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Banking, Finance & Economy PDF 2022 - APRIL
Table of Contents
Banking, Finance & Economy News: April 2022 ..................................................................................................... 5
Banking, Finance & Economy Q&A: April 2022 ..................................................................................................... 67

Banking, Finance & Economy News: April 2022

RBI IN NEWS
RBI established Varnika Ink Manufacturing Facility in Mysuru, Karnataka

Reserve Bank of India (RBI) Governor Shaktikanta Das has dedicated the Varnika ink manufacturing facility at
Mysuru in Karnataka. The facility is a unit of Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL),
a wholly owned subsidiary of the RBI.
• As a push towards the “Make in India” strategy, “Varnika” is established with a 1,500 Metric Ton (MT)
annual ink manufacturing capacity to improve bank note security and ensure that all bank note printing
inks are manufactured indigenously.
He has also placed the foundation stone for for BRBNMPL’s Learning and Development Centre (LDC) in Mysuru,
which would help India’s currency production eco-system strengthen human resource capability and become a
global centre of excellence.
Highlights:
Varnika Ink Manufacturing Facility:
This plant also produces Colour Shift Intaglio Ink (CSII) and meets the whole requirements of bank note
printing presses in India, resulting in cost effectiveness and bank note ink self-sufficiency.
Learning and Development Centre (LDC):
i.It is established in collaboration with Security Printing and Minting Corporation of India Limited (SPMCIL), a
wholly owned Schedule ‘A’ Miniratna category-1 company by the Government of India and Bank Note Paper
Mill India Private Limited (BNPMIPL), a joint venture between BRBNMPL and SPMCIL.
ii.It will be administered by BRBNMPL and will serve as a platform for effective knowledge transmission,
assuring uniformity in banknote production, quality, and supply.
RBI extends Deadline for Implementation of Cassette Swap in ATMs till Mar 31, 2023
On March 31, 2022, the Reserve Bank of India (RBI) for the second time extended the timeline for the
implementation of cassette swap in all ATMs (Automated teller machine) by 1 year till March 31, 2023.
• This extension is due to the requests received by RBI from various banks and Indian Banks’ Association
(IBA) citing various constraints in meeting the timeline.
Background:
In July 2021, RBI had advised banks to use lockable cassettes in their ATMs which shall be swapped at the time
of cash replenishment. It was to be implemented in a phased manner covering at least one third ATMs operated
by the banks every year, such that all ATMs achieve cassette swap by March 31, 2021. The RBI later extended
the deadline to March 31, 2022.
• This is aimed at mitigating risks involved in open cash replenishment/ top-up.
Key Points:
i.As per estimates, each ATM will require three sets of five cassettes-one set in the ATM, one in transit and
another at branch/ cash-in-transit (CIT) company (ready for loading next day).
• The cost of each cassette is in the range of Rs 15,000 to Rs 20,000.
ii.As of December-end 2021, there were 2.41 lakh ATMs in the country. Of these, 2.11 lakh were bank-owned
ATMs and 30,000 were owned by White Label ATM Operators.
What is a cassette?
The currency notes inside the ATM are stacked in boxes called ‘cassettes’. Each cassette is loaded with one
denomination.

RBI reduces WMA limit for States/UTs To Rs 47,010cr

On April 1, 2022, the Reserve Bank of India (RBI) reduced the Ways and Means Advances (WMA) for states and
Union Territories to Rs 47,010 crore from Rs 51,560 crore amid uncertainties related to COVID-19 w.e.f. April
1, 2022 and are subject to review.
• WMAs are temporary advances given by the RBI to the government to tide over any mismatch in
receipts and payments.
• The limit for WMA for the Government of India (GoI) for the first half of FY23 (H1FY23) has been set
at Rs 1,50,000 crore.
• The limit was changed after the recommendation by the Advisory Committee on Ways and Means
Advances to State Governments (Chairman: Shri Sudhir Shrivastava). These norms will be effective
from April 01, 2022 and are subject to review.
Key Points:
i.The Special Drawing Facility (SDF) availed by state governments/ UTs (Union Territories) will continue to be
linked to their investments in marketable securities issued by the GoI, including Auction Treasury Bills (ATBs).
ii.Interest rate on SDF, WMA and OD (Overdraft) will continue to be linked to the policy rate of the Reserve
Bank, the repo rate.
iii.Interest will be charged for all the days the advance remains outstanding.
iv.The higher WMA i.e. Rs 51,560 crore was applicable till March 31, 2022.
Overdraft facility would be provided based on the following guidelines:
i.State Governments/UTs can avail overdraft on 14 consecutive days;
ii.State Governments/UTs can be in OD for a maximum number of 36 days in a quarter;
iii.If the OD exceeds 100 per cent of the WMA limit for five consecutive working days for the first time in a
financial year, Reserve Bank will advise the State to bring down the OD level within the 100 per cent of WMA
limit. If, however, such irregularity occurs on a second or subsequent occasion in the financial year, the Reserve
Bank will stop payments notwithstanding clauses (a) & (b) above.
The prevailing rates are retained as given below:
Scheme Limit Rate of Interest
If availed against net annual incremental investment in CSF and GRF Repo rate minus 2 per cent
SDF If availed against investment in G-sec/ ATBs Repo rate minus 1 per cent
If outstanding up to 3 months from the date of making the advance Repo rate
WMA If outstanding beyond three months from the date of making the advance Repo rate plus 1 per cent
If availed up to 100 per cent of WMA limit Repo rate plus 2 per cent
OD If it exceeds 100 per cent of WMA limit Repo rate plus 5 per cent
Click here for Official Notification
RBI imposes Restrictions on Shushruti Souharda Sahakara Bank Niyamita

On April 7, 2022, the Reserve Bank of India (RBI) imposed several restrictions on Bengaluru (Karnataka)-
based Bank namely, ‘Shushruti Souharda Sahakara Bank Niyamita’ for a period of six months w.e.f. April 7,
2022, due to decline in the lender’s financial position.
• This decision by apex bank is taken after exercising its power conferred under sub section (1) of Section
35 A of the Banking Regulation (BR) Act, 1949, read with Section 56 of the BR Act, 1949.
Key Restrictions:
i.RBI imposes a withdrawal cap of Rs 5,000 of the total balance across all savings bank or current accounts or
any other account of a depositor.
ii.The bank cannot, without prior approval from RBI, grant or renew any loans and advances, make any
investment, incur any liability and accept fresh deposits.
iii.It will continue to undertake banking business with restrictions till its financial position improves.

Click here for official Notification

About Shushruti Souharda Sahakara Bank Niyamita:
Establishment– 1998
Founder Chairman– Dr. N. Srinivasa Murthy
Headquarters- Bengaluru, Karnataka
RBI Issues Guidelines on Establishment of 24X7 Digital Banking Units by Banks

The Reserve Bank of India (RBI) issued Guidelines on the establishment of 24X7 Digital Banking Units (DBUs)
to offer products and services in both self-served and assisted mode w.e.f. April 7, 2022.
• These are on the lines of FY23 Union Budget announcement to set up at least 75 such units in 75
districts to commemorate 75 years of the country’s independence as ‘Azadi ka Amrit Mahotsav’.
What is DBU?
It is a specialised fixed point business with certain minimum infrastructure for delivering digital banking
products and services to ensure convenient and cost-effective banking for customers.
• The products and services at a DBU include, opening of accounts, cash withdrawal and deposit, KYC
updation, loans and complaint registrations.
Key Points:
i.The establishment of DBUs will be a part of the digital banking strategy of the bank.
ii.Based on the recommendations of the Committee, the above guidelines have been finalized. All Domestic
Scheduled Commercial Banks (excluding Regional Rural Banks, Payments Banks and Local Area Banks) having
experience in digital banking are allowed to open DBUs in Tier 1 to Tier 6 centres without taking permission
from the RBI.
• These DBUs will be treated as Banking Outlets (BOs), separate from existing banking outlets with
formats appropriate for digital banking users. Therefore, each DBU should have separate entry and
exit provisions.
iii.Any product or service which a bank is not permitted to offer as per the provisions of Banking Regulation
(BR) Act 1949, should not be offered by the DBU.
iv.Each DBU will be headed by a sufficiently senior and experienced executive of the bank, preferably Scale III
or above for PSBs (Public Sector Banks) or equivalent grades for other banks who can be designated as
the Chief Operating Officer (COO) of the DBU.
v.In addition to ensuring physical security of the infrastructure of the DBU, adequate safeguards for cyber
security of the DBUs will have to be ensured by the banks.
Click Here for Full Official Notification by RBI
Background:
Following the budget announcement, a ‘Committee for establishment of Digital Banking Units (DBUs)’ was set-
up by RBI to outline a roadmap for establishment of DBUs. The Committee after necessary consultations gave
its recommendations on different aspects of DBU.
Highlights of RBI’s 1st bi-monthly monetary policy of 2022-23; India’s GDP Projected at 7.2%
in FY23
The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) met on April 6-8, 2022 , and release
the RBI’s first monetary policy of FY23 which projected India’s gross domestic Product (GDP) growth
at 7.2% for the FY23 from 7.8% estimated earlier, with FY23’s Q1 at 16.2%; Q2 at 6.2%; Q3 at 4.1%; and Q4 at
4%. The growth-oriented accommodative stance was also retained.
• This projection is based on an assumption of crude oil (Indian basket) at $100 per barrel during FY23 and
supply chain disruptions due to the ongoing Russia-Ukraine war.
• RBI has also hiked its Consumer Price Index (CPI) based inflation forecast for FY23 to 5.7% from its
earlier projection of 4.5%. It is projected to remain at 6.3% in Q1; 5.8% in Q2; 5.4% in Q3 and 5.1% in Q4.
• India’s foreign exchange reserves increased by US$ 30.3 billion to US$ 607.3 billion in 2021-22.

The MPC kept the interest rates unchanged for the 11th consecutive time which are as follows:
In the table representation of policy rates, Reserve Ratios of Cash Reserve Ratio (CRR) 4.00% and Statutory
Liquidity Ratio (SLR) 18.00% were missing.
Category Rate
Policy Repo Rate 4%
Reverse Repo Rate 3.35%
Marginal Standing Facility (MSF) Rate 4.25%
Bank Rate 4.25%
Members of MPC:
Dr. Shashanka Bhide; Dr. Ashima Goyal; Prof. Jayanth R. Varma; Dr. Mridul K. Saggar; Dr. Michael Debabrata
Patra; and headed by Shaktikanta Das (RBI Governor).
RBI introduces SDF as the floor to absorb Excess Funds
The RBI has introduced a standing deposit facility (SDF) as an additional tool for absorbing liquidity without
any collateral, at an interest rate of 3.75%. The main purpose of SDF is to reduce the excess liquidity of Rs 8.5
lakh crore in the system, and control inflation.
• It will be available on all days of the week, throughout the year.
Key Points:
i.The introduction of a standing deposit facility (SDF) that was recommended by the Urjit Patel committee in
2014 and enabled through an amendment to the Reserve Bank of India Act in the Finance Bill of 2018.
• In 2018, the amended Section 17 of the RBI Act empowered the Reserve Bank to introduce the SDF.
ii.The SDF will replace the Fixed Rate Reverse Repo (FRRR) as the floor of the LAF corridor.
iii.FRRR rate which is retained at 3.35% will remain part of the RBI’s toolkit.
iv.SDF will narrow the liquidity adjustment facility (LAF) to 0.50% from the 0.90%.
v.SDF will remain 0.25% below the repo rate and 0.5% lower than the marginal standing facility (MSF) which
helps the banks with funds when required.
Restoration of the Symmetric LAF Corridor
The RBI has restored the LAF corridor to a symmetrical 50 basis points, the position that prevailed before the
pandemic. It is done by establishing SDF at 3.75% and MSF at 4.25% .
• LAF, also known as the liquidity corridor, essentially indicates the difference between the repo rate and the
reverse repo rate.
• It was introduced in 2000 on the recommendations of Narasimham Committee Report on Banking Reforms.
RBI extends rationalization of risk weight till March next
RBI has proposed to extend the rationalised home loan norms by another year till March 31, 2023. This move
will benefit borrowers, and will facilitate higher credit flow for individual housing loans.
Key Points:
i.On October 12, 2020, RBI rationalized the risk weights on individual housing loans by linking them (Loan-to-
Value) ratios for all new housing loans sanctioned up to March 31, 2022.
• Such loans will continue to attract a risk weight of 35% where LTV is less than or equal to 80%, and a risk
weight of 50% where LTV is more than 80% but less than or equal to 90%.
ii.The requirement of standard asset provision of 0.25% will also continue to apply to all such loans.
iii.Notably in 2021-22, the growth in housing finance sector raised around 8-10%.
RBI Increased Limites under HTM of NTDL in SLR Holdings
i.RBI had increased the limits under the held to Maturity(HTM) category from 19.5% to 22% of NDTL(Net
Demand and Time Liabilites) of Satutory Liquidity Rate(SLR) eligible securities that are acquired from 1st
September 2020 to 31st March 2022.
ii.This particular increase in the HTM limit will be available upto 31st March 2023.

iii.To enable banks to better manage their investment portfolio in FY23, RBI has enhanced the limit of inclusion
of SLR eligible securities in the HTM category to 23% of NDTL for securities that are acquired between 1st April
2022 to 31st March 2023(i.e.) FY23.
iv.Even though RBI has currently increased the HTM limits, it also plans to restore the limit to 19.5% from 23%
(current) in a phased manner by reducing the limits gradually (i.e.) intends to make the limit to be within
22% as of 30th June 2023,
21% as of 30th September 2023;
20% as of 31st December 2023 and
19.5% as of 31st March 2024.
Discussion Paper on Climate Risk and Sustainable Finance
To facilitate better understanding and assessment of the climate-related financial risks by Regulated Entities
(REs), a Discussion Paper on Climate Risk and Sustainable Finance will be published shortly for feedback
by RBI.
Need behind this:
Climate change may impact the safety and soundness of individual REs as well as financial stability. Thus, there
is a need for REs to develop and implement a process to assess the potential impact of climate-related financial
risks in their business strategy and operations.
RBI to set up committee to review customer service standards at banks, NBFCs, payment operators
RBI also proposed to set up a committee to review the customer services offered by RBI-regulated entities such
as banks, NBFC (Non-Banking Financial Company) and payment service operators.
• This proposal is on the lines of RBI’s efforts for strengthening the internal grievance redressal mechanism,
internal ombudsman and sectoral ombudsman.
• This committee will assess the prevailing level of customer service and will suggest measures to improve
them.
Point to be noted:
The important committees set up by RBI on customer service over the years include (i) Talwar Committee on
Customer Service (1975), (ii) Goiporia Committee (1990), (iii) Tarapore Committee on Procedures and
Performance Audit on Public Services (CPPAPS, 2004) and (iv) Damodaran Committee on Customer Service
(2010).
RBI Introduces Card-Less Cash Withdrawal Facility Using UPI across All ATMs
RBI proposed to allow interoperability in cardless cash withdrawal transactions at all banks and ATMs
(Automated Tellar Machines) using the UPI (Unified Payments Interface) facility. At present, the facility of
cardless cash withdrawal through ATMs is limited only to a few banks on an on-us basis (for their customers at
their own ATMs).
• This proposal will enhance the ease of transactions, and also reduce fraud such as card skimming, card
cloning etc
• Separate instructions for the same will be issued to National Payments Corporation of India (NPCI), ATM
networks and banks shortly by RBI.
Points to be noted:
i.In April 2021, NCR Corporation launched the first interoperable cardless cash-withdrawal (ICCW) solution
based on the UPI platform.
ii.UPI clocked 5.04 Bn transactions in March 2022.
RBI to issue cyber resiliency guidelines for Payment system Operators
RBI will shortly release directions on cyber resilience and payment security controls for Payment System
Operators. These directions include robust governance mechanisms for identification, assessment, monitoring
and management of cybersecurity risks.
• It will also include information security risks and vulnerabilities and specify baseline security measures for
ensuring safe and secure digital payment transactions.

RBI to lower net worth requirement for operating units to Rs 25 crore

Bharat Bill Payment System (BBPS), an interoperable platform for bill payments, has seen an increase in the
volume of bill payments and billers over the years. To further facilitate greater penetration of bill payments
through the BBPS and to encourage participation of a greater number of non-bank Bharat Bill Payment
Operating Units in the BBPS, it is proposed to reduce the net worth requirement of such entities from Rs 100
crore to Rs 25 crore.
The next bi-monthly monetary policy of 2022-23 will be organized during June 6-8, where the bank will decide
its monetary policy further.
About Reserve Bank of India (RBI):
i.The Reserve Bank of India was established on April 1, 1935, in accordance with the provisions of the Reserve
Bank of India Act, 1934.
ii.The Central Office of the Reserve Bank was initially established in Calcutta but was permanently moved to
Mumbai in 1937.
iii.Though originally privately owned, since nationalization in 1949, the Reserve Bank is fully owned by the
Government of India.
NBFCs-UL, NBFCs-ML to have Compliance Function by April 1, CCO by Oct 1, 2023

On April 11, 2022, the Reserve Bank of India (RBI) mandates all Non Banking Financial Companies in the Upper
Layer (NBFC-UL) and Middle Layer (NBFC-ML) to have independent Compliance Function by April 1, 2023, and
to appoint of Chief Compliance Officer (CCO) by October 1, 2023.
• NBFC-ML consists of all deposit-taking NBFCs irrespective of asset size; NBFCs with asset size of Rs 1,000
crore and above; and NBFCs undertaking certain types of activities.
• NBFC-UL comprises those NBFCs which are specifically identified by RBI as warranting enhanced
regulatory requirements. The top ten eligible NBFCs in terms of their asset size will always fall in the upper
layer, irrespective of any other factor.
About CCO:
i.CCO will act as a nodal point of contact between the NBFC and the regulators/supervisors and must
participate in the discussions held with RBI.
ii.There will not be any ‘dual hatting’ means CCO will not be given any responsibility which brings elements of
conflict of interest.
iii.A prior intimation to the Senior Supervisory Manager, Department of Supervision, RBI, should be provided
before appointment, premature transfer, resignation, early retirement or removal of the CCO.
iv.Appointment of COO: There should be a well-defined selection process for the appointment CCO will be
made. The final decision on the appointment will be made by the board or board committee for the purpose.
Also, the CCO should be a senior executive of the NBFC with a position not below two levels from the CEO.
• COO will be appointed for a minimum fixed tenure of not less than 3 years. In exceptional cases, the
authority may relax the minimum tenure by one year.
About Compliance Function:
i.Compliance Function is a part of the Corporate Governance along with the internal control and compliance
risk management processes. Therefore, certain principles, standards and procedures for Compliance Function
in NBFC-UL and NBFC-ML have been introduced.
• Compliance risk of NBFC is the risk of legal sanctions, financial loss or loss of reputation, resulting, its
failure to comply with regulations.
ii.The NBFCs in UL and ML will frame their guidelines; and lay down a board-approved compliance policy as
per the RBI’s circular by taking into account their corporate governance framework, risk profile and
organizational structure, etc.
iii.Compliance function will ensure strict observance of all statutory and regulatory requirements for the
NBFCs, including standards of market conduct, managing conflict of interest, and treating customers fairly.
Click here for full notification

RBI certifies 121 Finance as India’s 1st NBFC-Factor under its Registration of Factors
Regulations 2022
Jaipur (Rajasthan)-based 121 Finance becomes India’s first fintech led NBFC (non-banking financial company)-
Factor to receive the Certificate of Registration (CoR) under Registration of Factors (Reserve Bank) Regulations
2022. That means, it is the first NBFC to convert from an Investment and Credit Company (ICC) to an NBFC-
Factor.
• Until now, Factoring was offered only to the large corporates.
What is a NBFC-Factor?
It is a NBFC fulfilling the Principal Business Criteria (PBC) i.e. whose financial assets in the factoring business
constitute at least 50% of its total assets and its income derived from factoring business is not less than 50%
of its gross income. Also, it should have a minimum Net Owned Funds (NOF) of Rs 5 crore.
• The Factoring Regulation Act, 2011, was enacted by the parliament in January 2012. Then in 2021, RBI’s
Factoring Regulation Amendment Bill, 2021 passed to broaden the participation by allowing classified
NBFCs specializing in Factoring to participate in the process. Then in January 2022, the 2011 Act was
amended with Registration of Factors (Reserve Bank) Regulations 2022.
• It addresses the most significant challenge of businesses i.e. arranging short-term funds for MSMEs (Micro,
Small & Medium Enterprises), without any collateral.
Key Points:
i.Under this registration, MSME can sell a receivable invoice to 121 Finance, without any collateral. With this
the business can convert these invoices into cash instantly and be free from the management of the
receivables.
ii.Factoring aka Invoice Discounting is not shown as a loan in the Balance Sheet.
iii.This is faster than traditional sources of Working Capital available in the market .
iv.121 Finance will reach annual disbursements of over Rs 500 crores by 2023.
v.It is also planning to go live on the three Trade Receivables Discounting System (TReDS) as a lender viz.
• Receivables Exchange of India Ltd [formed by NSE (National Stock Exchange) Investment Ltd and Small
Industries Development Bank of India (SIDBI)],
• Mynd Solutions Pvt Ltd
• A. TREDS Ltd (joint venture of Axis Bank and Mjunction Services Ltd)
About 121 Finance:
Headquarters- Jaipur, Rajasthan
Founder & CEO– Dr Ravi Modani
RBI Imposes Rs 17.63 lakh Penalty on Manappuram Finance for Non-Compliance of KYC, PPI
Norms
The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 17.63 lakh on Manappuram Finance
Limited for non-compliance with certain provisions of the Master Direction on Issuance and Operation of
Prepaid Payment Instruments (PPIs) dated October 11, 2017 (updated as on February 28, 2020) and the
Master Direction – Know Your Customer (KYC) Direction dated February 25, 2016 (as updated on April 20,
2020).
• The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and
Settlement Systems Act, 2007.
• Recently RBI has also imposed a monetary penalty of Rs 93 lakh on Axis Bank and Rs 90 lakh on IDBI Bank.
• RBI has imposed a penalty on Axis bank for non-compliance with RBI directions on loans and advances,
KYC guidelines and penalties on non-maintenance of minimum balance in savings accounts.
• In case of IDBI, the penalty was imposed for non-compliance with directions on ‘frauds – classification and
reporting by commercial banks and select financial institutions’.

• This penalty on Axis & IDBI Bank has been imposed in exercise of powers vested in RBI under the
provisions of section 47 A (1) (c) read with section 46 (4) (i) of the Banking Regulation Act, 1949 (the Act).
RBI unveils Large Exposures Framework for NBFCs-UL; to Maintain CET1 Capital of at least
9% of Risk Weighted Assets
On April 19, 2022, the Reserve Bank of India (RBI) notified Large Exposures Framework (LEF) for Non-Banking
Financial Company-Upper Layer (NBFC-UL) w.e.f. October 1, 2022. These exposure limits are in lines with the
commercial banks.
What is NBFC-UL?
NBFC-UL comprises those NBFCs which are specifically identified by RBI as warranting enhanced regulatory
requirements. The top ten eligible NBFCs in terms of their asset size will always fall in the upper layer,
irrespective of any other factor.
What is Large Exposure (LE)?
It is the sum of all exposure values of a NBFC-UL to counterparty and/or a group of connected counterparties, if
it is equal to or above 10% of the NBFC-UL’s eligible capital base.
LEF for NBFC as mandated by RBI:
For Single Counterparty:
The sum of all the exposure values of a NBFC-UL must not be higher than 20% of its available eligible capital
base at all times. The limit can only be extended by another 5% with board’s approval.
• An Infrastructure Finance Company (IFC) which is classified as an NBFC-UL can exceed the
aforementioned limits by 5% of its Tier-I capital.
• An NBFC-UL may exceed the exposure limit by 5% of its Tier I capital, if the additional exposure is on
account of infrastructure loan and/ or investment.
For Group of Connected Counterparties:
The sum of all the exposure values of a NBFC-UL must not be higher than 25% of its available eligible capital
base at all times.
• An IFC which is classified as an NBFC-UL can exceed the aforementioned limits by 10% of its Tier-I capital.
• An NBFC-UL may exceed the exposure limit by 10% of its Tier-I capital, if the additional exposure is on
account of infrastructure loan and/ or investment.
Tabular Format of LEF:
Category NBFC-UL (Other than IFC) NBFC-UL (IFC)
•20%
•Additional 5% with Board approval •25%
• Additional 5% if exposure towards Infrastructure •additional 5% with Board
Single Counterparty loan/investment approval
•25%
Group of Connected • Additional 10% if exposure towards Infrastructure
Counterparties loan/investment • 35%
Point to be Noted: Single counterparty limit will not exceed 25% in any case for NBFC-UL (other than IFC),
and 30% for NBFC-UL (IFC). For Group of Connected Counterparties limit will not exceed 25% in any case for
NBFC-UL (other than IFC), and 35% for NBFC-UL (IFC).
The breach of the above limits may lead to imposition of penalties on the NBFCs.
Click Here for Official LEF for NBFC-UL
RBI mandates NBFCs-UL to maintain CET1 Capital of at least 9% of Risk Weighted Assets
RBI mandates NBFC-UL to maintain Common Equity Tier 1 (CET1) capital of at least 9% of Risk Weighted
Assets as compared to 5.5% for banks. This will be applicable to all NBFC-UL except core investment companies
(CICs).
• CET1 ratio= Common Equity Tier 1 capital/Total Risk Weighted Assets

Key Points:
i.Common Equity Tier 1 capital will comprise of paid-up equity share capital issued by the NBFC, share
premium resulting from the issue of equity shares, capital reserves representing surplus arising out of sale
proceeds of assets, Statutory reserves, Revaluation reserves, and other disclosed free reserves, among others.
ii.The minimum capital adequacy requirement of NBFCs is 15%.
Click here for official Scale Based Regulation (SBR) for NBFCs: Capital requirements for NBFC-UL
Points to be noted:
i.NBFCs middle layer (ML) and NBFC-UL will not grant loans of Rs 5 crore and above to their directors or
relatives of directors. Loan proposals for under Rs 5 crore to directors is allowed to be sanctioned, but should
be reported to the NBFC’s board.
ii.RBI has also introduced a following path for a minimum number of days before an account is recognized as a
Non-Performing Asset (NPA). This is applicable for all NBFCs, listed and unlisted.
• NBFCs must move to a 150-day NPA recognition norm by March 31, 2024
• NPA recognition at 120 days of overdue must be achieved by March 31, 2025
• NBFCs must follow 90-day NPA recognition cycle by March 31, 2026.
RBI allows RCBs to Raise Funds from Preference Shares, Debt Instruments; Banks’ scope
widened for opening current, CC/OD accounts
The Reserve Bank of India (RBI) allowed Rural Cooperative Banks (RCBs) to raise funds from people in their
area of operation or existing shareholders through preference shares and debt instruments w.e.f. April 19,
2022.
• RCBs include state co-operative banks and district central co-operative banks.
• This step by RBI followed the covering of RCBs under the ambit of the amended Banking Regulation (BR)
Act, 1949.
Currently, RCBs are permitted to raise share capital/funds by way of (i) issue of shares to persons within their
area of operation, in accordance with the provisions of their bye-laws, and (ii) issue of additional shares to the
existing members. Now, these are permitted to issue the following instruments to augment their capital:
I.Preference Shares
i.Tier-I Preference Shares: Perpetual Non-Cumulative Preference Shares (PNCPS)
The outstanding amount of PNCPS and Perpetual Debt Instruments (PDI) along with outstanding Innovative
Perpetual Debt Instruments (IPDI) should not exceed 35% of total Tier-I capital at any point of time.
• Maturity– Perpetual (endless)
ii.Tier-II Preference Shares: PCPS, RNCPS, and RCPS
Collectively referred to as Tier-II preference shares, the outstanding amount of Perpetual Cumulative
Preference Shares (PCPS), Redeemable Non-Cumulative Preference Shares (RNCPS), and Redeemable
Cumulative Preference Shares (RCPS) should not exceed 100% of Tier-I capital at any point of time.
• Maturity– These can either perpetual (PCPS) or dated (RNCPS and RCPS) instruments with a minimum
maturity of 10 years.
II.Debt instruments
i.Perpetual Debt Instruments (PDI) for Tier-I capital:
The amount of PDI reckoned for Tier-I capital should not exceed 15% of total Tier-I capital. The outstanding
Innovative Perpetual Debt Instruments (IPDI) will also be covered in the aforementioned ceiling of 15% and
reckoned for capital purposes.
• Maturity– Perpetual
ii.Long Term Subordinated Bonds (LTSB) for Tier-II capital:
The amount of LTSB eligible to be reckoned as Tier-II capital should be limited to 50% of total Tier-I
capital.These instruments, together with other components of Tier-II capital shall not exceed 100 per cent of
Tier-I capital.
• Maturity– Minimum 10 years.

Click Here for Official Notification

Refund of Share Capital:
In terms of Section 12 (2) (ii) read with Section 56 of the BR Act, a co-operative bank should not withdraw or
reduce its share capital, subject to conditions. Accordingly, it has been decided to permit RCBs to refund the
share capital to their members, or nominees / heirs of deceased members, on demand, subject to the following
conditions:
• The bank’s Capital to Risk-Weighted Assets Ratio (CRAR) is 9% or above.
• Such refund does not result in the CRAR of the bank falling below regulatory minimum of 9%.
Banks’ scope widened for opening current, CC/OD accounts:
The Reserve Bank of India (RBI) has expanded the scope of exemptions on opening of Current Accounts and
Cash Credit (CC)/Overdraft (OD) Accounts by Banks. It has permitted banks to open and operate inter-bank
accounts, and accounts of All India Financial Institutions (AIFIs), among others.
• The four AIFIs referred are EXIM Bank (Export-Import Bank of India), NABARD (National Bank for
Agriculture and RuralDevelopment), NHB (National Housing Bank), and SIDBI (Small Industries
Development Bank of India).
Some Key Specific Accounts under Exemptions:
• Accounts opened as per the provisions of Foreign Exchange Management Act, 1999 (FEMA)
• Accounts for settlement of dues related to debit card/ATM card/ credit card issuers, Accounts of white label
ATM operators and their agents for sourcing of currency,
• Accounts for cash-in-transit (CIT) companies/cash replenishment agencies (CRAs) for providing cash
management services
• Accounts opened by a bank funding a specific project for receiving/ monitoring cash flows of that specific
project, provided the borrower has not availed any CC/OD facility for that project
Click Here for Full Details
Key Points:
i.Opening of Current Accounts for borrowers availing Cash Credit/ Overdraft Facilities from the
Banking System:
• For borrowers, where the aggregate exposure3 of the banking system is less than ₹5 crore, banks can open
current accounts without any restrictions placed vide this circular subject to obtaining an undertaking from
such customers that they (the borrowers) shall inform the bank(s), if and when the credit facilities availed
by them from the banking system becomes ₹5 crore or more.
• Where the aggregate exposure of the banking system is ₹5 crore or more then, Borrowers can open current
accounts with any one of the banks with which it has CC/OD facility, provided that the bank has at least 10
per cent of the aggregate exposure of the banking system to that borrower. In case none of the lenders has
at least 10 per cent of the aggregate exposure, the bank having the highest exposure among CC/OD
providing banks may open current accounts.
ii.Opening of Current Accounts for borrowers not availing Cash Credit/ Overdraft Facilities from the
banking system:
• In case of borrowers where aggregate exposure of the banking system is ₹50 crore or more.
• Banks shall be required to put in place an escrow mechanism. Borrowers shall be free to choose any lending
bank as their escrow managing bank. All lending banks should be part of the escrow agreement. The terms
and conditions of the agreement may be decided mutually by lending banks and the borrower.
• Current accounts of such borrowers can only be opened/ maintained by the escrow managing bank.
3. Opening of Cash Credit/ Overdraft Facilities:
• When a borrower approaches a bank for availing CC/OD facility, the bank can provide such facilities
without any restrictions placed vide this circular if the aggregate exposure of the banking system to that
borrower is less than ₹5 crore. However, the bank must obtain an undertaking from such borrowers that
they (the borrowers) shall inform the bank(s), if and when the credit facilities availed by them from the
banking system becomes ₹5 crore or more.

• For borrowers, where the aggregate exposure of the banking system is ₹5 crore or more:
• Banks having a share of 10 per cent or more in the aggregate exposure of the banking system to such
borrower can provide CC/OD facility without any restrictions placed vide this circular.
• In case none of the banks has at least 10 per cent exposure, bank having the highest exposure among CC/OD
providing banks can provide such facility without any restrictions.
• Where a bank’s exposure to a borrower is less than 10 per cent of the aggregate exposure of the banking
system to that borrower, while credits are freely permitted, debits to the CC/OD account can only be for
credit to the CC/OD account of that borrower with a bank that has 10 per cent or more of aggregate
exposure of the banking system to that borrower.
RBI mandates Borrowers with Exposure of Rs 5cr and above to obtain LEI; UCBs to Eliminate
Honorary Positions within 1 year
The Reserve Bank of India (RBI) mandates non-individual borrowers with aggregate exposure of Rs 5 crore and
above from Banks and Financial Institutions (FIs) should obtain Legal Entity Identifier (LEI) codes.
• These directions are issued under sections 21, 35A and 56 of the Banking Regulation (BR) Act, 1949,
sections 45JA and 45L of the RBI Act, 1934, section 30A of the National Housing Bank (NHB) Act,
1987 and section 6 of the Factoring Regulation Act, 2011.
• Here term ‘Exposure’ include all fund based and non-fund based (credit as well as investment) worth.
What is LEI?
It is 20-digit unique code to identify parties to financial transactions worldwide. It improves the quality and
accuracy of financial data systems for better risk management
Timeline for obtaining LEI by borrowers
Total Exposure LEI to be obtained on or before
Above Rs 25 crore April 30, 2023
Above Rs 10 crore, up to Rs 25 crore April 30, 2024
Rs 5 crore and above, up to Rs 10 crore April 30, 2025
Key Points:
i.Borrowers who fail to obtain LEI codes from an authorized Local Operating Unit (LOU) will not be sanctioned
any new exposure. They will also not get renewal/enhancement of any existing exposure.
ii.Exempted entities from LEI: Departments/Agencies of Central and State Governments (not Public Sector
Undertakings registered under Companies Act or established as Corporation under the relevant statute) are
exempted from this provision.
RBI directs UCBs to eliminate honorary positions within one year
RBI in exercise of its powers conferred under Section 35A and Section 36(1)(d) of the BR ACT, 1949 barred
Urban Cooperative Banks (UCBs) from creating honorary position or title such Chairman Emeritus and Group
Chairman at the board level.The RBI has directed these banks to eliminate such positions within one year.
Reason behind this:
Such positions create conflicts of interest as well as creation of a shadow authority impeding effective and
independent functioning of the legally constituted board.
RBI Directions on Credit and Debit Cards; Launches 98th Quarterly IOS 2022 to Assess
Business Sentiment
The Reserve Bank of India (RBI) in exercise of the powers conferred by Sections 35A and Section 56 of the
Banking Regulation Act, 1949 and Chapter IIIB of the RBI Act, 1934, has issued RBI (Credit Card and Debit
Card – Issuance and Conduct) Directions, 2022 w.e.f. July 01, 2022.

• These will be applicable to all Scheduled Commercial Banks-SCBs (excluding Payments Banks, State Co-
operative Banks and District Central Co-operative Banks) and all Non-Banking Financial Companies
(NBFCs) operating in India.
Key Highlight: NBFCs can’t undertake Credit Card Business with RBI’s prior approval
As per the directions, NBFCs can not undertake credit card business without the prior approval from apex bank.
• If any company including a non-deposit taking company intending to engage in this activity will require a
Certificate of Registration (CoR), a pre-requisite for which is a minimum net owned fund of Rs 100 crore.
• Overall NBFCs need RBI approval to issue debit cards, credit cards, charge cards, or similar products
virtually or physically.
Point to be noted:
Until now, RBI has allowed only two public sector NBFCs to issue credit cards – SBI (State Bank of India) Cards;
and BoB (Bank of Baroda) Cards.
Directions for SCBs:
SCBs, other than regional rural banks (RRBs), with a net worth of Rs 100 crore and above can do credit card
business either independently or in tie-up arrangement with other card-issuing banks or NBFCs with their
board approvals.
• However, SCBs, excluding Small Finance Banks (SFBs) and regional rural banks, who want to set up
separate subsidiaries for credit card business will need the RBI nod.
• For co-branded cards, the role of the co-branding partner entity will be limited to marketing and
distribution of the cards. The Co-branding partner will not have access to information relating to
transactions undertaken through the card.
Rules to issue Debit Cards
i.Prior approval from the RBI is not necessary for banks to issue debit cards.
ii.Banks will formulate a comprehensive debit cards issuance policy, with its board approval.
iii.Debit cards will only be issued to customers having savings bank/current accounts.
iv.These cards can’t be issued to cash credit or loan account holders. However, banks can link the overdraft
(OD) facility provided along with Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts with a debit card.
Others:
i.RRBs can issue credit cards but with their sponsor bank or other banks.
ii.Financially sound and well managed CBS-enabled Scheduled Urban Cooperative Banks (UCBs), with a
minimum of Rs 100 crore net worth, can issue credit cards under certain conditions.
iii.Issue of unsolicited credit cards, or unsolicited upgrading of cards is strictly prohibited.
iv.For instructions on the interest rate, card-issuers will be guided by the RBI from time to time.
• Card-issuers will also prescribe an interest rate ceiling.
• In the case of card issuers charging interest rates, which vary based on the payment or default history of the
cardholder, there should be transparency in levying such differential interest rates.
v.UCBs are permitted to issue credit cards to their regular members and nominal members only, but not to non-
members. Further, UCBs are not allowed to issue co-branded credit cards.
• The total unsecured loans and advances (with surety or without surety or cheque purchases) granted by a
UCB to its members together with cumulative approved credit card limits shall not exceed 10 percent of its
total assets as per audited balance sheet as on March 31st of the preceding financial year, as prescribed
under exposure norms.
RBI also issued guidelines on Types of credit cards, Closure of Credit Card, Billing, among others. Click Here for
Official Notification
RBI launches 98th Quarterly Industrial Outlook Survey 2022 to Assess Business Sentiment
RBI has launched 98th round of the quarterly Industrial Outlook Survey (IOS) 2022 of India’s manufacturing
sector for the reference period April-June 2022. The survey assesses business sentiment for the Q1FY23 and
expectations for the ensuing Q2FY23 period.

• It is based on qualitative responses on a set of indicators pertaining to demand conditions, financial

conditions, employment conditions and the price situation.
• Genesis Management & Market Research Pvt Ltd has been authorized to conduct the survey for April-
June 2022 on behalf of RBI.
Key Points:
i.The survey provides useful insight into the performance of the manufacturing sector.
ii.Amid uncertainties of COVID-19 pandemic, an additional block has been included in this survey round for
assessing the outlook on key parameters for the two subsequent quarters (Q3:2022-23 and Q4:2022-23),
RBI launched 33rd Quarterly Services and Infrastructure Outlook Survey 2022
RBI also launched the 33rd round of the quarterly Services and Infrastructure Outlook Survey (SIOS)
2022.This also launched for the reference period April-June 2022. The survey assesses the business situation
for the current quarter(Q1:2022-23) from selected companies in the services and infrastructure sectors and
their expectations for the ensuing quarter (Q1:2022-23).
• This survey captures responses on a set of indicators pertaining to demand conditions, financial conditions,
employment, and the price situation.
• It will also be conducted by Genesis Management & Market Research Pvt Ltd.
RBI Imposed Penalty of Rs 1.12 Cr on Bank of Maharashtra for Non-Compliance

On 25th April 2022, The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1.12 crore on
the Bank of Maharashtra(BoM), a Public Sector Bank, for non-compliance pertains to certain directions issued
under the Know Your Customer (KYC) Directions, of 2016.
This penalty has been imposed in the exercise of powers vested in RBI under the provisions of section 47 A (1)
(c) read with sections 46 (4) (i) and 51 (1) of the Banking Regulation Act, 1949 (the Act).
• RBI has also imposed a penalty of Rs 25 lakh on Haryana State Co-operative Apex Bank Limited for non-
compliance with its directions on Housing Finance.
• RBI has also imposed a penalty of Rs 12 lakh on Rajkot Nagarik Sahakari Bank Limited for non-compliance
with ‘Interest Rate on Deposits.
APPOINTMENTS & RESIGNATIONS
Generali Asia Appoints Bruce de Broize as MD & CEO of Future Generali India Life Insurance;
Succeeds Miranjit Mukherjee
Generali Asia has appointed Bruce de Broize as Managing Director(MD) and Chief Executive Officer(CEO) of
Future Generali India Life Insurance (FGILI) backed by Generali and Future Group. Bruce de Broize takes over
from Miranjit Mukherjee who has been serving as the interim CEO of Future Generali India Life Insurance since
September 2021.
• He is currently serving as the Regional Head of Distribution, Asia in Generali.
• This appointment follows Generali’s move to consolidate its position in FGILI by completing the transaction
to become its majority stakeholder.
About Bruce de Broize:
i.Prior to joining Generali, Bruce de Broize served as the Regional Chief Distribution Officer for AXA Asia.
ii.He has also worked in various senior distribution leadership roles with AIG and Allianz for several years.
iii.He has around 3 decades of insurance experience in both Life and P&C insurance companies in South Africa,
Australia, and Asia Pacific (in particular Korea, China, Taiwan, Japan and Hong Kong).
About Future Generali India Life Insurance (FGILI):
MD & CEO– Bruce de Broize
Launched in 2006
Headquarters– Mumbai, Maharashtra

Digit Insurance Appoints Jasleen Kohli as MD & CEO

Digit Insurance, one of India’s fastest-growing private general insurers, has appointed Jasleen Kohli as the
new Managing Director (MD) and Chief Executive Officer (CEO) of the company effective from 20 April, 2022.
• Kohli will take over from Vijay Kumar, who has held the position since the company was founded in 2017,
and will retire on April 19, 2022.
In 2021, Digit increased its worth to USD 3.5 billion in less than six months after raising USD 200 million in a
funding round.
About Jasleen Kohli:
i. At 42, Kohli will become one of the youngest CEOs in the insurance industry.
ii.Kohli was previously the Chief Distribution Officer (CDO), in charge of Digit’s sales and distribution. She was
the first employee of Digit and has worked with the company since its inception.
iii. Before joining Digit as the CDO in 2017, she was the Director at Allianz Technology.
Note: The company also announced it has promoted Adarsh Agarwal from the role of Appointed Actuary to
Chief Distribution Officer (corporate business). Nikhil Kamdar has been appointed as the next Appointed
Actuary, replacing Agarwal.
About Digit Insurance:
Digit Insurance is operated by Go Digit General Insurance Limited, which is financed by Canadian billionaire
Prem Watsa’s Fairfax Financial Holdings Limited.
• It primarily sells automobile insurance, and it also offers health insurance and travel insurance.
Chairman – Kamesh Goyal
Headquarters – Bengaluru, Karnataka
Anthony Heredia appointed as MD & CEO of Mahindra Manulife Investment Management

Private Limited
Anthony Heredia was appointed as the Managing Director(MD) and Chief Executive
Officer(CEO) of Mahindra Manulife Investment Management Private Limited (Formerly known as
Mahindra Asset Management Company Private Limited) with effect from 1st April 2022. He will succeed
Ashutosh Bishnoi, who retired on 31st March 2022.
• The appointment was announced by Mahindra Manulife Mutual Fund/Mahindra Manulife Investment
Management Pvt. Ltd., a joint venture of Mahindra & Mahindra Financial Services Limited (“Mahindra Finance”)
and Manulife Investment Management (Singapore) Private Limited.
About Anthony Heredia:
i.Anthony Heredia has served as the CEO of BOI AXA Investment Managers Private Limited from August 2021
to February 2022.
ii.He has previously worked with Morgan Stanley Investment Management as Managing Director; HSBC Asset
Management India as Senior Vice President and Birla Sun Life Asset Management as Associate Vice President –
Business Development.
He has also served as the Director on the Board of the Association of Mutual Funds of India (AMFI).
Mahindra Manulife Investment Management:
i.Mahindra Manulife Investment Management, formerly known as Mahindra Asset Management Company, acts
as the investment manager of Mahindra Manulife Mutual Fund which was earlier known as Mahindra Mutual
Fund.
ii.In April 2020, Mahindra Finance divested a 49% stake in its wholly-owned subsidiary, Mahindra Manulife
Investment Management to Manulife Investment Management of Singapore to form the 51:49 joint venture.
About Mahindra Manulife Investment Management Private Limited:
MD& CEO– Anthony Heredia

RBI Re-appoints Murali M. Natrajan as MD & CEO of DCB Bank for 2 years
Reserve Bank of India (RBI) re-appointed Murali M. Natrajan as Managing Director (MD) & Chief Executive
Officer (CEO) of DCB Bank for a further period of two years from 29 April 2022 to 28 April 2024. The re-
appointment is subject to the approval of shareholders at the ensuing Annual General Meeting (AGM) of the
bank.
About Murali M. Natrajan:
i.He was appointed as MD and CEO of DCB Bank in May, 2009.
ii.Before joining DCB bank, he has worked with foreign banks Standard Chartered and Citibank.
At Standard Chartered Bank, he served as the Global Head for SME banking.
iii.In 1989, he joined Citibank where for 14 years in various disciplines such as operations, credit, finance,
product management and business management of consumer Banking.
About DCB Bank:
DCB Bank is a private sector scheduled commercial bank regulated by the Reserve Bank of India.
Headquarters- Mumbai, Maharashtra
Founded- 1930
OTHER NEWS
HDFC Bank & Shoppers Stop Launch Co-Branded Credit Cards

HDFC Bank, India’s largest private sector bank, and Shoppers Stop, India’s leading fashion and beauty
destination, have teamed up to launch co-branded credit cards. The alliance takes advantage of HDFC Bank’s
status as India’s leading credit card issuer and Shoppers’ Stop’s reputation as a reputable retail brand.
The credit cards will be available in two categories namely,
• Shoppers Stop HDFC Bank Credit Card
• Shoppers Stop BLACK HDFC Bank Credit Card
With the intention of providing an upgraded and rewarding shopping experience, the credit cards will be
offered to approximately 9 million Shoppers Stop “First Citizen” customers as well as HDFC Bank customers.
Highlights:
i.Depending upon the card, the reward points differ, with Black Card ensuring higher loyalty points.
ii.Customers can redeem their points at Shoppers Stop in-store, online or at their partner Estee Lauder Group
stores in India while making the purchases.
iii. The card holders enjoy benefits such as fuel surcharge waiver, access to airport lounges across India.
iv.It also provides Rs 3 Crore in accidental air death cover, Rs 9 Lakh in loss card liability, and Rs 50 Lakh in
emergency overseas hospitalization cover.
About HDFC Bank:
Managing Director & CEO – Sashidhar Jagdishan
Establishment – 1994
Headquarters – Mumbai, Maharashtra
Tagline – We Understand Your World
MG Motor India Launches MG e-Pay Industry’s 1st End-to-end Online Auto

Finance Platform
Morris Garages(MG) Motor India launched MG e-Pay, Industry’s 1st End-to-End Online Auto Finance
Platform. The platform aims to offer transparent and convenient online car purchase solutions.
MG has partnered with ICICI Bank, HDFC Bank, Kotak Mahindra Prime & Axis Bank to offer customized and
instant financing options under MG e-Pay.
• This will enable the customers with flexible, seamless, transparent, and quick loan approvals from their
homes.

• This will be available to both online and offline booked customers, including existing and new bank
customers.
Redeemption Digital Technology Pvt Ltd Soft-launched India’s 1st KYC-Compliant Crypto
Token – Redeemption
Redeemption Digital Technology Private Limited has soft-launched India’s 1st KYC-Compliant Crypto Token,
“Redeemption”, a unique crypto token with which users can earn investing time, instead of money
It is an emerging Web 3.0 Technology base, a patent-filed crypto token that is developed on Binance Smart
Chain (BSC) BEP20 protocol.
• This is India’s 1st crypto token with which users can redeem for fiat money, prior to its listing on the
exchange.
• The two main components of the Redeemption are Reward and Redeem.
Ind-Ra downwards India’s FY23 GDP Growth Forecast to 7-7.2%

On March 30, 2022, India Ratings and Research (Ind-Ra) downgraded India’s Gross Domestic Product (GDP)
growth forecast for FY23 to 7-7.2% from an earlier estimate of 7.6% amid Russia-Ukraine conflict. This
revision is based upon the Ind-Ra’s two scenarios regarding FY23 Economic Outlook, both with a half cost
pass-through into the domestic economy. These are as follows:
Scenario-One: Crude oil price is assumed to be elevated for 3 months in FY23
i.Ind-Ra expects GDP to grow 7.2% YoY (Year-on-Year) in FY23
ii.Size of the Indian economy in FY23 will still be 10.6%
iii.Private Final Consumption Expenditure (PFCE) to grow at 8.1% in FY23
iv.Retail inflation to average around 5.8% in FY23
v.Gross Fixed Capital Formation (GFCF) will grow at 8.8% in FY23
Scenario-Two: Crude oil price is assumed to be elevated for 6 months in FY23
i.Ind-Ra expects GDP to grow 7% YoY in FY23
ii.Size of the Indian economy in FY23 will still be 10.8%
iii.Private Final Consumption Expenditure (PFCE) to grow at 8% in FY23
iv.Retail inflation to average around 6.2% in FY23
v.GFCF will grow at 8.8% in FY23
JICA Signs Loan Agreements with India to Provide Japanese ODA Loans of 312.258 billion Yen
for 7 Projects
On 31st March 2022, Japan International Cooperation Agency (JICA) signed Japanese ODA (Official
Development Assistance) Loan Agreements with the Government of India in Delhi, to provide Japanese ODA
loans of up to a total of 312.258 billion Yen for 7 projects.
• This contributes to strengthening the Japan-India partnership and marks the 70th anniversary of the
establishment of diplomatic relations by supporting the climate change response and building a
resilient society.
Signatories:
The loan agreements were signed between Rajat Kumar Mishra, Additional Secretary, Department of Economic
Affairs, Ministry of Finance, Government of India(GoI) and Saito Mitsunori, Chief Representative of JICA India.
7 Projects & Their objectives:
i.Dedicated Freight Corridor Project (Phase 2) (III)
• Loan amount: 116.52 billion yen
• Objective: To cope with the increase in demand for freight transport in India by constructing a new
dedicated freight railway system and promote comprehensive regional economic development along
the freight corridor.

Key Points:
Under this project a new 550 km freight line from Dadri to Rewari and Vadodara to Mumbai connecting the
major cities in Gujarat and Maharashtra.
ii.Chennai Metro Project (Phase 2) (II)
• Loan amount: 73 billion yen
• Objective: To cope with the increase in traffic demand in the Chennai Metropolitan Area by expanding
the mass rapid transit system and promote regional economic development and improve the urban
environment, through relief of traffic congestion and decrease of pollution caused by an increase in
motor vehicles.
Key Points:
The project envisages developing an additional Metro Rail System network of ~ 54 kilometres which includes
Corridor 3 from Madhavaram Milk Colony to Sholinganallur and Corridor 5 from Madhavaram Milk Colony to
CMBT.
iii.Bengaluru Water Supply and Sewerage Project (Phase 3) (II)
• Objective: To provide safe and stable water supply and sewerage services by carrying out the
construction of water supply facilities and sewage facilities.
iv.North East Road Network Connectivity Improvement Project (Phase 6)
• Objective: to improve connectivity in the North Eastern Region of India as well as connectivity with
other parts of India and Bangladesh through establishing and improving National Highway(NH) 208
(Khowai-Sabroom section) in Tripura.
Key Points:
Under this project, the targeted section will undertake widening and rehabilitation of 4 lands (133.7 km) in
total including the construction of 7 new bypasses (21.375 km), rehabilitation of 2 major bridges and 58 minor
bridges.
JICA has extended 161,530 million yen over phase 1 to phase 5 of the North East Road Connectivity
Improvement project.
v.Tamil Nadu Biodiversity Conservation and Greening Project for Climate Change Response
• Objective: To mitigate and adapt to climate change and improve the ecosystem by undertaking
biodiversity conservation, human versus wildlife conflict mitigation measures, promoting supply chain
development, livelihood improvement activities, and management capacity development.
vi.Assam Health System Strengthening Project
• Objective: to improve the quality of medical services for the residents of the target areas in the state of
Assam.
vii.Uttarakhand Integrated Horticulture Development Project
• Objective: to promote profitable horticulture and improve farmers’ income by infrastructure
development and capacity development for the production, processing, and marketing of horticulture
crops.
Overview of the 7 projects:
Amount Repayment
(million period Completion of
Project yen) Executing Agency (years) project
Dedicated Freight Corridor
Project (Phase 2) (III) 116,520 Ministry of Railways 40 May 2025

Chennai Metro Project(Phase

2)(II) 73,000 Chennai Metro Rail Limited (CMRL) 40 June 2027
Bengaluru Water Supply and Bangalore Water Supply and December
Sewerage Project (Phase 3) (II) 37,068 Sewerage Board (BWSSB) 30 2025
North East Road Network National Highways and
Connectivity Improvement Infrastructure Development
Project (Phase 6) 23,129 Corporation Limited(NHIDCL) 30 March 2026
Tamil Nadu Biodiversity
Conservation and Greening
Project for Climate Change Tamil Nadu Forest Department,
Response 10,535 Government of Tamil Nadu 30 July 2030
Health and Family Welfare
Assam Health System Department (HFWD), Government
Strengthening Project 45,605 of Assam 30 April 2027
Department of Horticulture and
Uttarakhand Integrated Food Processing (DHFP), December
Horticulture Development Project 6,401 Government of Uttarakhand 30 2028
About Japan International Cooperation Agency (JICA):
President– Kitaoka Shinichi
Headquarters– Tokyo, Japan
Established in 1974
ADB & HSBC India Signs USD 100 Million Partial Guarantee Program for MFI
The Asian Development Bank (ADB) and HSBC India (HSBC) have agreed to set up a USD 100 million partial
guarantee program to help over 400,000 micro-borrowers and largely women-owned microenterprises
across India.
• It is the ADB’s first partnership with HSBC, and under the terms of the agreement, an equivalent of USD
30 million in aggregate financing would be disbursed to three Microfinance Institutions (MFIs) in
India by April 2022 to stimulate the partnership.
The partial guarantee mechanism will help the MFIs access funding for on-lending activities, breaking the
impacts of the COVID-19 pandemic and allowing them to expand operations.
Key Points:
i.HSBC will expand its financing to MFIs and nonbank finance enterprises, with the ADB partially guaranteeing
the loans.
ii. MFIs have evolved as lifelines for marginalised consumers, such as low-income households and small
companies, during the COVID-19 pandemic.
• This programme will strengthen microfinance as a tool for boosting economic resilience, reducing
gender disparities, and assisting in the revival of India’s economy.
Note:
Since its inception in 2010, the ADB’s microfinance programme has granted over USD 1.8 billion in loans and
helped mobilise USD 881 million in co-financing, benefiting microfinance borrowers, with 98% of them being
women.
About Asian Development Bank (ADB):
A multilateral financial institution with a vision to make Asia and the Pacific a prosperous, inclusive, resilient,
and sustainable region while continuing to fight extreme poverty.
• It has 68 members (49 from within Asia and the Pacific & 19 outside). India has been a member since
1966.

President – Masatsugu Asakawa

Established – 1966
Headquarters – Manila, Philippines
Nabet India Ties up with PNB Housing Finance Ltd for a Unique Employment Generation
Program for Women
Nabet India & PNB (Punjab National Bank) Housing Finance Pvt Ltd partnered to start an initiative for women’s
health and wellness.
Key points:
i.Under the partnership agreement, Nabet India will promote livelihood and employment opportunities for
women particularly in rural areas and also promote health and wellness to improve their quality of life.
ii.Nabet India would manufacture sanitary napkins at its own facility and PNB Housing Finance Pvt Ltd
would provide machinery support.
• Pehel Foundation, a CSR (Corporate Social Responsibility) arm of PNB Housing Finance, is sponsoring
the machine equipment.
• The napkins will be distributed to working women, school/college going girls and villagers in need.
iii.Nabet India would also start a livelihood scheme to promote health and wellness amongst rural women. It
will create employment for the underprivileged communities.
About PNB Housing Finance:
Managing Director & CEO- Hardayal Prasad
Headquarters- New Delhi ,Delhi
Incorporated in 1988
Tagline- Ghar Ki Baat
GoI To Borrow Rs. 8.45 Lakh Crore in H1, 60% Of FY23 Estimate
The Government of India (GoI) has decided to secure a fund of Rs. 8.45 lakh crore through borrowing in
consultation with the Reserve Bank of India (RBI) in the first half (H1) or April-September period of Financial
Year 2022-23 (FY23).
• It accounts for 60% of the total borrowing planned for FY23, continuing a practice of frontloading debt
raising early in the fiscal year when private demand for funds is low.
By this way, the Indian government will expedite its capital spending programme to help fund the revenue gap
from the ongoing recovery.
Key Points:
i.According to the FY23 budget, the gross market borrowing through dated securities was pegged at Rs. 14.95
lakh crore.
• The gross market borrowing is expected to be Rs. 14.31 lakh crore considering the switch operations
conducted on January 28, 2022. Of that, Rs. 8.45 lakh crore is planned to be borrowed in the first half
(H1) of FY23.
ii.The borrowing is scheduled to be completed in 26 weekly tranches of Rs. 32,000 -33,000 crore and will be
spread under 2, 5, 7, 10, 14, 30, and 40-year securities and Floating Rate Bonds (FRBs) of various tenors.
iii. Weekly borrowing under Treasury Bills in the first quarter (Q1) of FY23 is expected to be Rs. 33,000 –
34,000 crore with net borrowing of Rs. 2.40 lakh crore.
iv.In addition, the government issued Rs. 2.4 lakh crore to states, exceeding the revised estimates in the budget,
and has also provided Rs. 1 lakh crore in capital expenditure loans.
v.The GoI along with RBI would engage with the bond markets as partners through a non-disruptive borrowing
plan.
• The government may continue to use the greenshoe option to retain up to Rs. 2,000 crore in additional
subscriptions for each of the instruments included in the auction notification.

FinMapp Gets Licence from PFRDA & IRDAI to Sell NPS, Insurance
FinMapp, a Financial services company, has received a licence from Pension Fund Regulatory and
Development Authority (PFRDA) under the National Pension Scheme (NPS) and a registration certificate from
the Insurance Regulatory and Development Authority of India (IRDAI) recognizing it as a corporate agent.
• These licences will enable FinMapp to sell insurance and NPS products to its customers as a verified
seller and help expand its customers base.
• In the upcoming months, FinMapp will launch NPS as an investment tool on its app.
SEBI Imposes Penalties Worth Rs 25 Lakh on 5 Entities for Non-genuine Trades

Securities and Exchange Board of India(SEBI) has imposed penalties totalling Rs 25 lakh on five entities for
indulging in non-genuine trades in the illiquid stock options segment on BSE (formerly Bombay Stock
Exchange).
• In 5 separate orders, SEBI has imposed a fine of Rs 5 lakh each on Abhishek Kumar Jain HUF, Ajay
Kumar Baid, Sumit Shankar Dudani, Sumer Chand Jain and Sons and Milestone Viniyog Pvt Ltd.
• The entities violated the provisions of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices)
regulations by indulging in such trades in stock options.
Finance Ministry kept Interest Rate of Small Savings Schemes Unchanged for Q1FY23
The Department of Economic Affairs (DEA), Ministry of Finance, has kept the rate of interest on various small
savings schemes unchanged for the first quarter (April-June, 2022) of FY23.
• In this regard, interest rates on national savings certificate (6.8%), senior citizen savings schemes
(7.4%), public provident fund scheme (7.1%), Kishan Vikas Patra (6.9%), Sukanya Samriddhi Account
scheme (7.6%) for the Q1FY23 are same as Q4FY22.
Table showing Interest Rates on Small Saving Schemes for Q1FY23 (April-June, 2022)
Maturity Interest Minimum amount for Opening
Instrument (years) (%) Account (Rs)
Post Office Saving Account (SB) – 4 500
1-year Post Office Time Deposit Account
(TD) 1 5.5 1000
2-year Post Office TD 2 5.5 1000
5-year Post Office Recurring Deposit
Account (RD) 5 5.8 100/month
Senior Citizens Savings Scheme Account
(SCSS) 5 7.4 1000
Monthly Income Account (MIS) 5 6.6 1000
National Savings Certificate (NSC) 5 6.8 1000
Public Provident Fund (PPF) 15 7.1 500
Kisan Vikas Patra (KVP) 124 months 6.9 1000
Sukanya Samriddhi Account (SSA) 21 7.6 250
What are Small Savings Schemes?
These are a set of savings instruments managed by the Central Government to encourage citizens to save
regularly irrespective of their age. They provide returns generally higher than Bank Fixed Deposits (FDs) along
with sovereign guarantee and tax benefits.

• All deposits received under various small savings schemes are pooled in the National Small Savings
Fund (NSSF) which is used by the Central Government to finance its fiscal deficit.
Interest Revision Process of Small Saving Schemes:
The revision in their interest rate is made by the Ministry of Finance on quarterly basis i.e. April-June, July-
September, October-December, and January-March, in exercise of its power conferred by Rule 9 (1) of
the Government Savings Promotion General Rules, 2018.
Point to be noted:
Recently, the interest rate on Employees’ Provident Fund Organisation (EPFO) deposits was cut to a four-
decade low of 8.1% for FY22 from 8.5%.
About Ministry of Finance:
Union Minister– Nirmala Sitharaman (Constituency – RajyaSabha, Karnataka)
Ministers of State– Pankaj Chaudhary (Constituency – Maharajganj, Uttar Pradesh); Dr. Bhagwat Kishanrao
Karad (Constituency – Rajya sabha Maharashtra)
IOB Signs MoU with STPI & STPINEXT Under Finblue Initiative
As part of the FinBlue initiative to promote innovation through financial technologies, the public sector Indian
Overseas Bank (IOB) has signed a Memorandum of Understanding (MoU) with the Software Technology Parks
of India (STPI) and AIC STPINEXT INITIATIVES (a Section 8 company of STPI).
FinBlue Initiative:
A FinTech (financial technology) Centre of Entrepreneurship (CoE) set by the STPI at Chennai, Tamil Nadu.
Objective: To help provide resources such as mentoring, technology support and funding for FinTech start-ups.
It offers an integrated program for start-ups to scale up through its incubation facility.
Software Technology Parks of India (STPI):
A premier Science & Technology organization under the Ministry of Electronics and Information Technology
(MeitY).
• Director General – Aravind Kumar
AIC STPINEXT INITIATIVES is established by STPI as a section 8 company to serve as the nodal agency and
common implementation vehicle for its startup and entrepreneurship initiatives. It is headquartered in New
Delhi, Delhi.
About Indian Overseas Bank (IOB):
Managing Director & CEO – Partha Pratim Sengupta
Establishment – 10th February 1937
Headquarters – Chennai, Tamil Nadu
Tagline – Good People to Grow with
IFSCA signs Information Exchange Pact with IRDAI

On April 1, 2022, International Financial Services Centres Authority (IFSCA) signed a Memorandum of
Understanding (MoU) with the Insurance Regulatory and Development Authority of India (IRDAI) for
strengthening of inter-regulatory exchange of information, technical cooperation and supervisory
collaboration.
Signatories:
It was signed by Injeti Srinivas, Chairperson, IFSCA; and Debasish Panda, Chairperson, IRDAI at IRDAI’s head
office in Hyderabad, Telangana.
Key Points:
i.The MoU enables Indian insurtech (insurance industry) startups to explore foreign jurisdiction and vice versa
as it contains a mechanism for Inter Operable Regulatory Sandbox.
ii.Both regulators will attract global insurance industry players to develop innovative insurance solutions for
India and the world.
iii.The IFSCA is responsible for development and regulation of international financial services, including that of

insurance sector.
iv.The IRDAI is entrusted with all-round development and regulation of the insurance sector across India.
Click Here for Official Notification
About International Financial Services Centres Authority (IFSCA):
Establishment– 2020, under the International Financial Services Centres Authority Act, 2019
Headquarter– GIFT (Gujarat International Finance Tec-City), Gandhinagar in Gujarat.
SEBI Launches Ideathon ‘Manthan’ To Promote Innovation in Securities Market

On March 30th 2022 ,TMs. Madhabi Puri Buch, Chairperson of SEBI, formally launched the “Manthan,” an
Ideathon,a new initiative of SEBI to foster new ideas and innovations in the securities market, in collaboration
with other market infrastructure institutions and qualified registrar and transfer agents (QRTAs) at an event in
Mumbai,Maharashtra.
Highlights:
i.Financial Technology (FinTech) adoption in the securities market will offer considerable opportunities for
stakeholders.
It will help in democratizing financial services by making them more affordable and accessible to the general
public, thereby establishing the foundation for financial inclusion.
ii.Similarly, Regulatory Technology (RegTech) and Supervisory Technology (SupTech) provide opportunities
for effective market regulation while reducing the cost of compliance for market participants.
About Manthan:
i.It is a 6-week long Ideathon by SEBI in association with BSE, NSE, NSDL, CDSL, KFintech, CAMS, Link
Intime, and MCX to promote innovation in the securities market.
ii.Manthan will help to create a pool of new ideas and solutions centred on the securities industry.
iii. The event is open for registration from March 30, 2022 to May 14, 2022 and anyone over 16 years of age,
including students, startup founders, professionals, and academicians, can participate by submitting their ideas
at https://manthan.devfolio.co/
iv.It invites innovative ideas in the themes such as Investor Education, Protection and ease of
investing, Securities Market Development, Market Regulation, and Integration within the financial ecosystem.
• The top ten winners of the ideathon stand would get cash prizes worth Rs. 5,00,000.
About Securities and Exchange Board of India (SEBI):
Chairperson -Madhabi Puri Buch
Establishment – 12 April 1992
Ergos launches “GrainBank Loyalty Cards for Farmers”

Ergos Business Solutions Private Ltd developed a digital platform ‘GrainBank’. This is the first time in India,
where farmers will have valuable information and income on their farm produce by getting direct access to
digital platform.
Key points:
i.GrainBank is farmer relationship based post harvest solutions for farmers to digitize its grain, which is
directly accessible to lenders and processors, and can buy online directly from them.
• It has several features like options for delaying sales,loans at minimal interest rates directly from the
bank, etc.
ii.GrainBank can analyze farmers’ profiles and their crop related data, which helps to analyze most suitable
services in the most cost effective manners.
iii.It connects through several Fintech companies and gives farmers access to digital payments, predicts prices
through “Price Intelligence” and AI-based tools.
iv.The tech-enabled warehouses are synced with the cloud and data is pushed to the server. The warehouses
have Kiosk like GrainBank ATM / Loyalty Card, and farmers use smartphones to access their deposits.

• It also has ‘Weather Sensing tools’, that enable GrainBank operation in the most efficient manner.
About Ergos Business Solutions Private Ltd:
CEO and Director-Kishor Kumar Jha
Headquarters- Patna, Bihar
HDFC Bank Adjudged as Best Performing Bank in SHG Linkage by NRLM

HDFC Bank Limited (HDFC Bank) has been adjudged Best Performing Bank in Self Help Group (SHG) Linkage
by Deendayal Antyodaya Yojana – National Rural Livelihood Mission(DAY-NRLM), Ministry of Rural
Development(MoRD), Government of India at the event organised at the Vigyan Bhavan, New Delhi, Delhi.
• HDFC bank is the only private bank to be honoured with the award for their contribution in SHGs by
NRLM.
Giriraj Singh, Union Minister of Rural Development presented the award to K Venkatesh, Head of Sustainable
Livelihood Initiative of HDFC Bank.
Additional info:
i.The HDFC Bank has signed Memoranda of Undertading (MoUs) with the State Rural Livelihood Mission of 6
states: Assam, Chhattisgarh, Maharashtra, Punjab, Rajasthan, and Uttar Pradesh.
ii.As of February 2022, the HDFC bank has offered advances of more than RS 1000 crore under the NRLM.
iii.As a part of the NRLM, HDFC bank provides access to financial services to more than 4.5 lakh individuals in
unbanked and underbanked sections of the society.
About National Rural Livelihood Mission (NRLM):
National Rural Livelihoods Mission (NRLM) was launched by the Ministry of Rural Development (MoRD) in
June 2011 is a poverty alleviation project.This rural income generation scheme is also known as Aajeevika
Mission.
This was aided in part through investment support by the World Bank.
Aim:
To encourage self-employment and create sustainable livelihood opportunities for the rural poor.
About HDFC Bank:
MD & CEO– Sashidhar Jagdishan
Incorporated – 1994
Chatbot– EVA
UBI sells 21% stake in IFLIC to BoB for Rs. 766 Crore
Union Bank of India (UBI) has sold 21% stake in IndiaFirst Life Insurance Company Limited (IFLIC), to Bank
of Baroda (BoB) for Rs. 766.29 crore. IFLIC is a joint venture (JV) between BoB, UBI and Carmel Point
Investments India Private Limited.UBI owned a 30% stake in IFLIC as a result of its acquisition of Andhra Bank.
• The divestment is made in line with the insurance regulator Insurance Regulatory and Development
Authority of India’s (IRDAI) directive to bring down UBI’s stake in IFLIC to below 10%.
UBI’s investment in IFLIC has dropped to 9% as a result of the divestment. BoB now has a 65% stake in IFLIC,
whereas Carmel Point Investments India has 25% stake in IFLIC.
Key Points:
i.UBI has transferred about 13.93 crore equity shares of IFLIC to BoB at Rs. 55 per share.
ii.The process of stake sale was completed on March 31, 2022 and the sale is expected to boost UBI’s fourth
quarter (FY22) bottomline.
iii.UBI also has a 25.10% stake in Star Union Dai-Ichi (SUD) Life Insurance Company Ltd.
• Besides UBI, the other shareholders of SUD Life are Bank of India (28.96%) and Dai-ichi Life Insurance
Company (45.94%).
About Union Bank of India (UBI):
Managing Director & CEO – Rajkiran Rai G.

Establishment – 11 November 1919

Tagline – Good People to Bank with
SBI Signs MoU with The BSF to Provide Curated Benefits

The State Bank of India (SBI) and the Border Security Force (BSF) have signed a Memorandum of
Understanding (MoU) to provide special benefits to serving and retired BSF personnel, as well as family
pensioners, through the Central Armed Police Salary Package (CAPSP) Scheme.
This partnership intends to benefit and provide financial security for BSF personnel and their families by
providing a variety of specialized benefits through CAPSP, which ensures that they and their family have easy
access to banking services.
Features of the MoU:
i.The MoU ensures extensive benefits for the security forces, including complimentary Personal and Air
Accidental Insurance (Death) Cover, additional cover in case of on-duty death, and Permanent Total
Disability/Partial Disability Cover.
ii.The MoU will support child education and the marriage of girl children of deceased BSF personnel.
iii. Retired personnel will be eligible for complimentary Personal Accidental (Death) Insurance, irrespective of
age, whereas family pensioners will be eligible for a bouquet of benefits.
iv.SBI will offer a zero-balance savings bank account with a host of complimentary benefits and a waiver of
service charges to the BSF personnel considering their selfless services rendered to nation building.
v.It will also provide attractive interest rates and concessions on processing charges for serving personnel on
home, car, education, and Xpress Credit personal loans.
Aegon Life and Ahalia Finforex Partners to Offer Insurance Cover to Unserved Segment
Aegon Life Insurance Company(Aegon Life), a digital life insurance company and Ahalia Finforex, a Kerala-
based diversified financial services firm has partnered to provide life insurance access to unorganized and
unserved segments residing in tier 2, tier 3, and tier 4 towns.
• This is in line with the efforts of Ahalia Finforex to make every household financially secure.
Key Points:
i.Under this partnership insurance coverage for more than 5 lakh customers of Ahalia Finforex will be provided
through the Group Credit Life product. In the event of the borrower’s death, insurance from Aegon Life covers
the loan amount.
ii.Ahalia Finforex will support the unserved population in small towns, helping them access insurance cover
against the loans, which could burden them in the untimely demise of the borrower.
iii.Group Credit Life Insurance cover is attached to a lending product like a loan.
iv.The product can be purchased offline, via branches of Ahalia Finforex and the customers can get this product
with a one-time premium.
Additional info:
Aegon Life has onboarded partners like Flipkart, Paytm, Mobikwik and others. It plans to onboard 100
distribution partners in 2022.
About Aegon Life Insurance Company:
MD & CEO– Satishwar Balakrishnan
About Ahalia Finforex:
Ahalia Finforex is a diversified initiative of the Ahalia Group.
The company holds NBFC (Non-Banking Financial Company) and FFMC (Full-Fledged Money Changer) licenses
from the Reserve Bank of India(RBI).
Managing Director– N. Bhuvanendran
Headquarters– Ernakulam, Kerala

India’s FY23 GDP Growth Estimated at 7.4%: FICCI Economic Outlook Survey
On April 3, 2022, FICCI (Federation of Indian Chambers of Commerce & Industry) released its Economic
Outlook Survey projecting India’s annual median Gross Domestic Product (GDP) at 7.4% in FY23 with a
minimum growth estimate of 6% and maximum of 7.8%.
• The risks to growth will remain high amid Russia-Ukraine conflict which results in sharp rise in crude
prices.
• This war is posing a biggest challenge to the global economic recovery.
Key Highlights from Survey:
i.The Reserve Bank of India (RBI) is likely to start a rate hike cycle in the second half of 2022.
ii.The RBI is expected to continue supporting the ongoing economic recovery by keeping the repo rate
unchanged in its April policy review. However, a repo rate hike of 50-75 bps is expected by the end of FY23.
iii.The median growth forecast for agriculture and allied activities projected at 3.3% for 2022-23.
iv.Industry sector is estimated to grow by 5.9% and services sector will grow at 8.5% in FY23.
v.Global inflation is likely to peak out in the first half of 2022 and moderate thereafter.
vi.For India, the estimate for average wholesale price index-based inflation in Q4FY22 has been put at 12.6%.
• CPI (consumer price index) based inflation is projected at 6% in Q4FY22 and 5.5% in Q1FY23; and has a
median forecast of 5.3% for FY23, with a minimum and maximum range of 5% and 5.7% respectively.
Click Here for Official Survey
FICCI Economic Outlook Survey:
It was conducted in March 2022 to ascertain response from economists representing sectors like industry,
banking and financial services. The economists were asked for their forecast on key macro-economic variables
for 2022-23, Q4 (January- March) of FY22 and Q1 (April-June) of FY23.
HDFC Ltd to merge with HDFC Bank by FY24

The board of directors of the Housing Development Finance Corporation (HDFC) Limited at its meeting held
has approved the amalgamation of HDFC Investments Limited and HDFC Holdings Limited with HDFC Ltd, and
HDFC Ltd with HDFC Bank.
Subsequently, HDFC will merge with its banking arm, resulting in all the group companies becoming direct
subsidiaries of HDFC Bank. Besides the bank, HDFC is the holding company for HDFC Life, HDFC General
Insurance, HDFC Mutual Fund, HDFC Credila and HDFC Venture Capital. This amalgamation deal valued at $40
billion.
Note- HDFC Investments Limited and HDFC Holdings Limited are the wholly acquired subsidiaries of HDFC
Bank Limited.
Highlights:
i.Shareholders of HDFC Ltd as on the record date will receive 42 shares of HDFC Bank (each of face value of ₹1),
for 25 shares held in HDFC Ltd (each of face value of ₹2). The equity share(s) held by HDFC Ltd in HDFC Bank
will be extinguished as per the scheme.
ii.After the merging, the HDFC Bank will be 100 percent owned by public shareholders and existing
shareholders of HDFC Ltd will own 41 per cent of HDFC Bank through the transformational merger.
iii.The merger will enable HDFC Bank to build its housing loan portfolio and increase its customer base. The
merger is expected to be completed by FY(Financial Year)-24.
About HDFC Bank:
CEO & MD- Sashidhar Jagdishan
Founded- 1994

Axis Bank to Acquire CitiBank’s India Consumer Business for $1.6 bn

Citibank signed a deal with Axis Bank to sell its entire consumer bank business including credit cards, savings
accounts,retail consumer accounts,consumer loans and wealth management for $1.6 billion (Rs 12,235
crore). However the deal excludes Citibank’s institutional client businesses in India.
• This is one of the biggest deals in the banking space since the acquisition of ING Vysya Bank by Kotak
Mahindra Bank in 2014 for Rs 15,000 crore.
• The transaction also includes the sale of the consumer business of Citi’s non-banking financial company,
Citicorp Finance (India) Limited, comprising the asset-backed financing business, which includes
commercial vehicle and construction equipment loans, as well as the personal loans portfolio.
Key points:
i.Axis Bank will offer 3,600 employees of Citi’s consumer banking business a remuneration that is at par or
higher than their current packages.
• The deal will enable the Axis Bank to gain more capital and customer support across India.
ii.Besides the sale price, Rs 3,450-crore capital will be required for the loan book of over Rs 27,400 crore, which
will get transferred, and also a payout of up to Rs 1,500 crore in integration cost.
• The integration cost will be paid by Axis to Citi for servicing the business till the merger gets complete.
iii.After the acquisition,the combined CASA (Current & Savings account) ratio on a pro-forma basis will
improve by 200 basis points to 47 per cent and it will also be LCR (liquidity coverage ratio)-accretive.
iv.Post Acquisition Axis Bank’s deposit base will increase by 7%, CASA by 12% and Loan by 4%.Axis Bank will
have around 28.5 million savings accounts and close to 11 million credit cards.Axis Bank will get Deposits of
Rs.50200 cro’re;81% are low cost current & savings account deposits. Rs.1.11 Trillion Assets Under
Management(AUM) from Citi Wealth and Private Banking.
About Axis Bank:
MD & CEO- Amitabh Chaudhry
Establishment- 1993 (Commenced Operation-1994)
Tagline – Badhti Ka Naam Zindagi
Canara Bank, SBI, PNB & Union Bank Reduced their Stake in IDRCL to 5%
State Bank of India(SBI), Canara Bank, Punjab National Bank(PNB) and Union Bank of India (Union
Bank), four Public Sector Banks of India have reduced their stake in India Debt Resolution Company Ltd
(IDRCL) to 5% each.
• With the current round of preferential allotment by IDRCL, the equity stake of Canara Bank has been
reduced to 5% from its previous holding of 14.90%.
• PNB has reduced its stake from 11.8% to 5% while Union Bank has reduced its stake from 12.30% to 5
%.SBI has reduced its stake from 12.30% to 5%.
• Note – Public sector banks will hold 51 per cent stake in National Asset Reconstruction Company Ltd
(NARCL) and 49 per cent in the debt management company IDRCL.
SEBI introduces DDPI to replace PoA for Share Pledging; Bans NFOs by Mutual Fund Industry
by 3 months
The Securities and Exchange Board of India (SEBI) has introduced a new document namely ‘Demat Debit and
Pledge Instruction (DDPI)’ which will come into effect from July 1, 2022. DDPI will replace Power of Attorney
(PoA) for the purpose of pledging and repledging of stocks for margin purpose. It will be registered in the
client demat account.
Need for DDPI:
To curb possible misuse of PoA given by clients to stock brokers
Use of DDPI:
Its use will be limited only for two purposes viz.

i.Firstly, for the transfer of securities held in the Beneficial Owner Account (BOA) of the client towards stock
exchange related deliveries or settlement obligations arising out of trades executed by such a client.
ii.Secondly, for pledging/re-pledging of securities in favour of the broker to meet margin calls.
With the implementation of these new guidelines, PoA will no longer be executed for the two purposes.
Key Points:
i.Clients can use DDPI to authorize the stock broker and depository participant to access their BOA, as per the
above mentioned purpose ‘i.’.
ii.DDPI can be used by clients through issuing physical Delivery Instruction Slip (DIS) or electronic Delivery
Instruction Slip (eDIS) themselves.
iii.The securities transferred on the basis of the DDPI provided by the client will be credited only to the
client’s trading member pool account.
PoAs validity:
The existing PoAs will continue to remain valid till the time the client revokes the same. Thus, there will be no
compulsion on the client for the execution of DDPI. These instruction slips require clients’ explicit consent,
including for internet-based trading.
What is PoA?
It is a document that gives another person the legal authority to act on your behalf as per the terms mentioned
in the document. In the case of a demat account, the PoA gives the online broker the legal authority to make
certain decisions on your account.
Click here for official notification
SEBI bans NFOs by Mutual Fund industry by 3 months
SEBI bars the launch of new fund offer (NFO) or launching of fresh schemes by mutual funds (MFs) until the MF
industry complies with SEBI’s new rules. The deadline for meeting the norms is extended by 3 months to July
1, 2022 from April 1, 2022.This is first of its kind ban on launch of new fund offer (NFO) by mutual funds.
• In this regard, there will be discontinuing the practice of pooling client money for mutual fund (MF)
transactions on the stock exchanges and other online platforms, among others.
• SEBI also directed the MF industry to implement a two-factor authentication for redemption and
verification of source accounts when MF investments are made.
The information for the same was provided by SEBI through a letter to the Association of Mutual Funds of India
(AMFI).
Key Points:
i.NFO is a first time subscription offer for the new scheme.
ii.This ban is to protect the MF investors interest. It can delay 15-20 issues.
iii.In this regard, no distributor, online platform, stockbroker or investment advisor use pool accounts and then
transfer it to the fund house for purchasing units of schemes for investors.
Establishment – 12th April 1992 (In accordance with SEBI Act 1992)
Chairperson – Madhabi Puri Buch
Payments Canada & TCS to Implement Real-Time-Rail Payment System

Tata Consultancy Services (TCS) has formed a strategic relationship with Payments Canada, Canada’s largest
payment organization, to transform its payment system operations and assist with the implementation of Real-
Time Rail (RTR).
• RTR is a revolutionary real-time payments system that will allow Canadians to send and receive irrevocable
cash in seconds, 24 hours a day, 7 days a week, 365 days of a year.
i.TCS will assist Payments Canada in executing an integration roadmap for the RTR by utilizing its expertise in
the Canadian payments industry and experience in developing and implementing large payment systems for its
Canadian financial services clients.

ii. TCS will also use its solutions around quality engineering and participant engagement to effectively create
and orchestrate a comprehensive end-to-end industry assurance programme that will holistically validate the
solution for the deployment of RTR.
Real-Time Rail (RTR):
• It will allow Payments Canada members to provide innovative ways for Canadians and businesses to pay
and be paid in real time, as well as to access rich payment data.
• It will provide certainty of receipt and serve as a platform for innovation, allowing ecosystem players such
as financial institutions and payment service providers to create new and improved methods for Canadians
to pay for goods and services and transfer money.
PNB Mandates PPS for High-Value Cheques to prevent check fraud

Punjab National Bank (PNB) has announced that it has made the Positive Pay System (PPS) mandatory for
cheques of Rs. 10 lakhs and above, effective April 4, 2022, in order to protect clients from large-value check
fraud.
• The Positive Pay System (PPS) is developed by the National Payments Corporation of India (NPCI). It
requires the customer who issues the high-value cheque to reconfirm some essential details, which are
cross-checked while presenting the cheque for clearance before payment.
As this move is aimed at protecting customers against large value cheque fraud, only registered cheques in PPS
are accepted under the dispute resolution mechanism.
Key Points:
i.It requires the PNB customers to share details like account number, cheque number, cheque alpha code, issue
date, amount, and beneficiary name for clearing the high-value cheques under PPS.
• These details are to be shared with the bank through any of the prescribed formats like internet banking,
mobile banking, SMS banking, or their home branch at least 24 working hours before the cheque is
presented for clearing.
ii.PNB had introduced PPS for cheques of Rs. 50,000 and above presented in Cheque Truncation System (CTS)
clearing from January 1, 2021, as per Reserve Bank of India (RBI) norms, It has also said that while availing of
the facility is at the discretion of the account holder, banks may consider making it mandatory in case of cheque
values of ₹5 lakh and above.
Cheque Truncation System (CTS)
Cheque Truncation System (CTS) or Image-based Clearing System (ICS),is a cheque clearing system
undertaken by the Reserve Bank of India (RBI) for faster clearing of cheques. It promotes the processing of a
cheque electronically, rather than a physical cheque, through the Magnetic Ink Character Reader (MICR) data
and a scanned image.
• Reserve Bank of India (RBI) introduced pan-India CTS in September 2020 to make cheque clearing safer
and faster. Recently, it was made mandatory for all banks to implement Cheque Truncation System (CTS) in
all their branches across the country by September 30, 2020.
• All CTS cheques hold a watermark, with ‘CTS-INDIA’, which is visible when held against any light source.
• Pantograph (wavelike design) with hidden / embedded word ‘VOID’ become clearly visible in photocopies
of a cheque
About Punjab National Bank (PNB):
MD & CEO – Atul Kumar Goel
Establishment – 18 May 1894
Headquarters – New Delhi, Delhi
Tagline – The name you can bank upon
India’s Trade Deficit widens by 87.5% to record $192.41bn in FY22

In accordance with the preliminary data released by the Ministry of Commerce and Industry, India’s trade
deficit increased by 87.5% to $192.41 billion in FY22 as against $102.63 billion in FY21. This is due to the

record high imports of $610.22 billion because the value of inbound petroleum shipments nearly doubled as
compared to a year earlier.
• The value of total goods exported witnessed 43.18% growth to a record $417.81 in FY22, along with an
increase in imports by 54.71% to $610.22 billion. This left a trade gap of $192.41 billion.
• The trade deficit in March 2022 was $18.69 billion.
Key Points:
i.There is 94.33% jump in petroleum imports’ value because of the rise in global crude oil prices amid Russia-
Ukraine war.
ii.The share of petroleum imports out of India’s total imports was 26.33% in FY22.
iii.The value of total goods exported in FY22 surpassed the target set by the Central Government by 5%.
• This growth is driven by higher demand for engineering goods, petroleum products, and gems and
jewellery.
• In March 2022, exports touched $40.38 billion, as compared to $35.26 billion during the corresponding
period a year earlier.
• Value of non-petroleum and non-gems and jewellery exports in March was $29.38 billion, registering a
growth of 4.79 per cent on the year-on-year basis.
iv.For the first time, India’s monthly merchandise exports exceeded USD 40 billion, reaching USD 40.38 billion
in March 2022, an increase of 14.53 per cent over USD 35.26 billion in March 2021.
v.India’s merchandise crossed the $1 trillion mark for the first time ever.
Union Bank of India to create “Digital Bank within Bank”

Union Bank of India (UBI) announced the creation of “Digital Bank within Bank” as part of its future ready
digital transformation project during the Digital Conclave hosted by UBI on 06 April 2022 at Yashwantrao
Chavan Centre, Mumbai.
Highlights:
i.Under the project, the bank launched a Super app.”Union nxt – Do it Yourself”
• It will also enable the setting up of a strong digital ecosystem in line with the EASE (Enhanced Access and
Service Excellence) reform agenda.
ii.Later, several digital products like pre-approved personal Loan (PAPL), union cash (pensioner loan), Shishu
Mudra loan, MSME loan auto-renewal, agri loan (KCC) auto-renewal, CRM, Soft POS, branch token and mobile
app-based deposit module will be launched.
iii.It will provide facilities such as end-to-end straight through processing (STP), mobile first, customer
centricity, enhanced operational efficiency, reduced turn-around time (TAT), minimal clicks with no branch
visits.
iv.Shri Rajkiran Rai G, MD & CEO, unveiled ‘Union SAMBHAV – World of Opportunities’, a Future Digital ready
transformation project.
v.Union Bank of India (UBI) will spend ₹1,000 crore on digital banking initiatives in a bid to ensure that at least
50 per cent of its business originates via the digital route by FY2025.
CEO & MD- Rajkiran Rai G.
Founded- 1919
SEBI Amends Rules Governing CIS; Listing Obligations & Disclosure Requirements; and
Custodians
The Securities and Exchange Board of India (SEBI), in its board meeting approved an amendment to the SEBI
(Collective Investment Schemes) Regulations, 1999 to strengthen the regulatory framework for Collective

Investment Schemes (CIS) to bring them on with Mutual Fund (MF) regulations. This was the first major review
of CIS regulations since their notification in 1999.
Key Amendments:
i.Enhancement of net-worth criteria
ii.Requirement of having track record in relevant field as an eligibility requirement for registration as a
Collective Investment Management Company (CIMC).
iii.CIMC and its group/ associates/ shareholders will be restricted to 10% shareholding or representation on
the board of another CIMC to avoid conflict of interest.
iv.There will be mandatory requirement of minimum number of investors, maximum holding of a single
investor, and minimum subscription amount at the CIS level.
v.There has been rationalisation of fee and expenses to be charged to the scheme.
vi.There has been reduction of timelines for offer period of scheme, allotment of units, and refund of money to
investors.
SEBI amends rules governing Listing Obligations and Disclosure Requirements
The board also approved a proposal to amend the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 to simplify procedure for transmission of securities, and to ensure uniform processes are
followed by the Registrars to an Issue and Share Transfer Agents (RTAs)/ listed companies.
Key Amendments:
i.The existing threshold limit for simplified documents has been revised from Rs 2 lakh to Rs 5 lakh for
securities held in physical mode per listed issuer, and Rs 5 lakh to Rs 15 lakh for securities held in
dematerialised mode for each beneficiary account.
ii.The legal heirship certificate or its equivalent certificate issued by competent government authority will be
an acceptable document for transmission of securities
SEBI amends rules governing Custodians
The board also approved the approved the amendments to the SEBI (Custodian) Regulations, 1996 to enable
SEBI-registered custodians to provide custodial services in respect of silver or silver related instruments held
by silver ETFs (Exchange Traded Funds) of mutual funds.
SEBI issues operational guidelines for covenant monitoring with DLT
SEBI also issued the operational guidelines for security and covenant monitoring using Distributed Ledger
Technology (DLT). With effect from April, 1 2022, the recording of asset details (and their verification),
allotment, listing and payment of interest or redemption will be available in the DLT system.
Key Points:
i.Under the DLT, there will be system generated unique identifier (Asset ID) which will be allotted for each
asset offered by Issuer as security for the non-convertible securities.
• For data exchange and verification across depositories, format for unique asset ID would be a 12-digit
alphanumeric string.
ii.Issuer is mandated to update any event which reduces the security cover below the mandated/ stipulated
limit, as per regulation 54 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, in the
system.
iii.All issuers proposing to issue non-convertible securities on or after 1st April, 2022 should record the details
in the system before activation of International Securities Identification Number (ISIN), a 12-digit
alphanumeric code that uniquely identifies a specific security.
iv.For existing outstanding non-convertible securities, issuers will be required to enter the details into the DLT
system on or before September, 30 2022 and Debenture Trustees (DTs) verify the same by November, 30
2022.
SEBI forms panel to review governance norms at MII; headed by Gurumoorthy Mahalingam
On April 4, 2022, SEBI formed an ad-hoc committee to review governance norms at Market Infrastructure
Institutions (MII) such as stock exchanges. It will be a 6-member panel to be headed by Gurumoorthy

Mahalingam, a former whole-time member of SEBI, and will include representatives from stock exchanges and
depositories.
• It will suggest measures for strengthening the role played by the governing board and committees of MIIs
to enhance accountability and transparency.
Other Members of Committee:
JN Gupta, MD of Stakeholders Empowerment Services; Aarti Nihalani, partner, Oliver Wyman; Sandip Bhagat,
partner, S&R Associates; and Uttam Bagri, former chairman, BSE Brokers Forum; among others.MD&CEOs of
NSE (Mr. Vikram Limaye), MD&CEOs of BSE (Shri Ashishkumar Chauhan), MD&CEOs of NSDL (Ms. Padmaja
Chunduru)and MD& CEOs of CDSL (Nehal Vora)
Key Points:
i.The committee will review the requirements related to the appointment and role and responsibility of the
board of directors and Key Managerial Persons (KMPs).
ii.The committee will develop effective metrics for monitoring various aspects of the functioning of MIIs and
KMPs.
SEBI imposes penalties Rs 15 lakh on 3 entities for Non-Genuine Orders
• Sebi on imposed penalties totalling Rs 15 lakh on three entities for indulging in non-genuine trades in
illiquid stock options on BSE. In three separate orders, the regulator slapped a fine of Rs 5 lakh each on
Vinit Jagdishprasad Kedia, Shiv Kumar Sarda HUF and Bajrang Lal Dalmia HUF.
• By indulging in such trades in stock options, they violated the provisions of PFUTP (Prohibition of
Fraudulent and Unfair Trade Practices) regulations.
Two companies get SEBI nod for IPO
SEBI has approved Dharmaj Crop Guard Ltd, and Venus Pipes and Tubes Ltd for Initial public offerings
(IPOs). These companies had filed their preliminary IPO papers with SEBI between December 2021 and
January 2022.
• SEBI is yet to issue observations for 49 IPO papers.
Key Points:
i.The IPO of agrochemical company Dharmaj Crop Guard consists of a fresh issue of up to Rs 216 crore and an
offer for sale (OFS) of up to 1,483,000 equity shares.
ii.The IPO of Venus Pipes and Tubes comprises 50,74,100 equity shares.
Headquarter– Mumbai, Maharashtra
Chairperson– Madhabi Puri Buch
India is Financing Nepal to Set Up Wastewater Treatment Plant

The Indian embassy in Kathmandu has signed a Memorandum of Understanding (MoU) for the construction of
the Khumjung Khunde Wastewater Management Project with the Ministry of Federal Affairs and General
Administration, the Government of Nepal, and Khumbu Pasang Lhamu Rural Municipality, Soulukhumbu,
Nepal.
• This is a community development project that will be built under the India-Nepal Development
Cooperation, with financial support from the Indian government, at a total estimated cost of Nepali Rupees
41.13 million.
This project will improve the health and quality of life of the people by providing them with safe water and
improved sanitation, which are essential for improving public health.
Key Points:
i.India and Nepal, as close neighbours, have a wide range of multi-sectoral cooperation. The implementation of
this project symbolises the Government of India’s persistent support for the Government of Nepal’s efforts to
improve the lives of its people.
ii.Since 2003, India has undertaken 523 High Impact Development Projects (HICDPs) in Nepal, completing

467 projects in the areas of health, education, drinking water, connectivity, sanitation, and the establishment of
other public utilities at the grassroots level in all seven provinces of Nepal.
• Amongst these, 78 projects have been undertaken in Province-1 Nepal, including two projects in
Solukhumbu District, Nepal.
About Nepal:
Prime Minister – Sher Bahadur Deuba
President – Bidya Devi Bhandari (Devi was the first Woman President of Nepal. She is currently serving her
second term in office)
Capital – Kathmandu
Currency – Nepalese Rupees (NPR)
ADB projects India’s Economic Growth at 7.5% in 2022; South Asia’s Growth at 7% in 2022
The Manila (Philippines)-based Asian Development Bank (ADB) in its flagship ‘Asian Development Outlook
(ADO) 2022-Mobilizing Taxes for Development’, projected India’s economic growth at 7.5% in FY22
and 8% in FY23.
• Inflation in India will be at 5.8% in 2022 and 5% in 2023.
• While South Asian economies collectively will grow at 7% in 2022 and 7.4% in 2023. It will be followed by
Southeast Asia with 4.9% and East Asia with 4.7% in 2022.
• However, this outlook can be affected with the uncertainties posed by the Ukraine-Russia War, continuing
coronavirus disease (COVID-19) pandemic, and tightening by the United States Federal Reserve.
Points to be noted:
i.South Asia comprises Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka.
• India is the sub-regions’ largest economy.
ii.Developing Asia comprises 46 member countries of ADB by geographic group: the Caucasus and Central Asia,
East Asia, South Asia, Southeast Asia and The Pacific.
Highlights from Report:
i.The South Asian subregion’s growth dynamics are largely driven by India and Pakistan.
ii.Developing Asia’s economies are predicted to grow by 5.2% in 2022, and 5.3% in 2023 due to robust
recovery in domestic demand and continued expansion in exports.
iii.The report predicts inflation in Developing Asia to rise to 3.7% in 2022 and 3.1% in 2023 as the economic
recovery continues and energy, commodity prices remain elevated.
Click Here for Official Report
World Bank & AIIB To Provide Rs 7,500 Cr Loan to Mission School of Excellence Project in
Gujarat
The World Bank and Asian Infrastructure Investment Bank (AIIB) will provide a loan of Rs 7,500 crore to the
government of Gujarat for its ‘Mission School of Excellence project’.
• The ‘Mission Schools of Excellence’ will be implemented in the next five years at an estimated cost of
Rs 10,000 crore.
Objective:
The project aims to improve the quality of education, make infrastructure better and build skills, which would
help in generating more employment opportunities among youth across all districts in Gujarat.
Key points:
i.The Mission School of Excellence project was launched in 2021, under this, the government of Gujarat will
spend Rs 10,000 crore in the next five years and cover all 35,133 government and 5,847 grant-in-aid schools in
the state.
ii.The funds will be spent on building 50,000 new classrooms, creating 1.5 lakh smart classrooms, 20,000 new
computer labs and 5,000 tinkering labs in 41,000-odd government and grant-in-aid schools across the state.
• 50,000 new classrooms,

• creating 1.5 lakh smart classrooms,

• 20,000 new computer labs,
• 5,000 tinkering labs
iii.The project has been divided into three phases starting with residential schools of excellence, emerging
schools of excellence, and aspiring schools of excellence.
About World Bank:
Headquarters- Washington, D.C., United States
President-David R. Malpass
Founded- 1944
Banks Report Frauds worth Rs 34,097 Crore in April-December 2021: RBI Data
In accordance with the Reserve Bank of India (RBI) data, a total of 27 Scheduled Commercial Banks (SCBs) and
Financial Institutions (FIs) have reported 96 cases of fraud, worth Rs 34,097 crore in the first nine months of
FY22 (April-December 2021).
• Punjab National Bank (PNB) recorded 10 frauds with the highest value worth Rs 4,820 crore.
• Bank of India (BoI) reported the highest number of frauds at 13, the cumulative value of those was Rs
3,925.
The bank-wise details of frauds were provided in response to a question in the Rajya Sabha during the budget
session of parliament by Minister of State (MoS) Bhagwat Karad, Ministry of Finance. Click here for Official
Notice.
Table showing Banks ranked by the highest fraud amount in April-December 2021
Bank name No of frauds Amount involved (In Rs.Crore)
Punjab National Bank 10 4,820
Bank of India 13 3,925
Yes Bank 11 3,869
State Bank of India (SBI) 8 3,902
Canara Bank 5 2,658
Key Points:
i.India lost at least Rs 100 crore every day to bank fraud over the last seven years. Between April 1, 2015 and
December 31, 2021, banking fraud worth Rs 2.5 lakh crore was detected across states.
• In this, Maharashtra topped the charts accounting for 50% of the money involved. It is followed by Delhi,
Telangana, Gujarat and Tamil Nadu.
• These five states together accounted for more than Rs 2 lakh crore, or 83%, of the quantum of money lost to
financial fraud.
ii.However, there is a sharp decline in fraud occurrences due to structural and procedural reforms. From Rs
67,760 crore in 2015-16, the quantum of money lost to fraud dipped to Rs 59,966.4 crore in 2016-17.
• In 2019-20, the number further dropped to Rs 27,698.4 crore and then to Rs 10,699.9 crore in 2020-21.
• The amount in April-December 2021 stands at Rs 647.9 crore.
iii.According to the Ministry’s data, until December 2021, the scheduled commercial banks in the country have
reported as many as 2,731 instances of bank frauds. Kotak Mahindra Bank saw the maximum number of these
incidents — 642, followed by IDBI Bank (518) and IndusInd Bank (377).
Categories of Fraud:
RBI classifies frauds under 8 categories:
i.Misappropriation and criminal breach of trust
ii.Fraudulent encashment through forged instruments
iii.Manipulation of books of account or through fictitious accounts and conversion of property
iv.Unauthorised credit facilities extended for reward or for illegal gratification

v.Negligence and cash shortages

vi.Cheating and forgery
vii.Irregularities in foreign exchange transactions
viii.Any other type of fraud not coming under the specific heads as above.
Measures taken by RBI to prevent Frauds:
In addition to the master directions, several measures have been taken to deter fraudsters and defaulters which
includes the following:
i.The Fugitive Economic Offenders Act, 2018 allows for attachment of property of a fugitive economic
offender. Such properties can also be confiscated and the offender can be disentitled, barring them from
defending any civil claim.
ii.Heads of Public Sector Banks (PSBs) have been empowered to issue requests for issuance of look out
circulars. They can also decide on publishing photographs of wilful defaulters, as per RBI norms.
iii.PSBs can obtain certified copies of the passport of the promoters or directors and other authorised
signatories of companies availing loan facilities of more than Rs 50 crore.
About Reserve Bank of India (RBI):
Established– 1st April 1935
Governor– Shaktikanta Das
Deputy Governors– Mahesh Kumar Jain, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar
ICICI Securities Partners CoverStack to Offer Insurance On ICICI direct Platform

ICICIdirect, a financial products distributor, and CoverStack, a digital B2B platform for insurance services,
have entered into a partnership to offer insurance products on the platform.
This partnership allows more than seven million customers of ICICIdirect to search, customize, compare, and
buy the most suitable insurance plans for health and motor insurance, by comparing quotes and features from
multiple insurance firms easily.
Key Points:
i.CoverStack, which also runs Coverfox Insurance (coverfox.com), works on a plug-and-play model, offering
technical solutions and insurance infrastructure to banking, financial services, and insurance companies.
• Its goal is to provide cutting-edge technical advancements to the InsurTech (Insurance Technology)
industry, in order to increase insurance penetration and financial inclusion in India.
ii.ICICIdirect is a registered corporate agent that sells insurance from a variety of life, general, and health
insurance companies.
• It has a wide national partner network, and this collaboration with CoverStack will allow it to provide
consumers with appropriate insurance solutions depending on their life stage and needs.
About ICICI Securities:
ICICIdirect is India’s leading digital financial supermarket, catering to its customers’ investment, protection,
and borrowing needs throughout their financial lives.
• It was first established in the year 2000 by ICICI Securities.
MD & CEO – Vijay Chandok
UBI To Sell its 8% stake in ISARC to Dhansamridhi Finance

On 6 April 2022, the Union Bank of India (UBI) signed an agreement for the sale of its 8% stake in India SME
Asset Reconstruction Company (ISARC) to benefit Dhansamridhi Finance.
• The stake sale is subject to obtaining requisite regulatory approvals.
Highlights:
i.ISARC is the country’s first ARC (Asset Reconstruction Company) which is supported by a large number of
public sector banks and undertakings.

ii.It mainly focuses on NPA (Non Performing Asset) resolution of the MSME sector in India.
iii.It was established in 2008 and currently sponsored by SIDBI (Small Industries Development Bank of India),
Bank of Baroda, Punjab National Bank, and SIDBI Venture Capital Ltd.
Headquarters-Mumbai, Maharashtra
Founded– 1919
IFSCA & GVFL Limited signs MoU for strengthening the FinTech ecosystem in GIFT IFSC
On 7th April 2022, the International Financial Services Centres Authority (IFSCA) and GVFL Limited (formerly
Gujarat Venture Finance Limited) have signed a Memorandum of Understanding (MoU) for cooperation and
collaboration to support and facilitate the Financial Technologies (FinTech) ecosystem in Gujarat International
Finance Tec-City (GIFT), India’s first International Financial Services Centre(IFSC).
The MoU was signed at IFSCA’s office in Gift City, Gandhinagar, Gujarat.
i.The MoU focuses on the collaboration between IFSCA and GVFL Limited for the exchange of information and
undertaking diverse initiatives as regards the FinTech industry, including holding seminars, webinars,
conferences, etc., for the growth of FinTech in the GIFT IFSC.
ii.This also provides scope for guidance, mentorship and the other spectrum of support to the FinTechs
working in the accelerator(s)/Cohorts operating in GIFT IFSC and the entities in the regulatory sandbox of
IFSCA.
iii.This MoU will provide a boost to fostering and amplifying the investment ecosystem in GIFT IFSC.
Additional info:
i.IFSCA is a unified regulator responsible for the development and regulation of financial products, financial
services, and financial institutions in IFSC.
ii.IFSCA aims to encourage the promotion of FinTech initiatives in financial products and financial services
across the spectrum of banking, insurance, securities, fund management, etc. in IFSC and to boost the
establishment of a world-class FinTech Hub at GIFT IFSC.
About GVFL Limited:
GVFL Limited, promoted by the World Bank and the Government of Gujarat, is a pioneer of Venture capital in
India.
Purpose: To support the venture capital ecosystem in multiple sectors
President– Mihir Joshi
Headquarters– Ahmedabad, Gujarat
Chairperson– Injeti Srinivas
Headquarters– GIFT City, Gandhinagar, Gujarat
Axis Bank inks USD 150 mn Partial Guarantee Agreement with ADB to Support Supply Chain
Financing
Axis Bank signed a Partial Guarantee Facility Agreement (PGFA) with the Asian Development Bank (ADB)
for a partial guarantee programme with initial outlay of USD 150 million.
• This milestone project is ADB’s first supply chain finance transaction in India.
• To make it easier for small and medium-sized enterprises (SMEs) in India to participate in trade
through environmental and socially sustainable supply chains.
• The deal will assist Axis Bank in amplifying its support of SMEs, freeing up capital which will increase
the amount of support it can lend to sectors identified by Axis Bank as the most important to
sustainability.

Key points:
i.Under the PGFA , ADB will provide guarantees (variable) to the lending done by Axis Bank.
• The programme covers various supply chain financing product variants, including one-year working
capital demand loans.
ii.The programme is sector agnostic and will have special focus on ESG (environmental, social and governance)
and other priority sectors.
iii.It will also complement the surge in demand and expansion of operations in relevant sectors, and enhance
the growth curves of the Indian economy.
About Axis Bank:
MD & CEO-Amitabh Chaudhry
Headquarters-Mumbai, Maharashtra
Founded- 1993
Tagline- Badhti Ka Naam Zindagi
DBS Bank India partners with Social Alpha for Innovative Solutions to Tackle Food Loss &
Wastage
On April 7, 2022, the DBS (formerly Development Bank of Singapore Limited) Bank India partnered with Social
Alpha to address the global issue of food waste through sustainable solutions.
• Social Alpha is Bengaluru, Karnataka headquartered not-for-profit Foundation for Innovation and
Social Entrepreneurship (FISE) for tech start-ups.
What will be done under this partnership?
i.There will be Techtonic Innovations Towards Zero Food Waste (TZFW), a two-year program, supported by
DBS and powered by Social Alpha to identify innovative solutions by entrepreneurs to help reduce quantitative
and qualitative food loss and waste across food systems and agri-food value chains.
• Under this, 5 high-impact, mission-driven start-ups will receive grant support to develop their product
and marketing strategy along with branding support, access to grassroots partnerships, and pitch for
seed capital.
• Social enterprises willing to apply can visit Here
ii.DBS’ approach to the TZFW initiative aligns with DBS’ three sustainability pillars viz. Responsible Banking,
Responsible Business Practices, and Creating Social Impact.
Points to be noted:
i.Nearly 40% of food produced in India is lost before it reaches the markets and further wasted at the retailer
level, which decreases the nutritional security and causes income losses for farmers.
ii.An estimated 50 kg per capita of household food waste is recorded, totalling 68M tonnes a year.
About DBS Bank India:
MD & CEO:Surojit Shome
Headquarter:Mumbai, Maharashtra
ICICI Bank & Kredx Partners to Offer Cashback Commercial Card for B2B Payments
KredX, a supply chain finance company has partnered with ICICI Bank to provide ‘ICICI Bank-KredX
Commercial Card’, for B2B (business-to-business) payments.
• It’s a first-of-its-kind cashback card that allows businesses to get instant financial benefits for all B2B
payments without incurring any additional cost.
KredX hopes to disburse upwards of Rs. 2,000 crores in B2B vendor payments every month as a result of this
relationship, and to grow its customer base by 300% by the end of 2022.
Key Points:
i.The commercial card includes a management interface and a single-view dashboard for all payment
transactions.

• As a result, it enhances business efficiency and gives financial rewards through cashbacks that
complements the efforts of businesses for B2B payments.
ii.Dynamic discounting: it is an embedded option in which customers can make early payments to their
vendors and receive additional discounts on invoices payable.
• It helps the Treasury earn discounts while also helping the vendors get early and quick access to capital
on demand, thus ensuring a financially healthy supply chain.
iii. Aside from the convenience of treasury income and cashback, the card and embedded technology platform
will also provide add-on features like reconciliations, dispute management, three-way matching, and complete
automation of the entire account payable function, making the offering holistic and extremely profitable for
businesses.
About ICICI Bank Ltd:
MD & CEO – Sandeep Bakhshi
IndusInd Bank’s ‘Indus Merchant Solutions’ App wins Digital CX Awards 2022
The Indus Merchant Solutions, a mobile app for merchants of Indusland Bank received the ‘Outstanding
Digital CX – SME Payments’ award at the Digital CX Awards 2022.
i.The Digital CX Awards is organized by Digital Banker, a globally trusted financial news service provider.
ii.Digital CX Awards 2022 is the 4th annual awards, which is the world’s only program dedicated to recognizing
pioneering innovation in Digital Customer Experience across the Financial Services ecosystem.
About ‘Indus Merchant Solutions’ :
i.It was launched in November 2021.
ii.It is a mobile application (app) to enable merchants, retailers, and professionals to various facilities such as –
• Accept instant cashless payments through multiple digital modes,
• Track inventory via in-built dashboards,
• Apply for an exclusive Point of Sale (POS) machine to facilitate card-based payments,
• Avail small ticket business loans from the Bank.
About IndusInd Bank:
Commenced operations-1994
CEO & MD- Sumant Kathpalia
KVGB Launches ‘Vikas Siri Sampat-1111’ Deposit Scheme

On 8 April 2022, Chairman of Karnataka Vikas Grameena Bank (KVGB), P. Gopi Krishna launched ‘Vikas Siri
Sampat-1111’ , a new deposit scheme of the bank.
;What is ‘Vikas Siri Sampat-1111’?
i.The scheme is of limited tenure of only 1,111 days, which provides an interest rate of 5.70% for the general
public and 6.20 % for senior citizens.
• It also offers the highest rate of annualized return of 6.03% for the general public and 6.60% for senior
citizens.
• Customers can deposit a minimum of Rs.10,000 and a maximum of Rs.2 crore under this scheme.
ii.Prospective customers of the scheme will earn higher interest and it is the highest rate offered among the
nationalized banks in India.
About Karnataka Vikas Grameena Bank (KVGB):
Chairman– P Gopi Krishna
Headquarters – Dharwad, Karnataka
Founded- 2005

SEBI constitutes Two Working Groups for Mutual Funds

The Securities and Exchange Board of India (SEBI) has established 2 separate Working Groups for Asset
Management Companies (AMC). The purpose of the 2 working groups are;
i.To review the Role and Eligibility of a Sponsor of a Mutual Fund to facilitate growth and innovation in the
industry.
• Sponsor is a promoter who brings in the capital for setting up an Asset Management Companies (AMC).
ii.To streamline the role and obligations of Trustees of Mutual Funds.
• Trustee is who plays a supervisory role and is tasked with protecting investors’ interests.
Chairpersons of the working group:
i..The working group on sponsors will be chaired by A.Balasubramanian, Managing Director(MD) & Chief
Executive Officer(CEO) of Aditya BirlaSun Life AMC Limited and Chairman, Association of Mutual Funds in
India(AMFI).
ii.The working group on MF trustees will be chaired by Dr Manoj Vaish, Independent Trustee, Mirae Mutual
Fund.
Working group on sponsors:
The term of the reference of the working group:
• To recommend an alternative set of eligibility criteria for entities to act as sponsors
• To review the existing eligibility requirements for being a sponsor
• To recommend mechanisms for addressing conflicts of interest that may arise if pooled investment vehicles
or private equity act as sponsors
• To examine the need for a sponsor.
• To dilute its stake in asset management companies from the existing requirement of holding at least 40% of
the net worth and the alternative pathways that may be adopted by the sponsors in this regard.
Working group on MF trustees:
the terms of the reference of the Working Group:
• To examine the obligations on trustees by various provisions of the SEBI (Mutual Fund) Regulations, 1996
and circulars issued under them to determine whether certain obligations of operational nature can be
delegated to AMC.
• To identify those responsibilities for which trustees can avail of the services of professional assurance
agencies.
• To recommend required financial resources be made available to trustees to independently discharge their
obligations.
SEBI was constituted as a non-statutory body on 12th April 1988 and established as a statutory body in the
year 1992 and the provisions of the Securities and Exchange Board of India Act, 1992 (15 of 1992) came into
force on 30th January 1992.
ADB inks loan pact with French firm LDC for USD 100 million to help small farmers
The Asian Development Bank (ADB) has signed USD 100 million(Rs.760 crores) loan pact with a French firm
Louis Dreyfus Company (LDC) to help small farmers in countries such as India, Indonesia, Pakistan,Thailand
and Vietnam to recover from the economic challenges posed by the pandemic (COVID-19) and improve their
resilience to climate change impacts.
i.The pact will be covering around 50,000 smallholder farmers of rice, cotton and coffee cultivators from across
the countries by ensuring climate resilient farming practices, reliable income support and help offset the
impact of supply chain disruptions due to the Covid-19 pandemic.
ii.The pact will be accompanied by a Technical Assistance (TA) grant comprising USD 205,000 from ADB’s
Technical Assistance Special Fund for COVID Recovery and USD 385,000 from the Strategic Climate Fund,

administered by ADB.
iii.The TA grant will deliver training activities and capacity building for about 4000 farmers, which will
reinforce the benefits of sustainable and climate-resilient agricultural practices for cotton farmers (with drip
irrigation) in India and coffee farmers (with Biochar Kilns) in Indonesia.
Headquarters – Mandaluyong, Manila, Philippines
Established In – 1966
President & Chairperson – Masatsugu Asakawa (Japan)
About Louis Dreyfus Company (LDC):
Headquarters – Rotterdam, Netherlands
Chief Executive Officer – Michael Gelchie (USA)
Bandhan-Led Group to Purchase IDFC MF for Rs. 4,500 Crores; HDFC Sells A 3% Stake in
Bandhan Bank
A Bandhan Financial Holdings Limited (BFHL)-led consortium has won the bid to buy and acquire IDFC
Asset Management Company (AMC) and IDFC AMC Trustee Company for Rs 4,500 crore.
• The consortium comprises BFHL, Lathe Investment (an affiliate of Singapore’s sovereign fund GIC),
Tangerine Investments, and Infinity Partners (affiliates of ChrysCapital).
• BFHL will own 60% of the AMC, while Singapore’s sovereign fund GIC and ChrysCapital will each own 20%.
Background: After facing shareholder backlash over delays in divestments and mergers, IDFC announced the
sale of its mutual fund (MF) business.
• The IDFC Board is committed to pursuing the merger of IDFC Limited and IDFC Financial Holding Company
with IDFC First Bank with this divestment.
Note: This is the second major acquisition in the mutual fund market in recent years after HSBC Asset
Management (India) Pvt Ltd purchased L & T Investment Management from L & T Finance for USD 425 million
in December 2021.
Key Points:
i.The consortium is hopeful of receiving the necessary approvals and expects the process of acquisition to be
completed in the next nine to twelve months.
ii.BFHL will pay for the acquisition with a portion of the Rs. 10,600 crores it earned from the diluting of its
stake in Bandhan Bank.
iii. Bandhan Financial Holding is the holding company of Bandhan Bank, a private sector lender. The Bandhan
group would be able to penetrate India’s booming mutual fund industry with this deal, which presently
manages Rs. 38 trillion in assets.
• Bandhan Financial Services Limited (BFSL) is the parent company of Bandhan Financial Holdings Ltd
(BFHL) and Bandhan Bank.
HDFC Sells A 3% Stake in Bandhan Bank in A Block Deal for Rs. 1,522 Crores
In a bulk deal, HDFC Ltd sold 4.96 crore shares in Bandhan Bank (for a total of 49,632,349 equity shares), for a
sum of almost Rs. 1,522 crores.
• The shares were sold at a price of Rs. 306.61 a share, equating to about a 3.08 percent stake of HDFC in
Bandhan Bank.
i.The move comes shortly after the announcement of HDFC Ltd and HDFC Bank merging, and the process will
take time to complete, with completion expected in the second or third quarters of 2023–24.
ii.To meet current regulatory standards, HDFC Ltd. will have to cut its investment in Bandhan Bank to less than
5%. However, post the block deal, HDFC currently owns 4.95% of Bandhan’s paid-up share capital.
iii. As of December 31, 2021, HDFC Ltd held 15.93 crore shares amounting to 9.89% stake in Bandhan Bank.

About Bandhan Bank

MD & CEO – Chandra Shekhar Ghosh
Headquarter – Kolkata,West Bengal
Tagline – ‘Aapka Bhala. Sabki Bhalai.’, (Your benefit. Everyone’s welfare.)
Cabinet approves signing of Bilateral MoU between SEBI and FRC, Mongolia
The Cabinet has approved the proposal for signing a bilateral Memorandum of Understanding (MoU) between
Securities and Exchange Board of India (SEBI) and Financial Regulatory Commission, Mongolia (FRC).
What is in the MoU?
i.Strengthening the information sharing framework leading for effective enforcement of securities laws
ii.Establishing a technical assistance programme that will benefit the Authorities through consultations on
matters relating to capital markets, capacity building activities and training programs for the staff.
Reason behind this MoU:
SEBI and FRC are co-signatory to International Organization of Securities Commissions’ Multilateral MoU
(IOSCO MMoU). However, the IOSCO MMoU does not have under its scope the provision for technical
assistance. For its addition, FRC has requested SEBI to sign a bilateral MoU.
• Financial Regulatory Commission (FRC) is a parliamentary authority of Mongolia to supervise and regulate
the non-bank sector; including the insurance and securities markets, and participants of the microfinance
sector.
What empowers SEBI for Agreements?
A Clause (ib) under sub-section (2) of Section 11 of SEBI Act, 2002 empowers SEBI to call for information from,
or furnishing information to, other authorities, whether in India or outside India, having functions similar to
those of the Board, in the matters relating to the prevention or detection of violations in respect of securities
laws, subject to the provisions of other laws.
• For furnishing any information to any authority outside India, SEBI can sign a pact with the prior approval
of the Central Government.
• Until now, SEBI has signed 27 bilateral MoUs with capital market regulators of other countries.
About Mongolia:
Capital– Ulaanbaatar
Currency– Tugrik
Tata AIA Life Insurance Partners with CSC for Life Insurance Distribution in Rural Areas
Tata AIA Life Insurance, one of the leading insurers in the Indian private sector, has teamed with the Ministry of
Electronics and Information Technology’s Common Services Centers (CSC) to engage its network of over 4
lakh village-level entrepreneurs (VLEs) at the last mile for distribution of life insurance plans.
• This partnership will help Tata AIA Life Insurance expand its coverage to nearly 95% of gram panchayats,
paving the door for life insurance to be provided in India’s most rural locations.
• CSC will provide the Tata AIA Life POS Smart Income Plus plan, which combines life insurance with savings
opportunities through its network.
The alliance is part of Tata AIA’s business growth strategy to expand its distribution network across smaller
towns and rural India & contribute to industry efforts toward increasing life insurance penetration in India.
Highlights:
i.The plan’s Regular Income Benefit option offers guaranteed payouts of 120% of the Annualized Premium, as
well as life insurance to safeguard loved ones.
ii.This plan allows users to choose an amount assured of up to Rs 24,97,000. By paying premiums for 7 years,
customers can get 15 years of life insurance.

• The plan provides a greater benefit to female policyholders. Consumers can take out a loan against their
insurance in the case of emergencies.
iii. The VLEs will use the Digital Seva Portal to complete the application form and KYC process after they
receive the premium. Following successful completion, a payment receipt is generated and a printed copy of the
same is given to the customers.
About Tata AIA Life Insurance:
Tata AIA Life Insurance Company Limited (Tata AIA Life Insurance) is a joint venture between Tata Sons Pvt.
Ltd. and the AIA Group Ltd. (AIA).
CEO & MD – Mr. Naveen Tahilyani
Bank of Maharashtra To Divest 4% Stake in ISARC

Bank of Maharashtra (BoM) has announced that it will divest its entire stake of 4% in India SME Asset
Reconstruction Company (ISARC) for a cash consideration of Rs 3.92 crore. The agreement was executed on
6th April 2022. The transaction is expected to close by December 2022-end.
• A floor price of Rs 9.80 per equity share has been proposed for the divestment.
• The bank holds 40 lakh equity shares or 4% at a face value of Rs 10 each in ISARC.
• ISARC is India’s first Asset Reconstruction Company (ARC), supported by a number of public sector banks
and undertakings, focussed on NPA resolution of the MSME sector.
Mashreq NEO, Federal Bank tied up to enable NR Accounts Opening for Indians in UAE
Mashreq Neo has tied up with Federal Bank to enable its United Arab Emirates (UAE)-based Indian customers
to open Non-Resident (NR) accounts with the Federal Bank in India instantly through the Neo app.
• Mashreq Neo is a full-service digital bank from Mashreq Bank in Dubai, UAE.
• Federal Bank has representative offices at Dubai and Abu Dhabi.
Key Points:
i.Customers ar able to view the balance in their NR accounts with Federal Bank on the Mashreq Neo App.
ii.They can also make instant remittances to India via its Quick Remit facility.
About Federal Bank:
Managing Director & CEO– Shyam Srinivasan
Headquarters– Aluva, Kochi (Kerala)
Tagline– Your Perfect Banking Partner
ADB Funding: Sanctions 551cr for Agartala Projects; Provided $2mn PRF Loan to Support
Urban Development in Nagaland
On April 11, 2022, the Asian Development Bank (ADB) sanctioned an amount of $76.25 million or Rs 551 crore
for three specific projects under the Agartala Smart City Limited (ASCL). Under this, ADB will fund the
following:
• 23 kilometres of road by retrofitting 15 stretches at a cost of Rs Rs 444.05 crore (Rs 444,06,70,678.47).
• Revive lakes and water bodies of Maharaja Bir Bikram College and its adjoining areas at Rs 30.67 crore
(Rs 30,67,94,895.15)
• Renovate and restore Ujjayanta Palace and its surrounding at Rs 35.68 crore (Rs 35,68,76,451.07) in the
current financial year in a phased manner.
Key Points:
i.The ADB will release the funds to the Centre for the Agartala infrastructure development and work on these
projects will start by mid-May.
ii.As per estimation, the entire work will be completed in the next one year along with other city development
programmes.

ADB to provide $2mn PRF loan to Support Urban Development in Nagaland

The Government of India (GoI) and ADB signed a $2 million Project Readiness Financing (PRF) loan for the
proposed Nagaland Urban Infrastructure Development Project.
Signatories:
Rajat Kumar Mishra, Indian Ministry of Finance’s Department of Economic Affairs (DEA) Additional Secretary;
and Takeo Konishi, ADB Country Director for India.
Key Points:
i.The project aimed at improving urban infrastructure and services in Nagaland to help the state realize its
economic potential.
ii.This PRF loan will help design water supply, sanitation, solid waste management and urban roads
in 16 District Headquarter Towns (DHTs) in Nagaland, designing climate-resilient urban infrastructure;
strengthening institutional capacity and improved access to the poor and vulnerable. There will also be
capacity building of state agencies.
President– Masatsugu Asakawa
Headquarters– Manila, Philippines
Member Nations– 68 (Including India)
PNB Celebrated 128th Foundation Day: Launches Cardless Cash Withdrawal Facility
Punjab National Bank (PNB), a public sector bank, has celebrated its 128th Foundation Day on April 12,
2022.
• Atul Kumar Goel, MD & CEO of PNB launched a cardless cash withdrawal service and a virtual debit card for
its users.
Note: PNB was established by the great freedom fighter Lala Lajpat Rai, proudly known as Sher-e-Punjab (Lion
of Punjab) in 1894 as the First Swadeshi Bank after being influenced by the swadeshi movement.
Key Points:
i.Apart from cardless cash withdrawal and virtual debit cards, PNB launched a number of other select digital
services on its mobile app named PNB One for safe banking transactions.
ii.It has also launched digital initiatives such as,
• Insta Personal Loan to Pensioners
• Application Supported by Blocked Amount (ASBA) facility on PNB One App
• PNB 360 Information Portal for employees
• Trade Finance Redefined Portal and Collection of loan EMI through Bharat Bill Pay
CEO & MD: Atul Kumar Goel
Establishment – 1894 ( opened for business in 1895)
ICICI Bank Inks MoU with GIFT SEZ To Promote Global, Indian Businesses
ICICI Bank, a leading private sector bank in India, has signed a Memorandum of
Understanding (MoU) with GIFT SEZ (Special Economic Zone), India’s first International Financial Services
Centre (IFSC), located at GIFT City in Gandhinagar, Gujarat.
The MoU aims to promote the GIFT SEZ to Indian and international businesses, particularly in the areas of
information technology (IT), IT-enabled services (ITeS), and financial services.
• According to the MoU, ICICI Bank and GIFT SEZ will collaborate to bring global investors and capital market
firms to GIFT City in Gandhinagar, Gujarat, to establish Global In-house Centres (GICs).
Note: GIFT SEZ is being developed as a global financial services hub. ICICI Bank has been a prominent player in
GIFT SEZ with its banking business since 2016.

Key Points:
i.GIFT SEZ and ICICI Bank will work together to promote GIFT SEZ as a fintech (financial technology) hub in
India, with a focus on supporting start-ups and fintech firms.
ii.Additionally, both companies would promote GIFT SEZ as a desirable destination for cross-border trade
finance among Indian and foreign MNCs.
iii. GIFT SEZ will be promoted as the destination of choice for industry stakeholders such as Alternate
Investment Funds (AIF), Portfolio Management Services (PMS), Broking Entities, Venture Capital, Private
Equity Funds, and Custodians looking for a competitive environment to start a capital markets business.
iv.ICICI Bank’s GIFT SEZ branch will offer foreign currency banking services in trade, transaction banking,
capital markets, treasury, and wealth management.
About ICICI Bank Ltd.:
CEO & MD – Sandeep Bakhshi
UBI to Buy out 75% Stake Jointly held by BoB & IOB in IIBM
Union Bank of India (UBI) is set to buy out 75% stake held jointly by Bank of Baroda (BoB) – 40% and Indian
Overseas Bank (IOB) – 35%, in India International Bank (Malaysia) Berhad (IIBM). Following this, the IIBM will
become a 100% UBI unit.
Background:IOB wanted to discontinue the venture due to its capital issues as it was under the Reserve Bank
of India(RBI)’s prompt corrective action framework.
Approval: The proposal is yet to receive formal approval from the RBI and the approval from the Government
of India and Ministry of External Affairs(MEA) since IIBM is a bank of strategic importance.
Key Points:
i.IIBM was incorporated on 13th August 2010 and commenced its operations on 11th July 2012.
ii.India International Bank (Malaysia) Berhad (IIBM) was a locally incorporated three-way joint venture
between the Bank of Baroda (40%), the IOB (35%) and Andhra Bank (25%).
iii.Following the amalgamation of Andhra Bank with Union Bank in April 2020, the stakes of IIBM held by
Andhra bank was transferred to UBI.
About India International Bank (Malaysia) Berhad (IIBM):
Chairman– Santhanam Vangal Jagannathan
Headquarters– Kuala Lumpur, Malaysia
About Union Bank of India:
MD & CEO– Rajkiran Rai G
Fino Payments Bank to buy 12.19% stake in Paysprint Pvt Ltd

The board of Fino Payments Bank has approved a minority strategic investment for up to a 12.19% stake
in Paysprint Pvt Ltd(Paysprint), a New Delhi based fintech company.
This is the first strategic investment for Fino Payment Bank after its public listing.
• The stakes of Paysprint will offer APIs (Application Programming Interfaces) in banking, payments, travel,
lending, insurance and investments.
• This investment is a part of the bank’s attempt to create a digital ecosystem as part of the ‘Fino 2.0’ journey.
• PaySprint was identified as a “profitable fintech” which had an annual gross merchandise value of Rs 5500
crore in its first full year of operations in FY22

WTO slashes Global Trade Growth forecast for 2022 to 3% from 4.7%
The World Trade Organisation (WTO), in its annual report on trade statistics and outlook, declined its
projection for global merchandise trade volume growth (in volume) for 2022 to 3% from 4.7% amid Ukraine-
Russia War.
• In 2023, it expects merchandise trade volume growth of 3.4%.
• World GDP at market exchange rates is expected to grow by 2.8% in 2022, down 1.3 percentage points
from the previous forecast of 4.1%. Growth should pick up to 3.2% in 2023.
Key Points:
i.The key reason behind this decline is war–driven rise in commodity prices, disrupted supplies and intensified
geopolitical and economic uncertainty.
• Russia and Ukraine are key suppliers of essential goods, including food, energy, and fertilizers.
ii.The Covid-19 related lockdown in China is another factor affecting growth prospects as it is hampering
seaborne trade.
iii.Imports and GDP for the Commonwealth of Independent States (CIS) are expected to contract by 12.% and
7.9% respectively, while exports are projected to climb by 4.9%.
World Bank Lowers India’s GDP Forecast To 8% For FY23

The World Bank in its report titled ‘Reshaping norms: A new way forward – South Asia Economy Focus-
Spring 2022, which primarily focuses on South Asian economy, has downgraded India’s Gross Domestic
Product (GDP) prediction for the financial year 2022–23 (FY23), citing increased fuel and commodity costs, as
well as supply-side interruptions owing to the Russia-Ukraine war, which are projected to damage domestic
demand.
• Its growth forecast for India has been cut to 8% from 8.7% for FY23. The World Bank forecasted 8.7%
growth for India’s economy in FY23 in its January growth projection.
• India’s GDP growth for 2021-22 has been forecast at 8.3% by the multinational institution, down from 8.9%
by the National Statistical Office’s second advance estimate. The projected growth rate for 2023-24 is 7.1%.
In addition, the World Bank has lowered its growth forecast for South Asia, excluding Afghanistan, by 1% point
to 6.6% in 2022 and estimated a 6.3% growth for 2023.
Key Points:
i.Household consumption in India will be hindered by an incomplete labour market recovery and inflationary
pressures.
ii.According to the report, India’s recovery has been uneven across sectors.
• On the supply side, increased global commodity prices aided the mining sector, which expanded in both Q3
and Q4 of 2021.
• The manufacturing sector grew in the Q3 due to increased external demand, but stayed stable in the Q4 as
the Omicron wave impacted worldwide demand and rising input costs cut profitability. Meanwhile, services
expanded in both quarters but remained below pre-Covid levels.
• On the demand side, growth in private consumption was supported by a release of pent-up demand during
the Delta wave, while investment was crowded in by increased government capital spending.
iii. In terms of other Asian economies, the World Bank cut the Maldives’ growth prediction for this year to 7.6%
from 11%, citing high fossil fuel imports and a drop in tourism arrivals from Russia and Ukraine.
iv.It increased Sri Lanka’s growth prediction for 2022 from 2.1% to 2.4%, but warned that the island’s future
was extremely unclear due to fiscal and external imbalances.
v.The World Bank raised Pakistan’s growth prediction for the current fiscal year, which ends in June, to 4.3%
from 3.4%, while keeping next year’s forecast at 4%.
Govt Enhances Authorised Share Capital of NICL, OICL & UIICs

On April 13, 2022, in accordance with the Department of Financial Services (DFS), Ministry of Finance
notification, the Central Government in exercise of the powers conferred by sub-section (1) and sub-section (6)

of section 16 of the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) amended the following
acts,
• National Insurance Company Limited (Merger) Scheme, 1973 with National Insurance Company Limited
(Merger) Amendment Scheme, 2022.
• Oriental Fire and General Insurance Company Limited (Merger) Scheme, 1973.This Scheme may be called
the Oriental Fire and General Insurance Company Limited (Merger) Amendment Scheme, 2022
• United India Fire and General Insurance Company Limited (Merger) Scheme, 1973,This Scheme may be
called the United India Fire and General Insurance Company Limited (Merger) Amendment Scheme, 2022.
Key Points:
• In this regard, it had enhanced the authorized share capital of three public sector general insurance
companies – National Insurance Company Limited (NICL), Oriental Insurance Company
Limited (OICL) and United India Insurance Company (UIIC) to facilitate capital infusion of Rs 5,000 crore
($ 655 million) in these companies.
Following table shows the increased authorized capital in these companies:
General Insurance Companies Present Authorized Capital Previous Authorized Capital
NICL Rs 15,000 crore Rs 7,500 crore
OICL Rs 7,500 crore Rs 5,000 crore
UIIC Rs 7,500 crore Rs 5,000 crore
Key Points:
i.Among the Rs 5,000 crore, Rs 3,700 crore is infused in NICL, Rs 1,200 crore in OICL and Rs 100 crore in
UIIC.
ii.The three insurers are loss making and the government has been examining various strategies to turn around
their finances.
PhonePe partners with Extreme IX to enable faster payments

In a First initiative in digital payments platform, the Phone Pe and Extreme IX (Internet Exchange)
collaborated to provide faster digital payment service to over 370 million PhonePe users by decreasing the
latency irrespective of their location or Internet Service Providers (ISPs).
• The partnership makes PhonePe the first digital platform to participate in an Internet Exchange in India.
i.The Partnership will enable the PhonePe users to swiftly administer their day-to-day financial transactions
across the Geographic locations.
About Extreme IX:-
i.Extreme IX is carrier neutral, data centre neutral Internet Exchange point for Indian ISPs and for local and
international content providers. Extreme IX is a project operated by Extreme Infocom Pvt. Ltd. a newly
established Indian based company dedicated to operating and maintaining it.
ii.It has 30 points across 5 cities in India with more than 450 networks including Internet Service Providers
and prominent Content Delivery Networks like Netflix, Amazon, Google, Microsoft, Akamai etc.
Executive Director – Raunak Maheshwari
About PhonePe:-
Chief Executive Officer – Sameer Nigam
KMBL Launched Kotak FYN Enterprise Portal for Business Banking and Corporate Clients
Kotak Mahindra Bank Limited (KMBL) launched its new enterprise portal ‘Kotak FYN’ exclusive for Business
Banking and Corporate Clients. The portal can be used to carry out all trade and services transactions.
By the last quarter of 2022, the Kotak FYN portal will include services like account services, payments and
collections.

Aim:
To provide customers with a seamless experience in a unified view across all product platforms.
Features of Kotak FYN:
i.The portal will ensure paperless tractions and the facility to track end to end transactions.
ii.The portal will also provide status updates and reduce queries and retrieval of documents submitted along
with a safe and secure channel with an authentication process.
iii.The portal will also host features like a dashboard that customers can customise, track the utilisation of
transaction limits on a real-time basis, and access to past transitions, and upcoming transactions.
iv.It will also provide an individualised experience in minimum steps and systems stability.
v.The end-to-end digital architecture, increased efficiency, speed and enhanced
security protocols of the portal will support the growing digital trade.
About Kotak Mahindra Bank Limited (KMBL):
MD&CEO– Uday Kotak
Established in 2003
Nexo Card: Nexo launches World’s 1st Crypto-Backed Payment Card with Mastercard &
DiPocket
A partnership of London (United Kingdom)-based Nexo with Mastercard, and DiPocket launched the world’s
first crypto-backed payment card namely ‘Nexo Card’ in selected European countries.
• London-based DiPocket, an electronic money firm is Nexo’s card issuer while New York (United States)-
based Mastercard offers various innovative features for this Card
• Available both in virtual and physical form, this card allows users to spend without having to sell their
digital assets such as bitcoin, which are used as collateral to back the credit granted.
Key Features of Nexo Card:
i.The card is linked to a Nexo-provided, crypto-backed credit line and can be used at 92 million merchants
worldwide where Mastercard is accepted.
ii.It allows investors to spend up to 90% of the fiat value of their crypto assets.
iii.The card requires no minimum repayments, monthly, or inactivity fees. Also, there is no FX (foreign
transaction) fee for up to 20,000 euros per month.
iv.Interest: The interest is only paid on the amount of credit actually used.
• Interest remains at 0% for customers who maintain a loan-to-value ratio of 20% or below.
v.2% Crypto Rewards: Every Nexo Card transaction will get instant crypto cashback up to 2%, paid out in
Bitcoin or in Nexo’s native NEXO Token.
Central Govt amends FEMA (Non-debt Instruments) Rules, 2019 to Allow 20% FDI in LIC
In exercise of the powers conferred by clauses (aa) and (ab) of sub-section (2) of section 46 of the Foreign
Exchange Management Act, 1999 (42 of 1999), the Central Government has amended Foreign Exchange
Management (Non-debt Instruments) Rules, 2019 with Foreign Exchange Management (Non-debt
Instruments) (Amendment) Rules, 2022 allowing Foreign Direct Investment (FDI) in the Life Insurance
Corporation of India (LIC) upto 20%, and to align with the modified FDI policy.
• The amendment also allows start-ups to issue convertible notes for a maximum period of 10 years from
earlier 5 years.
• FEMA stands for Foreign Exchange Management Act.
Key Points:
i.The Central Government is all set to dilute its 5% stake in LIC through the Initial Public Offering (IPO). In this
regard, SEBI has also approved the draft prospectus for this stake sale for an estimated Rs 63,000 crore.
ii.On March 14, 2022, Department for Promotion of Industry and Internal Trade (DPIIT) amended the Foreign
Direct Investment (FDI) policy to facilitate overseas investment in LIC.

iii.Foreign investment in LIC shall be subject to the provisions of the Life Insurance Corporation Act, 1956, (LIC
Act) as amended from time to time and such provisions of the Insurance Act, 1938, as amended from time to
time, as are applicable to LIC
iv.The LIC public issue is expected to be the biggest IPO in the history of the Indian stock market.
• So far, the amount from the IPO of Paytm in 2021 was the largest ever at Rs 18,300 crore, followed by Coal
India (2010) at nearly Rs 15,500 crore and Reliance Power (2008) at Rs 11,700 crore.
IMF Creates Resilience and Sustainability Trust to Help Vulnerable Countries

The Executive Board of the International Monetary Fund (IMF) has decided to create a new facility named
the Resilience and Sustainability Trust (RST), which will come into effect on May 01, 2022.
Objective: To guide low-income and vulnerable middle-income countries in addressing longer-term structural
concerns that pose macroeconomic risks, including climate change and pandemics.
• The aim is to establish a trust with at least USD 45.8 billion in resources in order to balance the demands of
potential contributors and borrowers.
• The RST requires close coordination with the World Bank and other international financial institutions
(IFIs) to operate successfully.
Working of the Resilience and Sustainability Trust (RST):
i.The RST will increase the impact of the US $ 650 billion Special Drawing Rights (SDR) allocation, implemented
in 2021, by channelling resources from economically stronger members to countries with the greatest needs.
ii.The RST will become the third pillar of the IMF’s loan portfolio, in addition to the General Resources Account
and the Poverty Reduction and Growth Trust.
• To help create resilience against long-term risks to balance of payments stability, the RST will provide
policy support as well as affordable longer-maturity financing (with a 20-year maturity and a 10½ -year
grace period).
iii. RST financing will be accessible to around three-quarters of the IMF’s 190 member nations, including low-
income countries, most middle-income countries, and all small developing countries.
• To gain access to the money, member countries will require a package of high-quality policy
initiatives, sustainable debt and adequate repayment capabilities.
Note: Special Drawing Rights (SDR) – SDR is an international reserve asset created by the IMF to supplement
the official reserves of its member countries. A basket of currencies defines the SDR: the US dollar, Euro,
Chinese Yuan, Japanese Yen, and the British Pound.
About International Monetary Fund (IMF):
Managing Director – Kristalina Georgieva
Headquarters – Washington, D.C, USA
IndusInd Bank bags global ‘Celent Model Bank’ Award for its Enterprise Payments Hub (EPH)
initiative
The Celent, leading research and advisory firm on Banking Technology, has awarded the global ‘Celent Model
Bank’ award for IndusInd Bank for its best-in-class Enterprise Payments Hub (EPH) under the ‘Payments
System Transformation’ category.
• The award acknowledges the bank’s efforts in creating a cloud-based central payments hub which is
capable of processing high transaction loads originating from all forms of payment instructions and client
touchpoints.
About Enterprise Payments Hub (EPH):-
i.The EPH is developed on a micro services stack with each payment having its pod based architecture allowing
the bank to minimise outages, reduce transaction cost and improve the customer experience.
ii.It allows payments to auto scale independently depending on peak transactions and also features capabilities
like warehousing of transactions including replay, centralised limit management and reconciliation controls.

About Celent Model Bank award:-

i.The award is given by Celent, a leading research and advisory firm focused on technology for financial
institutions globally.
ii.The award recognises best practices of using technology in different areas that are critical for banking.
About IndusInd bank:-
Chief Executive Officer – Sumant Kathpalia
Tagline – We Make You Feel Richer
Cabinet approves Bilateral MoU between SEBI and Manitoba Securities Commission, Canada
The Union Cabinet also approved the signing of Bilateral Memorandum of Understanding (MoU)
between Securities and Exchange Board of India (SEBI) and Manitoba Securities Commission, Canada.
Cooperation under MoU:
i.This MoU will cooperate in the area of securities regulations, facilitation of mutual assistance, contribution
towards efficient performance of supervisory functions, aid in imparting technical domain knowledge and
enable effective enforcement of the laws and regulations governing securities markets.
ii.The MoU will also make investors from Manitoba eligible for registration as an Foreign Portfolio Investor
(FPI) with SEBI.
Need behind this MoU:
Entities located in the province of Manitoba, Canada are desirous of registration as Foreign Portfolio Investor
(FPI) with SEBI, for which one of the pre-conditions is that the securities market regulator of a foreign country
/ province should be a signatory to the International Organization of Securities Commissions’ Multilateral
memorandum of Understanding (IOSCO MMoU). Therefore, signing a bilateral MoU with SEBI is essential for
permitting entities from Manitoba to be registered as FPI with SEBI.
About Canada:
Capital– Ottawa
Currency– Canadian Dollar
SBI Raises USD 500 Million Via IFSC Gift City Branch
State Bank of India (SBI), India’s largest commercial bank, has raised USD 500 million through a three-year
syndicated loan facility, via its International Financial Services Centre (IFSC) Gujarat International Finance
Tec (GIFT) City branch.
• The facility is worth USD 400 million, with a USD 100 million green shoe option. SBI, on the other hand, did
not provide pricing information.
The SBI’s Gift City branch has raised its first offshore USD Secured Overnight Financing Rate (SOFR) linked
syndicated loan.
Note: Green shoe Option (GSO) is a post listing price stabilisation mechanism created to ensure that the
company’s share price on stock exchanges does not fall below the issue price.
Key Points:
i.With this, SBI has taken another major step in promoting IFSC Gift City as an international financial hub, with
its Gift City branch becoming the largest in the IFSC.
ii.The substantial footprint SBI has established in offshore financial markets has facilitated the successful
execution of syndicated loans at such fine pricing.
• This has enabled SBI to raise funds efficiently even during ongoing financial market instability induced by
geopolitical tensions and anticipation of rate hikes by the US Federal Reserve and other central banks
across the world.
iii. The joint lenders of the offering are MUFG, Bank of America, and JP Morgan, with First Abu Dhabi Bank
serving as the facility agent.

About State Bank of India (SBI):

Chairman – Dinesh Kumar Khara
Headquarters – Mumbai, Maharashtra.
India’s Retail Inflation Spikes To 6.95% In March 2022; IIP Grows 1.7% In February 2022
The National Statistical Office (NSO) of the Ministry of Statistics and Programme Implementation (MoSPI) has
released two key economic statistics, that revealed
• Retail inflation in India, as measured by the Consumer Price Index (CPI), increased to 6.95% in March
2022.
• Manufacturing output of India, measured in terms of Index of Industrial Production (IIP), witnessed a
growth of 1.7% in February 2022.
The high rate of inflation in March 2022 was attributed to rise in the prices of crude petroleum and natural gas,
mineral oils, basic metals, and other commodities as a result of the global supply chain disruption caused by the
Russia-Ukraine conflict.
Key Points:
i.Consumer Price Index (CPI)-based inflation was led by the edible oil (18.79%), vegetables (11.64%), meat and
fish (9.63%), footwear and clothing (9.4%), and fuel and light (7.52%) segments.
ii.Core inflation, which excludes volatile food and fuel prices, increased to a 10-month high of 6.29% in March
2022, up from 5.96% in February 2022.
iii. The Wholesale Price Index (WPI), which measures wholesale price-based inflation, reached a four-month
high of 14.55% in March 2022.
• The Ministry of Commerce and Industry issued the WPI data, which revealed that crude oil prices were the
highest contributor to WPI inflation, followed by fuels and core items.
• The gap between core and non-core inflation has grew at 6.3% and 7.6% in March, 2022.
iv.These figures provide a retrospective validation for the Reserve Bank of India’s (RBI) Monetary Policy
Committee (MPC), which revised its inflation and growth projections for fiscal year 2022–23.
Note:
• CPI measures price fluctuations from the standpoint of a retail customer.
• IIP keeps track of manufacturing activities across the economy.
• WPI tracks wholesale inflation, which is inflation at the producer level.
IMF Cuts India’s FY23 Growth Forecast To 8.2% From 9%

In its latest World Economic Outlook (WEO) report, the International Monetary Fund (IMF) lowered India’s
growth forecast to 8.2% for the current financial year 2022–23 (FY23), down from a previous estimate of 9% in
January 2022. It cited Russia’s invasion of Ukraine has had an influence on prices and supply chains.In
comparison to the IMF’s January 2022 WEO forecast, this was one of the sharpest reductions for emerging
economies.
IMF’s Forecast:
• India’s Gross Domestic Product (GDP) is expected to drop to 6.9% in 2023-24 (FY24) from 7.1%(Predicted
by IMF in January 2022).
• It also predicted that India’s current account deficit in FY23 will be 3.1%, compared with 1.5% expected for
FY22.
• The IMF’s projection of India’s retail inflation is now at 6.1%, higher than the Reserve Bank of India’s
(RBI’s) forecast of 5.7%.
• The global growth is projected to slow from an estimated 6.1% in 2021 to 3.6% in 2022 and 2023. This is
0.8 and 0.2 percentage points lower for 2022 and 2023 than projected in January 2022.
• This is attributed to the economic damage caused by the Ukraine war, which will result in a considerable
slowdown in global growth in 2022, as well as an increase in inflation.

Forecast by Other Organization:

i.The World Bank had previously lowered India’s GDP forecast for FY23 to 8%.
ii.Reserve Bank of India (RBI) has slashed India’s GDP forecast to 7.2% for FY23.
iii.The Indian economy is expected to increase between 8% – 8.5 % in 2022-23, according to the Ministry of
Finance.
Russian Central Bank Registers New Payment System ‘HELLO’

The Central Bank of the Russian Federation, also known as the Bank of Russia, has included a new payment
system, “Hello”, into the national register of credit institutions. Hello is a set of payment services and
institutions that enable money transfer transactions.
• The payment system, operated by Hello LLC, was registered on 15th April 2022.
• Transkapitalbank, a Russian commercial bank, will be the operator of the system’s payment
infrastructure.
HDFC Ltd Inks Pact to Sell 10% Share Capital of HDFC Capital to Abu Dhabi Investment
Authority
Housing Development Finance Corporation Limited (HDFC Ltd) has signed binding agreements to sell 10% of
the share capital of HDFC Capital Advisors Ltd (HDFC Capital) to a wholly-owned subsidiary of the Abu Dhabi
Investment Authority (ADIA) for around Rs 184 crore.
• HDFC Capital is a wholly-owned subsidiary of HDFC Limited.
• ADIA is also the primary investor in the alternative investment funds managed by HDFC Capital.
Key Points:
The investment by ADIA in HDFC Capital will enable HDFC Capital to leverage ADIA’s global expertise and
experience to further propel HDFC Capital towards becoming a leading investment platform for global and local
investors of multiple strategies and asset classes in the real estate and technology ecosystem.
Additional info:
i.HDFC Capital, established in 2016, is the investment manager for HDFC Capital Affordable Real Estate Funds
1, 2 and 3.
ii.It was established in line with India’s goal to increase housing supply and support the Pradhan Mantri Awas
Yojana – ‘Housing for All’ initiative.
iii.The funds managed by HDFC Capital have become one of the world’s largest private financing platforms for
the development of affordable housing.
About Housing Development Finance Corporation Ltd (HDFC Ltd):
Chairman– Deepak Parekh
CEO– Keki Mistry
MD– Renu Sud Karnad
About Abu Dhabi Investment Authority(ADIA):
Chairman– H.H. Sheikh Khalifa bin Zayed Al Nahyan
MD– H.H. Sheikh Hamed bin Zayed Al Nahyan
Headquarters– Abu Dhabi, United Arab Emirates(UAE)
Established in 1976
Dhanlaxmi Bank inks MoU with CBDT, CBIC

Dhanlaxmi Bank has signed a Memorandum of Understanding (MoU) with the Central Board of Direct
Taxes (CBDT) and Central Board of Indirect Taxes and Customs (CBIC) for collection of Direct Taxes and
Indirect Taxes.

• The Reserve Bank of India (RBI) has authorized the Bank to collect various taxes, based on a
recommendation by the Controller General of Accounts.
The MoU was signed in New Delhi by Shivan J. K., Managing Director & CEO of the bank, and Bharati Das,
Principal Chief Controller of Accounts, for the CBDT, and Dhruva Kumar Singh, Chief Controller of Accounts, for
the CBIC.
Key Points:
i.As a result of this partnership, the customers of Dhanlaxmi Bank will be able to pay their direct taxes and GST
payments & other indirect taxes through the branch network and digital platforms of the Bank.
ii.In order to offer the customers early access to the facilities, the technical integration necessary to attain the
seamless flow of remittances from the bank’s portal to those of the CBDT and the CBIC will be accomplished.
iii. The Reserve Bank of India (RBI) had previously appointed Dhanlaxmi Bank as an “Agency Bank” to conduct
general banking activity of the Central and State Governments on behalf of the RBI on October 4, 2021.
iv.Kerala-based Dhanlaxmi Bank was put under the Prompt Corrective Action (PCA) framework by RBI in
November 2015 due to its deteriorating financial health and only it came out of these restrictions in 2021
About Dhanlaxmi Bank:
MD & CEO – Shivan J.K.
Headquarters – Thrissur, Kerala
IPPB Launches ‘Fincluvation’ For Fintech Start-Ups

India Post Payments Bank (IPPB), a 100% government-owned entity under the Department of Posts (DoP),
Ministry of Communications, has launched ‘Fincluvation’ – a joint initiative to collaborate with the Fintech
(financial technology) Start-up Community to co-create and innovate solutions for financial inclusion.
• It is being announced on the occasion of the 75th anniversary of Indian Independence and the ongoing
Azadi ka Amrit Mahotasav.
Start-ups will be invited to participate in this initiative, where they will be encouraged to ideate, develop, and
market intuitive and customized products and services that can be delivered to customers.
• Fincluvation will be an industry-first initiative that will build a robust platform to mobilise the start-up
community in the development of meaningful financial products aimed at financial inclusion.
• Start-ups can apply at Fincluvation page https://www.ippbonline.com/web/ippb/fincluvation.
Note: Ashwini Vaishnaw, Union Minister of Communications, has announced Rs. 3 crores of financial support to
start-ups that are working on financial inclusion.
Key Points:
i.As one of the world’s top three start-up ecosystems, India has made tremendous advancements in the fintech
field, with leading inventions such as UPI, Aadhaar, and Fincluvation, which will be a step in this direction.
ii.Fincluvation will enable start-ups to collaborate with IPPB and DoP experts to build solutions and pilots that
utilise the postal network and IPPB’s technological stack.
• Fincluvation will be a permanent IPPB platform for co-creating inclusive financial solutions with
participating start-ups in order to understand the needs of underserved clients and deliver products that
have a beneficial impact while remaining cost-effective.
iii. Start-ups are encouraged to build solutions that fit within one of the tracks below:
• Creditization – It entails creating new and inclusive credit solutions that are matched with the use cases of
target customers and delivering them to their doorsteps via the postal network.
• Digitization – To bring convenience by combining traditional services with digital payment technology,
such as by transforming the traditional money order service into an Interoperable Banking Service.
• Any Market-led solutions that can help solve any other problem relevant to IPPB and/or DoP in serving
the target customers.
iv.The convergence of technology and financial services, together with traditional distribution networks, will
help create new business prospects.

About India Post Payments Bank (IPPB):

On September 1, 2018, Prime Minister Narendra Modi launched the IPPB.
• IPPB’s primary goal is to break down barriers for the unbanked and underbanked, and it is dedicated to
promote a cashless economy and contribute to the vision of Digital India.
IFSCA Issues Framework for Investment Funds

The International Financial Services Centres Authority (IFSCA), has notified ‘International Financial Services
Centres Authority (Fund Management) Regulations, 2022’, a comprehensive regulatory framework for
Investment Funds in the official gazette on April 19, 2022.
The IFSCA has proposed enabling retail closed-ended schemes to invest in unlisted securities, subject to certain
conditions, in response to the growing need to make it easier for large investors to participate in private
markets.
Key features of the regulations:
i.Registering the Fund Management Entity: A Fund Management Entity will be registered with IFSCA and
will be allowed to manage various types of funds and schemes if they match the eligibility criteria.
ii.Green Channel:Venture Capital Schemes or non-retail schemes that solicit money only from authorised
investors qualify for the green channel.
• It implies that after filing with the IFSCA, investors will be able to subscribe to the schemes that have
been registered.
• The rules establish the size of the scheme, the number of investors, and the types of investments that
are permitted.
iii. Exchange Traded Funds (ETFs): As ETFs offer a low-cost option to get exposure to specific markets or
asset classes, registered fund managers in the IFSC will be permitted to create not only index-based ETFs, but
also Active ETFs and Commodity-based ETFs.
iv.Stressed Assets: A framework for special situation funds to be created by fund managers in the IFSC has
been established, highlighting the importance of the IFSC in the government’s initiative to address the problem
of Non-Performing Assets (NPAs) in banks.
v.Environment Social Governance (ESG): A rising number of investors demand fund managers to include
environmental, social, and governance (ESG) factors in their investment strategies.
• Disclosures at the entity and scheme level have been proposed to be mandated with the intention of
making the IFSC a hub for a range of activities connected to sustainable finance.
vi.Family Office: A formal structure for managing and safeguarding the wealth of high-net-worth individuals
(HNIs) and ultra-HNIs, as well as their families, is becoming increasingly important around the world.
• As a result, the regulations have a framework in place to make it easier for a family office to run its own
investment fund.
vii. The regulations also provide controlled assistance for a number of innovations:
• Fund Lab: This allows fund managers to test new strategies in a controlled environment and develop a
track record for their fund.
• Special purpose vehicle (SPV) as a co-investment structure and leverage: FME may establish
special purpose vehicles (SPVs) under the main scheme to enable co-investment or leveraging with
the Fund or scheme, subject to specific requirements.
• Retail participation in private markets: There has been an increasing demand to make it easier for
retail investors to invest in private markets.
• As a result, it is suggested to make it easier for retail close-end schemes to invest in unlisted securities,
subject to specific requirements.
In addition to the abovementioned, the regulations define the roles of various organisations, establish a code of
conduct, an advertisement code, investment valuation criteria, and essential governance requirements, such as
the substance requirement.


It is a unified authority for the development and regulation of financial products, financial services and financial
institutions in the International Financial Services Centre (IFSC) in India.
• It is established under the International Financial Services Centres Authority Act, 2019.
Chairperson – Injeti Srinivas (First Chairperson of IFSCA)
Establishment – April 27, 2020
Headquarters – GIFT City, Gandhinagar in Gujarat.
BHIM UPI Becomes Operational at NEOPAY Terminals In The UAE

The National Payment Corporation of India’s (NPCI) international arm, NPCI International Payments
Ltd (NIPL), has announced that BHIM UPI (Bharat Interface for Money-Unified Payments Interface) has gone
operational at NEOPAY terminals across the United Arab Emirates (UAE).
• This initiative will empower Indian tourists to pay at NEOPAY terminals using BHIM UPI, which has
become the preferred means of payment for Indian citizens.
In 2021, NIPL and NEOPAY collaborated to build the acceptance infrastructure in the UAE.
NOTE: NEOPAY is the payment subsidiary of Mashreq Bank, the UAE’s oldest bank and a leading financial
institution in the Middle East.
Key Points:
i.The introduction of BHIM UPI in the UAE will be a significant step toward boosting digital payments in the
country.
• Indian tourists can now make seamless payments using BHIM UPI throughout NEOPAY enabled shops
and merchant outlets in the UAE.
ii.The NIPL & NEOPAY collaboration plays an essential role in transforming the P2M (person-to-merchant)
payment experience for Indian visitors to the UAE.
iii. With cutting-edge technologies, NIPL works consistently to simplify digital payments and drive digital
public goods around the world.
About NPCI International Payments Ltd (NIPL):
NPCI International Payments Limited (NIPL) is a wholly owned subsidiary of National Payments Corporation of
India (NPCI). NIPL is devoted for deployment of RuPay (domestic card scheme) and UPI (mobile payment
solution) outside of India.
CEO – Ritesh Shukla
SEBI Issued Rs 2.06 Crore Recovery Notice to Former NSE Chief Ravi Narain
The Securities and Exchange Board of India(SEBI) issued a fine of Rs 2.06 crore on Ravi Narain, former
Managing Director (MD) and Chief Executive Officer(CEO) of National Stock Exchange (NSE) in a case related to
governance issues over the appointment of the chief strategic officer at NSE in 2013.
• In two separate orders, SEBI imposed a fine of Rs 5 lakh each on Rexon Strips Ltd and Ritika Enclave
Pvt Ltd for non-genuine trades in illiquid stock options on BSE.
NSE IFSC Ltd to Launch International Sustainability Platform at GIFT IFSC, Gujarat
NSE IFSC Limited, a wholly owned subsidiary of the National Stock Exchange of India Limited (NSE), has
announced the launch of an International Sustainability Platform at GIFT IFSC (Gujarat International Finance
Tec-City – International Financial Services Centre), Gandhinagar in Gujarat.
• This will be India’s first ESG (Environmental, Social, and Governance) platform, facilitating the listing and
trading of a variety of products such as green bonds.
• It is expected to get operationalised in the second half of 2022, subject to regulatory approvals.

ECube Investment Advisors, an ESG-focused platform, and Chainflux, a Blockchain products startup, are also
engaged with NSE IFSC to make the platform operational.
Note: The GIFT city in Gujarat, which is a special economic zone, is India’s first IFSC.
Key Points:
i.The platform would enable the listing and trading of a wide range of sustainability products, including green
bonds, voluntary carbon, sustainable bonds, green real estate investment trusts (REITs), and green equities, as
well as channelling sustainable capital to India and other markets.
ii.Issuers wishing to list on the platform will be required to meet a minimum set of ESG standards, as well as
the NSE IFSC’s specific criteria for the sustainability products they intend to list.
iii. The platform expects a range of corporate bodies from around the world, including corporates,
governments and social enterprises to raise and attract capital to achieve their climate and ESG goals.
iv.To ensure transaction integrity, speed, tracking, and traceability, the sustainability platform will utilize
Distributed Ledger Technology (DLT) or Blockchain.
• A Sustainability Expert Group led by Professor Nick Robins of the Grantham Research Institute at the
London School of Economics, with Professor Amit Garg of Indian Institute of Management (IIM)-
Ahmedabad as co-chair will offer guidance and counsel on ESG and other metrics.
About NSE IFSC Limited (NSE IFSC):
NSE IFSC Limited (NSE International Exchange) established by the Registrar of Companies, Gujarat, is a fully
owned subsidiary company of National Stock Exchange of India Limited (NSE).
Chairman & Public Interest Director – Rajiv Mehrishi
Incorporated – November 29, 2016
Headquarters – Gandhinagar, Gujarat
SIDBI Approves Rs. 600 Crores SCDF to Maharashtra Government

The Small Industries Development Bank of India (SIDBI) has granted the Maharashtra government the first
approval under the SIDBI Cluster Development Fund (SCDF) of Rs. 600 crores to meet the growing demand for
skilled labour.
It has given an in-principle approval for the amount needed to revive and upgrade several Industrial Training
Institutes (ITIs) and polytechnics managed by the Directorate of Vocational Education and Training under the
Department of Skills, Employment, Entrepreneurship and Innovation, Maharashtra.
Note: The SCDF was established with the Reserve Bank of India’s assistance to fund hard infrastructure
facilities in clusters across India. The fund is intended to help setting up, upgrading and renovating MSME
infrastructures in fields other than agriculture.
Key Points:
i.The introduction of several government schemes such as Make in India, Digital India, Smart Cities, and the
Clean India Mission has resulted in a considerable increase in demand for skilled labour in Maharashtra.
• ITIs and polytechnics will play a critical role in addressing the workforce needs of the MSMEs that will be
created as a result of these new schemes.
ii.The active participation of state government-run institutions in upgrading and revitalising them will offer the
necessary momentum to the MSME ecosystem and help the system achieve greater efficiency.
iii. Expert committee on MSMEs: It was headed by U.K. Sinha and recommended a more focused engagement
of SIDBI with state governments for MSME development and promotion.
• It also included the use of Priority Sector Shortfall (PSS) funds to create a low-cost lending window for state
governments for infrastructure projects in clusters.
• As a result, SIDBI has established Project Management Units (PMUs) in 11 Indian states: Assam, Andhra
Pradesh, Rajasthan, Gujarat, Haryana, Maharashtra, Delhi, Uttar Pradesh, Uttarakhand, and Tamil Nadu.
iv.SIDBI has already given various state governments and Union Territories across India an in-principle
clearance of over Rs. 5968 crores for the development and upgradation of various industry cluster projects.

About Small Industries Development Bank of India (SIDBI):

SIDBI is India’s principal financial institution for promoting, funding, and developing Micro, Small and Medium
Enterprises (MSMEs).
Chairman and Managing Director – Sivasubramanian Ramann
Headquarters – Lucknow, Uttar Pradesh
SEBI Imposes Penalties of Rs 40 Lakh on 4 Entities Over Violation of Market Norms

Securities and Exchange Board of India(SEBI) has imposed penalties totalling Rs 40 lakh on 4 entities, a fine
of Rs 10 lakh each on HPC Biosciences Limited, Tarun Chauhan, Madhu Anand and Arun Kumar Gupta for
failing to comply with the provisions of the Companies Act and public issue norms.
• SEBI has also levied a fine of Rs 5 lakh on Ashish Pandey, who was the CFO of Ricoh India Ltd and company
secretary of Fourth Dimensional Solutions Ltd (FDSL) in 2017-18, for violation of market norms in the
matter of Ricoh India Ltd.
• In a separate order, SEBI levied a fine of Rs 5 lakh on Darshann Kayan over non-genuine trades in illiquid
stock options on BSE.
SIDBI Signs Mou with WBSIDCL To Develop MSME Ecosystem in West Bengal
The Small Industries Development Bank of India (SIDBI), India’s leading financial institution for the Micro
Small and Medium Enterprises (MSME) sector, has signed a Memorandum of Understanding (MoU) with West
Bengal Small Industries Development Corporation Limited (WBSIDCL).
• The MoU aims to enhance the eco-system for micro and small firms in West Bengal and was signed during
the MSME sectoral session of the Bengal Global Business Summit (BGBS), which was held in Kolkata on
April 21, 2022.
The objective of this MoU is to improve cooperation between the West Bengal government and SIDBI in order
to speed up the structured and planned development of MSMEs in West Bengal.
• It also intends to provide entrepreneurs with strong assurance and financial assistance from SIDBI at a
reasonable cost in order to meet their financial and developmental needs.
The MoU was signed by Nikhil Nirmal, Managing Director of WBSIDCL, and Sudatta Mandal, Deputy Managing
Director of SIDBI, in the presence of H. K. Dwivedi, Chief Secretary of West Bengal.
i.Under the MoU, WBSIDCL will provide SIDBI with a dedicated desk for the purpose of establishing an MSME
facilitation desk, while SIDBI will provide the required resources.
ii.Following the allotment of land to qualifying MSMEs, WBSIDCL will forward a copy of the land allotment
letter to SIDBI, which will conduct a fast-track assessment of applications generated through the MSME
facilitation desk/WBSIDCL/other state agencies.
iii. Out of the loan sanctioned to the eligible MSME on merits, SIDBI can make a direct payment to WBSIDCL
towards the eligible cost of land for the support of deserving projects.
iv.WBSIDCL will allow for the distribution of SIDBI’s facilities and will exchange necessary
database/information about MSMEs with SIDBI. WBSIDCL will appoint a nodal officer to coordinate with SIDBI.
SIDBI was established by an Act of the Indian Parliament to facilitate and strengthen credit flow to MSMEs and
address both financial and developmental gaps in the MSME eco-system.
CEO – Sivasubramanian Ramann

SEBI Restructures its Market Data Advisory Committee; Chaired by M S Sahoo

Securities and Exchange Board of India(SEBI) has rejigs its Market Data Advisory Committee (MDAC) which
recommends policy measures pertaining to areas like securities market data access and privacy.
• The restructured committee will be chaired by Dr M S Sahoo, Distinguished Professor at National Law
University, Delhi (NLUD) and former chairperson of the Insolvency and Bankruptcy Board of India (IBBI).
The restructured committee will now have 21 members. Previously the committee had 20 members.
Members of the Committee:
i.The members of the committee includes CEOs of stock exchanges and depositories, representatives of various
stakeholders and senior officials of SEBI.
ii.Prabhas Kumar Rath, General Manager of SEBI is the Member Secretary of the MDAC
Click here for the complete list of members
Terms of reference MDAC:
i.The committee recommends appropriate policy for access to securities market data for both transactions and
disclosures.
ii.The scope of the committee includes identification of Segment-wise Data Perimeters, Data Needs and Data
Gaps.
iii.It will also recommend standardization of Data Definitions; Data Identification Logic and Data Validation
Techniques and standardization of formats and documents – filings; reportings; forms; agreements etc.
iv.The committee also recommends policy and operational framework to address standardization, integrity,
sourcing, storing, transfer and publishing of data, including the adoption of global standards.
About Securities and Exchange Board of India(SEBI):
SBI Card Partners With TCS To Accelerate Its Digital Transformation

In a move towards expanding its strategic partnership, Tata Consultancy Services (TCS) has signed a deal
with SBI Cards and Payments Services Ltd. (SBI Card), India’s largest pure-play credit card issuer, to
accelerate SBI Card’s digital transformation journey.
• TCS will continue to digitalize and change online onboarding processes in order to provide a faster and
more frictionless experience for customers, resulting in higher customer satisfaction.
• It will also allow SBI Card to increase its e-card issuance, rewarding customers and giving the company a
competitive edge in the market.
TCS has been providing services to SBI Card for over a decade since 2008, and the new deal represents an
extension of that relationship.
Strategic Partnership between TCS & SBI Card:
i.TCS assisted SBI Card in transforming its primary card sourcing platform and digitising a significant portion of
the process in the lead-up to the company’s blockbuster Initial Public Offering (IPO) in 2020.
• The flexible, future-ready platform personalised the customer experience, resulting in increased sales and
retention.
ii.The integration of touchpoints between the new technologies such as Video KYC, e-sign functionalities and
the SBI Card-owned Sales24 platform (used for new account originations) made this entire digitalization
process complicated.
• TCS, as a strategic partner of SBI Card, played a key role in developing high-performing and scalable
technology innovations during the COVID-19 pandemic, particularly in digitizing the core cards sourcing
platform, implementing Video KYC, and eSignature features.
About SBI Cards and Payments Services Ltd. (SBI Card):
SBI Card was launched by the State Bank of India and GE Capital and was incorporated as SBI Cards and
Payment Services Private Limited (SBICPSL).

• In December 2017, State Bank of India and The Carlyle Group acquired GE Capital`s stake in SBI Card. The
company changed its legal name to SBI Cards and Payments Services Limited in August 2019.
• It aims to offer Indian consumers access to a wide range of world-class, value-added payment products and
services.
MD & CEO – Rama Mohan Rao Amara
Founded – 1998
Headquarters – Gurgaon, Haryana.
Suryoday SFB partners Kyndryl for Digital & IT transformation

On April 25, 2022, the Suryoday Small Finance Bank (SSFB) joined hands with New York, United States (US)-
based Kyndryl, an IT infrastructure services provider for a period of 5 years.
• Under this partnership, Kyndryl will drive bank’s Information technology (IT)/Digital transformation
program, improve operational efficiency, and increase digital banking adoption among bank’s customers.
• Overall, Kyndryl will modernize the bank’s technology and network connectivity
Key Points:
i.The bank will utilize Kyndryl’s advisory and implementation services to deploy and support a new core
banking system
ii.Kyndryl will manage the bank’s critical core and mobile banking application ecosystem and provide deep
expertise in hybrid cloud services, data analytics, among others.
iii.It will also provide security and resiliency services using Kyndryl’s Cyber Resiliency Orchestrator
About Suryoday Small Finance Bank (SSFB):
Managing Director and Chief Executive Officer– Baskar Babu Ramachandran
Tagline– A Bank of Smiles
Headquarter– Navi Mumbai, Maharashtra
Airtel Payments Bank & IndusInd Bank Tie Up to Offer FDs Facility
Airtel Payments Bank has teamed up with IndusInd Bank to provide its customers with a Fixed Deposit (FD)
facility.
• Customers of the Airtel Payments Bank can open FDs starting at Rs. 500 and up to Rs. 190,000 in a few
minutes using the Airtel Thanks mobile application.
• With this collaboration, Airtel Payments Bank’s savings account customers will receive an annual interest
rate of up to 6.5%, and senior people will receive an additional 0.5% on all fixed deposits.
Key Points:
i.Customers of the Airtel Payments Bank will be able to book several FDs for a fixed term of one, two, or three
years.
ii.Customers can dissolve an FD before its maturity date via the Airtel Thanks app without incurring any
penalties or processing fees for early withdrawals.
Within minutes, the invested amount will be paid back to the associated account.
iii. Fixed deposits are a popular investment option since they provide guaranteed returns while also ensuring
the safety of the customer’s funds.
iv.This partnership enables IndusInd Bank to provide streamlined application processes to customers across
India, as well as provide them with a holistic solution to their investment needs.
MD & CEO – Sumant Kathpalia

About Airtel Payments Bank:

It is India’s first Payments Bank which was launched in 2017 by Bharti Airtel, India’s largest telecom provider.
MD & CEO – Anubrata Biswas
Headquarters – New Delhi,Delhi
FinMapp Partners With Bajaj Finance to Launch Fixed Deposit Feature

Fintech firm FinMapp has collaborated with Pune (Maharashtra)-based Bajaj Finance Limited to launch a Fixed
Deposit (FD) feature on its application for an improved customer experience.
• Bajaj Finance Limited is the lending arm of Bajaj Finserv Limited.
Key Points:
i.FinMapp offers an interest rate of 7.35% on the FD of app users.
ii.Investors can choose from multiple tenures for their FDs viz. 15, 18, 22, 30, 33, and 44 months, or can opt for
tenures of one, three, and five years, respectively.
iii.Bajaj Finance is giving the highest interest rates to new, existing, and senior citizen customers, offering a
fixed income product with high-interest rates.
About FinMapp:
Co-Founder & CEO– Kumar Binit
Headquarters– Gurugram, Haryana
Cabinet approves revised cost estimate of Rs 2255 crore for Setting up IPPB
The Cabinet approves revised cost estimate on setting up of India Post Payments Bank (IPPB) with additional
funding of Rs 820 crore for FY 2020-21 to 2022-23. This is an increase to Rs 2255 crore from Rs 1435 crore as
equity infusion to meet regulatory requirements.
• It also granted in principle approval for future fund infusion upto Rs 500 crore for meeting regulatory
requirements and technological upgradation.
Objectives behind this Revision:
i.To build the most accessible, affordable and trusted bank for the common man
ii.To remove barriers for the unbanked by furthering financial inclusion across India.
iii.To supplement Government of India’s vision of “less cash” economy
IPPB was launched in 2018 and enabled 1.36 lakh Post Offices to provide banking services and has equipped
nearly 1.89 lakh Postmen and Gramin Dak Sevaks with smartphone and biometric device to provide doorstep
banking services.
Since the launch of IPPB, it has opened more than 5.25 crore accounts with 82 crore aggregate number of
financial transactions with Rs.1,61,811 crore which includes 765 lakh number of Aadhaar Enabled Payment
System (AePS) transactions worth Rs.21,343 crore. Out of the 5 crore accounts, 77% of accounts are opened in
Rural areas, 48% are women customers with around Rs.1000 crore of deposit. Nearly 40 lakh women
customers received Direct Benefit Transfer (DBT) into their accounts valued at Rs.2500 crore.
More than 7.8 lakh accounts have been opened for school students. In Aspirational Districts IPPB has opened
around 95.71 lakh accounts having 602 lakh aggregate transaction worth Rs.19,487 crore. In Left Wing
Extremism (LWE) districts, 67.20 lakh accounts have been opened by IPPB having 426 lakh aggregate
transactions worth Rs.13,460 crore.
PencilKey: Contactless Rupay Card Introduced by Pencilton

Pencilton, a teen-focused fintech start-up, has launched PencilKey, a National Common Mobility Card (NCMC)
compatible RuPay on-the-go contactless keychain for teens, in collaboration with National Payments
Corporation of India (NPCI) and Transcorp PPI.
• Pencilton has taken a step toward boosting financial literacy among youngsters, by delivering financial
tools and technology.

Transcorp PPI is the fastest and most dependable issuer of co-branded instruments, with a track record of
helping partners achieve their objectives by coordinating stakeholder deliverables.
Note:
• The virtual is available for free from Pencilton. Users can purchase the PencilKey for Rs. 150 and the
PencilCard for Rs. 100.
• As part of the company’s launch promotion, users can also purchase a PencilKit (combo) for Rs. 200, which
contains both the PencilCard and the PencilKey.
Features of Pencilkey:
i.The Pencilton app allows users to activate and manage their PencilKey, as well as load money, check spending,
block and unblock accounts, set limits, and more.
• PencilKey is linked to the PencilCard which is an all-in-one prepaid card, metro card, and bus card.
ii.PencilKey includes the benefits of NCMC, which is currently used on the Delhi Airport Metro line and Goa’s
buses.
• It is also scheduled to be accepted in Pune, Chennai, and Mumbai for metro travel, as well as on BEST
(Brihanmumbai Electric Supply & Transport Undertaking) buses in Mumbai.
iii. The app is more than a payment app; it also allows for gamified learning about money, which is powered by
interactive community interaction.
About Pencilton:
India’s first app for kids & teens to manage and spend pocket money while learning about money in a fun,
gamified way.
Pencilton is an initiative of BITS Pilani, IIM & USC alumni.
Headquarters – Hyderabad, Telangana.
BoB Launches ‘bob World Gold’ Feature for Seniors on Mobile Banking Platform
The Bank of Baroda (BoB) has launched ‘bob World Gold’, a new feature on its ‘bob World’ mobile banking
platform targeted towards seniors and elderly. The bob World Gold feature is available on both Android and
iOS.
• The bob World Gold is a one-of-a-kind digital banking platform that caters specifically to this demographic,
offering a simple, seamless, and secure mobile banking experience.
It aims to provide customers with a simpler, smarter, more personalised, and senior-friendly banking
experience by allowing them to access a variety of banking services digitally in a way that is convenient for
them.
Features of bob World Gold:
i.Simple and Easy User Interface: Easy-to-navigate screens and a ready-to-assist voice-based search service,
provided right on the dashboard, support a minimalistic and simple infographic.
ii.Customization: Bob World Gold is tailored to senior citizen customers’ interests, providing them with
relevant and favourite menu options.
iii. Preferential research-based service: Bob World Gold is a completely updated dashboard customized
exclusively for senior citizens (60 years and above), with larger icons and fonts, better-contrasting colours, and
special attention paid to supporting text, tooltips, and navigation.
About Bank of Baroda (BoB):
MD & CEO – Sanjiv Chadha
Headquarters – Vadodara, Gujarat
Tagline – India’s International Bank
IFSCA signs MoU with National Insurance Academy

On April 22nd, 2022, the International Financial Services Centres Authority (IFSCA) signed a memorandum of
understanding (MoU) with the Pune-based National Insurance Academy (NIA) for capacity building and
creating a skilled talent pool.

• This MoU aims to build the required skilled manpower for the International Financial Services Centre
(IFSC) and improve capacity development in the insurance sector.
• To address the needs of IFSC insurance firms, IFSCA has already signed an MoU with the Insurance Institute
of India (III).
India accounted for Highest Volume of Real-Time Payments at 48.6bn in 2021: CEBR Report
In accordance with the report titled ‘The Economic Impact of Real-Time Payments-April 2022’ by Centre for
Economics and Business Research (CEBR) in partnership with GlobalData for payment solutions provider ACI
Worldwide, India accounted for the highest volume of real-time payments (1st rank) among businesses around
the world, with 48.6 billion real-time payments through 2021 which is 40% of Global Real-time Payments
originated in 2021.
• The report featured 53 global markets, and 30 countries.
• India is followed by China at the second place with 18.5 billion real-time transactions.
• It should be noted that real-time payments refer to instantaneous digital payments that facilitate transfer of
funds within a few seconds.
Global Growth trends:
In 2021, 181,261 million real-time transactions were made globally. A YoY (Year On Year) growth of 64.5% to
427,670 million transactions is projected in 2026. Following table shows 5 countries with the highest volume of
real time payment transactions in 202:
Rank Country Real-Time Transactions (Billion)
1 India 48.6
2 China 18.5
3 Thailand 9.7
4 Brazil 8.7
5 South Korea 7.3
i.In 2021, there were 92.9 billion real-time payments made across these five top real-time payments markets.
ii.There is a projection of 356.9 billion by 2026 , a CAGR (Compound annual growth rate) of 30.9% in these 5
nations.
iii.In 2021, $78.4 billion of GDP was supported by real-time payments across the 30 countries observed.
iii.In 2026, it is estimated that $173 billion of GDP will be supported by real-time payments across the 30
countries observed.
Growth Trends as per CAGR by 2026:
Table showing top 5 countries forecast to see the highest CAGR by 2026 in real-time payment transactions are:
Rank Country CAGR
1 Pakistan 160.70%
2 Croatia 83.70%
3 Peru 80.70%
4 Argentina 66.30%
5 Belgium 66.20%
Growth by Region by CAGR by 2026:
South & Central America is predicted to see the fastest growth in real time payment transactions, with a CAGR
of 51.3% by 2026; followed by Middle East, Africa & South Asia 32.6%, North America 30.2%, Europe 23%, and
Asia-Pacific 15%.

Indian Scenario:
i.The key reason behind the increase Unified Payments Interface (UPI) and QR (Quick Response) code-based
merchant payment is COVID-19 pandemic, an lockdown
• As of 2021, 31.3% of all payments made in India were made through real-time payment instruments.
ii.India’s real-time transactions figure is almost three times of China’s, and 6.5 times greater than the United
States (US), Canada, UK (United Kingdom), France and Germany combined.
iii.It resulted in estimated cost savings of $12.6 billion for Indian businesses and consumers in 2021. This also
unlocked $16.4 billion of economic output which represents 0.56% of the India’s GDP (Gross Domestic
Product).
iv.It is projected that the share of real-time payments of the total payments volume will rise to 70.7% in 2026
with increase in net savings for businesses and consumers to $92.4 billion.
• This will help in generating an additional $45.9 billion by 2026 of economic output, equivalent to 1.12% of
India’s formal GDP.
v.Though India became a global leader in real time payments, cash still remains a comfortable payment means
for many Indians.
• Cash Payments represents 58.1% of the total payments market, but, by 2026, cash will make up only 21%
of the total payments.
Other Highlights:
i.Globally, over half of consumers own and use a mobile wallet. The number rose to 52.7% in 2021, up 12.1% in
the two years since 2019 (Covid-19 impact), and up 33.8% since 2018.
ii.Identity theft and confidence trickery are on the rise, accounting for 12% and 14.4% respectively of fraud
cases in 2021. However, cases of card details being stolen online have falled.
• In 2021 there is slight decrease in these cases to 16.9% from 17.5% in 2020.
Click Here for Official Report
About ACI Worldwide:
President and CEO– Odilon Almeida
Headquarters– Coral Gables, Florida, United States
About Centre for Economics and Business Research (CEBR):
Chairman– Martin Piers
Headquarters– London, United Kingdom
India ranked 21st in estimated Crypto Gains in 2021, US Tops: Chainalysis Data
In accordance with the data released by crypto analytics firm Chainalysis, investors around the world realized
total Crypto gains of $162.7 billion in 2021, compared to $32.5 billion in 2020. This is 2nd consecutive data by
Chainalysis. Click here
• However, India ranked lowly at 21st with realized gains of around $1.85 billion while it is topped by the
United States (US) with an estimated realized Crypto gain of $46.95 billion.
• The US is followed by the United Kingdom (UK) at 2nd with estimated realized Crypto gains of $8.16 billion,
Germany ($5.82 billion), Japan ($5.51 billion) and China ($5.06 billion).
Key Points:
i.Ethereum is the most noteworthy gainer among the crypto assets. The report highlights that Ethereum edged
out Bitcoin in total realized gains globally at $76.3 billion to $74.7 billion.
ii.The US estimated realized cryptocurrency gains grow 476% which China’s witnessed a growth of 194% in
comparison to 2020.
About Chainalysis:
CEO– Michael Gronager
Headquarters– New York, United States

ICICI Bank Launches India’s First ‘Open-For-All’ Digital Ecosystem for MSMEs
ICICI Bank has launched India’s First ‘Open-For-All’ digital ecosystem with an open architecture to empower
all Micro, Small, and Medium Enterprises (MSMEs) in India, including customers of other banks, by integrating
banking services with value-added offerings. The ecosystem is supported by three pillars:
• Enhanced banking services for existing customers
• A variety of banking services to MSMEs, who are customers of other banks
• A wide range of added-value services for everyone
This would serve as a comprehensive platform for the MSME sector, which is a vital part of the Indian economy,
by improving “ease of doing business” so that they may focus on growth.
Features of the Digital Ecosystem:
i.Anyone can make use of ICICI Bank’s digital solutions by downloading the new InstaBIZ app, a business app,
from the Google Play Store or Apple App Store, or by visiting the bank’s Corporate Internet Banking (CIB)
platform.
ii.MSMEs who are customers of other banks can use the new version of InstaBIZ to log in as guests and use a
variety of services from the bank’s digital ecosystem.
iii. The most essential of these services is InstaOD Plus, which provides an instant and paperless overdraft
(OD) facility up to Rs. 25 lakhs.
• InstaOD Plus is an industry-first offering that allows customers of any bank to obtain an overdraft instantly.
iv.ICICI Bank has collaborated with a number of partners to eliminate the need for MSMEs to coordinate with
several experts in order to meet their diverse needs.
About ICICI Bank Ltd:
MD & CEO – Sandeep Bakhshi
SEBI cuts listing time for REITs, InvITs from 12 days to 6 days
The Securities and Exchange Board of India (SEBI) has reduced the time taken for allotment and listing of REITs
(real estate investment trusts) and InvITs (infrastructure investment trusts) after the closure of issue to 6
working days, against the current requirement of 12 working days. This will be applicable from June 1, 2022.
• For InvITs, this decision has been taken in exercise of the powers conferred under Regulation 16(9) and 33
of SEBI (Infrastructure Investment Trusts) Regulations, 2014, and Section 11(1) of the SEBI, 1992.
• For REITs, it has been taken in exercise of the powers under Regulation 16(1) and 33 of SEBI (Real
EstateInvestment Trusts) Regulations, 2014 and Section 11(1) of the SEBI, 1992.
• The move will further streamline the process of public issues of these investment vehicles.
Key Points:
i.Both REITs and InvITs are investment vehicles similar to mutual funds (MFs), wherein sponsors/managers
pool money from investors
• While a REIT comprises a portfolio of commercial real assets, InvITs comprise a portfolio of infrastructure
assets, such as highways and power transmission assets.
ii.As of March 2021, a total of 15 InvITs and 4REITs were registered. Of these, six InvITs and three REITs were
listed on the stock exchanges.
iii.SEBI also mandates self certified syndicate banks (SCSBs), stock exchanges, depositories and intermediaries
to coordinate and ensure completion of listing (through the public issue), and commencement of trading of
units of REITs and InvITs within 6 working days from the date of closure of the issue.

Banking, Finance & Economy Q&A: April 2022

1. In which place RBI recently (in March’22) dedicated the "Varnika ink manufacturing
facility", a unit of Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL)?
1) Noida, Uttar Pradesh
2) Mysuru, Karnataka
3) Pune, Maharashtra
4) Ahmedabad, Gujarat
5) Vijayawada, Andhra Pradesh
Answer- 2) Mysuru, Karnataka
Explanation:
Reserve Bank of India (RBI) Governor Shaktikanta Das has dedicated the Varnika ink
manufacturing facility at Mysuru in Karnataka. The facility is a unit of Bharatiya Reserve Bank Note
Mudran Private Limited (BRBNMPL), a wholly owned subsidiary of the RBI.
i. As a push towards the “Make in India” strategy, “Varnika” is established with a 1,500 MT annual ink
manufacturing capacity to improve bank note security and ensure that all bank note printing inks are
manufactured indigenously.
Varnika Ink Manufacturing Facility:
This plant also produces Colour Shift Intaglio Ink (CSII) and meets the whole requirements of bank
note printing presses in India, resulting in cost effectiveness and banknote ink self-sufficiency.
2. Which bank has recently (in March’22) partnered with Shoppers Stop to launch co-branded
credit cards?
1) IDBI Bank
2) YES Bank
3) ICICI Bank
4) Axis Bank
5) HDFC Bank
Answer- 5) HDFC Bank
Explanation:
HDFC Bank, India’s largest private sector bank, and Shoppers Stop, India’s leading fashion and
beauty destination, have teamed up to launch co-branded credit cards.
i. The credit cards will be available in two categories namely, Shoppers Stop HDFC Bank Credit Card
and Shoppers Stop BLACK HDFC Bank Credit Card
About HDFC Bank:
3. Name the company that recently (in March’22) launched Industry’s 1st End-to-End Online
Auto Finance Platform, e-Pay.
1) Eicher Motors
2) Hindustan Motors

3) MG Motor India
4) Honda Motor India
5) Toyota Motor India
Answer- 3) MG Motor India
Explanation:
Morris Garages (MG) Motor India launched MG e-Pay, Industry’s 1st End-to-End Online Auto Finance
Platform. The platform aims to offer transparent and convenient online car purchase solutions.
i. MG has partnered with ICICI Bank, HDFC Bank, Kotak Mahindra Prime & Axis Bank to offer
customized and instant financing options under MG e-Pay.
4. Which digital technology recently (in March’22) launched “India’s 1st KYC-Compliant Crypto
Token” that users can redeem for fiat money, even before its listing on an exchange?
1) CoinDCX Ltd
2) Redeemption Digital Technology Pvt. Ltd
3) CoinSwitch Kuber Ltd
4) WazirX Ltd
5) Redington India Ltd
Answer- 2) Redeemption Digital Technology Pvt. Ltd
Explanation:
Redeemption Digital Technology Private Limited has soft-launched India’s 1st KYC-Compliant
Crypto Token, “Redeemption”, a unique crypto token with which users can earn investing time,
instead of money.
i. It is an emerging Web 3.0 Technology base, a patent-filed crypto token that is developed on Binance
Smart Chain (BSC) BEP20 protocol.
ii. This is India’s 1st crypto token with which users can redeem for fiat money, prior to its listing on
the exchange.
5. According to India Ratings and Research (in March'22), India's GDP growth for FY23 is
expected to be _________, down from an earlier projection of 7.6%.
1) 7- 7.2%
2) 7.3- 7.5%
3) 6.8- 7.0%
4) 6.9- 7.1%
5) 7- 7.1%
Answer- 1) 7- 7.2%
Explanation:
India Ratings and Research (Ind-Ra) downgraded India’s Gross Domestic Product (GDP) growth
forecast for FY23 to 7-7.2% from an earlier estimate of 7.6% amid Russia-Ukraine conflict.
This revision is based upon the Ind-Ra’s two scenarios regarding FY23 Economic Outlook, both with a
half cost pass-through into the domestic economy.
Scenario-One: Crude oil price is assumed to be elevated for 3 months in FY23:
• Ind-Ra expects GDP to grow 7.2% YoY (Year-on-Year) in FY23
• Size of the Indian economy in FY23 will still be 10.6%
• Retail inflation to average around 5.8% in FY23

6. In March 2022, RBI extended the timeline for the implementation of cassette swapping in all
ATMs for the 2nd time till ______________.
1) 31st March, 2023
2) 31st January, 2024
3) 30th June, 2022
4) 30th September, 2023
5) 31st March, 2024
Answer- 1) 31st March, 2023
Explanation:
The Reserve Bank of India (RBI) for the second time extended the timeline for the implementation of
cassette swap in all ATMs (Automated teller machines) till March 31, 2023.
i. This extension is due to the requests received by RBI from various banks and Indian Banks’
Association (IBA) citing various constraints in meeting the timeline.
ii. In July 2021, RBI had advised banks to use lockable cassettes in their ATMs which shall be swapped
at the time of cash replenishment, later RBI extended the deadline to March 31, 2022.
7. In March 2022, Japan International Cooperation Agency (JICA) signed Japanese ODA (Official
Development Assistance) Loan Agreements with the Government of India in Delhi.
Which of the following points are correct with respect to the loan agreement between JICA and
Government of India?
1) JICA signed Japanese ODA Loan Agreements with the Government of India in Delhi to provide
Japanese ODA loans of up to a total of 312.258 billion yen for 7 projects.
2) Among the 7 projects, JICA provided a 6.401 billion yen loan to Uttarakhand Integrated
Horticulture Development Project to promote profitable horticulture & improve farmers income.
3) JICA also provided a 23.129 billion yen loan to the North East Road Network Connectivity
Improvement Project (Phase 6) to improve connectivity in the North Eastern Region of India.
4) Only 1 & 2
5) All 1, 2 & 3
Answer- 5) Only 1, 2 & 3
Explanation:
JICA signed Japanese ODA Loan Agreements with the Government of India in Delhi to provide
Japanese ODA loans of up to a total of 312.258 billion yen for 7 projects.
i. Among the 7 projects, JICA provided a 6.401 billion yen loan to Uttarakhand Integrated
Horticulture Development Project to promote profitable horticulture & improve farmers income.
ii. JICA also provided a 23.129 billion yen loan to North East Road Network Connectivity
Improvement Project (Phase 6) to improve connectivity in the North Eastern Region of India and
connect India and Bangladesh through establishing and improving National Highway(NH) 208
(Khowai-Sabroom section) in Tripura.
8. Which organisation recently (in March’22) partnered with HSBC India to set up a USD 100
million partial guarantee programme for microfinance institutions (MFIs) in India?
1) Asian Infrastructure Investment Bank
2) African Development Bank
3) International Monetary Fund
4) Asian Development Bank

5) World Bank
Answer- 4) Asian Development Bank
Explanation:
The Asian Development Bank (ADB) and HSBC India (HSBC) have agreed to set up a USD 100 million
partial guarantee program to help over 400,000 micro-borrowers and largely women-owned
microenterprises across India.
i. It is the ADB’s first partnership with HSBC, and under the terms of the agreement, an equivalent of
USD 30 million in aggregate financing would be disbursed to three Microfinance Institutions (MFIs) in
India by April 2022 to stimulate the partnership.
President – Masatsugu Asakawa
Established – 1966
Headquarters – Manila, Philippines
9. Name the company that recently (in March’22) partnered with Nabet India to promote
livelihood and employment opportunities for women in rural areas.
1) Tata Capital Housing Finance Ltd
2) LIC Housing Finance Ltd
3) ICICI Home Finance Ltd
4) PNB Housing Finance Ltd
5) GIC Housing Finance Ltd
Answer- 4) PNB Housing Finance Ltd
Explanation:
Nabet India & PNB (Punjab National Bank) Housing Finance Pvt Ltd partnered to start an initiative
for women’s health and wellness.
i. Under the partnership agreement, Nabet India will promote livelihood and employment
opportunities for women particularly in rural areas and also promote health and wellness to improve
their quality of life.
ii. Nabet India would manufacture sanitary napkins at its own facility and PNB Housing Finance Pvt
Ltd would provide machinery support.
About PNB Housing Finance:
Managing Director & CEO- Hardayal Prasad
Headquarters- New Delhi ,Delhi
10. In March 2022, the government of India decided to borrow _________ of funds in the first half
(H1) of FY23 from the Reserve Bank of India (RBI).
1) Rs. 6.67 lakh crore
Answer- 4) Rs. 8.45 lakh crore

Explanation:
The Government of India (GoI) has decided to secure a fund of Rs. 8.45 lakh crore through
borrowing in consultation with the Reserve Bank of India (RBI) in the first half (H1) or April-
September period of Financial Year 2022-23 (FY23).
i. It accounts for 60% of the total borrowing planned for FY23, continuing a practice of frontloading
debt raising early in the fiscal year when private demand for funds is low.
11. Which company recently (in March’22) received a licence from Pension Fund Regulatory
and Development Authority (PFRDA) and Insurance Regulatory and Development Authority of
India (IRDAI) to sell National Pension Scheme products and insurance?
1) Finvasia
2) India Infoline
3) Hero FinCorp
4) Payworld
5) FinMapp
Answer- 5) FinMapp
Explanation:
FinMapp, a Financial services company, has received a licence from Pension Fund Regulatory and
Development Authority (PFRDA) under the National Pension Scheme (NPS) and a registration
certificate from the Insurance Regulatory and Development Authority of India (IRDAI) recognizing it
as a corporate agent.
i. These licences will enable FinMapp to sell insurance and NPS products to its customers as a verified
seller and help expand its customers base.
12. SEBI recently (in March’22) imposed penalties (total) of _______ on five entities for non-
genuine trades in the illiquid stock options segment on the BSE (Bombay Stock Exchange).
1) Rs 30 lakh
2) Rs 15 lakh
3) Rs 25 lakh
4) Rs 40 lakh
5) Rs 10 lakh
Answer- 3) Rs 25 lakh
Explanation:
Securities and Exchange Board of India (SEBI) has imposed penalties totalling Rs 25 lakh on five
entities for indulging in non-genuine trades in the illiquid stock options segment on BSE (formerly
Bombay Stock Exchange).
i. In 5 separate orders, SEBI has imposed a fine of Rs 5 lakh each on Abhishek Kumar Jain HUF, Ajay
Kumar Baid, Sumit Shankar Dudani, Sumer Chand Jain and Sons and Milestone Viniyog Pvt Ltd.
13. In April 2022, Anthony Heredia was appointed as the Managing Director (MD) and Chief
Executive Officer(CEO) of which company?
1) ICICI Prudential Asset Management Ltd
2) Mahindra Manulife Investment Management Pvt. Ltd
3) DSP Investment Management Pvt. Ltd
4) Baroda Asset Management India Ltd

5) HDFC Asset Management Ltd

Answer- 2) Mahindra Manulife Investment Management Pvt. Ltd
Explanation:
Anthony Heredia was appointed as the Managing Director(MD) and Chief Executive Officer(CEO) of
Mahindra Manulife Investment Management Private Limited (Formerly known as Mahindra Asset
Management Company Private Limited) with effect from 1st April 2022. He will succeed Ashutosh
Bishnoi, who retired on 31st March 2022.
i. The appointment was announced by Mahindra Manulife Mutual Fund/Mahindra Manulife
Investment Management Pvt. Ltd.
ii. Anthony Heredia has served as the CEO of BOI AXA Investment Managers Private Limited from
August 2021 to February 2022.
14. Which bank recently (in April’22) signed an MoU with the Software Technology Parks of
India (STPI) and AIC STPINEXT under the FinBlue initiative?
1) Union Bank of India
2) Bank of Maharashtra
3) Bank of India
4) Indian Overseas Bank
5) Punjab National Bank
Answer- 4) Indian Overseas Bank
Explanation:
As part of the FinBlue initiative to promote innovation through financial technologies, the public
sector Indian Overseas Bank (IOB) has signed an MoU with the Software Technology Parks of India
(STPI) and AIC STPINEXT INITIATIVES (a Section 8 company of STPI).
i. FinBlue Initiative: A FinTech (financial technology) Centre of Entrepreneurship (CoE) set by the
STPI at Chennai, Tamil Nadu.
About Indian Overseas Bank (IOB):
Managing Director & CEO – Partha Pratim Sengupta
Establishment – 10th February 1937
Headquarters – Chennai, Tamil Nadu
Tagline – Good People to Grow with
15. In April 2022, the International Financial Services Centres Authority (IFSCA) signed an MoU
with _______ to strengthen the exchange of information between the two regulators.
1) NABARD
2) IRDAI
3) SIDBI
4) SEBI
5) RBI
Answer- 2) IRDAI
Explanation:
International Financial Services Centres Authority (IFSCA) signed an MoU with the Insurance
Regulatory and Development Authority of India (IRDAI) for strengthening of inter-regulatory
exchange of information, technical cooperation and supervisory collaboration.

i. The MoU enables Indian insurtech (insurance industry) startups to explore foreign jurisdiction and
vice versa as it contains a mechanism for Inter Operable Regulatory Sandbox.
Establishment– 2020, under the International Financial Services Centres Authority Act, 2019
Headquarter– GIFT (Gujarat International Finance Tec-City), Gandhinagar in Gujarat.
16. In April 2022, Reserve Bank of India (RBI) reduced the Ways and Means Advances (WMA)
for states and Union Territories to ________ from Rs 51,560 crore.
1) Rs 10,378 crore
2) Rs 17, 262 crore
3) Rs 26,753 crore
4) Rs 47,010 crore
5) Rs 30,872 crore
Answer- 4) Rs 47,010 crore
Explanation:
Reserve Bank of India (RBI) reduced the Ways and Means Advances (WMA) for states and Union
Territories to Rs 47,010 crore from Rs 51,560 crore amid uncertainties related to COVID-19 w.e.f.
April 1, 2022 and are subject to review.
i. WMAs are temporary advances given by the RBI to the government to tide over any mismatch in
receipts and payments and the limit for WMA for the Government of India (GoI) for the first half of
FY23 (H1FY23) has been set at Rs 1,50,000 crore.
ii. The limit was changed after the recommendation by the Advisory Committee on Ways and Means
Advances to State Governments (Chairman: Shri Sudhir Shrivastava).
17. Name the Ideathon that was recently (in April’22) launched by Securities and Exchange
Board of India (SEBI) to promote innovation in the securities market.
1) Code for securities
2) Sadhan
3) Sprint
4) HARBINGER
5) Manthan
Answer- 5) Manthan
Explanation:
TMs. Madhabi Puri Buch, Chairperson of Securities and Exchange Board of India (SEBI), formally
launched the “Manthan,” an Ideathon,a new initiative of SEBI to foster new ideas and innovations in
the securities market, in collaboration with other market infrastructure institutions and qualified
registrar and transfer agents (QRTAs) at an event in Mumbai, Maharashtra.
i. It is a 6-week long Ideathon by SEBI in association with BSE, NSE, NSDL, CDSL, KFintech, CAMS, Link
Intime, and MCX to promote innovation in the securities market.

18. Name the company that recently (in April’22) launched “GrainBank Loyalty Cards for
Farmers”.
1) Ergos Business Solutions
2) Ninjacart
3) CropIn Technology
4) AgroStar
5) EM3 AgriServices
Answer- 1) Ergos Business Solutions
Explanation:
Ergos Business Solutions Private Ltd developed a digital platform ‘GrainBank’. This is the first time
in India, where farmers will have valuable information and income on their farm produce by getting
direct access to digital platforms.
i. GrainBank is farmer relationship based post harvest solutions for farmers to digitize its grain, which
is directly accessible to lenders and processors, and can buy online directly from them.
About Ergos Business Solutions Private Ltd:
CEO and Director- Kishor Kumar Jha
Headquarters- Patna, Bihar
19. Which bank was recently (in April ’22) adjudged as the “Best Performing Bank” in Self-Help
Group Linkage by Deendayal Antyodaya Yojana–National Rural Livelihood Mission (DAY-
NRLM), Ministry of Rural Development?
1) South Indian Bank
2) Axis Bank
3) YES Bank
4) HDFC Bank
5) ICICI Bank
Answer- 4) HDFC Bank
Explanation:
HDFC Bank Limited (HDFC Bank) has been adjudged Best Performing Bank in Self Help Group (SHG)
Linkage by Deendayal Antyodaya Yojana – National Rural Livelihood Mission (DAY-NRLM), Ministry
of Rural Development (MoRD), Government of India at the event organised at the Vigyan Bhavan,
New Delhi, Delhi.
i. HDFC bank is the only private bank to be honoured with the award for their contribution in SHGs by
NRLM.
ii. Giriraj Singh, Union Minister of Rural Development presented the award to K Venkatesh, Head of
Sustainable Livelihood Initiative of HDFC Bank.
20. In April 2022, ______ sold a ______ stake in IndiaFirst Life Insurance Company Limited (IFLIC)
to Bank of Baroda for Rs. 766.29 crore.
1) Union Bank of India; 15%
2) Bank of India; 30%
3) Union Bank of India; 21%
4) Punjab National Bank; 15%
5) Bank of India; 21%
Answer- 3) Union Bank of India; 21%

Explanation:
Union Bank of India (UBI) has sold 21% stake in IndiaFirst Life Insurance Company Limited (IFLIC),
to Bank of Baroda (BoB) for Rs. 766.29 crore.
i. IFLIC is a joint venture (JV) between BoB, UBI and Carmel Point Investments India Private Limited.
UBI owned a 30% stake in IFLIC as a result of its acquisition of Andhra Bank.
ii. The divestment is made in line with the insurance regulator Insurance Regulatory and
Development Authority of India’s (IRDAI) directive to bring down UBI’s stake in IFLIC to below 10%.
21. Name the bank that recently (in April’22) signed an MoU with Border Security Force (BSF)
to offer special benefits through Central Armed Police Salary Package (CAPSP) Scheme.
1) YES Bank
2) HDFC Bank
3) State Bank of India
4) Axis Bank
5) ICICI Bank
Answer- 3) State Bank of India
Explanation:
The State Bank of India (SBI) and the Border Security Force (BSF) have signed an MoU to provide
special benefits to serving and retired BSF personnel, as well as family pensioners, through the
Central Armed Police Salary Package (CAPSP) Scheme.
i. The MoU ensures extensive benefits for the security forces, including complimentary Personal and
Air Accidental Insurance (Death) Cover, additional cover in case of on-duty death, and Permanent
Total Disability/Partial Disability Cover.
22. Name the life insurance company that recently (in March’22) partnered with Ahalia
Finforex to offer Insurance access to unorganized and Unserved Segments.
1) Aegon Life Insurance
2) Bharti AXA Life Insurance
3) Bajaj Allianz Life Insurance
4) Aviva Life Insurance
5) Edelweiss Tokio Life Insurance
Answer- 1) Aegon Life Insurance
Explanation:
Aegon Life Insurance Company (Aegon Life), a digital life insurance company and Ahalia Finforex, a
Kerala-based diversified financial services firm have partnered to provide life insurance access to
unorganized and unserved segments residing in tier 2, tier 3, and tier 4 towns.
i. Under this partnership insurance coverage for more than 5 lakh customers of Ahalia Finforex will be
provided through the Group Credit Life product. In the event of the borrower’s death, insurance from
Aegon Life covers the loan amount.
About Aegon Life Insurance Company:
MD & CEO– Satishwar Balakrishnan

23. As per Federation of Indian Chambers of Commerce & Industry (FICCI’s) Economic Outlook
Survey (as of April’22), India’s Gross Domestic Product is expected to grow at ________ in FY23.
1) 7.6%
2) 7.0%
3) 6.8%
4) 6.9%
5) 7.4%
Answer- 5) 7.4%
Explanation:
FICCI (Federation of Indian Chambers of Commerce & Industry) released its Economic Outlook Survey
projecting India’s annual median Gross Domestic Product (GDP) at 7.4% in FY23 with a minimum
growth estimate of 6% and maximum of 7.8%.
24. HDFC Investments Limited and HDFC Holdings Limited with HDFC Ltd, and later HDFC Ltd
will merge with its arm HDFC Bank by FY2024.
After the merger, HDFC Ltd will own ________ stake of HDFC Bank through the transformational
merger.
1) 49%
2) 41%
3) 55%
4) 51%
5) 30%
Answer- 2) 41%
Explanation:
The board of directors of the Housing Development Finance Corporation (HDFC) Limited at its
meeting held has approved the amalgamation of HDFC Investments Limited and HDFC Holdings
Limited with HDFC Ltd, and later HDFC Ltd will merge with its arm HDFC Bank.
i. After the merger, the HDFC Bank will be 100 percent owned by public shareholders and existing
shareholders of HDFC Ltd will own 41 per cent of HDFC Bank through the transformational merger.
25. In April 2022, which bank acquired the entire consumer bank business of CitiBank for $1.6
billion?
1) RBL Bank
2) YES Bank
3) Axis Bank
4) ICICI Bank
5) HDFC Bank
Answer- 3) Axis Bank
Explanation:
Citibank signed a deal with Axis Bank to sell its entire consumer bank business including credit
cards, savings accounts,retail consumer accounts,consumer loans and wealth management for $1.6
billion. However the deal excludes Citibank’s institutional client businesses in India.
i. This is one of the biggest deals in the banking space since the acquisition of ING Vysya Bank by
Kotak Mahindra Bank in 2014 for Rs 15,000 crore.

ii. After the acquisition,the combined CASA (Current & Savings account) ratio on a pro-forma basis
will improve by 200 basis points to 47 per cent and it will also be LCR (liquidity coverage ratio)-
accretive.
26. In April 2022, How much of a stake in India Debt Resolution Company Ltd (IDRCL) was
reduced by State Bank of India, Canara Bank, Punjab National Bank, and Union Bank of India?
1) 3%
2) 6%
3) 8%
4) 5%
5) 7%
Answer- 4) 5%
Explanation:
State Bank of India (SBI), Canara Bank, Punjab National Bank (PNB) and Union Bank of India (Union
Bank), four Public Sector Banks of India have reduced their stake in India Debt Resolution Company
Ltd (IDRCL) to 5% each.
i. With the current round of preferential allotment by IDRCL, the equity stake of Canara Bank has been
reduced to 5% from its previous holding of 14.90%.
ii. PNB has reduced its stake from 11.8% to 5% while Union Bank has reduced its stake from 12.30%
to 5 %.SBI has reduced its stake from 12.30% to 5%.
27. Which of the following points is correct with respect to the recent (in April’22)
initiative/steps by the Securities and Exchange Board of India (SEBI)?
A) SEBI has introduced "Demat Debit and Pledge Instruction (DDPI), which will replace the
Power of Attorney for the purpose of pledging and repledging of stocks with effect from July 1,
2022.
B) DDPI will only be used for two purposes- first, to transfer securities held in a client's
Beneficial Owner Account towards the stock exchange by that client, and second, to pledge/re-
pledging securities in favour of the broker to meet margin calls.
C) SEBI bars the launch of new fund offers or the launching of fresh schemes by MFs for 5
months (1st September, 2022) until the MF industry complies with SEBI’s new rules.
1) All A, B & C
2) Only A & B
3) Only A & C
4) Only A
5) Only C
Answer- 2) Only A & B
Explanation:
SEBI has introduced a new document, namely "Demat Debit and Pledge Instruction (DDPI), which will
replace Power of Attorney (PoA) for the purpose of pledging and repledging of stocks with effect from
July 1, 2022.
i. DDPI will only be used for two purposes: first, to transfer securities held in a client's Beneficial
Owner Account (BOA) towards stock exchange by that client, and second, to pledge/re-pledging
securities in favour of the broker to meet margin calls.

ii. SEBI bars the launch of new fund offers (NFO) or the launching of fresh schemes by mutual funds
(MFs) for three months (1st July, 2022) until the MF industry complies with SEBI’s new rules.
28. Which technology company recently (in April’22) partnered with Payments Canada to
implement Real-Time Rail (RTR)?
1) Larsen and Toubro Technology Services
2) HCL Technologies
3) Tata Consultancy Services
4) Wipro
5) Infosys
Answer- 3) Tata Consultancy Services
Explanation:
Tata Consultancy Services (TCS) has formed a strategic relationship with Payments Canada,
Canada’s largest payment organization, to transform its payment system operations and assist with
the implementation of Real-Time Rail (RTR).
i. TCS will assist Payments Canada in executing an integration roadmap for the RTR by utilizing its
expertise in the Canadian payments industry and experience in developing and implementing large
payment systems for its Canadian financial services clients.
ii. RTR is a revolutionary real-time payments system that will allow Canadians to send and receive
irrevocable cash in seconds, 24 hours a day, 7 days a week, 365 days of a year.
29. Name the bank that recently (in April’22) mandated a Positive Pay System (PPS) for
cheques of Rs. 10 lakhs and above to protect clients from large-value check fraud.
2) Bank of Baroda
3) Bank of India
5) Canara Bank
Answer- 1) Punjab National Bank
Explanation:
Punjab National Bank (PNB) has announced that it has made the Positive Pay System (PPS)
mandatory for cheques of Rs. 10 lakhs and above, effective April 4, 2022, in order to protect clients
from large-value check fraud.
i. The Positive Pay System (PPS) is developed by the National Payments Corporation of India (NPCI).
ii. PNB had introduced PPS for cheques of Rs. 50,000 and above presented in Cheque Truncation
System (CTS) clearing from January 1, 2021, as per Reserve Bank of India (RBI) norms, which has now
become mandatory for cheques of Rs. 10 lakhs and above as a result of this move and it has also said
that while availing of the facility is at the discretion of the account holder, banks may consider making
it mandatory in case of cheque values of ₹5 lakh and above.
30. Which bank is set to create “Digital Bank within Bank” as part of its future ready digital
transformation project (as of April’22)?
1) Bank of Baroda


5) Bank of India
Answer- 3) Union Bank of India
Explanation:
Union Bank of India (UBI) announced the creation of “Digital Bank within Bank” as part of its future
ready digital transformation project during the Digital Conclave hosted by UBI on 06 April 2022 at
Yashwantrao Chavan Centre, Mumbai.
i. Under the project, the bank launched a Super app.”Union nxt – Do it Yourself” It will also enable the
setting up of a strong digital ecosystem in line with the EASE (Enhanced Access and Service
Excellence) reform agenda.
ii. Shri Rajkiran Rai G, MD & CEO of UBI Bank unveiled ‘Union SAMBHAV – World of Opportunities’, a
Future Digital ready transformation project.
iii. UBI will spend ₹1,000 crore on digital banking initiatives in a bid to ensure that at least 50% of its
business originates via the digital route by FY2025.
Founded- 1919
31. Which of the following points are “Incorrect” with respect to the recent (in April’22)
amendments by SEBI to the Collective Investment Schemes Regulations, 1999?
1) SEBI has approved to amend the Listing Obligations and Disclosure Requirements Regulations,
2015 to simplify the procedure for transmission of securities.
2) The amendments to the SEBI (Custodian) Regulations, 1996 to enable SEBI-registered custodians
to provide custodial services in respect of silver was approved.
3) SEBI also issued the operational guidelines for security and covenant monitoring using Distributed
Ledger Technology (DLT). With effect from 1st April 2022,
4) SEBI formed a 3-member ad-hoc committee to review governance norms at market infrastructure
institutions which will be headed by Amarjeet Singh.
5) SEBI has approved Dharmaj Crop Guard Ltd, and Venus Pipes and Tubes Ltd for Initial public
offerings (IPOs).
Answer- 4) SEBI formed a 3-member ad-hoc committee to review governance norms at market
infrastructure institutions which will be headed by Amarjeet Singh.
Explanation:
SEBI formed a six-member ad-hoc committee to review governance norms at market infrastructure
institutions which will be headed by Gurumoorthy Mahalingam.
• SEBI has approved to amend the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 to simplify procedure for transmission of securities
• The amendments to the SEBI (Custodian) Regulations, 1996 to enable SEBI-registered
custodians to provide custodial services in respect of silver was approved.
• SEBI also issued the operational guidelines for security and covenant monitoring using
Distributed Ledger Technology (DLT). With effect from 1st April 2022,
• SEBI has approved Dharmaj Crop Guard Ltd, and Venus Pipes and Tubes Ltd for Initial public
offerings (IPOs).

32. Which country recently (in April’22) signed an MoU with India to set up Khumjung Khunde
Wastewater Management Project for 41.13 million?
1) Thailand
2) Nepal
3) Bangladesh
4) Sri Lanka
5) Bhutan
Answer- 2) Nepal
Explanation:
The Indian embassy in Kathmandu has signed an MoU for the construction of the Khumjung Khunde
Wastewater Management Project with the Ministry of Federal Affairs and General Administration, the
Government of Nepal, and Khumbu Pasang Lhamu Rural Municipality, Soulukhumbu, Nepal.
i. This is a community development project that will be built under the India-Nepal Development
Cooperation, with financial support from the Indian government, at a total estimated cost of Nepali
Rupees 41.13 million.
33. According to the Asian Development Outlook (ADO) 2022-Mobilizing Taxes for
Development by the Asian Development Bank (ADB), India’s economic growth (as of April’22)
was projected at ________ in FY22.
1) 7.4%
2) 7.0%
3) 7.2%
4) 7.5%
5) 8.0%
Answer- 4) 7.5%
Explanation:
The Manila (Philippines)-based Asian Development Bank (ADB) in its flagship ‘Asian Development
Outlook (ADO) 2022-Mobilizing Taxes for Development’, projected India’ economic growth at 7.5%
in FY22 and 8% in FY23.
i. While South Asian economies collectively will grow at 7% in 2022 and 7.4% in 2023. It will be
followed by Southeast Asia with 4.9% and East Asia with 4.7% in 2022.
ii. Inflation in India will be at 5.8% in 2022 and 5% in 2023.
34. In April’22, Insolvency and Bankruptcy Board of India (IBBI) amended the IBBI (Voluntary
Liquidation Process) Regulations, 2017.
Which of the following points are correct with respect to the IBBI Voluntary Liquidation
Process Regulations, 2017?
1) The period for the distribution of liquidation proceeds was reduced to 15 days from the current 9
months.
2) The liquidator has to complete the liquidation process and submit the final report to the board
within 270 days from the starting date, in cases where claims are received from creditors.
3) In cases where no claims are received from the creditor, the period for the preparation of the list of
stakeholders by the liquidator will be reduced to 15 days.
4) Only 1 & 2
5) Only 2 & 3

Answer- 5) Only 2 & 3

Explanation:
The period for the distribution of liquidation proceeds was reduced to 30 days from the current six
months.
• The liquidator has to complete the liquidation process and submit the final report to the board
within 270 days from the starting date, in cases where claims are received from creditors.
• In cases where no claims are received from the creditor, the period for the preparation of the
list of stakeholders by the liquidator will be reduced to 15 days.
• This amendment was made by IBBI in exercise of the powers conferred by clause (t) of sub-
section (1) of section 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016
(31 of 2016).
35. Which organisation recently (in April ’22) provided a loan of Rs 7,500 crore to the Gujarat
government for its' Mission School of Excellence project 'along with the World Bank?
1) United Nations Development Programme
4) United Nations Children's Fund
Answer- 5) Asian Infrastructure Investment Bank (AIIB)
Explanation:
The World Bank and Asian Infrastructure Investment Bank (AIIB) will provide a loan of Rs 7,500
crore to the government of Gujarat for its ‘Mission School of Excellence project’. The ‘Mission Schools
of Excellence’ will be implemented in the next five years at an estimated cost of Rs 10,000 crore.
i. The project aims to improve the quality of education, make infrastructure better and build skills,
which would help in generating more employment opportunities among youth across all districts in
Gujarat.
ii. The Mission School of Excellence project was launched in 2021, under this, the government of
Gujarat will spend Rs 10,000 crore in the next five years and cover all 35,133 government and 5,847
grant-in-aid schools in the state.
36. Which of the following points are correct with respect to the RBI data (as of April’22) on
Banks Frauds Report in April-December 2021?
A) A total of 27 Scheduled Commercial Banks and Financial Institutions have reported 96 cases
of fraud, worth Rs 34,097 crore.
B) State Bank of India (SBI) recorded 12 frauds with the highest value of Rs 5,820 crore.
C) Bank of India (BoI) reported the highest number of frauds at 13 with a value of Rs 3,925.
1) All A, B & C
2) Only A & B
3) Only B & C
4) Only A & C
5) Only A
Answer- 4) Only A & C

Explanation:
In accordance with the Reserve Bank of India (RBI) data, a total of 27 Scheduled Commercial Banks
(SCBs) and Financial Institutions (FIs) have reported 96 cases of fraud, worth Rs 34,097 crore in the
first nine months of FY22 (April-December 2021).
i. Punjab National Bank (PNB) recorded 10 frauds with the highest value worth Rs 4,820 crore.
ii. Bank of India (BoI) reported the highest number of frauds at 13, the cumulative value of those was
Rs 3,925.
37. Which bank’s Securities recently (in April’22) partnered with CoverStack to offer insurance
on its direct Platform?
1) ICICI
2) RBL
3) YES
4) HDFC
5) Axis
Answer- 1) ICICI
Explanation:
ICICIdirect, a financial products distributor of ICICI Securities, and CoverStack, a digital B2B
platform for insurance services, have entered into a partnership to offer insurance products on the
platform.
i. This partnership allows more than seven million customers of ICICIdirect to search, customize,
compare, and buy the most suitable insurance plans for health and motor insurance, by comparing
quotes and features from multiple insurance firms easily.
About ICICI Securities:
MD & CEO – Vijay Chandok
38. Who was recently (in April’22) re-appointed as the Managing Director (MD) & Chief
Executive Officer (CEO) of DCB Bank by the Reserve Bank of India (RBI) for 2 years w.e.f 29th
April 2022?
1) Amitabh Chaudhry
2) Rupa Devi Singh
3) N C Kaushal
4) Mohan Rao Manduva
5) Murali M. Natrajan
Answer- 5) Murali M. Natrajan
Explanation:
Reserve Bank of India (RBI) re-appointed Murali M. Natrajan as Managing Director (MD) & Chief
Executive Officer (CEO) of DCB Bank for a further period of two years from 29 April 2022 to 28 April
2024.
i. The re-appointment is subject to the approval of shareholders at the ensuing Annual General
Meeting (AGM) of the bank.
ii. Murali M. Natrajan was appointed as MD and CEO of DCB Bank in May, 2009.

About DCB Bank:

Founded- 1930
39. Name the bank that recently (in April’22) signed an agreement to sell its 8% stake in India
SME Asset Reconstruction Company (ISARC) to Dhansamridhi Finance.
2) Bank of Baroda
4) Bank of India
Answer- 1) Union Bank of India (UBI)
Explanation:
The Union Bank of India (UBI) signed an agreement for the sale of its 8% stake in India SME Asset
Reconstruction Company (ISARC), India’s first Asset Reconstruction Company (ARC) to benefit
Dhansamridhi Finance.
• The stake sale is subject to obtaining requisite regulatory approvals.
Founded– 1919
40. Name the company that recently (in April’22) signed an MoU with International Financial
Services Centres Authority (IFSCA) to support the FinTech ecosystem in GIFT IFSC.
1) Nexus Venture Finance Limited
2) Gujarat Venture Finance Limited
3) Sequoia Capital Limited
4) Blume Ventures Finance Limited
5) Matric Ventures Finance Limited
Answer- 2) Gujarat Venture Finance Limited
Explanation:
The International Financial Services Centres Authority (IFSCA) and GVFL Limited (formerly Gujarat
Venture Finance Limited) have signed an MoU for cooperation and collaboration to support and
facilitate the Financial Technologies (FinTech) ecosystem in Gujarat International Finance Tec-City
(GIFT), India’s first International Financial Services Centre(IFSC).
i. The MoU focuses on the collaboration between IFSCA and GVFL Limited for the exchange of
information and undertaking diverse initiatives as regards the FinTech industry, including holding
seminars, webinars, conferences, etc., for the growth of FinTech in the GIFT IFSC.
Chairperson– Injeti Srinivas
Headquarters– GIFT City, Gandhinagar, Gujarat

41. Which bank recently (in April’22) got restrictions from the Reserve Bank of India (RBI) for
6 months due to the decline in its lender’s financial position?
1) Shushruti Souharda Sahakara Bank Niyamita
2) Ellaquai Dehati Bank
3) Saptagiri Grameena Bank
4) People's Co-operative Bank
5) Rajasthan Marudhara Gramin Bank
Answer- 1) Shushruti Souharda Sahakara Bank Niyamita
Explanation:
The Reserve Bank of India (RBI) imposed several restrictions on Bengaluru (Karnataka)-based Bank
namely, ‘Shushruti Souharda Sahakara Bank Niyamita’ for a period of six months w.e.f. April 7,
2022, due to decline in the lender’s financial position.
i. This decision by apex bank is taken after exercising its power conferred under sub section (1) of
Section 35 A of the Banking Regulation (BR) Act, 1949, read with Section 56 of the BR Act, 1949.
ii. RBI imposes a withdrawal cap of Rs 5,000 of the total balance across all savings bank or current
accounts or any other account of a depositor.
42. In April 2022, RBI recently (in April’22) Issued Guidelines on Establishment of 24X7 Digital
Banking Units by Banks.
Scheduled Commercial Banks are allowed to open DBUs in ___________ without taking permission
from the RBI.
1) Tier 1 to Tier 6 centres
Answer- 1) Tier 1 to Tier 6 centres
Explanation:
The Reserve Bank of India (RBI) issued Guidelines on the establishment of 24X7 Digital Banking Units
(DBUs) to offer products and services in both self-served and assisted mode w.e.f. April 7, 2022.
i. It is a specialized fixed point business with certain minimum infrastructure for delivering digital
banking products and services to ensure convenient and cost-effective banking for customers.
ii. All Domestic Scheduled Commercial Banks (excluding Regional Rural Banks, Payments Banks
and Local Area Banks) having experience in digital banking are allowed to open DBUs in Tier 1 to
Tier 6 centres without taking permission from the RBI.
43. Which organisation recently (in April’22) signed a USD 150 million Partial Guarantee
Facility Agreement (PGFA) with Axis Bank to Support Supply Chain Finance?
5) World Bank
Answer- 1) Asian Development Bank (ADB)

Explanation:
Axis Bank signed a Partial Guarantee Facility Agreement (PGFA) with the Asian Development Bank
(ADB) for a partial guarantee programme with initial outlay of USD 150 million and this milestone
project is ADB’s first supply chain finance transaction in India.
i. The deal will assist Axis Bank in amplifying its support of SMEs, freeing up capital which will
increase the amount of support it can lend to sectors identified by Axis Bank as the most important to
sustainability.
ii. Under the PGFA , ADB will provide guarantees (variable) to the lending done by Axis Bank.
44. Which bank recently (in April’22) partnered with Social Alpha to find innovative solutions
to tackle food loss and wastage?
1) Karnataka Bank
3) DBS Bank India
4) IndusInd Bank
5) CSB Bank
Answer- 3) DBS Bank India
Explanation:
The DBS (formerly Development Bank of Singapore Limited) Bank India partnered with Social Alpha
to address the global issue of food waste through sustainable solutions.
• Social Alpha is Bengaluru, Karnataka headquartered not-for-profit Foundation for Innovation
and Social Entrepreneurship (FISE) for tech start-ups.
i. There will be Techtonic Innovations Towards Zero Food Waste (TZFW), a two-year program,
supported by DBS and powered by Social Alpha to identify innovative solutions by entrepreneurs to
help reduce quantitative and qualitative food loss and waste across food systems and agri-food value
chains.
About DBS Bank India:
MD & CEO- Surojit Shome
Headquarter- Mumbai, Maharashtra
45. Name the bank that recently (in April’22) partnered with KredX to offer cashback
commercial cards for B2B payments.
1) ICICI Bank
2) RBL Bank
3) Axis Bank
4) YES Bank
5) HDFC Bank
Answer- 1) ICICI Bank
Explanation:
KredX, a supply chain finance company has partnered with ICICI Bank to provide ‘ICICI Bank-KredX
Commercial Card’, for B2B (business-to-business) payments.
i. It’s a first-of-its-kind cashback card that allows businesses to get instant financial benefits for all
B2B payments without incurring any additional cost.
ii. KredX hopes to disburse upwards of Rs. 2,000 crores in B2B vendor payments every month as a
result of this relationship, and to grow its customer base by 300% by the end of 2022.

46. Which bank's mobile app recently (in April’22) received the Digital CX Awards 2022 for
‘Outstanding Digital CX – SME Payments’?
1) South Indian Bank
2) Axis Bank
3) IndusInd Bank
4) HDFC Bank
5) ICICI Bank
Answer- 3) IndusInd Bank
Explanation:
The Indus Merchant Solutions,a mobile app for merchants of IndusInd Bank received the
‘Outstanding Digital CX – SME Payments’ award at the Digital CX Awards 2022.
The Digital CX Awards is organized by Digital Banker, a globally trusted financial news service
provider.
About ‘Indus Merchant Solutions’ :
i. It was launched in November 2021.
ii. It is a mobile application (app) to enable merchants, retailers, and professionals to various
facilities.
47. Which of the following points is “Incorrect” with respect to the RBI’s first monetary policy
of FY23 released in April 2022?
1) The RBI has introduced a standing deposit facility (SDF) as the basic tool to absorb excess liquidity
of Rs 8.5 lakh crore in the system.
2) RBI has proposed to extend the rationalised home loan norms by another year till March 31, 2023.
3) RBI decided to enhance commercial banks’ Held to Maturity (HTM) limit from 20% to 30% of Net
Demand and Time Liabilities (NDTL) till April, 2024.
4) RBI has proposed to lower the net worth requirement of operation units from Rs 100 crore to Rs 25
crore.
5) RBI proposed to allow interoperability in cardless cash withdrawal transactions at all banks and
ATMs using the UPI facility.
Answer- 3) RBI decided to enhance commercial banks’ Held to Maturity (HTM) limit from 20%
to 30% of Net Demand and Time Liabilities (NDTL) till April, 2024.
Explanation:
The RBI has introduced a standing deposit facility (SDF) as the basic tool to absorb excess liquidity of
Rs 8.5 lakh crore in the system, at an interest rate of 3.75%.
i. RBI has proposed to extend the rationalised home loan norms by another year till March 31, 2023.
ii. RBI decided to enhance commercial banks’ Held to Maturity (HTM) limit from 22% to 23% of Net
Demand and Time Liabilities (NDTL) till March 23, 2023.
iii. RBI has proposed to lower the net worth requirement of operation units from Rs 100 crore to Rs
25 crore to encourage greater penetration of bill payments through its Bharat Bill Payment System
(BBPS).
iv. RBI proposed to allow interoperability in cardless cash withdrawal transactions at all banks and
ATMs (Automated Teller Machines) using the UPI (Unified Payments Interface) facility.

48. Which of the following points is “correct” with respect to the RBI’s first monetary policy of
FY23 released in April 2022?
1) Monetary Policy projected India’s gross domestic Product (GDP) growth at 7.2% for FY23 from
7.8% estimated earlier.
2) RBI has also increased its Consumer Price Index (CPI) based inflation forecast for FY23 to 5.7%
from its earlier projection of 4.5%.
3) RBI Monetary Policy Committee (MPC) kept the repo rate unchanged at 3.35% for the 13th
consecutive time while maintaining an accommodative stance.
4) Only 1 & 2
5) Only 2 & 3
Answer- 4) Only 1, & 2
Explanation:
Monetary Policy projected India’s gross domestic Product (GDP) growth at 7.2% for FY23 from 7.8%
estimated earlier.
i. RBI has also increased its Consumer Price Index (CPI) based inflation forecast for FY23 to 5.7% from
its earlier projection of 4.5%.
ii. RBI Monetary Policy Committee (MPC) kept the repo rate unchanged at 4 per cent for the
eleventh consecutive time while maintaining an accommodative stance.
Category Rate
Policy Repo Rate 4%
Reverse Repo Rate 3.35%
Marginal Standing Facility (MSF) Rate 4.25%
Bank Rate 4.25%
49. Name the Bank that recently (in April’ 22) launched a new 1,111 days deposit scheme
named ‘Vikas Siri Sampat-1111’.
1) Assam Gramin Vikash Bank
2) Madhya Pradesh Gramin Bank
3) Andhra Pradesh Grameena Vikas Bank
4) Himachal Pradesh Gramin Bank
5) Karnataka Vikas Grameena Bank
Answer- 5) Karnataka Vikas Grameena Bank
Explanation:
Chairman of Karnataka Vikas Grameena Bank (KVGB), P. Gopi Krishna launched ‘Vikas Siri Sampat-
1111’ , a new deposit scheme of the bank.
About Vikas Siri Sampat-1111 scheme:
i. The scheme is of limited tenure of only 1,111 days, which provides an interest rate of 5.70% for the
general public and 6.20 % for senior citizens.
ii. It also offers the highest rate of annualized return of 6.03% for the general public and 6.60% for
senior citizens.
iii. Customers can deposit a minimum of Rs.10,000 and a maximum of Rs.2 crore under this scheme.

50. In April 2022, Securities and Exchange Board of India (SEBI) established 2 separate
Working Groups- Sponsor of a Mutual Fund and Trustees of Mutual Funds for Asset
Management Companies (AMC).
Who will be the chairperson of the working group on sponsors of Mutual Fund?
1) Navneet Munot
2) A.Balasubramanian
3) Anthony Heredia
4) Manoj Vais
5) T S Ramakrishnan
Answer- 2) A.Balasubramanian
Explanation:
The Securities and Exchange Board of India (SEBI) has established 2 separate Working Groups for
Asset Management Companies (AMC). The purpose of the 2 working groups are;
• To review the Role and Eligibility of a Sponsor of a Mutual Fund to facilitate growth and
innovation in the industry.
• To streamline the role and obligations of Trustees of Mutual Funds.
Chairpersons of the working group:
i. The working group on sponsors will be chaired by A.Balasubramanian, Managing Director(MD) &
Chief Executive Officer(CEO) of Aditya BirlaSun Life AMC Limited and Chairman, Association of Mutual
Funds in India (AMFI).
ii. The working group on MF trustees will be chaired by Dr Manoj Vaish, Independent Trustee, Mirae
Mutual Fund.
51. Name the organisation that recently (in April ’22) signed a USD 100 million loan pact with
Louis Dreyfus Company (LDC) to help small farmers from various countries.
2) Food and Agriculture Organization
5) World Bank
Answer- 1) Asian Development Bank (ADB)
Explanation:
The Asian Development Bank (ADB) has signed USD 100 million(Rs.760 crores) loan pact with a
French firm Louis Dreyfus Company (LDC) to help small farmers in countries such as India, Indonesia,
Pakistan,Thailand and Vietnam to recover from the economic challenges posed by the pandemic
(COVID-19) and improve their resilience to climate change impacts.
i. The pact will be accompanied by a Technical Assistance (TA) grant comprising USD 205,000 from
ADB’s Technical Assistance Special Fund for COVID Recovery and USD 385,000 from the Strategic
Climate Fund, administered by ADB.
52. Which company recently (in April’22) acquired the IDFC Asset Management Company
(AMC) and IDFC AMC Trustee Company for Rs 4,500 crore?
1) Cholamandalam Financial Holdings Limited
2) Bandhan Financial Holdings Limited
3) TI Financial Holdings Limited

4) FairFax Financial Holdings Limited

5) L&T Finance Holdings Limited
Answer- 2) Bandhan Financial Holdings Limited
Explanation:
A Bandhan Financial Holdings Limited (BFHL)-led consortium has won the bid to buy and acquire
IDFC Asset Management Company (AMC) and IDFC AMC Trustee Company for Rs 4,500 crore.
i. The consortium comprises BFHL, Lathe Investment (an affiliate of Singapore’s sovereign fund GIC),
Tangerine Investments, and Infinity Partners (affiliates of ChrysCapital).
ii. Bandhan Financial Services Limited (BFSL) is the parent company of Bandhan Financial Holdings
Ltd (BFHL) and Bandhan Bank.
53. In April 2022, HDFC Ltd sold its ______ stake of share in Bandhan Bank for Rs. 1,522 crores.
1) 6.04%
2) 5.01%
3) 2.07%
4) 3.08%
5) 4.03%
Answer- 4) 3.08%
Explanation:
In a bulk deal, HDFC Ltd sold 4.96 crore shares in Bandhan Bank (for a total of 49,632,349 equity
shares), for a sum of almost Rs. 1,522 crores.
i. The shares were sold at a price of Rs. 306.61 a share, equating to about a 3.08% stake of HDFC in
Bandhan Bank.
About Bandhan Bank:
MD & CEO – Chandra Shekhar Ghosh
Headquarter – Kolkata,West Bengal
Tagline – ‘Aapka Bhala. Sabki Bhalai.’, (Your benefit. Everyone’s welfare.)
54. Which life insurance company recently partnered with Common Services Centers (CSC) to
boost insurance penetration in rural India?
2) Max Life Insurance
3) HDFC Life Insurance
4) Tata AIA Life Insurance
5) ICICI Prudential Life Insurance
Answer- 4) Tata AIA Life Insurance
Explanation:
Tata AIA Life Insurance, one of the leading insurers in the Indian private sector, has teamed with the
Ministry of Electronics and Information Technology’s Common Services Centers (CSC) to engage its
network of over 4 lakh village-level entrepreneurs (VLEs) at the last mile for distribution of life
insurance plans.
i. This partnership will help Tata AIA Life Insurance expand its coverage to nearly 95% of gram
panchayats, paving the door for life insurance to be provided in India’s most rural locations.
ii. CSC will provide the Tata AIA Life POS Smart Income Plus plan, which combines life insurance with
savings opportunities through its network.

55. In April 2022, the Bank of Maharashtra (BoM) divested its entire stake of _______ in India
SME Asset Reconstruction Company (ISARC) for a cash consideration of Rs 3.92 crore.
1) 3%
2) 6%
3) 4%
4) 8%
5) 2%
Answer- 3) 4%
Explanation:
Bank of Maharashtra (BoM) has announced that it will divest its entire stake of 4% in India SME Asset
Reconstruction Company (ISARC) for a cash consideration of Rs 3.92 crore.
i. The agreement was executed on 6th April 2022. The transaction is expected to close by December
2022-end.
ii. The bank holds 40 lakh equity shares or 4% at a face value of Rs 10 each in ISARC.
56. Which bank recently (in April’22) partnered with Mashreq Neo to open Non-Resident (NR)
Accounts for Indians in the United Arab Emirates (UAE)?
1) YES bank
2) HDFC Bank
3) Federal Bank
4) Axis Bank
5) ICICI Bank
Answer- 3) Federal Bank
Explanation:
Mashreq Neo has tied up with Federal Bank to enable its United Arab Emirates (UAE)-based Indian
customers to open Non-Resident (NR) accounts with the Federal Bank in India instantly through the
Neo app.
i. Customers are able to view the balance in their NR accounts with Federal Bank on the Mashreq Neo
App.
ii. Mashreq Neo is a full-service digital bank from Mashreq Bank in Dubai, UAE.
57. In April 2022, the __________ organisation sanctioned an amount of _______ for 3 projects under
the Agartala Smart City Limited (ASCL).
1) World Bank; Rs 551 crore
2) Asian Development Bank; Rs 289 crore
3) Asian Infrastructure Investment Bank; Rs 398 crore
4) Asian Development Bank; Rs 551 crore
5) World Bank; Rs 289 crore
Answer- 4) Asian Development Bank; Rs 551 crore
Explanation:
The Asian Development Bank (ADB) sanctioned an amount of $76.25 million or Rs 551 crore for
three specific projects under the Agartala Smart City Limited (ASCL).
Under this, ADB will fund the following:
i. 23 kilometres of road by retrofitting 15 stretches at a cost of Rs Rs 444.05 crore (Rs
444,06,70,678.47).

ii. Revive lakes and water bodies of Maharaja Bir Bikram College and its adjoining areas at Rs 30.67
crore (Rs 30,67,94,895.15)
iii. Renovate and restore Ujjayanta Palace and its surrounding at Rs 35.68 crore (Rs 35,68,76,451.07)
in the current financial year in a phased manner.
58. The Asian Development Bank (ADB) recently (in April ’22) signed an agreement with the
Government of India to offer a $2 million project readiness financing (PRF) loan to support
urban development projects in which state?
1) Nagaland
2) Meghalaya
3) West Bengal
4) Mizoram
5) Assam
Answer- 1) Nagaland
Explanation:
The Government of India (GoI) and Asian Development Bank (ADB) signed a $2 million Project
Readiness Financing (PRF) loan for the proposed Nagaland Urban Infrastructure Development
Project.
i. It will design the climate-resilient urban infrastructure, strengthening institutional capacity, and
improving municipal resource mobilization in 16 district headquarter towns (DHTs) in Nagaland.
President- Masatsugu Asakawa
Headquarters- Manila, Philippines
Member Nations- 68 (Including India)
59. RBI recently (in April’22) mandated that all Non Banking Financial Companies in the Upper
Layer (NBFC-UL) and Middle Layer (NBFC-ML) to Place a Board Policy by _______.
1) 1st June 2023
2) 30th August 2022
3) 1st January 2023
4) 30th December 2022
5) 1st April 2023
Answer- 5) 1st April 2023
Explanation:
The Reserve Bank of India (RBI) mandates all Non-Banking Financial Companies in the Upper Layer
(NBFC-UL) and Middle Layer (NBFC-ML) shall put in place a Board approved policy by April 1, 2023
and to have independent Compliance Function & to appoint of Chief Compliance Officer (CCO) by
October 1, 2023.
60. Which bank celebrated its 128th Foundation Day on 12th April, 2022?
2) Bank of Baroda
3) Central Bank of India
4) Bank of India

Answer- 1) Punjab National Bank

Explanation:
Punjab National Bank (PNB), a public sector bank, has celebrated its 128th Foundation Day on April
12, 2022. PNB was established in 1894 as the First Swadeshi Bank after being influenced by the
swadeshi movement.
i. Atul Kumar Goel, MD & CEO of PNB launched a cardless cash withdrawal service and a virtual debit
card for its users
ii. It has also launched digital initiatives such as, Insta Personal Loan to Pensioners, Application
Supported by Blocked Amount (ASBA) facility on PNB One App, PNB 360 Information Portal for
employees, Trade Finance Redefined Portal and Collection of loan EMI through Bharat Bill Pay.
61. Name the bank that recently (in April’22) signed an MoU with India’s first International
Financial Services Centre (IFSC), GIFT SEZ to promote global and Indian businesses.
1) IndusInd Bank
2) YES Bank
3) ICICI Bank
4) HDFC Bank
5) Axis Bank
Explanation:
ICICI Bank, a leading private sector bank in India, has signed an MoU with GIFT SEZ (Special
Economic Zone), India’s first International Financial Services Centre (IFSC), located at GIFT City in
Gandhinagar, Gujarat.
i. The MoU aims to promote the GIFT SEZ to Indian and international businesses, particularly in the
areas of information technology (IT), IT-enabled services (ITeS), and financial services.
ii. According to the MoU, ICICI Bank and GIFT SEZ will collaborate to bring global investors and capital
market firms to GIFT City in Gandhinagar, Gujarat, to establish Global In-house Centres (GICs).
62. In April 2022, Union Bank of India is set to buy out a ______ stake jointly held by Bank of
Baroda (BoB) and Indian Overseas Bank (IOB) in India International Bank (Malaysia) Berhad.
1) 75%
2) 90%
3) 80%
4) 50%
5) 65%
Answer- 1) 75%
Explanation:
Union Bank of India (UBI) is set to buy out 75% stake held jointly by Bank of Baroda (BoB) – 40%
and Indian Overseas Bank (IOB) – 35%, in India International Bank (Malaysia) Berhad (IIBM).
i. Following this, the IIBM will become a 100% UBI unit. Background:IOB wanted to discontinue the
venture due to its capital issues as it was under the Reserve Bank of India(RBI)’s prompt corrective
action framework.
ii. The proposal is yet to receive formal approval from the RBI and the approval from the Government
of India and Ministry of External Affairs(MEA) since IIBM is a bank of strategic importance.

63. Name the payment Bank that recently (in April’22) got approved by its board to acquire a
12.19% stake in Paysprint Pvt Ltd.
1) Fino Payments Bank
2) Jio Payment Bank
3) Paytm Payment Bank
4) India Post Payment Bank
5) Airtel Payment Bank
Answer- 1) Fino Payments Bank
Explanation:
The board of Fino Payments Bank has approved a minority strategic investment for up to a 12.19%
stake in Paysprint Pvt Ltd (Paysprint), a New Delhi based fintech company.
i. This is the first strategic investment for Fino Payment Bank after its public listing.
ii. The stakes of Paysprint will offer APIs (Application Programming Interfaces) in banking, payments,
travel, lending, insurance and investments.
64. In April 2022, the World Trade Organization (WTO) revised its forecast for global trade
growth for 2022 to _____ from 4.7%.
1) 3.5%
2) 3.7%
3) 4.5%
4) 4.2%
5) 3%
Answer- 5) 3%
Explanation:
The World Trade Organisation (WTO), in its annual report on trade statistics and outlook, declined its
projection for global merchandise trade volume growth (in volume) for 2022 to 3% from 4.7% amid
the Ukraine-Russia War.
i. In 2023, it expects merchandise trade volume growth of 3.4%.
ii. World GDP at market exchange rates is expected to grow by 2.8% in 2022, down 1.3 percentage
points from the previous forecast of 4.1%. Growth should pick up to 3.2% in 2023.
65. According to the World Bank's Reshaping norms: A new way forward – South Asia Economy
Focus-Spring 2022 report, India's GDP for FY23 was reduced to _____ from 8.7%.
1) 8.6%
2) 8.2%
3) 8%
4) 8.3%
5) 8.5%
Answer- 3) 8%
Explanation:
The World Bank in its report titled ‘Reshaping norms: A new way forward – South Asia Economy
Focus-Spring 2022, which primarily focuses on South Asian economy, has downgraded India’s Gross
Domestic Product (GDP) prediction for the financial year 2022–23 (FY23) to 8% from 8.7% due to
Russia-Ukraine war.

i. In addition, the World Bank has lowered its growth forecast for South Asia, excluding Afghanistan,
by 1% point to 6.6% in 2022 and estimated a 6.3% growth for 2023.
66. Recently (in April ’22) Department of Financial Services (DFS), Ministry of Finance
notification, the Central Government in exercise of the powers has amended acts to enhance
authorised the Share Capital of NICL, OICL & UIICs
Which of the following is correct according to acts with respect to the increase in Authorised
Share Capital:
a. NICL - Rs 15000 crore
b. OICL - Rs 7500 crore
c. UIIC - Rs 5000 crore
1) Only a
2) Only b
3) Only c
4) Only c & b
5) Only a & b
Answer- 5) Only a & b
Explanation:
On April 13, 2022, in accordance with the Department of Financial Services (DFS), Ministry of Finance
notification, the Central Government in exercise of the powers conferred by sub-section (1) and sub-
section (6) of section 16 of the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972)
amended the acts
General Insurance Present Authorized Previous Authorized

Companies Capital Capital
NICL Rs 15,000 crore Rs 7,500 crore
OICL Rs 7,500 crore Rs 5,000 crore
UIIC Rs 7,500 crore Rs 5,000 crore
67. Which digital payments platform along with Extreme IX (Internet Exchange) collaborated
recently (in April ’22) to provide faster digital payment service?
1) Phone Pe
2) Google Pay
3) Paytm
4) Paypal
5)Razorpay
Answer- 1) Phone Pe
Explanation:
In a First initiative in digital payments platform, the Phone Pe and Extreme IX (Internet Exchange)
collaborated to provide faster digital payment service to over 370 million PhonePe users by
decreasing the latency irrespective of their location or Internet Service Providers (ISPs).

i. The partnership makes PhonePe the first digital platform to participate in an Internet Exchange in
India.
68. What is the name of the portal which Kotak Mahindra Bank Limited (KMBL)
launched recently (in April ’22) exclusively for Business Banking and Corporate Clients?
1) Kotak NYF
2) Kotak KOT
3) Kotak MBL
4) Kotak ATY
5) Kotak FYN
Answer- 5) ‘Kotak FYN’
Explanation:
Kotak Mahindra Bank Limited (KMBL) launched its new enterprise portal ‘Kotak FYN’ exclusively for
Business Banking and Corporate Clients. The portal can be used to carry out all trade and services
transactions.
i. By the last quarter of 2022, the Kotak FYN portal will include services like account services,
payments and collections.
ii. To provide customers with a seamless experience in a unified view across all product platforms.
69. Which company recently (in April’22) became India’s first fintech led NBFC factor to
receive the Certificate of Registration (CoR) under Registration of Factors (Reserve Bank)
Regulations 2022?
1) Opel Finance
2) Bajaj Finance
3) 121 Finance
4) NeelGagan Finance
5) Mahindra & Mahindra Finance
Answer- 3) 121 Finance
Explanation:
Jaipur (Rajasthan)-based 121 Finance becomes India’s first fintech led NBFC (non-banking financial
company)-Factor to receive the Certificate of Registration (CoR) under Registration of Factors
(Reserve Bank) Regulations 2022. i. e , it is the first NBFC to convert from an Investment and Credit
Company (ICC) to an NBFC-Factor.
i. Under this registration, MSME can sell a receivable invoice to 121 Finance, without any collateral.
With this the business can convert these invoices into cash instantly and be free from the management
of the receivables.
70. Which of the following companies recently (in April’22) launched the world’s first crypto-
backed payment card named ‘Nexo Card’ along with Nexo company?
1) Mastercard
2) American Express
3) DiPocket
4) Only 1 & 2
5) Only 1 & 3
Answer- 5) Only 1 & 3

Explanation:
A partnership of London (United Kingdom)-based Nexo with Mastercard, and DiPocket launched the
world’s first crypto-backed payment card namely ‘Nexo Card’ in selected European countries.
i. Available both in virtual and physical form, this card allows users to spend without having to sell
their digital assets such as bitcoin, which are used as collateral to back the credit granted.
ii. Interest remains at 0% for customers who maintain a loan-to-value ratio of 20% or below.
iii. Every Nexo Card transaction will get instant crypto cashback up to 2%, paid out in Bitcoin or in
Nexo’s native NEXO Token.
71. In April 2022, the central govt. amended Foreign Exchange Management (Non-debt
Instruments) Rules, 2019 to allow ______ of Foreign Direct Investment (FDI) in the Life
Insurance Corporation of India (LIC).
1) 20%
2) 10%
3) 15%
4) 30%
5) 40%
Answer- 1) 20%
Explanation:
In exercise of the powers conferred by clauses (aa) and (ab) of sub-section (2) of section 46 of the
Foreign Exchange Management Act, 1999 (42 of 1999), the Central Government has amended
Foreign Exchange Management (Non-debt Instruments) Rules, 2019 with Foreign Exchange
Management (Non-debt Instruments) (Amendment) Rules, 2022 allowing Foreign Direct Investment
(FDI) in the Life Insurance Corporation of India (LIC) upto 20%, and to align with the modified FDI
policy.
i. The amendment also allows start-ups to issue convertible notes for a maximum period of 10 years
from earlier 5 years.
72. Which organisation recently (in April’22) created a Resilience and Sustainability Trust
(RST) to help Vulnerable Countries?
2) World Trade Organization
5) World Bank
Answer- 3) International Monetary Fund
Explanation:
The Executive Board of the International Monetary Fund (IMF) has decided to create a new facility
named the Resilience and Sustainability Trust (RST), which will come into effect on May 01, 2022.
i. Objective: To guide low-income and vulnerable middle-income countries in addressing longer-term
structural concerns that pose macroeconomic risks, including climate change and pandemics.
ii. The aim is to establish a trust with at least USD 45.8 billion in resources in order to balance the
demands of potential contributors and borrowers.

73. Which bank recently (in April’22) won the global ‘Celent Model Bank’ award under the
‘Payments System Transformation’ category?
1) YES Bank
2) IndusInd Bank
3) HDFC Bank
4) Axis Bank
5) ICICI Bank
Answer- 2) IndusInd Bank
Explanation:
The Celent, leading research and advisory firm on Banking Technology, has awarded the global
‘Celent Model Bank’ award for IndusInd Bank for its best-in-class Enterprise Payments Hub (EPH)
under the ‘Payments System Transformation’ category.
The award acknowledges the bank’s efforts in creating a cloud-based central payments hub which is
capable of processing high transaction loads originating from all forms of payment instructions and
client touchpoints.
About Celent Model Bank award:-
i. The award is given by Celent, a leading research and advisory firm focused on technology for
financial institutions globally.
ii. The award recognises best practices of using technology in different areas that are critical for
banking.
74. Which bank recently (in April ’22) raised USD 500 million through the International
Financial Services Centre (IFSC) Gujarat International Finance Tec (GIFT) City branch?
1) HDFC Bank
4) Bank of India
5) ICICI Bank
Answer- 3) State Bank of India
Explanation:
State Bank of India (SBI), India’s largest commercial bank, has raised USD 500 million through a
three-year syndicated loan facility, via its International Financial Services Centre (IFSC) Gujarat
International Finance Tec (GIFT) City branch.
i. The facility is worth USD 400 million, with a USD 100 million green shoe option.
ii. The SBI’s Gift City branch has raised its first offshore USD Secured Overnight Financing Rate (SOFR)
linked syndicated loan.
75. In April 2022, RBI imposed a monetary penalty of ________ on Manappuram Finance Limited
for Violating the Know Your Customer (KYC) and Prepaid Payment Instruments (PPI) Norms.
1) Rs 17.63 lakh
2) Rs 19.23 lakh
3) Rs 25.89 lakh
4) Rs 45.26 lakh
5) Rs 12.23 lakh
Answer- 1) Rs 17.63 lakh

Explanation:
The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 17.63 lakh on
Manappuram Finance Limited for non-compliance with certain provisions of the Master Direction
on Issuance and Operation of Prepaid Payment Instruments (PPIs) dated October 11, 2017 (updated
as on February 28, 2020) and the Master Direction – Know Your Customer (KYC) Direction dated
February 25, 2016 (as updated on April 20, 2020).
i. The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment
and Settlement Systems Act, 2007.
ii. Recently RBI has also imposed a monetary penalty of Rs 93 lakh on Axis Bank and Rs 90 lakh on
IDBI Bank and penalty imposed in exercise of powers vested in RBI under the provisions of section
47 A (1) (c) read with section 46 (4) (i) of the Banking Regulation Act, 1949 (the Act).
76. According to the National Statistical Office (NSO), India’s retail inflation rose to _______ in
March 2022.
1) 2.45%
2) 3.24%
3) 6.95%
4) 4.23%
5) 5.23%
Answer- 3) 6.95%
Explanation:
The National Statistical Office (NSO) of the Ministry of Statistics and Programme Implementation
(MoSPI) has released two key economic statistics, that revealed
i. Retail inflation in India, as measured by the Consumer Price Index (CPI), increased to 6.95% in
March 2022.
ii. Manufacturing output of India, measured in terms of Index of Industrial Production (IIP),
witnessed a growth of 1.7% in February 2022.
iii. The high rate of inflation in March 2022 was due to the Russia-Ukraine conflict.
77. Who was recently (in April’22) appointed as the Managing Director (MD) and Chief
Executive Officer (CEO) of Digit Insurance?
1) Kamesh Goyal
2) Jasleen Kohli
3) Atish Mathur
4) Vijay Kumar
5) Jayanth Kohli
Answer- 2) Jasleen Kohli
Explanation:
Digit Insurance, one of India’s fastest-growing private general insurers, has appointed Jasleen Kohli
as the new Managing Director (MD) and Chief Executive Officer (CEO) of the company effective from
20 April, 2022.
i. Kohli will take over from Vijay Kumar, who has held the position since the company was founded in
2017, and will retire on April 19, 2022.

About Digit Insurance:

Chairman – Kamesh Goyal
78. Which of the following points are correct with respect to the recent (as of April’22) steps
taken by RBI regarding Non-Banking Financial Company-Upper Layer (NBFC-UL)?
A) RBI notified Large Exposures Framework (LEF) for Non-Banking Financial Company-Upper
Layer (NBFC-UL) with effect from October 1, 2022.
B) The sum of all the exposure values of a NBFC-UL, to a single counterparty and to a group of
connected counterparties, must not be higher than 30% and 20% respectively.
C) RBI mandates NBFC-UL to maintain Common Equity Tier 1 (CET1) capital of at least 12% of
Risk Weighted Assets as compared to 3.5% for banks.
1) Only A
2) Only B
3) Only A & B
4) Only B & C
5) All A, B & C
Answer- 1) Only A
Explanation:
RBI notified Large Exposures Framework (LEF) for Non-Banking Financial Company-Upper Layer
(NBFC-UL) with effect from October 1, 2022.
i. The sum of all the exposure values of a NBFC-UL, to a single counterparty and to a group of
connected counterparties, must not be higher than 20% and 25% , respectively, of its available
eligible capital base at all times.
ii. RBI mandates NBFC-UL to maintain Common Equity Tier 1 (CET1) capital of at least 9% of Risk
Weighted Assets as compared to 5.5% for banks.
79. The International Monetary Fund (IMF) reduced India's GDP to _______ from 9% in FY23,
according to the World Economic Outlook (WEO) report.
1) 5.4%
2) 9.2%
3) 7.5%
4) 8.2%
5) 6.5%
Answer- 4) 8.2%
Explanation:
In its latest World Economic Outlook (WEO) report, the International Monetary Fund (IMF) lowered
India’s growth forecast to 8.2% for the current financial year 2022–23 (FY23), down from a previous
estimate of 9% in January 2022.
i. It cited Russia’s invasion of Ukraine has had an influence on prices and supply chains.
ii. India’s Gross Domestic Product (GDP) is expected to drop to 6.9% in 2023-24 (FY24) from 7.1%
(Predicted by IMF in January 2022).

80. Which country’s central bank recently (in April ’22) included a new payment system,
"Hello," in the national register of credit institutions?
1) France
2) Spain
3) Italy
4) Russia
5) Germany
Answer- 4) Russia
Explanation:
The Central Bank of the Russian Federation, also known as the Bank of Russia, has included a new
payment system, “Hello”, into the national register of credit institutions.
i. Hello is a set of payment services and institutions that enable money transfer transactions. The
payment system, operated by Hello LLC, was registered on 15th April 2022.
81. The Securities and Exchange Board of India(SEBI) recently (in April’22) reconstituted its 7-
member Advisory Committee for Leveraging Regulatory and Technology Solutions (ALeRTS).
The ALeRTS committee will be headed by whom?
1) Puneet Narang
2) Rohan Rao
3) Sunil Bajpai
4) Subir Saha
5) Madhabi Puri Buch
Answer- 3) Sunil Bajpai
Explanation:
The Securities and Exchange Board of India (SEBI) has reconstituted its Advisory Committee for
Leveraging Regulatory and Technology Solutions(ALeRTS). The 7-member committee will be
headed by Sunil Bajpai, former Principal Advisor (Information Technology) of the Telecom
Regulatory Authority of India (TRAI).
About ALeRTS:
The SEBI constituted the seven-member ALeRTS in December 2021 chaired by Madhabi Puri Buch,
who is currently serving as the Chairperson of SEBI.
82. In April 2022, HDFC Ltd. signed an agreement to sell a _______ of the share capital of HDFC
Capital to the Abu Dhabi Investment Authority (ADIA) for Rs. 184 crore.
1) 30%
2) 40%
3) 20%
4) 50%
5) 10%
Answer- 5) 10%
Explanation:
Housing Development Finance Corporation Limited (HDFC Ltd) has signed binding agreements to sell
10% of the share capital of HDFC Capital Advisors Ltd (HDFC Capital) to a wholly-owned subsidiary
of the Abu Dhabi Investment Authority (ADIA) for around Rs 184 crore.

i. HDFC Capital is a wholly-owned subsidiary of HDFC Limited and ADIA is also the primary investor
in the alternative investment funds managed by HDFC Capital.
83. Which of the following points are “correct” with respect to the recent (in April’22) steps
taken by the Reserve Bank of India (RBI)?
A) RBI allowed Rural Cooperative Banks to raise funds from people in their area of operation
or existing shareholders through preference shares and debt instruments.
B) The outstanding amount of Redeemable Non-Cumulative Preference Shares (RNCPS) and
Perpetual Debt Instruments should not exceed 50% of total Tier-II capital.
C) RBI has broadened the scope of exemptions for opening current and CC/OD accounts to
allow them to open and operate inter-bank accounts as well as accounts of all India financial
institutions (AIFIs).
1) Only A
2) Only B
3) Only A & C
4) Only B & C
5) All A, B & C
Answer- 3) Only A & C
Explanation:
RBI allowed Rural Cooperative Banks to raise funds from people in their area of operation or
existing shareholders through preference shares and debt instruments with effect from April 19,
2022.
i. The outstanding amount of Perpetual Non-Cumulative Preference Shares and Perpetual Debt
Instruments along with outstanding Innovative Perpetual Debt Instruments (IPDI) should not
exceed 35% of total Tier-I capital at any point of time with the maturity period of Perpetual
(endless).
ii. RBI has expanded the scope of exemptions under its circular for “opening of current accounts and
cash credit (CC)/overdraft (OD) accounts” by banks, permitting them to open and operate inter-bank
accounts and accounts of All India Financial Institutions (AIFIs), among others.
84. Name the bank that recently (on 21st April’22) signed an MoU with the Central Board of
Direct Taxes (CBDT) and Central Board of Indirect Taxes and Customs (CBIC) to collect Direct
Taxes and Indirect Taxes.
1) Induslnd Bank
2) Dhanlaxmi Bank
3) Karur Vysya Bank
4) DCB Bank
5) IDFC First Bank
Answer- 2) Dhanlaxmi Bank
Explanation:
Dhanlaxmi Bank has signed an MoU with the Central Board of Direct Taxes (CBDT) and Central
Board of Indirect Taxes and Customs (CBIC) for collection of Direct Taxes and Indirect Taxes.
i. The Reserve Bank of India (RBI) has authorized the Bank to collect various taxes, based on a
recommendation by the Controller General of Accounts.

ii. As a result of this partnership, the customers of Dhanlaxmi Bank will be able to pay their direct
taxes and GST payments & other indirect taxes through the branch network and digital platforms of
the Bank.
85. Which payment bank recently (in April ’22) launched a fincluvation platform to encourage
startups to develop financial products?
1) India Post Payments Bank
2) Fino Payment Bank
3) NSDL Payment Bank
4) Airtel Payment Bank
5) Jio Payment Bank
Answer- 1) India Post Payments Bank
Explanation:
India Post Payments Bank (IPPB), a 100% government-owned entity under the Department of Posts
(DoP), Ministry of Communications, has launched ‘Fincluvation’ – a joint initiative to collaborate with
the Fintech (financial technology) Start-up Community to co-create and innovate solutions for
financial inclusion.
i. Fincluvation will be an industry-first initiative that will build a robust platform to mobilise the start-
up community in the development of meaningful financial products aimed at financial inclusion.
86. In April 2022, The IFSCA was notified of ‘International Financial Services Centres Authority
(Fund Management) Regulations, ________ ’, a comprehensive regulatory framework for
Investment Funds.
1) 2022
2) 2020
3) 2021
4) 2018
5) 2019
Answer- 1) 2022
Explanation:
The International Financial Services Centres Authority (IFSCA), has notified ‘International Financial
Services Centres Authority (Fund Management) Regulations, 2022’, a comprehensive regulatory
framework for Investment Funds in the official gazette on April 19, 2022.
i. The IFSCA has proposed enabling retail closed-ended schemes to invest in unlisted securities,
subject to certain conditions, in response to the growing need to make it easier for large investors to
participate in private markets.
87. Which of the following points are correct with respect to the recent (in April’22) steps
taken by the Reserve Bank of India (RBI)?
A) RBI mandated non-individual borrowers with exposure of Rs 1 crore and above from Banks
and Financial Institutions (FIs) to obtain Legal Entity Identifier (LEI) codes.
B) RBI directs the Urban Cooperative Banks (UCBs) to eliminate honorary positions or titles
within one year.
C) RBI gave direction to UCBs in exercise of its powers conferred under Section 35A and
Section 36(1)(d) of the Bank Regulation ACT, 1949.

1) Only A
2) Only B
3) Only A & B
4) Only B & C
5) All A, B & C
Answer- 4) Only B & C
Explanation:
RBI mandated non-individual borrowers with exposure of Rs 5 crores and above from Banks and
Financial Institutions (FIs) to obtain Legal Entity Identifier (LEI) codes.
i. RBI directs the Urban Cooperative Banks (UCBs) to eliminate honorary positions or titles within
one year.
ii. RBI gave direction to UCBs in exercise of its powers conferred under Section 35A and Section
36(1)(d) of the Bank Regulation ACT, 1949.
88. The National Payment Corporation of India (NPCI) was recently (in April'22) declared that
the BHIM UPI is functioning at NEOPAY terminals in which country?
1) Israel
2) United Arab Emirates
3) Sri Lanka
4) Bhutan
5) Nepal
Answer- 2) United Arab Emirates
Explanation:
The National Payment Corporation of India’s (NPCI) international arm, NPCI International Payments
Ltd (NIPL), has announced that BHIM UPI (Bharat Interface for Money-Unified Payments Interface)
has gone operational at NEOPAY terminals across the United Arab Emirates (UAE).
i. This initiative will empower Indian tourists to pay at NEOPAY terminals using BHIM UPI, which has
become the preferred means of payment for Indian citizens.
89. In April 2022, ________ issued a fine of Rs 2.06 crore on Ravi Narain, former MD and CEO of
the National Stock Exchange (NSE).
1) National Securities Depository Limited
2) Insurance Regulatory and Development Authority
3) National Bank for Agriculture and Rural Development
4) Securities and Exchange Board of India
5) Reserve Bank of India
Answer- 4) Securities and Exchange Board of India
Explanation:
The Securities and Exchange Board of India (SEBI) issued a fine of Rs 2.06 crore on Ravi Narain,
former Managing Director (MD) and Chief Executive Officer (CEO) of National Stock Exchange (NSE)
in a case related to governance issues over the appointment of the chief strategic officer at NSE in
2013.
i. In two separate orders, SEBI imposed a fine of Rs 5 lakh each on Rexon Strips Ltd and Ritika Enclave
Pvt Ltd for non-genuine trades in illiquid stock options on BSE.

90. Which organisation recently (in April ’22) announced the launch of an International
Sustainability Platform at Gujarat International Finance Tec-City–International Financial
Services Centre (GIFT City IFSC), Gujarat?
2) NSE IFSC Limited
5) Small Industries Development Bank of India
Answer- 2) NSE IFSC Limited
Explanation:
NSE IFSC Limited, a wholly owned subsidiary of the National Stock Exchange of India Limited (NSE),
has announced the launch of an International Sustainability Platform at GIFT IFSC (Gujarat
International Finance Tec-City – International Financial Services Centre), Gandhinagar in Gujarat.
i. This will be India’s first ESG (Environmental, Social, and Governance) platform, facilitating the
listing and trading of a variety of products such as green bonds. It is expected to get operationalised in
the second half of 2022, subject to regulatory approvals.
91. In April 2022, the Small Industries Development Bank of India (SIDBI) approved a grant of
_____________________ to Maharashtra government under the SIDBI Cluster Development Fund
(SCDF) to meet MSMEs’ skilled manpower demand.
1) Rs. 600 crores
2) Rs. 100 crores
3) Rs. 300 crores
4) Rs. 500 crores
5) Rs. 200 crores
Answer- 1) Rs. 600 crores
Explanation:
The Small Industries Development Bank of India (SIDBI) has granted the Maharashtra government
the first approval under the SIDBI Cluster Development Fund (SCDF) of Rs. 600 crores to meet the
growing demand for skilled labour.
i. It has given an in-principle approval for the amount needed to revive and upgrade several Industrial
Training Institutes (ITIs) and polytechnics managed by the Directorate of Vocational Education and
Training under the Department of Skills, Employment, Entrepreneurship and Innovation,
Maharashtra.
92. Which organisation recently (in April ’22) imposed penalties of Rs 10 lakh each on four
entities for violating marketing norms?
Answer- 4) Securities and Exchange Board of India

Explanation:
Securities and Exchange Board of India (SEBI) has imposed penalties totalling Rs 40 lakh on 4 entities,
a fine of Rs 10 lakh each on HPC Biosciences Limited, Tarun Chauhan, Madhu Anand and Arun Kumar
Gupta for failing to comply with the provisions of the Companies Act and public issue norms.
i. SEBI has also levied a fine of Rs 5 lakh on Ashish Pandey, who was the CFO of Ricoh India Ltd and
company secretary of Fourth Dimensional Solutions Ltd (FDSL) in 2017-18, for violation of market
norms in the matter of Ricoh India Ltd.
93. Which of the following points is “Incorrect” with respect to recent (in April’22) steps taken
by the Reserve Bank of India (RBI)?
1) The RBI issued the RBI (Credit Card and Debit Card) Directions, 2022 in the exercise of the powers
conferred by Sections 35A and 56 of the Banking Regulation Act, 1949, and Chapter IIIB of the RBI Act,
1934.
2) NBFCs should get prior approval from RBI to undertake credit card business with the minimum net
owned fund of Rs 100 crore.
3) SCBS, other than RRBs, with a net worth of Rs 200 crore can do credit card business either
independently or in tie-up arrangement with other card-issuing banks or NBFCs with their board
approvals.
4) RBI launches the 98th Quarterly Industrial Outlook Survey 2022 to Assess Business Sentiment for
the Q1FY23 and expectations for the ensuing Q2FY23 period.
5) RBI also launched the 33rd round of the quarterly Services and Infrastructure Outlook Survey
(SIOS) 2022.
Answer- 3) SCBS, other than RRBs, with a net worth of Rs 200 crore can do credit card business
either independently or in tie-up arrangement with other card-issuing banks or NBFCs with
their board approvals.
Explanation:
Scheduled commercial banks, other than regional rural banks (RRBs), with a net worth of Rs 100
crore and above can do credit card business either independently or in tie-up arrangement with
other card-issuing banks or NBFCs with their board approvals.
i. The RBI issued the RBI (Credit Card and Debit Card) Directions, 2022 w.e.f 1st July 2022, in the
exercise of the powers conferred by Sections 35A and 56 of the Banking Regulation Act, 1949, and
Chapter IIIB of the RBI Act, 1934.
ii. NBFCs should get prior approval from RBI to undertake credit card business with the minimum net
owned fund of Rs 100 crore.
iii. RBI launches 98th Quarterly Industrial Outlook Survey 2022 to Assess Business Sentiment for the
Q1FY23 and expectations for the ensuing Q2FY23 period.
iv. RBI also launched the 33rd round of the quarterly Services and Infrastructure Outlook Survey
(SIOS) 2022.
94. Which organisation recently (in April ’22) signed an MoU with West Bengal Small
Industries Development Corporation Limited (WBSIDCL) to Develop the MSME Ecosystem in
West Bengal?
3) Small Industries Development Bank of India


Answer- 3) Small Industries Development Bank of India
Explanation:
The Small Industries Development Bank of India (SIDBI), India’s leading financial institution for the
Micro Small and Medium Enterprises (MSME) sector, has signed an MoU with West Bengal Small
Industries Development Corporation Limited (WBSIDCL).
i. The MoU aims to enhance the eco-system for micro and small firms in West Bengal and was signed
during the MSME sectoral session of the Bengal Global Business Summit (BGBS), which was held in
Kolkata on April 21, 2022.
95. In April 2022, the Securities and Exchange Board of India(SEBI) restructured its Market
Data Advisory Committee (MDAC). The committee will be chaired by __________.
1) Arun Raste
2) Vikram Limaye
3) Anuj Kumar
4) Prabhas Kumar Rath
5) M S Sahoo
Answer- 5) M S Sahoo
Explanation:
Securities and Exchange Board of India (SEBI) has restructured its Market Data Advisory Committee
(MDAC) which recommends policy measures pertaining to areas like securities market data access
and privacy.
i. The restructured committee will be chaired by Dr M S Sahoo, Distinguished Professor at National
Law University, Delhi (NLUD) and former chairperson of the Insolvency and Bankruptcy Board of
India (IBBI).
ii. The restructured committee will now have 21 members. Previously the committee had 20
members.
iii. The committee recommends appropriate policy for access to securities market data for both
transactions and disclosures.
96. Which company recently (in April’22) partnered with Tata Consultancy Services (TCS) to
boost its digital transformation?
1) HDFC Cards
2) SBI Cards
3) American Express
4) Visa Inc
5) Mastercard
Answer- 2) SBI Cards
Explanation:
Tata Consultancy Services (TCS) has signed a deal with SBI Cards and Payments Services Ltd. (SBI
Card), India’s largest pure-play credit card issuer, to accelerate SBI Card’s digital transformation
journey.
i. It will also allow SBI Card to increase its e-card issuance, rewarding customers and giving the
company a competitive edge in the market.

About SBI Cards and Payments Services Ltd. (SBI Card):

MD & CEO – Rama Mohan Rao Amara
Founded – 1998
Headquarters – Gurgaon, Haryana.
97. Name the Small Finance Bank (SFB) that recently (in April’22) partnered with Kyndryl to
provide IT & Digital transformation.
1) Suryoday SFB
2) Ujjivan SFB
3) Capital SFB
4) Equitas SFB
5) Utkarsh SFB
Answer- 1) Suryoday SFB
Explanation:
The Suryoday Small Finance Bank (SSFB) joined hands with New York, United States (US)-based
Kyndryl, to provide Digital & IT transformation for a period of 5 years.
i. Under this partnership, Kyndryl will drive bank’s Information technology (IT)/Digital
transformation program, improve operational efficiency, and increase digital banking adoption among
bank’s customers.
98. Which payment Banks recently (in April’22) partnered with IndusInd Bank to provide
Fixed Deposit (FD) facility?
1) India Post Payment Bank
2) Fino Payment Bank
3) Airtel Payments Bank
4) Jio Payment Bank
5) Paytm Payment Bank
Answer- 3) Airtel Payments Bank
Explanation:
Airtel Payments Bank has teamed up with IndusInd Bank to provide its customers with a Fixed
Deposit (FD) facility.
i. Customers of the Airtel Payments Bank can open FDs starting at Rs. 500 and up to Rs. 190,000 in a
few minutes using the Airtel Thanks mobile application and With this collaboration, Airtel Payments
Bank’s savings account customers will receive an annual interest rate of up to 6.5%, and senior people
will receive an additional 0.5% on all fixed deposits.
99. Which organisation recently (in April ’22) partnered with FinMapp company to launch a
fixed deposit (FD) feature?
1) Bajaj Finance Ltd
2) Cholamandalam Investment and Finance Ltd
3) Mahindra & Mahindra Financial Services Ltd
4) Aditya Birla Finance Ltd
5) Muthoot Finance Ltd
Answer- 1) Bajaj Finance Ltd

Explanation:
Fintech firm FinMapp has collaborated with Pune (Maharashtra)-based Bajaj Finance Limited to
launch a Fixed Deposit (FD) feature on its application for an improved customer experience.
i. FinMapp offers an interest rate of 7.35% on the FD of app users and Investors can choose from
multiple tenures for their FDs viz. 15, 18, 22, 30, 33, and 44 months, or can opt for tenures of one,
three, and five years, respectively.
100. In April 2022, “Bruce de Broize” was appointed as Managing Director(MD) and Chief
Executive Officer(CEO) of __________.
2) Edelweiss Tokio Life Insurance
3) Future Generali India Life Insurance
4) HDFC Standard Life Insurance
5) Exide Life Insurance
Answer- 3) Future Generali India Life Insurance
Explanation:
Generali Asia has appointed Bruce de Broize as Managing Director(MD) and Chief Executive
Officer(CEO) of Future Generali India Life Insurance (FGILI) backed by Generali and Future Group.
Bruce de Broize takes over from Miranjit Mukherjee who has been serving as the interim CEO of
Future Generali India Life Insurance since September 2021.
i. He is currently serving as the Regional Head of Distribution, Asia in Generali.
101. Which company recently (in April’22) introduced contactless RuPay Cards in the form of
Keychain along with National Payments Corporation of India (NPCI) and Transcorp PPI.?
1) Smallcase
2) Zolve
3) Cashfree Payments
4) Multipl
5) Pencilton
Answer- 5) Pencilton
Explanation:
Pencilton, a teen-focused fintech start-up, has launched PencilKey, a National Common Mobility Card
(NCMC) compatible RuPay on-the-go contactless keychain for teens, in collaboration with National
Payments Corporation of India (NPCI) and Transcorp PPI.
i. PencilKey is linked to the PencilCard which is an all-in-one prepaid card, metro card, and bus card.
102. Which bank recently (in April ’22) launched World Gold, a new feature on a mobile
banking platform for senior citizens?
3) Bank of Baroda
5) Indian Bank
Answer- 3) Bank of Baroda

Explanation:
The Bank of Baroda (BoB) has launched ‘bob World Gold’, a new feature on its ‘bob World’ mobile
banking platform targeted towards seniors and elderly. The bob World Gold feature is available on
both Android and iOS.
i. It aims to provide customers with a simpler, smarter, more personalised, and senior-friendly
banking experience by allowing them to access a variety of banking services digitally in a way that is
convenient for them.
103. Name the organisation that recently (in April’22) signed an MoU with the National
Insurance Academy (NIA) for capacity building and creating a skilled talent pool.
2) International Financial Services Centres Authority
Answer- 2) International Financial Services Centres Authority
Explanation:
The International Financial Services Centres Authority (IFSCA) signed an MoU with the Pune-based
National Insurance Academy (NIA) for capacity building and creating a skilled talent pool.
i. This MoU aims to build the required skilled manpower for the International Financial Services
Centre (IFSC) and improve capacity development in the insurance sector.
ii. To address the needs of IFSC insurance firms, IFSCA has already signed an MoU with the Insurance
Institute of India (III).
104. According to the ‘The Economic Impact of Real-Time Payments-April 2022’ report
released by CEBR and ACI Worldwide, India secured _____ rank in the real-time payments
among businesses around the world with 48.6 billion in 2021.
1) 5th
2) 4th
3) 2nd
4) 1st
5) 3rd
Answer- 4) 1st
Explanation:
In accordance with the report titled ‘The Economic Impact of Real-Time Payments-April 2022’ by
Centre for Economics and Business Research (CEBR) in partnership with GlobalData for payment
solutions provider ACI Worldwide, India accounted for the highest volume of real-time payments (1st
rank) among businesses around the world, with 48.6 billion real-time payments through 2021 which
is 40% of Global Real-time Payments originated in 2021.
i. India is followed by China at the second place with 18.5 billion real-time transactions.
105. As per the recent (as of April’22) data released by Chainalysis, India secured _____ rank in
total Crypto Gains in 2021 while _____ tops the list.
1) 15th; China
2) 21st; United States

3) 18th; China
4) 15th; United States
5) 21st; United Kingdom
Answer- 2) 21st; United States
Explanation:
In accordance with the data released by crypto analytics firm Chainalysis, investors around the world
realized total Crypto gains of $162.7 billion in 2021, compared to $32.5 billion in 2020. This is the 2nd
consecutive data by Chainalysis.
i. However, India ranked lowly at 21st with realized gains of around $1.85 billion while it is topped
by the United States (US) with an estimated realized Crypto gain of $46.95 billion followed by the
United Kingdom (UK).
106. Which bank recently (in April ’22) launched "India’s 1st Open-For-all" digital ecosystem
for MSMEs in India?
1) ICICI Bank
2) HDFC Bank
3) Axis Bank
4) YES Bank
5) IndusInd Bank
Explanation:
ICICI Bank has launched India’s First ‘Open-For-All’ digital ecosystem with an open architecture to
empower all Micro, Small, and Medium Enterprises (MSMEs) in India, including customers of other
banks, by integrating banking services with value-added offerings.
i. The ecosystem is supported by three pillars: Enhanced banking services for existing customers, A
variety of banking services to MSMEs, who are customers of other banks & A wide range of added-
value services for everyone
107. The Securities and Exchange Board of India (SEBI) recently (in April’22) reduced the time
taken for allotment & listing of REITs (real estate investment trusts) and InvITs (infrastructure
investment trusts) from 12 days to _____ days.
1) 4 days
2) 6 days
3) 8 days
4) 10 days
5) 5 days
Answer- 2) 6 days
Explanation:
The Securities and Exchange Board of India (SEBI) has reduced the time taken for allotment and
listing of REITs (real estate investment trusts) and InvITs (infrastructure investment trusts) after the
closure of issue 6 working days, against the current requirement of 12 working days. This will be
applicable from June 1, 2022.
i. For InvITs, this decision has been taken in exercise of the powers conferred under Regulation 16(9)
and 33 of SEBI (Infrastructure Investment Trusts) Regulations, 2014, and Section 11(1) of the SEBI,
1992.

ii. For REITs, it has been taken in exercise of the powers under Regulation 16(1) and 33 of SEBI (Real
EstateInvestment Trusts) Regulations, 2014 and Section 11(1) of the SEBI, 1992.
108. To which bank, the RBI recently (in April 22) imposed a penalty of Rs 1.12 crore for non-
compliance related to certain directions issued under the Know Your Customer (KYC)?
3) Indian Bank
5) Bank of Baroda
Answer- 4) Bank of Maharashtra
Explanation:
RBI has imposed a monetary penalty of Rs 1.12 crore on the Bank of Maharashtra (BoM), a Public
Sector Bank, for non-compliance pertains to certain directions issued under the Know Your Customer
(KYC) Directions, of 2016.
i. This penalty has been imposed in the exercise of powers vested in RBI under the provisions of
section 47 A (1) (c) read with sections 46 (4) (i) and 51 (1) of the Banking Regulation Act, 1949 (the
Act).
ii. RBI has also imposed a penalty of Rs 25 lakh on Haryana State Co-operative Apex Bank Limited for
non-compliance with its directions on Housing Finance and also imposed a penalty of Rs 12 lakh to
Rajkot Nagarik Sahakari Bank Limited for non-compliance with ‘Interest Rate on Deposits.
STATIC BANKING QUESTIONS
1. Who is the current (as of March’22) Managing Director (MD) & CEO of HDFC Bank?
1) Sumant Kathpalia
2) Aditya Puri
3) Sashidhar Jagdishan
4) Shyam Srinivasan
5) Amitabh Chaudhry
Answer- 3) Sashidhar Jagdishan
Explanation:
About HDFC Bank:
2. When the Securities and Exchange Board of India (SEBI) was established?
1) 1995
2) 1987
3) 1990
4) 1992
5) 1998
Answer- 4) 1992

Explanation:
3. Who is the current (as of April’22) Chief Executive Officer (CEO) & Managing Director (MD)
of HDFC Bank?
1) Sanjay Agarwal
2) Atanu Chakraborty
4) Ashwani Bhatia
5) N. Kamakodi
Answer- 3) Sashidhar Jagdishan
Explanation:
About HDFC Bank:
CEO & MD- Sashidhar Jagdishan
Founded- 1994
4. As of April 2022, Public sector banks will hold ______ stake in National Asset Reconstruction
Company Ltd (NARCL) and _______ stake in India Debt Resolution Company Ltd (IDRCL).
1) 51%; 49%
2) 40%; 60%
3) 49%; 51%
4) 60%; 40%
5) 50%; 50%
Answer- 1) 51%; 49%
Explanation:
Public sector banks will hold 51% stake in NARCL and 49% in the debt management company
IDRCL.
5. What is the Tagline of Punjab National Bank (PNB)?

1) The name you can bank upon
2) Build A Better Life Around Us
3) Together We Can
4) Relationship Beyond Banking
5) One Family One Bank
Answer- 1) The name you can bank upon
Explanation:
MD & CEO – Atul Kumar Goel
Establishment – 18 May 1894

6. CCyB is intended to protect the banking sector against losses that could be caused by cyclical
systemic risks increasing in the economy.
What does B stand for CCyB?
1) Balance
2) Bank
3) Bond
4) Buffer
5) Back-end
Answer- 4) Buffer
Explanation:
The countercyclical capital buffer (CCyB) is intended to protect the banking sector against losses
that could be caused by cyclical systemic risks increasing in the economy.
i. Countercyclical capital buffers require banks to hold capital at times when credit is growing rapidly
so that the buffer can be reduced if the financial cycle turns down or the economic and financial
environment becomes substantially worse.
ii. Banks can use the capital buffers they have built up during the growth phase of the financial cycle
to cover losses that may arise during periods of stress and to continue supplying credit to the real
economy.
7. As per the Central Board of Direct Taxes (CBDT), non-linking of PAN with Aadhaar by March
31, 2022 would attract a penalty of up to Rs 1,000.
PAN will remain functional until________ for filing ITR, claiming refunds and other I-T
procedures.
1) June 2023
2) January 2023
3) March 2023
4) June 2022
5) April 2022
Answer- 3) March 2023
Explanation:
The Central Board of Direct Taxes (CBDT) said non-linking of Permanent Account Number (PAN) with
Aadhaar by March 31 would attract penalty of up to Rs 1,000, but such PAN will remain functional for
one more year till March 2023, for filing ITR, claiming refunds and other I-T procedures.
8. HDFC Bank and HDFC merger recently (in April’ 22) became the second largest company in
India by market capitalization surpassing which company?
1) Larsen and Toubro
2) HCL Technologies
3) Wipro
4) Infosys
5) Tata Consultancy Services
Answer- 5) Tata Consultancy Services
Explanation:
The HDFC Bank and HDFC merger could create the second largest company in India by market
capitalisation, leaving behind TCS, the crowning jewel of the Tata group.

i. Reliance Industries remains the largest company by a huge margin, with its market cap standing at
₹18 lakh crore.
ii. HDFC and HDFC Bank together had a combined market capitalization of ₹14 lakh crore, while TCS’s
market cap stood at ₹13.95 lakh crore.
9. Who is the current (as of April’22) CEO & MD of Union Bank of India (UBI)?
2) G. Rajkiran Rai
3) Satishwar Balakrishnan
4) Ashwani Bhatia
5) Atul Kumar Goel
Answer- 2) G. Rajkiran Rai
Explanation:
Founded- 1919
10. Who is the current (as of April’22) chairperson of Insolvency and Bankruptcy Board of
India (IBBI)?
1) Ravi Mittal
2) Unnikrishnan A
3) Rajiv Mani
4) Anuradha Guru
5) Sudhaker Shukla
Answer- 1) Ravi Mittal
Explanation:
About Insolvency and Bankruptcy Board of India (IBBI):
It is a key institution in implementing the Insolvency and Bankruptcy Code (IBC).
Chairperson– Ravi Mittal
Headquarters– New Delhi, Delhi
11. Who is the current (as of April’22) CEO & MD of IndusInd Bank?
1) Shyam Srinivasan
2) Sumant Kathpalia
4) Sandeep Bakhshi
5) Rajiv Lall
Answer- 2) Sumant Kathpalia

Explanation:
Commenced operations-1994
CEO & MD- Sumant Kathpalia
12. Which point is correct with respect to the National Asset Reconstruction Company Ltd
(NARCL)?
A) NARCL is a bad bank created by the government in the form of an asset reconstruction
company.
B) The NARCL will pick up bad loans above a certain threshold from banks and aim to sell them
to prospective buyers of distressed debt.
C) NARCL was created in collaboration with both Public and Private Sector Banks (PSBs) and
Indian Banks’ Association (IBA).
1) All A, B & C
2) Only A & B
3) Only B & C
4) Only B
5) Only A
Answer- 1) All A, B & C
Explanation:
NARCL is a bad bank created by the government in the form of an asset reconstruction company.
The NARCL will pick up bad loans above a certain threshold from banks and aim to sell them to
prospective buyers of distressed debt.
i. NARCL was created in collaboration with both Public and Private Sector Banks (PSBs) and Indian
Banks’ Association (IBA).
13. Where is the headquarters of Asian Development Bank (ADB)?

1) Mandaluyong, Philippines
2) Montreal, Canada
3) Madrid, Spain
4) Nairobi, Kenya
5) Vienna, Austria
Answer- 1) Mandaluyong, Philippines
Explanation:
Headquarters – Mandaluyong, Philippines
Established In – 1966
President & Chairperson – Masatsugu Asakawa (Japan)
14. In RBI’s first monetary policy of FY23 in April 2022, standing deposit facility (SDF) was
introduced.
Which committee recommended the SDF in 2014?
1) R V Gupta Committee
2) Kelkar Committee

3) AK Bhuchar Committee
4) Urjit Patel committee
5) Narasimham Committee
Answer- 4) Urjit Patel committee
Explanation:
The introduction of a standing deposit facility (SDF) was recommended by the Urjit Patel committee
in 2014 and enabled through an amendment to the Reserve Bank of India Act in the Finance Bill of
2018.
i. The RBI has introduced a standing deposit facility (SDF) as an additional tool for absorbing liquidity
without any collateral, at an interest rate of 3.75%. The main purpose of SDF is to reduce the excess
liquidity of Rs 8.5 lakh crore in the system, and control inflation.
15. Where is the Headquarters of Federal Bank?

1) Chennai, Tamil Nadu
2) Manipal, Karnataka
3) Aluva, Kerala
4) Mumbai, Maharashtra
5) Kolkata, West Bengal
Answer- 3) Aluva, Kerala
Explanation:
About Federal Bank:
Managing Director & CEO– Shyam Srinivasan
Headquarters– Aluva, Kochi (Kerala)
Tagline– Your Perfect Banking Partner
16. Punjab National Bank (PNB) was established by the ________ in 1894 as the First Swadeshi
Bank.
1) Gopal Krishna Gokhale
2) Lala Lajpat Rai
3) Bhagat Singh
4) Bal Gangadhar Tilak
5) Bipin Chandra Pal
Answer- 2) Lala Lajpat Rai
Explanation:
Punjab National Bank (PNB) was established by the great freedom fighter Lala Lajpat Rai, proudly
known as Sher-e-Punjab (Lion of Punjab) in 1894 as the First Swadeshi Bank after being influenced
by the swadeshi movement.

17. Where is the headquarters of Kotak Mahindra Bank Limited (KMBL)?

2) Lucknow, Uttar pradesh
3) Chennai, Tamilnadu
4) Duliajan, Assam
Answer- 5) Mumbai, Maharashtra
Explanation:
About Kotak Mahindra Bank Limited (KMBL):
MD&CEO– Uday Kotak
Established in 2003
18. Who is the Chief Executive Officer of PhonePe, as of April 2022?

1) Salil Parekh
2) Rajesh Gopinathan
3) Sameer Nigam
4) Vijay Shekhar Sharma
5) Harshil Mathur
Answer- 3) Sameer Nigam
Explanation:
About PhonePe:-
Chief Executive Officer – Sameer Nigam
19. Where is the Headquarters of National Insurance Company Limited (NICL)?

3) Chennai, Tamil Nadu
4) Bengaluru, Karnataka
5) Hyderabad, Telangana
Answer- 2) Kolkata, West Bengal
Explanation:
About National Insurance Company Limited (NICL)
Headquarters - Kolkata, West Bengal
Founded - 1906
20. What is the minimum (as of April’22) net owned funds required by NBFCs for registration
with RBI?
1) Rs. 1 crore
2) Rs. 3 crore
3) Rs. 6 crore
4) Rs. 5 crore
5) Rs. 2 crore
Answer- 4) Rs. 5 crore

Explanation:
As per RBI guideline, Every company registered under Section 3 of the Companies Act 1956 seeking
registration as NBFC-Factor shall have a minimum Net Owned Fund (NOF) of Rs. 5 crore.
i. NBFC-Factor is a NBFC fulfilling the Principal Business Criteria (PBC) i.e. whose financial assets in
the factoring business constitute at least 50% of its total assets and its income derived from factoring
business is not less than 50% of its gross income.
21. When was the International Monetary Fund (IMF) established?

1) 1944
2) 1972
3) 1965
4) 1955
5) 1945
Answer- 1) 1944
Explanation:
About International Monetary Fund (IMF):
Managing Director – Kristalina Georgieva
Headquarters – Washington, D.C, USA
22. Which of the following articles of the Constitution of India has a provision for financial
emergency?
1) Articles 360
2) Articles 356
3) Articles 354
4) Articles 352
5) Articles 359
Answer- 1) Articles 360
Explanation:
A state of emergency in India refers to a period of governance that can be proclaimed by the President
of India during certain crisis situations.
i. Under the advice of the cabinet of ministers, the President can overrule many provisions of the
Constitution, which guarantees Fundamental Rights to the citizens of India.
ii. There are three types of emergencies under the Indian Constitution namely-
• National Emergency-352
• State Emergency-356
• Financial Emergency-360
iii. The emergency provisions are contained in Part XVIII of the Constitution of India, from Article 352
to 360.
23. What is the tagline of IndusInd Bank?

1) One Family One Bank
2) Good people to bank with
3) The Name you can Bank Upon
4) Honors Your Trust

5) We Make You Feel Richer

Answer- 5) We Make You Feel Richer
Explanation:
About IndusInd bank:-
Chief Executive Officer – Sumant Kathpalia
24. Who is the current (as of April’22) chairman of State Bank of India?
1) Rajnish Kumar
2) Dinesh Kumar Khara
3) Pratip Chaudhuri
4) Arun Kumar Purwar
5) Arundhati Bhattacharya
Answer- 2) Dinesh Kumar Khara
Explanation:
About State Bank of India (SBI):
Chairman – Dinesh Kumar Khara
Headquarters – Mumbai, Maharashtra.
25. Who is the current (MD & CEO) of Dhanlaxmi Bank?

1) Shyam Srinivasan
2) Aditya Puri
3) Sandeep Bakshi
4) V. Vaidyanathan
5) Shivan J.K.
Answer- 5) Shivan J.K.
Explanation:
About Dhanlaxmi Bank:
MD & CEO – Shivan J.K.
Headquarters – Thrissur, Kerala
26. CRAR measures a bank's financial stability by measuring its available capital as a
percentage of its risk-weighted credit exposure.
What Does 2nd R stands for CRAR?
1) Recovery
2) Revenue
3) Ratio
4) Return
5) Rate
Answer- 3) Ratio

Explanation:
The capital-to-risk weighted assets ratio, also known as the capital adequacy ratio, measures a bank's
financial stability by measuring its available capital as a percentage of its risk-weighted credit
exposure.
27. Who is the 1st chairperson of International Financial Services Centres Authority (IFSCA)?
1) Arjun Prasad
2) Injeti Srinivas
3) Saurabh Kumar
4) Chintan R Panchal
5) Hemant Verma
Answer- 2) Injeti Srinivas
Explanation:
Chairperson – Injeti Srinivas (First Chairperson of IFSCA)
Establishment – April 27, 2020
Headquarters – GIFT City, Gandhinagar in Gujarat.
28. Legal Entity Identifier (LEI) code is _______ digit unique code to identify parties to financial
transactions worldwide.
1) 20
2) 18
3) 6
4) 9
5) 10
Answer- 1) 20
Explanation:
Legal Entity Identifier (LEI) codes is a 20-digit unique code to identify parties to financial
transactions worldwide. It improves the quality and accuracy of financial data systems for better risk
management
29. In which year the Small Industries Development Bank of India (SIDBI) was established?
1) 1990
2) 1989
3) 1992
4) 1997
5) 1995
Answer- 1) 1990
Explanation:
SIDBI is India’s principal financial institution for promoting, funding, and developing Micro, Small and
Medium Enterprises (MSMEs).
Chairman and Managing Director – Sivasubramanian Ramann

30. How many member countries are in Asian Development Bank (ADB)?
1) 60
2) 68
3) 65
4) 62
5) 59
Answer- 2) 68
Explanation:
President- Masatsugu Asakawa
Headquarters- Manila, Philippines
Member Nations- 68 (Including India)
31. What is the Tagline of Punjab National Bank (PNB)?

2) Good people to grow with
3) Honours your Trust
4) Together We Can
5) Your Perfect Banking Partner
Answer- 1) The name you can bank upon
Explanation:
32. What is the Tagline of UCO Bank?

2) Good people to grow with
3) Honours your Trust
4) Together We Can
5) Your Perfect Banking Partner
Answer- 3) Honours your Trust
Explanation:
About UCO Bank:
CEO & MD: Soma Sankara Prasad
Headquarters – Kolkata, West Bengal
Tagline – Honours your Trust
33. Who is the current (as of April’22) Managing Director (MD) & Chief Executive Officer (CEO)
of IndusInd Bank?
1) Sanjay Aggarwal
2) N. Kamakodi
3) Chandra Shekhar Ghosh

4) Sumant Kathpalia
5) Sandeep Bakshi
Answer- 4) Sumant Kathpalia
Explanation:
MD & CEO – Sumant Kathpalia
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Banking, Finance & Economy PDF 2022 - APRIL

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Banking, Finance & Economy News: April 2022

RBI established Varnika Ink Manufacturing Facility in Mysuru, Karnataka

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RBI reduces WMA limit for States/UTs To Rs 47,010cr

RBI imposes Restrictions on Shushruti Souharda Sahakara Bank Niyamita

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RBI Issues Guidelines on Establishment of 24X7 Digital Banking Units by Banks

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RBI to lower net worth requirement for operating units to Rs 25 crore

NBFCs-UL, NBFCs-ML to have Compliance Function by April 1, CCO by Oct 1, 2023

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• It is based on qualitative responses on a set of indicators pertaining to demand conditions, financial

RBI Imposed Penalty of Rs 1.12 Cr on Bank of Maharashtra for Non-Compliance

APPOINTMENTS & RESIGNATIONS

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Digit Insurance Appoints Jasleen Kohli as MD & CEO

Anthony Heredia appointed as MD & CEO of Mahindra Manulife Investment Management

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HDFC Bank & Shoppers Stop Launch Co-Branded Credit Cards

MG Motor India Launches MG e-Pay Industry’s 1st End-to-end Online Auto

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Ind-Ra downwards India’s FY23 GDP Growth Forecast to 7-7.2%

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Chennai Metro Project(Phase

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President – Masatsugu Asakawa

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SEBI Imposes Penalties Worth Rs 25 Lakh on 5 Entities for Non-genuine Trades

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IFSCA signs Information Exchange Pact with IRDAI

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SEBI Launches Ideathon ‘Manthan’ To Promote Innovation in Securities Market

Ergos launches “GrainBank Loyalty Cards for Farmers”

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HDFC Bank Adjudged as Best Performing Bank in SHG Linkage by NRLM

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Establishment – 11 November 1919

SBI Signs MoU with The BSF to Provide Curated Benefits

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HDFC Ltd to merge with HDFC Bank by FY24

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Axis Bank to Acquire CitiBank’s India Consumer Business for $1.6 bn

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Banking & Economy PDF - April 2022 by AffairsCloud 1