Banking Awareness March 2022

Banking Awareness March by Dr.
Gaurav Garg
Q) Standard Chartered has tied up with which association for payment platform for the airline
industry?
a) International Freight Forwarders Association b) International Air Transport Association
c) International Civil Aviation Organization d) Association of Asia Pacific Airlines
Answer: b) International Air Transport Association
● Standard Chartered has partnered with the International Air Transport Association (IATA) to launch a
payment platform for the airline industry in India. IATA Pay will be a new payment option that enables
participating airlines to offer instant payment options such as UPI Scan and Pay and UPI Collect (Request to
Pay).
● IATA Pay in India is powered by Standard Chartered’s Straight2Bank Pay, a payment platform that helps
online merchants digitalise collections via multiple payment options through single global connectivity.
Q) MSME RuPay Credit Card is the initiative of which bank in association with National Payments Corporation of India?
a) Union Bank of India b) State Bank of India
c) Punjab National Bank d) Bank of Baroda
Answer: a) Union Bank of India
● The Union Bank of India has launched the ‘Union MSME RuPay Credit Card’ in association with the
National Payments Corporation of India (NPCI).
● It is a first of its kind initiative in the industry, to provide simplified and digital delivery of Finance to Micro,
Small & Medium Enterprises (MSMEs), to meet their business-related operational expenses.
● The Union MSME RuPay Credit Card was launched by Union Minister for Micro, Small & Medium
Enterprises, Shri Narayan Rane on February 25, 2022, at the two days MSME Conclave being held in
Sindhudurg district of Maharashtra.
Q) The Bombay Stock Exchange and the National Stock Exchange have started which stock settlement system from 25th
February 2022?
a) T+2 b) T+1
c) T+3 d) T+5
Answer: b) T+1
● India has become the second country after China to implement the T+1 stock settlement mechanism in a
phased manner from 25 February.
● Before this, the settlement period of stocks in India was T+2, i.e., two days after the actual buy/selling of stock.
● T means the trade/transaction day i.e. the day on which stock is brought/sold and T+1 means that the actual
stock settlement will happen on the next day i.e +1 day. Ex: You buy a stock on Monday, you will get it in your
Demat account Tuesday.
Q) Which is the first multilateral agency to open office in the Gujarat International Finance Tech (GIFT) City?
a) Asian Development Bank b) New Development Bank
c) African Development Bank Group d) World Bank
Answer: b) New Development Bank
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● New Development Bank (NDB) will become the first multilateral agency to open an office in the Gujarat
International Finance Tech City (Gift).
● About the New Development Bank:
1. NDB was set up by the BRICS countries (Brazil, Russia, India, China, and South Africa) with the
objective of mobilizing resources for infrastructure and sustainable development projects in the BRICS as
well as other emerging markets in 2014.
2. It became operational in 2015 and is headquartered in Shanghai, China.
3. All the founding members equally own the bank.
Q) Madhabi Puri Buch has been named the first woman chief of which regulatory body?
a) SEBI b) IRDA
c) PFRDA d) UGC
Answer: a) SEBI
● Former ICICI Banker, Madhabi Puri Buch has been appointed as the new Securities and Exchange Board of
India (SEBI) chairman, replacing Ajay Tyagi.
● She is the first woman chief of SEBI and also the first non-IAS to head the regulatory body.
● She has over three decades of experience in the financial markets and was SEBI whole-time member (WTM)
between April 5, 2017, and October 4, 2021.
● About the Madhabi Puri Buch
○ Buch is an alumna of the Indian Institute of Management (IIM), Ahmedabad and has a graduate
degree in mathematics from St Stephen’s College, New Delhi.
Q) India and which other country renewed bilateral swap arrangement of $75 billion?
a) Nepal b) South Korea
c) Japan d) Bangladesh
Answer: c) Japan
● Japan and India have renewed the Bilateral Swap Arrangement (BSA) the size of which is up to USD 75
billion.
● The BSA is a two-way arrangement where both authorities can swap their local currencies in exchange for
the US Dollar.
● The interest rate charged is fixed at the time of signing the agreement and hence it reduces the risk caused due
to fluctuations in the exchange rate.
● The actual Bilateral Swap Arrangement (BSA) was signed between the Bank of Japan and the Reserve Bank
of India in 2018.
● It means that Japan and India can borrow money from each other in either their currency i.e Indian Rupee or
Japanese Yen or US Dollar.
Q) Which bank launched “Project Banksakhi” in Odisha to ease Online Bank Account opening?
a) Indian Overseas Bank b) UCO Bank
c) Bank of Maharashtra d) Canara Bank
Answer: c) Bank of Maharashtra
● Public sector lender, Bank of Maharashtra (BoM) has announced the launch of “Project Banksakhi” in Odisha
in collaboration with Mahagram & Sunivesh India Finance Services Pvt. Ltd. for Online Bank Account opening.
● It will provide doorstep and hassle-free access to the people of Odisha for opening bank accounts.

Q) Which regulatory body is planning to launch a guaranteed return scheme called Minimum Assured Return Scheme
(MARS)?
a) IRDA b) PFRDA
c) SEBI d) RBI
Answer: b) PFRDA
● Pension Fund Regulatory and Development Authority (PFRDA), which operates the National Pension
System (NPS), is preparing to launch a guaranteed return scheme, Minimum Assured Return Scheme (MARS),
which will provide savers and people from the salaried class an option for their investments.
● The regulator has appointed EY Actuarial Services LLP as a consultant to help design the proposed MARS
under the NPS. This will be the first scheme from the pension regulator that will offer a guaranteed return to
investors.
Q) Who has been appointed as the Vice President, Operations of Multilateral Investment Guarantee Agency (MIGA)
which is a member of the World Bank group?
a) Anshula Kant b) Junaid Kamal Ahmad
c) Rajesh Khullar d)Romesh Karthik
Answer: b) Junaid Kamal Ahmad
● Junaid Kamal Ahmad, the World Bank’s India Director, has been named a Vice President of the international
lending agency. Ahmad, who will lead the Multilateral Investment Guarantee Agency (MIGA) as Vice
President, Operations, is only the second Bangladeshi to be chosen to such a high position in the bank’s history.
Q) According to Ministry of Statistics and Program Implementation, which is the top-ranked state in terms of Per Capita
Net State Domestic Product at Current Prices?
a) Kerala b) Telangana
c) Tamil Nadu d) Sikkim
Answer: b) Telangana
● Telangana became the top-performing state in India with a population over one crore in terms of the growth
rate of Per Capita Net State Domestic Product at Current Prices by the Ministry of Statistics and Programme
Implementation (MoSPI).
● It succeeded other states like Maharashtra, Karnataka, and Tamil Nadu.
● It recorded GSDP growth by 31.12 per cent from 2011-12. It is one of the highest growth rates for any state
in the country.
Q) India has attained which rank in billionaires’ population globally in 2021 following the Wealth Report 2022?
a) First b) Second
c) Third d) Fifth
Answer: c) Third
● India is ranked 3rd in terms of most number of billionaires’

population globally in 2021, as per Knight Frank’s latest
edition of The Wealth Report 2022. The number of
ultra-high-net-worth-individuals (UHNWIs) in India
increased by 11% YoY in 2021 to 145 billionaires, the
highest percentage growth in the Asia Pacific (APAC) region.
● UHNWIs are individuals with net assets of US$ 30m or more
(Rs 226 crore).

● Indian City-wise:
○ Bengaluru recorded the highest growth in the number of UHNWIs in 2021 at 17.1% to 352
billionaires. It was followed by Delhi (12.4% to 210) and Mumbai (9% to 1596) in 2021.
Q) T S Ramakrishnan has been named the new MD and CEO of which mutual fund company?
a) Baroda Mutual Fund b) Axis Mutual Fund
c) LIC Mutual Fund d) HDFC Mutual Fund
Answer: c) LIC Mutual Fund
● LIC Mutual Fund has announced the appointment of TS Ramakrishnan as its Managing Director & CEO.
Q) The Central Depository Services (India) Limited (CDSL) has become the first and only listed depository in India to
register more than 60 million ____accounts.
a) Current b) Demat
c) NRI d) Recurring Deposit
Answer: b) Demat
● On the 1st of March, 2022, the Central Depository Services (India) announced that it now has more than six
crores (i. e. equivalent to 60 million) active Demat accounts.
● A Demat account is a kind of account that can be used to keep online copies of securities and shares.
● A Demat account is a dematerialized account in its entire form.
● B. V. Chaubal is the Chairman of CDSL
Q) Vidya Balan has been named the Brand Ambassador of which life insurance company?
a) LIC b) Aviva Life Insurance
c) Bharti AXA Life Insurance d) Edelweiss Tokio Life Insurance
Answer: c) Bharti AXA Life Insurance
● Bharti AXA Life Insurance has appointed National Award-winning actress VidyaBalan as its Brand
Ambassador.
Q) IRCTC has partnered with which digital payment company for unreserved and platform tickets?
a) Freecharge b) Mobiwik
c) Paytm d) Google
Answer: c) Paytm
● Paytm, a digital payments company, announced that it has expanded its partnership with the Indian Railway
Catering and Tourism Corporation (IRCTC) to provide consumers with digital ticketing services via Automatic
Ticket Vending Machines (ATVM) installed at railway stations across the country.
● Passengers will be able to scan QR codes generated on the screens to purchase unreserved train ride tickets,
platform tickets, renew their seasonal tickets, and recharge smart cards.
Q) To which state does Sarjeraodada Naik Shirala Sahakari Bank belong whose license has recently been cancelled by the
RBI?
a) Gujarat b) Maharashtra
c) Uttar Pradesh d) Punjab
Answer: b) Maharashtra

● Reserve Bank of India has cancelled the license of Sarjeraodada Naik Shirala Sahakari Bank, Sangli,
Maharashtra, as it did not have adequate capital and earning prospects. The bank is not complying with various
sections of the Banking Regulation Act, 1949.
● On liquidation, every depositor would be entitled to receive deposit insurance claim amount of his/her deposits
up to a monetary ceiling of Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation
(DICGC).
Q) To which country UnionPay card payment network belongs, which Russia will use after being boycotted by Visa and
Mastercard payment systems?
a) India b) China
c) Turkey d) Iran
Answer: b) China
● Several Russian banks announced plans to start issuing cards using the Chinese UnionPay card operator
system.
● UnionPay, an international payment system founded in 2002, received international status in 2005.
● Headquartered in Shanghai, the company reportedly operates in more than 180 countries across the globe,
including Switzerland, Greece, Italy, Spain, Germany, Mexico, Cyprus, Thailand, India, Israel, Portugal, Croatia,
Poland, Serbia, Hungary, and Austria.
Q) Which public sector bank has named former Ujjivan Small Finance Bank CEO, Nitin Chugh as Deputy Managing
Director (DMD)?
a) PNB b) SBI
c) Canara Bank d) BOB
Answer: b) SBI
● State Bank of India (SBI) has appointed former Ujjivan Small Finance Bank CEO, Nitin Chugh as Deputy
Managing Director (DMD) to drive digital banking operations. He has been appointed for an initial term of three
years.
Q) National Stock Exchange has partnered with which state to enable the MSMEs of the state for listing?
a) Uttar Pradesh b) Andhra Pradesh
c) Karnataka d) Telangana
Answer: d) Telangana
● NSE joins hand with Telangana govt to fuel growth of MSMEs

● The NSE with the support of the Telangana government will conduct awareness drive through seminars, camps,
knowledge sessions, road shows and workshops to guide corporates across the state in fund raising on NSE
Emerge platform, and also handhold the companies in the listing process.
● The state government will facilitate MSMEs to get listed on NSE Emerge by considering ways to reimburse
certain expenses incurred on fund raising with a pre-defined upper limit.
Q) Indian Oil Corporation has partnered with which bank for a co-branded credit card?
a) Kotak Mahindra b) ICICI Bank
c) HDFC Bank d) Axis Bank
Answer: a) Kotak Mahindra
● Kotak Mahindra Bank and Indian Oil Corporation announced a strategic partnership to launch the Indian
Oil Kotak co-branded fuel credit card.

● The collaboration will offer more value to customers in the form of an enhanced rewards programme giving
customers value on fuel spends and on special non-fuel and frequent-spend categories, such as dining and
groceries.
Q) RBI has exempted which category of banks for investment in Umbrella Organization from non-SLR holding limits?
a) Small Finance Banks b) Payments Banks
c) Urban Cooperative Banks d) Local Area Banks
Answer: c) Urban Cooperative Banks
● The Reserve Bank of India (RBI) has exempted investments made by urban co-operative banks (UCBs) for
subscribing to the capital of the Umbrella Organisation (UO) from the limits imposed on holding of
non-Statutory Liquidity Ratio (non-SLR) securities.
● The move is expected to encourage UCBs to subscribe to the capital of UO and acquire its membership.
Q) Bombay Stock Exchange has partnered with which state’s Micro Small and Medium Enterprises (MSME) -Trade and
Investment Promotion Bureau (M TIPB) to promote MSME listing?
a) Karnataka b) Maharashtra
c) Tamil Nadu d) Andhra Pradesh
Answer: c) Tamil Nadu
● Bombay Stock Exchange (BSE) has collaborated with Tamil Nadu government to promote awareness among
micro, small and medium enterprises (MSMEs) of the state about the benefits of listing.
● To facilitate this, BSE will partner with MSME Trade and Investment Promotion Bureau (M-TIPB).
● As part of the collaboration, BSE will provide the capacity building and soft support to small and medium
enterprises (SMEs) in Tamil Nadu for fulfilling listing requirements.
● Further, the BSE will also provide all intellectual and manpower support to create awareness among SMEs
across Tamil Nadu, about benefits of listing.
Q) Which institution has launched program for improving the quality of PSU bank boards?
a) RBI b) Banks Board Bureau
c) IBPS d) Insolvency and Bankruptcy Board of India
Answer: b) Banks Board Bureau
● The Banks Board Bureau (BBB) has launched a development programme for public sector bank management
with the goal of boosting the quality of bank boards.
● The nine-month Directors’ Development Programme (DDP) is made for directors of Public Sector Banks and
financial institutions with the main objective of improving director effectiveness and increasing their impact
on boards.
● Banks Board Bureau:
○ The BBB was established in 2016 as a head hunter for state-owned banks and financial
organisations.
○ It was also given the job of working with the boards of directors of all PSBs to develop acceptable
growth and development strategies
Q) Which institution has named Intellect Design Arena Limited, a fintech firm to implement the upgraded version of the
'Cloud-Native Intellect Quantum Core Banking solution'?
a) SBI b) RBI
c) Banks Board of India d) Insolvency and Bankruptcy Board of India
Answer: b) RBI

● RBI selects Intellect Design Arena for Cloud Native Intellect Quantum Core Banking solution
● To implement the upgraded version of the Cloud Native Intellect Quantum Core Banking solution to power
the next stage of their digital transformation agenda.
● The next generation Intellect Quantum solution is built on cutting edge API first, cloud-native and
cloud-agnostic microservices architecture supported by a rich set of packaged business components.
Q) Which bank has sanctioned a loan of Rs 1,000 crore to Jammu and Kashmir Infrastructure Development Finance
Corporation Ltd (JKIDFC)?
a) Canara Bank b) Indian Overseas Bank
c) PNB d) Central Bank of India
Answer: b) Indian Overseas Bank
● PSU lender Indian Overseas Bank (IOB) announced that it has sanctioned a loan of ₹1,000 crore to Jammu
and Kashmir Infrastructure Development Finance Corporation Ltd (JKIDFC)
Q) The Reserve Bank of India (RBI) will observe Digital Payments Awareness Week (DPAW) from___.
a) March 12-18 b) March 7-11
c) March 10-16 d) March 18-23
Answer: b) March 7-11
● RBI will observe Digital Payments Awareness Week (DPAW) – The Reserve Bank of India (RBI) is going to
observe Digital Payments Awareness Week (DPAW) between 7th March 2022 and 11th March 2022.
● It will be observed to celebrate the 17th Foundation Day of the Department of Payment and Settlement
Systems (DPSS) on March 7 which is responsible for managing Payments Systems in India.
● The theme of Digital Payments Awareness Week (DPAW) 2022 is: “Outreach and Availability of Digital
Payments”.
Q) Government eMarketplace [GeM] has initiated “Stitching and Tailoring Services” on the GeM portal in partnership
with which company?
a) Usha b) Bajaj
c) Orient d) Khaitan
Answer: a) Usha
● Government eMarketplace (GeM) launched a new service vertical, Stitching and Tailoring Services.
● GeM will partner with Usha Silai School to provide stitching and tailoring services to government customers.
● The service will open new opportunities for Usha silai women and self-help organizations in urban and
rural areas to increase their incomes by means of sewing orders placed by various government departments and
agencies, as well as meeting the three-percent procurement target set for women MSE entrepreneurs
Q) What is the name of the UPI facility for digital payments launched by the RBI for feature phones?
a) UPI123pay b) UPI1234pay
c) UPI100pay d) UPI111pay
Answer: a) UPI123pay
● Reserve Bank of India has launched UPI123pay- which provides a UPI payment facility on feature phones.
The name UPI123pay denotes that the UPI payment can be done in three (123) easy steps i.e., 1. Call 2.
Choose and 3. Pay .

Q) Which financial tech startup has partnered with Mastercard to work on credit cards?
a) Alpha b) Meta
c) Gamma d) Zeta
Answer: d) Zeta
● Mastercard and Zeta, a financial tech startup that provides next-generation credit card processing to banks and
fintechs, established a 5-year worldwide agreement today. As part of the deal, the companies will work
together to create credit cards with issuers all around the world using Zeta’s modern, cloud-native, and
API-ready credit processing stack.
● ZETA TACHYON:
○ Zeta Tachyon Credit is the only current credit processing stack in the business that can handle both
credit and loan processing.
Q) Which institution has released a booklet named “Be(A)Ware”, on modus operandi of financial
fraud?
a) RBI b) Banks Board of India
c) NPCl d) SBI
Answer: a) RBI
● The Reserve Bank of India (RBI) has warned people over a spurt in digital fraud in recent times and asked
customers to never share confidential banking information like OTP and CVV, and observe cyber hygiene
practices.
● In a publication titled 'BE(A)WARE - A booklet on Modus Operandi of Financial Frauds', the RBI said
fraudsters have been using innovative methods to defraud the common people of their hard-earned money,
especially the new entrants who are not entirely familiar with the techno-financial ecosystem.
Q) Which mutual fund has launched the #LaxmiForLaxmi campaign for women empowerment?
a) Baroda Mutual Fund b) Aditya Birla Sun Life Mutual Fund
c) HDFC Mutual Fund d) ICICI Prudential Mutual Fund
Answer: c) HDFC Mutual Fund
● HDFC Mutual Fund has launched a women-led financial empowerment initiative ‘LaxmiForLaxmi’ which
will connect women investors to a woman financial expert near them through a unique missed call service.
● Through this initiative, HDFC Mutual Fund aims to support women investors in their journey to become
financially independent while making mutual fund investments accessible to them.
Q) The Reserve Bank of India (RBI) recently performed how much dollar-rupee swap auction as part of its liquidity
management plan?
a) $2billion b) $3billion
c) $4billion d) $5billion
Answer: d) $5billion
● The Reserve Bank of India (RBI) has conducted a $ 5 billion dollar-rupee swap auction as part of its
liquidity management initiative, leading to infusion of dollars and sucking out of the rupee from the financial
system.
● What is a Dollar–Rupee Swap auction?
○ It’s a forex tool whereby the central bank uses its currency to buy another currency or vice versa.

○ In a Dollar–Rupee buy/sell swap, the central bank buys dollars (US dollars or USD) from banks in
exchange for Indian Rupees (INR) and immediately gets into an opposite deal with banks promising to
sell dollars at a later date
Q) The Union Cabinet has approved the setting up National Land Monetization Corporation (NLMC). Which will be its
administrative ministry?
a) PMO b) Ministry of Finance
c) Ministry of Corporate Affairs d) Ministry of Commerce and Industry
Answer: b) Ministry of Finance
● The Union Cabinet has approved the setting up National Land Monetization Corporation (NLMC) as a wholly
owned Government of India company with an initial authorized share capital of Rs 5000 crore and paid-up
share capital of Rs 150 crore.
● Department of Public Enterprise, Ministry of Finance, will set up the company and act as its administrative
ministry.
● NLMC will undertake monetization of surplus land and building assets of Central Public Sector
Enterprises (CPSEs) and other Government agencies.
Q) ‘HouseWorkIsWork’ initiative is associated with which bank, which provides possibilities for those who want to
return to the workforce?
a) Axis bank b) Kotak Mahindra
c) HDFC d) ICICI
Answer: a) Axis bank
● Due to a low participation of urban educated women in the workforce, Axis Bank has launched the
‘HouseWorkIsWork’ project, which provides possibilities for those who want to return to the workforce.
● The intent behind this initiative is to give these women the confidence that they are employable, that they
have skills, and that they can fit in various job roles in a bank.
Q) “VoiceSe UPI payments service” for feature phone users is the recent initiative of which tech company?
a) GoCardless b) Thryv
c) Square Payments d) ToneTag
Answer: d) ToneTag
● ToneTag has partnered with NSDL Payments Bank and NPCI to launch its “VoiceSe UPI payments service”
for feature phone users.
Q) India and World Bank signed a US$125 million loan to support access to Social Protection Services in which state?
a) West Bengal b) Odisha
c) Jharkhand d) Kerala
Answer: a) West Bengal
● The Government of India, the Government of West Bengal, and the World Bank have signed a $125 million
loan to support efforts to help poor and vulnerable groups access social protection services in the state of West
Bengal.
● The West Bengal Building State Capability for Inclusive Social Protection Operation will support these
interventions at the state level, with particular focus on vulnerable groups such as women, tribal and
scheduled caste households, and the elderly, as well as households in the state’s disaster-prone coastal
regions.

Q) Who has been appointed the chairman of the National Financial Reporting Authority (NFRA) for a period of three
years?
a) Ajay Bhushan Pandey b) Alek Das
c) Jyoti Rao d) Rima Mistry
Answer: a) Ajay Bhushan Pandey
● Ajay Bhushan Pandey has been appointed as the chairman of the National Financial Reporting Authority
(NFRA) for a period of 3 years.
● He is a 1984-batch Maharashtra cadre IAS officer, retired as revenue secretary in February last year.
● About the NFRA:
○ The NFRA acts as an independent regulator for the auditing profession.
○ The body has powers to review the financial statement of companies, can seek explanations and probe
irregularities with respect to accounting and auditing issues.
○ The setting up of the NFRA, envisaged under the Companies Act, 2013, was approved by the Cabinet
in May 2018
Q) Ashwani Bhatia (SBI MD) has been appointed as a member of which agency?
a) SEBI b) RBI
c) NSE d) UPSC
Answer: a) SEBI
● The cabinet has appointed Ashwani Bhatia, managing director (MD) of the State Bank of India (SBI), as a
whole-time member (WTM) of the Securities and Exchange Board of India (SEBI).
Q) Reserve Bank of India has declared that National Bank for Financing Infrastructure and Development (NaBFID) will
be regulated as an All India Financial Institution (AIFI) under which Act?
a) RBI Act, 1934 b) Banking Regulation Act, 1949
c) Companies Act, 1956 d) Companies Act, 2013
Answer: a) RBI Act, 1934
● Reserve Bank of India has announced that National Bank for Financing Infrastructure and Development
(NaBFID) will be regulated and supervised by it as an All India Financial Institution (AIFI) under the RBI
Act, 1934.
● Presently RBI has four AIFIs under it namely EXIM Bank, NABARD, NHB and SIDBI.
● NaBFID will be the fifth AIFI under RBI.
● NaBFID has been set up as a Development Financial Institution (DFI) to support the development of
long-term infrastructure financing in India.
● Chairman of NaBFID: KV Kamath.
Q) Debashish Panda has been appointed the new chairman of which agency?
a) SEBI b) IRDAI
c) PFRDA d) NITI Aayog
Answer: b) IRDAI
● Debasish Panda has been appointed as the chairman of the Insurance Regulatory and Development Authority
of India (IRDAI). He is a former financial services secretary.
● He is a 1987-batch IAS officer of the Uttar Pradesh cadre, retired as financial services secretary in January
this year after a two-year stint.

Q) The Reserve Bank of India (RBI) directed which payments bank to stop onboarding new customers with immediate
effect?
a) Airtel Payments Bank b) India Post Payments Bank
c) Paytm Payments Bank d) Jio Payments Bank
Answer: c) Paytm Payments Bank
● Reserve Bank of India (RBI) has directed Paytm Payments Bank Ltd to stop the onboarding of new
customers with immediate effect. The bank has also been directed to appoint an IT audit firm to conduct a
comprehensive System Audit of its IT system.
● The RBI took the decision in exercise of its powers under section 35A of the Banking Regulation Act, 1949.
● Chairman of Paytm Payments Bank Ltd: Vijay Shekhar Sharma
Q) Which ministry/agency announced a reduction in Employees’ Provident Fund Organization (EPFO) interest rate to
8.1% for the year 2021-2022?
a) Ministry of Finance b) RBI
c) Ministry of Labour & Employment d) Ministry of Commerce and Industry
Answer: c) Ministry of Labour & Employment
● The Employees' Provident Fund Organization (EPFO) under the Union Ministry of Labour and
Employment slashed the interest on provident fund deposits for 2021-22 to more than a four-decade low of
8.1 per cent from 8.5% earlier
● The move comes as a major hit to the earnings of over 60 million subscribers of EPFO.
● This is the lowest since 1977-78 when the EPF interest rate was 8 per cent.
Q) Which bank has signed an MOU with SELCO Solar Light Private Limited to provide energy access to the underserved
population?
a) Bank of Maharashtra b) Karnataka Bank
c) J&K Bank d) HDFC Bank
Answer: b) Karnataka Bank
● Karnataka Bank has signed Memorandum of Understanding (MOU) with SELCO Solar Light Private
Limited, engaged in the business of designing, assembling, selling and servicing of solar energy products for the
last 27 years with the main objective of providing energy access to underserved population.
● Under this collaborative initiative, Karnataka Bank provides financial support to individuals/ HUF/ Farmers/
Traders/Businessmen / Proprietorship concerns / Professionals / Salaried Persons/Institutions etc to purchase the
solar energy products of SELCO Solar Light Private Limited in India.
Q) In recognition of its best performance in Self Help Group Bank Linkage, the Ministry of Rural Development (GoI) has
awarded which bank with the ‘National Award for Outstanding Performance for FY 2020-21’?
a) SBI b) Karnataka Bank
c) Bank of Maharashtra d) J&K Bank
Answer: d) J&K Bank
● Union Minister of Rural Development, Giriraj Singh honoured the Jammu and Kashmir Bank (J&K
Bank) with the “National Award for Outstanding Performance for FY 2020-21” in recognition of its best
performance in Self-Help Group Bank Linkage.

Q) Which bank has recently acquired a 3% stake in the India Debt Resolution Company Limited (IDRCL)?
a) Union Bank b) UCO Bank
c) PNB d) Canara Bank
Answer: b) UCO Bank
● UCO Bank has entered into an agreement to acquire a 3 percent stake in India Debt Resolution Company Ltd
(IDRCL) for Rs 1.50 crore.
● IDRCL was incorporated on September 3, 2021, to carry on the business as a debt management company
and to do all kinds of debt management.
● It will do operational management and consultancy services in relation to debt resolution for an asset
reconstruction company or investment trust or any other portfolio of securities.
Q) Which stock exchange of India has tied up with the India Bullion and Jewelers Association Ltd (IBJA) to launch a
domestic bullion spot exchange?
a) NSE b) BSE
c) Indian Commodity Exchange Limited d) Metropolitan Stock Exchange of India Ltd.
Answer: a) NSE
● National Stock Exchange of India Ltd (NSE) and India Bullion and Jewelers Association Ltd (IBJA) has
joined hands to launch the Domestic Bullion Spot Exchange in line with SEBI guidelines.
Q) Recently, which agency has permitted Microfinance Institutions(MFI) the freedom to set interest rates they charge
borrowers?
a) Ministry of Finance b) Banks Board of India
c) RBI d) Ministry of Commerce and Industry
Answer: c) RBI
● The Reserve Bank of India (RBI) has allowed microfinance lenders to fix interest rates on loans with a rider
that those should not be usurious for the borrowers.
● A microfinance loan is defined as a collateral-free loan given to a household having an annual income of up
to ₹3 lakh.
Q) What is the name of India’s first primary markets investment platform launched by IIFL Securities Limited?
a) AlwaysUp b) OneUp
c) UpDown d) OneOne
Answer: b) OneUp
● IIFL Securities Limited (Formerly India Infoline Limited) launched ‘OneUp’, India’s first primary markets
investment platform.
● Through this platform, investment can be made in initial public offerings (IPOs), non-convertible debentures
(NCDs) and sovereign gold bonds (SGBs), among others.
Q) Which company has launched India’s first complete e-commerce platform for industrial products?
a) Reliance b) Adani
c) L&T d) Tata
Answer: c) L&T
● Larsen & Toubro (L&T) has established the L&T-SuFin e-commerce platform.

● It is the country’s first complete e-commerce platform for industrial products and services sold to other
businesses.
● The platform’s transaction cost is roughly 1.5 per cent.
Q) Which bank won the IFR Asia 2021 Asian Bank of the Year Award?
a) Axis Bank b) ICICI Bank
c) Karnataka Bank d) HDFC Bank
Answer: a) Axis Bank
● India’s third-largest private sector bank, Axis Bank has been awarded IFR Asia’s Asian Bank of The Year, for
its breadth of coverage and depth of expertise in the Asian investment banking space.
● The award acknowledges the bank’s outstanding performance in equity and debt issuance, across all major
products and segments.
● Globally:
○ Morgan Stanley has been honoured with the Bank of the year award at the IFR Asia Award 2021 and
the JSW Group has been awarded with the Issuer of the year award.
○ The awards are organized by IFR Asia, a Hong Kong-based provider of capital markets intelligence
Q) Bloomberg’s recent data on Market capitalization has put India’s equities market at which rank in terms of market
capitalization?
a) Fourth b) Sixth
c) Fifth d) Third
Answer: c) Fifth
● As per Bloomberg’s recent data on Market capitalization, for the 1st time, India’s equities market has entered
the world’s top 5 in terms of market capitalization.
● India is ranked 5th with an overall market capitalization of USD 3.21 trillion.
Q) Who has been elected Chairman of the Confederation of Indian Industry (CII) Western Region for the year 2022-23?
a) Ranjit Sethi b) Arush Saxena
c) Sunil Chordia d) Ajay Prasad
Answer: c) Sunil Chordia
● Sunil Chordia, Chairman & Managing Director, Rajratan Global Wire Ltd, has been elected Chairman of
the Confederation of Indian Industry (CII) Western Region for the year 2022-23

Q) Which bank will set up an Innovation, Incubation, and Acceleration Centre (IIAC) in
Hyderabad?
a) Axis Bank b) SBI
c) PNB d) HDFC
Answer: b) SBI
● The State Bank of India (SBI) will set up an Innovation, Incubation, and Acceleration Centre (IIAC) at
Hyderabad, Telangana which will be operational in six to nine months of on-boarding a consultant.
● This Centre will be the bank’s in-house capability to enhance its current performance and drive higher
top-line growth through innovation.
● It will act as a central body to govern and drive fin-tech partnerships and implement change across the bank.
● State Bank of India Chairman: Dinesh Kumar Khara.
Q) Mahila Money, Transcorp and which payment network has launched Mahila Money
Prepaid Card for women entrepreneurs?
a) RuPay b) Visa
c) MasterCard d) American Express
Answer: b) Visa
● The digital payments network Mahila Money, Visa, and Transcorp Prepaid Payment Instruments (PPI) have
launched Mahila Money Prepaid Card to help women entrepreneurs easily collect payments, loans and get
incentives for transactions.
Q) Which Indian institute of technology has partnered with the RBI incubation hub to boost fintech startups?
a) Madras b) Kharagpur
c) Roorkee d) Delhi
Answer: a) Madras
● IIT Madras Incubation Cell (IITMIC) and RBI Innovation Hub (RBIH), a wholly-owned subsidiary of the
Reserve Bank of India, inked a Memorandum of Understanding (MoU) to collaborate in establishing the
ecosystem needed to support and expand fintech businesses in India.
Q) ‘Smart Guaranteed Pension Plan’ is the initiative of which insurance company in India?
a) LIC b) ICICI Prudential Life Insurance
c) HDFC Standard Life Insurance d) Max Life Insurance
Answer: d) Max Life Insurance
● Max Life Insurance launches smart guaranteed pension plan. Key features.
● Max Life Insurance Company Ltd. has announced the launch of the 'Max Life Smart Guaranteed Pension
Plan', a non-linked, non-participating single premium individual/group general annuity plan.
● The new product offering will guarantee the annuitant a regular income stream, ensuring their future
financial security
Q) Which bank has become the first Indian bank to partner with Emirates Skywards to offer the exclusive range of credit
cards in the country?
a) IDBI Bank b) ICICI Bank
c) HDFC Bank d) Federal Bank

Answer: b) ICICI Bank
● In collaboration with Emirates Skywards, the loyalty programme of Emirates and flydubai, ICICI Bank created
the ‘Emirates Skywards ICICI Bank Credit Card’.
● Customers can earn reward points – known as Skywards Miles – on travel, lifestyle, and everyday purchases
with the collection of cards.
● These cards, according to the private sector lender, offer best-in-class rewards and advantages and are a perfect fit
for affluent consumers who travel abroad frequently.
Q) The Indian arm of which bank will launch the Green Deposit Program for corporate clients to enable
environmentally-friendly projects?
a) Development Bank of Singapore (DBS) b) Bank of America
c) Standard Chartered Bank d) HSBC
Answer: a) Development Bank of Singapore (DBS)
● DBS Bank India has announced the launch of its Green Deposit Programme for corporate clients providing a
simple way for companies to support environmentally friendly projects or avenues.
● Green Deposits will fund green industries and initiatives such as green building sustainable water initiatives
that include wastewater management, renewable energy and clean transportation.
Q) Which agency recommended A Manimekhalai as the managing director and chief executive (MD & CEO) of Union
Bank of India?
a) RBI b) Ministry of Finance
c) Banks Board Bureau d) Union Bank of India Board
Answer: c) Banks Board Bureau
● The Banks Board Bureau (BBB) has recommended A Manimekhalai for the position of managing director
and chief executive (MD & CEO) of Union Bank of India.
● She is currently Executive Director at Bengaluru-based Canara Bank
Q) Who has been named the new CFO of the Ujjivan Small Finance Bank?
a) Rakesh Khetan b) Ramesh Murthy
c) Ritik Bharuch d) Damodar Das
Answer: b) Ramesh Murthy
● Ujjivan Small Finance Bank has appointed MD Ramesh Murthy as the new Chief Financial Officer (CFO).
● As CFO, Murthy will be responsible for formulating and guiding the bank’s strategy for growth, while also
leading the Finance and Accounts functions.
Q) Which became the first Indian bank to sign an MOU with Business France, to support companies in the Indo-French
corridor?
a) SBI b) Kotak Mahindra
c) Axis Bank d) ICICI
Answer: b) Kotak Mahindra
● Kotak Mahindra Bank Ltd has entered into a memorandum of understanding (MoU) with Business France, the
French national agency in charge of the development of exports and international investments in France, to
support companies in the Indo-French corridor.

Q) What name has been given to the National Payments Corporation of India’s 'on-device' wallet for facilitating
small-ticket transactions?
a) NPCI Lite b) Paytm Lite
c) UPI Lite d) Payment Lite
Answer: c) UPI Lite
● National Payments Corporation of India (NPCI) designed the “UPI Lite – On-Device wallet” (“UPI Lite”)
functionality for UPI users for small value transactions. About 75% of the total volume of retail transactions
(including cash) in India are below Rs 100 transaction value.
● Further, 50% of the total UPI transactions are having a transaction value of up to Rs 200/-.
● The upper limit of a UPI Lite payment transaction shall be Rs. 200.
● The total limit of UPI Lite balance for an “On-device wallet” shall be Rs. 2,000 at any point of time.
Q) Which petroleum company has become the first in India to offer digital payment to non-internet users?
a) Hindustan Petroleum Corporation Ltd b) Reliance Petroleum Ltd
c) Indian Oil Corporation Ltd d) Bharat Petroleum Corporation Ltd
Answer: d) Bharat Petroleum Corporation Ltd
● Bharat Petroleum Corporation Limited (BPCL), a ‘Maharatna’ and Fortune Global 500 company, has teamed
up with UltraCash Technologies Pvt. Ltd. to provide BharatGas customers with a voice-based digital
payment option for booking LPG cylinders.
● Customers who do not have access to a smartphone or the internet can use this feature to book cylinders and pay
via the ‘UPI 123PAY’ system.
Q) Which Indian Economist has been named as a member of UN’s Advisory Board?
a) Ila Patnaik b) Kaushik Basu
c) Jayati Ghosh d) Amita Mitra
Answer: c) Jayati Ghosh
● United Nations (UN) Secretary-General, Antonio Guterres has announced the appointment of Indian
development economist Jayati Ghosh as a member of the UN’s newly established Advisory Board on Effective
Multilateralism.
● The 12-member high-level advisory board on effective multilateralism will be co-chaired by former Liberian
president and Nobel laureate Ellen Johnson Sirleaf and former Swedish prime minister Stefan Lofven.
● About Jayati Ghosh
○ Jayati Ghosh is a Professor at the University of Massachusetts Amherst.
○ She was previously a professor of economics and chairperson of the Centre for Economic Studies and
Planning, School of Social Sciences, Jawaharlal Nehru University.
○ She is also a member of the UN’s high-level Advisory Board on Economic and Social Affairs.
Q) “SmartHub Vyapar programme” & ‘AutoFirst’ app is the upcoming initiative of which bank?
a) Axis Bank b) HDFC Bank
c) ICICI Bank d) Kotak Mahindra Bank
Answer: b) HDFC Bank
● HDFC Bank has announced to launch the “SmartHub Vyapar programme” & ‘AutoFirst’ app the following
two initiatives/application to give a digital push to small business loans.
● ‘AutoFirst’ application:
○ HDFC Bank can even launch a utility ‘AutoFirst’ that may provide totally automated auto loans.

● SmartHub Vyapar programme:
○ It is an app that bundles all cost platforms – playing cards, UPI, QR code, faucet pay and
SMS-based funds
Q) Which digital payments company has acquired freelance entrepreneur network GigIndia?
a) Freecharge b) Paytm
c) PhonePe d) Amazon Pay
Answer: c) PhonePe
● PhonePe, a digital payments and financial services company, has acquired GigIndia, a network for independent
micro-entrepreneurs based in Pune.
● PhonePe will use GigIndia’s network of freelancing microentrepreneurs to assist corporations and businesses
in expanding their customer bases and distribution channels.
Q) ICICI Bank has partnered with which IPL team for a co-branded credit card?
a) Mumbai Indians b) Chennai Super Kings
c) Kolkata Knight Riders d) Rajasthan Royals
Answer: b) Chennai Super Kings
● ICICI Bank announced that it has partnered with Chennai Super Kings (CSK), one of India’s most successful
cricket teams, to introduce a co-branded credit card.
● The card, dubbed the ‘Chennai Super Kings ICICI Bank Credit Card,’ has been expressly developed with a
range of exclusive perks for the iconic team’s millions of cricket fans.
Q) India’s annual goods exports crossed how much mark for the first time ever as announced by government?
a) $ 700 billion b) $ 600 billion
c) $ 400 billion d) $ 500 billion
Answer: c) $ 400 billion
● India's annual goods exports crossed the $400-billion mark for the first time ever, the government
announced, buoyed by an increase in shipments of merchandise, including engineering products, apparel and
garments, gems and jewellery and petroleum products
Q) RBI has recently cancelled the license of which co-operative Bank of Uttar Pradesh?
a) Janata Cooperative Bank b) Bharat Cooperative Bank
c) Cosmos Cooperative Bank d) People’s Co-operative Bank Ltd
Answer: d) People’s Co-operative Bank Ltd
● Reserve Bank of India (RBI) has cancelled the license of People’s Co-operative Bank Limited, Kanpur,
Uttar Pradesh as the bank failed to adhere to the requirements under Section 56 of the Banking Regulation
Act, 1949.
● The bank is prohibited from continuing its ‘banking’ business such as acceptance of deposits and repayment
of deposits with effect from the close of business on March 21, 2022.
Q) Mario Marcel, the Governor of the Central bank of which nation has won the Governor of the year award at the
Central Banking Awards 2022?
a) Brazil b) Chile
c) Argentina d) Italy

Answer: b) Chile
● Mario Marcel, the Governor of the Central Bank of Chile, has won the Governor of the year award at the
Central Banking Awards 2022
Q) Which state has bagged the top position in NITI Aayog's Export Preparedness Index (EPI) 2021?
a) Telangana b) Maharashtra
c) Gujarat d) Tamil Nadu
Answer: c) Gujarat
● Gujarat topped Niti Aayog’s Export Preparedness Index 2021, followed by Maharashtra and Karnataka in
second and third place, respectively.
● Gujarat has topped the Niti Aayog rankings for the second year in a row
● Export Preparedness Index 2021 is intended to assess states’ preparation in terms of export potential and
performance
Q) Which multilateral grouping has agreed on a landmark law, Digital Markets Act (DMA), to curb the market
dominance of big tech giants?
a) EU b) ASEAN
c) AfCFTA d) NATO
Answer: a) EU
● The European Union (EU) finalised details of its Digital Markets Acts (DMA).
● This new legislation could dramatically change the way big tech firms such as Apple, Google, Meta, and
Amazon operate in Europe.
● The law aimed to make the “digital sector fairer and more competitive”.
● It focus on companies like Apple, Facebook, Google, etc. as gatekeepers as they have to comply with the new
rules.
Q) How much target has the government set for the National Bank for Financial Infrastructure and Development
(NaBFID) to provide loans to the infrastructure sector in the upcoming financial year?
a) Rs. 0.5 trillion b) Rs. 1 trillion
c) Rs. 1.5 trillion d) Rs. 2 trillion
Answer: b) Rs. 1 trillion

● The Centre has set a target of about Rs 1 trillion for government-backed National Bank for Financial
Infrastructure and Development (NaBFID) for sanctioning loans to the infrastructure sector in the next financial
year 2022-23.
Q) SIDBI has signed an agreement with which state government to develop an ecosystem for small and medium
businesses?
a) Tripura b) Odisha
c) West Bengal d) Meghalaya
Answer: d) Meghalaya
● The Small Industries Development Bank of India (SIDBI), a financial institution for Micro, Small and
Medium Enterprises (MSME), has announced that it has signed a Memorandum of Understanding (MoU) with
the Government of Meghalaya’s Meghalaya Infrastructure Development and Finance Corporation Ltd.
[MiDFC] to develop the state’s MSME ecosystem.
● Increasing MSMEs‘ capability through online platforms such as PSB 59, Mitra portals, GeMS, TReDS, and
others, establishing business information and counselling centres for micro firms, and building the capacity of
state agencies working to develop MSMEs in the state
Q) The foundation stone for the establishment of a Learning and Development Centre (LDC) of the Bharatiya Reserve
Bank Note Mudran Private Limited (BRBNMPL) was laid in which city?
a) Dewas b) Mysuru
c) Nashik d) Indore
Answer: b) Mysuru
● Governor of Reserve Bank of India (RBI), Shaktikanta Das has laid the foundation stone for the establishment
of a Learning and Development Centre (LDC) of the Bharatiya Reserve Bank Note Mudran Private Limited
(BRBNMPL) in Mysuru, Karnataka.
● Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) is a wholly-owned subsidiary of RBI.
● About the Learning and Development Centre:
○ LDC is being established with active collaboration from Security Printing and Minting Corporation
of India Limited (SPMCIL) and Bank Note Paper Mill India Private Limited (BNPMIPL).
○ LDC will act as a forum for robust knowledge dissemination, thus ensuring that the best practices,
experiences, and innovations are shared efficiently in a congenial environment to ensure uniformity in
banknote production, quality and supply.
Q) The Indian Air Force (IAF), joined hands with which petroleum company to introduce a “Fleet Card- Fuel on the
Move” for its varied fleet of vehicles?
a) Bharat Petroleum Corporation Limited b) Indian Oil Corporation Limited
c) Reliance Petroleum Limited d) Oil India Limited
Answer: b) Indian Oil Corporation Limited
● In a bid to bring about a paradigm shift in the logistic management of fuel in its inventory, the Indian Air
Force (IAF) along with Indian Oil Corporation Limited (IOCL) has introduced a “Fleet Card- Fuel on the
Move” for its varied fleet of vehicles
● With the advent of the Fleet Cards, IAF will be able to utilize the vast network of retail fuel distributors
across the country to refuel its vehicles on the move.
● The measure will greatly enhance rapid mobility of IAF forces across the country who can now take the
shortest route between two places without being constrained by the requirement of routing through Military
Stations for refuelling.

The Union Cabinet approved foreign direct investment (FDI) of up to 20% under the automatic route in Life
Insurance Corporation (LIC) of India
● The reform in the FDI policy will facilitate foreign investment in LIC and such other bodies corporate, for
which the government may have a requirement for disinvestment purposes
● At present, the FDI policy did not prescribe any specific provision for foreign investment in LIC which is a
statutory corporation established under LIC Act, 1956.
● The policy permits FDI in insurance companies (74%) and insurance intermediaries (100%) in the insurance
sector.
● The FDI ceiling for public sector banks is 20% on government approval route.
● The government aims to sell 5% of its shareholding in the LIC through an offer for sale (OFS) to raise as much
as ₹75,000 crore.
GST collections at Rs 1.33 lakh crore in February, 2022

● It is the fifth month in a row to see GST collections crossing Rs 1.3 lakh crore.
● In February, Rs 24,435 crore was Central GST, Rs 30,779 crore State GST, Rs 67,471 crore Integrated GST
(including Rs 33,837 crore collected on import of goods) and Rs 10,340 crore cess (including Rs 638 crore
collected on import of goods).
● It is 18% higher than the GST revenues in the same month last year and 26% higher than the GST revenues in
February 2020.
● The gross GST collections in the first 10 months of 2021-22 have already reached Rs 12.1 lakh crore.
Trivitron Healthcare acquires the US-based medical equipment maker The Kennedy Company
● Trivitron Healthcare, an Indian based medical technology company has acquired 100 per cent shareholding in
US-based, the Kennedy Company, manufacturer of radiation protection X-ray shielding material and acoustic
barrier products.
● Through this it intends to support all existing operations and further expand manufacturing capabilities and
develop a cutting-edge Technology Park in Scottsboro, Alabama.
● The campus will house multiple manufacturing and R&D facilities focusing on Trivitron’s core segments –
medical imaging, in vitro diagnostics, intensive care and cardiology equipment and consumables.
● With this acquisition, Trivitron will now have a manufacturing and R&D presence in India, USA, Finland,
Turkey, China and Austria.
● GSK Velu is the Chairman & Managing Director, Trivitron Healthcare
Axis Bank commits $150 million to Samridh Healthcare Blended Finance

● Through this it will provide affordable finance of up to $150 million through Samridh, to support health
enterprises and innovators who would otherwise not have access to affordable debt financing
● Samridh, an initiative supported by the United States Agency for International Development (Usaid),
leverages philanthropic capital and public sector resources, to offset barriers for commercial investments in
small and medium health enterprises
● Axis Bank has signed a memorandum of understanding (MoU) with IPE Global Ltd for the Samridh
Healthcare Blended Finance Facility.
● The ability to access loans will help these units to increase production and provide advanced health solutions
to address covid-19 along with other health emergencies, especially across the vulnerable communities of India
from tier two and three cities.
Future Generali India Insurance Launches ‘FG Dog Health Cover’ Insurance
● Future Generali India Insurance Company Limited (FGII) has announced the launch of
FG Dog Health Cover, comprehensive health insurance for pet dogs, along with
industry-first ‘Emergency Pet Minding’ cover.
● The FGII also focuses on a digital campaign named ‘Oh My Dog!’ with an aim to
create awareness on purchasing dog health insurance cover and also targets on social
media like Instagram and Twitter.

● It will cover pet dogs aged between six months to four years for giant breeds and seven years for small,
medium, and large breeds.
● The exit age is ten years for small, medium, and large breeds and six years for giant breeds.
● This comprehensive cover will protect pet parents against the cost of their dogs’ surgery and hospitalization,
terminal illness, mortality, and funeral expenses.
RBI issued guidelines for Extended Interest Equalization Scheme for Export Credit
● The government of India has also extended the scheme till March 2024
● As per the modifications made by the government to the scheme, the telecom instrument sector having six HS
(Harmonised System) lines shall be out of the purview of the plan, except for MSME manufacturer exporters.
● Revised interest equalization rates under the scheme will now be three per cent for MSME manufacturer
exporters exporting under any HS lines and two per cent for manufacturer exporters and merchant exporters
exporting under 410 HS lines (after excluding 6 HS lines of the telecom sector)
● The extended scheme will not be available to those beneficiaries, who are availing the benefit under any
production linked incentive (PLI) scheme of the government.
Limit of Public Debt Investment via UPI increased to up to Rs 5 Lakhs by SEBI

● The Securities and Exchange Board of India (SEBI) has raised the investment limit for retail investors
applying in public debt securities issuance via the universal payments interface (UPI) mechanism to Rs 5 lakh
from Rs 2 lakh previously.
● It aims to bring about uniformity in the requirements and for ease of investment for investors.
● From May 1, 2022, the new investment limit will apply to public debt securities offerings.
● The investor can use the method to block money for up to Rs 5 lakh in application value per application.
● The National Payments Corporation of India invented UPI, an immediate payment mechanism.
Razorpay acquired 5th payments tech startup IZealiant Technologies

● Razorpay, a fintech unicorn, announced the purchase of IZealiant Technologies, a renowned Fintech business that
provides banks with payments technology solutions.
● IZealiant is a Pune-based startup that offers banks and financial institutions mobile-first, API-enabled, and
cloud-ready payment processing tools.
ICICI Bank will acquire 5% stake in NARCL

● ICICI Bank has signed an agreement on March 10, 2022 for investment in National Asset Reconstruction
Company Limited (NARCL).
● The bank will acquire up to 5% equity holding in NARCL with total cash consideration of up to ₹137.5 crore
in tranches.
● NARCL is an asset reconstruction company, which was incorporated on July 7, 2021.
● NARCL has been set up by banks to aggregate and consolidate stressed assets for their subsequent resolution.
● Public sector banks (PSBs) will maintain about 51% ownership in NARCL.
● It is created to help banks clean their balance sheets by transferring their bad loans so that the banks can focus
on their core business of taking deposits and lending money.
LivQuik became first PPI issuer to Achieve RBI’s PPI Interoperatibility

● Customers of LivQuik will be able to optimize their payments and spending across wallets by attaching a card
on the Visa and RuPay networks, as well as enabling UPI due to interoperability.
● LivQuik is an RBI-authorized Prepaid Payment Instrument Issuer and Full-Fledged Money Changer that
was founded in 2012. (FFMC).
● Enterprise, Issuance, and Acquiring are LivQuik’s three primary business verticals at the junction of Financial
Services and Retail.
● LivQuik is a Mumbai-based Fintech startup that was recently onboarded to global payment network VISA‘s
Fintech Fastrack Program as a Prepaid Payment Issuer and Full Fledged Money Changer (FFMC) by the Reserve
Bank of India.

Torrent Power inked a pact to acquire 51% stake in power distribution utility of Dadra & Nagar Haveli, Daman &
Diu
● The Special Purpose Vehicle created under this will be responsible for the distribution and retail supply of
electricity and holds distribution license in the Union Territory of Dadra and Nagar Haveli and Daman and Diu
(DNH & DD).
● With the addition of DNH & DD, Torrent will distribute nearly 24 billion units of electricity per annum to over
3.85 million customers and cater to a peak demand of over 5,000 MW.
● The Torrent Power, the integrated power utility of the diversified Torrent Group, with its total revenue of Rs
20,500 crore and a market cap of Rs 71,000 crore, is one of the largest companies in the country’s power sector
with a presence across the entire power value chain of generation, transmission and distribution.
Suchitra K Ella appointed chairperson of CII Southern Region for 2022-23

● Co-founder and joint managing director of Bharat Biotech International Ltd, Suchitra K Ella has been elected
as chairperson of Confederation of Indian Industry (CII)-southern region for the year 2022-23.
● Volvo Group India president and managing director Kamal Bali is the deputy chairman
● She is also a member of the CII National Council.
● She is also the Chairperson of CII Indian Women Network and serves on the Boards of ISB Well Wisher’s
Trust and United Way Hyderabad—an International Charity Partner focused on social empowerment in local
communities with a focus on livelihoods, health, and education.
Banks Board Bureau recommended names for chiefs of Union Bank, Punjab and Sind Bank, IOB & SBI
● It has shortlisted Alok Kumar Choudhary as the replacement for Ashwani Bhatia as managing director at State
bank of India.
● A Manimekhalai, executive director at Canara Bank, has been recommended as the MD & CEO of UBI,
● Ajay Kumar Srivastava, Executive Director at IOB, has been recommended for the Executive Director post in
the UBI bank and Swaroop Kumar Saha has been recommended for the Executive Director post at the Punjab &
Sind Bank.
HDFC Bank, Kotak Mahindra Bank, and Axis Bank have each purchased a 7.84 percent stake in ONDC, an open
public digital infrastructure framework business.
● Each of the three banks has put in Rs 10 crore in the company.
● The lenders said that their investment in ONDC is intended to assist in the development and transformation of the
Indian digital commerce ecosystem.
● About ONDC:
○ ONDC was founded in India on December 30, 2021, with the goal of developing and transforming the
country’s digital infrastructure.
○ Both goods and services are available in India’s digital commerce ecosystem.
SBI Card partnered with Nature’s Basket to launch the International Gourmet Card: ‘Nature’s Basket SBI Card’
● SBI and Nature's Basket will introduce the card in two variants – ‘Nature’s Basket
SBI Card’ and ‘Nature’s Basket SBI Card Elite’ to enable cardholders to derive
maximum value from their spending at Nature’s Basket stores along with other key
spend categories such as international travel, dining, and entertainment.
● The cards will be launched through the Visa platform.
● Nature’s Basket SBI Card and its Elite version will have an annual membership fee of ₹1499 and ₹4,999
respectively.
RBI inaugurated Reserve Bank Innovation Hub in Bengaluru: Kris Gopalakrishnan is first Chairman of RBIH
● Senapathy (Kris) Gopalakrishnan, co-founder and former co-chairman of Infosys, has been appointed as the
first chairperson of the Reserve Bank Innovation Hub.
● In August 2021, the central bank had announced that it will set up the Reserve Bank Innovation Hub (RBIH) to
promote innovation across the financial sector by leveraging on technology and creating an environment that
would facilitate and foster innovation.

● The RBIH shall create an eco-system that would focus on promoting access to financial services and products
in the country
● The Hub will collaborate with financial sector institutions, technology industry and academic institutions
and coordinate efforts for exchange of ideas and development of prototypes related to financial innovations.
● It would develop internal infrastructure to promote fintech research and facilitate engagement with innovators
and start-ups.
Ola to acquire neo bank Avail Finance

● Ola intends to use Avail Finance’s product portfolio to enhance its lending operations and further its
neo-banking expansion goals.
● The acquisition is a critical step in Ola’s bigger drive into the fintech market as it strives to develop a
mobility-focused financial services business under Ola Financial.
● Ola Financial Services will expand its position in the credit underserved areas that include blue-collar
employees, such as Ola’s driver-partner ecosystem, with this purchase.
FinMapp, a financial services firm, has been granted a licence under the National Pension Scheme by the Pension
Fund Regulatory and Development Authority (PFRDA)
● It has also obtained a registration certificate as a corporate agent from the Insurance Regulatory and Development
Authority of India (Irdai).
● It is a one-stop marketplace for all financial products made digitally available by prominent banks, NBFCs,
insurance companies, mutual funds institutions, and capital markets
● It would allow FinMapp to provide insurance and NPS products to its clients as a verified seller, allowing the
company to extend its customer base, according to the company’s statement.
RBI unveiled framework for geo-tagging of payment system touch points

● It is a part of the central bank’s focus for deepening digital payments and providing inclusive access to all
citizens of the country.
● Geo-tagging of payment system touchpoints will enable proper monitoring of the availability of payment
acceptance infrastructure like Points of Sale (PoS) terminals, Quick Response (QR) codes, etc.
● Fully Owned Subsidiaries of Reserve Bank of India (RBI)
○ Deposit Insurance and Credit Guarantee Corporation of India (DICGC),
○ Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL),
○ Reserve Bank Information Technology Private Limited (ReBIT),
○ Indian Financial Technology and Allied Services (IFTAS),
○ Reserve Bank Innovation Hub (RBIH)
SIDBI approved Rs 837 crores grant for Odisha to develop MSME Clusters to help develop 18 MSME
infrastructure projects
● The funding will be provided to the Odisha Industrial Infrastructure Development Corporation which will be
the implementing agency.
● The projects include development of five new MSME parks, construction of 11 workers hostels and two
projects to support MSME infrastructure.
● Under this, Sidbi will extend moderately priced loan assistances to the states for upgrading various existing
MSME clusters as also to create new industrial infrastructure.
● Recently, Sidbi has also launched a pilot program in the Bargarh-Handloom Cluster via its grant support.
ICICI & HDFC Bank will acquire 15% stake in IDRCL

● Private sector lenders Axis Bank and HDFC Bank they have signed agreements to acquire up to 15 per cent stake
each in India Debt Resolution Company Limited (IDRCL) for a total cash consideration of Rs 7.5 crore each.
● In September 2021 public sector banks had created IDRCL as a step-down asset management company.
● It has been incorporated with the objective to carry on the business as a debt management company and to do
all kinds of debt management, operational management and consultancy services in relation to debt resolution for
an asset reconstruction company or investment trust or any other portfolio of securities.

CS Rajan appointed as Chairman of the Infrastructure Leasing & Financial Services
● The Union Government has appointed CS Rajan as Chairman and Managing Director of Infrastructure Leasing &
Financial Services (IL&FS) for a period of six months with effect from April 3.
● Shri Uday Kotak has been leading the debt resolution process of IL&FS since the behemoth defaulted on loan
repayment in 2018.
● Till March-end 2022, the infra behemoth has been able to resolve debt amounting to Rs 55,000 crore.
● Of the total debt of Rs 55,000 crore, Rs 21,000 crore of debt has been discharged by way of monetization of
assets and debt repayment, largely to public sector lenders.
Raj Subramaniam appointed new CEO of FedEx

● The world’s largest express transportation company FedEx has announced that its new Chief Executive
Officer will be Indian American Raj Subramaniam.
● He has more than 30 years of global experience across strategy and operations and has led the company through
a period of tremendous growth.
● The US multinational courier delivery giant was previously helmed by Frederick W Smith.
HDFC ERGO General Insurance Company has launched its VAULT program
● It is India’s first industry-based digital customer engagement and rewards program.
● This program is an experiment to test a new idea under the Regulatory Sandbox of IRDAI (Insurance
Regulatory and Development Authority of India).
● The testing period will be till 14th May 2022 and further continuance of the product beyond the testing period
will be subject to IRDAI approval.
● VAULT program is a customer engagement-based membership program.
● Under the program, eligible customers will be incentivized by way of reward points on meeting the specified
criteria or actions. Maximum customer enrolments under this program will be 10,000.
● This reward program will cover Optima Restore health insurance customers.


Banking Awareness March 2022

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Answer: b) International Air Transport Association

Answer: a) Union Bank of India

Answer: b) New Development Bank

1 © Copyright 2022 Study IQ

Answer: c) Bank of Maharashtra

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Answer: b) Junaid Kamal Ahmad

● India is ranked 3rd in terms of most number of billionaires’

3 © Copyright 2022 Study IQ

Answer: c) LIC Mutual Fund

Answer: c) Bharti AXA Life Insurance

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● NSE joins hand with Telangana govt to fuel growth of MSMEs

Answer: a) Kotak Mahindra

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Answer: c) Urban Cooperative Banks

Answer: c) Tamil Nadu

Answer: b) Banks Board Bureau

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Answer: b) Indian Overseas Bank

Answer: b) March 7-11

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Answer: c) HDFC Mutual Fund

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Answer: b) Ministry of Finance

Answer: a) Axis bank

Answer: a) West Bengal

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Answer: a) Ajay Bhushan Pandey

Answer: a) RBI Act, 1934

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Answer: c) Paytm Payments Bank

Answer: c) Ministry of Labour & Employment

Answer: b) Karnataka Bank

Answer: d) J&K Bank

11 © Copyright 2022 Study IQ

Answer: b) UCO Bank

12 © Copyright 2022 Study IQ

Answer: a) Axis Bank

Answer: c) Sunil Chordia

13 © Copyright 2022 Study IQ

Answer: d) Max Life Insurance

14 © Copyright 2022 Study IQ

Answer: a) Development Bank of Singapore (DBS)

Answer: c) Banks Board Bureau

Answer: b) Ramesh Murthy

Answer: b) Kotak Mahindra

15 © Copyright 2022 Study IQ

Answer: c) UPI Lite

Answer: d) Bharat Petroleum Corporation Ltd

Answer: c) Jayati Ghosh

Answer: b) HDFC Bank

16 © Copyright 2022 Study IQ

Answer: b) Chennai Super Kings

Answer: c) $ 400 billion

Answer: d) People’s Co-operative Bank Ltd

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Answer: b) Rs. 1 trillion

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Answer: b) Indian Oil Corporation Limited

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GST collections at Rs 1.33 lakh crore in February, 2022

Axis Bank commits $150 million to Samridh Healthcare Blended Finance