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Banking, Finance & Economy PDF 2020 - November
Table of Contents
Banking, Finance & Economy News: November 2020 ................................................................................................. 4
Banking, Finance & Economy Q&A: November 2020 ................................................................................................. 94

Banking, Finance & Economy News: November 2020

Kerala, Goa, Chandigarh emerge as Best Governed States and Union Territory : PAI 2020
Kerala emerged as the Best Governed State in the Large States Category, Goa emerged as the Best Governed
State in Small States Category, Chandigarh emerged as the Best Governed Union Territory based
on Governance in the 5th edition of Public Affairs Index 2020 (PAI 2020) released by Public Affairs Centre (PAC)
on October 30, 2020.
Overall PAI 2020 Index – Scores and Rankings
i.Large States:
Rank Large States PAI 2020 Index
1 Kerala 1.388
2 Tamil Nadu 0.912
3 Andhra Pradesh 0.531
ii.Small States:
Rank Small States PAI 2020 Index
1 Goa 1.745
2 Meghalaya 0.797
3 Himachal Pradesh 0.725
iii.Union Territory:
Rank Union Territory PAI 2020 Index
1 Chandigarh 1.057
2 Puducherry 0.52
3 Lakshadweep 0.003
Parameters:
i.The rankings are based on a Composite Index.
ii.The performance is analysed in context of sustainable development defined by 3 pillars – Equity, Growth and
Sustainability, 5 Themes, 13 Sustainable Development Goals, and 50 Indicators.
Least Performers:
i.Uttar Pradesh (-1.461), Odisha (-1.201) and Bihar (-1.158) finished at the bottom of the ranking of Large States.
ii.Manipur (-0.363), Delhi (-0.289) and Uttarakhand (-0.277) finished at the bottom of the ranking of Small States.
iii.Dadar and Nagar Haveli (-0.69), Jammu and Kashmir (-0.50) and Andaman & Nicobar (-0.30) were the least
performers in the Union Territory Category.
Delta Analysis:
i.The report included Delta Analysis in which the results on state performance and ranking measured as the Delta
value over the last five years from 2015- 16 to 2019-20 was covered by PAI 2020.
It is based on Equity, Growth and Sustainability.
Equity:
i.In the Large States Category, in terms of Equity, Bihar followed by West Bengal, Odisha are the top performers, while
Kerala, Punjab and Maharashtra feature at the bottom.
ii.In the Small states, Mizoram is the top performer, Goa is placed at the Bottom.
Growth:
i.Among Large states Bihar, Assam and Odisha showed the highest improvement, while Kerala, Karnataka, Uttar
Pradesh and Tamil Nadu feature at the bottom.
ii.Among small states, Mizoram, Meghalaya have the highest growth with Manipur at the bottom. Himachal ranks 2nd,
but has least improvement in Delta value.

Sustainability:
i.In terms of Sustainability, Odisha and Haryana show the highest improvement.
ii.Bihar, Gujarat, Maharashtra and Assam are placed at the bottom among the Large States.
iii.Among small states, Goa is the top performer followed by Delhi and Tripura, while Meghalaya and Mizoram feature
at the bottom.
Key Findings:
i.Female Worker population ratio has a negative relationship with growth, meaning that Gender Disparities are
increasing in high performing states.
ii.Agriculture distress is persistent in both high performing states and poor performing states.
iii.Rural indebtedness is increasing with a positive correlation between rural indebtedness and farmer suicides.
iv.Female labour force participation is a driving force in the case of high and middle performing states but not in the
case of low performing states.
Recent Related News:
i.On January 29, 2020, As per the United Nations Development Programme (UNDP) India, India’s youngest state
Telangana has emerged as Number 1 state in the ‘Decent work and economic growth’ category with the score of 82 on
Sustainable Development Goals (SDG) India index in 2019.
ii.On January 22, 2020, According to the ‘SKOCH State of Governance 2019’ report, Gujarat gained the top spot on the
back of better performance in Health, Education, Power and e-Governance segments.
About Public Affairs Centre (PAC):
Chairman – K Kasturirangan
Location – Bengaluru, Karnataka
Government extends Deadline to Make Payment under Vivad Se Vishwas Scheme till March 31, 2021
On October 27, 2020, Central Board of Direct Taxes (CBDT), Government of India has notified extension of payment
deadline for direct tax legacy dispute resolution scheme (Vivad Se Vishwas) from 31st December, 2020 to 31st
March 2021.
i.The deadline for making a declaration under the scheme has also been notified as 31st December 2020.
ii.The deadline is an incentive for taxpayers as those who make declaration before the deadlines will have to pay at
concessional rates.
This is the third time the date has been extended
Vivad se Vishwas:
i.Direct Tax Vivad se Vishwas Act, 2020 was enacted on 17th March, 2020 to settle tax disputes between
individuals and the income tax department.
ii.It would benefit the taxpayers, as they would get instant disposal of the dispute with no further cost of litigation.
They will also get monetary benefits in the form of waiver of penalty, interest and prosecution.
About Central Board of Direct Taxes (CBDT):
Chairperson – Pramod Chandra Mody
Headquarters – New Delhi
RBL Bank and Visa Launched Instant Payouts “Visa Direct” for FinTechs
On October 30, 2020, the RBL Bank (formerly known as Ratnakar Bank) in partnership with Visa launched the latter’s
processing capability “Visa Direct” that allows safe, convenient, real-time and secure funds delivery directly to
financial accounts using credit and debit cards. This partnership underlines RBL’s “Partners ka Bank” philosophy.
• This Launch will enable RBL Bank to help fintechs in enhancing their offerings with Visa Direct. It will also help
the bank to advance tech-led banking solutions to address the needs of its partners to create a world-class
digital payments experience for their end customers.
• Through the latest partnership, RBL Bank will provide Indian fintech firms with access to domestic
transactions and benefit programmes. These include refunds, card bill payments, cashback and disbursements.

i.State Bank of India(SBI) launched a loan product called SAFAL(Safe and Fast Agriculture Loan) during a Fintech
conference organised by Federation of Indian Chambers of Commerce and Industry (FICCI). SAFAL is primarily
focused on organic cotton growers who do not have any credit history.
ii.On September 15, 2020 SBM Bank (India) Limited (SBM Bank India) and Mastercard have collaborated to launch
SBM World Debit Card, a one-of-a-kind debit card for the sophisticated needs of high net worth customers.
About RBL Bank:
Managing Director (MD) and Chief Executive Officer (CEO)– Vishwavir Ahuja
Headquarter– Mumbai, Maharashtra
Tagline– Apno Ka Bank
Chatbot– RBL Cares
NABARD Sanctioned Rs 8504.30 lakh under RIDF scheme Goa during 2020-21
On October 29, 2020, National Bank for Agriculture and Rural Development (NABARD) has sanctioned loans
worth Rs 8504.30 Lakh under Rural Infrastructure Development Fund (RIDF) to the Government of Goa for the
latter’s various Social Infrastructure Projects.
• With this, NABARD achieved 100% of the target fixed for sanction to the Government of Goa during 2020-21.
About Rural Infrastructure Development Fund (RIDF):
It was instituted in NABARD with the objective of giving low cost support to State Governments and State owned
Corporations for quick completion of projects related to medium and minor irrigation, soil conservation and other
forms of rural infrastructure.
About National Bank for Agriculture and Rural Development (NABARD):
Establishment– 1982
Chairman– Govinda Rajulu Chintala
GSTN Enables Composition Taxpayers to file NIL statement through SMS

On October 26, 2020, the Goods and Services Tax Network (GSTN), the IT platform of GST system launched the facility
of filing NIL statement in Form GST CMP-08 for Composition Taxpayers through (short message service) and without
logging in to the GST portal.
• CMP-08 is a quarterly statement of self-assessed tax to be filed by Composition Taxpayers.
• This will benefit 3.5 lakh taxpayers who file NIL statement under Composition Scheme
Process of Nil returns through SMS:
–Send SMS NIL C8GSTINReturn Period to 14409.
–After sending the SMS, the taxpayer will receive a six-digit verification code through SMS.
–Send SMS again on the same number 14409 with Verification Code.
–After successful validation of Verification Code, GST Portal will send back Application Reference Number (ARN) to
the same mobile number to intimate successful filing.
The facility to file NIL GSTR-3B (Monthly summary return filed by normal taxpayers) and NIL GSTR-1, (Monthly or
quarterly statement filed by normal taxpayers to disclose their outward supplies along with their tax liability) has
already been provided to the taxpayers in June 2020.
HAL inks INR 400 Crore pact with Tech Mahindra for ‘Project Parivartan’
On October 29, 2020, Hindustan Aeronautics Limited (HAL) signed a contract worth INR 400 Crore for a period
of 9 years with Tech Mahindra for implementation of Enterprise Resource Planning (ERP) to support its ‘Project
Parivarta’.
Key Points:
i.Tech Mahindra will play a role in transformation and modernisation of ERP system as an implementation and
support partner to enable HAL streamline and standardise its business processes across the organisation.
ii.Tech Mahindra will transform distributed application to a centralised application for all 20 divisions and
Research and Development centers of HAL.

iii.It will include the implementation of SRM (Supplier Relationship Management), CRM (Customer Relationship
Management).
Project Parivartan:
i.‘Project Parivartan’ is a comprehensive business integration exercise to achieve Centralized ERP for HAL.
ii.The key objective of the project is to achieve Standardisation, rationalisation and integration of business
processes across HAL to deliver business value, through consolidation of data and rationalisation of processes to
achieve operational excellence.
i.On August 12, 2020, Hindustan Aeronautics Limited (HAL) manufactured two Light Combat Helicopters (LCH) have
been deployed for operations at high altitude (Leh, Ladakh sector) to support Indian Air Force (IAF) missions amid
prevailing situation on the India-China border.
About Hindustan Aeronautics Limited (HAL):
Chairman and Managing Director – R Madhavan
Headquarters – Bengaluru, Karnataka
Axis Bank to Acquire Up To 19.002% Instead of 17.002% in Max Life Insurance

On October 30, 2020 Axis Bank Ltd along with its subsidiaries namely, Axis Capital Ltd and Axis
Securities Ltd (together Axis Entities) has agreed to enter into revised agreements with Max Financial Services
(MFS) Ltd to acquire up to 19.002% of the equity share capital of Max Life Insurance Co Ltd (Revised Agreements).
i.This is in accordance with the Para 5(b) of Master Direction- Reserve Bank of India (Financial Services provided by
Banks) Directions, 2016.
ii.Earlier the Axis bank was to acquire 17.002% in Max Life Insurance.
iii.The revised plan came as RBI(Reserve Bank of India) did not consider the application of Axis bank for direct
acquisition of a 17.002% stake.
Note
• The transaction is subject to conditions including regulatory approvals from Insurance Regulatory and
Development Authority of India (IRDAI) , Reserve Bank of India(RBI) and Securities and Exchange Board of
India(SEBI).
• Axis bank has been advised to be guided by Para 5(b).
Revised Agreement
i.Under the revised agreement Axis Bank will acquire up to 9.002% stake in Max Life, while Axis Capital and Axis
Securities together will acquire up to 3% of the share capital of Max Life.
ii.Axis Capital and Axis Securities will also have the right to acquire an additional stake of up to 7% of the equity
share capital of Max Life in one or more tranches.
Key Info
Currently MFS holds a 72.5% stake in Max Life, while Mitsui Sumitomo Insurance (MSI) holds 25.48% and Axis Bank
holds 1.99% stakes.
Background
i.On April 28, 2020 Axis Bank and Max Financial Services signed definitive agreements to become joint venture
partners in Max Life Insurance.
ii.Under this plan, Axis Bank was to acquire 29% stake in Max Life for Rs 1,600 crore and hold a total 30% stake in
Max Life.
iii.On August 24, Axis bank decided to reduce the acquisition percentage from 29% to 17.002%.
Life Insurance Corporation of India(LIC) has acquired 4.23% Stake(105.98 crore shares) of YES Bank by purchasing
from the open market. With this acquisition, the hold of LIC in YES Bank has increased from 0.75%(19 crore shares)
to 4.98%(125 crore shares).
About Axis Bank Ltd:
Headquarters– Mumbai, Maharashtra
Managing Director(MD) and Chief Executive Officer(CEO)– Amitabh Chaudhry

Tagline– Badhti Ka naam Zindagi
Founded– 1993
About Max Life Insurance Company Ltd:
Headquarters– New Delhi, India
MD & CEO– Prashant Tripathy
Govt Provided Rs 670cr to Regional Rural Banks to Meet Regulatory Capital Requirement
On November 1, 2020, the Central Government has provided Rs 670 crore to Regional Rural Banks (RRBs) in order to
raise the Capital to Risk (Weighted) Assets Ratio (CRAR) of about one-third of the 43 RRBs who are suffering
losses especially from north-eastern and eastern regions and need funds to meet regulatory capital requirement
of 9%. This infusion would take care of their capital needs till March 31, 2021.
• As of end March 2020, 17 out of the 45 RRBs had CRAR of less than 9%, of which six RRBs had negative CRAR.
Current Criteria of Recapitalization of RRBs:
As per the current scheme for recapitalisation of RRBs, the Centre, concerned state governments and the sponsor
banks provides capital support in the ratio of 50:15:35, respectively to enable them to meet the regulatory
requirement of CRAR.
NABARD Data shows Losses by RRBs
–In accordance with National Bank for Agriculture and Rural Development (NABARD), RRBs as a group reported net
loss of Rs 2,206 crore in the FY20, as against Rs 652-crore net loss in FY19.
–Gross non-performing assets (NPAs) as a percentage of gross loans outstanding of RRBs marginally declined to 10.4
% as on March 31, 2020, from 10.8% as on March 31, 2019
–Deposits and advances of RRBs increased by 10.2% and 9.5%, respectively during FY2019-20.
–Priority sector loans (PSL) constituted 90.6% or Rs 2.70 lakh crore of the gross loans outstanding of RRBs as on
March 31, 2020.
–Share of agriculture and MSME sectors in total loan outstanding stood at 70% and 12% respectively.
i.Karnataka Vikas Grameena Bank (KVGB) launched Vikas Laghu Suvarna, a special gold loan scheme with a reduced
interest rate of 7.25%. The bank has slashed the interest rate to provide easy and affordable credit at cheap cost to
the customers in need, considering the pandemic situation in the country.
ii.On September 19, 2020, State Bank of India (SBI) initiated “Mahila Atmanirbharshil Aachani (Women Self-Reliance
programme)” in Assam on the lines of the Atmanirbhar Bharat Abhiyanto accelerate Self Help Group (SHG) finance in
a mission mode,. In this regard, SBI branches of Assam sanctioned 856 SHGs sponsored by NRLM with financial outlay
of Rs. 38 crore.
About Regional Rural Banks (RRBs):
Formulated under the RRB Act, 1976, these banks aim to provide credit and other facilities to small and marginal
farmers, agricultural labourers, micro and small enterprises (MSMEs), artisans and weaker sections of the society in
rural areas.
• They are mandated to provide 75% of their total credit under PSL.
HDFC ERGO General Insurance Implemented AI Enabled Tool, IDEAS to Automate Motor Claim Settlements
In order to automate the complex process of motor claims, on November 2, 2020, HDFC ERGO General Insurance
launched the AI (Artificial Intelligence) tool IDEAS (Intelligent Damage detection Estimation and Assessment
Solution) for motor claim settlements.
• The IDEAS module uses Neural Network image processing and Analytics, Machine Learning and Natural
Language that supports instant damage detection as well as calculation of the claims estimate for the
surveyors to help in motor claims settlement in real-time.
• It is trained using more than 3,00,000 images over the last 2 years and has been integrated in the surveyor
mobile app.

Points to be noted:
–e2e, HDFC ERGO’s Surveyor mobile application, was the first-of-its-kind mobile application launched for surveyors
in 2017 which enabled surveyors to process entire motor own damage claims through mobile phones on a complete
paperless basis.
–Now with the IDEAS module, the efficiency of surveyor’s will be improved thereby speeding the claims processing
for ultimate benefit of the end customers.
–The IDEAS module does the rest wherein the entire process is done under three main functions which will read
(vehicle number, make and model), detect (all vehicle parts, damaged parts, severity of damaged parts) and auto
assess/estimate the claim amount, based on the damage and severity detection using the AI assisted intelligent rate
masters. IDEAS module also minimises the risk of fraudulent claims.
i.As part of a social commitment to compensate the unprecedented expenses of ordinary people, Canara bank has
partnered with 3 insurers namely, New India Assurance Company Ltd, Bajaj Allianz General Insurance Co Ltd and
HDFC ERGO Health Insurance Co Ltd to offer individual short-term Corona Kavach policy to cover COVID- 19 related
health expenses.
ii.On September 25, 2020 HDFC Bank launched India’s first Warehouse Commodity Finance App. The app will help
customers to draw down and manage the loan against the pledge of commodities online without physical
intervention or multiple visits to a bank branch.
About HDFC ERGO:
HDFC ERGO General Insurance Company Ltd. is a 51:49 joint venture between the Housing Development Finance
Corporation Ltd (HDFC); India’s premier Housing Finance Institution and ERGO International AG; the primary
insurance entity of the Munich Re Group of Germany. It is the third largest General Insurance provider in the private
sector.
• Managing Director (MD) and Chief Executive Officer (CEO)– Ritesh Kumar
• Chairman– Deepak S. Parekh
• Headquarters– Mumbai, Maharashtra
• Chatbot– DIA
SBI Becomes 1st Corporate Partner of edX from India to Offer Massive Open Online Courses
On October 29, 2020 In a bid to develop skill sets of career-oriented individuals, SBI(State Bank of India) has entered
into a strategic partnership with edX, a global non-profit education platform to expand the learners’ perspectives
and access to knowledge beyond the classrooms. As part of this partnership, SBI will offer its Massive Open Online
Courses (MOOCs) on the edX platform(edx.org.) from November 2020.
With this partnership, SBI becomes 1st Corporate Partner of edX from India.
Objective-To develop skill sets of career-oriented individuals.
Key Info
i.SBI, initially will offer 3 courses, namely Unleashing Creativity at the Workplace, Relationship Marketing Strategy for
Financial Services, and Conflict Resolution.
ii.These courses will have a duration for 4 to 6 weeks.
iii.There is no specific academic qualification needed to enroll in the course.
Additional Info:
MOOCs are free online courses available for anyone to enroll. edX is one of the biggest MOOCs platforms.
About State Bank of India(SBI):
Chairman – Dinesh Kumar Khara(Preceded by Rajnish Kumar)
Headquarters – Mumbai, Maharashtra
Founded– July 1, 1955 as SBI
Tagline– The banker to every Indian; With you all the way; Purely banking nothing else; The nation banks on us; A
bank of the common man
About edX:
Founder and CEO(Chief Executive Officer)– Anant Agarwal
HeadQuarters– Massachusetts(officially known as the Commonwealth of Massachusetts), United States

Aegon Life Insurance Launches ‘Life + 36 critical illness Insurance’ Plan on Flipkart
On November 2, 2020 Aegon Life Insurance Company Limited launched ‘Life + 36 critical illness
Insurance’ on Flipkart. The policyholder of the plan will get the benefit of life protection along with a lump sum
amount on diagnosis of any of the 36 critical illnesses. This plan offers a comprehensive insurance cover against
COVID-19, which can be availed immediately on the Flipkart app with a basic life insurance plan.
• This insurance ensures that the policyholders are protected against most lifestyle diseases along with a life
cover to ease the financial burden.
About Life + 36 critical illness Insurance:
Premium
The starting premium of the plan is Rs 153 for a life cover of Rs 1 lakh plus Critical Illness cover of Rs.10,000.
Illness Covered
Most of the life-threatening illnesses like Cancer, Heart Attack, Kidney Failure, Stroke, Burns, Alzheimer and 30 other
diseases are covered by the policy
No medical check-up or KYC Required
The policy is instantly issued and requires no medical check-up or KYC(Know Your Customer).
Lump Sum Amount
• The policyholder is paid a lump sum amount on the diagnosis of any of the 36 life-threatening illnesses,
irrespective of hospital bills.
• The Life cover continues with the reduced sum assured against the claims paid under the policy.
Note– The lump-sum amount helps the policyholder to manage the healthcare expenses, home treatment and other
related expenses.
Additional Info:
The earlier product of Aegon Life Insurance on Flipkart is ‘Life + Covid-19 Insurance’.
On August 6, 2020, Airtel Payments Bank has entered into a partnership with Bharti AXA General Insurance to offer
the latter’s affordable and newly launched shop insurance product namely “Smart Plan Shop Package Policy” for
financial protection of the bank’s retailers and merchants.
About Aegon Life Insurance Company Limited:
Established– 2008
HeadQuarters– Mumbai, Maharashtra
Principal Officer– Mr. Satishwar Balakrishnan
About Flipkart:
Chief Executive Officer (CEO)– Kalyan Krishnamurthy
Head Office– Bengaluru, Karnataka
HDFC Bank Voted as “Most Outstanding Company- Financial Sector” in India for 2nd Consecutive Year:
Asiamoney
HDFC Bank Limited has been voted as the “Most Outstanding Company – Financial Sector” in India in the poll
conducted by Asiamoney, a well-established financial publication. HDFC has been given the honour for the 2nd
consecutive year.
Bharti Airtel won the overall winner by Market in India.Click HereTo know the overall winners by Market and
winners by sector in each market
About Asia’s Outstanding Companies Poll:
i.The poll aims to identify and recognise the listed companies in 2 categories,
• By Country
• By Sector
ii.More than 824 fund managers, buy side analysts, bankers and research analysts voted across 12 markets (China,
Hong Kong, India, Indonesia, Korea, Malaysia, Pakistan, Philippines, Singapore, Taiwan, Thailand and Vietnam) in
Asia.
iii.The poll received more than 4000 votes for publicly listed companies.
iv.The participants of the poll considered the overall performance of the company including their financials,

management team, Investor relations (IR) Activities and Corporate Social Responsibility (CSR) activities.
About HDFC Bank Limited:
MD & CEO– Sashidhar Jagdishan (succeeds Aditya Puri)
Tagline– We understand your world
Founded– August 1994
CCI Approves Acquisition of Bharti AXA by ICICI Lombard

On November 2, 2020 The Competition Commission of India (CCI) under Section 31(1) of the Competition Act, 2002,
approved the acquisition of General Insurance Business of Bharti AXA General Insurance Company Limited (Bharti
AXA) by ICICI Lombard General Insurance Company Limited (ICICI Lombard).
About the proposed combination
As per the proposed combination, the whole general insurance business of Bharti AXA will be transferred to ICICI
Lombard by way of demerger, considering that ICICI Lombard will issue shares to Bharti AXA.
Key Info
i.The combined entity(proposed merged non-life insurance company) is likely to have a market share of 8.7% on a
pro forma basis.
ii.Under the proposed combination, the shareholders of Bharti AXA will receive 2 shares of ICICI Lombard for every
115 shares of Bharti AXA, held by them as on the date on which the scheme is approved by the Board of Directors of
ICICI Lombard and Bharti AXA.
Background
In August 2020, ICICI Lombard and Bharti AXA signed definitive agreements to merge their insurance business.
About the insurance companies:
i.ICICI Lombard is registered with the Insurance Regulatory and Development Authority of India (IRDAI).
ii.It is engaged to provide a comprehensive and well-diversified range of general insurance products, which includes
motor, health, fire, etc., through multiple distribution channels.
iii.Bharti AXA is also registered with IRDAI. It is a Joint Venture(JV) held by Bharti General Ventures Private Limited
(51%) and Societe Beaujon (49%).
iv.It engages to provide general insurance products, that includes motor, health, etc., to its customers.
About Bharti AXA General Insurance Co. Ltd.
Managing Director(MD) and Chief Executive Officer(CEO)– Sanjeev Srinivasan
Established- 2008
Tagline– Suraksha ka Naya Nazariya
About ICICI Lombard General Insurance Co. Ltd.
MD & CEO– Bhargav Dasgupta
Established– 2001
Tagline– Quick Easy Smart
Maharashtra Govt Signed ~Rs 35,000 crore MoUs with 15 companies during ‘Magnetic Maharashtra 2.0’ in
Mumbai
On November 2, 2020, the state government of Maharashtra has inked Memorandums of Understanding (MoUs)
worth around Rs 35,000 crore with 15 companies viz. 10 Indian and 5 global companies at the ‘Magnetic Maharashtra
2.0’ investor meet in Mumbai, Maharashtra in order to develop state as data and logistics hub in western India. The
event was attended by the state’s Chief Minister (CM) Uddhav Bal Thackeray. These MoUs are in addition to the 12
companies which signed the deals on June 15, 2020. Click Here to Read
• The MoUs were signed with the state-run Maharashtra Industrial Development Corporation (MIDC) in the
presence of Industries Minister Subhash Desai and Minister of State (MoS) for Industries Aditi Tatkare.
• These include seven agreements for setting up data centres, five for logistics and one each in the gas & fuel,
chemicals, and electronics sectors.

• The MoUs will also help in encouraging economic activities that are affected due to COVID-19 pandemic.
Key Points:
–The recent MoUs are expected to create 23,182 jobs.
–15 companies signed MoU’s.They are Net Magic IT Services is planning another data centre with Rs 10,555 crore
investment. Adani Enterprises is also planning a data centre with Rs 5,000 crore investment. The UK-based Colt
company through Data Center Holdings India LLP would also be setting up a data centre with Rs 4,400 crore
investment, Spain-based Mantra Data Centre is looking at setting up of the facility with Rs 1,125 crore investment,
STT Global Data Centres India Pvt Ltd is investing Rs 825 crore, while Singapore-based Princeton Digital Group will
invest Rs 1,500 crore and Nxtra India Rs 2,500 crore in the data centre facility. In the electronics space, Mitsubishi
Electric India of Japan will invest Rs 490 crore, Bright Sino Holdings Pvt Ltd will invest Rs 1800 crore in the oil and
gas sector.
–It was also announced that the state is planning to bring in over Rs 1 lakh crore investments in the coming few
months.
–It should be noted that Magnetic Maharashtra was launched by the previous government, led by Devendra
Gangadharrao Fadnavis, in 2018 with an aim to bring in investments worth Rs 10 lakh crore.
i.On September 2, 2020, Small Industries Development Bank of India (SIDBI) has inked MoU with Government of
Maharashtra to develop the micro, small and medium enterprise (MSME) ecosystem in the state.
ii.In a bid to tackle the coronavirus pandemic among further relaxation of lockdown curbs, Uddhav Thackeray
announced the launch of ‘My Family, My Responsibility’ Campaign. The campaign aims to motivate the maximum
number of people to adopt a new lifestyle for effective COVID-19 control.
About Maharashtra:
Capital– Mumbai
Governor– Bhagat Singh Koshyari
Tiger Reserves-Tadoba Andhari Tiger Reserve, Nawegaon Nagzira Tiger Reserve, and Melghat Tiger Reserve
Union Minister Harsh Vardhan releases NCAER Report on Estimation of Economic benefits of Investment in
NMM & HPC
On November 3, 2020, Union Minister for Earth Science (MoES), Harsh Vardhan released the report “Estimating the
Economic Benefits of Investment in National Monsoon Mission (NMM) and High-Performance Computing
(HPC) Facilities” prepared by National Council of Applied Economic Research (NCAER) at a function at Prithvi
Bhavan, New Delhi. The report was commissioned by MoES.
Participants:
Dr. M. Rajeevan, Secretary, MoES, Dr M. Mohapatra, Director General of India Meteorological Department, Dr
Parvinder Maini, Project Director and Scientist ‘G’ were present during the release.
Objectives:
The Objectives of the report are:
i.To Estimate the economic benefits of investments made in the National Monsoon Mission (NMM) and High
Performance Computing (HPC).
ii.To examine the role of improved accuracy of weather prediction in improving livelihood of farming, livestock
rearing and fishing communities.
iii.To understand the importance of weather-based advisories in decision making and reducing loss in agricultural
households and fishery households.
iv.To examine economic benefits with gender perspective.
Findings:
i.The report states that for every rupee spent by Government on NMM and HPC programs of MoES, Country
gains economic benefits worth Fifty rupees, which is 50 times more benefit on investment over the next Five
Years Period.
ii.The report refers to economic benefits as direct monetary gains to crop farmers, livestock rearers, and
fishermen in the country.

iii.With an initial investment of ~ INR 1000 crores, NMM and HPC facilities have shown a 50-fold increase in their
economic benefits.
Key Findings – Agricultural households (Farmers and livestock owners):
i.10.7 million Farmers live Below Poverty Line (BPL) agricultural households in rainfed areas.
ii.80% of Farmers and 83% of livestock owners who received information on natural calamities have reduced losses
occurring due to them.
iii.98% farmers and 76% of livestock owners have made modifications to at least one of the critical practices based
on weather advisories & income gain.
iv.Average annual income of farming households which have adopted no modification – INR 1.98 Lakhs, on the
same hand Average annual income of Farmers who have adopted changes is INR 3.02 Lakhs.
v.According to the report, Majority of livestock owners (96%) of weather advisories are improving the practice of
vaccination against seasonal disease.
80% of Farmers and 83% of livestock owners who received information on natural calamities have reduced losses.
Key Findings – Fishermen:
i.According to the report, 0.53 million Fishermen live Below Poverty Line (BPL) fisherfolk households.
ii.82% fishermen are using OSF (Ocean State Forecast) advisories before venturing out for fishing into sea and 87.7 %
of fishers use OSF advisory on a daily basis, compared to 15.1 % before 2015.
iii.Following the OSF advisory, 95% of them have reported to have avoided empty trips saving nearly INR 18.25
crores of operational cost.
iv.INR 1.92 crore additional income general from 1, 079 successful fishing expeditions made using Potential Fishing
Zone Advisories.
v.97% of fishermen have received information about floods or cyclones on time, and 86% were able to minimize
losses due to this.
Estimation of Economic Benefits:
i.Total annual economic benefits to Agricultural households is INR 13, 331 crores and incremental benefit over
next five years is estimated to be about IN$ 48, 056 crores for farming community.
ii.Annual income gained by fisher households is estimated to be INR 663 Crore and present value of benefits to
fishermen comes to around INR 2391 crores over a period of 5 years.
iii.Therefore, a total of INR 50, 447 crores are the present value of economic benefit to agricultural households and
fisherfolk realised over a 5-year period.
Women’s Contribution:
26.6 % of total benefits are attributed to women’s contribution.
Survey:
i.The study was based on a face-to-face survey of 6, 098 respondents. It included 3, 965 crop farmers, 757 marine
fishermen, and 1,376 livestock owners.
ii.Interactive Voice Response System (IVRS) was used to validate findings of the face-to-face survey.
iii.A total of 173 districts (out of 732 districts in India) across 16 States (of the total 29) were surveyed for the report.
iv.The study appropriately represents agro-climatic zones, rain-fed areas, coverage of major crops, and incidence of
extreme weather events in the country.
The full report can be accessed here.
National Monsoon Mission (NMM):
i.NMM was launched by MoES in 2012.
ii.The main aim was to develop state-of-the-art, dynamic monsoon prediction systems for short, medium, and long-
range forecasts.
iii.The successful development of the Global Ensemble Forecast System for short and medium-range prediction at 12
Kilometers and its operationalization in 2018 were done by NMM.
iv.NMM played a vital role in augmentation of HPC facilities from 1 PetaFlop to 10 PetaFlop.
i.On 27th July 2020, in the event of 14th Foundation day of the Ministry of Earth Sciences(MoES), Harsh Vardhan,
Union Minister of Earth Sciences launched the mobile app “Mausam”.

ii.On May 7, 2020, In the midst of Coronavirus (COVID-19) Crisis, the Regional Meteorological Centre of the Indian
Meteorological Department (IMD), has included the areas of Gilgit-Baltistan and Muzaffarabad, which are parts of PoK
(Pakistan-Occupied-Kashmir) in its weather forecasting for the 1st time.
About National Monsoon Mission (NMM):
Director – Professor Ravi S. Nanjundiah
Location – Indian Institute of Tropical Meteorology, Pune, Maharashtra.
About National Council of Applied Economic Research (NCAER):
President – Nandan M Nilekani
NPCI Launches ‘RuPay Festive Carnival’ for RuPay users

On October 26, 2020 In order to cheer the customers in a new way this festive season, the National Payments
Corporation of India (NPCI) launched, ‘RuPay Festive Carnival’, a flagship campaign for RuPay users. The RuPay
users with this launch can enjoy compelling benefits and attractive discounts on products of various categories.
Aim– To encourage safe, contactless and cashless payments and offer a new way to enhance the user’s overall
shopping experience.
Key Info About RuPay Festive Carnival:
i.The RuPay cardholders can avail attractive offers from categories like health, fitness, education, e-commerce, dining
and food delivery among others.
ii.They can also leverage more than 600 offers while shopping with brands of all kinds.
iii.The discounts ranging from 10-65% can be availed on the top brands like Shopper’s Stop, Samsung, P&G, Myntra,
etc.,
About National Payments Corporation of India (NPCI):
Managing Director(MD) & Chief Executive Officer(CEO)– Dilip Asbe
Head Office– Mumbai, Maharashtra
Incorporated– 2008 under the provisions of the Payment and Settlement Systems Act, 2007 by Reserve Bank of
India (RBI) and Indian Banks’ Association(IBA).
ADB Approves USD 132.8 Million Loan to Modernize Power Distribution Network in Meghalaya
On November 3, 2020 The Asian Development Bank (ADB) approved a USD 132.8 million loan to
Modernize Power Distribution Network in Meghalaya.
Objective– To improve power quality and upgrade the power distribution network in Meghalaya.
Points to be Noted:
i.The loan will be increased by a USD 2 million grant from the Japan Fund for Poverty Reduction of ADB.
ii.This loan will finance mini grids that improve power quality and support income generation, particularly for
women and other socially disadvantaged groups, using renewable energy sources in 3 villages and 3 schools.
About the Project:
i.The project helps the Meghalaya Power Distribution Corporation Limited (MePDCL) to develop a distribution sector
road map and a financial road map.
• These road maps strengthen the MePDCL’s capacity to operate and manage the distribution networks.
ii.It supports Meghalaya’s ‘24X7 Power for All Meghalaya’ to provide quality electricity 24 hours, 7 days a week to
households, industries, businesses, and the public.
iii.It will construct 23 substations, 45 substations will be renovated and modernized including the provision of
control room equipment and protection systems.
iv.It will install 2,214 kilometers of distribution lines and associated facilities that covers 3 out of 6 circles in the state.
v.It will replace antiquated electromechanical meters with smart meters that benefit about 180,000 households.
Benefits
i.The project will improve the distribution system and the financial sustainability of the distribution business in
Meghalaya, by modernizing and improving the distribution network.
ii.When the access to electricity is improved and the new economic opportunities in rural areas are created, will help
to address poverty, promote rural development, and reduce inequality.

Key Info:
i.Meghalaya has achieved 100% electrification, but its per capita electricity consumption of 832 kilowatt-hours
(kWh) is low when compared to the national average of 1,122 kWh in 2017.
ii.The remote rural areas of the state suffer from frequent power interruptions.
iii.In 2015, the Government of India and the state government of Meghalaya embarked on a joint initiative called
‘24X7 Power for All Meghalaya’ to provide uninterrupted, quality, reliable, and affordable power supply to all
electricity consumers.
Additional Info:
Meghalaya Cabinet approved a proposal from MeECL
i.In August 2020, the Meghalaya cabinet approved a proposal from the
Meghalaya Energy Corporation Limited (MeECL) to avail a Rs 1,345.72 crore loan.
ii.The loan is to clear off the outstanding dues, with the condition that it has to reduce the Aggregate Technical and
Commercial (AT&C) losses and reduce the gap of Average Cost of Supply (ACS) and Average Revenue Realized (ARR).
• MePDCL has huge outstanding against the power purchased from central power generating stations and to the
Power Grid Corporation of India Limited (PGCIL).
Indian Govt announced Atma Nirbhar Bharat Abhiyaan
i.Indian Government has announced the Aatma Nirbhar Bharat Abhiyaan (ANBA) scheme to provide liquidity to
stress discom (distribution companies) in the form of loans supported by a state government guarantee.
ii.This will be given to clear the liabilities of the gencos (generation companies) and transcos (transmission
companies) by the state discom.
iii.Under this scheme, the Rural Electrification Corporation (REC) and the Power Finance Corporation will extend
special long term transition loans up to 10 years to the discom on certain conditions.
i.The Asian Development Bank (ADB) has approved a USD 1 billion (about Rs 7,485 crore) loan to construct the
modern, high-speed 82-kilometer Delhi – Meerut, Uttar Pradesh Regional Rapid Transit System (RRTS) in India, a
first of its kind in India. The finance of the Delhi- Meerut RRTS project will be given in 4 tranches between August
2020 and May 2025. The NCR Transport Corporation (NCRTC) will execute the project.
ii.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.
About Asian Development Bank (ADB):
Headquarters– Mandaluyong, Philippines
President– Masatsugu Asakawa
Membership– 68 countries(Including India)
Formed- 1966
Visa in partnership with DigitSecure and HDFC Bank deployed World’s 1st live PCI certified Tap to Phone
card Acceptance solution
On November 3, 2020 Visa in partnership with DigitSecure and HDFC Bank deployed the world’s 1st live PCI
certified Tap to Phone card acceptance solution.
Objective– To accept safe contactless card payments in seconds through an app on their Near-Field
Communication(NFC)-enabled Android smartphones, without the need of any dedicated card acceptance machines.
• The first merchant to go live with HDFC Bank as the acquirer is DeliveryPlus.
• In line with the ‘Made in India’ objective of local innovation, DigitSecure is the first Asia Pacific-based
company to acquire PCI security certification to implement Tap to Phone technology.
Note
i.This deployment has enabled India to join a list of over 15 markets that provides Visa Tap to Phone technology for
merchants to accept contactless card payments.
ii.This deployment is in line with the global commitment of Visa to digitize 50 million small businesses.

About Tap to Phone technology:
i.The Tap to Phone technology will tremendously lower the operating costs for financial institutions, by shifting the
merchant onboarding, account provisioning and authentication to the PCI accredited payment acceptance cloud.
ii.This will assist banks and fintechs to enable more merchants for card acceptance.
General Info:
With the PCI Certified App of DigitSecure, a first SoftPos(Point of Sale) platform with ready global processing
integrations the Financial institutions will allow the small enterprises to accept cards at minimised cost and in less
time
Study of Visa: Around 55% consumers will likely use Tap to Phone payment
According to a recent study of Visa, around 55% consumers who were surveyed in India during the pandemic
mentioned that they will likely use the Tap to Phone payment method because of its ease of use, saving time
consumption and eliminating the need to carry cash.
Additional Info:
i.In order to empower small businesses and enterprise merchants, Visa and DigitSecure have also entered into a
strategic partnership.
ii.To provide a single connection for omni-channel commerce solutions across segments, use cases, channels and
payment modes, DigitSecure has integrated their Tap to Phone solution with the Cybersource platform of Visa.
Innoviti Payment Solutions Pvt. Ltd.(Innoviti) and Visa have partnered to develop an installment platform, which will
enable the issuers to extend credit to their cardholders at face-to-face Point of Sale(PoS) in India.
About Visa:
Headquarters– California, United States
Chairman and CEO– Alfred F. Kelly, Jr.
About HDFC Bank:
Incorporated– August 1994
Managing Director(MD) and Chief Executive Officer(CEO)– Sashidhar Jagdishan(Suceeds Aditya Puri)
AU Small Finance Bank Signs Agreement with Care Health Insurance Co. as Corporate Agent for Health
Insurance Products
On November 3, 2020 AU Small Finance Bank Ltd signed an agreement with Care Health Insurance Company
Limited (formerly known as ‘Religare Health Insurance Company Limited’) as Corporate Agent for Health
Insurance Products.
Key Info:
i.The Bank has been issued certificate of registration CA0515 under Registration of Corporate Agents – Regulations,
2015 by Insurance Regulatory and Development Authority of India (IRDAI) and Bank has entered into agreement
with Care Health Insurance Company.
ii.In terms of business, market penetration and reach, this partnership will be mutually beneficial for the bank and
insurance company.
About AU Small Finance Bank Ltd:
MD& CEO– Sanjay Agarwal
HeadOffice– Jaipur, Rajasthan
Founded– 1996 converted into Small Finance Bank in 2017.
Tagline– ‘Chalo Aage Badhein’
About Care Health Insurance Company Limited:
HeadQuarters– Gurgaon, Haryana
Founding Managing Director & CEO– Anuj Gulati
Established– July 2012

USAID Provides 3Million USD to COVIDActionCollab to Reduce the Effects of COVID-19 in India
On 4th November 2020, Catalyst Management Services (CMS), a part of Catalysts Group ideated COVID Action
Collaborative (CAC – COVIDAction Collab), partnered with the United States Agency for International
Development (USAID) over a virtual event to support the COVID-19 response of India. USAID has provided 3 million
USD (around Rs.22 Crore) over 2 years to support the CAC (COVIDAction Collab) partnership.
• The USAID fund will be utilised to provide support in health, livelihood and social protection for the vulnerable
communities.
Virtual events:
Dr Manohar Aghnani, Additional Secretary-Policy, Ministry of Health and Family Welfare along with around 150 civil
society organisations, Development partners and private sector organisations participated in the virtual event.
The participants of the event discussed the importance of using the collective expertise to create resilient
communities.
About the Partnership:
i.This partnership will enable the government to scale the interventions and collaboration like CAC and support the
development of customised interventions for vulnerable communities.
ii.CAC provides an opportunity to support and supplement the efforts of the government.
About COVID Action Collaborative(CAC-COVIDActionCollab):
i.CAC is a people centric multidisciplinary platform to support the most vulnerable communities who are affected by
the COVID-19 pandemic.
ii.It has around 287 partners across the 28 states and 8 Union Territoreis(UTS) of India.
iii.CAC has supported more than 3 million people and provided service to 1.5 million people in the past 7 months.
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. 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.
About United States Agency for International Development (USAID):
Acting Administrator– John Barsa
Headquarters– Washington D.C, United States of America
Cabinet approves Rs 1810 crore Investment Proposal of 210 MW Luhri Stage-I Hydro Power Project on
November 4, 2020
On November 4, 2020, the Union Cabinet chaired by Prime Minister (PM) Narendra Modi has approved the following
proposal which was detailed by Union Minister Prakash Keshav Javadekar, Ministry of Information and Broadcasting
(MIB).
Cabinet approves Rs 1810 crore Investment Proposal of 210 MW Luhri Stage-I Hydro Power Project
On November 4, 2020, the Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Shri
Narendra Modi has approved the investment of Rs.1810.56 crore for 210 MW Luhri Stage-I Hydro Electric Project
located on river Satluj situated in Shimla & Kullu districts of Himachal Pradesh (HP) . This project, to be
commissioned within 62 months, will generate 758.20 million units of electricity annually.
• Notably this project will reduce 6.1 lakh Tons of carbon dioxide from the environment annually and also
improve the power supply.
• This project is implemented by Satluj Jal Vidyut Nigam Limited (SJVNL) on Build-Own-Operate-Maintain
(BOOM) basis with active support from Central Government and State Government.
Points to be noted:
-Through this project, HP will get free power worth around Rs. 1140 crore during the Project Life Cycle of 40 years.
-The families affected by this project will be provided with 100 units of free electricity per month for ten years.
– This project will provide direct & indirect employment to around 2000 persons and will contribute to overall socio-
economic development of the State.

Background:
The MoU of this project was signed between the HP government and SJVN during a Rising Himachal, Global
Investor Meet which was inaugurated by Prime Minister, Shri Narendra Modi on 7thNovember 2019.
1. On September 7, 2020 Himachal Pradesh and World Bank (WB) signed a $82 million (approximately Rs. 600
Crores) loan deal to strengthen its transport and road safety institutions by improving the condition, safety,
resilience, and engineering standards of the state’s road network.
2. In Young Child Environment Index (YCEI), Kerala, Goa, Sikkim, Punjab and Himachal Pradesh secured top five
positions in 2015-16. The index was released as a part of the inaugural issue of the report ‘The State of Young
Child in India.
About Satluj Jal Vidyut Nigam Limited (SJVNL):
SJVN has forayed into the fields of Renewable Energy, Power Transmission and Thermal power generation. It has
envisaged Internal Growth Targets of total installed capacity from all sources of 5000 MW by 2023, 12000 MW by
2030 and 25000 MW by year 2040.
• Chairman & Managing Director (CMD)– Nand Lal Sharma
• Headquarter– Shimla, Himachal Pradesh (HP)
About Himachal Pradesh:
Chief Minister (CM) – Jai Ram Thakur
Capital– Shimla (Summer), Dharamshala (Winter)
Governor– Bandaru Dattatreya
Shaktikanta Das Chaired 40th SAARCFINANCE Governors’ Group meeting; Inaugurated the SAARCFINANCE
Sync
On November 4, 2020 Shaktikanta Das, Governor of Reserve Bank of India(RBI) chaired the 40th SAARCFINANCE
Governors’ Group meeting in a virtual format. He inaugurated the SAARCFINANCE Sync, a closed user group secure
communication network.
Points to be Noted
i.The SAARFINANCE Governors meet twice a year concurrently with the IMF(International Monetary Fund)/
WB(World Bank) Annual and Spring Meetings.
ii.The current chair of SAARCFINANCE is RBI.
Key People
The meeting was attended by the Governors from SAARC central banks, namely, Mr. Fazle Kabir, Bangladesh Bank;
Mr. Dasho Penjore, Royal Monetary Authority of Bhutan; Mr. Ali Hashim, Maldives Monetary Authority; Mr. Maha
Prasad Adhikari, Nepal Rastra Bank; Dr. Reza Baqir, State Bank of Pakistan; and Prof. W. D. Lakshman, Central Bank of
Sri Lanka. Governor, Da Afghanistan Bank (DAB) was represented by a senior official of DAB.
Highlights of the 40th SAARCFINANCE Governors’ Group meeting
i.The group took stock of the macroeconomic situation in the SAARC(South Asian Association for Regional
Cooperation) region.
ii.Discussion was made on the current SAARCFINANCE initiatives
iii.The Governors from SAARC central banks reiterated their commitment to continued co-operation and sharing of
central bank experiences.
Gist about SAARCFINANCE:
Established
The 10th SAARC Summit of the Head of the States of the SAARC Region that was held on Colombo on July 29, 1998
agreed, in principle, to establish SAARCFINANCE, a network of central bank governors and finance secretaries of the
SAARC region.The permanent body got formal recognition of SAARC at the 11th SAARC Summit, held in Kathmandu,
Nepal in January 2002.
Objective
To share experiences on macroeconomic policy issues among member countries of the region.

On August 29, 2020, the 17th Association of Southeast Asian Nations (ASEAN)-India Economic Ministers
Consultations was held virtually which was co-chaired by Minister of Commerce and Industry & Railways Piyush
Vedprakash Goyal and Minister of Industry and Trade of Vietnam Tran Tuan Anh.
About SAARCFINANCE:
Established– September 9, 1998
Current Chair– RBI(Reserve Bank of India)
Central Banks in SAARCFINANCE– Bangladesh Bank, Central Bank of Sri Lanka, Da Afghanistan Bank, Maldives
Monetary Authority, Nepal Rastra Bank, Reserve Bank of India, Royal Monetary Authority of Bhutan, State Bank of
Pakistan.
Paytm Partners with SBI Card and Visa to Launch Contactless Co-Branded Credit Cards in 2 Variants
On November 4, 2020 SBI Card and Payment Services ltd.(SBI Cards) partnered with Paytm and Visa to
launch contactless co-branded credit cards, India’s next generation credit cards. The credit card will be available in
two variants, namely, Paytm SBI Card and Paytm SBI Card SELECT. The 2 variants have been designed for the new
age, digitally savvy customers. The product has been launched on the Visa platform.
Aim of the Partnership– To bring in ‘new to credit’ users into the formal economy and empower them to control
their finances.
Note
• This is the 2nd co-branded credit card product from Paytm.
• Paytm’s 1st co-branded credit card, called ‘Paytm First Card’ was launched in collaboration with Citibank.
About the Launch:
This launch is in accordance with the SBI card’s efforts to offer customers tailored products that bring utmost value in
line with spending needs and also to encourage digital forms of payments for a safe and enhanced customer
experience.
Key Info:
Control smart one tap features
The Paytm SBI cardholders will be enabled to control their smart one tap features that are available on SBI Card
mobile app & Paytm app. Paytm SBI Card Variants is equipped with Instant one-touch services like blocking/
unblocking the card for online transactions, etc.,
Switch off the card
Users have the option to switch off the card for contactless payments or international transactions, when it is not
required, this will safeguard them against fraud.
Personalized spend analyser
The Paytm App is equipped with a personalized spend analyser that helps to assess the expenses and also to plan for
future spending.
Highlights of Paytm SBI Card SELECT and Paytm SBI Card:
Annual Fee& Register
• Paytm users can register for these cards through the Paytm app in less than a minute.
• The Paytm SBI Card can be availed at Rs 449 for a year and Paytm SBI Card SELECT at Rs 1499 for a year.
Welcome Benefit
• Upon first time use both the cards offer Complimentary Paytm First Membership.
• The Paytm SBI Card SELECT also offers cardholders Rs 750 cashback upon first use.
Cashback
• On booking movie and travel tickets on Paytm app and on purchase of items from Paytm Mall, the cardholders
will receive 5% and 3% on Paytm SBI Card SELECT and Paytm SBI Card respectively.
• The cardholders will also receive 2% cashback for other spends on Paytm app using the Paytm SBI Cards and
1% cashback is offered on spends elsewhere.
Fuel Surcharge Waiver
Both the cards offer 1% fuel surcharge waiver.

Cyber fraud insurance cover
The cardholders will get Cyber fraud insurance cover of 1 lakh and 2 lakh respectively for Paytm SBI Card and Paytm
SBI Card SELECT.
Note– Customers have an option to choose from two-color variants on the Paytm App.
Additional Info:
By joining the waitlist that has gone live on the Paytm App from November 2020, the select customers have a chance
to apply for early access to the card.
Background
In October 2020, Paytm announced that it will introduce 2 million co-branded credit cards for consumers in India in
the next 12–18 months, in partnership with various credit card issuers.
On October 13, 2020 In order to make shopping at IKEA, home furnishing company more affordable, convenient and
rewarding, it has launched ‘IKEA Family Credit Card by Citi’, in partnership with Citibank India (Citi) and Mastercard.
This card is IKEA’s first co-branded card in India.
About SBI Cards & Payment Services Ltd (SBI Cards):
Headquarters– Gurgaon, Haryana
Managing Director(MD) and Chief Executive Officer(CEO)– Ashwini Kumar Tewari
Founded- October 1998
About Paytm:
Headquarters– Noida, Uttar Pradesh
Founder & CEO– Vijay Shekhar Sharma
ICICI Bank Launches ‘ICICI Bank Mine’, India’s 1st Banking Programme for Millennial Customers; First-of-its-
Kind Proposition in Industry
On November 5, 2020 ICICI Bank launched ‘ICICI Bank Mine’(inspired by ‘Millennial Network’), India’s
first comprehensive banking programme for millennial customers, in the age bracket of 18-35 years old. It is a first of
its kind proposition in industry. It is India’s 1st full banking stack for millennials. It also offers the millennial
customers a mobile first, highly personalised and experiential led banking experience.
Targeted Customer– Millennial customers
Note– This is expected to offer the customers a 360-degree complete and most comprehensive proposition in a single
place across their life stages.
About ‘ICICI Bank Mine’:
Instant Saving Account
A savings account can be instantly opened by a millennial aged up to 35 years in a full digital way on the website of
the bank or iMobile application, by using the user’s Aadhaar and PAN(Permanent Account Number) card.
Investment Guidance
It offers investment guidance to customers through iMobile Application(app), the app of the bank that focuses
completely on user experience
New Version of iMobile app
A new version of ‘iMobile’ app has been launched with additional features. The customers can get access instantly to
this upgraded app with a refreshed UI(User Interface)/UX(User Experience) and millennial friendly language
India’s 1st flexi-plan credit card to Enable Customers
The bank offers India’s 1st flexi-plan credit card to allow the customers ICICI Bank MINE to select a plan on iMobile
monthly to suit their monthly requirement and lifestyle.
Instant Personal Loan and Overdraft
The Millennial customers can avail 2 instant credit facilities, namely,
• ‘Insta Personal Loan’ facility up to Rs 25 lakh
• The facility of Insta Flexicash, an overdraft linked to the customers of ‘ICICI Bank Mine’account.

Experiential branch
The bank has added a physical presence of an experiential branch targeted at millennial, for advisory on banking
products like investments and full range of loans
At the Manyata Tech Park, Bengaluru, the first experiential branch for millennials has been opened.
On October 24, 2020 SVC Co-operative Bank(Formerly known as The Shamrao Vithal Co-operative Bank Ltd.) entered
into partnership with National Payments Corporation of India (NPCI) to launch a rewards programme.
About ICICI Bank:
MD & CEO– Sandeep Bakhshi
Tagline– Hum Hai Na, Khayal Apka
Formed– 1955 incorporated in 1994.
RBI Announced “Co-Lending Model (CLM)” for Banks, NBFCs for Priority Sector Lending
On November 5, 2020, the Reserve Bank of India (RBI) has revised the loan scheme of the Co-origination Model
between Banks and Non-Banking Financial Companies – Non-Deposit taking – Systemically Important (NBFC-ND-SIs)
launched in September 2018 with the improved”Co-Lending Model (CLM)“.
The Scheme CLM helps banks to provide loans along with NBFCs (Non-Banking Financial Companies) including HFCs
(Housing Finance Companies) for priority sector borrowers based on a prior agreement.
• This revision has been made to provide greater operational flexibility to the lending institutions in order to
improve credit flow to the unserved and underserved sectors of the economy at an affordable cost.
• Notably, under priority sector norms, banks are mandated to lend a particular portion of their funds to
specified sectors, like weaker sections of the society, agriculture, MSME (Micro, Small & Medium Enterprises)
and social infrastructure.
Key Points:
-The co-lending banks will take their share of the individual loans on a back-to-back basis in their books while NBFCs
are required to retain a minimum of 20% share of the individual loans on their books.
-Both entities need to formulate Board approved policies for entering into the CLM and place the approved policies
on their websites. On the basis of this Master Agreement will be prepared including terms and conditions of the
arrangement.
-The CLM will not be applicable to foreign banks (including WOS) with less than 20 branches.
-NBFCs will be the single point of interface for the customers and will enter into a loan agreement with the
borrowers.
-All transactions (disbursements/ repayments) between the banks and NBFCs relating to CLM have to be routed
through an escrow account maintained with the banks.
• Escrow accounts are a financial instrument in which an asset or escrow money is held by a third party on
behalf of 2 other parties that are in the process of completing a transaction.
-With regard to grievance redressal, co-lenders are required to provide a suitable arrangement to resolve any
complaint registered by a borrower with the NBFC within 30 days.
• If the complaint is not resolved, the borrower has the option to escalate the same with the concerned Banking
Ombudsman/Ombudsman for NBFCs or the Customer Education and Protection Cell (CEPC) in RBI.
i.On September 30, 2020 The Reserve Bank of India (RBI), in consultation with the Government of India (GoI) has
fixed Rs 1,25,000 crore as the Ways and Means Advances (WMA) limit for the 2nd half of the financial year(FY) 2020-
21, i.e., October 2020 to March 2021. When GOI utilises 75% of the WMA limit, RBI may trigger fresh floatation of
market loans.
ii.On October 1, 2020, the Reserve Bank of India (RBI) excluded six public sector banks (PSBs) from the Second
Schedule of the RBI Act, 1934 following their merger with other banks with effect from April 01, 2020. The six banks
are Syndicate Bank, Oriental Bank of Commerce (OBC), United Bank of India, Andhra Bank, Corporation Bank, and
Allahabad Bank.

About Reserve Bank of India (RBI):
Formation– 1 April 1935
Governor– Shaktikanta Das
Deputy Governors– 4 (Bibhu Prasad Kanungo, Mahesh Kumar Jain, Michael Debabrata Patra, and M Rajeswar Rao)
NPCI Gives Approval to ‘WhatsApp Pay’ to start UPI in India;UPI closes 30% of TPAPs transaction volume
On November 5, 2020 The National Payments Corporation of India (NPCI) gave approval for ‘WhatsApp Pay’, to
operate its payment service on Unified Payments Interface (UPI) in India.
NPCI has capped of 30% on the total transaction volume on the UPI network of all Third Party App
Providers (TPAPs). This will be effective from January 1, 2021.
Highlights of ‘WhatsApp Pay’
i.In India, there are about 400 million WhatsApp users, and after this approval, Facebook-owned Whatsapp can
expand its UPI base to a maximum of initial 20 million registered users.
ii.Available in 10 regional languages – The payment feature on Whatsapp will be available in 10 regional languages,
as it partners with 5 banks in India to launch its service namely, ICICI Bank, HDFC Bank, Axis Bank, the State Bank
of India, and Jio Payments Bank.
iii.It is designed with strong security and privacy policies, including entering a unique UPI PIN for each security.
iv.No transaction charges via WhatsAppPay. It is supported by more than 140 banks.
Background
i.WhatsApp has been running its UPI-based payment system, WhatsApp Pay in Beta mode since 2018, with 1 million
users.In August 2020, NPCI conveyed to RBI that WhatsApp Pay has met all the data localisation rules.On this front,
the NPCI gave a nod to Whatsapp Pay.
TPAPs transaction volume in UPI will be capped at 30%: NPCI
i.The decision behind the capping of 30% at TPAPs transaction volume in UPI is to address the risks and further
protect the UPI ecosystem.
ii.The existing TPAPs, who exceed the specified cap, will get 2 years from January 2021, to comply with the same in a
phased manner.
iii.30% cap will be calculated on the basis of the total volume of transactions processed in UPI during the preceding
three months on a rolling basis.
Statistics on Third-party apps share in UPI transactions:
i.As per the latest undisclosed statistics on Third-party apps share in UPI transactions, currently, the Walmart-owned
PhonePe is the most used UPI app in India, having processed around 835 million transactions in October with
around 40% market share.
ii.Google’s GooglePay(GPay) is in second place with about 820 million transactions(around 40%).
Note-It is to be noted that both these applications had exceeded the 30% transaction share.
UPI for the 1st time crossed the 2 billion monthly transactions in October 2020
For the 1st time, UPI network, operated by NPCI has crossed the 2 billion monthly transactions in October 2020. With
this it has established itself as the primary retail payment channel in India.
Gist about UPI:
i.UPI is an instant real-time payment system. The interface is regulated by RBI.
ii.It was introduced in April 2014.
iii.Based on UPI, BHIM (Bharat Interface for Money), a Indian mobile payment App developed by NPCI was
introduced in 2016. It is named after B. R. Ambedkar, Indian scholar, jurist, economist, politician and social reformer.
iv.UPI 2.0 was launched in April 2018.
i.The National Payments Corporation of India (NPCI) has launched a wholly-owned subsidiary, NPCI International
Payments Limited (NIPL).NPCI has appointed Ritesh Shukla as Chief Executive Officer(CEO) of NIPL.
ii.National Payment Corporation of India (NPCI) has launched ‘nth Rewards’, a business intelligence and analytics
enabled omni-channel multi-branded loyalty platform.

About National Payments Corporation of India (NPCI):
Founded – 2008, an initiative of RBI and Indian Banks’ Association (IBA) under the provisions of the Payment and
Settlement Systems Act, 2007.
Head Office– Mumbai, Maharashtra
Managing Director(MD) & Chief Executive Officer(CEO)– Dilip Asbe
SEBI Enhances Foreign Investment Cap limit of Mutual Funds from $300 million to $600 million
On November 5, 2020, Securities and Exchange Board of India (SEBI) issued a circular on “Enhancement of overseas
investment limits for mutual funds” under which the foreign investment limit per mutual fund (MF) house has been
doubled to $600 million, from the existing $300 million, within the overall industry limit of US $ 7 billion.
Key Features of Circular:
–SEBI has reserved an amount of $50 million per fund house.
–Mutual Funds can invest in overseas Exchange Traded Fund (ETFs) subject to a maximum of US $ 200 million per
mutual fund, within the overall industry limit of US $ 1 billion.
–A mutual fund launching a New Fund Offer (NFO) and intending to invest overseas will be required to specify the
amount it will invest outside India and use the limit specified within six months.
–For existing schemes, SEBI specified headroom of 20% of the assets under management (AUM) in the previous three
months in overseas securities, for investment in foreign securities subject to the overall limit of $600 million.
–Asset Management companies (AMCs) would have to report the utilization of the foreign limit to SEBI on a monthly
basis, within 10 days from the end of each month.
About Asset Management company (AMC):
It is a firm that invests the funds pooled from individual investors in securities with the objective of optimal return
for investors.
i.On October 3, 2020 The Appointments Committee of the Cabinet (ACC) headed by Prime Minister Narendra Modi
has approved the term extension of appointment of Madhabi Puri Buch, Whole-Time Member (WTM), Securities and
Exchange Board of India (SEBI) for one year effective from October 4, 2020 or until further orders, whichever is
earlier. She is the 1st & only woman WTM and also the 1st from the private sector to be appointed a SEBI Board
member.
ii.On September 21, 2020 Securities and Exchange Board of India (SEBI) constituted the Technical Group on Social
Stock Exchange under the Chairmanship of Harsh Kumar Bhanwala, former Chairman of NABARD. The group will
develop a framework for onboarding non-profit organisations and for-profit enterprises.
About Securities and Exchange Board of India (SEBI):
Establishment– April 12, 1992
Chairman– Ajay Tyagi
Public Investment Fund to buy 2.04% stake in Reliance Retail for Rs 9,555 crore
Saudi Arabia’s Public Investment Fund(PIF) will buy 2.04% equity stake in Reliance Retail Ventures
Limited (RRVL), a subsidiary of Reliance Industries Limited(RIL) for Rs 9,555 crore(about USD1.3 billion). This is
the largest investment made by any fund so far in RRVL. This marks the 9th investment by global investors in RRVL,
since September 9, 2020.
• Including PIF’s investment RRVL has raised Rs 47,265 crore. The global investors with this investment hold
12.27% combinedly.
• This investment values RRVL at a pre-money equity value of Rs 4.587 lakh crore (approximately $62.4 billion).
• Earlier PIF has acquired 2.32% stake in Jio Platforms, subsidiary of RIL for Rs 11,367 Crores.
About the Investment
i.This investment will further strengthen the existence of PIF in the Indian economy and the developing retail market
segment.

ii.The transaction is in accordance with the strategy of PIF as a leading global investor with a proven track record of
investing in companies that are innovative and transformative globally and developing strong partnerships with
leading groups in their respective markets.
Key Info
• The retail sector of India is one of the largest in the world.
• It accounts more than 10% of its Gross Domestic Product (GDP).
Previous Investment in RRVL
Date of Investment Investment Amount (Rs in %
Investor in RRVL (2020) Crores) Stake
S.No
1 Silver Lake September 9 7,500 1.75%
2 KKR September 23 5,550 1.28%
Co-investors of Silver Lake- Additional

3 Investment September 30 1,875 2.13%
4 General Atlantic September 30 3,675 0.84%
5 Mubadala Investment Company October 1 6,247.50 1.40%
6 GIC October 2 5,512.50 1.22%
7 TPG October 3 1,837.50 0.41%
Abu
8 Dhabi Investment Authority October 6 5,512.50 1.20%
Note– RRVL received the subscription amount of Rs 5,550 crore from Alyssum Asia Holdings II Pte. Ltd. (a unit of
KKR) and allotted 81,348,479 equity shares to KKR.
Additional Info
i.RRVL, operates India’s largest, fast-growing retail business that serves around 640 million people at its
approximately 12,000 stores nationwide.
ii.PIF is one of the World’s largest and most impactful sovereign wealth funds.
iii.It acts as primary investment arm of the Kingdom of Saudi Arabia
On 30th August 2020, The Reliance Retail Ventures Limited(RRVL), subsidiary of the Reliance Industries
Limited(RIL) acquired the retail and wholesale, logistics and warehousing business of the Future Group Business as
going concerns on a slump sale basis for lump sum aggregate consideration of Rs 24,713 crore.
About Reliance Industries Limited (RIL):
Chairman & Managing Director(CMD) – Mukesh Ambani
About Public Investment Fund(PIF):
Headquarters– Riyadh, Saudi Arabia
Chairman– His Royal Highness Mohammed bin Salman bin Abdulaziz Al Saud (Crown Prince of Saudi Arabia)
Axis Bank Acquires 57,743 shares in CSC e-Governance Services India Ltd for Rs 36.38 crore
On November 5, 2020 Axis Bank Ltd acquired 57,743 shares in CSC e-Governance Services India Ltd for Rs 36.38
crore. The transaction is for 9.91% equity stake in CSC e-Governance as a strategic investment by the bank. The
transaction is likely to be completed by December 2020.

Key Info:
i.The bank has entered into an agreement for subscribing to 57,743 equity shares of a face value of Rs 1,000 each.
ii.These shares are to be issued by CSC e-Governance Services India Ltd at Rs 6,300 per equity share.
About CSC e-Governance Services India Ltd:
It is a Special Purpose Vehicle(SPV), set up by the Ministry of Electronics & Information technology (MeitY) under the
Companies Act, 1956 to oversee implementation of the CSC(Common Services Centre)scheme.
HeadQuarters– New Delhi, India
About Axis Bank Ltd:
Founded– 1993
Managing Director(MD) and Chief Executive Officer(CEO)– Amitabh Chaudhry
Tagline– Badhti Ka naam Zindagi
German Bank KfW extends 545 Million Euros funding to MMRDA Infrastructure Projects
On November 6, 2020, Frankfurt-based German state-owned development bank KfW (formerly KfW Bankengruppe)
extended two loans totaling 545 Million Euros (~ INR 4, 767 crore) to the Metropolitan Region Development
Authority (MMRDA) for infrastructure projects in Mumbai.
i.The package consists of a development loan of 345 million Euros and a promotional loan of 200 million Euros.
ii.The approved loan amount is the highest amount given to India including the lowest rate of interest offered by
any financial institution so far.
iii.The funds will be disbursed through an agreement with the Ministry of Finance, Government of India.
Infrastructure Projects:
i.The fund will support two key mass transit projects in Mumbai. The projects are Metro Line 4 from Wadala in
Central Mumbai to Kasarvadavli in Thane, and Metro line 4A that extends to connectivity from Kasarvadavli to
Gaimukh in Thane.
ii.The fully elevated transit projects will have a total length of 34.82 kms with 32 stations besides bringing north-
south connectivity, linking Mumbai to Thane.
iii.The metro lines will save up to 121, 000 tonne greenhouse gases every year, and will ensure reduction in air
pollution.
iv.The funds will cover system components for Mumbai’s Metro Line 4 and 4A, footpaths and cycle
routes surrounding the stations to improve integration within the transport system.
Rate of Interest:
i.The rate of Interest for 345 Million Euros is 0.29% and 0.07%, while for 200 Million Euros debt the rate of
interest is 0.82%.
ii.Tenure of the loans – 15 years to 20 years with a grace option of five years.
iii.Out of the approved 345 Million Euros loan, around 255 Million Euros will be used for purchasing rolling stock and
on integrated ticketing systems, while 90 Million Euros will be utilised on multimodal integration systems.
i.On August 24, 2020, a quartet loan agreement was inked between the Government of India, the Government of
Maharashtra, Mumbai Railway Vikas Corporation (MRVC) and the Asian Infrastructure Investment Bank (AIIB) for
Mumbai Urban Transport Project-III.
About KfW Bank:
Chief Executive Officer (CEO) – Gunther Braunig
Headquarters – Frankfurt, Germany
SEBI Introduce ‘Flexi Cap Fund’ as a New Category under Equity Schemes; Debt MFs to hold 10% corpus in
liquid assets
On November 6, 2020 In order to give more flexibility to the mutual funds, Securities and Exchange Board of
India (SEBI) introduced ‘Flexi Cap Fund’ as a New Category under Equity Schemes.
Aim– To protect the interests of investors in securities, to promote growth and to regulate the securities market.

Points to be Noted:
i.SEBI has made it mandatory for all open-ended debt mutual fund schemes(with exception) to hold at least
10% of their net assets in liquid assets.
ii.SEBI has also decided to conduct stress testing to all open ended debt schemes(with exception).
‘Flexi Cap Fund’ under Equity Schemes will be available with the following scheme characteristics
i.With this Flexi Cap Fund the Schemes should have minimum investment of 65% of total assets in the equity &
equity related instruments.
ii.It is an open-ended dynamic equity scheme that invests in large, mid or small cap company stocks, i.e., there is no
restriction in terms of allocation to any market cap.
Key Info
i.Asset Management Company (AMC) shall ensure that an appropriate criteria is adopted for the Flexi Cap Fund.
ii.The name of the scheme shall be the same as the scheme category, so as to bring uniformity in names of
schemes for a particular category across Mutual Funds(MF) and for investors to easily identify it.
iii.There is an option to the mutual fund to convert the existing scheme into Flexi Cap Fund, in accordance with the
requirement for change in fundamental attributes of the scheme
in terms of Regulation 18(15A) of SEBI (Mutual Funds) Regulations, 1996.
Regulations
SEBI introduced ‘Flexi Cap Fund’ as a new category under equity schemes in exercise of its powers conferred under
Section 11 (1) of the Securities and Exchange Board of India Act, 1992, under Regulation 77 of the Securities and
Exchange Board of India (Mutual Funds) Regulations, 1996.
Background:
i.In September, 2020 SEBI, has Modified Multi-Cap Mutual Funds Category.
ii.As per the new rule the multi cap funds have to invest at least 25% of their portfolios across large-cap, mid cap and
small cap stocks.
iii.Many of the fund houses have raised concerns about the risk in investing 25% in mid and small cap stocks.
iv.They had also demanded the formation of a flexi cap category.
v.The decision was taken into account on the recommendations of Mutual Fund Advisory Committee(MFAC).
All open ended debt schemes to hold at least 10% of their net assets in liquid assets; Mandated Stress
Testing: SEBI
At least 10% of net assets in liquid assets
i.SEBI has also made it mandatory that all the open ended debt schemes, except Overnight Fund, Liquid Fund, Gilt
Fund and Gilt Fund with 10 year constant duration to hold at least 10% of their net assets in liquid assets.
ii.Currently a minimum 20% in liquid assets are required to be held by liquid schemes. Even so, other debt oriented
schemes have no such requirement.
iii.For this purpose, the ‘liquid assets’ will include Cash, Government Securities, T-bills and Repo on Government
Securities.
iv.This decision was made to increase the liquidity risk management framework for all open ended debt schemes.
v.From February 1, 2021, the guidelines on holding certain percentages in liquid assets will come into effect.
Conduct stress testing
i.On the basis of the recommendations of MFAC, SEBI has decided to conduct stress testing for all the
open ended debt schemes (except overnight scheme).
ii.The provisions on stress testing will become applicable from December 1, 2020
What are Multi Cap Funds?
The Multi cap funds is a diversified mutual fund which can invest in stocks across market capitalisation. Their
portfolio consists of large cap, mid cap and small cap stocks. It gives flexibility to fund managers to make changes in
the portfolio as market conditions change.
Suitable-Investors who look to invest money for at least 3-4 years and look for high returns.
i.On August 7, 2020, the Securities and Exchange Board of India (SEBI) amended the clause 4 (2) of SEBI international
financial services centre (IFSC) guidelines, 2015 pertaining to eligibility criteria and shareholding limit for clearing
corporations that wish to operate in such centres.

ii.On July 10, 2020, Securities and Exchange Board of India (SEBI), the regulator of the securities and commodity
market in India, has reconstituted the committee advising it on matters related to regulation and development of the
mutual fund industry by including five new members.
Established– On April 12, 1992, in accordance with the provisions of the Securities and Exchange Board of India Act,
1992.
IFFCO Bazar Partners with SBI YONO Krishi App to Boost accessibility of Quality Agri-products in India
On November 6, 2020 IFFCO Bazar(https://www.iffcobazar.in/), e-commerce wing of IFFCO(Indian Farmers
Fertiliser Cooperative) has entered into partnership with SBI(State Bank of India) YONO (You Only Need One) Krishi
App.
Aim of the Partnership:
i.To boost the accessibility of Quality Agri-products in India
ii.To ensure that a wide range of agricultural products are accessible to many Indian farmers.
iii.To drive digital sales in this segment, with combination of easy and free payment portal of SBI YONO and quality
products of IFFCO.
Note– This partnership is in line with Vocal for Local and Atmanirbhar Krishi – vision of Prime Minister Narendra
Modi
About the Collaboration:
i.The collaboration enables the farmers to avail best quality agri-inputs at their doorstep. The 2 critical inputs for the
farmers are Finance and Fertilisers.
ii.It also helps IFFCO BAZAR to reach out to more than 3 crore registered customers of YONO, a major part of which
are farmers.
iii.A strong brand equity can be leveraged in rural India through the partnership. This will create an ecosystem that
will finally help in the reduction of the input cost for the farmers.
About IFFCO Bazar:
i.One of the fast growing agriculture based e-commerce portals in India is IFFCO Bazar. It is promoted by IFFCO. It
aims to realize the vision of the PM of doubling income of farmers through a digital first and farmer centric approach.
ii.The Portal is available in 12 Indian Languages & the products will be delivered throughout India.
iii.It operates more than 1200 stores in 26 states across India.
iv.A wide range of products namely, speciality fertilisers, organic agri-inputs, seeds, agrochemicals, agri-machinery,
etc., are available on the portal.
v.It also provides answers to the queries of the farmers through a farmers’ forum and a dedicated helpline.
On August 26, 2020, Narendra Singh Tomar, Union Minister of Agriculture & Farmers’ Welfare virtually launched the
integration of State Bank of India’s (SBI) YONO (You Only Need One) Krishi platform with government’s online seed
portal Indian Council of Agriculture Research (ICAR) and Indian Institute of Horticulture Research (IIHR) to help the
farmers in increasing the crop production along with the crop quality and income generation.
Additional Info:
IIFCO celebrated its 53rd foundation day on November 3, 2020.
About IFFCO(Indian Farmers Fertiliser Cooperative):
Founded– 1967
Managing Director(MD) & Chief Executive Officer(CEO)– Udai Shanker Awasthi
BoB in association with EAP India Introduced ‘Employee Assistance Program’, a Well-being Programme for its
Employees
On November 4, 2020 Bank of Baroda (BoB) in association with EAP India introduced an ‘Employee Assistance
Program’, a Well-being Programme for its employees and their family members 24×7.

Aim of the Program– To help its employees to tackle their personal and professional problems
through psychological counselling and consulting.
Partnership with EAP India– BoB has entered into partnership with Employee Assistance Program (EAP)India Pvt
Ltd to provide this counselling.
Key Info:
i.Employee Assistance Program is the first step of the bank to address the issues and support the emotional well-
being of the employees
ii.Initially, this program has been introduced as a pilot project in Mumbai Zone and its corporate office.
iii.Through this program, BoB seeks to enhance the emotional well-being of employees, that will enhance their
morale and create a happy and positive work ambience with a positive impact on productivity.
About Employee Assistance Program:
i.The program involves extensive application of technology by including multiple channels of assistance
ii.The counselling service is safe, non-judgmental, and highly confidential
Additional Info
i.As per the annual report of BoB, it had more than 84,000 employees.
ii.About 60% of the employees of the bank are between the age 18- 35. Often they face peer pressure, career and
ambition issues, etc.,
Points to be Noted
In July 2020 BoB launched ‘Insta Click Savings Account’, a 100% paperless digital self-assisted online savings account.
On October 6, 2020, Union Minister of Finance & Corporate Affairs, Nirmala Sitharaman, launched “MSME Prerana” an
online business mentoring programme for Micro, Small & Medium Enterprises (MSMEs) by Indian Bank in
collaboration with Poornatha & Co, at the bank’s headquarters in Chennai, Tamil Nadu.
About Bank of Baroda(BoB):
HeadOffice– Vadodara(earlier known as Baroda), Gujarat
Managing Director(MD) and Chief Executive Officer(CEO)– Sanjiv Chadha
Founded– 20 July 1908, by Maharaja Sayajirao Gaekwad III of Baroda
Tagline- India’s International Bank
Bharti AXA General Insurance Launched ‘CancerSendsNoNotifications’ Campaign on social media to Increase
Awareness about Cancer
On November 7, 2020 Bharti AXA General Insurance Company Limited
launched ‘CancerSendsNoNotifications’ Campaign on Social Media on account of the National Cancer Awareness
Day 2020- November 7.
Aim of the Campaign:
i.To increase awareness and disseminate knowledge to detect the disease in the early stage among people in India.
ii.To encourage individuals to prioritize and protect their health and life with the right precautions.
About ‘CancerSendsNoNotifications’ Campaign
i.CancerSendsNoNotifications, the social media campaign comprises a series of activities that will be held across the
month of November.
ii.Through this cancer awareness drive, Bharti AXA General Insurance intends to engage with millions of Indians on
Facebook, Instagram and LinkedIn.
iii.By creating awareness around the early signs and dangers of this disease, this campaign will motivate people to
adopt a better lifestyle
Key Info about Cancer:
i.According to the report of WHO(World Health Organisation), one in every 10 Indians will develop cancer.
ii.It also mentioned that one in every 15 will be affected by the disease.
iii.The death rate due to cancer can be reduced in a country with a population of 1.35 billion, by spreading awareness
about timely detection.
Statistics about Cancer in India
i.The leading cause of death in both men and women in India is Cancer.

ii.Every 4 minutes in India a woman is diagnosed with breast cancer.
iii.Cervical cancer forms 16.5% of the total cancer cases in Indian women.
iv.Cervical cancer does not cause any noticeable symptoms until it reaches stage 3. The good news is that there is a
vaccine available for women between 9-26 years.
Points to be Noted:
i.Bharti AXA is a Joint Venture(JV) between Bharti Enterprises(holds 51% stake) and AXA Group(holds 49% stake).
ii.Recently, Competition Commission of India (CCI) approved the acquisition of General Insurance Business of Bharti
AXA by ICICI Lombard General Insurance Company Limited.
On 28th October 2020, Punjab National Bank (PNB), India’s 2nd largest public sector bank launched the PNB
Tracking & Monitoring Staff Accountability Cases (TMSAC) portal and PNB’s 2020 Vigilance Manual, as a part of the
Vigilance Awareness Week(VAW) – 27th October 2020 to 2nd November 2020.
About Bharti AXA General Insurance Company Limited:
Established– 2008
Airtel Payments Bank Partners with Bharti AXA General Insurance to Offer ‘Smart Drive Private Car
Insurance’ to its Customers
On November 9, 2020 Airtel Payments Bank, India’s first payments bank partnered with Bharti AXA General
Insurance Co Ltd to offer ‘Smart Drive Private Car Insurance’, a comprehensive car insurance for its customers.
Purpose of Partnership– To offer car insurance to the customers of Airtel Payments Bank
Features of Car Insurance:
Purchase
Within 5 minutes the customers of Airtel Payments Bank can purchase the car insurance policy using a paperless,
secure, and quick process through the Airtel Thanks app.
No Pre-inspection
i.The insurance will be issued to their registered email id and mobile number, without the need of pre-inspection.
ii.The customers only need to fill the details about the vehicle.
Financial protection
The car insurance offers financial protection against vehicle damage due to accident, theft, and natural and man-made
disasters.
Compensation
Compensation is provided for the injury or damages to another person or property caused due to a car accident.
Personal accident cover
i.The insurance provides a personal accident cover for the policyholder.
ii.The policy ensures financial protection to the family, in case of permanent disablement or loss of life due to an
accident.
Renewal
i.Customers can choose different add on covers at the time of the renewal.
ii.The add on covers include depreciation cover, small consumable items, loss or replacement of car key etc.,
Note- In India, Motor insurance is mandatory.
Other Tie Ups between Airtel Payments Bank and Bharti AXA General
i.Recently, Airtel Payments Bank has partnered with Bharti AXA General Insurance to provide ‘Smart Plan Shop
Package Policy’, a shop Insurance for its retailers and customers.
ii.Prior to this, Airtel Payments Bank has tied up with Bharti AXA General Insurance to offer health and two wheeler
insurance on the bank’s platform.

On October 14, 2020 PhonePe in association with Bajaj Allianz General Insurance Company launched car and bike
insurance products on its platform. This launch enables more than 230 million registered PhonePe users to insure
their vehicles, in under 2 minutes, without having to upload any documents before making a purchase.
About Bharti AXA General Insurance Company Limited:
Established– 2008
About Airtel Payments Bank:
Managing Director (MD) and Chief Executive Officer (CEO)– Anubrata Biswas
HeadQuarters– New Delhi, India.
Launched– January 2017
Marg ERP and Paytm Partners to Resolve MSMEs Payment & Settlement Issues Digitally
On November 9, 2020 In order to ease seamless transactions for MSMEs(Micro, Small & Medium Enterprises)Marg
ERP Ltd has partnered with Paytm. Under this Joint Venture(JV), Marg ERP and Paytm empowers MSME using
MargPay, a new integrated payments solution, developed by Marg ERP Ltd.
Purpose of Partnership– To resolve the payment collection and settlement issues of MSMEs and aid in expanding
their businesses.
Partnership Extends to Paytm Payments Bank
This partnership will also be extended to the Paytm Payments Bank Limited powering Marg Pay’s nodal bank
account.
Note– Paytm, with partnership with Marg ERP intends to reach a step closer to Atmanirbhar Bharat, where MSMEs
have all the digital means to become self-reliant.
Gist about MargPay:
i.MargPay helps MSMEs to track their receipts and payments made through multiple payment methods.
ii.It is a cost effective system to collect and reconcile all payments.
iii.It is an easy to use platform with a user-friendly interface.
iv.With less effort, merchants can connect it with their billing and accounting system.
Need
i.With the emergence of multiple internet technology platforms and various payment options, like Net Banking,
Unified Payment Interface(UPI), Wallets etc. the SME(Small and Medium-sized Enterprises) and MSMEs face
problems of payment reconciliation.
ii.The small businesses face the challenge of dealing with multiple service providers, interfaces and costly solutions,
these are beyond their ability to understand and affordability.
Additional Info:
i.MARG ERP is a CMMI Level 3 certified company with 850 sales and support systems across the country.
ii.Paytm Payment Gateway has more than 50% market share in processing transactions through Wallet, UPI, cards
and net-banking.
iii.It enables merchants to enjoy real-time bank settlement. It is based on anti-fraud technology to ensure secure
payments.
iv.It provides a dashboard to view payments received and bank settlements.
On October 20, 2020 Zenpay Solutions, RBL Bank and YAP join hands to Digitalise Salary Accounts for SMEs, MSMEs
About Paytm:
Founder & CEO– Vijay Shekhar Sharma

About Marg ERP Ltd:
CEO- Mr. Krishnam Raju D
Head Office– New Delhi, India
Founded– 2000.
Uttar Pradesh ranks fifth in MSME employment generators during Pandemic: RBI report
According to a recent Nov. 2020 report of the Reserve Bank of India (RBI), Uttar Pradesh (UP) has been ranked fifth
by providing employment under the Micro, Small and Medium Enterprises (MSMEs) during Corona pandemic.
Rankings in the report:
i.The top 10 places have been taken by Madhya Pradesh, Gujarat, Tamil Nadu Maharashtra,Uttarpradesh Karnataka,
Rajasthan, Delhi, Haryana, and Telangana.
15th FC led by NK-Singh Submitted its 5yr Report for 2021-26 to President, Ram Nath Kovind; Centre
released Rs 2,200 cr for 42 cities to improve air quality
On November 9, 2020, the Fifteenth Finance Commission (XVFC) led by Chairman Nand Kishore (NK)
Singh submitted its Report titled “Finance Commission in Covid Time” for the period of five years from 2021-22 to
2025-26 to the President of India Ram Nath Kovind. The cover of the report has a figure of scales indicating the
balance between the States and the Union.
• Members of the Commission: Ajay Narayan Jha, Prof. Anoop Singh, Dr. Ashok Lahiri and Dr. Ramesh Chand
• According to the XVFC’s terms of reference (ToR) set by the President, the commission has examined and
recommended the devolution of funds between the Centre and the States for a five years period along with
wide-ranging recommendations in different sectors.
• It also addressed the unique ToR of considering a new non-lapsable fund for financing national security and
defence spending, and offering performance incentives for States.
• The Commission was also asked to examine and recommend performance incentives for States in many areas
like power sector, adoption of DBT, solid waste management etc. The Commission was also asked to examine
whether a separate mechanism for funding of Internal Security ought to be set up and if so how such a
mechanism could be operationalised.
–Health Care Scenario Added for 1st Time
It should be noted that this is the first time that a chapter on the health care scenario of the country is introduced
along with recommendations in order to boost public-health spending in a post-pandemic era.
• The target is that the Centre alone should be able to spend at least 2.1% of GDP (Gross Domestic Product) on
health in the next five years.
–Volumes of Report:
This Report has been organised in four volumes.
• Volume I and II contains the main report and the accompanying annexes.
• Volume III is devoted to the Union Government and examines key departments in greater depth, with the
medium-term challenges and the roadmap ahead.
• Volume IV is entirely devoted to the States i.e. State-specific considerations are taken to address the key
challenges that individual States face.
Point to be noted:
i.Originally the recommendations are to be made for the period 2020-21 to 2024-2025, but the Commission had
submitted an interim report for 2020-21 in 2019, stressing due to unclear projections for five years due to economic
slowdown due to GST (Goods and Service Tax) and the insolvency code.
• The interim report had reduced States’ share in the divisible pool of taxes from 42% to 41% for the current
year, after the dissolution of Jammu and Kashmir as a State.
The Report will be available in the public domain once it is tabled in the Parliament by the Union Government.
Centre releases Rs 2,200 cr for 42 cities for improving air quality; Greater Mumbai received highest
Based on the recommendations of XVFC, the central government on November 9, 2020 released Rs 2,200 crore as the
first installment to 15 states for the improvement of air quality measures in their cities. Under this, 42 cities will be
covered with a population in excess of a million.

This grant will be used under the National Clean Air Programme (NCAP) to improve air quality in these cities.
• The states (State Finance Department) shall transfer grants-in-aid directly to all local bodies
• The local bodies in the list shall entrust one urban local body as a nodal entity to receive the grants.
• Greater Mumbai (Maharashtra) has received the highest share of funds, Rs 244 crore followed by Kolkata,
West Bengal (Rs 192 crores), Bengaluru, Karnataka (Rs 139.5 crore) and Chennai, Tamil Nadu (Rs 90 crore).
Click Here for Full List
• In a meeting with the 15th Finance Commission the Union Health Minister Harsh Vardhan highlighted that the
government aims to gradually increase the public health expenditure to 2.5% of GDP by 2025.
• On 19th October 2020, Nand Kishore Singh released his autobiography titled “Portraits of Power: Half a
Century of Being at Ringside”. The book is published by Rupa Publications India.
About Fifteenth Finance Commission (XVFC):
The Fifteenth Finance Commission was constituted by the President of India on November 27, 2017 in pursuance of
clause (1) of Article 280 of the Constitution and Finance Commission (Miscellaneous Provisions) Act, 1951.
• The Constitution, through Articles 280 to 281, provides for finance commissions, set up every five years, as a
mechanism to divide taxes and revenues vertically i.e. between the Centre and states, and horizontally, i.e.
among all states, based on their levels of development, prosperity and regional needs.
Nirmala Sitharaman Attended 1st BRICS Finance Ministers and Central Bank Governors Meeting Virtually
On November 9, 2020, Union Minister for Finance & Corporate Affairs Nirmala Sitharaman virtually participated in
the 1st BRICS (Brazil, Russia, India, China, South Africa) Finance Ministers and Central Bank Governors (FMCBG)
meeting under the Chairmanship of Russia.
• Agenda: To discuss the outcomes of G20 (Group of Twenty) Saudi Presidency in 2020, a digital platform to
encourage infrastructure investments and expansion of the membership of the New Development Bank (NDB).
Key Points:
–The Indian side has supported the expansion of the membership of NDB
India also laid emphasis on a consensus solution that will play an important role in ensuring fairness, equity and
sustainability of tax systems.
–India side appreciated the G20 Action Plan in response to COVID-19 and the G20 Debt Service Suspension
Initiative which ensured immediate support to address the liquidity needs of low-income countries
–It should be noted that all BRICS countries are members
About BRICS (Brazil, Russia, India, China, South Africa):
Chairman (2020) – Russia
President of New Development Bank (formerly BRICS Bank) – Marcos Prado Troyjo (Brazil)
Karnataka Bank Launches its 1st Contactless, RuPay Debit Card, ‘National Common Mobility Debit Card’
On November 9, 2020 In accordance with the vision of the Ministry of Housing and Urban Affairs
(MoHUA),Karnataka Bank Limited launched a new indigenous RuPay debit card- National Common Mobility
Card(NCMC). This card is the bank’s 1st ever contactless debit Card.
The card is an international Contact-less, debit cum prepaid and interoperable transport card, a ‘One Nation One Card
i.e., a card with many benefits’.
Salient features of Rupay NCMC
Contact-less Payment
Payments can be made without the need to insert the card at PoS(Point of Sale) terminals, i.e., a contactless
payment(Tap & Go).
With the card, payments can be made at Toll plazas, Metro transits, Parking lots, Retail outlets, Smart cities etc.
Small-ticket size offline payments
The wallet of the card supports the small-ticket size offline payments through the value stored in the card.
Enables Domestic and International Transactions
Through ATM(Automated Teller Machine), PoS and e-Commerce the card enables Domestic and International
transactions.

Key Info
The card is likely to drastically change the banking paradigm, particularly in retail payments by its unique features of
‘Tap & Go’ and ‘Offline wallet’ payments.
It will also transform the digital payment ecosystem in a large way.
Gist about the National Common Mobility Card:
i.On March 4, 2019 Prime Minister Narendra Modi launched 1st indigenously developed National Common Mobility
Card (NCMC) with the tagline of ‘One Nation One Card’ in Ahmedabad, Gujarat.
ii.It is an inter-operable transport card, conceived by MoHUA.
iii.The card is enabled through the RuPay card mechanism.
iv.The card can be issued as a prepaid, debit, or credit RuPay card from partnered banks such as the State Bank of
India(SBI), Bank of India, Punjab National Bank(PNB), and others.
Note
The India’s First Indigenously Developed Payment Ecosystem for transport consists of NCMC Card, SWEEKAR
(Swachalit Kiraya: Automatic Fare Collection System) and SWAGAT (Swachalit Gate) is based on NCMC Standards.
On September 23, 2020 IDFC First Bank announced that it will launch SafePay, a digital facility. It enables contactless
debit card payments by waving a smartphone against a Near Field Communication (NFC)-enabled Point of Sale(POS)
terminal. It is the 1st such facility which is made available in an integrated mobile banking app. The SafePay feature
has been successfully tested and certified by Visa.
About Karnataka Bank Limited:
Headquarters– Mangaluru(Mangalore), Karnataka
Managing Director(MD) & Chief Executive Officer(CEO)– Mahabaleshwara M.S.
Incorporated– February 18th, 1924
Tagline– ‘Your Family Bank Across India’
Edelweiss Tokio Life Insurance Launches ‘Covid Shield+’, India’s First Individual Covid-19 Life Insurance
Policy
On November 9, 2020 Edelweiss Tokio Life Insurance Company Limited launched, ‘Covid Shield+’, India’s First
Individual Covid-19 Life Insurance Policy. The comprehensive solution provides financial protection against the
impact of COVID-19 diagnosis.
Key Info
i.Covid Shield+ establishes a new niche product category for the industry, that meets the increased protection needs
of the people, that arises due to pandemic.
ii.The cost effective product requires no medical examination and provides instant decisioning to the policy applicant.
About Covid Shield+:
Tenure and Premium Rates
Covid Shield+ has a 1 year tenure. The premium rates starts from Rs 5,329
Critical illness benefit
It offers a critical illness benefit of minimum Rs. 10 lakh after 24 hour ICU(Intensive Care Units) or HDU(High
Dependency Unit) hospitalization due to COVID-19.
Term cover benefit
The policy also offers a Term cover benefit of Rs. 25 Lakhs (minimum enhanced sum assured) after the diagnosis
of COVID-19
Purchase and Age Bracket
People within the age of 18 to 65 years can purchase this product online or through an advisor representing
Edelweiss Tokio Life.
Additional Info
Edelweiss Tokio Life Insurance is a Joint Venture(JV) between Edelweiss Financial Services Ltd, and Tokio Marine
Holding, Inc.,

Aditya Birla Health Insurance Company Limited (ABHICL), the health insurance arm of Aditya Birla Capital Limited,
has introduced new services, product solutions & add-ons to the existing products to enable customers to safeguard
their health during COVID-19 i.e., from the 1st stage of virus detection to post-recovery phase covering pre and post-
hospitalization expenses.
About Edelweiss Tokio Life Insurance Company Limited:
Managing Director(MD) and Chief Executive Officer(CEO)– Mr. Sumit Rai
Established– 2011
Mobikwik Partners with Amex to launch its 1st card, ‘MobiKwik Blue American Express Card’, a Digital
Prepaid Card
On November 10, 2020 Mobikwik partnered with American Express (Amex) to launch its first ever Card, ‘MobiKwik
Blue American Express Card’, a digital prepaid Card on Amex network. It is the 1st card for millennial users. It is the
1st prepaid payments card of Amex with a flexible credit limit. With this launch, MobiKwik becomes the first non-
bank Indian company to become a member of the American Express network and issue Cards in India.
Key Info
i.MobiKwik, which has more than 120 million users of its wallet, aims to issue MobiKwik Blue American Express Card
to at least one million users over the next one year.
ii.The card is a digital-only prepaid Card that can be generated out of MobiKwik App.
iii.It increases the presence of MobiKwik that allows users to pay at all Amex merchants, including top e-commerce
stores like Amazon, Flipkart, Swiggy, etc.,
iv.This, furthers Mobiwik’s aspiration to become India’s largest Digital Credit platform
Gist about MobiKwik Blue American Express Card:
• The card can be availed at a free of cost.
• The users of the card get uptu Rs 10,000 in credit limit, with zero interest, for shopping
• The users can get up to Rs 100,000 of their MobiKwik wallet balance mirrored on the MobiKwik Blue
American Express Card
• American Express® network offers a 1% MobiKwik SuperCash on card purchases.
About MobiKwik:
Headquarters– Gurugram, Haryana
Co Founder & CEO – Bipin Preet Singh
Co-Founder & COO(Chief Operating Officer)– Upasana Taku
Founded– 2009
About American Express (Amex):
Chairman & CEO– Stephen J. Squeri
HeadQuarters– New York, United States of America.
Recent Related News
FamPay, India’s first Neobank for teenagers, in partnership with IDFC First Bank launched India’s 1st numberless
card, FamCard. FamPay with National Payments Corporation of India(NPCI) developed this card. This card is
accepted across the RuPay payment network of merchants. It is similar to a debit card which enables teenagers to
transact in a cashless manner.
IRDAI Setup a 9 member Working Group headed by R Chandrasekaran to Revisit the Retail Business of
Engineering Tariff
The Insurance Regulatory and Development Authority of India (IRDAI) has set up a 9 member working group headed
by R Chandrasekaran to revisit the product structures of engineering tariffs relevant to the retail businesses and
provide suitable recommendations to revise them. The committee will submit the report within 3 months.
Need for forming the Group:
i.Engineering insurance requirements are constantly evolving with continuous advancement in technology this
resulted to the changes in the customers’ expectations regarding the insurance.

ii.So, the Working Group will revisit the Engineering products (which are as per the erstwhile tariffs) for the Retail
segment of products.
About the Panel:
i.The panel will recommend new suitable and appropriate standards products in line with the technology
advancement in retail businesses.
ii.The panel will also make recommendations regarding the general regulation in the traffic as per the terms of
reference of the group.
About Insurance Regulatory and Development Authority of India(IRDAI):
Chairman- Dr. Subhash C. Khuntia
Headquarters- Hyderabad, Telangana
TCS to Acquire 100% shares of Postbank Systems AG from Deutsche Bank

On November 9, 2020 Tata Consultancy Services (TCS) signed an agreement with Deutsche Bank AG, under which
TCS will acquire a 100% of the shares of Postbank Systems AG(PBS) from Deutsche Bank AG. The value of the
deal was not disclosed.
• PBS is the IT(Information and Technology) service provider of Deutsche Bank
• Deutsche Bank is an existing IT services partner of TCS.
Highlights of the Transaction
i.Both the parties intend to finalize the further agreements in relation to the transaction by end of 2020.
ii.The Transaction is subject to customary regulatory and governmental approvals.
Postbank Systems and its about 1,500 employees will become part of TCS.
iii.The bank had set 2022 as the deadline for the technology migration of Postbank’s systems.
Benefits of Acquisition:
i.The sale of Postbank Systems AG to TCS is a vital step to the strategic transformation of Deutsche Bank.
ii.The relationship of the two organizations will deepen as PNS and its employees become a part of TCS.
iii.It is to be noted TCS has been present in Germany since 1991, and currently has partnerships with over 100
German corporations.
iv.This acquisition contributes to the continued growth of TCS in Germany and in the Financial Services Industry. It
also strengthens its growth outlook.
About Postbank Systems AG
PBS provides IT services including, project management, application management and infrastructure support
services to Postbank, the retail banking division of the Deutsche Bank
Additional Info
i.TCS is ranked as the fastest growing IT service provider in Germany, with a 10-year CAGR(Compound Annual
Growth Rate) of more than 24%
ii.It has been ranked as No 1 in customer satisfaction for the last 7 years in the largest European-wide survey of
service provider performance, conducted by Whitelane Research.
iii.The Top Employers Institute recognises TCS as a Top Employer in Germany
On 31st July 2020, Biocon Biologics India approved the primary equity investment of around Rs.225 crore (30 Million
USD) by Tata Capital Growth Fund for a 0.85% minority stake in Biocon Biologics, biosimilar business, at an equity
valuation of around Rs. 26,250 crore (3.5 billion USD) and enterprise valuation of around Rs. 30,400 crore (4 billion
USD).
About Deutsche Bank:
Headquarters– Frankfurt, Germany
Chief Executive Officer(CEO)– Christian Sewing
President– Karl von Rohr
Founded– 1870

About Tata Consultancy Services (TCS):
CEO & MD(Managing Director)– Rajesh Gopinathan(Non-Independent, Executive)
Chairman of the Board of Tata Sons– N. Chandrasekaran(Non-Independent, Non-Executive)
Launched– April 1, 1968 as a division of Tata Sons
HDFC Bank in Partnership with Visa Launches ‘SmartHub Merchant Solutions 3.0’, India’s 1st Comprehensive
Banking and Payment Solution for Merchants
On November 11, 2020 HDFC Bank in Partnership with Visa launched ‘SmartHub Merchant Solutions 3.0’, India’s
first comprehensive banking and payment solution for merchants. This first-of-its-kind solution offers the ideal
platform for merchants and self-employed professionals to open a current account instantly and to accept payments
in-store and online.
Targeted Customer– Merchants and Self-employed Professionals
Key People:
The solution was by Mr Parag Rao, Country Head – Payments, Consumer Finance, Marketing and Digital Banking at
HDFC Bank along with Mr T R Ramachandran, Group Country Manager, India and South Asia, Visa at a virtual event
held in Mumbai, Maharashtra.
Points to be Noted:
i.The comprehensive merchant solution enables the bank to approach over 20 million small & medium merchants
and professional services like doctors, pharmacies, salons and laundry services across metro, semi urban and rural
India in the next 3 years.
ii.The solution for the merchants will be available in multiple forms like, app based, web based and also a range of
PoS(Point of Sale) devices, which enables efficiencies in business
Key Features of ‘SmartHub Merchant Solutions 3.0’:
Payment collection
The solution facilitates payment collection through any mode like Bharat QR (Quick Response) code, Aadhaar Pay,
UPI(Unified Payments Interface), SMS((Short Messaging Service) Pay, Credit or Debit Cards, or any app such as
Payzapp, Google Pay
9 languages & Product Catalogue
In 9 languages, the users can customise interface. The product catalogue can be shared with customers through SMS,
email or Whatsapp
Single dashboard
The payments and dues across location can be viewed in a single dashboard.
Segment specific Value Added services
It has Segment specific Value Added services including inventory management for grocery merchants, EMI for
Electronic merchants, billing, inventory and reminders for pharmaceutical merchants among others.
Creation of customer loyalty program & ‘discounts and offers’ for customers
On this solution, Merchants can create their own customer loyalty program.
They can also run their own ‘discounts and offers’ for their customers
Note– HDFC Bank began working on this solution 18 months ago
Additional Info:
HDFC Bank processes 48% of the overall card transactions at merchant level in terms of volumes and about a fourth
through UPI.
Key Info:
Recently, Visa in partnership with DigitSecure and HDFC Bank deployed World’s 1st live PCI certified Tap to Phone
card Acceptance solution
On September 25, 2020 Fino Payments Bank Limited(Fino Payments Bank) in association with fintech partners has
introduced Near Field Communication(NFC)-based contactless payments solution for mass transit systems,
particularly for state bus transport services in India. It was developed by Fino Payments Bank in partnership with
fintech firms like City Cash.

About HDFC Bank:
Managing Director(MD) and Chief Executive Officer(CEO)– Sashidhar Jagdishan(Succeeds Aditya Puri)
About Visa:
Paytm Launches ‘Payout Links’ for Businesses to Instantly Transfer Money

On November 10, 2020 Paytm launched ‘Payout Links’, a new initiative under Paytm Payout, for businesses. This
enables businesses to instantly make payments to the customers, employees & vendors, without the need to collect
their bank details.
Purpose of Launch:
• To help businesses to make instant transfer of money in an easy and inexpensive method.
• To empower businesses with a simple, seamless and automated process which helps to streamline Payments.
• To help them with solutions which make business banking simple, flexible and also efficient.
• To help businesses reduce cash transactions, maintain better records, avoid errors and delays.
Need of the Launch- To help businesses who struggle with the ever-growing manual financial processes.
Points to be Noted:
i.Payout Links offers a seamless payment integration for businesses to instantly send incentives and refunds to
customers.
ii.It removes the need to store many bank details.
iii.It benefits the partnered SMEs(Small and Medium Sized Enterprises) in various sectors namely, gaming, e-
commerce, retail, export and manufacturing to instantly transfer salaries, vendor payments, commissions and
gratification.
iv.With the launch of this service, paytm targets monthly transaction of Rs. 100 crore
Highlights of Payout Links:
Creation
• Payout links can be created from Paytm Payouts dashboard and shared with customers, vendors & employees
in an easy way.
• The receiver needs to open the link, where automatically a list of saved accounts such as Paytm Wallet, Paytm
UPI(Unified Payments Interface) and connected bank accounts are provided, which can be chosen to receive
money instantly.
Suitable
The service is suitable to address the challenges of cash-on-delivery refunds, where businesses are not always
confidential to the banking details of customers and need to ensure that money is returned fast.
Benefits
• The risk of human errors is removed, as the receiver is not required to remember his bank details.
• The Payout Links also enables the receiver to gain great control to choose exactly which account to receive the
funds in and to maintain the privacy of his bank details.
Paytm Payout
i.The Paytm Payout is powered by powerful APIs(Application Programming Interface) on Paytm for Business
Dashboard to make instant large payments to Bank Accounts, UPI addresses, and Paytm Wallets.
ii.This facility helps the businesses to adopt an automated payment mechanism which saves time, resources and
operational costs, which in turn leads to increased business efficiency.
iii.This service as grown to process payments upwards of Rs. 2000 crore per month
Major companies like Pidilite Industries, Schneider Electric and Havmor Icecreams Pvt Ltd are regular users of Paytm
Payout.

Paytm has launched India’s 1st Pocket Android POS(Point of Sale) Device, ‘Paytm All-in-One Portable Android Smart
POS’ for contactless ordering and payments in India.
About Paytm:
Founder & CEO(Chief Executive Officer)– Vijay Shekhar Sharma
Tata AIA Life Insurance Partners with PayBima to Distribute its Life Insurance Solution through Digital sales
On November 10, 2020 Tata AIA Life Insurance Company Limited entered into partnership
with PayBima(PayBima.com), the digital arm of Mahindra Insurance Brokers Ltd.,(MIBL) as a Broker to distribute
its industry-leading life insurance solutions. The association is in accordance with the mission of Tata AIA Life to
provide Ease of Doing Business (EoDB) to its customers.
• To distribute the Life insurance solution of Tata AIA Life through Digital sales.
• To make the process of buying life insurance solutions simple, easy, and convenient.
Provisions of the Partnership
i.As part of the agreement, PayBima on its platform will offer the life Insurance solutions of Tata AIA Life.
ii.PayBima enhances its analytical skill to provide personalised life insurance solutions that are best suited to the
needs of its customers.
iii.In order to provide seamless online purchasing, PayBima will be fully integrated with Tata AIA Life’s digitally-led
ecosystem, by removing the need for physical documents.
Additional Info
PayBima with its strong capabilities to make Life Insurance more accessible, will help Tata AIA Life Insurance to
address the protection gap in India.
The alliance helps PayBima to further increase the customers’ choice on PayBima.
Gist about PayBima:
i.On September 9, 2020 Mahindra Insurance Brokers Ltd launched paybima.com, to provide end-to-end insurance
solutions.
ii.The digital platform is set to redefine the online insurance buying experience and drive insurance penetration in
India.
iii.It enables customers to evaluate different types of insurance products with professional guidance and assistance. It
is powered by advanced analytics
Gist about Tata AIA Life:
i. For FY20 the company has consolidated its leadership position in Individual claim performance with a 99.06%
claims settlement ratio.
ii. It has launched unique service initiatives, Easy Claim and Express Claim.
On May 26, 2020, Vakrangee Limited (VL), a technology company based in Mumbai (Maharashtra), has entered into
the Corporate Agency (Registration Code CA0249) partnership with Life Insurance Corporation of India (LIC) to
distribute latter’s micro insurance products in unserved and underserved areas through its Nextgen Vakrangee
Kendra network spread across India.
About Tata AIA Life Insurance Company Limited :
It is Joint Venture formed by Tata Sons with a majority stake (74 per cent) & AIA with 26 per cent through AIA
International Limited.
Headquarters– Mumbai,Maharashtra
Chief Executive Officer(CEO) & Managing Director(MD)– Naveen Tahilyani
Chairman– Saurabh Agrawal
Commenced Operation– 2001

About Mahindra Insurance Brokers Ltd.,(MIBL):
It is an 80% subsidiary company of Mahindra & Mahindra Financial Services Ltd.
MD– Dr. Jaideep Devare
Chairman– Rajeev Dubey(Principal Advisor of Mahindra & Mahindra Ltd.)
Head office– Mumbai, Maharashtra
Established– 2004
Abu Dhabi’s SWF becomes 1st Notified Fund to get 100% IT exemption in India
The Abu Dhabi’s Sovereign Wealth Fund (SWF) – MIC Redwood 1 RSC Limited has become the first foreign SWF that
has been notified and granted 100% income-tax exemption on income from interest, dividend and long-term capital
gains for its investment in India’s priority sector as per the Finance Act, 2020. The announcement was made by the
Ministry of Finance.
• To ease the process of SWFs’ notification, Central Board of Direct Taxes (CBDT) issued some detailed
guidelines on 22nd July 2020.CBDT expected that income-tax exemption to SWFs and the pension Fund will
provide foreign funding to India’s infrastructure sector.
• To expand the scope of the exemption, the government issued a notification on July 6, creating all the sub-
sectors of the compliant primary list of infrastructures eligible for this income tax exemption.
SEBI Setup a 7 Member Expert Group to Review the Share Based Employee Benefits; Chaired by Sandip
Bhagat
Securities and Exchange Board of India(SEBI), set up a 7-member expert group chaired by Sandip Bhagat, partner at
S&R Associates to review the frameworks of the share based employee benefits & issue of sweat equity and
recommend policy changes.
Mandate of the Expert group:
i.The expert group will revisit the framework of the sweat equity regulations against the companies act and suggest
required policy changes.
ii.The expert group will make suggestions on whether it is advisable to combine both the regulations.
iii.If the norms of these regulations can be combined, the panel will provide draft rules in this regard.
Note:
Usually, the sweat equity shares are issued by a company to its employees at a discount or for other considerations
other than cash.
Members of the expert group:
• Santosh Haldankar, company secretary of HDFC Bank;
• Vikram Shroff of Nishith Desai Associates
• Narayan Shankar, company secretary of Mahindra & Mahindra.
• Pavan Vijay, founder of Corporate Professionals;
• M Sanaulla Khan, company secretary of Wipro;
• Jeevan Sonparote Chief General Manager of SEBI
On September 21, 2020 Securities and Exchange Board of India (SEBI) constituted the Technical Group on Social
Stock Exchange under the Chairmanship of Harsh Kumar Bhanwala, former Chairman of NABARD. The group will
develop a framework for onboarding non-profit organisations and for-profit enterprises.
About Securities and Exchange Board of India(SEBI):
Govt Sets up 22 member Inter-Ministerial Committee Headed by Arun Goel to Strengthen Capital Goods
Sector
On November 11, 2020 Government of India has set up a 22 member Inter-Ministerial Committee to strengthen
the Capital Goods(CG) sector. The committee is headed by Shri Arun Goel, Secretary of Department of Heavy
Industries(DHI), Ministry of Heavy Industries & Public Enterprises.

Objective of the committee – To strengthen India’s capital goods sector which turns to achieve the target of a USD 5
trillion economy and a USD 1 trillion manufacturing sector.
Highlights about the committee:
i.The committee will figure out the ways and means to make the CG sector globally competitive and also to become
the manufacturing hub for the world.
ii. The committee will monitor the capital goods (CG) sector, including technology development, mother technology
development, global value chains, testing, skill training, global standards, reciprocity issues and custom duties.
iii.This committee also provides support to the Department of Heavy Industries(DHI) to deal with the issues related
to CG sector.
• Union Minister for Heavy Industries and Public Enterprises – Prakash Javadekar
RBI asks Lending Institutions to Implement Waiver of Interest on Interest Scheme

On October 27, 2020 RBI(Reserve Bank of India) has asked all the lending institutions, including non-banking
financial companies, to implement the waiver of interest on interest for loans up to Rs 2 crore for the 6 months
moratorium period beginning March 1, 2020. Under the scheme, the lending institutions have been mandated to
grant ex-gratia payment to certain categories of borrowers through crediting the difference between simple interest
and compound interest for the period between March 1- August 31, 2020.The government has asked the lending
institutions to complete crediting the amount in the accounts of borrowers by 5th November.
IFSCA Approves the International Financial Services Centres Authority (Banking) Regulations, 2020
On November 11, 2020 International Financial Services Centres Authority (IFSCA) in a meeting has approved
the International Financial Services Centres Authority (Banking) Regulations, 2020.
Purpose– To lay down the rules for the various aspects of banking operations that will be acceptable at the
IFSC(International Financial Services Centres).
Points to be Noted
IFSC International Retail Business Development Committee headed by Pradip Shah, Chairman of Indasia Fund
Advisors Pvt Ltd. has presented its final report to IFSCA.
Aspects of International Financial Services Centres Authority (Banking) Regulations, 2020:
i.Lay down the requirements to establish IFSC Banking Units (IBUs)
ii.Permit Non-resident Indian(NRI- Person Residing Outside India)who have net worth of at least USD 1 Million, to
open foreign currency accounts in any freely convertible currency at IBUs
iii.Permit Indian residents, who have net worth at least USD 1 million to open foreign currency accounts in any freely
convertible currency at IBUs to undertake any permissible current account or capital account transaction or any
combination thereof under the Reserve Bank of India(RBI)’s Liberalised Remittance Scheme (LRS).
iv.Lay down permissible activities of IBUs including credit enhancement, credit insurance, and sale, purchasing
portfolios, engage in factoring and forfaiting of export receivables and undertake equipment leasing, including
aircraft leasing.
v.Permit the authority to determine business that a banking unit may be allowed to conduct transactions in
INR(Indian Rupee) with persons residing in India and persons residing outside India.
vi.This is subject to the settlement of the financial transaction related to such business in freely convertible foreign
currency.
Note- The regulations will be notified by the Government of India shortly.
What is Freely convertible currency?
It is a currency that does not have any government restrictions on currency exchange.It is also called as fully
convertible currency
IFSC International Retail Business Development Committee headed by Pradip Shah presented the final report
to IFSCA
IFSC International Retail Business Development Committee headed by Pradip Shah, Chairman of Indasia Fund
Advisors Pvt Ltd. has presented the final report to IFSC.
The report mainly focuses on Banking, capital markets and insurance.
• The Committee highlighted the chance for FinServ from India and taking India globally through IFSC.

Key recommendations for Banking
i.Permit retail participation including LRS investments by resident Indians and enable IFSC Banking Units (IBUs) to
provide banking products and solutions to retail/ individual clients.
ii.Permit IBUs to offer foreign currency (FCY) clearing services from the IFSC. For this purpose, a central clearing
mechanism should be set-up in the IFSC.
iii.Permit IBUs to open current account (including Escrow account) for all entities who wish to do so.
Key recommendations for Insurance
i.Permit NRIs/ Persons of Indian Origin (PIOs) to purchase Life Insurance policies for them and for their family
members who are in India and abroad from companies set up in the IFSC and allow them to pay premium in the
currency of their choice (including Indian rupees).
ii.IFSC need to emerge as a reinsurance hub for Asia and Africa with more encouraged reinsurers to establish a base
in IFSC. It can also emerge as an aviation insurance Hub for the world.
iii.Net Owned Funds (NOF) requirement can be reduced to INR 5 billion to encourage mid-sized foreign reinsurers to
set up base in the IFSC.
Key recommendations for Asset Management and Capital Markets:
i.Permit resident individuals to invest in Alternative Investment Funds (AIFs) or Mutual Funds (MFs) in the IFSC via
the LRS route & permit them to invest in companies listed on the IFSC exchanges via the LRS route.
ii.Allow wholly owned subsidiaries of banks to operate as Trading/ Clearing Members without setting up a separate
company.
iii.Develop a payment system for USD and other FCY settlements in the IFSC.Allow hybrid structures such as a
Variable Capital Company (VCC) for managing funds in the IFSC.
Note
2 interim reports that cover banking and insurance were earlier submitted by the committee. This final report
includes the recommendations on Capital Markets
About IFSC International Retail Business Development Committee:
IFSCA appointed the IFSC International Retail Business DevelopmentCommittee on August 3, 2020. It was given 3
months time to submit a report
Aim– To suggest ways to enhance International Retail Business in IFSC
i.On October 27, 2020, the International Financial Services Centres Authority (IFSCA) approved the International
Financial Services Centres Authority (Bullion Exchange) Regulations, 2020 and International Financial Services
Centres Authority (Global In-House Centres) Regulations, 2020 during a meeting chaired by Injeti Srinivas, Chairman
of IFSCA.
ii.In exercise of the powers conferred by clause (t) of sub-section (1) of section 196 read with section 240 of the
Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India has amended the
Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 by Insolvency and
Bankruptcy Board of India (Voluntary Liquidation Process) (Second Amendment) Regulations, 2020.
About International Financial Services Centres Authority (IFSCA):
It is a statutory unified regulatory body under the Department of Economic Affairs, Ministry of Finance, Government
of India.
Chairman– Injeti Srinivas
Headquarters– Gandhinagar, Gujarat
Established– April, 2020 through International Financial Services Centres Authority Bill, 2019
AGS Transact Tech and Utimaco Partners to provide Cyber-Defense Technology for Digital Payments in India
& South-east Asia
On November 11, 2020 AGS Transact Technologies Limited (AGSTTL) and Utimaco entered into partnership to
offer Cyber-Defense Technology, the highest level of security for digital payments and automation solutions to
organizations across sectors including banking, petroleum, retail etc. in India & South-east Asia.
Aim of the Partnership– To provide Cyber-Defense Technology to organizations across sectors.

About the Alliance:
i.Under this partnership, the companies will provide crypto-key security solutions to organizations across sectors.
ii.The cybersecurity solutions will be offered on the hosted model and on the sales model.
Key Info:
i.As per the Boston Consulting Group, the Banking Financial Services and Insurance industries firms are 300 times
more likely than other institutions to experience a cyberattack.
ii.The COVID-19 pandemic has added new dynamics to protect data and transactions.
iii.It is to be noted that one of the highest priorities of organisations across sectors is to protect sensitive information.
Info about the Companies:
i.Utimaco is a leading global provider of IT(Information Technology) security solutions.
ii.AGSTTL is one of India’s leading providers of end-to-end cash and digital payment solutions & automation
technology.
In order to create awareness on cyber safety among students, WhatsApp Inc.(WhatsApp) and CyberPeace Foundation
have entered into a partnership. The partnership targets to reach about 15,000 students in 5 Indian states namely,
Delhi, Madhya Pradesh, Bihar, Jharkhand and Maharashtra by the end of 2020 under the first phase of a pan-India
programme.
About Utimaco:
Headquarters- Aachen, Germany
CEO– Stefan Auerbach
About AGS Transact Technologies Limited (AGSTTL):
Founder, Chairman & Managing Director– Ravi B. Goyal
India’s GDP Growth to Contract by 8.9% for CY 2020:Forecast by Moody’s and Goldman Sachs
On November 12, 2020 As per Moody’s ‘Global Macro Outlook 2021-22: Nascent economic rebound takes hold
globally but will remain fragile’, India’s GDP(Gross Domestic Product) for the Calendar Year(CY) 2020 is revised
upwards to -8.9%(contract by 8.9) from -9.6% projected earlier. It also has revised the GDP for the CY 2021 upwards
to 8.6% from 8.1% projected earlier.
Goldman Sachs in its global economic analysis report titled ‘V(accine)-Shaped Recovery’, has projected India’s GDP
growth to contract by 8.9%(-8.9%) for CY 2020.
It has reiterated its projections of India’s GDP growth for CY 2021 and CY 2022 to be 10%and 7.2% respectively.
Other Key Projections of Moody’s :
i.G-20 economies are expected to contract by 3.8% in 2020, followed by 4.9% growth in 2021 and 3.8% growth in
2022.
ii.The test positivity rate of the COVID-19 pandemic has fallen below 5%in India and below 10%in South Africa.
iii.In 2019, the Indian economy has grown by 4.8%.
iv.Over the coming quarters, it forecasts a gradual improvement in economic activity.
v.The coronavirus is likely to become a less important macro factor in 2021 and 2022.
Projection of Goldman Sachs:
Goldman Sachs, in september 2020, had forecasted India’s 2021 CY growth at 9.9% and financial year 2021-22 at
15.7%
On October 13, 2020, International Monetary Fund (IMF) in its latest World Economic Outlook (WEO-October 2020),
titled “A Long and Difficult Ascent” projected India’s gross domestic product (GDP) to contract 10.3% (i.e.-10.3 %) in
comparison to June forecast of 4.5% amid COVID19. On the other hand for FY21-22 Indian economy is expecting a
rebound of 8.8% growth rate higher than the 6% forecast earlier.
About Goldman Sachs:
Chairman and Chief Executive Officer (CEO)– David Michael(M) Solomon
Headquarters– New York, United States (US)

About Moody’s:
Headquarters– NewYork, United States
President & CEO– Raymond W. McDaniel, Jr.
Nirmala Sitharaman Detailed ‘Aatmanirbhar’ Package 3.0 worth Rs 2,65,080 cr; 12 schemes Announced
Ahead of Diwali festival, Union Minister Nirmala Sitharaman, Ministry of Finance during a press conference has
announced the “Aatmanirbhar Package 3.0” covering following 12 schemes as a stimulus measure of additional Rs
2,65,080 crore to boost economic growth.
• It should be noted that as of November 12, 2020, the Central Government has provided an economic stimulus
of Rs 29,87,641 crore amid COVID-19.
1. Announcement of Aatmanirbhar Bharat Rozgar Yojana, EPFO Incentive for New Employees
Atmanirbhar Bharat Rozgar Yojana is a scheme applicable from October 1, 2020 to incentivise creation of new
employment opportunities during the Covid-19 recovery phase. This will benefit any new employee joining
employment in Employees’ Provident Fund Organisation (EPFO) registered establishments on monthly wages less
than Rs 15,000 per month. It will also benefit those who left their job between March 1 to September 30, 2020 and
are employed on or after October 1, 2020.
• In this regard, eligible establishments will get a subsidy for all new employees and the scheme will remain
operational till June 30, 2021.
Eligibility Criteria for Establishments:
Entities registered with EPFO added new employees as in September 2020.
Organisations, with up to 50 employees, added a minimum of two new employees.
Entity with more than 50 employees, added at least five employees.
Subsidy Support from Central Government :
–The organisations of up to 1000 employees would receive employee’s contribution (12% of wages) & employer’s
contributions (12% of wages), totalling 24% of wages, for two years.
–Employers with over 1,000 employees will get only employees’ EPF contribution of 12% from the central
government.
–The subsidy support will be credited upfront in Aadhar seeded EPFO account (UAN) of an eligible new employee.
About Employees’ Provident Fund Organisation (EPFO):
Central Provident Fund Commissioner– Sunil Barthwal
Headquarter– New Delhi
2. Extension of ECLGS 1.0 till March 31, 2021 from Oct 31, 2020; Launch of ECLGS 2.0
The Central government has extended the existing Emergency Credit Line Guarantee Scheme (ECLGS 1.0) for
MSMEs (Micro, Small & Medium Enterprises), businesses, MUDRA (Micro Units Development and Refinance
Agency) borrowers and individuals (loans for business purposes) by 5 months i.e. till March 31, 2021 from
October 31, 2020. It is a fully guaranteed and non-collateral fund based-working capital term loan.
About ECLGS 1.0:
• Launched in May 2020, as a part of Rs 20 lakh crore comprehensive package, ECLGS 1.0 provided additional
credit up to 20% of outstanding loans as on February 29, 2020 for entities with outstanding credit of up to Rs
50 crore as on Feb 29, 2020, and annual turnover up to Rs 250 crore, which were up to 60 days past due as on
February 29, 2020.
• It had a 1-year moratorium period and a 4-year repayment period.
Launch of ECLGS 2.0:
Under Aatmanirbhar Package 3.0, Government has launched a ECLGS 2.0 for 26 stressed sectors as identified by the
Kamath Committee, plus health care sector with credit outstanding of above Rs. 50 crore and up to Rs 500 Crore as on
February 29, 2020. It will be available till March 31, 2021.
• This will help the entities to sustain employment and meet liabilities. It will also benefit MSME sector which
provides goods and services to eligible entities,
• Entities upto 30 days past due as of February 29, 2020, will get an additional credit upto 20% of outstanding.
• It had a 1-year moratorium period and a 5-year repayment period.

3. Rs 1,45980 cr boost to Atmanirbhar manufacturing by PLI for 10 Key Sectors
The package 3.0 also includes a Production Linked Incentive (PLI) scheme worth up to Rs 1,45980 crore for 10 key
sectors which was recently approved by the Union Cabinet. This will attract investments, boost manufacturing and
enhance exports on the lines of the Atmanirbhar Bharat. Read Cabinet approves PLI Scheme worth Rs 1,45980 cr
to 10 key Sectors for Enhancing
4. Rs 18,000 crore additional fund for PMAY-Urban
The Finance Ministry announced Rs. 18,000 crore additional outlay for Prime Minister Awaas Yojana – Urban
(PMAY-U). This is over and above the Rs. 8,000 crore announced in the Budget. This decision has been taken to
help 12 lakh houses to be grounded and 18 lakh houses can be completed.
• Also, there will be a multiplying effect as additional jobs of 78 lakh will be created, besides increasing the
demand of cement and steel.
• Click Here to Read about PMAY
5. Govt relaxed rules on EMD and Performance Security on Contracts
In a bid to boost construction and infrastructure development projects, the Central government relaxed the
regulations on earnest money deposit (EMD) and performance security on government tenders under General
Financial Rules till December 31, 2021.
• In this regard Performance security on contracts reduced to 3 % from 5-10%.
• Also, EMD will not be required for tenders and will be replaced by Bid Security Declaration.
• This measure would give relief to contractors by avoiding locking up of capital and the cost of bank guarantees.
6. Income tax relief for home buyers, developers to boost real estate demand
The Central Government has decided to increase the differential between circle rate & agreement value from 10%
to 20% (under section 43CA of the Income Tax-IT Act) till June 30, 2021 for only primary sale of residential units
of value up to Rs 2 crores.
• A relief up to 20% will also be allowed to buyers of these units under section 56(2)(x) of IT Act for the same
period.
• This will reduce the difficulties faced by both home-buyers and developers and help in clearing the unsold
inventory.
7. Govt infuses Rs 6,000 cr in NIIF debt platform to increase infra funding
In a bid to provide proper funding to infrastructure projects, the government decided to infuse Rs 6,000 crore
equity in National Investment and Infrastructure Fund (NIIF) debt platform i.e. NIIF Strategic Opportunities Fund.
With this, the debt platform is expected to raise enough resources to extend debt support of Rs 1,10,000 crore to
projects by 2025.
• The NIIF Strategic Opportunities Fund has set up a Debt Platform comprising an NBFC Infra Debt Fund and an
NBFC Infra Finance Company. The Platform has a Loan book – Rs 8000 crore and a deal pipeline of Rs 10,000
crore.
8. FM announces Rs 65,000-cr fertilizer subsidy for farmers
The Finance Ministry is providing Rs 65,000 crore for subsidized fertilizers to ensure adequate and timely
availability of fertilizers to 140 million farmers. This decision has been taken as there is an estimated increase in
fertilizer usage of 17.8% over the actual usage in 2019-20 of 571 lakh metric tonnes.
• This increase is due to favourable monsoons and the resultant increase in sown area.
• Fertiliser consumption which was 499 lakh MT (Metric Ton) in 2016-17 is expected to increase to 673 lakh MT
in 2020-21.
9. Additional funding of Rs 10,000 crore to boost rural employment
An additional outlay of Rs 10,000 crores will be provided for Pradhan Mantri Garib Kalyan Rozgar Yojana
(PMGKRY) in the current financial year (FY21) to boost rural employment. Prime Minister Garib Kalyan Rozgar
Yojana is also in progress in 116 districts. Rs 37,543 crores spent till date.
As on date, Rs 73,504 crore has been released under MGNREGA and 251 crore person-days of employment have
been generated.Rs.40,000 crore was additionally provided in Atma Nirbhar Bharat 1.0.

About PMGKRY:
The scheme focuses on migrant labourers who returned to their native places, was created integrating MNREGA
(Mahatma Gandhi National Rural Employment Guarantee Act) and Grameen Sadak Yojana to provide livelihood
opportunities in areas/ villages witnessing large number of returnee migrant workers amid COVID-19.
10. Finance Ministry released Rs 3,000 cr to EXIM Bank for LoC under IDEAS
The Ministry of Finance has provided Rs 3,000 crore EXIM (Export Import) Bank for promotion of project exports
through Lines of Credit (LoC) under the Indian Development and Economic Assistance Scheme
(IDEAS) Scheme.
• It should be noted that Exim Bank extends LOC on behalf of the Government of India (GoI), as assistance to
developing countries under IDEAS scheme.
• The scheme covers Asian countries (excluding Bangladesh, Nepal, Bhutan), Africa, Commonwealth of
Independent States (CIS) region and Latin American region.
About EXIM Bank:
Managing Director (MD)– David Rasquinha
11. Rs 10,200 cr additional funds provided towards Capital and Industrial expenditure
Rs 10,200 crore are additionally provided by the Government as stimulus towards capital and Industrial
expenditure including Domestic defence equipment, Industrial incentives, Industrial infrastructure, and Green
energy.
12. FinMin announced Rs 900 crore grant for COVID-19 vaccine research
A grant of Rs 900 crore provided to the Department of Biotechnology for Covid Suraksha Mission for research and
development of the Indian Covid-19 vaccine. This is exclusive from the actual cost of vaccine and logistics purposes.
Recently Government of India launched ‘Mission COVID Suraksha’ with a corpus of Rs 3,000 crore to accelerate the
development and manufacture of safe and effective COVID-19 vaccines in the country
Summary of Stimulus Measures Announced Till Date (November 12, 2020)
Sr. No. Stimulus Amount (Rs. Crore)
1 Pradhan Mantri Garib Kalyan Package (May, 2020) 1,92,800
2 Atmanirbhar Bharat Abhiyaan 1.0 11,02,650
3 PMGKP Anna Yojana – extension of 5 months from Jul – Nov 82,911
4 Atmanirbhar Bharat Abhiyaan 2.0 (October, 2020) 73,000
5 Atmanirbhar Bharat Abhiyaan 3.0 (November, 2020) 2,65,080
6 Reserve Bank of India (RBI) measures announced till 31st Oct 2020 12,71,200
Total 29,87,641
Additional Expenditure for Schemes including Capital
Sector Capital (in Rs)
Housing for All – PMAY-U Rs. 18,000 crores
Boost for Rural Employment Rs.10,000 crores
R&D Grant for Covid Suraksha – Indian vaccine development Rs. 900 crores
Industrial Infrastructure, Industrial Incentives and Domestic Defence Equipment Rs.10,200 crores
Boost for Project Exports – Support for EXIM Bank Rs.3,000 crores
Boost for Atmnanirbhar Manufacturing – Production Linked Incentives Rs 1,45,980 crores
Support for Agriculture – Fertiliser Subsidy Rs. 65,000 crores
Boost for Infrastructure – equity infusion in NIIF Debt PF Rs 6000 crores
Atmanirbhar Bharat Rozgar Yojana (overall Rs 36,000 cr) Rs 6000 crores
Total Rs 2,65,080 crores

i.On October 5, 2020 the 42nd GST Council meeting was held video conferencing from New Delhi under the
chairmanship of Nirmala Sitharaman where it was decided that this year’s compensation cess collected amounting to
Rs 20,000 crore will be disbursed to the states.
ii.On September 9, 2020, Nirmala Sitharaman virtually inaugurated Doorstep Banking Services by Public Sector
Banks (PSBs) and participated in the online awards ceremony to felicitate best performing banks on EASE Banking
Reforms Index for FY19-20.
About National Investment and Infrastructure Fund (NIIF):
Managing Director & Chief Executive Officer – Sujoy Bose
Head Quarter – Mumbai, Maharashtra.
IREDA Sanctioned Loans worth Rs 12,696cr in 2019-20

The Indian Renewable Energy Development Agency Ltd (IREDA) had sanctioned loans worth Rs 12,696 crore in
2019-20 and has disbursed Rs 8,785 crore, supporting capacity addition of 5,673 MW (Mega Watt) during 2019-20.
This was announced during the 33rd Annual General Meeting (AGM) of IREDA on November 11, 2020 where the
annual accounts for the financial year 2019-20 were adopted.
• The gross income of the company increased to Rs 2,372.38 crore, a growth of 17.32%.
• It should be noted that India’s Green Energy sector is expected to get a further boost with various policy
initiatives of the government, such as Pradhan Mantri Kisan Urja Suraksha even Utthan Mahabhiyan (PM-
KUSUM) scheme, Solar & Wind hybrid technologies, Biofuels such as Ethanol and Compressed BioGas (CBG), E-
mobility and associated infrastructure, Off-shore Wind energy, Solar Roof-top programme etc.
About Indian Renewable Energy Development Agency Ltd (IREDA):
It is a Public Sector Undertaking (PSU) under the Ministry of New & Renewable Energy (MNRE).
Chairman and Managing Director (CMD)– Pradip Kumar Das
India, Nepal Launch construction of 3rd Integrated Check Post to boost Trade
On 12th November, 2020, India and Nepal launched the construction of 3rd Integrated Check Post (ICP)
at Nepalgunj, Nepal which will bring customs and immigration facilities under one roof to smoothen cross-border
movement of cargo trucks.The Portion on Indian side will be built at Rupaidiha (Uttar Pradesh).
It is being constructed at a cost of INR 147.12 Crores(Nepalese Rupee ~NRs2354).The facility will be built on about
61.5 hectares of land.
Nepalgunj & Rupaidiha:
i.The portion of ICP on Nepalese side will be built at Nepalgunj by Rajdeep Buildcon Pvt Ltd, a Pune-based company
under the supervision of state-run RITES (Rail India Technical and Economic Service) Ltd. The construction period is
2 years.
ii.The Portion on Indian side will be built at Rupaidiha (Uttar Pradesh) by the Lands Ports Authority of India,
works have already commenced in May, 2020 and 10 % of construction works have been completed.
Participants:
Piyush Goyal, Minister for Commerce and Industry, India and Krishna Gopal Shrestha, Nepali Minister for Urban
Development, Indian Ambassador to Nepal Vinay Mohan Kwatra, Rambir Manandhar, Minister of State for Urban
Development, Nepal were present during the ceremony to mark the begin the construction of ICP.
Key Points:
i.India will build ICP on both Indian and Nepal sides of the Border.
ii.The ICP will have facilities such as warehousing, refrigerated cargo facilities, medical, plant and
animal quarantine areas, and amenities for drivers and passengers.
iii.It will be equipped with security features such as CCTV cameras, round the clock power backup and wastewater
treatment facilities.
iv.ICP will boost connectivity, promote mutual beneficial trade and enhance people-to-people ties.

Future Plan:
Piyush Goyal also announced that India will take up the construction of a fourth ICP at Bhairahawa in Nepal under
Indian funding.It should be noted that, India has ICP on the India-Nepal border at Birgunj and Biratnagar, which were
operationalised in April 2018 and January 2020.
Note: –
Indian has built ICPS on the borders with neighbours such as Bangladesh and Pakistan.
i.On 18th September, 2020 Konkan Railways (operated by Konkan Railway Corporation) handed over two modern
Diesel-Electric Multiple Unit (DMUC) trains to Nepal Railways for the Jaynagar-Kurta Broad Gauge Line.
About Nepal:
Prime Minister – K. P. Sharma Oli
Currency – Nepalese Rupee (NPR)
Capital – Kathmandu
India’s Renewable Energy Sector to see the Largest Growth after COVID-19:IEA
According to the International Energy Agency’s (IEA) report, Renewables 2020 – Analysis and Forecast to 2025,
India’s Renewable Energy sector will see the largest growth after COVID-19. India will double its green energy
capacity addition in 2021 compared to 2020 levels.
Driven by China and the United States, new additions of renewable power capacity worldwide are expected to a
record level of almost 200 Gigawatts (GW) in 2020.
Highlights of the report:
i.The report has predicted a decline in Global renewable capacity addition in 2022 due to expiry of incentives and
policy uncertainties.
ii.The Renewable capacity additions are on track for a record expansion of nearly 10% in 2021.
iii.Total Installed Wind and Solar PV capacity will surpass natural gas in 2023 and coal in 2024. Solar PV accounts
for 60% of all renewable capacity additions through 2025, and wind provides another 30%.
iv.Renewable will overtake coal to become the largest source of electricity generation worldwide in 2025 (one-third
of world’s electricity supply). Hydropower will be the largest source of renewable electricity worldwide, followed
by wind and solar PV.
v.Global transport biofuel production in 2020 is expected to decline by 12%, which is the first reduction in annual
production in two decades.
Key Points about India:
India has auctioned 8.2 GW of new PV capacity by September, 2020 despite the disruptions caused by COVID-19.
India’s wind and solar market
i.India’s wind capacity additions are expected to drop 60 % in 2020 compared to 2019 (Fall of 1 Gigawatt).
ii.India’s solar PV (Photovoltaic) capacity additions are projected to be a third lower in 2020 than in 2019.
iii.As the delayed and new projects will become operational post COVID-19, a rebound in PV deployment is expected
for 2021 & 2022 with capacity additions exceeding the 2019 levels.
Distribution Utility Woes:
i.Financial instability due to COVID-19 has led to Distribution utility woes in India.
ii.The report highlights that New renewable energy plants managed by utilities with low credit rating will face
greater obstacles than those managed by healthier utilities.
iii.From January to June 2020, total overdue payments owed by utilities rose 28% for all electricity Generators and 10
% for renewable electricity plants.
iv.Government of India’s Ujjwal DISCOM (Distribution Companies of India) Assurance Yojana (UDAY) which was
introduced in 2015 to improve the financial health of utilities has only been partially successful.
Innovations
i.Innovations such as wind-solar-storage hybrid auctions have made renewables more competitive.
ii.The report also highlighted that the issues of transmission grid bottlenecks and land acquisition are being
addressed through Green Energy Corridor and Solar Parks.

i.On January 10,2020 the International Energy Agency (IEA) in partnership with NITI Aayog has released the first in-
depth review of India’s energy policies 2020 in New Delhi.
ii.May 7, 2020, In accordance with the International Energy Agency (IEA), “Global Energy Review 2020-The impacts
of the COVID-19 crisis on global energy demand and CO2 emissions” India’s energy demand has faced a 30% decrease
due to 40 days’ lockdown to contain COVID-19.
About International Energy Agency:
Executive Director – Dr Fatih Birol
Headquarters – Paris, France
RBI to Evaluate Impact of ‘RBI Kehta Hai’ Campaign

The Reserve Bank is all set to evaluate the impact of multi-media public awareness campaign ‘RBI Kehta Hai’, which
was launched in 14 languages to educate public about good practices, regulations and initiatives in banking and
financial sector
• In this regard, RBI has invited Expression of Interest (EoI) from eligible companies and other entities which
have successfully completed at least five similar projects.
• ‘RBI Kehta Hai’ was the first even 360 degree campaign initiated by the central bank using all mass media,
including media such as television, radio, newspapers, hoardings, web banners, gifs, social media and SMS.
Deputy Governors– 4 (Bibhu Prasad Kanungo, Mahesh Kumar Jain, Michael Debabrata Patra, and M. Rajeshwar Rao).
IRDAI gives Final Approval for Merger of HDFC ERGO Health with HDFC ERGO General Insurance
On November 11, 2020 Insurance Regulatory and Development Authority of India(IRDAI) gave its final approval for
the merger of HDFC ERGO Health Insurance (formerly Apollo Munich Health Insurance Co Ltd) with HDFC ERGO
General Insurance Co Ltd (HDFC ERGO). The National Company Law Tribunal(NCLT) has sanctioned the scheme of
amalgamation between HDFC ERGO Health and HDFC ERGO General on september 30, 2020.
• After the merger, the new entity will be the second-largest private insurer in the health and accident segment
in India.
Note– HDFC ERGO general and HDFC ERGO health are the subsidiary of HDFC Ltd.
Key Info about the Amalgamation
i.As per the scheme of amalgamation through a share swap deal, HDFC ERGO Health will be dissolved without
winding up.
ii.HDFC ERGO and HDFC ERGO Health…approved the share exchange ratio of 100:385 that is for every 385 shares of
Rs 10 each held in HDFC ERGO Health as on the record date, 100 shares of Rs 10 each of HDFC ERGO would be
allocated.
iii.HDFC will hold 50.58% stake in HDFC ERGO, after the completion of the merger.
Additional Info
• Before this, HDFC ERGO acquired a majority shareholding(51.2%) in Apollo Munich Health Insurance Co Ltd.
• After this, Apollo Munich Health Insurance Co has been renamed as HDFC ERGO Health Insurance (HDFC ERGO
Health) and will operate as a subsidiary of HDFC.
On May 22, 2020 Insurance Regulatory and Development Authority of India(IRDAI) has approved the proposal of the
state owned lender Union Bank of India-UBI(which holds 25.1% stake in Star Union Dai-Chi Life) to continue with its
30% holding in IndiaFirst Life Insurance.
About Insurance Regulatory and Development Authority of India (IRDAI):
Chairman – Subhash Chandra(C) Khuntia
Headquarters – Hyderabad, Telangana

SBM Bank India Partnered with PayNearby to Launch a Neo Banking Platform
SBM Bank (India) Limited (SBM Bank India), the wholly-owned subsidiary of State Bank of Mauritius has partnered
with Fintech PayNearby to launch a neo banking platform.
The bank is also looking at collaborative banking in other segments and where companies may have access to a large
number of customers but does not have a banking license.
Note- In order to reach out to customers, SBM bank is focusing on Technology.
Key Info
i.SBM Bank focuses on to provide top of the line services to the wealthy and growing affluent in India and their
counterparts will be NRIs(Non-Resident Indians) with relations in India.
Points to be Noted
SBM Bank India was the 1st foreign bank in India to obtain a banking licence from the Reserve Bank of India(RBI) to
operate as a Wholly Owned Subsidiary in January 2019.
Other tie ups between SBM Bank and PayNearby:
i.SBM Bank India in partnership with PayNearby launched Nivesh, a unique Goal Based Recurring Deposit Platform,
powered by SBM Bank India.
ii.It is available across the PayNearby outlets, thus solves the problem of accessibility to the customer.
iii.The bank has signed an Memorandum of Understanding with PayNearby to open a banking” network to deliver
basic solutions and advanced financial services, to their customers.
India’s first Neo Banks
• Chqbook(Chqbook.com) is the India’s first Neobank for small business owners like kiranas, merchants,
chemists, and others running proprietorships
• FamPay is India’s first Neobank for teenagers
Gist about Neo bank:
General Info
i.Neo bank is a type of bank that operates exclusively online, i.e., it does not have any traditional physical branch
networks.
ii.Neo banks are cheaper, faster. In one single platform, the neo bank can integrate the entire financial portfolio.
iii.It offers complete digital banking experience through mobile applications.
Other Names
It is also known as an online bank, internet-only bank, virtual bank or digital bank
On October 15, 2020 Stellapps, an IIT(Indian Institute of Technology) Madras incubated dairy-tech startup and World
Economic Forum(WEF)’s technology pioneer launched ‘mooPay’ in Bhilwara district of Rajasthan. The first- of-its-
kind fully automated direct payment platform is for dairy farmers in Rajasthan. This platform is one of the Fintech
solutions developed by Stellapps for dairy and dairy farmers.
About SBM Bank (India) Limited (SBM Bank India):
Managing Director(MD) and Chief executive Officer(CEO)– Sidharth Rath
Commenced Operations– 1st December 2018
About Nearby Technologies Pvt. Ltd
PayNearby belongs to Nearby Technologies Pvt. Ltd
Founder, MD& CEO– Anand Kumar Bajaj
Stashfin Partners with Visa to Launch Co-branded Prepaid Cards with Credit Lines
On November 16, 2020 Stashfin has partnered with Visa to launch co-branded prepaid cards with credit lines. The
credit line card can be used at physical merchant locations and ATMs(Automated Teller Machines) as well as in Visa-
accepted online modes.
Targeted Customer– Millennials who are just beginning their careers or are still in the early stages and prefer not to
deal with hindrances of borrowing from a traditional banking institution.

Key Info
i.With this launch, Stashfin aims to tap into customers looking for festive shopping discounts, helping them convert
their purchases into easy EMIs(Equated Monthly Installments) using their credit line cards.
ii.Stashfin will extend Visa’s commercial offers available on the cards to increase the product offerings to its users.
About Co-branded Prepaid Cards
i.The pay as you go card act as a personal overdraft facility, that allows customers to take loans with amounts ranging
from Rs 25,000 to Rs 3 lakh, depending on their credit profile.
ii.On the credit line card, customers need to repay the loan within 12-18 months, unlike credit cards, that allows them
to be financially disciplined
On October 19, 2020 Paytm in partnership with various credit card issuers will introduce 2 million co-branded credit
cards for consumers in India in the next 12–18 months.
About Stashfin:
Founder and CEO– Tushar Aggarwal
About Visa
Finance Ministry allocated Rs 39,097 cr for MEIS benefits for 2019-20; Rs 15,555 crore for Apr-Dec 2020
In accordance with the notification by Central Board of Indirect Taxes and Customs (CBIC) under Department of
Revenue, the Finance Ministry has approved the allocation of Rs 39,097 crore under the Merchandise Exports from
India Scheme (MEIS) for the exports made during FY 2019-20. It also approved an allocation of Rs 15,555 crore for
MEIS benefits for exports made during the period April 1, 2020 to December 31, 2020
• Notably, these allocations are strictly utilized for issuance of duty scrips only for exports made during the
respective periods, i.e. Rs 39,097 crore for 2019-20, Rs 10,555 crore for the period April 1, 2020 to August 31,
2020 and Rs 5,000 crore for the period September 1, 2020 to December 31, 2020.
• Director General of Foreign Trade (DGFT) is requested to issue MEIS scrips up to a total value of ₹16,000 crore
in FY 2020-21. Issuance of remaining scrips may be spread over the subsequent financial years through an
appropriate mechanism.
About Merchandise Exports from India Scheme (MEIS):
Introduced in April 2015, MEIS under Foreign Trade Policy of India (FTP 2015-20) is one of the two schemes
introduced as a part of Exports from India Scheme. The other scheme is Service Exports from India Scheme (SEIS).
• MEIS provides incentive in the form of duty credit scrip to the exporter to compensate for his loss on payment
of duties. The incentive is paid as a percentage of the realized FOB (Free on Board) value for notified goods
going to notified markets.
• The MEIS will be wound up by December 31, 2020 and will be replaced by the Remission of Duty or Taxes
on Export Products (RoDTEP) scheme under which the remission of embedded taxes and other levies on
exports shall be allowed.
Duty Credit Scrip: It is issued by the Director General of Foreign Trade (DGFT) and can be used to pay various
duties/taxes to the Central Govt. Its aim is to incentivize exporters so that they boost the inflow of foreign exchange
to India.
i.The Cabinet has permitted Abu Dhabi National Oil Company (ADNOC) to export crude oil it has stored in
Indian strategic reserve i.e. Mangalore strategic storage and also lowered the quantity of crude oil required in the
emergency stockpile in a bid to make it commercially more attractive for the foreign investor.
ii.Amid COVID-19, there is contraction in external demand. So, in order to provide flexibility to exporters and to
empower them to negotiate better terms with overseas buyers the Monetary Policy Committee (MPC) has decided to
discontinue the system-based automatic caution-listing of exporters.

About Ministry of Finance:
Union Minister– Nirmala Sitharaman
Minister of State (MoS)– Anurag Singh Thakur
About Department of Revenue:
It exercises control in respect of matters relating to all the Direct and Indirect Union Taxes through two statutory
Boards namely, the Central Board of Direct Taxes (CBDT) and the CBIC.
Revenue Secretary– Ajay Bhushan Pandey
DIPAM Inked Agreement with WB for Advisory Services on Asset Monetization

On November 16, 2020, Department of Investment and Public Asset Management (DIPAM), which handles
government’s disinvestment programme, signed an agreement with the World Bank (WB) under which the latter
provides advisory services to DIPAM for asset monetization. This was approved by Finance Minister Nirmala
Sitharaman.
Aim of Agreement: To analyze public asset monetization in India and benchmarking DIPAM’s institutional and
business models against international best practices as well as supporting development and implementation of
operational guidelines.
Key Points:
–DIPAM is mandated with facilitating monetization of non-core assets of government CPSEs under strategic
disinvestment or closure and enemy property of value of INR 100 crores and above.
–This project would facilitate and accelerate the non-core asset monetization process and help unlock the value of
these unused/ marginally used assets for further investments and growth.
–The amount raised through the sale of non-core assets would form part of the disinvestment proceeds.
–The government has set a target of raising Rs 2.10 lakh crore from disinvestment in FY21. Of this, Rs 1.20 lakh crore
is to be raised through Central Public Sector Enterprises (CPSEs) disinvestment.
DIPM listed four categories of assets where its framework will be applicable.
• These include identified non-core assets of CPSEs under strategic disinvestment; immovable enemy property
under the custody of a custodian; assets of other CPSEs/PSUs/other government organizations with the
approval of the competent authority; and sick/loss making CPSEs under closure (optional).
i.World Bank sanctions Rs 3 crore(approximately) for Goa to develop India’s first sand dune parks as the former has
approved a proposal drafted by the Goa state biodiversity board for the same.
ii.On September 7, 2020 The State Government of Himachal Pradesh (HP) and World Bank signed a $82 million
(approximately Rs. 600 Crores) loan deal to strengthen its transport and road safety institutions by improving the
condition, safety, resilience, and engineering standards of the state’s road network.
About Department of Investment and Public Asset Management (DIPAM):
Secretary– Tuhin Kanta Pandey
About World Bank (WB):
President– David Robert Malpass
Headquarters– Washington, D.C., United States (US)
Members– 189 Countries
Equitas Small Finance Bank Launches ‘Eva’, a Unique Women Savings Account; Smriti Mandhana, Appointed
as Brand Ambassador
On November 16, 2020 Equitas Small Finance Bank Limited(ESFBL) launched ‘Eva’, a unique savings account for
Indian women. The product addresses the wellbeing of women in every aspect such as Health, Wealth and
Prosperity. The Product that is aimed at women is based on the concept of Relationship Value.
Smriti Mandhana, Indian Woman cricketer has been appointed as the new brand ambassador of ESFBL.

Gist about ‘Eva’
Interest Rate, PF Waiver & Discounts
It offers an interest rate of 7% in savings account. It also offers PF waiver, discounted gold rates and 25-50%
discounts on lockers.
Free Health Check-up and Unlimited Teleconsultation
It offers Free Health Check-up and unlimited teleconsultation with women doctors, gynecologists and mental health
experts.
Availability
It is available for all women namely, salaried/homemakers/businesswomen/senior citizens/transwomen and Non-
resident women.
Smriti Mandhana Appointed as New Brand Ambassador of Equitas Small Finance Bank
Smriti Mandhana becomes the new brand ambassador of Equitas Small Finance Bank
She will feature in promoting ‘Eva’ across all media platforms shortly.
About Smriti Mandhana
i.Smriti Mandhana is the only Indian player to be named in the ICC Women’s Team of the Year 2016.
ii.She became the first player from India to play in England’s Kia Super T20 League(July 2018).
iii.The Board of Control for Cricket in India (BCCI) named her as the Best Women’s International Cricketer in June
2018.
iv.The International Cricket Council (ICC) awarded her the Rachael Heyhoe-Flint Award for the best female cricketer
of the year(2018).
v.She won Sportswoman of the Year-2020 (Cricket) in the 2nd edition of Sportstar Aces Awards 2020.
List of other brands appointed her in 2020:
Playerzpot, India’s leading sports gaming platforms signed her and Bhuvneshwar Kumar, Indian international
cricketer as their brand ambassadors on September 8, 2020.
Key Info about ESFBL:
i.It was originally incorporated as ‘V.A.P. Finance Private Limited’ on June 21, 1993.
ii,The bank was converted into a small finance bank (SFB) and commenced its operations on September 5, 2016.
iii.It is the 1st Private Sector Bank from Tamil Nadu to commence operations post Indian Independence.
iv.As per the CRISIL report, ESFBL is the largest small finance bank in India in terms of number of banking outlets as
of March 31, 2019.
On August 15, 2020 Fino Payments Bank Limited(Ltd) launched Jan Bachat Khata (JBK), an Aadhaar authentication
based digital savings account for its customers. JBK will bring neo-banking experience to the consumers. The primary
target segment is low income household families and direct benefit transfer (DBT) beneficiaries.
About Equitas Small Finance Bank Limited(ESFBL):
MD and CEO– Vasudevan Pathangi Narasimhan (P N)
Headquarters– Chennai, Tamil Nadu
Commenced the business of SFB– September 5, 2016
Tagline– It’s Fun Banking
HDFC Bank launches ‘Mooh Band Rakho’ campaign to Increase Awareness on Cyber Frauds
On November 17, 2020 HDFC Bank launched a campaign, ‘Mooh Band Rakho’ to increase awareness on cyber
frauds and ways to prevent them. The campaign supports the International Fraud Awareness Week 2020(November
15 – 21), a global movement to reduce the impact of fraud.
Purpose of the campaign– To protect individuals from cyber frauds.
Need of the Campaign– Due to COVID-19 pandemic, more individuals use online banking service in order to avoid
physical contact.
Key People
The campaign was launched by Retd. Lt General Dr Rajesh Pant, National Cyber Security Coordinator, Government of
India and Mr Jimmy Tata, Chief Risk Officer, HDFC Bank in a virtual event.

Note
• The bank for the 2nd year participates in the International Fraud Awareness Week.
• In the next 4 months, the bank will conduct 1,000 workshops across the country.
Key Info
i.‘Mooh Band Rakho’ campaign will talk about the steps to be followed like not to share the card details, CVV(Card
Verification Value), Expiry Date, OTP(One Time Password) NetBanking/ MobileBanking Login ID & Password over
Phone, SMS, email and social media.
ii.This helps the general public to keep their money safe.
About ‘Mooh Band Rakho’ campaign
i.HDFC Bank initially launched the ‘Mooh Band Rakho’ campaign to fight COVID 19.
ii.It has now extended to fighting cyber fraud.
On August 3, 2020, Chief Minister of Andhra Pradesh, Y. S. Jaganmohan Reddy launched a one-month long virtual
cybercrime awareness programme ‘E-Raksha Bandhan’ in Amaravati.
About HDFC Bank:
RBI Published 1st ever ‘nowcast’; India is in 1st historic technical recession
In accordance with the Reserve Bank of India’s (RBI) first ever estimation based on high-frequency data namely
“nowcast”, India’s Gross domestic product (GDP) contracted 8.6% in the quarter ended September 2020 i.e. Q2FY21.
Nowcast is prepared by a team of economists including Michael Debabrata Patra, RBI’s deputy governor.
• As per it, India also has entered a technical recession in the first half of FY21 for the first time in its history as
the economy had slumped about 24% in Q1FY21 due to the COVID-19 pandemic.
• A recession is a period of declining economic performance that lasts for several months. It is defined as two
successive quarters of decline.
• The government will publish official statistics on November 27, 2020.
Key Points:
–Preliminary estimates show an increase in household financial savings to 21.4 % of GDP in Q1: 2020-21 from 7.9%
in Q1 and 10.0% in Q4: 2019-20.
–The team of authors used cost cuts at companies that boosted operating profits even at low sales and range of
indicators from vehicle sales.
–They also highlighted risks to global growth from a second wave of coronavirus infections.
–Retail inflation rises to 7.61% in October from 7.27% in September, 2020
In accordance with the government data, the Consumer Price Index (CPI) rises to 7.61% in October 2020 as
compared to 7.27% in the previous month of September, 2020. It was 4.62 % in October 2019. On the other
hand, Consumer Food Price Index (CFPI) rose to 11.07% in October, 2020 up from 10.68 % in September, 2020.
• The rise in general inflation was mainly on account of elevated food prices due to disruption from the COVID-
19 and excessive rainfall in states such as Maharashtra, Karnataka and Andhra Pradesh (AP) which have
damaged and delayed the harvesting of onions and other vegetables.
• On September 29, 2020, the Reserve Bank of India (RBI) deferred implementation of provisions made under
Basel III capital due to uncertainty related to Covid crisis. In this regard, RBI will repel the final tranche of the
capital conservation buffer (CCB) and the implementation of net stable funding ratio (NSFR) by six months i.e.
April 1, 2021.
• RBI also extended the enhanced borrowing facility provided to banks under the marginal standing facility
(MSF) scheme by six months till March 31, 2021. It was initially available up to June 30, 2020 and was later
extended up to September 30, 2020 due to economic disruptions amid COVID-19.

Rohit Sharma Signed with Financepeer as Its Brand Ambassador

Rohit Sharma, India’s leading cricketer, signed with Financepeer, Google incubated education fee financing company,
as its brand ambassador. Rohit Sharma will be supporting Financepeer to transform the education sector and
introduce innovation across the various segments of education.
• This collaboration between Rohit Sharma and Financepeer will increase the reach of edtech and Fintech
platforms of Financepeer among the Indian parents and schools.
• As a part of this collaboration, Rohit Sharma will participate in the digital activities of Financepeer.
About Financepeer:
i.Financepeer is the forerunner in the Educational fee financing segment in India, which aims to enable quality
education accessible and affordable to all.
ii.The business model of Financepeer ensures seamless access to education and operations of schools.
Financepeer offers fee financing solutions, insurance cover and digital learning platforms, and provides a complete
educational requirement of parents and students.
About Rohit Sharma:
i.Rohit Sharma (33 years old) holds the world record for highest individual score by a batsman playing in a one-day
international(ODI) match, scoring 264 against Sri Lanka at Eden Gardens, Kolkata, on 13 November 2014.
ii.He is one of the all-time top run scorers in the Indian Premier League after Suresh Raina and Virat Kohli.
iii.He is the only man to score 3 double centuries in ODI.
RBI Appoints Senapathy (Kris) Gopalakrishnan, as the 1st Chairperson of Reserve Bank Innovation Hub
On November 17, 2020 Reserve Bank of India(RBI) appointed Senapathy (Kris) Gopalakrishnan, co-founder, and
former co-Chairman, Infosys as the 1st chairperson of Reserve Bank Innovation Hub(RBIH). He is currently the
Chief Mentor of Start-up Village, an incubation hub for start-ups.
Note:RBIH will be guided and managed by a Governing Council (GC) led by a Chairperson.
Members:
• The governing council has also 9 other members.
• 9 members of the governing council are, Chief Executive Officer – To be appointed;Prof. Ashok Jhunjhunwala,
Institute Professor, IIT, Madras; Prof. H. Krishnamurthy, Principal Research Scientist, IISc., Bengaluru ;Shri
Gopal Srinivasan, CMD, TVS Capital Funds ;Shri A.P. Hota, Former CEO, National Payments Corporation of
India; Shri Mrutyunjay Mahapatra, Former CMD, Syndicate Bank ;Shri T. Rabi Sankar, Executive Director, RBI
(ex-officio) ;Shri Deepak Kumar, CGM, Department of Information Technology, RBI (ex-officio); Smt. K. Nikhila,
Director, Institute for Development & Research in Banking Technology, Hyderabad (ex-officio).
Gist about Reserve Bank Innovation Hub(RBIH):
On August 6, 2020 RBI in its Monetary Policy Statement on Development and Regulatory Policies announced that RBI
will set up a RBIH.
Aim- To promote innovation across the financial sector by leveraging the technology and creating an environment
that facilitates and fosters innovation.
Highlights
i.RBIH will create an ecosystem that focuses on promoting access to financial services and products. This will also
promote financial inclusion.
ii.It will collaborate with financial sector institutions, technology industry and academic institutions and coordinate
efforts to exchange ideas and develop prototypes in relation to financial innovations.
iii.In order to promote fintech research and facilitate engagement with innovators and start-ups, the hub will
develop internal infrastructure

About Reserve Bank of India:
Deputy Governors– 4 (Bibhu Prasad(B.P.) Kanungo, Mahesh Kumar(M.K.) Jain, Michael Debabrata(M.D.)Patra, and M
Rajeswar Rao)
Navneet Munot, CIO of SBIFM Appointed as the MD & CEO of HDFC Mutual Funds; Succeed Milind Barve
On 16th November 2020, the board of directors of HDFC Mutual Funds approved the appointment of Navneet Munot
as its Managing Director(MD) and Chief Executive Officer(CEO). He will succeed Milind Barve, the current MD of
HDFC Asset Management Company Limited.
Navneet is currently serving as the Executive Director & Chief Investment Officer(CIO) of SBI Funds
Management(FM).
Note:
The SBI FM announced that Navneet Munot has decided to resign his position in SBI FM.
About Navneet Munot:
i.Navneet joined the SBI FM as CIO in December 2008.
ii.He served as the Executive Director & Head of multi strategy boutique with Morgan Stanley Investment
Management.
iii.He also served as the CIO of Birla Sun Life Mutual Fund.
iv.He is the chairman of Indian Association of Investment Professional.
Note:
SBI FM is the largest Fund house in India which manages more than Rs.4.5 lakh crore and HDFC MF has an asset base
of Rs.3.75 lakh crore.
About HDFC Mutual Funds:
MD- Milind Barve (Navneet Munot will take over as MD and CEO)
About SBI Funds Management(FM):
MD & CEO– Mr. Vinay M. Tonse
BSE StAR MF Launches ‘StAR MF Corp Direct Portal’ for Corporates with More Features
On November 14, 2020 BSE StAR MF, the Mutual Fund distribution platform of BSE (formerly Bombay Stock
Exchange), launched ‘StAR MF Corp Direct Portal’, a direct investment portal for corporates with more features.
The portal will simplify and provide end-to-end value-based services to the Asset Management Companies (AMCs),
distributors, investors, and mutual fund industry participants.
• The portal simplifies the investment process of mutual funds and will reduce the time and increase the
efficiency for corporate
Note
• The portal is currently live for the corporates.
• The portal will be shortly available to other non individuals namely, Hindu Undivided Family (HUF),
Partnership Firms, Societies among others.
Salient Features of StAR MF Corp Direct Portal:
i.StAR MF Corp Direct Portal, an end to end digital web module works on the concept of corporate parent-child entity
ii.Corporates can transact (Direct & Regular mode) with all AMCs and schemes available under the single platform. At
a single click multiple transaction can be done. Multiple Payment options are available.
iii.Corporates who have already transacted in any of the AMC/RAT platforms will have a quick onboarding.
iv.Customized Connectivity Feature can be availed on the basis of the corporate requirement.
v.Value added Services like Corporate Dashboard View, Transaction basket, Pre-filled transaction form, etc. will be
available.

About BSE (formerly Bombay Stock Exchange):
It is Asia’s first & the Fastest Stock Exchange in the world with the speed of 6 micro seconds and one of India’s leading
exchange groups & it was recognised under the Securities Contract Regulation Act, 1956.
Established– 1875
Managing Director(MD) and Chief Executive Officer(CEO)– Ashishkumar Chauhan
PM Modi Virtually Addressed the 3rd Annual Bloomberg New Economy Forum 2020
The 3rd Annual Bloomberg New Economy Forum 2020 was held virtually where India was represented by Prime
Minister (PM) Narendra Modi. The focus of the forum was to restore the economy and to chart a course for the
future amid COVID-19 pandemic. The forum was held from November 16 to 19, 2020.
• It should be noted that the inaugural Forum was held in Singapore, and the second annual Forum was hosted
in Beijing, China.
Aim:
It aims to build a community of leaders to engage in real conversations leading to actionable solutions about the
critical challenges facing by the world.
Focus of the Forum:
The forum focuses on the range of topics, including global economic management, trade and investment, technology,
urbanization, capital markets, climate change, and inclusion.
Host of the forum:
China Center for International Economic Exchanges, International Institute for Strategic Studies and Mandela
Institute for Development Studies Co-host the forum.
Following are the Key Points from PM Modi Address:
–COVID-19 has given an opportunity to develop new protocols in every field to develop resilient systems for the
future.
–Indian cities have presented an extra-ordinary example during these tough times.
–Under Housing for All program, which was initiated in 2015, more than one crore or 10 million houses will be
delivered to aspiring families in urban areas before the targeted deadline of 2022.
–Indian Government also introduced an affordable rental housing initiative, Real Estate Regulation Act to transform
the real estate sector.
–The work on Metro Rail is going on in 27 cities to deliver around 1000 kms of Metro Rail system in India by 2022.
–Technologies helped in continuation of work during Covid-19 pandemic. Therefore Digital India and Start-Up
India Missions are helping in creating capacities towards technology.
–100 smart cities have prepared projects worth 30 billion dollars.
Other Addressers of the Forum: Director-general of the World Health Organisation (WHO) Tedros Adhanom
Ghebreyesus, former United Kingdom (UK) Prime Minister Anthony Charles Lynton Blair (Tony Blair), former United
States (US) President William Jefferson Clinton (Bill Clinton), Microsoft founder Bill Gates, and Secretary-General of
the United Nations (UN) Antonio Manuel de Oliveira Guterres are some of the other speakers scheduled to address
the forum.
1. On October 8, 2020, Prime Minister Narendra Modi virtually delivered the keynote address at the Invest India
Conference in Canada which aims to showcase opportunities to the business community in Canada for
investing in India in the agricultural, medical, educational and business front.
2. On 16th October, 2020 India, Chile held their First Joint Commission Meeting virtually. This is the first
institutionalized dialogue between two countries at the level of Foreign Ministers. The meeting was co-chaired
by Subrahmanyam Jaishankar, External Affairs Minister (EAM), India and Andres Allamand Zavala, Minister of
Foreign Affairs of the Republic of Chile.
About Bloomberg New Economy Forum:
Initiated in 2018 by Michael Bloomberg.
Honorary Chair of the Bloomberg New Economy Forum-Henry A. Kissinger

12th BRICS Summit 2020 Virtually Hosted by Russian President Vladimir Putin; Narendra Modi Participated
The 12th BRICS (Brazil-Russia-India-China-South Africa) Summit 2020 held virtually on November 17, 2020 which
was attended by heads of state of the five member states. The summit was hosted by Vladimir Putin, President of
Russia on the theme “Global Stability, Shared Security and Innovative Growth” where India was represented by
Prime Minister (PM) Narendra Modi
• The virtual summit comes in the backdrop of the 75th Anniversary of the United Nations (UN) and amid
COVID-19 pandemic.
• The meeting was originally scheduled to take place in Saint Petersburg, Russia from July 21 to 23, 2020, but
was postponed due to COVID-19 outbreak.
• Importantly, Vladimir Putin announced the approval of the Moscow Declaration, the BRICS Anti-Terrorism
Strategy and the BRICS updated strategy for the economic partnership until 2025.
• Two pillars of this year’s summit are the economy and counterterrorism.
During the summit, discussions were held on intra-BRICS cooperation and on global key issues including the reform
of the multilateral system, measures to mitigate the impact of the ongoing COVID-19 pandemic, cooperation in
counter-terrorism, trade, health, energy and people to people exchanges.
Key Points from PM Modi Address:
–In 2021, BRICS will complete 15 years therefore ‘sherpas’ can make a report to evaluate the various decisions taken
by BRICS in the past years.
–Terrorism is the biggest problem facing the world today.
–India’s vaccine production and delivery capacity will work in the interest of humanity to tackle the COVID crisis.
–There is a need for reforms of the UN Security Council and organisations like World Trade Organisation (WTO), the
International Monetary Fund (IMF) and the World Health Organisation (WHO)
–BRICS Business Council can make a plan to take the mutual business among the member nations to the target of USD
500 billion.
–India will host the 13th BRICS Summit
India is taking over the chairship of the BRICS, which would also be its third BRICS Presidency since its inception.
India held the BRICS Chairship in 2012 and 2016. Therefore, it will be hosting the 13th BRICS Summit in 2021.
–BRICS nations adopted new counter-terrorism strategy
The five-nation grouping BRICS has adopted a new BRICS counter-terrorism cooperation strategy to effectively
deal with terrorism. The objective of the strategy is to strengthen the existing bilateral and multilateral ties among
the BRICS countries for combating terrorism.
Goals for the BRICS Counter-Terrorism Strategy:
– BRICS countries will strengthen their unity in countering international terrorism and its financing;
– Deepen their cooperation to reaffirm the support for the central and coordinating role of the UN in combating
international terrorism;
– Improve the practical cooperation among security and law-enforcement authorities to prevent and combat
terrorism;
– Facilitate research and development on measures to counter terrorism;
Click here to read more about the Principles and goal of the Counter Terrorism Strategy.
XII BRICS Summit Moscow Declaration:
– XII BRICS Summit’s Moscow Declaration stressed the importance of the United Nations but focused much of its
attention to fighting the Covid-19 virus.
– The XII Brics Moscow declaration said that the five member states would work to ensure that, once a vaccine
becomes available, “it is disseminated on a fair, equitable and affordable basis.
Click here to read more about the Moscow declaration
Other Participants: Chinese President Xi Jinping, Brazilian President Jair Bolsonaro and South African President
Cyril Ramaphosa.
i.On September 3, 2020, Prahlad Singh Patel, Union Minister of State (IC) for Culture and Tourism represented India
and addressed in 5th BRICS Culture Ministers’ Meeting held through video conference under the Chairpersonship of
Russian Federation.

ii.On October 27, 2020, Lok Sabha Speaker, Om Birla virtually addressed the Sixth BRICS Parliamentary Forum on the
theme “BRICS partnership in the interest of global stability, general safety and innovative growth: parliamentary
dimension”.
About BRICS (Brazil-Russia-India-China-South Africa):
The BRICS represents over 3.6 billion people, or half of the world”s population. The BRICS countries have a combined
GDP of USD 16.6 trillion.
4 Indian Cities among 36 Global Cities selected by WEF to pioneer roadmap for Smart Cities
4 Indian Cities namely Bengaluru, Faridabad, Indore and Hyderabad feature among the 36 global cities selected by
World Economic Forum (WEF) for pioneering a new global policy roadmap for smart cities. They will be developed
by G20 Global Smart Cities Alliance.
i.The 36 cities have been selected from 22 Countries & 6 Continents.
ii.Cities such as London, Moscow, Toronto, Brasilia, Dubai and Melbourne have figured in the list. The full list of cities
can be accessed here.
Key Points:
i.COVID-19 has accelerated adoption of new technologies by cities, as Governments all over the world are struggling
to manage the pandemic with limited resources.
ii.The 36 “Pioneer Cities” will adopt 5 policies – Privacy Protection, Better Broadband Coverage, Accountability for
Cyber Security, Increased Openness of City Data, and better Accessibility to Digital City Services for Disabled and
Elderly people.
iii.The G20 Global Smart Cities Alliance will give the 36 cities procedures, laws and regulations to use new technology
responsibly.
iv.The “Pioneer Cities” launched their activities at a Global Event organised by Smart City Expo World Congress which
is the World’s premier smart cities event.
Pioneers of Change Summit 2020:
i.The WEF’s Inaugural “Pioneer of Change Summit” is taking place virtually on 16-20 November, 2020. They will
discuss topics such as digital business, sustainable production, infrastructure, health, new work models, financial
innovation and frontier technologies.
ii.More than 750 leaders from Government, Business and Civil Society from 90 countries are participating in the
Summit.
G20 Global Smart City Alliance:
The G20 Global Smart Cities Alliance was established in June 2019 in conjunction with the G20 Summit in Osaka,
Japan.
Objective:
To establish and advance global policy norms to accelerate best practices, mitigate potential risks, foster greater
openness and public trust.
Founding Partners:
The founding set of Institutional Partners include Presidents and host nations of the Group of 20 (G20) in 2019
(Japan) and 2020 (Saudi Arabia), the Smart City Mission of India, Cities for All, Cities Today Institute; Commonwealth
Local Government Forum, Commonwealth Sustainable Cities Network among others.
i.According to the Third Edition of “The Future of Jobs Report 2020” released by the World Economic Forum (WEF),
COVID-19 and Technological Advances will disrupt around 85 Million Jobs by 2025.
About World Economic Forum (WEF):
Founder & Executive Chairman – Klaus Schwab
Headquarters – Geneva, Switzerland

RBI Commenced 1st Test Phase of Regulatory Sandbox retail payments with Two Entities via ‘eRupaya’ &
‘PaySe’
On November 4, 2019, Reserve Bank of India (RBI) announced the opening of the first cohort under the Regulatory
Sandbox (RS) with “Retail Payments”, as its theme. In this regard, Reserve Bank received applications from 32
entities of which six have been selected for the ‘Test Phase’.
• Therefore as of November 16, 2020, two sandbox entities viz. Natural Support Consultancy Services Pvt.
Ltd. of Jaipur, Rajasthan and Nucleus Software Exports Ltd. of New Delhi have started the first test phase of
their products viz. “eRupaya” and “PaySe” respectively.
• The commencement of testing was delayed on account of the COVID-19 situation. The remaining four are
expected to start the test phase shortly.
About Products:
i.eRupaya: It is a product of Natural Support Consultancy Services Pvt. Ltd.It is a set of Near-Field Communication
(NFC) based prepaid card and Near-field communication (NFC) enabled Point of Sale (PoS) device to facilitate offline
Person-to-Merchant (P2M) transactions and offline digital payments in remote locations.
ii.PaySe: It is a product of Nucleus Software Exports Ltd.It is an offline digital cash product which will help in
connecting with rural areas for e-payments. The product proposes to help in digitization of payments in rural areas,
starting with Self Help Groups (SHG).
What is a Regulatory sandbox?
It usually refers to live testing of new products or services in a controlled regulatory environment for which
regulators may (or may not) permit certain relaxations for the limited purpose of the testing.
• The objective of the regulatory sandbox is to foster responsible innovation in financial services, promote
efficiency and bring benefit to consumers.
• It also allows the regulator, innovators, financial service providers and customers to conduct field tests
regarding benefits and risks of new financial innovations.
i.On September 30, 2020 The Reserve Bank of India (RBI), in consultation with the Government of India (GoI) has
fixed Rs 1,25,000 crore as the Ways and Means Advances (WMA) limit for the 2nd half of the financial year(FY) 2020-
21, i.e., October 2020 to March 2021.
ii.On October 1, 2020, the Reserve Bank of India (RBI) excluded six public sector banks (PSBs) from the Second
Schedule of the RBI Act, 1934 following their merger with other banks with effect from April 01, 2020. The six banks
are Syndicate Bank, Oriental Bank of Commerce (OBC), United Bank of India, Andhra Bank, Corporation Bank, and
Allahabad Bank.
RBI placed LVB under 1-month moratorium & announced Draft Scheme to amalgamate LVB with DBIL
On November 17, 2020, the Reserve Bank of India (RBI) proposed a draft scheme of amalgamation of the capital
starved Lakshmi Vilas Bank Ltd. (LVB) with DBS Bank India Ltd. (DBIL). This decision has been taken after the Central
Government has imposed a one-month moratorium on LVB on November 17, 2020 that temporarily capped
withdrawals at Rs 25,000. The moratorium will be effective upto December 16, 2020.
• The draft scheme invited suggestions and objections from members, depositors and other creditors of LVB and
DBIL by November 20.
• The Reserve Bank will take a final view thereafter.
• LVB was imposed with 1 month moratorium under under Section 45 of the Banking Regulation Act, 1949.
T. N. Manoharan appointed as LVB Administrator
Apart from the above decision, RBI also superseded LVB’s board in order to protect the depositors’ interest due to
deterioration in the bank’s financial position. In this regard, the apex bank appointed Thothala Narayanaswamy
(T.N.) Manoharan, a former Non Executive Chairman of Canara Bank, as Administrator of LVB.

Point to be noted:
–The proposal of amalgamation of LVB with DBIL is taken as the latter is well capitalized and can infuse an additional
capital of Rs 2,500 crore to support credit growth of the merged entity. Even after that the combined balance sheet of
DBIL would remain healthy with Capital to Risk (Weighted) Assets Ratio (CRAR) at 12.51% and CET-1 capital at
9.61%.
i.The central bank decided to grant authorization to all payment system operators (both new applicants as well as
existing PSOs) on a perpetual basis, from the current time period of five years to reduce licensing uncertainties.
Perpetual validity here means lifetime validity with subject to certain conditions as mandated by the RBI.
ii.RBI also decided that banks can lend up to Rs 7.5 crore from earlier Rs 5 crore to individual retail and small
business borrowers (i.e. with turnover of upto Rs 50 crore) and still be eligible for a 75% risk weight.
About DBS Bank India Ltd. (DBIL):
DBIL is a wholly owned subsidiary of DBS Bank Ltd, Singapore (“DBS”), which in turn is a subsidiary of Asia’s leading
financial services group, DBS Group Holdings Limited.
• DBIL has been issued a banking license to operate as a banking company under Section 22 (1) of the Banking
Regulation (BR) Act, 1949, on October 4, 2018.
• As on June 30, 2020, its total Regulatory Capital was Rs 7,109 crore (against Capital of Rs 7,023 crore as on
March 31, 2020).
Chief Executive Officer (CEO)– Piyush Gupta
Registered Office– New Delhi
About Lakshmi Vilas Bank (LVB):
Managing Director & Chief Executive Officer – Subramanian Sundar
Tagline – The Changing Face Of Prosperity
Head Quarter – Chennai, Tamil Nadu.
Karnataka Bank Launches CASA Mobilisation Campaign

On November 17, 2020 Karnataka Bank Limited(KBL) launched CASA (current account, savings account) of
FY21 mobilisation campaign, that will begin from November 17, 2020 to March 4, 2021
Objective of the Campaign:
• To enable the basic banking services to the unbanked(not use banks or banking institutions) sections of the
society.
• To popularize bank’s digitally powered CASA products to the next level of customers on the basis of their
requirements.
Aim of the Bank during the Campaign
i.The bank aims to mobilize over 4,10,000 current and savings accounts with a business value of Rs 650 crore, during
the CASA campaign.
ii.With this campaign, the bank intends to introduce its attractive and superior line of digitally powered savings and
current account products to its customers.
Key Info
The TAB(Tablet ) banking to on-board SB-NTB customers (New to Bank), will also be used during the campaign
Note
All the product is made to meet the needs and preferences of all classes of society from basic banking accounts to
premium accounts
HDFC Bank’s Schemes & Initiatives
i.The bank has opened a Digi Branch at Bengaluru using technologies like Robotic Process Automation and
Biometrics.
ii.Digi Branch enables the prospective customer to open an account online and self-generate a debit card within 20
minutes, without the need of the physical intervention of the banker.
iii.The bank also offers many savings and current account schemes with multiple add-on facilities / services, powered
by various user friendly digital channels like Internet Banking, Mobile Banking (KBL Mobile Plus), etc.

iv.Under ‘KBL Suraksha’ group insurance scheme, the bank offers Personal Accident Insurance cover of up to Rs l0
lakh to its savings bank customers.
Additional Info
• It is to be noted that the bank has been focussing more on cost effective CASA funds. Now it is set to take it to
a new high of 30%
• The bank has 859 branches across India, with more than 8000 workforce
What is TAB banking?
• TAB is a type of digital banking service offered by banks to open a new account.
• It is also called doorstep banking.
• It avoids the paper work like physical photographs and photocopies of KYC(Know Your Customer) documents.
On September 30, 2020 In order to support small businesses and drive demand through customer support, Google
India has launched a nation-wide campaign, ‘Make Small Strong’.
About Karnataka Bank Limited(KBL):
Headquarters– Mangaluru(Mangalore), Karnataka
Managing Director(MD) & Chief Executive Officer(CEO)– Mahabaleshwara M.S.
Incorporated– February 18th, 1924
Tagline– ‘Your Family Bank Across India’
YES Bank in Partnership with Neokred Technologies Launched ‘YES BANK Neokred Card’, a Co-Branded
Prepaid Card
On November 17, 2020 YES Bank launched ‘YES BANK Neokred Card’, a Co-Branded Prepaid Card in partnership
with Neokred Technologies to encourage cashless payments. The prepaid card will be offered to the corporate
partners of Neokred across various sectors including, HealthCare, Financial Institutions, Oil companies,
NBFCs(Nonbank financial companies)Educational Institutions, FMCG(Fast-Moving Consumer Goods) and
Infrastructure.
Points to be Noted
The card offerings can be personalized to suit the needs of companies looking for salary cards or expense cards for
their employees
Key Info
• The ‘YES BANK Neokred Card’ can be used for spends and also be for withdrawing cash at ATMs(Automated
Teller Machines)
• Neokred offers a wide range of customised benefits like cashback on spends, rewards, instant discounts among
others.
Key Benefits of ‘YES BANK Neokred Card’
Easy Enrolment & Fast Transaction
The card offers easy enrolment without the requirement to open a bank account.
It offers fast transaction processing through secure security platforms
Expenditures can be Overviewed
The card offers a facility to overview expenditures with real time visibility,
Convenient to users & Simple Payment
• The card users will get access to the Mobile application to check the balance and last translation. This proves
to be convenient to users.
• It provides customers with a simple and efficient payment solution on general purpose reloadable cards
Reduce cash transaction
The card minimises the cash transaction and also eliminates the inconvenience of carrying loose changes.
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.

About YES Bank:
Managing Director(MD) and Chief Executive Officer(CEO)– Prashant Kumar
Incepted– 2004
Tagline– Experience our expertise
Goldman Sachs raises India’s FY21 GDP forecast to -10.3%

In accordance with the latest revision by Goldman Sachs, India’s growth forecast for FY21 is upgraded to 10.3%
contraction (-10.3%) from -14.8%.On the other hand, it downgraded India’s Gross Domestic Product (GDP) to 13% in
FY22 as compared to 15.7%.
• Recently, Moody’s Investor Service also upgraded its estimate for the Indian economy to an 8.9% contraction
for the calendar year 2020 against previous estimates of a 9.6% contraction.
Key Points:
–As per Goldman Sachs, the Purchasing Managers’ Index (PMI) for manufacturing hit a record 13-year high of 58.9 in
October, while services PMI touched 54.1.
–There will be a meaningful recovery in the services sector.
–The report forecast inflation at 6.2% in the FY21 and 4.6% in FY22.
–The fiscal deficit will be at 8% of GDP in FY21 and 6.5% in FY22.
HDFC Bank and IndusInd Bank in ‘red flag’ list

HDFC Bank and IndusInd Bank have been mentioned in the ‘red flag’ list, a system used for monitoring Foreign
Portfolio Investor (FPI) limits. A red flag will be activated whenever the foreign investment in Indian companies
exceeds the permissible limit i.e within 3% or less than 3% of the aggregate NRI/FPI limits or the sectoral cap. As per
the data provided by NSDL(National Securities Depository Ltd.) the current FPI shareholding of HDFC is 71.3% and
73. 1% for IndusInd Bank. FPIs can invest up to 74% in both HDFC Bank and IndusInd Bank. Apart from
them,Novartis India and Procter & Gamble Hygiene and Health Care are the only other companies in the red-flag
list.
Digital Media Outlets must bring down FDI to 26 % by Oct 2021; I&B Ministry asked Details by Dec 16, 2020
On November 16, 2020, the Union Ministry of Information and Broadcasting (I&B) has issued a notice asking all
eligible news websites, portals, aggregators and agencies which are uploading or streaming news and current affairs
through digital media to comply with the 26% foreign direct investment (FDI) policy for digital news media. They
need to share suitable details within one month i.e. by December 16, 2020.
• This notification is issued on the lines of the Union Cabinet decision’s on September 18, 2019 which had
permitted 26% FDI for digital news media under Government approval route.
• Also, this decision will enable the government to check foreign influence and interference in domestic affairs.
As per the recent notice the Ministry of I&B laid out the following detailed actions to be undertaken by eligible
entities to comply with this decision:
Digital Media Groups with less than 26% FDI: They need to submit complete details of the shareholding pattern,
names and addresses of directors, shareholders and promoters to the Ministry of I&B.
• They are also asked to submit a confirmation with regard to compliance with pricing, documentation and
reporting requirements under the FDI policy, and Foreign Exchange Management (Mode of Payment and
Reporting of Non-debt Instruments) Regulations, 2019, within one month.
Digital Media Groups with more than 26% FDI: They also need to submit above mentioned requirements, within
one month. Along with this, they need to take suitable steps to bring down the FDI to 26% in one year i.e. by 15th
October, 2021 and seek approval of the Ministry of I&B.
Other Requirements:
–To bring fresh FDI in the country entities are mandated to take prior approval of the central government through the
foreign investment facilitation portal of Department for Promotion of Industry and Internal Trade (DPIIT).
• This is mandated under the notifications of Foreign Exchange Management (Non-debt
Instruments)(Amendment) Rules, 2019 and FDI Policy.

–Also, for the deployment of foreign personnel for more than 60 days in a year, entities should obtain security
clearance and prior approval from Ministry of I&B at least 60 days in advance.
–Every entity has to comply with the requirements of citizenship of the Board of Directors and of the Chief Executive
Officers (CEOs).
i.On 29th September 2020, Ministry of I&B announced the appointment of Renowned Filmmaker Shekhar Kapur (74
years) as the new President of Film and Television Institute of India (FTII) Society, and Chairman of FTII Governing
Council.
ii.On the occasion of International Day of the Girl Child 2020 i.e. on October 11, 2020, Ministry of I&B showcased
select animation and documentary films on www.filmsdivision.org and
https://www.youtube.com/user/FilmsDivision.
About Ministry of Information and Broadcasting (I&B):
Union Minister– Prakash Keshav Javadekar (Constituency- Maharashtra)
Secretary– Amit Khare
15th Finance Commission headed by NK Singh recommends PPP to increase Health Infrastructure Spending
in India
The Fifteenth Finance Commission (XVFC) led by Chairman Nand Kishore (NK) Singh has recommended for
reprioritising Public-Private Partnerships (PPP) to increase Health Infrastructure Spending, and Public spending
on Health in India.
The PPP will increase India’s spending on Health Infrastructure from 0.95% of GDP (Gross Domestic Product)
to 2.5% GDP by 2024.
i.It also suggested the constitution of All India Medical Services as envisaged in the Civil Services Act of 1951.
ii.The PPP will help the Government of India in achieving better healthcare parameters.
iii.NK Singh suggested that Public outlays focus on primary health care at Panchayat & municipality levels, whereas
private players should be relied on for specialty healthcare.
iv.States/UT that spend most of its per capita public expenditure on healthcare is Delhi.It is followed by Himachal
Pradesh, Jammu & Kashmir. Similarly, States/UT that spend least to healthcare is Bihar. It is followed by West Bengal
and Uttar Pradesh.
15th Finance Commission Report:
On November 9, 2020, The 15th Finance Commission headed by NK Singh submitted its report titled “Finance
Commission in COVID Time” to the President of India, Ram Nath Kovind, Prime Minister, Narendra Modi and Union
Minister of Finance, Nirmala Sitharaman.
Members of the 15th Finance Commission:
Ajay Narayan Jha, Professor Anoop Singh, Dr. Ashok Lahiri and Dr. Ramesh Chand.
UN ESCAP Report cites the role of ISRO’s ‘BHUVAN’ in assisting Indian Government to contain COVID-19
United Nations Economic and Social Commission for Asia and the Pacific’s (ESCAP) report ‘Geospatial Practices for
Sustainable Development in Asia and the Pacific 2020: A Compendium’ has cited the role of Indian Space
Research Organisation (ISRO)’s ‘BHUVAN’ Geo-Portal in combating COVID-19 in India.
i.It has also cited the efforts of ISRO for supporting sustainable development projects in the country.
ii.The report was released by the UN on November 18, 2020.
BHUVAN-Geoportal:
BHUVAN is a national geo-portal developed and hosted by ISRO, it contains geo spatial data, services and tools for
analysis for combating COVID-19.
Six Aspects of Geospatial information:
BHUVAN provided services in six aspects – Tracking, identifying hotspots, vegetable markets, food needed, home
isolation and pollution.
BHUVAN-COVID-19:
ISRO developed the ‘Bhuvan-COVID-19’ portal to track the pandemic at the national level and update the public on
the current situation.

Other Efforts:
i.The report also cited India’s efforts to include robust space technologies and GIS (Geographic Information System)
in Urban Planning, Transport Management and Traffic Navigation techniques.
ii.It stated the Development of Road Asset Management System for National Highways (NHs) by National Highways
Authority of India in association with ISRO and World Bank.
iii.ESCAP with the support of India helps young professional officials from developing countries in Asia-Pacific Region
to join a 9-month course on remote sensing and Global Navigation Satellite Systems at the Centre for Space Science
and Technology Education in Asia Pacific, Dehradun, Uttarakhand.
i.April 9, 2020 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” projected India’s
GDP growth for FY 20-21 to decline to 4.8% due to COVID-19.
About UN Economic and Social Commission for Asia and the Pacific’s (ESCAP):
Executive Secretary – Armida Salsiah Alisjahbana
Headquarters – Bangkok, Thailand
S N Rajeswari appointed as Whole-time Member of IRDAI

On 18th November 2020, SN Rajeswari, Chairman and Managing Director of Oriental Insurance was appointed as a
Whole-time member (distribution) of the Insurance Regulatory and Development Authority of India(IRDAI). She is
appointed for a period of 3 years or till attaining the age of 62.
About SN Rajeswari:
i.The centre appointed her as the CMD of Oriental Insurance in August 2020, she will hold the position as CMD till the
end of May 2022.
ii.She served as the General Manager of New India Assurance Company limited.
About Insurance Regulatory and Development Authority of India(IRDAI):
Chairman-Subhash C. Khuntia
Headquarters– Hyderabad, Telangana
BFIL signs MoU with Maharashtra Government to enhance delivery of Livestock Care
On November 18, 2020, Bharat Financial Inclusion Ltd (BFIL), a subsidiary of IndusInd Bank has signed a
Memorandum of Understanding (MoU) with the Animal Husbandry Department (AHD) of Maharashtra Government
to enhance doorstep delivery of livestock care to farmers in the state. The Joint initiative is titled ‘Maha Pashudhan
Sanjeevani’ and will be supported by BFIL as part of its Corporate Social Responsibility (CSR).
Dignitaries present during the Signing Ceremony:
The agreement was signed in the presence of Maharashtra Animal Husbandry Minister Sunil Kedar, Sports and Youth
Minister, Anoop Kumar and officials of the State Government and IndusInd Bank.
Key Points:
i.The Scheme will be implemented under the Mukhyamantri Pashu Swasthya Yojana.
ii.The doorstep services will include curative treatment, vaccination, artificial insemination, preventive care and all
animal husbandry related information.
iii.The initiative will ensure all veterinary services for farmers at just a phone call and the toll-free number 1962 will
be operational from January 2021.
iv.The first phase of the initiative will serve farmers in 81 talukas located in 31 districts of maharashtra.
Maharashtra has a total cattle population of 1.96 crores.
v.The field veterinary services will be deployed through an Integrated telemedicine and service management
platform developed by BFIL.
i.On 23rd October 2020, Yashomati Thakur, Maharashtra’s Minister of Women and Child Welfare launched the digital
platform “Tarang Suposhit Maharashtracha ”, of the Women and Child Welfare Department, Government of
Maharashtra.

About Maharashtra:
Festivals – Gudi Padwa, Makar Sankranta and Ratha Saptami, Marabats and Badgyas
Dances – Lavani, Nakata, Koli, Lezim, Gafa, Dahikala Dasavtar, Pavri
Govt Provide 50% Subsidy for Air Transportation of Fruits, Vegetables from NE, Himalayan states
As a part of “Operation Green Scheme TOP to TOTAL”, the Ministry of Food Processing Industries (MoFPI) has
announced a 50% air transportation subsidy for 41 notified fruits and vegetables from North East and Himalayan
states to any place in the country.
• In this regard, Airlines will provide the transport subsidy directly to the supplier/ consignor/ consignee/
agent by charging only 50% of the freight charges and will claim the balance 50% from MoFPI as subsidy.
• Apart from above relaxation, all consignment of notified fruits and vegetables irrespective of quantity and
price would be eligible for 50% freight subsidy for air transportation from eligible airports.
List of notified 21 fruits and 20 vegetables eligible for air transportation subsidy:
Fruits: Mango, Banana, Guava, Kiwi, Litchi, Mousambi, Orange, Kinnow, Lime, Lemon, Papaya, Pineapple,
Pomegranate, Jackfruit, Apple, Almond, Aonla, Passion fruit, Pear, Sweet Potato and Chikoo
Vegetables: French beans, Bitter Gourd, Brinjal, Capsicum, Carrot, Cauliflower, Chillies (Green), Okra, Cucumber,
Peas, Garlic, Onion, Potato, Tomato, Large Cardamom, Pumpkin, Ginger, Cabbage, Squash and Turmeric (dry) are also
eligible.
Airports under air transportation subsidy:
The air transportation of above mentioned commodities is allowed from all the airports in Arunachal Pradesh, Assam,
Manipur, Meghalaya, Mizoram, Nagaland, Sikkim (Bagdogra), and Tripura from North-East, and Himachal Pradesh,
Uttarakhand, and Union Territories of Jammu and Kashmir and Ladakh among the hilly states.
Earlier, the transportation subsidy was extended under Operation Greens Scheme for Kisan Rail Scheme with effect
from October 12, 2020.
i.In order to encourage the use of electric vehicles to prevent air pollution Chief Minister Vijay Rupani announced
subsidy schemes for electric two-wheelers and e-rickshaws during a virtual programme on climate change to
commemorate the founding day of the state climate change department.
ii.On October 15, 2020 Indian Bank signed a Memorandum of Understanding (MoU) with Ministry of Housing
andUrban Affairs (MoHUA), Government of India and Small Industries Development Bank of India (SIDBI) at New
Delhi, to pay subsidy to street vendors under the Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi)
Scheme.
About Ministry of Food Processing Industries (MoFPI):
Union Minister– Narendra Singh Tomar
Minister of State (MoS)– Rameswar Teli
About Operation Green Scheme TOP to TOTAL:
Ministry of Food Processing Industries (MoFPI) has recently extended the Operation Greens Scheme from Tomato,
Onion and Potato (TOP) to all fruits & vegetables (TOTAL) for a period of six months on pilot basis as part of
Aatmanirbhar Bharat Abhiyan.
Operation Green- Operation Greens was announced in the budget 2018-19 on the line of “Operation Flood”. It has an
outlay of Rs.500 crore and it aims to promote Farmer Producers Organizations (FPOs), agri-logistics, processing
facilities and professional management.
India Ranked 77 in 2020 Global Bribery Risk Matrix by TRACE; Denmark Topped with Lowest Risk
A global list of measuring business bribery risks “The 2020 Global TRACE Bribery Risk Matrix” was released by an
anti-bribery standard setting organisation TRACE International, featuring 194 countries, territories, and autonomous
and semi-autonomous regions. In accordance with the Matrix, India is at 77th position with a total risk score of 45 as
compared to the 78th position in 2019 with a score of 48.
• The list has been topped by Denmark for lowest bribery risk which is followed by Norway and Finland.
• On the other hand the North Korea ranked last i.e. at 194th position with a total highest risk score of 93.

The ranking and scores are premised upon the four domains and 9 nine subdomains of potential business bribery
risk. The 4 domains are as follows:
1. Business Interactions with Government
2. Anti-Bribery Deterrence and Enforcement
3. Government and Civil Service Transparency
4. Capacity for Civil Society Oversight
Key Points:
–India performed better than its neighbouring countries of Pakistan, China, Nepal and Bangladesh but lacked behind
Bhutan, which secured 48th rank with a score of 37.
–Apart from India, Peru, Jordan, North Macedonia, Colombia and Montenegro also have a score of 45.
–The matrix aggregates the relevant data obtained from leading international organizations’ including the United
Nations (UN), World Bank, V-Dem Institute at the University of Gothenburg and World Economic Forum (WEF).
–This data is beneficial for companies to assess the likely risk of bribe demands in each country as they can design
customized compliance programs concerning that risk.
Following table showing the top 5 countries with lowest risk and bottom 3 countries with highest risk:
Rank Country Total Risk Score
77 India 45
1 Denmark 1
2 Norway 5
3 Finland 7
4 Sweden 8
5 New Zealand 8
192 South Sudan 85
193 Turkmenistan 86
194 North Korea 93
About TRACE Matrix:
Initiated in 2014, it was originally developed in collaboration with California, United States (US) RAND Corporation to
provide information about the risks of commercial bribery worldwide with an intention to update it every two years.
Now, it is updated annually by TRACE.
i.On October 16, 2020, Concern Worldwide and Welthungerhilfe released the Global Hunger Index (GHI) 2020 report
in which India ranked 94th among 107 countries with a score of 27.2. Although there is improvement in a score as
compared to 38.9 in 2000, 37.5 in 2006, and 29.3 in 2012 but still it represents a serious level of hunger.
ii.According to Lowy Institute Asia Power Index 2020 Edition released by Sydney (Australia) based Lowy Institute,
India with a score of 39.7 (out of 100) is the 4th most powerful country in Asia. The United States (US) topped the
index with a score of 81.6.
About TRACE International:
President and Founder– Alexandra Wrage
Headquarter– Maryland, United States (US)
GoI, NCRTC & NDB sign Agreement for USD 500 Million for Delhi-Meerut RRTS Project
On November 19, 2020, Ministry of Housing and Urban Affairs (MoHUA), Govt of India, National Capital Region
Transport Corporation Limited (NCRTC) and New Development Bank (NDB) of BRICS (Brazil, Russia, India, China &
South Africa) Nations signed a loan agreement for lending USD 500 Million (~ INR 3708 Crores) for the ‘Delhi-
Ghaziabad-Meerut Regional Rapid Transit System Project (RRTS)’ in the National Capital Region (NCR).
The loan will be used for construction of a 82.15 kms length (68.03 kms elevated and 14.12 km underground) RRTS
Corridor connecting Delhi, Ghaziabad and Meerut.

Objective:
To Develop an efficient and sustainable regional transport system to reduce traffic congestion in Delhi.
Agreement Signed by:
The agreement was signed by Baldeo Purushartha, Joint Secretary, Department of Economic Affairs, Ministry of
Finance, Janardan Prasad, Director of Urban Transport (MRTS-I), MoHUA, Vinay Kumar Singh, Managing Director
of NCRTC on behalf of India and Xian Zhu, Vice President, Chief Operations Officer on behalf of NDB.
Financial Aspect:
i.The Total cost of the project is USD 3, 759 Million.
ii.The projects will be financed through loans of USD 2, 049 Million from NDB (500 Million), Asian Development
Bank (1, 049 Million), Asian Infrastructure Investment Bank (500 Million), Japan Fund for Poverty Reduction (3
Million). iii.The remaining USD 1, 707 Million will be funded by the Government of India and other sources.
Key Points:
i.The loan from NDB has a tenor of 25 years with an 8-year Grace period.
ii.The MoHUA,Government of India is the Executing Agency & NCRTC will be the Implementing Agency.
iii.RRTS has been designed for a speed of 180 km per hour, and will reduce travel time between Delhi-Meerut to 1
hour.
iv.It is expected to be completed by August, 2027.
National Capital Region (NCR):
NCR is among the world’s largest urban agglomerations and a major economic centre of India.
i.Due to lack of efficient public transportations in NCR around 63% of people use Private Vehicles for commuting.
ii.This has led to increased traffic congestion and has also made it as one of the most polluted regions in the world.
iii.NCR is projected to become the most populous urban agglomeration by 2030 which will increase pressure on basic
infrastructures such as housing, water supply, electricity and Transport.
i.October 1, 2020 NDB of BRICS Nations approved USD 241 Million (approximately INR 1760 Crores) for Mumbai
Metro Rail Project.
About New Development Bank (NDB):
President – Marcos Troyjo
Headquarters – Shanghai, China
ICICI Bank in Partnership with Pine Labs Launches ‘ICICI Bank Cardless EMI’, a 1st of its kind fully digital,
cardless EMI facility at retail stores
On November 19, 2020 ICICI Bank Ltd in partnership with Pine Labs launched ‘ICICI Bank Cardless EMI’(Equated
Monthly Instalments). ICICI Bank becomes India’s first bank and first in industry to launch a fully digital payment
mode, a cardless EMI facility at retail stores.
Purpose- The facility allows the bank’s pre-approved customers to use their mobile phone and PAN(Permanent
Account Number)instead of wallet or cards, to purchase their gadgets or home appliances at retail stores across PAN
India.
Note- This facility is expected to open consumer segments and give access to shop-now-pay-later at over 1 lakh Pine
Labs merchants across India.
Gist about ‘ICICI Bank Cardless EMI’:
Convert high value transactions into easy, free monthly installments
The customers can convert the high value transactions into easy, free monthly installments by placing their
registered mobile number, PAN and OTP (obtained on mobile number) on the PoS(Point of Sale) machine at the retail
outlets.
Retail Outlets
• With the tie up with Pine Labs, the bank offers this facility across pan-India outlets of leading retailers namely
Croma, Reliance Digital, My Jio Stores and Sangeetha Mobiles to purchase electronics from leading brands like
Carrier, Daikin, Dell, Godrej, etc.,
• The Bank will add many more brands and retailers under this facility shortly.

Benefits
No-cost EMI without using a card & No processing fee
• Without using cards, the customers get no cost EMI on leading brands at leading retailers.
• For this facility no processing fee is charged by the bank.
Contactless and secure
As this facility is completely digital it is contactless and secure.
Transaction limit
Customers can get pre-approved limits for purchases from Rs. 10,000 to Rs.10 lakh
Tenures
Customers can select tenures of their choice from 3 to 15 months. i.e., customers will have flexible tenures.
Additional Info:
In 1999, ICICI became the first Indian company and the first bank or financial institution from non-Japan Asia to be
listed on the New York Stock Exchange(NYSE).
On October 6, 2020 ICICI Bank in partnership with Visa introduced a debit card facility for customers who avail Loan
Against Securities (LAS) from the bank. The card is available on the Visa platform. With this introduction, ICICI bank
becomes the 1st bank in India to launch this facility after the Reserve Bank of India (RBI) allowed banks to issue
electronic(e) cards to customers availing an Overdraft (OD) facility, that are only in the nature of personal loan with
no specific end-use restriction.
About ICICI Bank Ltd:
Formed– 1955(incorporated in 1994)
Managing Director(MD) and Chief Executive Officer(CEO)– Sandeep Bakhshi
Tagline– Hum Hai Na, Khayal Apka
About PineLabs:
HeadQuarters– Noida, Uttar Pradesh
CEO– B. Amrish Rau
Founder & Chairman– Lokvir Kapoor
Founded– 1998
Kotak Mahindra Asset Management Company Launches ‘Kotak ESG Opportunities Fund’; Managed by Harsha
Upadhyaya
On November 19, 2020 Kotak Mahindra Asset Management Company Limited (KMAMC) launched ‘Kotak ESG
Opportunities Fund’, an open ended equity scheme that focuses on Environmental, Social and Governance (ESG)
factors and the Principles for Responsible Investing (PRI). The Kotak ESG Opportunities Fund, will be managed
by Harsha Upadhyaya, Chief Investment Officer(CIO) – Equity & President, KMAMC.
• The New Fund Offering (NFO) opens for subscription on 20th November, 2020 and closes on 4 th December,
2020.
Points to be Noted
With the aim of creating sustainable wealth for the investors of Kotak, the Kotak ESG Opportunities Fund Focuses on
the ESG principles and disclosures of the investee company with flexibility to invest across market capitalisation
range.
Highlights of Kotak ESG Opportunities Fund:
Investment
The Kotak ESG Opportunities Fund will make investment in companies on the basis of their financial parameters and
non-financial factors like ESG as a part of its research process to identify material risks and growth opportunities.
Evaluation
This open-ended equity scheme evaluates how companies make money and how much money the company makes.
Sustainalytics ESG Risk Ratings
KMAMC to support its Kotak ESG Opportunities Fund, will use Sustainalytics ESG Risk Ratings, a leading global
provider of ESG research, ratings and data.

Suitability
The product is suitable for investors as follows:
• Investors who seek long term capital growth
• Investors who invest in the portfolio of principally equity and equity related securities of companies following
ESG criteria.
Assessment of ESG performance of an investee company:
Kotak ESG Opportunities Fund to assess the ESG performance of an investee company will view the policies, practices
and disclosures of each ESG pillar, i.e.,
• For assessing environmental performance it oversees the energy efficiency measures, waste management
including e-waste management, carbon & greenhouse gas (GHG) emission footprint, and renewable energy
use.
• For assessing social performance it will look into employee working conditions, welfare & training, and health
& safety standard
• For assessing governance performance and corporate governance practices and disclosures as required under
the Companies Act, 2013 and SEBI’s (LODR-Listing Obligations and Disclosure Requirements) Regulations,
2015, it will oversee the anti-corruption policy, no child labour policy, etc.,
Key Info:
i.KMAMC is the 1st asset management company to sign the United Nations Principles for Responsible Investment
(UNPRI).
ii.Kotak ESG Opportunities Fund was launched on the lines of KMAMC’s philosophy to deliver optimum returns on a
sustainable basis for its investors.
Additional Info
Kotak Mahindra Mutual Fund was India’s 1st fund house to launch a dedicated gilt scheme investing only in
government securities.
On September 8, 2020 SBI Mutual Fund launched SBI Magnum Children’s Benefit Fund -Investment Plan), an open-
ended fund for parents to invest for their children. It is a part of SBI Magnum Children’s Benefit Fund.
About Kotak Mahindra Asset Management Company Limited (KMAMC):
Managing Director(MD)– Mr. Nilesh Shah
Commenced operations– December 1998
HeadOffice- Mumbai, Maharashtra
Govt of India, Govt of Meghalaya and World Bank Signs a $120 Million Meghalaya Integrated Transport
Project to Improve Connectivity in Meghalaya
On November 19, 2020 The Government of India, the Government of Meghalaya and the World Bank(WB) signed
a $120-million(~INR 890 Crore) Meghalaya Integrated Transport Project(MITP) to improve and modernize the
transport sector of Meghalaya.
The loan from the International Bank for Reconstruction and Development (IBRD), has a maturity of 14 years
including a grace period of 6 years.
Signing of Agreement
The agreement was signed by C S Mohapatra, Additional Secretary, Department of Economic Affairs, Ministry of
Finance(MoF), on behalf of the Government of India;
Rajeev Arora, Additional Development Commissioner, on behalf of the Government of Meghalaya; and Hideki Mori,
Acting Country Director, on behalf of the World Bank.
Points to be Noted
• The project enables Meghalaya to utilize its vast development potential for high value agriculture and tourism.
• It will support the ‘Restart Meghalaya Mission’ of the state govt.
About Meghalaya Integrated Transport Project(MITP):
300 km of strategic road segments and bridges
• It will improve about 300 km of strategic road segments and bridges through innovative, climate resilient, and
nature-based solutions.

• The segment covers major agriculture areas, important tourist destinations, etc.,
• It will also support innovative solutions like precast bridges to minimise time and cost of construction.
Transport connectivity & Access to Health Facilities
• It provides transport connectivity for underserved communities, farmers, and firms, within the state.
• About half of the 5,362 habitations in the state lack transport connectivity.
• It helps to restore transportation services and improve access to health facilities for COVID-19 type medical
emergencies.
Meghalaya as a Major Connecting Hub
It will establish Meghalaya as a major connecting hub for international trade through the Bangladesh, Bhutan, India,
and the Nepal Corridor
Benefit and direct employment
• About 500,000 inhabitants will be benefited by the project.
• It also creates direct employment for about 8 million person days.
Gist about ‘Restart Meghalaya Mission’:
i.Conrad K Sangma, Chief Minister of Meghalaya launched the ‘Restart Meghalaya Mission’ worth Rs. 14,515 crore on
15th August 2020, on the occasion of the 74th Independence day.
ii.The mission aims to revive the development activities which were affected due to the COVID-19 pandemic.
iii.6 projects under the mission, which includes agriculture and its allied sector, promoting livelihood in rural areas
were announced.
General Info about World Bank:
i.Initial aim of the World bank was to help rebuild European countries devastated by World War II.
ii.Its first loan was to France in 1947 for post-war reconstruction.
iii.The World Bank Group consists of five organizations, namely The International Bank for Reconstruction and
Development (IBRD), The International Development Association (IDA), The International Finance Corporation (IFC),
The Multilateral Investment Guarantee Agency (MIGA), The International Centre for Settlement of Investment
Disputes (ICSID).
The World Bank sanctions Rs 3 crore(approximately) for Goa to develop India’s first sand dune parks as the World
Bank (WB) has approved a proposal drafted by the Goa state biodiversity board for the same.
About World Bank:
HeadQuarters– Washington, DC, New York
President – David Malpass
Founded– 1944
Member Countries– 189(including India)
Dr. Adam Yao Liu Won the Exim Bank’s BRICS Economic Research Award 2020 for his PhD Dissertation
On 16th November 2020, Dr. Adam Yao Liu, a political scientist trained at Stanford University, won the Export-Import
Bank of India’s (India Exim Bank’s) BRICS Economic Research Award 2020 for his for his Ph.D. dissertation, “Building
Markets within Authoritarian Institutions: The Political Economy of Banking Development in China.”
• The award was announced by David Rasquinha, Managing Director(MD) of India Exim Bank, during the 10th
Annual BRICS Financial Forum over a virtual platform, organised by VEB.RF Russian National Development
Corporation.
Note:
An occasional paper of Exim Bank based on the award winning thesis of Dr. Adam Yao Liu was also released during
the forum.
About Adam Yao Liu:
i.Adam Yao Liu is a former doctoral student of Jean Oi, Director of China Program Shorenstein Asia-Pacific Research
Center (APARC) at Stanford.
ii.He is an assistant professor at Lee Kuan Yew School of Public Policy, National University of Singapore, Singapore.
iii.He worked as a Teaching Assistant at the Department of Political Science, Stanford University.

About BRICS Economic Research Award:
i.BRICS Economic Research Award was instituted by the India Exim Bank in March 2016, during the BRICS Forum
2016 under the chairmanship of India and under India Exim Bank’s Presidency of the BRICS Interbank Cooperation
Mechanism, the BRICS Economic Research
ii.Award was instituted by India Exim Bank in March 2016.
iii.The award represents the efforts of India Exim Bank to promote research in the areas like international economics,
trade & development and related financing.
The award comprises a medal, citation and a cash award of Rs. 15 lakhs (around 20000 USD).
Objective:
To stimulate and encourage advanced doctoral research on economics related topics of contemporary relevance to
the member nations of BRICS.
About BRICS:
Members- Brazil, Russia, India, China and South Africa
Presidency 2020– Russia (India will assume the Presidency of BRICS in 2021)
President– Vladimir Vladimirovich Putin(President of Russia )
DEA Approves Swap of Mitsui Sumitomo’s Max Life Stake of 20.57% with 21.87%stake in Max Financial
Services
On November 19, 2020 Department of Economic Affairs(DEA), Ministry of Finance(MoF) gives approval for a swap
of 20.57% stake by Mitsui Sumitomo Insurance (MSI) Company Ltd that it holds in Max Life with a 21.87% stake in
Max Financial Services Ltd(MFSL).
About Share Swap Transaction
i.MFSL’s 7,54,58,088 equity shares, i.e., 21.87%(21.9%) of the paid-up share capital will be issued and allotted to MSI.
ii.As part of the share swap transaction, Max life Insurance Company Ltd’s equity shares comprising
20.57%(20.6%)of the paid-up share capital that is held by MSI will be transferred to MFSL.
Stake Holding
i.Presently MFSL holds 72.5% stake in Max Life and MSI owns 25.5% stake.
ii.The share swap transaction will result in MFSL’s stake in Max Life increasing to 93.10%.
Note- Upon the receipt of approval from Insurance Regulatory and Development Authority of India (IRDAI), the
transaction will be completed.
What is Share Swap Transaction?
A share swap transaction is an agreement between two counterparties to exchange their equity-based asset on an
exchange ratio under the circumstances of mergers, acquisitions, or takeovers
Key Info
Recently, Axis Bank Ltd along with its subsidiaries namely, Axis Capital Ltd and Axis Securities Ltd (together Axis
Entities) has entered into revised agreements with MFS Ltd to acquire up to 19.002% of the equity share capital of
Max Life Insurance Co Ltd (Revised Agreements), in accordance with existing laws and regulations.
The Department of Telecommunications’ (DoT) and The Securities and Exchange Board of India-SEBI(with certain
clauses) has given approval to Reliance Jio Infocomm (RJio), to sell units worth Rs 25,215 crore in Tower
Infrastructure Trust to Brookfield Infrastructure Partners L.P. It also approved a downstream foreign investment of
Rs 105.35 crore to acquire remaining 49% paid up equity share capital in Reliance Jio Infratel Pvt Ltd (RJIPL) and
increase the foreign capital in the firm to 100%
About Mitsui Sumitomo Insurance (MSI) Company Ltd:
President, Chief Executive Officer(CEO)– Noriyuki Hara
Head Office– Tokyo, Japan
Established– October 21, 1918
About Max Financial Services Ltd(MFSL)
MFSL is a part of the Max Group and is the holding company for Max Life.
MD– Mr. Mohit Talwar(Vice Chairman of the Max Group)

Delhi Govt, CEGIS sign MoU to carry out Detailed Study of measures for State Revenue
On November 18, 2020, Delhi Government and the Centre for Effective Governance of Indian States (CEGIS) signed a
Memorandum of Understanding (MoU) for carrying out detailed study of measures for state revenue.
The study will provide comprehensive data analysis related to GST (Goods & Services Tax), vehicle tax, stamp duty,
excise duty, and a comparative state analysis to improve the tax revenue capacity of Delhi.
Key Points:
i.The study will help in bringing new tax reforms and enforcement measures in Delhi.
ii.The study will provide data analytics for implementation of policies in priority areas of the government to
improve the governance and public service delivery in Delhi.
iii.In view of the economic crisis due to COVID-19 and Lockdown, The Delhi Government is facing challenges in
increasing its revenues.
iv.The preliminary report will be submitted by the end of January, 2021.
Delhi to reduce Yamuna’s Pollution by 90% by March 2023
The Delhi Government is planning to reduce the pollution load in the Yamuna river by 90% by March 2023. Delhi Jal
Board (DJB) officials presented a detailed plan to Delhi Chief Minister, Arvind Kejriwal and Water Minister Satyendar
Jain in this regard.
Key Points of the Plan:
i.Treatment of 150 MGD (Million) polluted water coming Haryana, Uttar Pradesh through natural wetlands and
aeration method.
ii.Wastewater from small and big drains will be treated into Sewage Treatment Plants (STP).
iii.Steps will be taken to improve the quality of existing STPs by upgrading equipment and using innovative
processes.
iv.Sludge from septic tanks across Delhi will be reused in bio-gas plants to generate electricity and gas.
v.Steps will be taken to increase treated water reuse capacity to 400 Million Gallons per day, the treated water will
be used in lakes, forests, gardening, and groundwater recharge and irrigation purposes.
Major Outfalls carrying Waste Water into Yamuna:
The Five major outfalls carrying wastewater into Yamuna are Najafgarh drain, Shahdara drain, Barapullah drain,
Delhi Gate drain and Mori Gate Drain.
i.On July 27, 2020 the Delhi chief minister, Arvind Kejriwal launched a free website ‘Rozgaar Bazaar 2020’ to connect
the job seekers and the recruiters on one platform.
About Delhi:
Wildlife Sanctuary – Indira Priyadarshini (Asola)
Governor – Anil Baijal
MoPNG Signed MoUs for 900 CBG plants worth Rs 30,000cr with 8 Oil & Gas Companies & Technology
Providers under SATAT Initiative
On November 20, 2020, Union Minister Dharmendra Debendra Pradhan, Ministry of Petroleum and Natural Gas
(MoPNG) signed Memoranda of Understandings (MoUs) with 8 leading oil & gas marketing companies & technology
providers to set up 900 Compressed Bio-Gas (CBG) plants with an outlay of Rs 30,000 Cr across India under the
Sustainable Alternative Towards Affordable Transportation (SATAT) initiative.
• The MoUs were inked with 4 Companies viz. JBM Group, Adani Gas, Torrent Gas and Petronet LNG for setting
up of Compressed Bio-Gas (CBG) plants, and with 4 technology providers in CBG sectors- IndianOil, Praj
Industries, CEID Consultants & Bharat Biogas Energy for facilitating availability of technology for the projects.
• Notably, in September 2020, Reserve Bank of India (RBI) included CBG in priority sector lending framework as
biofuels can reduce India’s fuel import bill by Rs. 1 lakh crore.
What is Sustainable Alternative Towards Affordable Transportation (SATAT) initiative?
Launched in October 2018 by the Government of India (GoI) , it envisages setting up of 5000 CBG plants by FY 2023-
24 with production target of 15 MMT with an approximate investment of Rs. 2 lakh crores. Its focus is to boost
production and availability of CBG as an alternative and affordable clean fuel for the transportation sector.

• SATAT Initiative has also set a target to establish 250 CBG plants by 2020 & establish 1,000 CBG plants by
2022 during its launch.
• It will also contribute towards doubling farmer’s income by 2022, generating employment for the youth and
ensuring clean energy for sustainable development
• The initiative is on the lines of AatmaNirbhar Bharat, Swachh Bharat Mission and boosting MSME sector.
What is Compressed Biogas (CBG)?
CBG is purified and compressed biogas, which is produced through a process of anaerobic decomposition from
various forest waste, Agri-waste, animal husbandry waste and marine waste like cattle dung, sugarcane press mud &
spent wash of distilleries, sewage water, municipal solid waste (MSW), biodegradable fractions of industrial waste
etc.
• The GoI has set a goal for reduction of import of crude oil dependence by 10% by 2021-22 and reducing the
energy emissions intensity by 33%-35% by 2030 as per the Nationally Determined Contribution (NDC)
targets agreed in twenty-first session of the Conference of the Parties (COP21) at Paris, France by increasing
production of natural gas.
i.On 15th September 2020, Gujarat signed a Memorandum of Understanding(MoU) with the Small Industries
Development Bank of India (SIDBI) to provide capacity building and market support around 35 lakh Micro Small
Medium Enterprises (MSMEs) of Gujarat and to increase their self-reliance.
ii.On 20th August, 2020, A Memorandum of Understanding (MoU) was signed between the Ministry of Shipping
(MoS) and Ministry of Skill Development and Entrepreneurship(MSDE) for skilling, re-skilling and upskilling of
manpower in Port, Maritime sectors.
About Ministry of Petroleum and Natural Gas (MoPNG):
Dharmendra Pradhan Constituency– Madhya Pradesh (MP)
Secretary– Tarun Kapoor
Mastercard and USAID Partnered under W-GDP to Launch Project Kirana for Women Empowerment
On November 19, 2020 Mastercard and the United States Agency for International Development (USAID) entered
into partnership under the Women’s Global Development and Prosperity Initiative (W-GDP) Initiative to
launch Project Kirana. Project Kirana is a 2 year economic empowerment program for women that drives small
business growth through digital financial inclusion.
Implementation
The programme will be implemented by DAI and ACCESS Development Services in the selected cities of Uttar
Pradesh, including Lucknow, Kanpur and Varanasi.
Purpose of the Project– To address the gender equality gap that limits the potential of women-owned businesses’ to
launch, grow, and thrive.
Note
i.The Project Kirana is an extension of the commitment of mastercard to empower and enable through an array of
commercial products, partnerships and philanthropic giving.
ii.Mastercard with the partnership with USAID, aims to strengthen the entrepreneurial ecosystem and also support
the aspirations of women entrepreneurs in India.
Gist about Project Kirana:
General Info
i.Project Kirana will help to boost the revenue streams, expand financial inclusion and women owned or operated
kirana stores to adopt digital payments.
ii.It is strategically designed to support women with skills and knowledge in order to enhance their access to
financial services and bring them into the formal economy.
Focus of the Program
i.To build financial and digital literacy skills on topics like banking, digital payments, saving, credit and insurance;
ii.To improve basic business management skills that includes inventory management, accounting, budget
management and customer loyalty;

iii.To address cultural and other barriers that setback women from becoming successful kirana entrepreneurs,
including outreach to men, family members, and the community.
About W-GDP Initiative:
Established
Donald Trump, president of the United States established the W-GDP Initiative in February 2019. It is the 1st whole-
of-government approach to economic empowerment of women.
Aim
It aims to increase the opportunities for women to participate meaningfully in the economy and promote prosperity
and national security.
Target
It targets to reach 50 million women in the developing world by 2025.
3 pillars
It focuses on 3 pillars namely, Women Prospering in the Workforce, Women Succeeding as Entrepreneurs and
Women Enabled in the Economy.
Additional Info
i.USAID has a global network of over 186 gender advisors working to accelerate gender work of USAID across the
world.
ii.Recently, Mastercard has announced a commitment of Rs 250 crores (US$33 million) to help restart Indian SMEs
and enable business recovery amid the COVID-19 outbreak.
iii.As part of the commitment, Mastercard has launched multiple initiatives in India to help small businesses go
online, to drive inclusive growth and to empower women entrepreneurs.
i.On 17th October, 2020 Uttar Pradesh (UP) Governor Anandiben Patel launched “Safe City Project” – a women’s
safety campaign in Lucknow, UP. “Safe City Project” is a 180-day-long campaign under which police and other
departments will work towards strengthening the security of women in public places.
ii.On September 17, 2020, Mukhyamantri Mahila Utkarsh Yojana (MMUY), a scheme of providing interest-free loans
of Rs 1 lakh to women’s groups was launched in Gujarat by its Chief Minister (CM) Vijay Rupani.
About Mastercard:
Headquarters – New York, United States
President and CEO-Elect– Michael Miebach
Chief Executive Officer(CEO)– Ajay Banga(Michael Miebach will take over as CEO by January, 2021)
About United States Agency for International Development (USAID):
Acting Deputy Administrator- John Barsa
Headquarters– Washington D.C, United States of America
ADB Approved a $50 Million Policy-Based Loan to Help Boost West Bengal’s Digital Platforms for Public
Finance Reforms
On November 20, 2020 The Asian Development Bank (ADB) approved a $50 million (about Rs 370 crore)policy-
based loan to help boost West Bengal’s Digital Platforms for Public Finance Reforms
Objective
i.To improve operational efficiencies and resource planning and management in West Bengal.
ii.To integrate the financial and information systems and expand the automation reforms in the state govt’s
operation, which is expected to strengthen the delivery of public services and generate fiscal savings.
Points to be Noted
i.The loan will be increased by a $350,000 technical assistance grant to finance capacity building, to monitor
IFMS(Integrated Financial Management System) reforms and strengthen the integration of social and gender aspects
in reform areas.
ii.This program supports the objective of Indian Govt to make public services more accessible through interoperable
eGovernment platforms

About the policy based loan:
i.The loan helps to boost the management of social protection benefits like pensions and Provident Funds(PFs),
facility of e-payment for tax payment and revenue collection, and information management and service delivery,
among others.
ii.This loan builds on the past ADB policy-based programs in 2012 and 2017, that supports the West Bengal govt on
sustainable public financial management reforms.
ADB policy-based programs in 2012 and 2017
These programs have helped in the following ways:
• To develop and implement IFMS
• To establish successful eGovernance systems for improved revenue administration
• To undertake measures for expenditure rationalization
• To promote the involvement of the private sector in service delivery.
On September 25, 2020, ADB approved two loans worth USD 570 million (about Rs 4,200 crore) for urban sector
projects in Rajasthan and Madhya Pradesh.
President– Masatsugu Asakawa
Membership– 68 countries(Including India)
Formed– 1966
LIC launches its First Digital Application, ‘ANANDA’ for Agents; 1st of its kind in Indian Life Insurance
Industry
On November 19, 2020 Life Insurance Corporation of India (LIC) launched its First Digital
Application, ‘ANANDA’ (Atma Nirbhar Agents New Business Digital App).
The digital tool supports the on boarding process to get Life Insurance policy with the help of the Agent /
Intermediary without any paperwork. ANANDA is a first of its kind in the Indian Life Insurance industry with LIC
pioneering the process through its in-house IT(Information Technology) enabled systems.
Objective– To facilitate the process of proposal completion that is fully paperless and digital.
Key People
M R Kumar, Chairman, LIC launched the app virtually in the presence of the Managing Directors, T C Suseel Kumar,
Mukesh Kumar Gupta, Raj Kumar and other Senior Officials of the Corporation.
Gist about ‘ANANDA’
i.It is built on a paperless KYC(Know Your Customer) process using the Aadhaar based e-authentication of the Life
Proposed.
ii.The new business completion process has been redesigned by converting physical formats into digital.
Benefit
• With this, agents are enabled to complete the policy without the need to meet the customers in person.
• The prospective customers can avail the facility of taking a New Life Insurance Policy without having to meet
the Agent / Intermediary in person.
Additional Info
During the launch event, an e-training video for the Agents was released. The video depicts the key features of the
application and the process from introduction to completion of a Life Insurance policy
About Life Insurance Corporation of India (LIC):
Chairman– M R Kumar
Established– 1st September, 1956 by LIC Act, 1956,
India’s GDP to Contract by 10.6% in Fiscal 2020 from Earlier -11.5%: Moody’s
On November 19, 2020 The Moody’s Investors Service has revised upwards the India’s GDP(Gross Domestic
Product) for the Fiscal 2020 (April 2020-March 2021) to -10.6%(contract by 10.6%) from -11.5% projected earlier.

The upward revision is due to the latest stimulus prioritizes manufacture and job creation, and changes the focus to
longer-term growth.
• It has also projected India’s GDP growth for fiscal 2021-22 at 10.8%, against the previous estimate of 10.6%.
• The medium term growth is expected to be around 6%.
Note- Moody’s had revised upwards the growth forecast for CY 2020 to – 8.9% , from -9.6% predicted earlier.
Other Key Projection of Moody’s
i.Government debt to rise to 89.3% of GDP in fiscal 2020 and decline to 87.5% in fiscal 2021, from 72.2% in fiscal
2019.
ii.The fiscal deficit of the general govt to reach around 12% of the GDP, with some risk in fiscal 2020 and narrows to
about 7%of GDP over the medium term, which will be still above the deficit of 6.5% of GDP in 2019.
iii.In 2020, the median for Baa-rated peers is projected to increase to 60.8%.
Additional Info
i.Government of India among its new measures has allocated Rs 1.46 lakh crore to extend the Production Linked
Incentive (PLI) scheme across a further 10 sectors
ii.The govt expects that the companies currently approved under the scheme will generate total production of more
than Rs 10.5 lakh crore (5.5% of GDP) over the next 5 years, of which 60% will be exports.
Other global agency Prediction of India’s GDP in FY 21:
• Fitch Ratings- contract by 10.5%(-10.5%)
• S&P (Standard & Poors) Global Ratings- contract by 9%(-9%)
• World Bank- contract by 9.6%(-9.6)
• International Monetary Fund (IMF)- contract by 10.3%(-10.3%)
About Moody’s:
Headquarters– NewYork, United States
President & CEO– Raymond W. McDaniel, Jr.
GC Murmu, 14th CAG of India Elected as External Auditor of Inter Parliamentary Union
On November 20, 2020 Girish Chandra(G.C.) Murmu, 14th Comptroller and Auditor General(CAG) of India elected as
the External Auditor of Inter Parliamentary Union (IPU) for 3 years. He will take charge of this position from the
Supreme Audit Institution of Switzerland.
• The election took place at the IPU’s virtual meeting of the 284th session.
Key Info
Mr. Duarte Pacheco has been elected as the 30th President of the IPU. He succeeds Ms. Gabriela Cuevas Barron.
Note– IPU, global organization of national parliaments has the status of being a permanent observer at the United
Nations(UN) General Assembly.
Other positions of CAG of India:
i.Presently, CAG of India is the external auditor of the World Health Organisation(WHO) and Food and Agriculture
Organisation(FAO).
ii.The CAG of India chairs the Knowledge Sharing Committee, which is one of the four major Committees of
International Organization of Supreme Audit Institutions (INTOSAI). He is also on the Governing Board of INTOSAI.
iii.He is the Chair of the UN Panel of External Auditors.
iv.The CAG also chairs the Asian Organization of Supreme Audit Institutions (ASOSAI).
About G.C.Murmu:
i.G.C.Murmu is the 1985-batch Gujarat cadre Indian Administrative Service (IAS) officer.
ii.He was appointed as the 1st Lt Governor of Union Territory(UT) of Jammu and Kashmir in October 2019 after its
formation under the Jammu and Kashmir Reorganisation Act, 2019.
iii.He resigned from the post on August 5, 2020.
iv.He has served in many important positions in Indian Govt.
International Organisation for which CAG of India has been the External Auditor:
i.CAG of India has been on the UN Board of Auditors from 1993 to 1999 and 2014 to 2020.
ii.CAG of India also has been the External Auditor of the World Food Programme(WFP), World Intellectual Property
Organization(WIPO), International Atomic Energy Agency(IAEA).

iii.The list also includes the UN World Tourism Organization(UNWTO), International Organization for
Migration(IOM), International Maritime Organization(IMO), The Organization for Prohibition of Chemical
Weapons(OPCW).
About Inter Parliamentary Union (IPU):
Established– 1889
Membership– 179 Member Parliaments(including India) ,13 Associate Members
Slogan– “For democracy. For everyone.”
Headquarters– Geneva, Switzerland.
President– Mr. Duarte Pacheco(Succeeds Ms. Gabriela Cuevas Barron)
Secretary General– Martin Chungong
Indian Bank, Canara Bank, Axis Bank, South Indian Bank, Bank of Baroda Acquires 6.67% stakes each in
IBBIC
On November 20, 2020 Indian Bank, Canara bank , Axis bank, South Indian Bank, Bank of Baroda(BoB)
acquired 6.67% stakes (representing 50,000 equity shares) each in the proposed financial tech firm, IBBIC Pvt
Ltd. for Rs 5 lakhs.
• The acquisition is to be completed by December 31, 2020.
IBBIC Pvt Ltd
i.It is proposed to be incorporated as a financial technology(fintech) company.
ii.Objective- To provide a platform to explore, build and implement Distributed Ledger Technology (DLT) solutions
for the Indian financial services sector.
iii.The company name is subject to approval of the Registrar of Companies(RoC), Mumbai, Maharashtra.
Note– By November 30, 2020, the company registration application of IBBIC will be submitted to the Registrar of
Companies, Mumbai.
Distributed Ledger Technology
• It is a consensus of replicated, shared, and synchronised digital data geographically spread across multiple
sites, countries or institutions.
• It is also known as ‘shared ledger technology’.
Govt Approved Subsidized Loans worth Rs 3,971.31 cr for Micro-Irrigation Projects; Tamil Nadu received
highest loan approval
On November 21, 2020, Ministry of Agriculture & Farmers Welfare (MoAFW) has approved subsidized loans worth Rs
3,971.31 crore under Micro Irrigation Fund (MIF) for implementing micro-irrigation projects. These funds were
earlier approved by the steering committee of MIF.
• It should be noted that MIF is created with the National Bank for Agriculture and Rural Development
(NABARD) for implementing micro-irrigation projects.
• The maximum loan worth Rs 1,357.93 crore has been approved for the state of Tamil Nadu, followed by Rs
790.94 crore for Haryana, Rs 764.13 crore for Gujarat, Rs 616.13 crore for Andhra Pradesh, Rs 276.55 crore for
West Bengal, Rs 150 crore for Punjab and Rs 15.63 crore for Uttarakhand.
Key Points:
—-Of the total amount, NABARD has so far released an amount of Rs 1,754.60 crore to the states.
Rs.1754.60 crore has been provided to following states, Rs. 616.13 crore to Andhra Pradesh, Rs. 937.47 crore to
Tamil Nadu, Rs. 21.57 crore to Haryana and Rs. 179.43 crore to Gujarat.
About Micro-Irrigation Fund:
This fund with a corpus of Rs 5,000 crore was operationalised in FY20 with an outlay of Rs 5,000 crore to facilitate
states in availing subsidised loans for expanding coverage of micro irrigation beyond the provisions available under
Pradhan Mantri Krishi Sinchai Yojana (Per Drop More Crop) to encourage farmers to install micro irrigation systems.
• The subsidized loans are also provided for taking up special and innovative projects but also under micro
irrigation.

What is micro-irrigation?
Micro irrigation is a modern method of irrigation by this method water is irrigated frequently (e.g. daily or multiple
times per day) through drippers, sprinklers, foggers and by other emitters on the surface or subsurface of the land.
• Micro irrigation applies water at low rates and pressures to discrete areas so irrigation water reaches the root
zone with minimal loss of water.
i.On September 24, 2020 Ministry for Agriculture and Farmers Welfare launched “Centralized Farm Machinery
Performance Testing Portal” (https://www.agrimachinery.nic.in/FMTTI/Management) in public domain. The Portal
has been developed by the Department of Agriculture, Cooperation and Farmers Welfare (DAC&FW), Ministry of
Agriculture.
ii.Kerala Government has formed ‘Kerala Karshaka Kshemanidhi Board’ (Kerala Farmers Welfare Fund Board) – a
Board for upliftment of Farmers in the State. It is the first time in India that a Welfare Fund Board has been formed
for upliftment of farmers.
About Ministry of Agriculture & Farmers Welfare (MoAFW):
Union Minister – Narendra Singh Tomar
Minister of State (MoS) – Parshottam Rupala, Kailash Choudhary
NABARD sanctioned Rs 74.31 cr for Meghalaya roads under RIDF-Tranche-XXVI

The National Bank for Agriculture and Rural Development (NABARD) has sanctioned Rs 74.31 crore to the state
government of Meghalaya under Rural Infrastructure Development Fund (RIDF)-Tranche-XXVI. It will be utilized
within three years towards construction of 6 new roads and improvement of 24 existing roads viz. 22 village roads
and 2 major district roads.
Aim of Funds: To strengthen rural connectivity and rural infrastructure of Meghalaya.
• On completion, the roads will benefit 131 villages by providing simple access to nearby health centers,
marketing centers and educational institutions.
About Rural Infrastructure Development Fund (RIDF):
Created in 1995-96 by the Government of India (GoI) with the initial corpus of Rs.2000 crores for the development of
rural infrastructure, RIDF is maintained by NABARD. At present, it consists of 37 eligible activities under three broad
categories of Agriculture and related sector, Social sector and Rural connectivity.
• As on October 31, 2020, from RIDF I to XXVI, NABARD has sanctioned total 6,99,354 projects involving loan
assistance of Rs. 3,78,832 crore to State Governments.
i.On October 21, 2020 Uttarakhand Chief Minister (CM) Trivendra Singh Rawat inaugurated the Integrated Model
Agricultural Village Scheme (Ekikrit Adarsh Krishi Gram Yojana) in partnership with NABARD in the state at Doiwala
in Dehradun.
ii.The National Bank for Agriculture and Rural Development(NABARD) to undertake a Sanitation Literacy Campaign
(SLC) to promote literacy on ”WASH” (Water, Sanitation and Hygiene) in 2,000 villages across the country covering 1
lakh rural population. SLC will start from October 2, 2020 to January 26, 2021.
About National Bank for Agriculture and Rural Development (NABARD):
Chairman– Dr. G.R. Chintala
About Meghalaya:
Capital– Shillong
Chief Minister– Conrad Kongkal Sangma
Governor– Satya Pal Malik
RBI restricts withdrawals from Mantha Urban Coop Bank; Cancels CoAs of 5 PSOs & Imposed Rs 1 crore
penalty on PNB
In exercise of powers vested in it under sub section (1) of Section 35 A of the Banking Regulation Act, 1949 read
with Section 56 of the Banking Regulation Act, 1949, the Reserve Bank of India (RBI) imposed restrictions on

withdrawals from Jalna, Maharashtra-based Mantha Urban Cooperative Bank for six months from November 17,
2020.
• The bank can also not grant loans or make any investments without prior approval of the RBI in writing.
–RBI cancels Certificate of Authorisation of five PSOs
The Reserve Bank of India has also cancelled the following Certificate of Authorisation (CoA) of the five Payment
System Operators (PSOs) in exercise of the powers conferred on it under the Payment and Settlement Systems Act,
2007:
i.Pyro Networks Private Limited:
Location– Hyderabad, Telangana
Reason for Cancellation– Voluntary Surrender
ii.Card Pro Solutions Private Limited:
Location– Mumbai, Maharashtra
Reason for Cancellation– Non-compliance with regulatory requirements
iii.Aircel Smart Money Limited
Location– Gurugram, Haryana
Reason for Cancellation– Non-renewal
iv.InCashMe Mobile Wallet Services Private Limited:
Location– Ahmedabad, Gujarat
Reason for Cancellation– Non-compliance with regulatory requirements
v.Delhi Integrated Multi-Modal Transit System Limited
Location– Kashmere Gate, Delhi
Reason for Cancellation– Voluntary surrender
Now, the above companies cannot do the business of issuance and operation of Prepaid Payment Instruments (PPIs)
but customers having a valid claim on these companies can approach them for settlement of their claims within
three years from the date of cancellation.
–RBI imposes Rs 1 crore penalty on Punjab National Bank; 5 non-bank PPI issuers also penalized
RBI has imposed Rs 1 crore penalty on Punjab National Bank (PNB) for unauthorised bilateral ATM sharing
arrangement with one of the international subsidiaries of the bank namely Druk PNB Bank Ltd., Bhutan since April
2010 without the prior approval from RBI.
• The penalty has been imposed by RBI after exercising powers under Section 30 of the Payment and Settlement
Systems Act, 2007.
RBI also imposed penalties on other five entities which are non-bank prepaid payment instrument (PPI) issuers for
non-compliance of regulatory guidelines. These are as follows:
Entity Bank
Sodexo SVC India Private Limited Rs 2 cr
Phonepe Private Limited Rs 1 cr 39 Lakh
QwikCilver Solutions Private Limited Rs 1 cr
Muthoot Vehicle & Asset Finance Ltd. Rs 34.55 Lakh
Delhi Metro Rail Corporation Limited Rs 5 Lakh
Apart from above RBI also imposed monetary penalty of Rs 20 lakh on Bengaluru, Karnataka -based Shushruati
Souharda Sahakara Bank Niyamita for deficiencies in regulatory compliance and Rs 1 lakh on the Deccan Urban
Co-operative Bank, Vijayapura, Karnataka, for contravention of the directions issued by it on prohibition of loans
and advances to directors.
• These were imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with
Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949.
What are prepaid payment instruments (PPIs)?
Prepaid payment instruments facilitate purchase of goods and services against the value stored on such instruments’.
These are issued by companies incorporated in India and registered under the Companies Act, 1956 / Companies Act,
2013.

i.On September 29, 2020, the Reserve Bank of India (RBI) deferred implementation of provisions made under Basel
III capital due to uncertainty related to Covid crisis. In this regard, RBI will repel the final tranche of the capital
conservation buffer (CCB) and the implementation of net stable funding ratio (NSFR) by six months i.e. April 1, 2021.
ii.RBI also extended the enhanced borrowing facility provided to banks under the marginal standing facility (MSF)
scheme by six months till March 31, 2021. It was initially available up to June 30, 2020 and was later extended up to
September 30, 2020 due to economic disruptions amid COVID-19.
About Punjab National Bank (PNB):
Managing Director & Chief Executive Officer – CH S.S. Mallikarjuna Rao
Tagline – The Name you can bank upon
Head Quarter – New Delhi
RBI’s IWG Recommended to Raise Promoters Cap to 26% from 15% in Private Banks
The Internal Working Group (IWG) of Reserve Bank of India (RBI) which was formulated on June 12, 2020 to review
extant ownership guidelines and corporate structure for Indian private sector banks has submitted its report on
November 20, 2020. It has recommended an increase in the promoters’ stake in Private Banks to 26% from 15% of
the paid-up voting equity share capital of the bank in 15 years.
• It also recommended prescribing a uniform cap of 15% of the paid-up voting equity share capital of the bank
for all types of shareholders (non-promoter shareholding).
• The RBI has placed the report for comments of stakeholders and public by January 15, 2021.
Other key Recommendations:
–Authorization of large corporate or industrial houses as promoters will be done only after amendments to the
Banking Regulation Act, 1949 and strengthening of the supervisory mechanism for conglomerates.
–Large non-banking finance companies (NBFCs) with an asset size of Rs 50,000 crore and above, and completed 10
years of operations can be considered for conversion into banks. The eligible large NBFCs owned by a corporate
house can also be considered for the same.
–There should be enhancement in the minimum initial capital requirement for licensing new banks from Rs 500 crore
to Rs 1,000 crore for universal banks and from Rs 200 crore to Rs 300 crore for small finance banks.
–A 3 years of experience is sufficient for Payments Banks who want to convert to a Small Finance Bank.
—Non-operative Financial Holding Company (NOFHC) will continue to be the preferred structure for all new
licenses to be issued for universal banks.
–Once the NOFHC structure gets a tax-neutral status, all banks licensed before 2013 should attain NOFHC structure
within 5 years from announcement of tax-neutrality.
i.On August 12, 2020, RBI mandated the urban co-operative banks (UCBs) with assets of Rs 2,000 crore or above as
on March 31, 2020 to implement system-based asset classification from 30 June 2021.
ii.In a first-of-its-kind measure, the Reserve Bank of India will buy bonds issued by state governments i.e. state
development loans (SDL) in the current financial year (FY21) as a special case via secondary market open market
operations(OMO), to ensure they don’t face rising interest costs amid high borrowings.
Govt of Himachal Pradesh Partners with ADB to Improve the Infrastructure in Mandi District
On 22nd November 2020, The Government of Himachal Pradesh(HP) partnered with Asian Development
Bank(ADB) to improve the infrastructure in Mandi, Himachal Pradesh. Jai Ram Thakur, Chief Minister of HP virtually
inaugurated and laid foundation stones for various development programs worth Rs.15 crores in Mandi district
of HP.

• Rs. 9 Crores out of the estimated cost of Rs.15 Crores required for the constitution of the facilities will be
provided by ADB and the balance will be spared by the Government of Himachal Pradesh.
Development programs:
Development programs inaugurated by CM Jai Ram Tahnkur are,
• Primary Healthcare Centre (PHC) in Pandoh.
• “Bhimakali”, vehicle parking building, a multi-storied building with a facility to park 86 vehicles and a hall with a
sitting capacity of 300 people.
• Lift Water Supply scheme, from Kangnidhar to Dudar Bharaun in gram panchayat Dudar Bharaun of Tehsil Sadar.
He also laid foundation stone for
• New building of government primary school located at Bal Mani (U-block).
• Functional Household Tap Connections (FHTC) to remaining households of various villages in gram panchayat at
Tilly Kehanwal and Santardh in Tehsil Sadar.
Key Points:
i.To enhance and provide better facilities and develop the towns of the States, the government has given Municipal
Corporation status to Palampur, Solan and Mandi towns.
ii.The Municipal corporation status will support the development of these towns through special budget provisions
and along with development projects of the Government of India.
Additional Info:
i.HP CM stated that the airport work at Nagchala and Shiv Dham at Mandi will commence soon and will provide a new
dimension to the tourism of Mandi.
ii.He also mentioned that the state was implementing the first phase of Rs. 1688 crore Shiva project in lower districts
of the state by providing facilities of drip irrigation, solar panel, CA store and marketing etc. The Shiva Project is
funded by ADB.
On March 11, 2020 The Government of India, Government of Himachal Pradesh(HP) & the World Bank signed a loan
agreement of US$80 million (about Rs 600 crore) to improve water management practices & also to increase
agricultural productivity in selected Gram Panchayats (Village Councils) in HP.
About Himachal Pradesh:
National Parks– Great Himalayan National Park, Pin Valley National Park, Khirganga, Inderkila and Simbalbara
Zoological parks– Dhauladhar Nature Park, Himalayan Nature Park
President– Masatsugu Asakawa (10th President of ADB)
Membership– 68 countries
Formed– 1966
‘4th Global Conference on Criminal Finances and Cryptocurrencies‘organized by Interpol, Europol and Basel
Institute held virtually
The 4th Global Conference on Criminal Finances and Cryptocurrencies organised by Interpol (also known as
International Criminal Police Organization), Europol (European Union Agency for Law Enforcement Cooperation)
& Basel Institute on Governance (Switzerland) took place virtually from November 18-19, 2020.
Around 2, 000 representatives from 132 countries attended the Virtual Conference. Interpol hosted the 4th Global
Conference on Criminal Finances and Cryptocurrencies conference. Basel Institute on Governance will host the 5th
Global Conference on Criminal Finances and Cryptocurrencies in 2021.
Background:
i.The Conference was launched in 2016 by Interpol, Europol & Basel Institute on Governance.
ii.It was an initiative of the Working Group on Cryptocurrencies and Money Laundering.
Objective:
To strengthen the knowledge, expertise and enable sharing of best practices for investigations into financial crime
and intelligence on virtual assets and cryptocurrencies.

Highlights:
i.The conference highlighted the need for countries to exchange tactical information and best practices to ensure that
lessons learnt by one entity can be useful to another entity.
ii.It underlined the need to expand capabilities on ways to investigate virtual assets and regulate virtual asset service
providers to prevent money laundering.
7 Key recommendations:
• Adopt tools to extend capabilities on how to investigate Virtual Assets.
• Apply rules to regulate Virtual Asset Service Providers to prevent money laundering.
• Apply the strategy to “Follow the Money”.
• Strengthen international cooperation.
• Adopt a multidisciplinary approach.
• Promote new technologies applied to the financial investigation on Virtual Assets.
• Adapt investigation strategies.
Agendas discussed in the conference:
i.Agendas discussed in the Conference are – Cryptocurrency related offences, exploring criminal flows and operations
in the dark markets, ransomware, sextortion case studies, money laundering involving virtual assets and transfer or
drug proceeds using cryptocurrencies.
ii.The participants emphasized on establishing a regulatory framework to prevent money laundering,
adopting ‘follow the money’ strategy against criminal proceeds, and strengthening information exchange to
dismantle criminal networks.
About Interpol:
President – Kim Jong Yang (South Korea)
Headquarters – Lyon, France
About Europol:
Executive Director – Catherine De Bolle
Headquarters – The Hague, Netherlands
About Basel Institute on Governance:
Managing Director – Gretta Fenner
Headquarters – Basel, Switzerland
NSDL Payments Bank Partnered with HDFC ERGO General Insurance to Offer Customised Insurance Solutions
to its Customers
On November 23,2020 NSDL Payments Bank Limited, digital-first payments bank entered into partnership
with HDFC ERGO General Insurance Company Limited to offer a customised, affordable and whole range
of general insurance products to its customers through NSDL Jiffy, mobile banking application.
Aim of the Partnership
To integrate NSDL Payment Bank’s deep distribution network and HDFC ERGO’s strong innovation pipeline to
contribute to financial inclusion in India.
Note
COVID-19 pandemic has accelerated the need for insurance, particularly health insurance. Usually, the insurance
penetration is low in India.
Benefits of the Association:
Protection under one roof
This association allows customers to access comprehensive protection solutions under one roof and ensure complete
financial security.
One-Stop-Shop for all banking and financial services
Customers will get sophisticated digital capabilities offered by NSDL Payment Bank and HDFC ERGO through self-
service and support channels, creating a one-stop-shop for all banking and financial services.
HDFC ERGO Builds Insurance Awareness
The association helps HDFC ERGO to create insurance awareness among the public through the wide customer base
of NSDL Payments Bank

Additional Info
Over 75% of NSDL Payments Bank’ base is below the age of 30.
Points to be Noted
i.HDFC ERGO Health Insurance (formerly Apollo Munich Health Insurance Co Ltd) is going to merge with HDFC ERGO
General Insurance Co Ltd (HDFC ERGO).
ii.Recently, for this merger Insurance Regulatory and Development Authority of India(IRDAI) and National Company
Law Tribunal(NCLT) has given approval.
On October 28, 2020 ICICI Lombard General Insurance Co. Ltd. in partnership with FreePaycard Retail Pvt.Ltd, an
online pre-paid card trading platform launched Group Safeguard Insurance for the members of FreePaycard.
About NSDL Payments Bank Limited:
It is the first and largest depository in India.
Subsidiary of– National Securities Depository Ltd. (NSDL)
Commenced operations– October, 2018
Chairman– G. V. Nageswara Rao
Chief Executive Officer(CEO)– Mr. Ashutosh Singh
Licensed Under– Section 22 of the Banking Regulation Act, 1949.
About HDFC ERGO General Insurance Company Limited:
It is a 51:49 Joint Venture(JV) between HDFC Ltd., and ERGO International AG, the primary insurance entity of Munich
Re Group. It was formerly called as HDFC General Insurance Limited from Sept 14, 2016 and as L&T General
Insurance Company Limited upto Sept 13, 2016
Managing Director (MD) and Chief Executive Officer (CEO)– Ritesh Kumar
Chairman– Deepak S. Parekh
Incorporated– February, 2002.
Muthoot Finance in Partnership with BAGIC Launched “Muthoot Gold Shield” to Insure Gold Jewellery
Gold loan Non-Banking Financial Company (NBFC) Muthoot Finance in collaboration with Bajaj Allianz General
Insurance (BAGIC) has launched “Muthoot Gold Shield” to provide insurance to its customers on gold jewellery.
• This scheme is backed by the Group Affinity All Risk policy of Bajaj Allianz General Insurance.
• It is launched as a part of Muthoot Finance’s ongoing customer loyalty programme and social commitment.
About Muthoot Gold Shield:
This scheme will provide insurance coverage to the customers of Muthoot Finance as a loyalty product as it will be
given at the time of closure of gold loans and release of gold ornaments.
• Its objective is to impart financial shield to the customers in case of any unforeseen events.
• The policy will cover burglary, robbery, theft from insured person’s home, loss-in-transit and 13 other
disasters (natural calamities).
• Notable, this scheme requires zero documentation and is provided at a nominal premium.
i.On September 29, 2020 Flipkart and Bajaj Allianz General Insurance Company partnered to offer ‘DigitalSuraksha
Group Insurance’ for customers who wish to cover themselves against financial losses resulting from cyber-attacks,
cyber frauds, or other such malicious activities on various online platforms.
ii.On October 14, 2020 PhonePe in association with Bajaj Allianz General Insurance Company launched car and bike
insurance products on its platform. This launch enables more than 230 million registered PhonePe users to insure
their vehicles, in under 2 minutes, without having to upload any documents before making a purchase.
About Muthoot Finance:
Managing Director (MD)– George Alexander Muthoot
Headquarter– Kochi, Kerala

About Bajaj Allianz General Insurance:
Managing Director (MD) and Chief Executive Officer (CEO)– Tapan Singhel
Headquarter– Pune, Maharashtra
India can Attract $120-160 billion FDI annually by 2025: CII-EY report
In accordance with the report titled “FDI in India: Now, Next and Beyond” by Confederation of Indian Industry (CII)
and Ernst & Young Global Limited (EY), India may attract foreign direct investment (FDI) of $120-160 billion per year
by 2025. This is on the condition to increase the FDI to Gross Domestic Product (GDP) ratio between 3-4% from less
than 2% now.
• Notably, India’s GDP grew 6.8% in the past 10 years with FDI to GDP at 1.8%.
• India’s GDP growth could also improve to 7-8% growth if the investments come in.
Key Points:
— India’s workforce, political stability, cheap labour and policy reforms are influencing investments.
–The investors ranked India third in terms of attractiveness and 80% of them have planned for investment in India in
the next two to three years. Out of them 25% investments are worth over $500 million.
–States-wise Maharashtra remains the most attractive destination (28%), followed by Karnataka (19%), Delhi (16%)
and Gujarat (10%). These four alone received 75% of the FDI between October 2019 and June 2020.
–A boost in manufacture of electric vehicles (EVs), manufacture of high end machinery, and diversification of service
and regionalisation of cotton textile and mining value chains can increase FDI in flows post-COVID.
About Confederation of Indian Industry (CII):
President (2020-21)– Uday Kotak
RBI Becomes World’s 1st Central Bank to Reach 1 million Followers on Twitter
On September 27, 2020, the number of followers of the Reserve Bank of India(RBI)has increased from 9.66 lakh to
one million or 10 lakh on Twitter. With this, the central bank of India is now the first-ever such bank in the world to
reach these many followers in the micro-blogging site. The US Federal Reserve has about 6.67 lakh Twitter
followers and the Frankfurt-headquartered European Central Bank (ECB), the second most powerful monetary
authority in the world, has about 5.91 lakh followers. Currently, the RBI handle is followed by over 1 million people.
HDFC Bank and ICCI Signs MoU to Empower SMEs and Start-ups
On November 24, 2020 In its effort to support SMEs(Small and Medium-sized Enterprises) and Start-ups ICCI
(Inventivepreneur Chamber of Commerce and Industries) has signed MoU(Memorandum of Understanding) with
HDFC Bank
Aim of the MoU– To empower SMEs and Startups
Key Info
Through this association ICCI engages, enrols and supports various Startups /SMEs /MSMEs(Micro, Small and
Medium Enterprises) to facilitate financial and other facilities to/from HDFC Bank.
Provisions of the MoU
Role of HDFC Bank
i.HDFC Bank may offer bank accounts to Startups that are supported by ‘Inventivepreneur’.
ii.It will provide vital business support functions namely, shared workspaces, digital marketing, web services, Patent
filing, content writing, tax, and legal advisory to ICCI recommended businesses.
Role of ICCI
i.ICCI evaluates and recommends potential Startups /SMEs /MSMEs for investments.
ii.It supports businesses to find solutions to the requisite stakeholders and provides them an opportunity to
showcase their solutions
iii.It reviews and examines the overall profile of the businesses.
iv.It sensitizes investors to listed SME-Startups and curate startups.

v.It offers industry connectivity to the respective HDFC startups globally and supports entrepreneurship across the
country through knowledge transmission on government announced programs, Acceleration Fund, International
Presence and Global Business Relations.
vi.ICCI enrols and engages HDFC Bank listed businesses under exclusive flagship programs like Investor Pitch Day,
Livewithmalhotra, #CrossBorder, International Business Exchange Programs and Inventivepreneur TV Show.
Note
ICCI and HDFC Bank jointly conduct diverse networking activities, awareness camps and interactive sessions,
Business Events.
Other MoU signed by ICCI to empower SMEs & Start-ups
On 24th October 2020, BSE (formerly known as Bombay Stock Exchange Ltd) signed MoU with ICCI to support Small
and Medium Enterprises(SMEs) and start-ups & promote their listing on the exchange.
On September 28, 2020, BSE (formerly Bombay Stock Exchange) had signed an Memorandum of Understanding
(MoU) with Yes Bank in order to empower the Small and Medium Enterprises (SMEs) that are listed on the BSE
through awareness and knowledge-sharing programmes.
About ICCI (Inventivepreneur Chamber of Commerce and Industries):
President– Ritika Yadav
About HDFC Bank:
IPPB partnered with PNB MetLife India to launch Pradhan Mantri Jeevan Jyoti Bima Yojana
The India Post Payments Bank (IPPB) has collaborated with PNB MetLife India Insurance Company Limited to launch
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). This scheme provides life cover of Rs 2 Lakh on death of the
insured member due to any reason. It is optional for all the savings account holders with IPPB.
About Pradhan Mantri Jeevan Jyoti Bima Yojana(PMJJBY):
The Scheme was launched in 2015.It is a low cost insurance scheme that seeks to bring large sections of the
underserved and unserved population into the financial mainstream. The Scheme is launched by Prime Minister
Narendra Modi in Kolkata and Nodal Ministry for the scheme is Ministry of Finance.
• Age Limit– 18-50 years
• Premium– Rs 330
• Tax benefits can be availed on the premium paid under the policy under Section 80C of the Income Tax Act.
i.On September 29, 2020 Indian Bank launched IB-eNote, a green initiative to enable a total paperless
working environment. This tool enables processing and tracking of notes put up by various offices digitally.
ii.SBI Cards & Payment Services Ltd (SBI Cards) partners with American Express Global Network Services (Amex) to
provide global benefits and offer exclusive privileges to their premium consumer segments in India.
About India Post Payments Bank:
Establishment-2018
Managing Director (MD) and chief Executive Officer (CEO)– J. Venkatramu
Tagline– Aapka Bank, Aapke Dwaar
About PNB MetLife:
Managing Director (MD) and chief Executive Officer (CEO)– Ashish Kumar Srivastava
Headquarter– Mumbai,Maharashtra
Tagline– Milkar Life Aage Badhaein

HDFC Life, HDFC Ergo Launched Combi Health Insurance Policy “Click 2 Protect Corona Kavach”
HDFC (Housing Development Finance Corporation) Life and HDFC Ergo joined hands to launch a combi insurance
product ‘Click 2 Protect Corona Kavach’ which offers a complete financial protection package in the current pandemic
environment. This policy will provide all the benefits and features of HDFC Life’s Click 2 Protect 3D Plus and HDFC
Ergo’s Corona Kavach policies.
Key Points:
–The combi-product offers two options under Corona Kavach plan — individual cover and family floater cover.
–The COVID-19 health cover can be extended to spouse, dependent children below 25 years of age, dependent
parents and parents-in-law under the family floater cover.
–HDFC Life’s C2P3D Plus is one of the most flexible and customizable term plans in the market.
–HDFC Ergo’s Corona Kavach is an indemnity health policy to offer cover against medical expenses incurred due to
hospitalization of individuals seeking treatment for COVID-19, on a positive diagnosis for the virus.
Pricing:
–The policy term and Sum Assured of C2P 3D plus & Corona Kavach are independent of each other. –The product
allows an individual to select C2P 3D Plus policy term and Sum Assured as per the plan option chosen.
–Further, one can choose COVID-19 Sum Assured from Rs. 50,000 to Rs. 5 lakh that can be purchased for a term of
3.5/6.5/9.5 months.
i.On October 17, 2020, TATA (formerly Tata Engineering and Locomotive Company) Motors has collaborated with
HDFC Bank for financing of its passenger vehicles. In this regard, Tata Motors introduced two new schemes viz.
“Gradual Step Up Scheme” and “TML Flexi Drive Scheme” which will be available till November 2020.
ii.On September 10, 2020, Euromoney, the global finance and banking magazine’s Awards for Excellence 2020
honoured Aditya Puri, Managing Director(MD) of HDFC Bank with a Lifetime Achievement Award 2020. This is a first
of its kind recognition for a corporate leader from India.
About HDFC Life:
Managing Director (MD) & Chief Executive Officer (CEO)– Vibha Padalkar
About HDFC Ergo:
Managing Director (MD) & Chief Executive Officer (CEO)– Ritesh Kumar
Mercedes-Benz India Partnered with SBI in 1st of its kind Retail Marketing Pact
India’s top luxury car maker Mercedes-Benz India has joined hands with State Bank of India (SBI) in a retail
marketing pact to access latter’s HNI (high net-worth individual) customer base for selling its premium cars. This is
the first-of-its-kind collaboration to generate enquiries as well as to provide an online booking facility.
• This collaboration will help Mercedes-Benz to reach potential customers through the bank’s national
penetration in all 17 circles.
Key Points:
–This partnership will enable the customers to avail online and offline benefits from the bank during the purchase of
a Mercedes-Benz vehicle.
–The bank will offer attractive interest rate for a loan of tenure 2-5 years and benefits on the processing fees
–Also, customers booking a Mercedes-Benz car online through YONO will get an additional benefit of Rs 25,000 at
Mercedes Benz dealership.
About Mercedes-Benz India:
Managing Director & Chief Executive Officer (CEO)– Martin Schwenk
Headquarter– Pune, Maharashtra
About State Bank of India (SBI):
Chairman– Dinesh Kumar Khara
Headquarter- Mumbai, Maharastra
Tagline– The Nation banks on us ;Pure Banking Nothing Else ;With you all the way

RBI Rejects Muthoot Finance Proposal to Acquire IDBI MF
On November 24, 2020 Reserve Bank of India(RBI) rejected the proposal of Muthoot Finance Limited to acquire
100% equity share of IDBI Asset Management and IDBI MF( Trustee Company from IDBI Bank, IDBI Capital Markets
and Securities. The deal was estimated at Rs 215 crore. In this regard, Muthoot Finance in November 2019, had
entered into a share purchase agreement with IDBI Bank, IDBI Capital Markets and Securities, IDBI Asset
Management and IDBI MF Trustee Company .
Ministry of Environment Approves Rs. 1100 crore for Song Dam drinking water project
On 26th November, The Union Ministry of Environment, Forest and Climate Change (MoEFCC) has announced a Fund
allocation of Rs. 1100 crore towards the construction of Song Dam drinking water project in Dehradun,
Uttarakhand. This project is aimed at providing 24 hours drinking water to the city of Dehradun and will help the
revival of River Rispana a tributary of River Song. The dam is about 148 m high and has the capability to generate
power up to 6 MW.
About Song River:
i.Song is one of the largest rivers that drain the Doon Valley traversing 190 km (120 mi).
ii.It is a tributary of Sooswa river, which in turn is a tributary of the Ganges, it originates as spring-fed stream in the
southern slopes of the Radi Top of Mussoorie ridge of the Himalayan range and runs from Dhanaulti towards
Narendranagar.
Important Dams in India:
Dam/Projects River State Speciatily
Hirakud Dam Mahanadi Odisha Longest dam in India
Tehri Dam Bhagirathi Uttarakhand Highest dam in India
Kallanai Dam Kaveri
Tamil Nadu First dam of India
Gujarat, Madhya Pradesh, Concrete gravity dam; Provides electricity and
Sardar Sarovar Dam Narmada Maharashtra, Rajasthan water to four states,
Ukai Project Tapi Gujarat Also known as Vallabhasagar Dam
Longest canal in India, providing irrigation
Indira Gandhi Canal facility to the Thar desert region of
Project Sutlaj Punjab, Haryana, Rajasthan Rajasthan.
Idukki double curvature arch dam is one of the
Idduki Dam Periyar Kerala highest arch dam in Asia
Earth-fill embankment dam serving irrigation
Pong Dam Beas Himachal Pradesh and Hydroelectric production
About Uttarakhand:
Capital- Gairsain (summer) Dehradun (winter)
Chief Minister- Trivendra Singh Rawat
Governor- Baby Rani Maurya
Lipulekh pass, a tri junction point connecting India, Nepal and China is located in Uttarakhand
About Ministry of Environment, Forest and Climate Change (MoEFCC)
Cabinet Minister-Prakash Javadekar
Head Quarters- Indira Paryavaran Bhavan, New Delhi
MoEFCC is the controlling authority of the Indian Forest Service (IFS), one of the three All India Services.
YES Bank in Partnership with Worldline Launches SMS Pay Functionality on PoS Terminals for Merchants
On November 26, 2020 YES Bank in partnership with Worldline launched SMS Pay functionality on PoS(Point of
Sale) Terminals. This allows merchants to accept contactless and remote payments from their customers and also
enables customers to transact safely.

Note
This initiative is in accordance with the commitment of YES Bank to support small and medium businesses to restart
their businesses while providing safety to their customers.
Key Info
SMS Pay provides an alternative channel of payment acceptance for the merchants at zero incremental cost.
SMS Pay functionality on PoS(Point of Sale) Terminal:
Platform Created
Through this initiative a simple and secure platform is created for shopkeepers and merchants including local kirana
stores & departmental stores.
Request Payments against invoices
It enables the shopkeepers and merchants to request payments against invoices by entering the amount and contact
details of customers on their POS machines,
Customer Pay with a Payment Link
An SMS is sent to the mobile number of the customers with a payment link, enabling them to pay safely through their
domestic debit and credit cards.
Dual Benefit to Merchants:
• SMS Pay helps the business to enhance itself by providing dual benefit to the merchants.
• The benefit includes, enabling the merchants to make payments remotely and provide safety and convenience
to their customers.
BOB Financial Solutions Limited partnered with Innoviti Payment Solutions Pvt. Ltd to launch New Credit Card
Equated Monthly Installments(EMI) offering on Point of Sale(POS) terminals.
About YES Bank:
Managing Director(MD) and Chief Executive Officer(CEO)– Prashant Kumar
Incepted– 2004
Tagline– Experience our expertise
About Worldline:
HeadQuarters– Bezons, France
Chairman of the Board of Directors and Chief Executive Officer(CEO)– Gilles Grapinet
Managing Director, Worldline South Asia and Middle East– Deepak Chandnani
Razorpay in Partnership with Visa Launches 1st of its kind card, ‘RazorpayX Corporate Cards’
On November 26, 2020 Razorpay in partnership with Visa launched the 1st of its kind card, ‘RazorpayX Corporate
Cards’ for Indian entrepreneurs. The card provides business owners with access to secure payments and financing
and improved cash flows.
Purpose of the Card
The bank-issued cards help to provide relief and stabilize the financial operations of the business owners of startups
and SMEs(Small and Medium sized Eneterprises) who are severely affected by COVID-19 pandemic.
Benefits of ‘RazorpayX Corporate Cards’:
Credit limit up to Rs 20 lakhs
i.It offers a credit limit of up to Rs 20 lakhs, a higher limit when compared to other corporate and personal cards.
ii.This empowers business owners to free up working capital expenses with zero personal risk and liability.
iii.Business owners get a benefit of interest free loan for 45 days and they get the option of flexible repayment.
To set up online payments & monitor monthly operational expenses
i.It helps entrepreneurs to set up recurring & non-recurring online payments.
ii.It also helps them to monitor monthly operational expenses like SaaS subscriptions, digital marketing expenses,
utilities, replenishing inventory among others in a digitized and convenient manner.
Used in online payments & Purchase at a PoS
It can be used to make online payments and purchases at a PoS.
Note– These cards can be extended to employees in order to create a smooth repayment experience.

Key Info about SMEs:
i.SMEs is one among the most impacted sectors by the pandemic worldwide.
ii.It contributes around 40% of India’s Gross Domestic Product(GDP).
iii.As per the recent Entrepreneurship Survey by GoDaddy, over 70% of Startups & SMEs have seen an overall
decrease in investment, that has led to a decreased revenue.
Additional Info
With RazorpayX Corporate Cards, Razorpay aims to support more than 1 lakh entrepreneurs in the next 4 months.
On October 23, 2020 SBI Card and Payment Services ltd.(SBI Cards) in association with Delhi Metro Rail Corporation
(DMRC) launched ‘Delhi Metro- SBI Card’, a Multipurpose Credit Card for Delhi Metro Commuters. The card functions
as a credit card and also as a metro smart card.
About Razorpay:
Chief Executive Officer(CEO) & Co-Founder– Harshil Mathur
HeadQuarters– Bengaluru( Bangalore), Karnataka
About Visa:
HDFC Ltd to Acquire 19.9% Stake in Renaissance Investment Solutions ARC for Rs 49.8 lakh
HDFC(Housing Development Finance Corporation) Ltd will acquire 19.9% stake in Renaissance Investment
Solutions ARC (Asset Reconstruction Company) Private Ltd for Rs 49,87,500.
Key Info:
i.In this regard, HDFC Ltd signed agreements with Renaissance Investment Solutions ARC for investments.
ii.Government or regulatory approvals are not required for this investment.
iii.Renaissance Investment has to get the approval from Reserve Bank of India (RBI) to commence the business of
asset reconstruction
Note – Renaissance Investment was incorporated as a private-limited company Under the Companies Act, 2013.
About HDFC(Housing Development Finance Corporation) Ltd:
Managing Director(MD)– Renu Sud Karnad
Incorporated– October 17, 1977
PFC, REC sign MoU with SJVN to provide INR 8, 520 Crore loan for Thermal power plant in Buxar, Bihar
On November 26, 2020, Power Finance Corporation Ltd (PFC) & REC Limited (formerly known as Rural
Electrification Corporation Limited) signed a Memorandum of Understanding (MoU) with SJVN Thermal (P) Limited
(STPL) at Power Finance Corporation (PFC), New Delhi for extending Term Loan of INR 8520.46 Crores for 2×660
MegaWatts (MW) Buxar Thermal Power Project, Bihar.
The MoU was signed in the presence of Ravinder Singh Dhillon, Chairman and Managing Director (CMD) of Power
Finance Corporation (PFC), N. L. Sharma, CMD of SJVN, A. K. Singh, Director (Finance), SJVN and others.
Key Points:
i.The 2x660MW Thermal project will be commissioned in the Financial Year (FY) 2023-24.
ii.The power plant will generate around 9828 Million Units of Energy and will meet the future power requirements
of Bihar and other states.
SJVN:
i.Based in Shimla, Himachal Pradesh (HP), it is a Mini Ratna, Category-I and Schedule – ‘A’ CPSE under administrative
control of Ministry of Power.
ii.It is a joint venture (JV) GoI and Government of Himachal Pradesh (GOHP). Recent Related News:
i.SJVN Limited signed a MoU with GoI for the year 2020-21 as per which the former has the target to achieve 9680
Million Units of electricity generation during FY21 under “Excellent” category.

About Power Finance Corporation Ltd (PFC):
Chairman & Managing Director (CMD) – Ravinder Singh Dhillon
About REC Limited (formerly known as Rural Electrification Corporation Limited):
CMD – Sanjay Malhotra
27th APEC Economic Leaders’ summit 2020 held virtually; APEC Putrajaya Vision 2040 endorsed:
The 27th Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ summit 2020 was virtually hosted by
Malaysia from Kuala Lumpur on Nov. 20, 2020. It was chaired by Malaysia’s Prime Minister Muhyiddin bin Haji
Muhammad Yassin under the 2020 APEC Malaysia theme of “Optimising Human Potential towards a Resilient
Future of Shared Prosperity. Pivot. Prioritise. Progress”. It was the first virtual APEC meeting amid COVID-19.
• The summit saw the release of Asia Pacific leaders’ first joint communique in three years, calling for free and
predictable trade to help a slowed global economy due to the coronavirus pandemic.
• The joint statement comes at a time when there is ongoing trade tension between the world’s two largest
economies viz. United States (US) and China.
It should be noted that APEC efforts are aligned towards Improving the Narrative of Trade and Investment; Inclusive
Economic Participation through Digital Economy and Technology; and Driving Innovative Sustainability.
APEC Putrajaya Vision 2040 endorsed:
APEC leaders had endorsed the APEC Putrajaya Vision 2040 that will make free and fair trade the focus of the APEC
agenda for the next two decades. The vision will achieve through following three economic drivers:
• Trade and Investment
• Innovation and Digitalisation
• Strong, Balanced, Secure, Sustainable and Inclusive Growth
Background:
APEC countries failed to reach agreement in 2018 due to trade and investment tensions between the United States
(US) and China, and 2019’s gathering in Chile was canceled because of violent street protests.
i.On October 1, 2020, Union Minister Smriti Zubin Irani, Ministry of Women and Child Development (WCD) addressed
the High-level meeting on the 25th anniversary of the Fourth World Conference on Women (FWCW) – Beijing +25
virtually. The theme of the event was “Accelerating the realisation of gender equality and the empowerment of all
women and girls”.
ii.On October 13, 2020, the 6th session of India-Norway Joint Commission was held virtually where Indian delegation
was led by Union Minister Dr. Subrahmanyam Jaishankar, Ministry of External Affairs (MEA) and Norwegian
delegation was led by Ms. Ine Marie Eriksen Soreide, Foreign Minister of Norway.
About Asia-Pacific Economic Cooperation (APEC):
New Zealand will chair the APEC in 2021.
Members– 21 countries
Secretariat (Head Quarter)– Singapore
Executive Director, APEC Secretariat– Dr Rebecca Fatima Sta Maria
SEBI Launched SMARTs Program to Strengthen Investor Education as a part of World Investor Week 2020
On November 25, 2020, the Securities and Exchange Board of India (SEBI) launched Securities Market Trainers
(SMARTs) program, as a part of World Investor Week (WIW) 2020 being celebrated by SEBI in India from Nov 23,
2020 to Nov 29, 2020.
Aim: To enhance investor education and awareness.
• The education programs to be conducted under this will be free of cost to investors. It will be borne from
SEBI’s Investor Protection and Education Fund (IEPF).
• The programs are conducted under the aegis of SEBI and are monitored directly by SEBI.

Reason behind this Launch:
This has been launched due to the uncertainty of economic growth and extra ordinarily buoyant market in present
times. Also, there has been a surge of new investors in the securities markets in the last few months
About Program:
The trainers of the programme are termed as SMARTs who also got trained at Maharashtra-based National Institute
of Securities Market (NISM). They will conduct investor education programs in their respective geographical areas.
• The first batch includes 40 individuals across 16 states and union territories, covering 31 districts on a pan-
India basis.
• More trainers will be empanelled at a pan-India level under the SMARTs program. In addition to individuals,
organizations engaged in similar activity can also get enrolled as by undergoing training at NISM.
• In addition to individuals, organizations engaged in similar activity can also get enrolled as SMARTs.
About World Investor Week (WIW):
It is a week-long, global campaign promoted by International Organization of Securities Commissions (IOSCO) to raise
awareness about the importance of investor education and protection. It is observed by IOSCO members on six
continents.
IOSCO Secretary General– Paul P. Andrews
IOSCO Headquarters– Madrid, Spain
i.On October 3, 2020 The Appointments Committee of the Cabinet (ACC) has approved the term extension of
appointment of Madhabi Puri Buch, Whole-Time Member (WTM), SEBI for one year effective from October 4, 2020 or
until further orders, whichever is earlier. She is the 1st & only woman WTM and also the 1st from the private sector
to be appointed a SEBI Board member.
ii.On October 19, 2020, in an effort to set up Data Culture through Data Democratization in the Indian securities
market, SEBI constituted a Market Data Advisory Committee (MDAC), Standing Committee. The committee is headed
by Madhabi Puri Buch.
RXIL Initiates 1st Trade Credit Insurance Backed Transaction in Sandbox

Receivables Exchange of India Limited(RXIL) has initiated a Trade Credit Insurance (TCI) backed transaction in
the Sandbox environment. In this TCI backed transaction, RXIL has collaborated with TATA AIG as the insurer, ICICI
bank and YES Bank as financiers. It is the 1st time a Trade Receivables Discounting System (TReDS) platform tested
the effectiveness of TCI backed transactions. This improves the financier’s ability to assign credit limits to corporates.
• After the regulatory approvals, TCI will be implemented. It will enable financiers to discount the invoices
drawn on lower rated corporate buyers, by their MSME sellers and will improve the liquidity from lenders.
Benefit of Tie Up
The TCI on TReDS platform paves way for a complete digital credit insurance model & it is simple to buy credit
insurance on TReDS .
About Trade Credit Insurance (TCI):
i.TCI is an insurance policy and a risk management product that is provided to the business entities to protect their
business from loss due to credit risks.
ii.It is a globally accepted Trade Financing Credit Enhancement structure.
iii.It enables financiers to discount invoices received from low- rated corporate buyers by MSME sellers.
iv.This mitigates the risk of non-payment and insolvency/defaults of the buyers. It improves liquidity from lenders.
iv.It can help to increase and expand the scope of supply chain financing, thus supporting the ‘Atmanirbhar Bharat’
initiative of the Government.
Background
i.It is to be noted that TCI on TReDS was one of the recommendations by the U.K Sinha Committee report on MSME
credit.

ii.The testing in the Sandbox environment was introduced, on the review of guidelines of TCI by a working group
constituted by IRDAI(Insurance Regulatory and Development Authority of India).
Key Info
i.TCI is expected to boost the ability of buyers to enable financiers to discount the invoices raised by their
MSME(Micro, Small and Medium Enterprise) suppliers. This benefits the MSMEs.
ii.TCI is to get approval as Credit Risk Mitigation Technique for lending.
What is TReDS?
The scheme to set up and operate the institutional mechanism to accelerate the financing of trade receivables of
MSMEs from corporate and other buyers, that includes Govt departments and Public Sector Undertakings (PSUs),
through multiple financiers is called as Trade Receivables Discounting System (TReDS).
Points to be Noted
i.RXIL operates TReDS Platform as per the TReDS guideline issued by Reserve Bank of India (RBI) on December 3,
2014.
ii.RXIL is the first entity to receive the approval from RBI on December 01, 2016 to launch India’s First TReDS
Exchange.
i.On October 19, 2020 Canara HSBC Oriental Bank of Commerce (OBC) Life Insurance Company Limited launched,
‘Invest 4G’ a Unit Linked Individual Life Insurance Savings Plan. It is an individual life insurance savings plan that can
be customized according to the individuals’ goals and changing requirements.
ii.On September 1, 2020, the Government of Andhra Pradesh (AP) received the nod from IRDAI to form its Crop
Insurance Firm Andhra Pradesh General Insurance Company (APGIC).
About Receivables Exchange of India Limited(RXIL):
Incorporated– February 25, 2016 as a joint venture between Small Industries Development Bank of India (SIDBI) &
National Stock Exchange of India Limited (NSE India) with State Bank, ICICI and Yes Bank as other stakeholders.
Managing Director(MD) and Chief Executive Officer(CEO)– Ketan Gaikwad
HeadQuarters– Mumbai, Maharashtra.
RBI Advises LVB to Write Off Tier-2 bonds worth Rs 318.20 Crore Debt; 1st time a Tier-2 bond is written off
On November 26, 2020 Reserve Bank of India(RBI) advised Lakshmi Vilas Bank(LVB) to fully write off the Series
VIII, Series IX and Series X Basel-III complaint tier -2 bonds worth Rs 318.20 crore, before its amalgamation with
DBS Bank India Ltd(DBIL) comes into effect from the appointed date i.e., 27th November 2020. It is to be noted that it
is the 1st time a Tier II bond is being written off and so RBI has set a priority to the proposed write off.
• This move comes after LVB has written off its entire equity capital.
Note
LVB had issued 3 tranches of unsecured non-convertible redeemable fully paid-up Basel-III compliant Tier-2 bonds.
This will be recovered between the period 2024-25.
Key Info
i.As per the guidelines of RBI, Basel III-compliant Additional Tier(AT)-1 and tier 2 instruments can absorb losses
through conversion into common equity or a write-down.
ii.As per the sources, the bank has a total outstanding Tier 2 bonds worth Rs 368.70 crore, of which instruments
amounting to Rs 318.20 crore can absorb losses.
iii.These bonds, issued between March 2014 and June 2017, and matures between March 2024 and September 2025,
carries a coupon rate that range between 10.7% and 11.8%.
Additional Info:
Basel III-compliant tier-II bonds include a clause that if the relevant authorities have made a decision to reconstitute
or amalgamate the bank with any other bank under section 45 of the Banking Regulation Act, these bonds can be
written down by activation of the trigger at the point of non-viability.
Gist about Tier 2 Bonds:
i.Tier 2 bonds are components of tier 2 capital, that are primarily for banks. These are debt instruments like loans.
ii.They do not give ownership or voting rights, but offer interest earnings to bondholders or owners. This bond
specifies earnings as interest rates.

iii.They come with higher interest rates than other bank investments.
iv.This bond is rarely chosen by investors due to its substantial higher risks
On June 26, 2020, the Government notified the new Floating Rate Savings Bonds (FRSB), 2020 (Taxable) Scheme in
place of 7.75% Savings (Taxable) Bonds, 2018, with effect from July 1, 2020.
About Reserve Bank of India(RBI):
Deputy Governors– 4 (Bibhu Prasad Kanungo, Mahesh Kumar Jain, Michael Debabrata Patra, and M Rajeswar Rao).
About DBS Bank India Ltd:
Managing Director & CEO- Surojit Shome
Headquarters– Mumbai, maharashtra
India’s GDP Q2 2020: Economic contraction narrows to 7.5% from 23.9% in Q1 as per NSO data
In accordance with the official data released by the National Statistics Office (NSO), India’s gross domestic product
(GDP) for the second quarter ended September 30, 2020 (Q2FY21) contracted by 7.5% as compared to the expansion
of 4.4% in the corresponding July-September period of 2019-20.
• However, this shows a significant improvement over a 23.9% contraction in the previous April-June quarter
(Q1FY21).
Growth/Decline of Other Sectors in Q1FY21:
–Manufacturing sector saw a 0.6% growth in July-September after a massive contraction of 39% in Q1FY21.
–Agriculture sector grew by 3.4%, while the trade and services sector showed contraction at 15.6%.
–Financial and real estate services also declined 8.1% in Q2FY21, while trade, hotels, transport and communication
lowered at 15.6%.
–Construction sector, a second-largest employer in the economy is contracted only 8.6% as compared to (-) 50% in
Q1.
–The core sector, which includes cement, steel, electricity and crude oil, slipped into red again in October and
declined 2.5% from just 0.1% drop in September.
–Public spending was down at 12%.
–With the manufacturing returning to the positive territory, the overall Gross value Added (GVA) narrowed
contraction to 7% in Q2.
–Foreign exchange reserves in India increased to a record high of $575.29 billion on the week ended-November 20,
rising from $572.77 bn in the previous week.
–Fiscal deficit further widened to Rs 9.53 lakh crore, which is nearly 120 per cent of the annual budget estimate, at
the end of October.
–GDP at constant prices for H1 FY21 is estimated at Rs 60.04 lakh crore, as against Rs 71.20 lakh crores during the
corresponding period of the previous year. This implies a contraction of 15.7 per cent in H1 FY21, compared to a
growth of 4.8 per cent during the same period last year.
–GDP at constant prices in Q2 of 2020-21 is estimated at Rs 33.14 lakh crore, as against Rs 35.84 lakh crore in Q2 of
2019-20, showing a contraction of 7.5 percent as compared to 4.4 percent growth in Q2 2019-20.
Note – Bloomberg poll estimates GDP contraction of 8.2% in Q2
i.On October 13, 2020, International Monetary Fund (IMF) in its latest World Economic Outlook (WEO-October
2020), titled “A Long and Difficult Ascent” projected India’s gross domestic product (GDP) to contract 10.3% (i.e.-10.3
%) in comparison to June forecast of 4.5% amid COVID19.
ii.As per World Bank’s latest South Asia Economic Focus forecasts, India’s Gross Domestic Product(GDP) is expected
to contract by 9.6%(-9.6%) in FY21.
About National Statistics Office (NSO):
Parent Ministry– Ministry of Statistics and Programme Implementation (MoSPI)
Minister of State (MoS) MoSPI– Rao Inderjit Singh

HDFC Bank’s m-cap crosses ₹8 trillion market cap for the 1st time
The Market Capitalization (m-cap) of HDFC Bank crossed INR 8 Trillion for the first time. It became India’s third
company and the first bank to achieve this milestone. Tata Consultancy Services Ltd (TCS) and Reliance Industries
Ltd (RIL) are the only two companies to have achieved the landmark. RIL is India’s most valued company having a
market value of INR 13.17 Trillion followed by TCS at INR 10.13 Trillion. Hindustan Unilever is fourth with INR 5.08
Trillion m-cap followed by Infosys with INR 4.83 m-cap.
Banking, Finance & Economy Q&A: November 2020

1. Which Bank launched instant payouts “Visa Direct” in association with Visa?
1) Axis Bank
2) Indian Bank
3) Bank of Maharashtra
4) Bank of Baroda
5) RBL Bank
Answer-5) RBL Bank
Explanation:
The RBL Bank (formerly known as Ratnakar Bank) in partnership with Visa has launched the latter’s
processing capability “Visa Direct” that allows safe, convenient, real-time and secure funds delivery directly
to financial accounts using credit and debit cards. This partnership underlines RBL’s “Partners ka Bank”
philosophy.
This Launch will enable RBL Bank to help fintechs in enhancing their offerings with Visa Direct.
2. How much of loan amount has been sanctioned by NABARD under Rural Infrastructure
Development Fund (RIDF) to the Government of Goa for the latter’s various Social Infrastructure
Projects?
1) 5004.30 lakh
2) 7504.30 Lakh
3) 8504.30 Lakh
4) 6504.30 Lakh
5) 4504.30 Lakh
Answer-3) 8504.30 Lakh
Explanation:
National Bank for Agriculture and Rural Development (NABARD) has sanctioned loans worth Rs 8504.30
Lakh under Rural Infrastructure Development Fund (RIDF) to the Government of Goa for the latter’s
various Social Infrastructure Projects.
With this, NABARD achieved 100% of the target fixed for sanction to the Government of Goa during 2020-
21.
It was instituted in NABARD with the objective of giving low cost support to State Governments and State-
owned Corporations for quick completion of projects related to medium and minor irrigation, soil
conservation and other forms of rural infrastructure.
3. Name the scheme that Central Board of Direct Taxes (CBDT), Government of India has notified
extension of deadline third time for direct tax legacy dispute resolution scheme from 31st
December, 2020 to 31st March 2021.
1) Vivad Se Vishwas
2) One India Shreshtha Bharat
3) Povertex India
4) Prakash Path
5) Faceless assessment Scheme
Answer-1) Vivad Se Vishwas

Explanation:
Central Board of Direct Taxes (CBDT), Government of India has notified extension of payment deadline for
direct tax legacy dispute resolution scheme (Vivad Se Vishwas) from 31st December, 2020 to 31st March
2021. Direct Tax Vivad se Vishwas Act, 2020 was enacted on 17th March, 2020 to settle tax disputes
between individuals and the income tax department. It would benefit the taxpayers, as they would get
instant disposal of the dispute with no further cost of litigation. They will also get monetary benefits in the
form of waiver of penalty, interest and prosecution.
The deadline for making a declaration under the scheme has also been notified as 31st December 2020.
4. Axis Bank Ltd is ready to acquire around ______ of the equity share capital of Max life Insurance.
1) 15%
2) 17%
3) 19%
4) 21%
5) 16%
Answer- 3) 19%
Explanation:
Axis Bank Ltd along with its subsidiaries namely, Axis Capital Ltd and Axis Securities Ltd (together Axis
Entities) has agreed to enter into revised agreements with Max Financial Services (MFS) Ltd to acquire up
to 19.002% of the equity share capital of Max Life Insurance Co Ltd (Revised Agreements). This is in
accordance with the Para 5(b) of Master Direction- Reserve Bank of India (Financial Services provided by
Banks) Directions, 2016. Earlier the Axis bank was to acquire 17.002% in Max Life Insurance.
5. Name the IT Platform which launched the facility of filing NIL statement in Form GST CMP-08 for
Composition Taxpayers through SMS and without logging in to the GST portal.
1) Infosys
2) TCS
3) The Goods and Services Tax Network (GSTN)
4) Wipro
5) Tech Mahindra
Answer-3) The Goods and Services Tax Network (GSTN)
Explanation:
The Goods and Services Tax Network (GSTN), the IT platform of GST system launched the facility of filing
NIL statement in Form GST CMP-08 for Composition Taxpayers through (short message service) and
without logging in to the GST portal. CMP-08 is a quarterly statement of self-assessed tax to be filed by
Composition Taxpayers. This will benefit 3.5 lakh taxpayers who file NIL statement under Composition
Scheme.
6. Where is the headquarters of National Bank for Agriculture and Rural Development (NABARD)?
1) Lucknow, Uttar Pradesh
2) New Delhi
3) Pune, Maharashtra
4) Mumbai, Maharashtra
5) Chennai, Tamil Nadu
Answer-4) Mumbai, Maharashtra
Explanation:
National Bank for Agriculture and Rural Development is an apex development finance institution fully
owned by Government of India. The bank has been entrusted with “matters concerning policy, planning,
and operations in the field of credit for agriculture and other economic activities in rural areas in India”.

7. Central Government provided what amount to Regional Rural Banks (RRBs) in order to meet
regulatory Capital requirement (November, 2020)?
1) 760 crore
2) 800 crore
3) 500 crore
4) 670 crore
5) 600 crore
Answer-4) 670 crore
Explanation:
On November 1, 2020, the Central Government has provided Rs 670 crore to Regional Rural Banks (RRBs)
in order to raise the Capital to Risk (Weighted) Assets Ratio (CRAR) of about one-third of the 43 RRBs who
are suffering losses especially from north-eastern and eastern regions and need funds to meet regulatory
capital requirement of 9%. This infusion would take care of their capital needs till March 31, 2021. As of end
March 2020, 17 out of the 45 RRBs had CRAR of less than 9%, of which six RRBs had negative CRAR.
In accordance with National Bank for Agriculture and Rural Development (NABARD), RRBs as a group
reported net loss of Rs 2,206 crore in the FY20, as against Rs 652-crore net loss in FY19. As per the current
scheme for recapitalisation of RRBs, the Centre, concerned state governments and the sponsor banks
provides capital support in the ratio of 50:15:35, respectively to enable them to meet the regulatory
requirement of CRAR.
8. What is currency of Italy?

1) Dollar
2) Franc
3) Lira
4) Euro
5) Pound
Answer-4) Euro
Explanation:
The Capital and currency of ‘Italy’ are ‘Rome’ & ‘Euro respectively.
The lira was the official unit of currency in Italy until 1 January 1999, when it was replaced by the euro
(euro coins and notes were not introduced until 2002).
9. What is the share percent of Sponsor bank in Regional Rural Banks (RRBs)?
1) 25
2) 15
3) 35
4) 20
5) 50
Answer-3) 35
Explanation:
As per the current scheme for recapitalisation of RRBs, the Centre, concerned state governments and the
sponsor banks provides capital support in the ratio of 50:15:35, respectively to enable them to meet the
regulatory requirement of CRAR.
10. Government of India extended Emergency Credit Line Guarantee Scheme (ECLGS) by one month.
What amount is the Target Credit of ECLGS?
1) INR 30 lakh Crore
2) INR 10 lakh Crore
3) INR 5 lakh Crore
4) INR 3 lakh Crore
5) INR 1 lakh Crore
Answer-4) INR 3 lakh Crore

Explanation:
Government of India extended Emergency Credit Line Guarantee Scheme (ECLGS) by one month (i.e.) 30th
of November or till an amount of INR Three Lakh Crore (Target Credit of ECLGS) is sanctioned under the
scheme, whichever is earlier. The previous Deadline was October 31, 2020. The extension will provide an
opportunity for borrowers who have not availed the scheme so far, to obtain credit under the scheme.
It has been extended for opening up various sectors in the economy and for expected increase in demand
for the festive season.
Emergency Credit Line Guarantee Scheme (ECLGS)
Target Credit INR 3 Lakh Crore
MSMEs, Business Enterprises, individual loans for business purposes and MUDRA
borrowers, Individual beneficiaries
(Borrowers with credit outstanding upto INR 50 crore as on 29.2.2020 with an
Beneficiaries annual turnover of upto INR 250 crore are eligible )
9.25 % – Banks and Financial Institutions
Interest Rate 14 % – Non-Banking Financial Companies (NBFCs)
Tenure of
Loans 4 years (includes moratorium of one year on principle repayment)
Corpus of
Scheme INR 41, 600 Crores
11. Which General Insurance Company launched AI tool ‘IDEAS’ for automatic claim settlements?
1) ICICI Lombard General Insurance
2) Bharti AXA General Insurance
3) Bajaj Allianz General Insurance
4) Reliance General Insurance
5) HDFC ERGO General Insurance
Answer-5) HDFC ERGO General Insurance
Explanation:
In order to automate the complex process of motor claims, on November 2, 2020, HDFC ERGO General
Insurance launched the AI (Artificial Intelligence) tool IDEAS (Intelligent Damage detection Estimation and
Assessment Solution) for motor claim settlements. The IDEAS module uses Neural Network image
processing and Analytics, Machine Learning and Natural Language that supports instant damage detection
as well as calculation of the claims estimate for the surveyors to help in motor claims settlement in real-
time. It is trained using more than 3,00,000 images over the last 2 years and has been integrated in the
surveyor mobile app.
12. Which bank has become 1st corporate partner of edX from India to offer Massive open online
courses?
1) Bank of Baroda (BOB)
2) State Bank of India (SBI)
3) Indian Bank
4) Canara Bank
5) Bank of Maharashtra (BOM)
Answer-2) State Bank of India (SBI)
Explanation:
In a bid to develop skill sets of career-oriented individuals, SBI (State Bank of India) has entered into a
strategic partnership with edX, a global non-profit education platform to expand the learners’ perspectives
and access to knowledge beyond the classrooms. As part of this partnership, SBI will offer its Massive Open
Online Courses (MOOCs) on the edX platform (edx.org.) from November 2020.
With this partnership, SBI becomes 1st Corporate Partner of edX from India.
SBI initially will offer 3 courses, namely Unleashing Creativity at the Workplace, Relationship Marketing
Strategy for Financial Services, and Conflict Resolution.

These courses will have duration for 4 to 6 weeks. There is no specific academic qualification needed to
enroll in the course.
13. Aegon Life Insurance Company Limited launched ‘Life + 36 critical illness Insurance’ on which e-
commerce platform?
1) Amazon
2) PhonePe
3) Flipkart
4) Snapdeal
5) Paytm
Answer-3) Flipkart
Explanation:
Aegon Life Insurance Company Limited launched ‘Life + 36 critical illness Insurance’ on Flipkart. The
policyholder of the plan will get the benefit of life protection along with a lump sum amount on diagnosis of
any of the 36 critical illnesses.
14. Name the “Most Outstanding Company – Financial Sector” in India in the poll conducted by
Asiamoney for the 2nd consecutive year.
1) ICICI Bank
2) HDFC Bank
3) Yes Bank
4) Axis Bank
5) IDBI Bank
Answer-2) HDFC Bank
Explanation:
HDFC Bank Limited has been voted as the “Most Outstanding Company – Financial Sector” in India in the
poll conducted by Asiamoney, a well-established financial publication. HDFC has been given the honour for
the 2nd consecutive year
15. What is the Revenue Target set by Indian Renewable Energy Development Agency Limited
(IREDA) for the Financial Year 2020-21?
1) 2006 crores
2) 2500 crores
3) 1000 crores
4) 2206 crores
5) 2406 crores
Answer-5) 2406 crores
Explanation:
Indian Renewable Energy Development Agency Limited (IREDA) signed a Memorandum of Understanding
(MoU) with the Ministry of New and Renewable Energy (MNRE), Government of India setting key targets
for the year 2020-21. IRDA has set Revenue Target of INR 2406 Crores for the current Financial Year 2020-
21. The MoU was signed by MNRE Secretary, Indu Shekhar Chaturvedi and IREDA CMD, Pradip Kumar Das.
16. What amount of MoUs has been signed by Maharashtra government at the ‘Magnetic
Maharashtra 2.0’ investor meet in Mumbai?
1) 20,000 crore
2) 10,000 crore
3) 15,000 crore
4) 30,000 crore
5) 35,000 crore
Answer-5) 35,000 crore
Explanation:
The state government of Maharashtra has inked Memorandums of Understanding (MoUs) with worth Rs

35,000 crore with 15 companies viz. 10 Indian and 5 global companies at the ‘Magnetic Maharashtra 2.0’
investor meet in Mumbai, Maharashtra in order to develop state as data and logistics hub in western India.
The event was attended by the state’s Chief Minister (CM) Uddhav Bal Thackeray. These MoUs are in
addition to the 12 companies which signed the deals on June 15, 2020. The MoUs were signed with the
state-run Maharashtra Industrial Development Corporation (MIDC) in the presence of Industries Minister
Subhash Desai and Minister of State (MoS) for Industries Aditi Tatkare.
These include seven agreements for setting up data centres, five for logistics and one each in the gas & fuel,
chemicals, and electronics sectors.
17. Which Company has acquired Bharti AXA General Insurance Company Ltd?
3) New India Assurance
4) Life Insurance Corporation (LIC)
5) General Insurance Company
Answer-2) ICICI Lombard General Insurance
Explanation:
The Competition Commission of India (CCI) under Section 31(1) of the Competition Act, 2002, approved
acquisition of General Insurance Business of Bharti AXA General Insurance Company Limited (Bharti AXA)
by ICICI Lombard General Insurance Company Limited (ICICI Lombard).
As per the proposed combination, the whole general insurance business of Bharti AXA will be transferred to
ICICI Lombard by way of demerger, considering that ICICI Lombard will issue shares to Bharti AXA. The
combined entity (proposed merged non-life insurance company) is likely to have a market share of 8.7% on
a pro forma basis.
18. What is currency of Austria?

1) Dollar
2) Franc
3) Lira
4) Euro
5) Pound
Answer-4) Euro
Explanation:
Austria, officially the Republic of Austria, is a landlocked East Alpine country in the southern part of Central
Europe. It is composed of nine federated states, one of which is Vienna, Austria’s capital and its largest city.
Currency of Austria is Euro.
Austria is in news for terror attack in its capital Vienna on November 2, 2020. It came hours before Austria
imposed new restrictions to try to stem rising cases of coronavirus.
19. Union Minister for Earth Science (MoES), Harsh Vardhan released the report “Estimating the
Economic Benefits of Investment in National Monsoon Mission (NMM) and High-Performance
Computing (HPC) Facilities”. Who prepared the Report?
1) Investment Information and Credit Rating Agency
2) National Council of Applied Economic Research (NCAER)
3) Indian Council for Research on International Economic Relations
4) Sardar Patel Institute of Economic & Social Research
5) National Institute of Agricultural Economics and Policy Research (NIAP)
Answer-2) National Council of Applied Economic Research (NCAER)
Explanation:
Union Minister for Earth Science (MoES), Harsh Vardhan released the report “Estimating the Economic
Benefits of Investment in National Monsoon Mission (NMM) and High-Performance Computing (HPC)
Facilities” prepared by National Council of Applied Economic Research (NCAER) at a function at Prithvi
Bhavan, New Delhi. The report was commissioned by MoES.

The report states that for every rupee spent by Government on NMM and HPC programs of MoES, Country
gains economic benefits worth Fifty rupees, which is 50 times more benefit on investment over the next
Five Years Period. The report refers to economic benefits as direct monetary gains to crop farmers,
livestock rearers, and fishermen in the country. With an initial investment of ~ INR 1000 crores, NMM and
HPC facilities have shown a 50-fold increase in their economic benefits.
20. Name the Financial Services Company which has deployed the world’s 1st live PCI certified Tap
to Phone card acceptance solution in partnership DigitSecure and HDFC Bank.
1) RuPay
2) Mastercard
3) American Express
4) Visa
5) Citi Mastercard
Answer-4) Visa
Explanation:
Visa in partnership with DigitSecure and HDFC Bank deployed the world’s 1st live PCI certified Tap to
Phone card acceptance solution.
Objective– To accept safe contactless card payments in seconds through an app on their Near-Field
Communication (NFC)-enabled Android smartphones, without the need of any dedicated card acceptance
machines.
21. Who has signed an agreement with Care Health Insurance Company Limited as Corporate Agent
for Health Insurance Products?
1) Ujjivan Small Finance Bank
2) Suryoday Small Finance Bank
3) Janalakshmi Small Finance Bank
4) AU Small Finance Bank
5) Utkarsh Small Finance Bank
Answer-4) AU Small Finance Bank
Explanation:
AU Small Finance Bank Ltd signed an agreement with Care Health Insurance Company Limited (formerly
known as ‘Religare Health Insurance Company Limited’) as Corporate Agent for Health Insurance Products.
In terms of business, market penetration and reach, this partnership will be mutually beneficial for the bank
and insurance company.
Insurance Regulatory and Development Authority of India (IRDAI) issued certificate of registration CA0515
under Registration of Corporate Agents – Regulations, 2015 to the bank.
22. Name the flagship campaign launched by National Payments Corporation of India (NPCI) offering
its users compelling benefits and attractive discounts this festive season (November 2020).
1) UPI Chalega
2) Home Utsav
3) RuPay Festive Carnival
4) Festival Carnival
5) Festival Dhamal
Answer-3) RuPay Festive Carnival
Explanation:
In order to cheer the customers in a new way this festive season, the National Payments Corporation of
India (NPCI) launched, ‘RuPay Festive Carnival’, a flagship campaign for RuPay users. The RuPay users with
this launch can enjoy compelling benefits and attractive discounts on products of various categories.
Aim– To encourage safe, contactless and cashless payments and offer a new way to enhance the user’s
overall shopping experience.

23. Which Bank approved a USD 132.8 million loan to Modernize Power Distribution Network in
Meghalaya?
1) World Bank
2) Asian Development Bank (ADB)
3) New Development Bank (BRICS Bank)
4) Asia Infrastructure Investment Bank (AIIB)
5) European Central Bank
Answer-2) Asian Development Bank (ADB)
Explanation:
The Asian Development Bank (ADB) approved a USD 132.8 million loan to Modernize Power Distribution
Network in Meghalaya.
To improve power quality and upgrade the power distribution network in Meghalaya. The loan will be
increased by a USD 2 million grant from the Japan Fund for Poverty Reduction of ADB.
24. India provided a cheque of what amount to Nepal for Housing Reconstruction Project?
1) NPR (Nepalese Rupee) 1 Million
2) NPR (Nepalese Rupee) 2 Billion
3) NPR (Nepalese Rupee) 500 million
4) NPR (Nepalese Rupee) 1 Billion
5) NPR (Nepalese Rupee) 1.5 Billion
Answer-4) NPR (Nepalese Rupee) 1 Billion
Explanation:
Indian Ambassador to Nepal, Vinay Mohan Kwatra handed over a cheque of NPR (Nepalese Rupee) 1 Billion
(~ INR 62.5 Crores) to Bishnu Prasad Paudel, Finance Minister of Nepal as reimbursement of Nepal Housing
Reconstruction Project.
25. Which agency has provided 3 million USD (around Rs.22 Crore) over 2 years to Catalyst
Management Services (CMS) to support the CAC (COVIDAction Collab) partnership?
1) United Nations Conference on Trade and Development (UNCTAD)
2) United States Agency for International Development (USAID)
3) World Health Organisation (WHO)
4) United Nations Children’s Fund (UNICEF)
5) World Bank
Answer-2) United States Agency for International Development (USAID)
Explanation:
Catalyst Management Services (CMS), a part of Catalysts Group ideated COVID Action Collaborative (CAC –
COVIDAction Collab), partnered with the United States Agency for International Development (USAID) over
a virtual event to support the COVID-19 response of India.
USAID has provided 3 million USD (around Rs.22 Crore) over 2 years to support the CAC (COVIDAction
Collab) partnership. The USAID fund will be utilised to provide support in health, livelihood and social
protection for the vulnerable communities.
26. Cabinet Committee on Economic Affairs (CCEA) approved Rs.1810.56 crore for 210 MW Luhri
Stage-I Hydro Electric Project in which state/UT?
1) Jammu & Kashmir
2) Ladakh
3) Himachal Pradesh
4) Uttarakhand
5) Telangana
Answer-3) Himachal Pradesh
Explanation:
On November 4, 2020, the Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Shri
Narendra Modi has approved the investment of Rs.1810.56 crore for 210 MW Luhri Stage-I Hydro Electric

Project located on river Satluj situated in Shimla & Kullu districts of Himachal Pradesh (HP). This project, to
be commissioned within 62 months, will generate 758.20 million units of electricity annually.
Notably this project will reduce 6.1 lakh Tons of carbon dioxide from the environment annually and also
improve the power supply. Through this project, HP will get free power worth around Rs. 1140 crore
during the Project Life Cycle of 40 years. The families affected by this project will be provided with 100
units of free electricity per month for ten years.
27. Paytm partnered with ________ along with Visa to launch co-branded credit cards in two variants.
1) Axis Bank
2) Citi Bank
3) HDFC Bank
4) SBI Cards
5) IDFC Bank
Answer-4) SBI Cards
Explanation:
On November 4, 2020 SBI Card and Payment Services ltd. (SBI Cards) partnered with Paytm and Visa to
launch co-branded credit cards, India’s next generation credit cards. The credit card will be available in two
variants, namely, Paytm SBI Card and Paytm SBI Card SELECT. The 2 variants have been designed for the
new age, digitally savvy customers. The product has been launched on the Visa platform. This is the 2nd co-
branded credit card product from Paytm. Paytm’s 1st co-branded credit card, called ‘Paytm First Card’ was
launched in collaboration with Citibank. Users have the option to switch off the card for contactless
payments or international transactions, when it is not required, this will safeguard them against fraud.
28. ________ Bank launched India’s first comprehensive banking programme for millennial customers,
(18-35 years old) named as ‘_________ Bank Mine’.
1) HDFC
2) Axis
3) Yes
4) Canara
5) ICICI
Answer-5) ICICI
Explanation:
ICICI Bank launched ‘ICICI Bank Mine’ (inspired by ‘Millennial Network’), India’s first comprehensive
banking programme for millennial customers, (18-35 years old). It is a first of its kind proposition in
industry. It is India’s 1st full banking stack for millennials. It also offers the millennial customers a mobile
first, highly personalised and experiential led banking experience.
29. Who chaired the 40th SAARCFINANCE Governors’ Group meeting in a virtual format (November
2020)?
1) Governor of Reserve Bank of India (RBI)
2) Governor of Bangladesh Bank
3) Governor of Royal Monetary Authority of Bhutan
4) Governor of Central Bank of Sri Lanka
5) Governor of Nepal Rastra Bank
Answer-1) Governor of Reserve Bank of India (RBI)
Explanation:
Shaktikanta Das, Governor of Reserve Bank of India (RBI) chaired the 40th SAARCFINANCE Governors’
Group meeting in a virtual format. He inaugurated the SAARCFINANCE Sync, a closed user group secure
communication network. The SAARFINANCE Governors meet twice a year concurrently with the IMF
(International Monetary Fund)/ WB (World Bank) Annual and Spring Meetings.

30. What does the revised Co-origination Model revealed by RBI under which banks can provide
loans along with NBFCs (Non-Banking Financial Companies) to priority sector borrowers based on a
prior agreement?
1) Co-Credit Model
2) Common Credit Model
3) Co-Lending Model
4) Common Lending Model
5) Co-Deposit Model
Answer-3) Co-Lending Model
Explanation:
On November 5, 2020, the Reserve Bank of India (RBI) has revised the loan scheme of Co-origination Model
between Banks and Non-Banking Financial Companies – Non-Deposit taking – Systemically NPCIImportant
(NBFC-ND-SIs) launched in September 2018 with the “Co-Lending Model (CLM)” under which banks can
provide loans along with NBFCs (Non-Banking Financial Companies) including HFCs (Housing Finance
Companies) to priority sector borrowers based on a prior agreement.
31. Which popular social media/messaging app got approval to launch a payment system on Unified
Payments Interface (UPI) in the multi-bank model in India?
1) Facebook
2) Telegram
3) Instagram
4) Whatsapp
5) Twitter
Answer-4) Whatsapp
Explanation:
On November 5, 2020 The National Payments Corporation of India (NPCI) gave approval for ‘WhatsApp
Pay’, a payment system of Whatsapp to go live on Unified Payments Interface (UPI) in the multi-bank model
in India. It will be available in 10 Indian regional languages.
32. What is the cap issued by NPCI on the total transaction volume on the UPI network of all Third
Party App Providers (TPAPs) w.e.f. January 1, 2021?
1) 15%
2) 20%
3) 25%
4) 30%
5) 40%
Answer-4) 30%
Explanation:
On November 5, 2020 The National Payments Corporation of India (NPCI) gave approval for ‘WhatsApp
Pay’, a payment system of Whatsapp to go live on Unified Payments Interface (UPI) in the multi-bank model
in India.
NPCI has issued a cap of 30% on the total transaction volume on the UPI network of all Third Party App
Providers (TPAPs). This will be effective from January 1, 2021.
33. What is the new foreign investment limit per mutual fund (MF) house as per the circular issued
by SEBI?
1) $300 million
2) $400 million
3) $450 million
4) $500 million
5) $600 million
Answer-5) $600 million

Explanation:
On November 5, 2020, Securities and Exchange Board of India (SEBI) issued a circular on “Enhancement of
overseas investment limits for mutual funds” under which the foreign investment limit per mutual fund
(MF) house has been doubled to $600 million, from the existing $300 million, within the overall industry
limit of US $ 7 billion.
SEBI has reserved an amount of $50 million per fund house.
Mutual Funds can invest in overseas Exchange Traded Fund (ETFs) subject to a maximum of US $ 200
million per mutual fund, within the overall industry limit of US $ 1 billion.
34. The Virtual Global Investor Roundtable (VGIR) 2020 conference was chaired by Prime Minister
Narendra Modi. What were the focus areas of the conference?
1) India’s economic and investment outlook
2) Structural reforms
3) Vision for making the country a $5 trillion economy
4) Only 1 & 3
5) All 1, 2 & 3
Answer-5) All 1, 2 & 3
Explanation:
In order to attract investments in India, the Global Investor Roundtable (VGIR) 2020 conference was held
virtually which was chaired by Prime Minister Narendra Modi. It focuses on discussions around India’s
economic and investment outlook, structural reforms and the government’s vision for making the country a
$5 trillion economy. The Indian side is being represented by business leaders, financial market regulators,
Union Finance Minister Nirmala Sitharaman and Reserve Bank of India (RBI) governor Shaktikanta Das. The
conference was attended by the world’s 20 largest pension and sovereign wealth funds, which have around
$6 trillion assets under their management.
35. Public Investment Fund (PIF) will buy 2.04% equity stake in Reliance Retail Ventures Limited
(RRVL) for Rs 9,555 crore(about USD 1.3 billion). PIF is the sovereign wealth fund of which country?
1) United Arab Emirates (UAE)
2) Saudi Arabia
3) Qatar
4) Oman
5) Singapore
Answer-2) Saudi Arabia
Explanation:
Saudi Arabia’s Public Investment Fund (PIF) will buy 2.04% equity stake in Reliance Retail Ventures
Limited (RRVL), a subsidiary of Reliance Industries Limited (RIL) for Rs 9,555 crore(about USD1.3 billion).
This is the largest investment made by any fund so far in RRVL. This marks the 9th investment by global
investors in RRVL, since September 9, 2020. This investment values RRVL at a pre-money equity value of Rs
4.587 lakh crore (approximately $62.4 billion).
36. Which Bank acquires 57,743 shares in CSC e-Governance Services India Ltd for Rs 36.38 crore?
1) Axis Bank
2) HDFC Bank
3) ICICI Bank
4) IndusInd Bank
5) Yes Bank
Answer-1) Axis Bank
Explanation:
On November 5, 2020 Axis Bank Ltd acquired 57,743 shares in CSC e-Governance Services India Ltd for Rs
36.38 crore. The transaction is for 9.91% equity stake in CSC e-Governance as a strategic investment by the
bank. The transaction is likely to be completed by December 2020.

The bank has entered into an agreement for subscribing to 57,743 equity shares of a face value of Rs 1,000
each. These shares are to be issued by CSC e-Governance Services India Ltd at Rs 6,300 per equity share.
37. Which Bank has extended two loans totaling 545 Million Euros (~ INR 4, 767 crore) to the
Metropolitan Region Development Authority (MMRDA) for infrastructure projects in Mumbai?
2) European Investment Bank
3) KfW Bank
4) Asian Development Bank
5) World Bank
Answer-3) KfW Bank
Explanation:
On November 6, 2020, Frankfurt-based German state-owned development bank KfW (formerly KfW
Bankengruppe) extended two loans totaling 545 Million Euros (~ INR 4, 767 crore) to the Metropolitan
Region Development Authority (MMRDA) for infrastructure projects in Mumbai. The package consists of a
development loan of 345 million Euros and a promotional loan of 200 million Euros. The approved loan
amount is the highest amount given to India including the lowest rate of interest offered by any financial
institution so far. The funds will be disbursed through an agreement with the Ministry of Finance,
Government of India.
38. What is the new category introduced by SEBI (Securities and Exchange Board of India) under
equity schemes?
1) Growth Fund
2) Flexi Cap Fund
3) Sector Fund
4) Small Cap Fund
5) None
Answer-2) Flexi Cap Fund
Explanation:
In order to give more flexibility to the mutual funds, Securities and Exchange Board of India (SEBI)
introduced ‘Flexi Cap Fund’ as a New Category under Equity Schemes.
The aim is to protect the interests of investors in securities, to promote growth and to regulate the
securities market.
SEBI has also made it mandatory that all the open ended debt schemes, except Overnight Fund, Liquid Fund,
Gilt Fund and Gilt Fund with 10 year constant duration to hold at least 10% of their net assets in liquid
assets. On the basis of the recommendations of MFAC, SEBI has decided to conduct stress testing for all the
open ended debt schemes (except overnight scheme).
39. What is the revenue target of HIL (India) Limited (formerly known as Hindustan Insecticides
Limited) a Public Sector Undertaking (PSU) under Department of Chemicals and Fertilizers for
current Financial Year (2020-21)?
1) 200 crores
2) 251 Crores
3) 400 crores
4) 451 crores
5) 500 crores
Answer-4) 451 crores
Explanation:
HIL (India) Limited (formerly known as Hindustan Insecticides Limited) a Public sector undertakings(PSU)
under Department of Chemicals and Fertilizers, Ministry of Chemicals and Fertilizers has signed a
Memorandum of Understanding (MoU) with Department of Chemicals and Petrochemicals (DCPC) to
achieve the revenue target of INR 451 Crore in the current Financial Year (2020-21).

The MoU was signed by SP Mohanty, HIL (India) Limited’s Chairman and Managing Director (CMD) and
Rajesh Kumar Chaturvedi, Secretary of DCPC.
40. Name the e-commerce company which partnered with SBI YONO Krishi App for easy availability
of Quality Agri-products in India.
1) Amazon
2) Flipkart
3) IFFCO Bazar
4) e-Bay
5) Shopclues
Answer-3) IFFCO Bazar
Explanation:
IFFCO Bazar, e-commerce wing of IFFCO (Indian Farmers Fertiliser Cooperative) has entered into
partnership with SBI (State Bank of India) YONO (You Only Need One) Krishi App.
To boost the accessibility of Quality Agri-products in India, To ensure that a wide range of agricultural
products are accessible to many Indian farmers and To drive digital sales in this segment, with combination
of easy and free payment portal of SBI YONO and quality products of IFFCO.
41. The first-ever virtual Indo-Africa Summit 2020, organized by IMC Chamber of Commerce and
Industry (Nov 2020). What is India’s Trade & Investment target between India and Africa by 2025?
1) $ 150 Billion , $150 Billion
2) $ 200 Billion , $200 Billion
3) $ 50 Billion, $50 Billion
4) $ 10 Billion, $10 Billion
5) $100 Billion, $100 Billion
Answer-5) $100 Billion, $100 Billion
Explanation:
The first-ever virtual Indo-Africa Summit 2020, organized by IMC Chamber of Commerce and Industry
(Indian Merchants’ Chamber) and Africa Business News (CNBC Africa), was held on November 4 to 6, 2020
which was addressed by Union Minister Piyush Vedprakash Goyal, Ministry of Commerce and Industry.
India’s target is to enhance ties to 100*100 matrix by 2025, i.e. a target of USD 100 billion Bilateral Trade
and USD 100 billion of Investment between India and Africa.
42. What is currency of Philippines?

1) Dollar
2) Franc
3) Peso
4) Euro
5) Pound
Answer-3) Peso
Explanation:
Capital and Currency of ‘Philippines’ is ‘Manila’ & ‘Philippine Peso’ respectively.
President– Rodrigo Roa Duterte
43. According to a recent report of the Reserve Bank of India (RBI) on November 2020, Which State
is not ranked amongst the top five states of the country which provide employment under the Micro,
Small and Medium Enterprises (MSMEs) during Corona pandemic?
1) Madhya Pradesh
2) Gujarat
3) Rajasthan
4) Uttar Pradesh
5) Tamil Nadu

Answer-3) Rajasthan
Explanation:
According to a recent report of the Reserve Bank of India (RBI), Madhya Pradesh (MP) has been ranked the
top which provides employment under the Micro, Small and Medium Enterprises (MSMEs) during Covid-19
pandemic. Madhya Pradesh was followed by Gujarat, Tamil Nadu, Maharashtra, Uttar Pradesh, Karnataka,
Rajasthan, Delhi, Haryana, and Telangana in the list of top 10 states.
44. Which Bank in association with EAP-India introduced an ‘Employee Assistance Program’, a Well-
being Programme for its employees and their family members 24×7?
1) State Bank of India
2) Punjab National Bank
3) Bank of Baroda
4) Indian Bank
5) Canara Bank
Answer-3) Bank of Baroda(BOB)
Explanation:
Bank of Baroda (BoB) in association with EAP-India introduced an ‘Employee Assistance Program’, a Well-
being Programme for its employees and their family members 24×7.
Aim of the Program is to help its employees to tackle their personal and professional problems through
psychological counselling and consulting. BoB has entered into partnership with EAP India Pvt Ltd to
provide this counselling.
45. Which General Insurance Company launched ‘CancerSendsNoNotifications’ Campaign?

1) Acko General Insurance
2) Bhart AXA General Insurance
Answer-2) Bhart AXA General Insurance
Explanation:
Bharti AXA General Insurance Company Limited launched ‘CancerSendsNoNotifications’ Campaign on Social
Media on account of the National Cancer Awareness Day 2020- November 7.
Aim of the Campaign is to increase awareness and disseminate knowledge to detect the disease in the early
stage among people in India and to encourage individuals to prioritize and protect their health and life with
the right precautions.
46. Which Payment Bank partnered with Bharti AXA General Insurance Co Ltd to offer ‘Smart Drive
Private Car Insurance’?
1) India Post Payments Bank
2) Paytm Payments Bank
3) Airtel Payments Bank
4) Fino Payments Bank
5) Jio Payments Bank
Answer-3) Airtel Payments Bank
Explanation:
Airtel Payments Bank, India’s first payments bank partnered with Bharti AXA General Insurance Co Ltd to
offer ‘Smart Drive Private Car Insurance’, a comprehensive car insurance for its customers. Purpose of
Partnership is to offer car insurance to the customers of Airtel Payments Bank
47. Marg ERP Ltd has partnered with which payment company in order to ease seamless
transactions for MSMEs (Micro, Small & Medium Enterprises)?
1) Paytm
2) PhonPe

3) Amazon Pay
4) Google Pay
5) PayPal
Answer-1) Paytm
Explanation:
In order to ease seamless transactions for MSMEs (Micro, Small & Medium Enterprises)Marg ERP Ltd has
partnered with Paytm. Under this Joint Venture (JV), Marg ERP and Paytm empowers MSME using MargPay,
a new integrated payments solution, developed by Marg ERP Ltd. Purpose of Partnership is to resolve the
payment collection and settlement issues of MSMEs and aid in expanding their businesses. This partnership
will also be extended to the Paytm Payments Bank Limited powering Marg Pay’s nodal bank account.
48. How much has been released by Central Govt. as first instalment to 42 cities from 15 states for
the improvement of air quality measures according to the recommendation of 15th Finance
Commission?
1) 2,000 crore
2) 1,700 crore
3) 2,500 crore
4) 2,200 crore
5) 3,200 crore
Explanation:
The Fifteenth Finance Commission (XVFC) led by Chairman Nand Kishore (NK) Singh submitted its Report
titled “Finance Commission in Covid Time” for the period of five years from 2021-22 to 2025-26 to the
President of India Ram Nath Kovind. The cover of the report has a figure of scales indicating the balance
between the States and the Union.
According to the XVFC’s terms of reference (ToR) set by the President, the commission has examined and
recommended the devolution of funds between the Centre and the States for a five years period along with
wide-ranging recommendations in different sectors.
Based on the recommendations of XVFC, the central government on November 9, 2020 released Rs 2,200
crore as the first installment to 15 states for the improvement of air quality measures in their cities. Greater
Mumbai (Maharashtra) receive the highest allocation of Rs 244 crore.
49. What is the percentage of GDP targeted by the 15th Finance Commission for Health Expenditure
by including the health care scenario for the first time in India?
1) 1.2 %
2) 1.8 %
3) 2.1 %
4) 2.5 %
5) 2.7 %
Answer-3) 2.1 %
Explanation:
The Fifteenth Finance Commission (XVFC) led by Chairman Nand Kishore (NK) Singh submitted its Report
titled “Finance Commission in Covid Time” for the period of five years from 2021-22 to 2025-26 to the
President of India Ram Nath Kovind. It should be noted that this is the first time that a chapter on the health
care scenario of the country is introduced along with recommendations in order to boost public-health
spending in a post-pandemic era.
The target is that the Centre alone should be able to spend at least 2.1% of GDP (Gross Domestic Product)
on health in the next five years.

50. Ministry of New and Renewable Energy (MNRE) revised the PM-KUSUM scheme goal to of 30.8
GigaWatt (GW) by 2022 with revised Central Financial Support of INR 34, 035 crores. Who are the
beneficiaries of PM-KUSUM?
1) Transgenders
2) Self-Help Groups (SHGs)
3) Farmers
4) Street Vendors
5) Micro & Small Enterprises
Answer-3) Farmers
Explanation:
Ministry of New and Renewable Energy (MNRE) issued an order for scale-up and expansion of the Pradhan
Mantri Kisan Urja Suraksha Evam Utthan Mahabhiyan (PM-KUSUM) Scheme for farmers for installation of
solar pumps and grid connected solar and other renewable power plants in India. It has set a target of
enhanced solar capacity of 30.8 GigaWatt (GW) by 2022 with revised Central Financial Support of INR 34,
035 crores. Previously It aimed to add solar and other renewable capacity of 25, 750 MW by 2022 with a
Financial support of INR 34, 422 Crores.
51. Which Bank launched a new indigenous contactless RuPay debit card- National Common
Mobility Card (NCMC)?
1) Karnataka Vikas Grameena Bank
2) Andhra Bank
3) South Indian Bank
4) Karnataka Bank
Answer-4) Karnataka Bank
Explanation:
In accordance with the vision of the Ministry of Housing and Urban Affairs (MoHUA), Karnataka Bank
Limited launched a new indigenous RuPay debit card- National Common Mobility Card (NCMC). This card is
the bank’s 1st ever contactless debit Card. The card is an international Contact-less, debit cum prepaid and
interoperable transport card, a ‘One Nation One Card i.e., a card with many benefits’.
52. Name the India’s First Individual Covid-19 Life Insurance Policy launched by Edelweiss Tokio
Life Insurance Company Limited.
1) Covid Secure+
2) Covid Kavach+
3) Covid Bubble+
4) Covid Guard+
5) Covid Shield+
Answer-5) Covid Shield+
Explanation:
Edelweiss Tokio Life Insurance Company Limited launched, ‘Covid Shield+’, India’s First Individual Covid-
19 Life Insurance Policy. The comprehensive solution provides financial protection against the impact of
COVID-19 diagnosis.
53. Mobikwik partnered with which company to launch its first-ever digital prepaid Card?
1) Visa
2) RuPay
3) Mastercard
4) American Express
5) Paypal
Answer-4) American Express
Explanation:
Mobikwik partnered with American Express (Amex) to launch its first ever Card, ‘MobiKwik Blue American

Express Card’, a digital prepaid Card on Amex network. It is the 1st first prepaid payments card of Amex
with a flexible credit limit. With this launch, MobiKwik becomes the first non-bank Indian company to
become a member of the American Express network and issue Cards in India.
54. 1st BRICS (Brazil, Russia, India, China, South Africa) Finance Ministers and Central Bank
Governors (FMCBG) meeting held on November 9, 2020 under the chairmanship of which country?
1) Brazil
2) Russia
3) India
4) China
5) South Africa
Answer-2) Russia
Explanation:
Union Minister for Finance & Corporate Affairs Nirmala Sitharaman virtually participated in the 1st BRICS
(Brazil, Russia, India, China, South Africa) Finance Ministers and Central Bank Governors (FMCBG) meeting
under the Chairmanship of Russia.
Agenda: To discuss the outcomes of G20 (Group of Twenty) Saudi Presidency in 2020, a digital platform to
encourage infrastructure investments and expansion of the membership of the New Development Bank
(NDB).
55. Which tech giant signed an agreement to acquire a 100% of the shares of Postbank Systems AG
(PBS) from Deutsche Bank AG?
1) Microsoft
2) Google
3) TCS
4) Tech Mahindra
5) Wipro
Answer-3) TCS
Explanation:
Tata Consultancy Services (TCS) signed an agreement with Deutsche Bank AG, under which TCS will acquire
a 100% of the shares of Postbank Systems AG (PBS) from Deutsche Bank AG. The value of the deal was not
disclosed. PBS is the IT(Information and Technology) service provider of Deutsche Bank. Deutsche Bank is
an existing IT services partner of TCS.
56. Which Bank launched ‘SmartHub Merchant Solutions 3.0’, India’s first comprehensive banking
and payment solution for merchants with Visa?
1) ICICI Bank
2) HDFC Bank
3) IDFC Bank
4) Yes Bank
5) Axis Bank
Answer-2) HDFC Bank
Explanation:
HDFC Bank in Partnership with Visa launched ‘SmartHub Merchant Solutions 3.0’, India’s first
comprehensive banking and payment solution for merchants. This first-of-its-kind solution offers the ideal
platform for merchants and self-employed professionals to open a current account instantly and to accept
payments in-store and online.
57. Who launched ‘Payout Links’, a new initiative, for businesses?

1) Amazon Pay
2) Google Pay
3) PhonePe

4) Paytm
5) CRED
Answer- 4) Paytm
Explanation:
Paytm launched ‘Payout Links’, a new initiative under Paytm Payout, for businesses. This enables
businesses to instantly make payments to the customers, employees & vendors, without the need to collect
their bank details.
58. Which Life Insurance Company partnered with PayBima(PayBima.com) to distribute its
industry-leading life insurance solutions?
1) Edelweiss Tokio Life Insurance
2) Avia Life Insurance
3) Bharti AXA Life Insurance
4) Tata AIA Life Insurance
5) Birla Sun Life Insurance
Answer – 4) Tata AIA Life Insurance
Explanation:
Tata AIA Life Insurance Company Limited entered into partnership with PayBima(PayBima.com), the digital
arm of Mahindra Insurance Brokers Ltd.,(MIBL) as a Broker to distribute its industry-leading life insurance
solutions. The association is in accordance with the mission of Tata AIA Life to provide Ease of Doing
Business (EoDB) to its customers.
59. Which capital of Country’s Sovereign Wealth Fund (SWF) – MIC Redwood 1 RSC Limited has
become the first foreign SWF that has been notified and granted 100% income-tax exemption in
India?
1) Saudi Arabia
2) United Arab Emirates
3) Qatar
4) Malaysia
5) Singapore
Answer-2) United Arab Emirates
Explanation:
The Abu Dhabi’s (Capital of United Arab Emirates) Sovereign Wealth Fund (SWF) – MIC Redwood 1 RSC
Limited has become the first foreign SWF that has been notified and granted 100% income-tax exemption
on income from interest, dividend and long-term capital gains for its investment in India’s priority sector as
per the Finance Act, 2020. The announcement was made by the Ministry of Finance.
This decision is on the lines of July 6, 2020 government notification regarding to broaden the scope of this
exemption and to expedite foreign investment in the country’s priority areas during the Covid-19 pandemic.
60. On October 27, 2020 RBI (Reserve Bank of India) has asked all the lending institutions, including
(NBFCs), to implement _______________ for loans up to Rs 2 crore for the 6 months moratorium period
beginning March 1, 2020.
1) Waiver of interest on interest scheme
2) Scholarship Scheme for Faculty Members from Academic Institutions
3) RBI Visiting Fellow Scheme
4) Programme Funding Scheme
5) Loan Restructuring Scheme
Answer-1) Waiver of interest on interest scheme
Explanation:
On October 27, 2020 RBI (Reserve Bank of India) has asked all the lending institutions, including non-
banking financial companies, to implement the waiver of interest on interest for loans up to Rs 2 crore for
the 6 months moratorium period beginning March 1, 2020. The government has asked the lending
institutions to complete crediting the amount in the accounts of borrowers by 5th November.

61. Who will lead the 7-member expert group set up by Securities and Exchange Board of India
(SEBI) to review the share-based employee benefits?
1) Harsh Kumar Bhanwala
2) Sandip Bhagat
3) Tapan Ray
4) Ramesh Chandra
5) Ajay Tirkey
Answer-2) Sandip Bhagat
Explanation:
Securities and Exchange Board of India (SEBI), set up a 7-member expert group chaired by Sandip Bhagat,
partner at S&R Associates to review the frameworks of the share based employee benefits & issue of sweat
equity and recommend policy changes. The expert group will revisit the framework of the sweat equity
regulations against the companies act and suggest required policy changes.
62. Which sector received maximum allocation in recently (November 2020) approved PLI Scheme
worth Rs 1,45,980 cr to 10 key Sectors by the Union Cabinet chaired by Prime Minister Narendra
Modi?
1) Pharmaceuticals drugs
2) Telecom & Networking Products
3) Advance Chemistry Cell (ACC) Battery
4) Food Products
5) Automobiles & Auto Components
Answer-5) Automobiles & Auto Components
Explanation:
The Union Cabinet chaired by Prime Minister Narendra Modi has approved the following proposals which
were detailed by Union Minister Prakash Javadekar, Ministry of Information and Broadcasting (MIB) and
Nirmala Sitharaman, Ministry of Finance.Cabinet approves PLI Scheme worth Rs 1,45,980 cr to 10 key
Sectors for Enhancing Cabinet approves Continuation and Revamping of the Scheme for Financial Support
to PPP in Infrastructure Viability Gap Funding VGF Scheme.
Following table shows the recent allocation toward top 5key sectors:
Implementing Approved Outlay over 5
Priority Sector Ministry/Department year period (Rs.crore)
Automobiles
1 & Auto Components Department of Heavy Industries 57,042
Advance Chemistry NITI Aayog and Department of
2 Cell (ACC) Battery Heavy Industries 18,100
3 Pharmaceuticals drugs Department of Pharmaceuticals 15,000
Telecom & Networking
4 Products Department of Telecom 12,195
Ministry of Food Processing
5 Food Products Industries 10,900.00
63. Where has been the PM Narendra Modi virtually the Office-cum-Residential Complex of Cuttack
Bench of Income Tax Appellate Tribunal (ITAT) inaugurated to provide modern tax services and
assistance?
1) West Bengal
2) New Delhi
3) Bihar
4) Manipur
5) Odisha
Answer-5) Odisha

Explanation:
Prime Minister Narendra Modi virtually inaugurated the Office-cum-Residential Complex of Cuttack Bench
of Income Tax Appellate Tribunal (ITAT) in Odisha to provide modern tax services. This bench will also
provide services to Northeast and East India as it will help the Kolkata bench (West Bengal) in meeting the
pending appeal. It should be noted that the Cuttack Bench of the ITAT was created and started functioning
in 1970, and its jurisdiction extends to the whole of Odisha.
64. The Secretary (Economic Relations), Ministry of External Affairs has launched India-Brazil-South
Africa (IBSA) report on ‘Deepening Cooperation in IBSA: Perspectives from Key Sectors’. Who is the
Secretary (Economic Relations), Ministry of External Affairs?
1) Rajiv Gauba
2) Harsh Vardhan Shringla
3) Rahul Chhabra
4) T S trimurti
5) A Gitesh Sharma
Answer-3) Rahul Chhabra
Explanation:
Rahul Chhabra, Secretary (Economic Relations), Ministry of External Affairs, Government of India launched
India-Brazil-South Africa (IBSA) report on ‘Deepening Cooperation in IBSA: Perspectives from Key Sectors’
over a virtual platform from New Delhi, India. The report was prepared by the 2nd batch of Fellows under
the IBSA Visiting Fellowship Program.
65. IFSCA in a meeting has approved the International Financial Services Centres Authority
(Banking) Regulations, 2020 to lay down the rules for the various aspects of banking operations.
Expand the term IFSCA.
1) International Financial Services Cards Authority
2) International Financial Services Central Authority
3) International Financial Services Care Authority
4) International Financial Services Centres Authority
5) International Financial Services Compliance Authority
Answer-4) International Financial Services Centres Authority
Explanation:
International Financial Services Centres Authority (IFSCA) in a meeting has approved the International
Financial Services Centres Authority (Banking) Regulations, 2020. Purpose is to lay down the rules for the
various aspects of banking operations that will be acceptable at the IFSC (International Financial Services
Centres). IFSC International Retail Business Development Committee headed by Pradip Shah, Chairman of
Indasia Fund Advisors Pvt Ltd. has presented its final report to IFSCA.
66. AGS Transact Technologies Limited (AGSTTL) and Utimaco entered partnered to offer Cyber-
Defense Technology to which of the given sectors?
1) Banking
2) Petroleum
3) Retail
4) Both 2 & 3
5) All 1, 2 & 3
Explanation:
AGS Transact Technologies Limited (AGSTTL) and Utimaco entered into partnership to offer Cyber-Defense
Technology, the highest level of security for digital payments and automation solutions to organizations
across sectors including banking, petroleum, retail etc. in India & South-east Asia. Under this partnership,
the companies will provide crypto-key security solutions to organizations across sectors.

67. What will be India’s GDP (Gross Domestic Product) for the Calendar Year (CY) 2020 as per
Moody’s ‘Global Macro Outlook 2021-22 (released in November 2020)?
1) – 8.9%
2) – 9.5%
3) – 10.1%
4) – 12.5%
5) – 6.9%
Answer-1) – 8.9%
Explanation:
As per Moody’s ‘Global Macro Outlook 2021-22: Nascent economic rebound takes hold globally but will
remain fragile’, India’s GDP(Gross Domestic Product) for the Calendar Year(CY) 2020 is revised upwards to
-8.9%(contract by 8.9) from -9.6% projected earlier. It also has revised the GDP for the CY 2021 upwards to
8.6% from 8.1% projected earlier. Goldman Sachs in its global economic analysis report titled ‘V(accine)-
Shaped Recovery’, has projected India’s GDP growth to contact by 8.9% for CY 2020. It has reiterated GDP
growth for 2021 and 2022 to be 10%and 7.2% respectively.
68. When was International Financial Services Centres Authority (IFSCA) established?
1) April, 2020
2) April, 2019
3) April, 2018
4) April, 2017
5) April, 2016
Answer-1) April, 2020
Explanation:
The central government has established International Financial Services Centres Authority to regulate all
financial services in International Financial Services Centres (IFSCs) with headquarters in Gandhinagar
(Gujarat) in April, 2020 through International Financial Services Centres Authority Bill, 2019.
69. Finance Minister gave an approval for the creation of Nation’s first ever “National Database of
Unorganised Workers (NDUW)”.What is an expected outlay for NDUW?
1) 500 crore
2) 600 crore
3) 650 crore
4) 700 crore
5) 850 crore
Answer-3) 650 crore
Explanation:
The Ministry of Finance gave its nod for the creation of the first ever “National Database of Unorganised
Workers (NDUW)” with an expected outlay of Rs 650 crore. In this regard, Ministry of Labour &
Employment has envisaged development of NDUW seeded with Aadhaar. This project will include migrant
workers also and the benefits to be provided through this database will encourage them to enroll on the
website. It will be helpful in providing welfare schemes or implementing social security initiatives for the
labour by the government.
70. How many schemes have been covered under the “Aatmanirbhar Package 3.0” with the Rs
2,65,080 crores to boost economic growth from the Rs 29,87,641 crore,a fund provided by Central
Government due to COVID-19 on Nov.12 2020?
1)9
2)10
3)11
4)12
5)13

Answer-4)12
Explanation:
Union Minister Nirmala Sitharaman, Ministry of Finance during a press conference has announced the
“Aatmanirbhar Package 3.0” covering following 12 schemes as a stimulus measure of additional Rs 2,65,080
crores to boost economic growth. It should be noted that as of November 12, 2020, the Central Government
has provided an economic stimulus of Rs 29,87,641 crore amid COVID-19.Click here for complete content to
read about 12 schemes.
71. The Reserve Bank’s multi-media public awareness campaign ‘RBI Kehta Hai’ was launched in
how many languages?
1) 10
2) 12
3) 13
4) 14
5) 16
Answer-4) 14
Explanation:
The Reserve Bank is all set to evaluate the impact of multi-media public awareness campaign ‘RBI Kehta
Hai’, which was launched in 14 languages to educate public about good practices, regulations and initiatives
in banking and financial sector
In this regard, RBI has invited Expression of Interest (EoI) from eligible companies and other entities which
have successfully completed at least five similar projects.
‘RBI Kehta Hai’ was the first even 360 degree campaign initiated by the central bank using all mass media,
including media such as television, radio, newspapers, hoardings, web banners, gifs, social media and SMS.
72. How much amount of loan was sanctioned by The Indian Renewable Energy Development
Agency Ltd (IREDA) in 2019-20?
1) 5,096 crores
2) 35,396 crores
3) 21,896 crores
4) 12,696 crores
5) 45,296 crores
Answer-4) 12,696 crores
Explanation:
The Indian Renewable Energy Development Agency Ltd (IREDA) had sanctioned loans worth Rs 12,696
crore in 2019-20 and has disbursed Rs 8,785 crore, supporting capacity addition of 5,673 MW (Mega Watt)
during 2019-20. This was announced during the 33rd Annual General Meeting (AGM) of IREDA on
November 11, 2020 where the annual accounts for the financial year 2019-20 were adopted.
The gross income of the company increased to Rs 2,372.38 crore, a growth of 17.32%.
73. IRDAI approved the merger of HDFC ERGO Health Insurance with which Insurance Company?
1) Apollo Munich Health Insurance
2) Aviva Life Insurance
4) Bharti AXA General Insurance
Answer-3) HDFC ERGO General Insurance
Explanation:
Insurance Regulatory and Development Authority of India (IRDAI) gave its final approval for the merger of
HDFC ERGO Health Insurance (formerly Apollo Munich Health Insurance Co Ltd) with HDFC ERGO General
Insurance Co Ltd (HDFC ERGO). The National Company Law Tribunal (NCLT) has sanctioned the scheme of
amalgamation between HDFC ERGO Health and HDFC ERGO General on september 30, 2020.

74. Which Bank partnered with Fintech PayNearby to launch a neo banking platform in India?
1) HDFC Bank
2) IDFC Bank
3) HSBC Bank
4) SBM Bank India
5) ICICI Bank
Answer-4) SBM Bank India
Explanation:
SBM Bank (India) Limited (SBM Bank India), the wholly-owned subsidiary of State Bank of Mauritius has
partnered with Fintech PayNearby to launch a neo banking platform. The bank is also looking at
collaborative banking in other segments and where companies may have access to a large number of
customers but not have a banking license.
75. Stashfin has partnered with which Financial Services Company to launch co-branded prepaid
cards with credit lines?
1) MasterCard
2) American Express
3) Visa
4) RuPay
5) UnionPay
Answer-3) Visa
Explanation:
Stashfin has partnered with Visa to launch co-branded prepaid cards with credit lines. The credit line card
can be used at physical merchant locations and ATMs (Automated Teller Machines) as well as in Visa-
accepted online modes. Targeted Customers are Millennials who are just beginning their careers or are still
in the early stages and prefer not to deal with hindrances of borrowing from a traditional banking
institution.
76. How many Countries signed the World’s largest regional free-trade agreement “Regional
Comprehensive Economic Partnership – RCEP” on the sidelines of the 37th ASEAN virtual Summit
hosted by Vietnam?
1) 10
2) 12
3) 13
4) 15
5) 20
Answer-4) 15
Explanation:
15 Asia-Pacific countries including 10 members of the ASEAN (Association of Southeast Asian Nations)
and their 5 Free Trade Agreement (FTA) partners China, Japan, South Korea, New Zealand and Australia
signed the World’s largest regional free-trade agreement “Regional Comprehensive Economic
Partnership – RCEP” on the sidelines of the 37th ASEAN virtual Summit 2020 hosted by Vietnam. India had
pulled out of RCEP in 2019 over concerns on Imports.
RCEP’s members account for 2.2 Billion People with a combined Gross Domestic Product (GDP) of USD 26.2
Trillion. RCEP is an agreement between member states of ASEAN and its Free Trade Agreement (FTA)
partners. It aims to create an integrated market with 15 countries, making it easier for products and
services of each of these countries to be available across this region.
77. State Bank of India (SBI) announced the adoption of 15 tigers of Nehru Zoological Park. Where is
the Nehru Zoological Park located?
1) Chandigarh
2) New Delhi
3) Goa

4) Hyderabad, Telangana
5) Amravati, Andhra Pradesh
Answer-4) Hyderabad, Telangana
Explanation:
State Bank of India (SBI) announced the adoption of 15 tigers of Nehru Zoological Park in Hyderabad for a
period of one year. Om Prakash Mishra, Chief General Manager, Hyderabad gave a cheque of INR15 lakh to
Principal Chief Conservator of Forests and Chief Wildlife Warden. SBI will continue to adopt the tigers in
future years also.
78. What amount was allocated from Finance Ministry for Merchandise Exports from India Scheme
(MEIS) benefits for 2019-20?
1) 10,555 crore
2) 39,097 crore
3) 25,454 crore
4) 5,970 crore
5) 50,970 crore
Explanation:
In accordance with the notification by Central Board of Indirect Taxes and Customs (CBIC) under
Department of Revenue, the Finance Ministry has approved the allocation of Rs 39,097 crore under the
Merchandise Exports from India Scheme (MEIS) for the exports made during FY 2019-20. It also approved
an allocation of Rs 15,555 crore for MEIS benefits for exports made during the period April 1, 2020 to
December 31, 2020. Notably, these allocations are strictly utilized for issuance of duty scrips only for
exports made during the respective periods, i.e. Rs 39,097 crore for 2019-20, Rs 10,555 crore for the period
April 1, 2020 to August 31, 2020 and Rs 5,000 crore for the period September 1, 2020 to December 31,
2020.
79. Which Financial organaisation had launched a unique savings account for Indian women named
as ‘Eva’ (Smriti Mandhana appointed as Brand Ambassador)?
1) Ujjivan Small Finance Bank Limited
2) Equitas Small Finance Bank Limited
3) Janalakshmi Small Finance Bank Limited
4) AU Small Finance Bank Limited
5) ESAF Small Finance Bank Limited
Answer-2) Equitas Small Finance Bank Limited
Explanation:
Equitas Small Finance Bank Limited (ESFBL) launched ‘Eva’, a unique savings account for Indian women.
The product addresses the wellbeing of women in every aspect such as Health, Wealth and Prosperity.
Smriti Mandhana, Indian Woman cricketer has been appointed as the new brand ambassador of ESFBL.
80. Which Bank launched ‘Mooh Band Rakho’ Campaign to protect individuals from cyber frauds?
1) ICICI Bank
2) IDFC Bank
3) Yes Bank
4) Axis Bank
5) HDFC Bank
Answer- 5) HDFC Bank
Explanation:
HDFC Bank launched a campaign, ‘Mooh Band Rakho’ to increase awareness on cyber frauds and ways to
prevent them. The campaign supports the International Fraud Awareness Week 2020(November 15 – 21), a
global movement to reduce the impact of fraud. ‘Mooh Band Rakho’ campaign will talk about the steps to be
followed like not to share the card details, CVV(Card Verification Value), Expiry Date, OTP(One Time
Password) NetBanking/ MobileBanking Login ID & Password over Phone, SMS, email and social media.

This helps the general public to keep their money safe. HDFC Bank initially launched the ‘Mooh Band Rakho’
campaign to fight COVID 19. It has now extended to fighting cyber fraud.
81. India has entered a technical recession in the first half of FY21 for the first time in its history as
per the reports ‘nowcast’. Who published the ‘nowcast’ for the first time (November 2020)?
1) International Monetary Fund (IMF)
2) World Bank (WB)
3) Reserve Bank of India (RBI)
5) Fitch India
Answer-3) Reserve Bank of India (RBI)
Explanation:
In accordance with the Reserve Bank of India’s (RBI) first ever estimation based on high-frequency data
namely “nowcast”, India’s Gross domestic product (GDP) contracted 8.6% in the quarter ended September
2020 i.e. Q2FY21. Nowcast is prepared by a team of economists including Michael Debabrata Patra, RBI’s
deputy governor. As per it, India also has entered a technical recession in the first half of FY21 for the first
time in its history as the economy had slumped about 24% in Q1FY21 due to the COVID-19 pandemic. Also,
the Consumer Price Index (CPI) rises to 7.61% in October 2020 as compared to 7.27% in the previous
month of September, 2020.
82. Which entity launched ‘StAR MF Corp Direct Portal’ a direct investment portal for corporates
with more features?
1) RupeeVest
2) NSE Mutual Fund Platform (NSEMF)
3) Edelweiss Partners
4) MF Utility
5) BSE StAR MF
Answer- 5) BSE StAR MF
Explanation:
BSE StAR MF, the Mutual Fund distribution platform of BSE (formerly Bombay Stock Exchange), launched
‘StAR MF Corp Direct Portal’, a direct investment portal for corporates with more features. The portal will
simplify and provide end-to-end value-based services to the Asset Management Companies (AMCs),
distributors, investors, and mutual fund industry participants.
The portal simplifies the investment process of mutual funds and will reduce the time and increase the
efficiency for corporate
83. Which Financial Institution signed an agreement with Department of Investment and Public
Asset Management (DIPAM), which handles government’s disinvestment programme to provide
advisory services on asset management?
2) World Bank (WB)
3) Asian Infrastructure Investment Bank (AIIB)
4) International Monetary Fund (IMF)
5) European Investment Bank (EIB)
Answer-2) World Bank (WB)
Explanation:
Department of Investment and Public Asset Management (DIPAM), which handles government’s
disinvestment programme has signed an agreement with World Bank (WB) under which the latter provide
advisory services to DIPAM for asset monetization. This was approved by Finance Minister Nirmala
Sitharaman.
This project would facilitate and accelerate the non-core asset monetization process and help unlock the
value of these unused/ marginally used assets for further investments and growth.

84. Who has been appointed as brand ambassador of Financepeer (Google incubated education fee
financing company)?
1) Mahendra Singh Dhoni
2) KL Rahul
3) Virat Kohli
4) Jasprit Bumrah
5) Rohit Sharma
Answer-5) Rohit Sharma
Explanation:
Rohit Sharma, India’s leading cricketer, signed with Financepeer, Google incubated education fee financing
company, as its brand ambassador. Rohit Sharma will be supporting Financepeer to transform the
education sector and introduce innovation across the various segments of education.
This collaboration between Rohit Sharma and Financepeer will increase the reach of edtech and Fintech
platforms of Financepeer among the Indian parents and schools. As a part of this collaboration Rohit
Sharma will participate in the digital activities of Financepeer.
85. Who has been appointed as the 1st chairperson of Reserve Bank Innovation Hub (RBIH)?
1) Bibhu Prasad (B.P.) Kanungo
2) Mahesh Kumar (M.K.) Jain,
3) Michael Debabrata(M.D.)Patra
4) Shaktikant Das
5) Senapathy (Kris) Gopalakrishnan
Answer-5) Senapathy (Kris) Gopalakrishnan
Explanation:
Reserve Bank of India (RBI) appointed Senapathy (Kris) Gopalakrishnan, co-founder and former co-
Chairman, Infosys as the 1st chairperson of Reserve Bank Innovation Hub (RBIH). He is currently the Chief
Mentor of Start-up Village, an incubation hub for start-ups. RBIH will be guided and managed by a
Governing Council (GC) led by a Chairperson of RBI. The governing council has also 9 other members.
On August 6, 2020 RBI in its Monetary Policy Statement on Development and Regulatory Policies
announced that RBI will set up a RBIH to promote innovation across the financial sector by leveraging the
technology and creating an environment that facilitates and fosters innovation.
86. Who has been appointed as MD & CEO of HDFC Mutual Funds ,currently serving as the Executive
Director & Chief Investment Officer (CIO) of SBI Funds Management (FM)?
1) Milind Barve
2) C S Setty
3) Navneet Munot
4) Neeraj Vyas
5) Ashwani Bhatia
Answer- 3) Navneet Munot
Explanation:
The Board of directors of HDFC Mutual Funds approved the appointment of Navneet Munot as its managing
director (MD) and chief executive officer (CEO). He will succeed Milind Barve, the current MD of HDFC Asset
Management Company Limited.
Naveet is currently serving as the Executive Director & Chief Investment Officer (CIO) of SBI Funds
Management (FM). He also served as the CIO of Birla Sun Life Mutual Fund. He is the chairman of Indian
Association of Investment Professional.
87. How many entities have started testing their products under the 1st test phase of RBI’s
Regulatory Sandbox?
1) Two
2) Three
3) Four

4) Five
5) Six
Answer-1) Two
Explanation:
Reserve Bank of India (RBI) announced the opening of the first cohort under the Regulatory Sandbox (RS)
with “Retail Payments”, as its theme. In this regard, Reserve Bank received applications from 32 entities of
which six have been selected for the ‘Test Phase’.
Therefore as of November 16, 2020, two sandbox entities viz. Natural Support Consultancy Services Pvt.
Ltd. of Jaipur, Rajasthan and Nucleus Software Exports Ltd. of New Delhi have started the first test phase of
their products viz. “eRupaya” and “PaySe” respectively.
Regulatory sandbox usually refers to live testing of new products or services in a controlled regulatory
environment for which regulators may (or may not) permit certain relaxations for the limited purpose of
the testing.
88. HDFC Bank has been mentioned in the ‘red flag’ list, a system used for monitoring Foreign
Portfolio Investor (FPI) limits. Which is another Bank that has been put in the list?
1) IDFC Bank
2) Axis Bank
3) IndusInd Bank
4) ICICI Bank
5) DBS Bank
Answer-3) IndusInd Bank
Explanation:
HDFC Bank and IndusInd Bank have been mentioned in the ‘red flag’ list, a system used for monitoring
Foreign Portfolio Investor (FPI) limits. A red flag will be activated in respect of listed Indian companies
whenever available legroom for the foreign investment is within 3% or less than 3% of the aggregate
NRI/FPI limits or the sectoral cap. As per the data provided by NSDL (National Securities Depository Ltd.)
the current FPI shareholding of HDFC is 71.3% and 73. 1% for IndusInd Bank. FPIs can invest up to 74% in
both HDFC Bank and IndusInd Bank. Apart from them, Novartis India and Procter & Gamble Hygiene and
Health Care are the only other companies in the red-flag list.
89. For which Bank the Reserve Bank of India (RBI) proposed a draft scheme of amalgamation with
DBS Bank India Ltd. (DBIL) meanwhile Thothala Narayanaswamy (T.N.) Manoharan appointed as
administrator of the Bank (November 2020)?
1) Lakshmi Vilas Bank
2) Karur Vysa Bank
3) Yes Bank
4) Punjab & Maharashtra Co-operative (PMC) Bank
Answer-1) Lakshmi Vilas Bank
Explanation:
The Reserve Bank of India (RBI) proposed a draft scheme of amalgamation of the capital starved Lakshmi
Vilas Bank Ltd. (LVB) with DBS Bank India Ltd. (DBIL). This decision has been taken after the Central
Government has imposed a one-month moratorium on LVB on November 17, 2020 that temporarily capped
withdrawals at Rs 25,000. The moratorium will be effective upto December 16, 2020. The draft scheme
invited suggestions and objections from members, depositors and other creditors of LVB and DBIL by
November 20. RBI also appointed Thothala Narayanaswamy (T.N.) Manoharan, a former Non Executive
Chairman of Canara Bank, as Administrator of LVB.
90. Which Bank launched CASA (current account, savings account) mobilisation campaign?

4) Karnataka Bank
5) Indian Bank
Answer-4) Karnataka Bank
Explanation:
Karnataka Bank Limited (KBL) launched CASA (current account, savings account) mobilisation campaign
that will begin from November 17, 2020 to March 4, 2021
Objective of the Campaign is to enable the basic banking services to the unbanked (not use banks or
banking institutions) sections of the society & to popularize bank’s digitally powered CASA products to the
next level of customers on the basis of their requirements.
91. Name the Bank which partnered with Neokred Technologies to launch a Co-Branded Prepaid
Card. (November 2020)
1) Axis Bank
2) Yes Bank
3) HDFC Bank
4) IDFC Bank
5) DBS Bank
Answer-2) Yes Bank
Explanation:
YES Bank launched ‘YES BANK Neokred Card’, a Co-Branded Prepaid Card in partnership with Neokred
Technologies to encourage cashless payments. The prepaid card will be offered to the corporate partners of
Neokred across various sectors. The card offerings can be personalized to suit the needs of companies
looking for salary cards or expense cards for their employees
92. What is India’s growth forecast for FY21 in accordance with the latest revision by Goldman Sachs
(November 2020)?
1) 10.3% contraction (-10.3%)
2) 14.8% contraction (-14.8%)
3) 13% contraction (-13%)
4) 15.7% contraction (-15.7%)
5) 9.2% contraction (-9.2%)
Answer-1) 10.3% contraction (-10.3%)
Explanation:
In accordance with the latest revision by Goldman Sachs, India’s growth forecast for FY21 is upgraded to
10.3% contraction (-10.3%) from -14.8%.On the other hand, it downgraded India’s Gross Domestic Product
(GDP) to 13% in FY22 as compared to 15.7%.
93. How many Indian Cities are included in the list of 36 cities selected by World Economic Forum
(WEF) for pioneering a new global policy roadmap for smart cities developed by G20 Global Smart
Cities Alliance?
1) Four
2) Five
3) Three
4) Seven
5) Six
Answer-1) Four
Explanation:
4 Indian Cities namely Bengaluru, Faridabad, Indore and Hyderabad figure in the 36 cities selected by
World Economic Forum (WEF) for pioneering a new global policy roadmap for smart cities. They will be
developed by G20 Global Smart Cities Alliance.
The 36 cities have been selected from 22 Countries & 6 Continents. Cities such as London, Moscow, Toronto,
Brasilia, Dubai and Melbourne have figured in the list. The G20 Global Smart Cities Alliance was established

in June 2019 to establish and advance global policy norms to accelerate best practices, mitigate potential
risks, foster greater openness and public trust.
94. Where is the headquarters of Lakshmi Vilas Bank?

1) Chennai, Tamil Nadu
3) Mangaluru(Mangalore), Karnataka
4) Thrissur, Kerala
5) Kolkata, West Bengal
Answer-1) Chennai, Tamil Nadu
Explanation:
Financial position of the Chennai-based Lakshmi Vilas Bank, which has a network of 563 branches and
deposits of Rs 20,973 crore, has undergone a steady decline, with continuous losses over the last three
years eroding the bank’s net-worth. The bank has not been able to raise adequate capital to address these
issues. It was also experiencing continuous withdrawal of deposits and low levels of liquidity. Serious
governance issues in recent years have led to deterioration in its performance. LVB posted a net loss of Rs
397 crore in the September quarter of FY21, as against a loss of Rs 112 crore in the June quarter. Almost
one fourth of the bank’s advances have turned bad assets. Its gross non-performing assets (NPAs) stood
25.4% of its advances as of June 2020, as against 17.3% a year ago.
95. The Union Ministry of Information and Broadcasting (I&B) has issued a notice asking all eligible
news websites, portals, aggregators and agencies to comply with its foreign direct investment (FDI)
policy (Cabinet Approval in Sep 2019) for digital news media. What is maximum FDI allowed in
digital news media?
1) 49%
2) 45%
3) 39%
4) 30%
5) 26%
Answer-5) 26%
Explanation:
The Union Ministry of Information and Broadcasting (I&B) has issued a notice asking all eligible news
websites, portals, aggregators and agencies which are uploading or streaming news and current affairs
through digital media to comply with the 26% foreign direct investment (FDI) policy for digital news media.
They need to share suitable details within one month i.e. by December 16, 2020.
This notification is issued on the lines of the Union Cabinet decision’s on September 18, 2019 which had
permitted 26% FDI for digital news media under Government approval route. Also, this decision will enable
the government to check foreign influence and interference in domestic affairs.
96. NK Singh, Chairman of the 15th Finance Commission, suggested increasing public spending on
the health sector to what % of the GDP by 2024 from 0.95% at present.
1) 3.2 %
2) 1.4 %
3) 4.1 %
4) 2.5 %
5) 3.7 %
Answer-4) 2.5 %
Explanation:
The Fifteenth Finance Commission (XVFC) led by Chairman Nand Kishore (NK) Singh has recommended for
reprioritising Public-Private Partnerships (PPP) to increase Health Infrastructure Spending, and Public
spending on Health in India.
The PPP will increase India’s spending on Health Infrastructure from 0.95% of GDP (Gross Domestic
Product) to 2.5% GDP by 2024. It also suggested the constitution of All India Medical Services as envisaged

in the Civil Services Act of 1951. NK Singh suggested that Public outlays focus on primary health care at
Panchayat & municipality levels, whereas private players should be relied on for specialty healthcare.
On November 9, 2020, The 15th Finance Commission headed by NK Singh submitted its report titled
“Finance Commission in COVID Time” to the President of India, Ram Nath Kovind, Prime Minister, Narendra
Modi and Union Minister of Finance, Nirmala Sitharaman.
97. Which Country has highest number of infants who had not received the vaccine against measles
as per the report “Progress towards Regional Measles Elimination Worldwide 2000-2019”
presented by WHO & US CDC (India ranked 5th)?
1) Nigeria
2) Ethiopia
3) Democratic Republic of the Congo
4) Pakistan
5) Philippines
Answer-1) Nigeria
Explanation:
In accordance with the new report by World Health Organisation (WHO) and United States (US) Centers for
Disease Control and Prevention (CDC) titled “Progress Towards Regional Measles Elimination Worldwide
2000-2019”, India is among six countries with the highest number of infants who had not received the
vaccine against measles.
A total of 1.2 million children did not receive the first dose of measles-containing-vaccine (MCV1) in 2019 in
India. The other five countries are Nigeria (3.3 million), Ethiopia (1.5 million), Democratic Republic of the
Congo (DRC) (1.4 million), Pakistan (1.4 million), and Philippines (0.7 million).
98. Which State Government signed a MoU with Bharat Financial Inclusion Ltd (BFIL), a subsidiary
of IndusInd Bank to launch Joint initiative titled ‘Maha Pashudhan Sanjeevani’ to enhance doorstep
delivery of livestock care to farmers under the ‘Mukhyamantri Pashu Swasthya Yojana’ scheme?
1) Maharashtra
2) Gujarat
3) Rajasthan
4) Madhya Pradesh
5) Bihar
Answer-1) Maharashtra
Explanation:
Bharat Financial Inclusion Ltd (BFIL), a subsidiary of IndusInd Bank has signed a Memorandum of
Understanding (MoU) with the Animal Husbandry Department (AHD) of Maharashtra Government to
enhance doorstep delivery of livestock care to farmers in the state. The Joint initiative is titled ‘Maha
Pashudhan Sanjeevani’ and will be supported by BFIL as part of its Corporate Social Responsibility (CSR).
The Scheme will be implemented under the Mukhyamantri Pashu Swasthya Yojana.
99. Name the Chairman and Managing Director of Oriental Insurance who has been appointed as a
Whole-time member (distribution) of the Insurance Regulatory and Development Authority of India
(IRDAI).
1) Mridula Sinha
2) Rajkiran Rai G
3) Madhabi puri Buch
4) Ganesh K
5) SN Rajeswari
Answer-5) SN Rajeswari
Explanation:
SN Rajeswari, Chairman and Managing Director of Oriental Insurance was appointed as a Whole-time
member (distribution) of the Insurance Regulatory and Development Authority of India (IRDAI). She is
appointed for a period of 3 years or till attaining the age of 62. The centre appointed her as the CMD of

Oriental Insurance in August 2020; she will hold the position as CMD till the end of May 2022. She served as
the General Manager of New India Assurance Company limited.
100. Prime Minister (PM) Narendra Modi together with his counterpart launched RuPay card Phase-
II in Bhutan. Who is the Prime Minister of Bhutan?
1) K P Sharma Oli
2) Tsai Ing-wen
3) Lotay Tshering
4) Win Myint
5) Aung San Suu Kyi
Answer-3) Lotay Tshering
Explanation:
Prime Minister (PM) Narendra Modi and Bhutan Prime Minister Lotay Tshering jointly e-launched RuPay
card Phase-II which will allow Bhutanese card holders to access RuPay network in India. Through this
initiative, Bhutanese people can access around one lakh ATMs (Automated Teller Machines) and 20 Lakh
Point-of-Sale terminals (PoS) across India.
In August, 2019 Rupay Card Phase-I enabled India’s RuPay card holders to access ATMs and PoS terminals
across Bhutan. Around 11, 000 successful transactions were done by Indians visiting Bhutan through Rupay
Card issued by Indian Banks since the start of the initiative. The numbers were substantially low due to
Pandemic.
101. Name the scheme under which the Ministry of Food Processing Industries (MoFPI) has
announced a 50% air transportation subsidy for 41 notified fruits and vegetables from North East
and Himalayan states to any place in the country.
1) Mega Food Parks
2) Infrastructure for Agro-processing Clusters
3) Operation Green TOP to TOTAL
4) Creation of Backward and Forward Linkages
5) Food Safety and Quality Assurance Infrastructure
Answer-3) Operation Green TOP to TOTAL
Explanation:
As a part of “Operation Green Scheme TOP to TOTAL”, the Ministry of Food Processing Industries (MoFPI)
has announced a 50% air transportation subsidy for 41 notified fruits and vegetables from North East and
Himalayan states to any place in the country. In this regard, Airlines will provide the transport subsidy
directly to the supplier/ consignor/ consignee/ agent by charging only 50% of the freight charges and will
claim the balance 50% from MoFPI as subsidy. Apart from above relaxation, all consignment of notified
fruits and vegetables irrespective of quantity and price would be eligible for 50% freight subsidy for air
transportation from eligible airports.
102. Which Financial Institution has approved a $120-million loan for Meghalaya Integrated
Transport Project (MITP) to improve and modernize the transport sector of Meghalaya?
1) World Bank (WB)
4) New Development Bank (NDB)
Answer-1) World Bank (WB)
Explanation:
The Government of India, the Government of Meghalaya and the World Bank (WB) signed a $120-million
Meghalaya Integrated Transport Project (MITP) to improve and modernize the transport sector of
Meghalaya. The loan from the International Bank for Reconstruction and Development (IBRD), has a
maturity of 14 years including a grace period of 6 years. The project enables Meghalaya to utilize its vast

development potential for high value agriculture and tourism. It will support the ‘Restart Meghalaya
Mission’ of the state govt.
103. Name the Bank which has partnered with Pine Labs to become India’s first bank and first in
industry to launch a fully digital payment mode, a Cardless EMI facility at retail stores.
1) HDFC Bank
2) ICICI Bank
3) IDFC Bank
4) Axis Bank
5) IndusInd Bank
Answer-2) ICICI Bank
Explanation:
ICICI Bank Ltd in partnership with Pine Labs launched ‘ICICI Bank Cardless EMI’ (Equated Monthly
Installments). ICICI Bank becomes India’s first bank and first in industry to launch a fully digital payment
mode, a Cardless EMI facility at retail stores.
Purpose- The facility allows the bank’s pre-approved customers to use their mobile phone and
PAN(Permanent Account Number)instead of wallet or cards, to purchase their gadgets or home appliances
at retail stores across PAN India.
104. Kotak Mahindra Asset Management Company Limited (KMAMC) launched ‘Kotak ESG
Opportunities Fund’. The open ended equity scheme focuses on which of these sectors?
1) Environmental Sectors
2) Social Sectors
3) Governance Factors
4) Both 1&2
5) All 1, 2 & 3
Explanation:
Kotak Mahindra Asset Management Company Limited (KMAMC) launched ‘Kotak ESG Opportunities Fund’,
an open ended equity scheme that focuses on Environmental, Social and Governance (ESG) factors and the
Principles for Responsible Investing (PRI). The Kotak ESG Opportunities Fund, will be managed by Harsha
Upadhyaya, Chief Investment Officer (CIO) – Equity & President, KMAMC.
105. Which Bank has provided a USD 500 Million (~ INR 3708 Crores) loan for the ‘Delhi-Ghaziabad-
Meerut Regional Rapid Transit System Project (RRTS)’ in the National Capital Region (NCR)?
1) World Bank (WB)
4) New Development Bank (NDB)
5) Kfw Bank
Answer-4) New Development Bank (NDB)
Explanation:
Ministry of Housing and Urban Affairs (MoHUA), Govt of India, National Capital Region Transport
Corporation Limited (NCRTC) and New Development Bank (NDB) of BRICS (Brazil, Russia, India, China &
South Africa) signed a loan agreement for lending USD 500 Million (~ INR 3708 Crores) for the ‘Delhi-
Ghaziabad-Meerut Regional Rapid Transit System Project (RRTS)’ in the National Capital Region (NCR).
106. Which State Government has signed a MoU with Centre for Effective Governance of Indian
States (CEGIS) for carrying out detailed study of measures for state revenue?
1) Punjab
2) Andhra Pradesh
3) Tamil Nadu

4) Delhi
5) Maharashtra
Answer-4) Delhi
Explanation:
Delhi Government and the Centre for Effective Governance of Indian States (CEGIS) signed a Memorandum
of Understanding (MoU) for carrying out detailed study of measures for state revenue. The study will
provide comprehensive data analysis related to GST (Goods & Services Tax), vehicle tax, stamp duty, excise
duty, and a comparative state analysis to improve the tax revenue capacity of Delhi.
107. Who has won the Exim Bank’s BRICS Economic Research Award 2020 for his for his Ph.D.
dissertation, “Building Markets within Authoritarian Institutions: The Political Economy of Banking
Development in China.”?
1) David Rasquinha
2) Dr. Adam Yao Liu
3) Tushar Bharti
4) Dr. João Prates Romero
5) Dr Zweli Mkhize
Answer-2) Dr. Adam Yao Liu
Explanation:
Dr. Adam Yao Liu, a political scientist trained at Stanford University, won the Export-Import Bank of India’s
(India Exim Bank’s) BRICS Economic Research Award 2020 for his for his Ph.D. dissertation, “Building
Markets within Authoritarian Institutions: The Political Economy of Banking Development in China.”
The award was announced by David Rasquinha, Managing Director (MD) of India Exim Bank, during the
10th Annual BRICS Financial Forum over a virtual platform, organised by VEB.RF Russian National
Development Corporation.
108. What is India’s rank in “The 2020 TRACE Bribery Risk Matrix” released by an anti-bribery
standard setting organisation TRACE featuring 194 countries?
1) 84th
2) 98th
3) 105th
4) 48th
5) 77th
Answer-5) 77th
Explanation:
A global list of measuring business bribery risks “The 2020 TRACE Bribery Risk Matrix” was released by an
anti-bribery standard setting organisation TRACE featuring 194 countries, territories, and autonomous and
semi-autonomous regions. In accordance with the Matrix, India is at 77th position with a total risk score of
45 as compared to the 78th position in 2019 with a score of 48.The list has been topped by Denmark for
lowest bribery risk which is followed by Norway and Finland. On the other hand the North Korea ranked
last i.e. at 194th position with a total highest risk score of 93.
Following table showing the top 5 countries with lowest risk and bottom 3 countries with highest risk:
Rank Country Total Risk Score
77 India 45
1 Denmark 1
2 Norway 5
3 Finland 7
4 Sweden 8
5 New Zealand 8
192 South Sudan 85

193 Turkmenistan 86
194 North Korea 93
109. Department of Economic Affairs (DEA) approved swap of Mitsui Sumitomo’s Max Life stake of
20.57% with 21.87% stake in which company?
1) Max Financial Services Ltd (MFSL)
2) HDB Financial Services Ltd (HDBFSL)
3) Motilal Oswal Financial Services Ltd
4) MAS Financial Services Ltd
5) Mahindra Finance
Answer-1) Max Financial Services Ltd (MFSL)
Explanation:
Department of Economic Affairs (DEA), Ministry of Finance (MoF) gives approval for a swap of 20.57%
stake by Mitsui Sumitomo Insurance (MSI) Company Ltd that it holds in Max Life with a 21.87% stake in
Max Financial Services Ltd (MFSL). Presently MFSL holds 72.5% stake in Max Life and MSI owns 25.5%
stake. The share swap transaction will result in MFSL’s stake in Max Life increasing to 93.10%.
110. Where is the headquarters of World Bank?

1) Washington D.C, US
2) Shanghai, China
3) New York City, US
4) Rome, Italy
5) Geneva, Switzerland
Answer-1) Washington D.C, US
Explanation:
The World Bank is an international financial institution that provides loans and grants to the governments
of low and middle income countries for the purpose of pursuing capital projects. It is headquartered in
Washington D.C., United States (US). Conceived in 1944 at the Bretton Woods Monetary Conference in
Bretton Woods, New Hampshire, the World Bank’s initial aim was to help rebuild European countries
devastated by World War II. Its first loan was to France in 1947 for post-war reconstruction.
111. The solar capacity of India has decreased to what % in Q2FY21 in comparison with the same
period in 2019 according to the report by Mercom Communications India?
1) 65%
2) 70%
3) 75%
4) 80%
5) 85%
Answer-4) 80%
Explanation:
In accordance with the report by Mercom Communications India, the solar capacity of India was decreased
in Q2FY21 as it added just 438 megawatt (MW) solar capacity, a down of 80% from 2,177 MW the same
period in 2019. As of September 30, 2020, India’s total solar installed capacity was at 37.4 Gigawatt (GW).
The Ministry of New and Renewable Energy (MNRE) has proposed “Development of Wind Parks/Wind-
Solar Hybrid Park” scheme with proper infrastructure including evacuation facilities in place. It aims to
address the issues faced by renewable energy projects, in particular wind energy projects.
112. How many (approx) lamps were lit during Ayodhya Deepotsav 2020, was world’s largest
display of oil lamps according to Guinness World Records?
1) 6 lakh
2) 20 lakh
3) 15 lakh

4) 5 lakh
5) 4.5 lakh
Answer-1) 6 lakh
Explanation:
6,06,569 lamps were lit during Ayodhya Deepotsav 2020, was world’s largest display of oil lamps.
According to Guinness World Records, 606,569 lamps were lit as part of Deepotsav celebrations on the
occasion of Diwali in Ayodhya, which is the largest display of oil lamps.
113. Which Financial Institution has approved a $50 million (about Rs 370 crore) policy-based loan
to help boost West Bengal’s Digital Platforms for Public Finance Reforms?
1) World Bank
3) European Development bank
4) New Development Bank
5) Asian Infrastructure Investment Bank
Answer-2) Asian Development Bank
Explanation:
The Asian Development Bank (ADB) approved a $50 million (about Rs 370 crore) policy-based loan to help
boost West Bengal’s Digital Platforms for Public Finance Reforms.
Objective:
To improve operational efficiencies and resource planning and management in West Bengal. To integrate
the financial and information systems and expand the automation reforms in the state govt’s operation,
which is expected to strengthen the delivery of public services and generate fiscal savings.
114. What is India’s GDP forecast for the Fiscal 2020 (April 2020-March 2021) according to The
Moody’s Investors Service (November 2020)?
1) -9.6% (contract by 9.6%)
2) -10.6% (contract by 10.6%)
3) -11.6% (contract by 11.6%)
4) -8.9% (contract by 8.9%)
5) -11.2% (contract by 11.2%)
Answer-2) -10.6% (contract by 10.6%)
Explanation:
The Moody’s Investors Service has revised upwards the India’s GDP (Gross Domestic Product) for the Fiscal
2020 (April 2020-March 2021) to -10.6% (contract by 10.6%) from -11.5% projected earlier. The upward
revision is due to the latest stimulus prioritizes manufacture and job creation, and changes the focus to
longer-term growth.
It has also projected India’s GDP growth for fiscal 2021-22 at 10.8%, against the previous estimate of
10.6%. The medium term growth is expected to be around 6%.
115. Which global Financial Services Corporation partnered with the United States Agency for
International Development (USAID) entered into partnership under the Women’s Global
Development and Prosperity Initiative (W-GDP) Initiative to launch Project Kirana?
1) Visa
2) RuPay
3) Mastercard
4) American Express
5) CITI Group
Answer-3) Mastercard
Explanation:
Mastercard and the United States Agency for International Development (USAID) entered into partnership
under the Women’s Global Development and Prosperity Initiative (W-GDP) Initiative to launch Project
Kirana. Project Kirana is a 2 year economic empowerment program for women that drives small business

growth through digital financial inclusion. The programme will be implemented by DAI and ACCESS
Development Services in the selected cities of Uttar Pradesh, including Lucknow, Kanpur and Varanasi.
116. Who has been elected as the External Auditor of Inter Parliamentary Union (IPU)?
1) Rajiv Mehrishi
2) Girish Chandra (G.C.) Murmu
3) Manoj Sinha
4) Om Birla
5) N K Singh
Answer-2) Girish Chandra (G.C.) Murmu
Explanation:
Girish Chandra (G.C.) Murmu, 14th Comptroller and Auditor General (CAG) of India elected as the External
Auditor of Inter Parliamentary Union (IPU) for 3 years. He will take charge of this position from the
Supreme Audit Institution of Switzerland.
The election took place at the IPU’s virtual meeting of the 284th session.
117. Five Indian Banks acquired 6.67% stakes (representing 50,000 equity shares) each in the
proposed financial tech firm, IBBIC Pvt Ltd. for Rs 5 lakhs. Which of the following is not one of those
banks?
1) Indian Bank
2) Canara Bank
3) Axis Bank
4) Bank of Baroda
Answer-5) State Bank of India
Explanation:
Indian Bank, Canara Bank, Axis Bank, South Indian Bank, Bank of Baroda (BoB) acquired 6.67% stakes
(representing 50,000 equity shares) each in the proposed financial tech firm, IBBIC Pvt Ltd. for Rs 5 lakhs.
The acquisition is to be completed by December 31, 2020. It is proposed to be incorporated as a financial
technology (fintech) company. Objective is to provide a platform to explore, build and implement
Distributed Ledger Technology (DLT) solutions for the Indian financial services sector. The company name
is subject to approval of the Registrar of Companies (RoC), Mumbai, Maharashtra.
118. Where is the headquarters of ADB (Asian Development Bank) located?

1) Washington D.C, US
2) Manila, Philippines
3) New York City, US
4) Rome, Italy
5) Geneva, Switzerland
Answer-2) Manila, Philippines
Explanation:
The Asian Development Bank is a regional development bank established on 19 December 1966, which is
headquartered in the Ortigas Center located in the city of Mandaluyong, Metro Manila, Philippines. The
company also maintains 31 field offices around the world to promote social and economic development in
Asia.
119. What is the Currency of Thailand?

1) Lira
2) Manat
3) Sterling
4) Euro
5) Baht

Answer-4) Baht
Explanation:
The capital and currency of ‘Thailand’ is ‘Bangkok’ & ‘Thai baht’ respectively.
120. Which state has been allotted the maximum loan worth Rs 1,357.93 crore from Rs 3,971.31
crore by Ministry of Agriculture & Farmers Welfare (MoAFW) under Micro Irrigation Fund (MIF) for
implementing micro-irrigation projects?
1) Tamil Nadu
2) Haryana
3) Gujarat
4) Andhra Pradesh
5) West Bengal
Answer-1) Tamil Nadu
Explanation:
Ministry of Agriculture & Farmers Welfare (MoAFW) has approved subsidized loans worth Rs 3,971.31
crore under Micro Irrigation Fund (MIF) for implementing micro-irrigation projects. These funds were
earlier approved by the steering committee of MIF. The maximum loan worth Rs 1,357.93 crore has been
approved for the state of Tamil Nadu, followed by Rs 790.94 crore for Haryana, Rs 764.13 crore for Gujarat,
Rs 616.13 crore for Andhra Pradesh, Rs 276.55 crore for West Bengal, Rs 150 crore for Punjab and Rs 15.63
crore for Uttarakhand.
121. Which International Financial Institution has partnered with The Government of Himachal
Pradesh improve the infrastructure in Mandi, Himachal Pradesh? (9 Crores out of Rs.15 Crores will
be provided by the institution itself).
1) World Bank
3) European Development bank
5) Asian Infrastructure Investment Bank
Answer-2) Asian Development Bank
Explanation:
The Government of Himachal Pradesh (HP) partnered with Asian Development Bank (ADB) to improve the
infrastructure in Mandi, Himachal Pradesh. Jai Ram Thakur, Chief Minister of HP virtually inaugurated and
laid foundation stones for various development programs worth Rs.15 crores in Mandi district of HP. Rs. 9
Crores out of the estimated cost of Rs.15 Crores required for the constitution of the facilities will be
provided by ADB and the balance will be spared by the Government of Himachal Pradesh. To enhance and
provide better facilities and develop the towns of the States, the government has given Municipal
Corporation status to Palampur, Solan and Mandi towns.
122. Which Indian Agency along with the United Nations Development Programme (UNDP) launched
the SDG Investor Map Report for India, which presents 18 investment opportunities areas (IOAs) in
6 Sustainable Development Goals (SDGs)?
1) NITI Aayog
2) Invest India
3) Department for Promotion of Industry and Internal Trade (DPIIT)
4) Federation of Indian Chambers of Commerce & Industry (FICCI)
5) Confederation of Indian Industry (CII)
Answer-2) Invest India
Explanation:
The United Nations Development Programme (UNDP) and Invest India launched the SDG Investor Map
Report for India, which presents 18 investment opportunities areas (IOAs) in 6 Sustainable Development
Goals (SDGs) enabling sectors that will support India to advance in sustainable development. The 6 SDG
sectors include education, healthcare, agriculture & allied activities, financial services, renewable energy &

alternatives and sustainable environment and the IOA’s in these sectors were selected through an analytical
process which include consultations with major domestic and international investors, government
stakeholders and think-tanks.
123. Which state received 74.31 crore from The National Bank for Agriculture and Rural
Development (NABARD) under Rural Infrastructure Development Fund (RIDF)-Tranche-XXVI to
strengthen rural connectivity and rural infrastructure (November 2020)?
1) Assam
2) Sikkim
3) Nagaland
4) Meghalaya
5) Tripura
Answer-4) Meghalaya
Explanation:
The National Bank for Agriculture and Rural Development (NABARD) has sanctioned Rs 74.31 crore to the
state government of Meghalaya under Rural Infrastructure Development Fund (RIDF)-Tranche-XXVI to
strengthen rural connectivity and rural infrastructure of Meghalaya. It will be utilized within three years
towards construction of 6 new roads and improvement of 24 existing roads viz. 22 village roads and 2
major district roads. On completion, the roads will benefit 131 villages by providing simple access to nearby
health centers, marketing centers and educational institutions.
124. Name the Jalna, Maharashtra-based Urban Cooperative Bank which has been imposed
restrictions on withdrawals for six months from November 17, 2020.
1) Karad Urban Cooperative Bank
2) Nagar Urban Cooperative Bank
3) Akola Urban Cooperative Bank
4) Mantha Urban Cooperative Bank
5) Mehsana Urban Cooperative Bank
Answer-4) Mantha Urban Cooperative Bank
Explanation:
In exercise of powers vested in it under sub section (1) of Section 35 A of the Banking Regulation Act, 1949
read with Section 56 of the Banking Regulation Act, 1949, the Reserve Bank of India (RBI) imposed
restrictions on withdrawals from Jalna, Maharashtra-based Mantha Urban Cooperative Bank for six months
from November 17, 2020. The bank can also not grant loans or make any investments without prior
approval of the RBI in writing.
125. Which Public Sector Bank has been penalized with Rs 1 crore for unauthorised bilateral ATM
sharing arrangement with one of the international subsidiaries of the bank namely Druk PNB Bank
Ltd., Bhutan since April 2010 without the prior approval from RBI?
2) Punjab National Bank (PNB)
3) Canara Bank
4) Indian Bank
5) Union Bank of India (UBI)
Answer-2) Punjab National Bank (PNB)
Explanation:
RBI has imposed Rs 1 crore penalty on Punjab National Bank (PNB) for unauthorised bilateral ATM sharing
arrangement with one of the international subsidiaries of the bank namely Druk PNB Bank Ltd.,
Bhutan since April 2010 without the prior approval from RBI.The penalty has been imposed by RBI after
exercising powers under Section 30 of the Payment and Settlement Systems Act, 2007.
RBI also imposed penalties on other five entities which are non-bank prepaid payment instrument (PPI)
issuers for non-compliance of regulatory guidelines. These are as follows:

Entity Bank
Sodexo SVC India Private Limited Rs 2 cr
Phonepe Private Limited Rs 1 cr 39 Lakh
QwikCilver Solutions Private Limited Rs 1 cr
Muthoot Vehicle & Asset Finance Ltd. Rs 34.55 Lakh
Delhi Metro Rail Corporation Limited Rs 5 Lakh
126. The Internal Working Group (IWG) of Reserve Bank of India (RBI) recommended an increase in
the promoters’ stake to _______% from 15% of the paid-up voting equity share capital of the bank.
1) 18%
2) 20%
3) 23%
4) 26%
5) 30%
Answer-4) 26%
Explanation:
The Internal Working Group (IWG) of Reserve Bank of India (RBI) which was formulated on June 12, 2020
to review extant ownership guidelines and corporate structure for Indian private sector banks has
submitted its report on November 20, 2020. It has recommended an increase in the promoters’ stake to
26% from 15% of the paid-up voting equity share capital of the bank in 15 years. It also recommended
prescribing a uniform cap of 15% of the paid-up voting equity share capital of the bank for all types of
shareholders (non-promoter shareholding). Large non-banking finance companies (NBFCs) with an asset
size of Rs 50,000 crore and above, and completed 10 years of operations can be considered for conversion
into banks.
127. Which section of Banking Regulation Act, 1949 vests power in the RBI to give directions to
banks and take action on them?
1) Section 56
2) Section 21A
3) Section 36AA
4) Section 35A
5) Section 49A
Answer-4) Section 35A
Explanation:
Section 35A of the Banking Regulation Act, 1949 vests power in the RBI to give directions to banks and can
take action, “to prevent the affairs of any banking company being conducted in a manner detrimental to the
interests of the depositors or in a manner prejudicial to the interests of the banking company”. The RBI
under the act can also impose restrictions on banks to ensure better governance and control.
128. Which edition of Global Conference on Criminal Finances and Cryptocurrencies organised by
Interpol, Europol & Basel Institute on Governance (Switzerland) took place virtually from November
18-19, 2020?
1) 12th
2) 1st
3) 2nd
4) 4th
5) 8th
Answer-4) 4th
Explanation:
The 4th Global Conference on Criminal Finances and Cryptocurrencies organised by Interpol (also known as
International Criminal Police Organization), Europol (European Union Agency for Law Enforcement

Cooperation) & Basel Institute on Governance (Switzerland) took place virtually from November 18-19,
2020. Around 2, 000 representatives from 132 countries attended the Virtual Conference. It was aimed to
strengthen the knowledge, expertise and enable sharing of best practices for investigations into financial
crime and intelligence on virtual assets and cryptocurrencies.
129. Which Payment Bank has partnered with HDFC ERGO General Insurance Company Limited to
offer customized insurance solutions to its customers?
1) NSDL Payments Bank Limited
2) Paytm Payments Bank Limited
3) India Post Payments Bank
4) FINO Payments Bank
Answer-1) NSDL Payments Bank Limited
Explanation:
NSDL Payments Bank Limited (National Securities Depository Limited Payments Bank), digital-first
payments bank entered into partnership with HDFC ERGO General Insurance Company Limited to offer a
customised, affordable and whole range of general insurance products to its customers through NSDL Jiffy,
mobile banking application. It aims to integrate NSDL Payment Bank’s deep distribution network and HDFC
ERGO’s strong innovation pipeline to contribute to financial inclusion in India.
130. Muthoot Finance launched “Muthoot Gold Shield” in association with which General Insurance
Company to provide insurance to its customers on gold jewellery?
1) IFFCO Tokio General Insurance
3) TATA AIG General Insurance
5) Edelweiss General Insurance
Answer-2) Bajaj Allianz General Insurance
Explanation:
Gold loan Non-Banking Financial Company (NBFC) Muthoot Finance in collaboration with Bajaj Allianz
General Insurance (BAGIC) has launched “Muthoot Gold Shield” to provide insurance to its customers on
gold jewellery. This scheme is backed by the Group Affinity All Risk policy of Bajaj Allianz General
Insurance. It is launched as a part of Muthoot Finance’s ongoing customer loyalty programme and social
commitment.
131. Which is the 1st Central bank to reach one million followers on twitter?
1) The Bank of Ghana
3) Reserve Bank of India
4) Central Bank of India
5) Bank of America
Answer-3) Reserve Bank of India
Explanation:
The number of followers of the Reserve Bank of India (RBI) has increased from 9.66 lakh to one million or
10 lakh on Twitter. With this, the central bank of India is now the first-ever such bank in the world to reach
these many followers in the micro-blogging site. The US Federal Reserve has about 6.67 lakh Twitter
followers and the Frankfurt-headquartered European Central Bank (ECB), the second most powerful
monetary authority in the world, has about 5.91 lakh followers. Currently, the RBI handle is followed by
over 1 million people.

132. According to the report titled “FDI in India: Now, Next and Beyond” by Confederation of Indian
Industry (CII), India may attract FDI of $120-160 billion per year by which year?
1) 2022
2) 2021
3) 2023
4) 2024
5) 2025
Answer-5) 2025
Explanation:
In accordance with the report titled “FDI in India: Now, Next and Beyond” by Confederation of Indian
Industry (CII) and Ernst & Young Global Limited (EY), India may attract foreign direct investment (FDI) of
$120-160 billion per year by 2025. This is on the condition that the ratio of FDI to GDP (Gross Domestic
Product) should be increased to less than 2% from 3-4%. Notably, India’s GDP grew 6.8% in the past 10
years with FDI to GDP at 1.8%.
India’s GDP growth could also improve to 7-8% growth if the investments come in.
133. Which State received maximum FDI According to the report titled “FDI in India: Now, Next and
Beyond” by Confederation of Indian Industry (CII)?
1) Karnataka
2) Maharashtra
3) Delhi
4) Gujarat
5) Tamil Nadu
Answer-2) Maharashtra
Explanation:
In accordance with the report titled “FDI in India: Now, Next and Beyond” by Confederation of Indian
Industry (CII) and Ernst & Young Global Limited (EY), India may attract foreign direct investment (FDI) of
$120-160 billion per year by 2025. The investors ranked India third in terms of attractiveness and 80% of
them have planned for investment in India in the next two to three years. Out of them 25% investments are
worth over $500 million.
States-wise Maharashtra remains the most attractive destination (28%), followed by Karnataka (19%),
Delhi (16%) and Gujarat (10%). These four alone received 75% of the FDI between October 2019 and June
2020.
134. The Employees State Insurance Corporation (ESIC) has increased the rate of unemployment
relief under Atal Beemit Vyakti Kalyan Yojana (ABVKY) (Extended till 30th June, 2021) to what % of
wages from earlier rate of 25%?
1) 30%
2) 35%
3) 40%
4) 45%
5) 50%
Answer-5) 50%
Explanation:
The Employees State Insurance Corporation (ESIC) has extended the “Atal Beemit Vyakti Kalyan Yojana
(ABVKY)” by another one year i.e. from 1st July, 2020 to 30th June, 2021 amid COVID-19. It has also relaxed
the eligibility conditions for the period between March 24, 2020 and December 31, 2020. The rate of
unemployment relief under the scheme has also been enhanced to 50% of wages from earlier rate of 25%.
ABVKY is a welfare measure for employees covered under Section 2(9) of ESI Act, 1948, in the form of relief
payment upto 90 days, once in a lifetime.

135. HDFC (Housing Development Finance Corporation) Life joined hands with which General
Insurance Company to launch a combi insurance product ‘Click 2 Protect Corona Kavach’?
2) HDFC Ergo General Insurance
3) TATA AIG General Insurance
4) IFFCO Tokio General Insurance
Answer-2) HDFC Ergo General Insurance
Explanation:
HDFC (Housing Development Finance Corporation) Life and HDFC Ergo joined hands to launch a combi
insurance product ‘Click 2 Protect Corona Kavach’ which offers a complete financial protection package in
the current pandemic environment. This policy will provide all the benefits and features of HDFC Life’s Click
2 Protect 3D Plus and HDFC Ergo’s Corona Kavach policies.
136. ICCI (Inventivepreneur Chamber of Commerce and Industries) has signed MoU (Memorandum
of Understanding) with which Bank to empower SMEs and Startups?
1) IDFC First Bank
2) HDFC Bank
3) Axis Bank
4) Yes Bank
5) ICICI Bank
Answer-2) HDFC Bank
Explanation:
In its effort to support SMEs (Small and Medium-sized Enterprises) and Start-ups ICCI (Inventivepreneur
Chamber of Commerce and Industries) has signed MoU (Memorandum of Understanding) with HDFC Bank
to empower SMEs and Startups. Through this association ICCI engages, enrols and supports various
Startups /SMEs /MSMEs (Micro, Small and Medium Enterprises) to facilitate financial and other facilities
to/from HDFC Bank.
137. Which Bank partnered with PNB MetLife India Insurance Company Limited to launch Pradhan
Mantri Jeevan Jyoti Bima Yojana?
1) India Post Payments Bank (IPPB)
2) HDFC Bank
Answer-1) India Post Payments Bank (IPPB)
Explanation:
The India Post Payments Bank (IPPB) has collaborated with PNB MetLife India Insurance Company Limited
to launch Pradhan Mantri Jeevan Jyoti Bima Yojana. This scheme provides life cover of Rs 2 Lakh on death of
the insured member due to any reason. It is optional for all the savings account holders with IPPB.
138. Which of the following Luxury Automobile Brand partnered with SBI (to access SBI’s high net-
worth individual) customer base for selling its premium cars?
1) Mercedes-Benz
2) Jaguar
3) Audi
4) BMW
5) Porsche
Answer-1) Mercedes-Benz
Explanation:
India’s top luxury car maker Mercedes-Benz India has joined hands with State Bank of India (SBI) in a retail
marketing pact to access latter’s HNI (high net-worth individual) customer base for selling its premium

cars. This is the first-of-its-kind collaboration to generate enquiries as well as to provide an online booking
facility.
139. Which entity has rejected the proposal of Muthoot Finance Limited to acquire 100% equity
share of IDBI Asset Management and IDBI MF?
1) Competition Commission of India (CCI)
2) Federation of Indian Chambers of Commerce & Industry (FICCI)
3) Insurance Regulatory and Development Authority of India (IRDAI)
4) Securities and Exchange Board of India (SEBI)
Answer-5) Reserve Bank of India (RBI)
Explanation:
Reserve Bank of India (RBI) rejected the proposal of Muthoot Finance Limited to acquire 100% equity share
of IDBI Asset Management and IDBI MF (Trustee Company from IDBI Bank, IDBI Capital Markets and
Securities. The deal was estimated at Rs 215 crore. In this regard, Muthoot Finance in November 2019, had
entered into a share purchase agreement with IDBI Bank, IDBI Capital Markets and Securities, IDBI Asset
Management and IDBI MF Trustee Company.
140. Where the Song Dam drinking water project is to be set up (Fund allocation of Rs. 1100 crore)?
1) Mandi, Himachal Pradesh
2) Dehradun, Uttarakhand
3) Kevadia, Gujarat
4) Vadodara, Gujarat
5) Amarkantak, Madhya Prdaesh
Answer-2) Dehradun, Uttarakhand
Explanation:
The Union Ministry of Environment, Forest and Climate Change has announced a Fund allocation of Rs.
1100 crore towards the construction of Song Dam drinking water project in Dehradun, Uttarakhand. This
project is aimed at providing 24 hours drinking water to the city of Dehradun and will help the revival of
River Rispana a tributary of River Son. The dam is about 148 m high and has the capability to generate
power up to 6 MW.
141. Which Bank has launched SMS Pay functionality on PoS (Point of Sale) Terminals in
partnership with Worldline?
1) Axis Bank
2) Yes Bank
3) HDFC Bank
4) IDFC First Bank
5) ICICI Bank
Answer-2) Yes Bank
Explanation:
YES Bank in partnership with Worldline launched SMS Pay functionality on PoS(Point of Sale) Terminals.
This allows merchants to accept contactless and remote payments from their customers and also enables
customers to transact safely. SMS Pay provides an alternative channel of payment acceptance for the
merchants at zero incremental cost.
142. Razorpay partnered with which Financial Services Corporation to launch the 1st of its kind
card, ‘RazorpayX Corporate Cards’ for Indian entrepreneurs?
1) Mastercard
2) Visa
3) American Express
4) RuPay
5) None of the Above

Answer-2) Visa
Explanation:
Razorpay in partnership with Visa launched the 1st of its kind card, ‘RazorpayX Corporate Cards’ for Indian
entrepreneurs. The card provides business owners with access to secure payments and financing and
improved cash flows. The bank-issued cards help to provide relief and stabilize the financial operations of
the business owners of startups and SMEs (Small and Medium sized Eneterprises) who are severely
affected by COVID-19 pandemic.
143. State Bank of India (SBI) reported what per cent year-on-year (YoY) rise in net profit for the
quarter ended September at Rs 4,574.16 crore?
1) 25%
2) 29.1%
3) 39.9%
4) 51.9%
5) 59.1%
Answer-4) 51.9%
Explanation:
State Bank of India (SBI) reported a 51.9 per cent year-on-year (YoY) rise in net profit for the quarter ended
September at Rs 4,574.16 crore. The bank had reported a net profit of Rs 3,011.73 crore in the same quarter
a year ago. The bank’s net interest income (NII) for the quarter rose 14.56 per cent to Rs 28,181 crore,
while net interest margins (NIMs) came in at 3.34 per cent, compared with 3.22 per cent a year ago. The
bank’s gross NPAs came in at 5.28 per cent against 5.44 per cent in the preceding quarter and 7.19 per cent
in the same quarter a year ago. Net NPAs for the quarter stood at 1.59 per cent against 1.86 per cent in the
June quarter and 2.79 per cent a year ago.
144. India Post Payments Bank (IPPB) has been included in which Schedule to the Reserve Bank of
India Act, 1934?
1) First
2) Second
3) Third
4) Fourth
5) Fifth
Answer-2) Second
Explanation:
India Post Payments Bank (IPPB) has been included in the Second Schedule to the Reserve Bank of India
Act, 1934, and thus made a scheduled bank. Scheduled banks are those the meet certain conditions set by
the RBI and enjoy certain privileges over non-scheduled banks, such as the ability to borrow money from
the RBI for banking, and to become a member of a clearing house. Section 42 of The Reserve Bank of India
Act, 1934 says that for a bank to be included in the Second Schedule, it must have a paid-up capital and
reserve of an aggregate value of not less than Rs 5 lakh; and satisfy the RBI that its affairs are not being
conducted in a manner detrimental to the interests of its depositors.
145. SEBI enhanced the penalty of Rs 1 crore against 3 rating agencies ICRA, CARE and India Ratings
& Research for their lapses in giving credit rating to non- convertible debentures to which company?
1) Infrastructure Leasing & Financial Services (IL&FS) Limited
2) HDB Financial Services Limited
3) India Infrastructure Finance Company Ltd (IIFCL)
4) Both 1 & 2
5) All 1, 2 & 3
Answer- 1) Infrastructure Leasing & Financial Services (IL&FS) Limited
Explanation:
Markets regulator Sebi enhanced the penalty amount to Rs 1 crore each on three rating agencies, ICRA,
CARE and India Ratings, in connection with lapses on their parts while assigning credit rating to the non-

convertible debentures of Infrastructure Leasing & Financial Services (IL&FS) Limited.
The case relates to the default by IL&FS and its subsidiary IL&FS Financial Services on their obligations in
respect of commercial paper (CP), inter-corporate deposits (ICDs) as well as on interest payments related
to non-convertible debentures (NCDs). The lapses on the side of ICRA, CARE and India Ratings while rating
the securities of IL&FS and its subsidiary IL& FS Financial Services (IFIN) have resulted in real and severe
financial loss to investors.
146. Which country has signed a MoU with the Institute of Chartered Accountants of India (ICAI) for
the Accounting, Financial and Audit Knowledge Base improvment?
1) Finland
2) New Zealand
3) Bhutan
4) Netherlands
5) United States
Answer- 4) Netherlands
Explanation:
The Union Cabinet also approved the signing of Memorandum of Understanding (MoU) between the
Institute of Chartered Accountants of India (ICAI) and the Vereniging van Register controllers (VRC), the
Netherlands for strengthening and development of the Accounting, Financial and Audit Knowledge Base
between the Netherlands and India.
This MoU will help in generating greater employment opportunities for Indian Chartered Accountants
(CAs).
147. Which company has received an INR 405 crore work order from the National Capital Region
Transport Corporation Limited (NCRTC) for Delhi-Ghaziabad-Meerut RRTS corridor?
1) Larsen & Tubro (L&T)
2) Afcons Infrastructures Ltd
3) Ircon International Ltd
4) Gammon India Ltd
5) Hindustan Construction Company
Answer-3) Ircon International Ltd
Explanation:
State-owned engineering and construction firm Ircon International Ltd has received an INR 405 crore work
order from the National Capital Region Transport Corporation Limited (NCRTC) for Delhi-Ghaziabad-
Meerut RRTS corridor. Ircon International has also received INR 318 crore for designing, supplying,
installing, testing and commissioning of receiving sub-stations and associated works on viaduct and tunnel
from Sarai Kale Khan to Duhai for Delhi-Ghaziabad-Meerut RRTS corridor of NCRTC, Ircon International
said in a BSE filing. The tenure for its execution is 50 months. Ircon International, under the administrative
control of Railways Ministry, is a leading construction company having presence in several states of India,
foreign Countries.
148. Which edition of the Meeting of the Joint Trade Committee between India and Myanmar
(November 2020) was co chaired by Piyush Goyal, Indian Minister of Commerce and Industry
virtually?
1) 1st
2) 15th
3) 3rd
4) 7th
5) 12th
Answer-4) 7th
Explanation:
Piyush Goyal, Indian Minister of Commerce and Industry along with Dr. Than Myint, Union Minister for
Ministry of Commerce, Myanmar co-chaired the 7th Meeting of the Joint Trade Committee between India

and Myanmar Virtually. Both the country examined multiple sector ranging from trade, investment,
banking, connectivity, oil, gas, capacity building and upgradation of border infrastructure during the
meeting.
149. Who has become 2nd richest person with a total net worth of USD 140 Billion as per the
Bloomberg Billionaires Index?
1) Mukesh Ambani
2) Jeff Bezos
3) Bill Gates
4) Elon Musk
5) Bernard Arnault
Answer-4) Elon Musk
Explanation:
The Bloomberg Billionaires Index ranked Elon Musk, co-founder & CEO of Tesla as the world’s 2nd richest
person with a total net worth of USD 140 Billion surpassing Bill Gates(USD 129 Billion), co-founder of
Microsoft. Elon Musk is also the CEO of Space Exploration Technologies Corp. (SpaceX). Jeff Bezos is ranked
in 1st position with a net worth of USD 187 Billion. Mukesh Ambani, chairman of Reliance Industries Ltd
(RIL) ranked in 10th position with a net worth of USD 74.4 Billion. The Bloomberg Billionaires Index is a
daily ranking of the world’s richest people.
150. Central government has approved the draft scheme of Reserve Bank of India (RBI) for
amalgamation of which Bank with DBS Bank India Ltd. (DBIL)?
2) Karur Vysa Bank
3) Yes Bank
Explanation:
The Central government has approved the draft scheme of Reserve Bank of India (RBI) for amalgamation of
the capital starved Lakshmi Vilas Bank Ltd. (LVB) with DBS Bank India Ltd. (DBIL). This decision has been
taken on RBI’s application under section 45 of the Banking Regulation Act, 1949 to protect the interest of 20
lakh depositors and protect the services of 4,000 employees by maintaining financial and banking stability.
RBI also appointed Thothala Narayanaswamy (T.N.) Manoharan, a former Non Executive Chairman of
Canara Bank, as Administrator of LVB.
151. The Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Shri Narendra
Modi has approved the 2,480.92 crore foreign direct investment (FDI) in ATC Telecom
Infrastructure Pvt Ltd. (ATC India) by ______________.
1) ATC Singapore
2) ATC UAE
3) ATC Australia
4) ATC New Zealand
5) ATC Malaysia
Answer- 1) ATC Singapore
Explanation:
The Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Shri Narendra Modi has
approved the 2,480.92 crore foreign direct investment (FDI) in ATC Telecom Infrastructure Pvt Ltd. (ATC
India) by M/s. ATC Asia Pacific Pte Ltd (ATC Singapore). This has been approved for acquisition of 12.32%
of the equity share capital (on a fully diluted basis) of ATC Telecom Infrastructure Private Limited by ATC
Asia Pacific PTE Limited. Now the cumulative FDI of ATC Asia Pacific PTE Limited (ATC Singapore) into ATC
Telecom Infrastructure Private Limited (ATC India) will be Rs. 5417.2 crore in financial years 2018-19 to
2020-21.

152. Name the Financial Services Company that will acquire 19.9% stake in Renaissance Investment
Solutions ARC (Asset Reconstruction Company) Private Ltd for Rs 49,87,500?
1) Mahindra Finance Ltd
2) Sundaram Finance Ltd
3) Star Financial Services
4) HDB Financial Services Ltd
5) HDFC (Housing Development Finance Corporation) Ltd
Answer-5) HDFC (Housing Development Finance Corporation) Ltd
Explanation:
HDFC (Housing Development Finance Corporation) Ltd will acquire 19.9% stake in Renaissance Investment
Solutions ARC (Asset Reconstruction Company) Private Ltd for Rs 49,87,500. In this regard, HDFC Ltd
signed agreements with Renaissance Investment Solutions ARC for investments. Government or regulatory
approvals are not required for this investment. Renaissance Investment has to get the approval from
Reserve Bank of India (RBI) to commence the business of asset reconstruction.
153. Which Small Finance Bank sold 35 lakh shares or 4.46% in mortgage financier Aavas
Financiers Ltd for INR 530 crore in an open market transaction (November 2020)?
1) Ujjivan Small Finance Bank
2) AU Small Finance Bank
3) Capital Small Finance Bank
4) Equitas Small Finance Bank
5) Utkarsh Small Finance Bank
Answer-2) AU Small Finance Bank
Explanation:
Jaipur based AU Small Finance Bank Ltd sold 35 lakh shares or 4.46% in mortgage financier Aavas
Financiers Ltd for INR 530 crore in an open market transaction. Nomura India Investment Fund Mother
Fund, SBI Life Insurance Company Ltd bought 1.15% and 0.84% stake in Aavas Financiers Ltd for INR
136.35 crore and INR 99.99 crore respectively. Aavas Financiers, earlier known as AU Housing Finance was
sold to private equity firms Kedaara Capital and Partners Group by its parent AU Small Finance Bank in
2016.
154. When the World Investor Week (WIW) is celebrated by IOSCO (International Organization of
Securities Commissions) across the globe with SEBI (Securities and Exchange Board of India) as the
national coordinator?
1) November 20-26
2) November 23-29
3) November 12-18
4) November 17-23
5) November 05-11
Answer- 2) November 23-29
Explanation:
Every year, the World Investor Week (WIW) is celebrated the world over, under the aegis of IOSCO
(International Organization of Securities Commissions), the global body of securities regulators, in order to
give further impetus to the various investor education and awareness initiatives. World Investor Week is a
global campaign to raise awareness about the importance of investor education and protection and to
highlight the investor education and protection initiatives of securities regulators.
SEBI (Securities and Exchange Board of India) is the national coordinator for the WIW in India, which will
be celebrated this time from November 23-29.
155. Which State Government has signed a MoU Small Industries Development Bank of India (SIDBI)
to develop the MSMEs (Micro, Small and Medium Enterprises) ecosystem in the state?
1) Gujarat
2) Rajasthan

3) Kerala
4) Tamil Nadu
5) Maharashtra
Answer-4) Tamil Nadu
Explanation:
Small Industries Development Bank of India (SIDBI) has signed a Memorandum of Understanding (MoU)
with Tamil Nadu (TN) government to develop the MSMEs(Micro, Small and Medium Enterprises) ecosystem
in the state. Under the MoU, a Project Management Unit (PMU) will be set up by SIDBI in TamilNadu. SIDBI
had also signed MoU with the Uttarakhand Government to develop MSMEs in the state on November 24,
2020.
156. Securities and Exchange Board of India (SEBI) has launched ‘SMART’ program as a part of
World Investor Week (WIW) 2020 being celebrated by SEBI in India (Nov 23-29)? What does ‘T’
denote in the term ‘SMART’?
1) Total
2) Teachers
3) Tech
4) Trainers
5) Trend
Answer-4) Trainers
Explanation:
To enhance investor education and awareness the Securities and Exchange Board of India (SEBI) has
launched Securities Market Trainers (SMARTs) program, as a part of World Investor Week (WIW) 2020
being celebrated by SEBI in India from Nov 23, 2020 to Nov 29, 2020. The education programs to be
conducted under this will be free of cost to investors. It will be borne from Sebi’s Investor Protection and
Education Fund.
157. Which TReDS (Trade Receivables Discounting System) platform has initiated 1st Trade Credit
Insurance (TCI) backed transaction in the Sandbox environment with TATA AIG as the insurer, ICICI
bank and YES Bank as financiers?
1) Insurance Regulatory and Development Authority of India (IRDAI)
2) TReDS Ltd (Invoicemart)
3) Receivables Exchange of India Limited (RXIL)
5) Mynd Solutions (M1 Xchange)
Answer-3) Receivables Exchange of India Limited (RXIL)
Explanation:
Receivables Exchange of India Limited (RXIL) has initiated a Trade Credit Insurance (TCI) backed
transaction in the Sandbox environment. In this TCI backed transaction, RXIL has collaborated with TATA
AIG as the insurer, ICICI bank and YES Bank as financiers. It is the 1st time a Trade Receivables Discounting
System (TReDS) platform tested the effectiveness of TCI backed transactions.
158. Which Bank has been advised by RBI to write off Tier-II bonds (Series VIII, Series IX and Series
X Basel-III complaint) worth Rs 318 crore by RBI (Nov 2020)?
1) DBS Bank India Ltd
3) Yes Bank
4) Axis Bank
Explanation:
Reserve Bank of India (RBI) advised Lakshmi Vilas Bank (LVB) to fully write off the Series VIII, Series IX and
Series X Basel-III complaint tier -2 bonds worth Rs 318 crore, before its amalgamation with DBS Bank India

Ltd. comes into effect from the appointed date i.e., 27th November 2020. It is to be noted that it is the 1st
time a Tier II bond is being written off and so RBI has set a priority to the proposed write off.
159. Which Company’s Market Capitalization (m-cap) crossed INR 8 Trillion for the first time
(November 2020) making it India’s third company to achieve this milestone?
1) Reliance Industries Ltd (RIL)
2) Tata Consultancy Services Ltd (TCS)
3) HDFC Bank
4) ONGC
5) NTPC
Answer-3) HDFC Bank
Explanation:
The Market Capitalization (m-cap) of HDFC Bank crossed INR 8 Trillion for the first time. It became India’s
third company and the first bank to achieve this milestone. Tata Consultancy Services Ltd (TCS) and
Reliance Industries Ltd (RIL) are the only two companies to have achieved the landmark. RIL is India’s most
valued company having a market value of INR 13.17 Trillion followed by TCS at INR 10.13 Trillion.
Hindustan Unilever is Fourth with INR 5.08 Trillion m-cap followed by Infosys with INR 4.83 m-cap.
160. What was India’s GDP growth for the second quarter ended September 30, 2020 (Q2FY21)
according to National Statistics Office (NSO)?
1) -7.5% (Contracted by 7.5%)
Answer-1) -7.5% (Contracted by 7.5%)
Explanation:
In accordance with the official data released by the National Statistics Office (NSO), India’s gross domestic
product (GDP) for the second quarter ended September 30, 2020 (Q2FY21) contracted by 7.5% as
compared to the expansion of 4.4% in the corresponding July-September period of 2019-20.
161. Which Finance Corporation signed a MoU with SJVN Thermal (P) Limited (STPL) for extending
Term Loan of INR 8520.46 Crores for 2×660 MegaWatts (MW) Buxar Thermal Power Project, Bihar?
1) Power Finance Corporation Ltd (PFC)
2) India Infrastructure Finance Company Ltd (IIFCL)
3) REC Limited (formerly known as Rural Electrification Corporation Limited)
4) Both 1 & 2
5) Both 1 & 3
Answer-5) Both 1 & 3
Explanation:
Power Finance Corporation Ltd (PFC) & REC Limited (formerly known as Rural Electrification Corporation
Limited) signed a Memorandum of Understanding (MoU) with SJVN Thermal (P) Limited (STPL) at Power
Finance Corporation (PFC), New Delhi for extending Term Loan of INR 8520.46 Crores for 2×660
MegaWatts (MW) Buxar Thermal Power Project, Bihar. The 2x660MW Thermal project will be
commissioned in the Financial Year (FY) 2023-24. The power plant will generate around 9828 Million Units
of Energy and will meet the future power requirements of Bihar and other states.
162. Which entity signed 4 MoUs with Mission Youth and Government of Jammu & Kashmir (J&K) to
spread financial literacy?
1) BSE Limited (Bombay Stock Exchange Ltd)
2) SIDBI (Small Industries Development Bank of India)
3) NSE (National Stock Exchange)

4) RBI (Reserve Bank of India)
5) None of the above
Answer-1) BSE Limited (Bombay Stock Exchange Ltd)
Explanation:
BSE Limited (formerly known as Bombay Stock Exchange Ltd) signed four Memorandum of Understandings
(MoU) with Mission Youth, Government of Jammu & Kashmir (J&K) to spread financial awareness, support
economic development, encourage sustainable livelihood in the Union Territory of J&K. The MoUs have
been signed with an aim to develop Youngsters to develop skills to make a career in BFSI (Banking,
Financial Services and Insurance). Around 400 Youth will be trained in BFSI services in the first phase of the
program.
163. Which joint country Cooperation won the Organisation for Economic Co-operation and
Development (OECD)’s 2019 Mutual Agreement Procedure (MAP) Award in category 4 for pairings
of jurisdictions?
1) India-Russia Cooperation
2) India-Japan Cooperation
3) Norway- United States cooperation
4) India- United States cooperation
5) Norway- Canada cooperation
Answer-2) India-Japan Cooperation
Explanation:
The India-Japan Cooperation won the Organisation for Economic Co-operation and Development (OECD)’s
2019 Mutual Agreement Procedure (MAP) Award in category 4 for pairings of jurisdictions that dealt most
effectively with their joint caseload for transfer pricing cases. The award was announced during the virtual
event of the 2nd OECD Tax Certainty Day organised by OECD.
In category 4, Norway- United States cooperation won the 2019 MAP Awards for “other cases”.
164. Which Country hosted the 27th Asia-Pacific Economic Cooperation (APEC) Economic Leaders’
summit 2020 virtually on Nov. 20, 2020 under the 2020 APEC theme of “Optimising Human
Potential towards a Resilient Future of Shared Prosperity Pivot Prioritise Progress”?
1) Singapore
2) Indonesia
3) Vietnam
4) Malaysia
5) Australia
Answer-4) Malaysia
Explanation:
The 27th Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ summit 2020 was virtually hosted
by Malaysia from Kuala Lumpur on Nov. 20, 2020. It was chaired by Malaysia’s Prime Minister Muhyiddin
bin Haji Muhammad Yassin under the 2020 APEC Malaysia theme of “Optimising Human Potential towards
a Resilient Future of Shared Prosperity. Pivot. Prioritise. Progress”. It was the first virtual APEC meeting
amid COVID-19. APEC leaders had endorsed the APEC Putrajaya Vision 2040 that will make free and fair
trade the focus of the APEC agenda for the next two decades.
165. James David Wolfensohn passed away recently. He was former president of which Financial
Institution?
1) International Monetary Fund
4) World Bank
5) None of the above
Answer-4) World Bank

Explanation:
James David Wolfensohn, former president of the World Bank, who served as the President for around 10
years (from 1st June 1995 to 31st May 2005), passed away at the age of 86 at his residence in Manhattan,
New York, United States of America(USA). He was born on 1st December 1933, in Sydney, Australia. He was
the 3rd President of the World Bank to serve two full terms.
166. Where is the headquarters of Securities and Exchange Board of India (SEBI)?
1) New Delhi, India
3) Lucknow, Uttar Pradesh
4) Hyderabad, Telangana
5) Kolkata, West Bengal
Answer-2) Mumbai, Maharashtra
Explanation:
The Securities and Exchange Board of India is the regulator of the securities and commodity market in India
owned by the Government of India. It was established on 12 April 1988 and given Statutory Powers on 30
January 1992 through the SEBI Act, 1992.
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Banking & Economy PDF

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Banking, Finance & Economy PDF 2020 - November

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Banking, Finance & Economy News: November 2020

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GSTN Enables Composition Taxpayers to file NIL statement through SMS

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Axis Bank to Acquire Up To 19.002% Instead of 17.002% in Max Life Insurance

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CCI Approves Acquisition of Bharti AXA by ICICI Lombard

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NPCI Launches ‘RuPay Festive Carnival’ for RuPay users

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2 KKR September 23 5,550 1.28%

Co-investors of Silver Lake- Additional

4 General Atlantic September 30 3,675 0.84%

5 Mubadala Investment Company October 1 6,247.50 1.40%

6 GIC October 2 5,512.50 1.22%

7 TPG October 3 1,837.50 0.41%

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TCS to Acquire 100% shares of Postbank Systems AG from Deutsche Bank

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Paytm Launches ‘Payout Links’ for Businesses to Instantly Transfer Money

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RBI asks Lending Institutions to Implement Waiver of Interest on Interest Scheme