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Banking, Finance & Economy PDF 2020 - December
Table of Contents
Banking, Finance & Economy News: December 2020 .................................................................................................. 4
Banking, Finance & Economy Q&A: December 2020 ............................................................................................... 107

Banking, Finance & Economy News: December 2020

GOI allocates third Stimulus package of Rs.900 Crore to Mission COVID Suraksha
Government of India has allocated Rs.900 crore to Department of Biotechnology(DBT) for research and
development of COVID-19 vaccines under Mission COVID Suraksha. This is the third stimulus package, already a
stimulus of Rs.900 crore for a period of 12 months has been allocated for phase 1 trials.The Department has
supported 10 vaccines so far, 5 are in human trials including the Russian Vaccine Sputnik-V of which 3 are in an
advanced stage.
Objective of the fund :- to quicken the process of pre-clinical& clinical development; licensure of COVID-19 vaccine,
and strengthening the existing immunoassay laboratories, central laboratories and suitable facilities for animal
studies, production facilities, and other testing facilities to support COVID-19 vaccine development.
Mission COVID Suraksha- The Indian COVID-19 Vaccine Development Mission
i.National Technical Advisory Group on Immunization(NTAGI), approved Mission COVID Suraksha to focus on the
development of vaccines to combat the spread of COVID-19 infection in mission mode.
ii.Target– To develop at least 5-6 potential vaccines
iii.Fund Allocated– Rs.3000 crore in a timeline of 12 to 18 months
iv.The Mission is led by the Department of Biotechnology(DBT) and Implemented by Biotechnology Industry
Research Assistance Council(BIRAC)
Different Phases in Vaccine development:
Phase No. Of People
Phase 0 <15
Phase 1 20-80
Phase 2 Several 100s
Phase 3 Up to 3000
Phase 4 Several 1000s
During the clinical trials, only half of the participants are given the actual vaccine and other are injected
with Placebo(sugar water).
About Covid-19:
Coronavirus causes Respiratory dysfunctions leading to Pneumonia affecting both the lungs.
Reverse Transcription Polymerase Chain Reaction(RT-PCR) test is carried out to identify the presence of
coronavirus.
Key Vaccine Candidates under Phase-3 in India:
i.Sputnik V Vaccine of Russia is at Phase 3 human trials in India, by Hyderabad based Hetero Biopharma. Sputnik V
is the world’s first COVID19 vaccine.
ii.“Covaxin”, an indigenously developed Corona vaccine candidate from India is produced and tested by Bharat
Biotech in partnership with Indian Council of Medical Research(ICMR).
iii. Pune-based Serum Institute of India(SII) is in phase 3 trial with Oxford university vaccine
candidate, “Covishield”.
About Drug Controller General of India(DCGI):
Under the Ministry of Health and Family Welfare, DCGI is the central organization of the Government of India to
provide licenses to drugs and also set standards for manufacturing, sales, imports, and distribution of drugs in India.
Recent Related News:
Recently, CSIR(Council of Scientific and Industrial Research) Institute of Genomics and Integrative Biology(CSIR-
IGIB) has developed a paper strip based test to identify coronavirus presence through FELUDA paper strip based
Covid test.
About Ministry of Health and Family Welfare:
Union Minister– Dr.Harsh Vardhan

Minister of State– Ashwini Kumar Choubey
Founded in 1946
About Department of Biotechnology(DBT):
Formed in 1986 under the Ministry of Science and Technology
Secretary– Dr. Renu Swarup
India, France Joint Committee Launches Bilateral Fast track mechanism in Investment
Union Minister of Housing and Urban Affairs Hardeep Singh Puri and French Minister delegate for foreign trade and
Economic Attractiveness Franck Riester launched “Bilateral Fastrack Mechanism” to increase investments in the
18th session of India France Joint Committee.
Joint committee meetings between Indian and French delegates are conducted regularly to improve the bilateral
trade and investment between the countries in the post pandemic world.
About Foreign Direct Investments(FDI) in India:
Investments made by one country in a business entity of another country is known as Foreign Direct
Investments(FDI).
Top 10 FDI countries to India in 2020:
In 2020, France holds the 7th position in FDI to India
1. Singapore ($8.3 billion)
2. United States ($7.12 billion)
3. Cayman Islands ($2.1 billion)
4. Mauritius ($2 billion)
5. Netherlands ($1.5 billion)
6. United Kingdom ($1.35 billion)
7. France ($1.13 billion)
8. Japan ($653 million)
9. Germany ($202 million)
10.Cyprus ($48 million)
About India-France relation:
i.Joint Military Exercise- “SAKTHI”
Started in 2011 conducted alternatively in India and France
SAKTHI-2019 conducted in Rajasthan, India
ii.Joint Naval Exercise- “VARUNA”
Started in 1983
VARUNA-2019 conducted at Goa Coast, India
iii.India has ordered 36 Rafale Fighter jets from France Aerospace manufacturing company Dassault Aviation at a cost
of INR 59,000 crore
Recently, India has received the third batch of Three Rafale Fighter jets at Jamnagar Air base in Gujarat. Induction of
all 36 Rafale jets will get completed by 2023.
About Ministry of Housing and Urban Affairs:
Minister of State– Hardeep Singh Puri
Headquarters– Nirman Bhavan, New Delhi
Ministry launched National Smart City mission in 2015
A Viable Vaccine for COVID-19 will not Halt the Spread of Economic damage: UNCTAD’s Report
On November 19, 2020 United Nations Conference on Trade and Development (UNCTAD) released a report
titled ‘The Impact of the COVID-19 Pandemic on Trade and Development: Transitioning to a New Normal’ . The report
states that a viable novel coronavirus disease (COVID-19) vaccine will not halt the spread of economic damage.
The economic setback will be experienced for a long time, especially by the poorest and most vulnerable countries.

Highlights of the Report:
Global Growth
The global economy will contract by 4.3%(-4.3%) in 2020 due to the pandemic.
Poverty
• The crisis has the potential to send additional 130 million people into extreme poverty.
• For the 1st time since the 1998 Asian financial crisis, global poverty is on the rise.
• The rate of global poverty was 35.9% in 1990. It has been reduced to 8.6% by 2018.
• In 2020, it has been increased by 8.8% and will rise throughout 2021.
UN’s Sustainable Development Agenda 2030 can be Derailed
There is a possibility that the United Nations’ Sustainable Development Agenda 2030 can be derailed. This can be
avoided if immediate policy actions are taken.
Cost
The developing countries are incurring more cost due to pandemic, while simultaneously minimising the availability
of external finance
Calls for international assistance
The report calls for international assistance, that includes offering debt relief to many poorer nations to enable them
to address the pandemic’s economic impacts on their populations.
Global production networks must be more Green
• UNCTAD has drafted a roadmap for more inclusive and better recovery, that highlights the need to reshape
global production networks.
• It also emphasised the global production networks must be more green, comprehensive and sustainable as
global production networks plays a critical role in producing and distributing the new vaccine.
About the report
It is prepared by an extended interdivisional UNCTAD team led by Mukhisa Kituyi, Secretary-General, Isabelle Durant,
Deputy Secretary-General, and Daniel Owoko, Chief of Staff of the Office of the Secretary-General.
According to “Trade and Development Report 2020 – From Global Pandemic to Prosperity for All: Avoiding Another
Lost Decade” released by the United Nations Conference on Trade and Development (UNCTAD) Global Trade is
expected to fall by 7-9% in 2020 due to the Pandemic.
About United Nations Conference on Trade and Development (UNCTAD):
HeadQuarters– Geneva, Switzerland
Established– In 1964, by the United Nations General Assembly
Secretary-General– Mukhisa Kituyi of Kenya
Singapore & USA Become the Biggest FDI Sources for India During April-September 2020: DPIIT’s FDI
Statistics
The Department for Promotion of Industry and Internal Trade( DPIIT)’s in its Foreign Direct Investment(FDI) data,
has listed out the top investing countries FDI(Foreign Direct Investment) equity inflows in India during April-
September 2020. Singapore has invested Rs 62,084 crore(USD 8.30 billion) into India, which makes it the biggest
source of FDI into India. The USA(United States of America) becomes the second biggest source of FDI into India by
investing Rs 53,266 crore(USD 7.12 billion) .
Note– USA overtakes Mauritius which was in the 2nd rank during the 1st half of the current financial year(2020-21).
Highlights
i.Cayman Island is ranked in 3rd position with the investment of Rs 15, 672 crore, followed by Mauritius(Rs 15,019
crore).
ii.The other top investors include, Netherlands(Rs 11,306 crore), United Kingdom(UK)-Rs 10,155 crore, France(Rs
8,494 crore), Japan(Rs 4,932 crore),Germany (Rs 1,498 crore), Cyprus (Rs 355 crore).
Top Investing Countries in India During April-September 2020
Rank Country Amount Invested in Rs(Crore)
1 Singapore Rs 62,084

2 USA(United States of America) Rs 53,266

3 Cayman Island Rs 15, 672
Sectors that Attract high investment
i.Computer software and hardware sector has received Rs 131,169 crore investment and has become the most FDI
equity inflows.
ii.This followed by Rs 16,995 crore worth inflows into the services sector, and then trading with Rs 7,140 crore worth
inflows.
States/UTs attracting highest FDI equity inflows
i.Among states, the highest recipient of FDI inflows so far in the 2nd Quarter(April-September) of FY21 has been
Gujarat with Rs 1.19 lakh crore worth inflows. Karnataka received 27458 crore and Maharashtra received Rs 27,143
crore of FDI inflows while Delhi clocked in at Rs 19,863 crore.
ii.Gujarat has been the major beneficiary state of the FDI Equity inflows, during October, 2019 to September, 2020, on
receiving Rs 1,38,530 crore
iii.The list is followed by Maharashtra(Rs 79,216 crore) and Karnataka(Rs 58,204 crore).
Key Info about FDI equity inflows:
i.During April-September 2020, India has attracted Rs 224,613 crore(USD30,004 million) FDI, which is 23% more
than the FDI during April-September 2019. In case of US terms, it is 15% more than last year.
ii.During the second quarter of financial year 2020-21 (July, 2020 to September, 2020), the total FDI inflows into
India have been USD 28,102 million, out of which FDI equity inflows were USD 23,441 million or Rs. 174,793 crore.
iii.In August 2020, India has attracted USD 17,487 Million FDI equity inflows.
FDI Equity Inflows During April 2000-September 2020:
• India has attracted Rs 2,957,057 crore.
• The maximum FDI Equity inflows have been reported from Mauritius(Rs 810,960 crore), followed by
Singapore(Rs 671,646 crore) and the USA(Rs 229,488 crore).
• The service sector accounts for 17% of the total inflows into India.
i.In accordance with the India’s International Investment Position (IIP) data as at end-March 2020, released by
Reserve Bank of India (RBI), Foreign Direct Investment (FDI) in the country has raised by $19 billion while portfolio
investment declined by $13.7 billion during 2019-20.
ii.In accordance with the “World Investment Report 2020” by United Nation’s (UN) trade body, the UN Conference on
Trade and Development (UNCTAD), India has become the 9th largest recipient of foreign direct investment (FDI) in
2019 after receiving $51 billion last year.
About Department for Promotion of Industry and Internal Trade (DPIIT):
It is a central government department under the Ministry of Commerce and Industry.
Secretary – Guruprasad Mohapatra
About the Ministry of Commerce and Industry:
Union Minister– Piyush Goyal(Constituency- Rajya Sabha, Maharashtra)
Minister of State(MoS)– Hardeep Singh Puri, Som Parkash
New Book Titled ‘Future of Regional Cooperation in Asia and the Pacific’ Released by ADB; During 2004-2015
India was the 4th major host of Greenfield FDI
On November 26, 2020 The Asian Development Bank (ADB) released a new book titled, ‘Future of Regional
Cooperation in Asia and the Pacific’. The book reviews the progress with regional cooperation and integration in
Asia and the Pacific. It explores ways for economies in the region to work combinedly to recover and rebuild from the
COVID-19 pandemic, so as to achieve a more flexible, sustainable, and inclusive future.
• The book consists of papers that are contributed by renowned scholars and staff of ADB.
• The book is edited by Bambang Susantono and Cyn-Young Park.
Points to be Noted:
As per the book, India was the 4th major host of Greenfield Foreign Direct Investment(FDI) projects and 8th major
host of cross-border Merger and Acquisition(M&A) deals, during 2004-2015

About the Book:
Strong regional cooperation strategies
The book highlights that strong regional cooperation strategies in health, trade, finance, and disaster risk can help
Asian and Pacific governments to accelerate economic growth and also to have a strong recovery from COVID-19
pandemic.
4 Major areas
The book covers four major areas, namely, public goods, trade and investment, financial cooperation, and regional
health cooperation.
Approaches:
The book examines approaches for the following:
• To reinforce the regional trade and investment
• To enhance the intraregional infrastructure and connectivity.
• To minimise the financial risk
• To coordinate the health systems and approaches.
• To improve the coordination on the issues of cross-border like climate change and ocean health.
India 4th major host of Greenfield FDI projects & 8th major host of cross-border M&A Deals: 2004-2015
i.As per the book, during 2004-2015,
• India received 8,004 Greenfield Foreign Direct Investment(FDI) projects, which makes it the 4th major host of
Greenfield FDI projects.
• India received 4,918 cross-border Merger and Acquisition(M&A) deals, which makes it the 8th major host of
cross-border M&A deals.
ii.US becomes the largest recipient of Greenfield FDI with 13,308 counts(accounting about 10% of the total counts)
iii.The major recipients of greenfield investment, among the developing countries are People’s Republic of China
(PRC), India, the Russian Federation, Brazil, Mexico, Viet Nam, Romania, Thailand, and Malaysia.
Additional Info
i.The regional cooperation and integration is one among the operational priorities in ADB’s Strategy 2030.
ii.It focuses on the 4 pillars namely, infrastructure connectivity, regional public goods, regional trade and investment,
and financial cooperation.
i.On September 1, 2020, the United Nations Environment Programme (UNEP) launched a new publication, “The Little
Book of Green Nudges”, to inspire students around the globe to adopt environmentally friendly habits and greener
lifestyles. The Book was drafted with The Behavioural Insights Team and GRID-Arendal.
ii.Former Reserve Bank of India (RBI) governor Urjit Patel has authored a book titled ‘Overdraft: Saving the Indian
Saver’, which focuses on the issue of Non-Performing Assets (NPAs) that has affected Indian banking in recent years
and also its causes. The book will be published by HarperCollins India and will be released by the end of July.
About Asian Development Bank (ADB):
HeadQuarters– Metro Manila, Philippines
Membership– 68 countries(Including India)
President– Masatsugu Asakawa
SIDBI in Partnership with ISARC Launches ARM-MSME, an Asset Restructuring Web Module for MSMEs;
Indian Bank Signs MoU with SIDBI for this Module
On November 30, 2020 Small Industries Development Bank of India (SIDBI) in partnership with India SME Asset
Reconstruction Company (ISARC) has launched Asset Restructuring Module for MSMEs-Micro, Small & Medium
Enterprises(ARM-MSMEs) in other words Do-It-Yourself (DIY) web module.
• This web portal helps MSMSEs to get benefit of the Reserve Bank of India(RBI)’s one-time debt restructuring.
• The portal is offered as part of SIDBI’s developmental initiatives.
Important Info:
Indian Bank has signed a MoU(Memorandum of Understanding) with SIDBI to enable MSME borrowers to use the
web module.

Purpose of the Web Module:
To enable MSMEs to prepare their restructuring proposals / financial viability assessments and submit them to the
bank.
Need of the Web Module:
To ease the difficulty of MSMEs to maintain books of account, to prepare final statements and submit these to banks.
About ARM-MSMEs
General Info
i.MSMEs with the help of the web module, can prepare restructuring proposals by operating only the most essential
data of their past financials, future projections and restructuring requirement.
ii.The reports generated can be submitted to the banks through email or hard copies along with other prescribed
documents
Benefits
i.The module can be accessed with free of cost.
ii.It saves cost as the MSMEs have no need to approach the third parties.
iii.The module makes it easier to compare different options of restructuring.
iv.It reduces the turn-around time(time interval from the time of submission of a process to the time of the
completion of the process).
Credit Councillors Appointed
i.SIDBI to guide the MSMEs in usage of this module have appointed credit counsellors in 20 MSME cluster locations, in
partnership with local MSME industry associations.
ii.If the need arises, the number of locations will be increased.
Note
• Some of the leading banks have tested the portal for use by their MSME clients.
• Already, Punjab National Bank(PNB) and Indian Bank have agreed to accept restructuring proposals generated
by their MSME customers using this module.
Indian Bank Signs MoU with SIDBI for ARM-MSME
Indian bank has signed a MoU with SIDBI to enable MSME borrowers of the Bank to use the product.
Key People
• Chitra Alai, General Manager, SIDBI and K S Sudhakara Rao, General Manager (MSME), Indian Bank executed
the MoU.
• The MoU was signed in presence of Padmaja Chunduru, MD&CEO of Indian Bank, M K Bhattacharya & K
Ramachandran, Executive Directors of Indian Bank and Manoj Mittal, DMD(Deputy Managing Director) of
SIDBI.
Important Info
The Branches / Zones of Indian Bank will handhold MSMSEs to use this module to submit the restructuring proposals
to the Bank.
Additional Info
Nirmala Sitharaman, Union Minister of Finance & Corporate Affairs launched “MSME Prerana” an online business
mentoring programme for MSMEs by Indian Bank in collaboration with Poornatha & Co, at the bank’s headquarters in
Chennai, Tamil Nadu.
Gist about the Restructing Scheme:
i.RBI has extended the restructuring of MSME debt until March 31, 2021 from December 31, 2020.
ii.This is to support the MSME borrowers who are facing stress due to COVID-19 pandemic.
Points to be Noted
i.ISARC, an SIDBI associate is an Asset Reconstruction Company (ARC).
ii.It is India’s first ARC supported by a large number of public sector banks and undertakings.
i.On October 29, 2020 Punjab Government signed a Memorandum of Understanding (MoU) with The Global Alliance
for Mass Entrepreneurship (GAME) for a 2 year project on transforming the ease of doing business for MSMEs(Micro,
Small & Medium Enterprises) in Punjab.

ii.The Small Industries Development Bank of India (SIDBI) in association with TransUnion CIBIL Limited (formerly
Credit Information Bureau (India) Limited) has launched a comprehensive financial education and one-stop
knowledge platform for micro, small and medium enterprises “MSMESaksham”.
About India SME Asset Reconstruction Company (ISARC):
Established under– The Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest
Act, 2002 (also known as the SARFAESI Act, 2002)
Chief Executive Officer(CEO)– Rishi Dwivedi
Headquarters– Mumbai, Maharashtra
About Indian Bank:
On April 1, 2020, Allahabad Bank amalgamated with Indian Bank.
Incorporated– March 5, 1907
Managing Director (MD) and Chief Executive Officer (CEO)– Padmaja Chunduru
Headquarters– Chennai, Tamil Nadu
Tagline– Your Own Bank
Finance Minister Nirmala Sitharaman delivers Keynote address at the Inauguration of 20th Edition of SLES
2020
On December 1, 2020, Union Minister for Finance & Corporate Affairs, Nirmala Sitharaman delivered the Keynote
Address virtually at the inauguration of the 20th Edition of Sri Lanka Economic Summit (SLES) 2020. It was
organized by the Ceylon Chamber of Commerce (CCC).
i.President Gotabaya Rajapaksa was the Chief Guest at the inaugural session.
ii.The Theme for SLES 2020 is ‘Roadmap for Take-off: Driving a People-Centric Economic Revival’.
iii.During the address, Nirmala Sitharaman highlighted measures taken by India to address challenges due to the
Pandemic. She stated that India’s ‘Aatmanirbhar Bharat Abhiyan’ & Sri Lanka’s vision of ‘Self Reliant Sri Lanka’
can be used as a bridge for strengthening economic cooperation between the two countries.
iv.The Cooperation between the 2 countries will be essential towards building sustained growth for people centric
development of both countries. India expresses interest to continue economic cooperation for mutual benefit of both
countries.
v.She emphasized regulatory consistency and policy certainty for the growth of Industry & Private sector.
About Ministry of Finance:
Union Minister – Nirmala Sitharaman
Minister of State – Anurag Singh Thakur
About Sri Lanka:
Prime Minister – Mahinda Rajapaksa
Capital – Sri Jayawardenepura Kotte (legislative), Colombo (Executive and Judicial)
Currency – Sri Lankan Rupee (LKR)
ADB Approved a $430 Million Multitranche Financing Facility for UP Power Distribution Network
Rehabilitation Project
On December 1, 2020 The Asian Development Bank (ADB) approved a $430 million (about Rs 4,143 crore)
Multitranche Financing Facility(MFF) for Uttar Pradesh(UP) Power Distribution Network Rehabilitation Project.
Objective
To improve the quality and reliability of electricity supply in Uttar Pradesh
Points to be Noted
i.The MFF is enhanced by a $2 million Technical Assistance (TA) grant from TA Special Fund and the Japan Fund for
Poverty Reduction(JFPR) of ADB
ii.This is to reinforce UP power sector’s gender inclusivity and institutional capacity building.
Note
Indian govt’s vision of ‘Power for All’ is fully supported by the project in a sustainable and inclusive way in the largest
and one of the poorest states in India.

About the Project:
Finances
i.The project finances the conversion of 65,000 kilometers (km) of rural low-voltage distribution lines from bare
conductors to aerial bundle conductors.
• This benefits around 70 million people in 46,000 rural villages.
ii.It also finances the construction of a parallel network of 11-kilovolt feeders with a total length of 17,000 km.
• This is to separate the electricity distribution between residential consumers and agriculture consumers.
• This helps in utilizing solar energy to meet agricultural demand, increase the period of supply of electricity to
rural residential consumers, and energy and water conservation.
Benefits
i.The project enhances the efficiency and sustainability of UP’s power supply.
ii.It improves the corporate governance and financial management capacity of Uttar Pradesh Power Corporation
Limited (UPPCL).
About Technical Assistance
i.The innovative bill collection strategies will be pilot tested by TA.
ii.The strategies involve rural women self-help groups, pilot tests, gender-sensitive workplace practices and reinforce
the project management and safeguard compliance capacity of UPPCL.
Additional Info
ADB, on November 3, 2020 has approved a USD 132.8 million loan to Modernize Power Distribution Network in
Meghalaya.
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.
Headquarters– Mandaluyong, Manila, Philippines
Formed– 1966
PNB Launched Loan Management Solution, ”PNB LenS-The Lending Solution”

On December 1, 2020 Punjab National Bank (PNB) developed and launched ‘PNB LenS-The Lending Solution’, an
IT(Information Technology) based lending solution for loan management.
Aim: To increase the speed and maintain accuracy in online processing of loans and sanctioning of credit proposals.
Main Purpose of PNB LenS
• To standardise the system, process and assess formats for credit processing
• To auto-generate the loan documents for each type of credit facilities
• To reduce delay, cost and human errors involved in manual processing, digital record maintenance, security &
data privacy.
• Ready to use monitoring and MIS reports for better tracking and transparency.
Important Info
i.Under the Mudra scheme, the processing and sanction of credit proposals up to Rs 10 lakh including MSME(Micro,
Small and Medium Enterprises) loans (fresh, renewal, enhancement and review) will be done by LenS.
iii.This is effective from December 1, 2020.
About PNB LenS:
• It enables field functionaries in uniform and consistent appraisal methodology. This improves the due
diligence standards.
• The system is expected to be implemented in a phased manner for all kinds of loans(MSME, agriculture, retail
and other credit).

PNB Launched OTP Based Cash Withdrawals
PNB launched OTP(One Time Password) based cash withdrawals, effective from 1st December 2020.
i.The PNB account holders if withdraws Rs 10,000 and above from PNB ATMs(Automated Teller Machines), at a time
between 8 pm and 8 am, will require a OTP.
ii.At the process of withdrawal at ATMs, an OTP will be sent to the account holders registered mobile number.
iii.This launch is to ensure a secured transaction.
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 Punjab National Bank (PNB):
PNB is India’s 1st Swadeshi bank. With effect from April 1, 2020, the bank was merged with Oriental Bank of
Commerce(OBC) and United Bank of India(UNI)
Managing Director(MD) and Chief Executive Officer(CEO)– CH S.S. Mallikarjuna Rao
Headquarters– New Delhi, India
Commenced Operations– April 12,1895
Tagline– The name you can bank upon
SBI along with NPCI & Japan’s JCB launched “SBI RuPay JCB Platinum Contactless Debit Card”
On December 1, 2020, State Bank of India (SBI) in collaboration with National Payments Corporation of India (NPCI)
and Japan’s JCB (formerly Japan Credit Bureau) International Co. Ltd. unveiled “SBI RuPay JCB Platinum Contactless
Debit Card” with a unique dual interface feature.
• It enables the customers to use it for both contact and contactless transactions as well as for domestic and
overseas transactions.
• The card has been launched on the RuPay network by SBI in partnership with JCB.
Key Features:
–This card will be used to transact on ATMs (Automatic Teller Machines) & PoS (Point of Sale) terminals across the
globe under JCB network.
–It can also be used for online shopping from JCB partnered international e-commerce merchants.
–It supports RuPay offline wallet-based transactions, enabling its utilization for transit in India (bus and metro) and
retail (merchant) payments.
–It also provides access to JCB PLAZA Lounge in city exclusive lounges for JCB card members in prominent travel
destinations such as Bangkok (Thailand), Orchard Road (Singapore) and Paris (France), which is a one-of-a-kind
feature provided by JCB.
i.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.
ii.On October 14, 2020 EarlySalary in collaboration with National Payments Corporation of India (NPCI) launched
‘Salary Card’, a Zero-Touch Digital card. The Salary Card credit solution is powered by Rupay.
About JCB International Co. Ltd:
JCB is a major global payment brand and a leading credit card issuer and acquirer in Japan.
Chairman & Chief Executive Officer (CEO)– Ichiro Hamakawa
Headquarter– Tokyo, Japan
About National Payments Corporation of India (NPCI):
Managing Director (MD) and Chief Executive Officer (CEO)– Dilip Asbe
Headquarter– Mumbai, Maharashtra
Founded – 2008
Established by – RBI & IBA (under Section 8 of the Companies Act 2013)
Regulator – RBI

YES Bank Relaunches ‘YES Premia’ with Premium Banking Services to Customers
On December 1, 2020 YES Bank relaunched ‘YES Premia’ with a premium banking program. It offers personalized
solutions focusing on particular needs of key consumer segments, i.e., from small business owners to salaried
professionals and senior citizens.
Note
During ‘Truly Yours’ Week, from December 1 – 7, 2020 Yes Bank will celebrate the launch of the program, across
India with several customer centric programs and partnered activations through dealer, OEM(Original Equipment
Manufacturer) and bancassurance partners.
YES Premia Program
i.YES Premia has been designed to provide customized banking solutions that fits the lifestyle and expectations of
different consumer groups.
ii.The programme meets their financial and lifestyle needs through a mix of products, services, portfolio benefits and
partnerships.
Benefits
The following are the benefits of using YES Premia Program:
i.Salaried individuals– Complimentary Emerge Debit Card is given with benefits of over Rs 50,000, Complimentary
Times Prime annual membership is also given with benefits worth over Rs 60,000, etc.,
ii.Self Employed– An automated sweep facility from Current Account to Savings Account or Fixed Deposit, Easy
payment solution for vendors and staff of MSME clients with YES MSME Group Payments, etc.,
iii.Senior Citizens- Broad range of Fixed Deposits(FD) with high interest rate and overdraft facility.
Additional Info
• Recently, YES Bank in partnership with Worldline launched SMS Pay functionality on PoS(Point of Sale)
Terminals.
• The bank has also launched YES ONLINE, all-new retail NetBanking.
About YES Bank:
HeadQuarters– Mumbai, Maharashtra
Managing Director(MD) and Chief Executive Officer(CEO)– Prashant Kumar
Incepted– 2004
Tagline– Experience our expertise
OECD Revised India’s FY21 GDP Forecast to -9.9% from -10.2%

The Organization for Economic Co-operation and Development (OECD) in its December 2020 Economic Outlook
titled “A Brighter Outlook But Recovery Will Be Gradual” has revised the India’s Gross Domestic Product (GDP)
rate upwards to -9.9% from -10.2% projected in September for FY21.
• It also projected that the Indian economy will rebound to 8% in FY22 and 5% in FY23 on the condition that
GDP loss would be substantial.
• On the global front also OECD decreased the contraction rate to 4.2%(-4.2%) in 2020, from -4.5% earlier.
Key Points:
— Only China’s GDP for FY 21 was projected with positive growth, the GDP rate of China for FY21 is 1.8%.
–World economy will bounce back to pre-pandemic levels by the end of 2021 but recovery will be uneven in the
countries.
–Global economy to grow 4.2% in 2021, from the earlier 5%.
–India’s Agriculture sector has revived from favourable weather conditions but manufacturing and services are still
facing the effects of containment measures.
i.India has been designated as ‘Vice-Chair’ of Good Laboratory Practice (GLP) Working Group of the Organisation for
Economic Cooperation and Development (OECD) to recognise the contributions of the Indian GLP Programme.
ii.In accordance with the study by OECD’s Global Forum on transparency and exchange of information for tax
purposes, referring to the period from July 2015 to June 2018, India was named among the top-three countries as EOI
(Exchange of Information) partners along with France and Germany.

About Organisation for Economic Co-operation and Development (OECD):
Secretary General – Jose Angel Gurria Trevino
Headquarters – Paris, France
Member countries – 37.They are Australia, Austria, Belgium, Canada, Chile, Colombia, Czech Republic, Denmark,
Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Israel, Italy, Japan, Korea, Latvia, Lithuania,
Luxembourg, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Slovak Republic, Slovenia, Spain, Sweden,
Switzerland, Turkey, United Kingdom, United States.
S&P Global Ratings retains India’s growth forecast for FY21 at -9%
S&P Global Ratings (previously Standard & Poor’s), in its report on Asia Pacific stated that. it has retained its forecast
of 9% contraction(-9%) in the Indian economy for FY21 and projected that it will grow at 10% in FY22.
• In accordance with the report Indian economy recovered faster than expected in the September quarter due to
a pick up by the manufacturing sector.
Points to be noted:
–Indian economy contracted 23.9% in April-June quarter (Q1FY21).
–The Reserve Bank of India (RBI) in October, 2020 projected India’s economy to contract by 9.5% in FY21.
About S&P Global:
President and Chief Executive Officer (CEO)– Douglas L. Peterson
President of S&P Global Ratings – John Berisford
Headquarter– New York, United States (US)
1st State of Tax Justice 2020 Report Released by Tax Justice Network; India’s Annual Tax Loss over $10.3 bn
The Tax Justice Network (TJN) has released the first-of-its-kind report titled “The State of Tax Justice 2020- Tax
Justice in the time of COVID-19” in accordance to which the international corporate tax abuse and private tax evasion
is incurring a global loss of over $427 billion in tax each year. In this scenario, India’s annual tax loss aggregates to
$10.3 billion i.e. $10,319,683,940 (equivalent to INR 70,000 crore), of which, a major part is corporate tax evasion
nearly $10.11 billion and $202.15 million is offshore private tax evasion.
• This report revealed how much tax each country in the world loses to international corporate tax abuse and
private tax evasion.
• Out of the total global tax loss of $427 billion, $245 billion (or 57.4%) is directly due to the corporate tax abuse
by multinational corporations (MNCs) by shifting $1.38 trillion worth of profit into tax havens and $182 billion
(or 42.6%) owing to private tax evasion i.e. wealthy individuals hiding undeclared assets and incomes
offshore.
• A tax haven is a country or place with very low effective rates of taxation for foreign investors.
Basis of Analysis:
The findings of the report are based upon the data that was self-reported by MNCs to tax authorities under the Base
Erosion and Profit Shifting (BEPS) project led by the Organisation for Economic Co-operation and Development
(OECD).
• Other partners of this report are France-based Public Services International (PSI) and the Global Alliance for
Tax Justice (GATJ).
Following table shows the top 5 Biggest Tax Losers and Biggest contributors to other countries tax losses:
Rank Country
Biggest Tax Losers
1 United States (US)
2 United Kingdom (UK)
3 Germany
4 France
5 Brazil

Biggest contributors to Other Countries Tax Losses

1 Cayman Islands (a British territory)
3 The Netherlands
4 Luxembourg
• G20 (Group of Twenty) member countries are collectively responsible for 26.7% of global tax losses, costing
countries over $114 billion in lost tax every year. The G20 countries themselves also lose over $290 billion
each year.
• The Asian region lost over $73.3 billion or $73,372,803,475. Its biggest loser is China followed by India and
Japan.
Indian Front:
–The report projected India’s Gross Domestic Project (GDP) at $2.51 trillion (based on the average of the past ten
years), based on this India’s tax loss is placed at 0.41% of its GDP.
–India’s most vulnerable channel for annual tax loss is taxes lost to other countries i.e. outward foreign direct
investments (OFDI) with a 66% vulnerability score. The trading partners of India which contribute most to this
factor are Mauritius (23.6%), Singapore (17.2%), and the Netherlands (11.2%).
–Amid COVID-19, OFDI from India dropped in the first four months (April-July 2020) to $5.7 billion, in comparison to
$11.13 billion in the same period of 2019.
–India’s estimated tax revenue losses due to offshore financial wealth of $202.2 million. Its offshore wealth is 0.4% of
GDP.
Global Front:
–The global tax loss is equivalent to 34 million nurses’ yearly salaries lost every year, or one nurse’s yearly salary
every second.
—Higher income countries are responsible for 98% of global tax losses borne by countries which aggregate to over
$ 419 billion each year.
—Lower income countries are responsible for just 2% of the global losses, which results in annual tax loss of over
$8 billion.
–Private tax evaders are responsible for shifting their financial assets of $10 trillion offshore.
–OECD countries are also responsible for over 59% of the $182 billion the world loses to private offshore tax evasion
annually.
Solutions Suggested by TJN:
–It suggested that governments should introduce an excess profit tax on MNCs such as global digital companies, who
are making excess profits during the pandemic. These profits should be identified at the global level and not at the
national level.
–It also proposed to introduce wealth tax with punitive rates for undisclosed offshore assets.
–Formulation of the United Nations (UN) tax convention to set multilateral standards for corporate taxation and to
ensure tax co-operation between governments.
Global Tax Ranking:
The TJN also ranked countries on the basis of two biennial indexes viz. Corporate Tax Haven Index 2019 and
Financial Secrecy Index 2020. These 2 indexes are also released by TJN.These are explained as below:
2nd Corporate Tax Haven Index (CTHI) 2019:
The CTHI 2019 ranked 64 countries on the basis of 20 indicators based on how intensely the country’s tax and
financial systems serve as a tool for corporations to extract wealth from around the world and hide it in the country
for the purposes of underpaying tax elsewhere in the world.
• The index was first published in 2019.

Corporate Tax Haven Index 2019 Ranking

Rank Country
1 British Virgin Islands
2 Bermuda
3 Cayman Islands
4 Netherlands
5 Switzerland
6th Financial Secrecy Index (FSI) 2020:
The FSI 2020 ranked 133 countries on the basis of 20 indicators on how intensely the country’s tax and financial
systems serve as a tool for individuals to hide their finances from the rule of law, including other countries’ laws. It
was the 6th edition of FSI.
• It was first published in 2009.
Financial Secrecy Index 2020 Ranking
Rank Country
47 India
1 Cayman Islands
3 Switzerland
4 Hong Kong
5 Singapore
• India’s FSI value is 238.68 with a secrecy score of 47.84.
• The FSI 2020 stated a 7% reduction in global financial secrecy as a result of recent transparency reforms.
• OECD countries are responsible for 49% of all financial secrecy in the world.
• Secrecy is moving or hiding illicit money.
Click Here for Official Report
i.For the first time a report on stillbirths titled “A Neglected Tragedy: The Global Burden of Stillbirths” has been
released by UN Inter-Agency Group for Child Mortality Estimation (UN-IGME) which was co-created by United
Nations Children’s Fund (UNICEF), World Health Organisation (WHO), World Bank and the United Nations (UN)
Department of Economic and Social Affairs, Population Division.
ii.The United Nations Office for Disaster Risk Reduction(UNDRR) published the report titled “The human cost of
disasters: an overview of the last 20 years (2000-2019)” which states that climate change is the major cause for the
doubling of natural disaster in the past 20 years (2000- 2019).
About Tax Justice Network (TJN):
Chief Executive – Alex Cobham
Headquarter– Chesham, United Kingdom (UK)
NPCI Allowed Payment Banks and Fintechs in its Shareholding upto 0.44%
The National Payments Corporation of India (NPCI) has completed private placement of 4.63% of its equity shares
worth Rs 81.64 crores. This placement has enabled small finance and payment banks, as well as fintechs to be its
shareholders up to 0.44%.
• With this placement, now the total shareholder entities for NPCI stand at 67.
Key Points:
–The small finance and payment banks that have joined NPCI’s shareholding include AU Small Finance Bank Ltd.,
India Post Payments Bank Ltd., and digital payment fintechs including BillDesk, Amazon Pay, PayU India, PhonePe,
Pine Labs and MobiKwik.

–It also added Standard Chartered Bank Ltd., Dhanlaxmi Bank Ltd. and IDFC First Bank Ltd. as its shareholders.
–Currently, government-owned banks such as State Bank of India (SBI), Union Bank of India, Bank of Baroda, Punjab
National Bank and Canara Bank own more than 40% stake in NPCI’s shareholding.
Background:
NPCI had made an offer for the private placement to 131 Reserve Bank of India (RBI) regulated entities, of which 19
showed interest and were allotted shares in NPCI.
This was done on the instruction of RBI to broaden its shareholdings representing a larger segment of participants.
The Watal Committee, headed by former finance secretary Ratan Watal had also recommended this expansion in
December 2016.
i.On October 29, 2020 IndusInd Bank announced that it has gone live as a Financial Information Provider (FIP) under
the new Account Aggregator(AA) Framework of the Reserve Bank of India (RBI). IndusInd Bank becomes the 1st bank
in India to do so.
ii.On October 15, 2020, Insurance Regulatory and Development Authority of India (IRDAI) released Guidelines for
Standard Life Insurance Product ‘Saral Jeevan Bima’. The insurance scheme should be mandatorily offered by All Life
Insurance Companies from January 1, 2021.
About National Payment Corporation of India (NPCI):
It is a not-for-profit organisation, and an initiative of the RBI and Indian Banks’ Association (IBA).
• In November 2020, UPI-payments in the country crossed the 2 billion transaction count.
• In August 2020, NPCI launched its international arm, NPCI International Payments Ltd to expand real-time
payment system UPI and card payment network RuPay in other countries.
Head Office– Mumbai, Maharashtra
Managing Director (MD) & Chief Executive Officer(CEO)– Dilip Asbe
Founded – 2008
Established by – RBI & IBA (under Section 8 of the Companies Act 2013)
Regulator – RBI
Paytm Partners with Suryoday Small Finance Bank to Offer Instant Digital Loans to MSMEs
On December 2, 2020 Paytm partnered with Suryoday Small Finance Bank(SFB) Ltd to offer collateral-free
instant digital loans to MSMEs(Micro, Small & Medium Enterprises). This will empower the MSMEs. This is the 1st
lending partnership for Paytm with a small finance bank to help merchants to avail loans seamlessly.
Aim of the Partnership
• To democratize access to loans for small businesses and merchants and promote financial inclusion.
• Paytm and Suryoday SFB aims to disburse loans to more than 1 lakh small businesses in the next 12 to 18
months, through this partnership.
Key Info
i.Paytm and Suryoday SFB by offering instant microloans to businesses that are unable to access financial services
from traditional banking players, furthers the cause of financial inclusion.
ii.Suryoday SFB’s partnership with Paytm on the lending side is API(Application Programming Interface)driven,
which brings a secure, intelligent, and connected digital experience to the customers.
About Instant Digital Loans:
General Info
i.As per the agreed credit policy of the bank, the underwriting will be done within seconds.
ii.After the completion of the entire process i.e, from application to approval on the Paytm app, the loan amount will
be disbursed directly into their bank accounts by Suryoday SFB.
iii.The systems are designed for real-time approval and disbursement thus guarantees a superior customer
experience.
Benefits:
Merchants can transact with the bank and avail loans with a tap on the phone, as the entire process to avail loan is
fully digitally and hassle- free.

On 19th October 2020, BSE (formerly known as Bombay Stock Exchange) signed a Memorandum of Understanding
with the Industries and Commerce Department, Government of Telangana along with GlobalLinker to support micro,
small and medium enterprises (MSMEs) of the state to raise equity funds.
About Paytm:
Headquarters– Noida, Uttar Pradesh
Founder & CEO(Chief Executive Officer)– Vijay Shekhar Sharma
Founded– August 2010
Paytm’s lending business CEO– Bhavesh Gupta
About Suryoday Small Finance Bank Ltd:
It is one among the 10 companies and the only one from Maharashtra to obtain a ’Small Finance Bank’ licence from
the Reserve Bank of India (RBI).
Launched-January 23rd 2017
Managing Director(MD) and CEO– Baskar Babu Ramachandran
Tagline– A Bank of Smiles
Headquarters– Navi Mumbai, Maharashtra
NABARD Signs MoU with SBI to Take up Joint Intervention Projects in Karnataka
On December 2, 2020 NABARD( National Bank for Agriculture and Rural Development), Karnataka Regional Office
Bengaluru, Karnataka has signed MoU(Memorandum of Understanding) with SBI(State Bank of India), LHO,
Bengaluru to provide concessional refinance facility to the beneficiaries of watershed development and tribal
development projects.
Aim of the MoU
• The 2 institutions to take up joint intervention projects in the State.
• NABARD through this MoU, aims to provide grant support, concessional refinance and undertake capacity
building of the stakeholders of various livelihood interventions that is promoted by NABARD.
Key People
Shri Niraj Kumar Verma, CGM(Chief General Manager), NABARD and Shri Abhijit Majumder, CGM, SBI signed the MoU
at NABARD, Regional Office, Bengaluru.
About the MoU:
Anticipation to Merge the ongoing Initiatives of NABARD and SBI
i.With this MoU, NABARD and SBI anticipate to associate together to merge their ongoing development initiatives.
ii.This consequently aids the beneficiaries of Tribal Development Fund (TDF), Watershed Development Fund (WDF),
Farmer Producer Organisation (FPOs), Self-Help Group (SHGs), Joint Liability Groups (JLGs), etc.
iii.In this regard, this MoU aims to benefit the following:
• Farmers and 45000 beneficiaries of 260 FPOs in 28 districts, 8500 beneficiaries in 20 districts of 70
watersheds and 15 Tribal Development programmes (wadis) along with (JLGs/ Self -Help Group SHGs.
• They will be benefited through E- Shakti (digitization)/ Artisans/ Agri-preneurs /Agri Start Ups, etc. in the
State.
SBI to Act as Implementation Agency for Digitizing NABARD’s SHGs
i.This MoU enables SBI to act as an Implementing Agency for digitizing NABARD’s SHGs and to on board NABARD’s E-
Shakti portal across Karnataka
ii.This facilitates the availability of credit to the SHGs to promote livelihood.
In addition to this, each branch of SBI in rural and semi-urban areas will seek to finance 50 JLGs and SHGs every year.
Note– Under the E Shakti project of the NABARD, that was launched in 29 districts of Karnataka, in total 3,02,614
SHGs have been digitized and 2,81,755 SHGs are credit linked as on October 1, 2020.
NABARD Extends support to Promote JLGs
i.NABARD will extend grant support to promote JLGs.
ii.SBI will explore the possibility of entering into a separate MoU with NABARD to promote JLGs with the support of
BC/BF(Business Correspondents / Business Facilitators).

Financial Literacy Programme
NABARD will extend the support at the rate of 60% of Rs 5,000 to conduct the financial literacy programmes in the
rural/semi-urban branches and through the FLCs of SBI.
NABARD extends support to Procure infrastructure support
NABARD will extend grant support to procure infrastructure support like VSAT, mobile signal boosters, handheld
projectors etc. to SBI.
This move aims at financial inclusion.
Points to be Noted
i.Recently, Dr. Govinda Rajulu(G.R.) Chintala, chairman of NABARD announced Rs. 5000 Cr concessional refinance
facility for banks and financial institutions.
ii.This was to provide finance to the beneficiaries of the 3295 watershed development and 791 tribal development
projects across the country, over 3 years period from 2020-21 to 2022-23 and digitization of 2 million SHGs by 2021-
22.
iii.The MoU signed between SBI and NABARD is in this direction.
i.On October 1, 2020 National Bank for Agriculture and Rural Development (NABARD) launched a special refinance
scheme to support the government’s Water, Sanitisation and Hygiene (WASH) programme. For this purpose, Rs 800
crore has been earmarked for the financial year 2020-21. This facility is an effort to promote a sustainable and
healthy lifestyle in rural areas.
ii.The National Bank for Agriculture and Rural Development (NABARD) has introduced, ‘Structured Finance and
Partial Guarantee Program for Non-Banking Finance Companies (NBFC)-Micro Finance Institutions (MFIs)’, a
dedicated debt and credit guarantee product to ensure uninterrupted flow of credit to the last mile in rural areas hit
by the COVID-19 pandemic.
About National Bank for Agriculture and Rural Development (NABARD):
Came into existence-12 July 1982
Chairman– Dr. Govinda Rajulu(G.R.) Chintala
NABARD was approved by the Parliament through Act 61 of 1981.
About SBI(State Bank of India):
Founded– July 1, 1955 as SBI
Chairman– Dinesh Kumar Khara(Succeeds Rajnish Kumar)
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
IFSCA Became Member of International Association of Insurance Supervisors

On Dec 2, 2020, International Financial Services Centre Authority (IFSCA) obtained membership of International
Association of Insurance Supervisors (IAIS).
• Now, IFSCA can access IAIS’s global network and would be able to exchange ideas and information relating to
insurance with other global regulators.
• This membership will aid in developing a global Insurance hub in International Financial Services Centre
(IFSC), from current 17 entities, at Gujarat International Finance Tec-City (GIFT).
About International Association of Insurance Supervisors (IAIS):
Established in 1994, it is a voluntary membership organization of insurance supervisors and regulators from more
than 200 jurisdictions, constituting 97% of the world’s insurance premiums.
• It is the international standard-setting body responsible for developing and assisting in the supervision of the
insurance sector.
• Insurance Regulatory and Development Authority of India (IRDAI) is also a member of IAIS.
• Headquarters– Switzerland

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.The cases of cyberattack and high-profile data breaches have increased amid COVID-19 pandemic. In order to curb
this situation, on October 20, 2020, Insurance Regulatory and Development Authority of India (IRDAI) set up a 9-
member panel under P Umesh, Consultant-Liability Insurance,
About International Financial Services Centre Authority (IFSCA):
On April 28, 2020, the Union government notified the setting up of the IFSCA as a unified authority to regulate all
financial services in IFSCs across the country.
• Injeti Srinivas was appointed as the first chairman of IFSCA.
• Headquarter– Gandhinagar, Gujarat
Razorpay and PayPal Partnered to Enable Seamless International Payments for Indian MSMEs and
Freelancers
On December 2, 2020 Razorpay and PayPal partnered to enable Indian MSMEs(Micro, Small & Medium Enterprises)
and Freelancers to seamlessly accept international payments. This removes the need to write a single line of code.
Need of the Partnership
• To help MSMEs and freelancers to accept international payments on cards through payment gateways.
• They lose their prospective global clients due to highly complex payment and banking infrastructure,
processes and systems.
Note– Indian SMEs hope to recover from the challenges caused by COVID-19 pandemic by leveraging digital
technologies, as they believe that this helps them increase their revenues.
About the Partnership
General Info
i.The integration of PayPal into Razorpay’s payment platform enables Indian small businesses and freelancers to go
global.
ii.The businesses of all sizes can enable over 333mn PayPal users across 200 markets world-wide through the PayPal
wallet.
Benefits
i.MSMEs and freelancers can accept the international payments in a convenient and secure manner.
ii.The waiting time for statutory approvals is reduced from days to minutes.
reduces the waiting time
iii.This is one of the fastest ways to accept digital payments.
Statistics regarding Freelancer
As per a recent study, India saw a 46% increase in new freelancers.
On June 29, 2020, SAP India Private Limited, a subsidiary of Germany based enterprise technology firm, in
partnership with National Association of Software and Service Companies (NASSCOM) Foundation, United Nations
Development Programme (UNDP) and Pratham InfoTech Foundation, has rolled out Global Bharat program to
equip micro, small and medium enterprises (MSMEs) by providing them access to global marketplace, digital skilling
for the workforce and transforming business processes.
About Razorpay:
Chief Executive Officer(CEO) & Co-Founder– Harshil Mathur
HeadQuarters– Bengaluru( Bangalore), Karnataka
About PayPal:
Headquarters- San Jose, California
President and CEO– Dan Schulman

Finin Becomes India’s 1st full-fledged Consumer Neobank in Partnership with SBM Bank India; SmartBanking
Platform Launched
On December 2, 2020 Bengaluru-based fintech, Finin was launched as India’s 1st full-fledged consumer ‘neobank’.
Finin has launched Hyper-personalised SmartBanking platform in partnership with SBM Bank India(i.e. SBM Bank
India has become Banking Partner for Finin). The platform helps the users to manage,save and invest their money in
a smarter, secured and simpler way.
Key Info
Finin has associated with SBM Bank India to issue a savings account that can be opened in under 2 minutes and a
VISA powered debit card equipped with smart card management features, has associated with SBM Bank India.
Hyper-Personalised SmartBanking Platform:
General Info
• The platform is designed to empower working professionals, millennials and students alike.
• It enables customers to get instant Personalised Savings Account with a VISA Debit Card.
• Finin breaks its user base into 3 broad umbrellas as Spenders, Savers and Borrowers. The aim is to convert
Spenders and Borrowers into Savers and funnel them into the Invest category.
Availability
The app is available on iOS app store and Play Store.
Benefits:
Offers access to financial solutions and a unique customer experience
The app offers access to financial solutions and a unique customer experience using algorithms and AI(Artificial
Intelligence) to present Personalised dashboard for the users.
Financial Discipline and timely reminders
The app comes with budgeting and goal management features that assists each and every user to develop financial
discipline and in turn financial independence. This enables users to have financial discipline and also offers timely
reminders relating to bill payment reminders, etc.,
Allows Linking of Other bank accounts
In order to get a complete view of all the user’s money in one place, the app allows the user to link with other bank
accounts.
Block and Unblock Cards
With the card management features, the user can block and unblock cards through tap of a button.
Complete Management power
• The user will have full control to enable and disable the contactless payments, international payments, online
transactions and ATM(Automated Teller Machine) withdrawals, when they like.
• Finin uses the 50-30-20 rule to educate every user about their expenditure and how to manage or control
them to meet the holy trifecta of financial bliss. This gives all the management power to the user.
Key Info
i.Millennials of India account for 36% of the Indian population, which is the largest in the world.
ii.Finin is India’s first neobanking solution that offers a reimagined banking experience to all its users.
iii.SBM Bank India is the First Foreign bank to receive a banking license from the Reserve Bank of India (RBI) and to
establish a universal banking business in India through the Wholly Owned Subsidiary (WOS) mode.
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 Finin:
Founded– In 2019
Founder & CEO– Suman Gandham
Co-Founder & Chief Operating Officer(COO)– Sudheer Maram
Headquarters– Bangalore, Karnataka
Universal Sompo General Insurance Company Launched the Upgraded USGI PULZ Mobile App
On 1st December 2020, the Universal Sompo General Insurance Company Limited, a non-life insurance company
launched the upgraded Mobile application – USGI PULZ to enhance service delivery. The Universal Sompo General
Insurance Company Limited is a joint venture of Indian Bank, Indian Overseas Bank, Karnataka Bank Ltd, Dabur
Investment Corporation and Sompo Japan Insurance Inc, a leading general insurer from Japan.
USGI PULZ:
Aim:
To enhance the service delivery for their policyholders.
Features:
i.The mobile application acts as a one stop shop for all post sales insurance needs, online claims intimation, GPS based
nearby service providers, marketplace for various value-added services, AI based health risk assessment among other
facilities.
ii.The app will also offers a feature rich and user friendly interface to its customers.
iii.The application acts as an insurance wallet which helps the users to manage Policy accessibility, policy renewal,
and claims related services coupled with health and wellness solution platform for the new age customers.
iv.The app helps you to view motor and health insurance policy details, download policy documents, renew policies,
file claims and track claim status online.
the app provides a host of value-added services related to motor and health.
About Universal Sompo General Insurance Company Limited:
MD & CEO– Sharad Mathur
HDFC Life in Association with Ketto India has Initiated ‘PromisewalaDabba’, a Nationwide Crowdfunding
Campaign
HDFC Life in association with Ketto India has initiated ‘PromisewalaDabba’, a nationwide crowdfunding campaign.
This is to support the Dabbawalas of Mumbai, who have been affected due to the COVID-19 pandemic and the
lockdown. As part of the campaign, a PromisewalaDabba will be delivered that includes essential supplies such as
staple food ingredients, spices and accompaniments, sanitizers and toiletries to their homes.
APEDA and NABARD signed MoU to Cooperate in Agriculture Activities & Implementing Agriculture Export
Policy
On 3rd December, 2020 Agricultural and Processed Food Products Export Development Authority (APEDA)
and National Bank for Agriculture and Rural Development (NABARD) signed a Memorandum of Understanding
(MoU) to address the key interests of Agriculture and allied sectors for bringing better value to the stakeholders and
Implementing Agriculture Export Policy (AEP).
The MoU was signed virtually at the respective headquarters, by Dr. Sudhanshu, Secretary APEDA and Mr. Nilay D.
Kapoor, Chief General Manager, NABARD.
Areas of Cooperation under the MoU:
APEDA and NABARD will cooperate in the following functions,
i.Capacity development of farm related stakeholders.
ii.Organising awareness programs and workshops.
iii.Implement Measures to double farmers’ income by 2022.
iv.Extending benefits of NABARD & APEDA initiatives for development of Farmers Producers Organisations (FPO).
v.To provide technical knowhow to cooperatives/FPOs to upscale infrastructure created for post-harvest
management for APEDA scheduled products to promote exports.

vi.Jointly identify cluster districts to provide assistance in soil based farming techniques.APEDA will facilitate exports
by the FPOs assisted/promoted by NABARD.
Agriculture Export Policy(AEP):
Implemented in 2018, aimed at doubling the farmers’ income by 2022.
Some of the key implementations are,
i.15 states have State specific Action Plan and 28 States & 4 UTs have nominated Nodal agencies. 21 States & 1 UT
has formed state level monitoring committees to look over the AEP implementation under the Chairmanship of
State Chief Secretary.
ii.20 cluster level committees formed in the cluster districts for,
• Potato in Punjab, Uttar Pradesh (2 districts), Isabgol in Rajasthan, Gujarat (2 districts)
• 3 districts of Maharashtra for Orange, Pomegranate, Grapes, Banana
• Orange in MP
• Banana in Tamil Nadu, Kerala
• Mango in UP
• Dairy products in Gujarat, UP
• Rose Onion in Karnataka
• Vegetables in UP
Functions-
i.Promote and Implement export oriented agricultural production
ii.Farmers’ centric approach for value addition, minimizing losses
iii.Eliminate supply side issues by Forming clusters of Agro Climatic Zones in the country.
iv.Management of soil nutrients for higher productivity through market oriented crops.
Note – Agriculture Export policy under the Ministry of Commerce and Industries is implemented by APEDA.
i.The Centre set up a new body, Rice Export Promotion Forum (REPF) to give impetus to rice exports under the
aegis of Agricultural and Processed Foods Export Promotion Development Authority(APEDA).
ii.NABARD has organized the first “digital choupal”, announced two schemes each Rs 5,000 crore to refinance
banks and financial institutions for providing finance to the beneficiaries of its 2,150 watershed development
projects.
About National Bank for Agriculture and Rural Development (NABARD):
Established in 1982
Chairman- Govinda Rajulu Chintala
Headquarters- Mumbai, Maharashtra
Note – NABARD was established on the recommendations of B.Sivaramman Committee (by Act 61, 1981 of
Parliament) on 12 July 1982 to implement the National Bank for Agriculture and Rural Development Act 1981
About Agricultural and Processed Food Products Export Development Authority (APEDA):
Formed in 1986 under the Ministry of Commerce and Industries replaced the Processed Food Export Promotion
Council (PFEPC).
Chairman- Dr. M. Angamuthu
Secretary- Dr. Sudhanshu
Headquarters- New Delhi, Delhi
Note – APEDA was formed after Agricultural and Processed Food Products Export Development Authority Act passed
in Parliament in 1985.
Pandemic has pushed 32 Million People into Extreme Poverty in LDCs : UNCTAD Report 2020
According to “The Least Developed Countries Report 2020: Productive Capacities for the New Decade” released
by UNCTAD (United Nations Conference on Trade and Development), Pandemic has pushed around 32 Million
People into Extreme Poverty in the Least Developed Countries (LDCs).
i.Due to the Pandemic 32 million people live on less than USD 1.90 per day.
ii.According to the report, this is the worst economic performance of 47 countries in LDCs since the Third-World

debt crisis of 1980s.
iii.The combined merchandise trade deficit of the LDCs is expected to exceed 2019’s value of USD 91 Billion.
iv.Pandemic has further worsened the falling income levels, widespread unemployment and widening fiscal deficits.
v.Due to the Covid-19 Pandemic, LDCs GDP fall by 2.6 per cent in FY-21.
vi.Extreme poverty rates in these countries will rise from 32.5 per cent to 35.7.
Analysis of Countries:
These are measured on Three Criterias – Per Capita income, Human Assets Index (HAI), economic and
environmental vulnerability index.
The full report can be accessed here.
Note: – The List of LDCs in Asian Region are Afghanistan, Bangladesh, Bhutan, Cambodia, Lao People’s Democratic
Republic, Myanmar, Nepal, Yemen.
About United Nations Conference on Trade and Development (UNCTAD):
Secretary General – Mukhisa Kituyi
Headquarters – Geneva, Switzerland
Fiscal Deficit Reached 119.7% of Annual Budget Target of FY21 in Oct 2020: CGA Data
In accordance with the official data released by Controller General of Accounts (CGA), the Central Government’s
fiscal deficit increased to Rs 9.53 lakh crore (9,53,154 crore), or 119.7% of the annual budget estimate of FY21, at the
end of October 2020. It was 114.8% of the annual budget estimate at the end of September 2020. Also, in the first 7
months of the FY20, the deficit was at 102.4% of the annual target.
• The key reason behind this increase is poor revenue realisation due to lockdown imposed to curb COVID-19.
• It should be noted that for FY21 the government had set the fiscal deficit at Rs 7.96 lakh crore or 3.5% of the
GDP (Gross Domestic Product) in the budget presented by Finance Minister Nirmala Sitharaman in February
2020.
Important Points from Official Data:
Receipts: The government received Rs 7,08,300 crore which is 31.54% of 2020-21 budget estimate of total receipts
up to October 2020. It was 45% of the annual target in the April-October period FY19-20.
• The receipts comprised Rs 5,75,697 crore of tax revenue (net to centre), Rs 1,16,206 crore of non-tax revenue
and Rs 16,397 crore of non-debt capital receipts.
Expenditure: It was Rs 16,61,454 crore or 54.61% of 2020-21 budget estimate till October 2020 as against 59% of
FY19-20.
Capital Expenditure: It was at 48% of the annual target, as against nearly 60% during April-October 2019.
Devolution of tax share to State Govts: In FY21, Rs 2,97,174 crore was transferred to state governments as part of
devolution of share of taxes by the Union government till the end of October 2020. This amount was Rs 69,697 crore
lower compared to same period of 2019.
What is Fiscal Deficit?
A fiscal deficit is the gap between government’s expenditure and revenue indicating its total borrowing requirements.
It means the government has been spending beyond its means.
• Fiscal Deficit = Total expenditure – (Revenue receipts + Non-debt creating capital receipts)
i.On October 6, 2020, the World Trade Organization (WTO) lowered its projection on the volume of world
merchandise trade in 2020 to 9.2% as compared to 12.9% fall in April 2020. This is due to the strong trade
performances in June-July, 2020 due to easing of lockdowns in many parts of the world.
ii.On October 29, 2020 As per the latest estimates published in the World Bank’s Migration and Development Brief
33, remittance to India will fall by 9% to USD 76 billion due to the ongoing coronavirus pandemic and global
economic recession.
About Controller General of Accounts (CGA):
CGA– Soma Roy Burman
Parent Ministry– Ministry of Finance
Headquarter – New Delhi

PayNearby in partnership with NPCI & YES Bank Launched “PayNearby shopping card” for Retailers
India’s largest Hyperlocal fintech startup, PayNearby Technologies Pvt. Ltd., in collaboration with YES Bank and
National Payments Corporation of India (NPCI) launched the “PayNearby shopping card” powered by RuPay for its
retail partners to provide maximum benefits of e-commerce in a risk-free mode over mass market category.
• The maximum wallet balance of the card is upto 1 Lakh and can be used for transactions upto Rs. 5
lakh monthly and Rs. 25 lakhs annually.
• Among its features, the user can lock/unlock the card digitally and can also get a summary of the transaction
statement to keep their spending under check.
Key Points:
–The card is enabled across 10 lakh plus PayNearby retail touch points, across 17,000 plus PIN (Postal Index
Number) codes in the country.
–The retailers can get the card by completing the KYC (Know Your Customer) to avail services such as e-learning, e-
commerce, online gaming, monthly recharges and utility payments, online music, and videos.
i.On October 12, 2020 Axis Bank Limited in collaboration with Google Pay and Visa launched its ACE Credit Card in
India. The card is designed to increase participation of users in the digital economy.
ii.On October 6, 2020 Axis Bank Ltd in partnership with Vistara, India’s full service carrier launched a Co-Branded
Forex Card, ‘Axis Bank Club Vistara Forex Card’ to cater the needs of international travellers. This is the 1st-ever
collaboration by a bank and an Indian airline for a co-branded forex card. The
About PayNearby Technologies Pvt. Ltd:
It is a Department for Promotion of Industry and Internal Trade (DPIIT) Certified Fintech Company registered under
The Startup India program of Government of India (GoI).
Establishment– 2016
Managing Director (MD) & Chief Executive Officer (CEO)– Anand Kumar Bajaj
Yes Bank:
Managing Director (MD) & Chief Executive Officer (CEO)– Prashant Kumar
Axis Bank in Partnership with Rupifi and Visa Launches ‘Axis Bank Rupifi Business Credit Card’ for MSMEs
On December 3, 2020 Axis bank Ltd in partnership with Rupifi and Visa launched ‘Axis Bank Rupifi Business
Credit Card’ for MSMEs(Micro, Small and Medium Enterprises). This Contactless Co-Branded credit card, powered by
Visa is applicable only to the MSMEs businesses that transact on the aggregator platforms partnered with Rupifi PAN
India for their business purchases.
• The card offers credit solutions to such MSMEs. It is only for domestic transactions.
Note- Rupifi partners with established B2B(Business to Business) marketplace and aggregator platforms across
sectors including Food, Grocery and Pharma among others.
i.The partnership gives Axis Bank the opportunity to tap into the unexplored and productive MSME segment, that is
an addressable market of over USD 100 billion.
ii.It also helps Axis Bank to penetrate deeper into retail and commerce, food, tech, travel, transport, mobility, and
logistics businesses.
About Axis Bank Rupifi Business Credit Card:
Average Credit Limit
• The average credit limit offered by the card will be between the range of Rs 1 Lakh and Rs 2 lakh per month.
• This will be decided on the basis of the business data of the transaction of the MSME with the aggregator
platforms, GMV (Gross Monthly Volume) of the last 6 months and overall revenue among other factors.
Joining and Annual Fees
The joining fee is Rs 1000 and annual fee is not required for this card.

Revolve feature & Interest free Credit Period
• The card comes with a 51 days interest free credit period.
• The revolve feature of the card provides the customers an option to pay the full balance at the end of each
billing cycle or to carry over the balance from one month to the next by paying a minimum amount.
Benefits
• Helps to streamline the procure-to-pay process in day-to-day business.
• It allows the businesses to manage all the expenses.
• It offers 5% cashback on all spends in 1st month, with a maximum cap set at Rs. 2500.
• It also offers 1% cashback on all spends in subsequent months (with minimum 5 transactions, maximum cap-
Rs. 500).
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.
About Axis Bank:
It is 3rd largest private sector bank in India
Managing Director(MD) and Chief Executive Officer(CEO)– Amitabh Chaudhry
Tagline– Badhti Ka naam Zindagi
Commenced operations– 1994(Incorporated- 1993)
About Rupifi:
Co-Founder and CEO– Anubhav Jain
Headquarters-Bengaluru(Bangalore), Karnataka
CREDAI-MCHI Partners with SBI, Google & BookMyShow for India’s Biggest Real-Estate Expo
On 4th December 2020, CREDAI-MCHI partnered with State Bank of India, Google and BookMyShow for the first
virtual edition of India’s largest real-estate expo from 4th December 2020 to 13th December 2020. This
collaboration between CREDAI-MCHI, SBI Google & BookMyShow is the first of its kind in the Real Estate sector.
About the Partnership:
i.As a part of the collaboration, SBI will ease the transaction between the developers and homebuyers and offer
competitive home loan rates and quick processing of loan applications.
ii.The association of CREDAI-MCHI with Google as its digital partner will enable a more strategic and targeted
approach to ensure the presence of genuine homebuyers at the virtual expo.
iii.The expo will use the technical expertise of google to reach out to the potential customers.
Virtual Real Estate Expo:
i.This virtual real estate expo will provide a platform for the developers to reach out the potential homebuyers.
ii.The expo expects the participation of 5 lakh homebuyers and 100 developers in the Mumbai Metropolitan Region
(MMR).
iii.The home buyers participating in the expo, will get access to 3D virtual tours of the preferred projects.
iv.They will also be provided with facilities like live chat, video conferencing, 24*7 helpdesk support, project
materials etc.,
BOI Enters into Agreement with AXA IM to Acquire 49% Stake each in BOI AXA Investment Managers, BOI
AXA Trustee Services
On December 2, 2020 Bank of India(BOI) entered into a Share Purchase Agreement (SPA) with AXA Investment
Managers Asia Holdings Pvt Ltd (AXA IM), a part of AXA Group. Through the SPA, BOI agreed to purchase AXA IMs:
• Entire 49% equity shares in BOI AXA Investment Managers Private Limited (BAIM).
• Entire 49% equity shares in BOI AXA Trustee Services Private Limited (BATS).
Points to be Noted
i.Currently, BOI holds 51% equity shares each in BAIM and BATS.

ii.Following the transaction, BOI will hold 100% equity shares in BAIM and BATS, i.e., both the entities will become
BOI’s fully owned subsidiaries.
About the Transaction
i.The transaction is proposed to be done on a cash basis.
ii.It will be completed by the end of December 2020 or another extended date mutually agreed between the BOI and
AXA IM.
Note
BOI, in addition to having full control of BAIMS and BATS, will grow the asset management business by enhancing the
BOI brand and distribution strength.
Key Info:
• As on September 30, 2020 the Government of India holds 89.10% stake in BOI.
• AXA IM is a promoter of BAIM and BATS.
• BALM has Rs 2,251 crore worth of assets under management, as of 30 September 2020. It offers 14 different
open ended schemes and 2 close ended schemes.
Additional Info:
BATS was incorporated on 13 August, 2007. It’s headOffice is in Mumbai, Maharashtra.
Adani Airport Holdings Limited(AAHL), holding company of Adani Group for its airports business (and a subsidiary of
Adani Enterprises Limited-“AEL”:collectively called “Adani”) has entered into an agreement to acquire 74% in
Mumbai International Airport Limited(MIAL) or Chhatrapati Shivaji Maharaj International Airport.
About Bank of India(BOI):
Incorporated– September 7 1906
Managing Director & CEO– Shri Atanu Kumar Das
Tagline-Relationship Beyond Banking
About BOI AXA Investment Managers Private Limited(BAIM):
Chief Executive Officer(CEO)– Sandeep Dasgupta
Highlights of 4th Bi- Monthly Monetary Policy Committee (MPC) 2020-21: December 2020
The 6-member Monetary Policy Committee (MPC) meeting of the Reserve Bank of India (RBI) was held from
December 2-4, 2020 which was headed by RBI Governor Shaktikanta Das. The members of the committee are Dr.
Shashanka Bhide, Dr. Ashima Goyal, Professor Jayanth R. Varma, Dr. Mridul K. Saggar, and Dr. Michael Debabrata
Patra. It was the 4th Bi- Monthly MPC meeting.
During the meeting it was projected that the real GDP (Gross Domestic Product) growth will contract at 7.5% (-
7.5%) in FY21. It is an upgrade in comparison to -9.5% in October MPC review.
• A record positive growth is expected in the H2FY21 (second half of FY2020-21) as the economy contracted by
23.9% (-23.9%) in the Q1FY21 but contracted 7.5% (-7.5%) in Q2FY21 amid Covid-19 pandemic.
• GDP growth for Q3FY21 (October-December) is placed at (+)0.1% and (+)0.7% in Q4FY21 (January-March).
• For H1FY22 (First Half of FY2021-22), it is forecasted at (+)6.5%.
• Consumer price index (CPI) inflation or retail inflation is projected at 6.8% for Q3FY21, 5.8% for Q4FY21; and
5.2% to 4.6% in H1FY22.
It was also decided to keep the rates unchanged which are as follows:
Category Rate
Policy Repo Rate 4.00%
Reverse Repo Rate 3.35%
Marginal Standing Facility (MSF) Rate 4.25%
Bank Rate 4.25%
Key Points:
–CPI inflation rose sharply to 7.3% in September 2020 and further to 7.6% in October 2020.

–Food inflation surged to double in October 2020 across protein-rich items including pulses, edible oils, vegetables
and spices on multiple supply shocks.
–Core inflation, i.e., CPI excluding food and fuel, also picked up from 5.4% in September 2020 to 5.8% in October
2020.
–As on November 27, 2020, reserve money increased by 15.3% year-on-year.
–The manufacturing and services purchasing managers’ index (PMI) at 56.3 and 53.7 respectively in November 2020.
–Money supply (M3) grew by only 12.5% as on November 20, 2020.
–India’s exports fell 9% to USD 23.43 billion in November 2020 on an annual basis due to a drop in shipments of
segments such as petroleum products, engineering and chemicals..
–Corporate bond issuances stood at Rs 4.4 lakh crore during April-October 2020 as against Rs 3.5 lakh crore during
the same period of 2019.
–India’s foreign exchange reserves were US$ 574.8 billion as on November 27, 2020.
–RBI to extend TLTRO to 26 sectors from 5 sectors
The Committee has decided to extend on-tap Targeted Long-Term Repo Operations (TLTRO) by bringing 26 stressed
sectors identified by the Kamath Committee under the chairmanship of Kundapur Vaman Kamath in order to
provide more liquidity in the economy.
• This decision has been taken after the launch of Emergency Credit Line Guarantee Scheme 2.0 (ECLGS 2.0) as a
part of Atmanirbhar Bharat Package 3.0 announced on November 12, 2020. Click Here to Read
• This extension will encourage banks to combine both schemes by availing funds from RBI under on tap TLTRO
and seek guarantee under ECLGS 2.0 to provide credit support to stressed sectors.
Background:
On October 9, 2020, RBI decided to conduct on-tap targeted long-term repo operations (TLTRO) worth Rs 1 lakh
crore with tenors of up to three years at a floating rate linked to the policy repo rate till March 31, 2021.
• In this regard on October 21, 2020 RBI brought five sectors under it viz. Agriculture; agri-infrastructure;
secured retail; micro, small and medium enterprises (MSMEs); and drugs, pharmaceuticals and healthcare.
• Currently, liquidity availed by banks under on-tap TLTRO scheme is to be deployed in corporate bonds,
commercial paper and non-convertible debentures issued by the entities in specific sectors over and above the
outstanding level of their investments in such instruments as on September 30, 2020.
What are targeted long-term repo operations (TLTRO)?
LTRO is a tool that lets banks borrow one to three-year funds from the central bank at the repo rate, by providing
government securities with similar or higher tenure as collateral. This simulates bank lending which leads to efficient
liquidity in the economy.
–RBI allowed RRBs to access LAF, MSF and Call or Notice Money Market Windows
The RBI allowed Regional Rural Banks (RRBs) to access the liquidity adjustment facility (LAF), marginal standing
facility (MSF) and call or notice money market to facilitate better liquidity management.
• In the in the Call/Notice money market, RRBs can participate as both as borrowers and lenders,
• Detailed instructions in this regard will be issued shortly
Static Points:
MSF: It is the rate at which the banks are able to borrow overnight funds from RBI.
LAF: It is a tool used in monetary policy by RBI enabling banks to borrow money through repurchase agreements. It
is used to aid banks in adjusting the day to day mismatches in liquidity.
Call/notice/term money market: It facilitates lending and borrowing of funds between banks and entities. An
institution which has surplus funds may lend them on an uncollateralized basis to an institution which is short of
funds.
• The call money is usually availed for one day. If the bank needs funds for more days (2-14 days), it can avail
money through the notice market.
• Term money refers to borrowing and lending of funds for a period of more than 14 days.
–RBI to review guidelines on credit default swaps
RBI announced a review of the guidelines on credit default swaps (CDS) to facilitate the development of the credit
derivatives market. The draft directions for the same will be issued shortly.

• A CDS is an OTC (over-the-counter) derivative in which a protection seller commits to compensate the
protection buyer for any loss resulting from a credit event. It is essential for protection against interest
volatility on lower rated papers.
• The last CDS guidelines were issued in January 2013.
Static Points:
–A derivative is a financial instrument with a price that is based on a different asset. Its value is derived from the
underlying assets.
–An OTC derivative is traded between two parties without going through an exchange or other intermediaries.
–RBI asked banks not to make any dividend payment for FY20
In view of the ongoing economic stress amid COVID-19 pandemic, RBI asked scheduled commercial banks (SCBs) and
co-operative banks not to make any dividends for the financial year ended March 2020 (FY20). This will allow banks
to economize capital and absorb losses, if any. This decision has been taken after the review of Q2FY21. Guidelines
for the same will be issued shortly.
• RBI will also issue guidelines for non-banking financial companies (NBFCs) with regard to distribution of
dividend as per a matrix of parameters. Currently there are no guidelines for NBFCs for dividend distribution.
Background:
In April, 2020 RBI had announced that SCBs and cooperative banks will not make any dividend payouts from profits
pertaining to FY2020, until further instructions, which will be reassessed in the quarter ending September 30, 2020
(Q2FY21).
–Large NBFCs to come under tighter RBI scrutiny
The apex bank has announced measures for non-banking financial companies (NBFCs) in order to improve their
governance standards and for effective risk management and internal controls.
As a part of this, NBFC’s regulatory regime will be reviewed, which is based on the principle of proportionality. A
discussion paper on this will be issued before January 15, 2021, for public comments
–Strengthening Audit Systems of Supervised Entities by RBI
RBI is focused towards strengthening the governance and assurance functions in supervised entities (SEs). RBI
announced to bring the standard of supervision of UCBs and NBFCs proportionately at par with that for commercial
banks. The weakness in three lines of defence mechanism is adversely affecting UCBs and NBFCs These three lines of
defence are: business unit itself; risk management and compliance; and internal audit.
• It was also decided to issue guidelines to large UCBs and NBFCs on adoption of Risk Based Internal Audit
(RBIA). This will enable the creation of an independent risk focused internal audit system.
• A decision was also taken on harmonizing the guidelines on appointment of Statutory Auditors for commercial
banks, UCBs and NBFCs. The new guidelines will enable SEs to appoint the audit firms as per their needs in a
timely, transparent and effective manner.
–RBI to undertake closer Scrutiny of Shadow Lenders, Local Banks
In bid to improve supervision of the financial sector, RBI will undertake closer scrutiny by implementing risk-based
audits of shadow lenders (intermediaries) and large UCBs that focus on localized lending.
• This decision comes after the deterioration of India’s financial sector that led to the bankruptcy of two major
finance firms and the rescue of a couple of banks.
• It is expected that bad loans will reach a two-decade high of 5% of credit by March, 2020.
–RBI to set digital payment security control rules
The central bank will also put in place minimum security standards for payment systems, following a surge in digital
transactions during the pandemic. This decision is aimed at ensuring that digital transactions such as Net banking
transfers, mobile banking, UPI, card payments etc. can be made more securely without the risk of fraud and failure
rate
• In this regard, the Central bank will issue Reserve Bank of India (Digital Payment Security Controls)
Directions, 2020 for regulated entities to set up a robust governance structure for such systems.
–RBI strengthens grievance redress framework of banks for better service
With a view to strengthen and improve the internal grievance redress mechanism of the banks and to provide better
customer service, it has been decided to put in place a comprehensive framework comprising the following:
• Enhanced disclosures on customer complaints

• Monetary disincentives in the form of recovery of cost of redress of complaints
• Undertaking intensive review of grievance redress mechanisms and supervisory action against regulated
entities failing to improve their redress mechanisms
The framework would be put in place during January 2021.
–RTGS to be 24/7, contactless card payment hiked to Rs 5,000 from Rs 2,000
RBI also announced to increase the limit for contactless card transactions and recurring payment mandates through
cards and unified payments interface (UPI) to Rs 5,000 from Rs 2,000 earlier from January 2021
• It also made real-time gross settlement (RTGS) transactions available on a 24×7 basis.
• RTGS is meant for large-value transactions. The minimum amount that can be remitted through RTGS is Rs 2
lakh with no upper limit.
• RBI had already allowed transfer of funds via National Electronic Funds Transfer (NEFT) system on a
24x7x365 basis from December 2019.
–RBI expects positive growth in second half of 2020-21
RBI expects the economy to record positive growth in the second half of the FY21. The economy contracted by
23.9%(-23.9%) in the first quarter and 7.5% in the second quarter on account of the COVID-19 pandemic. In October,
the RBI had projected the contraction in gross domestic product (GDP) at 9.5%.
–RBI projects 6.8% retail inflation in December quarter
RBI said retail inflation is likely to remain elevated and pegged it at 6.8 per cent for the third quarter of the current
fiscal. However, retail inflation is projected to be 5.8 per cent in the fourth quarter of 2020-21.
Static Points:
Repo Rate: It is the rate at which RBI lends money to commercial banks.
Reverse Repo rate: It is the rate at which RBI borrows money from commercial banks.
Cash Reserve Ratio (CRR): The share of net demand and time liabilities (deposits) that banks must maintain a cash
balance with the RBI.
Statutory Liquidity Ratio (SLR): The share of net demand and time liabilities (deposits) that banks must maintain in
safe and liquid assets, such as government securities, cash, and gold.
Bank Rate: It is the rate at which the RBI is ready to buy or rediscount bills of exchange or other commercial papers
for the long term.
i.In accordance with the latest data of Reserve Bank of India (RBI), between 2015-16 and 2019-20, digital payments
increased at a compounded annual growth rate of 55.1% from 593.61 crore in FY2015-16 to 3,434.56 crore in FY19-
20. In absolute terms, this value has grown from Rs 920.38 lakh crore to Rs 1,623.05 lakh crore during this period at
an annual compounded rate of 15.2%.
ii.On October 22, 2020, RBI issued the revised regulatory framework for housing finance companies (HFCs) under
which the minimum net owned funds (NOF) size for HFCs is fixed at Rs 25 crore.
About Reserve Bank of India (RBI):
Formation– 1 April 1935
Deputy Governors– 4 (Bibhu Prasad Kanungo, Mahesh Kumar Jain, Michael Debabrata Patra, M. Rajeshwar Rao)
ADB Approves a first of its kind $190 Million Loan for Bengaluru Smart Energy Efficient Power Distribution
Project
On December 4, 2020 The Asian Development Bank (ADB) approved a $190 million(over Rs 1,400 crore) loan for
the Bengaluru Smart Energy Efficient Power Distribution Project.
The loan amount includes a $100 million sovereign loan(public sector) and a $90 million without sovereign
guarantee loan or non sovereign loan(private sector) to Bangalore Electricity Supply Company Limited (BESCOM),
one of five state-owned distribution utilities and the largest in Karnataka.
• This is the first time that ADB offers a combination of sovereign and non sovereign loans to a state
government-owned enterprise.
• ADB for the 1st time deploys this combination on a pilot basis in India.

Objective of the Loan
To modernize and upgrade the power distribution system in Bengaluru, Karnataka.
About the Financing Structure
The financing structure minimises the sovereign exposure of BESCOM, while at the same time helps it to increase the
resources for capital expenditure using a market-based approach.
About the Project:
Convert Overhead Distribution Lines to Underground Cables
i.The project converts 7,200 kilometers (km) of overhead distribution lines to underground cables along with a
parallel installation of 2,800 km of fiber optic communication cables.
• About 30% of the technical and commercial losses due to natural hazards and interference will be reduced on
moving the distribution lines underground.
ii.The fiber optic cables will be used for smart metering systems, Distribution Automation System (DAS) in the
distribution grid, and other communication networks.
Installation of 1,700 Automated RMUs Adapted with a DAS
In order to monitor and control the distribution line switchgears from the control center, the project will
install 1,700 automated Ring Main Units(RMUs) that are adapted with a DAS
Benefits
i.This project will improve the efficient distribution and delivery of electricity supply to Bengaluru.
ii.It supports the strategy of the Government of India to create an energy efficient distribution network.
iii.The loan reinforces BESCOM’s capacity in operation and maintenance, environment and social safeguards, etc.,
Gist about Sovereign & Non Sovereign Loan:
Sovereign Loan:
i.Sovereign loan or debt means debt incurred by a government.
ii.It is often made by a financial institution to a government, often to a developing or emerging nation.
Non- Sovereign Loan:
i.Non-sovereign loans are not guaranteed by the national government.
ii.These loans are generally issued to finance schools, hospitals, highways, bridges, etc.
iii.This loan was issued to fund local budgets, or sometimes to fund projects such as the construction of railroads or
airports.
On 28th September 2020, The Asian Development Bank (ADB) signed an agreement to invest 15 million USD
(Rs.109.9 crore) in Avaada Energy Private Limited(AEPL) to support the company to scale the photovoltaic solar
energy generation capacity in India.
Formed– 1966
HDFC Life launches HDFC Life Click 2 Wealth ULIP Digital Campaign
On December 4, 2020 HDFC Life launched HDFC Life Click 2 Wealth ULIP(Unit Linked Insurance Plan) digital
campaign. The campaign focuses on the role of ULIPs as part of a wise financial plan.
• The campaign disproves the false myths surrounding the ULIP category.
• It also highlights the unique features of HDFC Click 2 Wealth plan, a A Unit Linked, Non-Participating, Life
Insurance Plan.
Note– HDFC Life aims to change the perspective of the customers about ULIPs, through the central message of
‘#SirfSafeNahiSmartBhiBano’.
About the Campaign
i.The campaign comprises 1 main and 2 short films, featuring 2 characters, namely Meet (myth) and Jeet (myth
burster).

ii.It will be promoted across all the social media channels, YouTube and digital platforms to ensure maximum reach
and visibility.
About HDFC Click 2 Wealth plan:
General Info
This product offers market linked returns and provides life protection to the customers.
It offers many benefits to create long term wealth and income streams.
Features
i.3 Plan options
This plan offers 3 Plan options. Customers can choose based on their Protection and Investment needs.
Invest Plus Option– For Insurance cum Investment
Premium Waiver Option-For dependents of the customer(financial responsibilities) on their absence
Golden Years Benefit Option– For whole life cover value at maturity. It is the right option as part of retirement
planning.
ii.Charges
Fund management charge will be charged to manage the customers’ funds. Mortality charges will be charged for
their life cover.
iii.Return of Mortality Charges(ROMC)
The total amount of mortality charges that were deducted, in respect of the insurance cover of Life Assured
throughout the policy will be added to the fund value, at the maturity date. ROMC is not applicable to all options.
What are ULIPs(Unit Linked Insurance Plans)?
It is a type of insurance that combines the benefit of insurance investment in a single plan. The investments made are
subject to risks associated with the capital markets.
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.
About HDFC Life:
It is formerly called as HDFC Standard Life Insurance Company Limited
Established- 2000
Joint Venture(JV)- HDFC Ltd., and Standard Life Aberdeen
Managing Director (MD) & Chief Executive Officer (CEO)– Vibha Padalkar
Tagline– Sar utha ke jiyo
KVGB Launches ‘Kirishi OD’ Scheme for Farmers

On December 5, 2020 Karnataka Vikas Grameena Bank (KVGB) launched ‘Kirishi OD(Overdraft)
scheme’ for farmers. The OD facility is given to farmers based on the value of the land.
‘Kirishi OD’ scheme was launched by Neeraja Kumara Verma, Chief General Manager of NABARD, in Dharwad,
Karnataka.
Need of the Scheme
To ease the difficulty faced by the farmers due to the uncontrolled weather, escalating natural disasters, and the
ongoing COVID-19 pandemic.
About Kirishi OD Scheme:
Limit
Under the scheme, the farmers can get a maximum amount of Rs 1.5 lakh per acre for irrigated lands and Rs 1 lakh
per acre for dry land.
Working capital requirements
This facility can be used for the Working Capital(WC) needs like to maintain the machinery and equipment, to repair
and replace the machinery, for agricultural allied activities and to repay the private loans availed for personal use.
Note– The credit flow is essential for the growth of the agriculture sector and Regional Rural Banks (RRBs).

About RRBs:
i.RRBs are Indian Scheduled Commercial Banks (Government Banks) that are operating at regional level in different
States of India.
ii.RRBs were established under the provisions of an Ordinance passed in September 1975 and the RRB Act 1976 on
the recommendations of the M. Narasimham Working Group.
iii.The 1st RRB in the country is Prathama Bank. It has its Head Office at Moradabad, Uttar Pradesh(UP). It is
sponsored by Syndicate Bank(Syndicate Bank was amalgamated into Canara Bank w.e.f 1st April 2020).
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.
About Karnataka Vikas Grameena Bank (KVGB):
It was formed by amalgamating 4 RRBs namely, Malaprabha Grameena Bank, Bijapur Grameena Bank, Varada
Grameena Bank and Netravathi Grameena Bank.
It is a scheduled bank owned by government of India
HeadOffice– Dharwad, Karnataka
Chairman– P Gopi Krishna
Formed– 12th September 2005
Sponsor Bank– Syndicate Bank(But Syndicate Bank was amalgamated into Canara Bank w.e.f 1st April 2020)
Uday Shankar elected as the President of FICCI;Succeeds Sangita Reddy

On 4th December, 2020 The Federation of Indian Chambers of Commerce and Industry (FICCI) elected Uday
Shankar as its President for the year 2020-21.He will succeed Sangita Reddy.Mr. Shankar is the first person from
the media and entertainment industry to lead a national industry chamber like FICCI.
About Uday Shankar
• Uday Shankar (58) is the outgoing president of The Walt Disney Company for Asia Pacific and the chairman of
Star and Disney India.
• He also serves as the Vice-President of FICCI.
• Created Hotstar, now globally expanded as Disney+ Hotstar.
• Earlier served as the President of Indian Broadcasting Federation (IBF) and chairman of FICCI’s Media and
Entertainment Committee.
• As the Editor and news director at TV Today Group, he launched Aaj Tak in 2000 and Headlines Today in
2003
About Federation of Indian Chambers of Commerce and Industry (FICCI):
Created on the advice of Mahatma Gandhi jointly by G. D. Birla and Purshottamdas Thakurdas
Established – 1927.
Headquarter- New Delhi, Delhi
Govt Launched QRMP scheme for GST Payers with Turnover upto Rs 5 cr
On December 5, 2020, the Central Government in exercise of the powers conferred under sub-section (1) of section
39 read with sub-section (7) of section 39 of the Central Goods and Services Tax Act, 2017 (12 of 2017) has initiated
the “Quarterly Return filing & Monthly Payment (QRMP)” scheme for small taxpayers under the GST System whose
aggregate annual turnover of up to Rs 5 crore in the preceding financial year. The notifications for the same were
issued by Central Board of Indirect Taxes and Customs (CBIC).
• The scheme allows the taxpayers to file GSTR-3B (sales) on a quarterly basis and pay tax every month
w.e.f. January 1, 2021.
• Under this, the registered person or a taxpayer will furnish a return for every quarter, under sub-rule (1) of
rule 61A of the Central Goods and Services Tax Rules, 2017 and pay the monthly tax under sub-section (7) of
section 39 of the same Act.
• After the above changes the act is named as the Central Goods and Services Tax (Thirteenth Amendment)
Rules, 2020.

• This scheme is optional and can be availed based on GSTIN (Goods and Services Tax Identification Number).
• It should be noted that the recommendation for the scheme was made by the GST Council in its 42nd meeting
held on October 5, 2020.
Eligibility: Taxpayers with Aggregate turnover of up to Rs 5cr and have filed their October GSTR-3B (sales) return by
Nov. 30, 2020.
Filing Process:
–A registered person who wants to file GSTR-3B quarterly should indicate the same on GST portal, from the 1st of the
second month of the preceding quarter until the last day of the first month of the quarter for which such option is
being exercised.
• In terms of rule 61A of the Central Goods and Services Tax Rules, 2017, a registered person can opt in for any
quarter from the first day of second month of preceding quarter to the last day of the first month of the
quarter.
• Quarterly GSTR-1 and GSTR-3B can also be filed through an SMS.
–Taxpayers can make GST payments through challan every month either by Self Assessment Method (SAM) or
through Fixed Sum Method (FSM) i.e. 35% of net cash liability of previous filed GSTR-3B of the quarter.
• Invoice Furnishing Facility (IFF): The taxpayers who opted for the QRMP scheme can use the Invoice
Furnishing Facility (IFF) which allows quarterly GSTR-1 filers to upload their invoices every month. However,
the IFF can be used only when a taxpayer whose turnover is up to Rs.1.5 crore.
–Once the registered person has opted for quarterly filing, he will have to continue to furnish his return every quarter
for all future tax periods
–In case the aggregate turnover exceeds 5 crore rupees during any quarter in the current financial year, the
registered person will not be eligible for the Scheme from the next quarter.
–Late fee under QRMP scheme: The late fee should be paid as follows if the quarterly GSTR-3B is not filed within
due date, subject to a maximum late fees of Rs 5,000.
Click Here for QRMP Scheme
i.On September 29, 2020, the President of India, Ram Nath Kovind gave his assent to the Taxation and Other Laws
(Relaxation and Amendment of Certain Provisions) Bill, 2020 which will amend 5 Acts viz. the Income-tax Act, 1961,
Central Goods and Services Tax Act, 2017, Finance Act, 2019, the Direct Tax Vivad se Vishwas Act, 2020 and the
Finance Act, 2020.
ii.In accordance with the latest study by OECD’s Global Forum on transparency and exchange of information for tax
purposes, referring to the period from July 2015 to June 2018, India was named among the top-three countries as EOI
(Exchange of Information) partners along with France and Germany.
About Central Board of Indirect Taxes and Customs (CBIC):
Chairman– M. Ajit Kumar
Parent Ministry– Ministry of Finance
Headquarter – New Delhi
PM Narendra Modi addressed IIT-2020 Global Summit

On 4th December, 2020 Prime Minister Narendra Modi virtually addressed the World’s largest virtual Summit- IIT-
2020 Global Summit on the inaugural day of the summit. The 2 day summit(4th & 5th December) is organised by
PanIIT USA.The summit is chaired by Sanjiv Goyal & Co-chaired by Witty Bindra.
Theme of the IIT-2020 Global Summit – “The Future is Now”.
About the IIT-2020 Global Summit:
i.The Summit will focus on issues like the global economy, technology, innovation, health, habitat conservation and
universal education.
ii.The summit also saw the participation of Union Minister of Education, Ramesh Pokhriyal ‘Nishank’ making
discussion on New Education Policy(NEP)-2020.
Highlights of PM’s Speech:
i.Government’s commitment towards the principle of “Reform, Perform, Transform”
ii.India’s move to Convert 44 Union labour laws into 4 codes.

iii.One of the Lowest corporate tax rates in the world, Production linked Incentive Scheme to enhance exports and
manufacturing.
iv.India’s recent host of the Vaibhav Summit to encourage top-quality talent in science and innovation
v.The PM urged the community to share ideas and inputs on the 75th Anniversary of India’s Independence day in
2022.
About IITs in India:
Indian Institute of Technology (IITs) are the premier autonomous public technical and research universities
located across India to provide world class Technical education.
First established- IIT Kharagpur, West Bengal in 1951.
Total Number of IITs- 23
About PanIIT USA:
Mission- Promote and enhance a common “IIT” brand for the IIT’s and its Alumni in the USA, helping alumni achieve
their professional and personal goals in the USA.
Chairman of IIT-2020 Global Summit- Sanjiv Goyal
President- Sundy Srinivasan
First Conference- 2003
CBIC Makes it Compulsory to Mention 8-digit HSN Code in GST Invoice for 49 Chemical-Based Products
On December 1, 2020 The Central Board of Indirect Taxes and Customs(CBIC) made it compulsory for a registered
person to mention the 8 digit HSN(Harmonised System of Nomenclature) code or tariff code for 49 chemical based
products at the time of issuing Goods and Services Tax (GST) invoice. It is to be noted that this is the first time a
specific category of suppliers are mandated to use 8 digit HSN Code on every invoice irrespective of the aggregate
turnover.
• This is effective from December 1, 2020.
• Currently, businesses mention up to 4-digit tariff code while issuing invoices.
Note
This change was made by CBIC, on the recommendations of the Council, in exercise of the powers conferred by the
first proviso to rule 46 of the Central Goods and Services Tax Rules, 2017.
Key Info
i.This change is expected to avoid classification disputes and reduce tax leakages.
ii.Following this change, the industry dealing in these goods needs to undertake HSN classification at 8 digit level for
their products along with requisite ERP (Enterprise Resource Planning) changes.
iii.The 49 chemical list include Dimethyl propylphosphonate, Dimethyl methylphosphonate, Trichloronitromethane
among others.
Gist About HSN:
• This system has been introduced for the purpose of systematic classification of goods all over the world.The
HSN code consists of 21 sections, 99 chapters, 1,244 headings and 5,224 subheadings.
• HSN Code in India, is internationally called as HS Code. HS Code was developed by the World Customs
Organization (WCO) and came into effect from 1988.
• India uses a 8 digit identification code, whereas, HS Code is a 6 digit identification number.
About World Customs Organization (WCO):
Members– 183(including India, which has been member of it since 1971)
Headquarters– Brussels, Belgium
Secretary General– Kunio Mikuriya (Japan)
Kotak Mahindra AMC Launched India’s 1st international REIT Fund of Funds
On December 7, 2020, Kotak Mahindra Asset Management Company Limited (KMAMC) or Kotak Mutual Fund
launched India’s first diversified REIT (Real Estate Investment Trusts) Mutual Fund namely “Kotak International REIT
Fund of Funds”. It is an open-ended mutual fund scheme that will invest in units of SMAM Asia REIT Sub Trust
Fund to provide long-term capital appreciation and income.

• The SMAM Asia REIT Sub Trust Fund is one of the largest Asia Pacific (Excluding Japan) REIT funds investing
in listed REITs in the Asia Pacific region. It is managed by Sumitomo Mitsui DS AMC Limited headquartered
in Tokyo, Japan.
• REIT owns, operates, or finances income-generating real estate i.e. it manages high value real estate property
portfolios.
Key Points:
–This mutual fund scheme will invest in real estate projects like residential, office, data centres, warehousing, retail
and hospitality.
–The New Fund Offer (NFO) for the same is open from December 7, 2020 till December 21, 2020.
–This fund offers an opportunity for domestic investors to get benefit from growth in the real estate market across
the Asia Pacific region without owning the entire asset.
i.On May 19, 2020, In view of the ongoing lockdown in the country due to Coronavirus (COVID-19), Kotak Mahindra
Bank has become the 1st bank in India to allow video Know your customer (KYC) facility for its customers opening
savings account (SA) on Kotak 811 platform.
ii.On 13th October 2020, Nilesh Shah, the Managing Director(MD) of Kotak Mutual Fund was re-elected as the
Chairman of the Association of Mutual Funds in India (AMFI).
About Kotak Mahindra Asset Management Company Limited (KMAMC):
Group President & Managing Director (MD)– Nilesh Shah
ICICI Bank Launched “iMobile Pay” App

On December 7, 2020, ICICI (Industrial Credit and Investment Corporation of India) Bank launched “iMobile Pay” app
offering payments and banking services for all i.e. customers of any bank can use this app.Bank claims that, iMobile
Pay is 1st of its kind app.
Key Features:
–It has all features of payment apps like scanning of QR (Quick Response) code for making payments, sending money
to any UPI ID, bank account, self, instant transfer of money free-of-cost to any bank account, payment app or digital
wallet.
–It can be used at a number of establishments including petrol pumps, grocery stores, restaurants, pharmacies,
hospitals, multiplexes and much more.
—Upcoming features: Paying utility bills, recharge mobile phones, check CIBIL score, book travel tickets, buy travel
and gift cards, invest in an FD (Fixed Deposit), RD (Recurring Deposit), mutual funds and insurances.
• There will be spends tracker also that will provide an overview of spends.
i.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.
ii.On 10th September 2020, ICICI Bank launched its comprehensive banking programme for the Startups named
“iStartup 2.0” which will support the requirements of the startups like regulatory assistance, analytics, staffing,
acquisition and digital outreach of customers.
About ICICI Bank:
Managing Director (MD) and Chief Executive Officer (CEO) – Sandeep Bakhshi
Tagline– Hum Hai Na, Khayal Apka
Virtual Assistant– iPal

NBCFDC, NSFDC sign MoA with Central Bank of India to implement VISVAS Yojana
On December 7, 2020, National Backward Classes Finance & Development Corporation (NBCFDC) & National
Scheduled Castes Finance and Development Corporation (NSFDC) signed a Memorandum of Agreement (MoA) with
Central Bank of India for implementation of ‘Vanchit Ikai Samooh aur Vargon ki Aarthik Sahayta (VISVAS) Yojana’
– an Interest Subvention Scheme of the Ministry of Social Justice & Empowerment, Government of India. With the
signing of the agreement, interest subvention for the beneficiaries under the VISVAS Yojana will be provided through
Central Bank of India.
Note: –
Interest Subvention means Government paying part of the Interest on a Loan.
MoA signed by:
i.The MoA was signed by V K Mahendru, Field General Manager on the behalf of Central Bank of India & Anupama
Sood, General Manager (Projects), on behalf of NBCFDC & Devanand, Chief General Manager on behalf of NSFDC.
ii.The MoAs were signed in the presence of K. Narayan, Managing Director NBCFDC, Chairman cum Managing
Director of NSFDC.
‘Vanchit Ikai Samooh aur Vargon ki Aarthik Sahayta (VISVAS)’ Yojana:
Launched by:
Launched by the Ministry of Social Justice & Empowerment in September 2020, the scheme has set a target to provide
benefits to around 3.28 Lakh People in the 2020-21 financial year.
Objective:
The objective of the scheme is to reduce the Interest burden on the Underprivileged sections of SCs & OBCs.
Interest Subvention rate:
i.The Scheme aims to provide OBC/SC SHGs of loans/borrowings of up to INR 4 Lakh & OBC/SC Individuals with
loans/borrowings of up to INR 2 Lakh with an interest subvention benefit of 5%.
ii.The benefit will be transferred directly into the standard accounts of beneficiaries and is expected to benefit
entrepreneurs all over India.
Key Points:
i.The Government of India (GoI) has identified around 3, 28, 500 beneficiaries for the scheme
ii.SC or OBC Households with an Annual Income of up to INR 3 Lakh are eligible for the scheme.
iii.For the purpose of the scheme, GoI has infused INR 65 Crores to enable 5% interest subvention to small loans
extended to SCs & OBCs households worth INR 1, 075 crores.
iv.GoI aims to run the scheme till 2024-25, but has given approval for only one financial year – 2020-21.
i.September 7, 2020 Thaawarchand Gehlot, Union Minister for Social Justice and Empowerment has launched the
24×7 Toll-Free Mental Health Rehabilitation Helpline “KIRAN”
About National Backward Classes Finance & Development Corporation (NBCFDC):
Managing Director – K. Narayan
Headquarters – New Delhi
About National Scheduled Castes Finance and Development Corporation (NSFDC):
Chairman cum Managing Director – K. Narayan
Headquarters – New Delhi
About Ministry of Social Justice & Empowerment:
Union Minister – Thaawarchand Gehlot
Minister of State – Krishan Pal Gurjar, Ramdas Athawale, Rattan Lal Kataria
About Central Bank of India:
Managing Director & Chief Executive Officer – Pallav Mohapatra
Headquarters – Mumbai, Maharashtra
Ujjivan Small Finance Bank Introduces ‘Money Mitra’, a Neighbourhood Banking Channel For its Customers
On December 7, 2020 Ujjivan Small Finance Bank(SFB) Ltd introduced ‘Money Mitra’, a new channel, to make
banking services accessible to its customers in their neighbourhood.

Money Mitra facilitates entrepreneurs of local businesses like kirana / medical stores or Insurance agencies to offer
retail banking solutions to Ujjivan SFB customers exclusively.
Need
To facilitate banking services in nearby neighbourhoods to its customers and ensure safe and secure transactions,
particulaty for customers who currently use feature phones for banking or avoid travelling long distance to branches.
Note- Money Mitra is expected to be in accordance with Ujjivan SFB’s purpose to build banking behaviour among its
micro banking customers.
Key Info
• Currently, Ujjivan SFB has established over 100 Money Mitra outlets across the country.
• It also intends to scale up further this concept and penetrate markets that currently have no experienced retail
banking.
Benefits of Money Mitra
i.Ujjivan SFB customers can make a deposit, withdraw money, pay Loan EMI(Equated Monthly Installments) and
transfer funds without the need to visit the branch, at the Money Mitra outlets.
ii.This initiative will accelerate Ujjivan SFB’s overall drive to promote financial literacy and inclusion, as this SFB
encourages its customers to take their banking solutions.
iii.With this initiative, Ujjivan SFB customers can choose banking facilities to buy daily essentials in their
neighbourhood
Additional Info
Ujjivan SFB, aims to increase its footprints across markets, with this concept to offer a convenient banking solution to
its customers.
Gist About SFB:
i.SFBc is a type of niche bank in India.
ii.The banks with a small finance bank license provide basic banking service of acceptance of deposits and lending.
iii.Capital Small Finance Bank, India’s 1st SFB was launched in April 2016. It is headquartered in Jalandhar, Punjab.
National Payment Corporation of India (NPCI) has launched ‘nth Rewards’, a business intelligence and analytics
enabled omni-channel multi-branded loyalty platform. This platform enables users to earn ‘nth’ (denoting infinite
possibilities) points through various bank transactions and redeem them instantly on various products, such as e-
vouchers, donations, hotel and flight bookings.
About Ujjivan Small Finance Bank Limited:
It is a wholly owned subsidiary of Ujjivan Financial Services Ltd. It is included in the Second Schedule to the Reserve
Bank of India Act, 1934.
Commenced operations as a Small Finance Bank– February 1, 2017
License– Reserve Bank of India(RBI) issued a licence to the bank under Section 22 (1) of the Banking Regulation Act,
1949
Managing Director(MD) and Chief Executive Officer(CEO)– Nitin Chugh
Headquarters– Bengaluru(Bangalore), Karnataka
Bank of Baroda Launches Atmanirbhar Women Scheme

On December 7, 2020 Sanjiv Chadha, Managing Director(MD) and Chief Executive Officer(CEO) of Bank of
Baroda (BoB) launched ‘Atmanirbhar Women Scheme’ virtually at BOB’s Ramamurthy Nagar branch, Bengaluru,
Karnataka.
• This launch is part of the bank’s Baroda Gold Loan.
• The launch was also made simultaneously in 18 branches coming under 18 zones in India.
Purpose of Atmanirbhar Women Scheme- To help women to be self reliant
About Atmanirbhar Women Scheme:
i.Women can get loans at 0.50% concession, under this scheme.
ii.In addition to this, the bank also offers agri-gold loan at 0.25% concession and retail loan at 0.50% concession,
under this scheme.

Points to be Noted
• BoB was founded on 20 July 1908, by Maharaja Sayajirao Gaekwad III of Baroda.
• It is a State-owned banking and financial services organization.
• The Bank has sponsored 3 Regional Rural Banks(RRBs) namely Baroda Uttar Pradesh Gramin Bank, Baroda
Rajasthan Gramin Bank and Baroda Gujarat Gramin Bank.
On October 1, 2020 Indian Bank introduced Kisan credit card loan scheme for fishermen in TamilNadu. Under this
scheme, loans up to Rs 2 lakh as working capital can be availed with 7% interest rate. This loan will be provided
under the MUDRA scheme. The borrowers will be given a Rupay Kisan Credit Card.
About Bank of Baroda(BoB):
HeadOffice– Vadodara(earlier known as Baroda), Gujarat
Managing Director(MD) and Chief Executive Officer(CEO)– Sanjiv Chadha
Established– 20 July 1908
Tagline– India’s International Bank
ADB Approves a $2.5 million Technical Assistance to Help Improve Advanced Biofuel Production in India
On December 7, 2020 The Asian Development Bank (ADB) has approved a $2.5 million (about Rs 18 crore)
Technical Assistance(TA) to support advanced biofuel development in India. This grant is funded from the Asia
Clean Energy Fund, financed by the Government of Japan under the Clean Energy Financing Partnership Facility, and
the Republic of Korea’s e-Asia and Knowledge Partnership Fund.
Objective of TA
To Help Improve Advanced Biofuel Production in India
Need of TA
To help address the technical and financial barriers that discourage the commercial production of biofuels and
prepare for advanced biofuels’ commercial application and large-scale production.
ADB Supports National Policy on Biofuels
i.With this commitment, ADB supports the National Policy on Biofuels of Government of India, which was established
in 2018.
ii.This is to promote the advanced biofuel market that will tackle waste, reinforce energy independence, create new
industries and jobs, and mitigate global warming
ADB’s Collaboration to Enhance Advanced Biofuel Investments
i.As part of the approval, ADB to enhance the advanced biofuel investments, will collaborate with the Ministry of
Petroleum and Natural Gas(MoPNG), the Oil Industry Development Board, and public financial institutions, like
Indian Renewable Energy Development Agency Ltd(IREDA) and the National Bank for Agriculture and Rural
Development(NABARD).
ii.ADB will also work with public oil companies, including the Indian Oil Corporation Limited(IOCL) and the
Hindustan Petroleum Corporation Limited(HPCL).
About TA:
i.It will take a cross-sector approach to deal with various issues like energy security, transport mobility, agribusiness,
financial stability, air and water pollution, waste disposal, public health, climate change, and the urban–rural divide.
ii.In order to demonstrate the best practices for suitable feedstock, efficient conversion technology, and sustainable
biofuel value chain, TA will support the development of advanced bioethanol, bio-compressed natural gas, and
biodiesel plants.
iii.TA, in order to promote empowerment of rural women in agriculture, will support to incorporate gender
mainstreaming design in the feedstock value chain
About Advanced Biofuels:
Advanced Biofuels can be produced using Novel Technology
Advanced (or second-generation) biofuels can be produced from non-edible sources like agricultural residue,
municipal solid waste, and used cooking oil, using the novel technology.

Benefits
• They can be used as bioethanol, biogas, and biodiesel for energy, transport, manufacturing, and medical
purposes.
• This renewable energy minimises the net greenhouse gas emission without posing threat to food security.
• The advanced biofuels has the potential to provide simultaneous solutions to address energy security, waste
recycling, climate change, and air pollution reduction.
• The effective collection and sales of agricultural waste as feedstock for biofuels, will add to the income of rural
farmers and will also stop the need to burn crop waste.
Note– India has a huge amount of waste, but crop burning causes severe air pollution.
Gist about National Policy on Biofuels:
• It was introduced in 2009.
• The main objective of the policy is to take forward the Ministry of New and Renewable Energy(MNRE)’s target
to achieve 20% blending of ethanol in petrol and 5% blending of biodiesel in diesel by 2030.
i.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.
ii.On 28th September 2020, The Asian Development Bank (ADB) signed an agreement to invest 15 million USD
(Rs.109.9 crore) in Avaada Energy Private Limited(AEPL) to support the company to scale the photovoltaic solar
energy generation capacity in India.
Formed– 1966
ICICI Lombard and Plum Partners to Co-Create India’s 1st Technologically Powered Group Health Insurance
Products
On December 7, 2020 ICICI Lombard General Insurance Limited partnered with Plum Benefits Private
Limited to co-create India’s first technologically backed group health insurance products.
Aim– To offer employers and employees flexibility, transparent pricing, and exceptional healthcare experience.
Points to be Noted
ICICI Lombard and Plum, with use of the latest technologies, aims to solve 4 major areas of group health insurance
namely, real time pricing, onboarding, policy management and claims.
Benefits of the Partnership
The following are the benefits of the partnership. Each of the 4 products mentioned below are industry-first for
corporates.
i.Automated processes Built to reduce the time to receive price estimates
• ICICI Lombard and Plum in collaboration, have built automated processes around data cleaning, validation,
fraud detection, and underwriting.
• This will reduce the time taken by a company to receive price estimates for a group health insurance policy
from 5 days to a few minutes.
• This will minimise the overall time from an average of a month to less than an hour.
ii.Digital onboarding process
• ICICI Lombard and Plum have jointly worked to ensure that employees are onboarded immediately upon
purchase of group policy.
• Employees are taken through a digital onboarding process in which they understand insurance benefits in
simple English (rather than a long legal document).
iii.Activate Health Insurance of employees
• ICICI Lombard and Plum have built a real-time endorsement product that enables organisations to activate the
health insurance of employees upon they join the company.
• In other words, the employees need not have to wait to get a health ID card anymore.

iv.Building an online claims submission tool
• ICICI Lombard and Plum are building an online claims submission tool for employees along with a real time
tracking system.
• This will provide a seamless claims experience, that is one of the most crucial elements of any insurance.
Key Info
i.More than 100 companies have been on boarded by ICICI Lombard and Plum jointly within the 1st 6 months of the
launch.
ii.These companies include startups like Fampay, StayAbode, Posist, Jiny, Revv and companies like Lambda Group,
Sunidhi Group
Statistics Regarding Health Insurance
i.The penetration of health insurance across India is low, with 0.29% of GDP(Gross Domestic Product) being spent on
the health sector.
ii.Only 2% of the total healthcare expenditure is currently covered by insurance providers.
iii.Group health insurance market, covers about 15% of the overall insured population and witnesses 25% year over
year growth.
iv.India’s group insurance health market is forecasted to grow to Rs 100,000 crores by 2025 and will also see an
increase in innovative insurance products that are not available in advanced markets.
i.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.
ii.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.
About ICICI Lombard General Insurance Co. Ltd:
Managing Director(MD) and Chief Executive Officer(CEO)– Bhargav Dasgupta
Established– 2001
About Plum Benefits Private Limited:
HeadQuarters– Bengaluru, Karnataka
Co-Founder & CEO– Abhishek Poddar
Founded– 2019
Fitch revised India GDP forecast for FY21 to -9.4% from -10.5%
On December 8, 2020, Fitch Ratings in its recent Global Economic Outlook-December 2020 upgraded the India’s
Gross Domestic Product (GDP) forecast to – 9.4% in FY21 from a previously projected contraction of 10.5%(-10.5%).
• This revision took place after a great economic push from the coronavirus-induced recession in Q2FY21 (July-
September).
• The Fitch projections regarding GDP for FY22 and FY23 remained unchanged at 11% and 6.3% respectively. In
FY20, there was a GDP growth of 4.2%.
Key Points:
–The consumer price inflation was projected at 4.9% in FY21 and 3.5% in FY22.
–On the global front, it projected a decline in GDP at -3.7% in FY20 compared to -4.4% in the September projection.
–It also revised its annual world GDP growth forecast for FY22 to 5.3% (from 5.2 per cent).
UBS Principal Capital Asia Ltd Sells Over 20 lakh shares of IndusInd Bank Ltd Worth Rs 184.51 crore
On December 4, 2020 UBS Principal Capital Asia Ltd. sold 20,70,000 shares of IndusInd Bank Ltd through open
market transaction. The shares were sold at an average price of Rs 891.4 a piece, valuing the transaction at Rs
184.51 crore. BofA Securities Europe SA purchased the shares of IndusInd Bank at the same price. As per the

shareholding data of IndusInd Bank for September quarter 2020, UBS Principal Capital Asia held 3.22% stake in the
bank as a public shareholder.
ADB Approved US$300 mn Loan for Primary Health Care Program in Urban Areas; $2mn Additional Grant for
its Implementation
On December 8, 2020, the Asian Development Bank (ADB) approved USD 300 million (about Rs 2,200 crore) loan
for Strengthening Comprehensive Primary Health Care in Urban Areas Program in India. In addition to the loan,
a $2 million technical assistance grant was also provided from ADB’s Japan Fund for Poverty Reduction to provide
technical support for program implementation.
Aim: The program involving all levels of governance viz. Central, State, and Municipal will strengthen, upgrade, and
increase the number of functional health and wellness centers in 13 states. It also aims to address COVID-19
challenges and to ensure equitable access and continuous provision of nonCOVID-19 health services.
• The program will support the Ayushman Bharat (the Healthy India initiative) Health and Wellness Centres
(AB-HWC) and Pradhan Mantri – Atmanirbhar Swasth Bharat Yojana (PM-ASBY).
• The 13 states are Andhra Pradesh, Assam, Chhattisgarh, Gujarat, Haryana, Jharkhand, Karnataka, Madhya
Pradesh, Maharashtra, Rajasthan, Tamil Nadu, Telangana, and West Bengal.
Key Points:
–It will conduct awareness and education campaigns on health and nutrition, including preventive measures and
strategies.
–It will also look after the physical and mental health and wellbeing of beneficiaries.
–It will benefit an estimated 256 million urban residents. , including 51 million from the slum
Reason behind the Program:
The COVID-19 pandemic has revealed that the Indian healthcare system is lacking behind even after the initiation of
favorable schemes by the Government. Taking this into consideration India launched Rs 65,560.98 crore PM-ASBY in
September 2020. Now in order to support it, the ADB funded above mentioned program was launched.
i.On November 3, 2020 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.
ii.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.
Headquarters– Mandaluyong City, Manila, Philippines
Membership– 68 countries (Including India)
RBI Cancelled Licence of Karad Janata Sahakari Bank , Maharashtra

On December 8, 2020, Reserve Bank of India (RBI) cancelled the licence of The Karad Janata Sahakari Bank Ltd.,
Karad, Maharashtra to carry on banking business, which includes acceptance of deposits and repayment of deposits
as defined in Section 5(b) read with Section 56 of the Banking Regulation Act, 1949 with effect from the close of
business on December 7, 2020.
• The bank was under All Inclusive Directions since November 07, 2017.
• On liquidation, every depositor is entitled to repayment of deposits up to a monetary ceiling of Rs
5,00,000 from the Deposit Insurance and Credit Guarantee Corporation (DICGC), as per the DICGC Act, 1961.
More than 99% of the depositors of the bank will get full payment of their deposits from DICGC.
Reason behind License Cancellation:
–The bank does not comply with the provisions of section 11(1) and section 22 (3) (d) read with section 56 of the
Banking Regulation Act, 1949 as it does not have adequate capital and earning prospects.
–It also failed to comply with the requirements of section 22(3) (a), 22 (3) (b), 22(3)(c), 22(3) (d) and 22(3)(e) read

with section 56 of the Banking Regulation Act, 1949;
–To save the public interest as its present financial position is unable to pay its present depositors in full.
About Deposit Insurance and Credit Guarantee Corporation:
Executive Director– Pammi Vijaya Kumar
Headquarter– Mumbai, Maharshatra
Federal Bank Enters into an Online Rupee Remittance Tie-up with OrbitRemit Limited to Facilitate Money
Transfer from New Zealand to India
On December 8, 2020 Federal Bank Ltd entered into an online Rupee remittance tie-up with OrbitRemit Limited.
This partnership will facilitate Non-Resident Indians(NRIs) and small businesses in New Zealand to transfer money to
India in a modern, low cost, fast, easy and more reliable way.
Highlights of the Service:
• Registration : To avail this service, a One-time registration process is required.
• Usage of OrbitRemit’ App and online platform : NRIs in New Zealand can also make use of the mobile app of
OrbitRemit and an online platform to transfer money to India.
• Beneficiary in India will get the funds real-time.
• Cost:The cost for the service is about NZD(New Zealand Dollar) 4 for one transaction irrespective of the
remittance amount and with the best exchange rates in the market.
• Substantial Savings:Customers also get substantial savings on using this new platform
Key Info
Currently Federal Bank processes over 17% of the personal inward remittances into India. It has around 90
remittance arrangements across the globe.
OrbitRemit Limited is a full-service provider based out of New Zealand, it also has its presence in other countries like
Australia & UK (United Kingdom).
It currently provides remittance services to around 39 countries worldwide.
What is Remittance?
Remittance refers to an amount of money that is sent or transferred from one to another party. The term is derived
from the word remit, which means ‘to send back’.
General Info about Federal Bank Ltd:
• The bank was incorporated on April 23, 1931 as the Travancore Federal Bank Limited, Nedumpuram,
Kerala under the Travancore Companies Regulation, 1916.
• The name of the bank was changed to The Federal Bank Limited on December 2, 1949.
• It was licensed under the Banking Regulation Act, 1949, on July 11, 1959.
• It became a scheduled commercial bank under the Second Schedule of Reserve Bank of India Act, 1934 on July
20, 1970
SBM Bank (India) Limited (SBM Bank India)has collaborated with InstaReM to enhance the existing outbound
remittance service offerings from India, including introduction of new remittance corridors, increased frequency of
transactions for outbound Transactions and improved delivery timings for transfers.
About Federal Bank Ltd :
Headquarters– Aluva, Kerala
Managing Director(MD) & Chief Executive Officer(CEO)– Mr. Shyam Srinivasan
Tagline – Your Perfect Banking Partner
Incorporated– April 23, 1931 as the Travancore Federal Bank Limited, Nedumpuram, Kerala under the Travancore
Companies Regulation, 1916.
About OrbitRemit Limited:
CEO and Founder– Robbie Sampson
HeadQuarters– NewZealand

ICICI Bank Becomes Designated Bank for all financial transactions under NHM in WB
ICICI (Industrial Credit and Investment Corporation of India) Bank won the mandate to be the designated financial
institution for all monetary transactions under National Health Mission (NHM) in West Bengal (WB) as it quoted the
lowest bid.
• This is on the lines of WB government decision of implementing a single bank account system for NHM. Under
this, all financial transactions will be conducted through online software, integrated with bank accounts.
About National Health Mission (NHM):
Launched in 2013, the NHM encompasses its two Sub-Missions viz. National Rural Health Mission (NRHM) and
National Urban Health Mission (NUHM). Its components include Health System Strengthening, Reproductive-
Maternal- Neonatal-Child and Adolescent Health (RMNCH+A), and Communicable and Non-Communicable Diseases.
• The mission was extended by Cabinet in 2018 with effect from 1st April 2017 to 31st March 2020.
• It is operated under the Ministry of Health and Family Welfare (MoH&FW).
About West Bengal (WB):
Chief Minister (CM)– Mamata Banerjee
Capital– Kolkata
Governor– Jagdeep Dhankhar
Finance Minister of India Nirmala Sitharaman Ranked 41 in the World’s 100 Most Powerful Women 2020 by
Forbes
Finance Minister of India, Nirmala Sitharaman made it to the World’s 100 most powerful women list
2020 announced in the 17th annual Forbes power list. She ranked in 41st position. This is the second time she
features in the list, in 2019, she ranked at 34 .
i.India’s leading Business women, Kiran Mazumdar-Shaw, Chairman of Biocon Limited also featured in the list
at 68th position.
ii.The list also saw the biggest jump in ranking to 3rd position by Kamala Harris, Vice President Elect of USA, and
Prime Minister of Bangladesh, Sheikh Hasina Wajed is ranked at 39.
Rank Personality Profession
41 Nirmala Sitharaman Finance Minister of India
68 Kiran Mazumdar-Shaw Founder, Chair and Managing Director, Biocon Ltd.
1 Angela Merkel Chancellor, Germany
2 Christine Lagarde President, European Central Bank
3 Kamala Harris Vice President-elect, United States
4 Ursula von der Leyen President, European Commission, European Union
5 Melinda Gates Co-Chair, Bill & Melinda Gates Foundation
6 Mary Barra CEO, General Motors
7 Nancy Pelosi Speaker, House of Representatives, United States
8 Ana Patricia Botín Executive Chairman, Santander
9 Abigail Johnson Chairman of Fidelity Investments
10 Gail Boudreaux CEO of Anthem
About Nirmala Sitharaman:
• In 2017, She became the 2nd Women Defence Minister of India, only after Former Prime Minister Indira
Gandhi. She was the 1st full time Defence Minister of India.
• She became India’s Minister of Finance and Corporate Affairs in 2019. She was the 1st full time Finance
Minister of India.
• Received Distinguished Alumni award from Jawaharlal Nehru University.
About Kiran Mazumdar-Shaw:
i.The 68 year old is India’s richest selfmade business women.

ii.Founded India’s largest listed biopharmaceutical firm Biocon Ltd., in 1978.
iii.Ranked 27th in India’s Richest 2020 list by forbes
i.Virat Kohli, Indian Cricket Team Captain becomes the only cricketer and the only Indian to feature in the Forbes’
Top 100 highest paid athletes of 2020.Kohli ranked 66 with Forbes Magazine estimated earning of around 26 million
USD.
ii.Akshay Kumar ranked 52nd, the only Indian on the list, Kylie Jenner tops: Forbes 100 world’s highest-paid
celebrities 2020.
About Forbes:
103 year old American Business Magazine, issued weekly.
Editor in Chief- Steve Forbes
First issued in September, 1917
HDFC Bank invests in smallcase Technologies

HDFC Bank has invested an undisclosed amount in Smallcase Technologies, and bought a minority stake, as part
of a recent Series B fund-raise of $14 million by the Bengaluru-based fintech startup. The five-year old startup
operates in the capital markets infrastructure space and works with businesses to help individuals invest in simple
and transparent products called smallcases.
NE states, UP, Bihar top in pandemic management: SBI Study

According to a study conducted by State Bank of India (SBI) Research, North-Eastern (NE) states (All NE states
combined as one) topped the list of states in managing Pandemic, Bihar came second, followed by Uttar Pradesh.
Rajasthan, Maharashtra and Himachal Pradesh were placed at the bottom. Soumya Kanti Ghosh, SBI Group Chief
Economic Advisor was the author of the report. They were ranked based on 2 parameters – i.macro (Fiscal deficit)
& Consumer Price Inflation, ii.5 performance of states on Central Government Schemes (one nation one ration
card, PM Svanidhi, PM Samman, emergency credit linked guarantee scheme and PM Awas Yojana).
RBL Bank & ICICI Prudential Life Insurance Enters into a Bancassurance Partnership to Offer Life Insurance
Products
On December 9, 2020 RBL Bank Ltd & ICICI Prudential Life Insurance Ltd entered into a bancassurance
partnership to offer a range of life insurance products, i.e., protection and long-term savings products of ICICI
Prudential Life to the customers of RBL Bank.
i.This partnership will allow more than 8.7 million customers of RBL Bank to access and purchase ICICI Prudential
Life’s customer-centric protection and long-term savings products.
ii.It provides financial security to the customers and their families through life insurance cover.
iii.It will deepen and strengthen the multi-channel distribution network of ICICI Prudential Life.
iv.It will also accelerate the value creation for the bank and ICICI Prudential Life
About Products of ICICI Prudential Life Insurance”
Distribution
• The products of ICICI Prudential Life will be distributed by RBL Bank through its network of 398 branches
spread across 28 states.
• In addition to this, RBL bank will distribute the products through it’s internet and mobile banking touch-
points.
Benefits
• The protection products of ICICI Prudential Life will help the bank’s customers to develop a strong financial
plan and its long-term savings products will help the customers of the bank to achieve their financial goals.
Key Info:
It is expected that the range of products of ICICI Prudential Life will complement the offerings of the bank.

What is Bancassurance?
It is and arrangement between a bank and an insurance company, wherein the bank sells the tied insurance
company’s insurance products to its clients
Additional Info:
i.In recent times a lot of new insurance products are being introduced in the market and many partnerships are
executed for insurance products.
ii.This is because there is a growing awareness among customers about the protection and also the need to secure
financially themselves and their families following the pandemic.
Highlights about RBL Bank Ltd
i.ICICI Prudential Life Insurance is the 1st private life insurance company to cross the Rs 1 trillion mark for Assets
under Management (AUM).
ii.It has been ranked as one of the most valuable brands in India seven times by BrandZ.
iii.RBL Bank is one of the fastest growing private sector banks of India with an expanding presence across the
country.
ICICI (Industrial Credit and Investment Corporation of India) Lombard Insurance Company Ltd has entered into a
Bancassurance tie-up with Yes Bank to sell its insurance products. Through this agreement, ICICI Lombard aims to
offer innovative insurance solutions to Yes Bank’s Customers across 28 States and 8 Union Territories.
About RBL Bank Ltd:
Incorporated in – 1943 under the Indian Companies Act, 1913
Managing Director (MD) and Chief Executive Officer (CEO)– Vishwavir Ahuja
Tagline– Apno Ka Bank
The bank’s name was changed from ‘The Ratnakar Bank Limited’ to ‘RBL Bank Limited’ in August 2014.
About ICICI Prudential Life Insurance Ltd:
It is promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited.
Commenced Operations– 2001
HeadOffice– Mumbai, Maharashtra
MD & CEO– N S Kannan
Max Life Launches ‘Max Life Critical Illness and Disability Rider’, a Health Insurance Rider and ‘Max Fit’, a
Wellness App
On December 9, 2020 Max Life Insurance Company Limited launched ‘Max Life Critical Illness and Disability
Rider’ is a health insurance rider that offers customers protection from upto 64 critical illnesses. The company also
launched ‘Max Fit’ , a comprehensive wellness programme(app).
Purpose of Launch
The health insurance rider and the wellness app has been launched to address the health coverage needs of the
policyholders to ensure that they continue to be fit, protected and happy.
About ‘Max Life Critical Illness and Disability Rider’
Variants
The rider has 5 variants namely:
Gold variant– A Total of 22 critical illnesses is covered (one minor, 21 major).
Gold Plus Variant– In addition to the critical illness covered in gold variant Total and Permanent Disability (TPD) is
also covered.
Platinum variant– A total of 64 critical illnesses is covered (five minor, 59 major).
Platinum Plus variant-In addition to the critical illness covered in platinum variant, TPD is also covered
TPDVariant– TPD refers to the occurrence of any of the conditions as mentioned in the rider caused due to
accidental bodily injury, sickness, or disease.
Flexible Payment Options
• It has flexible payment options, where one can choose for limited pay or regular pay option as per the base
plan.

• It can be attached to 11 of the existing products of Max Life ranging from term plans and saving plans to
monthly income plans, etc.,
Age limit
The minimum age is 18 and maximum is 65 to get this rider. The maximum maturity age differs from one variant to
another.
Benefits
The customer will get the benefits under this rider along with the base life insurance policy benefits.
About Max Fit:
Features
i.It has features like wellness assessment score, medicine reminder, daily health tips, digitized access to all health
reports.
ii.In addition to this, a wellness calculator is also available for illnesses such as diabetes, heart diseases, stress,
anxiety, etc.
Discount Available based on number of healthy weeks accumulated
i.If a person records a minimum of 50,000 steps on the app, he/she can accumulate ‘one Healthy Week’ in a week
(subject to maximum 15,000 steps per day ).
ii.On the basis of the number of healthy weeks accumulated, the life insured at the time of renewal, is eligible for a
discount (up to 10%) on rider premium.
iii.The app is in line with Max Life’s brand philosophy of “#YouAreTheDifference”.
Points to be Noted
i.It is a Joint Venture(JV) between Max Financial Services Ltd(MFSL) and Mitsui Sumitomo Insurance (MSI) Company
Ltd
ii.Presently MFSL holds 72.5% stake in Max Life and MSI owns 25.5% stake.
iii.Recently, the Department of Economic Affairs(DEA), Ministry of Finance(MoF) gave approval for a swap of 20.57%
stake by MSI Company Ltd that it holds in Max Life with a 21.87% stake in MFSL.
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.
About Max Life Insurance Company Ltd:
It was formerly known as Max New York Life Insurance Company Limited
MD & CEO– Prashant Tripathy
Joint Venture– Max Financial Services and Mitsui Sumitomo Insurance Company.
Formed– 2000
IRDAI proposes a cap of Rs 1 cr in draft norms on Standard Accident Insurance Policies

On December 10, 2020, Insurance Regulatory and Development Authority of India (IRDAI) issued draft guidelines on
standard personal accident insurance policies. Under them, the insurance watchdog has recommended that all
general and standalone health insurers will have to offer this product from April 1, 2021.
• It will be offered on an individual basis and act as a standard product with common coverage across the sector.
Key Features:
–The minimum and maximum entry age has been kept at 18 years and 70 years, respectively. The policyholder can
pay premiums yearly, half-yearly, quarterly, or monthly.
–It will have a minimum sum insured of Rs 2.5 lakh and a maximum of Rs 1 crore.
–There will be a proposed payout equal to 100% of the sum insured in case of death or permanent total disablement
because of the accident.
–For permanent partial disablement, the payout percentage will vary according to the type of disablement.
–The optional cover will also pay out up to 10% of the base sum insured for hospitalization for a minimum of 24
hours as the result of an accident.

About Insurance Regulatory and Development Authority of India (IRDAI):
Establishment– 1999 (Incorporated as a statutory body in April, 2000)
Chairman– Subhash Chandra Khuntia
Headquarter– Hyderabad, Telangana
SBI General Insurance Enters into Strategic Partnership with Mahindra Insurance Brokers to Increase
Insurance Penetration in Rural India
On December 9, 2020 SBI General Insurance Company Limited entered into a strategic partnership with Mahindra
Insurance Brokers Ltd. (MIBL) to increase the insurance penetration in tier 2 & 3 cities(Rural Indian Cities ). MIBL
has collaborated with SBI General Insurance under its ‘Sajhedaari program’.
Objective-To increase insurance penetration in the under-served and under-penetrated rural areas of India.
About the Association
i.This association enables the company to offer health insurance cover to people in tier-II and III cities and also
generate employment.
ii.Through this association SBI General Insurance and MIBL will empower people with knowledge about health
insurance policies and its access.
iii.This association marks a notable milestone for SBI General in realizing its vision to become the most trusted
general insurer for a transforming India.
iv.As per the Insurance Regulatory and Development Authority, insurance penetration in India is only 11% and in
rural areas, it is lesser than 10%
About Sajhedaari program:
i.It is a unique partnership program designed to identify, train and develop a team of certified Point of Sales Persons
(PoSPs) to distribute insurance through a combination of physical and digital (phygital) modes.
ii.It will also enable deeper insurance penetration in India.
iii.The PoSP model is regulated by the Insurance Regulatory and Development Authority of India (IRDAI).
iv.It aims to train more than 1 lakh people as PoSP across India by 2023 to sell insurance using end-to-end digital
processes.
Other Partnership of SBI General & MIBL
• SBI General has partnered with MIBL for the new car, commercial vehicle, tractors and used cars and provides
vehicle Insurance with several add-ons for the customers.
• SBI General has associated with PAYBIMA, a digital platform by Mahindra Insurance Brokers to provide
affordable insurance solutions.
Canara HSBC Oriental Bank of Commerce(OBC) Life Insurance Company Limited(Canara HSBC OBC Life
Insurance)and Andhra Pragathi Grameena Bank (APGB) have entered into a strategic tie up virtually. The distribution
tie up is to sell life insurance, health and pension products at all the branches of APGB. It is the 1st virtual launch of
Canara HSBC OBC Life Insurance tie up with APGB.
About Mahindra Insurance Brokers Ltd (MIBL):
It is an 80% subsidiary company of Mahindra & Mahindra Financial Services Ltd.
Chairman of MIBL & Principal Advisor, Mahindra & Mahindra Ltd.-Rajeev Dubey
Managing Director(MD)– Dr. Jaideep Devare
Set up– 2004
About SBI General Insurance Company Limited:
It commenced its operations in 2010 as a Joint Venture(JV) between State Bank of India (SBI) and Insurance Australia
Group (IAG). SBI owns 70% of the total capital.
Promoters– SBI and Premji Invest
MD & Chief Executive Officer(CEO)– Shri Prakash Chandra(P.C.) Kandpal

YES Bank in Partnership with Mastercard Launches ‘Yes Private Prime Credit Card’ for India’s Affluent and
Ultra HNWIs
On December 8, 2020 YES Bank in partnership with Mastercard launched ‘Yes Private Prime Credit Card’ for the
Affluent and Ultra High-Net-Worth-Individuals (HNWIs) of India. The card is available on the Mastercard World Elite
platform. The card is a strictly by-invitation-only lifestyle Credit Card.
Note
Yes Private Prime credit card is in line with YES Bank’s strategy to deliver premium and exclusive services to its
valued customers.
About ‘Yes Private Prime Credit Card’:
General Info
i.It meets the preferences of the HNWIs, by providing a different offering with global privileges and experiences
across Travel, Lifestyle, Hospitality, Dining, Entertainment and Wellness, among others.
ii.It also offers a combination of niche banking solutions
Key benefits
• It offers unlimited access to the International & Domestic Airport Lounges for Primary and Add-on card
holders and guests.
• Upon purchasing the card, a gift voucher of Rs 9, 000 will be given by Oberoi Hotels & Resorts. It is an annual
feature and will also be available on card renewal.
• Privileges are also available from across leading hotel chains globally like Taj, Intercontinental, Mandarin and
more.
• It provides access to best-in-class Golf courses in India and International destinations
• It offers a unique reward program with rewards points not expiring at any time.
• It offers a low Foreign Currency Mark-up of 1.75%.
Statistics regarding HNIs in India
India has over 7 lakh millionaires. This number is growing by 12-13% every year.
On the occasion of Bank of India (BoI)’s 115th Foundation Day, BOI has launched an international contactless debit
card , “Signature Visa Debit Card” for high net worth individuals who are maintaining an average quarterly balance of
Rs 10 lakhs and above.
About YES Bank:
Incepted– 2004
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)
Google Pay, PhonePe Together Accounts for More than 82% of UPI market by volume in November 2020:
NPCI Data
As per the data released by the National Payments Corporation of India (NPCI), Google Pay and PhonePe together
account for more than 82% of the Unified Payments Interface (UPI) market by volume and more than 86% by value
in November 2020.
Google Pay has done 960.02 million transactions, worth Rs 1.61 trillion and PhonePe has done 868.4 million
transactions, worth Rs 1.75 trillion.
As per the October data, Google Pay accounted for 857.81 million transactions, and PhonePe for 839.88 million
transactions, where they both accounted for more than 82% of the market by volume.
Recently, NPCI has imposed a 30% cap on third-party applications (apps) on total volume transactions processed
through UPI, effective January 1, 2021.

Canara HSBC OBC Life Insurance launched its new digital campaign, #heroesofmycity
On December 9, 2020 Canara HSBC Oriental Bank of Commerce(OBC) Life Insurance launched its new digital
campaign, ‘#heroesofmycity’. This 2 month long campaign is an extension to the initiative #meformycity.
#meformycity was launched by Canara HSBC OBC Life Insurance in 2018. The purpose of designing the new digital
campaign is to recognise the heroes of everyday life of the people who kept the city going when everything was
stopped due to COVID-19 pandemic.
ADB Revised India’s GDP Forecast for FY21 to -8% from -9%
The ‘Asian Development Bank(ADB)’s ‘Asian Development Outlook (ADO) 2020 Supplement: Paths Diverge in
Recovery from the Pandemic’- December 2020, has revised India’s Gross Domestic Product (GDP) FY21 rate
upwards to -8%(contract by 8) from -9% projected in Asian Development Outlook 2020 Update in September 2020.
The Growth will return in 2021 at 8.0% in India.
The GDP of Developing Asia(46 ADB-Asian Development Bank member economies across Asia and the Pacific)
forecasted to contract by 0.4%(-0.4%) from -0.7% projected in September 2020. The growth will rebound to 6.8% in
2021.
Highlights of ADO 2020- December
Growth Projection of Central Asia and Pacific economies Unchanged
The growth forecast for Central Asia is projected to contract by 2.1% in 2020 and Pacific economies to contract by
6.1% as global tourism continues to weaken.
These projections are unchanged from the September 2020 projection.
South Asia
The growth projection of South Asia is upgraded to -6.1% from -6.8%.
This is in line with the improves projection for India
Growth will rebound to 7.2% in 2021.
Other Growth Projections
East Asia- Upgraded from 1.3% to 1.6% for 2020; Growth in 2021 at 7.0%
Southeast Asia– There is a delay in recovery of Southeast Asia due to the lag in the virus containment efforts.
Subregional– downgraded from 3.8% contraction to 4.4% for 2020; Growth in 2021 downgraded from 5.5% growth
to 5.2%.
Regional inflation– The depressed demand and low oil prices will keep regional inflation at 2.8% in 2020 and 1.9%
in 2021.
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.
Central Govt Sells Nearly 1 Crore shares of SUUTI’s Stake in Axis Bank; Earns about Rs 600 Crore
The central government, in the last 2 weeks has sold nearly 1 crore shares of Axis Bank worth around Rs 600
crores held through the Specified Undertaking of the Unit Trust of India (SUUTI).
Between November 26 and 27, 2020– Sold 36.25 lakh shares of Axis Bank for Rs 221.47 crore
Between December 2 and 4, 2020– Sold 61.43 lakh shares of Axis Bank for Rs 374.21 crore.
Post Transaction SUUTI Holds 3.92% Stake in Axis Bank
• SUUTI held 4.33% stake in Axis Bank as on September 30, 2020.
• After this transaction, SUUTI holds 3.92% stake(11.98 crore shares) in Axis Bank.
Background
i.The government in February 2020 has set a disinvestment target of Rs 2.1 trillion for FY21, that includes

privatization of Air India and Bharat Petroleum Corporation Ltd (BPCL).
ii.In May 2020, the government has decided to sell the remaining stake in companies held under SUUTI to raise
money. The government expects to raise around Rs 22000 crore by selling its then 7.93% and 4.6% stake in ITC and
Axis Bank respectively.
iii.Till now, in 2020 the government has earned Rs 6734 crore through minority stake sales and initial public offering
of Mazagon Dock Shipbuilders Limited.
About Specified Undertaking of The Unit Trust of India(SUUTI):
i.The Parliament divided the Unit Trust of India (UTI)in 2002, creating SUUTI and UTI Asset Management Co. Pvt. Ltd.
ii.SUUTI came into effect from 1st February, 2003 on the passing of the Unit Trust of India (Transfer of Undertaking
and Repeal) Act, 2002(“Repeal Act”).
Government launches Viability Gap Funding (VGF) Scheme to boost India’s Infrastructure
On 11th December, 2020 Finance Ministry notified the Viability Gap Funding (VGF) scheme to provide financial
support to Public Private Partnerships (PPPs) in selected Infrastructure projects. The selection of Private companies
will be done through transparent, open and competitive bidding process.
About Viability Gap Funding (VGF)Scheme:
Aim- To assist infrastructure projects under Public Private Partnership (PPPs) in India through financial support.
Fund Sanction
Upto Rs 200 crore- Sanctioned by the Empowered Committee (EC) headed by Economic affairs secretary (Present
Economic Affairs Secretary is Shri Tarun Bajaj).
Over Rs 200 crore- Approved by Empowered Committee with Finance Minister’s(Presently – Nirmala Sitharaman)
approval
Members of Empowered Committee- CEO of NITI Aayog (Present – Amitabh Kant), Expenditure Secretary(Present
– T. V. Somanathan), and Joint secretary of Department of Economic Affairs.
VGF amount will be upto 30% of the total project cost for social sector projects like water supply, solid waste
management.
VGF will be upto 20% of the total project cost for other eligible projects.
About Finance Ministry:
Minister of Finance- Nirmala Sitharaman
Finance Secretary- Ajay Bhushan Pandey
Union Budget of India will get released annually on 1st February.
i.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).
ii.On April 29, 2020, the task force on National Infrastructure Pipeline (NIP) chaired by economic affairs secretary
Atanu Chakraborty submitted its Final Report on NIP for FY 2019-25 to Finance Minister Nirmala Sitharaman,
projecting total infrastructure investment of Rs 111 lakh crore during a 5-year span of FY 2019-20 to FY 2024-25.
India drops to 2nd Position in BNEF’s 2020 Climatescope survey; Chile grabs the top spot
According to Climatescope Survey ‘Emerging Markets Outlook 2020 : Energy Transition in the World’s Fastest
Growing economies’ released by Bloomberg New Energy Finance Limited (BNEF) India with a score of 2.61
dropped to the 2nd position in the 2020 survey due to decline in Clean Energy Investment. India’s investment
declined from 32% in 2017 to 12% in 2018-2019. Chile topped the survey rankings with a score of 2.85, Brazil came
third with a score of 2.44.
i.BNEF has surveyed more 108 emerging markets and for the first time 29 Developed nations for the Climatescope
survey project.
ii.This is the 9th year of the Climatescope project.
iii.India topped the BNEF’s Climatescope Emerging Markets Ranking in 2019.

Rank Country Score

2 India 2.61
1 Chile 2.85
3 Brazil 2.44
Key Points:
i.Globally, emerging markets have been a major factor behind Clean energy’s rapid increase. Since 2013 developing
nations have accounted for half new global clean capacity installed.
ii.Emerging markets accounted for 58% of USD 249 Billion asset finance in clean energy in 2019.
iii.China (Mainland) & India remain the biggest markets for clean energy investment, with China being the largest.
Together they accounted for USD 94 Billion of new wind/solar investment and 76 Giga Watts (GW) of wind/solar
build in 2019.
iv.India built 14 GW of wind/solar in 2019, whereas China built 62 GW.
v.Coal still accounts for 44% of all power produced in emerging markets.
Chile:
Chile met its 2025 clean energy mandate target of 20%. It is now aiming for 60% of power generation from clean
sources by 2035.
Solar capacity in the Decade:
China and India accounted for 92% of the decade’s (2010-20) added solar capacity.
Regarding India:
India’s Ambitious Renewable Energy target of 175 GigaWatts (GW) has made it a favourable place for Renewable
energy investment.
Solar Capacity Additions:
i.India is placed at 4th Rank in the Top 10 markets for solar capacity additions during 2010-19.
ii.It came 2nd in the Top 10 markets for solar capacity additions in 2019.
Wind Capacity Additions:
i.India is placed at 4th Rank in the Top 10 markets for Wind Capacity Additions during 2010-19.
ii.It came 5th in the Top 10 markets for solar capacity additions in 2019.
iii.Renewable energy sources excluding Hydro form a major part of India’s 377 GW installed capacity since 2017.
iv.India’s capacity additions from renewable sources have exceeded the capacity additions from coal.
Methodology:
The survey has 123 indicators and sub-indicators grouped into 3 key topic areas which focus on – Achievements
in previous years, Current investment environment and future opportunities for clean energy growth.
The indicators are – Fundamentals, Opportunities & Experience.
i.Fundamentals – Assessment of Fundamental structures (energy policies, power sector structure,
regulations) in a company which will help in boosting the clean energy.
ii.Opportunities – Calculates the Future opportunities for clean energy growth in a market. The opportunities are
– market’s current and future electricity demand, energy consumption and CO2 emission from the power
sector, opportunities for renewable energy procurement.
iii.Experience – Involves assessment of a market’s volume of installed clean energy and history of an economy’s
renewable energy investment.
These indicators are then levelled against a market’s Gross Domestic Product (GDP), population, installed capacity
and generation.
India’s Energy Targets:
India Targets 175 GW Renewable Energy by 2022 – 100 GW Solar, 60 GW Wind, 10 GW Bio-Energy, 5 GW Small
Hydro. 89.63 GW of Renewable Energy has already been installed by India.
i.On April 28, 2020, According to a CRISIL Research report, Karnataka retained its 1st position in terms of total
installed renewable capacity in FY20 followed by Tamil Nadu(2nd) & Gujarat(3rd).

ii.The new report on clean energy transition in India titled “Towards a Clean Energy Economy: Post-Covid-19
Opportunities for India’s Energy and Mobility Sectors” brought out jointly by NITI Aayog and the Rocky Mountain
Institute (RMI) to support India’s clean energy future.
About Bloomberg New Energy Finance Limited (BNEF):
Director – William Young
Location – London, United Kingdom
RBI Released Draft Guidelines for NBFCs’ Dividend Payouts: December 2020
The Reserve Bank of India (RBI) in its recent 4th Bi-Monthly Monetary Policy Committee (MPC) 2020-21 announced
to issue guidelines for Non-Banking Financial Companies (NBFCs) with regard to distribution of dividend. Therefore
on December 9, 2020, the apex bank released the “Draft Circular on Declaration of Dividend by NBFCs” to ensure
greater transparency and uniformity in practice. It is open for comments by December 24, 2020.
• The guidelines will be applicable for dividends to be declared for the financial year beginning April 01, 2020
(FY 2020-21) onwards.
Following are the Key Features of Draft Circular:
Eligibility: The NBFCs are required to comply with the following minimum prudential requirements in order to
declare dividend:
i.NBFCs should comply with the provisions of Section 45 IC of the RBI Act, 1934.
ii.The proposed dividend should be payable only out of the current year’s profit.
iii.Capital Adequacy and Leverage:
• Deposit taking NBFC (NBFC-D) and Systemically Important Non-Deposit taking NBFC (NBFC-ND-SI) should
have capital-to-risk weighted assets ratio (CRAR) or capital adequacy ratio of at least 15% for the last 3
years.
• Non-Systemically Important Non-Deposit taking NBFC (NBFC-ND) should have leverage ratio of less than 7
for the last 3 years.
• Core Investment Company (CIC) should have Adjusted Net Worth (ANW) of at least 30% of its aggregate risk
weighted assets on balance sheet and risk adjusted value of off-balance sheet items for the last 3 years.
iv.Non-Performing Assets (NPA):
• The net NPA ratio should be less than 6% in each of the last 3 years.
It should be noted that in all of the above eligibility criteria the last 3 years should include the accounting year for
which dividend is to be declared.
What is CRAR?
It considers the ratio of risk-weighted assets (mainly loans) to capital. It is used to protect depositors by measuring
the financial strength of the company.
What is Leverage Ratio?
It used to measure a company’s capital structure, financial obligations and its ability to clear those obligations. There
are different leverage ratios viz.
• Debt to Equity = Total debt / Shareholders Equity
• Debt to Capital = Total debt / Capital (debt+equity)
• Debt to Assets = Total debt / Assets
Key Points:
–Dividend pay-out ratio should be calculated as a percentage of ‘dividend payable in a year’ to ‘net profit during
the year’.
–Standalone Primary Dealers (SPDs) having CRAR at 20% or above during all the four quarters of the accounting year
in which dividend is proposed, should not exceed the dividend pay-out ratio from 60%.
–In accordance with the CRAR and net NPA, the DPR (the amount of dividends paid in relation to the total amount of
net income a company generates) can maximum be 50% in the case of NBFC-D and NBFC-ND-SI.
–NBFC should submit a copy of guidelines before it’s Board at its next meeting in order to make decisions on the
proposals which should be in the interest of all stakeholders.
–NBFC-D, NBFC-ND-SI & CICs declaring dividend should report details of dividend declared during the accounting
year to their relevant Regional Office of the Department of Supervision of the Bank.

i.On November 5, 2020, the RBI has revised the loan scheme of the Co-origination Model between Banks and 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 including HFCs (Housing Finance Companies) for priority sector borrowers based on
a prior agreement.
ii.On 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 under the RBI’s under the Regulatory Sandbox (RS) with “Retail Payments”, as its theme.
Governor– Shaktikanta Das
Deputy Governors– 4 (Bibhu Prasad Kanungo, Mahesh Kumar Jain, Michael Debabrata Patra, and M Rajeswar Rao)
Equitas Small Finance Bank Ltd Launches 3 in 1 Account(savings +trading+ demat)

On December 10, 2020 Equitas Small Finance Bank Ltd(ESFBL)launched a 3-in-1 account(tripartite account), which
comprises savings, trading and demat accounts for its customers. The account enables customers to hold all their
bank and financial investments under one umbrella. This account was launched to widen the bank’s product
offerings.
Highlights of the Account
Single Platform
Customers can invest in a wide variety of financial products using a single platform, as the bank provides brokerage
and demat services through referral arrangements with brokerage firms for trading and depository services.
Financial products
The financial product offered through the account include the following:
• Direct equity and Futures and Options(F&O) trading, Mutual Fund(MF) investment across all Asset
Management Companies(AMCs), Exchange Traded Funds(ETFs), corporate Fixed Deposits(FDs)
• Corporate bonds, govt bonds, insurance products, National Pension Scheme (NPS) and Initial Public Offerings
(IPOs).
Seamlessly Transfer Money
The account holder can transfer money seamlessly between their bank account
Points to be Noted
i.Equitas SFB Ltd is the largest SFB in India in terms of number of banking outlets and it is the 2nd largest SFB in India
in terms of assets under management and total deposits in Fiscal 2019.
ii.It is the 1st Private Sector Bank from Tamil Nadu to commence operations post Indian Independence.
About Equitas Small Finance Bank Limited(ESFBL):
MD and CEO– Vasudevan Pathangi Narasimhan (P N)
Commenced the business of SFB– September 5, 2016
Tagline– It’s Fun Banking
IRDAI Standardised Health Policies For Robotic And Bariatric Surgeries

The Insurance Regulatory and Development Authority of India (IRDAI) has standardised all health policies
for robotic and bariatric surgeries. The robotic surgeries minimises the trauma caused to the patient. India is the
most preferred country to get high-quality treatment across the world. Bariatric surgery is also called as Weight loss
surgery, or metabolic surgery.
Central Government Launched a Program for Socio-Economic Profiling of Beneficiaries of PM SVANidhi

On 11th December 2020, the Central Government launched a program for socio-economic profiling of the
beneficiaries of PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme, a special micro-credit facility for
street vendors, to support them with the benefits of other government schemes based on their eligibility.

• Durga Shanker Mishra, Secretary of the Ministry of Housing and Urban Affairs(MoHUA) launched the
programme.
• Quality Council of India (QCI) has been appointed as implementing partner for the programme.
About the Programme:
i.The programme will prepare a complete profile of the beneficiaries of PM SVANidhi and their family members.
ii.Based on the profile, the benefits of other central schemes will be extended to the beneficiaries according to their
eligibility.
iii.This programme will support the complete socio-economic development of the street vendors and their family.
iv.The states and Union territories(UTs) have an option to extend their respective welfare schemes to the
beneficiaries of PM SVANidhi.
Implementation:
i.Prior to the complete rollout, the MoHUA will run the trial in six cities which are Gaya, Indore, Kakching,
Nizamabad, Rajkot and Varanasi.
ii.For the first phase implementation of the programme, 125 cities have been selected for the programme.
PM SVANidhi Scheme:
i.The PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) was launched by the MoHUA in June 2020 to provide
affordable working capital loan to more than 50 Lakh street vendors whose lives were affected due to the COVID-19
lockdown. The scheme is valid till March 2022.
ii.The scheme will provide a loan up to Rs.10000 whose business was operating on or before 24th March 2020.
iii.The scheme was announced by finance minister Nirmala Sitharaman in May 2020.
India Contributed US$ 2 mn to UNRWA to Support Programmes for Palestine refugees

On December 10, 2020, the Representative of India to the State of Palestine, Sunil Kumar, presented a contribution
of US$ 2 million on behalf of the Government of India (GoI) to the United Nations Relief and Works Agency for
Palestine Refugees in the Near East (UNRWA). This funding is meant to support the UNRWA programmes and
services for Palestine refugees which include education, health care, relief and social services.
• With this contribution, the total funding by India to the agency has reached US$ 5 million in 2020. On 14th
October, 2020 also GoI contributed US$ 1 Million for improving the lives of Palestine refugees suffering due to
the pandemic. Click Here to Read
• UNRWA is the main provider of essential humanitarian assistance and critical services in Jordan, Lebanon,
Syria, West Bank, and Gaza.
Points to be noted:
–On June 23, 2020, the Extraordinary Virtual Ministerial Pledging Conference for UNRWA was held where Minister of
State (Mos) Vellamvelly Muraleedharan, Ministry of External Affairs (MEA) announced an Indian contribution of US$
10 million to UNRWA over the next two years i.e. in 2021 and 2022.
–It should be noted that India has increased its annual financial contribution to UNRWA from US$ 1.25 million in
2017 to US$ 5 million in 2018, 2019 and 2020.
i.India announced the Phase-IV of High Impact Community Development Projects (HICDP) in Afghanistan worth USD
80 million (Rs 592 crore), which envisages more than 100 projects. Notably, India’s funding for Afghanistan has
reached over USD 3 billion (Rs 22,200 crore) so far.
ii.On November 3, 2020, 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.
About United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA):
Commissioner-General– Philippe Lazzarini
Headquarters– Amman (Jordan) and Gaza or Gaza Strip

Union Minister Harsh Vardhan virtually addresses World Bank Inter Ministerial Meeting on Vaccination of
South Asia against COVID-19
On December 10, 2020 Dr Harsh Vardhan, Union Minister for Health and Family Welfare virtually addressed
the World Bank Inter Ministerial Meeting on Vaccination of South Asia against COVID-19.
Key Points from Union Minister’s Address:
i.Union Minister, Harsh Vardhan highlighted that India’s fatality rate is 1.45% which is below the global average of
2.29%.
ii.He highlighted the contributions of various research institutes of India towards developing a vaccine against
COVID-19. The research institutes have lent their services in production, distribution & administration of vaccines.
iii.Out of 260 vaccine candidates at the Global Level, 8 vaccine candidates are set to be manufactured in India
(including 3 indigenous ones).
iv.India has partnered with various international institutions like Oxford University (United Kingdom) & Thomas
Jefferson University (United States of America) for vaccine research.
v.Vaccination process will start soon in India after approval from Drug Controller General of India (DCGI).
Digital Interventions:
Harsh Vardhan highlighted various digital interventions of India such as Mission Indradhanush immunization
programs or the building of advanced CO-WIN digital platforms.
Note:
The 3 indigenous vaccine are – Covishield (developed by Serum Institute of India (SII)), Covaxin (developed by
Bharat Biotech) & ZyCoV-D (Cadila Healthcare)
i.On August 11, 2020, the Central Government formulated an expert committee namely “National Expert Group on
Vaccine Administration” under the chairmanship of Dr VK Paul to oversee the administration of COVID-19 vaccine in
discussion with all state governments and vaccine manufacturers.
About Ministry of Health and Family Welfare:
Union Minister – Dr Harsh Vardhan
Minister of State – Ashwini Kumar Choubey
About World Bank:
President- David R. Malpass
Headquarters- Washington, D.C., United States
DBS Bank India Partners with Haqdarshak to Help Indian MSME to Recover from COVID-19 Pandemic
On December 11, 2020 DBS Bank India Ltd. (DBIL) partnered with Haqdarshak Empowerment Solutions Private
Limited to help Indian MSMEs(Micro, Small and Medium Enterprises) to recover from COVID-19 pandemic.
This aid will happen through the newly launched Haqdarshak MSME platform. The platform helps India’s enterprises
to access MSME-focused government welfare schemes, covering registrations, documentation and applications for
financing across India.
Purpose– To provide application support services to India’s business owners to enable them to avail the right
schemes.
About the Platform
It provides information about the government schemes like:
• Loan schemes of Small Industries Development Bank of India(SIDBI) for MSMEs, Emergency Credit Line
Guarantee Scheme
• Prime Minister(PM) Street vendor’s AtmaNirbhar Nidhi Yojana( (PM SVANidhi), etc.,
Key Info
Haqdarshak, with this initiative aims to reach 1 lakh MSMEs and also support 1 million jobs per year.
Background
i.DBS Foundation constituted a Business Transformation and Improvement (BTI) Grant of Rs 2.7 million.
ii.This was to provide additional funding to the past grant awardees, so that they can protect jobs and enable them to
search for new streams of income.

iii.Haqdarshak received DBS Foundation’s annual Social Enterprise (SE) Grant for their citizen-focused platform in
2018.
iv.It received the BTI grant, which enabled it to design its platform.
Additional Info
The 1st platform of Haqdarshak was designed to ensure that citizens can access and apply for government and
private welfare schemes.
On July 22, 2020, The Asian Development Bank (ADB) and the Green Climate Fund (GCF) agreed to partner toward
the “Green Recovery”. This is to help hands for the people who are facing the harsh economic impact due to COVID-19
pandemic.
About DBS Bank India Ltd. (DBIL):
• It is a wholly owned subsidiary of DBS Bank Ltd, Singapore.
• It received a banking license to operate as a banking company under Section 22 (1) of the Banking
Regulation(B R) Act, 1949 .
Incorporated under– Companies Act, 2013
Managing Director(MD) and Chief Executive Officer(CEO)– Surojit Shome
About Haqdarshak Empowerment Solutions Private Limited
CEO and Co-founder– Aniket Doegar
CII Signs MoU with Amazon India to Bring Benefits of e-commerce to MSMEs in 10 States across India
On December 9, 2020 Confederation of Indian Industry (CII) signed a Memorandum of Understanding (MoU) with
Amazon India(amazon.in) to enable benefits of Electronic(e)-commerce to Micro Small and Medium Enterprises
(MSMEs) in 10 states across India at the 17th CII Global SME Business Summit 2020 organized by Confederation of
Indian Industry (CII) in partnership with the Ministry of MSME, Government of India under the theme: Reboot to
Rebound: Stimulating Demand & Supply Side, This will boost MSMEs in domestic & international trade.
• CII and Amazon India aims to bring a digital transformation for MSMEs for these states, through this
partnership
Provisions to MoU:
i.Amazon India and CII will work together with MSME Ministry to help lakhs of MSMEs in these states to leverage
technology to reach customers in India and globally through the adoption of e-commerce.
ii.To enable MSMEs to sell their products online, Amazon India and CII will conduct training, workshops and host
masterclasses.
iii.In order to simplify exports with ecommerce for these MSMEs, Amazon India and CII will work jointly to create a
special exports module
• The special export module consists of a detailed step by step guide for MSMEs to start export using e-
commerce.
Key Info:
CII and Amazon will publish regular reports that includes, market analysis and insights for MSMEs about the
categories, marketing, and branding of their products, logistics, success stories of MSME and also the information
about the top performing products.
Background
Amazon India made 3 key announcements in January 2020: Digitizing 10 million MSMEs, Enabling $10 billion in
ecommerce exports and Creating 1 million jobs- by 2025.
CII’s other tie up for MSMEs
Recently, Mastercard, National Institute for Micro, Small & Medium Enterprises (ni-msme) and Confederation of
Indian Industry (CII) entered into partnership to launch ‘Digital Saksham’, a capacity building initiative to drive
awareness about digitization for Micro, Small and Medium Enterprises(MSMEs) in India.
Additional Info:
i.MSMEs are an important job creator and also form the backbone of Indian economy.

ii.The technology and e-commerce, in the next 5 years will play a vital role to help this growth and ensure the
success of many MSMEs in domestic and in international markets
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
About Confederation of Indian Industry(CII):
President– Uday Kotak(Managing Director & CEO, Kotak Mahindra Bank Limited)
Director General– Chandrajit Banerjee
Bharti AXA Life Introduced #GotYouCovered Campaign for Frontline Workers; Partners with Primero Skills &
Training for this Initiative
Bharti AXA Life Insurance Company Limited introduced ‘#GotYouCovered Campaign’, during the observation of
Universal Health Coverage Day 2020 on December 12.
The campaign is a special initiative to appreciate the frontline healthcare workers who are working to protect people
from the ongoing COVID-19 pandemic.
Bharti AXA Life Insurance has partnered with Primero Skills & Training Pvt Ltd for its #GotYouCovered initiative.
Aim of the Partnership– To support insurer’s healthcare workers during the pandemic times, by providing masks
that will protect them against the life and health risks.
Important Info:
i.Bharti AXA, with this campaign aims to reach out about 1 million Indians on Facebook, Twitter, Instagram and
LinkedIn and spread awareness about the importance of protecting life and health against all uncertainties.
ii.As part of the partnership, Primero Skills & Training will promote this initiative and also encourages people to
recognise the efforts of the frontline healthcare workers.
About #GotYouCovered Campaign
i.It educates people to invest in life and health insurance to create a safe and healthy future.
ii.It runs on ‘One Share-One Mask’ initiative, i.e., When one share is made about this initiative on social media, Bharti
AXA will give one face mask to each healthcare worker or student registered with Primero Skills.
Additional Info
i.Primero Skills & Training, as part of the campaign distributed masks that were donated by Bharti AXA Life
Insurance among the newly-trained healthcare workers and students at Delhi Police Station at Chittaranjan Park.
ii.This was done during a felicitation programme on the Universal Health Coverage Day.
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
About Bharti AXA Life Insurance Company Limited:
Currently, it is a joint venture between Bharti Group(51%) and AXA(49%)
Formed and commenced business operations– 2006
Managing Director(MD) and Chief Executive Officer(CEO)– Parag Raja
About Primero Skills & Training Pvt Ltd:
It is a skill development organisation that imparts free skills and training programmes to youth under the
Atmanirbhar Bharat initiative of the Government of India.
Founder and Managing Director– Jayanta Das
HeadOffice-Delhi, India

Exim Bank Extends $ 448-million Line Of Credit to Uzbekistan
On December 12, 2020, Export-Import Bank of India (Exim Bank), on behalf of the Government of India, has extended
a Line of Credit (LOC) of $448 million to the Government of Republic of Uzbekistan for financing the latter’s various
projects in the Roads & Transport, Water and Technology & Communication sectors.
• The agreement for the same was inked by Deputy Prime Minister & Minister of Investments and Foreign
Trade, Sardor Umurzakov, Uzbekistan and Nirmit Ved, General Manager, Exim Bank.
• With the signing of this LOC Agreement, Exim Bank has now in place 266 Lines of Credit, covering 62 countries
in Africa, Asia, Latin America, Commonwealth of Independent States (CIS) and the Oceania, with credit
commitments of around $26.59 billion, available for financing exports from India.
i.On 16th November 2020, Dr. Adam Yao Liu, a political scientist trained at Stanford University, won the Export-
Import Bank of India’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.”
ii.The Ministry of Finance has provided Rs 3,000 crore to EXIM Bank for promotion of project exports through Lines
of Credit (LoC) under the Indian Development and Economic Assistance Scheme (IDEAS) Scheme.
About Export-Import Bank of India (Exim Bank):
Managing Director (MD)– David Rasquinha
Regulated By- Reserve Bank of India
SEBI forms Corporation Finance Investigation Department (CFID) to check Promoter Frauds
Market watchdog Securities and Exchange Board of India (SEBI) has set up a specialised department Corporation
Finance Investigation Department (CFID) to tackle initial public offering (IPO) proceed fraud, diversion of funds, bank
loans and resources by company promoters.
• This decision has been taken after the finance ministry had asked SEBI to act on promoters diverting investor
funds for personal gains in November 2020 as there are a number of cases on these matters against Cox and
Kings, DHFL (Dewan Housing Finance Corporation) and Vijay Mallya.
• The new department will be headed by one of SEBI’s executive director. Nagendraa Parakh, who is currently
heading Market Intermediaries Regulation and Supervision Department (MIRSD) is named for the same. It will
also have information technology (IT) solutions experts.
Key watches under CFID:
• Raising of Rs 25,000 crore in 2020 through large IPOs.
• Raising of Rs 160 crore so far in 2020 by small and medium enterprises (SMEs).
• A projection of 30 IPOs worth Rs 30,000 in primary market during 2021.
• SEBI was asked by 80 companies for issues including SMEs
Functions of CFID:
It will handle siphoning or misappropriation of funds; Material mis-statement in financial statements; Probing of
complex transactions involving resources of the listed entity undertaken for the ultimate benefit of
promoter/promoter group; Investigate fraudulent related party transactions wherein financial and governance
issues are inter-linked; Cases where a forensic audit has been initiated by lenders, management other regulators; and
look into allegations made against auditors.
Additional Info:
–Vijay Mallya is accused of fraud and money laundering worth thousands of crore.
–As per Enforcement Directorate (ED), DHFL promoters had diverted more than Rs 12,000 crore.
–More than Rs 7,000 crore have been laundered by Cox and Kings promoters.
–It should be noted that as per the requirement SEBI brought in relevant clauses and changes to the (Issue of Capital
and Disclosure Requirements) (Third Amendment) Regulations, 2020.
What is an initial public offering (IPO)?
It is the first sale of shares of a private corporation to the public in a new stock issuance. It allows a company to raise
capital from public investors. It can also be used for debt repayment, acquisitions, and a host of other uses.

i.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.
ii.On November 5, 2020, 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.
About Securities and Exchange Board of India (SEBI):
Establishment– April 12, 1992
Chairman– Ajay Tyagi
RBI to Setup Automated Banknote Processing Centre in Jaipur, Rajasthan for Receipt, Storage & Dispatch of
Notes
On December 13, 2020, Reserve Bank of India (RBI) has decided to set up an Automated Banknote Processing Centre
(ABPC) in Jaipur, Rajasthan for automated receipt, storage of fresh banknotes received from the printing presses,
and then retrieval and dispatch of these banknotes to the identified issue offices (IOs)/currency chests (CCs). The
centre will also demolish destruction of soiled banknotes. This all process will be done in an automated manner.
• This decision has been taken to effectively deal with increasing circulation of banknotes.
• Notably, volume of banknotes in circulation and supply of banknotes by the presses have increased three-fold
from March 2001 to March 2019.
• It is expected to rise further in the coming years despite the rise in digital payments.
Capacity Requirements of ABPC:
The projected storage capacity requirements for the ABPC are as follows:
• Fresh note stock (daily average) at 1,883 million pieces during 2024-25; 2,950 million pieces during 2029-30;
and 6,853 million pieces during 2039-40
• Soiled notes at 7,718 million pieces during 2024-25; 11,568 million pieces during 2029-30; and 27,757 million
pieces during 2039-40.
• It should also hold a stock of about 15 days of soiled banknotes and provide commensurate processing and
destruction capacities.
i.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.
ii.The Internal Working Group (IWG) of RBI which was formulated on June 12, 2020 to review extant ownership
guidelines and corporate structure for Indian private sector banks 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.
Static Points:
–RBI is the sole issuer of banknotes and responsible for management of currency.
–RBI is supplied with banknotes from four printing presses at Nasik,Maharashtra (Western India), Dewas, Madhya
Pradesh (Central India), Mysore, Karnataka (Southern India) and Salboni, West Bengal (Eastern India).
–The coins are also minted at four mints viz, Mumbai (Maharashtra), Hyderabad (Telangana), Kolkata (West
Bengal) and NOIDA (New Okhla Industrial Development Authority), Uttar Pradesh.
–The new banknotes and coins are received at 19 IO’s of the RBI from where these are further distributed to about
3,300 CCs operated by scheduled banks. The CCs act as store houses.
–The unfit notes withdrawn from circulation are verified through a Currency Verification and Processing System
(CVPS) and destroyed by shredding.

Aceware in Association with ICICI Bank Launches ‘AceMoney Micro ATM service’ in Kochi, Kerala
On December 14, 2020 Aceware in association with ICICI Bank launched ‘AceMoney Micro ATM(Automated
Teller Machine) service’ in Kochi, Kerala. This service will enable people to withdraw money from their bank
account from home. The customers of all banks can avail this service.
Important Info
The money will be delivered, within 30 to 40 minutes of placing the order at the doorstep of the customer.
Note
• This service will initially be available only in Kochi city.
• The company also plans to expand this service to all the municipalities in the state by January 2021.
About AceMoney Micro ATM service:
Withdrawing Amount
i.Customers can place orders for money on the AceMoney app. The app can be downloaded from Google Play Store
and App Store.
ii.After the order is placed, a delivery executive will visit the customer with a micro-ATM.
iii.Customer after swapping the ATM card and entering the Personal Identification Number(PIN) can collect the
amount.
Maximum Withdrawal Limit
As the other bank ATMs withdrawals, the maximum withdrawal limit for this is also Rs 10,000 per transaction.The
withdrawal limit per day vary depending on the bank
Services
In addition to the doorstep delivery of money, over 100 services are available on the app including money transfer,
bill payments and recharges, land and building tax payment, among others.
In order to eliminate the use of physical card or touch an ATM PIN pad, amid the spread of coronavirus from
contaminated surfaces, Empays Payment Systems has joined hands with Mastercard to launch “Cardless ATM
powered by Mastercard” in India based on the standards of EMV (Europay, Mastercard, and Visa). With this, India will
be the first country outside the United States (US) where this product will be launched.
About ICICI Bank:
Managing Director(MD) and Chief Executive Officer(CEO)- Sandeep Bakhshi
Formed– 1955 at the initiative of the World Bank.
Incorporated-1994
About Aceware:
MD– Nimisha Joseph(J) Vadakkan
Edelweiss General Insurance launches a first of its Kind, Open API Gateway
On December 14, 2020 Edelweiss General Insurance Company Limited launched a first of its
kind, Open Application Programming Interface(API) Gateway to enable full digital collaboration with its business
partners. The authorised partners of Edelweiss General Insurance , with this gateway can integrate their systems
with the technology platform of the company.
Other Aims of Open API Gateway
• To facilitate API consumption in a self-assisted manner.
• To reduce the integration cost and recover the information like product premium, policy details etc., in real-
time.
About Open API Gateway:
i.It enables the distributors of Edelweiss General Insurance to integrate the available and new products and services
in a speed manner.
• More choices are created for the consumers by the integration.
• The integration also provides a better experience regarding the policy purchase, post issuance needs such as
policy information updates, and claims.

ii.It allows the partners to access the documents of open APIs, leverage code samples, easily conduct testing in staging
and on the environment.
iii.It helps to further strengthen the linkages of Edelweiss General Insurance with customers and partners.
About Edelweiss General Insurance:
It is India’s first cloud-native insurer.
Executive Director(ED) & CEO – Shanai Ghosh
Canara Bank Launches ‘FX 4 U’, a Tech product for Forex Remittance through Internet Banking
On December 12, 2020 Canara Bank launched ‘FX 4 U’, a new technology(tech) product. This product helps the users
of its Internet Banking(IB) to handle forex transactions.
Purpose of Launch– For forex remittance through internet banking
Note
Currently, the outward remittance module is being activated, the remaining modules will be activated shortly.
Key Info about the Facility:
i.This facility enables all the eligible individual customers to undertake remittance facilities as per the Foreign
Exchange Management Act(FEMA), 1999
ii.Once the letter of credit (LC) module is activated, the corporate customers can make and submit LC applications
with documents through IB.
iii.The transactions that are submitted through IB will flow seamlessly to the Centralized Process Centre – Forex
Transactions(CPCFT), where the Compliance and accounting will be done and transmitted through The Society for
Worldwide Interbank Financial Telecommunication (SWIFT).
About Society for Worldwide Interbank Financial Telecommunication (SWIFT):
i.It provides a network that helps the financial institutions around the world to send and receive info about the
financial transactions in a secure, standardized and reliable environment.
ii.SWIFT Code is a standard format of bank Identifier code. In particular, this code is used in International transfer of
money between banks.
iii.SWIFT Code consists of either 8 or 11 characters.
About Canara Bank:
Syndicate Bank was amalgamated into Canara Bank on April 2020
Founded– July 1906 by Shri Ammembal Subba Rao Pai.
Tagline– Together We Can
Managing Director(MD) & Chief Executive Officer(CEO)– L V Prabhakar
Ewire Softtech in Partnership with YES Bank Launched ‘EWIRE – YES BANK Prepaid Card’
On December 11, 2020 Ewire Softtech Pvt Ltd under the Kerala Startup Mission(KSUM) launched ‘EWIRE – YES
BANK Prepaid Card’ in partnership with YES bank to establish its presence across the country in its digitisation
drive.
The co-branded digital card will help the common public and corporate houses with providing loans, insurance and
CASA account through its channel partners. This can be done via its dedicated RuPay prepaid cards platform.
Key Info
i.The partnership will enable the customers to enjoy a complete suite of Digital & Virtual Banking offerings.
ii.With the introduction of the card, the customers of EWIRE can avail the convenience of digital payments.
About EWIRE – YES BANK Prepaid Card:
i.It caters the need of the evolved customers who expect banking services to be fast, secure.
ii.It will be offered through the branches of YES bank that is spread across 28 states and 8 Union Territories(UTs) in
India.
Additional Info
The Ewire app powered by YES BANK Prepaid Cards helps many customers to join the banking system.

Note
Ewire is incubated under KSUM. It provides scalable and innovative banking and payment solutions. It has 4 offices
in India.
About Kerala Startup Mission (KSUM):
i.It is the nodal agency of the Kerala government for the entrepreneurship development and incubation activities in
the State.
ii.It is India’s 1st and most successful Non Academic Business Incubator, hosted and housed inside the Asia Largest IT
Park Technopark.
Headquarters– Trivandrum, Kerala
CEO– Sasi Pilacheri Meethal(PM)
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.
About Ewire Softtech Pvt Ltd:
Commenced operations– 2018
Co-Founder and MD– Udayabhanu Damodaran
Headquarters– Kochi, Kerala
About YES Bank:
Incepted– 2004
CRISIL Revised India’s GDP for FY21 to -7.7% against -9% Predicted in September 2020
On December 14, 2020, Rating agency CRISIL (Credit Rating Information Services of India Limited) projected a slower
contraction of 7.7% (-7.7%) for India’s real gross domestic product (GDP) in FY21 as compared to the -9% forecast in
September 2020.
• The key reason behind this upward revision is faster-than-expected recovery in the Q2FY21 (July-September
2020)
• For FY22, CRISIL projected a GDP growth of 10% due to weak base and global ‘rising tide’ effect.
• There will be a permanent loss of 12% in real GDP terms due to COVID-19 pandemic.
• Inadequate fiscal spending remains a constraint for economic growth.
Key Points:
–The GDP contracted by 23.9%(-23.9%) in Q1FY21 (April-June 2020) period as compared to the year-ago period,
with contraction slowing down to 7.5% in Q2FY21.
–RBI also revised up its estimate to 7.5% contraction(-7.5%) from 9.5%(-9.5%) GDP contraction in FY21.
— Brickworks Ratings also revised upwards its estimate on GDP to a contraction between 7-7.5%.(-7 to -7.5%)
i.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%.
ii.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.
About CRISIL:
Managing Director (MD) & Chief Executive Officer(CEO)– Ashu Suyash
Parent Company– Standard & Poor’s (S&P)

S&P Revises India’s Real GDP Forecast for FY21 to -7.7% from -9%
On December 15, 2020 Standard & Poors(S&P) Global Ratings has revised India’s real Gross Domestic Product (GDP)
FY21 rate upwards to -7.7%(contract by 7%) from -9% projected earlier on rising demand and falling COVID
infection rates.
Rebound in FY22– The growth of India will rebound to 10% in FY22
Note
The revision of S&P reflects a fast recovery than expected in the quarter through September.
Key Info:
i.In FY21 India’s GDP contracted by 7.5% (-7.5%)in the July-September quarter and in April-June quarter contracted
by 23.9%(-23.9%).
ii.In October 2020, the manufacturing output was about 3.5%, compared to the year-ago period. The output of
consumer durables increased by about 18%.
Recent India’s GDP Revisions made by Other Ratings
i.Fitch upgraded India’s GDP forecast to – 9.4% in FY21 from a previously projected contraction of 10.5%(-10.5%).
ii.ADB Revised India’s GDP Forecast for FY21 to -8% from -9%
iii.The Organization for Economic Co-operation and Development (OECD) revised India’s GDP rate upwards to -9.9%
from -10.2%.
About Standard & Poors(S&P) Global Ratings:
President– John Berisford
Headquarters– New York, United States
RBI Approves Re-appointment of Uday Kotak as MD & CEO of Kotak Mahindra Bank
On December 14, 2020 Reserve Bank of India(RBI) approved the reappointment of Uday Kotak as Managing
Director(MD) and Chief Executive Officer(CEO) of Kotak Mahindra Bank(KMB) for a period of 3 years effective from
1st January 2021.
Other Approval
RBI also granted approval for reappointing Prakash Apte as Part –time Chairman and Dipak Gupta as joint MD for 3
years period with effect from January 1, 2021.
Note
The board and the shareholders of the bank had approved these reappointments, subject to RBI’s approval at their
respective meetings.
About Uday Kotak:
Career in KMB
i.Uday Kotak is the founder and promoter of KMB
ii.He had served for the past 17 years as the head of KMB
Other Post Held
i.He is currently serving as the president of Confederation of Indian Industry (CII) for 2020-21.
ii.He is a member of many boards and committees including International Advisory Board of GIC Private Limited
and Board of Governors of Indian Council for Research on International Economic Relations (ICRIER) among others.
iii.Among others, he served as the chairman of the panel of Securities and Exchange Board of India (SEBI) on
corporate governance.
Points to be Noted
Kotak Mahindra Bank becomes the 1st bank in India to introduce a video-Know your customer (KYC) facility for its
customers opening savings accounts (SA).
About Kotak Mahindra Bank(KMB):
In 2003, Kotak Mahindra Finance Ltd.-KMFL(launched in 1985) was converted into a commercial bank, i.e., as KMB.
KMFL is India’s 1st Non-Banking Finance Company(NBFC) to be converted into a commercial bank.
Tagline– Let’s make money simple
MD & CEO- Uday Kotak

India Slips to 131 in Human Development Report 2020 released by UNDP:Norway tops the list
According to the “Human Development Report 2020 – The next frontier:Human Development and the
Anthropocene” released by the United Nations Development Programme (UNDP), India (score of 0.645) was
ranked 131 in the list of 189 countries based on Human Development Index (HDI). Norway topped the list with a
score of 0.957, the second place was grabbed by 2 countries – Ireland (0.955) and Switzerland (0.955). The report
provides HDI ranks for the year 2019.
i.India slipped two spots to 131, it ranked 129 in 2019 HDI.
ii.HDI is measured based on 3 criterias which are – Life Expectancy, Education and Per Capita Income, in the 2020
report ‘Planetary pressures’ a new experimental Index has been introduced.
• ‘Planetary pressures’ – Takes into account Countries carbon dioxide emissions and material footprints.
iii.2020 marks the 30th Anniversary of the 1st Human Development report.
Rankings:
Rank Country Score
131 India 0.65
1 Norway 0.96
2 Ireland 0.96
2 Switzerland 0.955
188 Central African Republic 0.397
189 Niger 0.394
Regarding India:
i.According to the report based on Purchasing Power Parity (PPP) India’s Gross National Income (GNI) per capita fell
to USD 6, 681 in 2019 from USD 6, 829 in 2018.
ii.India’s HDI value of 0.645 puts it into the medium human development category.
iii.India’s Life expectancy at birth (years) SDG3 is 69.7. India’s Expected years of schooling (years) SDG 4.3 is 12.2
India’s Mean years of schooling (years) SDG 4.6 is 6.5 .
iv.According to the report between 1990 and 2019
• India’s HDI increased from 0.429 to 0.645 – which is an increase of 50.3%.
• India’s life expectancy at birth increased by 11.8 years.
• Mean years of schooling increased by 3.5 years.
• Expected years of schooling increased by 4.5 years.
• India’s Gross National Income (GNI) increased by 273.9 %.
iv.India ranked in the top 3 countries for low unemployment rate and high number of seats held by women in local
governance.
Ranks of Neighbouring Countries:
China ranked at 85, Pakistan ranked at 154, Bangladesh ranked at 133, United States ranked at 17.
India’s performance in other Indices:
i.India’s Gender Development Index (GDI) is 0.820, MultiDimensional Poverty Index (MPI) is 27.9.
ii.The Carbon dioxide emission, production emission per capita (tonne) is 2.
Biggest Displacement:
Cyclone Amphan which hit Bangladesh and India in 2020 caused the biggest displacement. It had triggered 3.3 million
pre-emptive evacuations.
Key Points:
i.People who live in Developing countries particularly Asia are most vulnerable to rise in global sea levels.
ii.Prevalence of severe food insecurity is high among women in Africa, Asia and Latin America.
iii.The report stated that if global warming continues without reduction, the number of days in each year with
extreme temperatures (below 0 Degree Celsius & above 35 Degree Celsius) will increase by 100 in low human
development countries by 2100, if countries follow the Paris Agreement goals, it may increase by only 49%.

i.September 17, 2020, India was placed 116th position among 174 countries in the Human Capital Index 2020 in a
report released by the World Bank.
ii.On 16th July 2020, The UN’s “The Global Multidimensional Poverty Index(MPI) 2020: Charting pathways out of
multidimensional poverty: Achieving the SDGs” states that India records the largest reduction in the number of
People living in poverty.
About United Nations Development Programme (UNDP):
Administrator – Achim Steiner
Headquarters – New York, United States of America (USA)
Department of Posts Conducted Meghdoot Award Function 2020 in New Delhi; Launched Digital Payment App
“Dakpay”
On December 15, 2020, Department of Posts (DoP) launched the DakPay UPI app and conducted Meghdoot Award
Function 2020 in the Conference Hall of Ministry of Electronics & Information Technology (MeitY) in New Delhi. It
was attended by Union Minister Ravi Shankar Prasad Ministry of Electronics & Information Technology (MeitY), as
the Chief Guest and Sanjay Dhotre, Minister of State (MoS) for MeitY as Guest of Honour.
• All the Chief Postmaster Generals and Meghdoot awardees attended the function through video conference.
• The Meghdoot award is an annual award to recognize excellence in postal service and is awarded in 8
categories.
• The General category for Grameen Daksevak was conferred upon Kirtan Nayak of Odisha Circle while
the Best Woman Employee was presented to Rinchen of Himachal Pradesh Circle. Click Here for Full List
Other Important Events during the function are detailed as below:
Unveiling of digital payment app ‘DakPay:
As part of ongoing efforts to provide Digital Financial inclusion across India, the DoP and India Post Payments
Bank (IPPB) have virtually unveiled a new digital payment app DakPay. Its launch was announced by Union Minister
Ravi Shankar Prasad while its logo was launched by IPPB.
• The app will also provide digital financial and assisted banking services provided by India Post & IPPB which
include Domestic Money Transfers (DMT), QR (Quick Response) based payments in merchant stores and
online shopping on e-commerce websites.
• It allows users to create Unified Payments Interface (UPI) ID and link multiple accounts across banks through
Aadhaar Enabled Payment System (AEPS).
MoU Signed between DoP & CSC e-Governance Services
A memorandum of Understanding (MoU) was signed by DoP with Common Services Centers (CSC) e-Governance
Services India Limited for providing various G2C (Government to Citizen) and B2C (Business to Citizens) services to
citizens in rural and remote areas by setting CSCs in more than 10000 Post Offices across the country.
• The B2C Services includes Bharat Bill Payment System-BBPS (Electric, Gas, Water bills etc.), Third Party
Services such as EMI (Equal Monthly Instalment) collections, Travel services such as Ticket booking service
would be available for Flight, Train and Bus Tickets.
• Post Offices (PO)-CSCs will lead to ease of living and ease of business.
Launch of ebook
DoP also launched an eBook named “India Post meets Covid-19 Challenge” stating the challenges faced and the
solutions offered by India Post in the delivery of essential services to the remotest corner of the country during the
COVD-19 pandemic.
i.DoP and United States Postal Service (USPS) have inked a MoU for Electronic Exchange of Customs data related to
postal shipments.
ii.DoP released a commemorative postage stamp on the 75th anniversary of the United Nations(UN) Organisation. Dr.
S Jaishankar, Union external affairs minister was the chief guest of the event.
About India Post Payments Bank (IPPB):
Establishment – 2018
Managing Director (MD) and Chief Executive Officer (CEO)– J Venkatramu

Motto– Every customer is important, every transaction is significant and every deposit is valuable
Headquarter– New Delhi
SBI Card and BPCL Jointly Launches ‘BPCL SBI Card OCTANE’ for Consumers who Spend Significant Amount on
Fuel
On December 15, 2020 SBI Cards and Payment Services Limited(SBI Card) and Bharat Petroleum Corporation
Ltd(BPCL) jointly launched ‘BPCL SBI Card OCTANE’, a premium co-branded credit card. The card is designed to
offer maximum savings to the affluent customer segment that spends a significant amount on fuel.
Key People
K. Padmakar, Chairman and Managing Director(CMD) of BPCL and Dinesh Kumar Khara, Chairman of SBI, jointly
launched the card.
Note
i.The cardholder can avail the benefit of the card from more than 17,000 BPCL fuel stations across India.
ii.For Fuel spends there is no minimum transaction. This enables the customers to save with every transaction.
Key Benefits of BPCL SBI Card OCTANE:
Welcome Benefit
As a welcome benefit the card offers 6000 bonus Reward Points(RPs) equal to Rs 1500 on payment of annual fees of
Rs 1499.
Reward points & Value Back Benefits
i.The card holders can get 25X Reward Points (RPs), when spending for BPCL fuel and MAK Lubricants, Bharatgas
(LPG) and also when spent in ‘In & Out convenience store’ of BPCL.
ii.25X RPs translates into 7.25% value back(including 1% fuel surcharge on every transaction upto Rs. 4,000) on
spending for fuel and lubricant at BPCL Fuel Stations and 6.25% value back Bharatgas online payments(Website &
App Only).
iii.It offers 10 RPs for every Rs. 100 spent at Dining, Departmental Stores, Grocery & Movies.
Other Benefits
• It offers Rs 1 lakh worth complimentary fraud liability cover.
• It offers an annual fee reversal on Rs 2 lakh annual spends.
• It also offers milestone benefits of Rs 2,000 on annual spends of Rs 3 lakh in form of e-gift vouchers.
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 and Payment Services Limited(SBI Card):
Headquarters– Gurgaon, Haryana
Managing Director(MD) and Chief Executive Officer(CEO)– Ashwini Kumar Tewari
Founded– October 1998
About Bharat Petroleum Corporation Ltd(BPCL):
Chairman and Managing Director(CMD)– K. Padmakar
SBI General Insurance Partners with IntrCity RailYatri to Provide Domestic Travel Insurance For Bus
Travellers
On December 15, 2020 SBI General Insurance Company Limited has partnered with IntrCity RailYatri to provide
domestic travel Insurance to bus customers who travel through IntrCity RailYatri.
Complementary travel cover of Rs. 5 Lakhs
Under this partnership, the travel premium charges to the domestic bus travellers have been waived off, i.e., every
IntrCity SmartBus traveler can avail complementary travel cover of Rs. 5 Lakhs along with the travel ticket.
Provisions of Partnership:
As part of the partnership, SBI General insurance provides various kinds of coverage, that includes accidental death,
permanent total disability, and medical evacuation.

Recent Partnership of SBI General Insurance to increase Insurance Penetration:
SBI General Insurance entered into a strategic partnership with Mahindra Insurance Brokers Ltd. (MIBL) to increase
the insurance penetration in tier 2 & 3 cities(Rural Indian Cities ). MIBL has collaborated with SBI General Insurance
under its ‘Sajhedaari program’.
On June 9, 2020 Flipkart-owned digital payments platform PhonePe along with ICICI Lombard, the non-life insurance
company launched ‘first of its kind’ travel insurance, domestic multi-trip insurance to provide a stress- free travel
experience to customers by covering risks associated with all modes of travel within the country (road, rail and air
within the country) from the time a customer leaves home, till the time of return.
About IntrCity RailYatri:
It is India’s 1st SmartBus network. It is a multi-modal intercity mobility platform
Chief Executive Officer(CEO)– Manish Rathi
Head Office– Noida, Uttar Pradesh
About SBI General Insurance Company Limited:
It commenced its operations in 2010 as a Joint Venture(JV) between State Bank of India (SBI) and Insurance Australia
Group (IAG). SBI owns 70% of the total capital.
Promoters– SBI and Premji Invest
MD & CEO– Shri Prakash Chandra(P.C.) Kandpal
Citibank and NCPA Partners to Offer ‘Citi-NCPA Scholarships for Young Musicians 2020-21(Hindustani
Music)’
On December 16, 2020 Citibank and National Centre for the Performing Arts (NCPA) partnered to offer ‘Citi-NCPA
Scholarships for Young Musicians 2020-21(Hindustani Music)’ for vocal – khayal / dhrupad and percussion –
tabla / pakhawaj.
Purpose of Scholarship
The scholarship program is for students to get advanced training in the field of Hindustani music(vocal &
instrumental).
Scholarship Value
The value of scholarship is Rs 10, 000 for one month for one year (April 2021 to March 2022).
Note
The age limit to apply to the scholarship is 18-35 years. Till January 15, 2021, the applications will be accepted.
Key Info
Citibank and NCPA have been partnering since 2009 to offer scholarships to support the best emerging talent in
Hindustani music.
About National Centre for the Performing Arts (NCPA):
Chairman– K. N. Suntook
About Citibank:
It was founded in 1812 as a city bank of New York, USA. It is 1st National City Bank of New York
Chief Executive Officer(CEO)– Michael L. Corbat
Headquarters– New York, USA
About Citibank India:
CEO, Citi India and Regional Head for South Asia – Ashu Khullar
Established– 1902
BSE Ebix Launches Beta Version of Term Insurance for ICICI Prudential on its On-Demand Hi-Tech Platform
On December 15, 2020 BSE Ebix Insurance Broking Private Limited partnered with ICICI Prudential Life
Insurance Co. Ltd. for the beta launch of term Insurance of ICICI Prudential on its on-demand advanced hi-tech

platform. This launch allows BSE Ebix to handle the insurance sales across the term and endowment lines in the life
insurance segment, using its omni-channel digital presence.
• With this launch, 12 Insurance Companies have been integrated with BSE Ebix platform.
Note
As life insurance is traditionally one of the fastest growing insurance segments in the country, BSE Ebix’s launch of
life insurance products is considered as the major development from the company’s perspective.
Key Info:
i.The strategy of BSE Ebix is to have a ‘Phygital’ PAN India reach by combining the physical presence of thousands
of Point of Sales Persons (POSPs) with an omni channel digital channel.
ii.This allows its PoSPs to have access to comprehensive real-time quotes from insurance companies and to complete
the entire transaction online on behalf of their customers.
iii.BSE Ebix through this technology empowers PoSPs to deliver finest insurance products and also provide ease to
the end costumes by physically transacting at the speed of digital technology.
iv.This offers an opportunity to BSE Ebix to build its Life insurance portfolio.
Additional Info:
• BSE Ebix intends to offer other insurance products for commercial vehicles, commercial products and for
other Personal lines of business.
• This is to offer a full bouquet of insurance to meet various needs of the end customers.
• It also plans to add more insurance companies in each insurance vertical shortly.
General Info about Life Insurance in India
i.The new business premiums on India’s life insurance amount around Rs 2 trillion, with 30 million policies being
written per year.
ii.It is to be noted that the life insurance segment has been growing at a Compound Annual Growth Rate (CAGR)of
10% annually.
iii.Insurance Brokers accounts less than 2% of the business in 2018-19.
Info about BSE Ebix Insurance Broking Private Limited:
• It is a joint venture of BSE and Ebix Fincorp Exchange Pte Ltd.,.
• It had beta launched its operations on February 7, 2020
• Till date, it has registered more than 8,000 PoSPs, of which more than 4,000 are certified and ready to do
business.
i.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.
ii.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.
About ICICI Prudential Life Insurance Co. Ltd.:
Promoted by -ICICI Bank Limited and Prudential Corporation Holdings Limited.
MD & CEO– N S Kannan
Kotak Life Launches 5 city Outdoor Campaign for its 1st Health Insurance Policy, Kotak Health Shield
On December 14, 2020 Kotak Mahindra Life Insurance Company (Kotak Life) launched its five-city outdoor
campaign to increase awareness about its 1st health insurance product, ‘Kotak Health Shield’. The 5 cities are
Bangalore, Chennai, Kolkata, Ahmedabad and Pune.
India’s FY21 GDP to Contract by 7.4% from -10.9%: SBI’s Ecowrap Report
On December 2020 Ecowrap report of the State Bank of India (SBI) has estimated that India’s Gross domestic
Product(GDP) will contract by 7.4%(-7.4%) from -10.9% projected earlier based on the better than expected

recovery. It also projected that the GDP growth in FY22 will be at 11% due to base effect.
Nowcasting Model
On the basis of SBI ‘Nowcasting Model’ with 41 high frequency indicators associated with industry activity, service
activity, and global economy, the bank has revised the GDP estimates. This model is developed by SBI and State Bank
Institute of Leadership(SBIL), Kolkata.
Highlights of the Report
i.The fiscal deficit for FY21 is revised at 8% of GDP.
ii.On the basis of the Nowcasting Model, the Quarter 3 (October-December 2020)’s GDP growth forecast will be
around 1%(with downward bias).
iii.In addition to this, of the 41 high frequency leading indicators, 58% are showing acceleration in Q3.
iv.To reach the pre-pandemic level in nominal terms, it will take about 7 quarters from Q4 FY21( and 5 quarters from
now) and there will be a permanent output loss of around 9% of GDP.
v.The government expenditure in Q2 (July-September 2020) FY21 was Rs 3.62 lakh crore and in Q1(April-June) FY21
it was Rs 4.86 lakh crore.
About State Bank of India (SBI):
Chairman– Dinesh Kumar Khara
Tagline– The banker to every Indian; With you all the way; Purely banking nothing else; The nation banks on us; The
bank of a common man
Formed– July 1955 as SBI
ADB Launches a $9 billion Vaccine Initiative, APVAX to its Developing Members

On December 11, 2020 The Asian Development Bank (ADB) launched a $9 billion vaccine initiative, the Asia Pacific
Vaccine Access Facility (APVAX). This facility will
help its developing member economies to procure and deliver an effective and safe coronavirus disease (COVID-19)
vaccine.
Purpose– To Help Members to access and distribute COVID-19 Vaccines
Points to be Noted
i.In association with other development partners including the World Bank Group, World Health Organization
(WHO), COVID-19 Vaccines Global Access Facility (COVAX), GAVI, and bilateral and multilateral partners, ADB will
provide financing for the vaccines.
ii.ADB, in order to support the efforts of its developing members to secure safe and effective vaccines and the goods
that support distributions also provides a $ 500 million vaccine import facility.
About APVAX
2 complementary components
APVAX uses 2 complementary components to support the vaccine access to developing Asia namely:
Rapid Response Component
Provides timely support for critical vaccine detection, vaccine procurement, and delivery of vaccines to developing
members of ADB.
Project Investment Component
It supports investment in areas related to vaccine procurement and delivery.
The areas include, cold-chain storage and transportation, vehicles, among others.
The component also can be utilised to develop or expand vaccine manufacturing capacity in developing members.
Eligibility for Financing
A vaccine must meet one of the 3 criterias mentioned below to be eligible for financing.
Criterias– Procured through COVAX, prequalified by WHO, or authorized by a Stringent Regulatory Authority.
Note
ADB has recently forecasted the Gross Domestic Product (GDP) of Developing Asia in 2020 to -4%(contract by 4%),
this its the 1st regional GDP contraction since the 1960s.

NDB inked $1bn Loan Agreement with GoI for Economic Revival
On December 16, 2020, a loan agreement was inked between Government of India (GoI) and New Development Bank
(NDB) under which the latter will lend $1,000 million ($1 billion) for supporting the former’s economic recovery
from COVID-19. The loan has a tenor of 30 years, including a 5-year grace period.
• The agreement was signed by Baldeo Purushartha, Joint Secretary, Department of Economic Affairs, Ministry
of Finance and Xian Zhu, Vice President, Chief Operations Officer (COO) on behalf of the NDB.
Key Features of Agreement:
–The funding is a part of NDB’s fast-track emergency response to COVID-19.
–As a part of agreement, NDB will support the creation of rural infrastructure related to natural resource
management (NRM) and rural employment generation under Government of India’s Mahatma Gandhi National Rural
Employment Guarantee Scheme (MGNREGS) particularly for migrant population.
i.On November 19, 2020, Ministry of Housing and Urban Affairs (MoHUA), Govt of India, National Capital Region
Transport Corporation Limited (NCRTC) and NDB 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).
ii.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.
About New Development Bank (NDB):
President – Marcos Prado Troyjo
Headquarters – Shanghai, China
Former Name– BRICS (Brazil, Russia, India, China & South Africa) Development Bank
World Bank Approves 4 India Projects Worth over $800 million

On December 15, 2020 the World Bank has approved 4 India projects worth over $800 million. The projects will
support a range of development initiatives that supports the efforts of India to rebuild itself by creating sustainable
and resilient economy
4 Projects Include:
• $400 million Second Accelerating India’s COVID-19 Social Protection Response Program
• $100 million Chhattisgarh Inclusive Rural and Accelerated Agriculture Growth Project (CHIRAAG)
• $68 million Nagaland: Enhancing Classroom Teaching and Resources Project
• $250 million Second Dam Improvement and Rehabilitation Project (DRIP-2)
$400 Million Second Accelerating India’s COVID-19 Social Protection Response Program
The Government of India and the World Bank signed a $400 million Second Accelerating India’s COVID-19 Social
Protection Response Program. The project supports and protects India’s efforts to provide social assistance to poor
and vulnerable households, severely affected by the COVID-19 pandemic.
• It is the 2nd operation in a programmatic series of 2. The 1st operation of $750 million was approved in May
2020.
• The Program builds on the outcomes achieved by the 1st operation.
Points to be Noted
i.This loan is funded by the International Development Association (IDA).
ii.ADB in collaboration with Agence Française de Développement (AFD) and Kreditanstalt Fur Wiederaufbau (KfW)
prepared the program.
iii.The project will be implemented by the Department of Economic Affairs of the Ministry of Finance.

Key People
The agreement was signed by C S Mohapatra, Additional Secretary, Department of Economic Affairs, Ministry of
Finance on behalf of Indian govt and Sumila Gulyani, Acting Country Director, India on behalf of the World Bank.
$100 million Chhattisgarh Inclusive Rural and Accelerated Agriculture Growth Project (CHIRAAG)
The World Bank approved a $100 million Chhattisgarh Inclusive Rural and Accelerated Agriculture Growth Project
(CHIRAAG). It will develop sustainable production systems, this will allow Chhattisgarh’s tribal households in remote
areas to practice production of diversified and nutritious food throughout the year.
Funding
The loan will be provided by the International Bank for Reconstruction and Development (IBRD). It has a maturity of
17.5 years, including a grace period of 5.5-years.
Implementation & Benefit
The project will be implemented in the southern tribal-majority region of the state where a large population is
undernourished and poor.
It will benefit more than 180,000 households from about 1,000 villages in 8 districts of the state.
$68 million Nagaland: Enhancing Classroom Teaching and Resources Project
The World Bank has approved a $68 million Nagaland: Enhancing Classroom Teaching and Resources Project. It
enhances the classroom teaching and the accessibility of resources to teach in Nagaland.
Funding Structure
The loan will be provided by IBRD. It has a final maturity of 14.5 years including a grace period of 5 years.
Points to be Noted
As part of that strategy, about 14 out of 44 higher secondary schools of Nagaland will be developed into school
complexes. This is to operationalize the learning environment(envisioned) during the project period.
Benefit
The reforms in schools across the state will benefit about 150,000 students and 20,000 teachers in the government
education system.
$250 million Second Dam Rehabilitation and Improvement Project (DRIP-2)
The World bank has approved a $250 million Second Dam Rehabilitation and Improvement Project (DRIP-2). It will
improve the existing dams’ safety and performance across various states of India.
The project will be implemented in approximately 120 dams across the states of Chhattisgarh, Gujarat, Kerala,
Madhya Pradesh, Maharashtra, Manipur, Meghalaya, Odisha, Rajasthan, and Tamil Nadu, and at the national level
through the Central Water Commission (CWC). Other states or agencies may also be added to the project during
project implementation.
Funding Structure
The loan will be provided by IBRD. It has a maturity of 13 years, including a grace period of 6 years.
Key Info about World Bank:
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).
i.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.
ii.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, United States(US)
President – David Malpass
Founded– 1944
Member Countries– 189(including India)

YES Bank Partners with Visa to Enhance Payments Efficiency; Introduced New Line of Vertical Debit cards
under the E-series
On December 16, 2020 YES bank partnered with Visa as a payment processor to enhance salaried and YES FIRST
account holders’ payment experience. The bank has also introduced a new line of vertical Debit cards under the E-
series across Mastercard and VISA cards.
• This launch enables customers to avail VISA-branded YES bank debit cards along with Mastercard and RuPay
branded debit cards.
Enhance payments efficiency
This upgradation is aligned with the vision of the bank to offer its customers a best payment experience in the world.
It also is the step towards the cashless transformation in India.
New line of vertical Debit cards under the E-series
General Info
The E-series debit cards provide more seamless and a consistent experience to consumers with its enhanced
features.
It enables customers to have convenient payment services.
Card Number & CVV
The new designed card’s number and Card Verification Value(CVV) details are placed cautiously at the back. This
improves the security of the card, where these details cannot be easily captured while using it at the ATMs or PoS
terminals.
Note
i.Customers when first come onboard can choose the Element, Engage or Explore cards based on their banking
preferences, later on can choose to upgrade to Enhance or Elevate, eventually moving up the series to the coveted
Emerge or Eclectic cards.
ii.The customers can get elementary to exclusive benefits. Currently, these features are offered to the members of YES
bank’s banking programs, YES Premia and YES FIRST.
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.
About YES Bank:
Incepted– 2004
About Visa:
Headquarters– California, United States
Chairman and CEO– Alfred F. Kelly, Jr.
DAC Approves Military Hardware Procurement worth Rs 28,000 cr during a Meeting in New Delhi
On December 17, 2020, a Defence Acquisition Council (DAC) meeting was held under the Chairmanship of Union
Minister Rajnath Singh, Ministry of Defence (MoD) in New Delhi where 7 Capital Acquisition proposals regarding
military hardware worth Rs. 28,000 Crore were approved.
• The procurement proposals include various Weapons/Platforms/Equipment/Systems required by the Indian
Army, the Indian Navy and the Indian Air Force (IAF).
• This was the first meeting under the new regime of Defence Acquisition Procedure (DAP), 2020 and these are
the first set of Acceptance of Necessity (AoNs).
Points to be noted:
–The approved Acquisition proposals include DRDO designed and developed 6 Airborne Early Warning & Control
(AEW&C) Systems or Airborne Warning and Control Systems (AWACS) for IAF, 11 Next Generation Offshore Patrol
Vessels for the Indian Navy and Modular Bridges for the Indian Army.

— The majority AoNs being accorded in the highest categorisation of Buy Indian i.e. indigenous design, development
and manufacture (IDDM).
• The 6 out of the 7 proposals worth Rs 27,000 cr will be procured from domestic industry in order to push
“Make in India” and “Atmanirbhar Bharat” initiatives of the Government.
The major approvals are detailed as below:
Procurement of 6 AEW&C Systems for IAF
The Government has sanctioned Rs 10,994-crore project for the development of six AEW&C or AWACS Block-2
aircraft for IAF. They will be developed by the Defence Research and Development Organisation Centre for Airborne
Studies lab (DRDO CABS) and is expected to be completed in 6 years.
• AEW&Cs are regarded as “eyes in the sky” because of their ability to detect and track incoming fighters, cruise
missiles and drones faster than ground-based radars. They also act as an aerial control room for missions
while keeping track of ships out at sea.
Point to be noted:
As per the earlier proposal, the AEW&C systems were to be put on two larger A-330 wide body jets that were to be
procured from Airbus. However, now the existing six Airbus aircraft (A320s) will be converted by Airbus based on
the requirements to save the overall cost of the project. Then the indigenous Active Electronically Scanned
Array (AESA) radar will be mounted on them.
Procurement of 11 next-generation Offshore Patrol Vessels for Indian Navy
The DAC also approved the procurement of 11 next-generation Offshore Patrol Vessels for Indian Navy (NGOPVs)
worth over Rs 9,000 crore. This was approved after the scrapping of a tender for acquiring five Naval Offshore Patrol
Vessels from Anil Ambani-owned Pipavav Shipyards by government
• The other proposal to acquire 38 naval versions of the Brahmos supersonic cruise missile was also cleared.
• DAC also approved the Navy’s proposal to acquire ship-launched, unmanned aerial systems for Rs 1,000
crore.
Airborne Warning And Control Systems (AWACS India)
The strategic programme to develop a next generation of airborne warning and control systems (AWACS India) that
will act as a major force multiplier for the air force was cleared in 2015 but orders had not been placed for the
platform.
DRDO will oversee structural modifications and adaptations for a 10 m rotodome that will be mounted on the aircraft.
The system will have an electronically scanned array radar that will give 360 degree radar coverage. The air force
estimates that at least two indigenous AWACS will be inducted into service by 2025.
i.On November 9, 2020, a model of Anti Satellite (A-SAT) Missile installed inside DRDO Bhawan premises, New Delhi,
was unveiled by Raksha Mantri Rajnath Singh.
ii.On November 19, 2020, Rajnath Singh virtually launched a Portal “Land Management System (LMS)”, it is the First
LMS portal developed by the Department of Defence in association with Director General Defence Estates (DGDE) and
Armed forces.
About Ministry of Defence (MoD):
Rajnath Singh Constituency– Lucknow,Uttar Pradesh
Minister of State (MoS)– Shripad Yesso Naik
RBI Invited Application for 2nd Test Phase of Regulatory Sandbox on Cross Border Payments
After the commencement of Test Phase of First Cohort under the Regulatory Sandbox (RS) by Reserve Bank of India
(RBI) on November 17, 2020, click here to read, now the apex bank has announced the opening of the Second Cohort
on the theme of “Cross Border Payments”.
• The window for submission of applications by eligible entities for the Cohort will be open from December 21,
2020 to February 15, 2021.
• The theme of the first cohort was “Retail Payments” while for third Cohort, the theme will be “MSME
Lending”.
• This program allows the collaboration of banks, fintech and technology companies to conduct real-time
experimental projects under the supervision of the RBI team.

Measures taken by RBI to Encourage Applications:
–Reduced minimum net worth requirement from the existing Rs 25 lakh to Rs 10 lakh.
–Participation of Partnership firms and Limited Liability Partnership (LLPs) have also been allowed.
Reason behind choosing the Cross Border Payment theme of 2nd Cohort:
India is the largest recipient of inbound remittances across the globe: India’s inbound remittances accounts for
15% of global share. In 2019, India received $83 bn and in the first half year of 2020, has received $27.4 bn.
• The daily average turnover of Over-the-counter (OTC) foreign exchange instruments in India is approximately
$40 bn.
What is a Regulatory sandbox (RS)?
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.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.
ii.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.
IndusInd Bank Partners with Mastercard to Launch its 1st Metal Credit Card ‘Pioneer Heritage Credit Card’
for HNWIs
On December 17, 2020 IndusInd Bank in partnership with Mastercard launched its 1st metal credit card, ‘Pioneer
Heritage Credit Card’. This Contactless Credit Card is designed to meet the needs of High-Net-Worth-Individuals
(HNWIs), especially of the affluent Indian professionals and entrepreneurs.
• This card is a part of the Mastercard’s ‘World Elite’ platform that offers privileges to complement the lifestyle
of HNI cardholders.
• IndusInd bank with this launch has joined the few other banks globally that offer a metal credit card.
Key Benefits of ‘Pioneer Heritage Credit Card’
Insurance
It offers a complimentary personal air accident cover of Rs 2.5 crores and insurance cover for a sum up to the credit
limit on the card.
It also offers Lost baggage insurance of Rs 1 lakh and Loss of travel document insurance of Rs 75,000
Travel
The cardholders can avail unlimited complimentary in international and domestic airport lounges.
Other Benefits
If the cardholder meets the minimum spend limit of Rs 10 lakh or more during the period, the annual fee of the card
will be waived off.
The cardholders can get access to Unlimited complimentary golf games and lessons at select golf courses in India.
Key Info
IndusInd Bank launched PIONEER Banking, its wealth management platform in January 2020 for the high net worth
customers.

Statistics regarding Millionaires in India
India has more than a million millionaires, this number is increasing every year by 12-13%
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.
About IndusInd Bank:
Managing Director(MD)& Chief Executive Officer(CEO)– Sumant Kathpalia
Chairman– Mr. Arun Tiwari
Established– 1994
Tagline-We Make You Feel Richer
About Mastercard:
Headquarters – New York, United States
President and CEO-Elect– Michael Miebach
CEO– Ajay Banga(Michael Miebach will take over as CEO by January, 2021)
Snapdeal Partners with NPCI to Enable Doorstep QR Code Payments for Orders
On December 17, 2020 Snapdeal partnered with National Payments Corporation of India (NPCI) to enable buyers to
make Quick Response(QR)-based digital payments on getting delivery of their orders.
Target Customers– New or first-time users who are not comfortable to pay in advance for items at the time of
purchase.
Key Info about the Facility
i.As part of the delivery process, the QR-code payment option will be offered to the customer at their doorstep.
ii.This facility will work with all UPI-payment options, including Bhim, Google Pay, Whatsapp Pay, etc. from leading
private and public sector banks like HDFC, SBI, ICICI and others.
iii.Snapdeal buyers who bank with cooperative banks and Regional Rural Banks (RRBs) can also pay through this
feature.
India’s GDP to contract by 7.8% in FY2021: ICRA

ICRA Limited in its GDP Outlook- December 2020 projetcs that India’s GDP(Gross Domestic Product)in real terms
will contract by 7.8%(-7.8%) in FY2021. This is due to the agency’s forecast that the technical recession in Indian
economy will end in Q4 of FY2021, with a slow 1.3% growth benefitting from a real recovery and the low base effect.
Key Info
The report projects that in the 3rd quarter of FY2021, there will be a small contraction of 1%
The COVID-19 vaccine rollout will strengthen the demand and economic activity in Q4 FY2021,
India will be fastest growing Asian economy in 2021 at 9.9%: Nomura
Nomura projected that India will be the fastest growing Asian economy in 2021, with an estimate of 9.9% gross
domestic product (GDP) growth in CY 21
About ICRA Limited
Formerly called as Investment Information and Credit Rating Agency of India Limited.
It was established in 1991.
Managing Director & Group CEO– Mr. N. Sivaraman
Chairman Emeritus-Mr. Dhruba Narayan Ghosh
Head Office– New Delhi, India
External Affairs Minister S. Jaishankar launches Economic Diplomacy website

On 16th December, 2020 Minister of External Affairs(MEA) S. Jaishankar launched an economic diplomacy
website to highlight India’s economic, sectoral and state wise strength. This website paves way for the Global
business community to utilise India’s ease of doing business initiatives and enhance trade with India.
Website will provide multidimensional global business thereby creating a dynamic “Brand India”.

Highlights of Website:
Aim- To provide critical and relevant information on major economic indicators of central and state government
policies.
Information provided- Government policies, global mineral resource endowments, detailed policy profiles of states
and union territories.
i.It’s inline with the Prime Minister’s vision of doubling farmer’s income by 2022 by enhancing farm exports of the
country.
ii.The website paired with India’s ease of doing business initiatives will improve the Foreign Direct Investments to
India.
i.On January 5, 2020, As per Agricultural and Processed Food Products Export Development Authority (APEDA), eight
states namely Maharashtra, Uttar Pradesh, Kerala, Nagaland, Tamil Nadu, Assam, Punjab, and Karnataka finalized an
action plan for Agriculture Export Policy (AEP) to enhance exports.
ii.On 13th August 2020, Government of India signed a Memorandum of Understanding (MoU) on space cooperation
with the Federal government of Republic of Nigeria at the Federal Ministry of Science and Technology headquarters
in Abuja, Nigeria.
About Ministry of External Affairs:
Union Minister- Subrahmanyam Jaishankar
Minister of State- V. Muraleedharan
Minister of Commerce & Industry, Piyush Goyal launched “Australia Economic Strategy Report 2020”
On December 18, 2020, Shri Piyush Goyal, Union Minister of Commerce and Industry launched Australia Economic
Strategy Report 2020 prepared by Confederation of Indian Industry (CII) team, led by Ambassador Anil Wadhwa,
Former Secretary (East), Ministry of External Affairs, with contribution from KPMG, India.
• The Report was launched during the CII’s virtual session on Enhancing India Australia Bilateral Economic and
Trade Relationship.
• This report will contribute to the Indo-Australia strategic bilateral relationship as it has made
recommendations for expanding cooperation in various areas.
How will India aid in Collaboration?
–As India has eased its FDI (Foreign Direct Investment) norms there will be opportunities for mutual engagement in
newer areas like space, nuclear energy & defence production.
–The Emerging sectors like defence, sports, textiles, textile designing, digital gaming, animation, water management,
commercial ship-building, space collaboration & digital engagement in education, also have potential for cooperation.
–India has also opened up the Agri sector for greater investments in food processing and value addition.
—Labour reforms and upgrading of tourism will help in providing flexibility in employment and also generate new
job options.
Click here to read the entire report.
Key Points:
–Both nations can further expand their trade relationship with 3B objectives: Bigger trade basket – Better trade
basket – Balanced trade relationship.
–Australia & India are also working together on the strategic front viz. Malabar exercises, QUAD groupings. Click Here
to read about QUAD
Background:
The Report has been prepared as a response to the India Economic Strategy Report, 2035, released by Australia in
July 2018.
i.On November 5, 2020, the Ministry of External Affairs (MEA) and CII virtually organized an India-Nordic-Baltic
Conclave on the theme “An Innovation-driven Partnership for Growth in a New World”. It was sponsored by
Denmark’s shipping company MAERSK.

ii.On September 30, 2020 Union Minister for Chemicals and Fertilizers, Sadananda Gowda addressed the “CII Life
Science Conclave 2020” through virtual mode. The Conclave was organized by Confederation of Indian Industry (CII)
on the theme “Energizing Make in India through Life Sciences Sector”.
About Confederation of Indian Industry (CII):
President– Uday Kotak
Headquarter– New Delhi
About KPMG India:
Chairman & CEO – Arun M. Kumar
ADB & Govt of India Signs $4.21 million PRF Facility for Tripura Urban and Tourism Development Project
On December 18, 2020 The Asian Development Bank (ADB) and Government of India signed a $4.21
million(Around 31 Crore) Project Readiness Financing (PRF) facility for Tripura Urban and Tourism
Development Project. This is ADB’s 1st PRF facility for a Northeastern state of India.
Purpose
The facility will enhance the infrastructure development projects & will improve the urban amenities and develop
tourism infrastructure projects in the Tripura.
Key People
Dr. C. S. Mohapatra, Additional Secretary, Department of Economic Affairs, Ministry of Finance signed the facility on
behalf of Govt of India and Takeo Konishi, Country Director of ADB’s India Resident Mission on behalf of ADB.
Highlights of PRF Facility
Finance
PRF helps finance the preparation of integrated infrastructure development plans for the 7 Districts Headquarter
Towns (DHT) and 13 Urban Local Bodies (ULBs) focused on water supply, sanitation, storm water drainage, urban
roads, and urban amenities.
Support
i.It supports the priorities of the Tripura govt to improve urban services and tourism through comprehensive
planning by developing key infrastructure investment projects and related reforms in these sectors that helps to
boost economic development.
ii.It also supports the objective of the govt to improve the tourism’s contribution to the economy and also supports
development of integrated tourism infrastructure plans
iii.These include, providing amenities and improving road connectivity to the tourist destinations jointly with the
marketing and promotion strategies.
Ensure greater readiness
The facility by preparing feasibility studies, detailed engineering designs, and capacity building of state level agencies
aims to ensure greater readiness for assuring infrastructure projects, while also ensuring climate and disaster
resilience, inclusiveness and sustainability of sub projects.
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.
About Tripura:
National Park– Clouded Leopard National Park, Bison National Park
Zoo– Sepahijala Zoo

RBI Further Extends Restrictions on PMC Bank till March 31, 2021
On December 18, 2020 The Reserve Bank of India(RBI) further extended the restrictions of Punjab and Maharashtra
Cooperative(PMC) Bank Limited for a period of 3 months from December 23, 2020 to March 31, 2021.
• All other terms and conditions of the Directives under reference shall remain unchanged.
• Earlier the restriction was imposed till June 23, 2020 and then changed until December 22, 2020.
Reason for Extension:
i.PMC Bank for its reconstruction invited Expression of Interest (EoI) from eligible investors for investment/ equity
participation.
ii.In regard to this PMC Bank has received 4 proposals.
iii.These proposals will be examined by the bank regarding their feasibility and viability considering the best interest
of the depositors.
iv.The bank needs some time to examine the proposals and so the extension was made considering the best interest
of all stakeholder.
Key Info about PMC Bank
i.PMC Bank, a Multi-State Urban Cooperative Bank was placed under All-Inclusive Directions under sub-section (1) of
Section 35 A read with Section 56 of the Banking Regulation Act, 1949, with effect from September 23, 2019
ii.It was placed under due to bad loans, financial irregularities, fraudulent transactions.
iii.RBI had raised the withdrawal limit of PMC Bank to Rs 1,00,000 from Rs 50,000.
iv.RBI appointed AK Dixit, ex-General Manager of Union Bank of India(UBI) as the new administrator of PMC
Bank with effect from September 23, 2020. He succeeded J.B. Bhoria, ex-chief general manager with the central bank.
About Punjab and Maharashtra Cooperative(PMC) Bank Limited
Commenced Operations– February 13, 1984
CEO– Surinderpal Singh Ram Singh(succeeds- Shiny Mithbaokar)
RBI extended CKYCR to Legal Entities from Individual Accounts w.e.f. April 1, 2021: December 2020
On December 18, 2020, the Reserve Bank of India (RBI) has amended the Master Direction (MD) on “Know Your
Customer (KYC)”, dated February 25, 2016, by extending the applicability of centralized KYC registry to legal entities
(LEs), from individual accounts w.e.f. April 1, 2021.
• In this regard, Regulated Entities (REs) will upload the KYC data pertaining to the accounts of LEs opened on
or after 1 April 2021, on to CKYCR in terms of Rule 9 (1A) of the PML (Prevention of Money-laundering) Rules.
• Since 2017, banks, non-banks, and other entities regulated by RBI have been uploading the KYC data of
individual accounts opened on or after 1 January 2017 on to the centralized KYC registry (CKYCR).
Key Points:
–In case of accounts of LEs opened prior to April 1, 2021, the KYC records are uploaded on to CKYCR during the
process of periodic updation as specified in Section 38 of the MD.
–REs should ensure that during periodic updation, the customers’ KYC details are migrated to current Customer Due
Diligence (CDD) standards.
How KYC is useful?
The objective of KYC is to prevent banks from being used by criminal activities for money laundering or terrorist
financing. KYC procedures also enable banks to understand their customers and their financial dealings better,
resulting in good management of risks.
i.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.
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.

PayU Collaborates with Google Pay to Introduce Tokenised Payments Flow for Merchants
On December 18, 2020 PayU collaborated with Google Pay to introduce tokenised payments
flow for merchants in India. This collaboration enables the merchants of PayU to offer Google Pay users the option to
use their debit cards, credit cards, or Google Pay UPI to make repeated payments without the need to physically share
their card details.
Key Info
i.Google Pay users can make repeat payments seamlessly and securely as the information of the card is tokenised and
the digital token is linked to the phone.
ii.Users can avail one-click payment experience during checkout, as they do not have the need to re-enter the
payment data.
iii.OTP is read automatically and the payment is processed instantly, without redirections to third party sites.
What is Tokenisation?
It is the process of protecting sensitive data by replacing it with an algorithmically generated number called a token.
Tokenised payments offer a highly convenient, safe, and friction-free payment experience to the customers.
About PayU:
Headquarters– Netherlands
CEO– Laurent le Moal
CEO, India– Anirban Mukherjee
About Google:
Google Pay is a digital wallet platform and online payment system developed by Google.
CEO– Sundar Pichai
Headquarters – California, USA
NPCI Introduced RuPay Contactless (Offline) feature

On December 16 2020 National Payments Corporation of India (NPCI) has introduced RuPay Contactless (Offline)
feature, that also provides reloadable wallets within RuPay Card, for daily transit payments. NPCI has also
introduced RuPay Contactless (Offline) feature for retail payments on pilot basis. All these additional features will
expand the total transaction experience for Rupay cardholders and also transform the overall card payment
ecosystem.
India’s Retail inflation Declined to 6.93% in November 2020: CPI Data

As per the Consumer Price Index(CPI) data released by the Government of India, India’s retail inflation based on
the CPI declined to 6.93% in November 2020 from 7.61% in October 2020. The inflation rate for rural area was
7.20% and urban area 6.73% in November 2020 against 7.75% and 7.33% in October 2020.
India Ranked 63rd in EODB 2020: World Bank

The World Bank (WB) has released the updated the Ease of Doing Business(EODB) 2018 & EODB 2020
reports after correcting the data irregularities submitted by 4 countries – China, United Arab Emirates (UAE),
Saudi Arabia & Azerbaijan. India Ranked 63 in the 17th edition of WB report ‘Ease of Doing Business 2020-
Comparing Business Regulation in 190 Economies’ report remains unchanged.
In August, 2020, WB decided to pause the publication of the EODB report due to a number of irregularities, and
changes to data in previous reports.
List of Other Corrections:
i.UAE’s ranking of 16 in the EODB 2020 report remains unchanged, while Azerbaijan has improved to 28 from 34 in
the EODB 2020 report.

ii.Saudi Arabia, in the 2020 report, the published score including irregularities affecting the Getting Credit and Paying
Taxes indicators was 71.6 with a global ranking of 62. After correcting these irregularities, the Doing Business 2020
score is 70.9. However, if irregularities had not occurred, Saudi Arabia’s position would stand at 63.
iii.According to the corrected list, China has slipped 7 places to 85th Rank in the 2018 report from 78th Rank before
correction.
Rankings of Ease of Doing Business 2020 Report:
Rank Country Score
63 India 71.00
1 New Zealand 86.80
2 Singapore 86.20
3 Hong Kong, China 85.3
188 Venezuela 30.2
189 Eritrea 21.6
190 Somalia 20
About World Bank (WB):
President – David R. Malpass
Headquarters – Washington D.C., United States of America
Around 2.1 billion people in Asia-Pacific lack water supply, sanitation: ADB report
According to ‘Asian Water Development Outlook 2020: Advancing Water Security across Asia and the Pacific’
released by Asian Development Bank (ADB), 2.1 Billion People (1.5 Billion People in rural areas & 600 Million in
urban areas) lack adequate water supply, sanitation in the Asia-Pacific region.
The Asian Water Development Outlook (AWDO) 2020 has been jointly prepared by ADB & Asia-Pacific Water
Forum and supported by the Government of Australia.
i.AWDO 2020 is the 4th report in the series. The authors of the report are Tom Panella (ADB), Coral Fernandez
Illescas (ADB), Silvia Cardascia (ADB), and Eelco van Beek (ADB consultant).
ii.The AWDO report describes the status of Water security in the Asia-Pacific region. It measures the availability of
safe & affordable water supply, sanitation for all, improved livelihoods, health ecosystems, with reduced water-
related diseases and floods.
Indicators & Methodology:
i.The report has been prepared based on 5 Key Dimensions (KDs) – Rural Household Water Security, Economic
Water Security, Urban Water Security, Environmental Water Security, Water-Related Disaster Security.
ii.The report uses methodology and in-depth analysis of water financing and government developed in
partnership with Organisation for Economic Co-operation and Development (OECD).
Key Points:
i.The report states that out of 49 ADB Members from Asia and Pacific region
• 27 members face serious water limitations for economic development &
• 18 members have not taken sufficient steps to protect their citizens against water-related disasters.
ii.6 Regions (Central & West Asia, East Asia, Pacific, South Asia, Southeast Asia) excluding the Advanced Economies
have made good progress in improving the water Security between the period 2013-20 based on the National Water
Security (NWS) Index.
iii.The Top 3 performers based on NWS AWDO 2013-20 are – China, Kyrgyz Republic & Maldives.
Regarding India:
i.India remains in Nascent stage in all KDs of the report.
ii.India has recorded vast improvement in sanitation during 2017-19.
iii.Compared to 2014, rural Indians have better access to basic sanitation in 2019.
iv.Each day around 100, 000 houses are being provided with tap water connections, with a target to achieve 180
Million Tap Water house connections till 2024.

Initiatives taken by India to improve Water Security:
The report has highlighted several initiatives taken by the Government of India & its state government to improve
water security in India. They are
i.Schemes by Central Government – Swachh Bharat Mission (SBM), Jal Jeevan Mission (JJM), Atal Mission for
Rejuvenation & Urban Transformation (AMRUT), Pradhan Mantri Krishi Sinchayee Yojana (PMKSY).
ii.Other initiatives such as Smart Cities, National Hydrology Project (NHP), Dam Rehabilitation and Improvement
Project (DRIP), National Mission for Clean Ganga (NMCG), Namami Gange Program, National River Conservation Plan
(NRCP), Atal Bhujal Yojana (ABJY), Disarmament, Demobilization, and Reintegration programs.
Initiatives taken by State Government:
i.Jalyukt Shivar (Maharashtra), Mukhya Mantri Jal Swavalamban Abhiyan (Rajasthan), NEERU CHETTU (Andhra
Pradesh), Mission Kakatiya (Telangana), Sujalam Sufala Yojana (Gujarat), Integrated Water Resources Management
(IWRM) & Artificial Recharge Structures Scheme (Karnataka).
The impact of these schemes will be realized in the next edition of the AWDO report.
Key Recommendations of the report:
i.To position water as a vital part of sustainable rural development through promotion of water-effective
irrigation agriculture.
ii.To achieve urban water security through investment in water, sanitation, and disaster risk reduction
infrastructure.
iii.To provide a healthy environment for people by reducing pollution, stimulating a circular economy, increasing
terrestrial protection
iv.Increase the resilience of the water systems to avoid water-related disasters and to be prepared for climate and
other global changes.
i.September 15, 2020, According to “Asian Development Outlook (ADO) 2020 Update-September 2020” by ADB,
India’s GDP (gross domestic product) growth will contract 9% in FY 2020-2021 due to COVID-19 induced slowed
economic activity.
Headquarters– Mandaluyong, Philippines
IIFL Home, ICICI Bank Joined Hands for Affordable Housing, MSME loans
On December 19, 2020, IIFL (formerly India Infoline Limited) Home Finance Ltd, the subsidiary of IIFL Finance has
joined hands with ICICI (Industrial Credit and Investment Corporation of India) Bank for sourcing and servicing
arrangement to provide affordable housing and MSME (Micro, Small and Medium Enterprises) loans.
• In this regard, Definitive agreements for the arrangement were executed by both entities.
• As a part of tie-up, IIFL Home will hunt and then provide services to customers through the entire loan life-
cycle including sourcing, documentation, collection and loan servicing while ICICI Bank will provide funding to
these customers.
i.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.
ii.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.
About ICICI Bank:
Establishment– 1955 (incorporated in 1994)
Managing Director (MD) & Chief Executive Officer (CEO)– Sandeep Bakhshi

About IIFL Home Finance Ltd:
Chairman– S. Sridhar
Headquarter– Gurugram, Haryana
ADB Approves $231 Million Loan to Construct Lower Kopili Hydroelectric Power Plant in Central Assam,
India
On December 19, 2020 The Asian Development Bank (ADB) approved a $231 million(Around Rs 1,705 crore) loan
to construct the Lower Kopili Hydroelectric Power (LKHEP) plant in Central Assam, India. This loan is the 3rd and
largest tranche of the $300 million(about Rs 2,200 crore) Assam Power Sector Investment Program that was
approved by ADB in 2014.
Purpose of the Loan– To help enhance the clean energy supply in India.
Points to be Noted
i.The loan is enhanced by a $2 million project grant from Japan Fund for Poverty Reduction(JFPR) of ADB.
ii.This will finance the community-based disaster recovery efforts and resource management.
Benefits of LKHEP plant:
• The hydropower generation capacity of the Assam Power Generation Corporation Ltd(APGCL) will be doubled
by the LKHEP plant.
• The plant utilises water from Kopili River so as to generate a total capacity of 120 MW of electricity, especially
during peak demand periods.
About Assam Power Sector Investment Program
i.ADB approved a $300 Million Loan to Continue Power Upgrades in Assam on July 3, 2014.
ii.The multi tranche loan facility is a part of a broader 10-year, $3.5 billion state investment program.
iii.The funds were planned to disbursed in 3 tranches:
1st installment- $50 million; 2nd installment- $50 million; 3rd installment- $200 million.
About the Project
i.This project will generate clean energy and help to address the increasing electricity demand in Assam.
ii.It will help the state power companies to minimize their dependence on expensive electricity from fossil fuel
sources.
iii.It will finance the enterprise resource planning system of APGCL and help to implement measures to improve
financial management.
iv.It will also plan to mitigate the acidity concerns in the Kopili river through special measures
On September 8, 2020, Government of India (GoI) and Asian Development Bank (ADB) signed a $500 million loan
agreement for the Delhi-Meerut RRTS (regional rapid transit system) Investment Project. This is the first tranche of a
total $1billion (about Rs 7,485 crore) facility.
Formed– 1966
ICICI Prudential Mutual Fund Launched ‘ICICI Prudential Business Cycle Fund’, an Open-Ended Equity Scheme
On December 21, 2020 ICICI Prudential Mutual Fund launched ‘ICICI Prudential Business Cycle Fund’, an open-
ended equity scheme following business cycles based investing theme. The New Fund Offer (NFO) opens on
December 29, 2020 and closes on January 12, 2021.
Highlights of the Scheme:
i.The scheme will invest in equity and equity-related securities in Indian markets with a focus to ride business cycles
through dynamic allocation between various sectors and stocks at different stages of business cycles.
ii.It will create long term wealth.
iii.It will follow a top-down approach from monitoring macro indicators (global and domestic), identifying business
cycles followed by determining suitable sectors, and selecting the stocks within these sectors.

iv.The benchmark of the scheme is Nifty 500 TRI(Total Return variant of Index).
Note
As per the Securities and Exchange Board of India-SEBI (Mutual Funds) Regulations 1996, the particulars of the ICICI
Prudential Business Cycle Fund have been prepared.
SEBI (Mutual Funds) Regulations 1996– Last amended on October 29, 2020
About ICICI Prudential Mutual Fund:
It was founded in 1993 as ICICI Asset Management Company, the joint venture between ICICI Bank and Prudential
Plc, established ICICI Prudential Asset Management Company in 1998.
MD & CEO– Nimesh Shah
Headquarters- Mumbai, Maharashtra
SIDBI Signs MoU with Assam Govt to Develop MSME Ecosystem in the State
On December 19, 2020 The Small Industries Development Bank of India (SIDBI)signed Memorandum of
Understanding (MoU) with the Government of Assam to develop the Micro, Small and Medium Enterprises (MSME)
ecosystem in the State. As per the MoU, a Project Management Unit (PMU) will be set up by SIDBI in Assam.
• SIDBI’s partnership with Assam is part of SIDBI’s initiative to set-up PMU to strengthen the MSME ecosystem
in 11 states namely Gujarat, Odisha, Maharashtra, Tamil Nadu, New Delhi, Haryana, Rajasthan, Uttar Pradesh,
Uttarakhand, Andhra Pradesh, and Karnataka .
Key People
K K Dwivedi, commissioner and secretary of industries and commerce department, govt of Assam and RK Singh,
general manager of SIDBI signed the MoU in presence of Chandra Mohan Patowary, Cabinet Minister of Transport,
Industry & Commerce, Parliamentary Affairs and SEED, Govt. of Assam.
Benefit of Collaboration
The collaboration will bring all MSMEs in the state into a formal, organized sector
About PMU:
General Info
PMU will support the Assam Govt to make necessary interventions to improve the efficiency of MSMEs in the state.
Key Areas
PMU deployed in Assam will work towards the Key areas namely:
i.Schemes will be designed by PMU in the areas of equity support and interest subvention.
ii.It will conduct study of the existing framework of schemes, interventions, etc., to benefit the MSMEs and suggest
changes with a view to enhance the efficacy and remove the obstacles.
iii.In order to onboard MSME into digital platforms such as PSB Loans In 59Minutes, Stock Exchange listing, e-
commerce platforms such as GEMs, etc., PMU will start a process for hand holding MSME in the state
iv.It will also create awareness about the activities and schemes for the MSMEs offered by the state govt under
Atmanirbhar Bharat programme.
On October 29, 2020 Punjab Government signed a Memorandum of Understanding (MoU) with The Global Alliance
for Mass Entrepreneurship (GAME) for a 2 year project on transforming the ease of doing business for MSMEs(Micro,
Small & Medium Enterprises) in Punjab.
About Small Industries Development Bank of India (SIDBI):
Set up– 2nd April 1990 under an Act of Indian Parliament
HeadOffice– Lucknow, Uttar Pradesh
Deputy MD– Manoj Mittal, V Satya Venkata Rao
Central Bank of India in association with NPCI Launches ‘RuPay Select’ Contactless Debit Card
On December 21, 2020, the occasion of Central Bank of India’s 110th foundation day, the bank in association with
National Payments Corporation of India(NPCI) launched ‘RuPay Select’, a unique variant of contactless debit card. It
is the bank’s one-of-its-kind health & wellness focused card.
On this occasion, the Central Bank of India also launched FASTAG (for electronic toll collection) in association with
OSTA.

Key People
Mr. Pallav Mohapatra, MD and CEO of the Central Bank of India launched RuPay Debit Select Card in the presence of
Mr. Dilip Asbe, MD and CEO of NPCI at a virtual event.
RuPay Debit Select Card
Design & Focus
The premium card is designed particularly focusing the lifestyle, fitness, rejuvenation, nutrition and personal care of
the customers.
Accidental and Permanent Disability Cover
It offers Accidental and permanent disability Cover of Rs 10 lakh at no extra cost to customers
Offline transactions
It facilitates offline transactions in transits and retail purchases.
Benefits
i.Cardholders can avail complimentary membership and concessional access to golf courses, gyms, spas and
restaurants.
ii.In addition to this, they can also avail discounted health check-ups with this National Common Mobility Debit Card
(NCMC).
iii.It offers airport lounge access to more than 20 domestic and 500 international lounges
FASTAG
General Info
i.The customers with Central Bank of India FASTAG can cross the Toll Plaza on the basis of the recharge amount
blocked in the savings account.
ii.On the next day of the transaction the account will be debited.
Benefits
i.No interest will be lost by the customer on transmitting funds into FASTAG account.
ii.Other players who have similar products, will transfer the fund to a wallet by debiting the account of the customer.
Points to be noted
NPCI Launched its Subsidiary Firm, NPCI International Payments Limited(NIPL). It Appointed Ritesh Shukla as the
CEO of NIPL.
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.
About National Payments Corporation of India(NPCI):
It is an initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the
Payment and Settlement Systems Act, 2007
Incorporated– Under the provisions of Section 25 of Companies Act 1956 (now Section 8 of Companies Act 2013)
Established– 2008
MD & CEO– Mr. Dilip Asbe
About Central Bank of India:
It is the 1st first Indian commercial bank which was wholly owned and managed by Indians.
Established– 1911
Managing Director & Chief Executive Officer– Shri Pallav Mohapatra
Tagline– Central to You Since 1911, Build a better life around us
BoB Signs MoU with Defence Forces for its Newly Launched ‘Baroda Military Salary Package’
On December 21, 2020 Bank of Baroda(BoB) to offer special customized banking services through ‘Baroda Military
Salary Package’ has signed a Memorandum of Understanding (MoU) with Indian Navy and Indian Coast Guard and
renewed its existing MoU with the Indian Army. This package was also presented to the Indian Air Force.
• The bank has covered all 4 Armed Forces under the Ministry of Defence.

• A similar package was also introduced to Central Armed Police Forces (CAPF) by the bank.
Points to be Noted
The retired and serving personnel of Indian Armed forces will be offered services under the package
Key People
Bank signs MoU with Indian Army & Indian Coast guard
i.The MoUs were signed by Vikramaditya Singh Khichi, Executive Director of the bank on behalf of BoB and Lt Gen
Ravin Khosla, on behalf of Indian Army.
ii.It was signed in presence of Lt Gen Harsha Gupta, Adjutant General.
iii.Deputy Inspector General D S Saini, TM, Principal Director (Administration) signed, on behalf of Indian Coast
Guard.
MoU between Bank and Indian Navy
i.MoU between BoB and Indian Navy was signed by Shri Ashwini Kumar, General Manager (Government
Relationships and PSU), on behalf of BoB and Cmde Neeraj Malhotra, Cmde (P&A) on behalf of the Indian Navy.
ii.It was signed in presence of Vikramaditya Singh Khichi and Rear Admiral Girish K Garg, ACOP (AC).
Baroda Military Salary Package:
Services Offered through
The services under the package will be offered through the bank’s network of over 8200 domestic branches and
around 20,000 Business Correspondent(BC) touch points.
Benefits
It offers benefits including Personal Accidental Insurance cover, Permanent Total Disability cover, Partial disability
Cover among others.
Offerings
The other offerings under the package include free unlimited ATM transactions at all Bank ATMs, waivers /
concessions on various service charges in retail loans, free remittance facility through Real-Time Gross
Settlement(RTGS)/National Electronic Funds Transfer (NEFT) among others.
Note
The package is regarded as the best-in-class salary and pension packages available in the banking industry.
BoB Completes integration of erstwhile Dena, Vijaya banks with itself
i.On December 20, 2020 BoB completed the integration of 3,898 branches of erstwhile Vijaya Bank and Dena Bank
with itself.
ii.Vijaya Bank and Dena Bank were merged with Bank of Baroda, with effect from April 1, 2019.
On August 14, 2020 Aditya Puri, Managing Director of HDFC Bank, launched digitally the 1st of its kind card, ‘Shaurya
KGC(Kisan Gold Credit) Card’, a tri color themed card for Indian armed forces personnel, i.e, Army, Navy, Air force and
Para military forces and their families.
About Bank of Baroda(BoB):
i.BoB was founded by Maharaja Sayajirao Gaekwad III of Baroda
ii.The Bank has sponsored 3 Regional Rural Banks(RRBs) namely Baroda Uttar Pradesh Gramin Bank, Baroda
Rajasthan Gramin Bank and Baroda Gujarat Gramin Bank.
ADB, Northern Arc Capital Ltd Signed a $40 million loan to Support Microfinance Borrowers and MSMEs in
India
On December 21, 2020 The Asian Development Bank (ADB) signed a $40 million(around Rs 295 crore) loan to
Northern Arc Capital Ltd(NACL) for on lending to microfinance borrowers, Micro, Small, and Medium
Enterprises (MSMEs) and affordable housing finance companies in India who are facing difficulties to attract debt
funding from investors.
• As part of ADB’s ongoing COVID-19 response, this rupee denominated loan is given to NACL.

Purpose of the loan– To support the livelihoods of microfinance borrowers, MSMEs and affordable housing finance
companies
Note
NACL, apart from onlending loan proceeds will also provide guarantees to financial institutions and individual
borrowers.
Benefits of the Project & Funding
i.The project will provide additional support to the ongoing efforts of Indian govt to
kickstart credit flow to the microfinance borrowers and MSMEs of the economy.
ii.The funding will help NACL to design new debt product solutions for clients.
Key Info about NACL:
i.NACL, a Non-Banking Finance Company(NBFC) connects NBFCs, microfinance institutions and housing finance
companies to mainstream financers to debt fundraising through a variety of products.
ii.This allows small and mid-sized NBFCs to strengthen their existence and improve access to financial services for
many financially excluded households in India.
iii.The innovative solutions of NACL have enabled around 250 partners(serving nearly 60 million customers across
680 districts across India) to access funding from reputed investors.
On September 11, 2020 In order to help sustain poultry farming operations, rural livelihoods and food security in
India during the COVID-19 pandemic, Asian Development Bank (ADB) has signed an agreement for USD($) 15 million
debt financing through the subscription of nonconvertible debentures for Suguna Foods Private Limited (Suguna),
one of India’s largest poultry broiler enterprises, in equivalent Indian rupees.
About Northern Arc Capital Ltd(NACL):
Managing Director(MD) and Chief Executive Officer(CEO)– Dr. Kshama Fernandes
India’s GDP to Contract by 7.3% in FY21: NCAER

On December 22, 2020 The ‘2020-21 Mid-Year Review of the Indian Economy’ of National Council of Applied
Economic Research (NCAER) has forecasted that India’s Gross Domestic Product(GDP) in FY21 will contract by
7.3%(-7.3%) from -12.6% estimated in September 2020 with anticipation that the economy will register marginal
growth in the December quarter.
Important Info
NCAER’s GDP forecast of -7.3% for FY21 is higher than the Reserve Bank of India(RBI)’s forecast of -7.5%
Note
The long-term effect of sharp contraction of 2020 is likely to be long lasting.
Other Key Projections
Quarters
The GDP for Q3(October-December 2020) of FY21 is expected to be 0.1% and 2% for Q4(January-March 2021) of
FY21.
Annual CPI inflation & CPI headline inflation
It forecast the annual CPI(Consumer Price Index) inflation at 6.7% for FY21.
It forecast the CPI headline inflation at 7% in Q3 and 6.3% in Q4.
The headline inflation in December 2020 is 6.6% and 6.93% in November 2020.
Fiscal Deficit
The fiscal deficit of Centre and state together will amount to more than 14% of GDP for FY21.
Key Info
i.In order to reach the pre pandemic growth path, Indian economy has to grow more than the previous trend.
ii.This can be achieved with the support of Conventional macroeconomic policies, deep and wide ranging reforms,
especially in the financial sector, power and foreign trade
iii.Additional reforms in health, education, labour and land are also needed.

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. 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.
About National Council of Applied Economic Research (NCAER):
President– Nandan M Nilekani
Director General– Shekhar Shah
Warburg Pincus Sells 4.47% stake in AU Small Finance Bank for Rs 1,247.69 crore
On December 18, 2020 Redwood Investment Ltd, an entity owned by Warburg Pincus sold a 4.47% stake(13.7
million shares)in AU Small Finance Bank for Rs 1,247.69 crore through open market transactions. As per the latest
shareholding data, Warburg Pincus held 4.58% of AU Small Finance Bank.
Govt. of Karnataka Inaugurated, 1st of its Kind FRUITS Portal;Canara Bank Becomes 1st FI to access FRUITS
Portal
On December 22, 2020 The 1st of its kind Farmer Registration
and Unified Beneficiary Information System(FRUITS)Portal, a project of e-Governance, inaugurated by Government
of Karnataka, and the same is integrated with BHOOMI Package of the Karnataka State to fetch and validate land
details. Canara Bank becomes the 1st Financial Institution(FI) to take the project on a pilot basis. It is the first of its
kind technology adoption from the Karnataka govt to combine all 70 lakh farmers in the state with land and other
details under a single platform.
• The launch was done at the NABARD office, Karnataka at an event organised by NABARD.
Note
i.Karnataka State Government and National Bank for Agriculture and Rural Development(NABARD) identified Canara
Bank to launch the pilot project.
ii.If the pilot project is successful, all other FI will be brought into the portal to have a single place where all data
relating to the farmers loans are available.
Key Info
FRUITS portal in addition to capturing detail of the land owners also has information about the crops grown, loans
got from banks and financial institutions, and other benefits availed from various government schemes.
About Pilot Project
i.All the farmers in this portal will be registered and be provided a FID Number.
ii.The FI and Lending Institutions, on using this number can check the details of the farmers land and their
borrowings and take decisions about the lending to farmers on basis of their requirements.
iii.Using this portal, farmers can create the charges via online which avoids them to visit the sub-registrar offices.
On 28th October 2020, Naveen Patnaik, Chief Minister of Odisha launched 2 web portals over a virtual platform. The
two portals are, Integrated Odisha State Scholarship Portal which provides scholarship to the eligible students and
Sumangal Portal provides incentive to inter-caste marriage couples.
About Canara Bank:
Syndicate Bank was amalgamated into Canara Bank on April 2020
Founded– July 1906 by Shri Ammembal Subba Rao Pai.
Tagline– Together We Can
Managing Director(MD) & Chief Executive Officer(CEO)– L V Prabhakar

ICICI Bank Becomes 1st bank in India to Launch ‘Infinite India’, an Online Platform for Foreign Companies;
Industry-first initiative
On December 22, 2020 ICICI Bank Ltd launched ‘Infinite India’, an online platform for foreign companies who set
up or expand business in India. The portal unifies different banking and value-added services on one platform for
foreign companies throughout their business lifecycle. With this launch, ICICI bank becomes the 1st bank in India to
offer such facilities. This initiative is an industry first initiative.
Note
i.The initiative is a part of the bank’s strategy to further reinforce its technology enabled host of services to foreign
companies/MultiNational Corporations(MNCs) coming to India.
ii.The services that are technology enabled aims to strengthen the position of the bank in the MNC segment.
Key Services provided by the Platform:
Banking services
i.The bank as an authorised dealer category 1, can authorise the foreign companies to set up Liaison Office (LO),
Branch Office (BO) and a Project Office (PO) in India within the framework of FEMA (Foreign Exchange Management
Act), 1999.
ii.Bank’s Corporate Internet Banking platform that has more than 300 services and mobile banking platform can be
accessed by Current Accounts holders
iii.It offers a diverse range of trade finance solutions that includes, Bank Guarantee (BG), Letter of Credit (LC),
remittances among others.
iv.It also provides access to the lending treasury operation in India with 24*7 service.
Value-Added Offerings
It provides value added services including,
• Incorporation services
• Licences and registrations
• Taxation and compliance and
• HR services
Benefit of Platform
i.It offers significant convenience to foreign companies, as it removes the need to integrate with multiple touch
points, which leads to hassle-free experience in doing business in India.
ii.The foreign companies can get services at an attractive price to a host of services.
Additional Info
The value added services are available in association with a leading cloud based business accounting and corporate
services firm.
i.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.
ii.On September 09, 2020 Mastercard launched Central Bank Digital Currencies (CBDCs), a Virtual Testing
Environment for Central Banks to Assess and Explore National Digital Currencies.
About ICICI Bank:
At September 30, 2020, the consolidated total assets of the bank was at Rs 14,76,014 crore.
It was formed in 1955 at the initiative of the World Bank, the Government of India and representatives of Indian
industry.
Incorporated-1994
Managing Director(MD) and Chief Executive Officer(CEO)– Sandeep Bakhshi
SBI Tops in UPI transaction Among UPI Remitter Banks & PPBL Record lowest Decline Rate in November
2020: NPCI
The ‘UPI Ecosystem Statistics’- November 2020 of National Payments Corporation of India (NPCI), has released
Unified Payments Interface(UPI) Top 30 Banks Performance(for Remitter Banks and Beneficiary Bank). The State

Bank of India(SBI) secured the top spot in UPI Transaction among the UPI Remitter Banks with 607.92 million
transactions.
The list is followed by Axis Bank(241.92 million transaction), HDFC bank(179.40 million transaction) and Paytm
Payments Bank ltd- PPBL(169.25 million transaction).
i.PPBL has the lowest Technical Decline(TD) rate at 0.08% among all UPI remitter banks and 0.06% among all UPI
beneficiary banks. Oriental Bank of Commerce also has a TD rate of 0.08% among all UPI remitter banks, but it has
less than 1% of total volumes.
ii.SBI also tops in UPI Transaction among UPI Beneficiary Banks with 363.23 transactions. The list is followed by
PPBL (329.04 transaction) and Yes Bank Ltd (255.73 million transactions).
Points to be Noted
i.Of the total 226 crore UPI transactions, SBI had the largest share of 26%, followed by Axis Bank (11%), HDFC Bank
(8%), Paytm Bank (8%) and ICICI Bank (6%).
ii.SBI, Axis, HDFC and PPBL together have initiated about half or 1.1 billion of the total UPI transactions processed in
November 2020.
iii.SBI has approved 90.52% UPI transaction in remitter side and 95.91% in Beneficiary side.
Table of UPI Top 30 Banks Performance(for Remitter Banks and Beneficiary Bank)
UPI Top 30 Performance Banks
UPI Remitter Bank
S. Total Approval Rate Technical Decline(TD)- in
no Name of the Bank Transaction(Million) (%) %
1 State Bank of India 607.92 90.52% 3.12%
2 Axis Bank Ltd 241.92 97.16% 0.56%
3 HDFC Bank Ltd 179.4 93.46% 1.85%
Paytm Payments Bank
4 ltd 169.25 92.71% 0.08%
UPI Beneficiary Bank
Paytm Payments Bank
2 ltd 329.04 97.63% 0.06%
3 Yes Bank Ltd 255.73 99.76% 0.10%
i.SBI’s Business Decline(BD) rate was 6.35% on remitter side
ii.Corporation Bank has the highest TD rates in the industry with 13.53% on remitter side and 20.72% on beneficiary
side
iii.HDFC Bank is the UPI partner for Google Pay that currently transacts 43.4% of total UPI transactions in India.
iv.Bank of Baroda(BoB) has the highest market share with 5% in UPI transactions among nationalised banks,
followed by Punjab National Bank (4%), Bank of India (3%) and Union Bank of India (3%).
v.SBI daily processed more than 2 crore transactions against 60 lakh by HDFC Bank and 56 lakh by Paytm Bank.
Table of Top Performing UPI Apps
Application Name Volume(million) Value(Crore)
S.No
1 Airtel Payments Bank Apps 3.59 412.14
2 Allahabad Bank 0.03 9.36
3 AmazonPay 37.15 3,524.51

Additional Info:
i.TD – It is a transaction decline due to technical reasons like unavailability of systems and network issues on bank or
NPCI side.
ii.BD- Any decline caused not because of a technical reason of the bank or NPCI like like customer entering an invalid
pin, etc.,
iii.Remitter – Account holder who sends money.
iv.Beneficiary – Account holder who receives money.
i.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.
ii.The National Payments Corporation of India (NPCI) has launched a wholly-owned subsidiary, NPCI International
Payments Limited (NIPL) to internationalize (or export to foreign markets ) NPCI’s indigenously developed offerings
and technological acumen, i.e. real-time payment system, Unified Payments Interface (UPI) and card payment
network, RuPay along with a few more offerings of NPCI.
About National Payments Corporation of India(NPCI):
Incorporated– Under the provisions of Section 25 of Companies Act 1956 (now Section 8 of Companies Act 2013)
Established– 2008
MD & CEO– Mr. Dilip Asbe
NIIFL announces closure of NIIF Master Fund at USD 2.34 Billion

On December 21, 2020 National Investment and Infrastructure Fund Ltd (NIIFL) announced closure of NIIF Master
Fund, as it had completed raising of the Fund by achieving a rupee equivalent size USD 2.34 Billion exceeding its
target of USD 2.1 Billion. The investments marked the 5th & Final Close of the NIIF Master Fund.
i.The Fund saw investments worth USD 107 Million from new investors – Canada’s Public Sector Pension
Investment Board (PSP Investments), United States International Development Finance Corporation (DFC) & Axis
Bank which had already invested.
ii.The other investors in the master fund are Government of India, Abu Dhabi Investment Authority (ADIA),
AustralianSuper, CPP Investments, Ontario’s Teachers’ Pension Plan, Temasek, HDFC Group, ICICI Bank & Kotak
Mahindra Life Insurance.
NIIF Master Fund:
i.The Fund predominantly invests in operating assets in the infrastructure, Transportation & Energy Sector.
ii.NIIF Master Fund is India’s largest domestic infrastructure equity fund and invests in large scale infrastructure
projects which are important for the development of India.
iii.It has successfully anchored platforms in ports & Logistics, renewable energy, smart meters & roads sectors.
National Investment and Infrastructure Fund Ltd (NIIFL):
i.NIIFL is a joint investment platform for international & Indian investors, anchored by the Government of India.
ii.It manages equity capital commitments across its 3 funds – Master Fund, Fund of Funds & Strategic
Opportunities Fund
• Master Fund – Primarily Invests in operating assets in core infrastructure sectors such as Transportation &
Energy.
• Fund of Funds – Invests in some of the most dynamic sectors in India such as climate infrastructure,
middle-income & affordable housing, digital consumer platforms and other allied sectors
• NIIF Strategic Opportunities Fund – A Private Equity fund which aims to build scalable businesses across a
range of opportunity long but capital short sectors.
Fact:
The Indian Government holds a 49% share in the NIIF

i.On 16th July 2020, NTPC signed MoU with NIIF, acting through NIIFL to seek investment opportunities in areas like
renewable energy, power distribution and other areas of mutual interest in India.
ii.On June 1, 2020 IRCON signed a MoU with NIIFL and Ayana Renewable Power Private Limited(AYANA), NIIF
platform company to explore and
collaborate on opportunities in the solar energy sector.
About National Investment and Infrastructure Fund Limited (NIIFL):
The government had set up the ₹40,000 crore NIIF in 2015.
Managing Director & Chief Executive Officer (CEO) – Sujoy Bose
World Bank & Govt of India Signs $500 Million Green National Highways Corridors Project
On December 22, 2020 The World Bank and Government of India signed a $500 Million(around Rs 3,692
crore) Green National Highways Corridors Project to build safe, green and resilient highways in states of
Rajasthan, Himachal Pradesh, Uttar Pradesh and Andhra Pradesh.
Points to be Noted
The loan will be provided by International Bank for Reconstruction and Development (IBRD). It has a maturity of 18.5
years including a grace period of 5 years.
Key People
The agreement was signed by Dr Mohapatra on behalf of the Government of India and Ms SumilaGulyani, Acting
Country Director, India on behalf of the World Bank.
Note-The World Bank approved this project in March 2020.
Benefits of the Project
Support for MoRTH & Risk Disaster Management
i.It will boost the capacity of the Ministry of Road Transport and Highways (MoRTH) to mainstream the safety and
green technologies and also the climate resilience aspects in project design and implementation.
ii.Along with this, a disaster risk assessment of about 5,000 km of the National Highway network will also be
undertaken, under the project.
iii.It will support MoRTH to construct 783 km of highways in various geographies by combining safe and green
technology designs like local and marginal materials, industrial byproducts, and other bioengineering solutions.
Reduce GHG emissions
It will minimise Greenhouse Gas(GHG) emission in constructing and maintaining the highways.
Improve connectivity
It helps to improve connectivity and promote economic development.
Other Benefits
• Existing structures will be strengthened and expanded.
• New pavements, drainage facilities and bypasses will be constructed.
• Junctions will be improved and road safety features will be introduced.
Statistics regarding India’s Traffic
i.The National Highways of India carry about 40% of road traffic
ii.65% of freight traffic and 85% of passenger traffic is carried by 5.48 million km road network of India.
iii.It is to be noted that, in the last 6 decades, the traffic volume on the network is growing at a Compound Annual
Growth Rate (CAGR) of 10.8%.
On June 28, 2020, The board of executives of the World Bank (WB) has approved loan of $ 500 million (about Rs
3,700 crore) under ‘Strengthening Teaching-Learning and Results for States Program (STARS)’project to improve the
quality and governance of school education across six states (Himachal Pradesh, Kerala, Madhya Pradesh,
Maharashtra, Odisha, and Rajasthan) in India.
About World Bank:
The World Bank Group consists of 5 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).
HeadQuarters– Washington, DC, United States(US)
President – David Malpass
Founded– 1944
Member Countries– 189(including India)
Maharashtra Government signs MoU worth About INR 61, 042 Crores with 25 Companies under ‘Magnetic
Maharashtra 2.0’ initiative
On December 22, 2020 Maharashtra Industrial Development Corporation (MIDC) signed Memorandum of
Understandings (MoU) worth about INR 61, 042 Crore with 25 Indian Companies under its ‘Magnetic
Maharashtra 2.0’ initiative. With this the proposed investment in Maharashtra has gone above INR 1 Lakh Crore
(through MoUs) target set by Maharashtra Chief Minister (CM) Uddhav Thackeray.
i.The MoUs were signed across 15 sectors and are expected to create 2.53 Lakh Jobs in Maharashtra.
ii.The MoUs were signed in the presence of Maharashtra CM Uddhav Thackeray & Industries Minister, Subhash
Desai & Aditi Tatkare, Minister of State for Industries, Maharashtra.
MoUs:
i.The MoUs were signed across a range of sectors such as Information Technology (IT), Pharmaceuticals, healthcare,
biotechnology, food processing, steel, automobiles, engineering and oil & gas sectors.
ii.Some of the MoUs signed during the event are – JSW Steel (INR 20, 000 crores), Indian Corporation Logistic (INR
11, 049 crores) & INR 7500 crores each by Kirtikumar Steel Udyog & Inspire Infra Projects.
iii.MIDC also signed MoU with Bajaj Motors worth INR 650 crores for setting up a new manufacturing unit at
Chakan.
iv.MIDC signed a MoU with the Monetary Authority of Singapore (MAS) to strengthen cooperation in promoting
FinTech innovation in the 2 markets.
Highlights:
i.Maharashtra Government has stated that it has attracted an Investment of INR 2 Lakh Crore, including Foreign
Direct Investment (FDI) & MoU in 2020.
ii.In November 2020, Maharashtra had signed MoUs worth INR 34, 850 crores with 15 companies, while it was INR
16, 000 Crores in June.
iii.The CM also stated that Maharashtra expects to cross the Total Investments Target of INR 200, 000
Crore during the financial year 2020-21.
iv.Maharashtra has attracted around 30% of India’s Foreign Direct Investment (FDI) inflows during April 2000-
20.
v.Some of the initiatives taken under Magnetic Maharashtra 2.0 are Plug & Play Infrastructure, and schemes like
Maha Jobs, Maha Parwana, Investor First Programme, Capacity Augmentation of MIDC land banks & Dedicated
Country Desks.
i.On November 2, 2020, Maharashtra signed MoUs worth around Rs 35,000 crore with 15 companies to develop the
state as a data and logistics hub in western India.
About Maharashtra:
Ports – Jawaharlal Nehru Port, Mumbai Port
Lakes – Gorewada Lake, Khindsi Lake, Lonar Lake
HDFC Limited Signed MoU with IGBC of CII to Promote Green Building Initiatives
Housing Development Finance Corporation Limited (HDFC Limited) has signed a Memorandum of Understanding
with Indian Green Building Council (IGBC), a part of Confederation of Indian Industry (CII) to promote green building
in India.
Features of MoU:
• HDFC will collaborate with IGBC to create awareness and promote financing green buildings in India.

• Under this MoU the HDFC and IGBC will promote green housing through joint training and awareness
programmes to enable the capacity building across India.
• This MoU will advance the National Green Building movement.
Key Points:
i.The HDFC has distributed more than 14000 crores worth retail loans to home buyers in 310 certified green building
projects across India.
ii.IGBC is committed to contribute to the sustainable development of the built environment of India.
Green Building:
i.Green building is a practice to increase the efficiency of the buildings or a site to optimise the use of energy, water,
and materials and reduce its impacts on the human health and environment throughout its lifecycle.
ii.The concept of Green building includes site planning, community and land use planning issues.
iii.The design and the operation of a green building eliminate its negative impacts and increases its positive impacts
on the climate and environment.
About Housing Development Finance Corporation Limited :
Managing Director – Renu Sud Karnad
About CII:
President– Uday Kotak
Headquarters– New Delhi
RBI Cancelled Licence of Maharashtra-Based Subhadra Local Area Bank

Banking Licence of Subhadra Local Area Bank at Kolhapur, Maharashtra under Section 22 (4) of the Banking
Regulation Act, 1949 was cancelled by Reserve Bank of India (RBI) with immediate effect from December 24, 2020.
But the bank has enough liquidity funds to refund the deposit amounts to its customers.
Reason for Licence Cancellation
• RBI had cancelled the licence due to the bank’s activities lead to affecting the interests of the Bank’s current
and future depositors.
• The bank had also breached the minimum net worth requirement for two quarters in the financial year 2019-
20.
As per Section 5(b), Subhadra Local Area Bank is banned from conducting the business of ‘banking’ or any additional
business activities under Section 6 of the Banking Regulation Act, 1949 with immediate effect.
About Subhadra Local Area Bank
Headquarters – Kolhapur, Maharashtra
MD & CEO – Mr.Sanjay Aggarwal
India Ratings & Research revised India’s FY21 GDP contraction from 11.8% to 7.8%
India Ratings and Research (Ind-Ra) revised its previous projection of Gross Domestic Product (GDP) of India due
to the sustainability of the recovery perceived in Q2 when the economy contracted only 7.5%(-7.5%), after a 23.9% (-
23.9%) contraction in Q1. Ind-Ra has revised its estimate for GDP contraction FY 2020-21 to 7.8%(-7.8%) from the
earlier projection of 11.8%(-11.8%).
i.This is in line with the revision in the projected contraction of India’s GDP by RBI, ADB, Fitch, and others. Earlier,
RBI lowered the projection for the contraction to 7.5% (-7.5%) from 9.5% (-9.5%), ADB to 8% (-8%) from 9% (-9%),
and Fitch to 9.4 % (-9.4%) from 10.5% (-10.5%).
ii.Ind-Ra hopes that third-quarter of India’s FY 2020-21 GDP growth expects to be a contraction of 0.8% and fourth
quarter FY21 GDP growth to turn positive at 0.3%.
iii.Also the growth of India for the FY 2021-22 is projected to be 9.6% due to the recovery happening in the year
2020-21.
iv.The agency expects 3.5% growth for agriculture and contraction of 10.3% and 9.8% for industry and services,
respectively, in 2020-21.
v.The retail and wholesale inflation to average 6.8% and (-)0.3% respectively in 2020-21 and it forecast fiscal deficit

of the Centre in at 7% of GDP in FY21 while the current account to be in surplus at 1.1% of GDP and even the capital
account is expected to record a surplus of USD 67.3 billion.
Prasanth Prabhakaran Elevated as the MD & CEO of YES Securities

On 23rd December 2020, Prasanth Prabhakaran, joint MD and CEO of YES Securities (India) Limited, wholly-owned
subsidiary of YES Bank, was elevated as its MD and CEO with immediate effect. Prasanth Prabhakaran will oversee
the investment banking and merchant banking verticals.
Earlier, Along with Prasanth Prabhakaran, Vikas Dawra served as the Joint MD and CEO of YES Securities (India)
Limited.
About Prasanth Prabhakaran:
i.Prasanth Prabhakaran has more than 25 years of experience in banking, financial services and insurance(BFSI)
space.
As the joint MD and CEO of YES Securities he has spearheaded the wealth broking and investment advisory and
institutional equities business.
ii.He has been working with YES Securities since 2017.
iii.He has also worked with India Infoline, Kotak Securities and HDFC Bank.
About YES Securities (India) Limited:
MD & CEO– Prasanth Prabhakaran
Established in– 2013 YES Securities a Investment Adviser registered with SEBI under the Merchant Banker &
Research Analyst category.
Central bank of India sells its 64.4% in CBHFL for Rs.160cr to Centrum housing FinanceCentral Bank of India
selling the entire stake of its joint venture Cent Bank Home Finance Ltd (CBHFL) to Centrum Housing Finance for
Rs.160 crore.
• The bank has entered into a binding agreement to divest its entire equity stake of 64.40% i.e. 1,61,00,000
shares of the face value of Rs 10 each in Cent Bank Home Finance Ltd (CBHFL), to Centrum Housing Finance.
About Cent Bank Home Finance Ltd CBHFL)
It is a financing and mortgage company jointly promoted by four public sector institutions — Central Bank of India,
National Housing Bank, Specified Undertaking of Unit Trust of India (SUTTI) and Housing and Urban Development
Corporation (HUDCO).
Central Bank of India
MD & CEO – Shri Pallav Mohapatra
Tagline – Central to You Since 1911, Build a better life around us
Established – 1911
SBI Life Insurance acquires 8.99% stake in Paisalo Digital

On 24 December 2020, SBI Life Insurance Company has acquired 38 lakh equity shares or 8.99% equity stake in non-
banking finance company Paisalo Digital. It has acquired equity shares of the Non-Banking Financial
Company(NBFC) at Rs 489.99 per share for a consideration of Rs 186.20 Crore.
About Paisalo Digital
It provides loans to individuals, SME,s and MSMEs and to Joint Liability Group (microfinance) through 129 branches
across the country. It has a market capitalisation of Rs 2,204.69 crore as of December 24, 2020.
Deputy CEO – Santanu Agarwal
Managing Director – Mr. Sunil Agarwal
Established in – March 5, 1992 under the Companies Act, 1956.

About SBI Life Insurance Company
MD & CEO – Mahesh Kumar Sharma
Tagline – With us, You are sure
Established in – 2001
Punjab National Bank Introduced PNB e-Credit Card

On December 24, 2020 Punjab National Bank (PNB) introduced PNB e-Credit Card. This card is a digital imitation of
a physical Credit Card. PNB customers can use this card at any e-commerce platform or merchant website, without
having to carry the physical card.
PNB Genie Mobile app
i.The details of the card can be viewed in PNB Genie Mobile app by clicking on the e-Credit Card facility.
ii.It helps the customers to activate the card for international/ Domestic use and also to set up transaction limits for
ATM, ecommerce, PoS and Contactless payments.
Points to be Noted
i.The United Bank of India(UBI) and Oriental Bank of Commerce(OBC) merged with PNB with effect from April 1,
2020.
ii.With this, PNB becomes the 2nd largest nationalized bank of India, in terms of business and branch network.
On October 12, 2020 Axis Bank Limited in collaboration with Google Pay and Visa launched its ACE Credit Card in
India. The card is designed to increase participation of users in the digital economy.
About Punjab National Bank (PNB):
Founded– May 19, 1894
Commenced Operations– April 12, 1895
MD & CEO– CH S.S. Mallikarjuna Rao
Tagline– The name you can bank upon
PM Modi launches Ayushman Bharat PM-JAY SEHAT – Health Insurance Scheme to cover all residents of J&K
On December 26, 2020, Prime Minister Narendra Modi launched the Ayushman Bharat Pradhan Mantri-Jan Arogya
Yojana Social Endeavour for Health & Telemedicine (PM-JAY SEHAT) Health Insurance scheme for covering all
the residents of Jammu & Kashmir (J&K).The scheme will operate on insurance mode in convergence with PM-JAY.
Union Ministers Amit Shah, Dr Harsh Vardhan, Dr Jitendra Singh and Lieutenant Governor of J&K, Manoj Sinha were
present during the virtual event.
Objective – The scheme will ensure Universal Health Coverage and focus on providing financial risk protection and
ensuring quality and affordable essential health services to all individuals and communities.
Gist of PM-JAY SEHAT introduced in J&K:
i.The main aim of PM-JAY SEHAT is to provide free of cost insurance cover to all citizens of J&K.
ii.Financial cover of upto INR 5 Lakhs per family per year on a floater basis to all residents. A family floater policy is
a health insurance plan which covers the entire family on the payment of a single annual premium.
iii.All the hospitals (both private & public) enshrined under PM-JAY scheme will provide services under the
scheme.
iv.The benefits of the scheme will be portable across India, the scheme covers Oncology, Cardiology,
Nephrology and will also cover medical procedures up to 3 days of pre-hospitalisation & 15 days post-
hospitalisation expenses such as diagnostics & medicines are also included in the scheme.
v.Around 6 Lakh Families in J&K have benefitted from Ayushman Bharat Scheme and now around 21 Lakh
Families are expected to get the same benefit through SEHAT scheme.
vi.The scheme would work in convergence with Pradhan Mantri Jan Arogya Yojana (PMJAY)
PM-JAY SEHAT:
i.The scheme was launched by the Government of India in 2018 for providing free access to healthcare for 40% of
residents in India.

ii.Under the schemes, the Government provides a cover of up to INR 5 Lakh per family per year for secondary &
tertiary care hospitalization.
iii.The eligibility criteria is determined from Socio-Economic & Caste Census (SECC) 2011.
iv.There is no restriction on family size, age or gender.
Other Projects:
IIT and IIM in Jammu and Kashmir would be set up. These Institutes will help in providing quality higher education to
the students. He said two AIIMS and two cancer institutes are also being built in Jammu and Kashmir. Paramedical
students will also get training in these institutes.
i.On September 12, 2020, Jammu & Kashmir (J&K) Governor, Manoj Sinha announced Universal Health Insurance
Coverage Scheme for all residents of the Union Territory at an annual expenditure of Rs 123 Crores.
About Jammu & Kashmir:
Nickname – Switzerland of India
Hydro Projects – Ratle Hydroelectric project (River Chenab), Kiru hydro-electric project (River Chenab), Pakal Dul
(Drangdhuran) Hydroelectric Project (River Marusudar)
India becomes 6th Largest Economy in the world in 2020, slumps from 5th in 2019:CEBR’s WELT 2021 report
According to the 12th edition of World Economic League Table 2021 (WELT) an Annual report released by Centre
for Economics & Business Research Ltd (CEBR), India slumped 1 spot to 6th Largest Economy (out of 195 countries)
in the world in 2020 from 5th in 2019 due to the impact of COVID19. The United States (US) topped the 2020
rankings followed by China & Japan.
i.India overtook the United Kingdom (UK) to become the 5th Largest economy in 2019 rankings.
ii.The report stated that India will become 5th Largest Economy by 2025 & 3rd Largest by 2030.
iii.CEBR has forecasted that Indian Economy will expand by 9% in 2021 & 7% in 2022.
iv.China will replace the US as the World’s Largest Economy by 2028.
League Table by 2020 Rankings:
Ranking Country
6 India
1 United States
2 China
3 Japan
Methodology:
WELT is calculated by estimating the current year Gross Domestic Product (GDP) in current price dollars for each of
over 193 world economies, and then forecasting real GDP, inflation and exchange rates for each country over the next
15 years.
Highlights from the report:
i.The report has estimated that COVID19 has caused a loss of USD 6 Trillion to Global Gross Domestic Product
(GDP) in 2020.
ii.The report highlighted that Western Europe & Scandinavia’s (including UK & EU) contribution to the World
Economy is shrinking. In 2005 it was 30.1%, while in 2020 it has come to 20.4% it is expected to shrink to 15.7%
in 2035.
iii.Asian Countries have recorded fewer deaths and COVID-19 has caused a relatively smaller effect on their
economies compared to European & American continents.
Regarding India:
i.India’s GDP per capita (per year) in 2020 was USD 6, 284 making it a lower-middle income country.
ii.Majority of India’s GDP is accounted for by the Services Sectors (sectors like Information Technology & Software).
iii.During the time of Pandemic, the main driver of India’s economic recovery has been the Agricultural sector.
iv.The report also stated that India’s growth in future will depend on the Government’s approach
towards infrastructure spending.

Click here to read more about the report.
i.On September 10, 2020 CRISIL projected India’s real GDP growth to contract by 9%(-9%) in FY21(2020-2021).
ii.September 11, 2020 India took the 105th position in the 24th Edition of Economic Freedom of the World: 2020
Annual Report released by Canada’s Fraser Institute, which has been released in India in conjunction with Center for
Civil Society, New Delhi-based think tank.
About Centre for Economics & Business Research Ltd (CEBR):
Chairman – Bruce Warman
Location – London, United Kingdom
BoB Launches Digital Lending Platform for Retail Loan Seekers to get Loans Digitally
On December 28, Bank of Baroda(BoB) launched Digital Lending Platform(DLP), to allow retail loan seekers to get
loans in a digital way through a paperless process.
It provides ‘in-principle approval’ to the loan seekers in 30 minutes for home, car and personal loans without
human intervention through multiple channels namely website, mobile banking, internet banking and social media.
‘Online Loan against Fixed Deposits’
The bank also offers ‘Online Loan against Fixed Deposits(FD)’ through Digital Lending Platform. This allows FD
customers to avail loan against their Online FD instantly through mobile banking and net banking facility.
Note
i.The bank, with the launch of DLP, expects that the personal loan disbursements will be fully digitized followed by
Micro, Small, Medium Enterprise(MSME) and Agriculture disbursements.
ii.DLP will help BoB to double the non-corporate book by 2025.
Key Info:
i.Currently, BoB to its existing selected customers offers pre-approved Micro Personal Loan to do shopping through
offline/online partner channels and the payment can be made later in Equated Monthly Installments(EMIs).
ii.The customers also have an option to avail the amount into their Savings bank account and convert it into EMIs
(from 3 to 18 months) through m-Connect+ (Bank’s mobile banking app) in 60 seconds.
Additional Info
i.BoB by adopting digital first lending approach across retail, MSME and agriculture segments, envisages to develop
the growth of banking industry by 1.50 times at Compound Annual Growth Rate(CAGR) of 16% over next 5 years.
ii.The bank also envisages in over 5 years, the digital share of disbursement in retail lending will grow to 74%
On October 1, 2020 State Bank of India (SBI) and Hindustan Unilever (HUL) signed a Memorandum of Understanding
(MoU) to provide Digital Payment Solutions and Financing solutions to HUL’s retailers and distributors.
About Bank of Baroda:
The Bank has sponsored 3 Regional Rural Banks(RRBs) namely Baroda Uttar Pradesh Gramin Bank, Baroda
Rajasthan Kshetriya Gramin Bank and Baroda Gujarat Gramin Bank.
India Accounted for 77% of Total FDI Inflows to South & South-West Asian Subregion in 2019: UN ESCAP
Report
According to the report ‘Foreign Direct Investment Trends and Outlook in Asia and the Pacific 2020/21’
released by the United Nations Economic and Social Commission for Asia and the Pacific (UN ESCAP) stated that
inward FDI flows to South and South-West Asia slightly decreased by 2% in 2019, from $67 billion in 2018 to $66
billion in 2019. India has accounted for 77% of total Foreign Direct Investment (FDI) inflows to South & South-
West Asian subregion.
• The pandemic has caused both FDI inflows and outflows to drop by 49% in the first 2 quarters of 2020 when
compared to the same in 2019.

Highlights of Overall FDI inflows:-
• Asia-Pacific’s share in global FDI inflows dropped from 45% in 2018 to 35% in 2019, and its share in global
FDI outflows decelerated from 52% to 41%.
• China & Hong Kong were the largest FDI recipients in 2019 attracting 38% of total FDI inflows.
Highlights of Overall FDI Outflows:-
• FDI outflows from South and South-West Asia increased for the fourth consecutive year, modestly growing
from $14.8 billion in 2018 to $15.1 billion in 2019.
• Uneven spread of FDI outflows in the region, only 2 countries – India & Turkey accounted for majority of
outflows in 2019.
• Japan was the largest source of investment in the region in 2019, responsible for 42% of regional outward FDI.
India’s performance in this report :-
India has accounted for 77% of total Foreign Direct Investment (FDI) inflows to South & South-West Asian
subregion receiving about USD 51 Billion in 2019, which recorded as 20% higher than the year 2018.
ii.Also India(10%) registered the third largest share of inward greenfield investment.
• Greenfield Investment– A type of FDI where a company establishes operations in a foreign country, the
company constructs new facilities in foreign soil from the basic things.
iii.The majority of the FDI in India was in the fields of Information & Communications Technology (ICT) &
Construction sector.By 2025, digital sectors such as IT and business process management, digital communication
services, and electronics manufacturing would be increased double in size.
iv.Apart from the services sector, India is attracting investments in local digital ecosystems such as e-commerce. FDI
from India is projected to decline in 2020 due to the impact of COVID-19.
v..The report has stated that India’s economy would prove to be the strongest in the subregion in the long term.
vi.In the first three quarters of 2020, the value of greenfield FDI inflows declined by 43 percent compared to
2019.Most of the greenfield flows (87 percent) were destined for India, though the overall greenfield inflows to the
country declined by 29 percent.
Notable Investments in India:
The report has highlighted some notable investments made in India
• USD 7 Billion Acquisition of Essar Steel(India) by a Japanese-Indian joint venture.
• Facebook & Google’s investment in Reliance’s Jio Platforms worth USD 5.7 Billion & USD 4.5 Billion.
India’s investment policies and measures since 2019:
i.The report highlighted Investment friendly policies taken by India since 2019 such as relaxation limits to FDI
in Insurance sectors, liberalization of FDI rules in coal & lignite mining, contract manufacturing & single brand
retail trading.
ii.Increasing FDI in the defense sector to 74% via automatic approval route.
Regional Comprehensive Economic Partnership (RCEP):
The signing of Regional Comprehensive Economic Partnership (RCEP) by ASEAN countries in November 2020 is
expected to strengthen the flow of FDI & lift investment prospects in smaller & least developed countries in the
region.
Click Here to Read the Full Report
i.UN ESCAP report ‘Geospatial Practices for Sustainable Development in Asia and the Pacific 2020: A Compendium’
has cited the role of ISRO’s ‘BHUVAN’ Geo-Portal in combating COVID-19 in India.
ii.June 17, 2020, In accordance with the “World Investment Report 2020” by UNCTAD, India has become the 9th
largest recipient of FDI in 2019 after receiving $51 billion last year.
About UN Economic and Social Commission for Asia and the Pacific (UN ESCAP):
Executive General – Armida Salsiah Alisjahbana
Headquarters – Bangkok, Thailand

ICICI Bank Becomes 1st Bank to Collaborate with Google Pay to Issue FASTag
On December 28, 2020 ICICI Bank collaborated with Google Pay to issue FASTag through Unified Payments
Interface (UPI) on the payments app. This allows Google Pay users to order, track and recharge ICICI Bank FASTag
digitally on the payments platform. With this partnership, ICICI Bank FASTag is now available on Google Pay.
i.ICICI Bank, with this collaboration becomes the 1st bank to partner with Google Pay to issue FASTag.
ii.ICICI Bank FASTag programme is part of National Electronic Toll Collection(NETC) initiative rolled out by National
Payments Corporation of India (NPCI) under the guidelines of National Highway Authority of India (NHAI)and Indian
Highways Management Company Ltd (IHMCL).
Important Info
Recently, Nitin Gadkari, Union Minister for Road Transport, Highways and Micro, Small Medium Enterprises(MSMEs)
has announced that FASTag is mandatory for all vehicles from 1st January, 2021.
Note
It is to be noted that ICICI bank was the first to launch FASTags service around the country on Mumbai- Vadodara
corridor in 2013.
About the Collaboration:
Avail & Reloading
i.ICICI Bank customers can also avail FASTag by using the digital channels of the bank including internet banking,
iMobile app, InstaBIZ app, Pockets app or by visiting their nearest bank branch.
ii.Passengers who are not a customer of ICICI bank can purchase FASTag using the Pockets app or by
visiting www.icicibank.com/fastag.
iii.By using the bank’s internet banking, UPI and NEFT platforms, the tag can be reloaded online.
Benefits
i.This collaboration further strengthens digital payments for FASTag
ii.ICICI Bank expects that this partnership will help the Google Pay users to apply and to get it at their doorstep at free
of cost.
iii.It eliminates the need to visit a bank or kiosk. It also enhance the adoption of FASTag
Gist about FASTag:
The ‘FASTag’ uses Radio-frequency Identification (RFID) technology that provides users with a smooth and effortless
cross-over at toll plazas without waiting or halting.
The payment is made digitally through the FASTag linked to the bank wallet.
i.It is a reloadable tag that enables automatic deduction of toll charges and allows people to pass through the toll
plaza without the need to stop for the cash transaction.
ii.It is a brand name owned by IHMCL, which undertakes electronic tolling and other ancillary projects of NHAI.
Additional Info:
NPCI, IHMCL & NHAI are jointly working to make state and national highway toll payments completely digital.
On January 04, 2020, CSC e-Governance services India ltd has signed a Memorandum of Understanding (MoU) with
Paytm Payments Bank ltd (PPBL) for selling FASTags.
About ICICI Bank:
It was formed in 1955 at the initiative of the World Bank, the Government of India and representatives of Indian
industry.
It’s consolidated total assets stood at ₹14,76,014 crore at September 30, 2020.
Incorporated-1994
Managing Director(MD) and Chief Executive Officer(CEO)– Sandeep Bakhshi
IRDAI Issues Exposure Draft on Standard Travel Insurance Policies to be Offered from April 1, 2021
On December 28, 2020 The Insurance Regulatory and Development Authority of India(IRDAI) issued an exposure
draft on guidelines for standard travel insurance policies that is to be offered from April 1, 2021 by every general
insurer and stand-alone health insurer.

IRDAI has asked all the stakeholders to comment/suggest on this exposure draft by 6th January, 2021.
Purpose of Exposure Draft– To have a standard travel insurance product with uniform coverage and policy
wordings across the industry.
Highlights
Variants
As per the exposure draft, insurers can launch 5 standard travel insurance plan variants under domestic travel and 4
plan variants under overseas category.
Standard travel insurance plan variant– Travel by any mode of public transport (Within City), Travel by any mode
of public transport (Outside City), Train Journey,
Air-travel, Domestic Tours involving Road, Water, Train and Air travel
Overseas travel variants– Long-term Trip (Students), Short-term trip (Tours/Leisure)(Covers travel through Road,
Water, Train and Air),
Multi-trip during policy period (Business), Coverage only for Travel (Onward & Return).
Age Restrictions
There is no age restriction for the products, but as per the draft guidelines the proposer(person who takes the
insurance cover, he/she is also called the policyholder) must be of minimum of age 18 year old.
Policy period
The policy period of standard product is the only during the period of journey of policyholder
Offered
The product will also be offered on an individual, family floater and on group basis.
Pricing
Pricing is to be determined by the insurer on the basis of covers proposed to be offered subject to complying with the
norms specified in the IRDAI (Health Insurance) Regulations, 2016 (HIR, 2016) and Guidelines notified.
Compensation
i.If the insured suffers from accidental bodily injury while overseas and this is the only and direct cause of his Death
within 365 days period, the insurance company will pay
the amount stated as sum insured as compensation to the legal heirs/nominee.
ii.If a minor below 18 years of age has an accidental death, the maximum liability of the insurer would be limited to
50% of the sum insured.
iii.The company will pay the amount stated as sum insured as compensation, if the insured person of domestic travel
insurance dies within 365 days from the date of the accident caused by the common carrier.
On September 15, 2020, the Reserve Bank of India (RBI) issued Draft Rupee Interest Rate Derivatives (Reserve Bank)
Directions, 2020 under Section 45 W of the RBI Act, 1934 to allow foreign portfolio investors (FPIs) to undertake
exchange-traded rupee interest rate derivatives transactions subject to an overall ceiling of Rs 5,000 crore. The RBI
has sought comment on these directions by October 15, 2020.
About Insurance Regulatory and Development Authority of India(IRDAI):
It is a statutory body formed under an Act of Parliament, i.e., Insurance Regulatory and Development Authority Act,
1999 (IRDAI Act 1999).
Chairman – Subhash Chandra(C) Khuntia
Headquarters – Hyderabad, Telangana
Constituted– 1999(incorporated- April 2000)
AU Small Finance Bank Partners with ICICI Prudential Life Insurance to Offer Need & Goal-Based Life
Insurance Solutions
On December 28, 2020 AU Small Finance Bank Ltd has partnered with ICICI Prudential Life Insurance Ltd to offer
customised need and goal-based life insurance solutions of ICICI Prudential Life to its customers.
Purpose of Partnership:
• To enhance the customer experience.
• To help the customers to plan for better financial security.

About the Partnership:
Access
i.This corporate agency arrangement enables more than 18 lakh customers of AU Bank across over 700 banking
touchpoints in 13 states and 2 Union Territories(UTs) will have access to the entire suite of customer-centric
protection and long-term savings products of ICICI Prudential Life.
ii.13 States– Rajasthan, Madhya Pradesh, Gujarat, Maharashtra, Punjab, Haryana, Chhattisgarh, Delhi NCR, Himachal
Pradesh, Uttar Pradesh, Karnataka, Goa, West Bengal
iii.2 UTs– Chandigarh and Jammu & Kashmir(J&K)
Financial Security & Financial Goals
Customers with these products enable customers to offer financial security to them and their families and also help
them achieve their financial goals.
Benefits
i.With this partnership, AU Small Finance Bank has added value to its existing range of products & services.
ii.This collaboration is expected to enable the bank to offer a well-rounded bouquet of financial savings and risk
mitigation solutions to their customers.
iii.It also enables ICICI prudential to further reinforce its multi-channel distribution network in the semi-urban and
rural geographies of India.
Additional Info
It is to be noted that Small Finance Banks play a major role to enhance financial inclusion and penetration of life
insurance.
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.
About AU Small Finance Bank:
It is a scheduled commercial bank and a Fortune India 500 Company
MD & CEO– Sanjay Agarwal
Tagline– ‘Chalo Aage Badhein’
HeadOffice– Jaipur, Rajasthan
Founded– 1996 (converted into Small Finance Bank in 2017).
About ICICI Prudential Life Insurance Ltd:
It is promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited.
MD & CEO– N. S. Kannan
Cashaa in Partnership with United Multistate Credit Co-Op Society Launches World’s 1st Crypto Bank, ‘Unicas’
in India
On December 28, 2020 ‘Unicas’, world’s first crypto bank was launched in India as a Joint Venture(JV) by Cashaa of
UK and United Multistate Credit co-operative society Ltd of India. This bank allows users to transact in
cryptocurrency and fiat from one account to another. It will provide banking services for both fiat and crypto assets.
This JV allows Cashaa to access regulatory licenses, physical branches, and overall banking Infrastructure of United
Multistate Co-Op Society.
• It is to be noted that for the 1st time in the world a financial institution has enabled cryptocurrency trade
through physical branches.
• World’s first ‘crypto-friendly’ branch was initiated in Jaipur,India.
Key Info
i.Initially, Unicas will open its services online and through 14 branches across NCR, Rajasthan, and Gujarat by January
2021.
ii.It also intends to expand to 100 branches by the end of 2022.

Note
Unicas through the initial 14 branches aims to onboard 25,000 customers within the 1st quarter of 2021.
Gist about Unicas:
i.The users can deposit and withdraw by a savings account, like operating with traditional banks in India.
ii.The banking services provided include, savings accounts, crypto exchange, crypto loan and debit cards to spend
crypto.
iii.Besides banking services, it also provides information and guidance like the convenience and security that
blockchain technology offers.
iv.When the users deposit crypto assets in the Unicas wallet and request for the equivalent value of INR on their card
or bank account, may receive an instant loan digitally.
About JV:
JV merges the experience of United Multistate co-op society in Indian traditional finance with international banking
and cryptocurrency experience of Cashaa to change the Indian fintech space and the crypto industry.
Additional Info
Already, Cashaa has provided its services to over 200 crypto exchanges, wallets and startups that deal in crypto.
What is Cryptocurrency?
It is a digital or virtual asset that is designed as a medium of exchange using cryptography to secure transaction
records, to control the creation of additional coins, and to verify the transfer of coin ownership
What is Fiat Money?
It is a government-issued currency that is not backed by a physical commodity, such as gold or silver, but rather by
the government that issued it.
IBMC Financial Professionals Group in partnership with US Gold Currency Inc and Blockfills introduced the world’s
first monetary gold-backed US Gold digital currency in India, Gulf Cooperation Council (GCC), Middle East and Africa.
About Cashaa:
CEO and Founder– Kumar Gaurav
Headquarters– London, England
About United Multi State Credit Co-Operative Society Ltd.:
It is a Multistate Credit Cooperative Society Registered with Central Registrar, New Delhi under Multistate
Cooperative Society Act-2002 .
Headquarters– Jaipur, Rajasthan
Chairman– B.S Rajawat
About Unicas:
CEO- Dinesh Kukreja
Headquarters– Jaipur, Rajasthan
SEBI Gives Approval for Suryoday Small Finance Bank to Float its IPO
On December 28, 2020 Suryoday Small Finance Bank(SFB) received approval from Securities and Exchanges
Board of India (SEBI) to float its Initial Public Offering (IPO). The shares of the SFB is expected to be listed on BSE
Sensex and NSE Nifty. The IPO will consist of a fresh issue of 1,15,95,000 shares and also offers a sale of up to
84,66,796 shares by the existing shareholders. The International Financial Corporation (IFC), Gaja Capital, HDFC
Holdings, IDFC First Bank, Kotak Mahindra Life Insurance Company, DWM (International) Mauritius and Americorp
Ventures will offer shares through the Offer for sale(OFS) route.
ICICI Bank to Acquire 9.09% Stake in Myclassboard Educational Solutions Pvt Ltd for Rs 4.5 Crore
On December 28, 2020 ICICI Bank entered into an agreement with Myclassboard Educational Solutions Pvt
Ltd(MESPL) to acquire 9.09% stake in MESPL through acquisition of 100 equity shares and 104,890 Cumulative
Compulsorily Convertible Preference Shares on fully diluted basis.
• The acquisition happens for a cash consideration of Rs 4.5 crore.
Key Info:
i.The acquisition is expected to be completed by the end of February 2021.

ii.Regulatory approval is not required for this, as the acquisition of shareholding is below 10%.
LIC Sells 2.002% Stake in ICICI Bank Through Open Market Transactions
i.Life Insurance Corporation of India (LIC) has sold 13.8 crore shares(2.002% stake) of ICICI Bank from November
27 to December 24, 2020 through open market transactions.
ii.After this sale, the holding stake of LIC in the bank has reduced to around 6.74% from 8.74% earlier.
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).
About Myclassboard Educational Solutions Pvt Ltd(MESPL):
Headquarters– Hyderabad, Telangana
Founded– 2008
Founder & CEO– Ajay Sakhamuri
About Life Insurance Corporation of India (LIC):
Chairman– M R Kumar
Founded– 1st September, 1956(Parliament of India passed LIC Act, 1956 on the 19th of June 1956)
GST Rules Amended; Businesses with Monthly Turnover of over Rs 50 lakh to pay at least 1% GST liability in
cash
On December 24, 2020, the Ministry of Finance made amendments in the Goods and Services Tax (GST) Rules on the
recommendations of the GST Council’s Law Committee in order to curb evasion by fake invoicing. The changes have
been notified by the Central Board of Indirect Taxes and Customs (CBIC).
Key Points with Regard to Amendment:
–The amendment has introduced Rule 86B in GST Rules w.e.f. January 1, 2021, which restricts use of input tax credit
(ITC) for discharging GST liability to 99% for businesses with monthly turnover of over Rs 50 lakh. Means these
businesses will have to mandatorily pay at least 1% of their GST liability in cash.
• This restriction will not apply where the managing director (MD) or any partner has paid more than Rs 1
lakh as income tax or the registered person has received a refund amount of more than Rs 1 lakh in the
preceding financial year on account of unutilised ITC.
–Apart from above there is also an amendment in the rules restricting filing of outward supply details in GSTR-1 for
businesses that have not paid tax for the past periods by filing GSTR 3B.
• Until now, non-filing of GSTR 3B resulted in blockage of e-way bill but will now result in GSTR 1 blockage as
well.
-It was also notified that authentication of Aadhaar number or physical verification of business premises is required
for the purposes of obtaining GST registration.
–Now, the validity of electronic way bill will be for 1 day for every 200 km of travel, as against 100 km earlier.
About Central Board of Indirect Taxes and Customs (CBIC):
Chairman – Ajit Kumar
Headquarter – New Delhi, Delhi.
Maintaining 4% inflation appropriate for India: RBI paper

In accordance with the paper authored by Reserve Bank of India (RBI) Deputy Governor Michael Debabrata
Patra and another official Harendra Kumar Behera, maintaining an inflation rate of 4% is appropriate for India.
• A lower rate could impart deflationary bias to the monetary policy while a higher trend renders monetary
policy too expansionary and prone to inflationary shocks.
• As per the paper, there is a steady decline in trend inflation to 4.1-4.3% since 2014.
• It should be noted that the views expressed in the paper are of the authors and not of the RBI.
Key Points:
–Section 45ZA of the RBI Act, 1934 mandates that the Central Government in consultation with the RBI determine the
inflation target once in every five years.

–Now, the inflation target has to be reviewed by end-March 2021.
Background:
In a bid to keep inflation under specified level, the government in 2016 had decided to set up six-member Monetary
Policy Committee (MPC) headed by the RBI Governor.
• In October 2016, the panel was given the mandate to maintain annual inflation at 4% until March 31, 2021,
with an upper tolerance of 6% and lower tolerance of 2%.
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.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.
Deputy Governors– 4 (Bibhu Prasad Kanungo, Mahesh Kumar Jain, Michael Debabrata Patra, and M. Rajeshwar Rao).
HDFC, ICICI, and SBI are Top Three Banks of 2020 in India: Report by Wizikey
In accordance with the Banking, financial services and insurance (BFSI) Movers and Shakers 2020 Report by Wizikey,
Housing Development Finance Corporation Limited (HDFC), Industrial Credit and Investment Corporation of India
(ICICI), and State Bank of India (SBI) are the top three banks of 2020 in India.
• They were followed by Yes Bank, Punjab National Bank (PNB), Hongkong and Shanghai Banking Corporation
(HSBC) Bank, Kotak Mahindra Bank, Bank of Baroda, Deutsche Bank and Industrial Development Bank of India
(IDBI) among the top-10 banks of 2020.
• The report by Wizikey states about the top-100 banks in India and BFSI models such as wallets, Neobanks,
non-banking financial companies (NBFCs), small finance banks and payments banks.
Key Points:
–Among wallets, Google Pay has emerged as the number one followed by Phone Pe
–In Neo Banks category, SBI’s YONO emerged as the number one followed by Niyo and Kotak 811 at ranks two and
three, respectively.
• A neobank operates exclusively online without traditional physical branch networks
–In NBFC sector, Dewan Housing Finance Corporation Ltd. (DHFL) grabbed the top spot with an overall rank of 15.
About Wizikey:
Co-founder and Chief Executive Officer (CEO)– Anshul Sushil
Headquarter– Gurugram, Haryana
YES Bank Collaborates with Salesforce to Build Next Generation Tech Platform for Retail Banking
On December 22, 2020 YES Bank collaborated with Salesforce to build a next generation technology platform for
retail lending business. YES BANK is among the first banks in India to partner with Salesforce for Loan origination
and processing.
• The building of the platform is in accordance with the strategy of the bank to further scale up its retail assets
portfolio.
• As part of this collaboration ‘Salesforce Loan Origination System’, is being deployed to provide personalized
solutions and connected banking experiences for consumers across segments.
Aim of the Partnership– To enhance customer experience and accelerate retail growth of the bank by leveraging the
strengths of tech capabilities of YES bank and of the Salesforce’s platform
Key People
Arundhati Bhattacharya, CEO and Chairperson, Salesforce India and Prashant Kumar, MD & CEO, YES BANK
announced the collaboration at YES BANK’s Corporate Headquarters in Mumbai.

Benefits of Salesforce Loan Origination System:
Strengthen Bank’s Capacity & Eliminates Manual Process
i.It will strengthen the ability of the bank to process high volumes of loan applications through enhanced automations
and progressive API integrations.
ii.It eliminates the manual process in the loan cycle, thus minimises the TurnAround Time (TAT) for improved
customer satisfaction.
New Range of Innovative Products & Services can be Launched
The bank to support the evolving needs of the customers can quickly launch a new range of innovative products and
services by leveraging on the digital capabilities.
Benefits of the Platform:
Leverage the Platform at PoS
Besides the end customers, the bank’s alliance partners, associates, manufacturer dealers and builders, among others
can leverage the platform at the Point of Sale(PoS), thus empowers the internal and external ecosystem of the Bank.
Enhances Collaborative innovation within the Bank
The platform also boosts collaborative innovation within the Bank, i.e., it provides a unified view of their customer’s
portfolio for all the employees of the bank in offering customized digital solutions.
About YES Bank:
Incepted– 2004
About SalesForce:
Founded– 1999
Headquarters– San Francisco, California, US
Chair & Chief Executive Officer– Marc Benioff
CEO and Chairperson, Salesforce India– Arundhati Bhattacharya
DBS Bank India Introduces ‘Travel Now’, a One-Stop Travel Marketplace Within Digibank App
On December 29, 2020 DBS Bank India introduced ‘Travel Now’, a one-stop travel marketplace within the digibank
app. This new feature allows the customer to browse and book flights, bus tickets and hotels across many
destinations within and outside of India. The customers also have the option to choose travel insurance, offered by
Bharti AXA General Insurance, along with an automated claims process for flight cancellation, and flight departure
and arrival delays of over 60 minutes.
Tata Sons Acquired Further 32.67% Stake in AirAsia India From AAIL for USD 37.66 Million
On December 29, 2020 Tata Sons acquired an additional 32.67% stake in AirAsia India Limited from AirAsia
Investment Ltd (AAIL), subsidiary of AirAsia Group Berhad for USD 37.66 million(about Rs 275 crore).
Earlier Tata Sons was holding 51% in AirAsia India, with this acquisition Tata Sons will hold 83.67% stake & AirAsia
Investment Limited (AAIL) will hold 16.33 % Stake.
Key Info:
i.Tata Sons will be given a call option for the balance 16.33% stake in AirAsia India. This is exercisable after the
transaction is completed.
ii.In addition to this, there is also a put option exercisable by AirAsia in two tranches:
1st tranche- exercisable from March 1 to May 30, 2022
2nd Tranche- exercisable from October 1 to December 31, 2022
iii.The cash consideration for the remaining 16.33% stake shall be USD 18.8 million.
What is Call Option?
Call options are financial contracts that give only the option buyer the right. He will not be given an obligation to buy
a stock, bond, commodity or other asset or instrument at a specified price within a specific time period.

What is Put Option?
A put option is a contract that gives the owner the right. He will not be given an obligation to sell–or sell short–a
specified amount of an underlying security at a predetermined price within a specified time frame.
Banking, Finance & Economy Q&A: December 2020

1. Government of India has allocated Rs 900 crore to Department of Biotechnology (DBT) for research and
development of COVID-19 vaccines under ______________.
1) Mission Samudra Setu
2) Mission COVID Suraksha
3) National Health Mission
4) Mission Innovation
5) ATAL Mission
Answer-2) Mission COVID Suraksha
Explanation:
Government of India has allocated Rs.900 crore to Department of Biotechnology (DBT) for research and development
of COVID-19 vaccines under Mission COVID Suraksha. This is the third stimulus package, already a stimulus of Rs.900
crore for a period of 12 months has been allocated for phase 1 trials.
2. Which Body released the report ‘The Impact of the COVID-19 Pandemic on Trade and Development:
Transitioning to a New Normal’?
1) International Trade Centre
2) World Trade Organization (WTO)
3) United Nations Conference on Trade and Development (UNCTAD)
4) International Monetary Fund (IMF)
5) Organisation for Economic Co-operation and Development (OECD)
Answer-3) United Nations Conference on Trade and Development (UNCTAD)
Explanation:
United Nations Conference on Trade and Development (UNCTAD) released a report titled ‘The Impact of the COVID-
19 Pandemic on Trade and Development: Transitioning to a New Normal’. The report states that a viable novel
coronavirus disease (COVID-19) vaccine will not halt the spread of economic damage. The economic setback will be
experienced for a long time especially by the poorest and most vulnerable countries.
3. Which Country has the most FDI (Foreign Direct Investment) equity inflows in India during April-
September 2020 according to DPIIT (Department for Promotion of Industry and Internal Trade)?
1) USA (United States of America)
2) Singapore
3) Mauritius
4) Japan
5) France
Answer-2) Singapore
Explanation:
The Department for Promotion of Industry and Internal Trade( DPIIT)’s in its Foreign Direct Investment(FDI) data,
has listed out the top investing countries FDI(Foreign Direct Investment) equity inflows in India during April-
September 2020. Singapore has invested Rs 62,084 crore(USD 8.30 billion) into India, which makes it the biggest
source of FDI into India. The USA (United States of America) becomes the second biggest source of FDI into India by
investing Rs 53,266 crore(USD 7.12 billion) . USA overtakes Mauritius which was in the 2nd rank during the 1st half
of the current financial year.

4. India, _________ Joint Committee Launches Bilateral Fast track mechanism in Investment in its 18th session.
1) USA(United States of America)
2) Bahrain
3) Australia
4) France
5) Japan
Answer-4) France
Explanation:
Union Minister of Housing and Urban Affairs Hardeep Singh Puri and French Minister delegate for foreign trade and
Economic Attractiveness Franck Riester launched “Bilateral Factrack Mechanism” to increase investments in the 18th
session of India France Joint Committee.
5. Which Financial Institution released a new book titled, ‘Future of Regional Cooperation in Asia and the
Pacific?
1) Asian Development Bank (ADB)
2) World Bank (WB)
3) Asian Infrastructure Investment Bank (AIIB)
5) New Development Bank (NDB)
Answer-1) Asian Development Bank (ADB)
Explanation:
The Asian Development Bank (ADB) released a new book titled, ‘Future of Regional Cooperation in Asia and the
Pacific’. The book reviews the progress with regional cooperation and integration in Asia and the Pacific. It explores
ways for economies in the region to work combinedly to recover and rebuild from the COVID-19 pandemic, so as to
achieve a more flexible, sustainable, and inclusive future. As per the book, India was the 4th major host of Greenfield
Foreign Direct Investment (FDI) projects and 8th major host of cross-border Merger and Acquisition (M&A) deals,
during 2004-2015.
6. Where is the headquarters of OECD (Organisation for Economic Co-operation and Development) located?
1) Washington D.C, US
2) Paris, France
3) New York City, US
4) Rome, Italy
5) Geneva, Switzerland
Answer-2) Paris, France
Explanation:
The Organisation for Economic Co-operation and Development is an intergovernmental economic organisation with
37 member countries, founded in 1961 to stimulate economic progress and world trade.
7. Where is the headquarters of United Nations Conference on Trade and Development (UNCTAD) located?
1) Washington D.C, US
2) Montreal, Canada
3) New York City, US
4) Rome, Italy
Answer-5) Geneva, Switzerland
Explanation:
UNCTAD is a permanent intergovernmental body established by the United Nations General Assembly in 1964.
Headquarters are located in Geneva, Switzerland, and they have offices in New York and Addis Ababa. UNCTAD is part
of the UN Secretariat.
Secretary-General– Mukhisa Kituyi of Kenya (7th Secretary-General).

8. Which Bank signed a MoU with SIDBI to enable MSME borrowers to use the web module i.e. Asset
Restructuring Module for MSMEs-Micro, Small & Medium Enterprises (ARM-MSMEs) launched by SIDBI in
partnership with India SME Asset Reconstruction Company (ISARC)?
1) State Bank of India
2) Punjab National Bank
3) Bank of Baroda
4) Bank of India
5) Indian Bank
Answer-5) Indian Bank
Explanation:
Small Industries Development Bank of India (SIDBI) in partnership with India SME Asset Reconstruction Company
(ISARC) has launched Asset Restructuring Module for MSMEs-Micro, Small & Medium Enterprises (ARM-MSMEs) in
other words Do-It-Yourself (DIY) web module. This web portal helps MSMSEs to get benefit of the Reserve Bank of
India (RBI)’s one-time debt restructuring. The portal is offered as part of SIDBI’s developmental initiatives.
Indian Bank has signed a MoU (Memorandum of Understanding) with SIDBI to enable MSME borrowers to use the
web module.
9. HexGn has signed a MoU with which body to promote more than 1000 Agritech (Agricultural Technology)
Startups in India in the next 5 year?
1) Food Corporation of India (FCI)
2) NABARD (National Bank for Agriculture and Rural Development)
3) SIDBI (Small Industries Development Bank of India)
4) NITI Aayog
5) AFC India Ltd (formerly Agricultural Finance Corporation Ltd)
Answer-5) AFC India Ltd (formerly Agricultural Finance Corporation Ltd)
Explanation:
HexGn and AFC India Ltd (formerly Agricultural Finance Corporation Ltd) have entered into a collaborative
partnership to promote more than 1000 Agritech (Agricultural Technology) Startups in India in the next 5 year. In
this regard, a Memorandum of Understanding (MoU) was signed between HexGn and AFC India Ltd on 16th
November, 2020 at Delhi, India. AFC, along with HexGn, seeks to handhold and build a community of entrepreneurs in
the field of agri-tech, which creates enormous economic value and employment / self-employment opportunities.
10. Punjab National Bank (PNB) developed and launched ‘PNB LenS’ for what purpose?
1) KYC handling
2) Cash Withdrawal
3) Loan management
4) Security Purpose
5) Locker Facility
Answer-3) Loan management
Explanation:
To increase the speed and maintain accuracy in online processing of loans and sanctioning of credit proposals, Punjab
National Bank (PNB) developed and launched ‘PNB LenS’, an IT(Information Technology) based lending solution for
loan management. PNB launched OTP (One Time Password) based cash withdrawals, effective from 1st December
2020.
11. Which Bank in collaboration with National Payments Corporation of India (NPCI) and Japan’s JCB
(formerly Japan Credit Bureau) International Co. Ltd. unveiled “__________ RuPay JCB Platinum Contactless
Debit Card” with a unique dual interface feature?
1) SBI (State Bank of India)
2) Canara Bank
3) PNB (Punjab National Bank of India)

4) BOB (Bank of Baroda)
5) Indian Bank
Answer-1) SBI (State Bank of India)
Explanation:
State Bank of India (SBI) in collaboration with National Payments Corporation of India (NPCI) and Japan’s JCB
(formerly Japan Credit Bureau) International Co. Ltd. unveiled “SBI RuPay JCB Platinum Contactless Debit Card” with
a unique dual interface feature. It enables the customers to use it for both contact and contactless transactions as well
as for domestic and overseas transactions.
12. YES Bank relaunched ‘YES Premia’ with a premium banking program. Who is the MD & CEO of YES Bank?
1) Prashant Kumar
2) Shashidhar Jagadeesan
3) Aditya Puri
4) Amitabh Chaudhary
5) Sandeep Bakhshi
Answer-1) Prashant Kumar
Explanation:
YES Bank relaunched ‘YES Premia’ with a premium banking program. It offers personalized solutions focusing on
particular needs of key consumer segments, i.e., from small business owners to salaried professionals and senior
citizens. Yes Bank during the ‘Truly Yours’ Week, from December 1 – 7, 2020 will celebrate the launch of the program,
across India with several customercentric programs and partnered activations through dealer, OEM(Original
Equipment Manufacturer) and bancassurance partners.
YES Bank Managing Director (MD) and Chief Executive Officer(CEO)– Prashant Kumar
13. Which Financial Institution approved a $430(about Rs 4,143 crore) million Multitranche Financing
Facility (MFF) for Uttar Pradesh (UP) Power Distribution Network Rehabilitation Project?
3) World Bank (WB)
Answer-2) Asian Development Bank (ADB)
Explanation:
On December 1, 2020 The Asian Development Bank (ADB) approved a $430(about Rs 4,143 crore) million
Multitranche Financing Facility(MFF) for Uttar Pradesh(UP) Power Distribution Network Rehabilitation Project to
improve the quality and reliability of electricity supply in Uttar Pradesh. The MFF is enhanced by a $2 million
Technical Assistance (TA) grant from TA Special Fund and the Japan Fund for Poverty Reduction (JFPR) of ADB.
14. What is India’s GDP rate prediction as per 2020 Economic Outlook titled “A Brighter Outlook But
Recovery Will Be Gradual” by Organization for Economic Co-operation and Development (OECD)?
1) – 9.9%
2) – 7.9 %
3) – 8.9 %
4) – 10.9 %
5) – 6.9 %
Answer-1) – 9.9%
Explanation:
The Organization for Economic Co-operation and Development (OECD) in its December 2020 Economic Outlook titled
“A Brighter Outlook But Recovery Will Be Gradual” has trimmed the India’s Gross Domestic Product (GDP) rate to
9.9% from 10.2% projected in September for FY21. It also projected that the Indian economy will rebound to 8% in

FY22 and 5% in FY23 on the condition that GDP loss would be substantial. On the global front also OECD decreased
the contraction rate to 4.2% in 2020, from 4.5% earlier.
15. What is India’s GDP rate prediction as per S&P aka Standard & Poor’s report on Asia Pacific?
1) – 10%
2) – 9.5%
3) – 9%
4) – 8.5%
5) – 8%
Answer-3) – 9%
Explanation:
S&P aka Standard & Poor’s, in its report on Asia Pacific has retained its forecast of 9% contraction in the Indian
economy for FY21 and projected that it will grow at 10% in FY22.
In accordance with the report Indian economy recovered faster than expected in the September quarter due to a pick
up by the manufacturing sector.
16. What was the theme for the 20th Edition of Sri Lanka Economic Summit (SLES) 2020 addressed by Union
Minister for Finance & Corporate Affairs, Nirmala Sitharaman virtually?
1) Self Reliant Sri Lanka
2) Roadmap for Take-off: Driving a People-Centric Economic Revival
3) Re-calibrating Sri Lanka’s Economic Trajectory Towards 2025
4) On the Fast Track to a Turnaround
5) Realizing a Greener Growth Path – Walking the Talk
Answer-2) Roadmap for Take-off: Driving a People-Centric Economic Revival
Explanation:
Union Minister for Finance & Corporate Affairs, Nirmala Sitharaman delivered the Keynote Address virtually at the
inauguration of the 20th Edition of Sri Lanka Economic Summit (SLES) 2020. It was organized by the Ceylon Chamber
of Commerce (CCC). President Gotabaya Rajapaksa was the Chief Guest at the inaugural session. The Theme for SLES
2020 is ‘Roadmap for Take-off: Driving a People-Centric Economic Revival’.
17. The Headquarters of National Payments Corporation of India (NPCI) is located in _________.
1) New Delhi
2) Hyderabad, Telangana
3) Mumbai, Maharashtra
4) Chennai, Tamil Nadu
5) Pune, Maharashtra
Answer-3) Mumbai, Maharashtra
Explanation:
National Payments Corporation of India (NPCI), Mumbai is an umbrella organization for all retail payments system in
India. It was set up with the guidance and support of the Reserve Bank of India (RBI) and Indian Banks’ Association
(IBA). The RBI, after setting up the Board for Regulation and Supervision of Payment and Settlement Systems (BPSS)
in 2005, released a vision document incorporating a proposal to set up an umbrella institution for all the RETAIL
PAYMENT SYSTEMS in the country. The core objective was to consolidate and integrate the multiple systems with
varying service levels into nation-wide uniform and standard business process for all retail payment systems.
18. The Saudi Arabian Monetary Authority will be renamed to Saudi Central Bank under a new law approved
by Saudi Arabia’s King. Who is the king of Saudi Arabia?
1) Khalifa bin Zayed bin Sultan Al Nahyan
2) Salman bin Abdulaziz al-Saud
3) Sheikh Mohammed bin Rashid Al Maktoum

4) Sheikh Sultan bin Mohamed Al-Qasimi
5) Nayef bin Abdulaziz Al Saud
Answer-2) Salman bin Abdulaziz al-Saud
Explanation:
The Saudi Arabian Monetary Authority will be renamed to Saudi Central Bank under a new law approved by Saudi
Arabia’s King Salman bin Abdulaziz al-Saud. The new law identifies the central bank’s objectives that include
maintaining monetary stability, promoting financial sector stability and supporting economic growth, with direct
reporting to the King of Saudi Arabia. The Saudi Central Bank will continue to use the acronym “SAMA” due to its
historic significance and relevance locally and globally.
19. The National Payments Corporation of India (NPCI) has completed private placement of what per cent of
its equity shares worth Rs 81.64 crores?
1) 10.63%
2) 24.63%
3) 14.63%
4) 4.63%
5) 34.63%
Answer-4) 4.63%
Explanation:
The National Payments Corporation of India (NPCI) has completed private placement of 4.63% of its equity shares
worth Rs 81.64 crores. This placement has enabled small finance and payment banks, as well as fintechs to be its
shareholders up to 0.44%. With this placement, now the total shareholder entities for NPCI stand at 67.
20. Paytm has partnered with which Small Finance Bank, to offer collateral-free instant digital loans to
MSMEs (Micro, Small & Medium Enterprises) on December 2, 2020?
1) AU Small Finance Bank (SFB)
2) Ujjivan Small Finance Bank (SFB)
3) Equitas Small Finance Bank (SFB)
4) Suryoday Small Finance Bank (SFB)
5) Utkarsh Small Finance Bank (SFB)
Answer-4) Suryoday Small Finance Bank (SFB)
Explanation:
On December 2, 2020 Paytm partnered with Suryoday Small Finance Bank (SFB) Ltd to offer collateral-free instant
digital loans to MSMEs(Micro, Small & Medium Enterprises). This will empower the MSMEs. This is the 1st the first
lending partnership for Paytm with a small finance bank to help merchants to avail loans seamlessly. Paytm and
Suryoday SFB aims to disburse loans to more than 1 lakh small businesses in the next 12 to 18 months, through this
partnership.
21. NABARD (National Bank for Agriculture and Rural Development) has signed a MoU with SBI (State Bank of
India) On December 2, 2020 to take up joint intervention projects in which State?
1) Uttarakhand
2) Telangana
3) Maharashtra
4) Gujarat
5) Karnataka
Answer-5) Karnataka
Explanation:
On December 2, 2020 NABARD (National Bank for Agriculture and Rural Development), Karnataka Regional Office
Bengaluru, Karnataka has signed MoU(Memorandum of Understanding) with SBI(State Bank of India), LHO,
Bengaluru. The two institutions are to take up joint intervention projects in the State. NABARD through this MoU,

aims to provide grant support, concessional refinance and undertake capacity building of the stakeholders of various
livelihood interventions that is promoted by NABARD.
22. International Financial Services Centre Authority (IFSCA) obtained membership of International
Association of Insurance Supervisors (IAIS). Where is the headquarters of IFSCA?
1) Ahmedabad, Gujarat
2) Mumbai, Maharashtra
3) Pune, Maharashtra
4) Gandhinagar, Gujarat
5) New Delhi
Answer-4) Gandhinagar, Gujarat
Explanation:
On Dec 2, 2020, International Financial Services Centre Authority (IFSCA) obtained membership of International
Association of Insurance Supervisors (IAIS). Now, IFSCA can access IAIS’s global network and would be able to
exchange ideas and information relating to insurance with other global regulators. This membership will aid in
developing a global Insurance hub in International Financial Services Centre (IFSC), from current 17 entities, at
Gujarat International Finance Tec-City (GIFT). Injeti Srinivas was appointed as the first chairman of IFSCA.
Headquarter– Gandhinagar, Gujarat
23. Razorpay and _________ partnered to enable Indian MSMEs (Micro, Small & Medium Enterprises) and
Freelancers to seamlessly accept international payments.
1) Cashfree
2) CCAvenue
3) Paytm
4) Paypal
5) Instamojo
Answer-4) Paypal
Explanation:
Razorpay and PayPal partnered to enable Indian MSMEs (Micro, Small & Medium Enterprises) and Freelancers to
seamlessly accept international payments. This removes the need to write a single line of code.
24. Finin Becomes India’s 1st full-fledged Consumer Neobank in Partnership with which Bank? (The Bank
also launched Hyper-personalised SmartBanking platform in partnership with Finin).
1) DBS Bank India
2) SBM Bank (India) Limited (SBM Bank India)
3) HSBC India
4) Citi Bank
5) Standard Chartered Bank
Answer-2) SBM Bank (India) Limited (SBM Bank India)
Explanation:
Finin launched itself as a ‘neobank’, in partnership with SBM Bank (India) Limited (SBM Bank India). It is India’s 1st
full-fledged consumer neobank. SBM Bank India has launched Hyper-personalised SmartBanking platform in
partnership with Finin. The platform helps the users to manage, save and invest their money in a smarter, secured
and simpler way.
25. Which Bank/Insurance Company launched the upgraded Mobile application – USGI PULZ to enhance its
service delivery?
1) Indian Bank
2) Indian Overseas Bank
3) Karnataka Bank

4) HDFC General Insurance
5) Universal Sompo General Insurance Company
Answer-5) Universal Sompo General Insurance Company
Explanation:
On 1st December 2020, the Universal Sompo General Insurance Company Limited, a non-life insurance company
launched the upgraded Mobile application – USGI PULZ to enhance service delivery. The Universal Sompo General
Insurance Company Limited is a joint venture of Indian Bank, Indian Overseas Bank, Karnataka Bank Ltd, Dabur
Investment Corporation and Sompo Japan Insurance Inc, a leading general insurer from Japan.
26. Which Insurance Company in association with Ketto India, has initiated ‘PromisewalaDabba’, a
nationwide crowdfunding campaign?
1) ICICI Prudential life Insurance
2) HDFC Life Insurance
3) LIC
4) Bajaj Allianz Life Insurance
5) Bharti Axa Life Insurance
Answer- 2) HDFC Life Insurance
Explanation:
HDFC Life in association with Ketto India has initiated ‘PromisewalaDabba’, a nationwide crowdfunding campaign.
This is to support the Dabbawalas of Mumbai, who have been affected due to the COVID-19 pandemic and the
lockdown. As part of the campaign, a PromisewalaDabba will be delivered that includes essential supplies such as
staple food ingredients, spices and accompaniments, sanitizers and toiletries to their homes.
27. What was the theme for the 6th BRICS Youth Summit 2020 opening ceremony held in Ulyanovsk, Russia?
1) Radical Economic Transformation
2) BRICS: Challenges of the Time for young People
3) Socio emotional skill- importance of soft skill
4) Youth as bridge for Intra-BRICS Exchanges
5) BRICS & Pandemic
Answer-2) BRICS: Challenges of the Time for young People
Explanation:
On 29th November, 6th BRICS Youth Summit 2020 opening ceremony and a meeting of BRICS Ministers was held in
Ulyanovsk, Russia. Union Minister of Youth Affairs and Sports, Kiren Rijiju virtually addressed the 6th BRICS Youth
Summit 2020 on behalf of India, which was held from 29 November to 2 December, 2020.
Theme for 6th BRICS Youth Summit 2020- “BRICS: Challenges of the Time for young People”.
28. India’s annual tax loss aggregates to what amount according to the first-of-its-kind report titled “The State
of Tax Justice 2020- Tax Justice in the time of COVID-19”?
1) $1 Billion
2) $5 Billion
3) $3.10 Billion
4) $10.3 Billion
5) $31 Billion
Answer-4) $10.3 Billion
Explanation:
The Tax Justice Network (TJN) has released the first-of-its-kind report titled “The State of Tax Justice 2020- Tax
Justice in the time of COVID-19” in accordance to which the international corporate tax abuse and private tax evasion
is incurring a global loss of over $427 billion in tax each year. In this scenario, India’s annual tax loss aggregates to
$10.3 billion i.e. $10,319,683,940 (equivalent to INR 70,000 crore), of which, a major part is corporate tax evasion
nearly $10.11 billion and $202.15 million is offshore private tax evasion.

29. Which Country is the Biggest Tax Loser according to the first-of-its-kind report titled “The State of Tax
Justice 2020- Tax Justice in the time of COVID-19” (Cayman Islands (a British territory) being Biggest
contributor to Other Countries Tax Losses)?
1) United States (US)
2) United Kingdom (UK)
3) Germany
4) France
5) India
Answer-1) United States (US)
Explanation:
The Asian region lost over $73.3 billion or $73,372,803,475. Its biggest loser is China followed by India and
Japan.Following table shows the top 5 Biggest Tax Losers and Biggest contributors to other countries tax losses:
Rank Country
Biggest Tax Losers
3 Germany
4 France
5 Brazil
Biggest contributors to Other Countries Tax Losses
1 Cayman Islands (a British territory)
3 The Netherlands
4 Luxembourg
30. What is India’s rank in 6th Financial Secrecy Index (FSI) 2020?
1) 56th
2) 63rd
3) 28th
4) 15th
5) 47th
Answer-5) 47th
Explanation:
The FSI 2020 ranked 133 countries on the basis of 20 indicators on how intensely the country’s tax and financial
systems serve as a tool for individuals to hide their finances from the rule of law, including other countries’ laws. It
was the 6th edition of FSI.It was first published in 2009.
Financial Secrecy Index 2020 Ranking
Rank Country
47 India
1 Cayman Islands
3 Switzerland
4 Hong Kong

5 Singapore
India’s FSI value is 238.68 with a secrecy score of 47.84. The FSI 2020 stated a 7% reduction in global financial
secrecy as a result of recent transparency reforms.
OECD countries are responsible for 49% of all financial secrecy in the world.
31. Where is the headquarters of Suryodaya Small Finance Bank?

1) Navi Mumbai, Maharashtra
2) Pune, Maharshtra
3) Bengaluru, Karnataka
4) New Delhi
5) Chennai, Tamil Nadu
Answer-1) Navi Mumbai, Maharashtra
Explanation:
It is one among the 10 companies and the only one from Maharashtra to obtain a ’Small Finance Bank’ licence from
the Reserve Bank of India (RBI). It was launched on January 23rd 2017. Managing Director (MD) and CEO– Baskar
Babu Ramachandran
Tagline– A Bank of Smiles
Headquarters– Navi Mumbai, Maharashtra
32. How many people have been pushed into Extreme Poverty in the Least Developed Countries (LDCs)
According to “The Least Developed Countries Report 2020” released by UNCTAD (United Nations Conference
on Trade and Development)?
1) 10 Million
2) 23 Million
3) 32 Million
4) 42 Million
5) 50 Million
Answer-3) 32 Million
Explanation:
According to “The Least Developed Countries Report 2020: Productive Capacities for the New Decade” released by
UNCTAD (United Nations Conference on Trade and Development), Pandemic has pushed around 32 Million People
into Extreme Poverty in the Least Developed Countries (LDCs). Due to the Pandemic 32 million people live on less
than USD 1.90 per day. According to the report, this is the worst economic performance of 47 countries in LDCs since
the Third-World debt crisis of 1980s.
33. India’s largest Hyperlocal fintech startup, PayNearby Technologies Pvt. Ltd. launched the “PayNearby
shopping card” powered by RuPay in collaboration with NPCI and which Bank?
1) HDFC Bank
2) YES Bank
3) Axis Bank
4) ICICI Bank
5) IDFC First Bank
Answer-2) YES Bank
Explanation:
India’s largest Hyperlocal fintech startup, PayNearby Technologies Pvt. Ltd., in collaboration with YES Bank and
National Payments Corporation of India (NPCI) launched the “PayNearby shopping card” powered by RuPay for its
retail partners to provide maximum benefits of e-commerce in a risk-free mode over mass market category.

34. Name the bank which partnered with Rupifi and Visa to launch Business Credit Card for MSMEs
(December 2020).
1) HDFC Bank
2) YES Bank
3) Axis Bank
4) ICICI Bank
5) IDFC First Bank
Answer-3) Axis Bank
Explanation:
Axis bank Ltd in partnership with Rupifi and Visa launched ‘Axis Bank Rupifi Business Credit Card’ for MSMEs (Micro,
Small and Medium Enterprises). This Contactless Co-Branded credit card, powered by Visa is applicable only to the
MSMEs businesses that transact on the aggregator platforms partnered with Rupifi PAN (Permanent Account
Number) India for their business purchases. The card offers credit solutions to such MSMEs. It is only for domestic
transactions.
35. As per the official data released by Controller General of Accounts (CGA), the Central Government’s fiscal
deficit increased to what percent of the annual budget estimate of FY21, at the end of October 2020?
1) 105%
2) 107.9%
3) 119.7%
4) 113.7%
5) 121.5%
Answer-3) 119.7%
Explanation:
In accordance with the official data released by Controller General of Accounts (CGA), the Central Government’s fiscal
deficit increased to Rs 9.53 lakh crore (9,53,154 crore), or 119.7% of the annual budget estimate of FY21, at the end
of October 2020. It was 114.8% of the annual budget estimate at the end of September 2020. Also, in the first 7
months of the FY20, the deficit was at 102.4% of the annual target. The key reason behind this increase is poor
revenue realization due to lockdown imposed to curb COVID-19.
36. Agricultural and Processed Food Products Export Development Authority (APEDA) has signed a MoU with
which financial institution to Cooperate in Agriculture Activities & Implementing Agriculture Export Policy?
1) Small industrial Development Bank of India (SIDBI)
2) World Bank
3) New Development Bank
4) Asian Development Bank
5) National Bank for Agriculture and Rural Development (NABARD)
Answer-5) National Bank for Agriculture and Rural Development (NABARD)
Explanation:
Agricultural and Processed Food Products Export Development Authority (APEDA) and National Bank for Agriculture
and Rural Development (NABARD) signed a Memorandum of Understanding (MoU) to address the key interests of
Agriculture and allied sectors for bringing better value to the stakeholders and Implementing Agriculture Export
Policy (AEP). The MoU was signed virtually at the respective headquarters, by Dr. Sudhanshu, Secretary APEDA and
Mr. Nilay D. Kapoor, Chief General Manager, NABARD.
37. Name the Equity financing firm which partnered with NITI Aayog’s Women Entrepreneurship Platform
(WEP) on a year-long partnership, to promote women entrepreneurship in India.
1) Sequoia India
2) Dragoneer Investment Group
3) Faering Capital

4) Mahindra Partners
5) Gaja Capitals
Answer-1) Sequoia India
Explanation:
Equity financing firm Sequoia India partnered with NITI Aayog’s Women Entrepreneurship Platform (WEP) on a
year-long partnership, to promote women entrepreneurship in India.
Sequoia India will mentor a group of women founders to equip them with domain knowledge and skills through
mentorship sessions with investors and business leaders.
38. CREDAI-MCHI partnered with which of the following organization/Companies for the first virtual edition
of India’s largest real-estate expo from 4th December 2020 to 13th December 2020?
2) Google
3) BookMyShow
4) Only 1 & 2
5) All 1, 2 & 3
Answer-5) All 1, 2 & 3
Explanation:
CREDAI-MCHI partnered with State Bank of India, Google and BookMyShow for the first virtual edition of India’s
largest real-estate expo from 4th December 2020 to 13th December 2020. This collaboration between CREDAI-MCHI,
SBI Google & BookMyShow is the first of its kind in the Real Estate sector.
39. The Bank of India agreed on Share Purchase Agreement (SPA) with AXA Investment Managers Asia
Holdings Pvt Ltd to Acquire 49% Stake each in BOI AXA Investment Managers, BOI AXA Trustee Services.
Where is the headquarters of Bank of India located?
1) Hyderabad
2) Chennai
3) New Delhi
4) Mumbai
5) Kolkata
Answer-4) Mumbai
Explanation:
The Mumbai, Maharashtra headquartered – Bank of India (BOI) entered into a Share Purchase Agreement (SPA) with
AXA Investment Managers Asia Holdings Pvt Ltd (AXA IM), a part of AXA Group. Through the SPA, BOI agreed to
purchase AXA IMs:
Entire 49% equity shares in BOI AXA Investment Managers Private Limited (BAIM).
Entire 49% equity shares in BOI AXA Trustee Services Private Limited (BATS).
40. “Global Wage Report 2020-21: Wages and Minimum wages in the time of COVID-19” was released by
which international organisation?
2) World Bank
3) World Trade Organisation (WTO)
4) Organisation for Economic Cooperation and Development (OECD)
5) International Labour Organisation (ILO)
Answer-5) International Labour Organisation (ILO)
Explanation:
“Global Wage Report 2020-21: Wages and minimum wages in the time of COVID-19” released by International Labour
Organization (ILO), Women and Lower-paid workers were impacted the most due to decrease in wages because of
reduced working hours during the COVID-19 crisis.

41. West Bengal state government extends which scheme to provide an insurance coverage of Rs. 5 lakhs to
entire population of the state
1) Swasthya Sathi Scheme
2) Prochesta Scheme
3) Sneher Porosh Scheme
4) Matir Smristi Scheme
5) Karmai Dharma Scheme
Answer-1) Swasthya Sathi Scheme
Explanation:
West Bengal(WB) Chief Minister(CM) Mamata Banerjee extended the state’s Health Insurance scheme “Swasthya
Sathi Scheme” to cover the entire population of the state. The cashless scheme will be a relief to the population hardly
hit by COVID-19. The state government will also have to bear an annual expense of Rs. 2,000 crores for Swasthya
Sathi health scheme.
42. On the 4th Bi-Monthly Monetary Policy Committee, RBI has projected the GDP for FY-2021 as
1) 6%
2) (-)3%
3) 2%
4) (-)5.8%
5) (-)7.5%
Answer-5) (-)7.5%
Explanation:
The 6-member Monetary Policy Committee (MPC) meeting of the Reserve Bank of India (RBI) was held from
December 2-4, 2020 which was headed by RBI Governor Shaktikanta Das. During the meeting it was projected that
the real GDP (Gross Domestic Product) growth will contract at 7.5% in FY21. It is an upgrade in comparison to -9.5%
in October MPC review
43. RBI has extended on-tap Targeted Long-Term Repo Operations (TLTRO) by bringing 26 stressed sectors
identified which Committee,
1) kasthuri rangan Committee
2) Ram Shankar Katheria Committee
3) Sabyasachi Mukherjee Committee
4) Kundapur Vaman Kamath Committee
5) Kamal Narain Singh Committee
Answer-4) Kundapur Vaman Kamath Committee
Explanation:
The 6-member Monetary Policy Committee (MPC) has decided to extend on-tap Targeted Long-Term Repo
Operations (TLTRO) by bringing 26 stressed sectors identified by the Kamath Committee under the chairmanship of
Kundapur Vaman Kamath in order to provide more liquidity in the economy.
44. Bengaluru Smart Energy Efficient Power Distribution Project has been approved $190 million (over Rs
1,400 crore) loan for its development by which bank?
1) World Bank
2) International Monetary Fund
4) European Investment Bank
5) United Nations Economic and Social Commission for Asia and the Pacific
Answer-3) Asian Development Bank
Explanation:
On December 4, 2020 The Asian Development Bank (ADB) approved a $190 million (over Rs 1,400 crore) loan for the
Bengaluru Smart Energy Efficient Power Distribution Project.

45. Life Click 2 Wealth ULIP (Unit Linked Insurance Plan) digital campaign was launched by which insurance
company?
1) Life Insurance Corporation
2) HDFC Life
3) ICICI Prudential Life Insurance
4) Max Life Insurance
5) SBI Life Insurance
Answer-2) HDFC Life
Explanation:
On December 4, 2020 HDFC Life launched HDFC Life Click 2 Wealth ULIP (Unit Linked Insurance Plan) digital
campaign. The campaign focuses on the role of ULIPs as part of a wise financial plan.
46. Which bank has launched the Overdraft Scheme “Kirishi” for the benefit of Farmers?
1) Karnataka Vikas Grameena Bank
2) Chaitanya Godavari Grameena Bank
3) Baroda Rajasthan Kshetriya Gramin Bank
4) Arunachal Pradesh Rural Bank
5) Bihar Gramin Bank
Answer-1) Karnataka Vikas Grameena Bank
Explanation:
On December 5, 2020 Karnataka Vikas Grameena Bank (KVGB) launched ‘Kirishi OD(Overdraft) scheme’ for farmers.
The OD facility is given to farmers based on the value of the land.
47. Who is the Newly appointed President of the Federation of Indian Chambers of Commerce and Industry
(FICCI) for the year 2020-21
1) Shobana Kamineni
2) Uday Shankar
3) Sunil Rayan
4) Jahnabi Phookan
5) Sangita Reddy
Answer-2) Uday Shankar
Explanation:
On 4th December, 2020 The Federation of Indian Chambers of Commerce and Industry (FICCI) elected Uday Shankar
as its President for the year 2020-21. He will succeed Sangita Reddy.Mr. Shankar is the first person from the media
and entertainment industry to lead a national industry chamber like FICCI.
48. To recognise the importance of banks in financing sustainable development, UN celebrates the first ever
International Day of Banks across the globe on
1) 5 November
2) 8 September
3) 3 December
4) 4 December
5) 15 November
Answer-4) 4 December
Explanation:
The United Nations (UN)’s celebrates the first ever International Day of Banks across the globe on 4th December
2020. The day is observed to recognise the important potential of multilateral development banks and other
international development banks in financing sustainable development.

49. Who is the MD & CEO of HDFC Life?
1) Dinesh Kumar Khara
2) Aditya Puri
3) Sandeep Bakhshi
4) Rakesh Sharma
5) Vibha Padalkar
Answer- 5) Vibha Padalkar
Explanation:
The current Managing Director and Chief Executive Officer of HDFC Life insurance is Vibha Padalkar.
50. Who is the President of Asian Development Bank (ADB) in December, 2020?
1) Takehiko Nakao
2) Rakesh Sharma
3) Masatsugu Asakawa
4) David Malpass
5) Gita Gopinath
Answer-3) Masatsugu Asakawa
Explanation:
Masatsugu Asakawa is the President of the Asian Development Bank (ADB) and the Chairperson of ADB’s Board of
Directors. He was elected President by ADB’s Board of Governors and assumed office on 17 January 2020.
51. Central Board of Indirect Taxes and Customs (CBIC) has initiated the “Quarterly Return filing & Monthly
Payment (QRMP)” scheme under the GST System for small taxpayers with turnover up to –
1) Rs. 10 Crore
2) Rs. 1 Crore
3) Rs. 2 Crore
4) Rs. 15 Crore
5) Rs. 5 Crore
Answer-5) Rs. 5 Crore
Explanation:
On December 5, 2020, the Central Government in exercise of the powers conferred under sub-section (1) of section
39 read with sub-section (7) of section 39 of the Central Goods and Services Tax Act, 2017 (12 of 2017) has initiated
the “Quarterly Return filing & Monthly Payment (QRMP)” scheme for small taxpayers under the GST System whose
aggregate annual turnover of up to Rs 5 crore in the preceding financial year. The notifications for the same were
issued by Central Board of Indirect Taxes and Customs (CBIC).
52. Which department has made it compulsory to mention the 8 digit HSN (Harmonised System of
Nomenclature) code for 49 chemical based products
1) Central Board of Indirect Taxes and Customs
2) Narcotics Control Bureau
3) Customs, Excise and Service Tax Appellate Tribunal
4) Income Tax Department
5) Directorate of Revenue Intelligence
Answer-1) Central Board of Indirect Taxes and Customs
Explanation:
On December 1, 2020 The Central Board of Indirect Taxes and Customs(CBIC) made it compulsory for a registered
person to mention the 8 digit HSN (Harmonised System of Nomenclature) code or tariff code for 49 chemical based
products at the time of issuing Goods and Services Tax (GST) invoice. It is to be noted that this is the first time a
specific category of suppliers is mandated to use 8 digit HSN Code on every invoice irrespective of the aggregate
turnover. This is effective from December 1, 2020.

53. India’s first diversified REIT (Real Estate Investment Trusts) Mutual Fund was launched by, _____.
1) Aditya Birla Sun Life Mutual Fund
2) Kotak Mahindra Asset Management Company Limited
3) Motilal Oswal Asset Management Company Limited
4) Franklin Templeton Mutual Fund
5) ICICI Prudential Mutual Fund
Answer-2) Kotak Mahindra Asset Management Company Limited
Explanation:
On December 7, 2020, Kotak Mahindra Asset Management Company Limited (KMAMC) or Kotak Mutual Fund
launched India’s first diversified REIT (Real Estate Investment Trusts) Mutual Fund namely “Kotak International REIT
Fund of Funds”. It is an open-ended mutual fund scheme that will invest in units of SMAM Asia REIT Sub Trust Fund
to provide long-term capital appreciation and income. The SMAM Asia REIT Sub Trust Fund is one of the largest Asia
Pacific (Excluding Japan) REIT funds investing in listed REITs in the Asia Pacific region. It is managed by Sumitomo
Mitsui DS AMC Limited headquartered in Tokyo, Japan.
54. What is the name of the new mobile app launched by ICICI Bank in December,2020 offering payments and
banking services to all of its customers?
1) M-Connect Plus
2) iMobile Pay
3) PayZapp
4) Go Mobile+
5) YONO
Answer-2) iMobile Pay
Explanation:
On December 7, 2020, ICICI (Industrial Credit and Investment Corporation of India) Bank launched “iMobile Pay” app
offering payments and banking services for all i.e. customers of any bank can use this app. Bank claims that, iMobile
Pay is 1st of its kind app. It has all features of payment apps like scanning of QR (Quick Response) code for making
payments, sending money to any UPI ID, bank account, self, instant transfer of money free-of-cost to any bank
account, payment app or digital wallet.
55. The theme of 2020 edition of IIT Global Summit organized by PanIIT USA is
1) Technology Disruptions
2) The Future is Now
3) Entrepreneurship 360
4) Education in Pandemic
5) Technology in Crisis
Answer-2) The Future is Now
Explanation:
On 4th December, 2020 Prime Minister Narendra Modi virtually addressed the World’s largest virtual Summit- IIT-
2020 Global Summit on the inaugural day of the summit. The 2-day summit (4th & 5th December) is organised by
PanIIT USA.The summit is chaired by Sanjiv Goyal & Co-chaired by Witty Bindra. Theme of the IIT-2020 Global
Summit – “The Future is Now”.
56. Who is the Managing Director (MD) and Chief Executive Officer (CEO) of ICICI Bank?
1) Prashant Kumar
2) Atul Kumar Goel
3) Sandeep Bakhshi
4) Aditya Puri
5) Deepak Parekh

Answer-3) Sandeep Bakhshi
Explanation:
Mr. Sandeep Bakhshi is the Managing Director and CEO of ICICI Bank since October 15, 2018.
57. NBCFDC & NSFDC signed a Memorandum of Agreement (MoAs) with Central Bank of India for
implementation of ‘Vanchit Ikai Samooh aur Vargon ki Aarthik Sahayta (VISVAS) Yojana’ – an Interest
Subvention Scheme. VISVAS is under which ministry?
1) Ministry of Micro, Small and Medium Enterprises
2) Ministry of Corporate Affairs
3) Ministry of Finance
4) Ministry of Social Justice and Empowerment
5) Ministry of Health and Family Welfare
Answer-4) Ministry of Social Justice and Empowerment
Explanation:
On December 7, 2020, National Backward Classes Finance & Development Corporation (NBCFDC) & National
Scheduled Castes Finance and Development Corporation (NSFDC) signed a Memorandum of Agreement (MoAs) with
Central Bank of India for implementation of ‘Vanchit Ikai Samooh aur Vargon ki Aarthik Sahayta (VISVAS) Yojana’ –
an Interest Subvention Scheme of the Ministry of Social Justice & Empowerment, Government of India. With the
signing of the agreement, interest subvention for the beneficiaries of the VISVAS Yojana will be provided through the
Central Bank of India. Interest Subvention means Government paying part of the Interest on a Loan.
58. ‘Money Mitra’, a new channel, to make banking services accessible to its customers in their neighborhood
was launched by which bank?
1) Equitas Small Finance Bank
2) ESAF Small Finance Bank
3) Janalakshmi Small Finance Bank
4) Ujjivan Small Finance Bank
5) Capital Small Finance Bank
Answer-4) Ujjivan Small Finance Bank
Explanation:
On December 7, 2020 Ujjivan Small Finance Bank(SFB) Ltd introduced ‘Money Mitra’, a new channel, to make banking
services accessible to its customers in their neighbourhood. Money Mitra facilitates entrepreneurs of local businesses
like kirana / medical stores or Insurance agencies to offer retail banking solutions to Ujjivan SFB customers
exclusively. Money Mitra is expected to be in accordance with Ujjivan SFB’s purpose to build banking behaviour
among its micro banking customers.
59. In December, 2020 which bank has launched the Atmanirbhar Women Scheme?
1) Bank of India
2) Bank of Baroda
3) Union Bank of India
4) Vijaya Bank
5) Central Bank of India
Answer- 2) Bank of Baroda
Explanation:
On December 7, 2020 Sanjiv Chadha, Managing Director(MD) and Chief Executive Officer(CEO) of Bank of Baroda
(BoB) launched ‘Atmanirbhar Women Scheme’ virtually at BOB’s Ramamurthy Nagar branch, Bengaluru, Karnataka.
This launch is part of the bank’s Baroda Gold Loan. The launch was also made simultaneously in 18 branches coming
under 18 zones in India.

60. India’s first technologically backed group health insurance products was co-created by Plum Benefits
Private Limited and _____.
1) Bharti Axa General Insurance
2) HDFC ERGO General Insurance Company
3) Bajaj Allianz General Insurance
4) Reliance General Insurance
5) ICICI Lombard General Insurance Limited
Answer-5) ICICI Lombard General Insurance Limited
Explanation:
On December 7, 2020 ICICI Lombard General Insurance Limited partnered with Plum Benefits Private Limited to co-
create India’s first technologically backed group health insurance products. Aim of the initiative is to offer employers
and employees flexibility, transparent pricing, and exceptional healthcare experience.
61. UBS Principal Capital Asia Ltd. sold 20,70,000 shares of which bank through open market transaction?
1) RBL Bank
2) Kotak Mahindra Bank
3) IndusInd Bank
4) DCB Bank
5) Syndicate Bank
Answer- 3) IndusInd Bank
Explanation:
On December 4, 2020 UBS Principal Capital Asia Ltd. sold 20,70,000 shares of IndusInd Bank Ltd through open
market transaction. The shares were sold at an average price of Rs 891.4 a piece, valuing the transaction at Rs 184.51
crore. BofA Securities Europe SA purchased the shares of IndusInd Bank at the same price. As per the shareholding
data of IndusInd Bank for September quarter 2020, UBS Principal Capital Asia held 3.22% stake in the bank as a
public shareholder.
62. Name the bank that has approved $2.5 million(Around Rs.18 crore) Technical Assistance (TA) to support
advanced biofuel development in India.
1) World Bank
2) European Investment Bank (EIB)
5) European Bank for Reconstruction and Development (EBRD)
Answer-Asian Development Bank (ADB)
Explanation:
On December 7, 2020 The Asian Development Bank (ADB) has approved a $2.5 million (about Rs 18 crore) Technical
Assistance (TA) to support advanced biofuel development in India. This grant is funded from the Asia Clean Energy
Fund, financed by the Government of Japan under the Clean Energy Financing Partnership Facility, and the Republic
of Korea’s e-Asia and Knowledge Partnership Fund.
The main objective of the National Policy on Biofuels is to take forward the Ministry of New and Renewable
Energy(MNRE)’s target to achieve 20% blending of ethanol in petrol and 5% blending of biodiesel in diesel by 2030.
63. Fitch’s Global Economic Outlook-December 2020 upgraded the India’s Gross Domestic Product (GDP)
forecast to ____ for FY-2021 from its previous projection.
1) (-)8 %
2) (-)10.5 %
3) 1.5%
4) (-)9.4 %
5) 0.3 %

Answer-4) (-)9.4 %
Explanation:
On December 8, 2020, Fitch Ratings in its recent Global Economic Outlook-December 2020 upgraded the India’s
Gross Domestic Product (GDP) forecast to – 9.4% in FY21 from a previously projected contraction of 10.5%. This
revision took place after a great economic push from the coronavirus-induced recession in Q2FY21 (July-September).
The Fitch projections regarding GDP for FY22 and FY23 remained unchanged at 11% and 6.3% respectively. In FY20,
there was a GDP growth of 4.2%.
64. UNCTAD Investment Promotion Award by the United Nations Conference on Trade and Development
(UNCTAD) for 2020 was won by which Indian entity?
1) Confederation of Indian Industry
2) ASSOCHAM
3) India Brand Equity Foundation
4) Invest India
5) Infosys
Answer-4) Invest India
Explanation:
On 8th December 2020, “Invest India” won the 2020 UNCTAD Investment Promotion Award by the United Nations
Conference on Trade and Development (UNCTAD). The award was presented at the award ceremony organised at the
headquarters of UNCTAD, Geneva, Switzerland. The UNCTAD presented the award to Invest India recognising its best
practices like Business Immunity Platform, Exclusive Investment Forum webinar series, its social media engagement
and focus COVID-19 response teams. Invest India won the award among 3 winners in 2020.
65. Name the initiative launched by Mastercard, National Institute for Micro, Small & Medium Enterprises (ni-
msme) and Confederation of Indian Industry (CII) in India to create awareness about digitization for MSMEs.
1) Digital Saksham
2) OpenForge
3) PAHAL
4) DigiDhan Abhiyaan
5) e-Pathshala
Answer-1) Digital Saksham
Explanation:
On December 7, 2020 Mastercard, National Institute for Micro, Small & Medium Enterprises (ni-msme) and
Confederation of Indian Industry (CII) entered into partnership to launch Digital Saksham, a capacity building
initiative to drive awareness about digitization for Micro, Small and Medium Enterprises(MSMEs) in India. Under this
3-year project, more than 3 lakh MSMEs will be trained to adopt digitisation.
66. Which Organisation approved USD 300 million loan for the Strengthening Comprehensive Primary Health
Care in Urban Areas Program in India and additional 2 million for its implementation?
1) Word Bank
4) European Bank for Reconstruction and Development
5) United Nations Development Programme
Explanation:
On December 8, 2020, the Asian Development Bank (ADB) approved USD 300 million (about Rs 2,200 crore) loan for
Strengthening Comprehensive Primary Health Care in Urban Areas Program in India. In addition to the loan, a $2
million technical assistance grant was also provided from ADB’s Japan Fund for Poverty Reduction to provide
technical support for program implementation.

67. Which license of bank was cancelled by RBI as it does not have adequate capital and earning prospects on
December, 2020?
1) DCB Bank
2) Krishna Bhima Samruddhi Bank
3) C.K.P. Co-Operative Bank
4) Dhanlaxmi Bank
5) Karad Janata Sahakari Bank
Answer-5) Karad Janata Sahakari Bank
Explanation:
On December 8, 2020, Reserve Bank of India (RBI) cancelled the licence of The Karad Janata Sahakari Bank Ltd.,
Karad, Maharashtra to carry on banking business, which includes acceptance of deposits and repayment of deposits
as defined in Section 5(b) read with Section 56 of the Banking Regulation Act, 1949 with effect from the close of
business on December 7, 2020. The bank does not comply with the provisions of section 11(1) and section 22 (3) (d)
read with section 56 of the Banking Regulation Act, 1949 as it does not have adequate capital and earning prospects.
68. Which Bank tied-up with OrbitRemit Limited to facilitate low cost money transfer to India by NRIs and
small business in New Zealand?
1) Federal Bank
2) IndusInd Bank
3) Canara Bank
4) Yes Bank
Answer-1) Federal Bank
Explanation:
On December 8, 2020 Federal Bank Ltd entered into an online Rupee remittance tie-up with OrbitRemit Limited. This
partnership will facilitate Non-Resident Indians(NRIs) and small businesses in New Zealand to transfer money to
India in a modern, low cost, fast, easy and more reliable way. NRIs in New Zealand can also make use of the mobile
app of OrbitRemit and an online platform to transfer money to India.
69. National Health Mission (NHM) has designated ICICI Bank for all monetary transactions in ______ state.
1) Madhya Pradesh
2) Bihar
3) Meghalaya
4) West Bengal
5) Telangana
Answer-4) West Bengal
Explanation:
ICICI (Industrial Credit and Investment Corporation of India) Bank won the mandate to be the designated financial
institution for all monetary transactions under National Health Mission (NHM) in West Bengal (WB) as it quoted the
lowest bid. Launched in 2013, the NHM encompasses its two Sub-Missions. National Rural Health Mission (NRHM)
and National Urban Health Mission (NUHM). Its components include Health System Strengthening, Reproductive-
Maternal- Neonatal-Child and Adolescent Health (RMNCH+A), and Communicable and Non-Communicable Diseases.
70. In which Fintech Startup did HDFC Bank bought a minority stake on December, 2020?
1) AdamsCreation
2) MetricFox
3) Zerodha
4) Smallcase Technologies
5) DigiOn Technologies
Answer-4) Smallcase Technologies

Explanation:
HDFC Bank has invested an undisclosed amount in Smallcase Technologies, and bought a minority stake, as part of a
recent Series B fund-raise of $14 million by the Bengaluru-based fintech startup. The five-year old startup operates in
the capital markets infrastructure space and works with businesses to help individuals invest in simple and
transparent products called smallcases.
71. Which two organisation together accounts for more than 82% of the Unified Payments Interface (UPI) as
per the National Payments Corporation of India (NPCI) November, 2020 data?
1) Google Pay and Paytm
2) Amazon Pay and MobiKwik
3) Google Pay and PhonePe
4) Freecharge and Amazon Pay
5) PhonePe and Paytm
Answer-3) Google Pay and PhonePe
Explanation:
As per the data released by the National Payments Corporation of India (NPCI), Google Pay and PhonePe together
account for more than 82% of the Unified Payments Interface (UPI) market by volume and more than 86% by value in
November 2020. Google Pay has done 960.02 million transactions, worth Rs 1.61 trillion and PhonePe has done 868.4
million transactions, worth Rs 1.75 trillion.
72. What is name of Rs. 22,810 crore project launched by Union Cabinet on December, 2020, to boost
employment?
1) Deendayal Antyodaya Yojana
2) Atmanirbhar Bharat Rojgar Yojana
3) Antyodaya Anna Yojana
4) Pradhan Mantri Suraksha Bima Yojana
5) Pradhan Mantri Jeevan Jyoti Bima Yojana
Answer-2) Atmanirbhar Bharat Rojgar Yojana
Explanation:
On December 9, 2020, Union Cabinet Chaired by Prime Minister Narendra Modi has approved Atmanirbhar Bharat
Rojgar Yojana (ABRY) as a part of Atmanirbhar Bharat Package 3.0, to boost employment in the formal sector and
creation of new employment during the COVID-19 recovery phase. It should be noted that Cabinet has approved an
expenditure of Rs. 1,584 crore for FY21 and Rs. 22,810 crore for the entire Scheme period i.e. 2020-2023.
73. Which organisation has partnered with ICICI Prudential Life Insurance to offer Life Insurance Products
through “Bancassurance Partnership”?
1) Bandhan Bank
2) Life Insurance Corporation
3) RBL Bank
4) United India Insurance
5) SBM Bank
Answer-3) RBL Bank
Explanation:
On December 9, 2020 RBL Bank Ltd & ICICI Prudential Life Insurance Ltd entered into a bancassurance partnership
to offer a range of life insurance products, i.e., protection and long-term savings products of ICICI Prudential Life to
the customers of RBL Bank. This partnership will allow more than 8.7 million customers of RBL Bank to access and
purchase ICICI Prudential Life’s customer-centric protection and long-term savings products.

74. What is the name of the mobile app launched by Max Life Insurance Company Limited as an initiative of
its comprehensive wellness programme, on December, 2020?
1) MAX Health
2) MAX Fit
3) MAX Wellness
4) Healthy Life
5) FIT India
Answer-2) MAX Fit
Explanation:
On December 9, 2020 Max Life Insurance Company Limited launched ‘Max Life Critical Illness and Disability Rider’ is
a health insurance rider that offers customers protection from up to 64 critical illnesses. The company also launched
‘Max Fit’, a comprehensive wellness programme(app). The customer will get the benefits under this rider along with
the base life insurance policy benefits.
75. When will the insurance watchdog had instructed all general and standalone health insurers will have to
offer the personal accident insurance policies with a cap of Rs. 1 crore as per Insurance Regulatory and
Development Authority of India (IRDAI) guidelines?
1) January 1, 2021
2) December 31, 2021
3) February 1, 2021
4) March 1, 2021
5) April 1, 2021
Answer-5) April 1, 2021
Explanation:
On December 10, 2020, Insurance Regulatory and Development Authority of India (IRDAI) issued draft guidelines on
standard personal accident insurance policies. Under them, the insurance watchdog has recommended that all
general and standalone health insurers will have to offer this product from April 1, 2021. It will be offered on an
individual basis and act as a standard product with common coverage across the sector.
76. Which organisation has partnered with Mahindra Insurance Brokers Ltd. (MIBL)’s “Sajhedaari program”
to increase the insurance penetration in tier 2 & 3 cities on December, 2020?
1) Aviva Life Insurance Company
2) HDFC ERGO General Insurance
3) ICICI Lombard General Insurance Company
4) Bajaj Allianz Life Insurance
5) SBI General Insurance Company
Answer-5) SBI General Insurance Company
Explanation:
On December 9, 2020 SBI General Insurance Company Limited entered into a strategic partnership with Mahindra
Insurance Brokers Ltd. (MIBL) to increase the insurance penetration in tier 2 & 3 cities (Rural Indian Cities). MIBL
has collaborated with SBI General Insurance under its ‘Sajhedaari program’. To increase insurance penetration in the
under-served and under-penetrated rural areas of India.
77. Which company has partnered with YES Bank to provide premium credit card “Yes Private Prime Credit
Card” to its Ultra High-Net-Worth-Individuals (HNWIs) of India?
1) RuPay
2) Visa
3) American Express
4) Maestro
5) Mastercard

Answer-5) Mastercard
Explanation:
On December 8, 2020 YES Bank in partnership with Mastercard launched ‘Yes Private Prime Credit Card’ for the
Affluent and Ultra High-Net-Worth-Individuals (HNWIs) of India. The card is available on the Mastercard World Elite
platform. The card is a strictly by-invitation-only lifestyle Credit Card. YES Private Prime credit card is in line with
YES Bank’s strategy to deliver premium and exclusive services to its valued customers.
78. Which Insurance company has launched the 2 month long digital campaign ‘‘#heroesofmycity’ to
recognise the heroes of city during the COVID-19 pandemic?
1) ICICI Lombard General Insurance Company
2) Canara HSBC Oriental Bank of Commerce Life Insurance
3) SBI General Insurance Company
4) Aviva Life Insurance Company
5) HDFC ERGO General Insurance
Answer-2) Canara HSBC Oriental Bank of Commerce Life Insurance
Explanation:
On December 9, 2020 Canara HSBC Oriental Bank of Commerce(OBC) Life Insurance launched its new digital
campaign, ‘#heroesofmycity’. This 2-month long campaign is an extension to the initiative #meformycity.
#meformycity was launched by Canara HSBC OBC Life Insurance in 2018. The new digital campaign was designed to
recognise the heroes of the people’s daily lives who kept the city going when everything came to a standstill due to
COVID-19 pandemic.
79. Which bank’s shares (nearly 1 crore) were sold by Central government under its Specified Undertaking of
the Unit Trust of India (SUUTI)?
1) ICICI Bank
2) Canara Bank
3) UCO Bank
5) Axis Bank
Answer-5) Axis Bank
Explanation:
The central government, in the last 2 weeks has sold nearly 1 crore shares (97.68 lakh shares) of Axis Bank worth
around Rs 600 crore (Rs 595.68 crore) held through the Specified Undertaking of the Unit Trust of India (SUUTI).
Between November 26 and 27, 2020– Sold 36.25 lakh shares of Axis Bank for Rs 221.47 crore Between December 2
and 4, 2020– Sold 61.43 lakh shares of Axis Bank for Rs 374.21 crore.
80. The Asian Development Bank(ADB)’s ‘Asian Development Outlook (ADO) 2020 Supplement: Paths
Diverge in Recovery from the Pandemic’- December 2020, has revised India’s 2020 GDP rate from (-)9% to
_____.
1) (-)5 %
2) (-)12 %
3) (-) 8%
4) (-)7.5 %
5) 2.3 %
Answer-3) (-) 8%
Explanation:
The Asian Development Bank(ADB)’s‘ Asian Development Outlook (ADO) 2020 Supplement: Paths Diverge in
Recovery from the Pandemic’- December 2020, has revised India’s 2020 Gross Domestic Product (GDP) rate upwards
to -8%(contract by 8) from -9% projected in Asian Development Outlook 2020 Update in September 2020. The
Growth will return in 2021 at 8.0% in India. The GDP of Developing Asia (46 ADB-Asian Development Bank member

economies across Asia and the Pacific) forecasted to contract by 0.4%(-0.4%) from -0.7% projected in September
2020. The growth will rebound to 6.8% in 2021.
81. Which organisation has got approval from the Cabinet to sign a bilateral Memorandum of Understanding
(MoU) with Financial and Commission de Surveillance du Secteur Financier (CSSF), Luxembourg?
1) Insurance Regulatory and Development Authority
3) National Bank for Agriculture and Rural Development
4) Reserve Bank of India
5) Securities and Exchange Board of India
Answer-5) Securities and Exchange Board of India
Explanation:
The Union Cabinet has also approved the proposal of Securities & Exchange Board of India (SEBI) to sign a bilateral
Memorandum of Understanding (MOU) between SEBI and Financial and Commission de Surveillance du Secteur
Financier (CSSF), Luxembourg to strengthen cross border cooperation in the area of securities regulations and
facilitate mutual assistance.
82. Name the city that ranks top in the Urban Quality of Life (UQoL) Index 2020 released by Indian Institute of
Technology Bombay (IIT-B).
1)Chennai (Tamil Nadu)
2) Kolkata (West Bengal)
3) Mumbai (Maharashtra)
4)Delhi
5)Patiyala (Punjab)
Answer-3) Mumbai (Maharashtra)
Explanation:
On December 5, 2020, the Indian Institute of Technology Bombay (IIT-B) released the Urban Quality of Life (UQoL)
Index 2020 which ranked 14 Indian cities in India using 29 indicators grouped into 7 categories. In accordance to this,
Mumbai (Maharashtra) tops the index followed by Delhi, Kolkata (West Bengal) and Chennai (Tamil Nadu) by
providing Highest Quality of Life while Bihar’s capital city Patna provides poorest quality of life to its people.
83. Who authored the Report on Pandemic Management launched by State Bank of India?
1) Soumya Kanti Ghosh
2) Dinesh Kumar Khara
3) Abhijit Banerjee
4) Arvind Panagariya
5) Krishnamurthy Subramanian
Answer-1) Soumya Kanti Ghosh
Explanation:
According to a study conducted by State Bank of India (SBI) Research, North-Eastern (NE) states (All NE states
combined as one) topped the list of states in managing Pandemic, Bihar came second, followed by Uttar Pradesh.
Rajasthan, Maharashtra and Himachal Pradesh were placed at the bottom. Soumya Kanti Ghosh, SBI Group Chief
Economic Advisor was the author of the report. They were ranked based on 2 parameters –macro (Fiscal deficit) &
Consumer Price Inflation, 5 performance of states on Central Government Schemes.
84. Who is the current chairman of Insurance Regulatory and Development Authority of India (IRDAI) in
December, 2020?
1) Subhash Chandra Garg
2) Subhash Chandra Khuntia
3) M R Kumar

4) Ajay Tyagi
5) G.R. Chintala
Answer-2) Subhash Chandra Khuntia
Explanation:
Subhash Chandra Khuntia, is the current chairman of Regulatory and Development Authority of India (IRDAI) in
December, 2020.
85. What is the currency of China?

1) Won
2) Ruble
3) Yen
4) Renminbi
5) Pound sterling
Answer-4)Chinese Yuan Renminbi
Explanation:
The Renminbi is the official currency of China and one of the world’s reserve currencies. The yuan is the basic unit of
the Renminbi, but the word is also used to refer to the Chinese currency generally.
86. Which Government body has decided to work with the Ministry of AYUSH to set up an Export Promotion
Council to boost AYUSH exports?
1) Ministry of Commerce and Industry
2) Department for Promotion of Industry and Internal Trade
3) Securities and Exchange Board of India
4) Foreign Investment Promotion Board
Answer-1) Ministry of Commerce and Industry
Explanation:
The Ministry of Commerce and Industry and the Ministry of AYUSH have decided to work together to set up an Export
Promotion Council to boost AYUSH exports. This decision was taken recently in a joint review of AYUSH trade and
Industry by Shri Piyush Goyal, Minister of Commerce and Industry and Shri Shripad Naik, Minister of AYUSH. It was
also decided in the review that the entire AYUSH sector will work together to achieve price and quality
competitiveness to boost AYUSH exports.
87. What is India’s rank in the Climatescope Survey ‘Emerging Markets Outlook 2020: Energy Transition in
the World’s Fastest Growing economies’ released by Bloomberg New Energy Finance Limited (BNEF)?
1) 3rd
2) 2nd
3) 8th
4) 12th
5) 5th
Answer-2) 2nd
Explanation:
According to Climatescope Survey ‘Emerging Markets Outlook 2020: Energy Transition in the World’s Fastest
Growing economies’ released by Bloomberg New Energy Finance Limited (BNEF) India with a score of 2.61 dropped
to the 2nd position in the 2020 survey due to decline in Clean Energy Investment. India’s investment declined from
32% in 2017 to 12% in 2018-2019. Chile topped the survey rankings with a score of 2.85, Brazil came third with a
score of 2.44.

88. Which scheme has been notified by Finance Ministry to provide financial support to Public Private
Partnership (PPPs) in selected infrastructure projects with immediate effect, on December, 2020?
1) Integrated Development of Commercial Floriculture (IDCF) scheme
2) Stand Up India Scheme
3) Technology Upgradation Fund Scheme (TUFS)
4) Paryavaran Vahini scheme
5) Viability Gap Funding (VGF) scheme
Answer-5) Viability Gap Funding (VGF) scheme
Explanation:
On 11th December, 2020 Finance Ministry notified the Viability Gap Funding (VGF) scheme to provide financial
support to Public Private Partnerships (PPPs) in selected Infrastructure projects. The selection of Private companies
will be done through transparent, open and competitive bidding process. This initiative aims to assist infrastructure
projects under Public Private Partnership (PPPs) in India through financial support.
89. The Reserve Bank of India (RBI) announced to issue guidelines for Non-Banking Financial Companies
(NBFCs) with regard to distribution of dividend. Under which section does the Non-Banking Financial
Companies (NBFCs) comply with minimum prudential requirements in order to declare dividend in the RBI
Act, 1934?
1) Section 21A
2) Section 45(U)
3) Section 26 (1)
4) Section 45 IC
5) Section 26(2)
Answer-4) Section 45 IC
Explanation:
The NBFCs are required to comply with the following minimum prudential requirements in order to declare dividend.
NBFCs should comply with the provisions of Section 45 IC of the RBI Act, 1934.
90. Which Small Finance Bank launched a 3-in-1 account (tripartite account), that comprises savings, trading
and demat accounts for its customers in December, 2020?
2) Fincare Small Finance Bank
3) Jana Lakshmi Small Finance Bank
5) Suryoday Small Finance Bank
Answer-1) Equitas Small Finance Bank
Explanation:
On December 10, 2020 Equitas Small Finance Bank Ltd(ESFBL)launched a 3-in-1 account (tripartite account), which
comprises savings, trading and demat accounts for its customers. The account enables customers to hold all their
bank and financial investments under one umbrella. This account was launched to widen the bank’s product
offerings.
91. Which organisation has standardized all health policies for robotic and bariatric surgeries in December,
2020?
1) Indian Council of Medical Research (ICMR)
2) Security and Exchange Board of India (SEBI)
3) Jawaharlal Institute of Postgraduate Medical Education and Research (JIPMER)
4) Insurance Regulatory and Development Authority of India (IRDAI)
5) Pension Fund Regulatory and Development Authority (PFRDA)
Answer-4) Insurance Regulatory and Development Authority of India (IRDAI)

Explanation:
The Insurance Regulatory and Development Authority of India (IRDAI) has standardised all health policies for robotic
and bariatric surgeries. The robotic surgeries minimises the trauma caused to the patient. India is the most preferred
country to get high-quality treatment across the world. Bariatric surgery is also called as Weight loss surgery, or
metabolic surgery.
92. Which organisation has got draft guidelines for dividend payout from the Reserve Bank of India (RBI) in
its 4th Bi-Monthly Monetary Policy Committee (MPC) 2020-21, on December, 2020?
1) Micro, Small and Medium Enterprises (MSME)
2) Small Industries Development Bank of India (SIDBI)
3) National Small Industries Corporation (NSIC)
4) State Bank of India (SBI)
5) Non-Banking Financial Institutions (NBFC)
Answer-5) Non-Banking Financial Institutions (NBFC)
Explanation:
The Reserve Bank of India (RBI) in its recent 4th Bi-Monthly Monetary Policy Committee (MPC) 2020-21 announced
to issue guidelines for Non-Banking Financial Companies (NBFCs) with regard to distribution of dividend. Therefore
on December 9, 2020, the apex bank released the “Draft Circular on Declaration of Dividend by NBFCs” to ensure
greater transparency and uniformity in practice. It is open for comments by December 24, 2020. The guidelines will
be applicable for dividends to be declared for the financial year beginning April 01, 2020 (FY 2020-21) onwards.
93. What is the theme of World’s largest virtual entrepreneurial summit, The IndUS Entrepreneurs (TiE)
Global Summit-2020 (TGS 2020) hosted by TiE Hyderabad?
1) Entrepreneurship, Growth and Competitiveness
2) Green Entrepreneurship
3) Entrepreneurship 360
4) Women’s Entrepreneurial Leadership
5) Social and community Entrepreneurship
Answer-3) Entrepreneurship 360
Explanation:
World’s largest virtual entrepreneurial summit, The IndUS Entrepreneurs (TiE) Global Summit-2020 (TGS 2020) was
held virtually from December 8-10, 2020. It was hosted by TiE Hyderabad. Vice-President(VP) Venkaiah Naidu
virtually inaugurated the TGS 2020. Theme of TGS 2020 – ‘Entrepreneurship 360’. The summit focused on issues
faced by Entrepreneurs, Funding Platform, pitching tactics to help start-ups.
94. Who was the Finance Secretary of India on December 2020?

1) Ajay Narayan Jha
2) Subhash Chandra Garg
3) Ajay Bhushan Pandey
4) Ashok Lahiri
5) Krishnamurthy Subramanian
Answer-3) Ajay Bhushan Pandey
Explanation:
Ajay Bhushan Pandey is a 1984 batch Indian Administrative Service officer is the current Finance Secretary of India in
December 2020.
95. Which government body has been appointed as Implementation partner for socio-economic profiling of
the beneficiaries of PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi)?
1) Confederation of Indian Industry(CII)
2) Quality Council of India (QCI)
3) Federation of Indian Chambers of Commerce & Industry (FICCI)

4) Chartered Quality Institute (CQI)
5) Indian Register Quality Systems (IRQS)
Answer-2) Quality Council of India (QCI)
Explanation:
On 11th December 2020, the Central Government launched a program for socio-economic profiling of the
beneficiaries of PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme, a special micro-credit facility for
street vendors, to support them with the benefits of other government schemes based on their eligibility. Quality
Council of India (QCI) has been appointed as implementing partner for the programme.
96. Which refugees will be benefited by India’s recent contribution of US$ 2 million on behalf of Government
of India to United Nations Relief programme, on December, 2020?
1) Rohingya refugee
2) Palestine refugees
3) Afghan refugees
4) Syrian refugees
5) Venezuelan refugees
Answer-2) Palestine Refugees
Explanation:
On December 10, 2020, the Representative of India to the State of Palestine, Sunil Kumar, presented a contribution of
US$ 2 million on behalf of the Government of India (GoI) to the United Nations Relief and Works Agency for Palestine
Refugees in the Near East (UNRWA). This funding is meant to support the UNRWA programme and services for
Palestine refugees which include education, health care, relief and social services. With this contribution, the total
funding by India to the agency has reached US$ 5 million in 2020.
97. Which country will host the Special Annual Meeting 2021 of World Economic Forum (WEF)?
1) Germany
2) Malaysia
3) Singapore
4) Austria
5) Switzerland
Answer-3) Singapore
Explanation:
The Organisers of the World Economic Forum (WEF) have announced that Singapore will host the Special Annual
Meeting 2021 of WEF from May 13-16, 2021. This will be the first time that the WEF Special Annual meeting is taking
place in Asia and the second time that meeting is being held outside Davos, Switzerland. The first meeting outside
Davos, Switzerland being the 2002 edition, when it was held in New York. The Special Annual meeting will return to
Davos-Klosters, Switzerland for 2022 Edition.
98. Which Bank has partnered with Haqdarshak Empowerment Solutions Private Limited to help Indian
MSMEs (Micro, Small and Medium Enterprises) to recover from COVID-19 pandemic through Haqdarshak
MSME platform?
1) DBS Bank India Ltd
2) Citibank
3) OCBC Bank
4) United Overseas Bank
5) Standard Chartered
Answer-1)DBS Bank India Ltd
Explanation:
On December 11, 2020 DBS Bank India Ltd. (DBIL) partnered with Haqdarshak Empowerment Solutions Private
Limited to help Indian MSMEs (Micro, Small and Medium Enterprises) to recover from COVID-19 pandemic. This aid
will happen through the newly launched Haqdarshak MSME platform. It provides information about the government

schemes like- Loan schemes of Small Industries Development Bank of India(SIDBI) for MSMEs, Emergency Credit Line
Guarantee Scheme Prime Minister(PM) Street vendor’s AtmaNirbhar Nidhi Yojana (PM SVANidhi), etc.,
99. What is the targeted defence export amount set by India for the next 5 years?
1) USD 3 Billion
2) USD 10 Billion
3) USD 7 Billion
4) USD 2 Billion
5) USD 5 Billion
Answer-5) USD 5 Billion
Explanation:
India is organizing a series of webinars with friendly foreign countries to boost defence exports and to achieve the
defence export target of $5 billion in the next five years. In this regard, on December 8, 2020, the first webinar
between India and Brazil was held on the theme “Indian Defence Industry Global Outreach for Collaborative
Partnership: Webinar and Expo”.
100. Who represented India in the World Bank Inter Ministerial Meeting on Vaccination of South Asia against
COVID-19, on December, 2020?
1) Narendra Modi
2) Ramesh Pokhriyal Nishank
3) Nirmala Sitharaman
4) Harsh Vardhan
5) Prakash Javadekar
Answer-4) Harsh Vardhan
Explanation:
On December 10, 2020 Dr Harsh Vardhan, Union Minister for Health and Family Welfare virtually addressed the
World Bank Inter Ministerial Meeting on Vaccination of South Asia against COVID-19. India has partnered with
various international institutions like Oxford University (United Kingdom) & Thomas Jefferson University (United
States of America) for vaccine research.
The 3 indigenous vaccine are – Covishield (developed by Serum Institute of India (SII)), Covaxin (developed by Bharat
Biotech) & ZyCoV-D (Cadila Healthcare).
101. What does ‘A’ stands for in the BEAM electronic spot platform launched by Bombay Stock Exchange
(BSE) on December, 2020?
1) Archeological
2) Astrological
3) Astronomical
4) Aviation
5) Agricultural
Answer-5) Agricultural
Explanation:
On December 11, 2020 BSE (formerly known as Bombay Stock Exchange), through its subsidiary BSE Investments
Ltd., launched ‘BSE E-Agricultural Markets Ltd.(BEAM)’, an electronic spot platform for agricultural commodities. The
platform will commence beta operations from December 11, 2020. BEAM is headquartered in Mumbai, Maharashtra.
The CEO of BEAM is Rajesh Kumar Sinha.
102. What is the currency of Myanmar?

1) Dong
2) Riel
3) Ringgit

4) Kyat
5) Kip
Answer-4) Kyat
Explanation:
The kyat is the currency of Myanmar. It is often abbreviated as “K” or “Ks”.
103. Who is the current chairman of World Economic Forum (WEF)?

1) Klaus Schwab
2) Tedros Adhanom
3) António Guterres
4) Ahmed Mohammed Al Saidi
5) Lee Hsien Loong
Answer-1) Klaus Schwab
Explanation:
Klaus Martin Schwab is a German engineer and economist best known as the founder and executive chairman of the
World Economic Forum.
104. ‘#GotYouCovered Campaign’ was introduced by Bharti AXA Life Insurance Company Limited to
appreciate frontline workers on the occasion of Universal Health Coverage Day 2020 that is observed
annually on _____.
1) 10th December
2) 15th December
3) 12th December
4) 3rd December
5) 9th December
Answer-3) 12th December
Explanation:
Bharti AXA Life Insurance Company Limited introduced ‘#GotYouCovered Campaign’, during the observation of
Universal Health Coverage Day 2020 on December 12. The campaign is a special initiative to appreciate the frontline
healthcare workers who are working to protect people from the ongoing COVID-19 pandemic. Bharti AXA Life
Insurance has partnered with Primero Skills & Training Pvt Ltd for its #GotYouCovered initiative.
105. Which bank has extended a Line of Credit (LOC) of $448 million to the Government of Republic of
Uzbekistan for financing in Roads & Transport, Water and Technology & Communication sectors?
1) Reserve Bank of India (RBI)
2) Export-Import Bank of India (Exim Bank)
3) State Bank of Mauritius (SBM)
4) World Bank
5) Export Credit Guarantee Corporation of India
Answer-2) Export-Import Bank of India (Exim Bank)
Explanation:
On December 12, 2020, Export-Import Bank of India (Exim Bank), on behalf of the Government of India, has extended
a Line of Credit (LOC) of $448 million to the Government of Republic of Uzbekistan for financing the latter’s various
projects in the Roads & Transport, Water and Technology & Communication sectors. Exim Bank has now in place 266
Lines of Credit, covering 62 countries in Africa, Asia, Latin America, Commonwealth of Independent States (CIS) and
the Oceania, with credit commitments of around $26.59 billion.
106. Which Bank has partnered with Aceware to launch ‘AceMoney Micro ATM (Automated Teller Machine)
service’ in Kochi, Kerala that enables money withdrawal from the comfort of home?
1) HDFC Bank
2) Axis Bank

3) Citibank
4) Yes Bank
5) ICICI Bank
Answer-5) ICICI Bank
Explanation:
On December 14, 2020 Aceware in association with ICICI Bank launched ‘AceMoney Micro ATM (Automated Teller
Machine) service’ in Kochi, Kerala. This service will enable people to withdraw money from their bank account from
home. The customers of all banks can avail this service. The money will be delivered, within 30 to 40 minutes of
placing the order at the doorstep of the customer. The company also plans to expand this service to all the
municipalities in the state by January 2021.
107. Which organisation has set up a specialised department Corporation Finance Investigation Department
(CFID) to tackle Promoters’ Fraud?
2) Reserve Bank of India (RBI)
3) Association of Mutual Funds in India
4) Securities and Exchange Board of India (SEBI)
5) Institute of Chartered Accountants of India
Answer-4) Securities and Exchange Board of India (SEBI)
Explanation:
Market watchdog Securities and Exchange Board of India (SEBI) has set up a specialised department Corporation
Finance Investigation Department (CFID) to tackle initial public offering (IPO) proceed fraud, diversion of funds, bank
loans and resources by company promoters. Nagendraa Parakh, who is currently heading Market Intermediaries
Regulation and Supervision Department (MIRSD).
108. Where did the Reserve Bank of India (RBI) decided to set up an Automated Banknote Processing Centre
(ABPC) for Receipt, Storage & Dispatch of bank notes as of December, 2020?
1) Jaipur, Rajasthan
2) Kochi, Kerala
3) Coimbatore, Tamil Nadu
4) Indore, Madhya Pradesh
5) Gurugram, Haryana
Answer-1) Jaipur, Rajasthan
Explanation:
On December 13, 2020, Reserve Bank of India (RBI) has decided to set up an Automated Banknote Processing Centre
(ABPC) in Jaipur, Rajasthan for automated receipt, storage of fresh banknotes received from the printing presses, and
then retrieval and dispatch of these banknotes to the identified issue offices (IOs)/currency chests (CCs). The centre
will also demolish destruction of soiled banknotes. This all process will be done in an automated manner.
The coins are minted at four mints viz, Mumbai (Maharashtra), Hyderabad (Telangana), Kolkata (West Bengal) and
NOIDA (New Okhla Industrial Development Authority), Uttar Pradesh.
109. Which organisation has signed a Memorandum of Understanding (MoU) with Confederation of Indian
Industry (CII) to enable e-commerce to Micro Small and Medium Enterprises (MSMEs) in 10 Indian states?
1) Flipkart
2) Tata CliQ
3) Amazon
4) Walmart
5) Alibaba
Answer-3) Amazon
Explanation:
On December 9, 2020 At the 17th Confederation of Indian Industry (CII) Global SME Business Summit 2020, CII

signed a Memorandum of Understanding (MoU) with Amazon India(amazon.in) to enable benefits of Electronic(e)-
commerce to Micro Small and Medium Enterprises (MSMEs) in 10 states across India. This will boost MSMEs
domestic & international trade. CII and Amazon India aims to bring a digital transformation for MSMEs for these
states, through this partnership.
110. Which State government has recently signed 18 Memorandum of Understandings (MoU) for 24 projects
with multiple companies attracting investment worth Rs. 24,248 Crores in the state?
1) Maharashtra
2) Uttar Pradesh
3) Telangana
4) Tamil Nadu
5) Haryana
Answer-4) Tamil Nadu
Explanation:
On 14th December, 2020 Chief Minister of Tamil Nadu Edapaddi K Palaniswami signed 18 Memorandum of
Understandings (MoU) for 24 projects with multiple companies attracting investment in the state, which has the
potential to create 54,218 jobs in the state. Tamil Nadu government signed 18 MoU’s attracting an investment of Rs.
19,995 Crores with potential to create upto 26,509 jobs. CM Palanisamy laid the foundation stone for projects worth
Rs. 4503 crore with potential to create upto 27,709 jobs.
111. Which field does the recent launched ‘UNESCO-Bangladesh Bangabandhu Sheikh Mujibur Rahman
International Prize’ by UNESCO adopted on its 210th Executive Board belongs to?
1) Innovative Pedagogy Education
2) Creative Economy
3) Inclusive Development
4) Climate Change Monitoring
5) Cultural Diversity
Answer-2) Creative Economy
Explanation:
The United Nations Educational, Scientific and Cultural Organization(UNESCO) in its 210th Executive Board has
unanimously adopted the proposal to launch a USD 50,000 ‘UNESCO-Bangladesh Bangabandhu Sheikh Mujibur
Rahman International Prize’ for the Creative Economy. It is UNESCO’s 1st award in the field of the creative economy.
The prize is named after Bangabandhu (Friend of Bengal) Sheikh Mujibur Rahman (Sheikh Mujib or Mujib), the
‘Father of the Nation of Bangladesh’. The award will be given from November 2021.The Prize will be established for
an initial period of six years (2021-2027).
112. What is the Tagline of ICICI Bank?

1) Together We Can
2) Your Own Bank
3) Banking Hatke
4) Banking For All, “Aao Sochein Bada”, Bank Aisa Dost Jaisa
5) Hum Hai Na, Khayal Apka
Answer-5) Hum Hai Na, Khayal Apka
Explanation:
ICICI Bank is headquarters at Mumbai, Maharashtra, with a Tagline “Hum Hai Na, Khayal Apka”. Managing
Director(MD) and Chief Executive Officer(CEO)of ICICI Bank is Sandeep Bakhshi.
113. When was Securities and Exchange Board of India (SEBI) established?
1) 12 April 1992
2) 1 April 1935
3) 1 July 1955

4) 20 February 1997
5) 8 April 1999
Answer-1) 12 April 1992
Explanation:
The Securities and Exchange Board of India was established on April 12, 1992 in accordance with the provisions of
the Securities and Exchange Board of India Act, 1992.
114. Which Insurance company has launched a first of its kind, Open Application Programming
Interface(API) Gateway to enable full digital collaboration with its business partners on December, 2020?
1) Edelweiss General Insurance Company Limited
2) IFFCO Tokio General Insurance Company Limited
3) Liberty General Insurance Company Limited
4) Royal Sundaram General Insurance Company Limited
5) Bharti Axa General Insurance Company Limited
Answer-1) Edelweiss General Insurance Company Limited
Explanation:
On December 14, 2020 Edelweiss General Insurance Company Limited launched a first of its kind, Open Application
Programming Interface(API) Gateway to enable full digital collaboration with its business partners. The authorised
partners of Edelweiss General Insurance, with this gateway can integrate the available and new products and services
in a speed manner with the technology platform of the company.
115. Which Bank recently launched its new technology product ‘FX 4 U’ to help its users to handle Forex
transactions through Internet Banking?
1) Axis Bank
2) HDFC Bank
4) Canara Bank
5) Syndicate Bank
Answer-4) Canara Bank
Explanation:
On December 12, 2020 Canara Bank launched ‘FX 4 U’, a new technology(tech) product. This product helps the users
of its Internet Banking(IB) to handle forex transactions. This facility enables all the eligible individual customers to
undertake remittance facilities as per the Foreign Exchange Management Act(FEMA), 1999. Once the letter of credit
(LC) module is activated, the corporate customers can make and submit LC applications with documents through IB.
116. Under which program Ewire Softtech Pvt Ltd in partnership with YES Bank launched ‘EWIRE – YES BANK
Prepaid Card’?
1) Digital India Programme
2) Stand Up India Mission
3) Kerala Startup Mission
4) Atmanirbhar Bharat
5) Maharashtra Startup Promotion Program
Answer-3) Kerala Startup Mission
Explanation:
On December 11, 2020 Ewire Softtech Pvt Ltd under the Kerala Startup Mission(KSUM) launched ‘EWIRE – YES BANK
Prepaid Card’ in partnership with YES bank to establish its presence across the country in its digitisation drive. The
co-branded digital card will help the common public and corporate houses with providing loans, insurance and CASA
account through its channel partners. This can be done via its dedicated RuPay prepaid cards platform.

117. What was India’s real gross domestic product (GDP) in FY21 as projected by Rating agency CRISIL
(Credit Rating Information Services of India Limited) on December, 2020?
1) (-)23.9 %
2) (-)14.2 %
3) (-)3 %
4) (-)9 %
5) (-)7.7 %
Answer-5) (-)7.7 %
Explanation:
On December 14, 2020, Rating agency CRISIL (Credit Rating Information Services of India Limited) projected a slower
contraction of 7.7% (-7.7%) for India’s real gross domestic product (GDP) in FY21 as compared to the 9% forecast in
September 2020. The key reason behind this upward revision is faster-than-expected recovery in the Q2FY21 (July-
September 2020). The GDP contracted by 23.9% in Q1FY21 (April-June 2020) period as compared to the year-ago
period, with contraction slowing down to 7.5% in Q2FY21. RBI also revised up its estimate to 7.5% contraction from
9.5% GDP contraction in FY21.
118. Standard & Poors(S&P) Global Ratings has revised India’s real Gross Domestic Product (GDP) FY21 from
(-)9% to ____ on December, 2020.
1) (-)15 %
2) (-)1.6 %
3) (-)7.7 %
4) (-)2.2 %
5) (-)3 %
Answer-3) (-)7.7 %
Explanation:
On December 15, 2020 Standard & Poors(S&P) Global Ratings has revised India’s real Gross Domestic Product (GDP)
FY21 rate upwards to -7.7%(contract by 7%) from -9% projected earlier on rising demand and falling COVID
infection rates. The growth of India will rebound to 10% in FY22.
119. Who was appointed as the Managing Director(MD) and Chief Executive Officer(CEO) of Kotak Mahindra
Bank(KMB) for a period of 3 years effective from 1st January 2021 on December, 2020?
1) Dilip Shanghvi
2) Aditya Puri
3) Jay Kotak
4) Uday Kotak
5) Amitabh Chaudhry
Answer-4) Uday Kotak
Explanation:
On December 14, 2020 Reserve Bank of India(RBI) approved the reappointment of Uday Kotak as Managing
Director(MD) and Chief Executive Officer(CEO) of Kotak Mahindra Bank(KMB) for a period of 3 years effective from
1st January 2021. Uday Kotak is the founder and promoter of KMB. He had served for the past 17 years as the head of
KMB. He is currently serving as the president of Confederation of Indian Industry (CII) for 2020-21.
120. Who is the President of Federation of Indian Chambers of Commerce & Industry (FICCI) as of December
2020?
1) Nandan Nilekani
2) Sangita Reddy
3) Uday Shankar
4) Vishal Sikka
5) N. S. Raghavan

Answer-3) Uday Shankar
Explanation:
On 4th December, 2020 The Federation of Indian Chambers of Commerce and Industry (FICCI) elected Uday Shankar
as its President for the year 2020-21. He will succeed Sangita Reddy.Mr. Shankar is the first person from the media
and entertainment industry to lead a national industry chamber like FICCI.
121. Who is the Managing Director (MD) & Chief Executive Officer (CEO) of YES Bank on December, 2020?
1) V. Vaidyanathan
2) Prashant Kumar
3) Chanda Kochhar
4) Aditya Puri
5) Sandeep Bakhshi
Answer-2) Prashant Kumar
Explanation:
Prashant Kumar is the current Managing Director (MD) & Chief Executive Officer (CEO) of YES Bank on December,
2020.
122. Which state government has launched the ‘YSR Free Crop Insurance Scheme’ for farmers who have lost
their crops during Kharif 2019?
1) Tamil Nadu
2) Andhra Pradesh
3) Telangana
4) Karnataka
5) Punjab
Answer-2) Andhra Pradesh
Explanation:
On 15th December, 2020, Andhra Pradesh (AP) Chief Minister (CM) Jaganmohan Reddy launched ‘YSR Free Crop
Insurance Scheme’ for farmers who have lost their crops during Kharif 2019. An amount of INR 1, 252 Crores was
directly credited into the bank account of around 9.48 Lakh farmers. The AP government has paid the entire premium
on behalf of the 49.80 Lakh famers covered under the scheme, it has paid around INR 971 crore as premium for the
period 2019-20.
123. What is the name of the premium brand credit card jointly launched by SBI Cards and Payment Services
Limited (SBI Card) and Bharat Petroleum Corporation Ltd(BPCL) on December, 2020?
1) OCTANE 90 Card
2) Yatra SBI Card
3) SBI Petrol Card
4) BPCL SBI Card OCTANE
5) Club BPCL SBI Card PRIME
Answer-4) BPCL SBI Card OCTANE
Explanation:
On December 15, 2020 SBI Cards and Payment Services Limited (SBI Card) and Bharat Petroleum Corporation
Ltd(BPCL) jointly launched ‘BPCL SBI Card OCTANE’, a premium co-branded credit card. The card is designed to offer
maximum savings to the affluent customer segment that spends a significant amount on fuel. The cardholder can avail
the benefit of the card from more than 17,000 BPCL fuel stations across India. For Fuel spends there is no minimum
transaction.
124. Which Insurance company has partnered with IntrCity RailYatri to provide domestic travel Insurance
cover of Rs. 5 Lakhs to bus customers who travel through IntrCity SmartBus?
1) HDFC ERGO General Insurance Company Limited
2) SBI General Insurance Company Limited

3) Bharti Axa General Insurance Company Limited
4) United India Insurance Company Limited
5) Life Insurance Corporation of India
Answer-2) SBI General Insurance Company Limited
Explanation:
On December 15, 2020 SBI General Insurance Company Limited has partnered with IntrCity RailYatri to provide
domestic travel Insurance to bus customers who travel through IntrCity RailYatri. Under this partnership, the travel
premium charges to the domestic bus travellers have been waived off, i.e., every IntrCity SmartBus traveler can avail
complementary travel cover of Rs. 5 Lakhs along with the travel ticket.
125. Which bank has partnered with National Centre for the Performing Arts (NCPA) to offer Scholarships for
Young Musicians 2020-21(Hindustani Music)’ on December, 2020?
2) Axis Bank
3) HDFC Bank
4) Citibank
Answer-4) Citibank
Explanation:
On December 16, 2020 Citibank and National Centre for the Performing Arts (NCPA) partnered to offer ‘Citi-NCPA
Scholarships for Young Musicians 2020-21(Hindustani Music)’ for vocal – khayal / dhrupad and percussion – tabla /
pakhawaj. The scholarship program is for students to get advanced training in the field of Hindustani music (vocal &
instrumental). The value of scholarship is Rs 10, 000 for one month for one year (April 2021 to March 2022).
126. Which Insurance company has partnered with BSE Ebix Insurance Broking Private Limited to launch the
beta version of its term insurance in the on-demand advanced hi-tech platform, on December, 2020?
1) Life Insurance Corporation of India
2) ICICI Prudential Life Insurance Co. Ltd.
3) Birla Sun Life Insurance Co. Ltd.
4) Max Life Insurance Co. Ltd.
5) Bajaj Allianz Life Insurance Co. Ltd.
Answer-2) ICICI Prudential Life Insurance Co. Ltd.
Explanation:
On December 15, 2020 BSE Ebix Insurance Broking Private Limited partnered with ICICI Prudential Life Insurance
Co. Ltd. for the beta launch of term Insurance of ICICI Prudential on its on-demand advanced hi-tech platform. This
launch allows BSE Ebix to handle the insurance sales across the term and endowment lines in the life insurance
segment, using its omni-channel digital presence. With this launch, 12 Insurance Companies have been integrated
with BSE Ebix platform.
127. What is the name of Kotak Life’s 1st health insurance product for which awareness campaigns were
organized in 5 cities on December, 2020?
1) Kotak Health Premier
2) Kotak Secure Shield
3) Health Optima Restore Plan
4) Kotak Health Shield
5) Health Suraksha Silver Smart
Answer-4) Kotak Health Shield
Explanation:
On December 14, 2020 Kotak Mahindra Life Insurance Company (Kotak Life) launched its five-city outdoor campaign
to increase awareness about its 1st health insurance product, ‘Kotak Health Shield’. The 5 cities are Bangalore,
Chennai, Kolkata, Ahmedabad and Pune.

128. Ecowrap report of the State Bank of India (SBI) has estimated that India’s Gross Domestic Product(GDP)
will contract by _____ from the earlier projected (–)10.9% on December, 2020.
1) (-) 8.3%
2) (-) 7.7%
3) (-) 7.4%
4) (-) 9.1%
5) (-) 8.3%
Answer-3) (-) 7.4%
Explanation:
The December 2020 Ecowrap report of the State Bank of India (SBI) has estimated that India’s Gross Domestic
Product(GDP) will contract by 7.4%(-7.4%) from -10.9% projected earlier based on the better than expected
recovery. It also projected that the GDP growth in FY22 will be at 11% due to base effect.
129. What is India’s rank in the recently released “Human Development Report 2020 – The next frontier:
Human Development and the Anthropocene” by United Nations Development Programme (UNDP)?
1) 77th
2) 101st
3) 131st
4) 54th
5) 143rd
Answer-3) 131st
Explanation:
According to the “Human Development Report 2020 – The next frontier: Human Development and the Anthropocene”
released by the United Nations Development Programme (UNDP), India (score of 0.645) was ranked 131 in the list of
189 countries based on Human Development Index (HDI). Norway topped the list with a score of 0.957, the second
place was grabbed by 2 countries – Ireland (0.955) and Switzerland (0.955). The report provides HDI ranks for the
year 2019. India slipped two spots to 131, it ranked 129 in 2019 HDI.
130. What is the name of Digital Payment app launched by, Department of Posts (DoP) and India Post
Payments Bank (IPPB) on December, 2020?
1) Digital Wallet
2) DakPay
3) PayUmoney
4) PayZapp
5) mRupee
Answer-2) DakPay
Explanation:
As part of ongoing efforts to provide Digital Financial inclusion across India, the DoP and India Post Payments Bank
(IPPB) have virtually unveiled a new digital payment app DakPay. Its launch was announced by Union Minister Ravi
Shankar Prasad while its logo was launched by IPPB. It allows users to create Unified Payments Interface (UPI) ID and
link multiple accounts across banks through Aadhaar Enabled Payment System (AEPS).
131. When was India Post Payments Bank (IPPB) established?

1) 2016
2) 2010
3) 2012
4) 2018
5) 2019
Answer-4) 2018
Explanation:
India Post Payments Bank (IPPB) was launched by the Prime Minister Shri Narendra Modi on September 1, 2018.

132. Which North Eastern state did not get covered under the North Eastern Region Power System
Improvement Project (NERPSIP) after received approval from Cabinet Committee on Economic Affairs (CCEA)
on December, 2020?
1) Tripura
2) Arunachal Pradesh
3) Assam
4) Sikkim
5) Nagaland
Answer-2) Arunachal Pradesh
Explanation:
Cabinet Committee on Economic Affairs (CCEA) chaired by PM Narendra Modi approved the revised cost estimate of
the North Eastern Region Power System Improvement Project (NERPSIP) for six states at an estimated cost of Rs
6,700 crore. The 6 states are Assam, Manipur, Meghalaya, Mizoram, Nagaland, and Tripura. Arunachal Pradesh is the
only North-Eastern State that does not get covered under this project.
133. Ministry of Home Affairs approved Rs.90.6 crores to the Land Ports Authority of India (LPAI) for
construction of a new ICP on December, 2020. Here ICP stands for _______.
1) India China Passage
2) India China Port
3) Integrated China Pass
4) Integrated Check Post
5) Indian Check Port
Answer-4) Integrated Check Post
Explanation:
On 16th December, 2020 the Ministry of Home Affairs approved Rs.90.6 crores to the Land Ports Authority of India
(LPAI) for construction of a new Integrated Check Post (ICP) along the India-Bangladesh border at Sabroom in South
Tripura. This will be the 6th multi-facilitated ICP in the India-Bangladesh Border.
134. What is the name of $9 billion vaccine initiative by Asian Development Bank (ADB) to help member
economies to procure COVID-19 vaccine?
1) Developing Countries Vaccine Access Facility (DCVAF)
2) Indian Ocean Countries Vaccine Access Facility (IOCVAF)
3) Asian Vaccine Procurement Capability Enhancement Fund (AVPCEF)
4) Asia Pacific Vaccine Access Facility (APVAX)
5) Developing Countries Vaccine Procurement Capability Enhancement Fund (DCVPCEF)
Answer-4) Asia Pacific Vaccine Access Facility (APVAX)
Explanation:
On December 11, 2020 The Asian Development Bank (ADB) launched a $9 billion vaccine initiative, the Asia Pacific
Vaccine Access Facility (APVAX). This facility will help its developing member economies to procure and deliver an
effective and safe coronavirus disease (COVID-19) vaccine. APVAX uses 2 complementary components to support the
vaccine access to developing Asia namely: Rapid Response Component, Project Investment Component.
135. Which bank got into an agreement with Government of India (GoI) to provide $1 billion as loan for a
tenure of 30 years, including a 5-year grace period for India’s economic recovery from COVID-19, on
December, 2020?
3) World Bank
5) International Finance Corporation (IFC)

Answer-2) New Development Bank (NDB)
Explanation:
On December 16, 2020, a loan agreement was inked between Government of India (GoI) and New Development Bank
(NDB) under which the latter will lend $1,000 million ($1 billion) for supporting the former’s economic recovery
from COVID-19. The loan has a tenure of 30 years, including a 5-year grace period. The funding is a part of NDB’s fast-
track emergency response to COVID-19.
136. Which bank has approved 4 Indian projects worth over $800 million on December, 2020?
3) World Bank
5) International Finance Corporation (IFC)
Answer-3) World Bank
Explanation:
On December 15, 2020 the World Bank has approved 4 India projects worth over $800 million. The projects will
support a range of development initiatives that supports the efforts of India to rebuild itself by creating sustainable
and resilient economy.
4 Projects Include:
$400 million Second Accelerating India’s COVID-19 Social Protection Response Program
$100 million Chhattisgarh Inclusive Rural and Accelerated Agriculture Growth Project (CHIRAAG)
$68 million Nagaland: Enhancing Classroom Teaching and Resources Project
$250 million Second Dam Improvement and Rehabilitation Project (DRIP-2)
137. Which Payment processor recently partnered with YES bank to enhance salaried and YES FIRST account
holders’ payment experience on December, 2020?
1) MasterCard
2) Visa
3) PayPal
4) Maestro
5) RuPay
Answer-2) Visa
Explanation:
On December 16, 2020 YES bank partnered with Visa as a payment processor to enhance salaried and YES FIRST
account holders’ payment experience. The bank has also introduced a new line of vertical Debit cards under the E-
series across Mastercard and VISA cards. This launch enables customers to avail VISA-branded YES bank debit cards
along with Mastercard and RuPay branded debit cards.
138. Who headed the Cabinet Committee that approved various initiatives including Spectrum auction worth
Rs. 3,92,332.70 cr, NER Power System Improvement Project for six States, Rs. 3,500 cr for sugarcane farmers
(Ganna Kisan) on December, 2020?
1) Amit Shah
2) Piyush Goyal
3) Prakash Keshav Javadekar
4) Narendra Modi
5) Raj Kumar Singh
Answer-4) Narendra Modi
Explanation:
On December 16, 2020, the Union Cabinet chaired by Prime Minister (PM) Narendra Modi has approved the following
proposals which were detailed by Union Minister Prakash Keshav Javadekar, Ministry of Information and
Broadcasting (I&B), Ministry of Heavy Industries & Public Enterprises (MoHI&PE), and Ministry of Environment,

Forest and Climate Change (MoEFCC). Cabinet approval includes Auction of spectrum worth Rs. 3,92,332.70 cr, NER
Power System Improvement Project for six States, Rs. 3,500 crores for sugarcane farmers (Ganna Kisan).
139. What is the tagline of YES Bank?

1) Experience our expertise
2) India’s International Bank
3) A tradition of Trust
4) Relationships Beyond Banking
5) One Family One Bank
Answer-1) Experience our expertise
Explanation:
“Experience our expertise” is the Tagline or Slogan of YES Bank.
140. Where is the Headquarters of New Development Bank located?

2) New York, US
3) Shanghai, China
4) Washington DC, US
5) Mandaluyong, Philippines
Answer-3) Shanghai, China
Explanation:
The Headquarters of New Development Bank located at Shanghai, China.
141. What is the theme of the 2nd Cohort under the Regulatory Sandbox (RS) testing environment by Reserve
Bank of India (RBI)?
1) Retail Payments
2) MSME Lending
3) Cross Border Payments
4) Responsible Banking
5) Credit off-take
Answer-3) Cross Border Payments
Explanation:
After the commencement of Test Phase of First Cohort under the Regulatory Sandbox (RS) by Reserve Bank of India
(RBI) on November 17, 2020, now the apex bank has announced the opening of the Second Cohort on the theme of
“Cross Border Payments”. The theme of the first cohort was “Retail Payments” while for third Cohort, the theme will
be “MSME Lending”. This program allows the collaboration of banks, fintech and technology companies to conduct
real-time experimental projects under the supervision of the RBI team.
142. Which finance service company has partnered with IndusInd Bank to launch its 1st metal credit card,
‘IndusInd Bank Pioneer Heritage Credit Card’?
1) MasterCard
2) Visa
3) PayPal
4) Maestro
5) RuPay
Answer-1) MasterCard
Explanation:
On December 17, 2020 IndusInd Bank in partnership with Mastercard launched its 1st metal credit card, ‘IndusInd
Bank Pioneer Heritage Credit Card’. This Contactless Credit Card is designed to meet the needs of High-Net-Worth-
Individuals (HNWIs), especially of the affluent Indian professionals and entrepreneurs. It offers a complimentary
personal air accident cover of Rs 2.5 crores and insurance cover for a sum up to the credit limit on the card.

143. Which company recently partnered with National Payments Corporation of India (NPCI) to enable
doorstep QR Code payments for orders, on December, 2020?
1) Myntra
2) Paytm
3) Amazon
4) Snapdeal
5) Flipkart
Answer-4) Snapdeal
Explanation:
On December 17, 2020 Snapdeal partnered with National Payments Corporation of India (NPCI) to enable buyers to
make Quick Response(QR)-based digital payments on getting delivery of their orders. This facility will work with all
UPI-payment options, including Bhim, Google Pay, Whatsapp Pay, etc.,
144. What will be India’s GDP growth in 2021 as per the projections of GDP Outlook December-2020 by ICRA
Limited?
1) -7.7 %
2) -6.8 %
3) -10.9 %
4) -7.8%
5) -6.3 %
Answer-4) -7.8%
Explanation:
ICRA Limited in its GDP Outlook- December 2020 projetcs that India’s GDP(Gross Domestic Product)in real terms will
contract by 7.8%(-7.8%) in FY2021. This is due to the agency’s forecast that the technical recession in Indian
economy will end in Q4 of FY2021, with a slow 1.3% growth benefitting from a real recovery and the low base effect.
Nomura projected that India will be the fastest growing Asian economy in 2021, with an estimate of 9.9% gross
domestic product (GDP) growth in CY 21.
145. What is the total amount sanctioned by Defence Acquisition Council (DAC) chaired by Defence Minister
Rajnath Singh in New Delhi, for 7 Capital Military hardware acquisition in December, 2020?
1) Rs. 5000 Cr
2) Rs. 15000 Cr
3) Rs. 28000 Cr
4) Rs. 47000 Cr
5) Rs. 4700 Cr
Answer-3) Rs. 28000 Cr
Explanation:
On December 17, 2020, a Defence Acquisition Council (DAC) meeting was held under the Chairmanship of Union
Minister Rajnath Singh, Ministry of Defence (MoD) in New Delhi where 7 Capital Acquisition proposals regarding
military hardware worth Rs. 28,000 Crore were approved. The Government has sanctioned Rs 10,994-crore project
for the development of six AEW&C or AWACS Block-2 aircraft for IAF. The DAC also approved the procurement of 11
next-generation Offshore Patrol Vessels for Indian Navy (NGOPVs) worth over Rs 9,000 crore.
146. Who launched the Economic Diplomacy Website to highlight India’s Policies to the Global Investor
Community?
1) S. Jaishankar
2) Narendra Modi
3) Piyush Goyal
4) Amit Shah
5) Nitin Gadkari

Answer-1) S. Jaishankar
Explanation:
On 16th December, 2020 Minister of External Affairs S. Jaishankar launched an economic diplomacy website to
highlight India’s economic, sectoral and state wise strength. This website paves way for the Global business
community to utilise India’s ease of doing business initiatives and enhance trade with India.
147. What is the name of Bangladesh’s currency?

1) Yen
2) kyat
3) Taka
4) Rand
5)Ringgit
Answer-3) Taka
Explanation:
The Bangladeshi taka is the currency of the People’s Republic of Bangladesh.
148. Who released the “Australia Economic Strategy Report 2020” prepared by Confederation of Indian
Industry (CII) aimed at enhancing Bilateral Economic and Trade Relationship between India and Australia?
1) Subrahmanyam Jaishankar
2) Nirmala Sitharaman
3) Piyush Goyal
4) Narendra Modi
5) Nitin Gadkari
Answer-3) Piyush Goyal
Explanation:
On December 18, 2020, Shri Piyush Goyal, Union Minister of Commerce and Industry launched Australia Economic
Strategy Report 2020 prepared by Confederation of Indian Industry (CII) team, led by Ambassador Anil Wadhwa,
Former Secretary (East), Ministry of External Affairs, with contribution from KPMG, India. The Report was launched
during the CII’s virtual session on Enhancing India Australia Bilateral Economic and Trade Relationship in sectors like
defence, sports, textiles, textile designing, digital gaming, etc.
149. Ministry of Food Processing Industries signed a Joint Communique with Ministry of Tribal Affairs and
also inked MoUs with 5 government entities for the implementation of Pradhan Mantri Formalisation of
Micro food processing Enterprises (PM-FME) Scheme. Which bank becomes the Nodal Bank for PM-FME
Scheme?
2) Indian Bank
3) Bank of Baroda
Answer-4) Union Bank of India
Explanation:
On December 18, 2020, Ministry of Food Processing Industries (MoFPI) signed a Joint Communique with Ministry of
Tribal Affairs (MoTA) and also inked 5 Memorandum of Understandings (MoUs) with TRIFED, ICAR, NSFDC, NAFED
and NCDC for the implementation of Pradhan Mantri Formalisation of Micro food processing Enterprises (PM-FME)
Scheme. MoFPI signed an agreement with Union Bank of India as nodal bank for PM FME scheme. Union Bank of India
would help in transferring the subsidy recevied from Centre and states into loan accounts.

150. Which bank signed Project Readiness Financing (PRF) facility worth $4.21 million with Indian
Government for Tripura Urban and Tourism Development Project on December, 2020?
1) World Bank
2) State Bank of Mauritius
3) Organisation for Economic Co-operation and Development
Explanation:
On December 18, 2020 The Asian Development Bank (ADB) and Government of India signed a $4.21 million (Around
31 Crore) Project Readiness Financing (PRF) facility for Tripura Urban and Tourism Development Project. This is
ADB’s 1st PRF facility for a Northeastern state of India. The facility will enhance the infrastructure development
projects & will improve the urban amenities and develop tourism infrastructure projects in the Tripura.
151. Reserve Bank of India (RBI) has extended the restrictions of Punjab and Maharashtra Cooperative (PMC)
Bank Limited for a period of 3 months from December 23, 2020 to March 31, 2021.Where is the Headquarters
of PMC bank?
1)Ludhiana,Punjab
2)Navi Mumbai,Maharashtra
3) Amritsar,Punjab
4) Ratnagiri,Maharashtra
5) Mumbai,Maharashtra
Answer – 5)Mumbai,Maharashtra
Explanation:
On December 18, 2020 The Reserve Bank of India(RBI) further extended the restrictions of Punjab and Maharashtra
Cooperative(PMC) Bank Limited for a period of 3 months from December 23, 2020 to March 31, 2021. All other terms
and conditions of the Directives under reference shall remain unchanged. Earlier the restriction was imposed till June
23, 2020 and then changed until December 22, 2020. Mumbai, Maharashtra is the Headquarters of PMC bank.
152. Reserve Bank of India (RBI) amended the Master Direction by extending the applicability of centralized
KYC registry to legal entities (LEs), from individual accounts with effect from ______, on December 2020.
1) March 31, 2021
2) December 31, 2021
3) April 1, 2021
4) February 1, 2021
5) June 23, 2021
Answer-3) April 1, 2021
Explanation:
On December 18, 2020, the Reserve Bank of India (RBI) has amended the Master Direction (MD) on “Know Your
Customer (KYC)”, dated February 25, 2016, by extending the applicability of centralized KYC registry to legal entities
(LEs), from individual accounts w.e.f. April 1, 2021. Since 2017, banks, non-banks, and other entities regulated by RBI
have been uploading the KYC data of individual accounts opened on or after 1 January 2017 on to the centralized KYC
registry (CKYCR).
153. Which fintech company collaborated with Google Pay to introduce tokenised payments flow for Indian
Merchants on December, 2020?
1) Instamojo
2) PayU
3) Skrill
4) Stripe
5) BillDesk

Answer-2) PayU
Explanation:
On December 18, 2020 PayU collaborated with Google Pay to introduce tokenised payments flow for merchants in
India. This collaboration enables the merchants of PayU to offer Google Pay users the option to use their debit cards,
credit cards, or Google Pay UPI to make repeated payments without the need to physically share their card details.
Tokenisation is the process of protecting sensitive data by replacing it with an algorithmically generated number
called a token.
154. Which cardholders will be benefited by the National Payments Corporation of India (NPCI) Pilot
program on the Contactless (Offline) feature for retail payments?
1) MasterCard
2) Visa
3) PayPal
4) Maestro
5) RuPay
Answer-5) RuPay
Explanation:
On December 16 2020 National Payments Corporation of India (NPCI) has introduced RuPay Contactless (Offline)
feature, that also provides reloadable wallets within RuPay Card, for daily transit payments. NPCI has also introduced
RuPay Contactless (Offline) feature for retail payments on pilot basis. All these additional features will expand the
total transaction experience for Rupay cardholders and also transform the overall card payment ecosystem.
155. What is India’s retail inflation rate as per the Consumer Price Index(CPI) data released by the NSO,
Government of India for November, 2020?
1) 7.33 %
2) 6.73 %
3) 6.93 %
4) 7.61 %
5) 7.75 %
Answer-3) 6.93 %
Explanation:
As per the Consumer Price Index(CPI) data released by the NSO, Government of India, India’s retail inflation based on
the CPI declined to 6.93% in November 2020 from 7.61% in October 2020. The inflation rate for rural area was
7.20% and urban area 6.73% in November 2020 against 7.75% and 7.33% in October 2020.
156. What is India’s rank in 6th ‘Human Freedom Index 2020: A Global Measurement of Personal, Civil, and
Economic Freedom’ report released by Cato Institute of United States & Fraser Institute, Canada?
1) 111
2) 150
3) 94
4) 48
5) 36
Answer-1) 111
Explanation:
According to the ‘Human Freedom Index 2020: A Global Measurement of Personal, Civil, and Economic Freedom’ –
6th Annual Report released by Cato Institute of United States & Fraser Institute in Canada, India (overall score of
6.43) ranked 111 in the list of 162 countries. New Zealand (score – 8.87) topped the index followed by Switzerland
(score – 8.82) & Hong Kong (score – 8.74). It was prepared by Ian Vásquez and Fred McMahon. India was ranked 94
on the HFI 2019.

157. Which Organisation along with Asian Development Bank and supports from Australian Government
prepared the ‘Asian Water Development Outlook 2020: Advancing Water Security across Asia and the Pacific’
report?
1) UN-Water
2) World Water Council
3) Asia-Pacific Water Forum
4) Global Water Challenge
5) Water Education Foundation
Answer-3) Asia-Pacific Water Forum
Explanation:
According to ‘Asian Water Development Outlook 2020: Advancing Water Security across Asia and the Pacific’ released
by Asian Development Bank (ADB), 2.1 Billion People (1.5 Billion People in rural areas & 600 Million in urban areas)
lack adequate water supply, sanitation in the Asia-Pacific region. The Asian Water Development Outlook (AWDO)
2020 has been jointly prepared by ADB & Asia-Pacific Water Forum and supported by the Government of Australia.
158. Which bank partnered with IIFL (India Infoline Limited) Home Finance Ltd, to provide affordable
housing and MSME loans on December, 2020?
2) ICICI Bank
3) HDFC Bank
4) Axis Bank
5) Yes Bank
Explanation:
On December 19, 2020, IIFL (formerly India Infoline Limited) Home Finance Ltd, the subsidiary of IIFL Finance has
joined hands with ICICI (Industrial Credit and Investment Corporation of India) Bank for sourcing and servicing
arrangement to provide affordable housing and MSME (Micro, Small and Medium Enterprises) loans.
159. Which Bank approved USD 231 million (Rs. 1,701 cr) as loan for the construction of the Lower Kopili
Hydroelectric Power (LKHEP) plant in Central Assam on December, 2020?
1) World Bank
2) State Bank of Mauritius
Explanation:
On December 19, 2020 The Asian Development Bank (ADB) approved a $231 million (Rs 1, 701 core) loan to
construct the Lower Kopili Hydroelectric Power (LKHEP) plant in Central Assam, India. This loan is the 3rd and
largest tranche of the $300 million (about Rs 2,200 crore) Assam Power Sector Investment Program that was
approved by ADB in 2014. This will finance the community-based disaster recovery efforts and resource
management.
160. What was the recently launched open ended equity scheme by ICICI Prudential Mutual Fund on
December, 2020?
1) ICICI Prudential Financial Services Fund
2) ICICI Prudential Focused 25 Fund
3) ICICI Prudential Business Cycle Fund
4) ICICI Prudential Retirement Savings Fund
5) ICICI Prudential Emerging Bluechip Fund

Answer-3) ICICI Prudential Business Cycle Fund
Explanation:
On December 21, 2020 ICICI Prudential Mutual Fund launched ‘ICICI Prudential Business Cycle Fund’, an open-ended
equity scheme following business cycles based investing theme. The New Fund Offer (NFO) opens on December 29,
2020 and closes on January 12, 2021. The scheme will invest in equity and equity related securities in Indian markets
with focus to ride business cycles through dynamic allocation between various sectors and stocks at different stages
of business cycles creating long term wealth.
161. What is India’s rank in the EODB 2020 report released by the World Bank on December, 2020?
1) 34
2) 63
3) 52
4) 85
5) 12
Answer-2) 63
Explanation:
The World Bank (WB) has released the updated the Ease of Doing Business(EODB) 2018 & EODB 2020 reports after
correcting the data irregularities submitted by 4 countries – China, United Arab Emirates (UAE), Saudi Arabia &
Azerbaijan. India Ranked 63 in the 17th edition of WB report ‘Ease of Doing Business 2020-Comparing Business
Regulation in 190 Economies’ report remains unchanged.
162. When was Asian Development Bank (ADB) established?

1) 1966
2) 1955
3) 1944
4) 1978
5) 1986
Answer-1) 1966
Explanation:
Asian Development Bank (ADB) was formed in 1966 with headquarters at Mandaluyong, Manila, Philippines.
163. Which Bank recently launched its ‘RuPay Select’ contactless debit card in association with National
Payments Corporation of India(NPCI) on December, 2020?
2) Indian Bank
3) Bank of Baroda
Answer-5) Central Bank of India
Explanation:
On December 21, 2020, the occasion of Central Bank of India’s 110th foundation day, the bank in association with
National Payments Corporation of India(NPCI) launched ‘RuPay Select’, a unique variant of contactless debit card. It is
the bank’s one-of-its-kind health & wellness focused card. On this occasion, the Central Bank of India also launched
FASTAG (for electronic toll collection) in association with OSTA. Cardholders can avail complimentary membership
and concessional access to golf courses, gyms, spas and restaurants.
164. What is the name of package for which a Memorandum of Understanding (MoU) was signed by Bank of
Baroda with Indian Navy and Indian Coast Guard and renewed its existing MoU with the Indian Army?
1) Baroda Military Financing Package
2) Armed Force Finance Package
3) Baroda Military Loan Package

4) Baroda Military Salary Package
5) Armed Force Loan Package
Answer-4) Baroda Military Salary Package
Explanation:
On December 21, 2020 Bank of Baroda(BoB) to offer special customized banking services through ‘Baroda Military
Salary Package’ has signed a Memorandum of Understanding (MoU) with Indian Navy and Indian Coast Guard and
renewed its existing MoU with the Indian Army. This package was also presented to the Indian Air Force. The bank
has covered all 4 Armed Forces under the Ministry of Defence. A similar package was also introduced to Central
Armed Police Forces (CAPF) by the bank.
165. Which organisation will receive USD 40 mn (Rs 295 crore) loan from Asian Development Bank to lend
loans to MSME’s and affordable housing finance companies in India?
1) Northern Arc Capital Limited
2) Vivriti Capital Private Limited
3) Hinduja Leyland Finance Limited
4) Small Industries Development Bank of India
5) Ashv Finance Limited
Answer-1) Northern Arc Capital Limited
Explanation:
On December 21, 2020 The Asian Development Bank (ADB) signed a $40 million (around Rs 295 crore) loan to
Northern Arc Capital Ltd(NACL) for on lending to microfinance borrowers, Micro, Small, and Medium Enterprises
(MSMEs) and affordable housing finance companies in India who are facing difficulties to attract debt funding from
investors. As part of ADB’s ongoing COVID-19 response, this rupee denominated loan is given to NACL.
166. What was India’s Gross Domestic Product(GDP) projection for FY 2021, which is forecasted by National
Council of Applied Economic Research (NCAER) in the ‘2020-21 Mid-Year Review of the Indian Economy’
report on December 2020?
1) –8.6%
2) –7.3%
3) –6.8%
4) –7.7%
5) –12.6%
Answer-2) –7.3%
Explanation:
On December 22, 2020 The ‘2020-21 Mid-Year Review of the Indian Economy’ of National Council of Applied
Economic Research (NCAER) has forecasted that India’s Gross Domestic Product(GDP) in FY21 will contract by
7.3%(-7.3%) from -12.6% estimated in September 2020 with anticipation that the economy will register marginal
growth in the December quarter.
167. Who was honoured with the title of ‘Global Visionary of Sustainable Business and Peace’ for promoting
‘unity, peace and sustainability’ by the Federation of Indo-Israel Chambers of Commerce (FIICC) on
December, 2020?
1) Ratan Tata
2) Larry Ellison
3) Narendra Modi
4) Warren Buffett
5) Bill Gates
Answer-1) Ratan Tata
Explanation:
On December 21, 2020 The Federation of Indo-Israel Chambers of Commerce (FIICC) honoured Veteran industrialist
Ratan Naval(N) Tata (82 years old) with the title of ‘Global Visionary of Sustainable Business and Peace’ for

promoting ‘unity, peace and sustainability. During the event, FIICC announced the global partnership with Dubai
headquartered IFIICC, an independent organisation that was recently launched as an international platform for
collaboration between Israel and the Indian migration.
168. Which company sold 4.47% stake in AU Small Finance Bank for Rs 1,247.69 crore through open market
transactions on December, 2020?
1) Kohlberg Kravis Roberts
2) Advent International
3) Warburg Pincus
4) TPG Capital
5) General Atlantic
Answer-3) Warburg Pincus
Explanation:
On December 18, 2020 Redwood Investment Ltd, an entity owned by Warburg Pincus sold a 4.47% stake (13.7
million shares) in AU Small Finance Bank for Rs 1,247.69 crore through open market transactions. As per the latest
shareholding data, Warburg Pincus held 4.58% of AU Small Finance Bank.
169. Which Bank launched ‘Infinite India’, an online platform to provide different banking and value-added
services for foreign companies to set up or expand business in India, also becomes industry-first initiative in
India?
1) Canara Bank
3) HDFC Bank
4) UCO Bank
5) ICICI Bank
Explanation:
On December 22, 2020 ICICI Bank Ltd launched ‘Infinite India’, an online platform for foreign companies who set up
or expand business in India. The portal unifies different banking and value-added services on one platform for foreign
companies throughout their business lifecycle. With this launch, ICICI bank becomes the 1st bank in India to offer
such facilities. This initiative is an industry first initiative.
170. Which Bank secured the top spot in UPI Transaction among the UPI Remitter Banks in the ‘UPI
Ecosystem Statistics’- November 2020 report released by National Payments Corporation of India (NPCI)?
1) HDFC Bank
2) Paytm Payments Bank
3) Yes Bank
4) Axis Bank
Answer-5) State Bank of India
Explanation:
The ‘UPI Ecosystem Statistics’- November 2020 of National Payments Corporation of India (NPCI), has released
Unified Payments Interface(UPI) Top 30 Banks Performance (for Remitter Banks and Beneficiary Bank). The State
Bank of India(SBI) secured the top spot in UPI Transaction among the UPI Remitter Banks with 607.92 million
transactions.
UPI Top 30 Performance Banks
UPI Remitter Bank
S. Total Approval Rate Technical Decline(TD)- in
no Name of the Bank Transaction(Million) (%) %


2 Axis Bank Ltd 241.92 97.16% 0.56%
3 HDFC Bank Ltd 179.4 93.46% 1.85%
Paytm Payments Bank
4 ltd 169.25 92.71% 0.08%
UPI Beneficiary Bank
Paytm Payments Bank
2 ltd 329.04 97.63% 0.06%
3 Yes Bank Ltd 255.73 99.76% 0.10%
171. What is the total fund raised by National Investment and Infrastructure Fund Ltd (NIIFL) during its
closure, after achieving the targeted USD 2.1 Billion?
1) USD 2.7 Billion
2) USD 3 Billion
3) USD 2.91 Billion
4) USD 2.34 Billion
5) USD 2.86 Billion
Answer-4) USD 2.34 Billion
Explanation:
On December 21, 2020 National Investment and Infrastructure Fund Ltd (NIIFL) announced closure of NIIF Master
Fund, as it had completed the fund raising of the Fund by achieving a rupee equivalent size USD 2.34 Billion exceeding
its target of USD 2.1 Billion. The investments marked the 5th & Final Close of the NIIF Master Fund. The Fund saw
investments worth USD 107 Million from new investors – Canada’s Public Sector Pension Investment Board (PSP
Investments), United States International Development Finance Corporation (DFC) & Axis Bank which had already
invested.
172. Which Bank signed with Government of India for $500 Million (around Rs 3,692 crore) loan towards
Green National Highways Corridors Project to build safe, green and resilient highways, on December, 2020?
1) European Central Bank
3) European Bank for Reconstruction and Development
4) World Bank
Answer-4) World Bank
Explanation:
On December 22, 2020 The World Bank and Government of India signed a $500 Million (around Rs 3,692 crore)
Green National Highways Corridors Project to build safe, green and resilient highways in states of Rajasthan,
Himachal Pradesh, Uttar Pradesh and Andhra Pradesh. It has a maturity of 18.5 years including a grace period of 5
years. It will boost the capacity of the Ministry of Road Transport and Highways (MoRTH) to mainstream the safety
and green technologies and also the climate resilience aspects in project design and implementation.
173. Which state government’s Industrial Development Corporation signed MoU’s attracting investments
worth INR 61, 042 with 25 Indian Companies under its ‘Magnetic ___________2.0’ initiative on December, 2020?
1) Tamil Nadu
2) Madhya Pradesh
3) Gujarat
4) Maharashtra
5) Telangana

Answer-4) Maharashtra
Explanation:
On December 22, 2020 Maharashtra Industrial Development Corporation (MIDC) signed Memorandum of
Understandings (MoU) worth INR 61, 042 with 25 Indian Companies under its ‘Magnetic Maharashtra 2.0’ initiative.
With this the proposed investment in Maharashtra has gone above INR 1 Lakh Crore (through MoUs) target set by
Maharashtra Chief Minister (CM) Uddhav Thackeray.
Some of the MoUs signed during the event are – JSW Steel (INR 20, 000 crores), Indian Corporation Logistic (INR 11,
049 crores) & INR 7500 crores each by Kirtikumar Steel Udyog & Inspire Infra Projects. MIDC also signed MoU with
Bajaj Motors worth INR 650 crores for setting up a new manufacturing unit at Chakan.
174. Which Financial Institution took projects on pilot basis on Karnataka government’s 1st of its kind
Farmer Registration and Unified Beneficiary Information System(FRUITS)Portal?
1) NABARD
2) Canara Bank
3) IndusInd Bank
5) SIDBI
Answer-2) Canara Bank
Explanation:
On December 22, 2020 The 1st of its kind Farmer Registration and Unified Beneficiary Information
System(FRUITS)Portal, a project of e-Governance, Government of Karnataka is integrated with BHOOMI Package of
the Karnataka State to fetch and validate land details. Canara Bank becomes the 1st Financial Institution(FI) to take
the project on a pilot basis. It is the first of its kind technology adoption from the Karnataka govt to combine all 70
lakh farmers in the state with land and other details under a single platform.
175. Where is the Headquarters of Canara Bank located?

1) Mumbai
2) Bangalore
3) Chennai
4) New Delhi
5) Kolkata
Answer-2) Bangalore
Explanation:
The Headquarters of Canara Bank located at Bangalore, Karnataka.
176. Who was the MD & CEO of National Payments Corporation of India(NPCI) on December, 2020?
1) Arvind Krishna
2) Dilip Asbe
3) Jayshree Ullal
4) G.R. Chintala
5) Shyamala Gopinath
Answer-2) Dilip Asbe
Explanation:
Dilip Asbe was the MD & CEO of National Payments Corporation of India(NPCI) on December, 2020.
177. What was the share of Indian Government in National Investment and Infrastructure Fund Ltd (NIIFL),
on December, 2020?
1) 51 %
2) 49 %
3) 75 %

4) 38 %
5) 63 %
Answer-2) 49 %
Explanation:
The Indian Government holds a 49% share in the NIIF. NIIFL is a joint investment platform for international & Indian
investors, anchored by the Government of India. It manages equity capital commitments across its 3 funds – Master
Fund, Fund of Funds & Strategic Opportunities Fund.
178. Union Cabinet has approved post metric scholarship scheme worth Rs. 59,000 crores for students
belonging to ______ on December, 2020.
1) Economically Weaker Section
2) Scheduled Tribes
3) Scheduled Caste
4) Only 1, 2
5) All 1, 2, 3
Answer- 3) Scheduled Caste
Explanation:
On December 23, 2020, the Union Cabinet, headed by Prime Minister Narendra Modi, approved the following
proposals:
i.Approved Merger of Five Film Media Units through Rationalization of Infrastructure, Manpower and Other
Resources.
ii.Approved Revision in guidelines for providing Direct to Home (DTH) Services in India.
iii.Approved ordinance to protect Delhi’s unauthorised colonies from punitive action.
iv.Approved ₹59,000 crores post-matric scholarship scheme for 4 crores Scheduled Caste students.
179. What is the new extended date for the suspension of Insolvency & Bankruptcy Code (IBC) given by
Ministry of Corporate Affairs to ease out the difficulties caused due to COVID-19, on December 2020?
1) February 28, 2021
2) March 25, 2021
3) April 30, 2021
4) March 1, 2021
5) June 25, 2021
Answer-2) March 25, 2021
Explanation:
On December 22, 2020 the Ministry of Corporate Affairs extended the suspension of Insolvency & Bankruptcy Code
(IBC) by another 3 months to March 25, 2021. The Previous suspension was about to expire on December 25, 2020.
The Government of India had suspended IBC to help businesses cope with the financial difficulties created by COVID-
19. As part of the ‘Atma Nirbhar Bharat’ package, the Government of India raised the minimum limit to initiate
insolvency proceedings to INR 1 Crore from INR 1 Lakh to protect micro, small & medium enterprises (MSMEs) from
bankruptcy.
180. Which Bank signed an MoU with Indian Green Building Council (IGBC), a part of Confederation of Indian
Industry (CII) to promote green building in India, on December, 2020?
1) Canara Bank
3) HDFC Bank
4) UCO Bank
5) ICICI Bank
Answer-3) HDFC Bank
Explanation:
HDFC Limited has signed a Memorandum of Understanding with Indian Green Building Council (IGBC), a part of

Confederation of Indian Industry (CII) to promote green building in India. HDFC will collaborate with IGBC to create
awareness and promote financing green buildings through joint training and awareness programme to enable the
capacity building across India. Green building is a practice to increase the efficiency of the buildings or a site to
optimise the use of energy, water, and materials and reduce its impacts on the human health and environment
throughout its lifecycle.
181. Which Financial Institution launched its flagship ‘Team Cashless India’ campaign in Coimbatore
targeting small and medium merchants of Tier 2 & 3 cities, on December, 2020?
1) Capital One
2) PayPal
3) American Express
4) Visa
5) Mastercard
Answer-5) Mastercard
Explanation:
Targeting small and medium merchants of Tier two and three cities, payment technology major Mastercard launched
its flagship ‘Team Cashless India’ campaign in the Coimbatore city to boost digital payments.
182. Who was approved by RBI to get appointed as the new Executive Director of ICICI Bank for a period of 3
years on December, 2020?
1) Sandeep Batra
2) Chanda Kochhar
3) Rishi Gupta
4) Shyam Srinivasan
5) Rakesh Sharma
Answer-1) Sandeep Batra
Explanation:
Reserve Bank of India (RBI) had approved the appointment of Sandeep Batra as Executive director of ICICI bank for a
period of three years. Batra is currently serving as the president of ICICI Bank at the corporate centre of the bank.
183. When was the Insolvency & Bankruptcy Code (IBC) of India introduced?
1) 2012
2) 2005
3) 2009
4) 2014
5) 2016
Answer-5) 2016
Explanation:
Introduced in 2016, Insolvency & Bankruptcy Code (IBC) is a one stop solution for resolving insolvencies. It aims to
tackle the bad loan problems which affected the banking system.
184. Which Banks’ licence was recently cancelled by RBI for breaching the minimum net worth requirement
for 2 quarters, on December, 2020?
1) South Gujarat Local Area Bank
2) Coastal Local Area Bank
3) Subhadra Local Area Bank
4) Capital Local Area Bank
5) Krishna Bhima Samruddhi Local Area Bank
Answer-3) Subhadra Local Area Bank
Explanation:
Banking Licence of Subhadra Local Area Bank at Kolhapur, Maharashtra under Section 22 (4) of the Banking

Regulation Act, 1949 was cancelled by Reserve Bank of India (RBI) with immediate effect from December 24, 2020.
But the bank has enough liquidity funds to refund the deposit amounts to its customers.
RBI had cancelled the licence due to the bank’s activities lead to affecting the interests of the Bank’s current and
future depositors. The bank had also breached the minimum net worth requirement for two quarters in the financial
year 2019-20.
185. What was India’s projected GDP rate for FY 2020-21 as per the estimations of India Ratings and
Research (Ind-Ra) as of December, 2020?
1) – 11.8 %
2) – 8.8 %
3) – 6.6 %
4) – 9.3 %
5) – 7.8 %
Answer-5) – 7.8 %
Explanation:
India Ratings and Research (Ind-Ra) revised its previous projection of Gross Domestic Product (GDP) due to the
sustainability of the recovery perceived in Q2 when the economy contracted only 7.5%, after a 23.9% contraction in
Q1. Ind-Ra has revised its estimate for GDP contraction FY 2020-21 to 7.8% from the earlier projection of 11.8%. This
is in line with the revision in the projected contraction by RBI, ADB, Fitch, and others.
186. Who recently became the MD & CEO of YES Securities (India) Limited, on December, 2020?
1) Prashant Kumar
2) Prasanth Prabhakaran
3) Amitabh Chaudhry
4) Vikas Dawra
5) Rana Kapoor
Answer-2) Prasanth Prabhakaran
Explanation:
On 23rd December 2020, Prasanth Prabhakaran, joint MD and CEO of YES Securities (India) Limited, wholly owned
subsidiary of YES Bank, was elevated as its MD and CEO with immediate effect. Prasanth Prabhakaran will oversee
the investment banking and merchant banking verticals. Earlier, along with Prasanth Prabhakaran, Vikas Dawra
served as the Joint MD and CEO of YES Securities (India) Limited.
187. Which Bank sold its entire stake in Cent Bank Home Finance Ltd (CBHFL) to Centrum Housing Finance
for Rs.160 crore?
2) Allahabad Bank
4) Bank of Baroda
5) Bank of India
Answer- 3) Central Bank of India
Explanation:
Central Bank of India sold the entire stake of its joint venture Cent Bank Home Finance Ltd (CBHFL) to Centrum
Housing Finance for Rs.160 crore. The bank has entered into a binding agreement to divest its entire equity stake of
64.40% i.e. 1,61,00,000 shares of the face value of Rs 10 each in Cent Bank Home Finance Ltd (CBHFL), to Centrum
Housing Finance.
188. Which organisation recently acquired 8.99 % equity stake in non-banking finance company Paisalo
Digital, on December, 2020?
1) HDFC Life Insurance
2) Axis Bank

4) SBI Life Insurance
5) Bharti Airtel
Answer-4) SBI Life Insurance
Explanation:
On 24 December 2020, SBI Life Insurance Company acquired 38 lakh equity shares or 8.99% equity stake in non-
banking finance company Paisalo Digital. It has acquired equity shares of the Non-Banking Financial Company(NBFC)
at Rs 489.99 per share for a consideration of Rs 186.20.
189. Punjab National Bank (PNB) has introduced PNB e-Credit Card in December 2020. Who is the CEO of
PNB?
1) Sunil Kakar
2) CH S.S. Mallikarjuna Rao
3) Mukesh Kumar Jain
4) R.A. Sankara Narayanan
5) C. VR. Rajendran
Answer-2) CH S.S. Mallikarjuna Rao
Explanation:
On December 24, 2020 Punjab National Bank (PNB) introduced PNB e-Credit Card. This card is a digital imitation of a
physical Credit Card. PNB customers can use this card at any e-commerce platform or merchant website, without
having to carry the physical card. The details of the card can be viewed in PNB Genie Mobile app by clicking on the e-
Credit Card facility. It helps the customers to activate the card for international/ Domestic use and also to set up
transaction limits for ATM, ecommerce, PoS and Contactless payments.
190. What is the new name of Axis Mutual Fund’s multicap scheme?
1) Axis Bluechip Fund
2) Axis Focused 25 Fund
3) Axis Treasury Advantage Fund
4) Axis Flexicap Fund
5) Axis Triple Advantage Fund
Answer-4) Axis Flexicap Fund
Explanation:
Axis Mutual fund has renamed its multicap scheme as the Axis Flexicap Fund. This comes after the Securities and
Exchange Board of India put a strict mandate for multi cap funds to allocate at least 25% each in small and mid-cap
stocks.
191. What is India’s rank with most publications on Artificial Intelligence (AI) in the ‘Nature Index 2020
Artificial Intelligence’ released by Nature Research, International Scientific publishing company?
1) 20th
2) 2nd
3) 18th
4) 3rd
5) 8th
Answer-4) 3rd
Explanation:
According to the ‘Nature Index 2020 Artificial Intelligence’ released by Nature Research, International Scientific
publishing company, India ranked 3rd (with 91,563 publications) in the list of 25 Countries with most publications on
Artificial Intelligence (AI) during the period 2015-2019. China topped the List, followed by the United States. The
whole Index is based on the time period between 2015-19. India ranked 20th among 25 countries in artificial
intelligence ranked by total article share in the field from 2015 to 2019. Anna University, Chennai ranked 32nd in Top
100 research organizations in the AI field. It is the only Indian Organization in Top 100.

192. Which scheme was launched by PM Narendra Modi in Jammu & Kashmir (J&K) covering all its residents,
on December, 2020?
1) PM SVANidhi Scheme
2) PM Garib Kalyan Rojgar Abhiyaan
3) PM Swamitva Yojana
4) PM-JAY SEHAT Health Insurance Scheme
5) PM Formalisation of Micro Food Enterprises Scheme
Answer-4) PM-JAY SEHAT Health Insurance Scheme
Explanation:
On December 26, 2020, Prime Minister Narendra Modi launched the Ayushman Bharat Pradhan Mantri-Jan Arogya
Yojana Social Endeavour for Health & Telemedicine (PM-JAY SEHAT) Health Insurance scheme for covering all the
residents of Jammu & Kashmir (J&K). The scheme will operate on insurance mode in convergence with PM-JAY. The
scheme was launched by the Government of India in 2018 for providing free access to healthcare for 40% of residents
in India.
193. Which bank recently launched Digital Lending Platform (DLP), on December, 2020 digitizing the entire
process of getting a loan?
1) Bank of Baroda
2) ICICI Bank
3) Bandhan Bank
4) United Bank of India
5) HDFC Bank
Answer-1) Bank of Baroda
Explanation:
On December 28, Bank of Baroda (BoB) launched Digital Lending Platform (DLP), to allow retail loan seekers to get
loans in a digital way through a paperless process. It provides ‘in-principle approval’ to the loan seekers in 30
minutes for home, car and personal loans without human intervention through multiple channels namely website,
mobile banking, internet banking and social media. The bank also offers ‘Online Loan against Fixed Deposits(FD)’
through Digital Lending Platform.
194. What is India’s position in the 12th edition of World Economic League Table 2021 (WELT) released by
Centre for Economics & Business Research Ltd (CEBR) in December, 2020?
1) 12th
2) 5th
3) 7th
4) 6th
5) 9th
Answer-4) 6th
Explanation:
According to the 12th edition of World Economic League Table 2021 (WELT) an Annual report released by Centre for
Economics & Business Research Ltd (CEBR), India slumped 1 spot to 6th Largest Economy (out of 195 countries) in
the world in 2020 from 5th in 2019 due to the impact of COVID19. The United States (US) topped the 2020 rankings
followed by China & Japan. India overtook the United Kingdom (UK) to become the 5th Largest economy in 2019
rankings. The report stated that India will become 5th Largest Economy by 2025 & 3rd Largest by 2030.
195. Where is the headquarters of Bank of Baroda?

1) Chennai
2) Mumbai
3) Hyderabad
4) Vadodara
5) Kolkata

Answer-4) Vadodara
Explanation:
Bank of Baroda is headquartered at Vadodara, Gujarat.
196. Which organisation released the ‘Foreign Direct Investment Trends and Outlook in Asia and the Pacific
2020/21’ report on December, 2020?
1) International Labour Organization
2) UN Economic and Social Commission for Asia and the Pacific
3) UN Industrial Development Organization
Answer-2) UN Economic and Social Commission for Asia and the Pacific
Explanation:
According to the report ‘Foreign Direct Investment Trends and Outlook in Asia and the Pacific 2020/21’ released by
the United Nations Economic and Social Commission for Asia and the Pacific (UN ESCAP), India has accounted for
77% of total Foreign Direct Investment (FDI) inflows to South & South-West Asian sub region receiving about USD 51
Billion in 2019. The majority of the FDI in India were in the fields of Information & Communications Technology (ICT)
& Construction sector.
197. Which bank became the 1st to collaborate with Google Pay to issue FASTag through Unified Payments
Interface (UPI) on its payments app?
1) ICICI Bank
3) Canara Bank
4) HDFC Bank
5) UCO Bank
Explanation:
On December 28, 2020 ICICI Bank collaborated with Google Pay to issue FASTag through Unified Payments Interface
(UPI) on the payments app. This allows Google Pay users to order, track and recharge ICICI Bank FASTag digitally on
the payments platform. With this partnership, ICICI Bank FASTag is now available on Google Pay. ICICI Bank, with this
collaboration becomes the 1st bank to partner with Google Pay to issue FASTag.
198. IRDAI issued an exposure draft on guidelines for standard ______ policies to be offered by every general
insurer and stand-alone health insurer from April 1, 2021.
1) Vehicle Insurance
2) Unit-linked Insurance
3) Money-back
4) Health Insurance
5) Travel Insurance
Answer-5) Travel Insurance
Explanation:
On December 28, 2020 The Insurance Regulatory and Development Authority of India(IRDAI) issued an exposure
draft on guidelines for standard travel insurance policies that is to be offered from April 1, 2021 by every general
insurer and stand-alone health insurer. IRDAI has asked all the stakeholders to comment/suggest on this exposure
draft by 6th January, 2021. As per the exposure draft, insurers can launch 5 standard travel insurance plan variants
under domestic travel and 4 plan variants under overseas category.

199. Which Small Finance institution partnered with ICICI Prudential Life Insurance Ltd to offer customised
need and goal-based life insurance solutions for customers of ICICI Prudential Life?
1) Capital Small Finance Bank
2) AU Small Finance Bank
3) Janalakshmi Small Finance Bank
Answer-2) AU Small Finance Bank
Explanation:
On December 28, 2020 AU Small Finance Bank Ltd has partnered with ICICI Prudential Life Insurance Ltd to offer
customised need and goal-based life insurance solutions of ICICI Prudential Life to its customers. The partnership will
enhance the customer experience and help the customers to plan for better financial security.
200. Which is the world’s 1st crypto bank launched in India as a Joint Venture(JV) between Cashaa and United
Multistate credit co-operative society?
1) Monero
2) Unicas
3) Tether
4) Litecoin
5) Ethereum
Answer-2) Unicas
Explanation:
On December 28, 2020 ‘Unicas’, world’s first crypto bank was launched as a Joint Venture(JV) between Cashaa and
United Multistate credit co-operative society. This bank allows users to transact in cryptocurrency and fiat from one
account to another. It will provide banking services for both fiat and crypto assets. This JV allows Cashaa to access
regulatory licenses, physical branches, and overall banking Infrastructure of United Multistate Co-Op Society.
201. Which Small Finance Bank recently got approval from SEBI to make Initial Public Offering (IPO) on BSE
Sensex and NSE Nifty, as of December, 2020?
3) Jana Small Finance Bank
4) Suryoday Small Finance Bank
5) AU Small Finance Bank
Answer-4) Suryoday Small Finance Bank
Explanation:
On December 28, 2020 Suryoday Small Finance Bank(SFB) received approval from Securities and Exchanges Board of
India (SEBI) to float its Initial Public Offering (IPO). The shares of the SFB are expected to be listed on BSE Sensex and
NSE Nifty, The IPO will consist of a fresh issue of 1,15,95,000 shares and also offers a sale of up to 84,66,796 shares by
the existing shareholders.
202. Which bank recently signed an agreement with Myclassboard Educational Solutions Pvt Ltd(MESPL) to
acquire 9.09% of its stake, on December, 2020?
1) ICICI Bank
3) Canara Bank
4) HDFC Bank
5) UCO Bank
Explanation:
On December 28, 2020 ICICI Bank entered into an agreement with Myclassboard Educational Solutions Pvt

Ltd(MESPL) to acquire 9.09% stake in MESPL through acquisition of 100 equity shares and 104,890 Cumulative
Compulsorily Convertible Preference Shares on fully diluted basis. The acquisition happens for a cash consideration
of Rs 4.5 crore.
203. When was the Insurance Regulatory and Development Authority of India (IRDAI) established?
1) 2002
2) 1984
3) 1956
4) 1999
5) 1971
Answer-4) 1999
Explanation:
Insurance Regulatory and Development Authority of India (IRDAI) was established in 1999.
204. What was the desired inflation rate of India need to be maintained as per RBI paper authored by one of
the Deputy Governor of RBI as of December, 2020?
1) 5%
2) 4.5%
3) 4%
4) 3.5%
5) 3%
Answer-3) 4%
Explanation:
In accordance with the paper authored by Reserve Bank of India (RBI) Deputy Governor Michael Debabrata Patra and
another official Harendra Kumar Behera, an inflation rate of 4% is appropriate for India. A lower rate could impart
deflationary bias to the monetary policy while a higher trend renders monetary policy too expansionary and prone to
inflationary shocks. As per the paper, there is a steady decline in trend inflation to 4.1-4.3% since 2014.
205. Which bank topped in India as per the Banking, financial services and insurance (BFSI) Movers and
Shakers 2020 Report released by Wizikey?
1) Indian Bank
3) ICICI Bank
4) HDFC Bank
Answer-4) HDFC Bank
Explanation:
In accordance with the Banking, financial services and insurance (BFSI) Movers and Shakers 2020 Report by Wizikey,
Housing Development Finance Corporation Limited (HDFC), Industrial Credit and Investment Corporation of India
(ICICI), and State Bank of India (SBI) are the top three banks of 2020 in India. Among wallets, Google Pay has emerged
as topper followed by Phone Pe.
206. Which private bank has collaborated with Salesforce to build a next generation technology platform for
retail lending business in December, 2020?
1) UCO Bank
2) ICICI Bank
3) YES Bank
5) HDFC Bank
Answer-3) YES Bank

Explanation:
On December 22, 2020 YES Bank collaborated with Salesforce to build a next generation technology platform for
retail lending business. YES BANK is among the first banks in India to partner with Salesforce for Loan origination
and processing. The platform is developed in accordance with the strategy of the bank to further scale up its retail
assets portfolio. A ‘Salesforce Loan Origination System’, is being deployed to provide personalized solutions and
connected banking experiences
207. Which kank India has introduced ‘Travel Now’, a one-stop travel marketplace on its digibank app?
1) Deutsche Bank
2) DBS Bank India
3) Lakshmi Vilas Bank
4) SBM Bank India
5) Federal Bank
Answer-2) DBS Bank India
Explanation:
On December 29, 2020 DBS Bank India introduced ‘Travel Now’, a one-stop travel marketplace within the digibank
app. This new feature allows the customer to browse and book flights, bus tickets and hotels across many
destinations within and outside of India. The customers also have the option to choose travel insurance, offered by
Bharti AXA General Insurance, along with an automated claims process for flight cancellation, and flight departure
and arrival delays of over 60 minutes.
208. As per the recent amendments to the GST Rules, businesses with monthly turnover of over _____ are liable
to pay at least 1% GST liability in cash, w.e.f January 1, 2021.
1) Rs. 1 Crore
2) Rs. 10 Crore
3) Rs. 10 lakhs
4) Rs. 25 lakhs
5) Rs. 50 lakhs
Answer-5) Rs. 50 lakhs
Explanation:
On December 24, 2020, the Ministry of Finance made amendments in the Goods and Services Tax (GST) Rules on the
recommendations of the GST Council’s Law Committee in order to curb evasion by fake invoicing. The changes have
been notified by the Central Board of Indirect Taxes and Customs (CBIC). GST Rules w.e.f. January 1, 2021, which
restricts use of input tax credit (ITC) for discharging GST liability to 99% for businesses with monthly turnover of
over Rs 50 lakh. Means these businesses will have to mandatorily pay at least 1% of their GST liability in cash.
209. Which organisation recently bought additional 32.67% stake in AirAsia India Limited to increase its
stake holdings to 83.67%, on December, 2020?
1) Mahindra Group
2) Tata Sons
4) Walmart
5) Infosys
Answer-2) Tata Sons
Explanation:
On December 29, 2020 Tata Sons acquired an additional 32.67% stake in AirAsia India Limited from AirAsia
Investment Ltd (AAIL), subsidiary of AirAsia Group Berhad for USD 37.66 million (about Rs 275 crore). Earlier Tata
Sons was holding 51% in AirAsia India, with this acquisition Tata Sons will hold 83.67% stake.

210. When was Reserve Bank of India established?
1) 1929
2) 1905
3) 1953
4) 1947
5) 1935
Answer-5) 1935
Explanation:
Reserve Bank of India was established on 1st April 1935.
211. Which of the following is the currency of Myanmar?

1) Ngultrum
2) Renminbi
3) Pound sterling
4) Dollar
5) Kyat
Answer-5) Kyat
Explanation:
The Burmese kyat is the currency of Myanmar.
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