019-20.
Developing nations in Asia-Pacific need to hike health emergency spending by $880 mn/year
The report has recommended developing countries of Asia-Pacific to increase their healthcare emergency
spending by USD 880 million per year amid the coronavirus pandemic. It also stated that these countries should
establish a regional fund to respond to future health emergencies.
• Point to be noted: During a video meet by India to South Asian Association for Regional
Cooperation (SAARC) leaders to coordinate virus containment measures, India proposed the
establishment of a COVID-19 emergency fund under SAARC and offered an initial contribution
of $10 million in this regard.
Prolonged covid-19 will disrupt pharmaceutical supplies for India, China
Pharmaceutical industry is facing shortages in the supply of raw materials due to lockdown in particular
sectors/regions of the economy or in the whole nations. India is producing 20% of the world’s drug supply by
volume, for which 70% of the raw material is imported from China for manufacturing such pharmaceuticals. If
the
Asia-Pacific Region-A Power Engine
It is only the Asia-Pacific region which has largely enhanced its access to basic services, such as health care,
education and electricity and tripled the income of persons. As a result, about one billion people have been
lifted out of extreme poverty mostly in China and India in the past two decades. This region has caliber to
overcome the effects of the global pandemic by strengthening cooperation and coordination.
About UN-ESCAP:
Headquarters– Bangkok, Thailand
Members States– 53 members (including India) and 9 associate members.
Executive Secretary– Ms. Armida Salsiah Alisjahbana
Jeff Bezos tops, Mukesh Ambani ranked 17th: 34th Forbes billionaires List 2020
On April 9, 2020 Forbes published the 34th annual list of Global Billionaires 2020 which topped Amazon
Founder and Chief Executive Officer (CEO) Jeff Bezos for the 3rd time, followed by Microsoft co- founder and
chairman of Bill & Melinda Gates Foundation Bill Gates. The chairman & managing director of Reliance
Industries Mukesh Ambani (17th) topped the Indian list, followed by The founder of Avenue
Supermarts Radhakishan Damani & family (65th).
Key Points
i.The Chairman and CEO of Louis Vuitton Moet Hennessy (LVMH) Bernard Arnault is positioned in 3rd place
globally followed by Berkshire Hathaway’s founder Warren Buffett in 4th with USD 75.4 billion of net worth.
ii.The co-founder of Hindustan Computers Limited (HCL),Shiv Nadar (116th) is positioned in 3rd in Indian list
followed by the founder of Kotak Mahindra Bank Uday Kotak (136th) with net worth of USD 11.0 billion.
iii.Alice Walton (11th) only daughter of Walmart founder Sam Walton tops the women’s list with a net worth of
USD 54.1 billion, followed by Francoise Bettencourt Meyers (17th) the granddaughter of L’Oreal’s founder(She
& her family own 33% of L’Oreal stock) with USD 52.8 billion, and Julia Koch who is positioned in 42nd ( she
and her 3 children inherits & of stake in Koch industries) with USD 41.7 billion.
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Ranking Table
GLOBAL LIST
Rank Name Net worth (USD- billion)
1 Jeff Bezos 124.7
2 Bill Gates 103.4
3 Bernard Arnault & family 89.8
INDIA’S TOP LIST
17 Mukesh Ambani 44.3
65 Radhakishan Damani & Family 16.6
116 Shiv Nadar 12.4
Forbes
It is an American business magazine which releases a list of the world’s top billionaires every year. In 2020 it
has ranked 2095 billionaires from 2,153 in 2019, where 267 people dropped this year’s list & 1062 individuals
have dropped in their fortunes due to the coronavirus pandemic & unstable markets.
CEO– Michael Federle
Headquarters– New york, United States
Anamika Roy Rashtrawar appointed as MD & CEO of IFFCO Tokio General Insurance
On April 9, 2020, Anamika Roy Rashtrawar was appointed as MD (Managing Director) and CEO (Chief
Executive Officer) of IFFCO Tokio General Insurance. She was the successor of Warendra Sinha.
Key Points:
i.About Anamika Roy: She was the first woman MD and CEO of a large private sector IFFCO Tokio general
insurance company.
ii.She joined the company as a whole-time director in June 2018 and spearheaded the company’s business
transformation project by expanding operations in tier -II, III, IV towns.
iii.Anamika Roy is a dynamic woman leader who has been on the board of the company and has successfully
led many businesses in the company, especially the digitalization projects.
About IFFCO Tokio General Insurance:
IFFCO- Tokio General Insurance Company Limited was incorporated in 2000, as a joint venture between the
Indian Farmers Fertilizer Co-operative (IFFCO), which is the world’s largest fertilizer producer in India and
Tokio Marine Group, which is one of the largest insurance groups in Japan.
Headquarters– Gurugram, Haryana.
Chairman– Mr. K. Srinivasa Gowda.
Centre approves extension of Bank Board Bureau members’ tenure by 2 years

On April 8, 2020, According to the Department of Financial Services, the Appointments Committee of the
Cabinet (ACC) has approved the extension of tenure of all members and the current part-time chairman of
the Bank Board Bureau(BBB) by 2 years, which is coming to an end on April 11,2020.
Key Points:
i.Bhanu Pratap Sharma,the former Secretary in the Department of Personnel and Training, will continue to hold
the post of part-time member of the board.
ii.Other part-time members of the board include Vedika Bhandarkar, former MD (managing director) of Credit
Suisse; P Pradeep Kumar, former MD of State Bank of India (SBI); and Pradip P Shah, founder MD of rating
agency CRISIL.
About Banks Board Bureau (BBB):
Headquarters– Mumbai, Maharashtra, Chairman – Shri Bhanu Pratap Sharma
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In February 2016, the government formed the Banks Board Bureau and was given the responsibility of deciding
candidates for the top positions in public sector banks and financial institutions.
GoI approved Rs.15000 cr for COVID-19 Emergency Response and Health System Preparedness
Package
On April 9, 2020, Indian Government has approved Rs.15000 crores for ‘India COVID-19 Emergency Response
and Health System Preparedness Package’ to build health infrastructure in states and UTs till March 2024. Of
the 15,000 crore, Centre would release Rs.7,774 crore for immediate COVID-19 Emergency Response use till
June 2020 and the rest will be set for medium-term support of 1-4 years.
• The package will be given to state governments and Union Territories on the basis of their size and
number of positive cases.
• It is to be provided in three phases — January 2020 to June 2020, July 2020 to March 2021 and
from April 2021 to March 2024.
Objective:
The objective of this package is to limit the spread of COVID-19 through the development of diagnostics and
dedicated treatment facilities. This will allow the state government to ramp up the number of Corona testing
facilities, Personal Protective Equipment (PPE), Isolation Beds, ICU beds, ventilators and other essential
equipment.
Points to be noted:
The overall process of the package will be implemented under the overall umbrella of the Ministry of Health
and Family Welfare (MoHFW). It is authorized to re-appropriate resources among the various implementation
agencies (National Health Mission, Central Procurement, Railways, Dept of Health Research/ICMR, National
Centre for Disease Control) as per the evolving emergent situation.
• MoHFW has already disbursed Rs. 4113 Crore to all the States and UTs for dealing with the
emergency COVID response.
Flipkart partners with ICICI lombard & Go Digit to offer two COVID-19 health insurance
policies
On April 10, 2020, Flipkart Private Limited, an e-commerce marketplace in partnership with ICICI Lombard
General Insurance Company Limited and Go Digit General Insurance, has launched two health insurance
policies namely – ‘Covid-19 Protection Cover’ & ‘Digit Illness Group Insurance’ that specifically cover
coronavirus (COVID-19) on its platform.
Key Points:
i.Both the policies provides an easy claim, hospitalisation, room or intensive care unit (ICU) expenditure,
ambulance assistance and teleconsultation and do not require any medical testing at the time of purchase.
ii.COVID-19 protection cover offered by ICICI Lombard, on the positive diagnosis of COVID-19, paid to the
customer of Rs. 25,000. It has been priced at an annual premium of Rs 159.
iii.Digit Illness Group Insurance cover by Digit Insurance gives consumers the benefit of hospitalization of up to
Rs 1 lakh with an annual premium of Rs 511.However, there is no limit to room rent or ICU care. The policy
includes 30 days pre-hospitalization and 60 days post-hospitalization fee. Policyholders can also get 1% of the
sum assured for ambulance assistance.
About Flipkart Private Limited:
Headquarters– Bengaluru, Karnataka
Fintech and Payments Group Head– Ranjith Boyanapalli
About ICICI Lombard:
Parent organization– ICICI ( Industrial Credit and Investment Corporation of India) Bank
MD & CEO– Bhargav Dasgupta
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About Digit general insurance:

Headquarters– Bengaluru, Karnataka, Chief Distribution Officer-Jasleen Kohli
CPI inflation likely to ease from 4.8% in Q1 to 4.4% in Q2: RBI’s MPR
The Reserve Bank of India (RBI) in its monetary policy report (MPR) has projected Consumer price index (CPI)
based inflation to decline from 4.8% in Q1: 2020-21 to 4.4% in Q2, 2.7% in Q3 and 2.4% in Q4. This MPR is a
part of the out-of-turn review of monetary policy held in March end due to uncertainties arising from the
economic lockdown.
• The downward revision in CPI is due to weaken demand and it is expected that the demand will
weaken further.
• RBI expects inflation for fiscal year 2021 to be in the range of 3.6-3.8% due to the declining food
prices, sharp fall in crude prices and normal monsoon.
What is CPI?
It is an index measuring retail inflation in the economy by collecting the change in prices of most common
goods and services used by consumers. CPI is calculated for a fixed list of items including food, housing, apparel,
transportation, electronics, medical care, education, etc. to calculate the inflation levels in an economy.
RBI: AU Small Finance Bank appoints R V Verma as part-time chairman and Sanjay Agarwal re-
appointed as MD and CEO
On April 9, 2020, Raj Vikash Verma was appointed as part-time Chairman of AU Small Finance Bank for the
period of one year whereas Sanjay Agarwal reappointed as Managing Director (MD) and CEO (Chief Executive
Officer) also whole time director Uttam Tibrewal for three years.of the AU Small Finance Bank. The
appointment was approved by RBI (Reserve Bank of India).
Key Points:
i.About Sanjay Agarwal: Agarwal has been associated with this institution (AU small finance bank) since its
inception in 1996 (erstwhile AU Financiers India Limited), is also its promoter.
ii.About R V Verma: Verma was inducted as an Independent Director with the AU Bank in January 2018. He
was the former Chairman and Managing Director (MD) of National Housing Bank (NHB). Verma was a certified
Associate of the Indian Institute of the Bankers (CAIIB).
iii.Verma has a strong experience in the financial service sector, particularly in the field of development
finance, regulatory supervision, housing finance, mortgage finance and real estate sector for nearly 37 years.
About AU Small Finance Bank:
AU Small Finance Bank is an Indian Scheduled Commercial bank that was founded as a finance company AU
financiers (India) Limited incorporated as L.N. Finco Gems Private Limited on 10 January 1996 as a private
limited company under the Companies Act 1956 with the RoC and commenced operations as a Small Finance
Bank in April 2017 after a certificate of incorporation was issued by the RoC on 13 April 2017.
Headquarters– Jaipur, Rajasthan.
Tagline– Chalo Aage Badhein.
RBI launches Twitter campaign to adopt digital payment modes

On April 9,2020 The Reserve Bank of India (RBI) launched a Twitter campaign to adopt digital modes of
payment that are convenient and safe and reiterated the multiple digital payment options such as NEFT, IMPS,
UPI and BBPS that are available 24*7.The face of the campaign is Bollywood actor Amitabh Bachchan.
Government approves ex-gratia compensation for life insurance cover for FCI employees:
COVID-19
On April 10, 2020 the government has approved ex-gratia monetary compensation for life insurance cover to
1,08,714 workers, officers & labourers of the Food Corporation of India (FCI) who die due to COVID-19, as they
work round the clock to supply food grains across the country, it is announced by the Union Minister for
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Consumer Affairs, Food and Public Distribution, Ram Vilas Paswan.

Provision of life insurance cover
In the 6 month period from March 24 to 23 September, 2020 if anyone dies due to COVID-19 infection while on
duty with FCI, the Regular FCI Labour will get a life cover of Rs 15 lakhs, Contractual Labour- sanctioned upto
Rs 10 lakhs , Category 1 Officers Rs 35 lakhs, Category 2- Rs 30 lakhs and Category 3 & 4 workers- Rs 25 lakhs.
Reason for the cover
Currently the FCI employees’ families are entitled to compensation in case of death due to terrorist attack,
bomb blast, mob attack or natural disaster, whereas regular and contractual Labour were not covered under its
provisions.
About FCI:
It is the country’s nodal food grain procurement and distribution agency.
Chairman & Managing Director– D.V. Prasad, Indian Administrative Officer (IAS)
India jobless rate hits 23.4% amid COVID-19 lockdown: CMIE

On April 7, 2020 the Centre for Monitoring of Indian Economy (CMIE) released a data which showed
that unemployment rate during March 30 – April 5, 2020 rise to 23.4% from 8.7% for the whole of March
2020 which reflects the impact of lockdown due to COVID-19 pandemic breakdown.
Other Projections
• The Labour Participation Rate (LPR) fell to 36%, an all-time low from 41.9% in March 2020.
• The employment rate fell to 27.7% from an all-time low of 38.2 per cent in March 2020.
• The unemployment rate could increase to over 23% once the lockdown is lifted.
LPR in March is the result of a sharp 9 million fall in the labour force, from 443 million in January to 434
million in March 2020.
Drastic changes from January to March
The number of employed fell from 411 million to 396 million and the number of unemployed increased from 32
million to 38 million. So, the 9 million fall in the labour force consists of a 15 million fall in employed & 6 million
increase in unemployed.
Key Points
i.The 98-basis point increase was the largest monthly increase recorded in March 2020 compared to February
2020. The 158-basis point increase in the 2 months ended March 2020 is, likewise, the largest increase in the 2-
month period ever recorded.
ii.LPR was 42.6% in February 2019 and 42.7% in March 2019.The unemployment rate was 7.7% in February
2019 and 7.1% in January 2019, this rate is rising since its low point of 3.4% in July 2017.
iii.The labour force consists of all employed persons & unemployed who are actively looking for jobs
About CMIE:
Managing Director (MD) & Chief Executive Officer (CEO)– Mahesh Vyas
Chairman– S A Dave
Jana Small Finance Bank launches DigiGen, a digital banking platform

On April 7, 2020 the Jana Small Finance Bank, a scheduled commercial bank, has launched DigiGen, a digital
banking platform which enables the customers to open digitally a savings account & fixed deposit instantly
anytime & anywhere.
Key Points
i.It is a 3 step process to open an account, where the customers are eligible for 4.5% interest rates on savings
accounts with no minimum balance and up to 7.5% interest on fixed deposits. Customers can deposit upto 1
Lakh in this account before upgrading to a full KYC account with the bank.
ii.The new digital solution offers many features including online bill payment, instant cash transfer and airport
28 | P a g e
lounge access on a debit card.

About Jana Small Finance Bank:
Headquarters– Bengaluru, India
Managing Director (MD) & Chief Executive Officer (CEO)– Ajay Kanwal
India’s Fiscal deficit of 5.07% in February makes it difficult to meet its revised target of 3.8%:
GOI
On April 10, 2020 The report released by the Government of India (GOI) stated that the fiscal deficit in
February was 5.07% of Gross Domestic Product (GDP), making it difficult for the government to meet its
revised fiscal deficit target of 3.8% of GDP for FY20.
Key Points
i.According to the Controller General of Accounts (CGA) data, the fiscal deficit has touched Rs 10.36 lakh crore
at the end of February.
ii.The government revenues are expected to hit a significant margin in March, & on the other hand,
expenditures should rise due to various costs arising from the virus containment efforts and the enforcement of
lockdown.
iii.The government recently reduced spending on ministries and departments that are not directly involved in
Covid-19 operations to 15% -20% of the budgeted 1st quarter of this fiscal year.
iv.Before the pandemic, Finance Minister Nirmala Sitharaman has increased the fiscal deficit target to Rs 7.66
lakh crore or 3.8% of the GDP by stimulating the escape clause under the Fiscal Responsibility and Budget
Management Act (FRBM).
v.Total Treasury reserves declined by nearly Rs 32,000 crore in March to Rs 1.87 lakh crore.
vi.The states received about Rs 90,000 crore as tax devolution for March and around Rs 29,000 crore for
various schemes in FY20.
vii.As per the recommendations of the 14th Finance Commission, the Centre also released an additional Rs 1.44
lakh crore to the states for the same period.
Who is CGA?
CGA is a GOI’s principal accounting adviser who is responsible for establishing and maintaining a technically
sound management accounting system.It is in the Department of Expenditure under the Ministry of Finance.
24th CGA– Soma Roy Burman ( 1986-batch Indian Civil Accounts Service (ICAS) Officer).
Karnataka Bank gets RBI nod to reappoint Mahabaleshwara M S as MD and CEO for 3 years
On April 11, 2020, Private sector lender Karnataka Bank received RBI (Reserve Bank of India) approval for
the re-appointment of Mahabaleshwara M S as MD (Managing Director) and CEO (Chief Executive Officer) for
next 3 years. The bank regulator has also approved for reappointment of Polali Jayarama Bhat as part
time (non-executive) chairman.
Key Points:
i.About P Jayarama Bhat: The Board of Directors of the Karnataka Bank have reappointed P Jayarama Bhat as
Part Time (Non-Executive) Chairman to hold office up to November 13, 2021 (i.e., up to the limit age of 70
years).
ii.Bhat also served as MD and CEO of Karnataka bank.
iii.About Mahabaleshwara: Mahabaleshwara took charge as MD & CEO of Karnataka Bank on April 12, 2017
and has over 29 years of banking experience both at operational and administrative levels.
About Karnataka Bank Limited:
Headquarters– Mangalore, Karnataka.
Tagline– Your Family Bank Across India.
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Global Trade to fall by 13%-32% in 2020 due to COVID-19: WTO

On April 8, 2020, World Trade Organisation (WTO) has released Annual Trade Statistics and Outlook
Report has projected that the global trade is to fall by 13%-32% due to the COVID-19 pandemic, as it disrupts
the normal economic activity and life around the world.
Major Highlights
i.A 2021 recovery is expected but it depends on the duration of the outbreak and the effectiveness of the policy
responses.
ii.This decline will exceed the trade slump brought by the global financial crisis of 2008-09.
iii.Nearly all regions will suffer double-digit declines in trade volumes in 2020, with exports from North
America and Asia hit hardest.
iv.The developing economies will need assistance as the crisis has hit almost all sectors. Trade in sectors with
complex value chains, especially in the electronics and automotive products will fall abruptly.
v.Service trade through transport and travel restrictions may be directly affected by coronavirus due to
lockdown.
vi.Before the crisis, global trade was in a difficult position due to the slow economic growth & the rising trading
tension between United States (US) & China, which was expected to continue for a large part of 2020.
vii.The Merchandise trade volume has already fallen by 0.1% in 2019, easing trade tensions and economic
growth. World trade exports declined by 3% to USD 18.89 trillion in 2019.
viii.The value of commercial services exports rose 2% to USD 6.03 trillion in 2019. In 2019, 1.7% of global
exports originated from India and 2.5% of imports came to the country.
ix.India’s exports have increased after 6 months before the coronavirus. Total exports for the first 11 months
(FY 20) of FY 2019-20 were USD 292 billion, following a modest 2.91% growth in February & Imports fell in 9
of 11 months for FY20, which leads to a 7.3% drop at USD 436.03 billion over the period.
About WTO
Headquarters– Geneva, Switzerland,
Director General– Roberto Azevedo
MaxLifeIns, YES Bank extended bancassurance tie-up for 5 years; Dedicated FY21 as “Year of
the Customer”
Max Life Insurance and YES Bank have extended their 15 years strategic bancassurance partnership for five
more years. In this regard, the both companies dedicated the current financial year i.e. FY 2020-21 as the “Year
of the Customer”.
• As a part of partnership, the products of the life insurer sold through the branches of Yes Bank.
Customers are offered with a broad range of need-based products and services.
• It should be noted that the companies began their partnership in February 2005, and has about
280,000 policies. It has settled death claims of more than Rs 70 crore and offered protection
worth Rs 34,500 crore to policy holders and their families.
About Max Life Insurance:
It is a joint venture between Max Financial Services Ltd and Mitsui Sumitomo Insurance.
Managing Director (MD) & Chief Executive Officer (CEO)– Prashant Tripathy
Tagline– Karo Jyada ka Iraada. Head Office: New Delhi
About Yes Bank:
MD & CEO– Prashant Kumar
Tagline– Experience our Expertise
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WB South Asia Economic Focus report: Indian economy grows at 1.5-2.8% in FY21 while South
Asian at 1.8 – 2.8%
World Bank (WB) in its “South Asia Economic Focus: The cursed blessing of public banks report” has
projected that FY 2020-2021 (started April 1, 2020) is likely to be the India’s worst growth per former fiscal
year since 1991 due to the severe economic disruptions caused due to COVID-19 impact. For 2020-21, Indian
economy is expected to grow 1.5% to 2.8% which is lower than the 5.4 – 4.1% estimate of October 2019.For FY
2019-20 (ended on March 31, 2020), it expected a growth of 4.8% to 5% which is trimmed by 1.2 – 1%
estimate made in October 2019.
• On the South Asian front, the economy is growing by 1.8 – 2.8% in FY 20-21 a sharp growth
deceleration from the 6.3% which the World Bank projected six months ago.That would be the
region’s worst performance in the last 40 years.
• In this report the South Asian region comprised eight countries viz. Afghanistan, Bangladesh,
Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka.
• The hardest hit is Maldives where GDP is expected to decline by between 8.5 and 13% this year, due
to the severe decline in tourism.
Reason behind slowed economy:
Indian economy was already growing slow due to the financial sector weaknesses since 2019. Then the
lockdown imposed due to curb COVID-19 situation has made it worse. Shutting factories and businesses,
suspending flights, stopping trains and restricting mobility of goods and people are the major factors behind
this.
Efforts by World Bank to support Indian economy:
World Bank is working with India to mitigate the challenge posed by COVID-19. It has already approved USD 1
billion to India, of which the first tranche has been released to deal with the emergency in the health care
sector.
• It is also working with India on two additional operations, which is anticipated to be ready in a
matter of weeks.These include employment, banking and micro, small and medium enterprises
sector.
The cursed blessing of public banks
Public sector banks are more prevalent in South Asia. Over 40% of South Asia’s banking assets are owned by
the public sector where India (62 percent) has the highest share followed by Bhutan (56 percent), Sri Lanka
and the Maldives (somewhat over 40 percent). The lockdown is posing a severe impact on operation of these
PSBs.
Current Indian economic growth Rating for FY 20-21 by other international agencies
–Asian Development Bank (ADB): 4%
–S&P Global Ratings: 3.5%
–Fitch Ratings: 2%,
–India Ratings & Research: 3.6%
–Moody’s Investors Service: 2.5%
About World Bank:
Headquarters– Washington, D.C., United States
Member countries– 189
President– David Malpass
Subsidiaries– 5: International Bank for Reconstruction and Development (IBRD), International Development
Association (IDA), International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA),
and International Centre for Settlement of Investment Disputes (ICSID).
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India becomes top Hydroxychloroquine producer & exporter with 70% annual global share
India has become the largest producer and exporter of Hydroxychloroquine (HCQ), the most talked out
medicine to curb the COVID-19 disease, with 70% of annual global production according to the Indian
Pharmaceutical Alliance (IPA); Sec-General Sudarshan Jain.
• India as largest HCQ producer: Currently, our nation is producing 40 tonnes, or 20 crore tablets of
200 mg each, of HCQ every month. The top pharma companies manufacturing this drug are Ipca
Laboratories Ltd., ZydusCadila and Wallace Pharmaceuticals Ltd.
• India as largest HCQ exporter: Between April 2019 and January 2020, India shipped HCQ Active
Pharmaceutical Ingredient (API) worth $1.22 billion. During the same period, exports of
formulations made from HCQ stood at $5.50 billion.
It should be noted that the drug is not manufactured in developed nations such as the United States (US)
because malaria is virtually non-existent there.
Use of HCQ:
Indian government has recommended the use of HCQ as a prophylaxis (prevention) and not as treatment. It has
recommended for healthcare workers involved in the treatment of the disease or as a preventive medication
for Covid-19 patients in the high-risk group.Each Covid-19 patient needs a 14-tablet course.
• Originally hydroxychloroquine is an anti-malarial drug.
China’s central bank increases its stake to 1% in HDFC; SAMA also bought 0.7% stake
On April 12, 2020, People’s Bank of China (PBOC) increased its stake in Housing Development Finance Corp
Limited (HDFC) to 1.01% from 0.8%on behalf of the Chinese sovereign wealth fund SAFE. With this, now
China’s central bank holds 1,74,92,909 crore equity shares in HDFC Ltd in accordance with the quarterly
(ending March 2020) shareholding pattern disclosure by the latter to the stock exchanges.
• As per the latest shareholding pattern, foreign portfolio investors (FPI) hold 70.88% stake in the
HDFC Ltd including 3.2% stake of the Government of Singapore.
• Similarly, Saudi Arabian Monetary Authority (SAMA), the central bank of Saudi Arabia has also
picked up a 0.7% stake in HDFC on behalf of Saudi sovereign wealth fund.
HDFC Ltd owns 19.43% stake in HDFC Bank and 52.7% in HDFC Asset Management Company and 51.45% in
HDFC Life Insurance Company. While HDFC Bank owns 96% stake in HDB Financial services and 98% in HDFC
Securities.
About PBOC:
Governor– Yi Gang
Headquarter– Beijing, China
About SAMA:
Governor– Ahmed Abdulkarim al-Kholifey
Headquarters– Riyadh, Saudi Arabia
India tightens curb on import of refined palm oil; import license validity reduced to 6 months
On April 13, 2020, the Central Government further tightens the restrictions on imports of refined palm
oil which was imposed by Directorate General of Foreign Trade (DGFT) on January 8, 2020. As per the ongoing
restrictions an importer has to seek a license or permission or no-objection certificate for the imports of
refined palm oil.
New Conditions for import of refined palm oil:
-Applications for import authorisation should be accompanied with pre-purchase agreement and details of the
import for the past three years.
-Validity period of import licenses for refined palm oil will be 6 months in place of usual 18 months.
-Total non-utilisation of import authorization by the applicant will lead to disqualification of the importer from
getting any further license for these items in future.
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Key Point:
-Customs are instructed to diligently enforce the rules of origin criteria for import of the above item originating
from Nepal and Bangladesh.
-India, the world’s largest importer of vegetable oils, buys nearly 15 million tonne annually. Indonesia and
Malaysia are the two countries which supply palm oil.
UN releases $ 2.5 million to help cyclone-ravaged Vanuatu

On April 14, 2020, The United Nations (UN) humanitarian chief Mark Lowcock announced and released 2.5
million dollar from its emergency humanitarian fund to help thousands of people in the South Pacific island
nation of Vanuatu affected by Cyclone Harold and offered support to other hard-hit countries.
Key Points:
i.The cyclone made landfall on the largest island in Vanuatu, Espiritu Santo, on April 6, 2020, before hitting the
Solomon Islands, Fiji and Tonga, which left more than two dozen people dead, destroyed homes, buildings and
crops in four countries.
ii.Initial assessments suggest as much as 90 percent of the population in Sanma, the most affected province.
iii.Vanuatu, with roughly 80 islands stretching about 1,300 kilometers and a population near 3,00,000 was
jointly controlled by the United Kingdom (UK) and France as the New Hebrides before it gained independence
in 1980.
About Vanuatu:
Capital– Port vila.
President– Tallis Obed Moses.
Prime Minister (PM)– Charlot Salwai Tabimasmas.
Currency– vatu.
RBI to put 200 bps penalty on banks if failed to invest TLTRO funds in 30 days
The Reserve Bank of India (RBI) has instructed banks that they need to invest the mandated 50% of the funds
raised through targeted long-term repo operations (TLTRO) route, under the first tranche conducted on
March 27, 2020,in corporate bonds or specified securities within a month or 30 working days.
• If failed, the interest rate on un-deployed funds will increase to prevailing policy repo rate plus 200
bps (basis points) additional penal interests will have to be paid for the number of days such funds
remain un-deployed.
• The present policy rate is 4.40%.
Background:
RBI has announced the TLTRO on March 27, 2020 to ensure sufficient liquidity in the corporate bond market
and has already conducted three such operations worth Rs 25,000 crore each. Now, the liquidity availed under
it has to be deployed by banks in investment grade corporate bonds, commercial papers and Non-convertible
debentures (NCDs).
Key Points:
-Investments made by banks under this TLTRO facility will be classified as held to maturity (HTM) i.e. owned
till maturity.
-Banks will have to maintain specified securities for the amount received in TLTRO in the HTM book at all times
till maturity of TLTRO.
-Banks also have to continue to hold an amount equivalent to what it was holding as on March 26 in
its HFT/AFS (held for trading/available for sale) portfolio for the tenor of TLTRO borrowing.
-The deployment of funds availed under TLTRO in the primary market cannot exceed 50% of the amount
availed.
About TLTRO:
It is a tool under which the central bank provides one-year to three-year money to banks at the prevailing repo
rate. This stimulates bank lending which leads to efficient liquidity in the economy.
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Deputy Governors– 4 (Bibhu Prasad Kanungo, Mahesh Kumar Jain, Michael Debabrata Patra, one is yet to be
appointed).
RBI to launch Sovereign Gold Bonds Scheme 2020-21 in H1 FY21 on behalf of GoI
The Central government after exercising its power conferred under clause (iii) of section 3 of Government
securities Act 2006 has launched a new series of the Sovereign Gold Bond (SGB) Scheme namely“Sovereign
Gold Bond 2020-21” which is to be issued by Reserve Bank of India (RBI) in six tranches from April 2020 to
September 2020 i.e. in first half of FY 20-21. Their sale will be restricted to resident individuals, HUFs, Trusts,
Universities and Charitable Institutions.
• These bonds will fetch a fixed interest rate of 2.50% per annum which will be taxable under
Income Tax Act, 1961. On the other hand, capital gains tax arising on redemption of SGB to an
individual has been exempted.
• It should be noted that SGBs can be used as collateral (security) for loans.
Before heading towards the features of SGB 2020-21, let’s have a brief overview of Sovereign Gold Bonds.
Sovereign Gold Bonds:
Introduced in 2015 by GoI under the Gold Monetization scheme, SGB aimed to convert gold into productive
asset. As we all know, India is one of the world’s largest markets for gold jewellery. Indian households and
other trusts are holding tonnes of Gold which makes it a non-productive asset. Through this scheme its value
is unlocked and is circulated in financial investments. Simply, they are substitutes for holding physical gold.
Here are the features of SGB 2020-21:
Minimum
investment limit 1 gram of gold
Maximum 4 KG for individual, 4 Kg for HUF and 20 Kg for trusts and similar entities per fiscal (April-
investment limit March
Tenor 8 years with an exit option after completion of five years.
It will be in Indian rupees based on a simple average closing price of gold of 999 purity, of
previous 3 working days published by India Bullion and Jewellers Association (IBJA) Ltd.
The issue price of the Gold Bonds will be Rs 50 per gram less for those who subscribe
Issue Price online and pay through digital mode.
Denomination Multiples of gramme (s) of gold with a basic unit of 1 gramme.
Interest rate Fixed rate of 2.50% per annum payable semi-annually on the nominal value.
Through cash payment (up to a maximum of Rs 20,000) or demand draft or cheque or
Payment option electronic banking.
Redemption It will be in Indian rupees based on the simple average closing price of gold of 999 purity, of
price previous 3 working days published by IBJA Ltd.
SGBs selling channels: The SGBs will be sold through Scheduled Commercial banks (except Small Finance
Banks and Payment Banks), Stock Holding Corporation of India Limited (SHCIL), designated post offices, and
recognised stock exchanges viz., National Stock Exchange of India Limited and Bombay Stock Exchange Limited.
Click Here for Official Notification
appointed).
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Retail inflation lowers to 5.91% in March 2020 against 6.58% in February 2020
On April 13, 2020 The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation
has estimated retail inflation rate, to a 4-month low of 5.91% for March 2020 which is lower than 6.58% in
February 2020, due to easing prices of kitchen essentials such as vegetables, eggs and meat & is measured by
All India Inflation Rates based on Consumer Price Index (CPI) and Consumer Food Price Index (CFPI).
• The retail inflation rate was 2.86% in March 2019, 5.54% in November 2019 & was over 6% since
December 2019 & in the case of the urban area, it was 5.66% and in rural it was 6.09%.
Major Inflation rates of March 2020 with February 2020
i.The food basket rate was 8.76% in March, lower from 10.81 per cent in February.
ii.The eggs rate was 5.56% during March as compared to 7.28% in February
iii.The rate of price rise in vegetables was 18.63% as against 31.61% in February. The rate was also slower in
fruit prices as well as pulses and related products & the inflation in milk and products was slightly higher in
March over February.
iv.The fuel and light segment rate was high to 6.59% in March in comparison to 6.36% in February.
v.The pulses rate came down to 15.85% in March from 16.61% in February. The experts state that the trend is
likely to shift to higher rates in the coming month as prices at the time of the lock-up have increased, especially
for pulses.
Key Points
• If there is no normal monsoon and no major foreign or policy shocks in 2021-22, structural model
estimates suggest inflation is likely to move in the 3.6-3.8% range.
• With the inflation rate set at 2 to 6% , it is expected that the Monetary Policy Committee will further
reduce the policy rate. In February the rate was reduced by 75 basis points (100 basis points to 1
percentage point).
• The government has asked the Reserve Bank to control inflation at 4%, with a 2% difference on both
sides & retail inflation was over 6% since December 2019.
Index Preparation
Normally, the index is prepared by weekly collected price data collected from selected 1,114 urban markets &
1,181 villages by the National Statistical Organization (NSO), but due to lockdown the fieldwork for price
collection was suspended with effect from March 19, 2020 and about 66% of price quotations were received &
to assess the price behaviour of remaining price quotations, NSO follows well established and internationally
accepted methodology and practices.
What is Retail Inflation?
It is the increase in price of goods sold at the retail market & increase in inelastic goods is the cause of retail
inflation.
What is CPI?
It is a measure of the aggregate price level in an economy, consisting of a set of commonly purchased goods and
services & measures the purchasing power of a country’s currency and the price level of a basket of goods and
services.
What is CFPI?
It is a measure of change in retail prices of food items which is consumed by a defined population group in a
given area with reference to a base year.
About Ministry of Statistics and Programme Implementation
Minister of State– Rao Inderjit Singh (Independent Charge)
India’s GDP to contract by 6.1% in April-June: Japan’s Nomura

The Japanese brokerage company Nomura has projected a downward revision by 6.1% for Indian economy in
the April-June quarter and by 0.5% for the September quarter. It is likely to expand only in the December
quarter of 2020 by 1.4%. The economy will grow at 3.2% in the January-March period.
• Nomura is also expecting another 0.75% rate cuts by RBI to push growth in 2020.
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• The major factor behind all these trims is the COVID-19 crisis.
About Nomura:
Headquarters– Tokyo, Japan
President & Group Chief Executive Officer (CEO)– Kentaro Okuda
Bank credit growth decelerated to 5-decade low of 6.14% in FY20

In accordance with the Reserve Bank of India (RBI) data, Bank credit growth declined to five-decade low
to 6.14% in the fiscal ended March 31, 2020, due to lower demand and risk aversion among banks.
Key Points:
–Bank advances growth in FY20 was the slowest since March 1962. On March 27, 2020, advances stood at Rs
103.71 lakh crore as compared to Rs 97.71 lakh crore on March 29, 2019.
-On the other hands, bank deposits grew by 7.93% to Rs 135.71 lakh crore as against Rs 125.73 lakh crore in
2019.
-The economic growth of India is 5.6% in the first quarter of the current fiscal i.e. FY 20-21.
BSNL in partnership with SBI launches Bharat InstaPay a UPI-based payment platform
Bharat Sanchar Nigam Limited (BSNL) in partnership with the State Bank of India (SBI) has launched a Unified
Payments Interface (UPI) based payment platform, Bharat InstaPay to enable all types of channel partners of
BSNL to digitize their payment transactions on a round the clock basis/ real- time basis.
Key Points:
i.In particular it will help the prepaid sellers to buy the services immediately for sale.
ii.It will improve BSNL’s credibility towards partners, & will help in growth of partners’ business at a faster
pace.
iii.1 time online verification process is introduced, which is to be done by the partners themselves by visiting
the portal.
About BSNL:
Chairman & Managing Director– Pravin Kumar Purwar
About SBI:
IMF cuts India GDP growth to 1.9%, projects while Barclays forecasted it to 0%
International Monetary Fund (IMF) in its “World Economic Outlook, April 2020” has decreased India’s GDP
(Gross Domestic Products) growth rate to 1.9% projection from 5.8 % for fiscal year 2020-21 starting April 1,
2020. It has also predicted that in FY 21-22 the Indian economy will recover strongly with a growth projection
of 7.4%. This current projected GDP growth rate at 1.9% for 2020-21 is 3.9% lower than the January outlook
and 5.1% lower than the projection made in 2019.
• On the global front, the economy is projected to contract by –3% in FY 20-21 while it will grow
by 5.8% in 2021 as economic activity normalizes due to the containment of COVID-19.
• The ‘Great Lockdown’ to combat the covid-19 outbreak has marked the worst recession in world
economy since the Great Depression in the 1930s.
Projections by other Organizations:
-Investment bank Barclays Predicted India’s growth to 0% for calendar year 2020 from its earlier projection of
2.5%.
-Rating agency ICRA Ltd projected the Indian economic growth at anywhere between -1% and 1% in FY 20-21.
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Telangana CM recommended the implementation of “Helicopter Money”

While formulating strategies to curb the adverse impact of COVID-19, a term “helicopter money” landed on
the internet surface. In India, this term has been used by Telangana Chief Minister (CM) Kalvakuntla
Chandrashekhar Rao during a video-conference with Prime Minister (PM) Narendra Modi.
• In order to deal with the financial crisis powered by COVID-19, the Telangana CM has recommended
that RBI should implement ‘helicopter money’ by way of quantitative easing (QE) policy. QE
followed all over the world, is the only way to deal with the situation.
• He also suggested releasing 5% funds from Gross Domestic Product (GDP) to improve money
circulation in the system and boost the economy.
Other recommendations:
-Government should increase the FRBM (Fiscal Responsibility and Budgetary Management) limit to 5% from
the existing 3%.
-A task force should be created with the PM as chairman and cabinet ministers as members to draft an action
plan on helping farmers.
What is Helicopter money?
This term has been coined by American economist Milton Friedman in his famous paper “The Optimum
Quantity of Money” of 1969. Helicopter money is an unconventional method used by the Central Bank under
which the funds are transferred from the Central Bank to the state and Union government which empowers the
general public with money to buy things, resulting boost in the economy.
• It involves printing large sums of money and distributing it to the public denoting helicopter
dropping money from the sky. It is a tool to bring the declining growth of the economy (recession)
back on track.
• Difference Between Quantitative Easing & Helicopter money:
Quantitative easing the bank buys bonds from the government – money that the government will
have to repay, but helicopter money doesn’t necessarily have to be repaid.
About Telangana:
Capital– Hyderabad
Districts– 33
Governor– Dr. (Smt.) Tamilisai Soundararajan
Andhra Bank, Syndicate Bank chiefs appointed as OSDs in Union Bank of India and Canara
Bank
On April 13, 2020, Andhra Bank Managing Director (MD) J Packirisamy and Syndicate Bank Chief Executive
Officer (CEO) Mrutyunjay Mahapatra were appointed as Officer on Special Duty (OSD) in the Union Bank of
India (UBI) and the Canara Bank respectively.
Key Points:
i.The appointments come after some of the public sector banks were merged by the government with effect
from April 2020.
ii.Packirisamy has been appointed as OSD on supernumerary basis in the Union Bank of India, with effect from
April 1, 2020 or the date of assumption of office till the age of his retirement in February 2021.
iii.Mahapatra has been appointed as an OSD in Canara Bank from April 1, 2020 till the age of his retirement.
iv.Andhra Bank and Corporation Bank have merged with Union Bank of India whereas Syndicate Bank merged
with Canara Bank from April 1, 2020.
About Union Bank of India:
Headquarters– Mumbai.
MD & CEO– G Rajkiran Rai.
Tagline– Good People to Bank With.
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About Canara Bank:

Headquarters– Bengaluru, Karnataka.
MD & CEO– Lingam Venkat Prabhakar.
Tagline– Together We Can.
HDFC Bank launches Safety Grid campaign for social distancing

On April 16, 2020 The HDFC Bank (Housing Development Finance Corporation Bank) has launched Safety
Grid campaign which was conceptualized by Leo Burnett India to help people maintain social distancing as
prescribed by the World Health Organization (WHO) while waiting at shops during Lockdown.
Key Points
i.It has created physical makers on the ground using the outer grid of its logo at a distance of 1 meter from
each outside the outlets like pharmacies, grocery stores, Automated teller machines (ATMs) among others.
ii.It has been implemented in Mumbai, Delhi, Bengaluru, Kolkata, Hyderabad, Pune, Chandigarh and
Bhubaneswar at 1,750 essential services stores & will be implemented at over 4,000 essential services stores
across the 8 cities.
About HDFC:
Chairman– Deepak S. Parekh
Exports declined by 34.57% in March & 4.78% in FY20; Q1 FY21 remain sluggish
In accordance with the figures released by the Ministry of Commerce and Industry, Indian exports of goods
decreased by 34.57% to $21.41 billion due to COVID-19 spread which has interrupted the production and
supply chains. With this, the overall export for FY 2019-20 declined by 4.78% to $314.31 billion. This is likely
to be the steepest fall in monthly exports since 2008-09, when shipments dipped by 33.3% in March 2009.
• Effect on Imports: The COVID-19 not only affected exports but it impacted imports also as in March
2020 they were severely declined by 28.72% to $31.16 billion which resulted in overall FY 19-20
import declined by 9.12% to $467.19 billion. The downward revision in March was the steepest
decline since November 2015, when imports declined by 30.26%.
Key Figures:
–Merchandise exports: In it March stood at $21.41 billion, down by 34.57% compared to $32.72 billion in the
same month last year.
–Trade deficit: It narrowed to $9.76 billion as compared to $11 billion in March 2019. Overall trade deficit in
2019-20 was lowered at $152.88 billion compared to the trade gap in 2018-19 at $184 billion. Trade deficit is
the difference between imports and exports.
–Oil import: In April-March 2019-20 it decreased by 8.15% to $129.43 billion.
–Non-oil imports: They declined by 9.49% to $337.76 billion during FY 19-20.
Sectors facing Decline in export/import:
Fall in exports in March 2020: Petroleum products, readymade garments, engineering goods, gems and
jewellery, leather products, coal and other minerals, plastic and linoleum, carpets and handicrafts. Export of
agricultural commodities such as oil meals, meat and poultry, dairy products, tea and other cereals also posted
a steep decline during the month.
• Fall in export in FY 19-20: Petroleum (8.10 per cent), handicrafts (2.36 per cent), cotton
yarn/fabrics (10.67 per cent), engineering (5.87 per cent), gems and jewellery (11 per cent) and
leather (9.64 per cent). Tea, coffee, rice, tobacco and cashew sectors too recorded negative growth in
2019-20.
Fall in import in FY 19-20: Gold, silver, electronic goods, transport equipment, machine tools, iron and steel,
coal, petroleum and chemicals.
Q1 FY21 remains sluggish:
The first quarter of 2020-21 will also face a similar downward trend and nominal growth may start only from
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the second quarter depending on the COVID-19 impact in the international market. As of now international
trade, except in medicine and essential supplies, has come to a near halt.
About Ministry of Commerce and Industry:
Minister of State (MoS) Commerce and Industry– Hardeep Singh Puri, Som Parkash
Asia to stall at 0% growth in 2020 for 1st time in 60 years: IMF

On April 16, 2020 International Monetary Fund’s (IMF) report titled ‘COVID-19 Pandemic and the Asia-Pacific
Region: Lowest Growth Since the 1960s’ stated that Asia will stall at 0% growth in 2020 for the 1st time in 60
years which includes the Global Financial Crisis (4.7%) and the Asian Financial Crisis (1.3%).
• It also stated that the region will be “severe and unprecedented“ due to the impact of the pandemic
& Asia is still doing better than other regions in terms of activity.
Key Points
i.The global economy is expected to shrink by 3%, which is the worst recession since the Great Depression &
Asia’s key trading partners are expected to shrink sharply including the United States by 6 % and Europe by 6.6
%.
ii.It expects a 7.6% expansion in Asian economic growth in 2021 on the assumption that it contains a successful
policy implementation with a highly uncertain outlook.
iii.Downward revision are considered ranging from 3.5% points in the case of Korea to over 9% points in the
case of Australia, Thailand and New Zealand.
iv.IMF in its latest edition has placed India & China as the fastest-growing emerging economies of the world
with a positive growth rate in 2020, where China’s economy is expected to grow by 1.2% in 2020, from 6.1%
growth (2019) & is expected to rebound later in 2020, with growth expected to rise to 9.2% 2021.
Vineet Arora appointed as MD & CEO of Paytm General Insurance

On April 15, 2020 Paytm, a major digital payment system and financial service platform, appoints Vineet
Arora as the Managing Director (MD) & Chief Executive Officer (CEO) of Paytm General Insurance
Limited (Ltd).
Gist about Vineet Arora
• Earlier he served as the MD & CEO of Aegon Life Insurance Company and was part of the India
Leadership team.
• Prior to this, he was senior general manager and head of Product, Distribution, Marketing and
Wealth Management at ICICI Securities Ltd, where he developed a profitable distribution business
across various delivery channels.
Some of the other contribution by Paytm
i.Paytm has also partnered with fast-food chain McDonald’s on April 3 to distribute burgers, chilli paneer
pockets, and other food items to frontline workers who work to contain the spread of COVID-19 across India.
ii.It is a part of Paytm’s ‘India Fights Corona’ campaign to distribute hygiene products and masks to police
officials, municipal workers, and healthcare professionals which is launched in association with Lifebuoy, the
hygiene brand from Unilever and YouWeCan, a foundation established by Indian cricketer Yuvraj Singh on
March 18.
About Paytm General Insurance Ltd:
About Paytm:
Headquarters– Noida, Uttar Pradesh
Founder & CEO– Vijay Shekhar Sharma
About Paytm Payments Bank:
Reg.office– New Delhi, India
MD & CEO– Satish Kumar Gupta.
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India’s subsidies to renewables drops 35 per cent from FY17 to FY19: IISD & CEEW
On April 16, 2020, According to the study, Mapping India’s Energy Subsidies 2020 released by the
International Institute for Sustainable Development (IISD) and the Council on Energy, Environment and Water
(CEEW), India’s energy subsidies drops 35% from Financial Year FY17 to FY19, while its oil and gas subsidies
increased by 65%.
Key Points
i.The study highlights that the health and economic crisis caused by COVID-19 will impact the subsidy
expenditure.
ii.The crash in world oil prices and the government’s (gov) economic stimulus packages will be key factors
shaping the energy sector in the coming months.
iii.It is noted that there are already signs that support for renewable energy would increase again, but with the
shocks from COVID-19 it is now critical to stay on track.
iv.The economic recovery will be crucial to determine future trends in the energy sector. The petroleum
product subsidies will surely fall in 2020 & other energy markets will be shaken.
v.Prior to the COVID-19 crisis, many new and larger clean energy subsidies were announced, such as KUSUM,
Phase 2 of the Rooftop Solar and FAME-II, the resources after the crisis will be unprecedented.
Major Projections of the report
• In the last 6 years, India has shifted significant public resources toward clean energy. By more than
half the fossil fuel subsidies have dropped & by more than three and a half times the subsidies for
renewable energy and electric vehicles have increased since 2014.
• It indicates an opportunity to reform the coal subsidies, which is estimated at Rs 15,456 crore in FY
2019 & have remained unchanged for the past 6 years. The researchers emphasized the combined
costs of subsidies and the social impacts of coal will increase gov revenues from coal taxes and
surcharges paid to Indian Railways.
• The electricity transmission and distribution is another focus for reform which has the largest share
in subsidy, the gov has supported Rs 79,671 in FY 2019 and the target should be to provide
assistance to those most in need. The experts noted that huge ransom for the sector is ineffective to
reduce the magnitude of these subsidies.
• One of the smallest recipients of the subsidies is the electric vehicles sector, researchers noted that
although subsidies for electric cars have increased 11-fold since FY 2017, it is important to continue
to raise ambition on clean transport to meet India’s target of 30% of new vehicle sales to be electric
by 2030.
About CEEW:
Founder & Chief Executive Officer (CEO)– Arunabha Ghosh
About IISD:
Headquarters– Manitoba, Canada
President & CEO– Richard Florizone
ASEAN leaders held Special summit and Special ASEAN plus 3 summit on COVID-19 via video
conference
On April 14, 2020, the Member States of the Association of Southeast Asian Nations (ASEAN) held the Special
ASEAN Summit via video conference which was chaired by Nguyen Xuan Phuc, Prime Minister of Vietnam, in
his capacity as Chair of ASEAN.
• The summit was attended by heads of state or government of the 10 ASEAN members– Brunei,
Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
• The objective behind this summit was to discuss measures relating to containing and preventing the
spread of COVID-19 and to support people in the countries hit by the disease.
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Special ASEAN Plus Three Summit:

After the above mention meet, virtual Special ASEAN along with China, Japan and South Korea (ASEAN Plus
Three) Summit on COVID-19 Response was held to discuss measures to respond to and repel the global
pandemic.
• The summit was attended by heads of state or government of the 10 ASEAN members, China, Japan
and South Korea, the ASEAN secretary-general, Dato Lim Jock Hoi and the World Health
Organization (WHO) director-general TedrosAdhanom Ghebreyesus.
The two summits were aimed to discuss measures to contain COVID-19 which is posing a grave threat to the
human health and safety also impacting adversely on the economy regionally and globally.
India becomes World’s most digitally dexterous country; 39% technophiles want OTJ & JIT
training: Gartner 2019 Survey
In accordance with the Gartner 2019 Digital Workplace Survey, India has become the world’s most digitally
dexterous (skilful) country in the world as it has avast Gen Z workforce who are keen to learn new digitally
powered skills in the workplace. India is followed by the United Kingdom (UK) and United States (US). It should
be noted that Generation Z or Gen Z are the ones born between 1995 and 2009.
• Sixty-seven per cent of digital workers in India said emerging technologies such as machine learning
(ML), artificial intelligence (AI), Internet of Things (IoT) are increasing their effectiveness
• The digital workforce in India and Singapore use real-time messaging and social media networks
more frequently for real-time collaboration than the workforce of China, France, Germany, the US
and the UK.
Key findings:
–27% of the Indian digital workers or technophiles are skilled experts in digital technology for work purposes.
-Seven out of ten employees in India are ready to adopt new digital technologies which create career
opportunities and higher paying jobs.
-Indian employees hunt for those jobs which cater to the continuous upgradation in their skills to keep them
versatile in their career.
-In India, 39% of digital workers want to be trained on-the-job (OTJ) and just-in-time (JIT) to keep their
knowledge on Artificial intelligence (AI), Machine learning (ML), Internet of things (IoT) up to date, which is
the highest amongst the survey respondents.
–45% of India digital workers do not mind having their work habits tracked and monitored by digital
technologies. This figure is the highest amongst the surveyed respondents.
-Technical professionals are prime adopters of new digital technologies in comparison to manual, skilled and
semi-skilled manual workers.
About Survey:
The 2019 Gartner Digital Workplace Survey was conducted online from March through April 2019 among
7,261 respondents in the U.S., France, Germany and the U.K. China, India and Singapore.
About Gartner:
It is a research and advisory company.
Headquarter– Stamford, United States of America (USA)
Chief Executive Officer (CEO)– Eugene A. Hall
OBICUS Q4: 2019-20: 49th round of quarterly survey on manufacturing sector launched by RBI
On April 16, 2020, Reserve Bank of India (RBI) launched the 49th round of quarterly order books, inventories
and capacity utilization survey (OBICUS) of the manufacturing sector which will provide important figures
and input for monetary policy formulation. The reference period for this survey is January-March 2020 (Q4:
2019-20).
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• The information to be collected in this survey includes quantitative data on new orders received
during the reference quarter, backlog of orders, pending orders, total inventories with a breakup
between work-in-progress (WiP) and finished goods (FG) inventories and item-wise production.
48th round- Q3: 2019-20; CU declined to 68.6%
Recently on April 3, 2020, RBI released the results of the 48th round of the OBICUS for the quarter October-
December 2019 (Q3: 2019-20) under which 704 manufacturing companies were covered. It showed a decline
in capacity utilisation (CU) to 68.6% in the third quarter of 2019-20 from 69.1% in Q2. Also orders received in
Q3: 2019-20 were lower compared with the previous quarter.
What is OBICUS?
Since 2008, RBI’s OBICUS is taken quarterly (4 times a year) and companies of manufacturing sector are asked
to volunteer information on their inventory level. It provides a deep scenario regarding demands of the Indian
manufacturing sector.
appointed).
Tata AIA becomes the 1st Life Insurance company in India to announce additional benefits:
COVID-19
On April 15, 2020, Tata AIA becomes the 1st Life Insurance company in India to announce additional
benefits for its policyholders & agents so as to support them during the novel coronavirus (COVID-19)
pandemic.
• Recently Tata Trusts and Tata group have announced their contribution towards the management of
COVID-19 in India.
Additional Benefits
i.All policyholders will get additional benefit equal to the base sum assured or Rs 5,00,000 (no additional cost)
whichever is lower, it is applicable for all valid death claims with a date of death on or before June 30th 2020.
ii.All ‘active’ agents with their spouse and children are entitled upto Rs 25,000 hospitalization cover if
diagnosed with COVID-19 within the period as mentioned for the policyholders.
About Tata AIA life insurance:
It is a joint venture company, formed by Tata Sons and AIA Group Limited (AIA).
Managing Director (MD) & Chief Executive Officer (CEO)– Rishi Srivastava
RBI Governor announced relief measures for liquidity in system; Reverse Repo Rate slashed to
3.75% from 4%
On April 17, 2020, Reserve Bank of India (RBI) Governor Shaktikanta Das announced much-needed relief
measures for small and medium-sized financial organisations which have been struggling to operate in the
wake of the Covid-19 pandemic, during a press conference in New Delhi. These are a part of a stimulus package
announced by the central government to support such smaller businesses, which often borrow from Non-
Banking Financial Companies (NBFCs) and Micro finance Institutions (MFIs).
• Already, RBI has pumped Rs 1.2 lakh crore of fresh currency into the system in the last 45 days
since the COVID-19 outbreak in the country.
Here is the complete overview of relief measures:
RBI slashed Reverse Repo rate by 25 bps to 3.75% from 4%; repo rate remained unchanged
It has been decided to reduce the fixed reverse repo rate under liquidity adjustment facility (LAF) by 25 basis
points (bps) from 4% to 3.75% with immediate effect to maintain more liquidity in the banking system.
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• The reverse repo rate is the rate at which central bank of a country (Reserve Bank of India in case of
India) borrows money from commercial banks.
• This will encourage banks to lend to the productive sectors of the economy.
• On the other hand, repo rate remained unchanged to 4.40%, but it could be reduced as inflation is
likely to fall below its target in a couple of months.
Following table shows the Policy Rates of RBI as of April 17, 2020
Policy Rate Rate Change
Repo Rate 4.40% No change
Reverse Repo Rate 3.75% 25 bps
Marginal Standing Facility (MSF) Rate 4.65% No change
Bank Rate 4.65% No change
Inflation could fall below 4% target by RBI in H2 FY21
The lockdown to contain COVID-19 spread has posed a serious challenge to the demand of the economy. The
inflation could further decline below the central bank’s 4% target by the second half of this fiscal (H2
FY21). RBI has set a mid to long term inflation target at 4% with a bias of 2% on either side.
• The consumer price index based retail inflation has fallen by 170 bps from its January 2020 peak.
• The retail inflation for March fell to a four-month low of 5.91% on cheaper food articles.
TLTRO 2.0 worth Rs 50,000 cr announced; Banks exempted from paying dividends
RBI will conduct a second round (TLTRO 2.0) of targeted long term repo operations (TLTRO) for an initial
amount of Rs 50,000 crore that will help in refinancing NBFCs and MFIs to maintain cash flow to the small and
medium enterprises (SMEs). TLTRO is a tool under which the central bank provides one-year to three-year
money to banks at the prevailing repo rate. This stimulates bank lending which leads to efficient liquidity in the
economy.
• Atleast 50% of this TLTRO amount will go to small sized NBFCs and MFIs as TLTRO 2.0 is
specifically for smaller finance organisations unlikely earlier TLTRO scheme which mostly helped
public sector undertakings (PSUs) and large corporations.
• These investments must be made within 1 month of RBI auctions.
• Apart from above, RBI also exempted banks from making dividend payment in the light of financial
difficulties posed by COVID-19 pandemic.
Refinancing NABARD, SIDBI & NHB with Rs 50,000 crores
A special refinance facility for an amount of Rs 50,000 crores will be provided to premier financing institutions
that will further help in refinancing small and medium finance institutions to lend money smoothly to
businesses. The funding divided as follows:
• Rs 25,000 cr for National Bank for Agriculture and Rural Development (NABARD)
• Rs 15,000 cr for Small Industries Development Bank of India (SIDBI)
• Rs 10,000 cr for National Housing Bank (NHB)
Other Important Highlights:
–Liquidity Coverage Ratio (LCR) requirement for scheduled commercial banks (SCB) brought down from
100% to 80% with immediate effect to help banks maintain sufficient high-quality liquid assets in the wake of
the economic crisis.
• LCR is the bank’s liquidity risk profile. Banks maintain an adequate stock of unencumbered high-
quality liquid assets that can be easily and immediately converted in financial markets, at no or little
loss of value.
-Banks will need to maintain additional provisioning of 10% on standstill accounts.
–60% of ways and means advances allowed to states until September 30, 2020.
• A ways and means advance is a mechanism used by RBI to meet mismatches in the receipts and
payments of the government and states. In this regard, RBI gives temporary loan facilities to the
centre and state governments as a banker to the government.
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–90-day NPA norm will now not apply to the moratorium granted on existing loans by banks.
-Loans given by NBFCs to real estate companies to get similar benefit as given by scheduled commercial banks.
-NBFCs’ loans to delayed commercial real estate projects can be extended by a year without restructuring.
-NBFCs allowed granting relaxed Non-performing asset (NPA) classification to their borrowers.
RBIs decisions powered by 4 key areas
The above decisions made by RBI focused on four key areas to ease pressure on banks and businesses in the
country. These are:
• Maintaining adequate liquidity in the system
• Facilitating and incentivising healthy cash flow from banks
• Easing the overall financial stress
• Enabling formal working of markets
Point to be noted:
Indian currency already depreciated by 7% Year-To-Date (YTD) as rupee fell 0.55% to a new record low of
76.86 against the US dollar. If currency depreciates further by 3% then the Indian government may have to pay
4.3 lakh crore Rupees as an additional Interest in their foreign borrowings which amounts to approximately
1.8% of our Gross Domestic Product (GDP).
appointed).
India’s GDP growth may fall to 1.1% in FY21: SBI Ecowrap report
On April 16, 2020 The State Bank of India’s (SBI) Ecowrap report estimated India’s Gross Domestic Product
(GDP) growth may fall to 1.1% in FY21 from its earlier projections of 2.6%, with the likelihood of 1st quarter
growth contracting 6% or more and 2nd quarter witnessing no growth due to the impact of the coronavirus
pandemic outbreak. The FY20 GDP growth has been revised from 5% to 4.1%.
Key Points
i.Due to the extension of lockdown till May 3, it has estimated overall loss for FY21 around Rs 12.1 lakh crore or
6% of nominal gross value added (GVA) taking the nominal GVA growth for the entire year to be around 4.2% &
the nominal GDP is projected at 4.2%.
ii.The net tax revenue will have a shortfall of at least around Rs 4.12 lakh crores, and revenue shortfall for
states will be Rs 1.32 lakh crores.The revised fiscal deficit will be at 5.7% of GDP from the budget estimate of
3.5% in FY21 and after taking into account only the current EBR (Extra Budgetary Resources), the deficit rises
to 6.6% of GDP.
iii.The fiscal deficit of the States will rise to 3.5% of GDP from the budget estimate of 2% in FY21. The number
of EBRs will rise as the government seeks to mobilize resources through unconventional means like COVID
bonds, deficit monetization among others & the consolidated fiscal deficit may rise to 10% of GDP on an
unchanged EBR.
iv.The nominal merchandise exports to decline by upto 16% in FY 21, which translates into an output loss of
USD 50 billion (Rs 1.86 lakh crore in rupee terms).
About SBI:
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Government increases loss coverage for micro loan defaults under CGFMU scheme
On April 16, 2020 According to the amendment of Credit Guarantee Fund for Micro Units (CGFMU) scheme as
notified by the Ministry of Finance states that the coverage of lender’s loss in case of loan default is increased
to 75% from earlier 50%.
• The aim of the amendment is to incentivise lending to micro businesses which bear the impact of
coronavirus outbreak & the lockdown.
Key Points
i.Lenders can pay a fee for the portfolio of loans they want to cover under the guarantee, which enables them to
lend easily while improving profitability
ii.As a relief to borrowers, the personal assets of the borrower will not be included in the loss calculation and
will be assured that no collateral will be enforced if the loan account turns bad. As the loan recovery process,
the assets created from the loan can be attached.
iii.The lender’s burden under the scheme has reduced from the first 5% of the amount in default to 3%.
iv.The loans are sanctioned to Self Help Groups (SHGs) between 10 lakhs and 20 lakhs during FY 2020-21
under the scheme, where the 1st loss guarantee is Nil & the 2nd is 75% per annum in subsequent years.
v.The guarantee fee will be charged on outstanding balance at the time of sanction (on a pro rata basis) and
thereafter on an annual basis for renewals & the credit facilities for SHGs included here are not supported by
any network.
About the CGFMU scheme:
The scheme was announced in April 2016 covering microloans up to Rs 10 lakhs extended under the Pradhan
Mantri Mudra Yojana(PMMY).
Central Government releases 7,300 crore rupees to State & UTs under MGNREGS
On April 17, 2020, The Central Government has released 7,300 crore rupees to the States and Union
Territories (UT) under Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) to
liquidate pending dues of last financial year but also the wages dues for the first fortnight of 2020-21.
Key Points:
i.Rural Development Minister Narendra Singh Tomar conducted a detailed review of all flagship schemes of the
Rural Development and said that MGNREGS works in Non-Containment Areas with adequate focus on social
distancing, must be resumed in an efficient manner.
ii.The focus of the work is to create durable assets relating to irrigation and water conservation.
iii.The Minister also added that under Pradhan Mantri Awas Yojana (Gramin), over 800 crore rupees has been
released to the States and around 40 lakh beneficiaries of this scheme have received second and third
instalment of funds.
About MGNREGA:
• “Mahatma Gandhi National Rural Employment Guarantee Act”, (MGNREGA) is an Indian labour law
and social security measure that aims to guarantee the ‘right to work’ and this act was passed in
September 2005.
• It aims to enhance livelihood security in rural areas by providing at least 100 days of wage
employment in a financial year to every household whose adult members volunteer to do unskilled
manual work.
Equitas Small Finance Bank launches Selfe Fixed Deposits and Selfe savings accounts
On April 15, 2020 Equitas Small Finance Bank (ESFB), a private sector, has launched Selfe Fixed
Deposits (FD) and Selfe savings accounts to expand its digital banking services so as to help its customers to
avoid visiting the branches as the lockdown is extended till May 3.
Selfe FD
i.With the Aadhaar and Permanent Account Number (PAN) details customers can open an online account for
value of Minimum investment of Rs 5,000 and invest up to Rs 90,000 under 3 minutes, for which the bank
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offers interest rate upto 7.75% per annum (p.a) for 1 year. Choice to invest from 7 days to 365 days
ii.It is a digital standalone FD scheme which envisages booking from their respective residences & transfer of
Unified Payments Interface (UPI) funding from any Know Your Customer bank account.
iii.No premature withdrawal penalty for Senior Citizen Selfe FD & if Selfe FD has completed a tenure of more
than 180 days.
Selfe savings accounts
i.It is a digital bank account that can be opened with a web based interactive video form by registering using
Aadhaar number, PAN and other basic details.
ii.Customers can set up a mobile banking PIN and start using their account instantly & can get an interest rate
upto 7.5% p.a. with no minimum balance and virtual debit card.
• Currently the interest rate offered by the Post Office for 1 year time deposit is 5.5% & on savings
account is 4%, the SBI offers a FD rate on deposits of 211 days to less than 1 year is 5 % & on savings
accounts it is 2.75%.
About ESFB:
Managing Director & Chief Executive Officer– Vasudevan Pathangi Narasimhan
RBI’s 1st auction under TLTRO 2.0 for Rs 25,000 cr on Apr 23; final tranche of Rs 1 lakh crore
TLTRO concluded
During the Reserve Bank of India (RBI) Governor Shaktikanta Das press conference, a Targeted Long-Term
Repo Operations 2.0 (TLTRO) window of Rs 50,000 crore was announced. Now as a part of it, RBI is all set to
conduct the first auction under the TLTRO 2.0 for an amount of Rs 25,000 crore on April 23, 2020.
• It is aimed to provide liquidity to small and mid-sized corporates, including non-banking financial
companies (NBFCs) and micro finance institutions (MFIs) impacted by the COVID-19 crisis.
• The funds availed under TLTRO 2.0 shall be deployed in investment grade bonds, commercial
paper (CPs) and non-convertible debentures (NCDs) of NBFCs.
• It should be noted that of the 50% of the total funds availed, 10% should go for securities issued by
MFIs while 15% towards instruments issued by NBFCs with asset size of Rs 500 crore and below.
RBI concludes final tranche of Rs 1 lakh crore TLTRO
On April 17, 2020, RBI conducted the fourth and the final tranche of the Rs 1 lakh crore TLTRO, announced on
March 27, 2020, by infusing Rs 25,000 crore into the system for three-year tenor at the repo rate (4.40%).
• In this regard, RBI received total bids for Rs 61,415 crore. The amount allotted was Rs 25,009
crore, indicating a pro-rata allotment percentage of 40.71.
NCAER Business confidence index (N-BCI) declined to 77.3 in Q4 FY20

In accordance with the economic think tank National Council for Applied Economic Research (NCAER)
112th Business Expectations Survey (BES), its quarterly business confidence index (N-BCI), covering 600
companies, declined by over 30% in the last quarter (Q4: Jan-March) of FY 19-20 to 77.3 from 111.2 in the Q3.
The reason behind this downfall is the ongoing nationwide lockdown to contain the Covid-19 virus outbreak. It
was the lowest figure since the 1998 Asian financial crisis.
• Political Confidence Index (PCI) fell from 96.2 per cent in January 2020 to 73.7 per cent in April
2020.
• The N-BCI is a part of NCAER’s Business Expectations Survey (BES).
• The survey consisted of four questions, two on macro and the other two on micro sentiments,
relating to the respondents’ own firms.
• Questions on macro sentiments: “The overall economic conditions will be better in the next six
months” and “The present investment climate is positive”. In both questions, there was a decline of
21 percentage points each.
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• Questions on micro sentiments: “The financial position of firms will improve in the next six
months” and “The present capacity utilisation is close to or above the optimal level”. In both
questions, there was a drop of 13.3 and 11.6 percentage points, respectively.
About NCAER
Headquarter– New Delhi
President– Nandan M. Nilekani
S&P cuts India growth forecast to 1.8% from 3.5% for FY 20-21
On April 17, 2020, S&P(Standard & Poor’s) Global Ratings has declined India’s growth forecast for the FY 20-21
to 1.8% from 3.5% estimated earlier due to an extended nationwide lockdown to contain COVID-19 spread. For
FY 2021-2022, the rating agency has projected India’s growth to 7.5%.
• In March 2020, S&P cut India’s growth forecast to 3.5% for 2020-21 fiscal, from 5.2% projected
earlier.
• On Asia-Pacific front, the growth is revised to 0.3%.
• As per S&P, the recovery from the pandemic will be flattish U-shape by 2023. It means the economy
is gradually declining but will bounce back over time with positive impact.
• As per agency, if the unemployment rises, then there may be chances of L-shape, a recession that
falls quickly but fails to recover.
Rate Cuts by other agencies for FY 20-21: India
Gross Domestic Product (GDP)
• Fitch- 2%
• International Monetary Fund (IMF)- 1.9%
• Moody’s Investors Service- 2.5%
Economic Growth
• World Bank- 1.5% to 2.8%
• Asian Development Bank (ADB)- 4%
Voice banking services on Amazon Alexa, Google Assistant launched: ICICI

On April 20, 2020 ICICI bank has launched voice assistance-based banking services on its
integrated artificial intelligence (AI) powered multi-channel chatbot iPal with Amazon Alexa and Google
Assistant for its retail banking customers by which they can access a wide range of banking services like check
balance, seek credit card details & ask queries through voice commands.
Key Points
i.The customers to access this need to download the Alexa/Google Assistant and link their ICICI Bank account
through a secure 2 factor authentication process.
ii.It has introduced WhatsApp chat-based ICICI Stack on March 17 2020, to provide a continuous banking
service for retail and business customers, it offers nearly 500 services that cover almost all banking
requirements which includes digital account opening, loan solutions among others.
About ICICI:
Managing Director (MD) & Chief Operating Officer (CEO)– Sandeep Bakhshi
RBI reduces FPI investment limits in G-secs for FY21; Rises for SDL
The Reserve Bank of India (RBI) has reduced the investment limit for general category foreign portfolio
investors’ (FPI) in central government securities (G-secs) to Rs 2.34 lakh crore for FY 20-21 from the existing
limit of Rs 2.46 lakh crore. The limits have been brought down by almost $1.5 billion to just above $31 billion.
• The long term FPI investment limits in G-secs have also been reduced to Rs 1.03 lakh crore from
the prevailing limit of Rs 1.15 lakh crore, a reduction of almost $1.5 billion.
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• On the other hand, RBI has increased the general category FPI investment limits in state
development loans (SDL) by Rs 3,215 crore to Rs 64,415 crore for the first half of FY21. The
limits will again rise by Rs 3,215 crore to Rs 67,630 crore for the second half of FY21.
• The limits for FPI investment in G-secs and SDLs remained unchanged at 6% and 2%, respectively,
of outstanding stocks of securities for FY 20-21.
Reason behind decline in FPI limit for G-secs
FPIs are selling their G-secs continuously following the COVID-19 crisis, general category. FPI utilisation of
investment limits in G-secs has fallen to 52.62% as on April 15 compared to over 75% at the beginning of 2020.
In the last 19 consecutive sessions, FPIs have sold Indian bonds including both G-secs and corporate bonds
worth $8.8 billion. So, in order to tackle this situation, the FPI limit for G-secs has decreased.
About FPI:
It is an investment by non-residents in Indian securities including shares, government bonds, corporate bonds,
convertible securities, infrastructure securities etc. It should be noted that FPI does not provide direct control
over the assets or the businesses.
Fitch cuts India’s FY21 GDP growth forecast to 1.8%

On April 20, 2020 Fitch Solutions has declined India’s Gross Domestic Product (GDP) growth for the Financial
Year (FY) 2020-21 (April 2020 to March 2021) to 1.8% from 4.6% previously as they expect private
consumption to contract against a previously weak expansion & the net exports will continue to drag heavily,
due to the large-scale loss of income across the economy because of the impact of a worsening domestic
outbreak of COVID-19.
Key Points
i.For China, it has revised to 1.1% from 2.6% previously & the real GDP contracts by 6.8% year over year(y-o-
y) in the 1st quarter of 2020.
ii.In the meantime, the targeted financial stimulus should see stable investment growth remain relatively flat,
while strong government consumption will provide the majority support and prevent full year contraction by
2020.
About Fitch Solutions:
Parent organization– Fitch Ratings
President– Brian Filanowski
RBI increases WMA limit for Central Govt to Rs 2 lakh cr from 1.2 Lakh cr for H1FY21
In an important revision, the Reserve Bank of India (RBI) in consultation with Indian Government has
increased the limit for Ways and Means Advances (WMA) by 66% for Central Government (UTs) to Rs 2,00,000
crore from Rs 1,20,000 crore for the remaining part of first half of the financial year 2020-21 i.e H1 FY21 (April
2020 to September 2020) to tackle the financial crisis arisen due to COVID-19 pandemic. Last week, RBI
increased the WMA limit of state governments by 60%.
• With this move states would get greater financial support to undertake COVID-19 containment and
mitigation efforts.
• It should be noted that by Fiscal year end (FYE) i.e. on March 31, 2020 the WMA limit for H1 FY21
was increased to Rs 1.20-lakh crore against Rs.75,000 crore.
Other measures Taken by RBI:
-The continuous overdraft limit for a state increased to 21 working days from 14 days and the number of days a
state/union territory can be in overdraft in a quarter raised to 50 working days from 36.
-Under Article 293(3) of Constitution of India, the states are allowed to raise Rs 3.2 trillion during the first 9
months of FY21 of which they can borrow Rs 1.27 trillion during Q1 FY21 (April-June).
-Advance release of Rs 110.92 billion central share from state disaster risk management fund for FY21 and Rs.
61.95 billion revenue deficit will be granted under 15th finance commission.
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About WMA and its type

It is a short-term borrowing arrangement between the RBI and central and state governments. RBI as banker to
the State Governments provides WMA to the States Under Section 17(5) of RBI Act, 1934 to help them to tide
over temporary mismatches in the cash flow of their receipts and payments. They are repayable in each case
not later than three months from the date of making that advance.
• Types of WMA: Normal and special. While normal WMAs are clean advances, special WMAs are
secured advances provided against the pledge of Government of India dated securities.
appointed).
RBI instructed its regulated entities to carry out money laundering risk assessment
periodically
On April 20, 2020, Reserve Bank of India (RBI) instructed its regulated entities (REs) to carry out money
laundering (ML)and terrorist financing (TF) risk assessment exercise periodically. In this regard the central
bank has added a new section in the Master Directions on KYC (know your customer), which has come into
force with immediate effect.
• The entities regulated by the RBI include, banks, All India Financial Institutions, Non-Banking
Financial Companies (NBFCs), and all payment system providers.
• The periodic risk assessment will identify, assess and take effective measures to mitigate money
laundering and terrorist financing risk for clients, countries or geographic areas, products, services,
and transactions or delivery channels.
Key Points:
-The REs should be aware of the overall sector-specific vulnerabilities.
-The internal risk assessment carried out by the regulated entity should be compatible to its size, geographical
presence, complexity of activities/structure
-Also, REs should apply a Risk Based Approach (RBA) for mitigation and management of the identified risk
and should have Board approved policies, controls and procedures.
RBI cancels license of Goa’s oldest bank, Mapusa urban co-operative bank of Goa Ltd.
India’s central bank, the Reserve Bank of India (RBI) has canceled the license granted to the Mapusa Urban
Co-operative Bank of Goa Ltd., Goa to conduct banking business which includes acceptance of deposits and
repayment of deposits as defined in Section 5 (b) read with Section 56 of the Banking Regulation Act, 1949 with
immediate effect. The order came into effect from the close of business on 16 April 2020.The RBI in its order
gave 5 specific reasons for cancelling the licence of the bank. These include,
• The bank does not have adequate capital structure & income potential. Hence, it 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.
• It does not comply with the conditions mentioned in 22(3) (a), 22 (3) (b), 22 (3) (c), 22 (3) (d) and
22 (3) (e) read with section 56 of the Banking Regulation Act, 1949.
• The activities carried out by the bank are adverse to the interest of the depositors;
• The bank will be unable to fully pay its current depositors with their current financial status; And
• Continuing the business of the bank may adversely affect the public interest.
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Key Points:
i.In the sequence of cancellation of license and commencement of liquidation work, the process of payment of
amount will be initiated to depositors of Mapusa Bank as per Deposit Insurance and Credit Guarantee
Corporation (DICGC) Act, 1961.
ii.During the liquidation, every depositor will be entitled to deposit up to Rs. 5 lakh from the DICGC subject to
the general terms and conditions.
iii.The RBI also asked the Central Registrar of Co-operative Societies, Government of India (GoI) to issue orders
for winding up the business of the bank and appoint a liquidator for the bank.
iv.The Mapusa bank was first placed under direction through an RBI directive dated July 24, 2015 after its
Capital to Risk (Weighted) Assets Ratio (CRAR) declined drastically below the RBI’s 9% stipulation.
About CRAR:
Capital to Risk (Weighted) Assets Ratio, also known as Capital adequacy Ratio, is the ratio of a bank’s capital to
its risk. RBI monitors the bank’s CAR to ensure that the bank can absorb a better amount of loss and complies
with statutory Capital requirements. Higher CRAR indicates a bank is better capitalized.
• As per RBI norms, Indian scheduled commercial banks are required to maintain a CAR of 9% while
Indian public sector banks are emphasized to maintain a CAR of 12%.
About Mapusa Urban Co-operative Bank Ltd:
Headquarters– Mapusa, Goa
Managing director– Shailendra Sawant
Paytm Payments Bank partnered with Mastercard to issue virtual and physical debit cards
Paytm Payments Bank Ltd (PPBL) has collaborated with Mastercard to issue virtual and physical debit cards
to enable its customers to perform secure online transactions, make payment in stores as well as withdraw
cash from ATMs.
• PPBL will issue Mastercard virtual debit cards to its new customers to perform secure online
transactions for everyday purchases.
• After this, Customers will also have an option to request a physical card, for contactless in-store
transactions supported by Mastercard’s chip-based technology.
• The aim of PPBL is to issue over 10 million digital debit cards in FY 2020-21.
Point to be noted:
In the start of April, 2020, Paytm partnered with fast-food chain McDonald’s to distribute burgers, chilli paneer
pockets, and other food items to frontline workers, who are tirelessly working to contain the spread of COVID-
19 across India as a part of it’s‘India Fights Corona’ campaign. It has also introduced an ‘Information and Help
center’ on its app under its #IndiaFightsCorona section to offer verified information directly from the
government bodies and health authorities.
About PPBL:
Headquarter– Noida, Uttar Pradesh
Chief Executive Officer (CEO) & Managing Director (MD)– Satish Kumar Gupta
About Mastercard:
Headquarter– New York, United States (US)
President and CEO– Ajay Banga
N Kamakodi re-appointed as MD & CEO of City Union Bank: RBI

On April 21, 2020 The Reserve Bank of India (RBI) approved the re-appointment of N Kamakodi as the
Managing Director (MD) & Chief Executive Officer (CEO) of City Union Bank (CUB), a private sector bank for 3
years with effect from May 1.
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Journey in the Bank

He joined CUB as Deputy General Manager (DGM) in 2003, elevated as General Manager in 2005, Executive
Director in 2006 & as MD and CEO with effect from May 1, 2011.
Academic
A Bachelor of Technology in Chemical Engineering, an MBA from Chinese University of Hong Kong, Ph.D. in e-
Banking and a Certified Associate of Indian Institute of Bankers (CAIIB).
About CUB:
It was formally called ‘The Kumbakonam Bank Limited’ & was incorporated as a limited company on 31st
October, 1904.
Headquarters– Kumbakonam, Tamil Nadu
Tagline- Trust and Excellene since 1904
HSBC appoints Noel Quinn as Chief Executive Officer

HSBC (Hong Kong and Shanghai Banking Corporation) Bank appointed Noel Quinn as its Chief Executive
Officer (CEO). He served as the interim CEO of the bank since August 2019. He was the successor of John Flint.
Key Points:
i.Noel joined HSBC in 1987 and has proven the outstanding candidate to take on a role permanently as CEO.
ii.Quinn will earn a base salary of 1.27 million pounds per annum.
About HSBC bank:
Headquarters– London, United Kingdom (UK).
Chairman– Mark Edward Tucker.
India slipped two places to 142nd on global press freedom index 2020; Norway tops
The rank of India has decreased by two places to 142nd from 140th position with a score of 45.33 in the “The
World Press Freedom Index 2020” which has analysed 180 countries. This decline in rank is showing an
improvement in the security of Indian media as in 2019 there was no murders of journalists were recorded as
against six in 2018. However, constant press freedom violations still remain, including police violence against
journalists, ambushes by political activists, and reprisals instigated by criminal groups or corrupt local officials.
• The World Press Freedom Index is compiled by Paris-based Reporters Sans Frontieres (RSF), or
Reporters Without Borders.
• The index has been topped by Norway with a score of 7.84 while North Korea stood at last rank of
180 with a score of 85.82.
Rank Country Score
1 Norway 7.84
2 Finland 7.93
3 Denmark 8.13
142 India 45.33
180 North Korea 85.82
About World Press Freedom Index
Since 2002 it is published annually by RSF to rank 180 countries according to the level of freedom available to
journalists.
About RSF
It is a non-profit organisation that works to document and combat attacks on journalists around the world.
Secretary-General– Christophe Deloire
Headquarter– Paris, France
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COVID-19 could double number facing acute hunger; $350mn needed for containment: UN
GRFC 2020
In accordance with the fourth annual Global Report on Food Crises (GRFC 2020) titled “2020 Global Report on
Food Crises-Joint Analysis for better decisions” by United Nation’s (UN) World Food Programme (WFP), the
coronavirus pandemic could nearly double the number of people around the world facing acute hunger.
• The number of people from 50 countries in the food crisis rose by nearly 10% to 123 million people
from 112 million in the 2019 edition.
• The reports also found another 183 million were at risk of slipping into a food crisis.
• The 10 countries faced worst food crisis in 2019 by number of people in Crisis are Yemen, the
Democratic Republic of the Congo, Afghanistan, Venezuela, Ethiopia, South Sudan, Sudan, Syria,
Nigeria and Haiti.
• It should be noted that the WEP estimates that $350m (£280m) needed immediately, but only
about a quarter of the sum has yet been available.
Key reasons behind acute hunger:
• On the food supply side, harvests have been good for 2020 outlook but the movement restriction to
contain the spread of the COVID-19 virus has disrupted the transport and processing of food and
other critical goods, increasing delivery times and reducing availability of even the most basic food
items which will result in a food crisis.
Key Points:
-The number of people facing acute food insecurity stands to rise to 265 million in 2020, up by 130 million from
the 135 million in 2019.
-135 million people in 55 countries were living in situations of acute food crises or outright humanitarian
emergencies last year.
-The number of acutely malnourished children under 5 years across the 55 countries/territories are 17 million,
analysed in 2019.
-Labour shortages due to COVID-19 may put further strain on food production, protectionist measures may
increase food prices, and rising unemployment will reduce people’s purchasing power, driving more into
hunger.
About GRFC 2020:
The report is compiled and published annually by a number of groups and aid organisations. The report is
produced by the Global Network against Food Crises, an international alliance working to address the root
causes of extreme hunger.UN Food and Agriculture Organisation (FAO), WFP and 14 other organisations.
• It provides an analysis of the drivers that are contributing to food crises across the globe, and
examines how the COVID-19 pandemic might contribute to their perpetuation or deterioration.
About WFP:
Headquarters– Rome, Italy
Executive Director– David Beasley
India approves US$ 1 million to Antigua as project outlay

On 21st April 2020,India provided medical supplies including hydroxychloroquine tablets to many countries
and India approved the 1 million USD to Antigua as a project outlay with 150K USD for medical equipment as
immediate assistance from the United States to fight against coronavirus pandemic.
Key Points:
i.On 13th March the Prime Minister of Antigua and Barbuda Gaston Browne announced the first confirmed case
of COVID-19 positive in Antigua and no cases have been reported in Barbuda.
ii.Earlier in April, India promised to provide hydroxychloroquine with a deemed medicine for the treatment of
patients of coronavirus infection to 55 nations including Kazakhstan to combat the COVID-19 situation.
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iii.The hydroxychloroquine belongs to the antimalarials drug used to treat rheumatoid arthritis and systemic
lupus erythematosus by decreasing the immune system’s activity.
About Antigua and Barbuda:
Capital – Saint John’s, Currency – Eastern Caribbean dollar
IOB launches Working Capital Demand Loan for agriculture sector: COVID-19
On April 22, 2020 Indian Overseas Bank (IOB) has launched Working Capital demand Loan for agriculture
sector (WCDL-Agri), a special credit facility for the agriculture sector & allied activities as a relief measure to
fight the coronavirus (COVID-19) pandemic.
Key Points
i.The loans will be available to all the existing borrowers whose accounts are ‘standard’ and ‘performing’ as of
March 2020 from poultry, dairy, fisheries and other allied activities and infrastructure activities such as cold
storage and rural go-downs.
ii.The bank will not charge processing fees or prepayment penalty & will offer loans of 10% of the existing
fund-based working capital limit with a maximum of Rs 10 crore for the poultry sector and Rs 2 crore for other
allied activities.
iii.The loan is repayable in 6 monthly instalments after an initial moratorium of 6 months. Interest will be
serviced as and when debited.
iv.To avail the facility, applicants can submit their request to the branch directly or through email.
v.The loan is sanctioned and disbursed within 6 working days from the date of receiving the required
documents. The scheme, launched on April 4, will be valid up to June 30.
vi.It has also launched the “COVID 19 Line of Support Scheme” for all MSME customers.
Other bank’s initiatives in the wake of COVID-19 outbreak
• Union Bank of India launched COVID Emergency Line of Credit (CELC) which provides additional
credit facilities to tide over liquidity issues for its existing customers.
• Bank of Baroda has set up an emergency credit line to provide funds to its existing MSME and
corporate borrowers
• State Bank of India has announced an additional funding facility for its borrowers.
• Canara Bank announces special Loan schemes for the MSME, Corporate, Business, Agri & Retail
Customers, to tide over the liquidity / Cash flow.
About IOB:
Headquarters– Chennai, TamilNadu
Managing Director (MD) & Chief Executive Officer (CEO)– Karnam Sekar
Fitch ratings reduces India’s annual GDP growth estimates for FY21 to 0.8% from 2%
On April 23, 2020, Fitch Ratings Inc, an American credit rating agency in its ‘Global Economic Outlook
(GEO)’, has lowered India’s GDP (Gross Domestic Product) growth forecast to 0.8% for Fiscal year 2020-
21 (FY 21), a revision from the 2% that was projected just three weeks ago.
It revised its projection due to the global economic downturn caused by the spread of coronavirus (COVID-19)
and Lockdown in India.
Key Points:
i.Comparison: Prior to this, Fitch had predicted India’s economic growth for the financial year (FY 20) at 4.9 %.
However, the agency expects the growth rate in 2021-22 (FY 22) at 6.7 %.
ii.Quarter estimates: The rating agency estimates that there will be negative growth in the current financial
year for two consecutive quarters. In the first quarter of April to June 2020, economic growth fell to -0.2 % and
to -0.1 % in July-September 2020.Growth is expected to rebound to 1.4 per cent in the last quarter of 2020
calendar year.
iii.Global GDP: As per the agency, the world GDP is projected to decline by 3.9 % in 2020, which will have
double the impact of the 2009 recession.
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iv.Reason for the decline: The main reason for India’s economic downturn is the decline in spending habits
among consumers. This means that people will spend only 0.3 % of the current fiscal year (FY 21), compared to
5.5 % in FY 20.
v.Impact: The fall in global GDP will result in a loss of $ 2.8 trillion against the global income of 2019. Corona
will incur a loss of $ 4.5 trillion against the earlier GDP estimate.
About Fitch Ratings:
President– Ian Linnell
India’s GDP growth likely to grow at 1.5% in FY21: CII

On April 23, 2020 The Confederation of Indian Industry (CII) in a paper- A plan for economic recovery has
stated that India’s Gross Domestic Product (GDP) growth is likely to grow at 1.5% in the current Financial
Year (FY21) post the lockdown period & also has suggested urgent fiscal interventions.
Growth expectation under other scenarios
• In case of baseline scenario, GDP is expected to grow at 0.6% on an annual basis as the economic
activity is expected to remain in constraint due to the continuing restrictions on the free movement
of goods and people beyond the lockdown period.
• This will lead to disruption in supply chains, slow pick-up in investment activity, labour shortages in
the short-run and muted consumption demand on account of reduced household incomes.
• This will lead to disruption in supply chains, slow take on investment activities, short-term labor
shortages and the need for disabled consumption due to reduced household income.
• In case of a more prolonged outbreak, GDP will decline by -0.9% if restrictions in hot spots continue
and newer spots get added to the list which lead to periodic stop & start in economic activity.
Suggested urgent fiscal interventions
i.Should include cash transfers of Rs 2 lakh crore to Jan Dhan-Aadhaar-Mobile (JAM) account holders in
addition to Rs 1.7 lakh already announced.
ii.To provide additional working capital limits to banks, equivalent to the April-June wage bill of the
borrowers, backed by a government guarantee, at 4-5% interest.
iii.The creation of fund or Special Purpose Vehicle (SPV) with a corpus of Rs 1.5 lakh crore which will
subscribe to Non- Convertible Debentures (NCDs)/Bonds of A rated corporates and above.
iv.The fund can be raised by a corpus contribute by the government of Rs 10,000-20,000 crore, with further
investments from banks and financial institutions such as Life Insurance Corporation (LIC), Power Finance
Corporation (PFC), Employees’ Provident Fund Organisation (EPF) among others, this will limit Government
exposure while providing adequate liquidity to industry.
v.A credit protection scheme for Micro, Small & Medium Enterprises (MSMEs), where If the borrower defaults,
RBI should buy the loan and repay the bank upto 75-80% of the loan, which limits the risk to the lender.
vi.Small Industries Development Bank of India (SIDBI) can provide the guarantee for loans to industry and
trade while National Bank for Agriculture and Rural Development (NABARD) can provide the guarantee for
loans to agro-processing sectors.
Key Points
• In considering the extent of the damage to the economy from the disruption to business, the GDP
growth in FY21 is likely to be the lowest in many decades.
• Without an increase in government spending in the near term for economic recovery, government’s
revenue will decline and high deficits will be a problem in future.
• As the capacity utilization levels may be minimum, any significant recovery in investment activities
is unlikely. Consumption demand will be sluggish as people’s incomes are affected.
• The economies across the world will continue to struggle with the pandemic & global trade may
decline by 13 to 32% in 2020, as estimated by the World Trade Organisation(WTO) where
government intervention becomes critical not only to sustain the economy but also to prevent any
humanitarian crisis.
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About CII:
President– Vikram S. Kirloskar
23% decline projected in Migrants Remittances to India in 2020 due to COVID-19: World Bank
Report
In accordance with the report on impact of COVID-19 on migration and remittances by World Bank,
titled “COVID-19 Crisis: Through a Migration Lens” remittances to India are likely to drop by 23% to USD 64
billion in 2020 from USD 83 billion in 2019 due to COVID-19 impact. In 2019, the remittances were increased
by 5.5%. Importantly, India is the world’s biggest recipient of remittances, which bolster the country’s foreign
exchange reserves and help fund its current account deficit.
What are Remittances?
A remittance is a transfer of money by a foreign worker to an individual in their home country. These are a vital
source of income for developing countries as these help families to afford food, healthcare, and basic needs.
Migrant worker remittances to fall 20% amid virus
On the global front, remittances by migrant workers are projected to decline sharply by about 20% due to the
economic crisis induced by the COVID-19 pandemic and shutdown. This would be the sharpest decline in recent
history.
• The global average cost of remittances declined to 6.8% in the Q1 of 2020, from 6.9% in 2019.
Key Points:
-Remittance flows are expected to fall across all regions, mostly in Europe and Central Asia (27.5%), followed
by Sub-Saharan Africa (23.1%), South Asia (22.1%), the Middle East and North Africa (19.6%), Latin America
and the Caribbean (19.3%), and East Asia and the Pacific (13%).
-Remittances to low and middle-income countries (LMICs) are projected to fall by 19.7% to $445 billion from
$554 billion in 2019. In 2021, remittances to LMICs will recover and rise by 5.6% to $470 billion.
Lockdown in India has impacted 40 million internal migrants
The nationwide lockdown in India has impacted nearly 40 million internal migrants i.e. migrants within the
nation which may result in loss of employment. Governments need to address the challenges facing internal
migrants by including them in health services and cash transfer and other social programmes and protecting
them from discrimination. In India, the number of low-skilled emigrants seeking mandatory clearance for
emigration rose slightly by eight percent to 368,048 in 2019.
Remittances to South Asia to dip 22% in 2020 to $109 billion: World Bank
Remittances to South Asia are projected to decline sharply by 22% to $109 billion in 2020 in comparison to
2019 when it saw a growth of 6.1%. This deceleration in remittances is due to global economic slowdown
driven by the coronavirus outbreak as well as oil price declines.
About World Bank:
President– David R. Malpass
Subsidiaries– International Bank for Reconstruction and Development (IBRD), International Development
Association (IDA,) International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA),
Federal Bank to acquire additional stake of up to 4% in IDBI Federal Life Insurance

The Federal Bank’s board has approved its purchase to acquire an additional stake of up to 4% in the equity
capital of IDBI Federal Life Insurance Company Limited (IFLIC) from Industrial Development Bank of
India(IDBI) Bank, increasing the total shareholding in the life insurance joint venture to 30% from 26%.
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Key Points:
i.The IDBI Bank board has also approved a proposal to sell a 23-27% stake in its insurance arm IFLIC on April
3.
ii.IDBI Bank has 48% stake in IFLIC. Since Life Insurance Corporation of India (LIC) has 51% majority stake in
IDBI Bank, & looks to sell its entire stake in IFLIC.
iii.Current insurance regulations do not allow LIC to hold more than 10% stake in another insurer, either
directly or indirectly.
• The proposed stake hike is subject to price finalisation and all relevant regulatory approvals from
the Reserve Bank of India and the Insurance Regulatory and Development Authority of India
(IRDAI). The indicative time period for completion of the acquisition is 6 months.
About Federal Bank:
Headquarters– Aluva, Kerala
Managing Director (MD) & Chief Executive Officer (CEO)– Shyam Srinivasan
About IFLIC:
MD & CEO– Vighnesh Shahane
About IDBI:
Chairman– M R Kumar
FDI policy, 2017 amended under FEMA, 1999

As we have notified earlier that the Department of Economic Affairs (DEA) under the Ministry of Finance has
made changes in the Foreign Direct Investment (FDI) policy, 2017, which made prior approval of the
government mandatory for foreign investments from countries that share border with India, to prevent
opportunistic takeover of domestic firms amid COVID-19 pandemic under the Foreign Exchange Management
Act (FEMA), 1999. Click Here for Official Notification
• But the above decision will take effect from the date of FEMA notification as a necessary amendment
to Rule 6 of FEMA (non-debt instruments) Rules, 2019 (NDI Rules) was awaited.
Now, In exercise of the powers conferred by clauses (aa) and (ab) of sub-section (2) of section 46 of the Foreign
Exchange Management Act, 1999, the Central Government amended the Foreign Exchange Management
(Non-debt Instruments) Rules, 2019 by which the above mentioned changes has come into effect.
Points to be noted:
In 2019, Reserve Bank of India (RBI) has introduced Foreign Exchange Management (Non-debt Instruments)
Rules, 2019 by superseding the Foreign Exchange Management (Transfer of Issue of Security by a Person
Resident outside India) Regulations, 2017 as well as the Foreign Exchange Management (Acquisition and
Transfer of Immovable Property in India) Regulations, 2018.
• These amendments have resulted in a power shift from the RBI to the Central Government to
enhance the latter’s involvement in the foreign exchange transactions.
• The countries which share land borders with India are China, Bangladesh, Pakistan, Bhutan, Nepal,
Myanmar and Afghanistan.
About FEMA Act, 1999:
Passed in 1999, FEMA Act, 1999 replaced the Foreign Exchange Regulation Act (FERA), 1973 by which offences
related to foreign exchange were categorized as civil offenses. Its purpose is to consolidate and amend the law
relating to foreign exchange for facilitating external trade and payments in an orderly manner and also to
develop foreign exchange market in India.
Government freezed DA & DR for 1.1 crore employees & pensioners: COVID-19
On April 23, 2020 The Department of Expenditure, under the finance ministry has stated that the central
government has frozen the Dearness Allowance (DA) & Dearness Relief (DR), an inflation-linked allowance to
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its 1.1 crore employees & pensioners respectively due from January 1, 2020 to combat the COVID-19
pandemic outbreak.
• The government had announced a 4% increase in DA for its 50 lakh employees and 61 lakh
pensioners to 21% effective from January 1, 2020, which was to cost Rs 27,100 crore in the current
financial year 2020-21.
• It is estimated that the central government will be able to save Rs 37, 530 crore in the current
financial year & 2021-22. The states will likely implement the central government order on DA and
DR & they will save Rs 82, 566 crore, which totally save Rs 1.20 lakh crore.
Other Changes
i.The additional instalment of DA and DR due from July 1, 2020, and January 1, 2021, will not be paid.
ii.The employees and pensioners will continue to receive DA and DR, respectively, at the current rate of 17%
till June 30, 2021.
iii.No arrears will be paid from January 1, 2020, to June 30, 2021 but, the government to release the DA and DR
due from July 1, 2021 will take into account the previous hike.
iv.In general DA will be revised twice a year in January and July in line with inflation trends.
Union Cabinet approvals
• A 30% pay-cut for a year to President Ram Nath Kovind, Vice President Venkaiah Naidu and Prime
Minister Narendra Modi as well as Union ministers and Members of Parliament and governors of all
states with effect from April.
• Temporary suspension of Members of Parliament Local Area Development Scheme (MPLADS)
Fund of MPs for 2 years 2020-21 and 2021-22.
Key Points
i.The money saved through these will go to the Consolidated Fund of India for managing health services and the
adverse impact of the COVID-19 pandemic in the country.
ii.In addition to healthcare costs, the government also faces the burden of providing boosters or stimulus to
sectors and industries hit by a nationwide lockdown.
iii.The government has announced Rs 1.7 lakh crore economic package, comprising free food grains and
cooking gas to the poor and cash dole to poor women and elderly.
iv.The 2nd package aimed at industries is likely to be announced shortly.
About MPLADS:
• It is a Central Sector Scheme launched in 1993-94. The scheme enables the MP’s to suggest to the
District Collector about the tune of Rs 5 Crores per annum to be taken up in their constituency in
the area of national priorities namely drinking water, education, public health, sanitation, roads
among others.
• The Ministry of Statistics and Programme Implementation (MOSPI) is responsible for the policy
formulation, release of funds and to prescribe the monitoring mechanisms for implementation of the
Scheme.
Minister of State of MOSPI– Rao Inderjit Singh
World Bank approved Rs 585 cr for Himachal Pradesh State Roads Transformation Project
(HPSRTP)
The Himachal Pradesh State Roads Transformation Project (HPSRTP) will receive a funding of US$82 million
(Rs 585 crore) from World Bank (WB) for the upgradation of major roads and modernization of the Public
Works Department (PWD) in Himachal Pradesh (HP).
• Under tranche-I of HPSRTP, Road construction work of Barotiwala-Baddi-Sain-Ramshehar with
length of 45 kms, Dadol-Ladraurr Road with length of 14.5 kms, Mandi- Riwalsar-Kalkhar of length
28 kms and Raghunathpura-Mandi- Harpura-Bharari road with length of 3.5 kms would be
undertaken.
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Efforts by HP govt to Speed-Up the Construction Work

The lockdown has disrupted the construction and maintenance of road projects in the state. For FY 19-20 the
state govt’s target was to construct 900 kilometres road length but only 800-km was achieved as works were
halted due to Covid-19 outbreak and lockdown. Now, to speed-up the road projects the state government has
taken the following decisions:
• Optimal utilization of local labour.
• Allowing inter-district movement of trucks carrying construction material from mining sites to
project areas.
• Opening of hardware shops so that works do not hamper due to want of construction material.
Apart from above, the construction of 4,960-km roads has been fixed under Pradhan Mantri Gram Sadak Yojna
(PMGSY) for FY 2020-21 for which financial allocation of Rs 1,666 crore had been made.
Pradhan Mantri Gram SadakYojna (PMGSY):
It was launched by the Govt. of India in 2000 by then-prime minister of India Late Shri Atal Bihari Vajpayee to
provide all-weather road connectivity to unconnected Habitations as part of a poverty reduction strategy. In HP
the target length is 3,015 Km but completed only 1,050.589 as of FY 2019-20. It works under the aegis of
Ministry of Rural Development.
About HP:
Chief Minister– Jai Ram Thakur
Capital– Shimla (Summer), Dharamshala (Winter)
State Animal– Snow leopard
State Bird– Western Tragopan (Tragopanmelanocephalus)
State Flower– Pink Rhododendron (Rhododendron campanulatum)
About World Bank:
President– David R. Malpass
Subsidiaries– International Bank for Reconstruction and Development (IBRD), International Development
Association (IDA,) International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA),
Bajaj Allianz General Insurance in partnership with GOQii launches ‘BAGIC GOQii Co-pay
Option’
On April 23, 2020 Bajaj Allianz General Insurance launched a preventive healthcare platform ‘BAGIC GOQii
Co-pay Option’ in partnership with a smart health company GOQii under the regulatory sandbox approval
from Insurance Regulatory and Development Authority of India (IRDAI).
Objective of the product– to reward the customers with a healthy lifestyle in the form of co-pay deduction in
their health insurance policy named Health Ensure policy.
Key Points
i.The option is an add-on cover which can be opted by the holders of company’s existing health insurance
policy.
ii.If the policyholder agrees for the add-on cover, GOQii will on-board the customer on their app to monitor
their engagement level and also send them the health band.
iii.Policy starts with a co-pay of 50%- Bronze level on completion of 60 days, after which the insured can check
their engagement level and co-pay level on the GOQii app itself, every 30 days.
iv.The other levels include co-pay of, Silver level-30%, Gold Level- 20% and Diamond- 0% The co-pay is based
on the engagement level. As the engagement goes up premiums will fall and if the engagement declines the
premiums will rise with subject to different levels of engagement.
v.The option will have a policy tenure of 1 year with an insured sum of Rs 3 lakhs, 4 lakhs, 5 lakhs.
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vi.Premium varies between Rs 1,894 and Rs 7,365 for an individual policyholder, excluding Goods & Service
Tax (GST) depending on the area of residence of a person as defined in the policy document, age group and
insured amount opted.
vii.In addition we can avail 25%discount on the premium on opting the add-on cover.
About GOQii:
Headquarters– Menlo Park, USA
CEO & Founder– Vishal Gondal
Headquarters in India– Mumbai, Maharashtra
About IRDAI:
Headquarters– Gachibowli, Hyderabad
Chairman– Subhash C. Khuntia
Special Liquidity Scheme for MSMEs launched: SIDBI

On April 23, 2020 The Small Industries Development Bank of India (SIDBI) has launched special liquidity
schemes to support Micro, Small and Medium Enterprises (MSMEs) due to lockdown because of the COVID-19
pandemic outbreak.
• The schemes will cover all eligible entities with investment-grade ratings irrespective of the entity’s
size & the quantum of the loans is 90 days.
Eligibility for both NBFC & MFI
A bank should have a sizeable outstanding loan portfolio to micro and small enterprises, micro credit and
sound financials & should have been in operation for a minimum period of 3 years and should have earned
profit for at least 2 years out of the last 3 years & must have an external rating of BBB or higher as on 31 March,
2020.
Non-Banking Financial Companies (NBFC)– must register with the Reserve Bank of India(RBI) as an
Investment and Credit Company (ICC), have an asset size of at least Rs 50 crore & minimum net worth of Rs 20
crore.
Microfinance Institutions (MFI)– must be registered as a society, trust, company, Section 8 company & must
have a minimum MFI grading of MfR5.
Gist about the schemes
1st scheme– To provide liquidity support to MSMEs through banks including Small Finance Banks (SFBs),
NBFC including fintech NBFCs. SIDBI will provide resource support to NBFCs through term loans.
2nd Scheme– To provide liquidity support to MSMEs through MFIs . It is available to lenders with sizeable
outstanding portfolios to micro and small enterprises (MSEs).
In case of banks, they must be profit-making and have a minimum net worth of Rs. 100 crores & also have non-
performing assets below 10% and a minimum capital adequacy ratio of 9%.
Background
RBI has announced a liquidity facility of Rs 15,000 crore to meet credit needs of MSMEs.
SIDBI from then has announced lending to small businesses, through banks, non-bank financiers and MFIs.
What is Section 8 Company?
The Companies Act 2013 defines it as one of whose objectives is to promote fields of arts, commerce, science,
research, education, sports, charity, social welfare, religion, environment protection, or other similar objectives.
These companies are formed with a charitable objective of social welfare, without any intention to get any kind
of profit or dividend.
What is MFI grading?
It is an ordinal measure of the scalability, sustainability and reliability of the MFI’s internal processes, controls
and governance structure. It rates on an 8 point scale with MfR1 the highest and MfR8 the lowest.
About SIDBI:
Headquarters– Lucknow
Chairman & Managing Director– Mohammad Mustafa
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Ashok Leyland acquired 3.36% share in subsidiary Hinduja Leyland Finance

Ashok Leyland Ltd under the flagship of Hinduja Groups has acquired 3.36% which is 1.57 crore shares of Rs.10
of the equity of its subsidiary Hinduja Leyland Finance Ltd (HLFL). for the cost of Rs.119 per equity share.
The regulatory filings at stock exchange said that the shareholding of Ashok Leyland has gone up to 65.45% to
68.81% in the Hinduja Finance.
The proposed acquisition is at arm’s length basis and a part of the 6.99% approved by the board of directors in
the meeting on 21st March. It will be completed in tranches before July 31.
About Hinduja Group:
Hinduja Group is an Indian conglomerate company based in Mumbai involved in activities like foundries,
imports and exports, trading, motors, bankings, healthcare and call centers.
Headquarters– London, United Kingdom
Founder– Parmanand Hinduja
Ashok Leyland CEO– Vipin Sondhi
Hinduja Leyland Finance CEO– Sachin Pillai
Singapore’s Caladium increases stake in Bandhan Bank by 1.1pc to 4.49%

On April 21, 2020, Caladium Investment Pte Ltd, an affiliate of Singapore’s sovereign wealth fund GIC
(Government of Singapore Investment Corporation), has raised its stake in India-based private sector
lender Bandhan Bank by 1.1 percent from 3.39% to 4.49% through secondary market operations.
Key Points:
i.After the transaction, GIC will now holds 7.2 crore shares of Bandhan Bank.
ii.The moves shows the confidence in micro-lending business model of the bank, which posted a net profit of Rs
731 crore a year-on-year surge of 120.85% for the December 2019 quarter compared with Rs 331 crore in the
same quarter in 2018.
About Bandhan Bank:
Headquarters– Kolkata, West Bengal
MD & CEO– Chandra Shekhar Ghosh
Tagline– Aapka Bhala, Sabki Bhalai
World Bank ties-up with AIMA to organize virtual workshop on “Contract Management during
Emergency situations”
On April 24, 2020, World Bank (WB) has joined hands with AIMA (All India Management Association), one of
the most renowned business schools in India, to organize a virtual workshop called “The Contract
Management during Emergency situations” with the aim to create awareness about the likely impact of the
coronavirus (COVID -19) pandemic on the implementation of the bank-funded projects.
Key Points:
i.The world bank in 2015 has funded $ 250 Million to Jhelum Tawi Flood Recovery Project (JTFRP) in the union
territory of the Jammu and Kashmir (J&K).The Project Management Unit is currently executing this project.
ii.The workshop saw the discussion over the role of Dispute Resolution Boards and Arbitrators in case of the
disagreement between the parties & provisions in Indian legal system for interpreting contractual provisions
provided under sections 32 & 56 of the Indian Contract Act, 1872, FIDIC Red Book (1999) (2017) for the
project.
iii.It was attended by Dr. Ajit Patwardhan, contract management expert, Director Planning and Coordination,
JTFRP and other senior officers of JTFRP and over 350 other participants from different executing agencies
across the country.
About World Bank:
Headquarters– Washington D.C., U.S.
Motto– Working for a World Free of Poverty
President– David Malpass
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All India Management Association (AIMA):

Transcorp becomes the 1st non-bank company to receive RBI nod to enter into co-branding
arrangements
On April 21, 2020 The Leading forex and payment solutions provider Transcorp International Limited (TIL), a
25 year old BSE-listed company becomes the 1st non-bank company to receive Reserve Bank of India (RBI)
nod to enter into co-branding arrangements for prepaid Instruments to be used in over 35 lakh stores and
online gateways due to the current outbreak of COVID-19 pandemic.
Key Points:
i.It will launch Application Programming Interface (API) based co-branded partnerships for digital, physical
and contactless cards with select marquee clients in its own Bank Identification Number (BINs).
ii.These cards can be used by partners, financial institutions and corporate houses to ease their core business
activities & facilitates the accounting department to manage expenses by not having to check every individual
bill & eliminates cash as a medium of paying for company expenses
iii.Cards allow safe transactions to serve their existing and new customers even if they do not have a bank
account & will replace cash payment for all value transactions up to Rs. 1,00,000.
iv.TIL has leveraged its Prepaid Payment Instruments (PPI) license (the same license held by leading mobile-
wallet operators in India) to operate.
v.Based on the level of Know Your Customer(KYC)-based authentication, it offers several variants of its
customisable prepaid card, namely; Gift Cards: upto Rs. 10,000 (non-reloadable), Min KYC Cards: upto Rs.
10,000 monthly (reloadable and issued through OTP), Full KYC Cards: upto Rs. 100,000 at one time (reloadable
and issued through full KYC).
vi.The cards are available at all TIL branches, through select agents and on order it will be delivered to one’s
office or home address even during the lockdown.
vii.As part of the government’s initiatives of cashless India, it has also launched its multi-wallet RuPay-
powered prepaid cards which allow corporate houses to pay wages, incentives, reimbursements & recurring
payments to their employees or beneficiaries.
viii.Transcorp cards are highly customizable, co-branded with a partner organization’s logo & restricts certain
merchant categories as per the client’s requirements.
ix.It is the 1st non-bank player in India to issue National Common Mobility Cards (NCMC/One Nation One
Card) by National Payments Corporation of India (NPCI) certification to be used in Transit Systems and Smart
Cities.
About TIL:
It is a Public Limited Company incorporated in 1994, is listed with Bombay Stock Exchange (BSE) with a
turnover of Rs. 2300 crore.
Headquarters– Jaipur, Rajasthan
CEO– Amitava Ghosh
CARE Ratings projected 1.1%-1.2% GDP growth in FY21; declined for FY20 to 4.7% from 5%
On April 24, 2020, the CARE Ratings has projected the gross domestic product (GDP) of India for Fiscal Year
(FY) 2020-2021 between 1.1%-1.2% amid nationwide lockdown resulting in disruptions and halting of
activities. The lockdown was announced on March 24 for 21 days, which has now been extended until May 3,
2020.
• Gross Value Added (GVA) has been estimated to grow at 1.4% for FY21.
• Overall growth is expected to be driven only by the government expenditure.
Revision in FY20 GDP; Declined to 4.7%
The agency also revised the GDP forecast for FY20 by declining it to 4.7% from 5% with GVA growth expected
at 4.6%.
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Key Points:
-CARE has assessed 8 sectors for GDP projection of FY21 out of which 3 sectors are anticipating a decline viz.
mining and quarrying, manufacturing and construction.
-During the year, tax collections will be low as the target of Rs. 1 lakh crore of GST per month may not be
achieved due to restrictions imposed by states on non-essential commodities amid COVID-19.
-This estimate is based on the assumption that post June 2020, the activities would restore very gradually and
may not be able to even attain 50% of normalcy for certain sectors for FY21.
Table showing sector-wise growth and de-growth in 8 sectors
Sector with expectations of growth
Growth
Sector Reason
Prediction
Agriculture 2.5% Prediction of normal monsoon this year
Electricity, gas and water the retail consumption continued and demand is
supply and other utility 2% likely to pick up post the resumption of industrial
services activities
services, trade, hotels,

transport, communication 2.2% Partial recovery expected in second half of year
and services
Financial, real estate and Overall Muted growth due to negative growth in
0.5%
professional services real estate
Govt expenditure will be the only driving factor

Public administration 10%
during the year
Sectors with expectations of de-growth
Output of the sector halted due to lack of labour

Mining and quarrying sector 2%
and social distancing norms.
Manufacturing sector 3% Witnessed halt in production
Getting labour back on board and completing

Construction 4%
ongoing projects is challenging
Click Here for Official GDP Estimate for FY21 by CARE Ratings
About CARE Rating:
Managing Director (MD) & Chief Executive Officer (CEO)– Ajay Mahajan
ICICI Prudential Mutual Fund Bharat-22 ETF picks shares worth Rs.59 crore in NALCO
On 24th April 2020 the ICICI Prudential Mutual Fund Bharat-22 ETF picked up share of value Rs.59 Crore in
the National Aluminium Company (NALCO) through the open market transaction.The National Stock Exchange
(NSE) said that more than 1.71 crore shares were bought at an average of Rs.34.43 apiece.
This got the total deal value to Rs.58.9 crore and the NALCO’s shares ended at Rs.30.95 apiece, down 8.16% on
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the NSE.
50 lakhs shares of Reliance Naval and Engineering Ltd were sold by the Yes Bank for Rs.65 Lakhs and Rs.1.13
Lakhs worth shares were sold by a private lender on 23rd April 2020.
On 24th April 2020, The shares of Reliance Naval and Engineering ended at Rs.1.3 apiece, up 4%
About NALCO:
NALCO is under the Ministry of mines belongs to the Navaratna group ‘A’CPSE having integrated and
diversified operations in mining, metal and power.
Headquarters– Bhubaneswar, Odisha,India
Chairman– Sridhar Patra
About ICICI Prudential Mutual Fund:
It is a joint venture between ICICI Bank and Prudential Plc, a UK financial services sector.
It is a second largest asset management company in India
MD & CEO– Nimesh Shah
Headquarters– Mumbai
Founded– 1993
UNCTAD predicted $3.4 trillion debt for developing countries in 2020-2021; Global Debt Deal
required
In accordance with the United Nations Conference on Trade and Development (UNCTAD) report titled “From
the Great Lockdown to the Great Meltdown: Developing Country Debt in the Time of Covid-19″,
developing countries’ repayments on their public external debt will increase between $2.6 trillion and $3.4
trillion in 2020 and 2021 amid COVID-19 pandemic.
• For high-income developing countries it will rise between $2 trillion and $2.3 trillion while for
middle and low-income countries it will mount between $666 billion and $1.06 trillion.
• The report has suggested a “global debt deal”to reduce financial pressure on developing countries
due to the coronavirus crisis.
About 3 Step global debt deal
A global debt deal for developing countries comprises three key steps to translate calls for global solidarity into
action.
• Automatic temporary standstill: Longer and more comprehensive: Under this, facilitation of
effective response is required to tackle Covid-19 through increased health and social expenditure for
all crisis-stricken developing countries. It also calls for post-crisis economic recovery along
sustainable growth, fiscal and trade balance trajectories.
• Debt relief and programmes restructuring:Restoring long-term debt sustainability: To
reassess longer-term developing country debt sustainability on a case-by-case basis. Also, measures
to write-off debts need to be more systematic, transparent and coordinated. Already Debt
repayment worth $215 million owed by 25 poorest developing nations was cancelled by the
International Monetary Fund (IMF) in April 2020. Leaders of G20, too, announced suspension of
debt repayments from 73 poor countries for the period from May to December 2020.
• Safeguarding future dealing: Establishment of an “International Developing Country Debt
Authority’ (IDCDA): Taking forward steps 1 and 2, on the scale commanded by the impact of the
Covid-19 crisis on developing country debt sustainability may thus well require putting into place
an “International Developing Country Debt Authority” (IDCDA) mandated to oversee the
implementation of comprehensive temporary standstills as well as case-by-case longer-term debt
sustainability assessments and consequent sovereign debt relief and restructuring agreements.
Key Points:
-COVID-19 crisis will accelerate record portfolio capital outflows from emerging economies and sharp currency
devaluations in developing countries.
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-The rupee fell to 76.02 against the dollar on April 24, 2020 from 71.3 on February 12, 2020 resulting in
a 6.6% dip in two months.
-United Nations Development Programme (UNDP) estimated the income losses to exceed $220 billion in
developing countries.
Actions taken by the UN:
-A multi-partner trust fund for COVID-19 Response and Recovery announced by the UN along with the COVID-
19 Solidarity Response Fund by the World Health Organisation (WHO).
-On March 30, UNCTAD announced a $2.5 trillion coronavirus crisis package for developing countries.
About UNCTAD:
Headquarters– Geneva, Switzerland
Secretary-General– MukhisaKituyi
RBI opened Rs 50,000 cr Special Liquidity Facility for MFs from Apr 27-May 11,2020
In order to ease the liquidity pressures on mutual funds, impacted by coronavirus crisis, Reserve Bank of India
(RBI) has initiated a special liquidity facility of Rs 50,000 crore namely “Special Liquidity Facility-Mutual Funds
(SLF-MF)”under which RBI will conduct repo operations of 90 days tenor at the fixed repo rate.
• The timeline of the scheme is from April 27, 2020 to May 11, 2020 or up to utilization of the
allocated amount, whichever is earlier.
• SLF-MF is on-tap and open-ended, and banks can submit their bids to avail funding on any day from
Monday to Friday (excluding holidays).
• Under this facility, the RBI will provide funds to banks at lower rates.
Usage of funds availed under SLF-MF:
The funds availed under the SLF-MF have to be used by banks exclusively for meeting the liquidity
requirements of MFs by:
• Extending loans or
• Undertaking outright purchase of repos against the collateral of investment grade corporate bonds,
commercial papers (CPs), debentures and certificates of Deposit (CDs) held by MFs.
Benefits availed under SLF-MF
-Any liquidity support availed under the SLF-MF will be classified as held to maturity (HTM) even in excess of
25% of total investment permitted to be included in the HTM portfolio.
-Exposures under this facility will also not be calculated under the Large Exposure Framework (LEF).
-The face value of securities acquired under the SLF-MF and kept in the HTM category will not be calculated for
computation of adjusted non-food bank credit (ANBC).
-The support extended to MFs under the SLF-MF will be exempted from banks’ capital market exposure limits.
What is Mutual Fund?
Mutual funds pool money from the investing public and use that money to buy other securities, usually stocks
and bonds. It’s different from investing in stocks as unlike stock, mutual fund shares do not give its holders any
voting rights. A share of a mutual fund represents investments in many different stocks (or other securities)
instead of just one holding.
appointed).
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COVID-19: Indian Overseas Bank introduces special borrowing programme for self-help
groups
On April 27, 2020, Indian Overseas Bank (IOB), a major public sector bank (PSB), has launched a
special borrowing programme for Self Help Groups (SHGs) to help them in difficult situations arising out of
Coronavirus (COVID-19).
Key Points:
i.Benefits: Under this scheme, a member of SHG will be given a maximum loan of Rs 5,000 & the limit for the
group has been fixed at Rs 1 lakh. This loan will be sanctioned with an interest rate of 9.4 % for 1 year.
It has been disbursed in 6 working days & the benefit can be availed till June 30, 2020.
ii.Eligibilty: SHGs with better records and at least twice the loan from IOB will be able to avail this facility.
According to the bank’s rule, only those SHGs whose loan will be standard by March 1, 2020 will be eligible to
take loans under this scheme.
iii.Repayment: The loan will have to be repaid in 30 Equated Monthly Instalments (EMIs). However, no
installment will have to be paid for the first six months. The bank will not charge processing fees or pre-
payment charges for the loan under the scheme.
iv.How to apply?
The interested SHGs will be able to apply for this directly by going to a bank branch or through business
correspondents (BCs).
About Indian Overseas Bank (IOB):
MD & CEO– Karnam Sekar
Tagline– Good People to Grow With
Ind-Ra slashes India’s GDP growth forecast for FY21 to 1.9% from 3.6%
On April 27, 2020, India Ratings and Research (Ind-Ra), the Indian subsidiary of Fitch group,has revised
India’s gross domestic product (GDP) growth forecasts for the fiscal year 2020-21 (FY 21) to 1.9 % from 3.6%
estimated earlier due to the impact of coronavirus (Covid-19) on the economy.
Key Points:
i.The ratings, which is lowest in the last 29 years, based on the assumption that the partial lockdown will
continue till mid-May 2020. However, if the lockdown continues even after mid-May, the country will register a
negative growth of 2.1% lowest in the last 41 years, and only the sixth instance of contraction since fiscal year
1957-58.
ii.It is noteworthy that in the financial year 1991-92, the pace of economic growth of the country was just 1.1
%.
iii.As per Ind-Ra, India’s GDP will revive to the fourth quarter (Q4) of FY20 level only by third quarter-Q3
(October-December) of current FY21, expecting the resumption of normal economic activities during Q2 (July-
September) of 2020-21 and festive demand during Q3 of FY21.
About India Ratings and Research (Ind-Ra):
MD & CEO– Rohit karan Sawhney
In a 1st, NTPC to launch 20 hydrogen fuel bus and cars for Leh & New Delhi; seeks global EOI
On April 26, 2020, NTPC Vidyut Vyapar Nigam (NVVN) Limited, a wholly owned subsidiary of India’s largest
energy conglomerate NTPC Limited (formerly known as National Thermal Power Corporation
Limited), has called for a global expressions of interest (EoI) to buy 10 Hydrogen Fuel Cell (FC) based electric
buses & 10 Hydrogen Fuel Cell based electric cars to operate them in Delhi and Leh.
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Key Points:
i.Aim: The procurement is the first of its kind project in India to develop a complete solution ranging from
green energy to fuel cell vehicles & aims to reduce carbon emissions in the transportation sector.
Other cities for release of FCEVs (fuel cell electric vehicles) at other locations may also be included.
ii.Pilot project: For this initiative, consent has also been taken from the Ministry of New and Renewable
Energy (MNRE) for production of hydrogen and its storage and distribution facilities. The EoI has been issued
by NTPC’s wholly-owned subsidiary, NTPC Vidyut Vyapar Nigam (NVVN) Limited.
iii.How does Hydrogen fuel cell work?
Here, the hydrogen is passed through a fuel cell, where hydrogen breaks down into electrons and protons
within the cell. At the same time, the separated electron is sent into a circuit, which produces electric current
and heat, which in turn helps reduce carbon emissions.
iv.Steps taken by the NTPC for e-vehicles:
• NTPC is working on different technologies to make electric vehicles fully available under e-mobility
as public transport.
• In this regard, 90 public charging stations in various cities & battery charging and swapping stations
for e-three wheelers in Faridabad (Haryana) have already been commissioned. Similarly, e-bus
solution scheme has been implemented for Andaman and Nicobar administration.
About NTPC Limited:
Chairman & MD– Gurdeep Singh
About MNRE:
Minister of state ( Independent charge) )– RK Singh
Chemicals, Petrochemicals contributed 14.35% of total exports; becomes top exporting sector
for 1st time
In a progressive move, the chemical & petrochemical industry became the Indian top exporting sector for FY
2019-20 as the export of chemicals increased by 7.43% to Rs 2.68 lakh crore during the April-January period
of FY 2019-2020 in comparison to the corresponding period of 2018-19. This industry contributed 14.35% of
the total exports.
• Union Minister of Chemicals and Fertilizers Devaragunda Venkappa Sadananda Gowda has
assured full support to the chemical industry towards and appreciated the efforts made by the
Department of Chemicals and Petrochemicals making India a leading global hub for manufacturing
of chemicals and petrochemicals.
RBI extends Madhavan Menon’s term as part-time Chairman of CSB Bank

On April 25, 2020, CSB (Catholic Syrian Bank), the private sector bank announced that RBI (Reserve Bank of
India) has extended the term of appointment of Madhavan Menon as the part-time Chairman of the Bank till
July 21, 2020.
Key Points:
i.The extension of Mahavan Menon is in terms of Section 10B (1A)(i) of the Banking Regulation Act, 1949.
ii.About Madhavan Menon: He was appointed as part-time Chairman of CSB Bank for a period of 1 year with
effect from April 22, 2019. He is Chairman and Managing Director (MD) of Thomas Cook (India) Limited.
iii.He has also been serving as the Non-Executive Director of the CSB Bank since September 3, 2018.
iv.Menon is a nominee director of FIH-Mauritius Investments Limited, which held 49.73% stake in the Bank as
at March-end 2020.
About Catholic Syrian Bank (CSB):
Headquarters– Thrissur, Kerala.
Tagline– Support All the Way.
Chief Executive Officer (CEO) & Managing Director (MD)– Rajendran Chinna Veerappan.
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HDFC acquires 6.43% stake in Reliance Capital through invocation

HDFC (Housing Development Finance Corporation Ltd.)has acquired a 6.43% stake in debt-trapped Reliance
Capital by invoking pledged shares. In this regard, HDFC has acquired 25.27 crore shares of Rs 10 each i.e. the
total value of these shares is Rs 252 crore.
What is invoking pledged shares/invocation?
Pledged shares are those against which promoters of a company in need of capital take loans from banks and
Non-Banking Financial Companies (NBFCs). For lenders, these shares are collateral (security for re-payment of
loan). However the share price keeps fluctuating, the value of the collateral also changes so promoters are
required to maintain the value of the collateral all the time by providing additional shares to lenders when their
value erodes.
• The process of selling Pledged shares and invoking pledged shares is called invocation.
About Reliance Capital:
Parent organization– Reliance Group
Headquarters– Santacruz, Mumbai, Maharashtra
Chairman– Anil Dhirubhai Ambani
About HDFC Group:
Chairman– Deepak Shantilal Parekh
Tagline– With You, Right Through
Asian Development Bank approves 1.5 billion USD to India to Combat COVID-19
On 28th April 2020 The Asian Development Bank (ADB) approved the loan of 1.5 Billion USD (Rs.11,400
crore) to India to fund the actions to take against the novel coronavirus pandemic like to support disease
containment and prevention and social protection for the poor and working-class population who are in
vulnerable economic condition.
Key Points:
i.The President ADB, Masatsugu Asakawa assured that the ADB is committed to support the Government of
India’s novel coronavirus response programs and to provide support to the people of India.
ii.The disbursing of the fund is a part of the package of support form the ADB in coordination with the
government and the other development partners.
iii.ADB’s COVID-19 Active Response and Expenditure Support (CARES) Program will directly contribute to
provide access to the healthcare facilities and social protection to more than 800 million people including the
population below the poverty line, farmers, healthcare workers, women, senior citizens, people with
disabilities, low wage earners and construction workers.
iv.The CARES is funded by the COVID-19 Pandemic Response Option(CPRO) under the ADB Counter-cyclical
Support Facility.
v.On 13th April 2020, the CPRO established as a part of ADB’s $20 billion USD expanded assistance for the
developing member countries.
vi.The Governments programs for COVID-19 response includes $2 billion for the health sector projects and a
$23 billion for pro-poor package including the insurance coverage for the health care workers of all type who
are engaged in the COVID-19 response and 65% of the package is in the form of direct social assistance and
protection.
About ADB:
The ADB charter is the agreement establishing the Asian Development Bank, which vests all the powers of the
institution in the board of Governors.
Chairperson– Hong Nam-Ki
Vice Chairpersons– Sri Mulyani Indrawati & Pierre Gramegna
Headquarters– Metro Manila, Philippines
Opened on– 19th December 1966
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APEC region to post 2.7% economic contraction in 2020 due to Covid-19: Report
On April 27, 2020, According to the report ‘APEC in the Epicentre of COVID-19’ released by
the APEC Secretariat, the Asia-Pacific Economic Cooperation (APEC) region’s growth is expected to decrease
by 2.7% in 2020 due to the impact of the novel coronavirus (COVID-19).
The contraction, which is the most significant fall since 2009 global recession, compares with a 3.6 % growth in
2019.
Key Points:
i.Due to the economic fallout, the output loss has been estimated at $ 2.1 trillion.
ii.However, the Secretariat expects an economic revival at 6.3 % in 2021 based on effectiveness of containment
mechanisms & exceptional fiscal measures for better economy. This forecast will be higher than the projected
global economic growth of 5.8 %.
iii.Other major issues:
• Apart from this, unemployment rate in APEC region is estimated to increase to 5.4 % in 2020 as
compared to 3.8 % in 2019, means an additional 23.5 million workers in the region being
unemployed in 2020.
• Also the Healthcare systems are struggling with acute shortages of medical supplies & equipment
along with inadequate numbers of hospital beds and isolation units. As per APEC Policy Support
Unit, the APEC region has an average of 4.1 hospital beds, 1.9 physicians, and 3.9 nurses or midwives
per 1,000 people.
iv.In view of COVID-19, the 2020 APEC economic forum and leaders’ summit host Malaysia has delayed
meetings. It will likely to held in November 2020.
About Asia-Pacific Economic Cooperation (APEC):
Headquarters– Queenstown, Singapore
Executive Director– Dr Rebecca Fatima Sta Maria
Membership– 21 economies (Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, South
Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Taiwan,
Thailand, the United States and Vietnam).
Axis Bank to buy 29% stake in Max Life Insurance for Rs 1,600 crore
On April 28, 2020, Private-sector lender Axis Bank Ltd would acquire an additional 29% stake in Max Life
Insurance Company from Max Financial Services Limited (MFS). The deal will increase Axis Bank ‘s stake in
Max Life to 30%.
However, the bank didn’t reveal the amount it is paying for the stake. But the bigger deal can be estimated at Rs
1,600 crore (about $209.43 million) which will be paid in two stages.
Key Points:
i.At present, Max Financial Services holds a 72.5% stake in Max Life & Mitsui Sumitomo Insurance (MSI) holds a
25.5 % stake.
ii.Following the transaction, Max Life – will become a joint venture of Max Financial Services and Axis Bank. Of
this, 70% stake will be held by Max Financial Services and 30% will be held by Axis Bank. The proposed deal
also needs the approval of the banking and insurance regulator and the Competition Commission of India (CCI).
iii.The acquisition may be completed in 6-9 months & Post the deal, Max Financial Services and Axis Bank will
get to nominate four and three directors respectively on the Max Life board.
iv.For the last nearly 10 years, there has been a good business relationship between Axis Bank and Max Life
Insurance, which provides long-term savings and protection products to over 1.9 million customers. The total
premium generated from both companies exceeded Rs 38,000 crore.
About Axis Bank Ltd:
MD and CEO– Amitabh Chaudhry
Tagline– Badhti Ka naam Zindagi.
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About Max Life Insurance Company:

Managing Director & Chief Executive Officer– Prashant Tripathy
EAM Jaishankar participated in BRICS FMs’ virtual meet on coronavirus; $15bn loan support by
BRICS
On April 28, 2020, BRICS (Brazil, Russia, India, China and South Africa) Foreign Ministers meeting on
coronavirus was held through video conferencing, which was opened by Russian Foreign Minister Sergey
Lavrov. It should be noted that Russia is the Chair of BRICS for 2020.
• From Indian side, it was attended by External Affairs Minister Subrahmanyam Jaishankar.
• Other Participants: Apart from Foreign Ministers from Russia and India, Minister of Foreign Affairs
of Brazil Ernesto Araujo, Foreign Minister of China Wang Yi & South Africa’s Minister of
International Relations Grace Naledi Pandor also participated.
• Objective: Development of strategic partnership within the BRICS to speed up the joint vaccine
production and to combat the virus and overcome the financial, economic, and social consequences
of the pandemic.
Key Outcome of Meet: $15bn loan support set up by BRICS
During the BRICS countries have agreed to set up a $15 billion loan instrument to finance projects for the
economic rebuilding of member-states impacted by COVID-19 crisis. The fund will be allocated through the
New Development Bank (NDB).
• NDB founded by BRICS already fast-tracked financial assistance of about $5 billion to BRICS
countries.
Points Highlighted with respect to India during meet
-India is providing pharma assistance to nearly 85 countries on a grant basis to support their response against
the coronavirus pandemic.
-India has taken decisive steps early in the wake of the pandemic including launching of Aarogya Setu Citizen
App and Pradhan Mantri Garib Kalyan Package.
Financial aids provided to India to tackle COVID-19:
• NDB provided emergency assistance of $1 billion.
• Asian Development Bank (ADB) granted a loan of $1.5 billion.
• World Bank has also approved $1 billion to aid India
A virtual meeting of BRICS Health Officials on COVID-19 pandemic will be held on May 7, 2020 to take the
discussion forward in a focused and purposeful manner.
About BRICS:
Members– 5
Theme for 2020– “BRICS Partnership for Global Stability, Shared Security and Innovative Growth”.
About NDB
President– KundapurVaman Kamath
So far NDB has approved 14 projects in India for an amount of $4,183 million.
Karnataka tops in total installed renewable capacity: CRISIL Research report

On April 28, 2020, According to a CRISIL Research report, Karnataka retained its 1st position in terms
of total installed renewable capacity in FY20 followed by Tamil Nadu(2nd) & Gujarat(3rd). The top 3
states in overall solar energy capacity addition are Rajasthan, Tamil Nadu and Karnataka & in wind energy-
Gujarat, Tamil Nadu and Maharashtra.
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Position List
Position Secured State Total installed renewable capacity in Mega Watt (MW)
1 Karnataka 15,232
2 Tamil Nadu 14, 347
3 Gujarat 10,586
Key Points
i.Karnataka’s total renewable energy installed capacity stood at 15,232 MegaWatt(MW) as on March 31, 2020,
against 13,845 MW as on March 31, 2019. It has the highest installed capacity for solar at 7,278 MW, up from
6,096 MW a year ago. Its wind energy capacity is at 4,791 MW.
Reasons why Karnataka retained the position
• Many SECI (Solar Energy Corporation of India)-led schemes have enabled commissioning of projects
in the Pavagada solar park with the capacity of 2,050 MW of solar projects.
• The state has enabled the commissioning of several rounds of solar schemes under its solar policy
(Karnataka Renewable Energy Corporation Ltd-led rounds), which boost additions over the past 3
fiscals.
• The state has also exploited wind capacity, particularly in the districts near Ghats, and facilitated a
favourable open access policy capacity until FY18 which helped capacity additions.
ii.Tamil Nadu has retained the position with its cumulative installed capacity of 14,347 MW, up from 13,457
MW as on March 31, 2019. It continues to be the leader in wind energy with a total installed capacity of 9,304
MW, up from 8,969 MW a year ago & its solar power capacity rose to 3,916 MW (includes both rooftop and
ground-mounted), from 2,575 MW a year ago.
iii.Gujarat’s total installed clean energy capacity stood at 10,586 MW (8,652 MW last year), where its capacity
crossed 10,000 MW and has more than 10 GW of installed capacity after Karnataka & Tamil Nadu.
iv.Maharashtra capacity during FY20 increased by 378 MW to 9,710 MW & secured the 4th position and
Rajasthan came 5th with a total installed capacity of 9,583 MW.
About CRISIL:
Managing Director (MD) and Chief Executive Officer (CEO)– Ashu Suyash
Chairman– John Berisford
Moody declined India’s growth estimate to 0.2% for CY 2020 from 2.5%
On April 29, 2020, Moody’s Investors Service in its report titled “Global Macro Outlook 2020-21 (April 2020
update)” has decreased India’s growth forecast for the calendar year (CY) 2020 to 0.2%, from 2.5% projected
in March 2020, due to the nationwide lockdown started from March 24, 2020. Moody also forecasted India’s
growth for 2021 at 6.2%.
• The projection of GDP of G-20 advanced economies as a bloc is also declined by 5.8% in 2020.
Key Points:
-As we all know that in 2019, India lost the tag of the fastest-growing major economy to China. For 2020-2021
also, China is projected to grow 1% in 2020 and 7.1% in 2021, ahead of India.
-Among G20 nations, only China, India, and Indonesia are projected to witness economic growth in 2020 by
Moody’s.
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GDP growth rate estimates by various agencies for India in FY20-21
Agency Rating
India Ratings (-) 2.1 to 1%
Confederation of Indian Industry (CII) (-) 0.9 to 1%
Nomura (-) 0.5%
Fitch ratings 0.8%
Goldman Sachs 1.6%
World Bank 1.5 to 2.8%
International Monetary Fund (IMF) 1.9%
Asian Development Bank (ADB) 4%

About Moody’s Corporation:
President and Chief Executive Officer (CEO)– Raymond Whitehead McDaniel, Jr.
ADB approves $ 346 mn loan for Maharashtra to electrify rural agriculture customers
On April 29, 2020, Asian Development Bank (ADB), is a regional development bank, has approved a loan
worth of $346 million (around Rs 2,616 crore) for the government of Maharashtra to provide reliable power
connection in rural areas of the state, where the labour force is mostly engaged in agriculture and related
activities.
Key Points:
i.The loan, which is ADB’s first results-based lending (RBL) modality in South Asia’s energy sector, will be
sanctioned as part of the Maharashtra Rural Connectivity Improvement Project & Maharashtra Agribusiness
Network Project.
ii.It will support the state’s high voltage distribution system (HVDS) program, in which some 46,800km of high-
voltage 11 kilovolts (kV) energy distribution systems will be installed and 121 substations of 33/11 kV
modernized by the Maharashtra State Electricity Distribution Company Limited (MSEDCL).
iii.Maharashtra Energy Department and MSEDCL will implement this project, which will get a counterpart
funding of $357.1 million (part of the $703.1 million total costs of the project) by Maharashtra in association
with MSEDCL.
iv.In addition to the abovesaid amount, the ADB will also provide $1 million as technical assistance.
About Asian Development Bank (ADB):
Headquarters– Mandaluyong, Philippines
Membership– 68 countries
President– Masatsugu Asakawa
About Maharashtra:
Capital– Mumbai
Governor– Bhagat Singh Koshyari
Chief Minister– Uddhav Thackeray
Flower– Jarul
Tree– Mango Tree
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CRISIL pegs India’s FY21 economic growth rate at 1.8% from 3.5%
On 27th April 2020, CRISIL(Credit Rating Information Services of India Limited), an S&P (Standard & Poor’s)
Global company, a domestic rating agency had lowered its projections for the Financial progress price of India
to 1.8% from 3.5%, its earlier prediction for the year 2020-21
The parent company of CRISIL, Standard & Poor’s, predicts the world economy to contract 2.4% against its
earlier estimated 0.4% growth.
India and China are the only exceptions to the declining economic activities in 2020 among the other major
economies.
The agency projects the lockdown due to COVID-19 Pandemic to cause a total loss of Rs 10 trillion that is Rs
7000 per person.
About CRISIL:
Chairman– John L.Berisford
CEO– AshuSuyash
President & Business Head– Gurpreet Chhatwal
Headquarters– Mumbai, Maharashtra, India
PNB housing appoints Neeraj Vyas as interim MD & CEO as incumbent Sanjaya Gupta steps
down
On 28th April 2020, The Punjab National Bank (PNB) Housing Finance Limited appointed independent director
Neeraj Vyas as the Interim Managing Director(MD) and Chief Executive Officer(CEO) for the period of eight
months effective from 28th April, following the early retirement of PNB housing Finance managing Director
Sanjaya Gupta whose tenure as MD and CEO ends on May 4, 2020.
Key Points:
i.The decision was made based on the recommendations of the Nomination & Remuneration Committee, and
approval of the shareholders.
ii.Sanjaya Gupta stepped down from his active duties as the MD and CEO effective from the close of business
hours on 28th April and Neeraj Vyas resigned as the Independent director from the board of the company and
took charge as the interim MD and CEO effective from 28th April 2020.
iii.Neeraj Vyas worked as Deputy Managing Director and COO of State Bank of India, he is a senior in the
banking profession with over 36 years of experience in banking.
iv.In the regulatory filing, The board of the company has mentioned that they have initiated the process to find
a new MD cum CEO.
v.PNB housing had become the fourth largest housing finance company in India in terms of advances and
second largest in terms of deposits by gaining significant market shares in the recent years and the company in
process to raise upto Rs 1700 crore by share sale to institutional investors.
About PNB Housing Finance:
Interim MD & CEO– Neeraj Vyas
Founded– November 11, 1988
Corporate Office– New Delhi
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Banking, Finance & Economy Q&A: April 2020

1. Who is the Indian delegation in Virtual G20 Trade and Investment Ministers meeting held through
video conference?
1) Harsh Vardhan
2) RS Prasad
3) Nirmala Sitharaman
4) Piyush Goyal
5) RajNath Singh
Answer-4) Piyush Goyal
Explanation:
The G20 Trade and Investment Ministers meeting was held virtually where Union Minister of Commerce &
Industry Piyush Goyal participated through video conference.
2. The Government has extended crop loan interest upto ______ for farmers till May 31, 2020.
1) 1 Lakh
2) 5 Lakh
3) 3 Lakh
4) 2 Lakh
5) 10 Lakh
Answer-3) 3 Lakh
Explanation:
The government has extended the benefit of 2% interest subvention (IS) to banks and 3% prompt
repaymentincentive (PRI) to all farmers up to May 31, 2020 for all crop loans up to 3 lakh which have become
due or are becoming due between March 1 and May 31, 2020. The decision has been taken due to the national
lockdown situation to prevent Covid-19 infection.
3. What is the enhanced Foreign Portfolio Investment (FPI) limit in Corporate bond as per RBI for FY
21?
1) 15%
2) 8%
3) 12%
4) 10%
5) 9%
Answer-1) 15%
Explanation:
The Reserve Bank of India (RBI) has increased the foreign portfolio investment (FPI) limit in corporate bonds
to 15% of outstanding stock for FY 2020-21 from 9%to strengthen the segment of the corporate bonds.The
limit has been increased under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of
1999). Importantly, this move was proposed by Union finance minister Nirmala Sitharaman during her FY20-
21 budget speech.
4. Which Private sector bank of India has launched Banking service in WhatsApp (March 2020)?
1) HDFC Bank
2) Axis Bank
3) ICICI Bank
4) IndusInd Bank
5) RBL Bank
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Answer-3) ICICI Bank

Explanation:
The ICICI Bank has launched Whatsapp banking to assist its customers in meeting the banking needs from
homes during the lockdown.
5. With which General Insurance Company in partnership with BharatPe launched “‘COVID-19
protection insurance cover’ for shopkeepers?
1) Bharti Axa
2) ICICI Lombard
3) HDFC Ergo
4) Cholamandalam MS
5) Apollo Munich
Answer-2) ICICI Lombard
Explanation:
For the first time, BharatPe, a New Delhi-based startup that is doing payment transaction business, has entered
into the partnership with ICICI Lombard General Insurance Company Limited, a general insurance company in
India, to introduce ‘COVID-19 Protection Insurance Cover’ for shopkeepers, who are most affected financially
due to Coronavirus (COVID-19) outbreak.
6. What is the amount that was granted as loan by Asian Development Bank (ADB) to Aavas financiers
to improve women’s access to housing in India?
1) $100 million
2) $80 million
3) $20 million
4) $40 million
5) $60 million
Answer-5) $60 million
Explanation:
Asian Development Bank (ADB), a regional development bank, has signed a loan agreement worth of $60
million with affordable housing loan provider Aavas Financiers Ltd to provide housing finance to women in
low-income communities either as primary borrowers or co-borrowers.
7. What is the India’s GDP growth for the FY21 as per S&P Global Ratings (revised on March 31, 2020)?
1) 2.6%
2) 4.5%
3) 2.5%
4) 3.5%
5) 3.9%
Answer-4) 3.5%
Explanation:
Standard & Poor(S&P) Global Ratings has slashed down India’s growth forecast to 3.5% from 5.2% for the
Financial Year(FY)21.It also expects a sharp growth at 7.3% in FY22.
8. Insurance Australia sold its 26% stake in SBI general insurance to Napean Opportunities LLP and WP
Honey Wheat Investment Ltd. Where is HQ of SBI life insurance located at?
1) Chennai
2) Mumbai
3) Pune
4) Gurgaon
5) New Delhi
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Answer-2) Mumbai
Explanation:
Insurance Australia General (IAG) has sold its entire 26% stake in the SBI (State Bank of India) General
Insurance Co Ltd for USD 310 million (about Rs 2,325 crore) to Napean Opportunities LLP (an affiliate of Premji
invest)and WP Honey Wheat Investment Ltd (Warburg Pincus Group).Napean Opportunities LLP has acquired
16.01% interest whereas WP Honey Wheat Investment Ltd acquired a 9.99% interest. The HQ of SBI life
Insurance located at Mumbai, Maharashtra.
9. Name the Company which acquires 5.45% of stake in Indian airline SpiceJet.
1) SBI trustee Company
2) ICIC trustee Company
3) HDFC trustee Company
4) S&P trustee Company
5) Axis trustee Company
Answer-3) HDFC trustee Company
Explanation:
HDFC Trustee Company Ltd, a wholly owned subsidiary of Housing Development Finance Corporation Limited
(HDFC), has acquired 3.4 crore shares or 5.45% stake in Indian low-cost airline SpiceJet.
10. Who has written the book named “Backstage: The Story Behind India’s High Growth Years”?
1) Satyendra Nath Bose
2) V. K. Narayana Menon
3) Zakir Husain
4) S. S. Vasan
5) Montek Singh Ahluwalia
Answer-5) Montek Singh Ahluwalia
Explanation:
The Economist, civil servant & Deputy Chairman of the Indian Planning Commission, with the rank of Cabinet
Minister, from July 2004 to May 2014 & Padma Vibhushan awardee(2011) Montek Singh Ahluwalia authored a
book titled ‘Backstage: The Story Behind India’s High Growth Years’ which captures the essence of
policymaking between 1985 and 2014.
11. Finance Minister Nirmala Sitharaman has participated in 2nd Extraordinary G20 Finance Ministers
and Central Bank Governors (FMCBG) meeting. Which country assumes G20 presidency for 2020?
1) India
2) Saudi Arabia
3) China
4) Italy
5) Japan
Answer-2) Saudi Arabia
Explanation:
Union finance & corporate affairs minister, Nirmala Sitharaman participates in the 2nd Extraordinary G20
Finance Ministers and Central Bank Governors (FMCBG) virtual meeting to discuss the impact of COVID-19 in
the global economy & coordinate efforts to respond to this global challenge. Saudi Arabia assumes the
presidency for the year 2020.
12. The Directorate General of Foreign Trade (DGFT) extends the foreign trade policy 2015-20 by 1 year
to 2021. DGFT comes under which ministry?
1) Ministry of Home Affairs
2) Ministry of Corporate Affairs
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3) Ministry of Heavy Industries

4) Ministry of Finance
5) Ministry of Commerce and Industry
Answer-5) Ministry of Commerce and Industry
Explanation:
The Directorate General of Foreign Trade (DGFT), the agency of the Ministry of Commerce and Industry of the
Government of India (GoI), has extended the existing foreign trade policy (2015-20) for one year till March
2021.
13. What is the revised PPF interest rate for 1st quarter of FY21 (lowest since 1977)?
1) 8%
2) 7.7%
3) 6.4%
4) 7.1%
5) 5.2%
Answer-4) 7.1%
Explanation:
The Centre government has decreased the Interest rates on small savings schemes for the first quarter (Q1-
April to June) of FY 2020-21 by exercising the powers conferred under Rule 9(1) of the Government Saving
Promotion General Rules, 2018.It should be noted that the Interest rate on public provident fund (PPF) scheme
has been lowered to 1% (revised to 7.1%) for Q1FY 20-21 which is the lowest interest rate offered since 1977
or lowest in 43 years.
14. What is the increased WMA (Ways and Means Advances) limit for the 1st half of FY21?
1) 1 Lakh Crore
2) 1.5 Lakh Crore
3) 1.2 Lakh Crore
4) 75,000 Crore
5) 50,000 Crore
Answer-3) 1.2 Lakh Crore
Explanation:
India’s central bank, the Reserve Bank of India (RBI) in consultation with the Government of India (GoI), has
hiked the limit of Ways and Means Advances (WMA) for the centre to Rs 1.2 lakh crore for the first half of the
financial year 2020-21(FY21), up from Rs 75,000 crore in the first half of FY20, and Rs 35,000 crore for the
second half of 2019-20.
15. What is the revised period limit (before expiry of tenure) to submit re-appointment of MD&CEO in
Private and Public Banks as per RBI (earlier it was 4 months)?
1) 2 months
2) 9 months
3) 6 months
4) 3 months
5) 12 months
Answer-3) 6 months
Explanation:
Reserve of Bank (RBI) has notified regarding the revision of norms for appointment and reappointment of
Managing Director (MD) & Chief Executive Officer (CEO) of private sector & foreign banks. As per new norms,
Proposal of re-appointment should be submitted 6 months in advance from 4 months earlier. Proposal for
appointment of new MD & CEO or CEO should consist of a panel of at least 2 names in the order of
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preference(earlier was 3 names) & the proposal to be submitted at least 4 months before the expiry of the term
of present incumbent office.
16. What is the amount that was offered by World Bank to India for the proposed COVID-19 emergency
response & health systems preparedness project?
1) USD 10 million
2) USD 50 million
3) USD 1 Billion
4) USD 150 million
5) USD 2 Billion
Answer-3) USD 1 Billion
Explanation:
The World Bank has offered USD 1 billion to India for the proposed a 4-year COVID-19 emergency response &
health systems preparedness project which aims to develop the preparedness of India’s health care systems in
the time of the pandemic & also to respond and mitigate the pandemic.
17. What is the abbreviation of CCyB?

Answer-Countercyclical capital buffer
18. Name the person who heads the advisory committee which recommends increasing the WMA limit
by 30% from the current limit for all states & UTs for 1st half of FY21?
1) Tapan Ray
2) TN Manoharan
3) Surjit S Bhalla
4) U K Sinha
5) Sudhir Shrivastava
Answer-5) Sudhir Shrivastava
Explanation:
The RBI has constituted an advisory committee chaired by Sudhir Shrivastava to review the WMA limits for
state government &Union Territories(UT), it has been decided to increase the WMA limit by 30% from the
current limit (Rs 1.20 lakh crore) for all states & UTs which is effective from April 1, 2020 & is valid till
September 30, 2020.
19. What is the increase in growth in India’s 8 core industries in Feb 2020 (compared to Feb 2019) as
per the report titled “Index of Eight Core Industries (Base: 2011-12=100)” released by commerce
ministry?
1) 6.1%
2) 5.5%
3) 2.3%
4) 3.5%
5) 4.6%
Answer-2) 5.5%
Explanation:
According to the ‘Index of Eight Core Industries (Base: 2011-12=100) ‘released by the Ministry of Commerce &
Industry, India’s 8 core industries grew 11 months high by 5.5 % to 132.9 in February 2020 as compared to the
index of February 2019 with 125.9 due to increased production of coal, refinery products and electricity.
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20. Lakshminarayanan has been appointed as the MD of which Home finance company with effect from
April 1, 2020?
1) Housing Development Finance Corporation Ltd.
2) Dewan Housing Finance Corporation Ltd
3) ICICI Home Finance Company Ltd.
4) Sundaram Home Finance Ltd
5) GIC Housing Finance Ltd.
Answer-4) Sundaram Home Finance Ltd
Explanation:
D. Lakshminarayanan, whole-time director of Sundaram Finance Limited, was appointed as the MD (Managing
Director) of its wholly owned home finance subsidiary, Sundaram Home Finance. He will take charge on April 1,
2020 and will replace Srinivas Acharya.
21. Under which section of IT Act, 1961 the Donations for PM-CARES fund granted with 100%
exemption?
1) Section 80A
2) Section 80J
3) Section 80F
4) Section 80C
5) Section 80G
Answer-5) Section 80G
Explanation:
The donations made under newly-formed Prime Minister’s Citizen Assistance and Relief in Emergency
Situations Fund (PM-CARES FUND) to aid the persons affected by the COVID-19 outbreak, are made eligible for
100% deduction under section 80G of the Income Tax (IT) Act, 1961.
22. Corona Care is the India’s 1st hospitalization insurance provided by which Digital payments
company in collaboration with Bajaj Allianz General Insurance?
1) Phonepe
2) Amazon
3) Google
4) Paytm
5) Mobikwik
Answer-1) Phonepe
Explanation:
Digital payments company PhonePe has launched India’s first COVID-19 hospitalization insurance policy called
Corona Care in collaboration with Bajaj Allianz General Insurance for people who have been infected and
hospitalised for covid-19 treatment.
23. Name the Public sector bank which has listed green bonds worth USD 100 million in India INX’s
Global Securities Market Green Platform (GSM).
1) Bank of Maharashtra
2) Bank of Baroda
3) Indian Bank
4) Punjab National Bank
5) State Bank of India
Answer-5) State Bank of India
Explanation:
State Bank of India (SBI) has listed green bonds of USD 100 million (about Rs 750 crore) under its USD 10
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billion global medium term note programme on India International Exchange Limited’s (INX) Global Securities
Market Green Platform (GSM).
24. What will be the shrink in global growth rate for the year 2020 as per UN-DESA United Nations-
Department of Economic and Social Affairs?
1) 0.5%
2) 1.5%
3) 2%
4) 2.5%
5) 1%
Answer-5) 1%
Explanation:
United Nations (UN) Department of Economic and Social Affairs (DESA) World Economic Forecasting Model
estimates that the global economy could shrink by 1% in 2020 due to the coronavirus pandemic from an earlier
forecast of 2.5%.
25. As per Fitch solutions, India’s fiscal deficit will be what percentage of its GDP for 2020?
1) 5.1%
2) 6.2%
3) 3.6%
4) 3.8%
5) 4.6%
Answer-2) 6.2%
Explanation:
According to the Fitch Solutions, Inc, an American firm that offers credit market data, analytical tools and other
services, India’s fiscal deficit is expected to go up to 6.2 % of gross domestic product (GDP) in fiscal year FY21
(April 2020 to March 2021), from 3.8 % of GDP previous estimates. The reason for this is the economic
stimulus package given to deal with the economic impact of the coronavirus (COVID-19) epidemic.
26. Pravin Jadhav resigned from the post of MD & CEO of which company?
1) Jio money
2) SBI money
3) Paytm money
4) Phonepe
5) MI money
Answer-3) Paytm money
Explanation:
Pravin Jadhav, Founder MD (Managing Director) and CEO (Chief Executive Officer) of Paytm Money, resigned
due to the issues related to employee stock options (ESOPs), annual salary and remuneration.
27. Navaratnalu- PedalandarikiIllu (Houses for All Poor)programme is related to which Indian state?
1) Gujarat
2) Karnataka
3) Telangana
4) Kerala
5) Andhra Pradesh
Answer-5) Andhra Pradesh
Explanation:
The Andhra Pradesh (AP) Government has issued a modified set of guidelines for the distribution of 25 lakh
house sites to urban and rural poor under the Navaratnalu- PedalandarikiIllu (Houses for All Poor) programme.
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28. Who released the COVID- 19 National Preparedness Survey 2020 conducted in 410 districts?
1) Jitendra Singh
2) Nitin Gadkari
3) Prahlad Singh Patel
4) Mukhtar Abbas Naqvi
5) Smriti Irani
Answer-1) Jitendra Singh
Explanation:
Dr Jitendra Singh, Minister of State for Personnel, Public Grievances and Pensions released the COVID- 19
National Preparedness Survey 2020 (conducted in 410 districts). The objective of the survey is to develop a
comparative analysis of COVID- 19 preparedness across States.The reports of the survey are available
https://darpg.gov.in.
29. Under which health insurance product IRDAI has made coverage of hospitalization treatment costs
of COVID-19 mandatory?
1) Arogya Sanjeevani
2) General Health
3) United Health
4) Universal Health
5) Arogya log
Answer-1) Arogya Sanjeevani
Explanation:
Insurance Regulatory and Development Authority of India (IRDAI) has made the coverage of hospitalization
treatment costs of COVID-19 mandatory under standard health insurance product “Arogya Sanjeevani”. Apart
from this, Indemnity based health insurance products offered by all general and health insurance companies
will also cover the costs of hospitalization treatment because of covid-19.
30. As per Asian Development Outlook (ADO) by Asian Development Bank (ADB), what is India’s growth
for FY 21?
1) 5%
2) 4%
3) 4.5%
4) 3%
5) 2.5%
Answer-2) 4%
Explanation:
Asian Development Bank (ADB) in its Asian Development Outlook (ADO) 2020 has forecasted a slowdown in
Indian economic growth to 4% for the FY21 and for FY22 it has forecasted 6.2% economic growth.
31. Where is the HQ of World Bank located?

Answer-Washington DC, US
32. What is the revised Growth forecast for Indian in the FY21 as per Fitch Ratings (Earlier it was
predicted as 5.1%)?
1) 3.5%
2) 3%
3) 1.7%
4) 2%
5) 2.5%
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Answer-4) 2%
Explanation:
Fitch Ratings has trimmed the Indian growth forecast for fiscal year (FY) 2020-2021 to 2% from 5.1% following
the economic recession caused due to lockdown amid COVID-19 pandemic.This would be the slowest growth in
India over the past 30 years. On global front, Fitch has predicted a contraction of 1.9% to 1.3% in GDP (Gross
Domestic Product) growth for FY 20-21.
33. MadhabiPuri Bach has got 6months extension of service (till October 4, 2020) as whole-time
member of which among the following institution/organisation?
1) RBI
2) SEBI
3) NABARD
4) IRDAI
5) NCLAT
Answer-2) SEBI
Explanation:
The Government has extended the appointment of MadhabiPuri Bach as a whole-time member (WTM) of the
Securities and Exchange Board of India (SEBI) by a period of 6 months (till October 4, 2020).
34. Name the Indian state which topped all-India level for micro-irrigation (MI), under Pradhan Mantri
Krishi Sinchayee Yojana (PMKSY) for FY20 (2019-20).
1) Punjab
2) Maharashtra
3) Karnataka
4) Tamil Nadu
5) Telangana
Answer-4) Tamil Nadu
Explanation:
Tamil Nadu has topped the all-India level for micro-irrigation (MI), under Pradhan Mantri Krishi Sinchayee
Yojana (PMKSY), with a coverage of 2,06,853.25 ha for the year financial year 2019-20& It is followed by
Karnataka and Gujarat respectively. In the cumulative coverage of MI from 2015-20, Karnataka topped with
coverage of 8,15,690.31 ha.
35. Name the Banks which was nominated by Central government for collecting donations of PM CARES
fund (in addition to SBI).
1) Indian Overseas Bank
3) Housing Development Finance Corporation
4) Both 1) and 2)
5) Both 1) and 3)
Answer-5) Both 1) and 3)
Explanation:
State-owned Indian Overseas Bank (IOB) and private lender Housing Development Finance Corporation
(HDFC) Bank have been nominated for the collection of donations for Prime Minister’s Citizen Assistance and
Relief in Emergency Situations Fund (PM-CARES Fund) – Earlier State Bank of India (SBI) was announced as
the Banking partner of PM-CARES fund.
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36. What is the amount released by Home minister Amit shah to all states under State Disaster Risk
Management Fund (SDRMF) for 2020-21?
1) 8,963 crores
2) 12,421 crores
3) 10,230 crores
4) 15,851 crores
5) 11,092 crores
Answer-5) 11,092 crores
Explanation:
The Union Minister for Home Affairs, Shri Amit Shah has approved the release of Rs 11,092 crores to all States
under the State Disaster Risk Management Fund (SDRMF) for 2020-21 after the Chief Ministers raised the issue
of lack of funds in the state during a meeting through video conferencing with Prime Minister (PM) Narendra
Modi.
37. What is the grant announced by US government for India through its aid agency USAID (United
States Agency for International Development)?
1) 2.1 million
2) 2.3 million
3) 2.9 million
4) 1.7 million
5) 1.5 million
Answer-3) 2.9 million
Explanation:
The US (United States) Government, through its aid agency USAID (United States Agency for International
Development), has announced a grant of USD (United States Dollar) 2.9 million to India to fight against
Coronavirus.
38. The Reserve Bank of India (RBI) has relaxed norms to increase the number of days that a State/UT
can continue to overdraft to how many days (from 14 days)?
1) 33 days
2) 21 days
3) 18 days
4) 24 days
5) 30 days
Answer-2) 21 days
Explanation:
The Reserve Bank of India (RBI) has decided to increase the number of days that a State/UT can continue to
overdraft to 21 working days from the current stipulation of 14 working days as they are facing cash flow
mismatches due to coronavirus.
39. Name the Payments Bank which has joined with Bharati AXA General Insurance and launched
“Bharti AXA Group Health Assure Policy” & “Group Hospital Cash” insurance plans.
1) Jio Payments Bank
2) India Post Payments Bank
3) Fino Payments Bank
4) Paytm Payments Bank
5) Airtel Payments Bank
Answer-5) Airtel Payments Bank
Explanation:
Airtel Payments Bank has collaborated with Bharati AXA General Insurance to offer financial protection for
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COVID-19 via two different health insurance plans. The plan named “Bharti AXA Group Health Assure
Policy”offers a lump sum benefit of Rs 25,000 and the other plan “Group Hospital Cash”will offer a daily benefit
of starting Rs 500.
40. Name the Organisation which has confirmed ‘Force Majeure’ was not applicable in case of COVID-19.
1) Life Insurance Council of India
2) Financial Stability and Development Council
3) Indian Council for Financial Reserach
4) Finance Council of India
5) National Council for Life Insurance
Answer-1) Life Insurance Council of India
Explanation:
In a move to reassure COVID-19 health policy holders, the Life Insurance Council of India has confirmed that
the clause of ‘Force Majeure’ will not apply in case of COVID-19 death claims and it is applicable for both state-
run and private life insurance players. Force Majeure Originated as a term in French law in the 1880s, it states
that in the event of any force majeure or disaster that affects the normal functioning of the life insurer then it
can temporarily suspend the claims by making the contract null or invalid.
41. With Which company Punjab National Bank Housing Finance (PNBHF) signed an agreement to raise
USD 75 million fund?
1) Shanghai Cooperation Agency
2) Unites States Agency for International Development
3) Japan International Cooperation Agency
4) Australian Agency for Development
5) United Kingdom development Agency
Answer-3) Japan International Cooperation Agency
Explanation:
The Punjab National Bank Housing Finance (PNBHF) has signed an agreement with Japan International
Cooperation Agency (JICA) to raise USD 75 million (about Rs 566 crore) & with Citibank for USD 25 million
(about Rs 188 crore) to provide loans to affordable housing segment to improve the lives of low-income
households & to promote sustainable economic growth in India.
42. How many pharma ingredients and Medicine’s where lifted from export ban list by Directorate
General of Foreign Trade (DGFT) under Ministry of Commerce & Industry?
1) 21
2) 24
3) 12
4) 15
5) 18
Answer-2) 24
Explanation:
Directorate General of Foreign Trade (DGFT) under Ministry of Commerce & Industry has removed export
restrictions on 24 pharma ingredients including 12 active pharmaceutical ingredients (API) and 12
formulations by exercising the powers conferred by Section 3 of the Foreign Trade (Development & Regulation)
Act, 1992. In this regard, amendment has been made in the chapter 29 and 30 of the Schedule 2 of the ITCHS
(Indian Trade Clarification based on Harmonized System) Export Policy, 2018 which is related APIs and
formulations.
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43. Which Indian city ranked as top Smart City in India for its execution of smart projects in handling
COVID-19 pandemic?
1) Trichy
2) Indore
3) Ahmedabad
4) Hyderabad
5) Panaji
Answer-3) Ahmedabad
Explanation:
The city of Ahmedabad in Gujarat has been ranked as the top Smart City in India for its execution of smart
projects in handling COVID-19 pandemic. The Command and Control Centre of Ahmedabad’s Smart City
Development Ltd (SCDL) has played a key role in this achievement with proper enforcement and monitoring of
lockdown.
44. What is the grant that was allocated by SAARC Development Fund for Covid-19 projects?
1) 30 million
2) 25 million
3) 20 million
4) 10 million
5) 5 million
Answer-5) 5 million
Explanation:
The South Asian Association for Regional Cooperation (SAARC) Development Fund (SDF) has allocated USD 5
million (about Rs 38 crore) for COVID-19 projects in 8-member countries, to mitigate the financial losses and
severe socio-economic impact of the pandemic.
45. Name the Public Sector Bank which has initiated 4 schemes (for SHG, FPO and farming community)
to tackle impact of Covid-19.
1) Bank of Baroda
4) Syndicate Bank
5) Oriental Bank of Commerce
Answer-1) Bank of Baroda
Explanation:
To provide financial relief to the agriculture sector which is under distress due to COVID-19, the Bank of Baroda
(BoB) has initiated four agro schemes for Women Self Help Groups (SHGs), Farmer Producer Organizations
(FPO/FPC) and farming community. The schemes are: Additional Assurance to SHGs- COVID-19, Baroda
Emergency Credit Line for Farmer Producer Organization (FPO/FPC), Baroda Special Scheme for existing
Agriculture Investment Credit borrowers, Baroda Special Scheme for existing BKCC borrowers impacted by
COVID-19.
46. Small Industries Development Bank of India (SIDBI) announced to provide emergency working
capital of up to ______ for Small and Medium Enterprises (SMEs).
1) 50 Lakh
2) 1 crore
3) 25 Lakh
4) 2 Crore
5) 10 Lakh
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Answer-2) 1 crore
Explanation:
The Small Industries Development Bank of India (SIDBI) has announced that it will provide emergency working
capital of up to Rs 1 crore to Small and Medium Enterprises (SMEs). The SIDBI Assistance to Facilitate
Emergency response against coronavirus (SAFE) loan limit has been increased to 2 crores from Rs 50 lakhs.
47. Name the person who has been appointed as MD&CEO of Bharti AXA Life Insurance company.
1) Vikas Seth
2) TapanSinghel
3) Parag Raja
4) SCKhuntia
5) Aditya Sharma
Answer-3) Parag Raja
Explanation:
Bharti AXA Life Insurance Company appointed Parag Raja as the new MD (Managing Director) & CEO (Chief
Executive Officer). The appointment will be subject to the requisite approval from the Insurance Regulatory
and Development Authority of India (IRDAI). Parag Raja will be the successor of Vikas Seth.
48. How many people working in informal sector in India have risk of falling into poverty as per
International Labour Organization (ILO) report?
1) 150 million
2) 100 million
3) 400 million
4) 250 million
5) 300 million
Answer-3) 400 million
Explanation:
International Labour Organization (ILO) has released a report titled ‘ILO Monitor 2nd edition: COVID-19 and
the world of work- Updated estimates and analysis’ which has also stated that about 400 million people (almost
90%) working in the informal economy in India are at risk of falling deeper into poverty due to the coronavirus
crisis.
49. What is the India’s Growth forecast for the FY21 as per American financial company Goldman sachs?
1) 1.6%
2) 2%
3) 2.5%
4) 2.6%
5) 3.1%
Answer-1) 1.6%
Explanation:
American multinational investment bank and financial services company, Goldman Sachs lowered India’s
growth forecast for Financial Year (FY) 21 from 3.3% (estimated on March 22, 2020) to 1.6% due to the
lockdown & social distancing measures to control the COVID-19 pandemic spread.
50. What is the India’s GDP growth for FY 20-21 as per UN’s report titled “Economic and Social Survey of
Asia and the Pacific (ESCAP) 2020: Towards sustainable economies”?
1) 4.8%
2) 3.6%
3) 4%
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4) 3.2%
5) 2.5%
Answer-1) 4.8%
Explanation:
In accordance with the United Nations (UN) Economic and Social Commission for Asia and the Pacific (ESCAP)
report titled, “Economic and Social Survey of Asia and the Pacific (ESCAP) 2020: Towards sustainable
economies” India’s Gross Domestic Product (GDP) growth for FY 20-21 is likely to be declined to 4.8% due to
terrible economic impacts caused by COVID-19. On the other hand, Economic growth for the country could
stand at 5.1% for fiscal year 2021-22.
51. What is the rank of Mukesh Ambani (India’s 1st – 44.8Bn) in 34th annual list of Global Billionaires
2020 (1-Jeff Bezos-124.7Bn) released by Forbes?
1) 21
2) 19
3) 17
4) 15
5) 12
Answer- 3) 17
Explanation:
Forbes published the 34th annual list of Global Billionaires 2020 which topped Amazon Founder and Chief
Executive Officer (CEO) Jeff Bezos for the 3rd time, followed by Microsoft co- founder and chairman of Bill &
Melinda Gates Foundation Bill Gates. The chairman & managing director of Reliance Industries Mukesh Ambani
(17th) topped the Indian list, followed by the founder of Avenue SupermartsRadhakishanDamani& family
(65th).
GLOBAL LIST
Rank Name Net worth (USD- billion)
1 Jeff Bezos 124.7
2 Bill Gates 103.4
3 Bernard Arnault& family 89.8
INDIA’S TOP LIST
17 Mukesh Ambani 44.8
65 RadhakishanDamani& Family 16.6
116 Shiv Nadar 12.4
52. Find the person who has been appointed as MD & CEO of IFFCO Tokio General Insurance (1st women
MD&CEO of the company).
1) Chitra Ramakrishna
2) Roshni Nadar
3) Mallika Srinivasan
4) Indira Nooyi
5) Anamika Roy Rashtrawar
Answer-5) Anamika Roy Rashtrawar
Explanation:
Anamika Roy Rashtrawar was appointed as MD (Managing Director) and CEO (Chief Executive Officer) of IFFCO
Tokio General Insurance. She was the successor of Warendra Sinha.She was the first woman MD and CEO of a
large private sector IFFCO Tokio general insurance company.
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53. The Appointments committee of cabinet has approved the extension of service for chairman of the
Mumbai based Bank Board Bureau (BBB) by 2 years. Who is the Present BBB chairman (part-time)?
1) Bhanu Pratap Sharma
2) Vedika Bhandarkar
3) P Pradeep Kumar
4) Pradip P Shah
5) Arundhati Bhattacharya
Answer-1) Bhanu Pratap Sharma
Explanation:
According to the Department of Financial Services, the Appointments Committee of the Cabinet (ACC) has
approved the extension of tenure of all members and the current part-time chairman of the Bank Board
Bureau(BBB) by 2 years, which is coming to an end on April 11,2020. Bhanu Pratap Sharma,the former
Secretary in the Department of Personnel and Training, will continue to hold the post of part-chairman of the
board.
54. What is the approved amount under ‘India COVID-19 Emergency Response and Health System
Preparedness Package’ by Government of India?
1) 5,000 crores
2) 10,000 crores
3) 25.000 crores
4) 15,000 crores
5) 20,000 crores
Answer-4) 15,000 crores
Explanation:
Indian Government has approved Rs.15000 crores for ‘India COVID-19 Emergency Response and Health System
Preparedness Package’ to build health infrastructure in states and UTs till March 2024. Of the 15,000 crores,
Centre would release Rs.7,774 crore for immediate COVID-19 Emergency Response use till June 2020 and the
rest will be set for medium-term support of 1-4 years.
55. Find the e-commerce company (Bengaluru based) which ties up with ICICI Lombard & Go digital
insurance companies to launch health insurance policies.
1) IndiaMart
2) Justdial
3) Flipkart
4) Amazon
5) Brainbees
Answer-3) Flipkart
Explanation:
Bengaluru Based Flipkart Private Limited, an e-commerce marketplace in partnership with ICICI Lombard
General Insurance Company Limited and Go Digit General Insurance, has launched two health insurance
policies namely – ‘Covid-19 Protection Cover’ & ‘Digit Illness Group Insurance’ that specifically cover
coronavirus (COVID-19) on its platform.
56. What will be the Consumer Price Index (CPI) based inflation of India in 1st quarter of FY21, as per
RBI’s Monetary Policy Report (MPR)?
1) 4.4%
2) 4.5%
3) 4.9%
4) 2.7%
5) 4.8%
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Answer- 5) 4.8%
Explanation:
The Reserve Bank of India (RBI) in its monetary policy report (MPR) has projected Consumer price index (CPI)
based inflation to decline from 4.8% in Q1: 2020-21 to 4.4% in Q2, 2.7% in Q3 and 2.4% in Q4. This MPR is a
part of the out-of-turn review of monetary policy held in March end due to uncertainties arising from the
economic lockdown.
57. RBI has approved re-appointment of Sanjay Agarwal as MD&CEO of AU small finance bank (HQ-
Jaipur). Who has been appointed as part-time chairman of the bank?
1) Sumanth Sharma
2) P R Ravi Mohan
3) Nitin Chugh
4) Samit Ghosh
5) Raj Vikash Verma
Answer-5) Raj Vikash Verma
Explanation:
Raj Vikash Verma was appointed as part-time Chairman of AU Small Finance Bank for the period of one year
whereas Sanjay Agarwal reappointed as Managing Director (MD) and CEO (Chief Executive Officer) of the AU
Small Finance Bank. The appointment was approved by RBI (Reserve Bank of India).
58. Who is the face of RBI’s Twitter campaign to adopt digital modes of payments?
1) MS Dhoni
2) Kareena Kapoor
3) Virat Kohli
4) Amitabh Bachchan
5) Anushka Sharma
Answer-4) Amitabh Bachchan
Explanation:
The Reserve Bank of India (RBI) launched a Twitter campaign to adopt digital modes of payment that are
convenient and safe and reiterated the multiple digital payment options such as NEFT, IMPS, UPI and BBPS that
are available 24*7.The face of the campaign is Bollywood actor Amitabh Bachchan.
59. Government has approved the ex-gratia compensation of life insurance cover for Food Corporation
of India (FCI) employees. FCI comes under Consumer Affairs, Food and Public Distribution ministry,
who is the present Minister for the same?
1) Narendra Singh Tomar
2) Thaawar Chand Gehlot
3) Ram Vilas Paswan
4) D.V. Sadananda Gowda
5) Ravi Shankar Prasad
Answer-3) Ram Vilas Paswan
Explanation:
The Union Minister for Consumer Affairs, Food and Public Distribution, Ram Vilas Paswan has announced that
government has approved ex-gratia monetary compensation for life insurance cover to 1,08,714 workers,
officers & laborers of the Food Corporation of India (FCI) who die due to COVID-19. In the 6-month period from
March 24 to 23 September, 2020 if any FCI employee dies then, Regular FCI Labour will get a life cover of Rs 15
lakhs, Contractual Labour- sanctioned upto Rs 10 lakhs, Category 1 Officers Rs 35 lakhs, Category 2- Rs 30 lakhs
and Category 3 & 4 workers- Rs 25 lakhs.
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60. What is the unemployment rate in India during March 30 – April 5, 2020 as per Centre for
Monitoring of Indian Economy (CMIE) data?
1) 17.8%
2) 18.6%
3) 21.9%
4) 14.8%
5) 23.4%
Answer- 5) 23.4%
Explanation:
Centre for Monitoring of Indian Economy (CMIE) released a data which showed that unemployment rate during
March 30 – April 5, 2020 rise to 23.4% from 8.7% for the whole of March 2020 which reflects the impact of
lockdown due to COVID-19 pandemic breakdown.The Labour Participation Rate (LPR) fell to 36%, an all-time
low from 41.9% in March 2020. The employment rate fell to 27.7% from an all-time low of 38.2 per cent in
March 2020.
61. Name the small finance bank which launched digital banking platform named ‘DigiGen’.
1) AU Small Finance Bank
2) Ujjivan Small Finance Bank
3) ESAF Small Finance Bank
4) Equitas Small Finance Bank
5) Jana Small Finance Bank
Answer-5) Jana Small Finance Bank
Explanation:
Jana Small Finance Bank, a scheduled commercial bank, has launched DigiGen, a digital banking platform which
enables the customers to open digitally a savings account & fixed deposit instantly anytime & anywhere.
62. What is the fiscal deficit (in terms of % of GDP) of India in February 2020 as per Government of
India (GoI)?
1) 6.17%
2) 2.17%
3) 3.80%
4) 5.07%
5) 4.21%
Answer- 4) 5.07%
Explanation:
The report released by the Government of India (GOI) stated that the fiscal deficit in February was 5.07% of
Gross Domestic Product (GDP), making it difficult for the government to meet its revised fiscal deficit target of
3.8% of GDP for FY20.
63. Name the person who has been re-appointed as MD & CEO of Karnataka Bank for next 3 years.
1) Mahabaleshwara M S
2) S.S. Mallikarjuna Rao
3) PolaliJayarama
4) Rakesh Makhija
5) Ajay Kumar
Answer-1) Mahabaleshwara M S
Explanation:
Private sector lender Karnataka Bank received RBI (Reserve Bank of India) approval for the re-appointment of
Mahabaleshwara M S as MD (Managing Director) and CEO (Chief Executive Officer) for next 3 years. The bank
regulator has also approved for reappointment of PolaliJayarama Bhat as part time (non-executive) chairman.
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64. What will be the drop in global trade as per Annual Trade Statistics and Outlook Report released by
World Trade Organisation (WTO – Geneva, Switzerland) for the year 2020?
1) 13-32%
2) 8-12%
3) 35-49%
4) 5-7%
5) 50-74%
Answer- 1) 13-32%
Explanation:
World Trade Organisation (WTO) has released Annual Trade Statistics and Outlook Report has projected that
the global trade is to fall by 13%-32% in 2020 due to the COVID-19 pandemic, as it disrupts the normal
economic activity and life around the world.
65. Name the private sector bank which has extended the bancassurance with Max Life Insurance for 5
more years & Dedicated FY21 as “Year of the Customer”.
1) YES Bank
2) IDBI Bank
3) HDFC Bank
4) ICICI Bank
5) IndusInd Bank
Answer-1) YES Bank
Explanation:
Max Life Insurance and YES Bank have extended their 15 years strategic bancassurance partnership for five
more years. In this regard, the both companies dedicated the current financial year i.e. FY 2020-21 as the “Year
of the Customer”. As a part of partnership, the products of the life insurer sold through the branches of Yes
Bank. Customers are offered with a broad range of need-based products and services.
66. As per “South Asia Economic Focus: The cursed blessing of public banks report”, Indian economy
will grow at 1.5 – 2.8% for FY21. Name the organisation which released the report.
1) World Economic Forum (WEF)
2) Organisation for Economic Co-operation and Development (OECD)
3) International Monetary Fund (IMF)
4) World Trade Organisation (WTO)
5) World Bank (WB)
Answer-5) World Bank (WB)
Explanation:
World Bank (WB) in its “South Asia Economic Focus: The cursed blessing of public banks report” has projected
that FY 2020-2021 (started April 1, 2020) is likely to be the India’s worst growth per former fiscal year since
1991 due to the severe economic disruptions caused due to COVID-19 impact. For 2020-21, Indian economy is
expected to grow 1.5% to 2.8% which is lower than the 5.4 – 4.1% estimate of October 2019.For FY 2019-20
(ended on March 31, 2020), it expected a growth of 4.8% to 5% which is trimmed by 1.2 – 1% estimate made in
October 2019.
67. What is the annual global share of production of Hydroxychloroquine by India as per Indian
Pharmaceutical Alliance (IPA)?
1) 60%
2) 65%
3) 70%
4) 40%
5) 55%
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Answer-3) 70%
Explanation:
India has become the largest producer and exporter of Hydroxychloroquine (HCQ), the most talked out
medicine to curb the COVID-19 disease, with 70% of annual global production as per Indian Pharmaceutical
Alliance (IPA).
68. Central Bank of which country has bought 1.01% stake in HDFC Bank?
1) Switzerland – Swiss National Bank
2) UK- Bank of England
3) USA – Federal Reserve
4) China – People’s Bank of China
5) Austria – European Central Bank
Answer-4) China – People’s Bank of China
Explanation:
People’s Bank of China (PBOC) increased its stake in Housing Development Finance Corp Limited (HDFC) to
1.01% from 0.8%on behalf of the Chinese sovereign wealth fund SAFE. With this, now China’s central bank
holds 1,74,92,909 crore equity shares in HDFC Ltd in accordance with the quarterly (ending March 2020)
shareholding pattern disclosure by the latter to the stock exchanges.
69. Directorate General of Foreign Trade (DGFT) has tightened restrictions on import on refined palm
oil. DGFT works under which ministry?
1) Ministry of Finance
2) Ministry of Corporate Affairs
3) Ministry of Commerce and Industry
4) Ministry of Tribal Affairs
5) Ministry of Agriculture and Farmers’ Welfare
Answer-3) Ministry of Commerce and Industry
Explanation:
The Central Government further tightens the restrictions on imports of refined palm oil which was imposed by
Directorate General of Foreign Trade (DGFT) under ministry of commerce and industry on January 8, 2020. As
per the ongoing restrictions an importer to seek a license or permission or no-objection certificate for the
imports of refined palm oil. New Conditions for import of refined palm oil: -Applications for import
authorisation should be accompanied with pre-purchase agreement and details of the import for the past three
years. -Validity period of import licenses for refined palm oil will be 6 months in place of usual 18 months.
70. UN has approved $2.5 million to help Vanuatu affected by cyclone Harold. What is the capital and
currency of Vanuatu?
1) Port Vila & Euro
2) Port Vila & Vatu
3) Honara& Pound
4) Suva & Dollar
5) Suva & Pound
Answer-2) Port Vila & Vatu
Explanation:
The United Nations (UN) humanitarian chief Mark Lowcock announced and released 2.5 million dollar from its
emergency humanitarian fund to help thousands of people in the South Pacific island nation of Vanuatu affected
by Cyclone Harold and offered support to other hard-hit countries. Capital – Port Vila & Currency – Vatu
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71. What will be the penalty (in basis points) on banks if they failed to invest TLTRO funds in 30
working days as announced by RBI?
1) 200bps
2) 150bps
3) 100 bps
4) 50bps
5) 25bps
Answer-1) 200bps
Explanation:
The Reserve Bank of India (RBI) has instructed banks that they need to invest the mandated 50% of the funds
raised through targeted long-term repo operations (TLTRO) route, under the first tranche conducted on March
27, 2020,in corporate bonds or specified securities within a month or 30 working days.RBI to slap 200 bps
penal interest If failed, the interest rate on un-deployed funds will increase to prevailing policy repo rate plus
200 bps (basis points) additional penal interests will have to be paid for the number of days such funds remain
un-deployed. The present policy rate is 4.40%.
72. What is the interest rate in RBI’s new series of the Sovereign Gold Bond (SGB) Scheme namely
“Sovereign Gold Bond 2020-21” for 1st half of FY21?
1) 1.50%
2) 1%
3) 2%
4) 2.50%
5) 1.25%
Answer-4) 2.50%
Explanation:
The Central government after exercising its power conferred under clause (iii) of section 3 of Government
securities Act 2006 has launched a new series of the Sovereign Gold Bond (SGB) Scheme namely“Sovereign
Gold Bond 2020-21” which is to be issued by Reserve Bank of India (RBI) in six tranches from April 2020 to
September 2020 i.e. in first half of FY 20-21. Their sale will be restricted to resident individuals, HUFs, Trusts,
Universities and Charitable Institutions.GoI Launches Sovereign Gold Bonds Scheme These bonds will fetch a
fixed interest rate of 2.50% per annum which will be taxable under Income Tax Act, 1961. On the other hand,
capital gains tax arising on redemption of SGB to an individual has been exempted.
73. What is the retail inflation rate for the month of March 2020 in India as per data of National
Statistical Office (NSO)?
1) 7.46%
2) 8.79%
3) 5.91%
4) 6.58%
5) 4.41%
Answer-3) 5.91%
Explanation:
The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation has estimated retail
inflation rate, to a 4-month low of 5.91% for March 2020 which is lower than 6.58% in February 2020, due to
easing prices of kitchen essentials such as vegetables, eggs and meat & is measured by All India Inflation Rates
based on Consumer Price Index (CPI) and Consumer Food Price Index (CFPI).
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74. Nomura has projected a downward revision by 6.1% for Indian economy in the April-June quarter,
Nomura is brokerage agency of which country?
1) Japan
2) China
3) South Korea
4) Singapore
5) Thailand
Answer-1) Japan
Explanation:
The Japanese brokerage company Nomura has projected a downward revision by 6.1% for Indian economy in
the April-June quarter and by 0.5% for the September quarter. It is likely to expand only in the December
quarter of 2020 by 1.4%. The economy will grow at 3.2% in the January-March period. Nomura is also
expecting another 0.75% rate cuts by RBI to push growth in 2020. The major factor behind all these trims is the
COVID-19 crisis.
75. What is the Bank Rate growth of India for the FY20 as per RBI data?
1) 4.49%
2) 3.35%
3) 6.14%
4) 8.97%
5) 7.15%
Answer-3) 6.14%
Explanation:
In accordance with the Reserve Bank of India (RBI) data, Bank credit growth declined to five-decade low to
6.14% in the fiscal ended March 31, 2020, due to lower demand and risk aversion among banks.
76. With which Public Sector Bank, the government telecom operator BSNL has partnered to launch
Bharat InstaPay, UPI-based payment platform.
1) UCO Bank
4) Allahabad Bank
5) Andhra Bank
Explanation:
Bharat Sanchar Nigam Limited (BSNL) in partnership with the State Bank of India (SBI) has launched a Unified
Payments Interface (UPI) based payment platform, Bharat InstaPay to enable all types of channel partners of
BSNL to digitize their payment transactions on a round the clock basis/ real- time basis.
77. Barclays has forecasted India’s GDP growth for 2020 as 0%. What is the India’s growth forecast as
per International Monetary Fund (IMF) for FY21?
1) 2.5%
2) 1.6%
3) 1.9%
4) 1.2%
5) 0.8%
Answer-3) 1.9%
Explanation:
International Monetary Fund (IMF) in its “World Economic Outlook, April 2020” has decreased India’s GDP
(Gross Domestic Products) growth rate to 1.9% for fiscal year 2020-21 starting April 1, 2020. It has also
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predicted that in FY 21-22 the Indian economy will recover strongly with a growth projection of 7.4%. This
current projected GDP growth rate at 1.9% for 2020-21 is 3.9% lower than the January outlook and 5.1% lower
than the projection made in 2019.
78. Name the term which is used by central bank under which funds are transferred from the Central
Bank to the state and Union governments which empowers the public with money to buy things.
1) Train Money
2) Helicopter Money
3) Bus Money
4) Ship Money
5) Jet Money
Answer-2) Helicopter Money
Explanation:
This term Helicopter Money has been coined by American economist Milton Friedman in his famous paper “The
Optimum Quantity of Money” of 1969. Helicopter money is an unconventional method used by the Central Bank
under which the funds are transferred from the Central Bank to the state and Union government which
empowers the public with money to buy things, resulting boost in the economy. It involves printing large sums
of money and distributing it to the public denoting helicopter dropping money from the sky. It is a tool to bring
the declining growth of the economy (recession) back on track.
79. J Packirisamy the MD of Andhra Bank has been appointed as OSD (Officer on Special Duty) in Union
Bank of India. Mrutyunjay Mahapatra CEO of Syndicate Bank has been appointed as OSD to which bank?
1) Canara Bank
3) Indian Bank
4) UCO Bank
5) Bank of India
Answer-1) Canara Bank
Explanation:
Andhra Bank Managing Director (MD) J Packirisamy and Syndicate Bank Chief Executive Officer (CEO)
Mrutyunjay Mahapatra were appointed as Officer on Special Duty (OSD) in the Union Bank of India (UBI) and
the Canara Bank respectively.
80. Name the bank which has launched safety grid campaign for social distancing.
1) HDFC Bank
2) UCO Bank
3) Syndicate Bank
4) ICICI Bank
5) Axis Bank
Answer-1) HDFC Bank
Explanation:
The Housing Development Finance Corporation(HDFC) Bank has launched Safety Grid campaign which was
conceptualized by Leo Burnett India to help people maintain social distancing as prescribed by the World
Health Organization (WHO) while waiting at shops during Lockdown.
81. What is the percentage decline in exports (amounting to $314.31 billion) in Financial Year 2019-20
in India, as per data of Commerce and Industry ministry?
1) 4.78%
2) 21.45%
3) 19.78%
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4) 10.85%
5) 7.19%
Answer-1) 4.78%
Explanation:
In accordance with the figures released by the Ministry of Commerce and Industry, Indian exports of goods
decreased by 34.57% to $21.41 billion due to COVID-19 spread which has interrupted the production and
supply chains. With this, the overall export for FY 2019-20 declined by 4.78% to $314.31 billion. This is likely to
be the steepest fall in monthly exports since 2008-09, when shipments dipped by 33.3% in March 2009.
82. As per International Monetary Fund’s (IMF) latest report,Name the countries which will have
positive growth rate in 2020.
1) China
2) India
3) Japan
4) Both 1) and 2)
5) All the 1), 2) and 3)
Explanation:
International Monetary Fund’s (IMF) in its latest report has placed India & China as the fastest-growing
emerging economies of the world with a positive growth rate in 2020.
83. Vineet Arora has been appointed as the MD&CEO of which Insurance company?
1) Aegon Life Insurance Company
2) Bajaj Allianz General Insurance Company
3) Bharti AXA General Insurance Company Limited
4) Paytm General Insurance Limited
5) Reliance General Insurance Company Limited
Answer-4) Paytm General Insurance Limited
Explanation:
Paytm, a major digital payment system and financial service platform, appoints Vineet Arora as the Managing
Director (MD) & Chief Executive Officer (CEO) of Paytm General Insurance Limited (Ltd).
84. What is the percentage drop in India’s energy subsidy b/w FY 17 to FY 19 as per ‘Mapping India’s
Energy Subsidies 2020’, released by the International Institute for Sustainable Development (IISD) and
the Council on Energy, Environment and Water (CEEW)?
1) 30%
2) 45%
3) 25%
4) 15%
5) 35%
Answer-5) 35%
Explanation:
According to the study, Mapping India’s Energy Subsidies 2020 released by the International Institute for
Sustainable Development (IISD) and the Council on Energy, Environment and Water (CEEW), India’s energy
subsidies drops 35% from Financial Year FY17 to FY19, while its oil and gas subsidies increased by 65%.
85. Name the countries other than ASEAN countries which attended ASEAN plus three summit on covid-
19 response.
1) China, Japan, South Korea
2) China, Japan, Pakistan
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3) Japan, Pakistan, Afghanistan

4) South Korea, Japan, India
5) India, Japan, China
Answer-1) China, Japan, South Korea
Explanation:
Member States of the Association of Southeast Asian Nations (ASEAN) held the Special ASEAN Summit via video
conference which was chaired by Nguyen Xuan Phuc, Prime Minister of Vietnam, in his capacity as Chair of
ASEAN. The summit was attended by heads of state or government of the 10 ASEAN members– Brunei,
Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.After the
above mention meet, virtual Special ASEAN along with China, Japan and South Korea (ASEAN Plus Three)
Summit on COVID-19 Response was held to discuss measures to respond to and repel the global pandemic.
86. Name the most digitally skilful country in the world as per Gartner 2019 Digital Workplace Survey.
1) Singapore
2) India
3) United Kingdom
4) United States
5) Germany
Answer-2) India
Explanation:
In accordance with the Gartner 2019 Digital Workplace Survey, India has become the world’s most digitally
dexterous (skilful) country in the world as it has a vast Gen Z workforce who are keen to learn new digitally
powered skills in the workplace. India is followed by the United Kingdom (UK) and United States (US). It should
be noted that Generation Z or Gen Z are the ones born between 1995 and 2009.India Digitally dexterous
country The digital workforce in India and Singapore use real-time messaging and social media networks more
frequently for real-time collaboration than the workforce of China, France, Germany, the US and the UK.
87. What is the decline in Capital Utilisation in 3rd quarter of 2019-20 as per 48th round of quarterly
order books, inventories and capacity utilization survey (OBICUS) released by RBI?
1) 68.6%
2) 48.2%
3) 51.8%
4) 70.5%
5) 29.8%
Answer-1) 68.6%
Explanation:
Reserve Bank of India (RBI) launched the 49th round of quarterly order books, inventories and capacity
utilization survey (OBICUS) of the manufacturing sector which will provide important figures and input for
monetary policy formulation. The reference period for this survey is January-March 2020 (Q4: 2019-20). As per
48th round it showed a decline in capacity utilisation (CU) to 68.6% in the third quarter of 2019-20 from 69.1%
in Q2.
88. Name the 1st Insurance company in India which has announced additional benefits for its
policyholders & agents to support them during the COVID-19 pandemic.
1) Canara HSBC OBC Life Insurance Company
2) DHFL Pramerica Life Insurance Company
3) Tata AIA life insurance
4) Bajaj Allianz Life Insurance
5) DHFL Pramerica Life Insurance Company
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Answer-3) Tata AIA life insurance

Explanation:
Tata AIA becomes the 1st Life Insurance company in India to announce additional benefits for its policyholders
& agents so as to support them during the novel coronavirus (COVID-19) pandemic. Recently Tata Trusts and
Tata group have announced their contribution towards the management of COVID-19 in India.
89. What is the current reverse repo rate of India as announced by RBI (April 17, 2020)?
1) 3.5%
2) 3%
3) 3.25%
4) 4%
5) 3.75%
Answer-5) 3.75%
Explanation:
RBI been decided to reduce the fixed reverse repo rate under liquidity adjustment facility (LAF) by 25 basis
points (bps) from 4% to 3.75% with immediate effect to maintain more liquidity in the banking system. On the
other hand, repo rate remained unchanged to 4.40%, but it could be reduced as inflation is likely to fall below
its target in a couple of months.Following table shows the Policy Rates of RBI as of April 17, 2020:
Policy Rate Rate Change
Repo Rate 4.40% No change
Reverse Repo Rate 3.75% 25 bps
Marginal Standing Facility (MSF) Rate 4.65% No change
Bank Rate 4.65% No change
90. Ecowrap has predicted the India’s GDP growth may fall to 1.1% for FY21. Ecowrap is the research
wing of which Indian PSB?
1) Canara Bank
3) Union Bank of India
Explanation:
The State Bank of India’s (SBI) Ecowrap report estimated India’s Gross Domestic Product (GDP) growth may
fall to 1.1% in FY21 from its earlier projections of 2.6%, with the likelihood of 1st quarter growth contracting
6% or more and 2nd quarter witnessing no growth due to the impact of the coronavirus pandemic outbreak.
The FY20 GDP growth has been revised from 5% to 4.1%. The State Bank of India’s (SBI) Ecowrap report
estimated India’s Gross Domestic Product (GDP) growth may fall to 1.1% in FY21 from its earlier projections of
2.6%, with the likelihood of 1st quarter growth contracting 6% or more and 2nd quarter witnessing no growth
due to the impact of the coronavirus pandemic outbreak. The FY20 GDP growth has been revised from 5% to
4.1%.
91. What is the revised loss coverage for micro loan defaults under Credit Guarantee Fund for Micro
Units (CGFMU) scheme?
1) 45%
2) 75%
3) 60%
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4) 25%
5) 50%
Answer-2) 75%
Explanation:
According to the amendment of Credit Guarantee Fund for Micro Units (CGFMU) scheme as notified by the
ministry of Finance states that the coverage of lender’s loss in case of loan default is increased to 75% from
earlier 50%.
92. What is the amount of fund released to states and UTs under Mahatma Gandhi National Rural
Employment Guarantee Scheme (MGNREGS)?
1) 10000 crores
2) 3500 crores
3) 4100 crores
4) 7300 crores
5) 8400 crores
Answer-4) 7300 crores
Explanation:
The Centre Government has released 7,300 crore rupees to the States and Union Territories (UT) under
Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) to liquidate pending dues of last
financial year but also the wages dues for the first fortnight of 2020-21.
93. The Equitas small finance bank (SFB) has launched Selfe Fixed Deposits (FD) and Selfe savings
accounts to expand its digital banking services recently. Where is the HQ of Equitas SFB located?
1) Mumbai
2) New Delhi
3) Jaipur
4) Chennai
5) Bengaluru
Answer-4) Chennai
Explanation:
Equitas Small Finance Bank (ESFB), a private sector, has launched Selfe Fixed Deposits (FD) and Selfe savings
accounts to expand its digital banking services so as to help its customers to avoid visiting the branches as the
lockdown is extended till May 3. The headquarters of ESFB located at Chennai, Tamil Nadu.
94. What is the amount for which RBI announced to conduct auction for Targeted Long-Term Repo
Operations 2.0 (Note: on April 17, 2020 concluded 1 Lakh crore TLTRO)?
1) 40000 cr
2) 10000 cr
3) 20000 cr
4) 50000 cr
5) 25000 cr
Answer-4) 50000 cr
Explanation:
During the Reserve Bank of India (RBI) Governor Shaktikanta Das press conference, a Targeted Long-Term
Repo Operations 2.0 (TLTRO) window of Rs 50,000 crore was announced. Now as a part of it, RBI is all set to
conduct the first auction under the TLTRO 2.0 for an amount of Rs 25,000 crore on April 23, 2020.
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95. What is the Business Confidence Index for the 4th quarter of FY 20 as per National Council for
Applied Economic Research’s (NCAER) 112th Business Expectations Survey (BES)?
1) 85.9%
2) 111%
3) 98.6%
4) 77.3%
5) 101.5%
Answer-4) 77.3%
Explanation:
In accordance with the economic think tank National Council for Applied Economic Research (NCAER) 112th
Business Expectations Survey (BES), its quarterly business confidence index (N-BCI), covering 600 companies,
declined by over 30% in the last quarter (Q4: Jan-March) of FY 19-20 to 77.3 from 111.2 in the Q3. The reason
behind this downfall is the ongoing nationwide lockdown to contain the Covid-19 virus outbreak. It was the
lowest figure since the 1998 Asian financial crisis. The N-BCI is a part of NCAER’s Business Expectations Survey
(BES).
96. What is the S&P Global Ratings’ revised growth forecast of India for the FY 20-21?
1) 1.2%
2) 2.7%
3) 2.4%
4) 2%
5) 1.8%
Answer-5) 1.8%
Explanation:
S&P Global Ratings has declined India’s growth forecast for the FY 20-21 to 1.8% from 3.5% estimated earlier
due to an extended nationwide lockdown to contain COVID-19 spread. For the FY 2021-2022, the rating agency
has projected India’s growth to 7.5%.
97. Name the private bank in India which has launched voice assistance-based banking services on its
integrated AI chatbot ‘iPal’ with Amazon Alexa and Google Assistant.
1) ICICI Bank
2) HDFC Bank
3) Axis Bank
4) Yes Bank
5) IndusInd Bank
Answer-1) ICICI Bank
Explanation:
ICICI bank has launched voice assistance-based banking services on its integrated artificial intelligence (AI)
powered multi-channel chatbot iPal with Amazon Alexa and Google Assistant for its retail banking customers
by which they can access a wide range of banking services like check balance, seek credit card details & ask
queries through voice commands.
98. Where is the HQ of ICICI bank located?

Answer-Mumbai, Maharashtra
99. Government has amended which policy to curb opportunistic takeover of Indian companies by
neighbouring nations during covid-19 pandemic?
1) FDI (Foreign Direct Investment) policy
2) FPI (Foreign Portfolio Investment) policy
3) FII (Foreign Institutional Investment) policy
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4) FEM (Foreign Exchange Management) policy

5) FER (Foreign Exchange Reserve) policy
Answer-1) FDI (Foreign Direct Investment) policy
Explanation:
Government amends the extant FDI (Foreign Direct Investment) policy for curbing opportunistic
takeovers/acquisitions of Indian companies from neighbouring nations due to the current COVID-19 pandemic.
In this regard, the Centre has amended para 3.1.1 of extant FDI policy as contained in Consolidated FDI Policy,
2017.
100. What is the reduced limit in G-secs through Foreign Portfolio Investment for FY21 as per RBI
(existing limit 2.46 lakh crore)?
1) 2.34 lakh crore
2) 2.22 lakh crore
3) 2.18 lakh crore
4) 2.45 lakh crore
5) 2.40 lakh crore
Answer-1) 2.34 lakh crore
Explanation:
The Reserve Bank of India (RBI) has reduced the investment limit for general category foreign portfolio
investors’ (FPI) in central government securities (G-secs) to Rs 2.34 lakh crore for FY 20-21 from the existing
limit of Rs 2.46 lakh crore. The limits have been brought down by almost $1.5 billion to just above $31 billion.
101. What is India’s revised GDP growth forecast as per Fitch solutions (credit agency)?
1) 2.5%
2) 2.6%
3) 2%
4) 1.8%
5) 1.6%
Answer-4) 1.8%
Explanation:
Fitch Solutions has declined India’s Gross Domestic Product (GDP) growth for the Financial Year (FY) 2020-21
(April 2020 to March 2021) to 1.8% from 4.6% previously as they expect private consumption to contract
against a previously weak expansion & the net exports will continue to drag heavily, due to the large-scale loss
of income across the economy because of the impact of a worsening domestic outbreak of COVID-19.
102. What is the revised Ways and Means Advances (WMA) limit for Central government for 1st half of
FY21?
1) 1.50 lakh crore
2) 1.65 Lakh crore
3) 2.00 Lakh crore
4) 1.75 Lakh crore
5) 2.15 Lakh crore
Answer-3) 2.00 Lakh crore
Explanation:
In an important revision, the Reserve Bank of India (RBI) in consultation with Indian Government has
increased the limit for Ways and Means Advances (WMA) by 66% for Central government to Rs 2,00,000 crore
from Rs 1,20,000 crore for the remaining part of first half of the financial year 2020-21 i.e H1 FY21 (April 2020
to September 2020) to tackle the financial crisis arisen due to COVID-19 pandemic.
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103. RBI has instructed its regulated entities (REs) to carry out money laundering (ML)and terrorist
financing (TF) risk assessment exercise periodically& added a new section 5(A) in the Master
Directions (MD) on KYC. The Prevention of Money Laundering rules was enacted in which year?
1) 2005
2) 2004
3) 2006
4) 2007
5) 2003
Answer-1) 2005
Explanation:
Reserve Bank of India (RBI) instructed its regulated entities (REs) to carry out money laundering (ML)and
terrorist financing (TF) risk assessment exercise periodically. In this regard the central has added a new section
5(A) in the Master Directions on KYC (know your customer), which has come into force with immediate effect.
The changes were made in Prevention of Money Laundering rules, 2005.
104. RBI has cancelled the license to conduct banking business of which urban cooperative bank (based
on Goa).
1) The Akola Janata Commercial Co-operative Bank
2) Mapusa Urban Co-operative Bank
3) TJSB Sahakari Bank
4) SBPP Co-operative Bank
5) Kalyan Janata Sahakari Bank
Answer-2) Mapusa Urban Co-operative Bank
Explanation:
The Reserve Bank of India (RBI) has cancelled the license granted to the Mapusa Urban Co-operative Bank of
Goa Ltd., Goa to conduct banking business which includes acceptance of deposits and repayment of deposits as
defined in Section 5 (b) read with Section 56 of the Banking Regulation Act, 1949.
105. Which payment bank of India has collaborated with Mastercard to issue virtual and physical debit
cards?
1) Airtel Payments Bank
4) India Post Payments Bank
5) Paytm Payments Bank
Answer-5) Paytm Payments Bank
Explanation:
Paytm Payments Bank Ltd (PPBL) has collaborated with Mastercard to issue virtual and physical debit cards to
enable its customers to perform secure online transactions, make payment in stores as well as withdraw cash
from ATMs. PPBL will issue Mastercard virtual debit cards to its new customers to perform secure online
transactions for everyday purchases.
106. Name the person who has been re-appointed as the MD & CEO of City Union Bank (CUB) as
approved by RBI.
1) Rana Kapoor
2) N Kamakodi
3) Shyam Srinivasan
4) Ashok Kumar Pradhan
5) Mahabaleswar MS
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Answer-2) N Kamakodi
Explanation:
The Reserve Bank of India (RBI) approved the re-appointment of N Kamakodi as the Managing Director (MD) &
Chief Executive Officer (CEO) of City Union Bank (CUB), a private sector bank for 3 years with effect from May
1.
107. Noel Quinn has been appointed as the CEO of which multinational bank?
1) HSBC Bank
2) BNP Paribas
3) Deutsche Bank
4) Standard Chartered Bank
5) Bank of China
Answer-1) HSBC Bank
Explanation:
HSBC (Hong Kong and Shanghai Banking Corporation) Bank appointed Noel Quinn as its Chief Executive Officer
(CEO). He served as the interim CEO of the bank since August 2019. He was the successor of John Flint.
108. Norway topped “The World Press Freedom Index 2020’ compiled by Paris-based Reporters Sans
Frontieres (RSF) among 180 countries, what is the rank of India in the index?
1) 142
2) 110
3) 135
4) 120
5) 89
Answer-1) 142
Explanation:
The rank of India has decreased by two places to 142nd from 140th position with a score of 45.33 in the “The
World Press Freedom Index 2020” which has analysed 180 countries. This decline in rank is showing an
improvement in the security of Indian media as in 2019 there was no murders of journalists were recorded as
against six in 2018.The World Press Freedom Index is compiled by Paris-based Reporters Sans Frontieres
(RSF), or Reporters Without Borders. The index has been topped by Norway with a score of 7.84 while North
Korea stood at last rank of 180 with score of 85.82.
Rank Country Score
1 Norway 7.84
2 Finland 7.93
3 Denmark 8.13
142 India 45.33
180 North Korea 85.82
109. Name the organisation which has released the fourth annual Global Report on Food Crises (GRFC
2020) titled “2020 Global Report on Food Crises-Joint Analysis for better decisions”.
1) World Health Organization (WHO)
3) Food and Agriculture Organization (FAO)
4) International Fund for Agricultural Development (IFAD)
5) World Food Programme (WFP)
Answer-5) World Food Programme (WFP)
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Explanation:
In accordance with the fourth annual Global Report on Food Crises (GRFC 2020) titled “2020 Global Report on
Food Crises-Joint Analysis for better decisions” by United Nation’s (UN) World Food Programme (WFP), the
coronavirus pandemic could nearly double the number of people around the world facing acute hunger.It
should be noted that the WEP estimates that $350m (£280m) needed immediately, but only about a quarter of
the sum has yet been available.
110. Indian government has approved to provide USD 1 million to Antigua islands as project outlay.
What is the capital of Antigua and Barbuda?
1) Castries
2) Saint John’s
3) Basseterre
4) Port Louis
5) Bridgetown
Answer-2) Saint John’s
Explanation:
India provided medical supplies including hydroxychloroquine tablets to many countries and India approved
the 1 million USD to Antigua and Barbuda as a project outlay with 150K USD for medical equipment as
immediate assistance from the United States to fight against coronavirus pandemic. The capital of Antigua and
Barbuda is Saint John’s.
111. Who is the MD&CEO of Indian Overseas Bank (IOB)?

Answer-Karnam Sekar
112. Which Indian public sector bank has launched Working Capital demand Loan for agriculture sector
(WCDL-Agri)?
2) Indian Overseas Bank
4) Union Bank of India
5) Canara Bank
Answer-2) Indian Overseas Bank
Explanation:
Indian Overseas Bank (IOB) has launched Working Capital demand Loan for agriculture sector (WCDL-Agri), a
special credit facility for the agriculture sector & allied activities as a relief measure to fight the coronavirus
(COVID-19) pandemic.
113. What is India’s GDP growth rate for FY21 as per ‘Global Economic Outlook (GEO)’ of Fitch ratings.
1) 1.2%
2) 1%
3) 0.8%
4) 0.6%
5) 2%
Answer-3) 0.8%
Explanation:
Fitch Ratings Inc, an American credit rating agency in its ‘Global Economic Outlook (GEO)’, has lowered India’s
GDP (Gross Domestic Product) growth forecast to 0.8% for Fiscal year 2020-21 (FY 21), a revision from the 2%
that was projected just three weeks ago.
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114. As per Confederation of Indian Industry (CII) what will be the GDP growth of India for the Financial
year (at max)?
1) 1%
2) 1.5%
3) 2%
4) 2.5%
5) 0.5%
Answer-2) 1.5%
Explanation:
The Confederation of Indian Industry (CII) in a paper- A plan for economic recovery has stated that India’s
Gross Domestic Product (GDP) growth is likely to grow at 1.5% in the current Financial Year (FY) post the
lockdown period & also has suggested urgent fiscal interventions.
115. Name the organisation in its report titled “COVID-19 Crisis: Through a Migration Lens” projected
23% decline in Migrants Remittances to India in 2020 due to COVID-19.
1) International Monetary Fund
2) World Bank
3) World Trade Organisation
4) Organisation for Economic Cooperation and Development
5) Commonwealth Nations
Answer-2) World Bank
Explanation:
In accordance with the report on impact of COVID-19 on migration and remittances by World Bank, titled
“COVID-19 Crisis: Through a Migration Lens” remittances to India are likely to drop by 23% to USD 64 billion in
2020 from USD 83 billion in 2019 due to COVID-19 impact. In 2019, the remittances were increased by 5.5%.
Importantly, India is the world’s biggest recipient of remittances, which bolster the country’s foreign exchange
reserves and help fund its current account deficit.
116. The Federal Bank has acquired additional stake of 4% (26% to 30%) in equity capital of IDBI
Federal Life Insurance Company. Where is the Headquarters of Federal Bank located?
1) Aluva, Kerala
2) Kumbakonam, Tamil Nadu
3) Bengaluru, Karnataka
4) Amaravati, Andhra Pradesh
5) Hyderabad, Telangana
Answer-1) Aluva, Kerala
Explanation:
The Federal Bank’s board has approved its purchase to acquire an additional stake of up to 4% in the equity
capital of IDBI Federal Life Insurance Company Limited (IFLIC) from Industrial Development Bank of
India(IDBI) Bank, increasing the total shareholding in the life insurance joint venture to 30% from 26%.
Federal Bank Headquarters– Aluva, Kerala.
117. The Department of Economic Affairs (DEA) under the Ministry of Finance has notified changes in
FDI policy, 2017 are amended under Foreign Exchange Management Act (FEMA). The FEMA is originally
constituted in which year?
1) 2017
2) 1956
3) 1999
4) 2004
5) 1987
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Answer-3) 1999
Explanation:
As we have notified earlier that the Department of Economic Affairs (DEA) under the Ministry of Finance has
made changes in the Foreign Direct Investment (FDI) policy, 2017, which made prior approval of the
government mandatory for foreign investments from countries that share border with India, to prevent
opportunistic takeover of domestic firms amid COVID-19 pandemic under the under Foreign Exchange
Management Act (FEMA), 1999.
118. The Department of Expenditure under Ministry of Finance has frozen which allowances for 1.1
crore employees and pensioners due from January 1, 2020 to fight covid-19.
1) Dearness Allowance (DA)
2) Dearness Relief (DR)
3) Travel Allowance (TA)
4) Both 1) and 2)
5) Both 2) and 3)
Explanation:
The Department of Expenditure, under the finance ministry has stated that the central government has frozen
the Dearness Allowance (DA) & Dearness Relief (DR), an inflation-linked allowance to its 1.1 crore employees &
pensioners respectively due from January 1, 2020 to combat the COVID-19 pandemic outbreak.
119. To which Indian state world bank approved Rs. 585 Crore for upgradation of roads and
modernization of public works department (PWD)?
1) Uttar Pradesh
2) Madhya Pradesh
3) Andhra Pradesh
4) Arunachal Pradesh
5) Himachal Pradesh
Answer-5) Himachal Pradesh
Explanation:
The Himachal Pradesh State Roads Transformation Project (HPSRTP) will receive a funding of US$82 million
(Rs 585 crore) from World Bank (WB) for the upgradation of major roads and modernization of the Public
Works Department (PWD) in Himachal Pradesh (HP).
120. Which Insurance company has partnered with smart health company GOQii to launch preventive
healthcare platform named ‘BAGIC GOQii Co-pay Option’?
1) SBI Life Insurance
2) Bajaj Allianz General Insurance
3) Acko General Insurance
4) Bharti AXA General Insurance
5) Cholamandalam MS General Insurance
Answer-2) Bajaj Allianz General Insurance
Explanation:
Bajaj Allianz General Insurance launched a preventive healthcare platform ‘BAGIC GOQii Co-pay Option’ in
partnership with a smart health company GOQii under the regulatory sandbox approval from Insurance
Regulatory and Development Authority of India (IRDAI).Objective of the product– to reward the customers
with a healthy lifestyle in the form of co-pay deduction in their health insurance policy named Health Ensure
policy.
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121. SIDBI has launched special liquidity schemes to support MSME during lockdown. Where is the HQ
of SIDBI located?
1) Indore
2) Pune
3) Lucknow
4) Kolkata
5) Mumbai
Answer-3) Lucknow
Explanation:
The Small Industries Development Bank of India (SIDBI) has launched special liquidity schemes to support
Micro, Small and Medium Enterprises (MSMEs) due to lockdown because of the COVID-19 pandemic outbreak.
The schemes will cover all eligible entities with investment-grade ratings irrespective of the entity’s size & the
quantum of the loans is 90 days.Headquarters– Lucknow.
122. Name the company which has acquired 3.36% share in Hinduja Leyland Finance Ltd (HLFL).
1) Maruti Suzuki
2) Hindustan Motors Limited
3) Hindustan Motors Limited
4) TATA Motors
5) Ashok Leyland Limited
Answer-5) Ashok Leyland Limited
Explanation:
Hinduja Group flagship Ashok Leyland Ltd has acquired 15,796,406 shares of Rs 10 each constituting 3.36 per
cent of the equity of its subsidiary Hinduja Leyland Finance Ltd for Rs 187.97 crore. The acquisition is part of
the 6.99 per cent acquisition approved by the Board at the meeting held on March 21, 2020
123. Caladium Investment an affiliate of sovereign wealth fund GIC of which country has increased its
stake in Kolkata based Bandhan Bank by 1% (3.39% to 4.49%) recently?
1) Singapore
2) Japan
3) China
4) United States
5) Saudi Arabia
Answer-1) Singapore
Explanation:
Caladium Investment Pte Ltd, an affiliate of Singapore’s sovereign wealth fund GIC (Government of Singapore
Investment Corporation), has raised its stake in India-based private sector lender Bandhan Bank by 1 percent
from 3.39% to 4.49% through secondary market operations.
124. Name the Bank which partnered with All India Management Association (AIMA) to organize
workshop named “The Contract Management during Emergency situations”.
1) Asian Infrastructure Investment Bank
2) Standard Chartered Bank
3) World Bank
4) New Development Bank
5) Asian Development Bank
Answer-3) World Bank
Explanation:
World Bank (WB) has joined hands with AIMA (All India Management Association), one of the most renowned
business schools in India, to organize a virtual workshop called “The Contract Management during Emergency
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situations” with the aim to create awareness about the likely impact of the coronavirus (COVID -19) pandemic
on the implementation of the bank-funded projects.
125. Name the first non-bank company which gets RBI nod to enter into co-branding arrangements for
prepaid Instruments.
1) Transcorp International Limited
2) Indian Oil Corporation
3) Simpleclick International Limited
4) Yatra International Limited
5) Etihad guest International Limited
Answer-1) Transcorp International Limited
Explanation:
The Leading forex and payment solutions provider Transcorp International Limited (TIL), a 25 year old BSE-
listed company becomes the 1st non-bank company to receive Reserve Bank of India (RBI) nod to enter into co-
branding arrangements for prepaid Instruments to be used in over 35 lakh stores and online gateways due to
the current outbreak of COVID-19 pandemic.
126. What is India’s Gross Value Added (GVA) of India for FY21 as per the estimation of Care ratings?
1) 1.2%
2) 1.4%
3) 0.8%
4) 0.6%
5) 1.6%
Answer-2) 1.4%
Explanation:
CARE Ratings has projected the gross domestic product (GDP) of India for Fiscal Year (FY) 2020-2021 between
1.1%-1.2% amid nationwide lockdown resulting in disruptions and halting of activities. The lockdown was
announced on March 24 for 21 days, which has now been extended until May 3, 2020. Gross Value Added (GVA)
has been estimated to grow at 1.4% for FY21. Overall growth is expected to be driven only by the government
expenditure.
127. In which Indian Navaratna CPSE the ICICI Prudential Mutual Fund Bharat-22 ETF picks up share
worth Rs.59 Crore?
1) Power Finance Corporation (PFC)
2) Bharat Electronics Limited (BEL)
3) National Aluminium Company (NALCO)
4) NBCC (India) Limited
5) National Mineral Development Corporation (MMDC)
Answer-3) National Aluminium Company (NALCO)
Explanation:
Prudential Mutual Fund Bharat-22 ETF of ICICI picked up share of value Rs.59 Crore in the National Aluminium
Company (NALCO) through the open market transaction.The National Stock Exchange said that more than 1.71
crore shares were bought at an average of Rs.34.43 apiece.
128. Find the organisation which has reported that the developing countries’ repayments on their
public external debt will increase between $2.6 trillion and $3.4 trillion in 2020 and 2021.
1) United Nations Conference on Trade and Development (UNCTAD)
2) International Labour Organisation (ILO)
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4) World Economic Forum (WEF)

5) World Trade Organisation (WTO)
Answer-1) United Nations Conference on Trade and Development (UNCTAD)
Explanation:
In accordance with the United Nations Conference on Trade and Development (UNCTAD) report titled “From
the Great Lockdown to the Great Meltdown: Developing Country Debt in the Time of Covid-19″, developing
countries’ repayments on their public external debt will increase between $2.6 trillion and $3.4 trillion in 2020
and 2021 amid COVID-19 pandemic.
129. What is the amount for which RBI has opened Special Liquidity Facility for Mutual Funds from Apr
27-May 11, 2020?
1) 20,000cr
2) 25,000cr
3) 50,000cr
4) 10,000cr
5) 75,000cr
Answer-3) 50,000cr
Explanation:
In order to ease the liquidity pressures on mutual funds, impacted by coronavirus crisis, Reserve Bank of India
(RBI) has initiated a special liquidity facility of Rs 50,000 crore namely “Special Liquidity Facility-Mutual Funds
(SLF-MF)”under which RBI will conduct repo operations of 90 days tenor at the fixed repo rate.The timeline of
the scheme is from April 27, 2020 to May 11, 2020 or up to utilization of the allocated amount, whichever is
earlier. SLF-MF is on-tap and open-ended, and banks can submit their bids to avail funding on any day from
Monday to Friday (excluding holidays). Under this facility, the RBI will provide funds to banks at lower rates.
130. Indian overseas bank (IOB) has launched a special borrowing programme for Self Help Groups to
help them amid Covid-19 crisis. Where is the HQ of IOB located?
1) Mumbai
2) Bengaluru
3) Chennai
4) Kolkata
5) Gurugram
Answer-3) Chennai
Explanation:
Indian Overseas Bank (IOB), a major public sector bank (PSB), has launched a special borrowing programme
for Self Help Groups (SHGs) to help them in difficult situations arising out of Coronavirus (COVID-
19).Headquarters– Chennai, Tamil Nadu.
131. What is the revised growth rate of India for FY21 as per estimation of India Ratings and Research
(Ind-Ra)?
1) 1.2%
2) 2.6%
3) 0.8%
4) 1.6%
5) 1.9%
Answer-5) 1.9%
Explanation:
India Ratings and Research (Ind-Ra), the Indian subsidiary of Fitch group,has revised India’s gross domestic
product (GDP) growth forecasts for the fiscal year 2020-21 (FY 21) to 1.9 % from 3.6% estimated earlier due to
the impact of coronavirus (Covid-19) on the economy.
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132. Name the PSU which has called for global expressions of interest (EoI) to provide20 Hydrogen Fuel
Cell (FC) based electric buses & electric cars to operate them in Delhi and Leh.
1) Steel Authority of India
2) Indian Oil Corporation Limited
3) Power Grid Corporation of India
4) Coal India Limited
5) NTPC Limited
Answer-5) NTPC Limited
Explanation:
NTPC Vidyut Vyapar Nigam (NVVN) Limited, a wholly owned subsidiary of India’s largest energy conglomerate
NTPC Limited (formerly known as National Thermal Power Corporation Limited), has called for a global
expressions of interest (EoI) to buy 10 Hydrogen Fuel Cell (FC) based electric buses & 10 Hydrogen Fuel Cell
based electric cars to operate them in Delhi and Leh.
133. Name the industry which has become the top exporting sector for the 1st time during the April-
January period of FY 2019-2020with the contribution of 14.35% of total exports.
1) Food Processing Industry
2) Textile Industry
3) Steel Industry
4) Chemical & Petrochemical industry
5) Mining Industry
Answer-4) Chemical & petrochemical industry
Explanation:
In a progressive move, the chemical & petrochemical industry became the Indian top exporting sector for FY
2019-20 as the export of chemicals increased by 7.43% to Rs 2.68 lakh crore during the April-January period of
FY 2019-2020 in comparison to the corresponding period of 2018-19. This industry contributed 14.35% of the
total exports.
134. RBI has extended term of appointment of Madhavan Menon as the part-time Chairman of the
Catholic Syrian Bank (CSB) till July 21, 2020. Where is the HQ of CSB located?
1) Thrissur, Kerala
2) Kumbakonam, Tamil Nadu
3) Aluva, Kerala
4) Karur, Tamil Nadu
5) Cochin, Kerala
Answer-1) Thrissur, Kerala
Explanation:
CSB (Catholic Syrian Bank), the private sector bank announced that RBI (Reserve Bank of India) has extended
the term of appointment of Madhavan Menon as the part-time Chairman of the Bank till July 21,
2020.Headquarters– Thrissur, Kerala.
135. Name the private sector bank which has acquired 6.43% stake in Reliance Capital for Rs. 252
Crores.
1) ICICI Bank
2) HDFC Bank
3) YES Bank
4) IndusInd Bank
5) Axis Bank
Answer-2) HDFC Bank
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Explanation:
HDFC (Housing Development Finance Corporation Ltd.)has acquired 6.43% stake in debttrapped Reliance
Capital by invoking pledged shares. In this regard HDFC has acquired 25.27 crore shares of Rs 10 each i.e. the
total value of these shares are Rs 252 crore.
136. What is the grant that was approved to give to India as Loan by Asian Development Bank (ADB) to
combat Covid-19?
1) $2 Billion
2) $1 Billion
3) $1.5 Billion
4) $2.5 Billion
5) $5 Billion
Answer-3) $1.5 Billion
Explanation:
The Asian Development Bank (ADB) approved the loan of 1.5 Billion USD (Rs.11,400 crore) to India to fund the
actions to take against the novel coronavirus pandemic like to support disease containment and prevention and
social protection for the poor and working-class population who are in vulnerable economic condition.
137. What will be the contraction in growth in Asia Pacific region for 2020, as per report titled ‘APEC in
the Epicentre of COVID-19’ released by Asia-Pacific Economic Cooperation (APEC)?
1) 2.5%
2) 2.7%
3) 1.9%
4) 1.6%
5) 1.2%
Answer-2) 2.7%
Explanation:
According to the report ‘APEC in the Epicentre of COVID-19’ released by the APEC Secretariat, the Asia-Pacific
Economic Cooperation (APEC) region’s growth is expected to decrease by 2.7% in 2020 due to the impact of the
novel coronavirus (COVID-19). The contraction, which is the most significant fall since 2009 global recession,
compares with a 3.6 % growth in 2019.
138. Name the Indian private sector bank which has acquired additional 29% stake (total 30%) in Max
Life Insurance for Rs. 1592 crores (approx).
1) Yes Bank
2) Axis Bank
3) HDFC Bank
4) ICICI Bank
5) CUB Bank
Answer-2) Axis Bank
Explanation:
Private-sector lender Axis Bank Ltd would acquire an additional 29% stake in Max Life Insurance Company
from Max Financial Services Limited (MFS). The deal will increase Axis Bank ‘s stake in Max Life to 30%.
However, the bank didn’t reveal the amount it is paying for the stake. But the bigger deal can be estimated at Rs
1,592 crore approx which will be paid in two stages.
139. External Affairs Minister Jaishankar has attended the BRICS foreign minister summit recently.
Who is the current chair of BRICS?
1) Brazil
2) Russia
110 | P a g e
3) Indian
4) China
5) South Africa
Answer-2) Russia
Explanation:
BRICS (Brazil, Russia, India, China and South Africa) Foreign Ministers meeting on coronavirus was held
through video conferencing, which was opened by Russian Foreign Minister Sergey Lavrov. It should be noted
that Russia is the Chair of BRICS for 2020.From Indian side, it was attended by External Affairs Minister
Subrahmanyam Jaishankar.
140. Name the Indian state which topped in terms of total installed renewable capacity in FY20, as per
CRISIL research report.
1) Tamil Nadu
2) Gujarat
3) Karnataka
4) West Bengal
5) Maharashtra
Answer-3) Karnataka
Explanation:
According to a CRISIL Research report, Karnataka retained its 1st position in terms of total installed renewable
capacity in FY20 followed by Tamil Nadu(2nd) & Gujarat(3rd). The top 3 states in overall solar energy capacity
addition are Rajasthan, Tamil Nadu and Karnataka & in wind energy- Gujarat, Tamil Nadu and Maharashtra.
141. The Asian Development Bank has approved to provide USD 346 loan for which state to provide
better power connection in rural areas?
1) Goa
2) Himachal Pradesh
3) Gujarat
4) Maharashtra
5) Punjab
Answer-4) Maharashtra
Explanation:
Asian Development Bank (ADB), is a regional development bank, has approved a loan worth of $346 million
(around Rs 2,616 crore) for the government of Maharashtra to provide reliable power connection in rural areas
of the state, where the labour force is mostly engaged in agriculture and related activities.
142. Who is the present president of Asian Development Bank?

Answer-Masatsugu Asakawa
143. What is will be India’s growth forecast for the calendar year 2020 as per report titled “Global
Macro Outlook 2020-21 (April 2020 update)” released by Moody?
1) 0.9%
2) 0.7%
3) 0.2%
4) 1.6%
5) 1.2%
Answer-3) 0.2%
Explanation:
Moody’s Investors Service in its report titled “Global Macro Outlook 2020-21 (April 2020 update)” has
decreased the India’s growth forecast for calendar year (CY) 2020 to 0.2%, from 2.5% projected in March,
111 | P a g e
2020, due to the nationwide lockdown started from March 24, 2020. Moody also forecasted India’s growth for
2021 at 6.2%.
144. Credit rating agency, Crisil has reduced India’s economic growth rate for FY21 to ______.
1) 1.6%
2) 3%
3) 1.8%
4) 2.6%
5) 2%
Answer-3) 1.8%
Explanation:
CRISIL, an S&P global company, a domestic rating agency had lowered its projections for the Financial progress
price of India to 1.8% from 3.5%, its earlier prediction for the year 2020-21 The parent company of CRISIL,
Standard & Poor’s, predicts the world economy to contract 2.4% against its earlier estimated 0.4% growth.
145. Neeraj Vyas has been appointed as the MD&CEO of Punjab National Bank (PNB) Housing Finance
Limited. Where is the HQ of located?
1) Mumbai
2) New Delhi
3) Bengaluru
4) Gurugram
5) Bhopal
Answer-2) New Delhi
Explanation:
The Punjab National Bank (PNB) Housing Finance Limited appointed independent director Neeraj Vyas as the
Interim Managing Director(MD) and Chief Executive Officer(CEO) for the period of eight months effective from
28th April, following the early retirement of PNB housing Finance managing Director Sanjaya Gupta whose
tenure as MD and CEO ends on May 4, 2020.HQ of PNB – New Delhi.
112 | P a g e
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Banking & Economy PDF

Banking, Finance & Economy PDF 2020 - April

Banking, Finance & Economy News: April 2020

FPI(Crore) 2,46,100 1,15,100 61,200 7,100

ICICI Bank launches banking services on WhatsApp

who are most affected financially due to Coronavirus (COVID-19) outbreak.

HDFC Trustee company acquires 5.45% stake in SpiceJet

the Saudi Arabian Presidency.

Savings deposit 4 4 0 Annually

1 year Time Deposit 6.9 5.5 -1.4 Quarterly

2 year Time Deposit 6.9 5.5 -1.4 Quarterly

3 year Time Deposit 6.9 5.5 -1.4 Quarterly

5 year Time Deposit 7.7 6.7 -1 Quarterly

5 year Recurring Deposit 7.2 5.8 -1.4 Quarterly

5 year Senior Citizen Savings

5 year Monthly Income Account 7.6 6.6 -1 Monthly and Paid

5 year National Savings

Public Provident Fund 7.9 7.1 -0.8 Annually

KisanVikas Patra 7.6 6.9 -0.7 Annually

SukanyaSamriddhiYojana 8.4 7.6 -0.8 Annually

Important Static Points regarding small saving schemes

• Minimum investment amount- Rs. 1000

RBI announced additional measures to tackle the economic fallout of COVID-19

Lakshminarayanan appointed as MD of Sundaram Home Finance

SBI lists green bonds of USD 100 million on India INX

What is Green Bond?

Global economy may shrink by almost 1% in 2020: UN-DESA

Paytm Money CEO-MD Pravin Jadhav resigns

Dr Jitendra Singh released National Corona Survey conducted in 410 districts

World Bank approves $1 billion emergency funds for India: COVID-19

Finance Ministry issues Rs 17, 287 crores to states to tackle COVID-19

Fitch declined India growth forecast to 2% for FY21 from 5.1%

Tamil Nadu topped in micro-irrigation coverage under PMKSY for FY 2019-20

USAID announces $2.9 million aid to India to fight Coronavirus

RBI relaxed the norms of State/UT to avail overdraft

DGFT lifted export restriction on 24 pharma ingredients, medicines

SAARC Development Fund allocates USD 5 million for COVID-19 projects

commitment or allocation of USD 198.24 million.

SIDBI offers emergency working capital of up to Rs 1 crore to SMEs

Parag Raja appointed as MD & CEO of Bharti AXA Life Insurance

Centre approves extension of Bank Board Bureau members’ tenure by 2 years

About Digit general insurance:

RBI launches Twitter campaign to adopt digital payment modes

Consumer Affairs, Food and Public Distribution, Ram Vilas Paswan.

India jobless rate hits 23.4% amid COVID-19 lockdown: CMIE

Jana Small Finance Bank launches DigiGen, a digital banking platform

lounge access on a debit card.

Global Trade to fall by 13%-32% in 2020 due to COVID-19: WTO

UN releases $ 2.5 million to help cyclone-ravaged Vanuatu

About Reserve Bank of India (RBI):

India’s GDP to contract by 6.1% in April-June: Japan’s Nomura

Bank credit growth decelerated to 5-decade low of 6.14% in FY20

Telangana CM recommended the implementation of “Helicopter Money”

About Canara Bank:

HDFC Bank launches Safety Grid campaign for social distancing

Asia to stall at 0% growth in 2020 for 1st time in 60 years: IMF

Vineet Arora appointed as MD & CEO of Paytm General Insurance

Special ASEAN Plus Three Summit:

NCAER Business confidence index (N-BCI) declined to 77.3 in Q4 FY20

Voice banking services on Amazon Alexa, Google Assistant launched: ICICI

Fitch cuts India’s FY21 GDP growth forecast to 1.8%

About WMA and its type